Types of Computers Esay

Overview A computer is an electronic device that receives (input) data, processes that data, stores data and produces results (output). Computer can be classified according to their data representation that is functionality, based on their purpose or based on their physical size. It’s the classifications that bring about types of computers.There are four types of computers that is, micro computer, minicomputer, mainframe computer and super computer. 1. 2 Justifications Understanding the types of computers will be helpful in determining whether it’s suitable for the intended purpose. For example if it’s a simple task for an individual or small organization then the microcomputer will be more suitable than a main frame computer which serve large organization. 1. 3 In brief In this essay we define what a computer is in detail in terms of the input, process and output.The features, purposes, functioning, subclasifications and costs of the four types of computers are also discussed. 3. 0 TYPES OF COMPUTERS 2. 1 Defining A Computer According to Saleemi (2009), â€Å"A computer may be defined as a machine which accepts data from an input device performs arithmetical and logical operations in accordance with a predefined program and finally transfers the processed data to an output device. The definition of computer can be viewed broadly in three major cases as illustrated below: Input Process Output Data and instructions Execution and storageInformation â€Å"(All computers can perform the functions of inputting, storing, processing, controlling, styling and outputting data and information (Ravichdndran, 2001 pg2). † It works upon the input data using the issued instructions, this means that the computer cannot do any useful job on its own; hence it’s a clever fool. The term GIGO is also oftenly used to explain this notion that is the computer can only work as per the instructions sets issued, hence if instructions sets conform to t he solving of the problem at hand then it will do it even faster and accurately.But if instructions set do not conform to the solving of the problem then the computer also solves it in the same manner of the instructions set. Hence Garbage in Garbage Out (GIGO). There are varieties of computers with a variety of their operational characteristics. The computer can be classified in many useful ways depending on the objective of whoever is doing the classification. 2. 2 Four types of computers compared The four major categories of computers based on their physical size are micro computers, mini computers, mainframe computers and super computers.These categories are based on the differences in size, speed, processing capabilities and price of computers. Due to rapidly changing technology, the categories cannot be defined precisely. For example the speed used to define a mainframe today may be used to define mini computers next year. Some characteristics may overlap categories still; the y frequently are used and should be understood. Mainframe computers They are most expensive of all computers and very big in size and offer the maximum computing power (Saleemi 2009).They are generally used in large networks of computers with the mainframe being the node point of the network. Smaller computer or terminals are then attached through satellites so that data could be centralized at one place will data processing could be performed via the satellites. A good example is the airline reservation system. The airlines have a mainframe computer at their head office where information of all the flights is stored. Small computers installed at the booking offices are attached to the central data bank so that up to date information of all flights is always available.According to Saleemi (2009) important characteristics include * These are big general purpose computers capable of handling all kinds of problems whether scientific or commercial. * They can accept and transfer data fr om input/output devices at the rate of millions of bytes per second. * They accept all types’ high level languages. * They can support large number of terminals. * Their processing speed is up to several billions of instructions per second. They have a large online secondary storage capability and can support a large number of and variety of peripheral device like magnetic tapes drives, hard disk drives, visual display UNITS, printers and telecommunication terminals. * They usually have high speed cache memory which enables them to process applications faster than mini or micro computer. Mini computers The mini computers are medium sized computers. They are physically bigger than the micro computers but smaller than the mainframe computers.Due to advanced circuit technology some mini computers are almost the size of micro computers. They support average internal and backing storage, that is their storage capacity both internal and external are comparatively higher than the mi cro computers but lower than the main frames (Saleemi 2009). These computers support several users at a time, that is several work stations or terminals are connected to one central minicomputer whose resources (e. g. C. P. U time, storage media, memory etc) are shared among the users connected.If central computers and terminals ate networked (WAN) then telecommunication links are used for a network within the same locality, on the other hand, the cables are used in connecting the terminals and the host computer. The later network configuration is known as local area network (LAN). At the workstation the information is output through the terminal screen or a printer. Sometimes the output can be at the central computer e. g. through a shared printer (usually line printer). Mini computers are used mainly in medium scale business functions. In business they are being used for invoicing stock control, payroll, sales analysis etc.Micro computers According to Saleemi (2009), â€Å"These are computers of advanced technology that become available in late 1970’s. They are the most common form of computers in most offices today as desktop, personal or stand alone systems†. Their design is based on large scale Integrated Circuitry (LSIC) that confines several physical components per small element thumb size I. C (integrated circuit), hence the size dramatically reduced. Their internal memory is smaller than the mini computers and main frame computers. They support limited backing storage media. They are cheaper than the mini and mainframe computers.Where the micro computers are used as terminals, that is connected to the central computer for enhanced processing beyond its capabilities then communication facilities are also to be provided. In small business the micro computers are used in several Min functions that require information to be produced e. g. purchasing, sales, marketing, production, accounting, in word processing for the production of business documents etc. Two popular series of micro computers are the personal computer (PC) and apple Macintosh. Micro computers nowadays come in varied sizes: Desktop computer – Largest and designed to fit entirely on or under a desk or table. * Laptop /notebook computers – second largest and designed such that can be placed on user’s laps. * Palm top computers – smaller and designed so that can be placed on users hand. * PDA (Personal Digital Assistant) – it’s also hand held and provides personal organizer functions such as calendar, appointments etc. Super computers Super computers are the largest, fastest, most expensive computers ever made. They are sometimes referred to as monster computers and have the processing speed of trillion of instructions per second.In many installations super computers are used for limited classes of computations. These computers are often used in numerical application like weather forecast, large matrix calculations such as those required for linear programming to solve problem in economic program or some military statistics. A small number of super computers are built each year for use in applications requiring complex, sophisticated mathematical calculations as in large government research agencies, military defense system, national weather forecast agencies, nuclear energy research, and petroleum exploration etc. 4. CONCLUSION 3. 1 Summary This essay has comprehensively discussed what a computer is in terms of input, process and output. The superiority of the super computers over all the other computers has also been captured. Subclasification of the micro computer thus desktop, laptop, palmtop and personal digital assistant has also been discussed. 3. 2 Insights The development of computers from mainframe to micro computers and super computers is evident from the essay. It’s also worth noting that the advancement of micro computers will continued to diminish the importance of the ma inframe / mini computers. . 3 Recommendations Given that computers facilitate more accurate and faster processing of data developers of computers should invest more in research and development. This will ensure that the computers available in the market for personal or SME use have not only enhanced capabilities but also affordable costs. REFERENCE LIST 1. Saleemi, N. A. (2009). Information Technology Simplified. Nairobi: Saleemi Publications. 2. Rauchandran, D. (2001). Introduction to Computers and Communication. New Delphi: Tata McGraw Hill.

