Mining Industry Overview

Mining? Industry? Overview? Boyi? Xie? March? 5,? 2012? Michael? Porter’s? Five? Forces? Outline? †¢? †¢? †¢? †¢? †¢? †¢? †¢? Products? Suppliers/Customers? Industry? Compe? tors? Cost? Revenue? &? pro? t? Overall? trends? Other? factors? Products? †¢? †¢? †¢? †¢? †¢? †¢? †¢? †¢? †¢? †¢? †¢? Aluminum? Copper? Lead? Zinc? Gold? Silver? Uranium? oxide? Diamonds? Stainless? Steel? Materials? Iron? Ore? Coal? Aluminum? Zinc? Copper? Gold? Iron? ore? Diamond? Marketing? &? Customers? †¢? Marke? ng? centers? of? mining? companies? †¢? Sell? products? at? the? most? advantageous? price? to? make? the? most? of? their? intrinsic? value? ? Act? as? a? source? of? specialist? exper? se? †¢? Iden? fy? value? opportuni? es? †¢? Customer? service:? †¢? Technical? assistance? †¢? Transporta? on,? e. g.? BHP? Shipping,? Rio? Tinto? Marine? †¢? Customers? †¢? Jewel ry? makers.? E. g.? gold,? silver? and? diamonds? †¢? Manufacturing/construc? on? companies.? †¢? E. g? Hyundai? Steel? †¢? Government? †¢? Other? retailers? BHP? Billiton? †¢? BHP? Billiton? is? a? global? mining,? oil? and? gas? company? headquartered? in? Melbourne,? Australia? and? with? a? major? management? o? ce? in? London,? UK.? It? is? the? world’s? largest? mining? company? measured? by? evenue.? †¢? BHP? Billiton? was? created? in? 2001? through? the? merger? of? the? Australian? Broken? Hill? Proprietary? Company? Limited? (BHP)? and? the? Anglo? Dutch? Billiton? plc.? (Billiton? origins? stretch? back? to? 1860)? †¢? It? is? now? a? dual? listed? company? in? Australian? Securi? es? Exchange? and? London? Stock? Exchange.? †¢? It? operates? a? wide? variety? of? mining? and? processing? opera? ons? in? 25? countries,? employing? approximately? 41,000? people.? †¢? It? has? opera? ons? on:? aluminum,? diamonds,? iron? ore,? petroleum,? stainless? steel,? uranium,? etc.? †¢? Mines? in:? Algeria,?Australia,? Brazil,? Canada,? South? Africa,? USA? Rio? Tinto? †¢? Rio? Tinto,? now? headquartered? in? London,? UK? (and? Brisbane,? Australia),? was? founded? in? 1873,? when? a? mul? na? onal? consor? um? of? investors? purchased? a? mine? complex? on? the? Rio? Tinto? river,? in? Huelva,? Spain.? †¢? It? is? now? a? dual? listed? company? in? Australian? Securi? es? Exchange? and? London? Stock? Exchange.? †¢? It? is? one? the? world? leaders? in? the? produc? on? of? aluminum,? iron? ore,? copper,? uranium,? coal? and? diamonds.? †¢? It? also? has? signi? cant? opera? ons? in? re? ning,? par? cularly? for? e? ning? bauxite? and? iron? ore.? †¢? It? has? opera? ons? on? six? con? nents? but? is? mainly? concentrated? in? Australia? and? Canada.? Vale? †¢? Vale? is? a? Brazilian? mul? na? onal? diversi? ed? metals? and? mining? corpora? on? and? one? of? the? largest? logis? cs? operators? in? Brazil.? †¢? It’s? the? largest? producers? of? iron? ore,? pellets,? and? second? largest? nickel;? other? products? include? manganese,? ferroalloys,? copper,? bauxite,? aluminum.? †¢? It’s? listed? on? stock? exchanges? of? Sao? Paulo,? New? York,? Paris,? Hong? Kong? and? Madrid.? †¢? It’s? also? the? corpora? on? with? the? ost? â€Å"contempt? for? the? environment? and? human? rights†? and? was? named? world’s? most? evil? company.? @8+8+&%*1(9'+8$)%#'. $%*1+08+2$,%01%1209$/31/(%0#$% 1. $/'44%(‘/;$06%')%*1+)2($/%)$*01/)%,$9$+,'+0%1+% ,$(‘+,%3/1(%,$. $419$,%$*1+1(8$)%)0/2&&4$,%01% /$*1. $/:%A#84$%0#$%8+,2)0/5%? ‘)%#80%#'/,%75%0#$%&417'4% *†. â€Å"3!. ,)3'! %! %8)7! â€Å"! â€Å"2)3174. â€Å"! +%)0. 9+),+#)&0+)'+&$'†) ‘+,%&1+$%7$51+,:% Global? Indices? Global indices (February 1989=1) 9 †¢? Mining? companies? have? con? nued? to? outperform? the? overall? market.? †¢? While? the? industry? was? hit? hard? by? the? global nancial? crisis,? mining? ompanies? have? led? the? return? and? gone? beyond. 8 7 6 5 4 3 2 1 0 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 Dow Jones FTSE HSBC Global Mining Index Source: Bloomberg. BCDC%)'? %/$'4%0$+)81+%8+%0#$%(‘/;$0%')%&/1? 0#% /$712+,$,6%133)$0%75%'%+2(7$/%13%8+*8,$+0)%0#'0%;$90% Global? Indices? â€Å"#$%&'(#)*+)*,-. %)/0 -. $/%0#$%*12/)$%13%0#$%4†²)0%5$'/6%&417'4%$*1+1(8*%'+,% 914808*'4%0/$+,)%#'. $%*#'+&$,%0#$%8+,2)0/5:%†#$%(8+8+&% !†#$%&'()*†#%)! &%+,-)! â€Å"). )†+/)+'. ). â€Å"#)&0+'+)! %)†1)&$'†! â€Å"2) 7'*;:%$*081+)%? #84$%)29945%/$(‘8+)%*1+)0/'8+$,6% ?80#%*#'44$+&$)%)2*#%')%,$*48+8+&%&/',$%'+,%(1/$% $(10$%41*'081+):%†#$%*1)0%*2/. $%#')%)#830$,%296% *1+08+28+&%01%920%9/$))2/$%1+%0#$%8+,2)0/5%01%(‘8+0'8+% *†. â€Å"3!. ,)#! %3! 4,! â€Å"+5)6+/)4,. (+'%). ‘+)+7+'2! â€Å"2).  "#)&0+) 8+,2)0/5%8)%/$*$8. 8+&%(1/$%'00$+081+%3/1(%80)%(‘+5%'+,% .'/8$,%)0†²;$#14,$/):%! â€Å"#$%&'#$†&($)†&*%#+%8+%0#$%(8+8+&% 8+,2)0/5: †¢? Emerging? countries? con? nued? to? storm? ahead,? with? demand? for? resources? driven? by? strong? GDP? growth,? including? close? to? 10%? growth? in? China. †¢? Mining? market? capitaliza? on? con? nued? to? rebound? in? 2010,? with? many? players? recovering? the? remaining? market? capitaliza? on? lost? uring? the? global nancial? crisis? and? surpassing? the? level? seen? at? the? end? of? 2007.? 1%#/+)*,-(%,2#3 @8+8+&%*1(9'+8$)%#'. $%*1+08+2$,%01%1209$/31/(%0#$% 1. $/'44%(‘/;$06%')%*1+)2($/%)$*01/)%,$9$+,'+0%1+% ,$(‘+,%3/1(%,$. $419$,%$*1+1(8$)%)0/2&&4$,%01% /$*1. $/:%A#84$%0#$%8+,2)0/5%? ‘)%#80%#'/,%75%0#$%&417'4% *†. â€Å"3!. ,)3'! %! %8)7! â€Å"! â€Å"2)3174. â€Å"! +%)0. 9+),+#)&0+)'+&$'†) ‘+,%&1+$%7$51+,:% †¢? The? total? year? end? market? capital iza? on? of? the? top? 40? companies? increased? by? 26%,? with? larger? gains? generally? achieved? by? the? smaller? companies. Global indices (February 1989=1) 8 7 6 5 4 3 2 1 0 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 Dow Jones FTSE HSBC Global Mining Index Source: Bloomberg. BCDC%)'? %/$'4%0$+)81+%8+%0#$%(‘/;$0%')%&/1? 0#% /$712+,$,6%133)$0%75%'%+2(7$/%13%8+*8,$+0)%0#'0%;$90% *'2081+%'+,%/8);%1+%0#$%'&$+,':%? @? ‘. /$! 3# 3/&+030. 3.! 3#$! A $'$/%0* 3/&+030. A. /,+B! $ Top 40 TS 100 250% 50 Coal India PotashCorp Barrick Gold FreeportMcMoRan Anglo American Xstrata China Shenhua 0 Rio Tinto 200% Vale †¢? The? big? get? bigger.? They? are? also? diversifying? in? other? direc? ons.? For? instance,? some? have? begun? exploring? the? bene? ts? f? ver? cal? integra? on? in? an? anempt? to? control? the? en? re? commodity? value? chain? –? from? coal? mining? to? steel? produc? on? to? power? genera? on.? 150 BHP Billiton †¢? New? entra nt:? Coal? India.? Following? its? IPO? in? October? 2010,? it’s? the? largest? new? entrant.? 5$&/! â€Å". 3 (#. A(! ‘ 3#$! ($)3 150% 100% 2009 2010 Source: Capital IQ. Note:? EBITDA:? earnings? before? interests,? taxes,? deprecia? on,? and? amor? za? on? 9%. #1:. %&7%2;-201$? @?! &! (3&*+!. 23! 5$&/! -. /! 3#$! ‘0*0*%! 0*+2(3/57! R)/. ((! 3#$! â€Å". 1! G?! 3#$/$! A&(! &! 50% 0% Source: B â€Å"#$%&'($)%*+,-)&%&. $(%-‘. -. 0+&%1232%4$%)'4%5#$%567%5#/$$%(0+$/)%89:;%90)&G#'H& 9##? â€Å"@)*+†A. +6;),†*5(â€Å"*88/)8*0)†A*+6),† were? announced? during? the? ;B†*5(â€Å"=CB†1481)/†01*5†³01)†9/,0†³1*+#>? â€Å"D5†³*5† â€Å"(2/. &$%2([email  protected]&. /%†&0#†1'/2&%). &%**3/*%;/&0%†1/2&? /3/& ?rst? half? of? 2011.? .&7B(*C/3&;C%)&7858&%). &577B&%). (* C/3& ;;'? â€Å"E. â€Å"F60†³014,†450. â€Å"F)/,F)704A)$†7. 5,4()/†01*0† â₠¬ ¢? Deals? volumes? and? aggregate? â€Å"(2/. &0#†1'/2&'%>/&7855&;C/&$12(/2;&4/%3&#E&+,-&()&;C/& â€Å". >&JK? † values? were? 10%? and? 25%? 1 80 ,000 3,000 Announced Date Target Target Description Target Headquarters Transaction Value (millions) Target ResourceType !$%%#&'(#%$#)*'+,*#-. /. /0#12,*3 2011? 1H? Top? 10? Global? Mining? Deals Acquirer 01/28/2011 Massey Energy Corporation Massey Energy Company, through its wholly owned subsidiary, A. T. Massey Coal Company, Inc. , produces, processes, and sells bituminous coal primarily in the United States. United States US$8,500 Coal Alpha Natural Resources, Incorporated 04/24/2011 Equinox Minerals Limited Equinox Minerals Limited engages in the mining and exploration of mineral properties. Australia C$7,300 Copper Barrick Gold Corporation Announced 01/11/2011 Date Target Consolidated Thompson Iron Mines Limited Target DescriptionConsolidated Thompson Iron Mines Limited, a mining company, engages in the exploration an d development of mineral properties in Canada. Target Canada Headquarters Transaction C$4,900 Value (millions) Target Steel Resource Type Acquirer Cliffs Natural Resources Incorporated 05/02/2011 01/28/2011 US$3,400 US$8,500 Coal Coal Kazakhstan US$3,200 Zinc 04/24/2011 Equinox Minerals Limited Australia C$7,300 Copper 06/10/2011 01/11/2011 PT Bumi Resources Consolidated Thompson Minerals Tbk Iron Mines Limited International Coal Group, Inc. produces coal in northern and central Massey Energy Company, through States. owned subsidiary, A.T. Massey Appalachian regions of the United its wholly Coal Company, Inc. , produces, processes, and sells bituminous coal primarily iKazzinc JSC States. produces zinc with copper, precious metals, and lead n the United primarily credits in Kazakhstan. Equinox Minerals Limited engages in the mining and exploration of mineral properties. PT Bumi Resources Minerals Tbk, through its subsidiaries, engages in the Consolidated Thompson Iron Mines Limited, a mining Indonesia and in west exploration and development of mineral properties in company, engages in the exploration and development of mineral properties in Canada.Africa. United States United States 04/14/2011 International Coal Group, Massey Energy Incorporated Corporation KazzInc Indonesia Canada US$2,100 C$4,900 Diversi? ed Steel and Metals Mining 02/03/2011 05/02/2011 Fronteer Gold International Coal Group, Incorporated Incorporated Fronteer Gold Inc. engages in the acquisition, exploration, and development of International Coalproperties in producesthe United States, and Turkey. mineral resource Group, Inc. Canada, coal in northern and central Appalachian regions of the United States. Canada United StatesC$2,300 US$3,400 Gold Coal Arch Coal Alpha Natural Incorporated Resources, IGlencore ncorporated International p Barrick Gold Corporation Bumi plc Cliffs Natural Resources Incorporated Newmont Min Arch Coal Corporation Incorporated 04/14/2011 03/02/2011 KazzInc Companhia B rasileira de Metalurgia e Mineracao Kazzinc JSCBrasileira de Metalurgia ewith copper,engages in the extraction, Companhia primarily produces zinc Mineracao precious metals, and lead credits in Kazakhstan. processing, manufacture, and marketing of niobium-based products. Kazakhstan BrazilUS$3,200 US$1,950 Zinc Diversi? ed Metals and Mining 06/10/2011 PT Bumi Resources Minerals Tbk PT Bumi Resources Minerals Tbk, through its subsidiaries, engages in the exploration and development of mineral properties in Indonesia and in west Africa. Indonesia US$2,100 Diversi? ed Metals and Mining 02/03/2011 Fronteer Gold Incorporated Fronteer Gold Inc. engages in the acquisition, exploration, and development of mineral resource properties in Canada, the United States, and Turkey. Canada C$2,300 Gold 03/02/2011 Companhia Brasileira de Metalurgia e MineracaoCompanhia Brasileira de Metalurgia e Mineracao engages in the extraction, processing, manufacture, and marketing of niobium-based products. Brazi l US$1,950 Diversi? ed Metals and Mining 06/22/2011 Vale Fertilizantes SA Vale Fertilizantes S. A. produces and supplies phosphate- and nitrogen- based inputs for the production of fertilisers and inputs for chemical companies in Brazil. Brazil US$1,390 Fertilisers and Agricultural Chemicals POSCO, Sojit Corporation, N Steel Corpora Holdings Inco Vale S. A. The Japan Oil and Metals Na Corporation & Pension Servi 06/15/2011 Drummond Company, Inc. Colombian Mining Operations and Related Infrastructure Drummond Companys, Colombian Mining Operations and Related Infrastructure comprises coal exploration properties with probable reserves of about 2 billion net tons. Colombia US$1,524 Coal Itochu Corpor 06/22/2011 Vale Fertilizantes SA Vale Fertilizantes S. A. produces and supplies phosphate- and nitrogen- based inputs for the production of fertilisers and inputs for chemical companies in Brazil. Brazil US$1,390 Fertilisers and Agricultural Vale S. A. Glencore Sojit POSCO, ICorporation, p nternational Steel Corpora Holdings Bumi plc IncoThe Japan Oi and Metals N Corporation & Pension Serv Newmont Min Corporation 2011? 1H? Top? 10? Global? Mining? Deals et ource Acquirer Acquirer Description Acquirer Headquarters Transaction Status (as at August 8, 2011) l Alpha Natural Resources, Incorporated Alpha Natural Resources, together with its subsidiaries, engages in the production, processing, and sale of coal in the United States. United States Closed per Barrick Gold Corporation Barrick Gold Corporation engages in the production and sale of gold, as well as related activities, such as exploration and mine development.Canada Closed l Cliffs Natural Resources Incorporated Cliffs Natural Resources, a mining and natural resources company, produces iron ore pellets, lump and ? nes iron ore, and metallurgical coal products. United States Closed l Arch Coal Incorporated Arch Coal engages in the production and sale of steam and metallurgical coal from surface and underground mine s located throughout the United States. United States Closed Glencore International plc Glencore International plc, together with its subsidiaries, engages in producing, sourcing, processing, re? ning, transporting, storing, ? ancing, and supplying commodities to industries worldwide. Switzerland Announced Bumi plc Bumi plc, through its subsidiaries, engages in the exploration, mining, and processing of coal and other minerals in Indonesia and West Africa. United Kingdom Announced Newmont Mining Corporation Newmont Mining, together with its subsidiaries, engages in the acquisition, exploration, and production of gold and copper properties. United States Closed POSCO, Sojitz Corporation, Nippon Steel Corporation, JFE Holdings Incorporated, The Japan Oil, Gas and Metals National Corporation & National Pension ServiceJFE Holdings, Inc. , through its subsidiaries, engages in steel and engineering operations in Japan. JFE Holdings Inc. : Japan Announced National Pension Service is a pens ion fund manager. National Pension Service: South Korea rsi? ed als and ng rsi? ed als and ng Nippon Steel Corporation, through its subsidiaries, engages in the manufacture and sale of steel and related products in Japan and internationally. Nippon Steel Corp. : Japan POSCO: South Korea Sojitz Corporation operates as a general trading company worldwide. Sojitz Corporation: Japan Japan oil, Gas and Metals National Corporation provides ? ancial assistance, technology development, technical support, stockpiling, gathering/providing information, mine pollution control, and overseas ? eld survey services in Japan. ilisers POSCO engages in the manufacture and sale of steel products in South Korea and internationally. The Japan Oil, Gas and Metals National Corporation: Japan Vale S. A. Vale S. A. engages in the exploration, production, and sale of basic metals in Brazil. Brazil Announced Itochu Corporation ITOCHU Corporation operates as a general trading company primarily in Japan and inte rnationally. Japan Announced

