What Is So Fascinating About Expository Essay Samples High School?

What Is So Fascinating About Expository Essay Samples High School? The Do's and Don'ts of Expository Essay Samples High School There are indeed several samples that could be found on the internet or in the school libraries to aid a student write a fantastic essay. Read assignment before you begin to work on your upcoming paper, and attempt to mark all critical moments your teacher would like to see in your essay. As a consequence, their papers are unstructured and frequently pointless. To spur imaginative thinking, taking a look at the present expository essay example can help you formulate greater ideas which are reflected in your piece. There's always something to say about any topic, you merely will need to read papers of different folks to comprehend what you need to write about in your paper. If you wish to find out more about writing different varieties of essays, check out other posts on our blog which is going to teach you the way to compose academic papers successful ly. If you're going to compose an expository essay, be ready to devote much time hitting books. Choosing Good Expository Essay Samples High School While an expository essay ought to be clear and concise, it may also be lively and engaging. Though it should be clear and brief, it can also be vivid and attractive. It allows you to explore your ideas, as long as you can produce them in a logical way. An amazing expository essay provides a comprehensive explanation to the reader. Another important point to remember about expository essay is that you're the essential figure in your essay. Determine the kind of expository essay you are going to be writing. There are several methods about how to compose an expository essay. Often, the expository essay you write will be contingent upon an essay prompt that is given to you. There are lots of expository essay topics to pick from. Your research may have given you with a dozen or more areas to cover on your favorite topic, but you're not likely to have the ability to write about them all in a normal 500-word essay. The significance of fantastic research before writing exposes one's enthusiasm and interest in this issue. In addition, there are times when you really feel like you don't need to write anything. In this kind of essay, you should describe something without being metaphoric. The very first step is understanding what kind of expository essay you're likely to write. If you are prepared to learn what an expository essay is and the way to write it with no stress, you're in a proper location! Given the simple fact that expository essay isn't simple to write, as they say, a stitch in time will save nine. An expository essay, thus, is a part of prose that is well organized to provide an explanation on ideas and assorted topics to a particular kind of audiences. Simply put, it explores all angles of a particular topic in an effort to teach the audience something that they might not know. Bear in mind a strong thesis statement causes a thriving essay. Your thesis has to be clear and unambiguous. In the event the thesis statement is good, the remainder of the essay isn't difficult to compose. Thus, it's always recommended to decide on an appealing subject, together with a crystal clear and concise thesis statement for an expository essay. If you already understand how to compose a narrative essay, you also be aware that the introduction is the very first and most critical portion of any written assignment. From that point, you're prepared to draft your thesis and introduction. The introduction should include your primary notion, which is known as a thesis statement. Your introduction should also contain the thesis statement. If You Read Nothing Else Today, Read This Report on Expository Essay Samples High School The important part of an expository essay is the fact that it is exploratory in nature. The essay needs to be written so it is addressed to a particular circle of persons. Each expository essay is designed to recreate in the imagination of the reader a particular image.

The Piano A Instrument Of The Instrument - 1426 Words

The cello is truly a spectacular instrument to have survived for hundreds of years and to be steadily gaining popularity in the 21st century. The cello is an exceptionally remarkable and charming instrument, and it possesses a long history, as do its players and composers. The cello is a crucial component of orchestras, string ensembles, and various other performing groups, while still maintaining its position as a powerful solo instrument. Its grand, majestic, commanding tones make the cello one of the most elegant instruments to play and perform, and that is why it hold a position as one of the world’s most liked instruments. Though there are many things that I could go on and on about the cello as I write this paper, I will conduct my attention of a few subjects including; The maker of the instrument, The building of the cello, famous cellist and composers including people such as; Wolfgang Amadeus Mozart, Ludwig Von Beethoven, Francesco Alborea , and finally Yo-yo ma. Eac h of these people are incredible cellist who have have mastered this hard instrument, but some have adapted into making it into making marvelous pieces. The cello was invented in sixteenth century Italy, a few years after the violin and viola were invented. The earliest record of its existence is a fresco dated 1535-1536 by Gaudenzio Fenali in Saronno, Italy. The fresco, which also includes the violin and viola, depicts a beautiful angel playing the cello. During the fresco period, cellos were not thatShow MoreRelatedThe History of the Piano Essay1720 Words   |  7 PagesThe piano, created by Bartolomeo Christofori in 1709, has impacted our society by becoming a popular instrument and a popular medium for musicians to create musical masterpieces. Also called the pianoforte, the piano is one of the most beautiful sounding instruments that can range in sound from as low as a gust of wind, to as high as the shrill sound of a bird. 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There is an interesting science behind the piano and it can help us in many ways physically and mentally. But before we get into the science and benefits of the piano, we first must go back in time to the making of this instrument. The history of the piano begins in PaduaRead MoreEssay on The Power of the Piano1448 Words   |  6 Pagessounds when played correctly that can bring tears to one’s eyes, touch your heart and soul, bring hope, or even joy and laughter to an event. All of this power†¦ lies in the piano. The piano from its creation to this very second had transformed the world of music no matter what class, talent, and ability. To start off, the word piano is derived from the Italian word â€Å"pianoforte† which means, â€Å"quiet† and â€Å"loud† respectively (â€Å"Pianonet.com†). These words relate to how a pianist can make sounds at bothRead MoreBOOK 1: THE PIANO HANDBOOK In this book McCombie explains how Bartolomeo Cristofori changed a Harpsichord in to a piano1349 Words   |  6 Pages BOOK 1: THE PIANO HANDBOOK In this book McCombie explains how Bartolomeo Cristofori changed a Harpsichord in to a piano over three hundred years ago. McCombie goes on describing how when Cristofori was angry and frustrated he banged on the keys of the Harpsichord. Cristofori found that they didn’t respond with satisfactory crashing chords. By the year 1700 Cristofori changed the Harpsichord so that he could use two strings for each note and a set of leather coveredRead MoreThe History of the Modern Piano1200 Words   |  5 PagesThe History of the Modern Piano Pianos have been around for about three millenniums, and have been redesigned hundreds- if not thousands of times! What has kept this instrument, this form of expressing deep feeling, so entwined with its owner and all those who hear it? The piano has been around for such a lengthy period of time that it is described to have an epoch, or an age, which represents its climb into fame and ends just before the current ‘depression’ it’s going through. This is known asRead MoreThe Physics of Piano1027 Words   |  4 PagesOne of the most common musical instruments in many homes is the piano; and most people have the opportunity for even a few lessons in their youth. However, despite the simplicity of its lines and keys (88 keys), 2-3 pedals on the modern piano, and either upright (vertical) or grand style (horizontal), the physics of the piano are both interesting and complex. The modern piano is a descendent of the harpsichord, which used a plucking technique much like that of plucking the strings of a harp orRead MoreMusic: Historical Eras, Styles, and Compositions1879 Words   |  7 Pagesmusicians: one on piano and the other on viola. Four pieces were included in this concert. They varied significantly in terms of their historical era, their style, their composition, and the overall feel. The first piece was by Ludwig van Beethoven. It was Beethovens 7 Variations on Bei Mì ±â€žnnern, welche Liebe fì ² ´hlen, which is For Men Who Feel Love from Mozarts The Magic Flute. The second piece was a Sonata in G-minor Op.19, which was written originally for cello and piano. It was by SergeiRead MoreWalkin and Swinging: A Jazz Piece Written by Mary Lou Williams and Performed by Andy Kirk744 Words   |  3 Pagesafter the transitions between different instruments, from the saxophone and brass to the piano (seen from 2:16 to about 2:24). The song overall has a light tone, and has many instruments that contribute, including two alto saxophones, one tenor saxophone, three trumpets, two trombones, a guitar, a piano, a bass, and drums, as observed from the written sheet music. The piece is different from others in multiple ways, perhaps the most noticeable being the piano solo played by Mary Lou Williams, the multipleRead MoreBass Guitar Essay1121 Words   |  5 PagesIt is no simple task to learn to play an instrument. Innumerous hours must be spent playing and practicing your instrument to become suitably proficient. However, not everyone wants to invest the time (and money) to learn an instrument. If you don’t play an instrument, fear not, for there is hope still. Here are the three instruments, that, in my opinion, are the easiest to pick up and play with little or no instruction. (Be warned, however, as there is a massive difference between playing a little

