How The American Revolution Started Essay

The American Revolution was the colonists breaking from monarchy and switching to Democracy. The outcome of the movement lead to the Declaration of independence, and then the creation of America. There are several reasons why the American Revolution began, here are a few. The sugar act, or the American Duties Act was passed in 1764 for the sole purpose to raise money for the French Indian war. The Act forced a tax of three cents on sugar that was shipped to the new colony. The act also placed tax on Molasses to stop merchants from smuggling it in. Of course the tax was placed onto the colony while they were in a state of financial depression. In response, the Merchants refused to buy luxury British imports, but the rebellion didn’t start until the Quartering act and the Stamp act began. The Quartering act was created in 1765. Colonists were told to house, feed, and care for the troops as they came. The act backfired in 1766 when 1,500 troops appeared in New York. The Provincial Assembly refused to obey the law, and refused to provide the soldiers with any alms. Because they refused, Parliament said they’d suspended New Yorks Governor and Legislature until 1769, but never carried it out. Soon after, the Assembly agreed to accumulate money to quarter the troops. After that, the Quartering act was avoided in all states except Pennsylvania. The Stamp act began in 1765 when George Grenville raised the taxes on most things in the American Colony. Initially he wanted to raise taxes in Britain, but that was out of the question because of the hostile reaction after the Cider Tax. So instead decided to raise tax on the new colony without asking their permission. The colonists responded immediately by debating in the colonial legislatures, creating mob crowds, tarring, and feathering. All in all, the colonists finally showed their displeasure for all the new laws through â€Å"The Boston Tea Party†. The Boston Tea Party was a political protest against the taxes. A group, named the â€Å"Sons of liberty†, came up with the idea to dress as Indians (which didn’t fool anyone) and toss all the crates of Tea that came in, into the harbor. The British Government responded harshly, and it grew into the American Revolution as we know it. In the end, the American Revolution got rid of increasing restrictions placed on the colonies from Britain. It’s estimated that only one-third of the colonists were in favor of rebellion, one-third sided with the British, and the last third were all neutral concerning the rebellion and break from Great Britain.

Homosexulity & A sexual behavior Essay

A sexual behavior involving attraction towards individuals having the same sex is called Homosexuality. People have been wondering whether a homosexual couple should come out and tell all that they are homosexual. (Sullivan, 05) This is a great debate of present society over homosexual marriage, adoption by homosexual couples and the fight for homosexual partners to be treated the same as heterosexual partners in society‘s eyes. Homosexuality is not a disease even though it is treated as such. Homosexuality has been condemned in modern day society but was widely tolerated by the Greeks and Romans. When looking back at the history of the Greeks, Spartans and Romans , it is revealed that they were great fighters; one reason for this is because most soldiers were homosexual and their fellow soldiers were their lovers and they would do anything to save their lovers life. Homosexuality was actually encouraged by the ancient Greece which was written about in the heroic relationship between Achilles and Patroclus in the Iliad by Homer. It was thought that homosexuality would boost morale as well as bravery amongst the soldiers. The Greeks even practiced pederasty as a way of population control, education and crime reduction. It was also encouraged within the military to boost troop morale, bravery and overall fighting. Pederasty is a sexual relationship between an adolescent boy and an adult male who is not a family member. This could be referred to today as pedophilia. Some of the greatest men in history were homosexual or had homosexual tendencies such as (President) Abraham Lincoln, (artist, scientist, mathematician, engineer, inventor, anatomist, architect, writer) Leonardo da Vinci, (Greek King) Alexander the Great, (Roman Leader) Julius Caesar to name a few. According to the church and modern day society, homosexuality is wrong, Most of the religions believe that God hates homosexuals, homosexuals will never go to heaven and God destroyed Sodom because of homosexual behavior within the city. However, the church also says not hate the homosexuals but to only hate their behavior. Homosexuality is much more prevalent that one may want to admit; the figures are actually startling. ‘Alfred Kinsey‘s 1948 study of the sex lives of 5,000 white males shocked the nation: 37 percent had at least one homosexual experience to orgasm in their adult lives; an additional 13 percent had homosexual fantasies to orgasm; 4 percent were exclusively homosexual in their practices; another 5 percent had virtually no heterosexual experience; and nearly one-fifth had at least as many homosexual as heterosexual experiences. Two out of five men one passes on the street have had orgasmic sex with men’. (Nicolosi, 105) According to that study close to 80% of the male population has had or is having homosexual experiences. The reason why it is so shocking is because of the number of people that speak out against homosexuality far outweighs the 20% that supposedly is not or does not have homosexual experiences. Society ‘s misperception of a homosexual is an effeminate man that goes around talking in a feminine manner, talks about clothes or a butch woman who dresses like a man and talks like a man. However this perception is often wrong and in reality most homosexuals are people who we say are normal, our neighbors, friends, hairdressers and police. This has really opened my eyes and I am now questioning everyone around me; are they outspoken about gays because they are but they do not want to draw attention to themselves by keeping quiet so they shout the loudest? The numbers are quite astonishing which means they also may encompass any man a girl dates or even someone’s ex-husband. Is this study flawed? This means that two out of five men one may see walking down street have had some form of homosexual experience. Then question arises, should gay marriages be allowed? To date there are only two states that allow homosexuals to marry and they are the state of California and the state of Massachusetts. In 2004 Massachusetts became the first state to allow same sex couples the right to marry. California became the second state in 2008. Looking back at interracial marriages in the United States, the first state to allow interracial couple to marry was in 1948 in the state of California and it took 19 years before the U. S. Supreme Court changed the definition of marriage in 1967 and made interracial marriage available to committed couples that were in love throughout the entire country. If it was to use this as an example as to how long it will take same sex marriages to be accepted in every state, it would probably not be until 2023. In the bible it says marriage is a union between a man and a woman. Why does society cares about what other people do if it will never affect us in any way? Is homosexuality a genetic thing? It is for sure that there is a great excuse for homosexuals to use in order to brush people off and explain why they are gay. A scientific study that was conducted by a university in Ontario Canada suggested that male same sex orientation is linked to having older brothers even if they are not all rose together. They suggested that homosexuality results from an immune response to the mother to her male child in the womb. The research claims that a woman that has given birth to multiple males will be more susceptible to this abnormality. After having a male child or children sometimes the mother‘s immune response to her succeeding male pregnancies is to affect the child‘s future sexual orientation; which would be maternal anti-male antibodies on the sexual orientation of the brain. The immune response by the mother‘s body would damage the sexual differentiation of the brain of the male child in the womb which will in turn produce an abnormality in the fetus. This would conclude that homosexuality is not learned but a birth abnormality. There have not been enough studies done on this and there are no scientists that would come out and say this is definitive. (Sullivan, 305) However, after saying that homosexuality in animal world is widespread and has been well documented; this makes me rethink that there may be some validity to the genetic study above or maybe it ‘s just something that is a learned behavior in both the human and animal world. After all, it is known that animals do learn and explore different things so it may be that they learned this behavior and all others learned by example. Homosexuals believe that to have children is more about dependability and dedication, not sexual point of reference. They say that there is no valid reason behind passing the anti-homosexual adoption law by the government. Those who are against homosexual adoption believe that being adopted by parents who are living together as homosexuals, may bring out unrestrained homophobia from the rest of society. Children can be very harsh with their words and actions against others who know not how to react and defend themselves because they do not know the â€Å"normal† lifestyle in which the other children lead. They would probably be teased and tormented to no end and there is nothing anyone could to about it. If the male and female household has not been the norm for millions of years, this may not propose such a problem. The children may not even be the main problem. It is most likely that parents of male/female relationships would not allow their children to associate with gay or lesbian adopted children, and would probably create a major dispute with the school system in which they are attending school. (Mark, 3) Those who disagree with homosexual adoption also think that in response to being a child of such a lifestyle, it would encourage the children to be homosexual themselves. Whether this is true or not, I don’t know, but I do think that because that is all that they know they would most likely turn to a form of it sometime during their life ,which would in turn increase the homosexual population. This could also pose a problem for the many people who disagree with homosexuality and it is scary to think of the extremes people may take to rid or exclude this population from their lives. Think of the times of the Civil War days, when blacks were practically banned from the majority of public places because they were not the majority or the â€Å"normal† color. Could this ever happen to gays and lesbians? This is a question we must ask ourselves. I know there are laws prohibiting such acts, but there are laws discouraging many things that still go on today, like murder, sexual abuse, etc. There is nothing really stopping people from moving out of town ,taking their kids out of school, or utilizing the same public places that they share with homosexual people. There are cases where this has already happened. (Nicolosi, 104) Children have been moved to different schools because parents don’t want their child to be influenced in any way by a homosexual, or even a child of one. There is nothing to stop them from taking such actions or even actions much worse. It is hard to tell the extremes that people may go to in order to carry out their beliefs. There are several different web-sites that contained a lot of good information on homosexual adoption. First ,http://www. homes4kids. org/gay. htm is a web-site that explains some of the problems that gay and lesbian adoptive parents encounter. One of the problems that may be encountered is trying to find an agency that will work with them. A growing number of agencies are accepting applications from gay and lesbian adults, however, when the child to be adopted is a child with special needs. If the home study reveals that the applicant will be a good parent, his or her sexual orientation is immaterial. If state law does not prohibit gays and lesbians from adopting, most agencies will be willing to work with you. If you are successful in finding an agency, there are great places where you can find adoption support groups for gay and lesbian adults. One of these places is the National Adoption Information Clearinghouse, NAIC. The address and a little of their information is posted on the web-site mentioned above. Web-sites such as this one are good in my opinion because of the fact that I’m sure that people get down when they are turned away adoption agencies because of their sexual orientation, even though they know they would make fantastic parents and provide greatly for a child. Therefore,support groups may be needed at times to help individuals to keep their heads up and to keep trying until they find someone who can see it from their point of view. They may even be able to point you in the right direction in helping you to find an agency who works well with gays and lesbians wanting to adopt. This is a good site to utilize because like mentioned before, sometimes we need some assistance when we are trying to make a lifetime decision. People who have experienced such times as we may be going through are often times a lot of help and usually have a lot of information to share. This site was created by the North American Council on Adoptable Children. They are a valuable resource because they have experienced many different situations and know a lot about what the possibilities are of becoming an adoptive parent as a gay or lesbian. This particular web-site has any downfalls except that the could’ve put a few more links on it to point people to other options if these certain ones aren’t working for them. There are homosexuals in today‘s society that resist identifying themselves as homosexuals. They have homosexual encounters but have girlfriends so they do not consider themselves to be homosexual and they are mostly black college students. However alarming this may seem one can understand in the black culture homosexuality is looked down on more than in the white culture. (Gerard, 4) Like in Jamaica homosexuality is not tolerated at all, if you are found to be having a homosexual relationship whether it is men or women they are almost always stoned or hacked to death. The killers are never brought to justice since the society considers homosexuality as an immoral thing. Homosexuality is usually seen as abnormal however one should not forget that there are a number of other things too in present world that can be said as aberrant. However, a lot of individuals also believe that consenting adults are free to choose who they want to be with sexually as long as it does not include minors and we as society should not have a say in what other people do. Modern day society is way too concerned with what others do and not concerned enough with what is going on in their own household. If it does not directly affect us no one really care. Works Cited Baird, R. M. Same-sex Marriage: The Moral And Legal Debate Contemporary Issues, Prometheus Books, 2004, pg 135-150. Gerard, J. M, Aardweg. V. The Battle for Normality: A Guide for (Self)Therapy for Homosexuals. 2006, pg 1-5. http://www. religioustolerance. org/homosexu. htmhttp://en. wikipedia. org/wiki/Homosexualityhttp://www. narth. com/menus/born. html . Mark. L. Homosexuality, Morality, and the Truth of Church Teaching, 2007, pg 1-4. Nicolosi. J. A ‘Parent’s Guide to Preventing Homosexuality’ IVP Books, 2002, 100-120. Rauch. J. ‘The Marriage Amendment : Constitutional issues’ , National Review, 2001, Retrieved from http://old. nationalreview. com/23jul01/letters072301. shtml. Sullivan. A. ‘Virtually Normal: An Argument about Homosexuality’, Vintage, 1996, 10-20. Sullivan. A. ‘Same-Sex Marriage: Pro and Con’ Vintage, 2004, 300-310. Sullivan. A. ‘What are homosexuals for? ’ 2010, Retrieved from http://mrglennjchs. files. wordpress. com/2010/01/sullivan. pdf

