draagonfight89

I need a report that should include a background on the need of blood pressure machines ; description of lead concept of blood pressure machines , IP position for blood pressure machines ; and the preliminary thinking about regulatory and reimbursement strategy for blood pressure machines . (Note that the information you provide about regulatory and reimbursement can be directional. We don't expect you to have everything figured out yet just help us understand what you've learned to date). You should integrate data from validation interviews performed to date. Total length 8 pages or less, including all figures and references

What are two ironic things about the short story "Compatriots" by Emma Lee Warrior?

The Lufthansa Group, officially headquartered in Cologne,Germany, is the largest airline in Europe, both in terms ofpassengers carried and fleet size. The airline operates services to18 domestic destinations and 197 international destinations in 78countries across Africa, Americas, Asia and Europe, using a fleetof more than 280 aircrafts. Lufthansa Group is divided into fivebusiness segments, which cover the areas of passengertransportation, airfreight and airline services: Passenger AirlineGroup, Logistics, MRO1, Catering and IT Services. All of thebusiness segments occupy a leading position in their sectors and insome cases are the global market leaders. International ticketsales and the purchase of fuel, aircraft and spare parts give riseto foreign currency risks for the Lufthansa Group. All subsidiariesreport their currency exposure to the central financial planningdepartment over a timeframe of at least 24 months. The Group has aforeign exchange department that is specialized in trading foreigncurrencies and is responsible for the financial hedges of theGroup. Of the 80 currencies relevant for the Lufthansa Group, 20are hedged. The main currencies are the U.S. dollar, Japanese yenand Chinese renmimbi. Currencies highly correlated with the USdollar are also set off against operating USD exposure. It is Grouppolicy to hedge 100% of the foreign exchange rate exposure towardsthe main currencies by systematic financial management (usingfinancial derivatives) and by creating natural hedges. For U.S.dollars, Lufthansa is mainly in a net payer position, as fuelpayments are dollar denominated. For other currencies there isalways a net surplus. The main risks in this respect stem from thepound sterling, the Swiss franc, the Japanese yen, the Chineserenmimbi and the Indian rupee. On January 1, 2011, the LufthansaGroup appointed Dr. Christoph Franz as Chief Executive Officer. Inhis role, Mr Franz is responsible for the segments PassengersAirline Group, Logistics, MRO, Catering and IT Services, comprisingover 120,000 employees worldwide. When Dr. Franz was hired, hischallenge was to boost profits, which decreased significantly dueto the recent global financial crisis and rising oil prices.Declining profits were reflected in a negative trend in Lufthansa’sshare price; a trend that the Board of Directors would like to seereversed. In January 2012, Lufthansa bought ten 737 jets fromBoeing. The agreed upon price was USD 500,000,000; payable in U.S.dollars on delivery of the aircraft in one year, in January 2013.The value of the dollar against the euro had been fluctuatingsignificantly over the past two years. At the end of 2009, thedollar traded only at EUR/USD 0.6870. The U.S. currency regainedvalue during the first part of 2010, but by June 2011 the value ofthe dollar dropped to an all-time low of 0.6810 euro. By the end of2011, the dollar was rising again, and in January 2012, it tradedat EUR/USD 0.7704.

Mr. Franz had his own view on expectations regarding thedirections of the exchange rate. Like many others, he believed thatthe dollar would decline again over the coming year. The panic onthe financial markets due to the European debt crisis, which causedthe euro to plummet, was coming an end. Also, the inflationdifferential pointed towards a weakening dollar: analystsforecasted a 3% inflation rate for the U.S., while inflation inEurope would be only 2%. Thus, Mr. Franz believed, the euro wouldregain power at the expense of the dollar. You just have been hiredat the foreign exchange trading desk of Lufthansa and are asked tohelp the CEO Office with the management of their foreign exchangerate risks. Your first task is to advice Mr. Franz on how to hedgethe $500 million exposure resulting from the order at Boeing. Youcontact market makers at Deutsche Bank and UBS and receive thefollowing quotes:

Spot rate (EUR/USD) 0.7704 – 0.7704 0.7704 – 0.7704
1 year Forward rate (EUR/USD) 0.7650 – 0.7652 0.7651 – 0.7653
You call a trader at the Chicago Mercantile Exchange (CME) andlearn that following options are available:
- Call options on USD, size $100,000, strike price EUR/USD 0.7650,maturity January 2013, premium 0.005 EUR/USD.
- Put options on USD, size $100,000, strike price EUR/USD 0.7650,maturity January 2013, premium 0.003 EUR/USD.
Market interest rates are 2% per year in the United States and 1%per year in Europe.
1. Calculate the cash flows resulting from a forward market hedgingstrategy. Argument on which market maker you would choose as yourcounterparty.

2. Calculate the cash flows resulting from hedging with options.Explain whether you would use call or put options (and why!).

• Tsar Nicholas II issues the October Manifesto.
• The Bolsheviks establish a communist government.
• Revolutionaries imprison Tsar Nicholas II.
• The Union of Soviet Socialist Republics (U.S.S.R.) forms.
• Russia loses the Russo-Japanese War.

