Cultures :: essays papers

CulturesCulture is something that is very stable but it is still something that is subject to switch over. There argon different causes to change including accidents or the unexpectedoutcome of events that are already in existence. Sometimes it is also the attempt to solve a perceived problem. convince can also be forced upon a group through intense contact between two societies. Adaption and progress are both consequences and non causes of change.The ultimate source of all change is mental institution. This is any new practice, tool, orprinciple that gains widespread acceptance within a group. A primary innovation is achange that involve the chance discovery of a new principle. A secondary innovationresults from the deliberate application of known principles. A neat example of primaryinnovation is the firing of clay which makes it permanently hard. Modeling the clay to be fired by known techniques into familiar objects. Primary mother other inventions and may prompt rapid cultural change.Diffusion is known as the borrowing of cultural elements from one society bymembers of another. Borrowing is so common that the North American anthropologistRalph Linton suggested that as much as 90% of a culture is accounted for by borrowing. The Pilgrims that settled in New Plymouth might arrest starved to death if it wasnt for the Indian Squanto which showed them how to grow crops. There is a creativeness behindthe borrowing, picking and choosing from multiple possibilities. Most of these choicesare made to be compatible with the already existing culture.Cultural loss has to do with the abandonment of some trait or practice with orwithout replacement. People think of change as an accumulation of innovations addingnew things to those that are already there. When reflected upon you come up with theconclusion that the existence of a new innovation leads to the loss of an older one. This in not only a feature of Western Civilization. In biblical times ch ariots and carts were in Widespread use but were replaced by camels because they worked better by the 6th century.Acculturation is the occurrence of two groups of different cultures coming intointensive firsthand contact with each other. An element of force is usually involved without delay or indirectly. There are other variables which include the degree of culturaldifference circumstances, intensity, frequency, and hostility of contact who is dominant and who is submissive and whether the nature of the flow is bilateral or nonreciprocal.

Test Of Courage :: essays research papers

Test of CourageOn the night of September 30th 1999, I was about to nonplus what would come along to be the longest night of my life. Weeks of physical, mental, and emotional training would climax and end after this final test. A test of endurance, teamwork, mental focus, and most of all courage was about to begin. Thoughts raced through my head as I anxiously prepared myself. Will I bring forward everything I have been trained? Will my shipmates permit me down? Some had dreaded this night for weeks others awaited its arrival like children on Christmas morning. I had a mixture of touch sensationings, as I was about to begin what the Navy calls Battle place.      Battle Stations is a fourteen-hour test of everything that had been taught in the previous thirteen weeks of boot camp. The most difficult part of Battle Stations is dealing with the sleep depravation accumulated over the previous weeks. We were allowed two hours of sleep before the challenge that w ould "make or break" us. I can remember the dark barracks, lit only by red lights representing emergency procedures in a ship setting. The room seemed to have a very still, quiet feel like a storm was creeping near. My bunkmate Johnson and I polished our boots as we agreed that neither of us would sleep for the two hours we are given. Johnson and I had real a close friendship over time and we motivated each other in every obstacle we faced. He was slightly taller than I, had a stalky redact and spoke with a thick East Coast accent that I often humorously imitated. I laid in my bunk focusing on my body, and what will be expected from it tonight. By that time, I had been awake for several hours and lack of food caused fatigue to set in. Piercing alarm sirens and bright jiffy lights interrupted my concentration our excitingly eventful night had just begun. Within seven minutes my entire division was in full gear with sealed seals on our gas masks and standing at attention i n front of our bunks. Then something unexpected happened. A team of Ex-Navy Seals rushed into the barracks like a stampede of wild horses. Their presence motivated us all as we began chanting Navy songs. Before I knew it we were barreling down the stairs of the barracks, or "Ship" as it is called in the Navy.

Risk Management Essay -- Investment Business Risk

What is risk?Simply put, risk is uncertainty. The more risk you take, the more you carry to lose or gain. You cannot expect high returns without taking substantial risks. Tossing a dice, is at basic level a risky endeavor. The outcomes are thrown exculpated to uncertainty. You take risk everytime you act, from crossing the street to buying a stock. Generally when people talk about risk, they focus on financial risk. In scathe of finance, it is the risk that a company or individual could lose some or all of the original investment, possibly resulting in inadequate cash lead to meet financial obligations. The concept of risk is not a simple concept in finance. You cannot make wise investments without first considering risk. To be successful, every investor mustiness be able to hear an d understand the types of risk they face across their entire portfolio. Measuring risk is just as important as touchstone returns. In the financial world, risk is often expressed as volatility of returns. Volatility measures how variable outcomes are likely to be. Standard deviation is a habitual statistical measure of volatility. It measures historical variability of returns from their mean. A higher standard deviation implies more variable and uncertain returns. Measuring risk on a portfolio basis shows how well diversified your investments are, where the largest gains and losses are likely to be conc... ...my is in recession, and on what grounds? What actually constitutes a recession, anyway? When a nations frugality enters a recession, is life guaranteed to get harder for most of its citizens? (http//www.howstuffworks.co m/recession.htm)How do you know when youre taking too much risk? Or not enough? Risk is a natural part of this world, and indeed, risk can present great opportunities for those who understand and know how to manage it. Advances in risk management theory have had a tremendous impact on global economic development. Now we have powerful ways to analyze risks and make stable decisions about the future. We can identify and measure different types of risk, and decide which ones to take and which ones to avoid.

How to Become an Effective Hitter Essay -- Expository Process Essays

How to Become an Effective Hitter Babe Ruth is known for his 714 home runs. However, few people realize the other statistic he holds, which is having the most strikeouts of any player in the major league. This statistic helps to prove there is only a slight difference between a good striking and a strike. To become a good hitter in base crackpot, three fundamentals are necessary. First, the batters stance in the batters box, second, the batters eye contact on the ball, and third, the batters undercut are the three fundamentals a good hitter will possess. First, a good stance in the batters box is required to hit the ball successfully. The stance is not only important to the hitter, but it informs the defense of the location of the hit. Therefore, the batter wants to conceal as much information as possible from the opposition. A batter can conceal the balls direction by having a proper stance. The proper stance is one where the batters feet are comfortably apart about 12 to 24 inches. The front foot should not give any indication of pulling the ball down either base li...

The Spanish-American War :: Spanish-American War Essays

THESIS The united States didnt want to get involved in the Spanish-American War, but was dragged into it due to color journalism, they wanted to hold in the seas, and wanted complete control over Cuba. For 113 days during the summer of 1898, the United States was at warfare with Spain. Neither the president of the United States, nor his cabinet, nor the the power of Spain, nor her ministers wanted the war wanted the war. It happened eventhough they made their best efforts to prevent it. It happened because of ambition, miscalculation, and stupidity and it happened because of kindness, wit, and resourcefulness. It also happened because some were indifferent to the suffering of the worlds wretched and separates were not (OToole 17). By gentle the war the United States proved the the rest of the world and to itself that it could and would fight against foreign nations. For many years, world power had been concentrated in the countries in Europe. Nations such as Great Britain, Fr ance, Germany, and Spain had the most influence in global affairs. But a shift in power was gradually taking blank space as the United States matured. The young nation gained wealth and strength. Its population grew immensely, and many wad believed it would become a major world power (Bachrach, 11) Spain was one of the many European countries that had ground in the United States. Spain controlled mostly some islands off the coast of Central America. The most important of these were Cuba and Puerto Rico. The United States was led to believe that the Spanish mosgoverned and abused the people of these islands. In fact, Spain did overtax and mistreat the Cubans, who rebelled in 1868 and again in 1895. Thus, the American people felt sympathetic toward the Cuban independence movement. In addition, Spain had frequently interfered with change between its colonies and the United States. Even though the United States had been a trading partner with Cuba since the seventeenth century, Spai n sometimes tried to completely send away their trade with Cuba. In Spain doing so, this sometimes caused damage to U.S. mercenary interests. The United States highly disagreed with Spains right to interfere with this trade relationship. (Bachrach, 12) The United States was also concerned that other trading and commercial interests were threatened by the number of ships and soldiers Spain kept in the area. If the United States had to fight a war with Canada or Mexico, these Spanish forces could quickly recollect against the United States.The Spanish-American War Spanish-American War EssaysTHESIS The United States didnt want to get involved in the Spanish-American War, but was dragged into it due to yellow journalism, they wanted to control the seas, and wanted complete control over Cuba. For 113 days during the summer of 1898, the United States was at war with Spain. Neither the president of the United States, nor his cabinet, nor the the queen of Spain, nor her ministers wa nted the war wanted the war. It happened eventhough they made their best efforts to prevent it. It happened because of ambition, miscalculation, and stupidity and it happened because of kindness, wit, and resourcefulness. It also happened because some were indifferent to the suffering of the worlds wretched and others were not (OToole 17). By winning the war the United States proved the the rest of the world and to itself that it could and would fight against foreign nations. For many years, world power had been concentrated in the countries in Europe. Nations such as Great Britain, France, Germany, and Spain had the most influence in global affairs. But a shift in power was gradually taking place as the United States matured. The young nation gained wealth and strength. Its population grew immensely, and many people believed it would become a major world power (Bachrach, 11) Spain was one of the many European countries that had territory in the United States. Spain controlled mostl y some islands off the coast of Central America. The most important of these were Cuba and Puerto Rico. The United States was led to believe that the Spanish mosgoverned and abused the people of these islands. In fact, Spain did overtax and mistreat the Cubans, who rebelled in 1868 and again in 1895. Thus, the American people felt sympathetic toward the Cuban independence movement. In addition, Spain had frequently interfered with trade between its colonies and the United States. Even though the United States had been a trading partner with Cuba since the seventeenth century, Spain sometimes tried to completely stop their trade with Cuba. In Spain doing so, this sometimes caused damage to U.S. commercial interests. The United States highly disagreed with Spains right to interfere with this trade relationship. (Bachrach, 12) The United States was also concerned that other trading and commercial interests were threatened by the number of ships and soldiers Spain kept in the area. If t he United States had to fight a war with Canada or Mexico, these Spanish forces could quickly mobilize against the United States.

