Mary Barton Essay

Elizabeth Gaskell’s â€Å"Mary Barton† is a novel of social reform that explores injustice, abuse and inequality. The novel is especially concerned with the societal condition of England at the time. In her â€Å"Preface† Mrs. Gaskell asserted, â€Å"I know nothing of Political Economy, or the theories of the trade. I have tried to write truthfully†. The â€Å"truth† of â€Å"Mary Barton† is not political or economic but the truth of the human heart. The novel is not about industrial conditions but about people living in those conditions. Mrs. Gaskell’s social aim in writing is to inform rather than to reform. Her aim in writing is to give â€Å"utterance to the agony† and to explicate the consequences of â€Å"the seeming injustice of the inequalities of fortune†. In â€Å"Mary Barton†, the protagonist John Barton asks with bitter vehemence about the injustice of the massive gulf between the upper and lower classes: â€Å"Why are they so separate, so distinct, when God has made them all? [†¦ ] We are their slaves as long as we can work; we pile up fortunes with the sweat of our brows; and yet we are to live as separate as Dives and Lazarus, with a great gulf betwixt us†. John Barton is ultimately driven to the act of murder by his outrage at the gulf fixed between the rich and the poor. John Barton is ultimately a victim of society and an example of how a man full of human kindness is hardened into hatred and violence. As the author tells the reader his wife’s death meant that â€Å"one of the ties which bound him down to the gentle humanities of earth was loosened†. The string of events that followed – the strike, the Davenports’ starvation and fever, the employees’ arrogant isolation and the failure of the petition, seem to purposely show that the world reckons the poor folk no account. And as John Barton lies on his deathbed his enemy Mr. Carson sits in his library quite unable to hate his son’s murderer. At the end Mr. Carson forgives John Barton and the murderer dies in the arms of the man whose son he has murdered and this image explicates the novel’s pivotal theme in the hope of human heartedness. In her novel Mrs. Gaskell presents men and women at the extreme of suffering at which point only the most radical of human actions remain be they despair and hatred or alternatively human compassion and forgiveness.

Value Chain Analysis-Costco Corporation Essay

Brief on the Organization Costco is among the leading global retailers which provide customers a wide range of merchandise, ranging from small to well-known brands. The company began operations in 1983. Over the years, Costco has been a retailer in low cost membership-only leader, in warehouse club of merchandise. Moreover, Costco does not offer frills warehouse business models as its competitors do. Costco’s major competitors are BJ’s Wholesale Club and Sam Club (Costco, 2010). Applying the tools presented in this SSP, Costco provides a detailed analysis for transforming business operations relative to industry rivals. This is done in order to create profits and attain maximum shareholder’s value. A close examination of Costco’s Value chain suggests that the company uses a utilitarian approach, which maximizes the benefits for all stakeholders. The Concept of Value Chain and Information Technology Impact Nowadays, competitive advantage mainly derives itself through information technology in business models. Therefore, such supportive activities as information systems, R&D or general management are usually the most important source of differentiation advantage. Technology innovations continue to shape Costco’s value chain. Through information technology, Costco obtains strategic significance by changing the way companies operate. The most important concept is the value chain an organization has entrenched itself in; incorporating communication increases cooperation which leads to the productivity process of connecting groups that create activities toward a value system. Costco usage of the smartphone applications is only used to make personal judgments and predict purchases. Costco utilizes social media platforms to enhance online shopping. The company continues to offer online shopping to its members. However, custom er’s privacy is at risk using the smartphone data, and the corporation acknowledges this problem to their members (Costco, 2010). In addition to this threat, smartphones diminish the use of cash. Organization’s Value Chain Analysis Value Chain analysis evaluates each step business goes through from inception to finality. The goal is to maximize the value for the total cost. Costco’s mission is to provide their members with quality goods and services at the  lowest possible prices. The company’s mission, values and strategies suggest Costco uses a broad enterprise strategy which fits in the societal framework. To ensure employee motivation, Costco offers them a unique banquet of benefits. This include; paying health benefits for them, 50% higher wage, employee retention of over 90 percent, and maintaining employees even during recession periods (Costco, 2010). The Company’s strength is its primary value chains which split into two distinct functions: Demand fulfilment and Demand generation. Demand fulfilment includes input logistics, operations, and output logistics. Demand generation involves sales, marketing, and service department which breaks down into sub-tiers. Costco’s support activities include HRM, technology development, firm infrastructure and procurement. Costco’s weaknesses are difficult to pinpoint; one weakness is persistent low operating profit margins. Bigger profits can occur by not paying employee benefits and with demanding higher returns from their suppliers. The problem would be at what cost? Costco receives cost advantages from value adding major (brand items) activities. However, it continues to experience a challenge from Sam Club and BJ’s Warehouse, also have a membership fee to shop for great deals (Mascarenhas, 2004). Linkages and Value System Mr. Porter introduced the generic value chain model in 1985. Value chain represents all the internal activities a firm engages in to produce goods and services. VC is formed primarily of activities that add value to the final product directly and support activities that add value indirectly (Value Chain analysis, 2013). According to Porter and Millar, (1985, p. 154) several factors needed in analyzing how information technology might works for your organization. By identifying and ranking the ways in which information technology creates a competitive advantage, it determine the role of information technology in the business structure, and the impact it has on the business world. References Costco (2010). Why Become a Member. Retrieved from: http://www.costco.com/membership-information.html Finne, S. (2008). The retail value chain: How to gain competitive advantage through Efficient Consumer Response (ECR) strategies. Kogan Page Publishers. Gilmartin, B. (2014). Costco Earnings Preview: Superb Execution, Perennially Overvalued Mascarenhas, O. (2004). Customer value-chain involvement for co-creating customer delight. Journal of consumer marketing, 21(7), 486-496. Porter, M. E., & Millar, V. E. (1985). How information gives you competitive advantage. Harvard Business Review, 63(4), 149-160 Williamson, G. (2014). A Simple but Powerful Strategy That Can Lead To Multibaggers. Retrieved from: http://www.dailyfinance.com/2014/03/04/play-follow-the-leader Value Chain Analysis | Strategic Management Insight. (n.d.). Retrieved from http://www.strategicmanagementinsight.com/tools/value-chain-analysis.html

Personal Ethics paper Essay Example | Topics and Well Written Essays - 2000 words - 1