An Innovative Approach: A Secured Automated Diagnosis System for Heart Diseases

An Advanced Approach: A secured automated Diagnosis System for Heart Diseases Abstract –The diagnosing of bosom disease is a important and complicated procedure that requires high degree of expertness. Development of computing machine methods for the diagnosing of bosom disease attracts many research workers. This paper has developed an automated diagnosing system to place assorted bosom diseases like cardio vascular disease, coronary arteria disease, myocardiopathy, bosom onslaught etc. This diagnosing system is a package plan or application that identifies the diseases based on the cognition available at the system. This system uses symptoms of patients to foretell the likeliness of patient acquiring a bosom disease. This diagnosing system is 3rd party waiters that are potentially non to the full trusted which raises privateness concerns. The usage of encoding algorithm before naming preserves the privateness of the patient informations and the determination. The patient informations is encrypted by utilizing an AES encoding algorithm. The encrypted i nformation is processed by this system to sort the happening of bosom diseases by utilizing lucifer devising algorithm. Hence the waiter involved in the diagnosing procedure is non able to larn any excess cognition about the patient informations and consequences. Keywords: AES encoding, clinical determination support system, diagnosing system, lucifer devising algorithm. I. Introduction Now a day’s, in this universe bosom disease is the major cause of deceases. There are several hazard factors for bosom disease such as age, gender, baccy usage, intoxicant ingestion, unhealthy diet, fleshiness, household history of bosom disease, raised blood force per unit area, raised blood sugar. The World Health Organization has estimated that 12 million deceases occur worldwide, every twelvemonth due to bosom diseases. Heart disease is besides known as ( CVD ) cardiovascular disease, encloses a figure of conditions that influence the bosom non merely bosom onslaughts [ 2 ] . Heart diseases besides include functional jobs of bosom such as infections in bosom musculuss like myocardial inflammation ( inflammatory bosom diseases ) , bosom valve abnormalcies or irregular bosom beat etc these grounds can take to bosom failure [ 4 ] . Heart is the most indispensable critical organ in the human organic structure ; if that organ gets affected so it besides affects the other critic al parts of the organic structure. In this fast moving universe people want to populate a really epicurean life so they work like a machine in order to gain batch of money and live a comfy life hence in this race they forget to take attention of themselves, in this type of life style they are most tensed they have blood force per unit area, sugar at really immature age and they don’t give plenty remainder for themselves and eat what they get and they even don’t bother about the quality of nutrient, if they are ill they go for their ain medicine, as a consequence of all these little carelessness it leads to a major menace that is bosom disease. Therefore it is really of import for a people to travel for bosom disease diagnosing. This paper has developed a diagnosing system to place assorted bosom diseases in an early phase. The intent of this machine-controlled tool is to assist people who are non able to run into the physicians straight and for the people who are busy in plants and non even have clip to see infirmary. This diagnosing system is a computing machine based system which identifies the disease based on the cognition available at the system. II EXIXTING SYSTEM A clinical determination support system ( CDSS ) is a computerized medical diagnosing procedure for heightening wellness related determinations [ 6 ] . It is helpful for patient or clinicians to diagnosis the diseases. Now clinicians, who want to verify whether their patients are affected by that peculiar disease, could direct the patient informations to the waiter via the radio medium to execute diagnosing based on the health care cognition at the waiter. However, there is now a hazard that the 3rd party waiters are potentially non sure waiters. Hence, let go ofing the patient informations samples owned by the clinician or uncovering the determination to the non trusted waiter raises privateness concerns. III. PROPOSED SYSTEM The chief purpose of the proposed work is to develop privateness preserved automated diagnosing system. The patient can utilize this system to name the disease in an early phase. Patient encrypts each component of his / her informations utilizing the AES encoding algorithm and sends the encrypted informations and the corresponding public key to the waiter [ 1, 6 ] . The private key resides at the Patient side ; hence, it is non possible for the remote waiter which participates in this categorization operation to decode. This system provides privateness to the patient informations by coding the patient informations before naming [ 4 ] . The encrypted information is sent to the waiter for naming. The waiter uses the healthcare information from its ain depository and classifies the symptoms by utilizing matchmaking algorithm [ 3 ] . The block diagram for the proposed system is given below. Figure: Work flow diagram of the proposed method. The above Figure.1 explains the proposed work flow method for naming the bosom diseases. The measure by measure procedure of proposed method is as follows. 1. The list of diseases associated with bosom and the related symptoms are collected from the medical resources. 2. The collected symptoms are uploaded into server database through generator tool in an encrypted file format. The intent of the generator tool is to hive away the informations such as name of the disease and the associated symptoms. 3. The patient sends the list of symptoms that he / she may experience to the waiter. These informations must be encrypted by utilizing an AES encoding algorithm [ 1, 6 ] . The usage of encoding algorithm before naming preserves the privateness of patient informations. 4. The encrypted informations to be processed by the waiter is normalized. Normalization splits the encrypted symptoms into each single symptom. This normalized information is in indecipherable signifier. 5. This diagnosing waiter procedure the normalized information to sort the disease based on the cognition available in its database. The categorization of bosom disease is done by utilizing lucifer doing algorithm [ 3 ] . IV. METHODOLOGY The proposed work involves four faculties: informations aggregation, client waiter communicating, encoding and decoding and standardization. A. Data Collection Data aggregation is a most of import measure in any type of diagnosing system. The assorted diseases related to bosom and the associated symptoms are collected from medical resources for better determination devising. All these informations must be uploaded into waiter database through the usage of generator tool. The generator tool upload these item in an encrypted file format. This information will be used by the diagnosing system during the diagnosing procedure. This information will be used for two chief intents: First, the informations will be used in pull outing utile cognition and supply scientific determination devising. Second, the informations will be used in measuring the results of the symptoms. B. Client Server This measure performs the node creative activity and communicating between the beginning and finish. The client and server communicating is done through sockets. Socket is a package end point that establishes the bidirectional communicating between the client and the waiter. In this application we can make a figure of clients that can pass on with the waiter at the same clip. The client is a user of the system i.e. the patient. The patient sends the list of symptoms they may experience to the waiter via the web. The waiter processes those symptoms and provides response to the user. C. Encryption and Decryption Use of encoding before diagnosing preserves the privateness of both patient information and the consequence of the diagnosing procedure. AES ( Advanced Encryption Standard ) encoding algorithm is used for coding the patient. AES is a symmetric block cypher. This means that it uses same key for both encoding and decoding. AES algorithm accepts the block size of 128 and may utilize either 192 or 256 spots cardinal size. In this algorithm full information block is processed in parallel during each unit of ammunition utilizing permutations and substitutions. The input is a individual 128 spot block for both encoding and decoding and is known as the in matrix. This block is copied into province array which is modified at each phase of the algorithm and so copied to an end product matrix [ 1, 6 ] . The four phases of the AES encoding algorithm are as follows: 1. Substitute bytes 2. Shift rows 3. Mix Columns 4. Add Round Key D. Normalization The standardization is done on the encrypted information before naming. Normalization splits the encrypted symptoms into single symptom. This normalized information is in indecipherable signifier. Hence the waiter is non able to larn any information about the patients. In standardization map it besides performs scaling. It is done to avoid the happening of mistakes. The normalized information is processed by the waiter to sort the patient’s symptoms. The waiter uses matchmaking protocol to sort the patient disease. Matchmaking Algorithm Matchmaking algorithm is done to happen the perfect lucifer for the symptoms to place the disease [ 3 ] .At foremost the symptoms entered by the patient is splitted into separate symptoms.Then each symptom is matched with the informations in the database one by one.For each symptom the possible disease and its symptoms are listed.Now the symptoms of each disease are matched with the splitted informations one by one.If all the symptoms entered by the patient is matched with the symptoms in the database means so the disease is diagnosed easy.If the group of symptoms produces more than one disease, so the system will expose all the relevant disease.V. RESULTS AND DISCUSSION This subdivision shows treatment of experimental consequences for the proposed diagnosing system. The diagnosing is done by supplying assorted symptoms the patient feel. These symptoms are encrypted to continue the privateness of the patient informations. The diagnosing system processes the symptoms in an encrypted signifier. The patient information ever remain in an encrypted signifier during the diagnosing procedure. And besides the disease identified by the system is in indecipherable signifier this can continue the privateness of the diagnosing consequence. At last the patient decrypts the consequence. If the data’s provided by the patient is non plenty for naming so it will impact the truth and public presentation of the diagnosing system. VI. CONCLUSION AND FUTURE WORK This work has proposed a privateness continuing diagnosing system for placing assorted bosom diseases. Since the proposed system is a possible application of emerging outsourcing techniques, rich clinical informations sets available in distant location could be used via the cyberspace without compromising privateness, thereby heightening the determination devising ability. The proposed system provides privateness to the patient informations by utilizing an encoding algorithm. The patient information ever remain in an encrypted signifier during the diagnosing procedure. Hence the waiter is non able to larn any excess cognition about patient informations and consequences. In future we extend our work to include informations mining algorithm together with encoding to supply more efficient and effectual diagnosing. We can besides utilize existent informations from wellness attention organisations to better the determination doing capableness of the waiter. Use other encoding algorithm to better the security of the patient informations and consequences. Besides we will develop the diagnosing system for many diseases and supply solutions to the identified diseases. Mentions 1.Ashwini R.Tonde, Akshay P Dhande ( 2014 ) , ‘Review Paper on FPGA based execution of Advanced Encryption Standard Algorithm’ , International Journal of Advanced Research in Computer and Communication Engineering, Vol. 3, Issue 1, January 2014. 2.Chitra R and Seenivasagam V. ( 2013 ) , ‘Heart Disease Prediction System Using Supervised Learning Classifier’ , International Journal of Software Engineering and Soft Computing, Vol.3, No.1. 3.Ji Sun Shin, Virgil D. Gligor ( 2003 ) , ‘A New Privacy Enhanced Matchmaking Protocol’ , IEICE trans.commun, Vol.E96- B, No.8, pp.2049-2059, Aug 1. 4.Lin K.P and Chen M.S ( 2011 ) , ‘On the design and analysis of the privateness continuing SVM classifier, ’ IEEE trans.Knowl.Data Eng. 5. Mai Shouman, Tim Turner and Rob Stocker ( 2012 ) , ‘Using Data Mining Techniques in Heart Disease Diagnosis and Treatment’ , IEEE dealing on Computer Science and Engineering. 6.Minal Moharir ( 2012 ) , ‘A Novel Approach Using Advanced Encryption Standard to Implement Hard Disk Security† International Journal of Network Security & A ; Its Applications ( IJNSA ) . 7.Ratnam D, HimaBindu P, Mallik Sai V, Rama Devi S.P and Raghavendra Rao P. ( 2014 ) , ‘Computer based Clinical Decision Support System for anticipation of Heart Diseases utilizing Naive Bayes Algorithm’ , International Journal of computing machine Science and Information Technologies, Vol. 5 ( 2 ) , 2384-2388. 8.Samesh Ghwanmeh ( 2013 ) , ‘Innovative Artificial Neural Network based determination support system for bosom disease diagnosis’ , Journal of Intelligent Learning Systems and Applications. 9.Sellappan Palaniappan, Rafiah Awang ( 2008 ) , ‘Intelligent Heart Disease Prediction System Using Data Mining Techniques’ , IJCSNS International Journal of Computer Science and Network Security, VOL.8 No.8. 10.Shaikh Abdul Hannan ( 2010 ) , ‘Diagnosis and medical prescription of bosom disease utilizing SVM and feed frontward Back extension technique’ , International Journal on computing machine Science and Eng.