Lipoprotein metabolism Essay Example | Topics and Well Written Essays - 500 words

Lipoprotein metabolism - Essay Example This part accounts for the largest part of the cholesterol that is quantified as HDL-C in clinical laboratory. ÃŽ ±-HDLÂ  can be fractionated further by density into HDL3 and HDL2, by apolipoprotein composition and size. About 5-15% of apo A-1 in the human plasma is linked to pre–Î ²-electrophoretic mobility particles. This is further differentiated into pre–Î ²3-LpA-I, ÃŽ ²1-LpA-I and pre–Î ²2-LpA-I particles. These particles where reverse cholesterol transport occurs. This occurs in extravascular compartments. It is not clear where the HDL particles and pre–Î ²-electrophoretic mobility originates from. There are several mechanisms that have been proposed including cholesteryl ester transfer protein (CETP), direct interaction between cell membrane and free apolipoproteins, hepatic lipase (HL), release during the HDL interconversion by phospholipid transfer protein (PLTP) and direct secretion from enterocytes into plasma. High-density lipoprotein is produced in the intestine and liver. It plays a key role in the reverse cholesterol transport. By accepting free cholesterol from the peripheral tissues, HDL lowers the blood cholesterol levels. HDL exchanges lipids and proteins with other lipoproteins. It donates apoproteins E and C11 to nascent VLDL’s. HDL also produces a paraoxonase enzyme. This enzyme inhibits the oxidation of low-density lipoprotein. The HDL precursor particles can also absorb free cholesterol from the cell membrane in a process mediated by apoA-1, ApoA-IV and ATP binding cassette transporter 1. ApoA-1 is the HDL’s major apolipoprotein. It activates the cholesterol acyltransferase (LCAT) (a lecithin enzyme) that esterifies the free accepted cholesterol to increase the efficiency of cholesterol packaging for transport. By acquisition of additional esters, triglycerides, and apolipoproteins, the particles of HDL3 are transformed into HDL2 particles which are relatively la rger. By estension, HDL plays a role in transferring the

3000 words essay Example | Topics and Well Written Essays - 3000 words - 1

3000 words - Essay Example Experiences of stress may change the way a person thinks about everything, they way they behave and their pattern of physiological activities. The changes under certain circumstances can lead to the increase of risks associated with psychological, social and physical ill-health and at times behaviours that are inappropriate (Houdmont and Leka, 2010, p37). Stress can be defined as the non-specific response by the body as a result of any demand made on it. Demand in this case is defined as a stressor which may arise from a stimulus or an event. Stressors come in many different ways and they range from time pressure, extreme pressure, and extreme temperature to physical assault. When an individual is exposed to such a stressor, a physiological stress response occurs. The response can be measured through observation by different measures such as dilated pupils, increased heart rate and increased blood pressure according to Hosek, Kavanagh and Miller (2006, p23). Physiological manifestations of stress are identical regardless of the type of external demand but its effect on performance varies among individuals. The effect on performance ranges from physical impairments and cognitive reactions. Stress-performance relationship models indicate quite different scenarios. There is U-shaped and negative linear stress-relationship models. In the U-shaped model, performance improves when the stimulus reaches a moderate level and decreases when the stimulus levels increase beyond the moderate levels. Although this is the case, individual differences that exist may alter the shape of the curve. According to a research done, evidence showed that an inverted-U relationship exists in the industrial sector especially on job performance. In a negative linear relationship, stress regardless of the level reduces work performance through draining the person’s energy, time and concentration.

Human Trafficking in Thailand Research Paper Example | Topics and Well Written Essays - 1250 words - 1

Human Trafficking in Thailand - Research Paper Example This essay explores several cases in which human trafficking takes place. Some of the cases are whereby people are convinced into going to other countries with the promise of getting better jobs and comfortable lives. Mostly, it always turns out to be untrue. This context discusses hundreds of workers from Thailand being promised high wages by the California based company named Global Horizons Inc and instead of paying them little to nothing while treating them like scum, taking their passports on arrival and threatening deportation. Human trafficking is one of the most dangerous forms of discrimination. Thailand experiences major challenges as a source, passage and destination country on human trafficking mainly women and children. The tendency of trafficking for enforced labor is rising in level in the agricultural, construction and fishing organizations. Human trafficking is a modern correspondent of slavery. Opposing their will, thousands of people around the globe are enforced t o work for the benefit of other people. For instance, by becoming beggars, prostitutes, working in sweatshops, unintentional servitude or even turning into child soldiers. People that are trafficked are usually enslaved or in circumstances of debt oppression that are deceitful and oppressive. Traffickers will carry away or mistreat the fundamental human rights of their victims, who most possibly have been tricked and enticed by fake promises or physically enforced into their circumstances. Trafficking is a regular practice to convince people to leave their homes and move to neighboring countries that are wealthier where they can work in services like domestic services, adult care or waiter and waitresses in restaurants. Upon advent, their passports, visa, and return permits are taken away from them, efficiently; these people are imprisoned, either bodily or financially or psychologically. The trafficked people are made to labor as household slaves or as agricultural or industrial un it workers, in slave-like circumstances.