The Spanish-American War :: Spanish-American War Essays

THESIS The coupled States didnt want to get involved in the Spanish-American War, but was dragged into it due to yellow journalism, they treasured to control the seas, and cherished complete control over Cuba. For 113 days during the summer of 1898, the United States was at warfare with Spain. Neither the president of the United States, nor his cabinet, nor the the queen of Spain, nor her ministers cute the war wanted the war. It happened eventhough they made their best efforts to prevent it. It happened because of ambition, miscalculation, and stupidity and it happened because of kindness, wit, and resourcefulness. It also happened because some were indifferent to the suffering of the worlds wretched and others were not (OToole 17). By winning the war the United States proved the the rest of the world and to itself that it could and would fight against foreign nations. For many years, world power had been concentrated in the countries in Europe. Nations such(prenominal) as l arge(p) Britain, France, Germany, and Spain had the most influence in global affairs. But a shift in power was gradually taking place as the United States matured. The upstart nation gained wealth and strength. Its population grew immensely, and many people believed it would become a major world power (Bachrach, 11) Spain was one of the many European countries that had territory in the United States. Spain controlled mostly some islands off the coast of Central America. The most important of these were Cuba and Puerto Rico. The United States was led to believe that the Spanish mosgoverned and abuse the people of these islands. In fact, Spain did overtax and mistreat the Cubans, who rebelled in 1868 and again in 1895. Thus, the American people felt sympathetic toward the Cuban independence movement. In addition, Spain had frequently interfered with divvy up mingled with its colonies and the United States. Even though the United States had been a craft partner with Cuba since th e seventeenth century, Spain sometimes tried to completely stop their trade with Cuba. In Spain doing so, this sometimes caused damage to U.S. commercial interests. The United States highly disagreed with Spains right to interfere with this trade relationship. (Bachrach, 12) The United States was also concerned that other trading and commercial interests were be by the number of ships and soldiers Spain kept in the area. If the United States had to fight a war with Canada or Mexico, these Spanish forces could quickly mobilize against the United States.The Spanish-American War Spanish-American War EssaysTHESIS The United States didnt want to get involved in the Spanish-American War, but was dragged into it due to yellow journalism, they wanted to control the seas, and wanted complete control over Cuba. For 113 days during the summer of 1898, the United States was at war with Spain. Neither the president of the United States, nor his cabinet, nor the the queen of Spain, nor her ministers wanted the war wanted the war. It happened eventhough they made their best efforts to prevent it. It happened because of ambition, miscalculation, and stupidity and it happened because of kindness, wit, and resourcefulness. It also happened because some were indifferent to the suffering of the worlds wretched and others were not (OToole 17). By winning the war the United States proved the the rest of the world and to itself that it could and would fight against foreign nations. For many years, world power had been concentrated in the countries in Europe. Nations such as Great Britain, France, Germany, and Spain had the most influence in global affairs. But a shift in power was gradually taking place as the United States matured. The young nation gained wealth and strength. Its population grew immensely, and many people believed it would become a major world power (Bachrach, 11) Spain was one of the many European countries that had territory in the United States. Spain cont rolled mostly some islands off the coast of Central America. The most important of these were Cuba and Puerto Rico. The United States was led to believe that the Spanish mosgoverned and abused the people of these islands. In fact, Spain did overtax and mistreat the Cubans, who rebelled in 1868 and again in 1895. Thus, the American people felt sympathetic toward the Cuban independence movement. In addition, Spain had frequently interfered with trade between its colonies and the United States. Even though the United States had been a trading partner with Cuba since the seventeenth century, Spain sometimes tried to completely stop their trade with Cuba. In Spain doing so, this sometimes caused damage to U.S. commercial interests. The United States highly disagreed with Spains right to interfere with this trade relationship. (Bachrach, 12) The United States was also concerned that other trading and commercial interests were threatened by the number of ships and soldiers Spain kept in th e area. If the United States had to fight a war with Canada or Mexico, these Spanish forces could quickly mobilize against the United States.

Plato/Education Essay

Having noesis is important in every party, whether it be a totalitarian confederacy, or a democratic ordination. In Platos Republic, Socrates and his interlocutors discuss how to meliorate children. Is it right to keep them outlaw, or should they be allowed to study all and every subject(s). The education of children is very important because they are the future of the society. They are the possible rulers, philosophers, guardians, and so on. So, it is important to shape them wisely. This concept is no different than what shapes our society today.It is well kn sustain that one of the many qualifications of a trade good leader is that who tramp modify the countrys educational system. Why? , because the jejuneness are our future leaders and teachers. A parent would rather pick a mystic tame everyplace a public school, and a job interviewer would look more highly on a private school graduate over a public school graduate. You piece of tail say that education is important i n todays society, as well as Platos society.The youth can be educated in many different ways, either by keeping them in the shadows, or exposing them to the light. this means that the future of the society can be either ruled by a person who is oblivious to the societys past, or by a person who has been fully receptive to the societys history. If a person is censored from education, then they love their life as a amendive aspect world. this is best described when Socrates says that a Guardian should be a person who must be gentle to their own people and harsh to the enemy. (375b-c). Socrates wants to educate these Guardians to be noble, righteous, and tentative to their every word, like a robot. He wants to educate them by making them obedient.He also believes that repress their companionship of harmony/narratives, and material strength will make them grow into smarter adults. Socrates believes that a censored society is a better one. He believes that the city will prosper if it is concealed and trained. He says that people are most limber in their youth. So, he goes on to show that music/stories, and physical training are all things that are stressed in the youth of children.Music begins with stories or tales. We wont admit stories into our cities- whether allegory or not., this shows that he wants to cut down the telling of tales because he says that children absorb these tales in a literal sense rather than a hypothetical one. He says You know, dont you, that the beginning of any process is most important, especially for anything young and tender. It is at this time that it is most malleable and takes on any pattern one wishes to feign on it. . (377b) Its not that he wishes to rid off all stories, but just censor them so that they all depict a good message, and show no violence or hate. Also, he believes that only moderate melodies are acceptable.(399d) Socrates goes on to say that music and poetry are important, but should only be taught when a per son is old enough to tell the difference mingled with right and wrong. After his countersign or so music and narratives, he goes on to discuss the physical body, and how it affects ones mind. a fit body doesnt by its own justice make the soul good, but does the opposite. (403d) This is exemplifies that being having a good soul will make a good body, and that a levelheaded body leads to a good intellect. This was achieved by gymnastics at the time.So, all in all, a good education can consist of gymnastics and good music. But, isnt society today based on telling the whole truth and learning everything possible? Our society in the Unites States is democratic, which means that we choose our leaders. To do this, we have to be educated in our countys history. So, in every school music, English, history, and math are required for every student to learn. This is because the government wants people to be well-educated so that they can understand what goes on in society. That is the r eason for newspapers, to keep the society informed.This is different from what Socrates believes to be the best way to educate children. We believe that knowledge is at its best when everyone is educated with everything, and Socrates believes that knowledge is at its best when it is cleaned up and censored. So, what is the best way to be educated? Is it to censor society into a perfect one, or is it to teach everything wholly and hope that great wisdom derives from this? Socrates idea about society is much different from what society has evolved into. What would become of todays society if the music and poetry of Socrates time was censored into disappearing?I think that people should be taught everything in their youth, because improvement can only be made from mistakes, and also, a perfect society would be a boring one. NEW PAPER Blair KhokerPhilosophy 101 Education? How? Having knowledge is important in every society. In Platos Republic, Socrates and his interlocutors discuss how to educate children. Is it right censor what they learn, or should they be allowed to study all and every subject(s). In todays society the term children are our future is said a lot. It is important to shape the children of our society wisely, and the educate them well.A parent would rather pick a private school over a public school, and a job interviewer would look more highly on a private school graduate over a public school graduate. You can say that education is important in todays society, as well as Platos society. The youth can be educated in many different ways, either by keeping them in the shadows, or exposing them to the light. this means that the future of the society can be either ruled by a person who is oblivious to the societys past, or by a person who has been fully exposed to the societys history.If a persons education is censored, then they love their life as a perfect world, because they dont devour the big picture. All they see is what others let them see. Thi s is best described when Socrates says that a Guardian should be a person who must be gentle to their own people and harsh to the enemy. (375b-c). Socrates wants to educate these Guardians to be noble, righteous, and attentive to their every word, like a robot. He wants to educate them by making them obedient. He also believes that repressing their knowledge of music/narratives, and physical strength will make them grow into more just adults.Socrates believes that a censored society is a better one. He believes that the city will prosper if it is concealed and trained. He says that people are most limber in their youth. So, he goes on to show that music/stories, and physical training are all things that are stressed in the youth of children. Music begins with stories or tales. We wont admit stories into our cities- whether allegory or not. , this shows that he wants to cut down the telling of tales because he says that children absorb these tales in a literal sense rather than a hy pothetical one.He says You know, dont you, that the beginning of any process is most important, especially for anything young and tender. It is at this time that it is most malleable and takes on any pattern one wishes to impress on it. . (377b) He wants to censor children from hate and violence . Also, he believes that only moderate melodies are acceptable, because they are calmer and wont bring about theme behavior. Socrates goes on to say that music and poetry are important, but should only be taught when a person is old enough to tell the difference between right and wrong.After his discussion about music and narratives, he goes on to discuss the physical body, and how it affects ones mind. a fit body doesnt by its own virtue make the soul good, but does the opposite. (403d) This is exemplifies that having a good soul will make a good body, and that a healthy body leads to a good intellect. This was achieved by gymnastics at the time. So, all in all, a good education can cons ist of gymnastics and good music. But, isnt society today based on telling the whole truth and learning everything possible? Our society in the Unites States is democratic, which means that we choose our leaders.To do this, we have to be well-educated of our county. So, in every school music, English, history, and math are required for every student to learn. This is because the government wants to educate people about their country, so that they can understand what goes on in society. That is the reason for newspapers, to keep the society informed. This is different from what Socrates believes to be the best way to educate children. We believe that knowledge is at its best when everyone is educated with everything, and Socrates believes that knowledge is at its best when it is cleaned up and censored.So, what is the best way to be educated? Is it to censor society into a perfect one, or is it to teach everything wholly and hope that great wisdom derives from this? Socrates idea abo ut society is much different from what society has evolved into. What would become of todays society if the music and poetry of Socrates time was censored into disappearing? I think that people should be taught everything in their youth, because improvement can only be made from mistakes, and also, a perfect society would be a boring one. Word Count 790.

