Investment Culture In Mauritius And Around The Globe Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2202 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Case study Did you like this example? This study seeks to understand the Concept of investment culture around the globe and the attitude of Mauritians to investment. It aims to gain knowledge about key factors that influence investment behavior and thus trying to bring an insight and educate the population on the factors that need to be considered when selecting an investment portfolio. The focus will be based mostly on the Study of the Mauritian Population as a whole consisting of at minimum one income-earning member. Don’t waste time! Our writers will create an original "Investment Culture In Mauritius And Around The Globe Finance Essay" essay for you Create order It is by using different age groups along with Gender and demographic factors that synergism between investors can be reached. On the basis of segmentation we will carry out surveys. We planned for a minimum sample of around 2000 individuals would be selected for the study. Questionnaires would be distributed amongst various groups of people, depending on their Age, Gender and social status (targeting factors), dwelling in both rural and urban regions. The data collected would be assess and analyze using percentage, statistical methods and correlation to test the hypothesis. Thus keeping this in mind, that our aim is to explore the concept of investment culture, the study should have a degree of variation enough to avoid bias in our outcomes. Along with surveys and questionnaires, tools to collect data can include documentation review, observation, and even the collection of physical artifacts. Talking about outcomes, what we expecting from this analysis is to conclude wheth er: Mauritians are well aware of investment decisions and factors affecting these decisions; the level of investment undertaken by Mauritian is directly influenced by their Income level, Gender, Demographic factors as such; they are conscious of the importance of investment and there is enough incentives to prone Mauritians towards investment, compared to the Investment culture around the Globe? The point is how will these outcomes help and to whom would it be beneficial? We believe that this groundwork would help the Government and Investment Institutions in particular. Lets assume that the results show that Mauritians, if their income rises will tend to interest more in investment thus the government can establish necessary incentives in a view to encourage investment by minimizing savings. Eventually, Investment bodies can also develop investment schemes that would attract investors. Introduction InvestmentÂÂ  is putting money into something with the expectation of profit. We often consider investment as deferred consumption meaning income earned but not consumed and kept for future consumption. Globally we can note that for the last decade people had been more open to investing their money in financial institutions compared to earlier whereby they use to go more towards consumption. Global economic growth has increased and thus standard of living which all together can be attributed to the fact that investment level has risen. Economist however, has argued that it is not possible to set out for investment without first considering savings. It should be acknowledged that without savings there can not be investment. This is because when an entrepreneur starts business, he is actually using other peoples savings. Therefore, savings is essential for investment. While saving is viewed as forgone consumption, investment is limited to real investments that give rise to th e national output in future. Investment has two major attributes: Risk and Time. As such, we have investment Financial investment and Real Investment. The latter, is money invested in tangible and productive assets such as machineries, land or factories. Real asset what constitutes of real investment that determines the productive capacity of any economy. Financial investment is the investment of funds/capital into financial instruments, such as bonds, equities and securities. These financial assets are purchased with a view for future cash flows and may increase or fall in value in regards to capital gains or losses to investors. Mauritians do to some extent carry out financial investment, just to mention suppose an individual buys stocks of the State Bank of Mauritius or the Barclays Bank PLC which is a sort of financial investment in those particular companies, and hence, with the return expected the individual can invest in real assets like buying lands or buildings. So we can d educe that individuals have choice of consuming today or investing their wealth today for future consumption. Talking about investment decisions, Behavioral finance is an integral part as it lays emphasis on irrational behaviour of investors. Behavioural finance depicts individual investors as unrational investors who are faced to cognitive psychological biases, who often portrayed risk seeking behaviour and their expectations are biased. Different investors have different investment objectives as such the selection of investment alternative for the investor should be considered first to know what are the objectives of investors. Objectives of investors ( vary across individuals) could be: Risks, Return and safety Current income v/s capital appreciation Capital preservation Ease of management Liquidity consideration Tax factors On a global perspective, it has been notice that investment by individuals much rely on trust which is one side of culture. The d egrees of trust vary from one country to another; China, Norway, Finland, Sweden as such tend to have a high level of trust in doing business and investment. Conversely, we note rather low levels of trusts in France and Italy and much lower in Mexico and West Indies. This throws up questions like does cultural background affects financial attitudes? In Japan for instance one need billions to enter the financial market, one reason why it is the last option for investors. Zimbabwe has a relatively high inflation rate thus the government encourage its people to invest in market securities rather than saving their money. They are being prone to start up their own business by being provided with resources. Taking the example of China and the United States, the difference in their investment cultures lies in the collectivism of Chinese culture as opposed to the self-centred behaviour of American culture. In China indifferent to the highly risky assets and the high probability of low re turn, there is still a guarantee of family or friends support even in case of bankruptcy. The Americans on the contrary they do not benefit from the same support. This is the cultural safety net that we trying to pictured and how it differs across countries and cultures. Facts from the Central Bank of Mauritius, the Ministry of Finance and other Financial Institution made a report stating that in Mauritius investment is regarded in a different angle, where the desirable investment is 95.9% towards banking savings and deposits while 7.14% have invested in SIT and the stock market. 10 % expressed hesitation to invest in risky sectors and the rest were reluctant and showed confidence in the banking system for safety reasons. The main reason why there is little investment by Mauritian is: the lack of adequate information, no proper financial education, income tax reasons, unprepared for downturns and the saving rate and the agreement (too bulky to read that discourages investment ). Mauritians are a bit reluctant to invest in the stock exchange, they are risk averse. They rather seek for secure returns. In Mauritius much investment are made my foreigners (FDI). The belief is that in Mauritius the incentives to invest is here but the people are well unaware of the available investment opportunities. Recently, the Mauritian Government has decrease the Repo Rate aiming at discouraging people to save and hence divert their money towards investment. The Research Problem Statement Poor level of investment on behalf of Mauritians may translate to low national productivity and also to a slackening in the standard of living of local people unlike in European Countries and China. The Government should be focusing how to reassure its population to accept the culture of investing along with saving. That is creating an investment environment that provides both for a variety of saving and investment opportunities. As noted, recently the Government has increase the Repo rate to 5.25% in a view to encourage people to invest more and save less. It is a major problem as Mauritians are not aware of investment prospects and how to start out investing. Disregarding of the level of income of any individual, it should be able to save and invest a portion of its income for future consumption. This reluctant behaviour of people might be responsible for the lack of development and goals achievement for both local people and the society. The research is based mainly on findin g out the investment culture of Mauritians with a view to find out the factors casting doubt on the right attitude to investment. The problem is also that people do not have a clear idea about factors that need to be considered when taking up an investment decision. They are confuse like to invest in which asset, which one would bring more returns, which one is riskier or which one have the higher yield to maturity? So the mandate is to how to bring to the population the right information and tactics of wise investment. It would be of no harm if along with Foreign Investors ( FDI) local people would participate in the investment portfolio for a better development. Indeed, there is a misconception towards investment amongst Mauritians but its time that things need to be changed and people are made more prone to investment. We need to study their investment behavior. Aims and Objectives of the study: Investigating on the actual perception of the people to investment and the future outcomes of investing part of their income would bring light to areas such as: determine if people believe in investment, is there an investment culture, if so to what extent; find out what percentage of the income is allocated to investment; if they invest, what do they aim at, reasons for investment; what type of market or investment instruments attracts Mauritians and why; investigating on the fundamental basis of the reliability of the decisions taken by the people. Methodology In order to reach the goal of our study two types of empirical researches would need to be conducted: Quantitative Questionnaires and Face-to-face interviews (see in appendix). Interviewers would be employed to carry out the Interviews and analysts to interpret and examine the data and information collected. The population targeted for this study consisted of all Mauritians made up of a minimum one income earning member indifferent of their income. A random sample of 2000 people would be selected for the study. Its surely does not represent the whole population but at least it would define to some extent our aim as the selection would be from a broad range of people from all around the island. The questionnaire would be anonymous and confidential with minimal personal questions for reliability reasons. Prominent questions would be income level, age, education level to mention a few. Using questionnaire as data collection instrument primary data would be collected. It would be di vided into 4 categories: background information; employment and income; investment culture/ attitude to investment and awareness of government incentives and investment prospects. One should be aware that the results from the questionnaires are not 100% reliable but they do project to some extent the trends that the study is aim at. To complement the questionnaire and make the research more accurate deep interviews would be carried out. That is a random of 300-500 people would be interviewed face-to-face. The people would be selected as far as possible from different background and age groups spread over different regions both rural and urban. Then combining all the results and responses they would be analysed using percentages and weighted mean while statistics would be employed to validate the hypotheses. Benefits of the research study The research will give much better understanding of consumer behaviour regarding investment decisions, overview of the steps consumers go through before making the actual investment, and to what extent they have adopted investment culture. The research will show the main motive to investment and the factors that restrain investment also. The study will show whether adequate information are available to investors before they deciding upon investment decisions. The analysis would be equally beneficial to the Government as well as the investors. The Research will justify whether or not the main issues why Mauritians decides not to invest is hardly attainable or understandable information. Budget Analysis A budget analysis is a detailed financial plan for the future whereby all the expected expenditures are allocated a certain amount. It is always favorable to carry out your research work in the minimal possible costs. Budget analysis will allow a good planning of how to use our available resources in carrying out the research study. Plans cannot be ignored once in place. There is a need to check regularly that the objectives are still within reach. As far as possible the expenses should be within the budgeted amount to avoid significant deviation in budgeted and actual expenditure costs. Below are the budgeted expenses, estimated on a monthly basis that would be encountered during the research and surveys: Expenditures Equivalent Costs Operating costs: Travelling Variable costs: Materials/ stationeries Printing Purchase research Papers Telephone Bills Fixed cost: Rent / Electricity Salaries: 4 interviewers 2 Analysts Miscellaneous costs TOTAL: Rs 500.00 1,000.00 2,000.00 1,500.00 2,500.00 7,500.00 20,000.00 25,000.00 500.00 60,500.00 Note: These expenses are approximate and can be less or more subject to changes as we proceed with the survey. But they should be within the range as forecasted and budgeted.