Bolg analysis Essay Example | Topics and Well Written Essays - 1000 words

Bolg analysis - Essay Example Some of these eating behaviours have resulted in numerous health problems that extensively challenge individuals’ well-being. Food, cooking and eating have, therefore, become topics of interest that have caught the attention of many health providers. This paper critically analyses Born Fitness blog and comprehensively explores some of the cultural issues it addresses about cooking and eating. The blog theme circumnavigates around body fitness and how it can be achieved. According to Volpe (2007: 32), a healthy body is one that is fed on the right meals and exposed to regular exercise. One can physically stay fit and health-wise if they are conscious about what they eat. Regular exercising cannot be ignored if one is to achieve a healthy body. With this understanding, the blog seeks to painstakingly address the issue of body fitness by providing information on what one needs to do and what should be avoided to achieve healthy bodies. In the blog, there are different segments containing varied articles addressing diverse topics. The blog targets those who could be mindful of their health especially those who seek to find information regarding the do’s and don’ts in keeping body fitness. This could be men, women or even children. The prime message that the blog writer is broadcasting concerns nutrition and how health and fitness can be attained. This can be at tributed to the fact that the blog’s name bears the word ‘fitness’ to suggest it tackles the issue of body health. Also, it has several articles that give advice on what people should eat and what they should avoid. It primary purpose is to direct the society to finding better ways of achieving bodily health. As highlighted, the key topic in the blog is proper nutrition for good health. Nutrition is a grave topic the blog explores because of the evidently changing eating and cooking behaviours that many nutrition researchers have

Key leadership principles, 5 Levels of listening, 4 developmental Essay

Key leadership principles, 5 Levels of listening, 4 developmental stages of empathic listening - Essay Example Going through the section on habit five, Covey asserts that even though individuals are always taken through other aspects of communication such as reading, writing and speaking, listening is similarly of great significance. According to Covey, any communication process involves five levels of listening. The first level is ignoring, which is characterized by not really paying attention to the perceptions of the other party, and that the practice of pretending is the second level of listening. Covey emphasizes that the aspect of hearing only a few positions, which is known as selective listening is the third level of listening and that attentive listening that is characterized by taking note of one’s energy on the words being said is the fourth level. The author strongly believes that in as much as people are able to make sense of the perceptions of others when they go through the four levels of listening highlighted above, there is need to practice emphatic listening, which is essentially skill based and truncated from both character and the relationship that exists between the parties at hand. Emphatic listening is of great significance in communication because it focuses on listening with intent to understand rather than concentrating on the how to reply, control and manipulate the conversation (Covey 248). Similarly, Covey holds the opinion that emphatic listening is far-reaching in communication, as it enables the parties involved to look inside their frames of reference and see through the worlds of each other, thereby understanding how each party feels instead of exhibiting sympathy. The author recommends that emphatic listening should make use of the ears, eyes and the heart and though it has often been put forward that s uch an approach makes individuals more susceptible to manipulation, it is important, as it provides accurate data to work with. To demonstrate how productive emphatic listening is during

Analysing research literature Essay Example | Topics and Well Written Essays - 2000 words

Analysing research literature - Essay Example It is also identified to be associated with different issues which include health problems, obesity and hearing problems among others. In this regard, the research study conducted in this journal is conducted with the objective of ascertaining the importance of physical activity (PA) for the children along with young people having DS. The journal implies that PA is an essential element for the management and for the prevention of chronic diseases in children. Moreover, PA aids in reviving health conditions of individuals so that children and young people have better physical fitness and body mass. Consequently, the children and young people will be facilitated with the opportunity of having an independent life. In this respect, the study in the journal article has provided adequate knowledge to different researchers about the importance of PA in children and young people about the influence of DS. Respectively, the study in the journal has provided important information in relation t o research methodologies along with intervention design that are appropriate for the people suffering from DS. Thus, the study has been effective in briefing the importance of PA in the early life of children and young people affected with DS for its better intervention along with assisting them to develop with a better health and body growth (Downs & et. al., 2013). There is a procedure on the basis of which journals are to be critically reviewed which includes introduction, literature review, discussion and conclusion (Shon, 2012). Consequently, a mixed response can be depicted for the article. Critical Analysis PA is an important element assisting children and young people to grow and develop with greater independence as it can be recognised from the study of various researchers. Additionally, it is critically argued that children and young people with DS should be provided with adequate knowledge in relation to PA so that they are able to develop physically along with in terms o f body mass (Kasser, 2005). PA which includes swimming, walking along with other exercises have assisted people with DS by a significant extent to retain healthy body and to prevent illness. PA has been an efficient measure for minimising health issues associated with DS which include obesity and cardiorespiratory problems. In this regard, it has been identified that deficiency of PA is one the major causes of DS. Additionally, a lack of PA amid individuals with DS tends to enhance the risks in relation to health problems (Urbano, 2010). The study has also been effective in ascertaining the facilitators and the barriers in relation to PA. Contextually, the article has provided adequate information about the various aspects of DS and the importance of PA in minimising risks associated with DS. In a similar context, Stanish & Frey (2007) have stated that there are several facilitators and barriers to PA. In this context, the most important facilitator is the parents and on the other h and, the barriers comprise transportation cost and social interaction among others (Stanish & Frey, 2007). These are the several strengths that can be derived from the research study in this journal (Downs & et. al., 2013). According to Jobling (1994), PA plays an effective role in the life of people having DS. PA assists them to grow and develop independent skills so that they are able to retain a healthy life in future (Shields & et. al., 2009; Jobling, 1994). Similarly, Buckley (2007) has stated that PA

PS3201 Family Studies Essay Example | Topics and Well Written Essays - 3500 words

PS3201 Family Studies - Essay Example The element of a family constitutes a husband, children, and a wife who reside under the same roof. The interaction among the above elements shapes or defines the behavior that a person who demonstrate in the society. However, the description is limited to what many people believe to constitute nuclear family. In some traditional settings especially in Africa, family would constitute members of nuclear family and members from the extended wing (Strong, et.al. 2010:420). The extended elements are aunts, uncles, and grandparents. This paper will examine a family in the modern era. Family setting depends with cultural practices observed by a given community. Communities across the globe demonstrate their cultural heritage through the association, which they project through their families. Traditions in Nigeria regarded a family as institution that was center to human existence i.e. sustainability of human race depended on the constitution of new families (Rotimi, 2005:8). The culture propagated by people started from a family. The regard that the community gave to family was an institution just like other social institutions where people demonstrated adherence to order or law. The values set in the family included how to bring up a child, how children would relate with community members, courtship, rules of descent, ownership of property among other taboos. The taboos observed by a family had moral consequence to individuals who went against the norms. People believed in practices stipulated in cultural norms. Men had cultural responsibility of heading their f amilies (The Fellows’ Forum, 2005:13). Rules set by communities gave an opportunity to men to have as men women as possible as long as the man was able to cater for their needs. The traditional setting recognized the existence of the relatives and the role in the family (Omoera, 2010:78). For example, brothers in law

Justice with Mercy Essay Example | Topics and Well Written Essays - 1750 words

Justice with Mercy - Essay Example As defined by the Merriam-Webster dictionary Justice is â€Å"the maintenance or administration of what is just especially by the impartial adjustment of conflicting claims or assigning the merited rewards or punishments† (Duff and Garland 44). Justly assigning the rewards and punishments associated with an action/infraction are particularly important to a Naval Officer. An officer must impartially distinguish the facts in a non-judicial punishment (NJP) case and issue punishment in a fair, impartial, practical and effective manner. Merriam-Webster also defines justice as â€Å"the quality of being just, impartial, or fair† (Duff and Garland 44). While being impartial will usually be the simple part to a NJP case the issue of being just or fair leaves some ambiguity. From the point of view of Plato, justice is one of the four main cardinal virtues that need to be upheld by all humans (Mill 35). Plato’s student contends that virtuous behavior needs to be at the ce nter stage of human behavior. In his review, this state of fairness is the basement upon which moral maturity is anchored. Just like Aristotle, Plato contends that fairness principle is central to the execution of justice. In this regard, individuals need to be entitled and to get exactly what is due to them. According anything more than whatever they deserve implies that justice in this regard is excessive (Konow 1188). Conversely, according them less of whatever they deserve implies that justice is deficient. Although it could be very difficult to determine and measure the exact amount of what people deserve, the perfect justice principle offers useful insights that can be used to attain this. At this point, it is certain that justice is a virtuous principle that greatly promotes fairness. In particular, it ensures that good persons within the society are rewarded while those who pursue evil deeds are punished accordingly. To a great extent, this enhances harmonic living as a bala nce is maintained between the societal good and evil. In this respect, individuals inhabiting such a society appreciate the importance of the virtue and employ it in restoration and maintenance of social order. Undoubtedly, a society that lacks justice is likely to be characterized by a high degree of disorganization. Examining the Socratic principles we find that justice is entrenched in various ethical principles. In light of utilitarianism for instance, ends must justify the means. In a game of chess, if a parent violates the rules of chess in order to teach the child how to play the games we find that the ends justify the means. Though a trivial example the same application of righteousness of action can be expanded and applied to a larger context. According to Rawls utilitarian moral ethics state that the best action or avoidance of action is determined by the usefulness of the implementation of an action or inaction (Rawls 42). In short, the morally right act or avoidance of a n act is grounded based on the outcome of the action or avoidance of action† (Mill 52). Utilitarians believe that punishment is allowed if it brings greater happiness to the greater number of persons in society. In his research, Rawls emphasizes that punishment is justifiable if it effectively promotes societal interests, otherwise it should be disallowed (Rawls 56). In essence,