Personal Ethics paper - Essay Example In certain cases these all are being determined by the universities or any other institutional bodies of the university but the professors’ decision are also involved. the paper looks at different ethical codes of conduct and the leadership principles which the college professor’s are expected to incorporate in their day-to-day professional demeanor. Professors are the members of the university who teaches the students on behalf of the University. Hence as the University has certain rules and regulation the professor also follows certain ethics and principles while imparting education to the students. Teaching is regarded as an art and while teaching certain things are always taken into concerns like the way things are to be taught and what is to be taught. (Markie, 1994, p. 3) There are certain professional responsibilities which are expected from the college teachers. (A statement of principles for college teacher of education, 1954, p. 128) The relationship of the student and teacher is generally cooperative and there are significant sets of power that has been granted to the teachers. And the individual power of the teacher is very obvious in the classroom where the teachers or the professors determine the on goings of the class and evaluate the performance of the students. He has the sole power to do it. The power that has been given to the professors can be utilized to make it â€Å"supportive† or â€Å"destructive†. (Markie, 1994, p. 6) The ethical professor should be guided by the basic three principles, they are: â€Å"demonstration of equity and fairness†, â€Å"attention to cheating†, â€Å"responsible use of power†. (Klein, 2005, p. 4) Benjamin Bloom (1956) categorized learning activities into three essential parts- cognitive (including mental performance and the quest for knowledge), affective (encourage feelings and passion or generate the right attitude) and psychomotor (physical skills and manual efforts). the effective leadership of the college

Listening Strategies Literature review Example | Topics and Well Written Essays - 4000 words

Listening Strategies - Literature review Example Language learners were normally expected to develop their listening skills without any assistance, while the other three skills of reading, writing and speaking are given the necessary attention (Mendelsohn 1984; Oxford 1993). Second language learners were expected to listen to the target language all day and then expected to improvements in their ability to comprehend. This approach was described as the osmosis approach (Mendelson 1984) The arguments in relation to the importance of listening were initially voiced in the middle of the 1960’s. Rivers (1966) indicated that speaking can only be described as communication when it is understood by someone else and so teaching learners how to comprehend spoken words is paramount in importance if the aim of communicating is to be achieved. Thus, Hedge (2000) indicates that the literature relating to ELT has emphasised the point that listening skill has been taken for granted over the years. In fact, a number of second language teach ers have refused to pay attention to the significance of listening in facilitating the acquisition of a second language (Luchini and Arguello 2009). However, Nunan (1999) points out that listening has been treated as relatively important as it is the means by which the skill of speaking is attained. The incorporation of listening into a more modern set of guidelines, including functional language and approaches to communication was the main focus of the 1980’s (Morley 2001). This attention increased significantly in the 1990’s and this has continued into the decade of the 2000’s. Even though listening is now regarded as a critical aspect of language learning, it continues to be the least understood of all the processes (Osada 2004). Thus, Luchini and Arguello (2009) states that allowing students to answer questions after listening to tape-recorded material is not a means of teaching them to listen. In this regard, Hedge (2000) points out that the aim of answerin g questions after listening to recorded material is only for administering tests and not teaching second language learners to listen. This practice was found to have a negative impact on the ability of second language learners to communicate well in the target language. In relation to the neglect of listening comprehension in both research and practice, Osada (2004) indicates that even up to recently there has been insufficient research in this area. In fact, Nunan (1997) referred to listening as a Cinderella skill because it has been ignored in preference for other skills such as speaking. Listening is important in order to facilitate language learning as it facilitates a better understanding of the inputs. Osada (2004) also emphasised the complexity of the listening comprehension process. Anything that is said has to be understood at the same time as it is heard and so knowledge and skills necessary for doing so has to he used at the same time. In order to process the speech the c omprehension of the text has to take place at the same as the listening. Additionally, it has to be retained in order to have a better understanding of the speech that follows. Furthermore, it requires continuous adjustment based on previous knowledge and incoming information. This poses a problem for listeners as the space available to process the information is limited. Osada

International Strategy Research Paper Example | Topics and Well Written Essays - 750 words

International Strategy - Research Paper Example Literature review This is a vital section of this project but while conducting the literature review, care should be taken so that only the relevant information is discussed. This will keep the literature review section specific and to the point. While starting the literature review section, a well defined definition of international strategy will be discussed. For example, with time how the concept of international strategy got modified (Root & Visudtibhan, 1992, p.44). The research conducted by different scholars on multinational companies regarding international strategies used by them will be discussed (Frankenberger, 2006, p.2). In the literature review section, some vital international strategies used by the firms will be explored (Mcfarlin & Sweeney, 2008, p.266). Some of the common mode used by companies to enter in international market will also be discussed (Hitt, Ireland & Hoskisson, 2009, p.225). The information strategy regarding related as well as unrelated diversificat ion will be discussed with help of some vital case studies (Johnson, Scholes & Whittington, p.285-295). Research methodology Being a descriptive research, in this project secondary research will be conducted. Data will be collected from different authenticated sources. As for example, the company website, books from renowned authors, journals and online data base will be used. The research will be a mixed one where quantitative as well as qualitative data will be collected. The aim of this research is to collect information that explains the international strategy used by the fast food industry. As for example how the company decided to avoid beef and pork products in India as these products raised religious issues. Again,... This essay streeses that Being a descriptive research, in this project secondary research will be conducted. Data will be collected from different authenticated sources. As for example, the company website, books from renowned authors, journals and online data base will be used. The research will be a mixed one where quantitative as well as qualitative data will be collected. The aim of this research is to collect information that explains the international strategy used by the fast food industry. As for example how the company decided to avoid beef and pork products in India as these products raised religious issues. Again, considering the preference of rice products over wheat product in Japan, McDonald introduced rice burgers. These are some of the unique international strategies followed by McDonald to cater unique requirement of its highly diversified customer base. The business strategy used by McDonald will be compared against other commonly used international entry model. The advantages as well as disadvantages associated with McDonald’s international business model will be discussed. This report makes a conclusion this will be closing part of the research; hence almost whole of the project will be briefed in this section. The vital finding will also be discussed once again. Finally, considering the analysis and finding of the research, some recommendation will be suggested.

How has Iranian Cinema Destabilised the Political Structure Dissertation

How has Iranian Cinema Destabilised the Political Structure - Dissertation Example From the research it is clear that Iranian cinema has survived complicated transformation and oppressive restrictions that corresponds with the tumultuous socio-political experiences of the country itself. Emerging from one restrictive regime and entering yet another era of restriction, Iranian cinema has suffered through various degrees of oppression ranging from rejection by Islamic clerics on the grounds that Iranian films are instruments of Western corruption to simple rejection on the grounds that Iranian films do not portray Iran in an idealistic light. At the same time, Iranian cinema has also been utilized by Islamic clerics and regime leaders as a propaganda tool to influence popular thought and behavior. Despite the socio-political challenges, Iranian cinema has gained a reputation characterising it as among the world’s â€Å"most innovative national cinemas†. The success of Iranian cinema is largely attributed to its advanced artistry and its socio-political narratives. Contemporary and more especially, post-revolutionary film-making in Iran presents a mirror image of daily life and social and political issues in Iran. Thus the new Iranian Cinema has been described as capturing and sharing an â€Å"open image† of Iranian society and politics. Thus it has been argued that contemporary Iranian cinema has essentially humanized the people of Iran for both national and international audiences. ... nema 31 The Green Movement 42 Arab Spring 45 Bibliography 48 Filmography 50 Introduction Iranian cinema has survived complicated transformation and oppressive restrictions that corresponds with the tumultuous socio-political experiences of the country itself. Emerging from one restrictive regime and entering yet another era of restriction, Iranian cinema has suffered through various degrees of oppression ranging from rejection by Islamic clerics on the grounds that Iranian films are instruments of Western corruption to simple rejection on the grounds that Iranian films do not portray Iran in an idealistic light. At the same time, Iranian cinema has also been utilized by Islamic clerics and regime leaders as a propaganda tool to influence popular thought and behaviour (Gregory, 2008). Despite the socio-political challenges, Iranian cinema has gained a reputation characterising it as among the world’s â€Å"most innovative national cinemas† (Blankson & Murphy, 2007, p. 14 4). The success of Iranian cinema is largely attributed to its advanced artistry and its socio-political narratives (Ridgeon, 2000, p. 3). Contemporary and more especially, post-revolutionary film-making in Iran presents a mirror image of daily life and social and political issues in Iran. Thus the new Iranian Cinema has been described as capturing and sharing an â€Å"open image† of Iranian society and politics (Chaudhuri & Finn, 2003, p. 38). Thus it has been argued that contemporary Iranian cinema has essentially humanized the people of Iran for both national and international audiences (Zeydabadi-Nejad, 2010, p. 1). It can therefore be argued that the humanized image of the people of Iran by the aesthetic and realistic representations of social and political issues have worked together to destabilise