John and Marsha on Portfolio Selection The scene: John and Marsha hold hands in a cozy French restaurant in downtown Manhattan, several years before the mini-case in Chapter 9. Marsha is a futures-market trader. John manages a $125 million common-stock portfolio for a large pension fund. They have just ordered tournedos financiere for the main course and flan financiere for dessert. John reads the financial pages of The Wall Street Journal by candlelight. John: Wow! Potato futures hit their daily limit. Let's add an order of gratin dauphinoise. Did you manage to hedge the forward interest rate on that euro loan? Marsha: John, please fold up that paper. (He does so reluctantly.) John, I love you. Will you marry me? John: Oh, Marsha, I love you too, but … there's something you must know about me—something I've never told anyone. Marsha: (concerned) John, what is it? John: I think I'm a closet indexer. Marsha: What? Why? John: My portfolio returns always seem to track the S&P 500 market index. Sometimes I do a little better, occasionally a little worse. But the correlation between my returns and the market returns is over 90%. Marsha: What's wrong with that? Your client wants a diversified portfolio of large-cap stocks. Of course your portfolio will follow the market. John: Why doesn't my client just buy an index fund? Why is he paying me? Am I really adding value by active management? I try, but I guess I'm just an…indexer. Marsha: Oh, John, I know you're adding value. You were a star security analyst. John: It's not easy to find stocks that are truly over- or undervalued. I have firm opinions about a few, of course. Marsha: You were explaining why Pioneer Gypsum is a good buy. And you're bullish on Global Mining. John: Page 217Right, Pioneer. (Pulls handwritten notes from his coat pocket.) Stock price $87.50. I estimate the expected return as 11% with an annual standard deviation of 32%. Marsha: Only 11%? You're forecasting a market return of 12.5%. John: Yes, I'm using a market risk premium of 7.5% and the risk-free interest rate is about 5%. That gives 12.5%. But Pioneer's beta is only .65. I was going to buy 30,000 shares this morning, but I lost my nerve. I've got to stay diversified. Marsha: Have you tried modern portfolio theory? John: MPT? Not practical. Looks great in textbooks, where they show efficient frontiers with 5 or 10 stocks. But I choose from hundreds, maybe thousands, of stocks. Where do I get the inputs for 1,000 stocks? That's a million variances and covariances! Marsha: Actually only about 500,000, dear. The covariances above the diagonal are the same as the covariances below. But you're right, most of the estimates would be out-of-date or just garbage. John: To say nothing about the expected returns. Garbage in, garbage out. Marsha: But John, you don't need to solve for 1,000 portfolio weights. You only need a handful. Here's the trick: Take your benchmark, the S&P 500, as security 1. That's what you would end up with as an indexer. Then consider a few securities you really know something about. Pioneer could be security 2, for example. Global, security 3. And so on. Then you could put your wonderful financial mind to work. John: I get it: active management means selling off some of the benchmark portfolio and investing the proceeds in specific stocks like Pioneer. But how do I decide whether Pioneer really improves the portfolio? Even if it does, how much should I buy? Marsha: Just maximize the Sharpe ratio, dear. John: I've got it! The answer is yes! Marsha: What's the question? John: You asked me to marry you. The answer is yes. Where should we go on our honeymoon? Marsha: How about Australia? I'd love to visit the Sydney Futures Exchange.

Pioneer Gypsum Global Mining

Expected Return 11.0% 12.9%

Standard deviation 32% 24%

Beta .65 1.22

Stock Price $87.50 $105.00

a. This table reproduces John's notes on Pioneer Gypsum and Global Mining. Calculate the expected return, risk premium, and standard deviation of a portfolio invested partly in the market and partly in Pioneer. (You can calculate the necessary inputs from the betas and standard deviations given in the table.) Does adding Pioneer to the market benchmark improve the Sharpe ratio? How much should John invest in Pioneer and how much in the market?

b. Repeat the analysis for Global Mining. What should John do in this case? Assume that Global accounts for .75% of the S&P index. (Assume a market standard deviation of 16%.)

INTEREST RATE SWAPS AT HOLOGEN INC Hologen Inc., a diversified company in medical technological products, is planning on aggressively expanding its market share to become the largest global pure-play women’s health company. Presently, it operates in three business segments (Skeletal Health, Breast Health, and GYN Surgical) and it is imperative to penetrate the diagnostic heath-care segment to attain its status as the world leader. Acquiring Cybertech, a British diagnostic firm, will be the quickest and most cost-effective option given its existing international clientele. Hologen requires approximately $ 200 million to make the tender offer for Cybertech and is considering three borrowing alternatives, and your task is to recommend the best option. Your well-written draft should address the seven questions at the end of the case study and meet the following requirements: Be two to three pages in length total