Pros and Cons of a Military School Essay

By Jenna Brooklyn There are many positive benefits for your teenager should they attend a soldiery drill. But, like most things in life, there can be a downside as well. Here is a report explaining whats good and bad nearly study in a phalanx high school. To start with if your teen is in trouble with serious health issues or a major perspective problem, they stand little or no chance of being accepted. Military schools today set very high academic standards. They are not therapy centers for kids with problems. two of their major goals are to produce students able to enter prestigious colleges and/or join the military. If your child is a clever but lazy student, a military school has much to offer. There is a packed academic program with compulsory and supervised home execution and extra study sessions. But if your child is not strong academically they may struggle to match the high expectations. Discipline is a major part of a military environment. If your teen is lazy and awele ss they will get a serious jolt in a military school.They will be start of bed at 0600 hours, they will instal their bed and tidy their possessions, and they will be on the parade ground and exercising before breakfast. This type of lifestyle could change your teens locating to life. Of course a military school is a residential facility and while students are allowed to attend approved activities in the local town, things like fetching a part-time job in the grocery store are simply not an option. There is a full extra-curricula program at a military school with plenty of time for artistic pursuits and outdoor education.This means your child is getting an all-round education and enjoying their schooling at the same time. Opportunities for leadership roles are many and varied in a military education. If your child requires a challenge and enjoys being a leader, they will develop their talents and be actually extended in such a school. It is ideal for developing the total person . If as a parent you are looking to a military school to mollycoddle your child, you will be disappointed. Its much more a shape up or ship out approach from the school.If your child chooses to decline and fails to complete tasks, the school will not spend a great deal of time and effort in whipping them into line. The student may be expelled. A military school wants excellent results from its students and those who wont or cant perform are likely to be shown the door. Those who do work hard are sure to be well rewarded and for life. College entrance is likely and if a career in the military is required, this type of secondary education is sodding(a) for such a move.A military school is a community where teamwork and bonding is part of every day life. If this suits your child, fine. If your child is a loner and doesnt like a regimented and disciplined lifestyle, then a military school is not for them. If youre looking to find more information nigh military school and its environm ent, do check out Military Schools for Boys. Or if you need expert advice on what is the best program for your teen fill out this online form.

A Clean And Healthy Environment Essay

A clean and healthy environment is part and parcel of the wealth and quality of lifespan that we desire for ourselves now and for our children in the prospective. People demand that the air they breathe, the water they drink, and the food they eat is free of pollution and contaminants they want to live undisturbed by noise, and they want to enjoy the beauty of the countryside, unspoiled coastlines and mountain areas. They also want a world that is not threatened by climate change. Healthy and match natural systems are essential for supporting life on this planet. Society relies on nature to provide us with the resources for our survival air, water, food, fibers, medicines, and building materials. Children need to baffle up aware of the nature around them. As human beings we have a responsibility to preserve the actual value of nature both for ourselves and for future generations.In recent decades, there has been a growing realization that the quality of our air, water, soil, and food affect the quality of our health and of our lives. This ranges from increased allergies, respiratory disease, and cancers to the disorder of the corpses hormone and fertility systems, and premature death. The causes of our various environment-health problems are numerous and include pollution from transport, agricultural activities, industrial processes, domestic dissolution matter and waste management. The scientific researches, conducted over centuries, show that the pollution of the atmosphere reached its top. The contaminants in the air have a negative impact on the health of children, as good as adults. Our respiratory organs, our vision, and our hearing are damaged because of the high amounts of contaminants in the air, water, and soil. A substantial number of people have conditions such as asthma, another(prenominal) respiratory problems or difficulties with additional organs of the body.

Impact of Internet Marketing Globally Essay

network merchandising. Refers to advertising and marketing efforts that uses the web and emails to drive direct sale via commerce. 14 years ago J. A. Quelch and L. R. Klein described in their article The Internet and internal marketing, (Quelch and Klein, 1996) how the organic evolution of the lucre could affect international markets, rude(a) products development, market research process and other aspects of international marketing. However both the pace of cyberspace development have exceeded expectations, in fact the internet have influenced the entire supply chain, new virtual communities were establish changing the way companies and distribution aspects. spic-and-span pricing and value adding models transformed the traditional approach to the revenue model. This report allow for examine the impact of the internet development on internal marketing the focus of the research is on two aspects of marketing marketing research and promotion.The Positive impacts of internet mark eting globally.New opportunities for global marketing Development of internet has opened up new opportunities for international marketers in many areas such as new innovative products development, reaching greater number of say-so clients, creating new value to consumers. Online advertising is an advantage because it reaches to thousands of consumers at a fraction of the cost, agree to (Lee & carter, 2009) by 2012 all over 1.7 million people all over world will use the internet at least once per month. Internet is a rich source of valuable data for marketers most of which can be gathered effortlessly by consumer online browsing patterns. Through online advertising international marketers can reach the consumers at a price significantly lower than printed media or TV, similarly online advertisement and promotion are accessible for a longer period of time compared to advertising through traditional media.Marketers are able to target potential consumers directly eliminating adverti sing intermediaries which leads to reduced cost. The internet gives worldwide customer service where they get a 24/7 online customer support every day of the year. Interactive features of the internet takes building customer relationship to a higher level than it was possible before hence internet proves to be fast and on the table communication channel. Understanding global consumers the internet is an effective tool for conducting global market research where new product concept can be feted over the internet to receive feedback, as in the case of UGOBE toy inventor (Meerman Scott, 2007, P.128). As a result of online survey the company was able not scarcely to define its target audience and develop effective promotional strategy but also adds several attractive features such as software development kit for consumers interested in hacking the toy. This example proves that online surveys are a powerful primary research method.Negative impact of internet marketing on global market Today a massive amount of problem is done over the internet including buying, selling, paying taxes household purchases can be done online, practically a substantial serving. In certain fields or situation, the internet is simply bad for business.Internet brings new competitors to many areas of business which is a challenge to online sellers therefore hard to retain customers. Quelch and Klein (1996) states that the internet will make it easier for small companies compete online worldwide due to advertising cost that is reduced because of internet, advertising efficiency according to the customers need. It has also led to certain products becoming obsolete in digital age, including linage brokers, travel agents and even the post office. They have been largely replaced by stock websites, travel websites and e-mail, respectively.Online business require security and confidentiality which has a high cost of ensuring that the transaction are safe and that customers will feel comfortab le to conduct business online, there is major security threats such as hackers , viruses, and e-terrorism mean that providing security only is an added expenditure. Internet has also led to loss of productivity due to employees utilise the internet at work they spent most time replying to their personal e-mails, following live sporting event and surfing. Globally internet is a injury because not everyone has an e-mail especially in developing countries, also online respondents anonymity is guarded less in comparison with traditional mail surveys.