The Holidays Essay Example for Free

The Holidays Essay The Holidays The meaning of holidays is essentially a time we embark moments and share time with love one’s. In the United Sates, holidays are a very superior time that many of us embrace. Many can think back on holidays that they’ve encountered and recollect favorable moments. For many, it is the time of the year when people seem to grasp inside of one another and distinguish the best of things. Clearly, to some amount the â€Å"holiday season† gives people a sense of pleasure. Halloween and Christmas are two holidays that many people choose to rejoice. Indeed, they are both the most decorated holidays of the year, and both originate from Christian beliefs. But there’s something about the two that have mystified throughout their existence. Halloween and Christmas share similar attributes, but they are also vastly different in history, culture and traditions. On October 31, many people celebrate the eve of All Saints Day; better known to the world as Halloween. When people think of Halloween, they think of a day filled with frights, terror and fun. There are many cultural influences that have prompted to the holiday e now call Halloween; such as Day of Dead and All Souls Day. Halloween is refrained by death, but this doesnt make the holiday wicked. In fact, its a time of celebration for greeting spirits that have departed from past years. Some beliefs include wearing costumes so spirits would think that the living coexisted with the dead. Consequently, decorations on Halloween entail of skeletons, ghost, witches, and pumpkins. Simply, the idea is to decorate your house as daunting as it can be. As a tradition, children are able to stroll at night going oor to door, and receive as much candy as they can fit into their pillowcases. By the end of the night, children compete with siblings and friends to see who received the most candy. Halloween is the only holiday kids receive so much candy; it can last the entire year. It is clear that children take a joy on this event. Also, in today’s modern time it’s the only day out of the year a person can dress up as a character. However, Christmas is a sacred religious holiday; celebrated on December 25. The yearly centenary of the Christian church to memorialize the birth of Jesus. Though the original concept of Christmas is for the church service to celebrate the birth of Christ; people celebrate Christmas Day in many ways. Our culture has formed it more around giving gifts to loved ones and spending time with family. Subsequently, there are many types of decorations that are displayed during Christmas time that contain whites, reds and greens. Decorating houses with bright lights, mistletoe’s, bells, snowmen, angels and stockings is a traditional act. As for kids, they await for Santa Clause to arrive, so they can open gifts on Christmas morning. Santa Claus, also known as Saint Nicholas, is a historic, legendary and mythological individual. Believed by numerous children to bring gifts to the homes of well-behaved children. The iconic Santa Claus has been in existence since the early 1800’s who’s been portrayed as a stocky, joyful, white- bearded man with red rosy cheeks, wearing a red coat with black leather boots. Furthermore, receiving gift is one of the most exciting aspects of modern Christmas. Gift are usually items that were asked for throughout the year. In all, many citizens take the time to enjoy time away from work and dearly spend it with love ones. We come across many holidays that contribute to a social phenomenon like religion, beliefs and traditions. Despite the similarities among Halloween and Christmas, they are more different than people may present. Overall, I think people can view both in a positive or negative way, but some may agree that all holidays always have a very special meaning. A holiday give people time to experience and learn; that is how they can differentiate holidays