Monopolitic Competition in Hair Salon Industry free essay sample

The model of monopolistic competition describes a common market structure in which firms have many competitors, but each one sells a slightly different product. If there was no differentiation, the competition would turn into perfect competition. In effect, monopolistic competition is something of a hybrid between perfect competition and monopoly. Comparable to perfect competition, monopolistic competition contains a large number of extremely competitive firms. However, comparable to monopoly, each firm has market control and faces a negatively-sloped demand curve. Monopolistic competition as a market structure was first identified in the 1930s by American economist Edward Chamberlin, and English economist Joan Robinson. In Pakistan, most small businesses operate under conditions of monopolistic competition, including independently owned and operated high-street stores and hair dressers and even restaurants. In the case of restaurants, each one offers something different and possesses an element of uniqueness, but all are essentially competing for the same customers, thus the high level of competition prevails. In this report, Hair dressing salons are being taken as an example. Characteristics of a firm facing monopolistic competition. Monopolistically competitive markets exhibit the following characteristics: 1. Each firm makes independent decisions about price and output, based on its product, its market, and its costs of production: The various hair dressing salons in the city have different prices as there are different costs (fixed and variable – Rent, staff, hair care products) in different salons. Moreover, each hair dresser tries to differentiate its product based on branding. 2. Knowledge is widely spread between participants, but it is unlikely to be perfect: For example, customers can review all the services available from hair dressers in the city, before they make their choice. Once at the venue, they can gain knowledge about the services again. However, they cannot fully understand the services until after they have experienced it. 3. The entrepreneur has a more significant role than in firms that are perfectly competitive because of the increased risks associated with decision making. The salon has to be careful about their pricing as the customer base for all the hairdressers is essentially the same. A pricing or promotional move by the competition might encourage the existing firm’s clients to move to the other hairdresser. 4. There is freedom to enter or leave the market, as there are no major barriers to entry or exit. There is nothing stopping people from opening more hair salons, as there are no governmental regulations that discourage it and people are always looking out for something new and improved in this industry. 5. A central feature of monopolistic competition is that products are differentiated. There are four main types of differentiation: 1. Physical product differentiation, where firms use size, design, colour, shape, performance, and features to make their products different. For example, consumer electronics can easily be physically differentiated. 2. Marketing differentiation, where firms try to differentiate their product by distinctive packaging and other promotional techniques. For example, breakfast cereals can easily be differentiated through packaging. 3. Human capital differentiation, where the firm creates differences through the skill of its employees, the level of training received, distinctive uniforms, and so on. 4. Differentiation through distribution, including distribution via mail order or through internet shopping, such as Amazon. om, which differentiates itself from traditional bookstores by selling online. In hair dressing salons, Human capital differentiation takes place. For instance, the staff from Depilex sends their employees for trainings abroad, thereby enhancing their skillset and differentiating their services. Nabilas uses promotions and celebrity endorsements to differentiate theirs. 6. Firms are price makers and are faced with a downward sloping demand curve. Because each salon gives a unique, differentiated service, it can charge a higher or lower price than its rivals. The salon can set its own price and does not have to ‘take it from the industry as a whole, though the industry price may be a guideline, or becomes a constraint. This also means that the demand curve will slope downwards. 7. Firms operating under monopolistic competition usually have to engage in advertising. Hair salons are often in fierce competition with other salons offering a similar product or service, and may need to advertise on a local basis, to let customers know their differences. Common methods of advertising for these firms are through local press and radio, local cinema, posters, leaflets and special promotions. There are various billboards all over the city promoting hair salons in Islamabad. 9. Monopolistically competitive firms are assumed to be profit maximizers: Hair salons tend to be small in size and scale. With entrepreneurs actively involved in managing the business and usually being present themselves to ensure their business is working satisfactorily. 10. There are usually a large numbers of independent firms competing in the market. As previously mentioned, there are no big barriers to entry. And since people want premium hair dressing services, more and more hair dressing salons are opening in the twin cities.

Journalism/Media/Television Essays - Television, Series, CBS News

Journalism/Media/Television Journalism/Media/Television 27 Influential Years of 60 Minutes 27 Years of Influential 60 Minutes Since 1968 America has been better enlightened than previously concerning current events and happenings around the world. A considerable factor for this occurrence is the television program 60 Minutes which debuted on the air in September of 1968. Many other television newsmagazines have been produced since its creation, however none have possessed the longevity nor the influence of 60 Minutes. In fact, 60 Minutes, which is owned by CBS News, was the first regular network news program to cover actual stories as opposed to topics. Today, similar newsmagazines can be seen every night of the week on various stations, all of which were sparked by the inception of 60 Minutes. All of the tabloid television programs being shown today are also a result of 60 Minutes and its bold, gutsy, "gotcha" style of television journalism. 60 Minutes changed the way that the American public receives its television news, stemming forth a whole new format of television broadcast journalism. 60 Minutes has a vast history of stories covered, yet the format has remained unchanged. Don Hewett, creator and producer of 60 Minutes, has been the subject of much criticism for his stubbornness. Since its origin, 60 Minutes has continued to adhere to the same formula that made it such a success. The hidden-camera interviews, the surprising of unsuspecting alleged crooks with a bombardment of questions, the longevity of the featured reporters, all of these are what made 60 Minutes a success--finishing in the top 10 Nielson ratings for 17 consecutive seasons and counting. Other than the fact that it changed from black- and-white to color with the new technology, the appearance of 60 Minutes has remained consistent. There is no reason to change a thing about such a prosperous show according to Hewitt. Not only has the format remained constant but the reporters have as well. Mike Wallace, and Harry Reasoner both appeared on the first episode of 60 Minutes. Reasoner, who passed away in 1991, left CBS in 1970 to pursue a news anchoring position at ABC but later returned to 60 Minutes, in 1978, until his death. Wallace and Morley Safer, who started in 1970, are still featured reporters as well as Ed Bradley (who joined the team in 1981) and newcomers Lesley Stahl and Steve Kroft. 60 Minutes would not be the same without the weekly commentary of Andy Rooney. Rooney started making a regular appearance in 1978 offering humorous, sometimes controversial annotations about everyday life. A well known prime time TV news anchor who did much of his best work at 60 Minutes is Dan Rather. When Rather joined the other prestigious journalists he had a reputation as a tough, aggressive reporter; in other words, he fit in perfectly. Rather left in 1981 to takeover The CBS Evening News, leaving with him a hard-nosed investigator who would do whatever it took to capture the whole story. All of these factors combined to form a one-of-a-kind TV newsmagazine with solid ratings; clones were destined to follow. Following in the wake of success, many spin-offs were created in an attempt to grab a piece of the action. There were many reasons for following the suite of 60 Minutes and not many reasons not to. The biggest incentive (in the eyes of the other network executives) for striving to reproduce 60 Minutes was the substantial amount of revenue created by this program. 60 Minutes requires a remarkably less amount of money to produce than a situation comedy. And because the CBS network owns the show, these were earnings that went straight to the corporation. 60 Minutes has turned out to be quite a goldmine for CBS because the program has not only brought in the highest profit of any other show in history, but most of all their other shows combined. It comes as no surprise that other networks dived into the newsmagazine business. Some of the more notable programs to cas h in on the new format for broadcasting news include Prime Time Live, 20/20, and Entertainment Tonight. Entertainment Tonight branched off into a less newsworthy, more Hollywood scene which later set the pace for PM Magazine,

They Probably Know More Than You Think! Essays - Privacy

They Probably Know More Than You Think! Essays - Privacy They Probably Know More Than You Think! They Probably Know More Than You Think! Privacy and freedom are extremely valued in our society, and are to some extent legally guaranteed rights by the constitution. Rapid advances in technology, in conjunction with compelling motives to use this technology to control and exploit aspects of human life in general, as well as the workplace, make urgent the question of what uses of the technology should be permitted. This is a tough questions, but if businesses would realize that their employees are the reason that they stay in business then they would not have to violate the privacy rights of people. Employees and companies need to work together to get past the employer/employee tension that makes employees steal etc..., and employers put up surveillance equipment etc... However there may only be 1 out of 50 employees stealing so does this justify the surveillance or the other 49 (WRAC 420)? What about every day life? Would you want to have lists of everything about you concocted and put on computer databases for the whole world to know? There really is a serious problem with the violation of individual privacy today. From the workplace, to buying a vacuum and becoming part of a mailing list, to the stress that lack of privacy causes people, no one is safe from, big brother. No one likes to have someone sit over them and watch all the time, and no one likes to be watched when they don't even know about it. Without probable cause that one committed a crime no one has the right to deprive the right of privacy to another, whether it be by selling names to a mailing list or cameras watching every move they make while in the office. In the workplace there has been an ongoing battle over what employers may do to monitor employees. The work place isn't a place where you can expect the privacy of your own home. However no one should have to be subjected to having their e-mail read or constantly being monitored by cameras. Westin believes that any business that wants to survive in this service oriented environment is going to have to be concerned about the quality of service that is delivered through the telecommunications and database oriented interface with the consumer (Westin 458). These kinds of surveillance create a stressful situation and are a distracting means of employer surveillance evidence of this in his essay: 43 percent of monitored employees said that they suffered a loss of feeling in their fingers and wrists, while only 27 percent of unmonitored employees complained of high tension as opposed to 67 percent of unmonitored workers (Whalen 436). The damage done by a few corrupt or unprofessional execu tives is far greater than somebody taking a little too long for a coffee break (Whalen 436). In the work place a happy medium should be reached between employer/employee, such as a reward system for honesty and quality work instead of driving employees crazy with unneeded surveillance equipment. The undue stress put on people by new technology is inexcusable. People don't like to feel like they are being looked at, and when they do feel this way it causes stress both psychological and physical (Whalen 436). This really isn't a problem in grocery stores or gas stations where surveillance is needed to keep customers from stealing, but more in the office setting where the employee may feel like Big Brother, is waiting to pounce on even the most minor mistake. This stress that is caused makes employees less productive, and leaves people out and about in everyday life checking their behavior so they won't get caught on tape doing or saying something that could later be misconstrued and held against them. The solution to this is that there need to be limits on how that kind of technology is used, (Whalen 437). Also the stress factor needs to be recognized as the overall negative thing it is and that it should be avoided. How do you feel when you mail order something, and then receive every bit of junk mail that is even closely related to what you ordered? This is only the tip of the iceberg (Glastonbury