Arizonas Debt Status Example

Essays on Arizona's Debt Status Essay Does the of Arizona issue debt The of Arizona issues debts to the people through meticulous ities. Theseauthorities provide funds for community bond issues. This helps provide leverage, in terms of payment of Arizona’s debt to the state. By the Arizona state-giving loans to the communities for infrastructure construction and improvements, the community assumes the debt service payments (MacClory 2010). The Arizona state does not give out money to its members as unadorned loans that are going to be paid with interest. The state mostly gives out money in the form of bonds; this is a way of transferring the accountability of bond payment to the community. With the issue of loan, the pressure could have fallen mainly on the state of Arizona, but with the bond idea, the community takes all the culpability if the community as agreed does not pay the money. It is therefore, essential to note that the state of Arizona does give loans to its members although it gives loans in a differe nt indirect way. The state of Arizona owes so much to the government, and to other states to the point that state houses had to be leased to help with payment of the state’s debt. It has been noted that states and local governments in Arizona owe a total of $66.5 billion and more in terms of outstanding debt and unfunded commitments. To cut down the debt to every individual in Arizona, it is disturbing to know that every citizen owes the state a total of $10,258 in terms of outstanding debt and unfunded obligations. When it comes to the national debt owed by Arizona to other states and countries, the debt shoots up to $15.6 billion. The government’s debt in Arizona sums up to a total of $44 billion. This is in bonds that Arizona issues to communities like for instance, the bond on construction and the bond on students loan. The legal authorities calculate all these bonds. It does not help that the authorities giving out the bonds to individuals are also in debts, Industrial Development Authorities that are required to give out tax-free bonds have an outstanding debt of more than $5 billion. There are other debts that Arizona owes other states that are not tallied in the government debt reports; these are like the civil litigation claims. The debt Arizona owes other states and countries is not decreasing; on the contrary, it is increasing with every passing day. It beats the logic of how such debts are going to be paid. Every income tax profit made by the state is used to pay its debts (Po rter 2011). There is no room for development in Arizona, or even a chance of developing because of the about of debts it has incurred. Arizona offers individuals and other states financial assistance in the form of bonds through authorities, when it comes to housing finance Arizona has The Arizona Housing Finance Authority. This authority offers bond programs and a mortgage for prospective homebuyers in Arizona. There is the Water Infrastructure Finance Authority, which is in charge of financing construction, rehabilitation and improving anything that deals with water, from wastewater to drinking water (Zajac 1996). The authorities provide the needed funds by the members of the state and the fund be distributed in the form of bonds, from the funds needed for school activities to funds needed for development of the state. References MacClory, T. (2010). Understanding the Arizona Constitution. Tucson, Ariz: University of Arizona Press. Porter, G. A. Norton, C. L. (2011). Using financial accounting information: The alternative to debits and credits. Mason, OH: South-Western/Centgage Learning. Zajac, T. M. Myler, C. E. (1996). Arizona real estate: Practice law. Chicago, IL: Real Estate Education Co.

The Economics of Financial Markets Managerial Accounting

Question: Describe about The Economics of Financial Markets for Managerial Accounting? Answer: Introduction Capital asset pricing model (CAPM) explains the relationship between the risk and expected return in a rational equilibrium market. CAPM method is based on several assumptions related to risk, return and equilibrium market. The main assumption is that market returns are properly modeled by a normal distribution and beta (systematic risk) is the sole sources of risk for an asset. Another assumption is that all investors are traded in the market and available to everyone. But generally, the assets are infinitely divisible and can be bought or sold at higher than observed market prices. Another assumption is that there are no expenses associated with trading. It assumes that transaction cost and taxes could not impact on the return on investment, but in the case of huge investment, this assumption becomes unreasonable and impact on the return on investment (Pratt Grabowski, 2010). Management fees, transaction costs, profit fees, exit penalties, liquidity restriction, etc. are frictiona l costs of high-volume trading that can make a difference between profit and cost. CAPM method is useful for financial managers and economics as a method of valuation of securities, stocks and assets through identifying the market risk and expected return on investment. Finance manager uses this technique to evaluate the price of risky security and for defining opportunity costs of investment according to level of risks. Through CAPM, corporations analyze the changes in return, according to time or market, so this method is used for business decisions (Bailey, 2005). On the other hand, weakness of the model comes from assumptions, such as it does not consider taxes and transaction costs that impact on the actual return on investment. CAPM method is based on unrealistic assumption, for example, it is difficult to find a risk free security. Government security is considered as risk free security, but the government default and inflation causes, impact about the real rate of return (Schneider, DiMeo Benoit, 2005). Betas do not remain stable over time because it is ba sed on historical data that is effective to measure a security future risk. This paper explains the different types of methods used to evaluate risk management techniques in investment appraisal Accounting Rate of Return Basically, the Accounting rate of return method is also well-known as the name Average rate of return, or ARR is a financial ratio used in capital budgeting. In addition to this, this ratio does not focus on using the concept of time value of money. Moreover, ARR calculates the return of a company that is generated from net income of the proposed capital investment. Apart from this, it is also analyzed that, the ARR is a percentage return. Say, if ARR = 7%, then it means that the plan is predictable to make seven percents out of each dollar invested (yearly). For case, if the ARR would be equal to or greater than the required rate of return, the project is acceptable. If it is less than the desired rate, it should be rejected. In the same way, In comparing of investments, the higher the ARR, the more attractive the investment. Over one-half of large firms calculate ARR when appraising projects. In the same way, it can be said that, ARR is known as a straight-line method of colleting quantitative data and information in an effective and proper manner. The accounting rate of return (ARR) method may have some merits: Simplicity: The method of (ARR) method is considered one of the effective and simple to understand and use. In the same way provides simplicity to the users. Accounting date: In the current time, the accounting rate of return (ARR) can be used to calculate the information to gain the accounting data. For case unlike in the net present value (NPV) and internal rate of return (IRR) methods, no adjustments are required to arrive at cash flows of the project. Accounting profitability: In addition to this, the rules of ARR methods integrate the entire stream of income in calculating the projects profitability. The accounting rate of return (ARR) can be defined as most significant and commonly used methods of accounting used by the accounting personnel in order to measure the performance in an effective and more significant manner. As a decision criterion, however, it has serious shortcomings. Cash flows ignored: Generally, this method of accounting (ARR) focus on using accounting profits, not cash flows, in appraising the projects. This is one of the most significant limitations of using this method because the profits are based on arbitrary assumptions and choices and also include non-cash items. Time value ignored: This value do not focus on the concept of time value of money. For example, the averaging of income ignores the time value of money. In fact, this procedure gives more weight age to the distant receipts. Alternative Methods of Investment Appraisal The effectiveness of asset for the business was measured by using the NPV method. In this method, the returns from the investment are compared to the cost of investment. NPV is the most popular and widely accepted method of evaluating investment proposals. NPV considers the time value of money that enhances the accuracy in the project evaluation. NPV evaluates differences between the present value of cash inflows and present values of cash outflows of a project. If the present value of future cash flow is greater than the initial cost of the project then the project will be acceptable. NPV should accept when it is zero or positive (Moyer, McGuigan Kretlow, 2008). If it is negative, it represents the investor would lose money, so it should not accept. The NPV of a project can be calculated as follows: NPV= Present values of cash inflows- Present value of cash outflows/Investment NPV is important for financial appraisal of long term projects. It measures the shortage or surplus of cash flows in future time period. If the organization has other choice of project for the same purpose then the project with highest positive NPV is selected. Advantages of Net Present Value Methods: It considers all the cash flows and determines the value of future money in today term that indicates true profit potential from any investment. It also measures the risk of future cash flows. It is also effective to evaluate the project in terms of shareholders interest by considering their wealth maximization (Lee, Lee Lee, 2009). Disadvantages of Net Present Value Methods: Disadvantage of this method is that the size of the project is not measured. It is expressed in terms of dollar or currency not for the percentage that reduces effectiveness of the project evaluation. It requires forecasting of future cash flow of the investment proposal that is complex job. It is calculated on the basis of estimated cost of capital which could be affected by future environment changes. The critical point of this method is deciding the discount rate to use in the calculation. Longer life of a project is generally related with higher risk, so it should be discounted at higher rate as discount rate is related to project life and risk associated (Groppelli Nikbakht, 2006). Internal Rate of Return Method (IRR): Organizations used internal rate of return (IRR) method to measure its significance for the business. IRR is the rate of return that an investor will expect to earn on the new investment. IRR is compared with the companys discounted rate of return. If IRR is higher in comparison to discounted rate of return then the investment is useful for the company and vice versa. Discounted rate of return is determined by considering several factors. The most common factor is risk; if the investor evaluates the high risky investment then they want to higher rate of return (Mowen, Hansen Heitger, 2011). This method measures how quickly the investors earn their returns. The project should be acceptable, when IRR is greater than the required rate of return. If IRR is less than the required rate of return then the project should be rejected. It is the rate at which the net present value of investment is zero. It is the most popular methods of capital budgeting to evaluate investments. IRR of a project can be calculated as follows: IRR= LDR+ (P1-Q)/(P1-P2) (HDR-LDR) (Davis Davis, 2011) Where: LDR= Lower Discount Rate HDR= Higher Discount Rate P1= Present value at lower rate of interest P2= Present value at higher rate of interest Q= Net cash outlay Advantages of IRR Method: IRR considers all the cash flows during life of the project or machine. The IRR method considers time value of money, so it determines the value of future money. IRR method easily compares risk and uncertainty by recognizing the time value of money. IRR method does not require cost of capital before evaluating the project. It is a profit oriented concept, so it helps in achieving the objective of maximization of investors welfare (Ryan, 2007). Disadvantages of Internal Rate of Return Method: IRR is complicated in calculation, so it is difficult to understand and use. It requires forecasting of future cash inflow of the investment proposal that is difficult to determine. It gives confusing results in uneven cash inflows. IRR is not good for comparing two investments or projects. The estimates of cash inflows generated by project are based on sales and costs that are uncertain for project and not evaluate actual result or return of investment (Shim Siegel, 2006). Conclusion On the basis of the above discussion, it can be concluded that the ARR, NPV and IRR all three methods used to evaluate the risk and return of an investment and each have some advantages and disadvantages. References Bailey, R.E. (2005) The Economics Of Financial Markets. UK: Cambridge University Press. Davis, C.E. Davis, E.B. (2011) Managerial Accounting. USA: John Wiley and Sons. Groppelli, A.A. Nikbakht, E. (2006) Finance. 5th ed. USA: Barron's Educational Series. Lee, A. C., Lee, J.C. Lee, C.F. (2009) Financial analysis, planning forecasting: theory and application. 2nd ed. Singapore: World Scientific. Mowen, M.M., Hansen, D.R. Heitger, D.L. (2011) Cornerstones of Managerial Accounting. 4th ed. Canada: Cengage Learning. Moyer, R.C., McGuigan, J.R. Kretlow, W.J. (2008) Contemporary Financial Management. 11th ed. USA: Cengage Learning. Pratt, S.P. Grabowski, R.J. (2010) Cost of Capital: Applications and Examples. 4th ed. USA: John Wiley Sons. Ryan, B. (2007) Corporate finance and valuation. USA: Cengage Learning EMEA. Schneider, W.A., DiMeo, R.A. Benoit, M.S. (2005) The Practical Guide to Managing Nonprofit Assets. USA: John Wiley Sons. Shim, J.K. Siegel, J.G. (2006) Handbook of Financial Analysis, Forecasting and Modeling. 3rd ed. USA: CCH.