Hrm Assignment

Assignment 1 Question 1 i. Name and describe in your own words two such HRM challenges as discussed in class. (4 marks) Two of the challenges are technology and motivation. Technology challenge is a new change that HRM has to face when working in a corporate. Advanced technology changes HR practices such as recruitment, training and collecting information and so on. To specific, HR uses technology to work more efficiently than before. Therefore, in the information age, HR has to know how to use tech better or the organization would be fallen behind.Motivation also is a challenge for HR. One of HR’s responsibilities is encouraging employees working more passionately and earnest. If HR cannot drive them in their work, a company is likely to lose some talent employees. So increasing motivation is important and hard to do for HR. ii. For each named challenge, give a description of how an HRM professional may assist the company in responding to the presenting situation. (4 marks) H RM professional rely on new technology to recruit.For example, HR professionals can post jobs on the internet instead of on newspaper or Flyers. Thus, applicants around the world can know the jobs and try to employ, the corporate would have more chances to have capable workers. For training, technical utilities help new staffs to be trained better. They can learn more professional skills and practice software in training programs by PowerPoint and video. For data storage, â€Å"The use of electronic imaging has made it possible for companies to store and retrieve files in an electronic format† (Lewis, 2001).Tech has been saved HR professionals’ time in organizing information statistics. About motivation challenge that HRM has to deal, HR professionals must be capable to recognize what the employees’ advantages are and how to distribute their tasks. Under the detailed division of labor, HR manager can inspire their working enthusiasm to increase productivity. A H R manager is a leader to conduct the labors to show their talents and guide them for the effectiveness of the company. However, it is a huge challenge for HR professionals.Once a HR manager does not arrange accurately the division of labor, a company is likely to be fallen behind. Therefore, motivation challenge is always significant and difficult for HR professionals. iii. For one of your named challenges, explain whether you think the HRM manager’s response is â€Å"proactive† or â€Å"reactive†. (2 marks) In my opinion, technology challenge is proactive for the HRM manager. Technology not only makes work period shorten, but increases job competition. Tech has promoted society including HRM.Question 2 Name and define in your own words the competency you think is being shown in this HR generalist’s work. (2 marks) I think organizing ability is required in the HR generalist’s work. Organizing ability is keeping a scenario run in the normal order an d maintaining members in a group do their works disciplined and in order. Why in your opinion is this competency important for the HRM generalist to have in a company setting, particularly in light of the importance of productivity enhancements discussed in Chapter 1? 3 marks) Organizing ability is significant because HRM generalists need to organize the employees to serve the company and increase productivity. Productivity is depending on ability, motivation and work environment. A HR generalist who has organizing ability can distribute labor’s work correctly so that they can develop their talents and promote their motivation in work. Under such positive work atmosphere, more employees will be influenced and continue work earnestly. Thus, productivity will be enhanced. Therefore, organizing ability is vital for HR generalists.