CASE DESCRIPTION The primary subject matter of this case is the use of interest rate swaps to lower capital costs and manage interest rate risk. Secondary issues include examining market efficiencies. The case requires students to have an introductory knowledge of accounting, statistics, finance and international business thus the case has a difficulty level of four (senior level) or higher. The case is designed to be taught in one class session of approximately 3 hours and is expected to require 3-4 hours of preparation time from the students. CASE SYNOPSIS Hologen Inc., a diversified medical technology company, currently operates in three business segments (Breast Health, GYN Surgical, and Skeletal Health). Hologen’s CEO has suggested the company pursue an acquisition that would diversify its product line as well as increase its exposure in international markets. Hologen’s vision is to become the world’s largest pure-play women’s health-care company. In order to achieve this status, Hologen would need to enter the diagnostic health-care segment of the industry and expand international sales. Hologen felt the quickest and more cost effective way to accomplish these goals was through an acquisition of an existing diagnostic company with an international clientele. The company Hologen is interested in acquiring is a British firm, Cybertech. Cybertech, a publicly traded company listed on the London Stock Exchange, has a current market capitalization of about 252 million British pounds. In order to make a tender offer for Cybertech, Hologen will need to borrow the equivalent of about $200 million dollars and is exploring three different borrowing alternatives. BACKGROUND Hologen, Inc. is a diversified medical technology company that develops, manufactures, and distributes medical imaging systems and surgical products for serving the healthcare needs of women. The company currently operates in three segments: Breast Health, GYN Surgical, and Skeletal Health. The Breast Health segment offers breast imaging products. This segment also develops a breast imaging platform to produce 3D images. The GYN Surgical segment offers a minimally-invasive procedure that allows physicians to treat women suffering from excessive Page 118 Journal of the International Academy for Case Studies, Volume 18, Number 3, 2012 menstrual bleeding; and a form of permanent female contraception intended as an alternative to tubal ligation. The Skeletal Health segment assesses the bone density of fracture sites and the bone density of heels as well as an extremity MRI for detecting rheumatoid arthritis and orthopedics. Hologen, Inc. sells its products through a combination of direct sales and service force, and a network of independent distributors and sales representatives primarily in the United States and Asia. The company was founded in 1987 and is headquartered in San Francisco, CA. The breast health segment is Hologen’s largest division, contributing to about 60% of sales. The majority of revenues in the breast health division are derived from the sale of imaging devices, with digital imagining driving sales. Over the past few years, sales from the breast health division have been expanding due to a shift from analog to digital imaging by hospitals and clinics. Hologen’s GYN surgical division has been performing steadily. The established sales force with strong connections to OB/GYN physicians has proven effective at delivering consistent 7%-8% revenue growth over the last 5 years. However, this division is the smallest in terms of revenue contribution (only about 15% of total sales). Hologen’s skeletal health segment, which represents about 25% of total revenue, has come under pressure from lower reimbursement rates and the company is anticipating a decline in revenue growth from this division over the next few years. Even though Hologen is well positioned in the digital mammography segment, with a market leading 65% share in the United States, the company is concerned this area of business is becoming saturated. Contributing to declining sales is the gap or extension of the replacement cycle by hospitals as they continue to cut capital spending on many big-ticket devices, such as digital imagers. THE SITUATION During the first week of 2011, Hologen’s CEO John Rollins was reviewing the most recent fourth quarter financial statements. The results were disappointing. Revenues were down 8% for the quarter and this mirrored the full-year results in which sales were down almost 3%, mostly due to weaker results from the breast health segment. To date, Hologen’s current strategy for long-term growth has been focused on the breast health segment. Hologen has continued to invest in research and development to maintain a competitive advantage in the digital market. In addition, the company has focused heavily on 3- D imaging devices, which the company believes is the next frontier for digital mammography. This strategy has potential vulnerability as large conglomerates such as GE and Siemens also compete in this business segment. If either of these competitors decides to focus their vast research budgets on digital imaging, Hologen’s superior technological advantage may be severely diminished. GE and Siemens could also use their broad product lines and large sales force to erode away Hologen’s current leading market share position in this segment. Page 119 Journal of the International Academy for Case Studies, Volume 18, Number 3, 2012 In response to the potential vulnerability to the breast health division, Rollins had suggested to Hologen’s board that the company pursue an acquisition that would diversify its product line as well as increase its international exposure. Currently Hologen had very little access to developed markets such as Europe, which Rollins feels Hologen must penetrate in order to achieve consistent earnings growth over the long-run. Moreover, Rollins wants to position Hologen as a future player in emerging markets where the potential for growth is extremely promising. Rollins vision is for Hologen is to become the world’s largest pure-play women’s health-care company. In order to achieve this status, Hologen would need to become a participant in the diagnostic health-care segment and increase international sales. Rollins felt the quickest and more cost effective way to accomplish these goals was through an acquisition of an existing diagnostic company that had an international presence and ties to emerging markets. The company Rollins is interested in acquiring is a British firm, Cybertech. Cybertech is a molecular diagnostic company whose main product line is T-Prep, the most widely used method for cervical cancer screening in both Europe and the United States. In addition, Cybertech had been expanding market penetration to include Asia, India and Brazil. Over the last year, they had seen some especially positive results from expansion into India. About a month ago, Rollins was at a major medical conference in Las Vegas where he met Jim Burns, the CEO of Cybertech. They had briefly met at a reception where both had been presenting new products for the upcoming year. Rollins remembered that he had really liked Burns’ vision for Cybertech’s role in the diagnostic screening procedure market. Burns had a philosophy for running a business that matched well with Rollins. The two had had dinner together and talked mostly about the challenges of the healthcare sector. When Rollins had returned from the conference, he began to research Cybertech and found their sales were fairly predictable and the company had a number of other market leading products in the diagnostic segment in addition to the well-known T-Prep. Rollins had asked his CFO, Tim Scott to work with their investment bank and come up with a preliminary valuation for