Steven King Essays - Short Stories By Stephen King, Stephen King

Steven King ?If you have an imagination, let it run free.? - Steven King, 1963 The King of Terror Stephen Edwin King is one of today's most popular and best selling writers. King combines the elements of psychological thrillers, science fiction, the paranormal, and detective themes into his stories. In addition to these themes, King sticks to using great and vivid detail that is set in a realistic everyday place. Stephen King who is mainly known for his novels, has broadened his horizons to different types of writings such as movie scripts, nonfiction, autobiographies, children's books, and short stories. While Stephen King might be best known for his novels The Stand and It, some of his best work that has been published are his short stories such as ?The Body? and ?Quitters Inc?. King's works are so powerful because he uses his experience and observations from his everyday life and places them into his unique stories. Stephen Edwin King was born in Portland, Maine, on September 21, 1947, at the Maine General Hospital. Stephen, his mother Nellie, and his adopted brother David were left to fend for themselves when Stephen's father Donald, a Merchant Marine captain, left one day, to go the store to buy a pack of cigarettes, and never returned. His fathers leaving had a big indirect impact on King's life. In the autobiographical work Danse Macabre, Stephen King recalls how his family life was altered: ?After my father took off, my mother, struggled, and then landed on her feet.? My brother and I didn't see a great deal of her over the next nine years. She worked a succession of continuous low paying jobs.? Stephen's first outlooks on life were influenced by his older brother and what he figured out on his own. While young Stephen and his family moved around the North Eastern and Central United States. When he was seven years old, they moved to Stratford, Connecticut. Here is where King got his first exposure to horror. One evening he listened to the radio adaptation of Ray Bradbury's story ?Mars Is Heaven!? That night King recalls he ?slept in the doorway, where the real and rational light of the bathroom bulb could shine on my face? (Beaham 16). Stephen King's exposure to oral storytelling on the radio had a large impact on his later writings. King tells his stories in visual terms so that the reader would be able to ?see? what was happening in their own mind, somewhat in the same fashion the way it was done on the radio (Beaham 17). King's fascination with horror early on continued and was pushed along only a couple weeks after Bradbury's story. One day little Stephen was looking through his mother's books and came across one named ?The Strange Case of Dr. Jekyll and Mr. Hyde.? After his mother finished reading the book to him, Stephen was hooked. He immediately asked her to read it again. King recalls ?that summer when I was seven, [my mother] must have read it to me half a dozen times?(Beaham 17). Ironically that same year, while Stephen was still seven years old, he went to go see his first horror movie, The Creature from the Black Lagoon. This is important because Stephen says, ? Since [the movie], I still see things cinematically. I write down everything I see. What I see, it seems like a movie to me?(Beaham 17). During this year the biggest event that probably had the biggest impact on Stephen King's writing style was the discovery of the author H. P. Lovecraft. King would later write of Lovecraft, ?He struck with the most force, and I still think, for all his shortcomings, he is the best writer of horror fiction that America has yet produced?(Beaham 22). In many of Lovecraft's writings he always used his present surroundings as the back drop of his stories. King has followed in his footsteps with the fictional town of Castle Rock, Maine. Castle Rock is a combination of several towns that King moved to and from with his family in his childhood. The main town that it resembles is that of Durham, Maine. It was after the exposure to H. P. Lovecraft's stories that King first began to write. While growing up and moving around the way his family did, Stephen had never been able to feel comfortable and settle down in one place and make friends they way other kids his age did (Underwood 77). Around the age of twelve the King family finally settled in the town