Analysis of the Modern State and Features of Stock Market Investment

Analysis of the Modern State and Features of Stock Market Investment Portfolio Analysis for stock market investment An investor tends to come up with various pools of investment to the market intending to maximize bid share and with an aim of upholding the invested amount in the stock market which is generally advocated in the principle of low risks which should lead to high yields. As much as long term investment is concerned, various factors such as types of assets in the portfolio and the management policy, by way of measuring both investor’s long and short term investment goals whereby they should come to fulfillment before closure of the intended period which makes easy to have 10 stocks for a given time. In order to attain an optimal asset allocation for portfolio, the investor should be aware of the market risks likely to encounter. The investor should however come up with the most efficient and risk tolerance portfolio goals. Some of the reasons which fostered the kind of market are as outlined. Transaction summary It clearly lists all the financial activities which occurred in the account in a systematic way. The total investable principle and the additional amount which can be invested can easily be channeled to the market. This has however sieved un important financial transaction which leaves the investor with the net market transactions which includes market buy, market sell, earned dividends and short proceeds. This report allows the investor to filter different transactions by date of occurrence and the date of transaction. Portfolio summary This summary shows the both cash inflow and outflows, purchases and sales, and, cash distributions which make it easy for the investors to at any particular to access the financial position of the investment firm. The summary also outlines all activities and performance in a specified duration, this summary is reached out by use of all transactions that occurred during the specified period of time i.e weekly, after two weeks etc. The investor can have a view on the look of the portfolio in between the selected time duration. The summary includes: value summary section, cash distributions and purchases section, period Returns section, and the portfolios and transaction bit of it. This approach guides on the starting market value (recorded at end of a starting date), ending market value (recorded at the close of ending date) and the portfolio net change. This makes it easy to come up with a financial and a defined market report and trade completion. The Gain/Loss summary The investor can easily get to know how the investment has performed in duration of specified period in terms profit or loss. This guides the investment scheme in making decisions for future investments and shows if the investor minimized costs to maximize returns. Every purchase in this case is matched with the sell transaction and a display of either there is a loss/gain. This information leads to the Back-In-Time-Report. Performance Study This approach analyses the aggregate performance of an investor in the market to other major investors. The trade however reflects the intended purpose, indicating whether the investor is 3in line with the set objectives or not, showing how the investor has failed to meet the core obligation which is maximum returns. True diversification of assets to market exposure is reached out, which advocates for low costly assets and low investment costs.

The relationship between creative written and verbal expression and Dissertation

The relationship between creative written and verbal expression and attitudes toward violence - Dissertation Example This quantitative study proposes to use a post-test only quasi-experimental design to address the research questions (Shaddish, Cook, and Campbell, 2002). Quasi-experimental design seems appropriate since the researcher finds it immpossible to randomly assign research participants, and also to conduct a pretest. As such, only a post-test will be distributed and non-random assignment of the participants is to be undertaken. Quasi-experimental designs are used to test whether educational practice makes a difference for individuals (Creswell, 2003). The treatment is defined in this proposed research project as a creative writing workshop, in which students are taught the elements of written and verbal expression. The treatment is considered to be complete once students construct a written creative expression and verbally share the written creative expression with the members of the treatment group. Neuman (2003) describes the concept of treatment as stimulus or manipulation, and in this case, the stimulus is the participation in the creative writing workshop. Post-treatment measures or the dependent variable that is considered in the research is the attitudes toward violence, and this will be collected and compared in order or determine whether there were significant differences in the attitudes changes of control and sample groups. . Research Design Research Instrumentat The Structured Assessment of Violence Risk in Youth (SAVRY) will be used as post-test for treatment and control groups. The test authors developed the SAVRY to provide a standard rubric that could be used by a variety of systems that need to assess and manage youth violence. The instrument is composed of three domains of risk factors, containing 24 items. The Summary Risk Rating... The purpose of this quantitative study is to explore the relationship, if any exist, between creative written and verbal expression and attitudes toward violence. To accomplish this purpose, the researcher intends to employs the quasi-experimental research design. Chapter three explained the research method and the dependent and independent variables. Context of the study was explained, the African American Males residing in what is considered the of the United States. Instruments involved were also explained which included the defined measurement. The primary data collect in the present study includes the scores from post-tests of the treatment and control groups. Data analysis to occur was explained along with limitations, threats to internal validity, and assumptions of the study. Population and sample size were defined, along with the geological location of the proposed study. In the following chapter the nature of findings and prospective areas of discussions of the study will b e presented. In the writing of this research, certain assumptions are deemed as influencing the researcher in the course of study. These assumptions are: first, juvenile violence is a contemporary phenomenon brought about by factors present only in this period. Second, the study assumes that there is no single entity or individual solely responsible for solving the problem. Third, the problem of juvenile violence will affect not only the youth of today, but also will have an impact on the children of tomorrow.

Case Study Example | Topics and Well Written Essays - 1750 words - 2

Case Study Example Wells Fargo must ensure that their upper level management pays close attention to the external environment with emphasis on governmental and legal changes to the industry standard. Wells Fargo has been in business since 1852. Their first office opened in San Francisco during the gold rush. The stage coach was used to transport gold and other valuables. Wells Fargo helped establish the Great Overland Mail service continuing to use the stagecoach but also adding steam ship, rail road, pony rider, and telegraph. From their humble beginnings they expanded from California to the rest of the nation. In 1910 they had 6,000 locations nationwide. Then the federal government took over due to the First World War leaving Wells Fargo with just their initial San Francisco location. Once again Wells Fargo was resistant and expanded again. By 1990 they gained back all of their locations across the nation. In the 1980’s Wells Fargo was the seventh largest bank in the nation. (Wells Fargo, 2011 ) Wells Fargo continued to expand throughout the Midwest with their merger with Norwest in 1998. The merger combined the largest bank presence on the West coast with the largest presence in the Midwest. After the merger the bank rated first in financial services in the western hemisphere, mortgage origination services, internet banking, agriculture lending, student loans, small business loans, commercial real estate, auto finance, and insurance agency sales. (Wells Fargo, 1998) Wells Fargo merged with Wachovia in 2009 gaining greater presence on the East coast and Southern states. Wells Fargo now had banking presence in 39 states and the District of Columbia. Core Products Banking Online Banking: Online banking includes mobile and text messaging banking. Wells Fargo offers standard online banking as well as applications for mobile devices and text banking. Currently three are 18.3 million active online banking customers. ATM Banking: Wells Fargo currently has 12,196 ATM’s. 8, 029 of these ATM’s are envelope free accepting checks and bills directly. We offer email receipts and transactions in seven different on screen language. Our ATM’s also feature voice instructions for visually impaired. The ATM’s are also used to market new products and services to the current customer base. Business Banking: Our business banking serves over 2.5 million businesses with annual revenues up to 20 million. Business banking also includes business lending through capital lines of credit, business credit cards, equipment loans, and commercial real estate loans. We offer merchant services and process $108 billion in annual credit card sales. Business payroll services are available as well as year end tax reporting services. Wholesale Banking: Wholesale banking is comprised of commercial banking, treasury management, receivables solutions, payments solutions, and technology solutions. Commercial banking offers solutions that are tailored to the middle mar ket businesses with annual revenues from $10-$750 million dollars. Government & Institutional Banking: This option provides solutions for government, education, health care, and nonprofit organizations. This can be split into education & nonprofit banking, government banking, health care financial services, public finance investment banking, and sales, trading,

Accident Essay Example | Topics and Well Written Essays - 250 words

Accident - Essay Example For days while the driver is facing this terrible situation, his father is calling many friends and community leaders to try to get them help. The father is upset as he believes strongly that the situation is not his son’s fault and he finally finds a lawyer willing to represent the case. The attorney is a respected businessman who is kindly waiting at the courthouse, ready to do his level best to defend the driver. Though glad to have help, it is a very hard day at the court since everyone being seen by the judge is a killer. The driver feels very strongly that he is being compared to very violent criminals by the authorities. Fortunately the judge informs the driver that if he does not get into any kind of legal trouble over the next year, he will not be punished for the accident. This was very good because he is obviously so very nervous that the court will not believe that it was the riders fault. The driver agrees to stay out of trouble for a year which he claims is not much of a problem since he has never been arrested before. What a very lucky driver to have support and not have to go to

International Marketing assignment Case Study Example | Topics and Well Written Essays - 1500 words