Cybertech. Rollins estimated that if Hologen were able to acquire Cybertech’s existing diagnostic business and strong international sales force, it would provide Hologen an opportunity to realize additional revenue benefits from cross-selling existing Hologen products via Cybertech’s sales network. Furthermore, Rollins expected net margins might also improve by eliminating some duplicate research and development expenditures and lowering other costs. Tim Scott’s initial reaction to the proposed acquisition was centered on the price they would have to pay for Cybertech. With Cybertech trading at around 420 pence, up from 220 pence a year ago, the current market capitalization is 252 million pounds. Furthermore, the pound is trading at around $1.60, up from $1.40 two years ago. In US dollars, Cybertech market value is a little over $400 million. Scott casually mentioned he wished Rollins had thought of acquiring Cybertech a year ago when the US dollar equivalent market capitalization for Cybertech was under $185 million. The pound has been strengthening and Cybertech’s stock has almost doubled over the last year, partially due to the world economic recovery and partially Page 120 Journal of the International Academy for Case Studies, Volume 18, Number 3, 2012 due to Cybertech’s recent success in India. Scott also noted that an acquisition of a public company would also have to include about a 15% to 35% premium in order to persuade the target’s board of directors and current shareholders to approve the acquisition. Rollins, Scott, their investment banker and the board of directors had spent a few weeks performing due diligence on the Cybertech acquisition and had concluded Cybertech should move forward with an initial cash tender offer of 290 million pounds. Given Hologen’s current financial position, the company would need to borrow an additional 125 million pounds (the equivalent of about $200 million) if Hologen wanted to make a cash offer to acquire Cybertech. Rollins instructed Scott to meet with their investment banker and determine the cost of borrowing an additional $200 million dollars. THE TASK The investment banker helping Hologen with the Cybertech acquisition had done some preliminary research and concluded that Hologen could raise $200 million dollars by issuing a 5% coupon bond (paid semi-annually) at face value with a maturity of 10 years. However, the investment banker also noted that at present, there was considerably more client interest in funding investment grade floating rate notes. Given Hologen’s A-rated credit quality, they could borrow $200 million for 10 years at a floating rate of 6-month LIBOR plus 1.5% with interest paid semi-annually. Tim Scott suggested that the riskiness of the international acquisition would lead Rollins to prefer fixed rate debt, even if floating rate debt is relatively more attractive at the present time. The investment banker suggested Scott should seriously consider the floating rate debt and he would try to find an appropriate party for an interest rate swap in order to take advantage of the current high demand for floating rate debt. Scott was a little uncertain about interest rate swaps but his investment banker assured him that the interest rate swap is more common that he might think. He remarked that the notional principal for interest rate swaps have grown from $12.8 trillion in 1995, to $48.8 trillion in 2000, to $128 trillion in 2005, to about $347 trillion in 2010. As interest rate swaps become more and more common place in the financial markets, the investment banker suggested Scott should stronger consider this possibility. Two days later, the investment banker called Scott and reported that he found a company, LC Inc. who is able to borrow $200 million at a fixed rate of 6.1% for 10 years but prefers floating rate debt to take advantage of the steep upward sloping yield curve and initially lower interest payments. Unfortunately LC Inc. is just below investment grade in terms of credit quality and they are not able to fully take advantage of current favorable market conditions for floating rate debt. It would cost LC Inc. 6-month LIBOR plus 3.4% to borrow in the floating rate market. The investment banker suggests Hologen and LC Inc enter into an interest rate swap that can be set up by National Bank who will act as a dealer in the interest rate swap. Hologen will Page 121 Journal of the International Academy for Case Studies, Volume 18, Number 3, 2012 pay National Bank a fixed 3.1% interest on $200 million dollars over 10 years in exchange for the 6-month LIBOR rate interest on $200 million. National Bank will also have an agreement with LC Inc. LC Inc will pay National Bank 6-month LIBOR rate interest on $200 million in exchange for a fixed rate of 3% interest. The cost of financing for Hologen and LC Inc as well as the swap terms are summarized below: Table 1: Cost of Financing for Hologen and LC Inc in both the Fixed Rate and Floating Rate Markets Company Issuing Debt Fixed Rate Bond at Par Floating Rate Note Hologen 5% 6-month LIBOR + 1.5% LC Inc 6.1% 6-month LIBOR +3.4% Figure 1: Proposed Interest Rate Swap between Hologen and LC Inc Hologen 3.1% fixed National Bank 3% LC Inc 6-month LIBOR 6-month LIBOR 6-month LIBOR + 1.5% 6.10% Floating Rate Note Fixed Rate Bond $200 Million Loan $200 Mil Loan 10 year maturity 10 year maturity Tim Scott went back to his office to prepare a presentation of the three different alternatives available to Hologen in terms of raising the $200 million needed for the acquisition. Scott must include the details of the fixed rate bond, floating rate note and interest rate swap in such a manner that Rollins and the Board would be able to make an informed decision. Scott listed a few major discussion points that needed to be covered in his presentation. Considering that Rollins and the Board would almost certainly want to borrow at a fixed rate, Scott had to make sure his presentation explained in some detail why it would be better for Hologen to issue a floating rate note and engage in an interest rate swap. 1) Why might investors prefer floating rate notes over a fixed rate bond? 2) Why might Hologen prefer to issue fixed rate bonds rather than floating rate notes? Page 122 Journal of the International Academy for Case Studies, Volume 18, Number 3, 2012 3) What is the anomaly in current market conditions that makes an interest rate swap a viable option for both parties involved in the swap? 4) If Hologen issues a floating rate note and engages in the interest rate swap, what is the net cost of financing for Hologen after the interest rate swap? How does this compare to the cost of financing if Hologen issues a fixed rate bond? 5) If LC Inc issues a fixed rate bonds and engages in the interest rate swap, what is the net cost of financing for LC Inc. after the interest rate swap? How does this compare to the cost of financing if LC Inc issues a floating rate note? 6) What is National Bank’s role in the interest rate swap and how much will they be compensated for their involvement in this transaction? 7) How does the interest rate swap reduce the cost of borrowing for both parties and allow the intermediary to be compensated? Figure 2: US Treasury Yield Curve for Feb-2011 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 0 5 10 15 20 25 30 US Treasury Yield Curve (Feb-2011) Yield to Maturity Years to Maturity Page 123 Journal of the International Academy for Case Studies, Volume 18, Number 3, 2012 Figure 3: A-Rated Corporate Bond Yield Curve (Feb-2011) Figure 4: 6-month LIBOR rate Jan-2001 to Feb-2011 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 0 5 10 15 20 25 A-Rated Corporate Bond Yield Curve (Feb-2011) Yield to Maturity Years to Maturity 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 J