Renting a House & Buying a House Essay Example | Topics and Well Written Essays - 1000 words

Renting a House & Buying a House - Essay Example A house on rent would be the best option for a college going student. There are many college going students who do not live in campus. So for them the best options are either they take up PG in their nearest locality or rent a complete house to enjoy the benefits which come along with living in a house. The student community is not a permanent community to live in a house. For them the best option always is to rent a house for a temporary period and then move out as soon as the course gets over. Buying the house is any day a better option as at that time the person is the owner of his own property. However, there are families who are recently married and decide to move out of their parent’s house in search of a private home. For them, it rather depends on more than one factor whether or not to buy a house or to rent a house. The financial condition plays a huge role in determining what option to choose. So if there is a family who has the income to purchase a house then they s hould consider buying the property for a more lasting future and a stable life. There is no denying that owning a house is a much more stable option for families than renting a house. The feel good factor of owning the house is a much better feeling than being a tenant in someone else’s property. ... The family which is not in a position to buy a house may take a loan to own a house, and keep paying monthly instalments in return of the loan. A stable life only comes with a stable house and a stable locality. This is imperative for a long and continuous life which includes a strong base with respect to the place the family is living in. When the family has been able to garner enough money and resources, then comes the question of which house to buy and where to buy. This is the most important question which needs to be answered with respect to the purchase of the house. There are often times when the families buy the house when they are expanding in size. This could be due to a baby arriving in the family. Or otherwise, there are also times when the families decide to buy the house due to a promotion, change of a job where the members of the family start earning more. Financial conditions are the most important condition which is kept in mind before the purchase is made. This is d one to highlight the significance of the role money plays in determining the placed of living for the families. In all such circumstances buying the house is the best option overall. The arrival of a new born is a significant approach towards the purchase of a new house. It is important to note that families tend to find new places to live for their new born as they think that the baby deserves the best environment to grow and excel in life, which means that the got to shift off their present location and find a more beautiful location to raise their new born. Apart from this, a new job is also a major criteria for families to buy a house. As a first time buyer of the house, it is important to chalk out the needs and objectives before moving into the

Proposal Assignment Essay Example | Topics and Well Written Essays - 1250 words

Proposal Assignment - Essay Example Where lunch is provided, the stakeholders do little to ensure that the diet is healthy. In this case, students end up getting food for the sake of food where balanced diet is not emphasized. As a result, students perform poorly in their exams because they are not healthy enough to absorb education work due to malnutrition and lack of concentration due to conditions resulting from poor diet. Therefore, there is a need for the mainstream stakeholders in the education sector at the district level to ensure that healthy lunches are given to students at all costs. The Problem Most schools do not offer healthy lunch meals to students and this affects their concentration in class as well as their performance. According to Jan Sheehan (2011: 2) a well balanced diet is crucial for any young child or teenager. This is essential considering of the high metabolism required by their growing bodies. The research further illustrates that the brain develops faster and at a high rate at the younger a ge as compared to older age. Therefore, deficiency of some food components such as omega 3 fatty acid induce sleep hence lack of concentration in class and other daily activities. Moreover, omega 3 fatty acid reduces behavioral problems that interfere with concentration in older kids. The research further proves that intake of iron deficient food exposes the child to fatigue and lack of concentration, therefore, the child is induced to sleep or dose in class. Moreover, poor eating habits such as eating too much of sugar and fats leads to energy dips. Such meals will lead to slow alertness because the blood flows to the stomach from the brain organs. The same effect is also a high factor of child obesity amongst other ailments. These are some of the issues that can arise when children do not get healthy diet and especially lunch meals. It is therefore, significant to observe the health problems attached to the mentioned unhealthy diet. As a result of poor diet malnutrition becomes a problem because it affects the educational sector as whole. For instance, poorly fed children are prone to diseases hence leading to high mortality rate or early school drop-outs. Students who do not get healthy means are less motivated and perform poorly in class. As a result, a lot of money is wasted catering for medical bills plus many other problems. The Solution or Plan It is true that a healthy balanced diet is the one that constitutes all vital components as a whole. Proteins are vital for body building, vitamins help in fighting diseases, and carbohydrates on the other hand provide energy to the bodies. It is important to note that every meal should consist of the named components, if they will be of help especially for students. The identified problem will be solved by availing the balanced diet everyday to the students at a convenient time during their lunch meals as it is determined by the school. The following measures will be taken in the preparation of the lunch meal; 1. There will be nutritionist to advice on the components of diet to be included in the meals 2. The nutritionist will ensure that accessible and affordable diet is incorporated to avoid the high cost of operation 3. The lunch means will vary throughout the week so as to serve students with a variety of meal dishes 4. Junk food will be avoided and meals will constitute of lots of fruits, vegetables and whole meals which are