Assistant Manager

Education 2 72% University or above Geographic HECK Island , Central, TTS Commercial Areas Source The Hong Kong Audit Bureau of Circulations Ltd & Nielsen Media Index HECK Year-End Report 2012 Demographic According to the source from HACK Ltd and Nielsen Media Index HECK Year-End Report in 2012, 70% of readers fall into the age range between 30-49 years old. It means that the readers are used to read SCAMP English newspaper. They are loyal to SCAMP for personal reading interest or business insight.For education background, 72% of readers has university graduate or above so that they are well-educated, repressions and in senior position. The readers are willing to pay the higher price to get quality news instead of free newspaper. The readers under 29 years or below is only 19% of the total market. Geographic: SCAMP circulates the print via channels like newspaper stores and convenient stores. Most of the circulation gain from HECK Island, Central, TTS & other commercial areas.As ethn icity was 57% of Non-Chinese and 43% of Chinese, it reflects most of the readers are foreigners. Demographic & Geographic are presenting the similar data which means the result would be more truthfully and specifically. Most SCAMP readers are of premium social status such as Managers, Executives and Professionals for self-use etc. For corporate customers, company size with over 50 staff or global firms, the subscription of SCAMP is a corporate image. They are frequent and loyal users regardless of the higher subscription price.Also schools, universities, Government, financial & banking clients are the major consumers. Behavioral: SCAMP bases on different consumers' desires to provide the following marketing plan. 0 Monday – Friday, corporate and stable readers, regularly Sunday – leisure day, less demand, no corporate Saturday is more popular for Job seekers for The Classified Post Company: At least one copy of SCAMP daily 2. 2 Targeting The target customers are divide d into B to C (Business to Consumer) and B to B (Business to Business) models.B to C (Business to Consumer) For consumer market, readers are decision makers, Government officers, Coos, senior executives, scholars, professionals, university students, and Westerners. Their average income belongs to high income group (40% Monthly Household Income HECK $70,000 or above). They have high spending power. Job seekers who look for quality arrears 'employers and better salary offers will search the Jobs from Classified Post. The employers / recruitment agents who look for quality staff will place advertising on Classified Post to recruit their staff.Besides, the consumers look for news with highest creditability and they are very loyal to SCAMP. B to B (Business to Business) For corporate customers like multi-national companies, they are very loyal to SCAMP and purchase at least one print in the office on a daily basis for company image or quote SCAMP news as educational reference and or use published statistics in their business reports. For primary, secondary and university students, Education Bureau encourage students to subscribe SCAMP newspaper to pick up their reading hobby. Undeniably, SCAMP is the leader of HECK English newspaper. . 3 Positioning SCAMP mission is ‘As we move forward in these rapidly changing times, can be summed up in three words: Aspiration, Connection and Trust. Aspiration: We deliver value and quality to our customers by enhancing knowledge. Connection: We bridge Hong Kong, China and the rest of the world, and we actively engage in these communities. Trust: We will grow with the region as the trusted littoral on China. Being market leader in English newspaper, SCAMP won 11 awards in 2013, the Top Prize of Society of Publishers in Asia Editorial Award 2013.SCAMP gained the 1st ranking of Highest Credibility in Hong Kong newspaper market according to the survey conducted by Center for Communication Research of Chinese University (2011). S CAMP is consistently striving to seek ways to retain its market leader position in English newspaper market since 1903 and keeping the high standard in newspaper contents with highest credibility so that its readers are very loyal to SCAMP. 3. Marketing Mix The marketing mix is a business tool used to execute the market strategy into practical business activity.Our team is study focus on newspaper business – South China Morning Post (SCAMP) – an English Newspaper, retail selling price is HECK$9 from Monday to Saturday; HECK$II for Sunday Morning Post. The most important value of the newspaper is Fair, Fact, Credibility, and Integrity; it is why SCAMP can be the market leader and long lasting Product is â€Å"the tangible or intangible goods or services and how it can satisfy consumer's needs and wants†. Products have different life cycle, it will grow, mature and eventually decline and phrase out.Therefore, SCAMP has carried various product mix in order to exten d the product line to secure the income and maintain the growth of the business. Apart from printed copy, it has added digital subscription from 2010 as Internet and Smartened become more common and popular. They have changed the reading habit of the whole world. Besides, mobile APS application has been added in 2012. Subscribers are Job seekers who expect to find quality Jobs from the newspapers. On the other hand, it attracts employers or recruitment/hiring agents to post the recruitment advertisement on the newspaper.It is an important platform for Job seekers, employers and recruitment agents. Pricing is â€Å"the process of setting a price for a product or discount. The price needs not be monetary; it can simply be what is exchanged for the product or services. SCAMP is carrying premium pricing strategy. From circulation information, its target customers are well-educated and belong to the group of middle to high income. They are less sensitive (inelastic of demand) to commodi ty items like food and newspapers. Buying a newspaper at $9/$10 is not a concern to them.On contrast, Chinese newspaper segment is large and very sensitive to penny change on pricing, hush free newspaper is popular in the market Premium pricing also represents the reader's prestigious status and quality. High credibility is the most important thing to them. Apart from newspaper revenue, advertisement is one of the major income streams in SCAMP. It also charges the customers higher advertising price for posting recruitment advertisement if comparing to Recruit, Jobs. It tells the customers that its readers possess good quality when they are looking for their companies.If the customers want to recruit people with high quality and capability, SCAMP is the only choice. Place (or distribution): â€Å"It is how to deliver the goods or service to the customer. † For printed newspaper, Scamps retailing channels will be news stand or convenient store e. G. 7-11 . In HECK, TTS, Central and HECK Island, due to business and commercial centers are gathered with numerous westerners coming from different countries. Hence, the circulation of printed copy in these districts is the most. For digital subscription, it is via internet or mobile app.Promotion: â€Å"It includes various methods of promoting the product, brand, or company including advertising, sales promotion, publicity, PR, direct marketing, digital arresting, sponsorship, personal selling. † Despite SCAMP is a media, it also needs to promote its business. Apart from putting advertisement on its own newspaper and website, SCAMP needs to promote its product via different channels. Loyalty discount to customer: Offer discount to loyalty readers, employers and recruitment agents who has subscribed its newspaper for a long period of time. SCAMP wins numerous Good Word-of-Mouth in this industry.It wins 11 awards gets the highest ranking in credibility in the HECK newspaper. E. G. Edward Snowmen fair select ed SCAMP; it has shown its newspaper has high integrity to the public. It also Joins Job Exhibition Fair, Trade Fair, and Seminar to broaden its exposure to the public. 4. Customer Relationship Management Firstly, as mobile is the single fastest growing source of digital traffic, SCAMP continue to its existing digital offerings with new products such as SCAMP News Pulse, new phone app to enhance the relations with the customers, especially among younger generation.Secondly, if the customers have subscribed to the members of Classified Post, they can search their Jobs according to their requirements. The Classified Post (â€Å"CUP') will keep customer's C.V. and personal information in a highly secured way. Then, CUP provides Job Alert e-newsletter and course/self-enhancement information to subscribers' emails based on subscribers, particular information. This would create a strong bonding relationship between SCAMP and its readers. 5. Market Analysis 5. Circulation Source The Hong Kong Audit Bureau of Circulations Ltd Cover price for SCAMP increased by $1 to $9 since January this year. The online subscription fee for scamp. Com has also increased in late June 2013. 2013-2015 According to the source from the Hong Kong Audit Bureau of Circulations Ltd, the daily circulation of SCAMP is around 100,860 to 107,629 from 2009 to the first half of 013. The daily circulation is very stable within this period. But the circulation mix was changed once digital version was launched in the first half of 2010. In 2009, the daily circulation was solely print version.Once digital version was launched, it commenced to grow from 3363 in the 1st half of 2010 to 18,149 in the 1st half of 2013. The growth rate of circulation in digital version is 6 times in 3 years. There was a slight drop from 100,860 to 88,776 for print version from 2010 to 2013. This implies the fast growing popularity of phone affect the habit of readers and there is growing rend in digital version in the futu re. Michael Porter's 5 forces 1. Bargaining Power of Paper Suppliers – Due to the cost of paper material increases, the paper suppliers will transfer the incremental cost to SCAMP.It is under great pressure to increase the price of the newspaper print. 2. Bargaining Power of Customers – Customers have little switching cost to read other newspapers. Besides, free digital version is offered by HECK Standard. 3. Threat of New Entrants – There are many English newspapers emerging in HECK market like China Daily and Wall Street Institute which provide free newspapers at some selected estates. . Threat of Substitute Products – Due to growing popularity of phone, the customers have been changing their habits of reading newspapers.Digital version or mobile APS to access the updated newspapers create tremendous treat to the traditional newspaper industry. 5. Competitive Rivalry Within An Industry – The major competitors, HECK Standard is aggressively offeri ng 200,000 free tabloid newspapers distributed in different districts on a daily basis as well as providing free digital version to their readers. Competitor Analysis The Standard is doing the same as SCAMP to provide English newspaper print, digital erosion and Job searching function.The Standard has changed to a free newspaper since September 2007. On the other hand, it provides different levels of subscription discounts, which include digital subscription only and print plus digital version subscription. It also offers corporate digital subscription which allows multi-reader access to the digital version. The subscriptions allow readers to access their online and tablet content unlimitedly. We have made a comparison table between SCAMP and The Standard so that we can have more understanding of the keen competition in the newspaper industry.Comparison of SCAMP and The Standard SCAMP The standard price $9 Free (1st free newspaper since 2007) Digital Version Yes Yes Daily circulatio n Format Black & white, standard size Full-color, Tabloid Functions Archive news up to 10 years Archive news up to 1 year *HACK Audit July-DCE 2012 ** â€Å"The Standard† official website Strength Diversified information SCAMP has published diversified information. It includes the information of current issues, information of sports, property, finance, lifestyle. Also, it encloses Classified Post for Job seekers; Young Post and Education Post for student subscribers. Market leaderThere are not much English newspapers being published in Hong Kong. The major competitor is The Standard. The competition is not keen. Thus, SCAMP is the market leader among English newspapers. Sustained demand SCAMP targets high-educated customers. Usually, they earn more, they can afford more. Also, those NC corporations, universities and foreign residents all have regular subscriptions. There is sustainable demand. Weakness Increased staff & production cost Source: SCAMP Group 2013 Interim report – Extract of Income statement Staff and production costs have increased for about HECK$48. Million and HECK$3. Lion respectively. It is mainly due to the increase in headcount and SCAMP Group has included the production of ELL on 2013. It decreases the net profit. Less popular in HECK It costs HECK$9, which is the most expensive newspaper in Hong Kong. Also, it's bulky in size. It's inconvenient for readers to carry it around. Moreover, it cannot satisfy those non-English readers. It cannot become a popular newspaper in Hong Kong. Subscription for unlimited digital access If readers want to have unlimited access on digital access, they are obliged to subscribe by money. However, other Hong Kong newspapers, including TheStandard, are free of charge on digital version. It may hinder the increase of digital readers as they may prefer choosing free information. Shares have been suspended trading Its shares have been suspended trading in HECK stock market since 26 February 2013. S CAMP is a listed company in Hong Kong, however, its percentage of public float confidence on the investment and the public image of SCAMP has been affected. Opportunity Increases on demand Source: HECK Census and Statistics Department (â€Å"HACKS†) website – Population statistics Source: HECK Census and Statistics Department (â€Å"HACKS†) website – Foreign companiesThe above statistics has shown that HECK population has kept rising since mid of 2010 to 7,KICK in the mid of 2013. It has also shown that the number of foreign companies setting up local offices in HECK has increased. There is an opportunity for SCAMP to acquire more readers from the growth of population and foreign corporations. Hong Kong Government has promoted post-secondary education since the past decade. The below 2 tables have shown that there has been an increasing trend for people had Post-secondary education nowadays: The demand of English-language newspaper has been increasing wit h the rising umber of high educated people.Expand new market It can expand new market by the advancement of technology on digital version, for example â€Å"Southern China† as there has been an economic growth in China in the recent years. Threats Keener advertisement added competition The Government has increased 2 new free licensed TV. The advertisement companies have 2 more advertising channels, so there would be keener competition. Decreasing newspaper revenue Source: SCAMP Group 2013 Interim report Revenue from newspaper has been decreased for near HECK$5 million for the 2 interim periods. It indicates less people are willing to buy newspaper.