H.J. Heinz Case Essay Example

H.J. Heinz Case Paper With its headquarters in Pittsburgh, Pennsylvania, Heinz has offices located on six of the seven continents. Heinz focuses on marketing their products with an emphasis on health, wellness, and sustainability. Along with manufacturing high quality food products adapted to unique consumer traits in various regions of the world, Heinz also contributes generously to charitable efforts In parts of the world that need help most. Recently, Heinz received an award for ranking number one In customer satisfaction for the eleventh year In a row by the American Customer Satisfaction Index (Heinz, n. D. ). The Company, as it calls itself, has high standards for the food it manufactures and for its corporate operations resulting in a ole-model of a company raising the bar in global business operations. History and Global Footprint Heinz founder Henry John (H. J) Heinz created a foundation for company success by Instilling values of team bulling, collaboration, Innovation, vision, results-based ope rations, and integrity in his employees. By following his mission statement, To do a common thing uncommonly well brings success, Heinz has been successful at introducing new products to the market for over 140 years (Heinz, n. . ). The H. J. Heinz Company was founded in 1869 in Sharpeners, Pennsylvania. It was incorporated on July 17, 1900, and grew to become a business partnership in 1905. Currently, Heinz headquarters are In Pittsburgh, Pennsylvania. 3 Heinz Is striving to develop globally while positively Impacting the world. Through Its than 30 countries with natural hybrid tomato seeds (H. J. Heinz Annual Report and ask, 2010). This enables farmers to produce higher yields of quality tomatoes without genetic modification. It has been particularly successful in China, and the Company recently began a program partnering with the United States Agency for International Disaster in the economically afflicted Upper Nile region of Egypt. Heinz also partners with Lucy Lieu as spokeswoman for the Heinz Encountering program to provide packages of powdered vitamins and minerals that can be mixed into normal meals for infants and children living in developing nations. The Heinz Microscope program has helped three million children fight the threat of iron deficiency, anemia, and vitamin and mineral malnutrition in 15 countries (H. J. Heinz Annual Report and ask, 2010). The program was recently introduced into North America and Africa as it continues to grow, with a goal of reaching one million additional children by the end of this year. Heinz is committed to impacting the world through the Hindered and Heinz Encountering programs. Industry and Products As previously mentioned, Heinz is a global leader in the global market of food products. With sixty percent of its sales generated outside the United States, Heinz is an example of a company that has prospered from globalization (Heinz ASK Annual Report). We will write a custom essay sample on H.J. Heinz Case specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on H.J. Heinz Case specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on H.J. Heinz Case specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The products that Heinz manufactures and markets fall under the three categories of condiments, frozen foods, and infant foods. Product availability varies around the world, as do the ingredients. For example, popular Heinz products strutted in the United States include Smart Ones and T. G. I. Fridays frozen entrees, Pickles, Classics pasta sauce, and ketchup. Ketchup is also available in Poland, but it is made with different ingredients, is packaged differently, and is called Puddings (Heinz H. J. HEINZ NC: INDUSTRY ANALYSIS 4 ASK Annual Report). Heinz manufactures and markets products that meet the standards of individual countries, and the needs and wants of consumers in these countries. Whines innovative marketing techniques assist in generating product success in the global food industry. In February 2010, Heinz announced the latest addition to the Heinz Ketchup product line. The new Dip Squeeze ketchup, which enables consumers to squeeze ketchup onto food by removing the tip of the small, ketchup bottle-shaped packet, or peel back the wrapper to dip their food in the sauce. In recent efforts to promote the new Dip Squeeze product, Heinz purchased a used truck, installed a custom kitchen with double-stacked convention ovens, food warmers, sinks, and a freezer. The truck was branded with the projects slogan, Heinz Ketchup Road Trip, and the campaign was pitched on social media sites including Twitter and Faceable. The road trip began in mid-November in Pittsburgh, spent Thanksgiving in New York, and will make its way to Philadelphia before a final stop down south in Dallas. Visitors to the Heinz Ketchup Road Trip truck receive a free serving of Ore-Ida crinkle cut fries or Ore-Ida sweet potato fries (both Heinz public relations and communications for Heinz North America, explains the on-the-go campaign was very fitting for the Dip Squeeze Ketchup packets. She says, Since it was really made for eating on the go, we wanted to create an environment where people could experience it on the go (Vega, 2010). Geographic Coverage and International Sales Totals The Heinz Company sales extend across the globe and generated about $10. Billion internationally in the last year (Heinz ASK Annual Report). Heinz divides its markets into the five regions of North America, U. S. Foddering, Europe, Asia/Pacific and Rest of World. The Asia/Pacific region includes Australia, New Zealand, India, Japan, China, South Korea, 5 Indonesia, and Singapore. The Rest of World region includes Africa, Latin America, and the Middle East. The $10. 5 billion earned in the last year was th e sum of North At-enemas $3,192, 219,000, U. S Food services $1 Rupees Sat/pacific and Rest of worlds revenues (H. J. Heinz Annual Report and ask, 2010). These totals indicate that North America is Whines strongest market, closely followed by the European region. The Rest of World region includes many developing nations thus generated significantly lower revenue. A future agenda is the expansion of Heinz products in developing nations through the creation of useful, economical products and targeted marketing. Emerging markets that Heinz has operations in include China, India, Latin America, and Russia. Heinz is also exploring new markets in the Philippines, Turkey, Vietnam, ND Brazil. On November 30, 2010, Heinz announced that it would participate in the 2010 Credit Issue Holiday Conference on December 7, 2010. During the conference, the Company will present an overview of Whines strategies, results, and businesses around the world represented by Margaret Noel, Senior Vice President, Investor Relations (The Wall Street Journal Market Watch) (H. J. Heinz Company to Participate in the 2010 Credit Issue Holiday Conference, 2010). Global Production, Distribution Facilities Supply Chain The Company owns a total of 67 factories and leases eight across the globe (H. J. Heinz Annual Report and ask, 2010). In North America, 20 factories are owned and four are leased, in Europe 21 are owned and none are leased, in the Asia-Pacific region 20 are owned and two are leased, and in the Rest of World six factories are owned and two are leased. Whines intricate supply chain enables its products to command vast global coverage and accessibility. The products are sold through Whines own sales organizations, through 6 and independent grocery accounts, convenience stores, bakeries, pharmacies, mass merchants, club stores, foddering distributors and institutions including hotels, saturates, hospitals, healthcare facilities, and certain government agencies (H. J. Heinz Annual Report and ask, 2010). The Company has set a goal of delivering more than $1 billion in cost savings over the next five years through global supply chain initiatives designed to achieve economies of scale and reduce costs by leveraging people, process, and technology (H. J. Heinz Annual Report and ask, 2010). Multinational Market Regions and Market Groups Throughout the varying entities of the Heinz Corporation at least one thing remains constant, high expectations pertaining to corporate and social responsibility. Their pride in responsibility, along with their strict outline of rules and business standards, allows for swift and easy adaptations to local and regional group regulations (such as: NONFAT, the EX., CAFTAN, SEAN, etc). Although countries and regions have differing health standards and regulations for food, Heinz avoids complications with the countries respective economic unions or organizations due to the Companys nature of business. If a firm in the food industry wishes to compete on a global scale, the foremost outside force it will contend with and adapt to is culture. One way in which a country expresses its culture is through food. Since cultures change from region to region, one can see that it would be virtually impossible for a firm competing on a global scale to have one product which transcends all markets and appeals to everyones preferences. Therefore, Heinz does not have one product that it must mold to different rules and regulations in order to sell it to different markets. Heinz competes on a global scale through the acquisition of companies that have already established demand for products in their market. These acquisitions enable Heinz to bypass the political red 7 ape which most companies introducing products into a foreign marketplace must overcome. Therefore Heinz does not have to adapt, but maintain, the business practices of the firms they acquire. Although Heinz may not have direct involvement with economic unions or other similar organizations, 22 of their international locations are certified by the International Organization for Standardization (SO). The ISO is, a network of the national standards institutes of 163 countries, one member per country, with a Central Secretariat in Geneva, Switzerland, that coordinates the system (FAQ, n. D. ). Specifically Heinz adheres to ISO 14001 which provides firms with a framework in order to manage effectively their business in hopes of assuring employees and stakeholders that they are working for, or investing in, an environmentally conscious company. Their involvement with the ISO illustrates Whines emphasis on the responsibility to stakeholders and consumers. Cultural Issues In the United States, Heinz is an iconic brand known for the distinct glass ketchup bottles that are a mainstay in restaurants around the country. The simple condiment has become a staple to pair with many different kinds of food and is seen as much of necessity as salt and pepper to keep readily available. Heinz products as a whole have adapted and grown over the years to become well integrated with society needs. In terms of global development, Heinz has succeeded in finding new ways of innovation in product offerings to cater to specific demographics. In order to accommodate to the tastes of the specific area, Heinz acquires an existing food company that has already proven successful in the market or shows potential for future growth. Recently, Heinz acquired Foodstuff, a leading 8 Chinese manufacturer of premium branded soy sauces and fermented bean curd Heinz completes acquisition of Foodstuff, 2010). Foodstuff has pre-existing brands that have been well established in an economy that is projecting an annual growth of seven to eight percent in the coming years. North America In the United States, Heinz is the best-selling brand of ketchup in the country (H. J. Heinz Company, Inc. , 2010). There are many heritage brands associated with common condiments used by Americans. These include items such as vinegar, cocktail sauce, chili sauce, pickles, relishes, mustard, and Heinz 578 Sauce. In the past year Heinz has introduced 200 new products in the past year, including Smart Ones breakfast sandwiches and Ore-Ida microwaveable mashed potatoes. Heinz also developed a variety of frozen products from successful preexisting brands, such as T. G. I. Fridays by creating foods with similar tastes that customers can enjoy at home. Since the U. S. Food market is heavily saturated, Heinz is focusing on developing new items from existing ideas to promote growth in the industry. Heinz has been a part of Canadian culture for the past 100 years specializing in condiments, pasta sauces, canned beans, pasta, refrigerated dressings, and infant foods. Their largest presence in this country is in infant food markets; they have enjoyed the number one position in this market for 70 years (H. J. Heinz Annual Report and ask, 2010). The Company offers a wide range of products, from Nature Infant Formula to toddler snacks. More recently, Heinz has begun to deliver these items in traditional and organic varieties to accommodate parental health concerns. Europe In the United Kingdom, Heinz is inextricably linked with British history and culture to the extent that it is believed to be a U. K. Company. Items such as Heinz Baked Beans have become a century old tradition, along with other products such as HP sauce, Lea Perrine Sauce, and Heinz Salad Cream. Heinz Salad Cream was the first brand developed exclusively for the U. K. Market and was developed in their London kitchens in 1925 (H. J. Heinz Inc. 2010). Heinz frequently uses the strategy of taking successful products and exporting them into markets where there is a vacancy. This is especially true in the European market. For example, Puddings is one of Pollards largest producers of ketchup and it is now offered in the United Kingdom. Also, Italys Plasmas baby food brand has become the gold standard for infiltration products. It has dominated the marketplace due to the all-natural recipes as well as expanded lines of Baby Specials that parents seek. The Baby Specials line promotes easier digestion and contains hypoallergenic nutrients. Heinz also positioned this line in Russia and has experienced increased adaptation in this market as well (H. J. Heinz Inc. 2010). Transferring successful products into different markets is a common Heinz business technique. Asia Pacific Heinz has learned from experience that it is not beneficial to sell one product globally and expect high assimilation into different cultures. China and Indonesia are two areas that are growing rapidly and their culture is developing significantly. The Asian Heinz label reported a 44% increase in sales last year and is expected to continue to grow (Bayle 2008). In this region, Heinz sells beverage syrup and chili sauce and has acquired the successful soy sauce brand BBC. Since its creation in 1988, BBC has become the second largest soy sauce brand in this region behind the Japanese brand, Kinsman. Heinz has also done a major overhaul in the packaging, flavoring, marketing, and distribution of these products to generate more than $200 million in 10 sales in the past year. To promote further growth and make the products more ideally accepted in these cultures, Heinz has inspired chefs to create innovative recipes using BBC (Bayle 2008). Heinz has been successful in the Asia Pacific region because they have adapted to the unique tastes of the culture and have used innovative marketing techniques such as inspiring procrastinating recipes. Political and Legal Environment The Companys performance is impacted by political and economic conditions in the nations in which it operates. The factors and conditions include changes in applicable laws and regulations, including changes in food and drug laws, accounting tankards and critical accounting estimates, environmental laws, and taxation requirements. Other factors include import and export restrictions, nationalization, hyperinflation environments, terrorist acts and political unrest. Venezuela, a country included in the Rest of World market, is a country of concern for Heinz. This environment of Venezuela creates risk for market penetration and business operations. Other political and legal factors listed by The Heinz Company that can occur and adversely affect financial results are disruption of supply chain, factors affecting the cost of production, transportation, and distribution such as increased energy costs; increased pension, labor, and people-related expenses; food safety issues, environmental, legal, tax and other regulations. Foreign currency exchange rate exposure, the failure to successfully integrate acquisitions and Joint ventures into existing operations and the failure to gain applicable regulatory approval for such transactions or divestitures can also adversely affect the Company 11 (H. J. Heinz Annual Report and ask, 2010). These factors are most frequently encountered when attempting to enter an emerging market. On November 19, 2010, the H. J. Heinz Company reported higher second quarter operating income, net income, and earnings per share resulting from strong sales from growth in Emerging Markets and global ketchup (Courier, A. Styles, T, 2010). Emerging Markets were responsible for a 10. 2 percent sales growth driven by infant nutrition products, ketchup, and nutritional beverages as well as increased pricing, primarily in Latin America (Courier, A. , Styles, T, 2010). For the quarter, Emerging Markets were responsible for 15 percent of total sales (Courier, A. , Styles, T, 2010). Globally , sales of ketchup grew 3. Percent, led by Russia where Heinz is the number one brand (The Wall Street Journal Market Watch). However, currency movements adversely affected sales in Europe and Venezuela. In an online article from Bloomberg Business (Devourer, C, 2010), it was reported that sales from the European market decreased 5. 2 percent year-over-year to $798 million primarily resulting from unfavorable currency effects. The report also stated that the Rest of World market saw sales decrease 19 percent to $120 million due to the devaluation of the Venezuelan currency late in the third quarter of Fiscal 2010 (Proactive Investors, 2010). Emerging Markets If a firm wishes to expand and maximize its growth potential it must analyze what markets they are currently in and which ones they have yet to enter. They should then determine which markets show the most promise for profitability and identify these as their emerging markets. According to the Business Dictionary, emerging markets are, new market structures arising from digitization, deregulation, globalization, and open-standards, that are shifting the balance of economic power from the sellers to the buyers. For Heinz, emerging markets are crucial because they generated about of their 2009 total sales (H. J. Heinz Annual Report and ask, 2010). Their primary emerging markets include India, Indonesia, Latin America, Poland, and China; sales in these markets grew by 8. % in the fiscal 2009 year and continue to show expansion and growth (H. J. Heinz Annual Report and ask, 2010). According to the Heinz website one of the four keys in its business strategy is acceleration and growth in emerging markets (H. J. Heinz Annual Report and ask, 2010). They seek to do this by investing for double-digit sales and profit growth, leveraging infr astructure and expanding distribution, winning the global customers, applying modern trade tactics, growing through health and wellness (as well as taste), and by leveraging themselves through innovation (H. J. Heinz Annual Report and ask, 2010). On a macro level Heinz generally expands its company throughout the world through major mergers, acquisitions, and Joint ventures. Heinz seeks companies with established products in the region they wish to expand to. Then seek to compose a deal where they can merge or acquire the company; thus attaining a low-risk market entry. Understanding Whines emerging market strategy is exemplified in the establishment of business in India. India has become one of the leading emerging markets for numerous industries due to its large population (1 , people in July 2010), and advancements in technology, transportation, education, and government (CIA, n. . ). Since the culture and cuisine are exponentially different than Whines home country, the Company has had to invest in products which will meet the preferences of the Indian consumer. In India, Heinz offers a variety of food products such as Indian chutneys, energy drinks, instant (or ready-to-eat and ready-took) meals, and most importantly nut ritional beverage mixes that enhance child growth and 13 placement. The Indian consumer is health conscious thus one of the main sources of revenue for Heinz is its nutritional beverages. In order to manage its Indian market Heinz must have locations for offices, factories, and distribution in India. Heinz currently has a head office in Iambi, in addition to four branch offices, two factories in Assistant and Aligarhs, and 119 distributors dispersed throughout India (Map, n. D). This complex system of management is necessary in order to be successful in a foreign market. This allows Heinz to decrease communication time between distributors and management, which could prove to be essential in problem solving. The dispersed web of Heinz factories and distributors decreases costs because it reduces shipping expenses. Having in country sites allows them to distribute their product with minimal shipping and transportation costs; and it also greatly shortens the distribution time. India is only one example of the value of the emerging market to Heinz. Adaptation and implementation is necessary for the Companys global success. Heinz has similar other important markets such as Poland, China, Latin America, and Indonesia to name a few. Growth in sales in China can be accredited to major acquisitions of Foodstuff, Long Fond, and their involvement in nutrition and baby foods. Poland hosts Whines Puddings brand and is the countrys main food processor for prepared meals and also is its largest producer of ketchup. There are many examples as to how Heinz stays competitive in emerging markets. They continue to seek growth in these markets through acquisition, mergers, adaptation, research and development, local supply, distribution, and management systems, and through the implementation of high standards which must be adhered to by all segments of their large corporation. The future in these emerging markets looks promising for Heinz as they expect to maintain their #1 or #2 market 14 share in over 50 countries through an expected contribution of 20% of sales (from emerging markets) by 2013 (H. J. Heinz Annual Report and ask, 2010). Foreign Currency Marketplace Currency exchange rates have a high impact on Whines present and future focus. In emerging markets, acquisitions and foreign exchange translation rates had a favorable impact on the 30% sales growth in 2010 (H. J. Heinz Annual Report and ask, 2010). For Heinz, assets and liabilities are translated at the exchange rate in effect at ACH year-end. Income statements are translated at the average rate of exchange prevailing during the year and translation adjustments are included within shareholders equity (H. J. Heinz Annual Report and ask, 2010). To date, it appears that foreign currency exchange rate has not completely hindered Heinz from pursuing potential markets where they feel that their company would be well positioned. Due to the fact that H. J. Heinz Inc. Is located in the United States, there are no currency exchange issues. During the PAYOFF, sales in Canada increased by 1. 3% due to favorable Canadian exchange rates. This is an improvement over the past year where sales were down as result of the dollar weakening against the Canadian currency. This favorable exchange rate in 2010 also resulted in an increase in gross profit from PAYOFF (H. J. Heinz Annual Report and ask, 2010). During the fiscal year of 2010, transaction-related currency cross-rates in the U. K. Hindered the Companys gross profit margin (H. J. Heinz Annual Report and ask, 2010). For the continent as a whole, gross profit declined to $1. 25 billion largely due to unfavorable foreign exchange translation rates and increased commodity costs (H. J. Heinz Annual Report and ask, 2010). This also led to a large decrease in sales due to the unfavorable rate. The areas that were affected the most by this slide were the frozen food plants in Europe resulting from increased commodity costs and higher manufacturing costs (H. J. Heinz Annual Report and ask, 2010). Asia Pacific In this region, foreign exchange translation rates were very favorable, which led to an $83 million gross profit increase for Heinz (H. J. Heinz Annual Report and ask, 2010). Improvements in productivity also motivated this large increase. Operating income of he firm increased as a result of good exchange rates and an increase in marketing investments. Venezuela In Venezuela, Heinz has a currency control board that is responsible for the translation of foreign currencies. Concerning imports, Heinz has established good relations to obtain U. S. Dollars for the official exchange rate for items such as ingredients, packaging, manufacturing equipment, and other necessary inputs. There is an unregulated parallel market for exchanging EVE to U. S. Dollars, but this Company does not enter into such transactions. The official exchange rate has been axed for several years at 2. 5 Veto 1 U. S. Dollar, despite a large increase in inflation. Heinz has recorded a $62 million currency translation loss due to the currency devaluation (H. J. Heinz Annual Report and ask, 2010). However, even with these regulatory institutions in place to combat issues that may arise, the country of Venezuela is still a large liability. The government o f Venezuela recently expropriated Owens-Illinois, the worlds largest producer of glass containers. Hugo Chapel claimed to the media that [Owens-Illinois] was exploiting workers and damaging the environment, which is why the government is taking over the local unit. In the media release, it was cited that Chapel even momentarily forgot the name of the company he was taking over. 16 This demonstrates that Venezuelan dictator has ruthless motives that affect his decisions. Heinz must continue to monitor these developments in order to prevent incurring future damage. Global Market Entry Strategies Whines primary method of market entry is through acquisition of existing companies in a particular market. The Companys recent acquisition trends have involved Beams Big Emerging Markets) and the BRICK (Brazil, Russia, India, and China) countries.