Effects of Social and Environmental Reporting on Stakeholder

Effects of Social and Environmental Reporting on Stakeholder Social and environmental reporting would benefit from greater stakeholder inclusivity. REFLECTIVE THINKING The concept of corporate social responsibility (CSR) is very modern and now applies to more and more businesses. This topic piqued my interest because a lot of companies in my country have begun to adopt CSR and adopt social and environmental reporting. I am aware of the concept of corporate social responsibility, but I did not know its social and environmental dimensions. I mostly believed that corporate social responsibility is restricted mainly to charity. The more I read about it and discuss about it with other students, the more I realized its wider usefulness. Corporate Social Responsibility concerns actions that businesses do in order to solve problems involving the environment and society. In particular, companies in their business activities as well as in their contacts with other interested parties, bring together social and environmental concerns in a voluntary framework. A company to be qualified as socially responsible must take into account the problems related to the protection of the environment as well as to the development, rights and quality of life of its employees and the society within which it develops. With Corporate Social Responsibility, the business environment is voluntarily regulated, to ensure respect for the problems with the help of management systems regarding the impact on the environment, the support communities in the local context and the creation of a working environment which will ensure justice and security. Over the last five years, Corporate Social Responsibility plays an important role in both large enterprises and the European Commission, as well as in political and non-profit organizations. Several multinational or large companies try to prove that they have managed to integrate CSR in their strategy with great success. Two levels of implementation of Corporate Social Responsibility concern the companies. The first level, known as the initial stage of maturity concerns the big enterprises in Cyprus, where Corporate Social Responsibility is part of the activities of the department of public relations and particularly the field of charity and sponsorship. The second level, known as the maturity of the business, declares that Corporate Social Responsibility is an integral part of corporate policy and strategy. At this stage, there is a department or committee which is responsible for specific activities whose purpose is the achievement of strategic objectives as well as the annual Record of Social Report exclusively for Corporate Social Responsibility. In Cyprus, Corporate Social Responsibility is not at an advanced stage. This is because it may well be that Cyprus is a member of European Union, but the developments in the field of Corporate Social Responsibility do not show any significant progress. F or Cyprus, the environmental dimension of CSR is very important because it is very relevant to tourism, which is the heavy industry of Cyprus. For example, companies from Eastern European countries are more sensitized to Corporate Social Responsibility issues and there is indeed the desire to learn what Corporate Social Responsibility is, to see how they can adapt it to their philosophy, because they know that the global markets are asking for it. Nowadays, experts acknowledge that the Cypriot companies focus mainly on charity activities. The downside, however, is the fact that in Cyprus, there is no plan, no growth prospects and long term commitment for actions made. In addition, social responsibility is not limited to charitable giving, but it also covers the overall compliance with the international federal state and the local laws and legislative acts as well as with the ethical standards and procedures under which the company will operate. Great importance should be given to our awareness in order to function socially responsible, i.e. to approach the issue individually rather than corporately. Economic growth is directly related to the development of society and the environment. For example, if the sustainability of the environment is at risk, which is considered a business function, then this will directly affect the company and its financial results. The fact that CSR is an investment rather than a cost may be shown in the following way: Its a business practice that affects consumer attitudes, depending on their shopping choices. I believe that my involvement with this project helped me understand the importance of corporate social responsibility and how it can be applied to enterprises of my country. In particular, today the countries affected by the economic crisis and the developments that occur daily in the social and economic level, has created an environment of increased corporate responsibility. In this environment, companies seek to operate based on the developments occurring every day, while trying every way to reduce social risks. Based on the information available for liquidity in the economic and social level, firms must be able to understand, when they are able to avert a crisis (what happens when pop) and when to manage it successfully (this happens when the crisis is unpredictable). Corporate Social Responsibility is a strategic tool for managing the crisis. Today, most companies have social responsibilities. The directors think that a business to respond effectively and efficiently in social issues, corporate social policy must be integrated into corporate strategy. To assess how well the business operates in the fields of social responsibility, social auditing has been developed as a preliminary guide. The social audit consists of a series of systematic studies and the evaluation of social performance. It is interested in social influences on quality of life rather than in the economic quality of life. The social audit/reporting, leads to social performance. The benefits derived from a social audit are: It gives the information to assess the effectiveness of the programs on ecology and community development. The managers try to focus their attention on those activities where reports and evaluations are necessary. The existence of social audit seeks to promote concern for the achievement of social performance targets. It provides information that allows management to compare the effectiveness of different social programs. It gives the right to manage, provide information to external groups that rely on the company requirements for social performance (Cowton and Crisp 1998:120). Based on the results of this evaluation, the company can see where improvements are needed and what methods can be applied. I hope that this may be the issue of a future work. INTRODUCTION The field of corporate social responsibility (CSR) has expanded significantly over the last decade both at the international and European level. More and more companies engage in serious efforts to define and integrate CSR into all aspects of their business. These efforts are supported by a growing number of evidence that proves that CSR has a positive impact on business economic performance. New voluntary standards and measurement tools of service are multiplied in number in parallel with the ongoing controversy about whether and how to standardize legal requirements for CSR from the business side. The interested parties now require from the company to apologize for its performance throughout the supply chain and for a set of issues of social responsibility. All the above take place in view of a complex global economy, where there are many social, economic and environmental injustices. In the past, the value of a company was only based on its financial performance. The interested pa rties now begin to understand better how the way the operational behavior affects the social, political and natural environment. The consequence of this is a growing pressure from investors, consumers and employees to the businesses, to include social and ecological criteria when taking decisions. CSR involves two basic ideas, the responsibility for reporting (accountability and transparency). Conversely, different groups of stakeholders require from businesses to operate successfully in non-financial sectors, which include human rights, business ethics, environmental practices, corporate contributions, contribution to local community development, corporate governance and labor and discrimination issues (Edgley et al.2009) The social and environmental performance is considered now as most consistent with economic efficiency. rights at the international level, companies need to apologize for their actions and their impact. In addition, companies are expected to disclose and communicate their policies and practices, which affect employees, communities and the environment. In the global economy, the companies that meet the requirements of the participants, namely the stakeholders are more likely to achieve long-term financial performance. CSR may be involved in every aspect of business activity. A company is considered a good corporate citizen when it demonstrates a sense of commitment to various stakeholders through socially responsible practices and transparent operations. DEFINITIONS OF CORPORATE SOCIAL RESPONSIBILITY At the international level, many practitioners in CSR seek to define the CSR concept. One of the most important of them is the World Business Council for Sustainable Development (WBCSD), a coalition of 175 businesses, which share a common commitment to sustainable development through three pillars: economic growth, ecological balance and social progress. CSR is defined as the continued commitment by the company to behave ethically and contribute to economic development, whilst improving the quality of life of employees and their families, local community and society at a general level (United Nations 2002). In addition, global non-profit organizations have been developed to promote the concept of corporate social responsibility by offering to their members (companies) information, tools, training, consulting services for the integration of CSR in their business operations and strategy. A significant institution is the Business for Social Responsibility, according to which CSR seems to be the realization of commercial success in ways that honor ethical values and respect people, communities and the natural environment. Through CSR, society address the legal, ethical, commercial and other expectations of the business and take decisions that fairly balance the interests of the interested parties. CSR answers why, when and how the company manages the social, environmental and economic objectives, performance and results, and the relationship among them. In addition, CSR Wire reports that CSR aligns social values with business activities (Kuratko and Morris 2002). It focuses on social, environmental and financial performance, the so-called triple basic principle. The aim is to make business success while having a positive impact on society. Likewise, CSR Europe in an effort to strengthen CSR in companies to achieve profitability, sustainability and human development, points out that CSR concerns the way in which the firm improves its social and environmental impact, so it adds value both for shareholders and for the interested parties. The European Commission in its Green Paper in July 2001 (European Commission 2003) in an attempt to open a public debate and promote a European framework for CSR, describes it as  «a concept whereby companies integrate, on a voluntary basis, in their activities and contacts with interested parties, social values and environmental worries ». The Commission links CSR with the new strategic goal that was set in Lisbon for the current decade: â€Å"to become the most competitive and dynamic knowledge-based economy in the world capable of sustainable economic growth with more and better jobs and greater social cohesion†. (European Commission 2003). From its part, the Economic and Social Committee (EESC), supports the European Commission. According to EESC, corporate social responsibility is a complex group of issues that must be addressed in different ways and at depth. The cultural specificities and the legal systems have a direct impact on its implementation. There are differ ences between geographic levels of action (local, national, European, global), among developing and industrialized countries, including large multinational companies, SMEs and small firms as well as among sectors. In addition, apart from the classic hierarchical structure within the company, there are new forms of structure and organization of work such as Listen Read phonetically Dictionary View detailed dictionary Listen Read phonetically Dictionary View detailed dictionary part-time, telecommuting or online businesses. According to EESC, socially responsible action means that companies implement conscientiously the social rules and make efforts to build a spirit of cooperation. The voluntary decision by a company for taking action on CSR (whether this has to do with the adoption of a code of conduct or map or trademark) includes preparedness and commitment (European Commission 2004).   