Horace-Mackintosh Grant

Background

Horace-Mackintosh-Grant which is a leading UK clothing and footwear designer. Mackintosh-Grant, located in the United Kingdom, was formed by the merger of two companies in 2008. It is a listed company which designs, manufactures, markets and distributes a large range of high tech leisurewear and footwear products through Europe and the United States of America. Horace-Mackintosh-Grant employs approximately 700 people at its three sites in Eastern Europe and supplies products to over 6 million customers in 20 countries. Horace-Mackintosh-Grant holds stocks of about 100,000 different components and product elements that are used in the shoes, trim, materials, in-shoe technology and specialist smart clothing ranges.

Divisions and market/competitor comparison

The company is organised into three divisions, the Footwear division (FWD), the Specialist Sportswear division (SSWD) and the Streetwear division (SWD).

The primary footwear products (FWD) are sports shoes aimed at customers aged 12-30 years that are fashion and exercise conscious at the same time. The average product price is in lower quartile when compared against competitors. 90% of sales in this area come from UK and EU markets.

The specialist sportswear (SSWD) is aimed at high net income customers aged 25–45 years who value status and emerging materials, design and technology on their high performance product. The average product price is the upper quartile when compared against direct competitors and. 75% of sales for these product come from North America.

The Streetwear products (SWD) are aimed at customers aged 8-30 years who like to wear the latest trends and styles and have great control and choice over their look. The average product price is in the lower quartile when compared against direct competitors. Sales for these products are divided 40% UK and EU / 37% North America / 23% Asia Pacific.

Organisational structure

Horace-Mackintosh-Grant is organised along these 3 lines of business described above and sell products direct to consumers by mail order, through retailers, aggregated wholesalers and also create ‘white label products’ and sell clothing components and blueprints to other manufacturers. The present structure was established by Company Horace-Mackintosh in 1990 and continued after the merger with Company Grant. The Board considers continuity to be a very important value. Many of Horace-Mackintosh-Grant’s competitors have carried out structural reorganisations since then. In 2008, Horace-Mackintosh-Grant commissioned a review of its organisational structure from a human resource consultancy. The consultants suggested alternative structures which they thought Horace-Macintosh-Grant could employ to its advantage. However, Horace-Mackintosh-Grant’s Board felt that continuity was more important and no change to the organisational structure took place.

Product and service delivery

Consumers, retailers and wholesalers are increasingly seeking to collaborate with the designers of their products and the associated manufacturing and assembly processes. Horace-Mackintosh-Grant’s Board views this as a growth area. The Board has recognised that Horace-Mackintosh-Grant needs to develop web-based services and tools which can be accessed by these partners. The traditional method of listing the company’s range of products, designs and components in a catalogue is becoming less effective, costly and cumbersome because customers are increasingly seeking specially designed custom made products as the industry becomes more sophisticated.

Financial data

Horace-Mackintosh-Grant’s historical financial record, denominated in UK currency of UK £, over the last 3 years is shown below.

Performance review

Horace-Mackintosh-Grant’s 3 divisions have been profitable throughout the last three years. The revenue and operating profit of the 3 divisions of Horace-Mackintosh-Grant for 2009 were as follows:

Financial objectives of Horace-Mackintosh-Grant

The Board has generally taken a cautious approach to providing strategic direction for the company. Most board members feel that this has been appropriate because the Horace-Mackintosh company was unprofitable for the three year preceding the merger and needed to be turned around. Also, most board members think a cautious approach has been justified given the constrained economic circumstances which have affected Horace-Mackintosh-Grant’s markets since 2008. While shareholders have been disappointed with Horace-Mackintosh-Grant’s performance over the last 3 years, they have remained loyal and supported the Board in its attempts to move the company into profit. The institutional shareholders however are now looking for increased growth and profitability combined with a strategic vision for the future.

Capital budget overspends

Horace-Mackintosh-Grant has an internal audit department. The Chief Internal Auditor, who leads this department, reports directly to the Finance Director. Investigation by the Internal Audit department has revealed that managers with responsibility for capital expenditure have often paid little attention to expenditure authorisation levels approved by the Board. They have justified overspending on the grounds that the original budgets were inadequate and in order not to jeopardise the capital projects, the over-spends were necessary. It is perceived by the designers and most staff members that the need to allow a great deal of customisation on products leads to difficultly in predicting costs being incurred.

Strategic development

Horace-Mackintosh-Grant applies a traditional rational model in carrying out its strategic planning process. This encompasses an annual exercise to review the previous plan, creation of a revenue and capital budget for the next five years and instruction to managers within Horace-Mackintosh-Grant to maintain their expenditure within the budget limits approved by the Board.

The Board stated in its annual report, published in March 2010 that the overall strategic aim of the company is to:

“Achieve growth and increase shareholder returns by continuing to design produce and distribute high quality clothing and footwear products and components and develop our international presence through expansion into new overseas markets.”

Required

Question one

From the information provided, think of as many suggestions as you can on how Horace-Mackintosh-Grant can accelerate the growth of the company and increase its profitability.

Question two (this question has nothing to do with the above information on Horace-Mackintosh-Grant).

Discuss the main advantages and risks of the process of mortgage securitization for commercial banks and the financial system.

I'd like a complete good answer to the below question: (as the previous answers suck). Please take this seriously!

What does the example (see below) of eBay suggest about the usefulness of the early e-business categories (B2C, C2C, B2C, C2B) as a tool for guiding an e-business’s growth plans?

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eBay: The Ultimate E-Business

This case illustrates how eBay has successfully garnered business success with its e-business strategies but needs to be constantly on guard to adapt and respond to an ever-changing marketplace.