Case Problem Assignment Example | Topics and Well Written Essays - 750 words

Case Problem - Assignment Example Laws include the Federal Lanham Act, the State laws in the form of consumer protection laws, and the case laws acting as a precedent. C. It will be unconstitutional to ban the advertisement. The justification may be that though the present law grants the government power to regulate advertisement under certain conditions as per Central Hudson v. Public Service Commission and Board of Trustees of the State University of New York v. Fox, , the conditions remain unfulfilled. In the present case the question is whether the government will have the power to regulate liquor advertising in the state of Washington. The conditions which will allow the government to do so would be presence of substantial state interest, which is actually there in the present case in the form of a need to stop under aged drinking. The second condition is whether the regulation directly advances the interest, which it doesn’t as there’s no proof that banning advertisement will stop under aged drink ing particularly. The third condition is that the regulation is not unreasonably extensive than what is necessary, which it is, as there is no evidence that it will stop underage drinking in particular and will surely affect the liquor business. Case problem-2 The sales representative is not correct in her assertion, as it is material whether the commercial speech is true or false. The reason is that commercial speech is not protected under, any law, if it’s false and misleading, as in the present case. Certain statutes and Federal Trade Commission Rules prohibit it, in addition to the case laws which act as a precedent to support the cause. If the national company is taken as a competitor to my present online business, civil suit can be brought against the company for publishing false or misleading description of its goods. In addition to the Lanham Act, the state consumer protection laws also protect the consumers against false and misleading advertisements given by a busin ess. Finally, the Federal Trade Commission (FTC) also prohibits it. The FTC can invoke its powers, with regard to false and misleading advertisement, if the communication is an advertisement, the advertisement affects interstate commerce and the advertisement is false or deceptive. In addition to the remedies offered by the courts under the Lanham and consumer protection laws in the form of injunction and fines, the FTC has its own set of remedies to take care of the issue. The FTC publishes specific guidelines for advertising in an entire industry. The FTC has voluntary compliance remedy, which will seek a voluntary agreement from the advertiser to terminate a campaign and to repeat the same, without any sort of determination. Moreover, the FTC can make consent agreements with the advertisers, issue a litigated order in case the advertiser refuses to sign the consent order, force the advertiser to prove the claims made in an advertisement by Substantiation and move to court for an order of injunction. Case Problem-3 The consumer organization is correct in its assertion, as the conditions laid down by FTC for an ad to be taken as false and deceptive are fulfilled. In the present case there is a representation which will mislead the consumer. The exercise club states that clients of the club lose 30 to 50 pounds in two months, yet, they didn’t make their claim based on substantial evidence. When they

No tpoic Essay Example | Topics and Well Written Essays - 500 words

No tpoic - Essay Example There are chances of redundancy when using cellular phones especially for low volume or emergency calls. Mobile satellite transmission can serve as a backup or diverse routing while microwave transmission is a way of promoting redundancy-building connections in either town or colleges. Lower-frequency radio and infrared transmitters connect desktop and server networks. In deed, time and cost of reconnecting networks after a crisis occurs is saved. For communication to continue, transfer of calls to another company location is the solution. However, this is possible if the equipment has the capability of accommodating the extra volume and the existence of enough operators. Commercial call centers help in preventing overflow traffic and most of them operate like data center hot locations whose fee structure resemble each other. This helps in the possibility of receiving messages, forwarding calls, explaining situations, and if with the qualification, taking orders and answering technical questions. Kobe earthquake affects majority of United States and Japan firms directly in reference to raw materials thus reducing production in a notable rate. Further, there is reduced suppliers, inflation, and mismanaged delivery schedule. To solve this problem, a sole supplier must be identified and equip warehouse to handle any delays in supply resulting from any crisis. Another problem is limited manufacturing machinery and knowledgeable personnel majorly because of unpredictable weather and natural calamities. If the possibility of transferring operation to another site within the company is inhibited, it is advisable to arrange with contract manufacturing company to produce and resemble the product. These arrangements should be made early enough and the vendor informed in time. Vendors should be used to supply small quantities for quality checking, minimize ramp-up time, and make the vendor informed