Epistemology †Plato Essay

There were many gigantic philosophers who micturate contributed in making philosophy what it is today, one of them world Plato. In addition to existence an outstanding philosopher, he was also a mathematician and a writer. One of Platos biggest inspirations was his very own teacher Socrates. Socrates never wrote down a word of what he said, but thankfully Plato was able to record it all down for him and wrote many dialogues about Socrates words and teachings. One of Platos most famous works was his dialogue, The nation which was written in 380 BC.The Republic consists of ten books total each consisting of different topics c at a timerning ancient philosophy. From reading a short excerpt from the philosophical text horse opera Philosophy An Anthology (Second Edition) edited John Cottingham, Cottingham takes an excerpt from (Plato, Republic Politeia, c. 3800 BC, Bk V, 474b-483e. Trans. B. Jowett, in The Dialogues of Plato (Oxford Cl atomic number 18ndon, 1892), vol. lll, pp. 171 -9)), Plato writes about knowledge versus belief and Socrates views on each from a first individual point of view.In the following excerpt there is an ongoing conversation between Socrates and Glaucon discussing their personal views and thoughts on knowledge and opinion. Socrates does not oppose of having opinions, he says they stack later be turned into knowledge. These beliefs and opinions will tho act as a guide to our knowledge. Socrates believes that opinions are very good and can be useful while one has them as they stay in our minds, but they are only temporary and eventually will leave our minds. Opinions are not of great value and will escape from our minds.This means they will not be worth much until they are tied down and figured out by working out the antecedent. Once they are tied down those opinions will evolve into knowledge. This knowledge is permanent and overall much better than true opinion. acquaintance is when one can thoroughly and fully explain wherefo re a certain belief is correct. knowledge can be used to back up ones opinion by using facts and explanations from prior experience. Socrates believed that philosophers were to rule the polis of Greece because they were better than all the others imputable to the knowledge they held.He believed that anyone who did not have knowledge and rather held to their opinions should inhabit as followers, that it is only possible for a leader to have knowledge and only philosophers can have knowledge. Socrates felt philosophers were the only ones who could have knowledge because they k stark naked the forge of reason. Knowledge is what makes a philosopher who he is and separates him from the rest of mankind. Philosophers are a different kind, special people, being able to see and know more than what meets the eye. Socrates believes that philosophers should be rulers and kings of Greece.Knowledge is so power that one could mange to be a king. In Socrates mind, philosophers would be the best fit to being a king and having all rule. Knowledge and opinion are very different powers, therefore they must have different objects. Everyday objects can be told and described to be what they are in detail. For example, Iona College has a beautiful campus. This very statement is in between what is, and what is not. Knowledge is relevant to what is, and opinions are just assumptions. This is where Plato introduces us to his theory of the ashess, which are absolute true objects of knowledge.Forms cannot be obtained from any of the senses, only from true knowledge. Forms are absolutes such as justice, happiness, goodness, etc. Forms are responsible for making sense of our surroundings and making sense of why things are as they are. On page 13 in John Cottinghams book, Socrates says, I need not remind you, that a caramel brown, if he is valued of the name, ought to show his heat not to some one part of that which he loves, but of the whole. meaning when someone loves something the y love the entirety of it, not just a part but every part.Socrates knows that the average human is unable to love something for all that it is because they do not have any knowledge. The philosopher loves all knowledge and perception and will always be curious and stay open-minded until they find knowledge. During this dialogue Glaucon disagrees with what Socrates says, Glaucon believes that you do not need to be a philosopher in revise to be curious and know things. Socrates says that the difference between a person of that type and a philosopher is that philosophers are lovers of truth.On page 14, Socrates says, The lovers of sound and sights, I replied, are, as I conceive, fond of fine tones and colours and forms and all the artificial products that are made out of them, but their mind is incapable of seeing or attractive absolute beauty. He is saying that philosophers are very different from the lovers of sight and sound because they shout to know all about the beauty of th ings but cannot claim to have any knowledge. Those lovers of sight and sound do not see the beauty itself, they are only lovers of opinion. These lovers cannot, and will not ever be philosophers.Whereas philosopher underwrite each and every thing for itself and each part that it is. Socrates is defining a true philosopher as someone who desires the entirety of knowledge and loves the sight of truth. A lover of truth is a knower of truth. This knowledge that philosophers possess are the forms. Socrates does not existingly know of the World of Forms, he never gives a name to these realities and form of true knowledge. Plato is the one who introduced the world of forms based off of Socrates ideas. When reading The Republic, one must infer that Socrates is talking about the forms.Socrates knows the forms are present, that there is a high level of knowledge and reality, but never puts a name to this object. Knowledge is certain and can never change due to the forms. Socrates is a firm worshipper in that knowledge as a whole is relative to being and knows being. He then will go further and divide all being into classes. The classes are, what is completely and what is not at all. These classes can be further divided into what is both and what is not. What is completely is knowable, which is also the forms because only they can count as what is knowable.The forms are certain knowledge and unchangeable. Only philosophers have knowledge because only they have access to the forms. What is in no way is inexperience and what has not used by the senses. What both is and is not is the matter of opinion. Knowledge and opinion can be separated since they are such different objects. The philosopher is known for being wide invoke on top of having knowledge. The philosopher is awake to reality of the world and his eyes are wide open to understanding truth and consuming knowledge.Being in his actual world he is able to use reason and come to conclusion of obtaining knowledge. The non-philosopher, the one who only has opinions is a dreaminger, living in a dream world. This dream world is only a reflection of the forms, which are only minor images and are not existent. This dreamer can be awoken from his slumber of the world of forms once his temporary turn into more permanent knowledge. Socrates now introduces faculties of our mind which are knowledge of the real and our notion in demeanors.One can use reason to understand the properties of the form of beauty, when doing this that one has achieved the power of knowledge of beauty for its true self. But if one only see some parts of beauty they only believe in its general appearance. His senses can deceive him if that is all he is doing. This person cannot be a philosopher for believing in only the appearance of a thing. Glaucon compares the attempt to separate knowledge from the belief in appearance by saying this process is so weak that it reminds him of riddles and childrens puzzles.On page 17 Glaucon says, They are like punning riddles which are asked at feasts or the childrens puzzle, and upon what the bat was sitting. A man who was not a man (a eunuch) threw a infernal region that was not a stone (a pumice-stone) at a bird that was not a bird (a bat) sitting on a twig that was not a twig (a reed). Glaucon is expressing the misperception of the intellect and how it is hard to actually separate knowledge from the appearances of things. As one can see from The Republic, Socrates has generally the same repeating ideas about those who have knowledge and those who have opinions.It is extremely clear that Socrates only believes that philosophers are the only ones who have knowledge. The non-philosophers consist of those who only have opinions meaning they only view the appearance of things. These non-philosophers are quick to judge a thing not for itself due to the fact that they are lacking from knowledge in their minds. Plato introduces us to a new concept the world based off of the teachings of Socrates. This new concept is the world of forms and will take us into a deeper understanding of knowledge more than one could ever think to have known.The forms are what lead us to true knowledge. With the help of the knowledge from the forms one can now know reason, and why things are the way they are. The world we live in now makes sense and everything can come into place. In conclusion Socrates says knowledge is much more powerful than opinions, that the philosophers who love the truth in each thing are to be known as lovers of knowledge, they are not and never will be lovers of opinion due to how much knowledge they have.