The Biggest Interview Mistake You Might Not Realize Youre Making

The Biggest Interview Mistake You Might Not Realize Youre Making There are so many ways to make a mistake in a job interview. Everyone, even the most confident person,  ends up walking into them feeling fraught with tension. It’s hard not to think that any misstep might cost you an opportunity! But sometimes, perhaps, we’re so focused on keeping so many little things together that we fail to see the one big thing staring us straight in the face. We spend so much time trying not to overstep, offend, say the wrong thing, do the wrong thing, that we might be making ourselves†¦ forgettable.You might get lucky and, in spite of trying so hard to be appropriate and error-free, really impress your interviewer. But it is also possible that your careful demeanor and control will backfire and the interviewer won’t remember anything about your interview. Congrats! You were neither great nor terrible. But that cost you the job.Stop focusing so much on being â€Å"correct† and try to project how right you are for the company a nd the job. Even if you give an unexpected answer and your heart starts sinking as your interviewer notes your answer with a frown†¦ don’t despair! That answer might break through the tedium and stay with her while she makes her decisions. That one unexpected answer might just set you apart from the rest of the field.The most important piece of advice is to be yourself. Don’t obscure your personality. Apart from anything, this is a good way to make sure you never end up at a company whose culture is not compatible with your style. But it’s also a great indicator of the kind of employee you would be.If you’re the right fit, that will shine through. And you won’t number among the forgettable†¦ and forgotten applicants.

Retirement income Essay Example | Topics and Well Written Essays - 500 words

Retirement income - Essay Example The accumulation of personal savings and income during my working period will form the largest bulk of my retirement income. This is because it requires a huge amount of retirement income to sustain a pre-retirement lifestyle. Examples of investment options that I am including in my retirement income plan are money in savings accounts, stocks and bonds investments, tax free savings accounts, and RRSPs and RRIFs (Brown, Chambers & Currie, 2001). The other investment option is accumulated property including a home and business assets. The overall savings and investments strategy is long-term and this will involve a diversified savings and investment portfolio. The advantage of maintaining a diversified portfolio is that I will be in a good position to get returns in the long-run. It also eliminates the dilemma of deciding when to return to the market after making an exit when the market performance is low. I would also like to adjust my asset mix on a regular basis because this provides the opportunity to take advantage of differences in the performance of the different classes of assets. Rebalancing will also ensure that I re-align my portfolio with my goals and level of risk tolerance. I will be making progressive and consistent financial contributions to a RRSP on an annual basis. RRSP have the benefit of generating earnings that grow on the basis of tax-deferral and its contributions provide a significant amount of tax savings (Brown, Chambers & Currie, 2001). I can use the savings to make additional investments or even pay existing debts. Employers offer two types of pension plans for their employees including defined benefits plans and defined contribution plans. A defined benefits plan will involve getting a pre-determined amount of my income upon my retirement. On the other hand, a defined contribution plan will use my accumulated investment income and contributions in providing a pension benefit. I will go for a defined contribution plan

Factors Influencing the Increase in Temporary Employment Essay

Factors Influencing the Increase in Temporary Employment - Essay Example Temporary employees subsume all forms of non-standard or contingent employment, including part time and contract workers. Originating early in the 1980s, temporary employment has been on a constant rise not just in the United States, but across Europe and the developed world (Hardy and Walker, 2003 p.141) According to the U.S Bureau of Labor Statistics (BLS), the growth in temporary employment through the 1990s was dramatic (Golden And Appelbaum 1992 p.473). A survey carried out late in the 1990s indicated that approximately 90% of U.S business and about 95% of the Fortune 500 firms employed temporary employees or used the services of temporary employment agencies. This rise in the demand and supply of temporary employment is unprecedented. Though, temporary employment used to be restricted to clerical and office jobs, its growth has now encompassed almost every job type. Areas that have witnessed raid increase in temporary employment includes professional, services and technological corporations. However, companies use temporary employees to fill vacancies caused by employee absentee, special assignments, seasonal work increases and temporary workers shortages. In addition, employers often make use of temporary employee to fill staff vacancies when they do not intend to increase the ir staff strength (Temporary Employment, 2005). The first te... employers often make use of temporary employee to fill staff vacancies when they do not intend to increase their staff strength (Temporary Employment, 2005). Background of problem: The first temporary employment firms began operations in the 1940s. It was not until the 1980s and 1990s, however, that temporary employment grew rapidly. Annual average temporary employment grew from 340,000 in 1978 to 695,000 by 1985, increasing three times faster than total service sector employment and eight times faster than total nonagricultural employment. The temporary employment industry experienced its most explosive growth in the early 1990s, expanding by an average of 17 percent a year. Annual average temporary employment rose to 2.2 million workers by 1996 and to nearly 2.8 million by 1998 with an annual growth rate of about 9 percent. Between 1992 and 1998, 18.4 million non-agricultural jobs were added to the U.S. economy. Temporary employment accounted for 1.4 million of these jobs, according to the U.S. Bureau of Labor Statistics (BLS). The BLS predicts that the temporary employment will increase by 53 percent by 2006, making it one of the most rapidly expanding indu stries. Overall, temporary employment accounts for about 2 percent of the country's employment. In the late 1990s, temporary employment agencies began investing greater more in training employees for their assignments. A NATSS survey from 1998 reported that temporary employment agencies spent $720 million on training 1997, in contrast to only $260 million in 1995. The survey also indicated that 4.8 million workers participated in the training programs and that about 90 percent of all temporary employment agencies provide training for free. Statement of the problem: This section of the research put the