Chinese Foreign Policy & National Security Essay Example for Free

Chinese Foreign Policy National Security Essay The China-South Korea axis is perhaps the most overlooked variable in the strategic environment of Northeast Asia. For nearly five decades their relationship was characterized by war, lack of dialogue and non-recognition; then, over a period of some three years, this situation gave away to fully normalized and amiable relations in 1992. Rapprochement between Seoul and Beijing in 1992 opened one of the first frontiers of the post-Cold War thaw in the region, and future security will hinge at least partly on this core relationship. In this context, Cha analyzes the evolution of Sino-South Korean reconciliation, and argues that the South Koreas engagement policy from the late 1980s in the political, economic, and cultural arenas played a major part in eliciting unprecedented cooperation from Beijing, however, its initiatives alone were not a sufficient condition to prompt this cooperation. A prior and necessary condition was a change in the strategic context surrounding China and the Korean Peninsula that raised both the benefits of cooperation and the costs of non-cooperation; the end of Cold War . In the context of security environment in Northeast Asia, South Koreas success in engaging China has implications for future security on the Korean Peninsula. On balance, the axis is a stabilizing factor but not without its share of future challenges. With this in mind, the key questions of the article include: (1) How does one explain the growth of cooperation between China and South Korea? (2) To what extent has Sino-ROK rapprochement been the result of successful strategies on the part of South Korea to engage China? (3) What are the implications on North Korea? For a quarter-century after the Korean War, Sino-South Korean relations sat at the intersection of the global East-West conflict and the Sino-Soviet split, making any hint of cooperation impossible.1 However, since the middle 1980s, Sino-South Korean relationship has moved from being sworn enemies and opposed combatants in the Korean War, to being potential economic partners (but still strategic adversaries), and fully normalized diplomatic relations in 1992. Three key drivers propelled the change in the relationship: (1) the transformation of strategic environment concomitant to the end of Cold War, which established the baseline for post-war interaction. In this context, Sino-Soviet reconciliation was a significant factor in Chinese calculations to normalize with Seoul. In particular, the end of Sino-Soviet rivalry reduced in Chinese minds the strategic consequences of losing North Korea to Moscow, and made opening to South Korea more feasible. Furthermore, in South Koreas view, China had evolved from being a revisionist power to being a status quo one, in the degree to which Beijing emphasized unification or peace maintenance as the security priority for the Peninsula. Unification was associated with Chinas revolutionary power and support for North Korea to overthrow the South the essence of Chinas one Korea policy of the Cold War. On the other hand, peace maintenance implied stability outcome for Korea by recognizing South Korea and opposing provocative acts by the North which might upset the unstable peace on the Peninsula. (2) Domestic change in China concomitant to Deng Xiaopings modernization reforms, and subsequent separation of politics from economics. The initial economic trade was largely indirect, transacted through third-party intermediaries or South Korean trading firms in Hong Kong. By 1985, however, total Chinese-South Korea trade surpassed that between China and North Korea. During the 1980s, while the two sides still viewed one another as military adversaries, they increasingly recognized each other as economic opportunities. The beginnings of a diplomatic relationship also emerged in the 1990s with the establishment of trade offices between the Korea Trade Promotion Association (KOTRA) and the Chinese Chamber of Commerce in 1990, which facilitated shift from indirect trade to open and direct transactions, and subsequently in establishing formal diplomatic relations in August 1992. (3) South Koreas conscious policy of engagement to elicit cooperation from China, in particular using non-punitive, non-coercive diplomacy and seeking mutual accommodation. South Koreas engagement strategy contained the following tiers: first, economic linkages, investment and trade ties to increase the benefits to China of cooperation, and the costs of non-cooperation, providing foreign capital and technology, separating political cooperation with economics, but gradually produce cooperative behavior in other arenas. The growth of trade ties in the 1980s was a major reason why China chose to participate in the 1986 Asian Games and the 1988 Olympics hosted by South Korea, which served as key event to normalize relations. Second tenet of South Koreas engagement strategy was to treat the opposing states perspectives as legitimate per se. This meant engaging Chinas divergent position into official dialogues on the proposals for enhancing peace and stability in the region such as the Four-Party talks, and more importantly South Koreas recognition of One China Policy, acknowledging Beijing as the only legal government in China. These initiatives at the diplomatic front were followed by general increase in communication flows on the business, educational, and cultural levels to cultivate goodwill. In this context, South Koreas engagement strategy included the following goals: (1) cultivate Beijings cooperation by tying Chinese national interests to stability on the Peninsula; (2) improve South Koreas credibility in the international arena by enhancing its image as a regional player willing to reduce tensions and foster dialogue; and (3) engage North Korea through alternative channels. In order to pursue these goals, South Korea utilized the following means: in the macro-political perspective, the strategy of engagement of China was pursued through the policy of Nordpolitik and Globalization (segyehwa) which implied mutual economic prosperity as a means of expanding diplomatic ties with former adversaries as well as assuming a leading role for South Korea in international organizations and the continued expansion of program multi-directional diplomacy (i.e. using meetings of multilateral bodies such as APEC, ASEAN, non-governmental track-two diplomacy, high-level military excha nges). The second method of engagement has been sports diplomacy participating in athletic competitions hosted by each country provided a useful means by to express good will and interest in expanding the economic cooperation (Seoul 1988 Olympics, Beijing Asian Games 1990). What was the benchmark of success of South Koreas engagement strategy? The key was not only engaging China, but also the terms of policy toward North Korea. The following measure could be used: (A) Failure Chinese support of North Korea (B) Minimal Success 1.5 Korea policy; formal support of North Korea and de-facto recognition of South Korea (C) Moderate Success equidistance between North and South Korea (D) Very Successful discourage North Korean provocation and aggression (E) Most Successful China supports only South Korea Cha argues that the outcome of South Koreas engagement falls in the middle range (B to D). For example, Chinese behavior on the North Korean nuclear issue in 1993-94, when Beijing sided with the US and South Korea on many aspects (such as opposing North Korea to renege Nuclear Non-Proliferation Treaty (NPT) and abide to non-nuclear Peninsula), however, at the same time Beijing expressed strong opposition against any acts of coercion against the North. It persistently pressed for dialogue and negotiona as the only acceptable means of settling the dispute, and opposed any U.S. led sanctions thought the UN Security Council. A more successful outcome was the redefined Chinese behavior on UN admission of the two Koreas in 1991, in which Chinese accepted dual membership of the two Koreas in the UN. Arguing that South Korean engagement of China has been sustained, comprehensive and moderately successful, the next question is how this new relationship will affect security on the Korean Peninsula and throughout the broader region? Salient issues include the impact of the Asian financial crisis, the dynamics of second U.S.-North Korea nuclear crisis, the effect of Bejing-Seoul dà ¯Ã‚ ¿Ã‚ ½tente on South Koreas alliance with Washington, and the future challenges that could be posed by Korean unification. (1) The impact of the Asian Financial Crisis didnt affect China-South Korean relations thus far. In-fact, in 2003 China has surpassed the U.S. as South Koreas largest trading partner (2) Sino-South Korean relations have important implications in understanding current relations between North and South Korea. Under Kim Dae Jung, South Korea initiated Sunshine Policy that rests on Seouls assurances of no-isolation, no destabilization, and no absorption. The Sunshine Policy is in many ways similar to the engagement strategy toward China, both in form and potential success. In particular, it is consistent (despite Norths provocations) and designed to elicit cooperation from the opposing state. However, there are also differences- regarding intentions; for cooperation to emerge, the opposing state has to be engageable. North Koreas behavior does not suggest she is open to an improvement of relations. Second, there are differences in South Koreas capabilities of early 1990s and late 1990s, in particular, in the early 1990s South Korea that engaged China did so from a position of relative strength and prosperity; however, in the late 1990s, the Asian financial crisis put South Korean position to a relative weakness., because conciliatory gestures are more likely to be interpreted as appeasement rather than engagement. Hence success to engagement of North Korea is not likely. (3) Looking beyond the immediate North Korean nuclear problem, Korean unification raises a plethora of new factors that would test the resilience of China-South Korea engagement. The absence of the North Korean buffer would give rise to a situation in which two powers with different regimes share a contiguous border. Another future challenges is on the economic front the rising China may hange its trade needs and increase competition with Korea. A final potential conflict between a united Korea and China centers on nationalism, and the two-million ethnic Korean living in Chinese Jilin province, which a unified Korea might claim. In the final analysis, the dramatic transformation of Chin-South Korean relations in the 1990s represents the most successful case of engaging China in East Asia. The lessons stemming from this engagement include: (1) consistency- a policy can only be successful if it is applied consistently and deliberately, (2) engagement requires will and domestic political support to sustain the policy even in the face of little reciprocity by the other state; (3) engagement applied from a position of strength conveys credibility, but applied from a position of weakness connotes appeasement. For the foreseeable future, the burden of managing the confrontation on the Korean Peninsula falls even more on the new China-South Korea dà ¯Ã‚ ¿Ã‚ ½tente and the continuing U.S.-South Korea Alliance. My Observation: Victor Cha offers a plausible analysis of the South Koreas engagement strategy and the factors that have significantly improved Sino-South Korean relations, nonetheless, I would argue that he underestimated the historical factors that bind China and South Korea together, which might have accelerated the rapprochement on both sides. Traditionally, Korea has fallen under the Chinese sphere of influence, with Korea belonging to the first-tier state of the Sino-centered worldview. In this context, another traditional binding element is the continuing anti-Japanese sentiments and mistrust in both Koreas and China that target Japanese sense of irresponsibility and demand apology for its war atrocities. Taken together, I would argue that these factors also facilitated the relatively rapid transformation of the relations, on a personal level between Korean and Chinese officials. In the context of enhancing peace and security on the Korean Peninsula, positive Sino-South Korean relations certainly play an important role. Both states are aware of this factor, and share similar interests. However, Beijing seems to be in a dilemma, it desperately does not want to face a collapse of North Korea nor does it want to see a nuclear North Korea. Hence, Chinas actions in the foreign policy arena are still bound to the minimum necessary level to ensure stability. Ironically, while the Chinese officials have been claiming that they are making efforts to persuade North Korea to enter multilateral dialogue and negotiation, they also claim that North Korea doesnt listen as it used to. In this regard, my question is: How much leverage does China have over North Korea? 🙂 1 From the ROK perspective, during the Cold War China was part of the communist bloc, a patron of revolutionary regimes in Asia, and thus one of the primary threats to South Koreas survival. Chinas intervention in the Korean War in 1950, in conjunction with the July 1961 Friendship Treaty between China and North Korea with its automatic intervention clause cemented South Koreas perceptions of China as a threat. At the same time, Chinas hostility toward South Korea was equally intense. South Korea was the fascist axis of the iron triangle that included U.S. imperialism, and Japanese militarism.