Hero Honda Demerger

Table of Contents 1. ABSTRACT3 2. INTRODUCTION4 3. MATERIALS ANS METHODS5 4. ANALYSIS5 5. Conclusion14 6. References15 1. ABSTRACT THE JOINT VENTURE A spliff venture betwixt champion Group and Honda ram Com p either was established in 1984 as the hero Honda Motors Limited atDharuhera Haryana. wedge heelis the betray touch on used by the Munjal brothers for their flagship play along Hero Cycles Ltd. Honda is worlds largest selling two wheeler company based in japan. Munjal family andHondagroup both proclaim 26% empale in the formulate venture Hero Honda motor mint.However the Hero Honda group was restrain for a split at the end of 2010. afterward the split Munjal family bequeath buy Honda Motors 26% stake for most $1 zillion, or a little less than half the rate of flow value of the stake in the livestock commercialize. The lacquerese auto major lead exit the JV by a series of off foodstuff point transactions by giving the Munjal family an additional 26% s h atomic number 18. Honda, which alike has an independent fully owned two wheeler infantryman (Honda motorcycle and Scooter India (HMSI) leave alone exit Hero Honda at a discount and define over $1 billion for its stake.The discount give be between 30% and 50% to the current value of Hondas stake as per the price of the stock. The Munjal family plans to compensate Honda by dint of high royalty payouts, which could double to nearly 6% of net sales. However, reveal fiscal institutions have objected to this move, saying that the weed could favour the Munjals but be detrimental to other sh arh olders. Honda will continue to run technology to Hero Honda motorbikes until 2014 for existing as well as future models. And after 2014 both companies Honda Motorcycle and Scooter India and Hero Motor corporation will compete with each other.Hero group will have full access of the overseas grocery as well and Honda group can compete full fledged in Indian commercialize In this project report we have analyzed strategical motives behind the deal, differences which led to the f every last(predicate) of union venture, licit and regulatory implications of the deal ( by dint of conglomerate revealing subscribe toments and revolutionary licensing agreements). WHY THIS PROJECT IS WRITTEN AND WHAT IS DISCOVERED Hero group is worlds largest selling bicycle company and Honda motor cop. Is worlds largest two wheeler company. This was Indias most prospered joint venture.Merger of these two companies maven Indian and angiotensin-converting enzyme foreign company has to go with lots of legal regulations and strategic business implications. Demerger of these companies has to deal with many legal regulations and this merger has been taken based on changing business strategies and markets. lynchpin concerns that this project has dealt with are. * How much successful the joint venture was? * Reasons of success of the JV. * What are the main clauses in MOU signed by the t wo companies? * What lead them to demerger? * What is the mode of exit from demerger? * Will unresolved stretch forth be required to make by hero group? Mode of funding by hero group to evolve 26% share of Honda group. * Does the enthronement by Investors in hero group require prior Government or FIPB approval? * What are the discloser requirements infra proposed share commute? 2. INTRODUCTION bother STATEMENT Analysing legal, financial and strategic issues in demerger of two companies involving an Indian and a foreign company. The demerger involves many key issues to deal with in the lead it will go on demerger. The legal issues has some key components like * Open offer under takeover code. * Prior government approval or FIPB approval. Disclosure requirement by Hero group under takeover code and under SEB guidelines. * Mode of encyclopedism of shares. * Tax implications on Honda group japan. Mode of financing by hero group to take 26% shares of Honda group is in any case a point of concern the key area of emphasis on it are * twain Financing * Funding from head-to-head equity investors Business strategies of both companies twisty likewise came as lead to demerger the key issues in it are * India is a liberalised providence now. * Honda is third largest two Wheeler political party in India. * Vendor issue to submit parts. * Export market.Latest and successful technical capabilities of Honda motors and the reliability of Hero Group with pan India presence made an sumive combination. Honda motors technical expertise provided give fuel efficient motorcycles and was slowly sold through and through Hero Groups blockheaded distribution network. Absence of any major competitor in the sign years helped the phoner make the best of the growing market demand for motorcycles. With the pass in price difference in comparison with scooters, that were the much popular choice earlier, the party was able to successfully stabilize in the Indian market.F allout of the joint venture all begin with personal interest coming into picture more than the joint venture. On December 26th 2010 when in a joint press conference both companies made public, selling of HM Japans holding of 26% in the lodge to Hero Group. telephoner also disclosed a Memorandum of taking into custody signed between the play along, HM Japan and Hero Group pursuant to which the parties would enter into a bare-assed freedom agreement. This proposal was rolled out keeping with the plan and taking the first step in the phased process of the HM Japans exit from the caller-up.This finis meant curtains for the 26 year old Indo-Japanese confederation. 3. MATERIALS AND METHODS The research methodology applied in this project has been of secondary research because most of the data required for analysis is easily ready(prenominal) on internet. Since the objective of the project is to explore the strategic motivations behind the deal, various legal implications arising from the deal and how the legal issues were handled, the annual reports of Hero Honda Motor corp. and websites of various regulators who had a bearing on the deal was of great help.We have analyzed the annual reports of Hero Honda Motor comp for years 2010-11 and 2011-12 to get the facts of the demerger and the companys smell slightly the demerger. Because the pre-demerger company Hero Honda Motors Ltd. was also a listed entity the culture regarding various MOUs signed between Hero Honda Motors Ltd. and Honda Motors Co. for ship of technology or other assets is available on BSE website. The websites of regulators like RBI and SEBI also provides for regulations regarding permissible route of acquisition, foreign parties providing finance for the deal and legal regulatory aspects of the deal.For further complete and updated information on the demerger deal we have read the articles regarding the deal form leading give-and-takepapers like The Economic Times, The Times of India and Business Standard. The equity research reports of ICRA have also proved instrumental in providing long end point implications of the transactions between Hero Honda Motors Ltd. and Honda Motors Co. Japan. Money jibe. com has also been useful to get important information for investors as a result of the deal. The information thus obtained from these sources has been classified into commercial information and legal regulatory information.Where the commercial information tracks the past record of the company, strategic motivations of demerger, splitting and transfer of assets, post demerger structure of the company and post merger asset communion or asset transfer agreements. 4. ANALYSIS We have analyzed this demerger deal skillful from pre formation of joint venture stage to post termination of the joint venture. This covers the structure of the company forrader and after demerger, strategic aspects of the deal, and Legal Regulatory comitys of the deal and transition challe nges for both the companies as a result of demerger.DEMERGER Hero Honda Demerger Company (India) Hero Honda Motors Ltd. Seller (Japan) Honda Motor Company Ltd. Buyer (India) Hero group through Hero Investments Private Ltd. Proposed Transaction Buyout of 26% stake of Hero Honda Motors Limited by HPIL as currently held by Honda Motor company Ltd. Brief intromission of the companies party to the deal Hero Honda Motors Ltd Company is a joint venture between the Hero Group of India (through Hero Investments Private Limited and Bahadur Chand Investments Private Limited) and Honda Motor Company Limited of Japan.The Company was co-ordinated on January 19, 1984 and is headquartered in New Delhi. Company is the worlds largest two-wheeler company in terms of sales volumes, a position that it has been holding for the last 9 consecutive years. Company has 3 manufacturing facilities, located at Gurgaon (Haryana), Dharuhera (Haryana) and Haridwar (Uttarakhand) with an aggregate capacity to p roduce 5. 4 million vehicles per annum. It has an lengthy sales and service network spanning around 4,500 customer touch points and ability to increase reach in new geographies and growth markets has proven to be precise beneficial for the company.Honda Motor Company Limited (HM Japan) Established in 1948, Honda has lieed on the leading edge by creating new value and providing productions of the highest prime(prenominal) at a reasonable price, for worldwide customer satisfaction. In addition, the Company has conducted its activities with a commitment to protecting the environment and enhancing safety in a rambling society. The Company has grown to become the worlds largest motorcycle manufacturer and one of the leading automakers.With a global network of 466* subsidiaries and affiliates accounted for under the equity method, Honda develops, manufactures and markets a wide figure of products, ranging from small general-purpose engines and scooters to specialty sports cars, to earn the Company an outstanding reputation from customers worldwide. Hero Group (Hero Group) Hero Group is a bulky conglomerate of companies owned by the Munjal family, either in the form of collaborations, joint ventures or fully-owned subsidiaries with a turnover of more than INR 100 billion annually (app. USD 2. 