International Marketing assignment - Case Study Example Analysts predict that by 2010 the fast food segment will account for half of all food service growth during the first decade of the 21st century. McDonald's has been able to capitalize on this trend and expand globally. Their international operations are very significant to them because a sizeable portion of revenue is generated through franchisees. While the US and Europe each account for 35% of the revenues, France, Germany and the UK collectively account for 60% of the total revenue. In Australia, China and Japan, they have 50% owned-affiliate account under the equity method which account for nearly 50% of the revenues. These six markets are the major markets for the company. More than 70% of McDonald's restaurants are owned and operated by independent local people. At the end of 1006, the company had 31,046 restaurants in 118 countries out of which 18,685 are operated by franchisees, 4195 by affiliates and 8166 are operated by the company. McDonalds, the leading global food retailer, serves 52 million people each day. Since most of its restaurants are franchised, they do not have a director in charge of international operations separately. Instead, they have different heads in charge of specific regions. For instance, they have a President - Europe supported by four different Presidents in charge of Eastern, Northern, Southern and Western Divisions. To handle other regions they have President - Asia/Pacific, Middle East and Africa. 2. They claim to be committed to listening to the customers and to being open and direct about facts surrounding the food, people and the restaurants. McDonald's has frequently been accused of resorting to unfair and unethical business practices. While McDonald's has often been accused on various grounds, the beef-fries controversy in 2001 revealed the negligent and the irresponsible way that is unexpected of a global player of the magnitude of McDonald's. McDonald's initially declined to comment and then issued a 'conditional apology'. As the people became more violent, the company kept changing their approach. This adversely affected their brand image. McDonald's follows the 'Code of Federal Regulations' which does not require the restaurants to list the ingredients (Mukund, 2002). The French fry suppliers do use a small amount of beef flavoring agent as an ingredient in the raw material. The ingredients in 'natural flavors' need not be broken down. This was their initial reaction but when there was an upsurge created, they reacted saying that they never claimed that the fries sold in US were vegetarian but this claim of theirs was also subsequently proved wrong. They went on the defensive instead. They were blamed for deceiving million of people who may not want to have beef extract in their fries for religious, health, ethical or other reasons. In the fast-food outlet sector, the management is faced with the dual challenge of providing high standards of service to the satisfaction of customers both at home and across borders with their own cultural differences. According to Ritzer (1993) the fast food segment is the organizational force representing and extending the process of rationalization and encroaches on individual identity (cited by Keel, 2006). McDonald has been charged with undermining cultural diversity and destroying the viability of local communities (Rifkin, 2001) for example, in India, consumers recently trashed McDonald's restaurants for violating Hindu dietary laws. McDonald did make some adaptation to

Islamic Banking System. Case of Malaysia Essay Example | Topics and Well Written Essays - 3250 words

Islamic Banking System. Case of Malaysia - Essay Example Similar to conventional banking, Islamic banks also collect the additional savings of people and then those savings are extended to those needy sectors of economy. In past, few researches have been developed to find out the relationship between the interest rate increase and funds flow from Islamic banking. This paper analyses the relationship between deposit returns of Islamic and conventional banks with an alternative econometric technique involving Units Root Test to estimate the presence of stationarity and Granger Causality test to estimate the linkage between the deposit returns of the two banking systems. The basic objective of this study is to find out the impact of the change in return deposits of one banking system on to the other. Thus, this study assists the policy makers in determining the role of Islamic banking in the overall economic, fiscal and monetary environment of the country. Introduction The purpose to conduct this study is to examine the level of substitutabil ity in the depository returns under Islamic and conventional banking system. This study comprises on the comparison of the data relating depository returns between the Islamic banking system and the conventional banking system which includes commercial, merchant banks and other financial institutions. Malaysia is considered as a case study in which both Islamic and conventional systems are aimed to be operated on parallel basis by the monetary authorities. In 1983, the first ever Islamic bank that was established in Malaysia was Bank Islam Malaysia Berhad (BIMB). The Islamic banks truly started competition with their conventional counterparts in 1993 when Islamic banking scheme (IMS) was introduced by the Government of Malaysia. This scheme permits the conventional banks to introduce and participate in the products and services initially designed by Islamic banks. By the end of 2002, Total Islamic banking deposits were 10.20% of the country’s total deposits. Since Malaysian f inancial system is under the sole control of Central Bank of Malaysia, therefore the evidence that there are relationships between TDRs of Islamic and conventional banks and the monetary policy is argued under this study. In case if the there is no substitutability between the rates of depositing and financing in both Islamic and conventional banking systems, then relatively lesser restrictive effects of monetary policy can be observed in this regard. For instance, interest rates are used as a tool by the Central banks to adjust the money supply flowing in the economy. Interest rates are increased or decreased to tighten or loosen the flow of money circulating in the economy respectively. The same phenomenon cannot be established in the Islamic banking system as the depositors are not offered a fixed rate of deposit returns. There is a likelihood that if the required rate of deposit returns on Islamic banking products is not ensured to at least the amount of that conventional bankin g products, the depositors of Islamic banks would switch to other financial instruments of the conventional banks because of fact that the Islamic banking products would be of little use for the monetary purposes. Literature Review The individual saving behaviours are mainly explained by the interest rates offered in the economy as one of the key considerations. The interest rate offerings are considered as a key element because different banks offer different rates of depository returns on varying schemes of deposits. Interest rates are determined mainly because of the concept of time value of money. The longer the time that deposits takes in maturity, the higher will be the yield required by the depositors. For examples, the

Week 3 Discussion Questions and Participation Questions Essay

Week 3 Discussion Questions and Participation Questions - Essay Example Group data refers to data that is illustrated in the form of a range such as 20-50. Ungrouped data shows single numbers such as 20,21,30,42. A good graphical technique to illustrate the prices of homes in a particular region is a bar graph. The bar graph can illustrate the different prices of homes in the area. The reason I choose a bar chart is because it reflects categorical data. Below is an example of a bar chart with five home prices ($100000, $150000, $200000, $175000, and $250000). The basic formula used in a regression analysis is y = a + bx. In this formula the y represents the dependent variable. This variable is subject to the independent variables to find the result of the equation. The dependent variable cannot be controlled, but the result is influenced by the values of the independent variable or variables. If the formula illustrated above had multiple independent variables the regression formula would be a multiple regression. â€Å"In mathematics the independent variable is one whose value does not depend on any other variable† (Wisegeek, 2010). In the formula mentioned above the X represent the independent variable. B is the slope of the regression line, while A represents the intercept point of the regression line and the y axis. Regression analysis is a tool that is very useful due to the fact that it allows managers to forecast information. Once the regression equation is created the user can alter the independent variable in order to fore cast something based on the model. The slope tells us how inclined is the regression line. An application that managers can use is forecasting its sales. The manager would have to input the sales of the company for multiple past periods such as ten years. Once the data is input into the linear regression the manager can forecast the future sales of the company. Regression analysis can be extremely useful to forecast any type of business data. Managers have a need to forecast the future due to the fact

Kants Ethical Theory Essay Example | Topics and Well Written Essays - 500 words

Kants Ethical Theory - Essay Example He rejects the belief of dogmatic philosophers like Leibniz and his followers that human reason could acquire knowledge of supersensible entities. Kant was more comfortable with the notion of secular morality and eschewed the idea propounded by Leibniz that religion was essential to establishing social order. Metaphysics, according to Kant, could not provide empirical evidence of the supersensible, like God. Kant’s disciples, such as Fichte, used his work as a springboard for German idealism, and he quickly condemned such for being too radical. The difference between autonomy and heteronomy is that an autonomous will is self-legislating while a heteronomous will is one where the acts of the self are directed by external rules. According to Kant, if an action is to be considered as genuine, then it should emanate from the self, or should be the result of autonomous will. Kant’s formulation of the categorical imperative is as follows: â€Å""Act only according to that maxim whereby you can at the same time will that it should become a universal law." This means that when an individual decides to act a certain way as dictated by his autonomous will, he must aspire that such action will be the universal norm and that he is setting a rule for others to follow in the future.

Max Hamburger Essay Example for Free

Max Hamburger Essay History- Established in 1968, Max was the first burger fast food chain in Sweden. Their founders Curt Bergfors and Britta Anderson opened their first restaurant in Gallivare, high up in the northern part of Sweden. Max is a second generation family owned company run by the sons of founder Curt Bergfors. The name Max stems from founder’s nickname. The founder, Curt Bergfors is still active in the company as Chairman of Board, and family still owns 1000 percent of the company. Richard Bergfors is the company’s President and Christoffer Bergfors is the Vice President. Market Analysis 2007 was the year when Max took a good hard look at themselves, in terms of climate change. After hearing the reports of how global warming is affecting their planet, Max started thinking on how to make a change? Max realized that they were part of problem but they also want to be part of solution. Max conducted a climate inventory that also included their suppliers. In assistance with the Natural Step and UW, Max analyzed the entire production chain. The direct climate impacts were analyzed using the Greenhouse Gas Protocol, which also forms the basis for international ISO standards, 14. 065. The analysis included energy consumption in buildings, transports, packaging, and the climate impacts from each respective ingredient. In food production the main contributors to the greenhouse effect are carbon dioxide, methane and nitrous oxide. They soon realized that that in their business, the meat in their hamburgers was the greatest source of the emissions.

Communication Challenges to Modern Day Business Essay Example for Free

Communication Challenges to Modern Day Business Essay Communication is defined as the process of transferring information and meaning between senders and receivers, using one or more written, oral, visual or electronic channels. Simply put, communication is the exchange of information between people. It is important to get feedback from your audience and vice versa for the process of communication to take place effectively. The feedback can be either positive or negative. It is any communication used in an organization with an intention to promote a product, improve service or with the intention to make a sale. This type of communication also occurs within the organization between the management and employees. It has purpose and a lot of attention is given to the details. Business communication has undergone a lot of transformation as a result of the growth of information technology that has changed the whole concept of communication. In the past, businesses had a model of communication that left very little room for interaction and conversation with the receiver of the message. Currently the model that works and is now used by most organisations is one that gives room to both conversation and interaction with the receivers. Communication is very vital in any organization. Like blood in our bodies, it is the channel that gives life to the organisation and without it, organisations would not be functional. Effective communication plays a significant role in the success of the business, as communication works to send information, control behavior and motivate workers. Today there are many more ways to communicate than there were just a few years ago and access to communication devices is almost universal in most businesses. Good communication means the intended message that is send is received by a group of audience without any distortions in meaning. This definition applies to not only personal communication among friends or relatives, but to business situations where you may be communicating with a co-worker one-on-one or in a meeting with several or more people. The key here is clarity Communication is also almost instantaneous. Good business communication is simple and easily understood, a rule often overlooked by managers and team members. This is especially important when preparing a document, speech or presentation that is a game-changer for the company. Simple and concise language wins over language that is obtuse and hard to understand. Business communication defines most organizations, resulting in effective marketing campaigns, productive interpersonal relationships among co-workers and successful customer service resolutions. Since audiences demand different kinds of communications in different situations and settings, effective business communication professionals understand how to tailor messages for maximum results. Several communication challenges exist within day-to-day business operations, especially with technology. Technology benefits organizational communication by lifting communication restrictions caused by time and distance. At the same time, the removal of time and distance as communication factors has led to the challenges of information overload and constant accessibility. The issue of constant accessibility has led to blurring of the lines between personal and professional lives. There are several barriers: Emotion serves as an obstacle to effective communication, as emotion can interfere with making rational decisions. Differences in culture can be a communication challenge for international businesses. Not understanding the language and customs of other cultures can lead to poor sales and public relation disasters. There are a number of recognised barriers in the modern day communication, many of which go unnoticed, that can and do effect the standards of communication a person feels comfortable with. Physical barriers are often down to the nature of the environment in which communication may take place but are not always interpreted by the recipient in the correct manor. For example an office door being closed could signify to a co-worker that someone does not want to be bothered, or is possibly in a bad mood, whereas the occupant of the office could have possibly closed the door due to a breeze or didnt close the door them self at all. This is an example of misinterpretation of actions brought about by the physical barrier of the door. Barriers like this can often present the risk of a ripple effect; in that the barrier in this situation could damage the recipients’ perception of the source by making the recipient feel outcast or shut out by the inhabitant of the office, which would set up the standings of a bad communicative relationship. Issues in communication can be disturbed when the basic mechanics of the communication method are damaged directly.