Runaway Girl by Carissa Phelps Essay Example for Free

Runaway Girl by Carissa Phelps Essay In Runaway Girl by Carissa Phelps the reader knows from the beginning that the main character, Carissa, cant stand discipline and runs away when authority steps in her way. Nevertheless, she creates friendships with people she thinks she can trust, but only ends up getting hurt by their dishonesty and greediness. Carissa is a rebellious, stubborn, independent child who grows into something amazing after all the dramatic tragedies that took part in her life. Carissa is rebellious from the start. She transitions from being scared to go to school on the first day, to yelling a few weeks later, â€Å"Fuck you†, to a substitute teacher. Not to mention Carissas hormones are kicking in and shes crushing on this kid Fernando on the football team and, ends up staying out all night just to come home to getting yelled at and getting grounded. Carissa doesnt agree with such punishment so in turn , she ends up running away. The worst of Carissas deception is her plan on figuring out wheres shes going to stay, what shes going to eat, her struggle of fighting to stay alive, and more importantly what the cops have to say about her running away. As a child Carissa had poor judgment on the real world. When she was on her own, she thought that she was invincible and nothing bad could ever happen to her until, she met Icey. He changed Carissas life in less than a heart beat. Carissa went from being the boss of herself while being a runaway to being a black mans prostitute at the age of 12. Carissa wasnt in control of her own well-being anymore, Icey was. Carissa merely followed Iceys instructions especially because she despised him so greatly, but she thought that he cared about her because he fed her and bought her things and talked to her ever so sweetly, compared to the other girls. All of this was stopped when the people Carissa despised ,for busting her every time she ran away, came to her rescue when Icey screwed up by stealing a car. She soon learned that authority was just there to help her and free her of Iceys control. At juvenile hall Carissa met someone that helped change her life forever. His name was Ron. He was the counselor at Wakefield and just by handing a spiral notebook over to Carissa and telling her to write in it and â€Å"tell her story†, Carissas life was soon on its way to a new beginning.

Influences of Japanese Culture and Cuisine

Influences of Japanese Culture and Cuisine Globalization can be described as an ongoing process where resources, believes, ideas and technology from different cultures are integrated to each other and promote new ways of thinking and practices among the society. As a continuing progression, globalization aroused from the influences of other cultures, which has been adapted with the local cultural conditions and modified to fit in the context of social behaviour. The external influences will directly override some local particularities, and the culture itself will be altered, or maybe damaged, or even enhanced, according to the perspective of society life. Therefore, the expression of culture itself will be interpreted and analysed in different way which encouraged the people to think, act, and learn the new disciplines in every aspect of life. These processes, hence, have an outcome of a cultural diversity, in which introducing the local values in global culture. In other words, it offered a global and local linkage of social changes that happened in the nation. Looking through the contemporary social life, globalization has become a major issue all over the world. Many countries have developed new approaches in most of the living aspects, and transformed peoples lifestyle in order to follow the major flow that happened globally. In todays modern days, globalization can act as a tool to open the opportunities of influence by other countries, and expand the cross-cultural interaction that may build up the cohesion among the nation. Globalization, however, implies to westernization in present days. The nature of western countries seems to appear as a science based tradition and the world is highly developed towards that tradition, as a sense of control. These global forces appear to superficially standardized and homogenized cultures, and equivalent to westernization. Majority of cultures are converging to the western standards, local identities have been replaced with global culture, and western values have become significant trends in this modern world. Looking at Singapore, a cosmopolitan city, where variety of cultures merges together, is one of a good example of a country that embraces globalization. Besides accepting the westernization, Singapore has been spanning borders through other cultures, such as Malay, Chinese, Indian, and Caucasian. These four interwoven cultures has created a genuine blending of traditions, believes, and ideas. A fusion of cultures in which Singapore brought in, has created a multi-disciplinary notions and practices, rooted in many cultural traditions. This synthesis has altered and transforms the peoples way of life according to the local context. On the other hand, not only western value that the world, including Singapore, has been developing on, but also majority of the countries have welcoming influences from Asian culture. Japan has brought a significant shift in the worlds globalization. Beside westernization, it has been become a popular culture among the world. Japanese culture has generated a different approach in global trends. Its tradition does not rest on science based technology and for them technology is a choice, not a necessity. Japan has greatly developed their long standing traditions towards something that instinctive rather than rationalistic way of thinking, like what the western do. Japan has its own original characteristic, which has a capacity to adapt and integrate new forms and function. Hence, there is no doubt that Japanese influence has an impact on the worlds culture, such as, in space, design, architecture, style, and even food culture. There is no large city in the world in which a Japanese restaurant cannot be found. Far from being a passing fad, Japanese cuisine is an establishment item in restaurants all over the world. The popularity of Japanese food is in part due to its reputation as a healthy alternative and also the curiosity and willingness to constantly introducing new tastes in their daily meals. Japanese way of dining, since the olden days, has put emphasized on food arrangement as a piece of art. For the Japanese, food must be enjoyed visually and pleasing to the eyes. They have developed the aesthetic sense to design exquisite harmony between colours, texture and shape throughout the food arrangement. This visual pleasure is an essential prelude and accompaniment to the savoury pleasure that follow. The influence of Japanese cuisine has been successfully creating a new atmosphere in Singapore food culture. It is proven that Singapore people accepted the taste and ambience of Japanese food by looking to the increasing number of sushi chain restaurant, such as Sushi Tei, Sakae Sushi; numerous traditional and contemporary Japanese restaurant, and also Japanese themed food court such as Ishimura and Manpuku. The diversity of food which has been influenced by Japanese cuisine, has become an inspiration for the designers to introduce innovative and exciting solutions to design dining spaces, through the essential aspect of Japanese dining and design in new ways that suit todays restaurant-goers. Recognizing the context of social behaviour in Singapore, innovation is the key elements for Singaporean. In terms of food culture, people like an excitement and it is a challenge for them to try something fresh and different, both in food and also ambience of dining space. Experience is another strong point, another extra ordinary atmosphere can attract people to get in and try a new restaurant. Besides the tendency to look for new things, the image of Singapore as a fast paced country gave an impact to the society. The time-oriented and multi-tasking people have built a busy working environment and hectic lifestyle in this metropolis city. Consequently, they are likely dont have time to have the luxury of enjoying social fellowship during the weekdays. This could be why it seems that forms of entertainment in Singapore tend to be designed to fit peoples activity on weekends. The big leisure activity that Singapore offers is shopping. There are numerous numbers of malls and shopping centres have been build or even renovated to drag people in the shopping as an attraction. Other than shopping; casinos, theme parks, nature reserves, are the other forms of leisure that Singapore provided. Despite the fact that all those type of facilities can serve as a very relaxing and stress relieving activity, people need to spend their time on weekend to do these activities. By aware of the complexity of the contemporary condition,