Depression Essay Example | Topics and Well Written Essays - 750 words - 5

Depression - Essay Example The humiliation they suffered and the agonies they had to endure in order to feed themselves were highlighted in news stories, pictures and reports which were seen and experienced worldwide. The first two photographs depict the agony and forlorn state of affairs of those times in an effective manner, which leaves nothing to the imagination of the beholder. Nature is a great teacher and the human race, despite its superiority to the lower animals, can succumb to its vagaries, which can have a stark similarity to an animal in distress. Floods, droughts, earthquakes, famines, war, other man made as well as natural disasters have thrown up eras of great tragedy and human suffering, which can be heart rending when looked at retrospectively. The 1936 photographs by Dorothea Lange showing a mother with her children tell a story which is not at all difficult to interpret for a person with basic intelligence. The despondency is clear in expression in the mother as well as the elder child whose face though hidden from view in the second photograph, show emotions of despair, desperation and the sense of resignation. The empty bowl in front of the woman indicates the state of affairs and depicts the shortage of food which was prevalent in that era. When such basic necessities are not met, it inflicts great damage to the psyche of the sufferer, which is clearly reflected in the facial expression of the mother. She seems intelligent enough to be aware of the gravity of the situation she seems to be in. The bowed heads of both mother and child indicate depression as the dominant emotion as depicted in their expression as well as demeanor. Obviously they are suffering from lack of food, shelter and seem to be resigned to their fa te. The little baby held fondly by the mother seems to have been lulled to sleep after suffering pangs of hunger. The little boy is shown clinging to the pole in order to support himself. His eyes are closed, either in

Special Interest Tourism Essay Example | Topics and Well Written Essays - 3000 words

Special Interest Tourism - Essay Example Tourism is deemed to be one of the most popular recreational activities adopted by people across the world. In this rapidly altering environment, where technological advances have increased the degree of stress in the life of professionals, tourism can act as a remedy or relief in the lives of such individuals. However, in modern days tourism has been classified and named distinctly according to the nature or specific qualities, such as wildlife tourism, conventional mass tourism and tourism in terms of pilgrimage. Although, wildlife tourism is gaining popularity across the world due to the association of adventure and thrill, its impact on different species has attracted major concerns (Sinha, 2001). Wildlife tourism has been observed to be playing an imperative role in the tourism industry and has considerably contributed to the growth of economy for several countries and communities. Activities such as watching wildlife animals in their natural setting, sports hunting, fishing and videotaping are associated with wildlife tourism which has been the major attractions for majority of the tourists. In addition to its negative impacts, this form of tourism has contributed significantly to the growth of awareness concerning wildlife by generating revenue for the purpose of conserving the forests. Furthermore, wildlife tourism has been able to generate jobs for the local communities, thereby reducing the unemployment rate of various developing countries and regions (Tapper, 2006). (Tapper, 2006). The report will discuss the common characteristics of wildlife tourism. Furthermore, it will evaluate the distinct factors between wildlife tourism and Conventional Mass Tourism (CMT). The report will moreover discuss the motivational factors that attract tourists to participate in this form of tourism. It will also help to determine the impacts on the environment due to wildlife tourism. In addition, the report will identify the risks associated and recommend strategies for minimising those. Common Characteristics of Wildlife Tourism Wildlife tourism gained rapid recognition after the World War II by enabling tourists to get a view of different animals and species in national parks or forests owned by the government. Furthermore, this form of tour

DNA Coursework Example | Topics and Well Written Essays - 750 words

DNA - Coursework Example The enzyme, pyruvate dehydrogenase kinase in humans, has two domains ïÆ'   HATPase_c (Histidine kinase) and BCDHK_Adom3 (Mitochondrial branched-chain alpha-ketoacid dehydrogenase kinase). These domains are responsible for the functionality of the protein. The HATPase_c is an ATP binding domain. The enzyme inactivates pyruvate dehydrogenase using ATP. The HATPase_c domain is responsible for the enzyme’s kinase activity. The secondary structure of the pyruvate dehydrogenase kinase protein comprises of two sheets, two beta hairpins, two beta bulges, seven strands, fifteen helices, twenty-eight helix-helix interactions, twenty beta turns and two gamma turns. It also has a potassium ion ligand. The total alignment score for the three sequences is 99.0 for human and chimpanzee, 97.0 for human and dog, and 97.0 for chimpanzee and dog. Most of the amino acids are conserved in all the sequences, except for a few minor variations. The highest score for human and chimpanzee shows a high protein sequence similarity between the two. The entire stretch of the sequences with conserved amino acid clusters are highlighted below: Now that you have familiarized yourself with these sites, I would like you to make a small addition of your own initiative to the report by using any of the features described above or any other tool that you may have discovered. Using the sequence alignment of the pyruvate dehydrogenase kinase enzyme of human, chimpanzee and dog, created using the CLUSTALW program, a phylogram guide tree was created. This tree shows the phylogeny of the three

The Belmont Report Essay Example | Topics and Well Written Essays - 500 words

The Belmont Report - Essay Example It also offered guidelines for the ethical treatment of subjects, accurate risk appraisal, guidelines for the selection of subjects, and the definition of informed consent. The Belmont report defined practice as an intervention that had a reasonable chance of enhancing the well being of the individual patient involved. Practice has as its objective the "...diagnosis, preventive treatment or therapy" of the patient involved ("The Belmont Report"). Research is the process that is designed to "...test an hypothesis, permit conclusions to be drawn, and thereby to develop or contribute to generalizable knowledge" ("The Belmont Report"). Research has a predefined protocol, procedures, and end point objectives. Experimental treatments may be designated as practice if there is a basis for likelihood of improving the patient's condition. The Belmont report was based on 3 ethical considerations. First, the patient's autonomy must be respected. In cases where a patient lacks autonomy such as incapacitation, measures must be taken to protect the individual. Second, efforts must be made to secure the patients well being. The maxim of 'do no harm' must be respected and harm should not be inflicted for the sake of research. It is also recognized that research often involves risk and harm may be the ultimate result. The opportunity for benefit must be weighed against the risk.

The United Nations Essay Example | Topics and Well Written Essays - 500 words

The United Nations - Essay Example The UN peace troops only observed from the ground and neutrally reported on obedience to the cessation of hostilities, personnel pullout or other elements of peace treaties. The United Nations Principle of peacekeeping had commenced during the height of the Cold War as a probable solution to the growing tensions between states by fielding military personnel who are either unarmed or lightly armed. These personnel are from various countries who could be called anytime by the UN Security Council when the observing of peacekeeping or ceasefires are being observed to uphold peace and security for all citizens, "as projected by the United Nations Charter." (UN Meeting New Challenges 2007). The end of the Cold War had profoundly affected the role of world peacekeeping of the UN. The demise of bipolarization triggered the Security Council to establish a larger and more expanded peacekeeping missions, more often than not to persuade states to pursue peace agreements. Moreover, UN peacekeeping after the Cold War integrated into a non-military element form to guarantee sustainability.