Violence in the past Essay Example for Free

Violence in the past Essay Abigail has been the victim of violence in the past. In the play she tells the girls: I saw Indians smash my dear parents heads on the pillow next to mine, and I have seen some reddish work done at night. This experience influences her actions later on in the play. She seeks vengeance in everything she does and she corrupts the characters in the play because she knows their weaknesses. Her actions are significant in this scene because it shows that she seeks vengeance in order to gain more power. Abigails actions are representative of the actions of government during the 1950s. Both the government and Abigail seek to manipulate the system to gain power (through Witch trials/McCarthy trials). Miller shows what power can do in the wrong hands and the way the government perverts the course of justice. Proctor opposes Abigail during the trial; he refuses to believe her lies and knows that she is being hypocritical. Proctor has considerable influence over the common man in Salem. His reputation is important to him and his dramatic confession how do you call heaven! Whore! Whore! is completely unexpected. This provokes sympathy from the audience. Proctor is now a known lecher and he tries to explain a man will not cast away his good name. This shows that Proctors reputation is important to him and he must protect it. Miller shows his own morals and ethics in Proctors character where Proctor sacrifices his good name. The implication is that Proctor did the right thing by confessing. It is also a dramatic turning point because he has effectively committed social suicide and this becomes the main focus in the trial. Miller wants the audience to understand that John Proctor has been tackling his conscience since his affair with Abigail. After his confession in Act Three he is overwhelmed by guilt and shame because he has disappointed his friends. Miller shows the audience the hardships faced by an individual to stand up to the rest of society. This idea comes from the way Miller stood up against McCarthyism and was scrutinised for it. Elizabeth Proctor is another character in the play that faces a moral dilemma. Upon entering the courtroom she is unaware of the events that precede her arrival. She is confused and this is noticeable from the faint way in which she speaks to Danforth. Both Abigail and Proctor are made to face their backs towards her so they cannot influence her testimony. This is a very tense moment in the play because the audience arent sure how Elizabeth will react under pressure. Throughout the play Elizabeth does not speak to Abigail but it is at this moment that the audience can feel her dislike and anger. When Danforth first questions Elizabeth about Abigail, she knows that John has been accused of lechery. Elizabeth doesnt know whether to choose to save her husbands reputation or to tell the court he has committed lechery and to live with the consequence. not knowing what to say, sensing a situation she begins to stall for time. As a Christian woman, Elizabeth believes that God condemns liars and if she lies her reputation will be tainted. Abigail has corrupted Elizabeth to the extent that she is now powerless and either choice she makes she will lose. The audience expects her response to be the truth and is shocked when she lies. She felt a great importance in telling the truth but she was overcome by emotion for Proctor and didnt want to see him get hurt. She has never committed a big sin in her life so when she lies, she knows that the guilt will follow her for the rest of her life Elizabeth is put under the most pressure in this scene and she is one of the victims of Abigails corruption. Miller wanted the audience to recognise that tragedies happen to good people and that the wicked can often escape their punishment. He shows that when a person has to decide between faith and love, human instinct can often overpower belief. Although Elizabeth wrestled with her conscience before making her decision but she felt that Johns life was more important. Her behaviour is significant in this scene because it is the first time in the play she shows how much she loves John. Reverend John Hale is an outsider and his judgment is not tainted by vengeance or personal responsibilities to the other villagers, he set out to find the devil in Salem. As a priest his duty is to council Christians to stay on the right path but his role in Salem changes. When he first arrives in Salem, he believes that the devil had taken over and he was sent to save them by using his books here is all the invisible world, caught, defined and calculated. In these books the devil stands stripped of all his brute disguises. As an educated man Hale is able to quickly judge a good person from a bad person which is illustrated when Hale first meets Rebecca Nurse. By Act Three Hale sees the truth about Salem and that it is not about witches but of vengeful girls. He learns that you cannot dictate human nature and the answer to the hysteria of the town lay in the people and not in his books. When Elizabeth comes into court and commits perjury he cannot take it anymore. He tells Danforth it is a natural lie to tell because he sympathises with Elizabeth and Proctor and he feels a bond with them. He explains that the trials were about private vengeance and not the devil but the court chooses to be ignorant. In anger he leaves the court I denounce these proceedings! I quit this court because he feels that there is nothing he can do. He is referred to as Pontius Pilate (Proctor-Act Two) because he washes his hands of logic and chooses to side with the court. In Act Three Hales conscience takes control of him because he cant accept Abigails treachery and corruption which caused the deaths of innocent people. I may shut my conscience to this no more he also feels partly responsible for what happened to the villagers. On page 91 Hale has a dramatic change and he makes his intentions clear for the first time in the play. His behaviour is significant in Act Three because he recognises changes in himself and other characters. He understood that Abigail was manipulating everyone around her and he saw her thirst for power. Millers purpose for creating Reverend Hale was to show an individual standing up to society and Miller saw his own attributes in Hale as he was asked to give names of communist sympathisers he had met at meetings. Miller couldnt do tell the courts the name of any communists because his conscience wouldnt allow it. Miller stood up to the injustices created by the government as Hale stands up to Danforth. It is argued that Arthur Millers purpose for writing The Crucible was to show a person status and the impact they made on society. It teaches that an individuals voice can influence others around them. In my opinion this scene is dramatically successful because it forces the audience to contemplate their own standing in society. It is also makes people aware of other injustices that are in any society, which makes the play intellectually stimulating. In Act Three, Millers intentions become clear by his use of language. A courtroom is the appropriate setting to play out Proctors confession because of the way it heightens the drama. The courtroom is parallel to Millers trial with the American government and he stood up to them and wasnt bullied by the authorities and these beliefs and morals are echoed into Proctors character. Proctor believes that the law and the government is unjust so he disagrees with Danforth and Hathorne it is hard to give a lie to dogs because he cannot forgive them for causing the death of his friends. Miller wants the audience to consider the roles the characters played in Salem and to ask themselves whether they would do the same allowing the audience to empathise with the characters. He wants them to question whether there are people like that in todays society and to make them question the world around them. The Crucible shows an awful chapter in human history which still has an impact on the world today. It shows that witches and communists could be equated because they were both victims of the government. Miller wanted to show that society hadnt learnt anything from the events that occurred in Salem and that what is manifestly parallel was the guilt, two centuries apart, of holding illicit, suppressed feelings of alienation and hostility . The government will stop anyone who poses a threat to the state (like Abigail). Including censorship of the Arts e. g. songs by artists like Eminem, whose lyrics scrutinise the actions of government. In response the government brands this behaviour as unpatriotic. The play therefore teaches us that people will always be used as scapegoats by the government because they will always be able to find victims. It shows us the reality of alienation and the power of paranoia, particularly in the way it clouds logic. We learn that as individuals we should avoid becoming the victim and should stand up for what we believe as both Proctor and Miller have done.

Sorrow Essay -- Sadness Sorrow

Sorrow   Ã‚  Ã‚  Ã‚  Ã‚  Whether it is getting a bad grade in English class, leaving home to go to college, or losing a loved one, we all experience sorrow. Sorrow a pain or distress of the mind caused by a loss or misfortune. It is a part of life that we all must learn to deal with. People cope with sorrow in different ways. Certain people let every misfortune that they encounter get to them. They flip out if they get a C on one of the many minute assignments in a class. If they get a traffic ticket, they think the world is coming to the end. People who deal with sorrow like this are not being reasonable. Do these people believe these minor flaws in their day-to-day living are going to have a life long affect on them? They do not have to be sad, but they choose to be.   Ã‚  Ã‚  Ã‚  Ã‚  One day I got my second traffic ticket in my first year of driving. As soon as I looked into my rear view mirror and saw the officer turn on his flashing lights, my heart sank into my stomach. The officer asked if I knew why I was being stopped. I was speeding and I knew it. The officer went back to the car and began to write the ticket, while I was sitting in my car thinking. At first I thought about how much trouble I was going to be in and how much money it was going to cost me. I was very depressed. Then I got to thinking. What's the big deal? It's just a little traffic ticket. Sure, I may get in trouble, but who cares? It's just a small detail in my life. I can whine and complain, or I can foc...

Gadgets: Social Networking Sites Essay

Nowadays, it seems like most of us students like to use gadgets for fun. It is true that those are very useful. It helps us connect to each other, to learn new things and also discover new things. We don’t think that it could have a bad influence or bad effects to us. Gadgets make our life better in many ways. It enables us to do things faster and easier. For example the cellphone, many of us are lost without it and for students this device is more than just cellphone. It is also a chat opportunity, a camera and more. A negative effect of this is that students can become obsessive and can neglect everything else like their social life and family. Computer is another one. It helps students a lot especially in assignments but social networking sites start to catch their attention like Facebook. This site has a lot of games that are so addictive like Tetris. It’s not bad to play, but the bad thing is to spend all your life in front of computer, pretending that everything else doesn’t exist. Listening to music from MP3 players can help us when doing boring or repetitive tasks. However, listening to music for long periods of time in a high volume may cause hearing problem which is extremely dangerous. Playing video games have probably influenced teenage students the most. There is a tendency that we will forget everything else and there are also chances that it might confuse us between the virtual world and real word.