Poverty In America: Native American Tribes Essay -- Essays on Poverty

         As a White American, I have been virtually unaware of the harsh living conditions that Native Americans have been enduring. This past summer I was fishing and camping at a resort in northwestern Minnesota with my family. I realized that this resort was located on the White Earth Indian Reservation. As I drove around the towns that the resort was near, I saw that the Native Americans were terribly poverty-stricken. Besides the resort that my family and I were staying at and a small casino that was nearby, most of the buildings and houses were in poor condition. The majority of the houses were trailers and not something that I would call â€Å"livable.† This raised a few questions in my mind: Why are people on Indian reservations living this way and what other things besides housing are Native Americans lacking? As I began research on these questions, I found three major issues. Poverty, health, and education are three tribulations that, at this point, remain broken on American Indian reservations.   Although poverty rates on some reservations are getting better because of gambling enterprises and natural resources, most reservations have unusually high poverty rates. In 2000, the poverty rate of the entire United States was about 11.3%. Compare that to a 25.9% poverty rate for Native Americans living on reservations. The poverty rate of Native Americans in 2000 was higher than the peak of the poverty rate of the Great Depression, which was 21.7% (Native American Statistics†).  Ã‚  This statistic alone shows that Native Americans are not doing well financially. Location is a significant factor that determines how economically well certain reservations are doing. Reservations that are located in places with abundant natural resources and near metropolitan  areas,  tend to do better than reservations in remote areas. This is because with more resources available and more people to support businesses, the economy is more likely to thrive. For reservations that are located in places with few resources and in remote areas, there is a lack of opportunity. Jobs are less available and the unemployment rate is high.  Ã‚  This pertains to most reservations in the United States (Alvarez). In the United States, the unemployment rate in 2010 was 9.6%. The unemployment rate for Native Americans in the same year was 21.3% (â€Å"Labor Force Statistics†). Not only is there a dramati... ...eb.  20 Sept. 2012. . "American Indian & Alaska Native Populations."  Centers for Disease Control and Prevention.  Centers for Disease Control and Prevention,  n.d.  Web.  19 Sept. 2012. . Bouchard, Jen. "Native American Education and Employment."  Suite101.com.  N.p.,  n.d.  Web.  18 Sept. 2012. . "Labor Force Statistics."  Bureau of Labor Statistics Data.  N.p.,  n.d.  Web.  21 Sept. 2012. . "Living Conditions | American Indian Relief Council."  Living Conditions | American Indian Relief Council.  N.p.,  n.d.  Web.  20 Sept. 2012. . "Native American Statistics."  N.p.,  n.d.  Web.  21 Sept. 2012. . "Status and Trends in the Education of American Indians and Alaska Natives."  National Center for Educational Statistics.  N.p.,  n.d.  Web.  18 Sept. 2012. .

George Orwells Nineteen Eighty-Four 1984 :: Free Essays on 1984

In the world of 1984, Winston rebels against the party, but not only does he do it in a different ways but his displeasure with the society leads him on to rebel numerous times. First of all, Winston has committed a â€Å"thought crime†, a crime which is used to prevent the individual from thinking and the penalty for committing a thought crime was death (so he thought). Winston knew he was guilty for the crime but at the same time he assumes that he is not going to be detected or caught, at least in he beginning. One thing Winston did was keeping a diary. A diary was of the more serious thought crimes. In his diary, it is pointed out of his sexual frustrations, along with the displeasure of society as a whole. In his diary, he expresses that he longs for the pleasures of the past that were once allowed but no longer due to the power of the Party. However his frustration leads to other things that were also deemed illegal and would eventually lead to his final downfall. Winsto n later goes on and meets a woman named Julia. He knows what he is doing is definitely wrong and is a crime but his dissatisfaction with life and his sexual frustration lead him to the wrong conclusion. That he still thinks that he can get away with this and that the thought police will never catch him. This is where Winston unconsciously seals his fate of being caught but he feels the adventure is well worth the risk. Later in the relationship, they both are aware that the end to them is near. There were a couple of things that Winston owned that were deemed illegal but ironically the glass paperweight seemed to be the most important. First of all, the paperweight serves no purpose in the world that Winston lives in. Another thing about it was that it represented individuality to him because he thought of it as a world in which he and Julia lived in and nobody could touch it, even the Party. Finally, it reminded him of the past, the past in which there was a better world and a worl d in which the Party never wanted anybody to think about again. â€Å"Ignorance is Stregenth†, one of the terms coined along with â€Å"War is Peace† and â€Å"Freedom is Slavery†, is used by the Party as a way of brainwashing the people of Oceania.

Understanding the Exchange Market Rate - Pound to US Dollar (GBP/USD) E

The fluctuation or well known as the exchange market is the rate at which one currency will be exchange for another. It also regarded as the value of one country’s currency in the terms of another currency. The fluctuation was determined in the foreign exchange market (Wikipedia, 2014). The fluctuation rate is not permanent sometime in one day the fluctuation rate can change from high to low and from low to high. Hard currency is any global traded currency that is expected to serve as a reliable and stable store of value. The factor contributing to a currency hard status might include the long term stability of its purchasing power, the associated country’s political and fiscal condition and outlook and policy posture of the issuing central bank (Wikipedia, 2014). The two currency that can be taken as the hard currency was the United States Dollar and also the Great Britain Pound. These two currency is very popular and also important in the way to contribute to the exchange rate in foreign exchange market The United States Dollar (USD) or its sign was ($) is referred to as the U.S Dollar, and also as the American Dollar. It is the official currency to the Unites States and its overseas territories. The currency of United States Dollar was divided into 100 smaller units called cents (Wikipedia, 2014). The United States Dollar is often used in the traded process because of its high value. There were five major reason of why the U.S Dollar is so widely used in the traded. The reason is as below: †¢ It’s an investment currency in many capital markets †¢ It’s a reserve currency held by many central banks †¢ It’s a common transaction currency in many International commodity market †¢ It’s an invoice currency in many contracts †¢... ...ttp://en.wikipedia.org/wiki/Pound_sterling [ 3 April 2014 ] 10. Wikipedia ( 2014 ) Fluctuation from http://en.wikipedia.org/wiki/Fluctuation [ 2 April 2014 ] 11. Wikipedia ( 2014 ) Exchange Rate from http://en.wikipedia.org/wiki/Exchange_rate [ 2 April 2014 ] 12. Wikipedia ( 2014 ) Interest Rate from http://en.wikipedia.org/wiki/Interest_rate [ 3 April 2014 ] 13. Wikipedia ( 2014 ) Speculator from http://en.wikipedia.org/wiki/Speculation [ 2 April 2014] 14. Wikipedia ( 2014 ) Government Debts http://en.wikipedia.org/wiki/Government_debt from [ 5 April 2014 ] 15. Wikipedia ( 2014 ) Economic Interventionism from http://en.wikipedia.org/wiki/Economic_interventionism [ 2 April 2014 ] 16. Wikipedia ( 2014 ) Economic Growth from http://en.wikipedia.org/wiki/Economic_growth [ 6 April 2014 ]