Islamic fundamentalism: Causes, History and Effects

Islamic fundamentalism: Causes, History and Effects BACKGROUND Filipino Christians tend to relate Islam primarily with the issue of polygamy and jihad. Their objections to polygamy and jihad are very striking because Islam is perceived to be equivalent to these two issues in the Philippines. It is viewed as a religion of violence and sexual promiscuity (a view reinforced in the post-9/11 portrayal of well-known Muslims as global terrorists in international media); and lately, has been associated with terrorism on a global scale. What accounts for the Filipinos understanding of Islam? Why do the images of Filipino Muslims or Moros[1] in particular and Islam in general seem to be reduced to its adherents presumed tendency for violence and vulnerability to women? Are these images the result of mass media reports or have Filipino Muslims historically contributed to such overall impressions? Are these images created by the historical conflict between Muslims and Christians in this country? It seems that all Muslims are treated as a homogeneous group in the eyes of Filipinos, but are there differences among the ethnic groups in terms of the Islamic schools of thought that they represent? How do they understand and interpret Islam? Answers to these questions could lead us to begin understanding the dynamics of Islam in the Philippines, which unavoidably cannot be separated from the struggle of Filipino Muslims or Moros. Religion is oftentimes used as a motivation for its followers to legitimize actions towards the realization of individual or collective interests. In the case of Filipino Muslims, it is reflected in the various Moro struggles or movements such as the emergence of MILF, MNLF, and most especially the Abu Sayyaf [2] The history of Muslims or Moros in the Philippines reveals how religion became a unifying ideology for self-determination against colonial rule and injustice. If Filipinos tell the story of their nation as a narrative of resistance, subjugation and oppression, and revolt and emancipation, Moros tell theirs as one of continuing resistance and struggle against both colonial rulers and the colonized Christian majority. In their eyes they have always been free and self-governing (David 2002:73). The dichotomy between Moros and Filipinos has shown not only the Moros restless and relentless resistance but has also signified that they did not participate in building the Filipino nation. As a consequence, they have found it even more difficult than members of other ethno-religious groups in the country to see themselves as part of this imagined community (See Anderson, 2003 orig., 1983 for an elaboration of the concept of imagined communities). It is unfortunate, according to Filipino sociologist Randolf David, that Filipino leaders took for granted the membership within the Filipino nation of the sovereign Muslim sultanates of Sulu and Maguindanao, trusting that the force of a common racial origin would be sufficient to establish a national bond. It is even more sad that Filipinos who took over from the colonizers continued to practice the rituals of power of the colonial masters, treating Muslims differently, aggravating social inequality and alienating them further from the Philippine government. David noted that every post-war administration has launched its own wars of pacification in Mindanao, just as the Americans did (UP Newsletter, Feb. 21, 2003). This situation has pushed Moros or Filipino Muslims to identify themselves as the victims of an unjust and unfair Philippine government. As a consequence, greater self-determination or freedom from the Philippine government has become the pivotal issue in their struggle. The sociopolitical background of Moros has inevitably influenced the construction of Islam as their religion. Although Filipino Muslims differ in their level of aspiration for an Islamic state, Islam in the Philippines has nevertheless been connected in the public mind to their political aspiration and struggle for self-determination. This is not without basis. Perceived as the solution to the problems of Filipino Muslims, some of their leaders have recently advocated the implementation of Islamic law either under the auspices of the Philippine government or independently of it. Charting alternative futures for Muslim Filipino masses, Islam has begun to constitute an alternative ideology. The kind of Islam that says religion is inseparable from politics or the public sphere is usually referred to as fundamentalism by the western world. Found in countries like Egypt, where it originated as a result of social injustice and lack of equal opportunity for Egyptians[3], Islamic fundamentalism has also gained adherents in the Philippines in the context of persistent socio-political and economic issues that have been the basis of the struggle of Filipino Muslims through time. In light of a changing socio-political environment aggravated by September 11, 2001 and the resulting War on Terrorism-that Muslims all over the world decry because it virtually equates Islam with terrorism, there is a need to find out whether the fundamentalist perspective of some leaders of Muslim movements like the MILF, MNLF, and Abu Sayyaf is shared by other Muslims. It is also important to explore how Filipino Muslims in the Philippines view the issue of establishing an Islamic state, as well as elements of Islamic law, the position of women, democracy and other related issues, in response to the stimulus of the global environment and social and political actions of a predominantly Christian government in the Philippines. It is the researchers desire to see the connection between the religious and political ideas of Filipino Muslims in situ and compare these in the future, to the ideas of Indonesian Muslims, that led to the interest of this student, an Indonesian Muslim, in finding tentative answers to the above questions. After all, there is no single person or institution in Islam has had the authority or the right to decide the one true interpretation of the holy Quran and Hadits as the source of Islamic teaching since the death of the prophet Mohammad (d. 632 A.D). This situation is quite similar to what post-structuralists call the death of the author. Islam is one religion but its interpretations are as varied as its adherents or those who read its texts. Such condition has produced different strains of Islam such as moderate Islam, revivalist Islam, fundamentalist Islam, etc. As for any other sociological phenomena, one would see that the perspectives of Muslims regarding Islam in general and I slamic fundamentalism in particular, would vary with the geographic and socio-economic realities they are facing. This thesis does not attempt to look at the views of Muslim Filipinos all over the nation because time and logistical constraints prevent a nation-wide study. It tries, instead to focus on those who have migrated to Metro Manila and who live in an Islamic enclave within the old central city. The economic problems in Mindanao have pushed Moros to migrate to Metro Manila for a better life. From a sociological viewpoint, the move away from the Muslim heartland in Mindanao is expected to result in the change of behavior among the rural migrants. Contact with strangers is seen as a potential source of cultural shock, as strange environments disturb homogeneous ideals. The migrants learn not only to tolerate the attitude and customs of other people, but also to accept insecurity and instability as a normal state of the world. These characteristics could potentially work together to increase the incidence of what Wirth (1938) called the pathological condition including personal disorganization, mental breakdown, suicide, delinquency, crime, corruption, and disorder. The same contact could also eventually result in secularization or liberalization, as contact with people from different religious persuasion demands greater religious tolerance. Another factor that could mediate the way Muslim Filipinos in Metro Manila would think and act vis-à  -vis Islam is the loosening of kinship ties. Communal solidarity is replaced by a more rational type of solidarity, the kind that Durkheim (1893/1964) called organic solidarity. The close-knit community in rural surroundings is changed in an urban setting, tending to individualize experiences. It is important to note, however, that these processes, which in theory could result in a state of anomie as institutions in places of origin tend to diminish in influence and new urbanized institutions are adopted, may be counteracted by processes that enhance primordial identities. The case of the Philippines and of urban Muslims in Quiapo is a good example of how tensions between individuation and secularization on the one hand, and solidarity around religion and increasing religious fundamentalisms, on the other, are played out. OBJECTIVE OF THE STUDY This study seeks to understand Islamic fundamentalism in its human and social context, and to explore the impact of modernization and urban life (social context) on fundamentalist thought and practice among urban Muslims in Quiapo by abstracting possible observatims from the views of selected key informants. In particular this study wants to explore and describe the forms of Islamic fundamentalism of selected key informants in the Quiapo area and the factors that have shaped them in the context of the historical and social evolution of the Muslim community of Quiapo. This research also wants to explore the effects of the different factors, including urbanization, that shape the forms of Islamic fundamentalism and the way the fundamentalists live and construct their worldview ideologically. Explore further their views on the formation of an Islamic state, secularization, the implementation of Islamic law, democracy, and the position of women, among others. SIGNIFICANCE OF THE STUDY This study intends to contribute to the literature on Islam in the Philippines, complementing the studies on the window display enclave in Quiapo, Manila where Muslim migrants from Southern Philippines now live-a new habitat that differs significantly from the cultural and social environment of Muslim Mindanao. This study thus might not only enrich the sociology of religion in the country but also our initial understanding of urban-based Filipino Muslims, whose population is increasing significantly. More specifically, it will help us explore the modernizing effect of Metro Manila, if any, on the lifestyles, aspirations, and thoughts of selected Filipino migrant Muslims in the national capital region. Such an exploration would lay the groundwork for a systematic study of a more representative sample of urban-based Filipino Muslims in the future. Exploring the plight and worldview of Muslim urbanites, as gleaned from the experiences of the key informants, could also help enhance the capability of the government and Filipino Christians and those of other faiths to deal with the Muslim minorities in Metro Manila and in the larger Mindanao context in the spirit of greater pluralism. After all, pluralism is the aim of diversified societies in a rapidly globalizing world. Since the problems of Moros are essentially political, economic and social, trying to impose military solutions is doomed to fail anyway. No army, according to Randy David, can end this problem unless it is prepared to commit genocide (p.75). A sociological study therefore is a prerequisite to solving the Moro problems in Metro Manila particularly and in the country as a whole. This study also aims to find out whether the claim that there is no homogeneous ideology among Islamic adherents is valid. Like any other religion, Islam as practiced and professed is an interpreted faith. Similar to all other interpretations, is mediated by the socio-cultural context of the individuals who interpret it. Appreciation of the fact that there is no single Islam, hopefully, will foster multiple interpretations of Islam and bridge cultures to make for a pluralist and more tolerant society. SCOPE AND LIMITATIONS OF THE STUDY This study is exploratory and descriptive in nature. It aims to delineate how the Moro informants, with varying degrees of non-fundamentalist and fundamentalist Islamic views, as urban migrants constituting an ethnic minority in Quiapo, adapt and respond to the new social environment where they live. This study attempts to describe the impact of the modernizing process and complex urban life on the their religiosity (beliefs and practices vis-à  -vis Islamic fundamentalism) and aspirations. As such it hopes, as previously noted, to lay the groundwork for a more definitive and representative study of Islamic fundamentalism in the Quiapo area. Conducted in the Quiapo area among a purposively selected sample living in the barangays surrounding the Golden Mosque and Barangay 648/ Islamic Center, the study focuses on the everyday life of selected Muslims in a small geographic space. Failure to obtain permissions from the Muslim authorities to interview randomly selected respondents prevents the researcher from generalizing the findings. The conclusions in the study are therefore confined to the views of the key informants or the sample respondents and would not apply to Muslims in the Quiapo community, much less in Metro Manila. It is also difficult methodologically to capture the religious perspectives or worldviews of respondents because these have changed over time. Furthermore, for fundamentalisms that span both religious and political views, the contradictions between such views and between beliefs and practice do not make it easy to arrive at meaningful conclusions about them. The problem of attributing the observed beliefs and the perceived changes in religiosity to factors found in the urban environment is also worth noting. The study relies heavily on the reconstructions of the respondents of their biographies and the changes in their views from the vantage point of the present. Thus, the observed effects of adapting to life in Metro Manila on the respondents religious beliefs and practices as well as views on political and social issues may not correspond neatly to actual changes in these practices and views. At best the studys findings regarding Islamic religiosity and fundamentalism among selected Muslims in Quiapo and the possible effects of the urban environment on their manifestations explores and presents initial thoughts regarding possible sociological relationships that need further validation by future researchers. Finally, a major limitation of the study is the researcher`s lack of proficiency in the language of the Muslim community in Quiapo. His interpretations, therefore, are limited by the way he understood the answers to his questions or by the understanding of the translator. Moreover, as an outsider who does not speak the language in the site, he could have failed to fully capture the nuances of the spoken and body language of the respondents, and therefore, could not probe deeply into their worldview. Nevertheless, the proficiency of 80% of the respondents in some Arabic or English provided the researcher with direct access to their answers. Following the references cited in the literature review below, the characteristics of fundamentalism that were explored in this study are not be reduced to the violent dimension of Islamic fundamentalist religiosity which generally prevails in the mind of the Christian Filipino public. The study focuses on the views of Muslim respondents on five issues: 1) the tahkimiyah (sovereignty) or the secular state vs. Islamic state; 2) democracy and the implementation of syariah/ Islamic law; 3) literal interpretation of the Quran, 4) the rights of women, and 5) jihad. Focusing on these issues would allow the researcher to roughly construct preliminary segments of the worldview of selected Filipino Muslims in the Quiapo area and determine the level of influence of fundamentalist thought