Write about this picture Essay Example | Topics and Well Written Essays - 750 words - 1

Write about this picture - Essay Example The first picture is of a woman seemingly suspending on the air with cactus plants around her. The first picture I get when I look at the picture is that the lady is extraordinary. Therefore, the picture is drawn in an era when there are beliefs on extraordinary events. Cactus in most cases is a sign of a dry area like a desert. The woman, therefore, could have been from an area of drought. The cactus also represents challenges and hardships. Interesting enough the lady seems to be unbothered by the situation surrounding her. She seems to have been raised up from the ground. In my view, it shows some form of victory. The woman seems to worry less about the things surrounding her. The colors used in the picture are also a depiction of some form of victory and joy. The colors forming the surrounding areas show some form of darkness that comes along with fear and uncertainty. The lady seems not to be worried by any of these. The cloth that covers her also shows some form of protection a nd defense from any forms of attacks as the cloth covers her. The second picture too seems to be of the same lady. The angle that the neck has bent is almost the same as that of the lady in the picture with a frame on it. There are thorns that surround the second picture and beyond the thorns are a black figure that in my view seems to be an evil ghost. The black color and other dark color combination greatly brings the meaning that is expected to be derived from the picture, The picture seems to be of older centuries when there was high belief in superstition and religious devotions. The lady in the second picture seems to be undisturbed by the challenges and threats that surround her. She seems to be protected from the challenges that face her. The picture colors used show the audience that the picture is of older times (Powda, 2013). In my analysis and research, there seems to be a connection between the lady in the picture and the religious

Lab report paraphrasing Essay Example | Topics and Well Written Essays - 250 words

Lab report paraphrasing - Essay Example According to Experiment 1 observations, the T value of the signal when increased to 2 seconds from 0.5 seconds in 0.5 increments, the Fourier Transform accuracy also rises. Consequently, it is also evident that when the value of T is 0.5 seconds, the graph appears exceptionally different from the other 3 graphs since the period is not a big number to show the 2 tasks. These roles are actually the ones indicated on with line with the other one being made from the size of the troughs and peaks. This can clearly be seen when T=2 seconds in the graph in experiment 1. A correct value could not be displayed by the power spectrum because T value was too tiny. As illustrated, whenever the value of T rises, the power spectrum begins to exhibit the 2 co-sinusoids. When the experiment is over, it becomes clear that the magnitude of code required to solve the FFT is much shorter and simpler than the substitute DFT code. The other point to put into consideration would be the results obtained in section 3 of experiment 2.Thus, these results showed the time consumed to determine the DFT as well as the FFT, something that demonstrates that the FFT is quicker and realistic for determining the Fourier Transform. Consequently, FFT can be utilised in different methods through the entire electrical engineering comprising of researching on audio waves as well as the technique involving the audio signals, especially in recognition of pattern in instances where an engineer is searching for definite similarities or points, in addition to medical imagery like MRI scans etc. The above are just a few of numerous uses that electrical engineers are provided for by FFT at

Lifes Ups and Downs Essay Example for Free

Lifes Ups and Downs Essay One warm weekend in June, my girlfriend decided she wanted to take me on a weekend getaway to none other than Las Vegas, Nevada, a place where no one else existed but me and her. So I thought. I was totally ecstatic; at this point it’s been moths since we’ve been out just the two of us with no kids. The first night we get there we get dressed up and make reservations at our favorite restaurant. The moment we get to the restaurant, she starts acting weird and all of a sudden does not find a single thing on the menu appetizing and complains of a stomach ache, so we leave in a hurry. Arriving back to our suite, there is a card taped to the door with her name on it. So many thoughts are racing through my mind, â€Å"She is planning something special for us, she has a surprise for me, maybe she ordered room service while we were out and it was inside waiting for us.† As quickly as the thought came they left, we entered the room only for her to admit she was just too tired and needed to rest. So I let her, I laid next to her wondering what was going on, what was going on in her mind. It was almost like we were living in two different worlds. As she slept curiosity suddenly came over me, very quietly I got out of bed grabbing her bag which contained the note that was tapped to the door, into the bathroom I went. My eyes could not believe what was written so boldly across the paper â€Å"I HOPE SHE WAS WORTH IT.† I could not resist questioning the matter at hand, I woke her up and she blatantly denied there being any meaning to this card. We argued hard and like ever before, almost like she had forgotten who I was, like I didn’t matter to her. The rest of the night went on and we were both hurt. I used indirect termination strategies to spare my heart anymore hurt. I couldn’t come to terms that this was finally coming to an end. Four years later, I found out I was never her one and only I was simply her girlfriend number two. Being very cautious to every relationship offer that came my way, I turned down so many. I did not care to see another relationship. I was never one to â€Å"get-over† a bad situation, but I knew I had to move on; I couldn’t come to terms with my last break up. Just as soon as I let down my guard, there she was someone who made me feel alive again. She helped me heal every wound in my heart and soul. Until, I started to see some similarities from my past relationship. She was so secretive, there began to be relational violence. I had to wear sunglasses everywhere I went even if I was inside because of the bruises I would have from the nights before when I didn’t do what I was asked in a timely manner. When the questions came from my friends and co-workers I had to lie. My life has never had so much deception I soon began believing in my own lies. I questioned her I didn’t understand why I had become her human punching bag. She was so cold and nonchalant towards me. As the days went by the dresser drawers slowly became empty the closet became empty and there seemed to be less and less of her things at my place. I wanted to know what was happening, was my life slowly slipping away again? So I picked up the phone and attempted to call her, I got no answer. Days went by without me hearing from her. Then I realized our relationship had ended in sudden death. There was no contact between us. The outside world became non-existent to me. I could not cope with the thought of another relationship ending so sudden. My life hasn’t been the same, how do you wake up one day to a world that isn’t your own? Relearning life one day at a time has been tough but I am a fighter this too will make me stronger!

Contemporary Social Structures Essay Example for Free

Contemporary Social Structures Essay Define and explain the concept ‘Contemporary Social structures’ and the role of such structures and the role of such structures in regulating life and beliefs. Structures are both the medium and the outcome of the practices which constitutes social systems- Anthony Giddens (1938) in simpler terms people shape structure, but structure determines what people do. Contemporary Social structures are restraints that affect the lives all members of society. Whether we are aware of it or not, we live in societies that consist of social structures, every society has its own set of social structures such as religion, class, gender and ethnicity. We also have the social structures that interlink such as the educational political social structure as public schools, colleges and universities depend on the government for their funds. social structures are embodied in our everyday actions, thoughts and beliefs as human beings, there are effective in controlling as well as organizing the behaviour of an individual or individuals as the main purpose of a social structure is to maintain a co-operative regime for all members of society, however there are consequences for certain groups in society. Every society has its own set of contemporary social constructions for an example class; gender and ethnicity are all constraints that all societies experience. An example of a social structure is class, a class structure is found in most if not all societies, it is one of the main sources of economic inequality, certain individuals would identify there being to classes in society: the Bourgeoisie who own all the means of production and the Proletariat who are exploited by the Bourgeoisie. As mentioned above Gender is also a constraint when regarding social structures, the term ‘gender roles’ has been commonly used to describe the prescribed roles of a male and female in society. In the past females have struggled to be accepted in to the workforce, even though this has changed dramatically during recent years equal opportunities are not the same for men and women due to the social structures and the way they regulate our life and beliefs, for an example a man is given 6 weeks maternal leave as society believes it is the males role to the ‘breadwinner’ while the female receives a years maternal leave as she is seen as the ‘homemaker’ that stays home taking responsibility for the children and all the homely duties. Although this may not apply to all societies some would describe Ethnicity as playing a part on what we as individuals can achieve in life by affecting our positions in the labour market. A social structure is formed by the distribution of wealth, power and prestige. They consists of beliefs about the world and both compel and regulate our actions, as mentioned previously religion , gender and ethnicity are social structures, they are all created within society itself , each and every group share common attitudes , views, values, social norms, lifestyle and in some cases material goods. Individuals in society stay within the prescribed guidelines of the social structures they were born and socialised into, that refers to being rich or poor, male or female or being young middle aged and old. Class structure determines our life chances and is the basic structure for all modern societies. According to McGregor (1989) class is the main cause of inequality. He explains that different clas s groups begin their lives with unequal opportunities which effects the type of education an individual will receive , the social connections an individual will make and the way that individual will speak ad behave. He also argues that the class that an individual belongs to is determined by various factors such as power, family background, wealth, lifestyle, mannerisms, social interactions, and employment; he also describes class as being separated in to three different groups which are the upper class, middle class and lower class. Abercrombie (2000), states that the upper-class is distinguished from others, by their wealth and power. In contrast to the other classes the upper class only consists of a few people, the individuals included in this group are employers who own large amounts of land and others who are self-employed, have careers as managers or professionals. Wealth is distributed among the wealth in many ways such as inheritance, with wealth individuals are given the opportunity to live the life they will lead. The educational system reinforces many inequalities insuring that those of the highest class have access to better opportunities and better chances of reaching success. Memb ers of the upper class attend private school together. From sharing educational experiences the upper class learn how to interact with each other; form long lasting relationships with each other which gives them an advantage, a series of events are created meaning that when their children go to private school their lives will follow the same path. From these important contacts the upper class make simply by going to school they have formed very powerful contacts who have the potential to enhance their career prospects and greater opportunities of success in which ever career they wish to pursue. In most societies there is a clear division of labour between men and woman and in general women are always in the inferior position. Gender plays a role in the way we are treated by other members of society. We are also taught to behave in certain ways depending on whether we are male or female. Males are typically expected to feel, think and behave in a ‘masculine way’ and females in a ‘feminine’ way. Some examples of this are girls playing with dolls, preparing for when they will be mothers and boys playing with action figures, learning the male traits such as aggression and dominance. In some societies a woman is born into a certain social structure that includes a life of housework, cooking and child rearing. Women are less likely to be offered positions in the labour market in comparison to men and are unable to attain positions of power with a high income such as men do. Women are employment but in some cases will still earn a lower income than the male dominated position. Conclusion: As explained in the essay, social structures are restraints that affect that will affect all members of society. Class is a basic contributing factor of all social structures to the unequal economy and affects the life of all members of society. Those who are at the top of the economy ladder come from wealthy family backgrounds. These people benefit in many ways such as promotional opportunities and job security. Migrants with non-English speaking backgrounds have difficulty in finding quality employment however its far more difficult for the women in this group, As gender is a factor in employment opportunities, women who are from an ethnic group of the minority have the least opportunity in the labour market, the limited education and training, poor health and nutrition, lack of freedom and denied access to resources are all factors that reduce the quality of life and hinder economic efficiency and growth for women, people of diverse ethnic groups and people with poor family backgrounds. Social structures unquestionably have an impact on our lives and depending on the circumstances the impact for some is usually one that is undesirable. Society cannot be blamed for the social structures that it has created, it is a gradual process, it has taken many years to create these constraints and it will take many more to break them down. References /Bibliography Fulcher,C . J.,Scott, 2007, Sociology,3RD ed, Oxford Abercrombie, N., 2000, The Penguin Dictionary of Sociology, 4TH ed, Penguin Books, London McGregor, C., 1989, `Class, in Four Dimensional Social Space, Jatenburg P.DAlton, Harper Row, Sydney Webb,W. Westergaard,H. Trobe.K Steele.L ,2008,AS SOCIOLOGY,2ND ed,Napier Press,Brentwood