Tata Corus

CONSOLIDATED FINANCIAL STATEMENT PROJECT TATA- CORUS ACQUISITION SUBMITTED TO: Dean Dr. Badrinath Prof. K. Govindarajan SUBMITTED BY BADRI NARAYANAN – 112071013 TABLE OF CONTENTS SR NO 1. PARTICULARS PART 1 †¢ Global steel industry †¢ About TATA Steel †¢ About Corus PART 2 †¢ Legal form †¢ Mergers and Acquisition †¢ Method †¢ Terms of transaction †¢ Valuation Matters 2. 3. PART -3 †¢ Reasons for the merger †¢ Objectives for a merger †¢ Culture differences †¢ Post – Acquisition 4. PART 4 †¢ Outcome of the merger – success or failure †¢ Financial indicators †¢ Milestones of the TATA Corus deal 5.CONCLUSION 6. BIBLIOGRAPHY PART – 1 GLOBAL STEEL INDUSTRY Steel was an alloy of iron and carbon containing less than 2 per cent carbon and 1per cent manganese and small amounts of silicon, phosphorus, sulphur and oxygen. Steel was the most important engineering and construction material in the world. It was used in every aspect of our lives, from automotive manufacture to construction products, from steel toecaps for protective footwear to refrigerators and washing machines and from cargo ships to the finest scalpel for hospital surgery. Most steel was made via one of two basic routes: 1.Integrated (blast furnace and basic oxygen furnace). 2. Electric arc furnace (EAF). The integrated route used raw materials (that is, iron ore, limestone and coke) and scrap to create steel. The EAF method used scrap as its principal input. The EAF method was much easier and faster since it only required scrap steel. Recycled steel was introduced into a furnace and re-melted along with some other additions to produce the end product. Steel could be produced by other methods such as open hearth. However, the amount of steel produced by these methods decreased every year.Of the steel produced in 2005, 65. 4per cent was produced via the integrated route, 31. 7percent via EAF and 2. 9 percen t via the open hearth and other methods. At a steel mill, the crude steel production process turned molten steel into ingots, blooms, billets or slabs. These were called semi-finished products. Semi-finished products were solid blocks of steel, usually with a square or rectangular cross section. A flat steel product was typically made by rolling steel through sets of rollers to produce the final thickness. There were two types of flat steel products- Plate products and Strip products.Supply of raw materials was a key issue for the world steel industry. IISI managed projects which looked at the availability of raw materials such as iron ore, coking coal, freight and scrap. Scrap iron was mainly used in electric arc furnace steelmaking. Apart from scrap arising in the making and using of steel, obsolete scrap from demolished structures and end-of life vehicles and machinery was recycled to make new steel. About 500 million tons of scrap was melted each year. Iron ore and coking coal w ere used mainly in the blast furnace process of iron making. For this process, coking coal was turned into coke, an lmost pure form of carbon which was used as the main fuel and reductant in a blast furnace. Typically, it took 1. 5 tons of iron ore and about 450kg of coke to produce a ton of pig iron, the raw iron that came out of a blast furnace. Some of the coke could be replaced by injecting pulverized coal into the blast furnace. Iron was a common mineral on the earth‘s surface. Most iron ore was extracted in opencast mines in Australia and Brazil, carried to dedicated ports by rail, and then shipped to steel plants in Asia and Europe. Iron ore and coking coal were primarily shipped in capsize essels, huge bulk carriers that could hold a cargo of 140,000 ton or more. Since the World War II, the steel industry had experienced three distinct phases- growth (195073), stagnation (1974-2001) and boom (2002-2006)3. The demand for steel grew at an annual rate of 5. 8per cent duri ng 1950-73 as the industrializing nations were building their civil infrastructure. The oil shocks of 1973 through 1979 slowed consumption in the second phase. The production of crude steel grew at 0. 6per cent p. a. over the entire period. Steel prices declined by 2-3 per cent p. a.During 1999-2001 the industry‘s overcapacity hovered near 25per cent globally. Only a few companies were able to sustain. Since 2002 the annual steel production had grown at 7-8per cent driven almost entirely by the double digit growth in China. The huge demand from China had caused a commensurate leap in steel prices. The industry had experienced a drop in the over capacity from 23per cent in 2001 to about 17per cent from 2003-2005. But the demand from China had also witnessed a structural change. From 2002-2004 China‘s capacity for producing crude steel increased on average by 55per cent. By 2005 China became a net exporter of steel.In the first half of 2006 China overtook Japan, Russia and the EU 25 to become the world‘s largest steel exporting country. In June 2006 that winning companies in the steel industry would have somewhere between 150m-200m tons of annual capacity by 2015 and that scale was crucial in the pursuit of value. Shanghai Baosteel, which, although founded in 1998, had already become the world‘s fifth largest steel maker producing 22. 7 m tons in 2005. The potential acquisition of Corus by Tata Steel would create a new entity with a production volume close to Baosteel‘s. CONTRIBUTION OF COUNTRIES TO GLOBAL STEEL INDUSTRYThe countries like China, Japan, India and South Korea are in the top of the above in steel production in Asian countries. China accounts for one third of total production i. e. 419m ton, Japan accounts for 9% i. e. 118m ton, India accounts for 53m ton and South Korea is accounted for 49m ton, which all totally becomes more than 50% of global production. Apart from this USA, BRAZIL, UK accounts for the major chunk of the whole growth. The steel industry has been witnessing robust growth in both domestic as well as international markets. In this article, let us have a look at how has the steel industry performed globally in 2007.ABOUT TATA & CORUS â€Å"Tata Steel has always believed that the principle of mutual benefit – between countries, corporations, customers, employees and communities – is the most effective route to profitable and sustainable growth. † Tata Steel Limited is a multinational steel company headquartered in Mumbai. It was established by Jamsetji Tata in year 1907 and changed its name TISCO to Tata Steel in 2005. It is the tenth-largest steel producing company in the world and the largest private-sector steel company in India measured by domestic production with an annual crude steel capacity of over 28 million tonnes per annum.It is now one of the world's most geographically-diversified steel producers, with operations in 26 countries and a commercial pre sence in over 50 countries. They were world's 56th largest and India's 2nd largest steel company with an annual crude steel capacity of 3. 8 million tonnes. Based in Jamshedpur, India, it was part of the Tata group of companies. Tata Steel’s larger production facilities include those in India, the UK, the Netherlands, Thailand, Singapore, China and Australia.Operating companies within the Group include Tata Steel Limited (India), Tata Steel Europe Limited (formerly Corus), NatSteel, and Tata Steel Thailand (formerly Millennium Steel). Tata Steel’s vision is to be the world’s steel industry benchmark through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency. Corus Group is a multinational steel-making company headquartered in London.It is the world's seventh largest and seco nd-largest steel-maker in Europe and now a subsidiary of Tata Steel. Corus Group was formed through the merger of Koninklijke Hoogovens and British Steel in 1999 forming the third largest producer of steel behind POSCO of South Korea and Nippon Steel of Japan and was a constituent of the FTSE 100 Index until it was acquired by Tata in 2007. In 2010 Corus announced it was changing its name to Tata Steel Europe and adopting the Tata corporate identity. British Steel Corporation was a large British steel producer, consisting of the assets of former private companies which had been nationalized.In 1988 the company was privatized as a result of the British Steel. Koninklijke Hoogovens was a Dutch steel producer founded in 1918, located in Ijmuiden. The Corus was having leading market position in construction and packaging in Europe with leading R&D. The Corus was the 9th largest steel producer in the world. PART 2 LEGAL FORM Generally, there are many forms of combination of two companies , such as acquisition, merger, takeover and hostile takeover etc.. They are different terminologies used under different situations.Though there is a thin line difference between them but the impact of each kind are completely different. Merger: A merger is when two companies which are about the same size or strength come together to form a single company. They combine their respective resources for mutual gains or to reduce competition. In such a case, the deal gets finalized on a friendly terms and both the companies share equal profits in the newly created entity. Acquisition: When one company acquires the other and rules all its business operations, it is known as acquisitions. In this process of restructuring, one company overpowers the other company.Among the two companies, the one that is financially stronger and bigger in all ways establishes it power. Then we can know that acquisition is usually happen when the company is different in size, and both the acquiring company an d subsidiary want the combination in the meantime, in another word, the subsidiary company is not resisted to the combination. It is frequently used to describe more friendly acquisition, or used in conjunction with the word merger, where the both companies are willing to join together. Takeover: Takeover also occurs when one company purchases another, it is the similar with acquisition, but takeover enerally happens when a company buys another company which is not doing well or has gone bankrupt, and when the transaction is done in an unfriendly manner in more or less a forceful way in which the company being acquired is resisting. The acquiring company usually initials the combination. Accounting Method: Pooling of interests: This is generally accomplished by a common stock swap at a specified ratio. For example: When M&I Bank merged with National City Bank Corporation, the common stock of the two companies were swapped at a ratio between . 55 and . 5363 shares of M&I for every sh are of National City. Such mergers are only allowed if they meet certain legal requirements. Purchase acquisition: This involves one company (the acquirer) purchasing the common stock or assets of the target company. The acquiring company offers to purchase the target company‘s stock at a given price in cash, securities or both. This offer is called a tender offer because the acquiring company offers to pay a certain price if the target‘s shareholders will surrender or tender their shares of stock.Generally, this offer is higher than the stock‘s current price to encourage the shareholders to tender their stocks. The difference between the share price and the tender offer is called the acquisition premium. Consolidation: The existing companies are dissolved and a new company is formed to combine the assets of the existing companies. Both companies’ stocks are surrendered and new stock is issued in its place. E. g. both Daimler-Benz and Chrysler ceased to exis t when the two firms merged and a new firm DaimlerChrysler was created. Some other related terms are horizontal, vertical and conglomerate mergers.Horizontal mergers happen when a company merges with another company which is a direct competitor in the same product lines and markets. A vertical merger occurs when the company merges with the suppliers or customers. Conglomerate mergers occur when the companies combined have no relationship to one another. It’s a friendly takeover and 100% acquisition was done by TATA steel. For the consolidation, TATA used acquisition method. TERMS: Following are some key terms of the transaction: 1. Tata Steel purchased a 100% stake in the Corus Group at 608 pence per share in an all cash deal cumulatively valued at $12. 4 billion. The deal was the largest Indian takeover of a foreign company and made Tata Steel the world’s fifth-largest steel group. And a wholly owned subsidiary, called Tata Steel UK would be set up by Tata Steel. 2. T ATA financed its acquisition not only through its own equity contribution but a package of market securities: a) Equity Capital from Tata Steel Ltd USD4. 10 billion. b) The non-recourse debt from a consortium of banks USD6. 14 billion from. c) Quasi–Equity funding at Tata Steel Asia Singapore USD1. 25 billion. d) Long term Capital funding at Tata Steel Asia Singapore USD1. 1 billion. 