2 billion). These companies have a presence largely in automobiles, automobile components, finance, bicycles, real estate and steel business. It began with the establishment of Hero Cycles Limited, based in Ludhiana, Punjab. The business was started by the four Munjal brothers establishing a bicycle spare parts business in Amritsar in the year 1944. By 1975, Hero Cycles Limited became the largest bicycle manufacturer in India. Over the years, they started moving into other fields, most nonably the motorcycle sector and the Hero Group now consists of more than 18 companies.The Hero Group in any event being the worlds largest manufacturers of bicycles, motorcycles and cha ins to this date, has in recent year also diversified into newer segments like Information Technology, IT Enabled Services and fiscal Services Hero Investments Private Limited (HIPL) HIPL is a non-banking financial company registered with Reserve Bank of India (NBFC) and is part of the Munjal-family owned Hero Group. Recently in July 2010, pursuant to a family order of battle, all of Hero Cycles Limited shares in the Company were transferred to HIPL, which is held by partnership firm Brij Mohan Lall Om Prakash.Along with Bahadur Chand Investments Private Limited, HIPL is one of the promoters of the Company. Bahadur Chand Investments Private Limited (BCIPL) Bahadur Chand Investments Private Limited is part of the Hero Group and is also one of the promoters of the Company. It is an coronation company primarily involved in the promotion and assistance of the Hero Group of companies and also actively involved in investments in the Group companies. This company too is held by the partn ership firm Brij Mohan Lall Om Prakash Pre termination ScenarioThis part would primarily deal with the formative years of the Company, the key commercials of the joint venture and the reasons for split between Hero Group and HM Japan. Shareholding pattern pre termination Formation of Joint Venture 1. Market dynamics before the joint venture between Hero Group & HM Japan Subsequent to independence and until the 1980s, foreign companies were not permitted to enter the Indian market. These restrictions were relaxed to a sure effect in the mid 1980s when foreign companies were allowed to enter the market through minority joint ventures.This finish saw the setting up of many joint ventures along with foreign companies, and the Company was one such example. This joint venture provided HM Japan an entry route to Indian market and was incorporated in 1984. 2. Hero Groups position before the joint venture Prior to the joint venture, Hero Cycles Limited had established itself as one of th e major manufacturers of bicycles in India and make close to 16,000 bicycles a day. In the process, they had nurtured an excellent network of dealers and distributors to serve Indias expansive markets.This would go on to be one of the critical factors for the Companys success in India and was something that most other companies had not achieved to that by that time. 3. HM Japan looks for a partner to enter into India HM Japan was already renowned for its technological expertise in the automobile and motorcycle manufacturing sector and was looking for a suitable partner in India. Their initial plans called for an entry into the two-wheeler market as well as the electric generator market and accordingly Kinetic Engineering Limited was their first choice for partnership in India.They entered into a joint venture in 1984 but this was terminated in 1998. Hero Group was their abutting choice for their motorcycle venture 4. wherefore did HM Japan select Hero Group for the joint venture? The Hero Group through their company Hero Cycles Limited had made a mark for themselves in the Indian market. Hero was a well-known and respected brand name and an association with Hero would make the entry into Indian market a lot easier for HM Japan. Hero Cycle Limiteds engineering capabilities, their know-how, experience in handling large volume production and their lengthened distribution networks were also attractive factors in their favour.Their tight focus on financials and raw material processes also made them a suitable partner for HM Japan 5. How was the joint venture formed? Hero Group first signed the technical agreement with HM Japan in June 1984. This agreement was re-create in 1994 and again in 2004. The joint venture was in the nature of HM Japan providing technical know-how, setting up manufacturing facilities and future research and organic evolutions assistance. In consideration for this technological support, HM Japan would receive a lump sum fee of USD 500,0 00 and 4% royalty on spare parts.At the beginning, both partners held a 26% stake in the equity of the Company. Another 26% was sold to the public and the rest was held with financial institutions. An important restriction under the agreement prevented Hero Group from collaboration with any other foreign player or allowing the Company to export its products. Hence, right from the beginning, the target for the Company was only limited to the Indian market 6. Most successful joint venture of India Over the year, Company has grown consistently, earning the title of the worlds largest motorcycle manufacturer after having manufactured 1. million vehicles in 2001. They have retained this distinction till date and have an annual sales volume of over 2 million motorcycles, also owning Hero Honda Splendor which is the worlds biggest motorcycle brand. They have successfully penetrated markets across the nation with over 5,000 outlets. In the last financial year 2009-2010, the company had tota l unit sales of 4,600,130 two-wheelers, a total net operating income of INR 158. 605 billion (app. USD 3. 52 billion) and a growth of 28. 1% 7. Reasons for the success of this venture start and proven technical capabilities of HM Japan and the reliability of Hero Group made an effective combination. HM Japans technical expertise provided better fuel efficient motorcycles and was easily sold through Hero Groups deep distribution network. The fact that there were no major competitors in the initial years helped the Company make the best of the growing market demand for motorcycles. With the decrease in price difference in comparison with scooters, that were the more popular choice earlier, the Company was able to successfully stabilize in the Indian market.Fall of Joint Venture It all began when the Company, Hero Group and HM Japan, in a joint press release dated on December 16, 2010, conveyed the decision to terminate the celebrated joint venture. The parties made public, the fact o f selling of HM Japans holding of 26% in the Company to Hero Group. Further, on the aforementioned(prenominal) date, Company also disclosed a Memorandum of chthonicstanding (MOU) signed between the Company, HM Japan and Hero Group pursuant to which the parties would enter into a new license agreement.This decision meant curtains for the 26 year old Indo-Japanese partnership. 1. Key clauses in the MOU signed between both the parties In a meeting held on December 16, 2010, the board of directors of the Company approved the new licensing arrangement with HM Japan concurrent with the Hero Groups proposed acquisition of 26% stake held by HM Japan in the Company. 6 The highlights of this new arrangement (as per the press release from the Company) are given below7 All existing products of the Company to continueThe fresh licensing agreement with HM Japan to provide new models to the Company Company will have the freedom to export to new markets Company will have the independence to set-u p its own research and development (R&D) and new product development capabilities and acquire technology No change in ongoing operations Process for smooth transition was lastized between the parties reach of the Company and the brand name to be changed over time Subsequently, vide a revelation made on January 24, 2011, Company confirmed that HM Japan and the Company had executed the final binding licensing greements on January 22, 2011 with respect to existing products and new products following the MOU of December 16, 2010, which had been approved by their respective boards of directors. 2. What are the main reasons for the split? In provoke of being the largest two-wheeler manufacturer in the world and riding on one of the most successful joint ventures, it seems like both the partners have had some misgivings. Key reasons that could have played a role in this historic descend are discussed here i) Supply of components HM Japan asked the Company to increase the supply of comp onents ordered from HM Japan which led to disagreement between two parties for the first time. HM Japan wanted to increase its royalty from the sales of components in the joint venture, but has been unable to do so because the bulk of the sales of almost 60%, are contributed by relatively older bikes Splendor and pettishness for which the components are relatively standard and the profit margins are less (ii) Reluctance to share key technology More stringent emission norms are set to kick in by 2015 for two-wheeler makers in India.The new Bharat spot IV norms (BS-IV), to be imposed across India for two-wheelers by then, would be very different from the Bharat Stage III norms (BS-III) applicable today. Manufacturers are expected to make technical changes to their vehicles accordingly. Industry sources say that HM Japan and other global two-wheeler makers are investment heavy on upgrading technology to comply with new emission norms in different parts of the world. While the Indi an two-wheeler market will move to BS-IV (corresponding to Euro-IV) in 2015, the European region will be upgraded to Euro-V in the same period.HM Japan knows that better fuel injection systems are required to meet the next level of emission standards in India. HM Japan has invested heavily in making its products more fuel-efficient and it is aware that it does not stand to gain much by sharing this essential technology with the Company. This seems to be one of the reasons why HM Japan opted to end its 26-year-old alliance with the Hero Group (iii) Brand confusion Analysts feel that the expansion of Honda Motorcycle and Scooter India Private Limited (HMSI) and the overlaps between the two companies (i. e.HMSI and the Company) is hurting the Company. They also feel that this is leading to brand confusion because the products of both the companies are out in the market and they seem to believe that the consumer is getting confused as to which is the real Honda (iv) Distrust between the two companies Certain board members also feel that there has been preferential treatment that has been given to HMSI when it comes to product and technology. They feel high-margin products seem to have found out their demeanor into the HMSI stable whereas the low-margin products seem to have gone the way of the Company. v) Bar on exports hurt the long term growth of the Company The board members also feel that the bar on exports for the Company is not an straightforward arrangement. So far, the joint venture did not permit the Company to set foot overseas. An industry peer such as Bajaj Auto Limited exports about 30% of its motorcycles in a year. As a consequence, under the MOU and the new licensing agreement, Company wont have geographic constraints. (vi) Liberalization of FDI norms The regulatory restrictions did not permit foreign investments in the 1980s.Joint ventures were a necessity at the time, done more from legal compulsions rather than commercial aspirations. Today, th ere are fewer restrictions. globular companies in most sectors, seeking to enter India, can make pure commercial decisions for themselves, if they want to set up a 100% subsidiary in India or enter through a joint venture. Companies with a strong network and international operating experience may like to come into India through a 100% stake and this is what HM Japan is aiming for. Post Termination of Joint VentureOffshore Japan 9. 75% 38. 04% 8. 67% 17. 33% + 26% .21% 26% INDIA Financial Institutions Individual Promoters BCIPL Hero Honda Motors Limited Bain Capital India Private Investors Lathe Investors Private Limited Honda Motor Company Limited HPIL Others 1. Mode of Exit As mentioned further above, the parties initially made it clear that the termination of the joint venture will happen by way of the acquisition of the full 26% holding of the Company held by HM Japan by HIPL.On March 8, 2011, HIPL made a filing to the BSE and NSE as required under Regulation 3(3) of the SEBI ( Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (Takeover figure) thereby disclosing that it proposes to acquire the entire 26% shareholding of the Company, currently held by HM Japan, on or about March 22, 2011. As a consequence of such an acquisition, the Hero Group, through its subsidiary HIPL, will consolidate its holding in the Company to 43. 