Foreign Exchange Risk Exposure on Toyota Motors

Foreign Exchange Risk Exposure on Toyota Motors The globalization phenomenon allows companies to internationally expand their sales and production activities. A consequence of this phenomenon, however, is the existence of foreign exchange rate exposure which can impact the companys profitability, net cash flow and market values. In the past years, several academic researches have been developed in order to explain and analyze how foreign exchange risk exposure fluctuations affect a multinational company or a purely domestic company value, and how this risk is influenced by the companys risk management strategy. Consequently, this dissertation aims to find some knowledge on these subjects for a specific company, Toyota Motor Corporation. By applying the capital market approach and analyzing three different periods, it is possible to conclude that Toyota Motor Corporation, in a crisis situation, was able to protect itself against some of the primary exchange rates fluctuations it is exposed to. Thus, the predictability of higher fluctuations allows the company to apply effective risk management strategies. Considering a ten year period, bilateral exchange rate fluctuations are more significant to the company stock returns than for other periods. However, being an exporting company, its coefficient for exposure is not consistent with the competitive advantage an exporter holds when its company home currency depreciates. It is consistent, however, when the broad currency index is considered. Additionally, the impact of foreign exchange risk fluctuations is small for company stock returns. This can thus indicate that exchange rate fluctuations dont have a significant impact on company stock price returns. INTRODUCTION The globalization phenomenon has allowed the integration of national economies into the international economy, giving them easier access to information, goods and services through trade and foreign direct investment around the world. This process has been encouraging an increasing number of companies to start operating on a global scale, expanding their networks worldwide. In recent years, the number of multinational companies has grown in order to respond to the competitiveness experienced in the domestic market and explore new markets to produce or sell new products and services. Multinational companies, or purely domestic companies with a broad network, are exposed to several risks. An important risk that has a significant impact on the management of a company is the foreign exchange risk, due to the fact that it may affect the companys cash flows, value and performance. Nevertheless, besides the foreign exchange risk, many other risks affect companies, such as the interest rate r isk. Several financial and operating instruments and techniques are being used and developed by multinational companies to handle these risks. However, in order to manage these risks, companies must know exactly what their risks are and how to measure them. With regard to foreign exchange rate exposure, several studies conducted in recent years have presented various risk management approaches in order to understand to what extent its fluctuations affect the companys value and performance. However, there is little consensus among the different studies, which indicates that exchange rates are complex and can affect and be affected by different factors. The most traditional approaches are the cash flow approach and the capital market approach. In this study, the capital market approach is used to assess, through quantitative methods, to what extent foreign exchange rate fluctuations affect the companys value. It is important to note that several studies using quantitative methods found no statistical significance when trying to understand the impacts of foreign exchange fluctuations on the companys value. Thus, an explanation given for this fact was that the company was able to protect itself against foreign exchange rate fluctuations by means of hedging instruments and techniques. The main purpose of this study is to analyze the foreign exchange risk exposure of a multinational company using the capital market approach, and also to what extent the various assumptions underlying this approach produce different results. The choice of the multinational company was based on the following requirements: it had to be a public company operating in a competitive industry and could not be the subject of any other study in the same area. Accordingly, the Toyota Motor Corporation was chosen. Its main plants are located in Japan; it operates in the Automotive Industry and was the worlds largest manufacturer in 2009. Furthermore, 61.4% of total sales to external costumers are overseas, which indicates that the company is likely to face considerable impacts from foreign exchange risk exposure. In order to achieve the main purpose of this study, Toyotas foreign operations are analyzed in a first phase to understand to what extent the company is internationalized. Moreover, this initial analysis also envisages the foreign exchange rate fluctuations against the companys stock price returns and their direct impact on its report accounts, as well as the hedging instruments used to handle the foreign exchange risk. In a second phase, the capital market approach is used to suggest that foreign exchange risk exposure could be measured as the sensitivity of stock price returns to exchange rate movements. This approach requires the implementation of statistical regressions. For this purpose, market, stock price and foreign exchange rate data were collected from 1999 to 2009. Considering the studies developed by different authors, regressions involve several hypotheses for the exchange rate variables, such as a Nominal Broad Index that is like a basket of currencies and several bilateral exchange rates, in order to understand which variables affect stock price returns. In this second phase, the quantitative method is applied to three different periods in order to compare how the company handles the foreign exchange risk. As this dissertation takes into account the investors point of view, it can help to understand how investors determine and quantify the exposure of their portfolio to the foreign ex change risk. Moreover, this approach allows comparing the companys exposure to foreign exchange rate fluctuations with that of competitors in order to understand the effectiveness of the hedging activities. To complement this study, this dissertation is organized under the following sections: The first section is a thorough review of the literature on this subject. It explains why it is important that companies know how to handle the foreign exchange risk and presents the findings of past research. In the second section, the traditional categories of foreign exchange risk exposure are described, the effects of hedging the foreign exchange risks are shown and the most used analysis methods are discussed. The third section provides an overview of Toyota and an analysis of its foreign operations. The main purpose of this section is to support the interpretations that emerge from the regression results and this information is used as the basis for selecting the variables for the regression model. In the fourth section, relevant analyses are provided about the variables that may be a source of risk for Toyota and which were chosen for the regression model. In addition to this, it presents the hedging programs undertaken, the designated and undesignated financial instruments used and the reasons why the company does not need to have financial instruments to hedge translation and economic exposure. The fifth section describes the methodology used. The reasoning, as well as the issues of each variable included in the model, is expressed in this section. It also presents the study time periods and data sources. In addition to this, it provides an analysis of the descriptive statistics for the data and different periods used in the model. The sixth section contains the regression results and provides an analysis and explanation of the findings. It also presents the limitations of the software used for the regressions and a brief analysis of the foreign exchange risk exposure of Honda and Nissan Motor Corporation. The seventh and last section summarizes the main conclusions of this study and presents some suggestions for further research. LITERATURE REVIEW The goal of creating a global business has, in the past years, been the fundamental reason behind the growth of multinational companies. Such an example is the registered growth in Japanese companies exports. In 2000 and 2009, exports from Japanese companies amounted to 0.8%  [1]  and 10.8%1 of the GDP, respectively. An annual growth of 32.9% in foreign activity, for a nine year period, is one of many advantages that companies can obtain by opening themselves in many ways. Other advantages include the opportunity to diversify labor force, to enter new markets and sell more, to reduce transport costs and to benefit from economies of scale. This, however, also creates new problems, challenges and demands. A multinational company is either a company with operating subsidiaries, branches or affiliates in more than one country, or a purely domestic company engaged in international activities (imports and exports). Some of the new problems and challenges these companies face include an increased exposure to foreign risks, such as exchange rates, interest rates and commodity prices [Miller, 1998]. Moreover, the risks associated to exchange rates appear do to the contact with new currencies  [2]  . Exchange rates constitute one of the most important macroeconomic risks, which can potentially impact, positively or negatively, the companies profitability, cash-flows and market value, due to exchange rate fluctuations. Consequently, in order to handle exchange risk exposure, companies can adopt several hedging tools. In the past decades, thanks to the increasing number of international trade activities and multinational enterprises, as well as the large currency fluctuations registered, the volume of research that tries to measure and analyze the impact of exchange rate fluctuations in multinational companies and their vulnerability to it has grown. However, produced results/conclusions have a mixed nature due to the complexity of this subject. The main goal in this section is to understand, through previous researches, what types of companies are most affected by exchange risk exposure, the importance of hedging, several types of foreign exchange risk exposure, types of hedging activities depending on the foreign exchange risk exposure the company is facing and traditional approaches to measure exchange risk exposure. Exchange Risk Exposure of Multinational Companies vs. Domestic Companies Thanks to the phenomenon of globalization, as well as the increase in companies foreign activities, several researches have been developed in order to give some input on what type of companies show a higher exchange risk exposure: multinational or domestic companies. The results of previous empirical studies suggest that only certain industries and/or companies are exposed to foreign exchange risk  [5]  . In the other hand, even a purely domestic company with importing or exporting activities is impacted by fluctuations in exchange rates. This idea is connected with competitive advantage; for instance, the products an exporting company sells abroad can still affect the companys value due to the effect of exchange rate fluctuations in competitors, suppliers and in customers demands. Muller and Verschoor (2006) concluded in their study that a companys size is also an indicator of its foreign exposure. They found that a companys lower dividend payout ratio results in a stronger short-term liquidity position and, consequently, a smaller hedging motivation and a higher exchange risk exposure. Other authors however, such as Choi and Jiang (2009), defend that multinationality is important for a companys exchange exposure, but not in the popular notion that was mentioned. Some authors found evidences that foreign exchange risk exposure is actually higher and more significant in absolute magnitude for domestic companies, when compared to multinational companies. The existing explanation for this finding is the fact that multinational enterprises are more capable to effectively and easily use financial hedging and operational hedging in order to reduce their position against foreign exchange risk, and also to increase their stock returns. Additionally, these companies are more aware of foreign exchange risks. Dominguez and Tesar (2006) agree with this finding and they also found that small companies, rather than large and medium-sized companies, show a higher exposure due to the same reasons. As a result, companies that dont engage directly in international business but compet e against foreign companies can be affected by exchange rate fluctuations [Dominguez, Tesar, 2006]. Dominguez and Tesar (2006) also found that the industry level may influence exposure. They suggest that exposure increases in highly competitive industries. In more competitive industries, however, an almost perfect pass-through can be expected since they are more aware of their vulnerability and are consequently better motivated to hedge foreign exchange risks, when compared with less competitive industries  [6]  . Regarding purely domestic companies, Pritamani, Some and Singal (2005) found that importing companies are more affected by fluctuations in exchange rates than exporting companies. Therefore, companies with importing activities should have more reasons to hedge exchange risk exposure. The Importance of Hedging Exchange Risk Exposure Hedging means taking a position when acquiring a cash-flow, an asset or a contract in order to protect the owner from losses and to eliminate any gain in the position hedged. Several researches indicate that currency risk management is very important to manage earnings and unexpected losses. Consequently, this should be done in order to reduce any impacts on the stockholders equity and to prevent value declines for the equity holder due to cash flow changes and unfavorable exchange rate fluctuations, respectively. Hedging currency exposure can therefore reduce some of the expected fluctuations in future cash flows and increase their predictability [Smith and Stulz, 1985]. It is believed that foreign exchange rate fluctuations impact financial decision-making in production, marketing, planning and strategy [Moffett and Karlsen, 1994]. It is therefore necessary to make contingent investments or develop long-term strategic plans and management perspectives in order to understand the volatility of foreign exchange. Companies can implement hedging tools based on policies that define when and how to hedge against foreign exchange risks. Hedging tools are not static mechanisms, companies are able to dynamically adjust their behavior in response to foreign exchange risks; for instance, a company can decide to hedge only part of their foreign transactions. To undertake these policies, the company needs to determine its risk tolerance and needs to understand the direction that the currency to which it is exposed is likely to take. A value maximization corporation that hedges its exposure to exchange risks can reduce the costs connected to financial distresses and taxes, as well as agency problems existing between shareholders and bondholders [Martin and Mauer, 2005]  [7]  . A possible reduction of financial distress costs allows investors to require lower risk