3. A new board for the new entity after acquisition: This consists Ratan N. Tata, chairman of Tata Steel, Jim Leng of the Corus group, Muthuraman, Managing Director of Tata Steel, Ishaat Hussain and Arun Gandhi, directors of Tata Sons was formulated to develop and execute the integration and further growth plans. It is the group of top managers from both companies; it can help the new entity fit in much quickly with different culture. Investors in a company that is aiming to take over another one must determine whether the purchase will be beneficial to them.In order to do so, they must ask thems elves how much the company being acquired is really worth. Naturally, both sides of an M&A deal will have different ideas about the worth of a target company: its seller will tend to value the company at as high of a price as possible, while the buyer will try to get the lowest price that he can. There are, however, many legitimate ways to value companies. The most common method is to look at comparable companies in an industry, but deal makers employ a variety of other methods and tools when assessing a target company. Here are just a few of them: 1.Comparative Ratios – The following are two examples of the many comparative metrics on which acquiring companies may base their offers: Price-Earnings Ratio (P/E Ratio) – With the use of this ratio, an acquiring company makes an offer that is a multiple of the earnings of the target company. Looking at the P/E for all the stocks within the same industry group will give the acquiring company good guidance for what the targe t's P/E multiple should be. ? Enterprise-Value-to-Sales Ratio (EV/Sales) – With this ratio, the acquiring company makes an offer as a multiple of the revenues, again, while being aware of the price-to-sales ratio of other ompanies in the industry. ? 2. Replacement Cost In a few cases, acquisitions are based on the cost of replacing the target company. For simplicity's sake, suppose the value of a company is simply the sum of all its equipment and staffing costs. The acquiring company can literally order the target to sell at that price, or it will create a competitor for the same cost. Naturally, it takes a long time to assemble good management, acquire property and get the right equipment.This method of establishing a price certainly wouldn't make much sense in a service industry where the key assets – people and ideas – are hard to value and develop. 3. Discounted Cash Flow (DCF) A key valuation tool in M, discounted cash flow analysis determines a company's c urrent value according to its estimated future cash flows. Forecasted free cash flows (operating profit + depreciation + amortization of goodwill – capital expenditures – cash taxes – change in working capital) are discounted to a present value using the company's weighted average costs of capital (WACC).Admittedly, DCF is tricky to get right, but few tools can rival this valuation method. Synergy: The Premium for Potential Success For the most part, acquiring companies nearly always pay a substantial premium on the stock market value of the companies they buy. The justification for doing so nearly always boils down to the notion of synergy; a merger benefits shareholders when a company's post-merger share price increases by the value of potential synergy. Let's face it, it would be highly unlikely for rational owners to sell if they would benefit more by not selling.That means buyers will need to pay a premium if they hope to acquire the company, regardless of what pre-merger valuation tells them. For sellers, that premium represents their company's future prospects. For buyers, the premium represents part of the post-merger synergy they expect can be achieved. The equation solves for the minimum required synergy: In other words, the success of a merger is measured by whether the value of the buyer is enhanced by the action. However, the practical constraints of mergers, which discussed often, prevent the expected benefits from being fully achieved.Alas, the synergy promised by deal makers might just fall short. PART 3 REASONS FOR MERGER Synergies from the TATA-CORUS Deal I. Tata Steel would get an access to the European market. Corus has already a welldefined network in European Market. If Tata Steel had independently entered the European market, it would have taken a considerable time to develop a wellestablished network. In the post deal scenario it will become a global player with the balanced presence in developed European market and fast growing Asian Market. II.Tata Steel will have a strong position in construction, automotive and packaging market sector. III. It will have a low cost position in Europe and South East Asia. IV. It can double the size and profitability V. The deal has expanded scale from 7 MTPA to 25 MTPA and reaps significant economies of scale. VI. The merged entity would become world’s 6th largest steel company with 25. 6 MTPA of crude steel production. VII. The combined entity will have more efficient operations through enhanced optionality to optimize asset base and material flow, including sourcing of raw materials, and semi-finished steel.VIII. Better equipped to race intensifying competition arising from consolidation in the industry globally. IX. Both Tata Steel and Corus are a strong cultural fit. X. Tata Steel would benefit from Corus’s pan-European distribution network. XI. The acquisition gets with Tata Steel’s stated objective of having a global distribution n etwork. XII. There a strong cultural fit both the two companies. Both Tata Steel and Corus have strong commercial relationship. OBJECTIVES OF THE MERGER Tata’s objectives for buying Corus 1. Tata is looking to manufacture finished products in mature markets of Europe. . At present manufactures low value long and flat steel products while Corus produces high value stripped products 3. A diversified product mix will reduce risks while higher end products will add to bottom line. 4. Corus holds a number of patents and R & D facility. 5. Cost of acquisition is lower than setting up a green field plant and marketing and distribution channels 6. Tata is known for efficient handling of labour and it aims at reducing employee cost and improving productivity at Corus 7. It had already expanded its capacities in India. . It will move from 55th in world to 5th in production of steel globally. 9. Corus, being the second largest steelmaker in Europe, would provide Tata Steel access to som e of the largest steel buyers open new markets and product segments for Tata Steel, which would help the company to de-risk its businesses through wider geographical reach. 10. A presence in mature markets would also provide Tata Steel an opportunity to go further up the value chain as demand for specialized and high value-added products in these markets is high. 11.Corus is also very strong in research and technology development, which would add to the competitive strength for Tata Steel in future. 12. As stated by Tata, the initial motive behind the completion of the deal was not Corus’ revenue size, but rather its market value. Even though Corus is larger in size compared to Tata, the company was valued less than Tata (at approximately $6 billion) at the time when the deal negotiations started. Corus’ objectives for selling 1. Corus needs supply of raw material at lower cost 2. Total debt of Corus is 1. 6bn GBP 3.Though Corus has revenues of $18. 06bn, its profit wa s just $626mn (Tata’s revenue was $4. 84 bn & profit $ 824mn) 4. Corus facilities were relatively old with high cost of production 5. Employee cost is 15 %( Tata steel- 9%) 6. From Corus’ point of view, the basic reason for supporting this deal were the expected synergies between the two entities. Corus has supported the Tata acquisition due to different motives. With the Tata acquisition Corus has gained a great and profitable opportunity to make an exit as the company has been looking out for a potential buyer for quite some time.Benefit for the Tata’s stakeholders: Any advantage and profits from this deal will merge only when Tata Steel would be in a position to export low-cost slabs toCorus. †¢ There may be restraints to exports as Tata Steel will need to heed the requirements of its other acquired companies in South East Asia of NatSteel and Millennium Steel. †¢ This effect may change if the Tatas can acquire businesses in the low-cost regions suc h as Latin America, opening up an assured source of slab-making that can be exported to Corus’s plants in the UK. †¢ Iron ore policy in India undergoes a major change in the coming years. If global consolidation becomes possible with the merger of Thyssen Krupp with Nucor or Severstal with Gerdau or any the top five players. The possibility of pricing stability may ease the performance pressures on Tata-Corus and moderate the risks of restructuring at high cost plants in UK. †¢ If Tata considers global listing say in London it may help the group commands a much higher price-earning multiple and give it more flexibility in managing its finances. Objectives – Achieved or not: Going by the stock market reaction initially, the acquisition was a big blunder.The stock tanked 10. 5 per cent after the deal was announced and another 1. 6 per cent. Investors were worried about the financial risks of such a costly deal. But after successfully acquiring Corus, Tata Steel became the fifth largest producer of steel in the world, up from fifty-sixth position. There were many likely synergies between Tata Steel, the lowest-cost producer of steel in the world, and Corus, a large player with a significant presence in value-added steel segment and a strong distribution network in Europe.Among the benefits to Tata Steel was the fact that it would be able to supply semi-finished steel to Corus for finishing at its plants, which were located closer to the high-value markets. Managing the obstacles: Coping with a merger can create many problems, some of which are, i. Can make top managers spread their time too thinly and neglect their core business, spelling doom. ii. Potential difficulties seem trivial to managers caught up in the thrill of the big deal. iii. The chances for success are further hampered if the corporate cultures of the companies are very different. iv.The companies often focus too intently on cutting costs following mergers, while revenues, and ultimately, profits, suffer. Merging companies can focus on integration and cost-cutting so much that they neglect day-to-day business, thereby prompting nervous customers to flee. In view of the Tata- Corus acquisition, the main obstacles were, 1. The acquisition was not cheap for Tata. The price that they paid represents a very high 49% premium over the closing mid market share price of Corus on 4 October, 2006 and a premium of over 68% over the average closing market share price over the twelve month period.Moreover, since the deal was paid for in cash automatically makes it more expensive, implying a cash outflow from Tata Steel in the amount of ? 1. 84 billion. 2. Tata has reportedly financed only $4 billion of the Corus purchase from internal company resources, meaning that more than two – thirds of the deal has had to be financed through loans from major banks. 3. The day after the acquisition was officially announced, Tata Steel’s share fell by 10. 7 percen t on the Bombay stock market. 4.Tata’s new debt amounting to $8 billion due to the acquisition, financed with Corus’ cash flows, is expected to generate up to $640 million in annual interest charges (8% annual interest cost). 5. Corus had existing interest debt charges of $400 million on an annual basis which implies that the combined entity’s interest obligation will amount to approximately $725 million after the acquisition. 6. Corus, being the second largest steelmaker in Europe, would provide Tata Steel access to some of the largest steel buyers. The acquisition would open new arkets and product segments for Tata Steel, which would help the company to de-risk its businesses through wider geographical reach. CULTURAL DIFFERENCES There has been a great deal of suspicion on how well the two entities, Tata Steel and Corus would integrate post acquisition. This concern has been expressed since the culture and perspectives of the two companies and the people are s eemingly very different from each other. Ratan Tata however, has been confident that the post-acquisition management will not be too difficult as the two organizational cultures will be effectively integrated.Ratan Tata has said he is confident the two companies will have â€Å"a cultural fit and similar work practices. † Tata Corus has made developed some management structure to deal with the smooth operation of the two entities. It has also adopted several system integrations in both the entities to smoothen the transactions between the two entities. Tata Steel has formed a seven- member integration committee to spearhead its union with Corus group. While Ratan Tata, chairman of the Tata group, heads the committee, three of the members are from Tata Steel and the other three are from Corus group.Members of the integration committee from Tata Steel include Managing Director B Muthuraman, Deputy Managing Director (steel) T Mukherjee, and chief financial officer Kaushik Chatte rjee. The Corus group is represented in the committee by CEO Phillipe Varin, executive director(finance) David Lloyd, and division director (strip products) Rauke Henstra. The company has also created several Taskforce Teams to ensure integration of specific set of activities in the two entities for smoother transaction. For instance, the company has created a task force to integrate the UK/EU model in construction to the Indian market.To achieve, a taskforce comprising of following executives from both the entities was formed. Members from Corus Mr. Matthew Poole (Director Strategy Long Products Corus) Mr. Colin Ostler (GM Corus Construction Centre) Mr. Darayus Shroff (Corus International) Members from Tata Steel: Mr. Sangeeta Prasad (CSM South, Flat Products) Mr. Pritish Kumar Sen (Market Research Group) Mr. Rajeev Sahay (Head Planning & Scheduling, TGS) The scope of the taskforce will be to: 1. Ensure smooth market knowledge exchange between Tata Corus and Tata Bluescope and iden tify Knowledge gaps. . Complete mapping of construction sector for Indian market using external resource if necessary. 