on them. REVIEW OF RELATED LITERATURE The researcher draws from theories and ideas found in the literature in the Sociology of Religion in determining the data to be gathered and in analyzing his findings. This section brings together the literature on fundamentalism, city phenomenon and religiosity. Islamic Fundamentalism Historical and Doctrinal Survey One of the most controversial religious terms is fundamentalism. Within Christianity, Judaism, Islam and other faiths, the term is used to refer to the most conservative wing of a religion. Author Karen Armstrong (2000:12) in The Battle for God defines fundamentalism as embattled forms of spirituality, which have emerged as a response to a perceived crisis, namely the fear that modernity will erode or even eradicate their faith and morality. Bruce Lawrence in Defenders of God: The Fundamentalist Revolt Against the Modern Age (1989) views fundamentalism as the affirmation of religious authority as holistic and absolute, admitting neither criticism nor reduction; it is expressed through the collective demand that specific creedal and ethical principles derived from scripture be publicly recognized and legally enforced. Jeffrey K. Hadden and Anson Shupe (1989: 109-122), offered the following definition of fundamentalism: it is a proclamation of reclaimed authority over a sacred traditio n, which is to be instated as an antidote for a society that has strayed from its cultural moorings. They note that fundamentalists refute the split between the sacred and the secular that characterizes modernist thinking. It also involves a plan to bring religion back to center stage in public policy decisions. For Hadden and Shupe (1989:72) fundamentalism is an attempt to draw upon a religious tradition to cope with and reshape an already changing world. They both argue that around the world there is a common process of secularizing social change. This process contains the very seeds of a reaction that brings religion back into the heart of concerns about public policy. The secular is also the cause of resacralization(which) often takes fundamentalistic forms. From the definitions above, fundamentalism is seen as a radical reaction to the new social world (modernity) to the purity and originality of religious fundamentals and morality of a certain religion or faith. Modernity is viewed as a corrosive force making religious traditions less and less significant in individual and social affairs. The fundamentalists are anti-modern insofar as they are opposed to the perceived evils of modernity and their negative impact. To consider them anti-modern, however, is problematic due to the ways in which even self-styled fundamentalists are implicated in the culture of modernity. American fundamentalists, for example, come from a tradition of religious pluralism and the separation of church and state; the differentiating rationality of modern times is by no means alien to them. The attempt within different religions to go back to fundamentals and resist or turn back liberal or secular tendencies in theology, culture and society, regardless of historical religion-cultural origin was inspired either by a religious vision or sacred text. It is ironic that the globalization of modernity, with its power to change the world through technological developments and widespread communication in cyberspace, is associated with the rise of fundamentalist visions and texts. This phenomenon rejects the assumption of secularist thinkers that religion is a primitive superstition that will be outgrown by civilized, rational man. Some secularist thinkers (Marx, Freud, Nietzsche) confidently predicted its imminent demise. At best they said religion is a marginal and private activity, which could no longer influence world events. The world now realizes, however, that this is a false prophecy. It is true that modernity could undermine the essence of religiosity and to some extent strengthen its separation from social affairs. But modernity could have also created the fundamentalist attitude that reacts to modernity itself. The contradictory outcomes of modernity-the separation of the sacred from the secular on the one hand and their fus ion in fundamentalism, on the other hand, makes for the dialectics of social change, which hopefully will result in a better social order. The term fundamentalism has its origin in The Fundamentals: A Testimony to the Truth, a series of pamphlets published between 1910 and 1915 [6] that served as a point of reference for groups of conservative American Protestants early in the twentieth century (Lecher, 1998:197, Rakhmat, 1998:260, An-Naim: Encarta Reference Library, 2003). By and large this was a response to the loss of religious influence and emerged in the context of the traditional revivalism experienced in America during the early twentieth century. This loss of influence, coupled with the liberalizing trends of German biblical criticism and the encroachment of Darwinist theories about the origin of the universe prompted a response by the conservative churchmen. At the time, the authenticity of the Bible, the origin of the universe, the birth of Jesus Christ, the crucifixion as the way of salvation and the second coming of the Christ were reinterpreted by liberal theologians in a new way to accommodate new scientif ic and technological discoveries. In 1920, a journalist and Baptist layman, Curtis Lee Laws, appropriated the term fundamentalist as a designation for those who were ready to do battle royal for fundamentals (www.religiousmovement.lib.virginia.edu/nmrs/fund.html). Originating historically within the Christian tradition, the term fundamentalism in Islam has been criticized and its use is regarded as misleading. John L Esposito (1996:43) of Georgetown University pointed out that the term fundamentalism is laden with Christian presuppositions and western stereotypes, and it implies a monolithic threat. More useful according to Esposito are the terms Islamic revivalism, Islamic activism, and political Islam, which are less value-laden and have roots within a tradition of political reform and social activism. Garaudy (1991:1) might sharpen the suggestion of Esposito by saying that the term fundamentalism is not merely limited to religion, but is also related to politics, society and culture. For him fundamentalism is the worldview erected on the basis of conviction (belief) whether it is religious, political or cultural, practiced and indoctrinated by the founder of that belief (1991:1). Akbar S. Ahmed further criticizes the appropriateness of usin g and applying the term fundamentalism to Islam. As we know it, in its original application, it means someone who believes in the fundamentals of religion, that is Bible and the scriptures. In that sense every Muslim is a fundamentalist believing in the Quran and the prophet. However the manner that it is used in the media to mean a fanatic or extremist, it does not illuminate either Muslim thought or Muslim society. In the Christian context it is a useful concept. In the Muslim context it simply confuses because by definition every Muslim believes in the fundamentals of Islam. But even Muslims differ in their ideas about how, and to what extent, to apply Islamic ideas to the modern world (Living Islam: 18-19). In light of the objections and considering the need to sharpen the meaning of fundamentalism as applied to Islam, observers use the term rigorism or in French integrisme to describe fundamentalism phenomenon. Referring originally to Catholic traditionalist group, integrism aims to integrate all aspects of life into religion and vise versa (Nasr, 1987:304; Watt, 1988:2; Gellner 1992: 2). Fundamentalism as integrism would then refer to reintegrating a social order under the canopy of one all-encompassing sacred tradition. Salvatore called those who looked at Islam as both a religion and a state, the equivalent of French integrists, the solutionists/ conflationist. For this group, Islam is the solution (Islam huwa al-Hall) for individual and social order (1998:84). The underlying idea for Islam as for any given faith is to be upheld firmly in its full and literal form or free of compromise, reinterpretation or diminution (Gellner 1992:2). The positive view of fundamentalism as a term used even within the Islamic tradition is expressed by Abdullahi Ahmed An-Naim (2003). The origin of the term according to Naim should not preclude its application to movements in the Islamic, Jewish, Hindu or another religious tradition if they share the same salient features and important traits. The defining characteristic of American Protestant fundamentalist movement for the author was firm, principled, and militant opposition to the inroads that modernism, liberalism, and higher Biblical criticism were making into the Protestant churches, and the supposedly Bible-based culture of the United State at large. Islamic fundamentalists according to Naim hold sufficiently similar beliefs in relation to Islam and the Quran. Moreover Islamic movements in North Africa and the Middle East use the corresponding Arabic term Ushuli/ Ushuliyya to describe themselves and their beliefs, and not simply as a matter of recent translation of the American term.[7] The call to affirm and implement the fundamentals of the faith, as distinguished from its incidentals, is an established and recurrent theme in Islamic theological and political discourse, as can be seen from the title of the book by al-Ashari (d. 935) al-Ibanah an Ushul al-Diniyyah (The Elucidation of the Fundamentals of the Religion). Other scholars who emphasize this theme in their work include al-Ghazali (d.1111), Ibn Taymiyyah (d.1328) and Ibn Abdul Wahhab (d. 1787). Adding legitimacy to the use of the term fundamentalism in Islam, Lawrence Davidson argued that there are two reasons for using it in analyzing Muslim movements: (1) The expression Islamic fundamentalism has come into wide usage in the West as well as in the Muslim world, where it is rendered in Arabic as al-Ushuliyyah al-Islamiyyah. Here the word ushuli can be translated as fundamentalist. In fact, it is so generally accepted that it is now the main descriptive expression recognized by all interested parties to describe the Islamic revivalist movements. (2) The term fundamentalism is sufficiently accurate to describe Muslims who see themselves as adhering to the ultimate fundamentals or foundations of their religion, and also to a literalist interpretation of the Muslim holy book, the Quran (Davidson, 1989: 16-17). Following the arguments for the use of fundamentalism to refer to Islamic revivalism, this thesis applies the term fundamentalist to Filipino Muslims who struggle for the unity of church and the public sphere including the state in the ideology of the independent Islamic state and society for Muslim Mindanao. Scholarly Analysis Lawrence (1989) views fundamentalism in the context of a struggle with modernism and modernity. To clarify the active defense of God from the inside, Lawrence examines how actors bring the resources of their tradition to bear on problems they encounter. Aspiring to bring the kingdom of God to the earth as a whole, the defenders of God have become important actors in this global scene. From Lawrences analysis we clearly see that fundamentalism is not a necessary consequence of something inherent in a religion. As a code of ethics and guide to the people on how to live in accordance with Gods will, religions hold is either undermined by a modernity that directs people to live according to human reason and freedom or enhanced by it. Fundamentalism represents modernitys giving rise to a deepening of religious faith. As modernity eroded the influence of the sacred, Lawrence argues that the Defenders of God actively called for a return to fundamentals. Jeff Hayness (1999) also asserts that religious fundamentalists, feeling that their way of life is under threat in the modern world, aims to reform society in accordance with religious tenets, to change laws, morality, social norms and sometimes the political configurations of their country. From another angle, Risebrodt (1993) noted that the increasing inability of traditional cultural milieus to reproduce themselves under modern (concretely: urban) conditions is the source for the birth of fundamentalism, a kind that he conceptualizes as a radically traditionalist movement. Risebrodt considers fundamentalism as the failure of traditionalists to adapt to modernizing projects. One can conclude from the literature that fundamentalism emerged as cultural and sociological reaction or an antithesis to social change from pre-modernwith traditionalist characteristicsto a modern era. When modernity erodes the traditional values, which are the characteristics of a pre-modern era, and traditionalists are unable to reproduce themselves under the modern era, fundamentalism is viewed as a viable and possibly the only alternative to choose. Other observers saw fundamentalism as one of the symptoms of or religio-political expressions in a post-modern era (Ahmed: 1992; Ahmed Donnan 1994). In 1988, Richard Falk (1988:379) observed that ours is a period of unexpected, varied, and multiple resurgence of religion of political force. He asserts that politicized religion (fundamentalism) is a form of post-modern protest against the mechanization, atomization, and alienation of the modern world. Religion, he argued, provides the materials with which to move beyond purely instrumental rationality and address core issues of the current human situation (Falk 1988: p.382). Tracing the rise of Islam revivalism and fundamentalism to modernity or post-modernity, the view of Islamic fundamentalism as a form of religio-political expression in the postmodern era can be seen as a-historical and a-sociological. In fact the Wahabiyyah movement led by Muhammad ibn Abdul Wahhab (1703-92) in the Arabian peninsula, which is so often been seen as prototype of Islamic fundamentalism, arose before the European penetration into that area. Moreover the raison dà ªtre of the Wahabiyyah movement is an internal purification-that is, the purification of Islamic practices at that time. The movement was thus born not as a reaction to western penetration, much less to modernization projects. It existed long before the modern and post-modern stages or at least in the early stages of modernity. To relate the birth of Islamic fundamentalism merely to Western influence is therefore a simplification of the complex religio-social realities of Islam. In fact, the ideological awareness of postmodernism as a rejection of modernism is found among only a few Muslims. The sociological situation of most contemporary Muslims worldwide, unlike their Western counterparts, puts them in pre-modern or modern periods rather than in a postmodern phase. Only Muslim intellectuals would comprehend the failure of modernitys projects and the return to religious fundamentalism as part of a postmodern outlook. And even if they do, the rejection of al-M aududi (1903-1979) or other Islamic fundamentalist movement and the modernization of Islam is only beginning, making a postmodern interpretation of fundamentalism an epistemological question rather than corresponding to a postmodernism stage of civilization. Fundamentalism in Islam is more appropriately seen as an extreme form of Islamic revivalism or Islamic awakening in Qutbs term. If the orientation of Islamic revival takes a form of religious intensification inwardly (inward oriented) at the individual level, the intensification in fundamentalism is aimed outwardly as well (outward oriented). Islamic revivalism or inward-intensification has involved the escalation of individual attachment to Islam while fundamentalism entails high commitment not only to transform individual life, but also communal and social life. Hence Islamic fundamentalism is often esoteric, emphasizing more on lawfulness or unlawfulness based on the Islamic law (halal-haram complex). In this regard, th