Pierre Omidyar was just 28 when he sat down over a long holiday weekend to write the original computer code for what eventually became an Internet super-brand—the auction site eBay. Omidyar viewed auctions as a fair mechanism for Internet commerce where sellers could set their minimum prices, and buyers could then determine an item’s market value by bidding up to what they were willing to pay. A novel feedback system could allow buyers and sellers to rate each other, helping minimize fraud by enabling the community to police itself. “I really wanted to give the individual the power to be a producer as well. It was letting the users take responsibility for building the community,” Omidyar would later explain.

The site launched on Labour Day, September 4, 1995, under the title of Auction Web, soon to be renamed after the site’s domain name—eBay.com (a shortening of Echo Bay, Omidyar’s consulting firm). The service was free at first, but started charging to cover Internet service provider costs.

A Viable Marketplace

eBay.com took off. It provided something novel that its users craved: an efficient, viable marketplace with a strong community built on fairness and trust. A photography student looking for a used camera could choose from various models across the nation and trust the timely delivery of the product. The owner of a vintage clothing store could sell to collectors living in different time zones. The community would expose a deceptive or fraudulent user and ban them from the marketplace.

Entrepreneurs in record numbers began setting up shop on eBay. For example, according to a survey conducted for eBay by ACNielsen International Research, 75,000 people supported themselves by selling items on eBay in 2002; however, by early 2008, the website boasted hundreds of millions of registered users, over 15,000 employees, and revenues of almost US$7.7 billion.

The stock market value of Omidyar’s innovative company grew to US$2 billion in its first three years, and his site’s staying power as an economic engine was evident. Jeffrey Skoll, a Stanford MBA, joined the company in 1996 after the site was already profitable. In March 1998, Meg Whitman took over as president and CEO. In September 1998, eBay launched a successful public offering, making both Omidyar and Skoll billionaires—three years after Omidyar created eBay. After nearly 10 years at eBay, Whitman decided to enter politics. On January 23, 2008, the company announced that Whitman would step down on March 31, 2008, and John Donahoe was selected to become president and CEO.

Business Ventures via eBay

This e-business has launched several sub-business ventures that add value for its customers, such as payments and communications. Over the years, eBay has had to create and adapt these businesses in response to changing marketplace conditions.

The Payment Business: PayPal

Founded in 1998, PayPal, a subsidiary eBay company that eBay purchased in 2002 for US$1.5 billion, enables any individual or business with an email address to securely, easily, and quickly send and receive payments online. PayPal’s service builds on the existing financial infrastructure of bank accounts and credit cards, and uses the world’s most advanced proprietary fraud prevention systems to create a safe, global, real-time payment solution. According to Scott Thompson, PayPal’s president, the company’s key advantage over rival payment systems is its fraud management capabilities and its global reach.

PayPal.com has quickly become a global leader in online payment solutions with almost 112.3 million active account members worldwide. Buyers and sellers on eBay, online retailers, online businesses, and traditional offline businesses are transacting with PayPal. It is available in 190 markets and operates in 25 currencies worldwide.

To grow this successful subsidiary even further to become one of the top global brands, PayPal plans to incorporate Bill Me Later Inc., which offers its own online payment service. Several merchants support both PayPal and Bill Me Later as separate payment options, and PayPal wants to strategically combine these services into a single option to promote uptake and usage. According to John Donahoe, there are only three global payment networks winners (Visa, American Express, and MasterCard) and he believes the same thing is going to happen in the online payment world—few winners will exist, perhaps only one—and there is a strong desire to take steps now to ensure PayPal is in that winning group. Further, PayPal plans to roll out an open development platform that will let other companies create Web applications that accept PayPal payments. The company believes this will not only let merchants experiment with the ways they will accept and process online payments, but also decrease PayPal’s development costs as it enables millions of developers worldwide to build profitable and sustaining businesses with PayPal.

The Communication Business: Skype

Skype, a global Internet communications company, allows people everywhere to make free, unlimited, superior quality voice calls via its innovative peer-to-peer software. Launched in August 2003, today Skype boasts 299 million users.

In September 2005, eBay acquired Skype for approximately US$2.6 billion, anticipating that Skype would streamline and improve communications between buyers and sellers as it is integrated into the eBay marketplace. With Skype, buyers gained an easy way to talk to sellers quickly and get the information they need, and sellers could more easily build relationships. The auction company hoped the acquisition would strengthen its global marketplace and payments platform, while opening several new lines of business and creating significant new opportunities for the company.

In April 2009, eBay announced plans to sell off Skype. The reason for the spin off was a desire for eBay to focus on its core business of e-commerce. According to John Donahoe, Skype was a “great stand-alone business” but had “limited energies” with eBay. By selling Skype, the company was able to hone its efforts on improving its e-commerce site. One area of expansion is international e-commerce. Operations from outside North America account for more than half of eBay’s revenue and there is certainly continued growth opportunity in this area, though competition is fast increasing.

Can eBay Retain Its Tech Savvy?

In the early days of the Web, eBay poured most of its resources into building a sophisticated infrastructure and auction system that could sustain large amounts of traffic and transactions. Later, eBay turned its energies toward acquisitions and expansions, such as PayPal and Skype, at the expense of delivering new technological tools and features to the eBay interface. Today, eBay’s strategy is to reorient itself to a focus on e-commerce. More services have been developed for PayPal such as the addition of smartphone application and striking partnerships with thousands of Internet shopping sites.

Some industry analysts question whether eBay can revive its technical elegance in time to attract and retain customers toward its online auctions. For example, many customers complain that a search on eBay’s site does not yield results that are as relevant as a search on Google, and that the tools available on eBay do not enable people to interact with others as easily as they can on social networking sites such as Facebook. Inside the company, some workers lament the exhaustive vetting process required to test new ideas that stifles and creates barriers to launching innovative technical solutions.