premiums. Consequently, the company value increases [Smith and Stulz, 1985]. Therefore, as mentioned by Smith and Stulz (1985), hedging is part of the overall corporate financing policy. Moreover, Dumas and Solnik (1995) concluded that part of the return rate of an assets price is influenced by the foreign exchange risk premium. Thus, when a company implements risk management activities that decrease its foreign exchange risk exposure, the cost of capital is reduced. Some authors sustain that exposure management may not reduce total risk. Copeland and Joshi (1996) argued that anticipating hedging strategies is difficult given that so many other economic factors change when foreign exchange rates fluctuate. This is confirmed by Moffett and Karlsen (1994), who argue that the uncertain nature of future cash-flows hinders the implementation of long-term strategic plans and better investment decisions. It is also argued that risks connected to an inefficient hedging activity can increase exposure [Hagelin and Pramborg, 2004]. Additionally, currency risk management usually consumes some of the companys resources, consequently lowering its expected cash-flow [Eitman, Stonehil and Moffett, 2010]. Therefore, companies need to know whether their hedging strategies are successful or not, and if they are relevant to shareholders [Hagelin and Pramborg, 2004]. Findings regarding the Vulnerability of Multinational Companies to Foreign Exchange Risk Exposure Hedging tools that handle exposure to foreign exchange risks are not simple and they dont hold only a few complexities, since the companys exchange risk exposure correlates with its size, multinational status, foreign sales, international assets and competitiveness and trade at the industry [Dominguez, Tesar, 2006]. Adler and Dumas (1984) suggested that a companys foreign exchange risk exposure can be measured by the stock prices sensitivity to unexpected foreign exchange rate fluctuations. On the other hand, it could also be measured as the companys cash flows sensitivity to foreign exchange rate fluctuations. Considering that the main goal of this dissertation is to analyze economic exposure, it is important to note that several authors have developed researches that try to measure and analyze unexpected impacts of exchange rate fluctuations on companies performances, portfolios and Industries. Nevertheless, these researches have produced mixed empirical results. Jorion (1990) found that only 15 of 287 US multinational companies were statistically significant concerning the impacts of exchange rate fluctuations in companies stock returns. Additionally, the author detected that higher company foreign operations reflected higher exposure to exchange risks. Nevertheless, Bartov and Bodnar (1994) found that 208 of the companies with foreign operations that composed their sample were not statistically significant to the effect of US exchange rate fluctuations on companies stock price returns. Additionally, other researchers have reached mixed conclusions using different methodologies, samples and alternatives for the main variables. The inconsistency in these results, therefore, doesnt allow a sustainable conclusion on this subject. Recent studies, however, found evidences that exchange rate fluctuations do have an impact in companies performances. Such an example is the research developed by Dominguez and Teaser (2006), who found exposure to be statistically significant due to the effect of exchange rate movements on stock returns at Industry and country level. Some explanations have been pointed out by several authors for these mixed results. The registered contradiction can be explained by limitations concerning data, variables and methodologies used. Different researches develop different alternatives in order to determine foreign exchange risk factors and company values, which include different samples, the use of companies with less opened economies (USA) or more opened economies and different periods; all of these affect research. Bartram (2008) also explains that the use of stock returns to measure company value reflects the hedging position of companies, and the analysis is thus considering a lower level of risk exposure. Crabb (2002) also suggests that these mixed results can reflect different financial hedging strategies on data or simply reflect noisy data. Additionally, Bartram and Bodnar (2007) found that operational hedging activities help companies reduce their exposure and, consequently, have no statistical significance over the impact of foreign exchange rate fluctuations on companies returns. Therefore, as suggested by Crabb (2002), a statistically non significant exposure to exchange rates can result from an efficient hedging strategy set in place by the company. Types of Foreign Exchange Risk Exposure The hedging decision depends essentially on the level of risk exposure, its magnitude and the magnitude of hedging that companies deem necessary. Companies should essentially hedge activities that put them in a position with a high level of uncertainty, i.e., risk exposure in the strategy field (competitive, input supply, market demand and technological risk) and fields of interest to finance and international business scholars (foreign exchange risk), [Miller, 1998]. Before initiating the hedging process, the company has to decide what exchange risk exposure to hedge and how. There are three traditional foreign exchange rate exposure categories  [8]  that impact companies and that have a specific managing method: the transaction exposure, the operating exposure and the translation exposure. Generally, these exchange risk exposures can be hedged through the use of derivatives and financial instruments, such as commodities, futures and forward contracts, options and swaps [Miller, 1998]. The main goal of this dissertation is to measure and to analyze how unexpected foreign exchange rate fluctuations affect a multinational company. Notwithstanding it is also important to understand how the other two types of exposure impact companies and the types of hedging mechanisms available to handle exposure, in order to reach a deeper analysis and optimal conclusions. Economic Exposure Economic exposure, also known as operating exposure, is an unexpected change in exchange rates that affects the present value of the company by changing future operating cash flows, arising from inter-company and intra-company activities [Eitman, Stonehil and Moffett, 2010]. The unexpected exchange rate fluctuations affect the expected future operating cash-flows changing the volume, price and/or costs of future sales [Moffett and Karlsen, 1994]. Economic exposure approaches the impact of long-term currency exposure and analyzes the health of a companys business in the long run. The changes registered in the expected future cash flows depend of the change in the position the company holds in international competition  [10]  . Managing economic exposure involves all aspects of a company. Before establishing hedging policies, a company needs to measure its economic exposure. In order to do that a company should invest some resources in assessing its exposure, i.e., identifying the set of environmental contingencies affecting and relevant to the creation of shareholder value [Miller, 1998]. This identification allows the assessment of alternative environmental scenarios and consequent adoption of improved strategic decisions by the company. This is the reason why identifying and measuring economic exposure can be complex and difficult, bearing in mind that environmental contingencies vary across industries and across companies within those industries. Moreover, some authors mention economic exposure as being subjective, since it is based in estimates of future cash flows. Hedging Strategies The main goal of economic exposure management is to anticipate and influence unexpected and unpredictable effects in exchange rates. This can be accomplished if a company diversifies and changes its international operating and/or financing policies. This diversity allows the company to react in an active or passive way. The company can diversify operations through sales, location of production facilities and raw material sources or inputs [Eitman, Stonehil and Moffett, 2010]. A company can expand its sales through subsidiaries distributed across different countries, bringing its products or services to new markets and taking advantage of economies of scale, being also capable of diversifying its exposure to foreign exchange risks. Flexible management policies allowing a faster sourcing of raw materials and components can easily mitigate this exposure if this adaptation considers the impact of exchange rate fluctuations in the company costs and revenues. Additionally, RD can also mitigate this exposure, allowing the cutting back of costs and enhancing productivity as well as product differentiation. Choi (1989)  [11]  pointed out that international investment is one of the major instruments in managing economic exposure. In the same line, Miller and Reuer (1998) developed a study that showed this exposure is considerably reduced with a higher and direct foreign investment by the company (foreign market entry mode). Additionally, Smith and Stulz (1985) found that mergers achieve results that are similar to hedging results. Consequently, a company may wish to diversify the location of its production facilities internationally in order to mitigate the effect of exchange rate movements. This mitigation is possible because the company measures its cash flows in different currencies. Thus, exchange rate fluctuations in all currencies the company is exposed to can be naturally offset as can, consequently, the gains or losses while the company still reacts competitively. Diversification in financing is achieved by raising funds in more than one capital market and in more than one currency  [12]  . This method allows the company to reduce future cash-flow variability, to increase capital availability and to reduce costs, as well several risks, such as political risks. Allayannis et. al. (2001) observed that companies with geographical dispersion are more likely to use financial hedging strategies to lower their foreign exchange risk exposure. Accordingly, the use of exclusively operational hedging does not increase the companys value. However, if companies combine operational and financial hedging they will improve their value and, consequently, reduce exposure to foreign exchange risks. Companies can also adopt proactive policies (including operating and financing policies) to offset anticipated foreign exchange risk exposures. These policies allow a partial management of this exposure. The most generally employed are  [13]  : matching currency cash flows, risk-sharing agreements, back-to-back loans, currency swaps, leads and lags and reinvoicing centers. [Eitman, Stonehil and Moffett (2010)]. Transaction Exposure Transaction exposure measures gains or losses resulting from unexpected changes in future cash flows already contracted in a currency-denominated transaction [Martin and Mauer, 2005]. The uncertainty stems from the impact of exchange rate changes on the consolidated financial reports [Friberg and Ganslandt, 2007] and the fact that it is not anticipated in any line item of a financial statement [Eitman, Stonehil and Moffett, 2010]. Thus, the uncertainty can be the specific quantity of foreign currency or the timing of cash-flow [Moffet and Karlsen, 1994]. Transaction exposure approaches foreign exchange risk exposure in the short-term. It is therefore easier to identify and to measure, allowing a greater effectiveness of hedging strategies to be expected. Hedging Strategies The exposure to foreign exchange transactions can be hedged by contractual, natural, operating and financial hedges. The company, however, needs to determine its own risk tolerance and its expectations concerning the direction the exchange rates will assume. Contractual techniques include hedges in forward  [17]  , policies that imply proportional hedging. A natural hedge is basically an unhedged position where the transaction is left uncovered. Crabb (2004) suggests that this is not a very good hedge because it doesnt control variation over time and, consequently, companies cannot perfectly hedge their exchange rate exposure. An operating hedge means that the company will simply create an off-setting operating cash-flow (account payables, for instance). This hedge can also be implemented through several techniques, such as invoice currency, leads and lags in payment terms and exposure netting [Eun and Resnick, 2004]. Hedging through invoice currency allows the company to shift its foreign exchange risk exposure, invoicing foreign sales in home currency, or share foreign exchange risk exposure  [18]  , pro-rating the invoice currency between foreign and home currencies. Additionally, a company can also diversify its exposure to foreign exchange risks by invoicing sales in a market basket index [Eun and Resnick, 2004]. By hedging with leads and lags companies can accelerate or decelerate the timing of payments (receipts) made (received) in foreign currencies. This hedging strategy is efficient if a currency is expected to appreciate or depreciate against another [Eun and Resnick, 2004]. Finally, the technique of exposure netting suggests that a multinational company should not consider its deals in isolation, focusing rather on hedging the company in a portfolio of currency positions. This means that companies should consider overall payments (receipts) that must be done (received) after taking in account the opposite operations that naturally hedge each other. To use this technique some companies have re-invoicing centers, separate corporate subsidiaries that serve the parent or related unit in one location and all foreign subsidiaries. The reinvoicing center receives the invoice between the subsidiaries, taking legal title of the good that manufacturing plants sells to distribution subsidiaries of the same company, managing all foreign exchange transaction exposure for intracompany sales [Eun and Resnick, 2004]. Additionally, the reinvoicing centers can guarantee the exchange rate for future orders  and also manage intra-subsidiary cash flows [Eitman, Stone hil and Moffett (2010)]. Financial hedging refers to the creation of an off-setting financial cash flow by either borrowing or lending in the currency the company is exposed to. The company can use some type of proactive policies such as back-to-back loans and currency swaps. A back-to-back loan occurs when two companies in different countries coordinate themselves to borrow each others currency for a specific period of time. They then return the borrowed currencies at an agreed terminal date. By hedging via currency swap, the company and a swap dealer agree to exchange an equivalent amount in two different currencies (for instance, a company enters a swap paying yens and receiving dollars) for a specified period of time. The swap dealer assumes the role of a middleman. A matching currency cash flow proactive policy can act like a financial hedge or an operational hedge. The first alternative to offset a long-anticipated and continuous exposure to a particular currency (i.e., the Japanese Yen) is to acquire debt in that currency (in Yens). Suppose the following exposure: A US Corporation exports goods to a Japanese corporation. The inflow of the Japanese Yen creates a foreign currency exposure. An hedging technique requires that the debt payments in Japanese Yens, which consist of the principal and the interests paid by the US Corporation