In conclusion, it is noticed that the concept of corporate social responsibility is associated with other considerations and concepts, a fact that facilitates its clarification. Such concepts are the approach of participants stakeholders, business ethics, company culture, corporate governance and the status of corporate citizenship. As a new concept in the business reality, it has not yet acquired a specific, well-established definition. In this paper, corporate social responsibility is defined as the permanent, ethical obligation of companies to combine their contribution to economic growth with the responsible use of environmental and social resources (quality of employees life, respect for human rights, participation in the development of the local community where they operate, protection of the natural environment, structure of consistent and responsible relationships with suppliers and the wider social contribution). Generally, CSR is the voluntary integration of social and environmental values in business activities within the framework of transparency and reporting required by society for companies in the modern world. DIMENSIONS OF CORPORATE SOCIAL RESPONSIBILITY Initially, the concept of corporate social responsibility has its internal and external dimensions. The first relates to intra business environment and includes socially and environmentally responsible practices, the combination of which aims at improved competitiveness. Socially responsible practices include: investment in human capital following policies of responsible recruitment,   equal pay and stock options to employees, as well as a more diverse workforce to combat discrimination. Their goal is to ensure employability and work, reduce unemployment and combat social exclusion. The health and safety of workers with voluntary control systems and certification schemes of management systems. Having as criteria   health and safety, general procurement systems were created, based on uniform requirements regarding training and management systems, implemented by the contractors in the health and safety issues at work. For example, the procurement system of the Danish Social Security provides guidelines that determine the prerequisites for bidding tenders for cleaning companies. In addition, these criteria are included in the existing certification and labelling for products and equipment such as the Swedish system TCO Labeling Scheme, which is a voluntary label for the security of office equipment. †¢ The management of change in the operational environment, which now encourages the involvement of all stakeholders by providing information and consultation. The restructuring in a socially responsible manner means that the interests and concerns of all those affected by the changes and decisions are taken into consideration. At European level, this phenomenon that usually appears as a reduction in personnel or closure of a factory, is evident in many industries, including the industries of steel, coal and shipbuilding. Through CSR companies are responsible for ensuring the employability of their staff (Crane and Matten 2005:167). The environmentally responsible practices are included in practices and policies that seek to reduce resource consumption or pollutant emissions and waste aiming at reducing the environmental impact. In this area, the environmental investments are recognized as double profit opportunities for both the company and the environment. Examples include the Integrated Product Policy, an approach that allows the government to work with companies and take into account the impact of products at all stages of their life cycle (introduction, growth, maturity, decline) and urges business and other stakeholders to discuss in order to find an approach with the best cost benefit analysis, having the effect of creating a strong framework for corporate social responsibility. In addition, EMAS ISO19000, a community management and control plan of the environment, which encourages companies to voluntarily set up management and control systems that promote continuous improvements in environmental perfor mance. The environmental statement is made public, and it is validated by accredited environmental organizations that verify it. Regarding the second dimension (external), the corporate social responsibility of a business extends beyond the company to the local community. A wide range of stakeholders is involved i.e. shareholders, business partners (suppliers, customers, consumers, contractors), public authorities and NGOs, representing local communities or dealing with the environment (European Multistakeholder Forum 2004). CSR is the integration of businesses in their local environment. The way they contribute to it is through job offers, salaries and social benefits. They are involved in community problems, support charity events, sponsor cultural and sporting events. In addition, the existence of interaction with the local environment leads them to a greater awareness of the environmental protection, since a cleaner environment can facilitate the process, or attract more labour force. Through close collaboration with business partners, enterprises can reduce perplexity and costs while increasing quality. The creation of such relationships leads in the long term to a fair price, conditions and expectations, as well as to quality, reliable delivery or execution. CSR appears in business activities at the area where the business is located. It focuses on the CSR of its suppliers or the dissemination of CSR in small or new innovative companies locally (through venture capital). Finally, as part of CSR, the companies must offer products and services that consumers need in an efficient, ethical and environmentally friendly way. The lasting relationships with customers lead to more profitable enterprises. An important example of CSR is the concept of planning for all, even for consumers with disabilities. The external dimension of CSR is shown in the co-operation of the business with non-governmental organizations, trade unions and public authorities on matters of vital i mportance, such as respect for human and labor rights in international and global supply chains (Holme and Watts 2000). On the one hand, there are national, community, international laws and binding rules, which provide minimum standards for all. On the other hand, there are voluntary codes of conduct, which are voluntary initiatives to complement and promote international labor standards for those who adopt them, as it happens in the various productive sectors (textile, apparel trade). The effectiveness of the latter depends on the proper implementation and verification, and it should be based on ILO conventions (Declaration on Fundamental Principles and Rights at Work) and OECD (Guidelines for Multinational Enterprises) (European Commission 2004). The verification should be carried out based on defined standards that apply to organizations and individuals that carry the social control. TOOLS OF CORPORATE SOCIAL RESPONSIBILITY The growing interest of governments, society and the business world in the concept of CSR has led to a significant increase in the number of management tools, measurement, communication and rewards regarding the performance of corporate social responsibility. These institutions of CSR range from general guidelines and codes of conduct that set ambitious CSR principles, to complex   management systems, control and communication tools or examination methodologies (filtration screening) of investments. All these play a key role in providing guidance for sustainable operation, for proper quality management of the processes, systems and practices aiming at sustainable development. SOCIALLY RESPONSIBLE MANAGEMENT It includes codes of conduct, management standards and reporting, which help the companies to integrate CSR principles in their strategy and business operations by offering principles, sets of procedures, implementation steps, indicators and methods of measurement, evaluation and reporting. The codes of conduct are innovative and important tools for the promotion of fundamental human, labor and environmental rights, as well as for practices against corruption, particularly in countries where governments fail to reinforce such standards (Holme and Watts 2000). They are an official statement of the principles and business practices of a company. They express statements of minimum standards and a promise of the company to maintain them and demand from contractors, subcontractors, suppliers and recipients to apply them as well. Some examples are (Crane and Matten 2005:166): Intergovernmental Authorities ILO Tripartite declaration of principles concerning multinational enterprises and social policy. ILO Declaration on fundamental principles and rights at work. OECD Guidelines for multinational enterprises (MNEs). United Nations Draft guidelines for companies. Multilateral Codes of Conduct Ethical Trading Initiative. Voluntary Principles on Security and Human Rights for the extractive sector. Model Codes of Conduct designed by NGOs, trade unions and other organizations Amnesty International Amnesty International human rights principles for companies. United Nations UN global compact. The management standards are a set of frameworks, processes and practices for quality, environment, health and safety as well as the workplace itself (Denison 1990). They are internal tools for businesses and organizations to facilitate the integration of CSR into their activities on a daily basis. There are standards that focus on procedures and standards relating to performance measurement and reporting. Especially the management systems provide models and standards for the way of managing a process or an activity. Typically, large companies adopt them. The above tools improve the strategic management and reliability of the company. Examples of management models (Crane and Matten 2005:170): Standards for the workplace Social Accountability (SA 8000) (on working conditions) ILO-OSH 2001-IOC ILO Guidelines on occupational safety and health management OHSAS 18001 (health in the workplace and safety) Quality Management Standards ISO 9000 (International Organization of Standardization) EFQM (European Foundation for Quality Management) a model for achieving operational excellence. AA (AccountAbility) 1000. ISO CR MSS (management systems standards for corporate responsibility ISO). Environmental Management Standards EMAS (Eco-management and audit scheme) a voluntary program initiated by the European Commission. ISO 14000. The reports are documents, which announce the results of assessing the social impact of a CSR policy. The demand for greater transparency and social reporting from the business side has led to a recent increase of the interest in sustainability reporting, covering   economic, social and ecological aspects. These reports exist since 1970s as a supplement of the annual report (Callaghan and Elkins 1981). Nowadays, with the recognition of the importance of the triple bottom line for sustainable development, social, ethical and environmental issues were added to the reports. Unlike financial reports, sustainability reports include a set of qualitative information, which is difficult to measure, especially in social indicators, which are still at an experimental stage. Regarding the concept of triple bottom line†, it should be emphasized that it is the idea according to which â€Å"the overall performance of a company is measured based on its combined contribution to economic pro sperity, environmental quality and social capital† (Crane and Matten 2005:169). The European Commission (2004) itself has given special attention in this matter. In its notification on Communication on the EU strategy for Sustainable Development - COM (2001) 264† it called publicly traded companies with at least 500 employees to introduce the triple bottom line in their annual statements so that shareholders can measure and evaluate its performance against economic, and social and ecological criteria. Some characteristic examples of initiatives in this area are: Global Reporting Initiative (GRI) with the Guidelines for Reporting (2002), which included reference files, content of reports and indicators for performance. AA1000s AccountAbility Model of results validation (assurance) by the Institute of Social and Ethical Accountability (European Commission 2004). SOCIALLY RESPONSIBLE CONSUMPTION In the context of socially responsible consumption social and environmental signals are used. These terms describe tools based on the market, aimed primarily at consumers and showing that the production of specific product and commercial transactions and procedures that are followed, have respected a given set of criteria and standards. However, consumers today are interested in issues of ensuring the environment, health and safety at work and respect for human rights, particularly on child and forced labor. Overall, these signs are a way to convert concern into positive action and direction of consumer behavior to social and environmental domains. In the modern, globalized economy, the terms fair trade and ethical trade are dominant. The first concept refers to fair procedures, aim at supporting marginalized producers in rural industries and handicrafts, in developing countries (Phatak 1997). These objectives, which are developmental, are achieved through better access to the market , ensuring fair prices in the negotiations and stability in the revenue, by providing direct payments or prepayment. The second concept refers to activities by companies aiming at highlighting their moral, social and environmental responsibilities and promoting human rights and decent working conditions in global supply chains and production of products. Some examples are the following (Crane and Matten 2005:170): Organizations FLO International (Fair-Trade Labeling Organizations) world-class organization that sets standards and certification of fair trade. IFAT (International Federation for Alternative Trade) a network of institutions, which aims to provide opportunities, information and technical support and better access to markets. EFTA (European Fair Trade Association) an association of importers aiming at achieving the most fair trade effective imports, promote cooperation and information, awakening of public opinion and decision-makers. Social Signals Belgium Social Label Legal Framework of the Belgian government in 2001 that gave the right to companies to acquire a sign which is used in products produced in a production chain that is compatible with the rules of conduct of the International Labour Organisation. Rugmark Label it concerns the production of carpets in India and aims to eliminate child labor. The participants agree to ban child labor and to allow non-communicated controls at their factories. Flower Label Program aims at ensuring fair labor and environmental conditions in the industry of flower trade, such as respect for the principles of the ILO and the non-use of toxic pesticides and chemicals. Environmental Signals EU ECO LABEL a voluntary programme that started in 1992 to encourage the production and consumption of green products in Europe. It is used in products with reduced environmental impact, in compliance with established standards. These ecological standards are determined by a committee (EU ECO-LABELING BOARD) and take into account all phases of the life of a product from the production up to its use and its dismissal. FOREST STEWARDSHIP COUNCIL the international non-profit organization has launched a global program, which covers forest products and provides a credible guarantee that the product comes from a forest, whose management is assessed and certified in accordance with the agreed social, economic and environmental standards. PAN EUROPEAN FORESTRY CERTIFICATION a voluntary private sector initiative which aims to promote sustainable forest management at the local and national level. SOCIALLY RESPONSIBLE INVESTING Through socially responsible investment (socially responsible investment SRI) a variety of approaches, products and tools offered to the social responsibility investors is shown. The socially responsible investment has become very popular in ordinary investors, because it combines   financial objectives with their concerns regarding moral, social and environmental issues. This way, it represents a powerful means to change business behaviour, by translating values into positive action and promotion of social and environmental procedures and practices (Holme and Watts 2000). The investment for social purposes supports a specific purpose or activity and their funding through investments. Unlike donations, investors for social purposes are interested in the return of the initial investment, either through reward (for loans) or through shares. In this kind of investment individual investors can be involved. These investors can be either individual investors who are interested in private capital investments or institutional investors for investments within a context which is shaped by institutions and organizations such as pension funds, banks, insurance and asset management companies. There are the following ways for institutional investors to follow their social and ecological values: Through filtering (screening) which concerns the inclusion or exclusion of shares in investment portfolios based on ethical, social or ecological criteria. This can be achieved either by excluding companies involved, for example, in the production of nuclear weapons, or by selecting companies based on the evaluation of their social and environmental performance. Through activism or the involvement of shareholders, where in this case, the investors by using their shareholder identity support their social and environmental concerns and seek ways to influence the behavior of the enterprise through consultation with the management of the compan