In response, eBay has made changes within the company. It has hired key senior personnel who have first-hand knowledge of how to translate customer requirements into technical solutions and restructured the organizational chart to ensure better cross-pollination of technological know-how and ideas across various business units. Such steps are aimed at promoting an internal culture and environment that is open and receptive to launching new technological innovations. Examples of technical solutions that aim to enhance the customer experience are the delivery of a “daily deal” widget that tips off shoppers to one-day deals on certain products, and an “email-a-friend” button next to each item posted on eBay that provides a simple way for customers to remind themselves and their friends of bargain details.

Case: The Roraima Manufacturing Company (THIS SUBJECT IS FOR INTERNATIONAL BUSINESS, BUT THERE WAS NO OPTION OF INTERNATIONAL BUSINESS)

The Roraima Manufacturing Company, a producer of equipment and parts for the agricultural and mining sectors, has been in business since 1998. Roraima is headquartered in the US and over the years has mainly produced in the US and exported to other countries. The company has had a very timid approach to expansion into foreign markets. About 10 years ago it opened a small plant in Germany which produces mainly for the European market. Doing business in Germany was a safe and convenient haven for their operations.

Two crucial changes are taking place that affect the business. For some while now Roraima’s main competitor, Everest, has been aggressively seeking alternative markets for its production and products and, according to all accounts, it will soon surpass Roraima in sales volume and profitability ratios. In addition a Japanese competitor has recently opened a manufacturing plant in the US and is further eroding the position of Roraima.

Roraima’s Board of Directors is concerned that the company’s “play it safe” modus operandi has run its course and the company must respond to the imminent financial threats. They are very concerned about the bottom line and feel that the company has missed key opportunities to integrate into the global market and expand production and sales. The Board called a special meeting with management demanding a clear revamping of the company’s global strategy.

In the initial round of talks the Board makes it clear that management must be bold and aggressive, and examine a variety of options to arrive at a broad global strategy. These options include shifting production to other countries to decrease costs; and, opening new manufacturing facilities in regions like Asia, Latin America and Sub-Saharan Africa where they can possibly produce cheaper products and expand markets.

Roraima’s management concerned that they do not understand fully the global challenges, are very fearful about the prospects of taking the company into unknown areas. They set up a think tank and identify several areas that need examining and explaining.

As a member of Roraima’s think tank you have been charged with the responsibility of enlightening the Board on issues relating to foreign exchange risk, factors salient to foreign location choices, centralization and decentralization as possible strategies, logistics and distribution strategies; and, possible political risk while operating in foreign countries.

Board Questions:

Question 1: Describe three levels of currency exposure that should be simultaneously managed by Roraima within its network of foreign exchange transactions. Explain the concept that best reflects the overall process of managing foreign exchange risk.

Question 2: As Roraima’s global strategy take root, the company has to monitor continuously its foreign location choices – what countries to enter or not to enter, and what countries to either increase or reduce investment levels. Discuss the key factors to consider for most effectively making these choices?

Question 3: Explain the concepts of centralization and decentralization as organizational structural options that Roraima could utilize to control and coordinate its global production activities as they expand.

Question 4: Discuss the critical factors that Roraima should consider for production, outsourcing (make/buy), logistics, and distribution strategies as the company expands globally.

Question 5: What are the political risks that Roraima will face with diverse foreign locations? How could the company manage those risks?

"The world is at your fingertips! Why do businesses go global?" Please respond to the following: Give two (2) reasons explaining why you think organizations have an advantage going global now as compared to twenty years ago. Explain whether or not you think organizations need to go global in order to stay competitive.

1. Please help me thank you

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Outline the reasons why, despite the deterritorialized nature of ABS, the global city is still particularly crucial to the industry.

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state 3 corresponding points

mming Languages (Theory of Python)

Real Physics

Jonathan gardener talks about the concepts in computer science as well as software engineering as a practical career. This video is part of his theory of Python video series where I cover the Python language in detail. We'll talk a lot in detail about what a function is in Python what that means in programming languages. We worry a lot about VM's virtual machines Java Python Python c-sharp all use virtual machines. The other thing that we have to think is the type system and this gets into the data structure how do you organize your data structure. Python does n't do JIT compiling but pi PI which is an alternative implementation of Python does we 'll talk more about pi PI later. There are many different kinds of type systems and people try to boil this down to like there is this type of program rate this is this kind of type system it's nonsense there 's many vectors one of the most important aspects is dynamic versus static in a dynamic type system the variables that you use in the program can refer to any type variable any type of value. The variable name as associated with it the type of the object you 're looking at right.

Python itself kind of started off as a joke and then it became useful and people recognize its value and so it basically advertised itself by word of mouth. Python is the kind of language you want to see other things that affect popular dairy is you might have free languages or free programs versus free software free software is not necessarily free. Programming languages are important it 's important you choose the right programming language with a job if you do n't know what language that is the answer is Python for most jobs there are some cases where I would not recommend Python there is a huge difference that I found between Java and Python and my experience I estimate that I was basic about 10 times is fast with Python and Java. Python white Python is simple it 's simple and easy you can master the language breath rather readily and also it allows lots of flexibility so they 'll be able to learn and explore lots of different concepts that 's why I 'm starting this video series on the theory of Python and not Prolog.

Prepare an essay outlining the skills that a company would need to acquire in order to compete in the global market. Describe why having certain talents and abilities is particularly crucial in a global environment. Provide instances to back up your position.

Solve question 3.  thank you

Simplify the following expressions by writing each one using a single trigonometric function.

Graded Assignment-

Lab Report: Gene Mapping

Answer the questions below. When you are finished, submit this assignment to your teacher by the due date for full credit.