The Mystery of Great Zimbabwe essays

The Mystery of Great Zimbabwe essays Throughout the ages, whispered reports of the Queen of Sheba's stone palace were passed from sailor to sailor through the Portuguese ports. The later discovery of the ruins labelled Great Zimbabwe and their subsequent excavation has resulted in a wider respect for African sites. Moreover, the grave inaccuracies and miscalculations that took place in the excavation of Great Zimbabwe, has shocked the world into the realisation that prejudices and bigotry can be detrimental to the development of historical and archaeological knowledge. The great stone ruins were first uncovered by Portuguese traders in the 16th Century. Sailors continued to visit the site, declaring it to be the remnants of the Queen of Sheba's palace. For nearly 400 years romantic speculation as to the true heritage of the mysterious stonewalls was passed from word of mouth until it reached the coastal trading ports of Mozambique. In 1552, Joo de Barros wrote ofa square fortress, masonry within and without, built of stones of marvellous size and there appears to be no mortar joining them?. The actualdiscovery? of the site was in 1871, by Carl Mauch a young German who had heard the fabled tales of the Queen of Sheba's palace, and was eager to substantiate the tales. He visited a lone German trader who told him ofquite large ruins which could never have been built by blacks? and, on September 5th local Karanga tribesmen led Mauch to the site. The immense stone ruins of Great Zimbabwe are located in the southeast of the African country of Zimbabwe, which, interestingly enough, took its name from the site after gaining independence from Great Britain in 1980. When Mauch viewed the site firsthand, the impressive stonewalls aroused much interest in the site, and their immense and almost impossible construction added credence to the myth that the site was the work of foreigners. Mauch uncovered a series of soapstone and iron relics, which therefore provided concrete ev...

International Marketing Strategy of Freitag brand Assignment

International Marketing Strategy of Freitag brand - Assignment Example The brand ‘Freitag’ is quite well-known in the international arena. The inception of the brand happened back in the year 1993 in Zurich, Switzerland. It was started by two brothers named Markus and Daniel Freitag who were graphic designers. They were in the hunt for a messenger bag that had to be water-repellent, heavy-duty and a functional one in which they could take their designs being fearless of the fact that water can not spoil it. They got their inspiration from the lorries that had cheerful colours and created a messenger bag by cutting out an old tarpaulin of a truck. They used webbing emanating from car seat-belts were used and the edging was provided by the inner tube of a bicycle which was old (Freitag, n.d). This is how they turned their individual need into a successful business. Freitag has employee strength of over 120 people. The products of Freitag are now sold in more than 350 shops across the globe. The brothers have since then marketed and developed quite a lot of bags for men and as well as women. The brand has two lines of bag: The classic FUNDAMENTALS that have more than 40 models which are being continuously further developed and complemented. In September 2010 the brand introduced the FREITAG REFERENCE Line and since then it has only been launched under seasonal collections. In spite of having stores in New York, Berlin, Vienna, Davos, Cologne, Zurich and Hamburg, the bags are still made in Switzerland (Freitag, n.d). It has been noticed that there are many reasons for companies to internationalise. The key reason behind internationalisation is the capacity to continue to be competitive in their related environment. The concept of internationalisation is explained as establishing business relationships associations in different countries by way of integration, penetration and extension. Integration is explained as the process of co-ordinating the diverse national networks. Penetration can be stated as growth of positions and enhanced commitments in relation to resources in networks in which the company is presently involved with. And, extension means investments with regard to networks which are new. However, an additional significant motive for deciding to globalise activities results from the fact of increasing competition from foreign participants in the domestic market. With the intention of keeping pace with those competitors who are often known to adopt aggressive policies in order to expand their share in the market, it becomes important for the local organisations to shift attention to global markets. Therefore, the above factors can be stated to be the causes for internationalisation of the brand (Ebner, 2011). And the growing popularity of Freitag bags

Economic Indicators Essay Example | Topics and Well Written Essays - 1000 words

Economic Indicators - Essay Example The major pro cyclic economic indicators are GDP, Interest rates, Investment, Inflation, Labor etc. While the main counter cyclic economic indicators are Unemployment, International Trade, and Federal Finances etc. The Gross Domestic Product is one of the most significant direct indicators in the economy. It is vital to monitor the growth rate of the GDP. Any deviation from the range tends to have a significant impact on the economy. An increase in the growth rate above the general level may lead to high inflation and poor performance in the rate of growth leads to a recession. Interest Rate is a pro cyclic or direct economic indicator. They are used to manage the booms and slumps in the business cycle and finely tune it. The interest rates fall in recessions and they rise in inflationary periods. International trade is the swapping of goods and services between countries, which tends to have countercyclical nature. When an economy is prospering and experiencing an economic boom then people choose to spend a bigger part of their income on imported and local goods and services, however, exports donà ¢Ã¢â€š ¬Ã¢â€ž ¢t have such alterations. This in turn upsets the balance of trade, as net exports are negative, which results in more being imported and less being exported. Whereas, when an economy is in a slump, people tend to spend less on imported goods and services and just focus on the basic necessities. This encourages more goods and services to be exported and has a favorable impact on the balance of trade as less is being imported.