Indian Education Market Analysis

Indian Education Market Analysis Introduction Framework of International Business in overseas market. Higher education these days has become a profitable business due to high demand of quality education worldwide. This has given rise to international branch campuses all around the world. These campuses operate in host country and provide awards and qualifications with a brand name of home university. An Analysis of why University of Wollongong expand to India UOW has already established a very strong partnership with Indian academic institutes in the areas of mining technology, renewable energy and logistics. UOW also have strong links with major Indian IT companies like Infosys. The cost of setting up a campus in India will be less because UOW has very strong local ties which will be helpful in raising the capital. University is also popular among Indian students and over one thousand Indian students are currently enrolled in UOWs Australian and Dubai campuses. Indian education sector is viewed as very lucrative as the country want to develop skills of around 400 million people by 2022(Munro, 2017). It is highly anticipated that UOW would make profit by extending its overseas market to India. There is no doubt that every business venture has some risks associated with it.   In this case, major risk would be that students may prefer to study in universitys Australian campus instead of Indian campus. This risk can be minimised by offerin g less tuition fees at Indian campus. Another solution is to offer twinning arrangements to students which would involve option of partial study in Indian campus followed by study in Australian campus. PESTLE Analysis of Indian Education Market Indian education sector has recently been identified as a lucrative market for investment due to low literacy rate, growing urban population and recent increase in per capita income. Indias education sector does offer many profitable business opportunities for foreign universities like UOW(Tohmatsu, October 2012). Indias higher education market has grown significantly in the past ten years as shown in the fig below. More students are enrolling in higher educational institutes after leaving school and willing to pay more for quality education. There are opportunities for foreign universities to establish an international branch campus in India independently or in collaboration with private sector. A detailed analysis of Indian market in terms of political, environmental, social, technological and legal factors can be discussed as follows: Political Environment India is a democratic country and current government was elected in May 2014 under the leadership of Prime Minister Narendra Modi. Current government is very stable and strongly support foreign investment in education sector. A legislation is currently underway to allow foreign universities to setup international campuses in India. The proposal is to allow foreign universities to operate independently, award degrees and repatriate all profits which is strongly supported by many state governments as well. Governments focus is on providing opportunities for millions of young Indians to receive quality education and employment skills. Government is committed to skill development of half a billion people by 2022(Export.gov, 2017). Government strongly support collaboration between foreign universities and Indian universities in research and development. Government focus is on developing partnership with foreign universities in the field of mining technology, software development, pharmaceuticals and nanotechnology. UOW has recently joined hands with Indian state government of Gujarat to support Centre of Mining Excellence due to the universitys expertise in mining technology. Current political environment in India is very favourable for UOW to setup an international campus in India. Economic Environment India is the third largest economy by purchasing power parity and seventh largest in the world in terms of nominal Gross Domestic Product (GDP). India is considered as one of the major economy in G-20 nations. During the last five years, Indian economy has experienced a growth rate of 7-8% per annum and it is expected to grow at the same rate for at least next five years. The driver behind countrys economic expansion is its service sector which comprised of retail, telecommunications and information technology. India is emerging as a very strong market for higher education and vocational training due to its service sector driven economy. The number of enrolments at educational institutes in India is the third largest in the world only behind China and the US. Education sector in India has witnessed a strong growth in the past 20 years and it continues to grow which gave rise to strong demand for higher education. Higher education sector in the past was dominated by government institutes, however admissions in private institutes have suddenly increased recently due to higher demand supply gap. It is estimated that education market in India will worth billions of dollars in upcoming years. Education market in India is becoming very lucrative and this is the best time for UOW to setup an international campus in India(Deloitte, September 2013). Social and Cultural Environment India is considered one of the youngest countries in the world with a median age of around 24 years. Indias potential workforce is estimated to reach one billion by 2025. Indian literacy rate is 74.04 % as compared to world literacy rate of 86.3%. Indian society is very diverse with many cultures, languages and religions. In India, religion plays an important role and people are very much influenced by it. Culture and Religion also have implications on education(Andy Bertsch, 2013). In the past, most of the students were only interested in engineering and medicine courses due to the influence of their family and friends. Nowadays students have started showing interest in variety of other courses such as journalism, hospitality, law and management.   There is a golden opportunity in India for UOW to offer specialised courses and quality education to millions of aspiring students. Technological Environment Technological changes can lead to innovation, better quality and less costs for the organisations. Internet and telecommunication technology is evolving very fast in India. Most of the country is served with 3G and 4G networks to support businesses. India has a powerful information technology sector which constantly provides new computer systems, software and technological advancements. India has all the infrastructure in place to provide world class teaching facilities like smart lecture theatres with audio video connectivity, e-learning and fast internet connection for the proposed international campus(Scholar, January 2016). Legal Environment Indian legal system is well developed and based on the Common law of England. Judicial system is fair, accountable and transparent. Taxation policies support foreign direct investment and international trade is governed by flexible regulations. Indian companies pay flat tax rate of 30%, however foreign companies pay flat tax rate of 40%.   The government has started projects like E-Biz and Invest India with an aim to facilitate investments from global investment community. Now only single application is required for multiple clearances to set up a new business in India. This is the best time for a foreign university like UOW to establish an Indian campus. Conclusion There is no doubt that international branch campus can be a financial risk for the Universities however, UOW is already running a very successful campus in Dubai. Lucrative Indian education market, favourable economic conditions, strong partnership with local IT industry and research collaboration with academic institutes are some of the potential success factors for UOW to open a campus in India. References ANDY BERTSCH, J. O., M.SAEED, SONNIE BATES AND ABM ABDULLAH 2013. Business Environment in India: An International Perspective Business Environment in India: An International Perspective Dhaka. DELOITTE September 2013. Deloitte Foreign Universities in India. Touche Tohmatsu India Private Limited. EXPORT.GOV. 2017. India Education Service [Online]. International trade administration. Available: https://www.export.gov/article?id=India-Education-Services [Accessed 25 March 2017]. HEALEY, N. October 19, 2015 The Conversation Academic rigour journalistic flair Universities that set up branch campuses in other countries are not colonisers [Online]. The Conversation Media Group Ltd. Available: http://theconversation.com/universities-that-set-up-branch-campuses-in-other-countries-are-not-colonisers-46289 [Accessed 22 March 2017]. MUNRO, K. 2017. Could building campuses offshore be the future for Australias universities? [Online]. Faltex Media. Available: http://www.smh.com.au/nsw/could-building-campuses-offshore-be-the-future-for-australias-universities-20160719-gq8wsv.html [Accessed 27 March 2017]. SCHOLAR, M. R. R. January 2016. MAKE IN INDIA: PROSPECTS AND CHALLENGES International Journal of Business Quantitative Economics and Applied Management Research, 2, 60. TOHMATSU, D. T. October 2012. Indian Higher Education Sector Opportunities aplenty, growth unlimited! :  ©2012 Deloitte Touche Tohmatsu India Private Limited.

Corporate Governance and Ethics Essay -- Business Ethics

As a CEO of a corporation there is nothing more rewarding then maximizing the wealth of your shareholders, in addition, to increasing the value of the firm. However, it should not be done unethically and jeopardize the financial, social status as well as the reputation of the company, ultimately causing them to suffer in the end. There are systems put into place to avoid such acts that are generally overseen by the board of the directors of organization. In most companies the board of directors consists of shareholders or former employees of the company. Due to the recent scandals in corporate America many companies have acted quickly in actually implementing rules and regulations. They are sometimes referred to as the ethical codes. In this paper I will discuss the importance of corporate governance and ethical codes within a corporation. How has the recent crackdown changed corporate America? Has there been an improvement? Does the gender of top management have an impact on t he company’s performance? Are we able to determine if independent directors influence the social responsibility and corporate governance of the organization? I will attempt to address these issues throughout this paper. â€Æ' Analysis/Critical Evaluation Corporate Governance is defined as a system that has been established to direct and control companies and I controlled by, (QFinance – The Ultimate Resource, 2009, para. 1.), the board of directors, who must abide by rules and regulations, while implementing such a system. Their duties include, setting the strategic goals of the company, provide leadership and reporting to the companies stakeholders (QFinance - The Ultimate Resource, 2009, para 1). Socially responsible firms are defined as firms ... ...SIBILITY AND CORPORATE GOVERNANCE. Economic Affairs, 29(4), 5-10. doi:10.1111/j.1468-0270.2009.01940.x Llopis, J., Reyes Gonzalez, M. M., & Gasco, J. L. (2007). Corporate governance and organisational culture: The role of ethics officers. International Journal of Disclosure & Governance, 4(2), 96-105. doi:10.1057/palgrave.jdg.2050051 Kanji, G. K., & Chopra, P. K. (2010). Corporate social responsibility in a global economy. Total Quality Management & Business Excellence, 21(2), 119-143. doi:10.1080/14783360903549808 Holder-Webb, L., & Sharma, D. S. (2010). The Effect of Governance on Credit Decisions and Perceptions of Reporting Reliability. Behavioral Research in Accounting, 22(1), 1-20. doi:10.2308/bria.2010.22.1.1 QFINANCE – The Ultimate Resource,  © 2009 Bloomsbury Information Ltd. - http://www.qfinance.com/dictionary http://en.wikipedia.org/wiki/Ethical_code

The Political Status of Tibet and China :: Foreign Policy Politics Political

In contemporary society, before major decisions are made, we are often urged to look back at the pertinent historical information and see if we can use this information to help us make clearer decisions and definitions especially in national and international policies. The real problem with this is that those making decisions often have a personal investment in the decision and are able to skew history and data towards the solution that they prefer. In these cases, it is necessary to look at both sides of the information before reaching a decision, and this is what I have tried to do concerning China’s policies and political viewpoint of Tibet. Through using objective and pro-Chinese documents, as well as outside knowledge of pro-Tibet viewpoints, I have attempted to prove whether or not I feel the Chinese are justified in claiming authority over Tibet, and conversely, whether Tibet is justified in claiming autonomy from China. My conclusion is that neither is justified. Through studying the political histories of the relationship of China and Tibet since the Tang Dynasty, constructed as alternating periods of each state’s dominance over each other in different ways, I believe that neither China nor Tibet is justified in their political opinions over the other and instead they historically have been partners unable to clearly be separate from each other. In order to properly come to a conclusion on what the actual historical status of Tibet and China is, one must begin with the first real documented political relationship existing between the two states. This period begins with the Tang Dynasty ruling in China (approximately 618 to 908 AD) and a series of powerful tribal chiefs in Tibet, referred to as the â€Å"‘Tubo’ in Chinese historical documents† (Yin 201). During this period, the Tubo were a highly powerful group, and for almost three centuries, constant battles erupted between Tibet and China, not clearly defined with borders yet. The Tibetans were still a highly nomadic society and sparsely spread along the high Tibetan plains. As the tribal chiefs began to gain more power, larger groups of people would congregate, and battles broke out when the nomadic Tibetans would either travel into Chinese territory or when the Chinese would infringe upon the Tibetan nomads’ lands. Due to the unclearly de fined borders between China and Tibet, many â€Å"minor frontier states† existed as a buffer zone between Tibet and China (Norbu 34). The Political Status of Tibet and China :: Foreign Policy Politics Political In contemporary society, before major decisions are made, we are often urged to look back at the pertinent historical information and see if we can use this information to help us make clearer decisions and definitions especially in national and international policies. The real problem with this is that those making decisions often have a personal investment in the decision and are able to skew history and data towards the solution that they prefer. In these cases, it is necessary to look at both sides of the information before reaching a decision, and this is what I have tried to do concerning China’s policies and political viewpoint of Tibet. Through using objective and pro-Chinese documents, as well as outside knowledge of pro-Tibet viewpoints, I have attempted to prove whether or not I feel the Chinese are justified in claiming authority over Tibet, and conversely, whether Tibet is justified in claiming autonomy from China. My conclusion is that neither is justified. Through studying the political histories of the relationship of China and Tibet since the Tang Dynasty, constructed as alternating periods of each state’s dominance over each other in different ways, I believe that neither China nor Tibet is justified in their political opinions over the other and instead they historically have been partners unable to clearly be separate from each other. In order to properly come to a conclusion on what the actual historical status of Tibet and China is, one must begin with the first real documented political relationship existing between the two states. This period begins with the Tang Dynasty ruling in China (approximately 618 to 908 AD) and a series of powerful tribal chiefs in Tibet, referred to as the â€Å"‘Tubo’ in Chinese historical documents† (Yin 201). During this period, the Tubo were a highly powerful group, and for almost three centuries, constant battles erupted between Tibet and China, not clearly defined with borders yet. The Tibetans were still a highly nomadic society and sparsely spread along the high Tibetan plains. As the tribal chiefs began to gain more power, larger groups of people would congregate, and battles broke out when the nomadic Tibetans would either travel into Chinese territory or when the Chinese would infringe upon the Tibetan nomads’ lands. Due to the unclearly de fined borders between China and Tibet, many â€Å"minor frontier states† existed as a buffer zone between Tibet and China (Norbu 34).