Health Fitness Program :: essays research papers

The current health situation in the state of Mississippi is disastrous. The state of MS has the highest percentage of obesity in the United States. The State Health Fact says that in 2001, 61% of Mississippians were obese compared to 56% for the rest of the U.S. Female obesity in the state was a whopping 54% as compared to the rest if the U.S. at 47%. Likewise, the obesity rate for males was 69% as compared to 65% in the rest of the U.S. These figures are alarming, and the MS State Health Department says it is only getting worse. In 2002, 36% of adults were obese and in 2003, 30% of MS high school students were reported to be obese. That equals 66% obesity for the entire state. With the state of MS in downward spiral for health, people need a lifestyle change. My goal is to start a Corporate Fitness plan.   Ã‚  Ã‚  Ã‚  Ã‚  Under the current market situation, the company’s position is the creation and implementation of wellness programs. The basic market need is the reduction of corporate costs and the increase in employee efficiency that can be achieved through long-term wellness programs. The profile for Corporate Fitness’ (CF) customer consists of the following: the immediate geographic target is the state of Mississippi; the demographic makeup is 54% female, 69% male, and 36% of these individuals are adult; the behavioral factors are that the targets recognize the need for physical activity in their lives and are willing to utilize fringe benefits that are offered by their employer as part of their compensation package. Upon reviewing the possible competition, the two main competitors of Corporate Fitness are local YMCA’s, whose market is primarily lower-income families and/or students who want accessibility and affordability of fitness facilitates, and local fitness centers and gyms, whose market is primarily middle to upper class who generally are fitness seekers that have a daily regimen.   Ã‚  Ã‚  Ã‚  Ã‚  Through threat and opportunity analysis, our company’s threats are more likely going to be from the state residents than from other businesses. Although these threats are identified, other threats to consider are a lack of immunity to an economic downturn; potential competition from larger, well established competitors; and a change in society where individuals begin to take far more responsibility for their health. With MS’s current state of obesity, we do realize that we are facing a complete lifestyle change by the workers of MS.

Henri Cartier-Bresson :: History

Henri Cartier-Bresson Henri Cartier-Bresson has been called "equivocal, ambivalent and accidental"1 since his debut as a photojournalist. Amplified and enriched, the work of the photographer is revealed in all its grandeur. While he may appear to "be a hurried man or a traveler without luggage"2, to quote a few of his titles, he is a poet, attentive to the act of love made with each photograph, and this is where the genius is revealed. From a desired distance, we discover simultaneously the geographer, who analyses the permanence or vulnerability of cultures; the ethnographer, who captures gestures of work and rituals of religion; the anthropologist, who reflects the spectrum of emotions; and the sociologist, who reveals the development of destinies and histories.3 Cartier-Bresson's dependence and uncompromising view of photography; to rely solely on the moment in time, is why he will always be remembered. Born in 1908, Cartier-Bresson studied painting with Andre Lhote in Paris, then painting and literature at Cambridge University in 1928 and developed a serious interest in photography in 1931. His work was first exhibited at the Julien Levy Gallery, New York, and first published in Vu magazine in 1932. He has been involved in numerous films, such as La Vie est a nous (1936), Le Regle du jeu (1939), his documentary film on the hospitals of Republican Spain in 1937 and his film on the liberation of the concentration camps with Richard Banks called Le Retour (1945). His work has been exhibited at the Museum of Modern Art, New York in 1946, and in 1947 he became co-founder of The Magnum photographic agency. He has published over a dozen books and has had his photographs printed in hundreds of magazines. Cartier-Bresson traveled the world so that he may document and present to others the human condition. His photographs transcend any particular time or place. Instead, they capture the very essence of life, be it Harlem, Madrid, Shanghai or the Paris rue Mouffetard (Ill. 2)4. In rural Europe, silent in the absence of the engine, and where everything was still done by animals and human beings, he portrays, unaltered, a society's captivating traits. At times his poetic intention towards subject matter is inadvertently socially charged, which makes his work all the more intriguing5. Each of Cartier-Bresson's photographs presents itself not as part of a series, an archive selected among others, but as a singular work of art which, with its own formal qualities and unique meanings, exists in itself. Henri Cartier-Bresson :: History Henri Cartier-Bresson Henri Cartier-Bresson has been called "equivocal, ambivalent and accidental"1 since his debut as a photojournalist. Amplified and enriched, the work of the photographer is revealed in all its grandeur. While he may appear to "be a hurried man or a traveler without luggage"2, to quote a few of his titles, he is a poet, attentive to the act of love made with each photograph, and this is where the genius is revealed. From a desired distance, we discover simultaneously the geographer, who analyses the permanence or vulnerability of cultures; the ethnographer, who captures gestures of work and rituals of religion; the anthropologist, who reflects the spectrum of emotions; and the sociologist, who reveals the development of destinies and histories.3 Cartier-Bresson's dependence and uncompromising view of photography; to rely solely on the moment in time, is why he will always be remembered. Born in 1908, Cartier-Bresson studied painting with Andre Lhote in Paris, then painting and literature at Cambridge University in 1928 and developed a serious interest in photography in 1931. His work was first exhibited at the Julien Levy Gallery, New York, and first published in Vu magazine in 1932. He has been involved in numerous films, such as La Vie est a nous (1936), Le Regle du jeu (1939), his documentary film on the hospitals of Republican Spain in 1937 and his film on the liberation of the concentration camps with Richard Banks called Le Retour (1945). His work has been exhibited at the Museum of Modern Art, New York in 1946, and in 1947 he became co-founder of The Magnum photographic agency. He has published over a dozen books and has had his photographs printed in hundreds of magazines. Cartier-Bresson traveled the world so that he may document and present to others the human condition. His photographs transcend any particular time or place. Instead, they capture the very essence of life, be it Harlem, Madrid, Shanghai or the Paris rue Mouffetard (Ill. 2)4. In rural Europe, silent in the absence of the engine, and where everything was still done by animals and human beings, he portrays, unaltered, a society's captivating traits. At times his poetic intention towards subject matter is inadvertently socially charged, which makes his work all the more intriguing5. Each of Cartier-Bresson's photographs presents itself not as part of a series, an archive selected among others, but as a singular work of art which, with its own formal qualities and unique meanings, exists in itself.