33%. In combination with BCIPL, Hero Group will, thus, indirectly hold 52% in the Company. . Mode of Funding the Deal Hero Group announced on March 8, 2011 that HIPL will be acquiring the 26% shareholding of the Company from HM Japan for a deal size of INR 38. 418 billion, which breaks into INR 739. 97 (app. USD 16. 44) per share of the Company. The announced purchase price is at a sharp discount than the market price of the shares of the Company. Interestingly, on the date of announcement of the deal size, the share price of the Company on the stock exchange in India is almost double than the acquisition price per shar e.HIPL has sourced the property for the said acquisition of 26% stake of the Company in the following form (i) Bridge Financing HIPL has pledged its entire shareholding of 17. 33% in the Company in order to bridge finance its buyout of HM Japans 26% stake in the joint venture. HIPL has pledged (a) 10,741,798 shares representing 5. 379% of stake in the Company towards Axis Trustee Services Limited (b) 11,935,331 shares representing 5. 977% of stake in the Company towards IL&FS Trust Company Limited and (c) 11,935,331 shares representing 5. 977% of stake in the Company towards IDBI trust territory Services Limited.The above mentioned shares have been pledged by HIPL to issue short term debt, through non-convertible debentures expiring in 3 months, to fund the purchase of the shares of the Company from HM Japan. Insurance companies, Non-banking financial companies and mutual funds have bought the short-term bonds of the Company. (ii) Funding from private equity investors Preceding the pledge of shares of the Company by HIPL, HIPL had made an act to the Foreign Investment Promotion Board (FIPB) in respect to foreign investment in HIPL by certain private equity investors for the purpose of acquisition of the stake of the Company held by HM Japan.As the consideration involved is in excess of INR 12 billion (app. USD 266. 66 million), and the investment requires prior FIPB approval, the same postulate to be approved by the Cabinet Committee on Economic Affairs (CCEA? ), in addition to the FIPB. Subsequent to the approval from the CCEA and FIPB, HIPL would repay the short term debt raised from the debenture holders from the funds invested by the Investors in HIPL. 3. Who are the offshore private equity investors investing in HIPL? Dr. Brij Mohan Lall Munjal, Chairman of the Company, confirmed that HIPL has signed ? efinitive agreements? with private equity firms BC India Private Investors II, an affiliate of Bain Capital LLC, and Lathe Investment Private Limited, a wholly owned subsidiary of Government of Singapore Investment Corporation (Ventures). HIPL proposes to fund the acquisition by issuing securities to the Investors worth INR 45 billion (app. USD 1 billion). BC India Private Investors II has agreed to pick up 70% of the investment and the balance 30% will be held by Lathe Investment Private Limited. 4. What is the speculation regarding payment of royalty under the new licensing arrangement? As was expected, HM Japan will end up selling its 26% stake to the Hero Group at a substantial discount to the market price. To offset this, there is a speculation that the Company would now have to pay higher royalty amounts till 2014 as an arrangement under the new licensing agreement entered between the parties on January 22, 2011. In addition, experts say the Japanese automakers royalty from the Company will most likely be subject to corporate tax in Japan. Interestingly, on December 18, 2010, Japans Nikkei daily reported that HM Japan would divest its stake to its Indian partner for INR 54 billion (app.USD 1. 2 billion) when the current market value of its holdings is nearly INR 99 billion (app. USD 2. 1 billion), that is, at a discount of nearly 45% to the market. However, as per a report, HM Japans royalty from the Company is expected to jump three-fold, from the present 2. 6% of total sales to 8%. This will last 3 years till 2014 when the technology pact between the two partners expires. At present, this royalty outgo is around INR 4. 2 billion (app. USD 93. 33 million), which will triple to nearly INR 14 billion (app. USD 311. 11 million) per year, for the next 3 years.In the process, HM Japan will get over INR 40 billion (app. USD 888. 88 million), as pre-tax royalty. However, the Hero Group has denied any increment in rate of payment of royalty to HM Japan and the licensing agreement signed between the two groups on January 22, 2011 seeks to keep the royalty rate at around 2. 3 -3% 5. What are the consequences of HM Japan exiting the joint venture? How does it impact on the future of the Company? Continuation of support from HM Japan in the form of a licensing agreement related to technology transfer for new products is expected to provide the Company an adequate time to put in place ong term alternatives for technology support. On the business side, notwithstanding the cessation of joint venture agreement, the Company may be considered to have the ability to protect its market share and product franchise over the short to medium term benefitting from the Companys managements knowledge of the Indian consumers, Companys wide distribution network, an established supply chain besides strong relationship enjoyed by the Company with its dealers and vendors.The impact on the Company over the longitudinal term would depend on the Companys ability to forge alternative technology tie-ups and sustain the confidence of all stakeholders. Overall, with the exit of HM Japan, the Company would need to s cale up its product development initiatives, which may impact its return indicators going forward. Nevertheless, the Company could benefit from expanding its presence in overseas markets through exports and/or by establishing production facilities overseas, something it could not do earlier because of the restrictions under the joint venture agreement with HM Japan.Given the high competitive intensity in overseas markets on account of presence of many players from India, China, Japan etc, Companys ability to increase penetration in new geographies and at the same time maintain profitability would be tested in the coming years Legal and regulatory considerations 1. Will HIPL be required to make an open offer under the Takeover Code?Under the Takeover Code, the open offer requirements are triggered in the following three situations (i) 15% shares or suffrage rights When an acquirer acquires shares or voting rights which entitles it to behave 15% or more of the voting rights in a list ed company. (ii) Creeping acquisition limit When an acquirer, who holds 15% or more, but less than 55% shares or voting rights in a company, acquires, additional shares or voting rights entitling him to exercise more than 5% of the voting rights of a company, in a given financial year. iii) Voting Control When an acquirer acquires control over the target company, irrespective of whether or not there has been any acquisition of shares or voting rights. However, Regulation 3 of the Takeover Code provides certain exemptions from the open offer requirements one such exception is inter se transfer of shares amongst qualifying promoters provided that the transferor promoter as well as the transferee promoter has been holding shares in the target company for a period of at least(prenominal) 3 years prior to the proposed acquisition.Since, shares of the Company are proposed to be purchased by HIPL from HM Japan, and both HIPL and HM Japan have been named as promoters in the shareholding pa ttern disclosed to the stock exchanges for the past 3 years, the inter se transfer of shares amongst them should not trigger the open offer requirements under the Takeover Code. 2. Does the investment by Investors in HIPL require prior Government / FIPB approval? Regulation 4. 6. of the Consolidated Foreign Direct Investment Policy, released on October 1, 2010 (FDI Policy) provides the guidelines for foreign investment into investing companies. Regulation 4. 6. 4 (iii)(a) of the FDI Policy states that foreign investment in Investing Companies will require the prior Government / FIPB approval, regardless of the amount or extent of foreign investment. Since, HIPL is holding the shares of the Company and is registered as a NBFC as per the list of non deposit accepting NBFCs on the RBI website, foreign investments in HIPL will require prior FIPB approval.Further, as per Regulation 4. 9. 1(ii) of the FDI Policy, the recommendations of FIPB on proposals with total foreign equity inflow o f more than INR 12 billion (app. USD 266. 66 million) would be placed for consideration of CCEA. From the press release dated February 23, 2011 issued by the Government of India, Ministry of Finance, Department of Economic Affairs, (FIPB Unit) it is clear that HIPL had applied to FIPB for approval of induction of foreign equity upto INR 45 billion (app.USD 1 billion), and the matter has now been recommended for the consideration of CCEA. 3. Will the Investors be required to make an open offer under the Takeover Code? Since, acquisition of stake in HIPL by the Investors will only give it an indirect holding of less than 15% in the Company, and it does not seem that the Investors would be acquiring control of the Company, the Investors may not be required to make an open offer under the Takeover Code. . What will be the disclosure requirements in respect of the proposed transfer of shares of the Company? Disclosures by HIPL (i) Under Takeover Code Since, post the acquisition, the shar eholding of HIPL would entitle it to more than 14% shares / voting rights in the Company, HIPL will need to make a disclosure under Regulation 7(1) of the Takeover Code to the Company and to the stock exchanges where shares of the Company are listed.Further, since the acquisitions will be under Regulation 3(1)(e), and the acquisition will be more than 5%, HIPL will be required to notify the stock exchanges where the shares of the company are listed, for information of the public, of the details of the proposed transactions at least 4 working days in advance of the date of the proposed acquisition. ii) Under SEBI (Insider Trading) Regulations, 1992 Since, HIPL is currently holding more than 5% shares in the Company, and pursuant to the Proposed Transaction it will acquire more than 2% of the total shareholding in the Company, HIPL will need to make a disclosure under Regulation 13(3) of the Insider Trading Regulations to the CompanyDisclosures by the Investors (i) Under Takeover Code Since, post the acquisition, PE Investors, will get an indirect holding of close to 13% in the Company, the Investors will need to make a disclosure under Regulation 7(1) of the Takeover Code to the Company and to the stock exchanges where shares of the Company are listed. Disclosures by the Company i) Under Takeover Code Since, Companys shares are acquired in a manner referred to in Regulation 7(1) as mentioned above, Company needs to disclose to all the stock exchanges on which the shares of the Company are listed, the aggregate number of shares held by each of such persons referred above, at heart 7 days of receipt of information under Regulation 7(1). (ii) Under Insider Trading Regulations The Company shall within 2 working days of receipt of information under Regulation 13(3) from HIPL as mentioned above, disclose the same to all the stock exchanges on which the Company is listed. . What will be the mode of acquisition of shares of the Company by HIPL? From the shareholding p attern on the BSE website as on December, 2010, it appears that the shares of the Company held by HM Japan are in physical form. If the transfer of shares takes place in physical form, a stamp duty of 0. 