Essay - Bridge Between Worlds in Virginia Woolfs To The Lighthouse :: To The Lighthouse Essays

To the Lighthouse - Bridge Between Worlds Virginia Woolf's To the Lighthouse illustrates a bridge between the worlds of the Victorian mother and the modern, potentially independent woman. The Victorian woman was to be absorbed, as Mrs. Ramsay is, by the task of being mother and wife. Her reason for existing was to complete the man, rather than to exist in her own right. Mrs. Ramsay certainly sees this role for herself and is disturbed when she feels, momentarily, that she is better than her husband because he needs her support to feel good about himself and the life choices he has made. Yet the end of the Victorian era saw the rise of women's rights and greater freedom for women to excel without men or children. Adrienne Rich, in Of Woman Born, says that To the Lighthouse is about Virginia Woolf's need to understand her own mother and to prove, through the character of Lily Briscoe, that a woman can be "independent of men, as Mrs. Ramsay is not" (Rich, p. 228). The trauma of this transition from Victorian to modern woman is portended by Mrs. Ramsay herself, at the beginning of the story. In the first chapter, as Mrs. Ramsay defends Charles Tansley against the criticisms of her children, she muses on her desire to protect men and the "trustful, childlike, reverential" attitude that her protection inspires in men. "Woe betide the girl. . . who did not feel the worth of it, and all that it implied, to the marrow of her bones!" she exclaims to herself, thinking of the way men respect and admire her. But Woolf shows us that as Mrs. Ramsay admonishes her children for ridiculing Charles Tansley, her daughters "could sport with infidel ideas which they had brewed for themselves of a life different from hers. . . not always taking care of some man or other." The issue of the change from one concept of womanhood to another is not as simple as the newer generation revolting against the older; at the same time that Mrs. Ramsay's daughters hope to be different, they admire and worship their mother for her beauty and power. Prue, the eldest daughter, proudly watches Mrs. Ramsay as she descends the staircase and feels "what an extraordinary stroke of fortune it was for her [Prue], to have her [Mrs.

Color scope Case Management Accounting Essay

Printing sector, which is due to the new technologies coming to the market, that made a change the competitive position of the company. The impact of the external environment ? Problem Identified: ? Lowering of the barriers to entry due to the cheaper technologies implemented in the market ? Advanced technology grinding down the quality-based competitive advantage. ? High competition from large national chains and small stand-alones ? Price pressures and loss of high margins, i. e. rent Management Accounting The Original Allocation: ?The company faced inaccuracy issues in identifying customer profitability, using of the Activity Based Costing (ABC) ?Calculating â€Å"rent† of Assembly Sq. ft. : We took the total amount of rent and divided it by the total amount of the square feet which is 30000/15000 and then multiplied it by the square feet of the assembly department â€Å"cost pool† 4000, which adds up to $8000. ($30,000/15,000 sq. ft. )*4,000= $8,000 ? Calculating â€Å"Others† for Assembly Labour hrs. : Using the same method, but using the total amount of the number of labour hours instead of the square feet utilized. ($20,000/2440hrs)*1,280= $10,491. 8 ? In order to maintain a competitive advantage, this report is to review the system they are using and point out what needs to be done to resolve the issues faced

Design Argument for the existence of God Essay

The devise line of business ass be decompose into two slopes approach pattern qua purport and cast qua regularity. The tonality conceit of jut qua role comes from William Paley. He used analogy as the basis for his pedigree, noting how the complex design of a watch allows all the parts to turn tail together utterly to achieve its heading. He then noted the complexity, assemble and purpose of the populace, stating that every manifestation on design, which existed in the watch, exists in the works of nature. Therefore if a watchs intricacy stands as raise that it has been designed, by analogy the cosmea essential similarly beat a precedent and, as the designer is requisite to be supremely powerful, the designer must be immortal.doubting Thomas also presented an dividing line to clog design qua purpose. Similarly to Paley, he argued that all essential occurrences show evidence of design. He claimed that this suggested there is a organism which directs all things, and as human races have roll in the hayledge this being must also be knowledgeable. Therefore there is an dexterous being that directs everything towards its purpose, and Aquinas stated that this being must be deity. Unlike Paley, Aquinas explained that god is a designer at work who continues to direct us towards our purpose as well as regulation the world (e.g. the planets and the seasons). He also try to explain how free-will plays a part in design, claiming that we are programmed to reproduce entirely free-will allows us to choose who we reproduce with. Through these points he also demonstrated a key aspect of the design qua regularity side of the Teleological demarcation.An otherwise aspect of the tilt is the anthropic principle, which was first introduced by F.R. Tennant. The monumental difference of this principle to Paley and Aquinas intellections is that it doesnt reject the scientific principles for existence, as Tennant express that the conditions for t he development of human life were congenital to the Big Bang. The strong principle regularises that the spring and purpose of the universe is to maintenance human life, supported by the way the conditions on earth are perfect in order for us to survive.For example, the atmosphere is 21% Oxygen which is near abundant the take aim amount that humans need. accordingly a greater being make upd the universe to support us, and the only being powerful enough to do so is divinity.On the other hand, the weak anthropic principle doesnt accept that life was inevitable from the pedigree and instead suggests that it just happened to have occurred. Richard Swinburne substantial this by suggesting that the creation of the universe came surmount to probabilities rather than come across. He recognised that the universe could have easily been chaotic, but the position that it isnt suggests some element of design. Tennant exposit this as the world being harmonious with a single throw o f a cut, and said that common sense is not foolish in suspecting the dice is loaded.This explains how Swinburne and Tennant believed that it took an incredibly small singularity to create the cosmic explosion which created the universe, but the order and purpose is so beyond chance that there must have been a greater being behind it. This indeed shows how the anthropic principle is used to take the stand the existence of God. This principle has been supported by many other philosophers, including Fred Hoyle and Anthony Flew.Comment on the claim that this argument totally fails to designate the existence of GodCharles Darwin used the idea of raw(a) weft to challenge the visualize Argument. This is a opening that claims that the strongest and most fitting species survive and therefore species develop and larn naturally through time. Darwin argued that the fancy of design is actually a resolving power of natural and random process caused by inwrought Selection, and not by God as the designer. Steve Jones described this process as a series of successful mistakes, which again doubts the employment of God in the design of species.Nevertheless, Christians could mark to this disproving that the formula Argument seeks the existence of God as the anthropic principle suggests that Natural Selection and Evolution are caused by God, as they are too unlikely to have occurred by chance.As a result, one would argue that Darwins theory doesnt hold up infra its counter argument because Natural Selection scum bag still occur with God being the designer of the universe.Freud also questions the jut Arguments success at proving the existence of God in his prevail The Future of an Illusion. In it, he describes religious faith as an illusion ground on wishful thinking, contention that religion exists because people fear active in a chaotic and garbled world. Therefore we project order on to the universe turn out of fear and so our minds are predisposed to see order. Freud uses this idea to dispute that the order and regularity of the universe is a result of design, thus doubting the existence of God overall.One would say that Freuds argument supports the claim that the Design Argument fails to designate Gods existence as it suggests that the universe is in fact not ordered perfectly as we perceive, and so Gods work as a designer is an illusion arisen from fear of chaos.Additionally, the toothsome dead reckoning disputes that the designer of the universe could be the God of classic theism by exploring the idea of malefic and suffering. Epicuris says that if God is willing to prevent perversive but isnt able to then he cant be omnipotent, and if hes able but not willing then he cant be benevolent. From this argument, he concluded that either God isnt the God of classic theism or God isnt the designer of the universe at all.On the other hand, Christians could counter this by arguing that wicked and suffering is a render from God as an hazard to prove our faith to him. Therefore based on this, evil and suffering doesnt disprove that God is the ultimate designer.However, the argument still stands as if God was omniscient he wouldnt need to test people as he would know whether or not they were faithful. Also permitting evil and suffering would still make him malevolent. Consequentlyone would say that the Epicurean opening still supports that the Design Argument fails to prove the existence of God.Overall, despite the Design Arguments in depth ideas much(prenominal) as the anthropic principle and design qua purpose and regularity, there are stronger intellectual arguments to support the claim that the Design Argument fails to prove the existence of God. Although the use of Darwins theory of Natural Selection can be cancelled out by its counter, Freuds idea of illusion twain successfully argues that the apparent design is created out of fear of chaos and not the result of a supremely powerful source, and t he Epicurean Hypothesis argues that the God of classic theism cant exist under the usher in of evil and suffering. Therefore these ideas effectively support that the Design Argument doesnt prove that God exists.

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.