Are We Now Becoming the Terrorists? Essay -- September 11 Terrorism Es

Are We Now Becoming the Terrorists?    Terrorism is a weapon of the weak. Shut out of the great conversations that shape our histories and unable to control the grand forces that shape our destinies, terrorists strike out in angry desperation to force those they have identified as their oppressors to pay attention to the plight of the alienated and to hear the terrorists' demands. The events of September 11 were just such a gesture. The horror we felt watching a jet flown deliberately into a tall building and watching people leap to their deaths to escape the flames and collapse of the ruined skyscrapers filled us with a strange awe and a feeling of helplessness. We felt forced to pay attention.   The first question on everyone's lips was: what can we do? What can we do to prevent this from happening again? What can we do to punish those responsible? How we answer these questions will decide whether we live in a civilization worth defending, or if we, too, are weak.       This unprecedented attack on American soil brings into focus the connections between our freedoms, our security, and the international system. Our choices over what to do are constrained by the ways these parts of our lives are connected. Our leaders and representatives, responding to the theories and analyses of their advisors and of the think tanks that dedicate themselves to studying such questions, have already begun to speak of September 11 as this generation's Pearl Harbor and the need to prepare for war, and of the trade-offs we will have to make for our security. Their first responses - and those of many of us - are to lash out at those who have wronged us.       However, to lash out now is a path fraught with n... ...saster relief and peacekeepers, but we are the single largest supplier of arms to the already intensely violent Middle East. And because Israel is our strategic ally in the region, we won't even allow discussion of whether its policies towards Palestinians are racist.       If we are to do anything, we must be ready to take a path more difficult than anyone has suggested so far. We must be ready to be thoughtful and sober, and to look for political solutions to the problems in the world that are now producing the threats to our security. Today, we feel like now is the time to act. Our pain, our helplessness, our frustration at discovering we are vulnerable makes us want to take control over our lives again. We are ready to retaliate against acts of angry desperation with anger and despair. But now is not the time to become terrorists ourselves.   

Groupe Ariel Sa Case Analysis Essay

This case discusses Cross-Border valuation of projects. This kind of analysis is common for companies that are operating in many countries. Groupe Ariel is one such company that is considering investing in a project in its own subsidiary in Mexico. The company manufactures and sells printers, copiers and other document production equipment in many countries. As far as, expansion into new markets is concerned, company is very slow in taking initiatives as compared to its competitors owing to the recent recession. But the management of the company believes that better durability and lower after-sales service costs of their products enable the company to build customer loyalty. The company is now considering replacing the manual equipment used for recycling in Mexico by new equipment that requires less material and labour costs. But, the uncertainty linked with certain macroeconomic factors like exchange rate, inflation and interest rate has made the valuation of the project very comple x. Compute the NPV of Ariel-Mexico’s recycling equipment by counting incremental peso cash flows at a peso interest rate. How should this NPV be translated into Euros? Assume expected future inflation for France is 3% per year. For the purpose of calculating NPV in Pesos, incremental cash flows of the project for the next 10 years should be calculated first. The initial outflow of cash flow at time â€Å"0† is the cost of new equipment. This cost is 3500,000 Pesos. The cash value of 175,000 Pesos obtained by selling the manual equipment should be subtracted from this amount to come up with the net out flow. As far as, the inflows of cash for next 10 years are concerned, they can be calculated by taking the difference of the cost of operating both manual and new equipments. The tax savings owing to the depreciation of the new equipment can be calculated by multiplying the corporate tax rate of 35% with the amount of depreciation each year. These amounts of tax savings should be added to the incremental cost savings for each year to come up with the total cash inflows. The present value of all thes e cash inflows and outflows can be calculated by discounting them at 12.19%. This rate is calculated by assuming that the purchasing power parity holds in this scenario. The company can do the feasibility analysis by looking at both from the subsidiary’s and parent’s perspective by assuming that the purchasing power  parity holds. Hence, this rate can be regarded as opportunity cost of investment because it is the second best alternative for the company for investment purposes. So, the NPV can be calculated by taking the sum of present values of all the cash flows. This NPV comes out to be 3,703,176 Pesos. This NPV value can be converted into Euros by dividing the NPV value by the spot exchange rate. The spot exchange rate is 15.99 MXN/EURO. Hence, by dividing 3,703,176 by 15.99, NPV value in terms of Euro comes out to be 231,593 Euros. Compute the NPV in â‚ ¬s by translating future peso cash flows into â‚ ¬s at expected future spot rates. Note Ariel’s â‚ ¬ hurdle rate for this asset class was 8%. Annual inflation rates are expected to be 7% in Mexico and 3% in France. NPV calculated for this scenario comes out to be 231,507 Euros. The first thing required for calculating NPV in Euro is the forward premium. It is calculated by adding 1 to the inflation rates of France and Mexico respectively, and then by taking their ratio. This ratio comes out to be 1.0388. This ratio is then multiplied by current exchange rate of 15.99 MXN/EURO for every year. This exercise gives the prediction of exchange rates for next 10 years. The cash flows in pesos are then converted into Euros by dividing them by the relevant exchange rate. Once the cash flows are obtained in Euros, their present values can be calculated by using the hurdle rate of 8% as the discount rate. NPV can then be obtained by taking the sum of presen t values of all the cash flows. Compare the two sets of calculations and the corresponding NPVs. How and why do they differ? Which approach should Arno Martin use? Relate your answer to the textbook’s treatment of parity disequilibria in capital budgeting. NPV calculated for the first question is higher than that calculated for the second question. The difference (231593-231507) is 86 Euros. This difference explains that the project has more value for investors in Mexico. The value addition of this project is more to the subsidiary of the company in Mexico as compared to the parent company in France. Hence, the company should hedge the foreign exchange risk to reduce exposure to the currency risk. Hedging provides the company with higher expected value and lower risk. Suppose Mexican inflation is projected at 3% instead of 7% per year. Assume French inflation remains at 3%. How does this affect the NPV calculations? If, the inflation rate for both the countries remains the same i.e. 3%, then in that case, the forward premium comes out to be 1. Hence effectively, the exchange rate remains the  same for next 10 years i.e. 15.99 MXN/EURO. By dividing the cash flows in Pesos by this exchange rate for every year, cash flows in Euros are obtained calculated for this scenario. These cash flows are then discounted at the hurdle rate of 8% used for assets in France by the company. The present value of these cash flows is then added to come up with the NPV. This value comes out to be 332,459 Euros. Hence, the value of NPV has increased by decreasing the inflation rate of France in the analysis. Since, the inflation rate is the same in both countries, exchange rate also remains the same and the values of cash flows in Euro terms come out higher for every year. Suppose Ariel expects a significant real depreciation of the peso against the Euro. How should Martin incorporate this expectation into his NPV analysis? For simplicity, assume inflation is expected to be 3% in each country. What is its effect on NPV under each of the approaches in questions 1 and 2? This expectation of a real depreciation of Peso against Euro is essentially an exchange risk. Real depreciation of Peso against Euro means a greater exchange rate. Hence, this aspect can be incorporated in our analysis by increasing the exchange rate for every year that reflects the real depreciation in value of Peso. This change will not have any effect on the NPV calculated in Pesos. However, since the cash flows for NPV calculation in Euros are obtained by dividing the cash flows in pesos with the exchange rate, their value in Euros will be lower. Therefore, NPV of these cash inflows and outflows should be less. Firms can face violations of the parity conditions in addition to the parity violation in Question 5. What might these violations be, and what might be their consequences? Besides real depreciation in the exchange rate, there are many other ways in which parity conditions can be violated. Any sort of risk that is unique and effects businesses more in one country than another leads to the violation of parity conditions. Risks like political risk and exchange risk may lead to the violation of law of one price. These risks emerge from changes in government policies related to tariffs, quotas, trade agreements and inflation. These violations make the valuation of international projects more complex. The local perspective of a project in a country may be lead to very different conclusions as compared to an international. So, a project may prove to be very profitable for a local investor, but the same project may not be as attractive for an international investor. Similarly, some  projects appear good for an international investor while a local investor may incur losses by investing in the same project. Are there any real options embedded in Ariel’s decision? What is a real option, anyway? Yes, there is a real option embedded in Ariel’s decision. This real option refers to the option of replacing the manual equipment by the new equipment to increase the profitability. Real options are similar to the options of financial markets as far as the option of investing, or abandoning is concerned. Real options essentially mean having the real and tangible option of accepting or leaving a project if circumstances change. NPV analysis ignores this option and hence it is normally regarded as a more conservative capital budgeting technique. Just as, a call premium or put premium is the price of having the option, initial investment is the cost of real option. When an option is in the money, it means that the option holder can earn that amount by exercising the option. Similarly, in case of real options, a positive NPV refers to the value addition if the project is accepted. Should Group Ariel approve the equipment to purchase? A positive NPV of a project means that the project will give a return higher than the hurdle rate and the dollar value of NPV is the value addition to the company. The NPV in all the scenarios has a significant positive value. Hence, the company should approve the equipment purchase because the project adds value to the company. As far as, exchange risk is concerned, it can be minimized by the parent company through hedging. If the firm does not choose to hedge, then the discount rate should be adjusted upwards to reflect higher risk.