Enbridge company Research Paper Example | Topics and Well Written Essays - 750 words

Enbridge company - Research Paper Example The firm does adhere to a high sense of values, which initiates its success to the far it has come. It is built under the foundation of excellence and adherence to a strong sense of integrity, safety and respect. The values act as a beacon to the firm constantly directing it to the future and at the same time reflecting the far they have come. It has a great commitment to ensuring that the environment, the staff, contractors and the operational community is safe. With reference to its safety protocol, it has a well-set code of safety guiding its operations. The firm has set its goals to secure massive growth in the energy sector. It has a pack of embedded strategic priorities. In essence, it is committed to safety and operational reliability. It also focuses on project management aspects so that it can deliver its services with the maximum customer satisfaction. To fulfil such strategies, the firm has secure assets and great financial strength and flexibility. It has also adopted diversification of the services on offer, embracing the green power utility, generation of gas, transmission of power and natural gas, and exploration of another advanced opportunism. It has also strived to train its employees and to develop them, hence low costs of routine recruitment, hiring and placement 2 Enbridge is working to the limits of perfection when it comes to the environmental issues. The management team is very well aware of the nasty implications oils spills and gas leakage to the community. Therefore, as they generate, distribute and transport their products, they are very keen to ensure that there is no evidence of spills or leakages. They are focused at ensuring that there is maximum safety and security3. Most importantly, they have come up with a code of principles with the goal of ensuring that every person is safe all the

Analyse The Factors Contributing To Language Maintenance Education Essay

Analyse The Factors Contributing To Language Maintenance Education Essay In countries of significant migration, like Australia, newly arrived settlers from non-English speaking countries need to become bilingual, adding to fluency in their own language at least some fluency in English. With the passage of time, perhaps generations, families may find that their ethnic language becomes lost to them. Many consider that this loss is not only a loss for families and individuals, but that it is also a loss for the community at large. For the purposes of this essay, the term language maintenance is used to refer to the ability of ethnic communities, families and individuals to maintain their own language while adapting to the language of their new country. This essay will consider the factors which appear to influence the maintenance of a language, focusing on some of the more powerful social and psychological forces which propel individuals towards the continued learning and maintenance of a minority language. There seems to be little doubt among the researcher s that attitudes influence language maintenance. In fact, attitudes towards the minority language and culture appear to underlie the other relevant factors, which include sense of ethnic identity, motivation and family support. These factors will be dealt with in turn in this essay. There is a considerable body of evidence that attitudes to the ethnic language and culture influence language maintenance. In order to consider attitudes towards a language, one needs to consider what makes a language valuable. According to Edwards (1985), greater possibilities of employment and acceptance by the community that speaks the language are some valuable qualities. Factors that devalue a language would include the embarrassment some children feel about parents use of the minority language in public when the children want to conform. Gardner (1985) has produced and reviewed studies attempting to establish a relationship between attitudes towards a language and culture and motivation to practise the language and participate in that culture. He concludes on the basis of the research that attitudes are fairly consistently related to achievement in a language. Political issues obviously affect attitudes and Romaine (1989, p. 42), in dealing with the effect of ties with the home land on language maintenance, wrote that refugees often reject the language of the oppressive regime and try to assimilate to the new culture as quickly as possible. An individuals and communitys sense of ethnic identity appears to have a profound influence on language maintenance. Issues of identity are extremely personal and often emotional, interwoven as they are with personality. One expects the extent to which a person identifies with his/her ethnic background to influence the motivation behind maintenance of the ethnic language. Some studies (e.g. Bentahila and Davies, 1992) have disputed this expectation. It appears that it is possible for a speech community to value its ethnic background and language highly though not passing it on to their children, possibly for utilitarian reasons. Or language may not be considered a core value of ethnic identity, as with the Dutch community in Australia, which tends not to maintain the Dutch language over generations (Clyne, 1982). The Dutch community in Australia, according to Smolicz and Secombe (1979), is a group that does not consider it very important to retain its own culture as distinct to that of the dominant majority. Poles and Greeks, however, are language-centred cultures, in which language is considered an important and defining aspect of group membership. These communities, according to Clyne (1979), do maintain their languages well. It thus appears that a strong sense of ethnic identity is an important factor contributing to language maintenance as long as language is considered an important part of that identity. Research indicates that motivation is also strongly related to the successful learning and maintenance of a language. A great deal of work has centred around the distinction between integral and instrumental motivation. Integrative motivation (for example interest in and liking of the language and those who speak it) derives from positive attitudes towards the target language group and the desire and potential for integrating with that group. Instrumental motivation involves utilitarian feelings like knowing that the language may improve ones opportunities for employment. Most researchers suggest that integrative motivation is a more powerful factor in promoting language maintenance, but Clyne (1979) points out that acceptance of a language as an examination and/or school subject is a major factor in German and Dutch language maintenance, and one can assume that this has been an important factor in maintenance of the key languages indicated by the National Language Policy of 1987 for teaching in the Department of Education. It seems clear that motivation of both types play a role in language maintenance. Perhaps the most fundamental issue to be taken into account when considering language maintenance is family support for the continued use of the ethnic language. Dennison (1977 in Edwards 1985) noted that the most direct cause of language loss is lack of transmission to children. According to Fantini (1985, p. 197), Language is the childs passport for entry into a social group, or a cultural community. Two languages permit the child to enter into and acquire the world views of two communities.For these views to exist in harmony rather than in conflict, favourable attitudes on the part of those who surround the child are essential to permit him to grow up a well-adjusted individual, comfortable in either community. Gardner (1985) distinguished between the active and passive role played by parents. The active role includes parental encouragement to succeed, monitoring of performance and reinforcement of success (negative active roles would include agreement that a language is a waste of time or an intrusion on more important subject areas). The passive role involves parental attitudes toward the second language community, reinforcing or weakening the integrative motive. Gardner concludes that passive supports, these parental attitudinal reactions to the language community, are what are remembered most when children reflect on parental encouragement to maintain and learn a language. The support of parents should definitely be taken into account when considering language maintenance, since the fundamental cause of language loss or attrition is failure to pass it on to the next generation. In summary, it appears that the underlying factor determining language maintenance is attitude towards the language and ethnic community. These attitudes appear to be closely related to sense of ethnic identity, motivation and, in particular, parental support. There is considerable evidence and weight of opinion that they are all important factors which could determine whether or not individuals or groups are likely to keep a minority language alive in themselves and/or in the community.

Leadership Reflections: Building Relationships in the Workplace Essay

Based on assigned readings in Module 5 (â€Å"Colorado State University,† 2012), this journal entry reviews the author’s strategies as a change management consultant for building and improving relationships in client organizations. The discussion then considers the effectiveness of these strategies relative to the author’s workplace environment including the author’s approach for mitigating relationship issues in the event the strategies prove ineffective. Strategies for Building and Improving Relationships The effectiveness of a political navigator depends on strong interpersonal relationships built through competent communication and respectful action (Cialdini, 2001; Gilley, 2006; Lewicki, Barry, & Saunders, 2006). As Cummings and Worley (2009) observe, â€Å"Establishing a healthy relationship at the onset makes it more likely that the client’s desired outcomes will be achieved . . .† (p. 81). Therefore, as a consultant, the author predominantly relies on two sets of sequentially reinforcing strategies for initiating and creating synergistic client relationships. Strategies for Initiating Client Engagement The first set comprises four â€Å"initiating† strategies for influencing positive client engagement: displaying an engaging personality, identifying with clients, developing mutual interests, and practicing reciprocity. Displaying an engaging friendly personality – a prerequisite for building relationships (Cialdini, 2001; Gilley, 2006) – creates initial positive perceptions and helps establish personal rapport. Identifying with clients on their level (Gilley, 2006) by altering personal communication style, language, dress, and behaviors to match with their cultural norms, reinforces perceptions of the author’s willingness to ackn... ...anizations (pp. 2-4). Greenwood Village, CO: Author Cummings, T., & Worley, C. (2009). Organizational development & change (9th ed.). Mason, OH: South-Western Cengage Learning. Gilley, J. (2006). The manager as politician. Westport, CT: Praeger Publishers. Kouzes J., & Posner, B. (2007). The leadership challenge (4th ed.). San Francisco: Jossey-Bass. Lewicki, J. R., Barry, B., & Saunders, M. D. (2006). Negotiation: Readings, Exercises and Cases (5th ed.). New York: McGraw Hill. Schein, E. (2004). Organizational culture and leadership (3rd ed.). San Francisco: Jossey-Bass. Senge, P. (2006). The fifth discipline: The art & practice of the learning organization (revised ed.). New York: Random House. Vecchio, R. (Ed.). (2007). Leadership: Understanding the dynamics of power and influence in organizations (2nd ed.). Notre Dame, IN: University of Notre Dame Press.