3. Understand key drivers for construction through knowledge gained from stakeholders of the construction community. 4. Map key competencies of Tata Corus against market drivers/ requirements. 5. Develop a five- year strategy. The reasons why cultural integration is a huge challenge are: 1. Corporate culture is an amalgamation of: National culture, Religious culture, and professional culture. These cultural dimensions are often invisible – but ever present & relevant. 2.Need to balance the local needs and the global needs during the post-acquisition period. These needs may be the local community demands, business demands, investor’s demands etc. 3. Need to meet the high expectations of the shareholders post-acquisition. Often times these acquisitions are financed through LBO or debt, and this needs good cash flows to sustain. In addition, the managemen t will be under pressure to show the benefits of acquisition as promised before the acquisition 4. Lack of Experience in dealing with a different culture. This applies equally to Indian & foreign company managers.Most managers lack the cross-cultural skills needed during the post-acquisition integration. POST ACQUISITION TATA †¢ Tata Steel has formed a seven-member integration committee to spearhead its union with Corus group. While Ratan Tata, chairman of the Tata group, heads the committee, three of the members are from Tata Steel and the other three are from Corus group. The acquisition by Tata amounted to a total of 608 pence per ordinary share or ? 6. 2 billion (US $12 billion) which was paid in cash. First of all, the general assumption is that the acquisition was not cheap for Tata.The price that they paid represents a very high 49% premium over the closing midmarket share price of Corus on 4 October, 2006 and a premium of over 68% over the average closing market share p rice over the twelve month period. Moreover, since the deal was paid for in cash automatically makes it more expensive, implying a cash outflow from Tata Steel in the amount of ? 1. 84 billion. Tata has reportedly financed only $4 billion of the Corus purchase from internal company resources, meaning that more than two-thirds of the deal has had to be financed through loans from major banks.The day after the acquisition was officially announced, Tata Steel’s share fell by 10. 7% on the Bombay stock market. Despite its four times smaller size and smaller capacity, Tata Steel’s operating profit for 2006, earning $840 million on sales of 5. 3 million tonnes, were very close in amount to those generated by Corus ($860 million in profits on sales of 18. 6 million tons). Tata’s new debt amounting to $8 billion due to the acquisition, financed with Corus’ cash flows, is expected to generate up to $640 million in annual interest charges (8% †¢ †¢ †¢ †¢ †¢ †¢ annual interest cost). This amount combined with Corus’ existing interest debt charges of $400 million on an annual basis implies that the combined entity’s interest obligation will amount to approximately $725 million after the acquisition. The debate whether Tata Steel has overpaid for acquiring Corus is most likely to be certain, since just based on the numbers alone it turns out that at the end of the bidding conflict with CSN Tata ended up paying approximately 68% above the average price of Corus’ shares.Another pressing issue resulting for this deal that has created a dilemma between experts and analysts opinions is whether this acquisition for the right move for Tata Steel in the first place. The fact that Tata has managed to acquire a British steel maker that has been a symbol of Britain’s industrial power and at the same time its dominion over India has been perceived as quite ironic. Only time will show whether Tata wil l be able to truly benefit from the many expected synergies for the deal and not make the typical mistakes made in many large M&A deal during this beginning period.PART 4 OUTCOME OF THE MERGER – SUCCESS OR FAILURE Many financial analysts felt that Tata Steel overpaid for the Corus acquisition. Immediately after the acquisition announcement, Tata Steel‘s share price fell by 10. 7 percent to Rs. 463. 95 on the Bombay Stock Exchange. According to Martin Stanley, London based head of spread betting at the brokerage firm of GFT Global Markets, ? The consensus view seems to be that Tata have probably overpaid, but if further consolidation in this sector occurs going forward then this will look like very fair value? International Herald Tribune, 1/30/07). Additional concerns were raised about the debt liability of Tata Steel which borrowed more money to fund the acquisition. According to Standard & Poor‘s analyst Anushkant Taneja, ? The size of the Tata acquisition and t he potential cash outflow in Tata Steel‘s offer for Corus could have an adverse impact on its financial risk profile. Standard & Poor‘s rating service in India, Crisil, placed Tata Steel on the ? negative implications watch list after its Corus acquisition.The contention was that Tata Steel had overstretched itself due to execution risk and lack of experience by Indian companies in acquiring international businesses (Range, 2007, April 26). Moody‘s Investor Services downgraded Tata Steel‘s rating from Baa2 (investment grade) to Ba1 (speculative grade). The primary reason cited was Tata Steel‘s weakened balance sheet liquidity and financial profile resulting from its largely debt-funded acquisition of Corus. Moody‘s Senior V. P. Alan Greene stated Tata Steel‘s current high leverage constrains its financial strength and flexibility and ? he main challenge facing management is to de-risk the large capital structure while not neglecting existing operations and opportunities for rapid growth in Asia.? He further stated that ? Tata Steel‘s ambitious capacity expansion plan will lead to higher project execution risk over several years and materially elevate financial leverage unless it is deferred.? (Businessline, 2007, July 7). According to Sreesankar, head of research at Il&Fs investments in Mumbai, ? They (Tata Steel) wanted the company and they have got it. But we have to see how the finding happens and how the integration progresses.One distinction is that EBITDA (earning before income taxes and depreciation allowance) margins for Tatas are about 40 percent and for Corus is about 7 percent.? Clearly, the financial industry analysts were skeptical about the long-term financial viability of this acquisition. According to Shriram Iyer, head of research at Edelweiss in mumbai, ? †¦the time horizons of investors and of the company may not be aligned MANAGEMENT’S POINT OF VIEW This proposed acquisition repres ents a defining moment for Tata Steel and is entirely consistent with our strategy of growth through international expansion.This creates a well balanced company, strategically well placed to compete in an increasingly competitive global environment. (Ratan Tata quoted in Financial Express; 2007, February 13) The Tata Steel board of directors approved the project to acquire Corus, as it was consistent with stated objectives of growth and globalization. Although Tata Steel ended up paying more for Corus than its original bid, its management felt that there were many favorable strategic and financial outcomes to be realized. To begin with, this acquisition would position the combined group as the fifth largest steel company in the world by production output.The new entity would have a meaningful market presence in both Europe (where Corus was a well established brand name) and Asia (where Tata was a well established brand name). Combining the low cost upstream production in India FINA NCIAL INDICATORS: KEY MILESTONES OF THE TATA CORUS DEAL September 20, 2006:-Corus Steel has decided to acquire a strategic partnership with a Company that is a low cost producer October 5, 2006:- The Indian steel giant, Tata Steel wants to fulfill its ambition to Expand its business further. October 6, 2006:- The initial offer from Tata Steel is considered to be too low both by Corus and analysts.October 17, 2006:- Tata Steel has kept its offer to 455p per share. October 18, 2006:- Tata still doesn’t react to Corus and its bid price remains the same. October 20, 2006:- Corus accepts terms of ? 4. 3 billion takeover bid from Tata Steel. October 23, 2006:- The Brazilian Steel Group CSN recruits a leading investment bank to offer advice on possible counter- offer to Tata Steel’s bid. October 27, 2006:- Corus is criticized by the chairman of JCB, Sir Anthony Bamford, for its decision to accept an offer from Tata. November 3, 2006:- The Russian steel giant Severstal announc es officially that it will not make a bid for Corus.November 18, 2006:- The battle over Corus intensifies when Brazilian group CSN approached the board of the company with a bid of 475p per share. November 27, 2006:- The board of Corus decides that it is in the best interest of its will shareholders to give more time to CSN to satisfy the pre- conditions and decide whether it issue forward a formal offer December 18, 2006:- Within hours of Tata Steel increasing its original bid for Corus to500 pence per share, Brazil's CSN made its formal counter bid for Corus at 515 pence per share in cash, 3% more than Tata Steel's Offer.January 31, 2007:- Britain's Takeover Panel announces in an e- mailed statement that after an auction Tata Steel had agreed to offer Corus investors 608 pence per share in cash April 2, 2007:- Tata Steel manages to win the acquisition to CSN and has the full voting support form Corus’ shareholders CONCLUSION Steel prices, raw material supplies and interest costs on the $8-billion debt have been raised to fund the deal. Soon they may also have to deal with the sensitive issue of possible job There is no doubt that Tata has pulled off a coup — Corus makes nearly four times more steel than Tata Steel.Together, the combine becomes the fifth largest producer in the world and the second in Europe. But to make the most of the deal, Tata has to manage several variables including cuts in Corus’s manufacturing plants. There are also the usual sets of integration challenges that come with such large buyouts. The deal may be done, but the hard work is just beginning. In the run up to the auction, Tata had maintained a low profile despite CSN’s aggressive stance. They underestimated our firepower,† says Gandhi, who admits that even bankers to the transaction — ABN Amro and Deutsche Bank — were in the dark as to how far Ratan Tata was willing to go. The only blip, though, was the way the stock markets reacte d. Tata Steel has lost a billion dollars in market capitalization since it first announced its intention to buy Corus in October last year. (The BSE Sensex rose 18 per cent during the same period. ) The market perception is that the Tata Group paid too much for this acquisition.Several brokerage houses have pointed out that the deal implies a high enterprise value/ earnings before interest, taxes, depreciation and amortization (EV/EBITDA) multiple of 9 for Corus versus 4. 6 for Tata Steel. (L. N. Mittal paid 5. 8 times EBITDA for Arcelor. ) Ratan Tata disagrees: â€Å"We believe that, looking back in time, the price today will prove to be one that was worthwhile because the price of steel companies is likely to be even higher in the coming year. † But tying up the funding is the immediate priority. The Corus acquisition is being routed through a special purpose vehicle (SPV) called Tata Steel, UK. A similar structure was used for the Tetley buy in 2000. ) So far, the Tatas ha ve indicated that group holding company Tata Sons will pump in $4. 1 billion as equity into the SPV. The balance $8 billion will be raised by junk bonds and senior term loans (part of it has been tied up with banks like ABN Amro, Deutsche Bank and CSFB). These loans will be serviced out of Corus’s profits; Tata Steel need not repay this. This has effectively ring-fenced Tata Steel shareholders. Few will disagree. The Tata Steel managing director is likely to look for more acquisitions as he aims to increase the company’s total capacity to 100 mt by 2015.To reach that destination, a lot will depend on whether the group can make Corus fly. BIBILIOGRAPHY http://www. worldsteel. org/? action=programs=53 http://www. bseindia. com/bseplus/StockReach/AdvanceStockReach. aspx? scripcode=500470 http://www. motilaloswal. com/Research/ http://74. 125. 155. 132/scholar? q=cache:1p4SLlOZDcQJ:scholar. google. com/ +tata+corus+acquisition=en=2000 http://papers. ssrn. com/sol3/papers. cfm? abstract_id=1358681 http://papers. ssrn. com/sol3/papers. cfm? abstract_id=1431588 http://papers. ssrn. com/sol3/papers. cfm? abstract_id=1118306 http://www. nvestopedia. com/university/mergers/mergers1. asp#axzz1zwZQv0dz http://www. mergersandacquisitions. in/index. htm http://www. tatasteel. com/default. asp . http://www. equitymaster. com/detail. asp? date=11/13/2006=1=Tata-Steel-Corus-AWin-Win-Situation http://tejas-iimb. org/articles/04. php? print=true http://arunkottolli. blogspot. ca/2007/11/cultural-integration-post-m. html http://www. scribd. com/doc/22947163/Merger-of-Tata-Steel-and-Corus http://bcgindia. com http://www. worldsteel. org/ http://www. tatasteel. co. in http://www. tatasteel. com http://www. bseindia. com