The Powerful Message of It’s a Wonderful Life Essay -- Film, Movies

The Powerful Message of It’s a Wonderful Life It’s a Wonderful Life begins in the â€Å"party economy† of the 1920’s, during the rise of capitalism in America. The growth of economy and rapid technological advances during this post-war period lead to improvements in production and telecommunication, increasing the importance of financial markets. Allowing companies to make money by the sale of shares, financial markets opened ownership of companies to the public. In the 1920’s, when business was booming and many people were making money in the market, the public became very excited about the get-rich-quick opportunities they saw in a market they didn’t necessarily understand. When the ignorant public began throwing their money into the stock market on the unstable basis of margin buying, money in the market became inflated until the market eventually imploded. Numerous people, businesses and banks were financially ruined in the stock market crashes of 1929. Speculating heavily with their deposi ts, many banks were totally wiped out during the crash of 1929, which created a run on the banking system. The crashes, along with other social, political and economic disasters, provoked the Great Depression. The Great Depression is the backdrop for It’s a Wonderful Life, and although the film does not delve deeply into the economics of the depression, it influences and affects every aspect of the movie. The first major impact the depression has on Bedford Falls is the run on the bank. Everyone in town is in a panic because of the market crash, and fearful that they may lose all of their money in the Savings and Loan, the public rushes to the bank in an attempt to retrieve it. Fortunately, the Savings and Loan was not financially ruined i... ... the quality of life change with George’s existence. Nick lives in Potter’s field and works as a bartender in Pottersville. He is a mean and cynical old man. In Bedford Falls, Nick had lived in Bailey Estates and had owned the bar with help from the Savings and Loan. He was a caring family man. The importance of balance of powers within a single community is evident when examining the two scenarios. George Bailey fights on the side of the people in Bedford Falls. He sacrifices himself and his future a number of times in order to raise the standard of living. Keeping the Bailey Savings and Loan in business saves the town from Potter’s monopoly and the subsequent transformation of Bedford Falls. It’s a Wonderful Life is not only a story about one man’s impact on the lives of others, but also a glimpse of how a town can transform under different economic scenarios.

Causes and Effects of the Civil War Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Did you know America’s bloodiest battle fought on their own soil was the Civil War? The Civil War was fought on American soil between the northern states and the southern states. Many causes provoked the war, which would affect the nation for decades to come. Slavery, the Missouri Compromise, and John Brown’s attack on Harpers Ferry, Virginia, were some of the many causes. In turn hundreds of thousands of soldiers died, the South’s economy was devastated, and the northern ideals flourished.   Ã‚  Ã‚  Ã‚  Ã‚  In the later 1700’s to 1863, slavery was an intricate part of the South. Slaves were needed for plantation work like planting, caring for, and harvesting crops to maintaining the land. After Eli Whitney invented the cotton gin, more slaves were needed to keep up with the increased cotton production. In the South their belief was African-Americans were property. On the other hand, the North’s economy was based on industry and manufacturing powered by European immigrants. They believed slavery was wrong and inhumane and African-Americans are just as human as everybody else. These two different views are one of the major reasons that led to the Civil War.   Ã‚  Ã‚  Ã‚  Ã‚  Americans in the early nation agreed that slavery was legal south of the Ohio River and illegal north of the Ohio River. However, in 1819 the issue came up should Missouri be admitted to the union as a slave state or a non-slave state since Missouri ...

a russian way :: Free Essay Writer

In 1890 there was the Triple Alliance which was an agreement among Germany, Austria-Hungary and Italy to help each other under certain circumstances. The Germans also had a secret Re-Insurance Treaty with Russia to ensure that they never had to fight a war on two fronts. Neither France nor Britain were members of these agreements. In 1893 the Germans refused to renew the Re-Insurance Treaty with Russia, preferring closer links with Austria-Hungary. In 1894 Russia and France came together in an alliance backed up by financial, industrial and military help. Germany now found herself surrounded by potential enemies and having to face the real possibility of fighting a war on two fronts. Faced with this threat the German General Staff began to plan for a war against both France and Russia and this eventually became the Schlieffen Plan with its emphasis on speed and the need to invade neutral Belgium. France and Germany were bitter enemies because of France's defeat in the war of 1870-71 and the resulting loss of Alsace and Lorraine to Germany. Their bitterness was worsened by the actual defeat of 1870, the Siege of Paris and the German march down the Champs Elysee. Britain was isolated in 1890. She had no allies or even friends on the continent. She had quarrelled with France over colonies in Africa and with Russia over a possible Russian threat to Persia and India. The Boer War of 1899-1902 showed how dangerous it was for Britain to have to friends on the continent. The Germans refused to sign an agreement with Britain and so Britain settled her differences with France in the Entente Cordiale of 1904 This agreement was not an alliance but simply an agreement not to quarrel any more about colonies in Africa and North America but growing tension with Germany especially after two crises in Morocco in 1905 and 1911 led to a secret military agreement in 1909 and a secret military agreement in 1912. These agreements which were only known to very few senior members of the government committed Britain to sending an army to France (BEF) in the event of war with Germany and after 1912 the Royal Navy agreed to defend Calais and the other French Channel ports from a German attack. In 1906 the new British super battleship, HMS Dreadnought, was launched. This had more and bigger guns than any other ship in the world and it was faster and better armoured as well.