The Da Vinci Code Chapter 98-99

CHAPTER 98 Langdon and Sophie moved slowly down the north aisle, keeping to the shadows behind the ample pillars that separated it from the open nave. Despite having traveled more than halfway down the nave, they still had no clear view of Newton's tomb. The sarcophagus was recessed in a niche, obscured from this oblique angle. â€Å"At least there's nobody over there,† Sophie whispered. Langdon nodded, relieved. The entire section of the nave near Newton's tomb was deserted. â€Å"I'll go over,† he whispered. â€Å"You should stay hidden just in case someone – â€Å" Sophie had already stepped from the shadows and was headed across the open floor. † – is watching,† Langdon sighed, hurrying to join her. Crossing the massive nave on a diagonal, Langdon and Sophie remained silent as the elaborate sepulchre revealed itself in tantalizing increments†¦ a black-marble sarcophagus†¦ a reclining statue of Newton†¦ two winged boys†¦ a huge pyramid†¦ and†¦ an enormous orb. â€Å"Did you know about that?† Sophie said, sounding startled. Langdon shook his head, also surprised.† Those look like constellations carved on it,† Sophie said. As they approached the niche, Langdon felt a slow sinking sensation. Newton's tomb was coveredwith orbs – stars, comets, planets. You seek the orb that ought be on his tomb? It could turn out to be like trying to find a missing blade of grass on a golf course. â€Å"Astronomical bodies,† Sophie said, looking concerned. â€Å"And a lot of them.† Langdon frowned. The only link between the planets and the Grail that Langdon could imagine was the pentacle of Venus, and he had already tried the password† Venus† en route to the Temple Church. Sophie moved directly to the sarcophagus, but Langdon hung back a few feet, keeping an eye on the abbey around them. â€Å"Divinity,†Sophie said, tilting her head and reading the titles of the books on which Newton was leaning. â€Å"Chronology.Opticks.Philosophiae Naturalis Principia Mathematica?† She turned tohim. â€Å"Ring any bells?† Langdon stepped closer, considering it. â€Å"Principia Mathematica, as I remember, has something to do with the gravitation pull of planets†¦ which admittedly are orbs, but it seems a little far-fetched.† â€Å"How about the signs of the zodiac?† Sophie asked, pointing to the constellations on the orb. â€Å"You were talking about Pisces and Aquarius earlier, weren't you?† The End of Days, Langdon thought. â€Å"The end of Pisces and the beginning of Aquarius was allegedly the historical marker at which the Priory planned to release the Sangreal documents to the world.† But the millennium came and went without incident, leaving historians uncertain when thetruth was coming. â€Å"It seems possible,† Sophie said,† that the Priory's plans to reveal the truth might be related to the last line of the poem.† It speaks of Rosy flesh and seeded womb.Langdon felt a shiver of potential. He had not considered the line that way before. â€Å"You told me earlier,† she said,† that the timing of the Priory's plans to unveil the truth about ‘the Rose' and her fertile womb was linked directly to the position of planets – orbs.† Langdon nodded, feeling the first faint wisps of possibility materializing. Even so, his intuition told him astronomy was not the key. The Grand Master's previous solutions had all possessed an eloquent, symbolic significance – the Mona Lisa, Madonna of the Rocks, SOFIA. This eloquence was definitely lacking in the concept of planetary orbs and the zodiac. Thus far, Jacques Sauniere had proven himself a meticulous code writer, and Langdon had to believe that his final password – those five letters that unlocked the Priory's ultimate secret – would prove to be not only symbolically fitting but also crystal clear. If this solution were anything like the others, it would be painfully obvious once it dawned. â€Å"Look!† Sophie gasped, jarring his thoughts as she grabbed his arm. From the fear in her touch Langdon sensed someone must be approaching, but when he turned to her, she was staring aghast at the top of the black marble sarcophagus. â€Å"Someone was here,† she whispered, pointing to a spot on the sarcophagus near Newton's outstretched right foot. Langdon did not understand her concern. A careless tourist had left a charcoal, grave-rubbing pencil on the sarcophagus lid near Newton's foot. It's nothing.Langdon reached out to pick it up, but as he leaned toward the sarcophagus, the light shifted on the polished black-marble slab, andLangdon froze. Suddenly, he saw why Sophie was afraid. Scrawled on the sarcophagus lid, at Newton's feet, shimmered a barely visible charcoal-pencil message: I have Teabing. Go through Chapter House, out south exit, to public garden. Langdon read the words twice, his heart pounding wildly. Sophie turned and scanned the nave. Despite the pall of trepidation that settled over him upon seeing the words, Langdon told himself this was good news. Leigh is still alive.There was another implication here too. â€Å"They don't know the password either,† he whispered. Sophie nodded. Otherwise why make their presence known?† They may want to trade Leigh for the password.† â€Å"Or it's a trap.† Langdon shook his head. â€Å"I don't think so. The garden is outside the abbey walls. A very public place.† Langdon had once visited the abbey's famous College Garden – a small fruit orchard and herb garden – left over from the days when monks grew natural pharmacological remedies here. Boasting the oldest living fruit trees in Great Britain, College Garden was a popular spot for tourists to visit without having to enter the abbey. â€Å"I think sending us outside is a show of faith. So we feel safe.† Sophie looked dubious. â€Å"You mean outside, where there are no metal detectors?† Langdon scowled. She had a point. Gazing back at the orb-filled tomb, Langdon wished he had some idea about the cryptex password†¦ something with which to negotiate. I got Leigh involved in this, and I'll do whatever it takes if there is a chance to help him. â€Å"The note says to go through the Chapter House to the south exit,† Sophie said. â€Å"Maybe from the exit we would have a view of the garden? That way we could assess the situation before we walked out there and exposed ourselves to any danger?† The idea was a good one. Langdon vaguely recalled the Chapter House as a huge octagonal hall where the original British Parliament convened in the days before the modern Parliament building existed. It had been years since he had been there, but he remembered it being out through the cloister somewhere. Taking several steps back from the tomb, Langdon peered around the choir screen to his right, across the nave to the side opposite that which they had descended. A gaping vaulted passageway stood nearby, with a large sign. THIS WAY TO: CLOISTERS DEANERY COLLEGE HALL MUSEUM PYX CHAMBER ST. FAITH'S CHAPEL CHAPTER HOUSE Langdon and Sophie were jogging as they passed beneath the sign, moving too quickly to notice the small announcement apologizing that certain areas were closed for renovations. They emerged immediately into a high-walled, open-roof courtyard through which morning rain was falling. Above them, the wind howled across the opening with a low drone, like someone blowing over the mouth of a bottle. Entering the narrow, low-hanging walkways that bordered the courtyard perimeter, Langdon felt the familiar uneasiness he always felt in enclosed spaces. These walkways were called cloisters, and Langdon noted with uneasiness that these particular cloisters lived up to their Latin ties to the word claustrophobic. Focusing his mind straight ahead toward the end of the tunnel, Langdon followed the signs for the Chapter House. The rain was spitting now, and the walkway was cold and damp with gusts of rain that blew through the lone pillared wall that was the cloister's only source of light. Another couple scurried past them the other way, hurrying to get out of the worsening weather. The cloisters looked deserted now, admittedly the abbey's least enticing section in the wind and rain. Forty yards down the east cloister, an archway materialized on their left, giving way to another hallway. Although this was the entrance they were looking for, the opening was cordoned off by a swag and an official-looking sign. CLOSED FOR RENOVATION PYX CHAMBER ST. FAITH'S CHAPEL CHAPTER HOUSE The long, deserted corridor beyond the swag was littered with scaffolding and drop cloths. Immediately beyond the swag, Langdon could see the entrances to the Pyx Chamber and St. Faith's Chapel on the right and left. The entrance to the Chapter House, however, was much farther away, at the far end of the long hallway. Even from here, Langdon could see that its heavy wooden door was wide open, and the spacious octagonal interior was bathed in a grayish natural light from the room's enormous windows that looked out on College Garden. Go through Chapter House, outsouth exit, to public garden. â€Å"We just left the east cloister,† Langdon said,† so the south exit to the garden must be through there and to the right.† Sophie was already stepping over the swag and moving forward. As they hurried down the dark corridor, the sounds of the wind and rain from the open cloister faded behind them. The Chapter House was a kind of satellite structure – a freestanding annex at the end of the long hallway to ensure the privacy of the Parliament proceedings housed there. â€Å"It looks huge,† Sophie whispered as they approached. Langdon had forgotten just how large this room was. Even from outside the entrance, he could gaze across the vast expanse of floor to the breathtaking windows on the far side of the octagon, which rose five stories to a vaulted ceiling. They would certainly have a clear view of the garden from in here. Crossing the threshold, both Langdon and Sophie found themselves having to squint. After the gloomy cloisters, the Chapter House felt like a solarium. They were a good ten feet into the room, searching the south wall, when they realized the door they had been promised was not there. They were standing in an enormous dead end. The creaking of a heavy door behind them made them turn, just as the door closed with a resounding thud and the latch fell into place. The lone man who had been standing behind the door looked calm as he aimed a small revolver at them. He was portly and was propped on a pair of aluminum crutches. For a moment Langdon thought he must be dreaming. It was Leigh Teabing. CHAPTER 99 Sir Leigh Teabing felt rueful as he gazed out over the barrel of his Medusa revolver at Robert Langdon and Sophie Neveu. â€Å"My friends,† he said,† since the moment you walked into my home last night, I have done everything in my power to keep you out of harm's way. But your persistence has now put me in a difficult position.† He could see the expressions of shock and betrayal on Sophie's and Langdon's faces, and yet he was confident that soon they would both understand the chain of events that had guided the three of them to this unlikely crossroads. There is so much I have to tell you both†¦ so much you do not yet understand. â€Å"Please believe,† Teabing said, â€Å"I never had any intention of your being involved. You came to my home. You came searching for me.† â€Å"Leigh?† Langdon finally managed. â€Å"What the hell are you doing? We thought you were in trouble. We came here to help you!† â€Å"As I trusted you would,† he said. â€Å"We have much to discuss.† Langdon and Sophie seemed unable to tear their stunned gazes from the revolver aimed at them. â€Å"It is simply to ensure your full attention,† Teabing said. â€Å"If I had wanted to harm you, you would be dead by now. When you walked into my home last night, I risked everything to spare your lives. I am a man of honor, and I vowed in my deepest conscience only to sacrifice those who had betrayed the Sangreal.† â€Å"What are you talking about?† Langdon said. â€Å"Betrayed the Sangreal?† â€Å"I discovered a terrible truth,† Teabing said, sighing. â€Å"I learned why the Sangreal documents were never revealed to the world. I learned that the Priory had decided not to release the truth after all. That's why the millennium passed without any revelation, why nothing happened as we entered the End of Days.† Langdon drew a breath, about to protest. â€Å"The Priory,† Teabing continued, â€Å"was given a sacred charge to share the truth. To release the Sangreal documents when the End of Days arrived. For centuries, men like Da Vinci, Botticelli, and Newton risked everything to protect the documents and carry out that charge. And now, at the ultimate moment of truth, Jacques Sauniere changed his mind. The man honored with the greatest responsibility in Christian history eschewed his duty. He decided the time was not right.† Teabing turned to Sophie. â€Å"He failed the Grail. He failed the Priory. And he failed the memory of all the generations that had worked to make that moment possible.† â€Å"You?† Sophie declared, glancing up now, her green eyes boring into him with rage and realization. â€Å"You are the one responsible for my grandfather's murder?† Teabing scoffed. â€Å"Your grandfather and his senechaux were traitors to the Grail.† Sophie felt a fury rising from deep within. He's lying!Teabing's voice was relentless. â€Å"Your grandfather sold out to the Church. It is obvious they pressured him to keep the truth quiet.† Sophie shook her head. â€Å"The Church had no influence on my grandfather!