For all questions, assume that you have genes for beak color, tail-feather length, and feather color all linked (located) on the same chromosome, but you don't know the order of the genes on the chromosome or the distance between them. The alleles for these genes are

beak color: Y for yellow beak (YY and Yy) and y for black beak (yy)

tail-feather length: L for long tail (LL and Ll) and l for short tail (ll)

feather color: B for blue feathers (BB and Bb) and b for white feathers (bb)

Total score: Click or tap here to enter text. of 22 points

Part 1: Crossing Beak Color and Tail-Feather Length

Cross a YyLl (heterozygous parent with dominant traits) with yyll (homozygous parent with recessive traits). Look at the number of genotypes of the F1 generation:

YyLl: 400

Yyll: 100

yyLl: 100

yyll: 400

(Score for Question 1: Click or tap here to enter text. of 2 points)

1. Which offspring are the recombinant offspring in this cross?

Answer: The recombinant offspring in the cross YyLl x yyll are Yyll and yyLl

(Score for Question 2: Click or tap here to enter text. of 2 points)

2. How far apart are Y and L? Give your answer in map units. (Hint: Add the numbers of the two recombinant types, divide by the total number of offspring, and multiply by 100.)

Answer:

Type your answer here.Click or tap here to enter text.

Part 2: Crossing Beak Color and Feather Color

Cross beak color and feather color.

(Score for Question 1: Click or tap here to enter text. of 2 points)

1. Cross one parent that is heterozygous for both beak color and feather color with a parent that is homozygous for both recessive traits. What are the genotypes of the parents? (Hint: Recall that the P generation includes a heterozygous parent with dominant traits and a homozygous parent with recessive traits.)

Assume the following F1 generation:

YyBb: 420

Yybb: 80

yyBb: 80

yybb: 420

Answer:The genotypes of the parents in the cross YyBb x yybb are YyBb and yybb

(Score for Question 2: Click or tap here to enter text. of 2 points)

2. Which offspring are the recombinant offspring in this cross?

Answer:The recombinant offspring in the cross YyBb x yybb are Yybb and yyBb.

(Score for Question 3: Click or tap here to enter text. of 2 points)

3. How far apart are Y and B?

Answer:

Type your answer here.Click or tap here to enter text.

Part 3: Crossing Tail-Feather Length and Feather Color

Cross a P generation, LlBb with llbb. Assume the following F1 generation:

LlBb: 480

Llbb: 20

llBb: 20

llbb: 480

(Score for Question 1: Click or tap here to enter text. of 2 points)

1. Which offspring are not the recombinant offspring in this cross?

Answer:The non-recombinant offspring in the cross LlBb x llbb are Llbb and llbb.

(Score for Question 2: Click or tap here to enter text. of 2 points)

2. How far apart are L and B?

Answer:

Type your answer here.Click or tap here to enter text.

Part 4: Mapping Beak Color, Tail-Feather Length, and Feather Color

Now you are ready to figure out the order of the genes for beak color, tail-feather length, and feather color on the chromosome and build a genetic map.

(Score for Question 1: Click or tap here to enter text. of 2 points)

1. List the distances between each pair of genes:

beak color and tail-feather length:

beak color and feather color:

tail-feather length and feather color:

Answer:

Type your answer here.

(Score for Question 2: Click or tap here to enter text. of 2 points)

2. Which two alleles are the farthest apart?

Answer:

Type your answer here

(Score for Question 3: Click or tap here to enter text. of 2 points)

3. Which two alleles are the closest together?

Answer:

Type your answer here.

(Score for Question 4: Click or tap here to enter text. of 2 points)

4. True or False: The diagram shows the correct genetic map for these three alleles on one chromosome.

Answer:

Type your answer here.

Image can be use to answer 5-7

Shorter and more consistent. Binary or base two system only allows zeros and ones, for example the number 255 in decimal system is equivalent to eight ones in the binary system. Hexadecimal numbers contain the digits 0 to 9 as well as the letters a to f, making it easier to deal with large decimal or binary numbers.

When working with numbers, it is important to understand the concept of narrowing; this happens when a variable of a smaller type is initialized with a larger type. As we store a smaller number in the larger memory space, we don't have to worry about data loss as the additional bytes in memory are filled with zeroes. Although these numbers are not truly random, they are based on some kind of mathematical formula. To generate random numbers, we can use the 'srand' (seed rand) function, which will give us two random values between one and six. To limit the range of this random number, we can use the formula shown onscreen; though this method is more complicated and not suitable for beginners, it is still a good way to learn how to generate random numbers - for example, to roll a dice.

The author of the textbook indicates that capitalism and socialism represent two ends of a continuum in which all real-world economies can be located. Also, most experts agree that capitalism is more productive and socialism generates more social equality. Describe what you think would be the best combined features of the economic systems of capitalism and socialism while minimizing the disadvantages of each. Explain your answer.

The Information Age has increased the use of computers and other new information technology. Discuss how computers are changing the workplace and how new technology both serves and harms workers. Support your position with evidence or examples.

The division of labor and specialization that social surplus enables boosts social output and spurs technological advancement. This promotes an automatic process of economic growth.

A. Describe this assertion. A. To support this claim, offer evidence from Diamond's Guns, Germs, and Steel, the MES text, and whatever else you deem pertinent. C. In that case, how did the social surplus enable those with more of it to first marginalize hunter-gatherers before claiming the entire planet?

Factor Completely

(3x-5)^2+x)4(3x-5)3
=12(3x-5)(25-29x9x^2)
They say the answer is 5(3x-5)(3x-1) How did they get there?

What would be the answer to this then?

(7x-3)^2+x*2(7x-3)*7

What Is the answer To

3x + 5 - x -2 =5

Use the image to answer 1-2 thanks

What is the answer

What is SQL basics?