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In planning the advertising campaign for Liverpool John Lennon Airport we had to consider the target audience in which the advertisement would be geared towards. In addition, a lot of research had to be done; we had to set a budget and decide on the advertising method that suits the budget. Next, we scheduled the media and execute the campaign. After the advertising campaign was completed, we did a post evaluation to identify any flaws, strength and also any future improvements in which we could implement. The campaign is deemed a success for the airport in assisting to accomplish their targeted goals. References Advertising.nsw.gov.au, (n.d.). Campaign objectives | Planning a campaign | NSW Strategic Communications. [online] Advertising.nsw.gov.au. Available at: http://www.advertising.nsw.gov.au/advertising/planning-campaign/campaign-objectives [Accessed 31 Dec. 2016]. BusinessDictionary.com. (2017). What is advertising campaign? definition and meaning. [online] Available at: http://www.businessdictionary.com/definition/advertising-campaign.html [Accessed 2 Jan. 2017]. Jagopal, S. (2012). Impact of advertisement. [online] Slideshare.net. Available at: http://www.slideshare.net/sindhujagopal/impact-of-advertisement [Accessed 31 Dec. 2016]. Khadir, L. (2012). Reach, frequency impact. [online] Slideshare.net. Available at: http://www.slideshare.net/Laisekhadir/reach-frequency-impact [Accessed 31 Dec. 2016]. Managementstudyguide.com, (2016). Advertising Campaigns Meaning and its Process. [online] Managementstudyguide.com. Available at: http://www.managementstudyguide.com/advertising-campaigns.htm [Accessed 30 Dec. 2016]. Multifocus.com.br, (n.d.). Pre and Post Campaign Evaluation MultiFocus: a Market Intelligence company. [online] Multifocus.com.br. Available at: http://www.multifocus.com.br/en/prepost.php [Accessed 31 Dec. 2016]. nibusinessinfo.co.uk, (2016). Planning an advertising campaign | nibusinessinfo.co.uk. [online] nibusinessinfo.co.uk. Available at: advertising-campaign [Accessed 30 Dec. 2016]. https://www.nibusinessinfo.co.uk/content/planning-a Bram, T. (2009). The 8 Steps of an Advertising Campaign | SmallFuel Marketing. [online] Smallfuel.com. Available at: http://www.smallfuel.com/blog/entry/the-8-steps-of-an-advertising-campaign [Accessed 2 Jan. 2017]. Managementstudyguide.com. (n.d). Advertising Campaigns Meaning and its Process. [online] Available at: http://www.managementstudyguide.com/advertising-campaigns.htm# [Accessed 2 Jan. 2017]. Managementstudyguide.com. (n.d.). Steps in Advertising Process. [online] Available at: http://www.managementstudyguide.com/advertising-process.htm [Accessed 2 Jan. 2017].