† Teabing laughed coldly. â€Å"My dear, the Church has two thousand years of experience pressuring those who threaten to unveil its lies. Since the days of Constantine, the Church has successfully hidden the truth about Mary Magdalene and Jesus. We should not be surprised that now, once again, they have found a way to keep the world in the dark. The Church may no longer employ crusaders to slaughter non-believers, but their influence is no less persuasive. No less insidious.† He paused, as if to punctuate his next point. â€Å"Miss Neveu, for some time now your grandfather has wanted to tell you the truth about your family.† Sophie was stunned. â€Å"How could you know that?† â€Å"My methods are immaterial. The important thing for you to grasp right now is this.† He took a deep breath. â€Å"The deaths of your mother, father, grandmother, and brother were not accidental.† The words sent Sophie's emotions reeling. She opened her mouth to speak but was unable. Langdon shook his head. â€Å"What are you saying?† â€Å"Robert, it explains everything. All the pieces fit. History repeats itself. The Church has a precedent of murder when it comes to silencing the Sangreal. With the End of Days imminent, killing the Grand Master's loved ones sent a very clear message. Be quiet, or you and Sophie are next.† â€Å"It was a car accident,† Sophie stammered, feeling the childhood pain welling inside her. â€Å"An accident!† â€Å"Bedtime stories to protect your innocence,† Teabing said. â€Å"Consider that only two family members went untouched – the Priory's Grand Master and his lone granddaughter – the perfect pair to provide the Church with control over the brotherhood. I can only imagine the terror the Church wielded over your grandfather these past years, threatening to kill you if he dared release the Sangreal secret, threatening to finish the job they started unless Sauniere influenced the Priory to reconsider its ancient vow.† â€Å"Leigh,† Langdon argued, now visibly riled, â€Å"certainly you have no proof that the Church had anything to do with those deaths, or that it influenced the Priory's decision to remain silent.† â€Å"Proof?† Teabing fired back. â€Å"You want proof the Priory was influenced? The new millennium has arrived, and yet the world remains ignorant! Is that not proof enough?† In the echoes of Teabing's words, Sophie heard another voice speaking. Sophie, I must tell you the truth about your family.She realized she was trembling. Could this possibly be that truth her grandfather had wanted to tell her? That her family had been murdered? What did she truly know about the crash that took her family? Only sketchy details. Even the stories in the newspaper had been vague. An accident? Bedtime stories? Sophie flashed suddenly on her grandfather's over protectiveness, how he never liked to leave her alone when she was young. Even when Sophie was grown and away at university, she had the sense her grandfather was watching over. She wondered if there had been Priory members in the shadows throughout her entire life, looking after her. â€Å"You suspected he was being manipulated,† Langdon said, glaring with disbelief at Teabing. â€Å"So you murdered him?† â€Å"I did not pull the trigger,† Teabing said. â€Å"Sauniere was dead years ago, when the Church stole his family from him. He was compromised. Now he is free of that pain, released from the shame caused by his inability to carry out his sacred duty. Consider the alternative. Something had to be done. Shall the world be ignorant forever? Shall the Church be allowed to cement its lies into our history books for all eternity? Shall the Church be permitted to influence indefinitely with murder and extortion? No, something needed to be done! And now we are poised to carry out Sauniere's legacy and right a terrible wrong.† He paused. â€Å"The three of us. Together.† Sophie felt only incredulity. â€Å"How could you possibly believe that we would help you?† â€Å"Because, my dear, you are the reason the Priory failed to release the documents. Your grandfather's love for you prevented him from challenging the Church. His fear of reprisal against his only remaining family crippled him. He never had a chance to explain the truth because you rejected him, tying his hands, making him wait. Now you owe the world the truth. You owe it to the memory of your grandfather.† Robert Langdon had given up trying to get his bearings. Despite the torrent of questions running through his mind, he knew only one thing mattered now – getting Sophie out of here alive. All the guilt Langdon had mistakenly felt earlier for involving Teabing had now been transferred to Sophie. I took her to Chateau Villette. I am responsible. Langdon could not fathom that Leigh Teabing would be capable of killing them in cold blood herein the Chapter House, and yet Teabing certainly had been involved in killing others during his misguided quest. Langdon had the uneasy feeling that gunshots in this secluded, thick-walled chamber would go unheard, especially in this rain. And Leigh just admitted his guilt to us. Langdon glanced at Sophie, who looked shaken. The Church murdered Sophie's family to silence the Priory? Langdon felt certain the modern Church did not murder people. There had to be some other explanation.† Let Sophie leave,† Langdon declared, staring at Leigh. â€Å"You and I should discuss this alone.† Teabing gave an unnatural laugh. â€Å"I'm afraid that is one show of faith I cannot afford. I can, however, offer you this.† He propped himself fully on his crutches, gracelessly keeping the gunaimed at Sophie, and removed the keystone from his pocket. He swayed a bit as he held it out for Langdon. â€Å"A token of trust, Robert.† Robert felt wary and didn't move. Leigh is giving the keystone back to us? â€Å"Take it,† Teabing said, thrusting it awkwardly toward Langdon. Langdon could imagine only one reason Teabing would give it back. â€Å"You opened it already. You removed the map.† Teabing was shaking his head. â€Å"Robert, if I had solved the keystone, I would have disappeared to find the Grail myself and kept you uninvolved. No, I do not know the answer. And I can admit that freely. A true knight learns humility in the face of the Grail. He learns to obey the signs placed before him. When I saw you enter the abbey, I understood. You were here for a reason. To help. I am not looking for singular glory here. I serve a far greater master than my own pride. The Truth. Mankind deserves to know that truth. The Grail found us all, and now she is begging to be revealed. We must work together.† Despite Teabing's pleas for cooperation and trust, his gun remained trained on Sophie as Langdon stepped forward and accepted the cold marble cylinder. The vinegar inside gurgled as Langdon grasped it and stepped backward. The dials were still in random order, and the cryptex remained locked. Langdon eyed Teabing. â€Å"How do you know I won't smash it right now?† Teabing's laugh was an eerie chortle. â€Å"I should have realized your threat to break it in the Temple Church was an empty one. Robert Langdon would never break the keystone. You are an historian, Robert. You are holding the key to two thousand years of history – the lost key to the Sangreal. You can feel the souls of all the knights burned at the stake to protect her secret. Would you have them die in vain? No, you will vindicate them. You will join the ranks of the great men you admire – Da Vinci, Botticelli, Newton – each of whom would have been honored to be in your shoes right now. The contents of the keystone are crying out to us. Longing to be set free. The time has come. Destiny has led us to this moment.† â€Å"I cannot help you, Leigh. I have no idea how to open this. I only saw Newton's tomb for a moment. And even if I knew the password†¦Ã¢â‚¬  Langdon paused, realizing he had said too much. â€Å"You would not tell me?† Teabing sighed. â€Å"I am disappointed and surprised, Robert, that you do not appreciate the extent to which you are in my debt. My task would have been far simpler had Remy and I eliminated you both when you walked into Chateau Villette. Instead I risked everything to take the nobler course.† â€Å"This is noble?† Langdon demanded, eyeing the gun. â€Å"Sauniere's fault,† Teabing said. â€Å"He and his senechaux lied to Silas. Otherwise, I would have obtained the keystone without complication. How was I to imagine the Grand Master would go to such ends to deceive me and bequeath the keystone to an estranged granddaughter?† Teabing looked at Sophie with disdain. â€Å"Someone so unqualified to hold this knowledge that she required a symbologist baby-sitter.† Teabing glanced back at Langdon. â€Å"Fortunately, Robert, your involvement turned out to be my saving grace. Rather than the keystone remaining locked in the depository bank forever, you extracted it and walked into my home.† Where else would I run? Langdon thought. The community of Grail historians is small, and Teabing and I have a history together. Teabing now looked smug. â€Å"When I learned Sauniere left you a dying message, I had a pretty good idea you were holding valuable Priory information. Whether it was the keystone itself, or information on where to find it, I was not sure. But with the police on your heels, I had a sneaking suspicion you might arrive on my doorstep.† Langdon glared. â€Å"And if we had not?† â€Å"I was formulating a plan to extend you a helping hand. One way or another, the keystone was coming to Chateau Villette. The fact that you delivered it into my waiting hands only serves as proof that my cause is just.† â€Å"What!† Langdon was appalled. â€Å"Silas was supposed to break in and steal the keystone from you in Chateau Villette – thus removing you from the equation without hurting you, and exonerating me from any suspicion of complicity. However, when I saw the intricacy of Sauniere's codes, I decided to include you both in my quest a bit longer. I could have Silas steal the keystone later, once I knew enough to carry on alone.† â€Å"The Temple Church,† Sophie said, her tone awash with betrayal. Light begins to dawn, Teabing thought. The Temple Church was the perfect location to steal the keystone from Robert and Sophie, and its apparent relevance to the poem made it a plausible decoy. Remy's orders had been clear – stay out of sight while Silas recovers the keystone. Unfortunately, Langdon's threat to smash the keystone on the chapel floor had caused Remy to panic. If only Remy had not revealed himself, Teabing thought ruefully, recalling his own mock kidnapping. Remy was the sole link to me, and he showed his face! Fortunately, Silas remained unaware of Teabing's true identity and was easily fooled into taking him from the church and then watching naively as Remy pretended to tie their hostage in the back of the limousine. With the soundproof divider raised, Teabing was able to phone Silas in the front seat, use the fake French accent of the Teacher, and direct Silas to go straight to Opus Dei. A simple anonymous tip to the police was all it would take to remove Silas from the picture. One loose end tied up. The other loose end was harder. Remy. Teabing struggled deeply with the decision, but in the end Remy had proven himself a liability. Every Grail quest requires sacrifice.The cleanest solution had been staring Teabing in the face from the limousine's wet bar – a flask, some cognac, and a can of peanuts. The powder at the bottom of the can would be more than enough to trigger Remy's deadly allergy. When Remy parked the limo on Horse Guards Parade, Teabing climbed out of the back, walked to the side passenger door, and sat in the front next to Remy. Minutes later, Teabing got out of the car, climbed into the rear again, cleaned up the evidence, and finally emerged to carry out the final phase of his mission. Westminster Abbey had been a short walk, and although Teabing's leg braces, crutches, and gun had set off the metal detector, the rent-a-cops never knew what to do. Do we ask him to remove his braces and crawl through? Do we frisk his deformed body? Teabing presented the flustered guards a far easier solution – an embossed card identifying him as Knight of the Realm. The poor fellows practically tripped over one another ushering him in. Now, eyeing the bewildered Langdon and Neveu, Teabing resisted the urge to reveal how he had brilliantly implicated Opus Dei in the plot that would soon bring about the demise of the entire Church. That would have to wait. Right now there was work to do. â€Å"Mes amis,†Teabing declared in flawless French,† vous ne trouvez pas le Saint-Graal, c'est leSaint-Graal qui vous trouve.† He smiled. â€Å"Our paths together could not be more clear. The Grail has found us.† Silence. He spoke to them in a whisper now. â€Å"Listen. Can you hear it? The Grail is speaking to us across the centuries. She is begging to be saved from the Priory's folly. I implore you both to recognize this opportunity. There could not possibly be three more capable people assembled at this moment to break the final code and open the cryptex.† Teabing paused, his eyes alight. â€Å"We need to swear an oath together. A pledge of faith to one another. A knight's allegiance to uncover the truth and make it known.† Sophie stared deep into Teabing's eyes and spoke in a steely tone. â€Å"I will never swear an oath with my grandfather's murderer. Except an oath that I will see you go to prison.† Teabing's heart turned grave, then resolute. â€Å"I am sorry you feel that way, mademoiselle.† He turned and aimed the gun at Langdon. â€Å"And you, Robert? Are you with me, or against me?†