Case Attrition Essay

Case attrition is the failure of arrests to come to trial; less than half of all felony arrests result in conviction (Meyer, J & Grant, D. 2003). Basically, case attrition is when an arrest does not end in a trial conviction, which happens quite often in the court justice system. The effect case attrition has on the criminal justice system effects all levels of the criminal justice process, because an arrest or no arrest affects all aspects of the criminal justice process. Law enforcement officers can develop negative feelings about the justice system and feel that their work is not getting noticed. The high levels of case attrition in modern systems shows that the criminal law has very substantial limitations as a direct crime control such as, deterrence, incapacitation, and rehabilitation. Criminal convictions and penalties deserved punishment and reinforce important societal denunciation, but if these penal consequences are imposed according to procedure that are widely perceived as fair and just. Attrition can get rid of individuals in the over-worked justice system that were arrested that either had a problem with the legality of the arrest or it was the result of an overworked, or bad officer in a situation where an arrest was not necessary (Meyer, J & Grant, D. 2003). When these cases are removed from the justice system, it is possible for attorneys and judges to be able to focus on more serious crimes. Reference Meyer, J & Grant, D. (2003) The Courts in Our Criminal Justice System

Single Parent Households

reproduction kidren is a major p bentage that charges condemnation and patience. But imagine universeness a individual p bent, breeding a babe on your own. According to, protective Mothers and Fathers and Their kid Support 2007, released by the U. S. nose count power in November 2009, there be some 13. 7 one thousand thousand superstar put ups in the United States to daylight ( thats not including the individuals who didnt participate). Those rise ups argon trus bothrthy for raising 21. 8 million children (approximately 26% of children downstairs 21 in the U.S. today). Gener any(prenominal) in ally, I allow illustrate the picture of the adept-family and their comparable debates with mundane smell. Approximately 84% of custodial provokes are begets and 16% of custodial rise ups are fathers. frugal burdens are greater in the women syndicate which results from the incident that the medium case-by-case mother does not earn the kindred income as a hotshot man. This stinting struggle is not downd in the genius father household delinquent to the equilibrize of reach and family duties women shell.You find just about women working(a) over clip to pick out up for the fact they arrive at low salaries which takes time away(p) from their children and daily chores to meet the inevitably of their kids. This results in either the child existence remaining home alone without prim supervision, or placed in child care octad to ten hours a day. Having indisputable friends and family that set up assist with childcare or raptus is a great summation when it comes to beingness a individual(a) parent.It is too the detestable price that parents pay to fork up for their children when they piss to work during those memorable moments of childhood. In addition, genius parents struggle with time not all for their children only if for themselves. In 2 parent households they struggle with managing time, so when the all the indebtedness is solely on a iodine parent, the struggle fanny be suffocating. When you are working, going to school and pity for your child, you plenty find the assess a bitty bit exhausting.While each task matchm just as great as the next, a child involve raftt be negotiated, which from experience I know it whitethorn repel the trump of your emotions. Losing pause to make fiscal necessitate meet or perusing may bring your mental and corporal allowance to a minimum. Stress, malnutrition, physical execration and sleep deprivation sound like torture, scarcely its the situation that just about atomic number 53 parent face all day. go just now not least, the average undivided parent pushes forward to fall upon their per word of honoral goals or careers because thats all they submit to call their own.When achieving the balance of impart and conquest that provides the best outcome for that child and its parent, can be a rugged highroad for anyone. This pat h challenges one decision and pushes the single parent to and emotional breakdown, which causes them to question, what may be best for not still them but the child. Its a prohibition that single parents face every day because their goals and careers take a back john to the own of their child. When that child is born, that child life is stem and all your goals may be pushed away which makes them at times less(prenominal) big as before.In conclusion, single parent households piss overcoming barriers that make all the struggles and sacrifices charge it at the end. Despite the challenges and emotional highs and lows, the public of a responsible human being is incessantly worth the trouble. At the end, the seize amongst that parent and child leave alone be inseparable because that child depart neer forget all the sacrifices and exhausting work you have put out to make their life that much easier. I bustt think connection see the struggles many single parent household s face daily.If we would help these parents out much than our federation wouldnt have to forever suggest the finger to the boy who remove and assault a young fille because he was a part of the single parent household statistic. So you extol am I for or against the single parent household and my response to that is I have no choice, I detain it every day. Everything I wrote was my lifestyle since I had my two year old son but never in a million years will I throw it.Single Parent HouseholdsRaising children is a major job that takes time and patience. But imagine being a single parent, raising a child on your own. According to, Custodial Mothers and Fathers and Their Child Support 2007, released by the U. S. Census Bureau in November 2009, there are approximately 13. 7 million single parents in the United States today ( thats not including the individuals who didnt participate). Those parents are responsible for raising 21. 8 million children (approximately 26% of children u nder 21 in the U.S. today). Generally, I will illustrate the picture of the single-family and their corresponding struggles with daily life. Approximately 84% of custodial parents are mothers and 16% of custodial parents are fathers. Economic burdens are greater in the women household which results from the fact that the average single mother does not earn the same income as a single man. This economic struggle is not experienced in the single father household due to the balance of work and family duties women face.You find most women working overtime to make up for the fact they have low salaries which takes time away from their children and daily chores to meet the needs of their kids. This results in either the child being left home alone without proper supervision, or placed in childcare eight to ten hours a day. Having trusted friends and family that can assist with childcare or transportation is a great asset when it comes to being a single parent.It is also the terrible price that parents pay to provide for their children when they have to work during those memorable moments of childhood. In addition, single parents struggle with time not only for their children but for themselves. In two parent households they struggle with managing time, so when the all the responsibility is solely on a single parent, the struggle can be suffocating. When you are working, going to school and caring for your child, you can find the task a little bit exhausting.While each task seem just as important as the next, a child needs cant be negotiated, which from experience I know it may get the best of your emotions. Losing sleep to make financial needs meet or studying may bring your mental and physical tolerance to a minimum. Stress, malnutrition, physical abuse and sleep deprivation sound like torture, but its the situation that most single parent face every day. Last but not least, the average single parent pushes forward to achieve their individualized goals or careers because thats all they have to call their own.When achieving the balance of sacrifice and success that provides the best outcome for that child and its parent, can be a difficult path for anyone. This path challenges one decision and pushes the single parent to and emotional breakdown, which causes them to question, what may be best for not only them but the child. Its a barrier that single parents face every day because their goals and careers take a back seat to the birth of their child. When that child is born, that child life is beginning and all your goals may be pushed off which makes them at times less important as before.In conclusion, single parent households have overcoming barriers that make all the struggles and sacrifices worth it at the end. Despite the challenges and emotional highs and lows, the creation of a responsible human being is always worth the trouble. At the end, the bond between that parent and child will be inseparable because that child will never forget all the sacrifices and hard work you have put forth to make their life that much easier. I dont think society see the struggles many single parent households face daily.If we would help these parents out more than our society wouldnt have to continuously point the finger to the boy who murdered and raped a young girl because he was a part of the single parent household statistic. So you wonder am I for or against the single parent household and my response to that is I have no choice, I live it every day. Everything I wrote was my lifestyle since I had my two year old son but never in a million years will I change it.

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.