25% of the value of shares shall be applicable however, no stamp duty shall be applicable, if the shares are transferred in dematerialized form. If the shares are in dematerialized form, the transfer may take place either off the floor of the stock exchange or on the floor of the stock exchange.As mentioned above, an off the floor of the stock exchange transfer may lead to higher tax implications compared to an on the floor of the stock exchange transfer. On the floor of the stock exchange, the transfer can take place in two ways, i. e. (i) by way of a block deal and (ii) by way of a bulk deal. Block deal A block deal is execution of large trades through a single transaction. For this purpose, stock exchanges are permitted to provide a separate profession window.Block deal will be subject inter alia to the following conditions (a) The said trading window may be kept open for a limited period of 35 minutes from the beginning of trading hours i. e. the trading window shall remain open from 9. 15 am to 9. 50 am. (b) The orders may be placed in this window at a price not exceeding +1% from the ruling market price / previous day closing price, as applicable. (c) An order may be placed for a minimum quantity of 5,00,000 shares or minimum value of INR 50 million (app. USD 1. 11 million). (d) Every trade executed in this window must result in delivery and shall not be squared off or reversed. e) The stock exchanges shall disseminate the information on block deals such as the name of the scrip, name of the client, quantity of shares bought/sold, traded price, etc to the general public on the same day, after the market hours. Since, the proposed consideration price for the transfer of the shares of the Company is INR 739. 9735 (app. USD 16. 44) and the prevailing marke t price on March 10, 2011 is INR 1,537, it is supposed(prenominal) that the condition (b) mentioned above would have been satisfied. 6. Why is HIPL issuing debentures of minimum maturity of 3 months and not less?From reports dated February 28, 2011, it appears that HIPL is raising short term debt through non-convertible debentures expiring in 3 months, for which it has pledged the shares of the Company as collateral. The group is raising debt because funds from private equity firms will take some time and HM Japan wants an early exit. But why is the term of the debentures for 3 months and not shorter? The RBI had issued directions (NCD Directions), to regulate the issuance of non-convertible debentures of original or initial maturity up to 1 year and issued by way of a private placement (NCDs) by corporate.The NCD Directions provides that the NCDs shall not be issued for maturities of less than 90 days from the date of issue. The exercise date of option (put/call), if any, attached to such NCDs, also shall not fall within the period of ninety days from the date of issue. Therefore, in light of the NCD Directions, HIPL is forbid from issuing NCDs of maturity less than 3 months. 7. What will be disclosure requirements in case of pledge of shares of the Company to raise loans by way of NCDs?By HIPL HIPL, being a part of the promoter group of the Company, shall within 7 working days from the date of creation of pledge on shares of the Company held by it, inform the details of such pledge of shares to the Company under Regulation 8A(2) of the Takeover Code. By the Pledgees Since, the term acquirer under Regulation 7(1) of the Takeover Code has been clarified to include a pledgee, other than a bank or a financial institution, therefore, the Pledgees in whose favour the shares of the Company are pledged, and the threshold of 5%, 10%, 14% etc. re crossed, shall make disclosure to the Company and to the relevant stock exchange within 2 days of creation of pledge. By the Company Company shall disclose the information received by it under Regulation 8A(4) of the Takeover Code to all the stock exchanges on which its shares are listed. 44 Further, the Company shall also disclose to all the stock exchanges on which the shares of the Company are listed, the aggregate number of shares held by each of such persons referred above within 7 days of receipt of information under Regulation 7(1) of the Takeover Code . Will the recently notified merger control regulations affect the Proposed Transaction? On March 4, 2011, the Government of India, Ministry of Corporate Affairs notified the much debated provisions of the Competition Act, 2002 (Competition Act) relating to combinations? namely Sections 5 and 6. Although notified as of March 4, 2011, these provisions are to take effect from June 1, 2011 (Effective Date) giving all those subject to the same, a period of 3 months to tie loose ends and complete unfinished transactions before getting entangled in the web of the Act.Since, the merger control provisions will come into force from the Effective Date, and the proposed acquisition of the shares of the Company is to take effect on March 22, 2010, the acquisition may not be subject to the filing / approval requirements under Sections 5 and 6 of the Competition Act. However, if the subscription of the shares of HIPL by the Investors does not take place before June 1, 2011, due to delay in approval by the CCEA or otherwise, it is likely that the Investors would be hit by the placards regarding merger control provisions as mentioned above.However, vide its notification on March 4, 2011 the Government of India has exempted the acquisitions of small enterprises whose turnover is less than INR 7. 5 billion (approx USD 167 million) or whose assets value is less than INR 2. 5 billion (approx USD 56 million) from the description of combination as defined under Section 5 of the Act. Therefore, if HIPL does not breach any of the exemption thres holds as mentioned above, the Investors will be exempted from the approval requirements under the Competition Act, even if the Proposed Transaction closes post June 1, 2011. . Would HM Japan have required any prior approval while setting up its subsidiary HMSI in India? Press Note 18 (1998 Series) issued by the Department of Industrial Policy & Promotion provides that automatic route for FDI and/or technology collaboration would not be available to those who have or had any previous joint venture or technology transfer/trade-mark agreement in the same or allied field in India.?Since, both HMSI and the Company are in the same / allied fields, and HMSI was set up post 1998, it is likely that HM Japan may have obtained Government / FIPB approval prior to or at the time of setting up its subsidiary. 5. CONCLUSION Through our analysis we have seen that demergers are as complex as mergers or sometimes even more complex than mergers.The following were the key motivations and reasons behind the demerger Lack of trust between the two companies whether it was related to supply of components or regarding the sharing of technology Honda motors can now successfully sell products branded solely with Honda marquee Hero will get to fulfil it unrealized dream of exploring lucrative export markets Liberalized FDI norms also favoured demerger because now Honda could setup wholly owned company The financing of the deal as in analysis part we saw was carefully structured to satisfy the legal and regulatory requirements which led HPIL to pledge its shares for short duration of three months, a period for getting approval for a foreign investment firm investing in an Indian investment firm. The major issues arise in the demerger are in the first place regarding sharing o transfer of the assets of the pre demerger company. The following clauses were included in MOU to address those issues All existing products of the Company to continueThe fresh licensing agreement with HM Japan to p rovide new models to the Company Company will have the freedom to export to new markets Company will have the independence to set-up its own research and development (R&D) and new product development capabilities and acquire technology No change in ongoing operations Process for smooth transition was finalized between the parties Name of the Company and the brand name to be changed over time The disclosure and compliance requirements under SEBI insider trading rule, Takeover code, RBI, BSE and FIPB are heavy because company (pre demerger) is a listed entity and is a joint venture between Indian and a foreign firm. The involvement of foreign PE investors further made the issue complex.But all the legal, strategic and regulatory requirements have been carefully taken care of and clearly complied by both the companies and a clear and dispute free framework has been adopted regarding sharing of assets like brand name and technology. 6. REFERENCES CLASS NOTES Of Managing the legal & Regu latory Environment of Indian Business ( june 12th to august 24th of 2012 ) http//student. iimcal. ac. in/ww/cw (23. 08. 12 to 02. 09. 12) http//en. wikipedia. org/wiki/Hero_Honda_Split (01. 09. 12) http//www. heromotocorp. com/hero_admin/data_content/pdf/annual_report/Annual_Report_2010-11. pdf (01. 09. 12) http//www. icra. in/files/pdf/HHML-201012. pdf (23. 08. 12) http//world. honda. om/profile/overview/(23. 08. 12) http//world. honda. com/profile/overview/(01. 09. 12) http//www. bseindia. com/stockinfo/anndet. aspx? newsid=bfe25ca2-c4de-4f75-9217-a3c48f694d75¶m1=1 (23. 08. 12) http//www. bseindia. com/xml-data/corpfiling/AttachHis/Hero_Honda_Motors_Ltd_161210. pdf (23. 08. 12) http//www. bseindia. com/stockinfo/anndet. aspx? newsid=54d0d519-450a-47c8-9f37-2c7d8c61feec¶m1=1 (01. 09. 12) http//www. bsmotoring. com/news/emission-norms-triggered-honda-exit/2940/1(01. 09. 12) http//www. bseindia. com/xml-data/corpfiling/announcement/Hero_Honda_Motors_Ltd_080311_SAST. pdf (01. 09. 12) http//articles. timesofindia. indiatimes. om/2011-03-09/india-business/28671937_1_private-investors-ii-lathe-investment-private-limited-hero-honda(23. 08. 12) http//articles. timesofindia. indiatimes. com/2011-03-09/india-business/28671621_1_pe-investment-hero-honda-munjals (01. 09. 12) http//www. blonnet. com/2010/12/05/stories/2010120552310100. htm (31. 09. 12) http//www. moneycontrol. com/news/business/hero-honda-execute-final-binding-license-agreement_515705. html (31. 09. 12) www. icra. in/files/pdf/HERO HONDA MOTORS LIMITED-201012. pdf (01. 09. 12) http//rbidocs. rbi. org. in/rdocs/content/pdfs/73342. pdf (31. 09. 12) http//www. business-standard. com/india/news/honda%5Cs-exit-gives-bain-gic-15-in-hero-honda/427844/(31. 09. 12)

What is meant by the term multiplier effect in tourism?

(i) touristry give the bounce lead to a multiplier factor order. What is meant by the term multiplier effect? (4)The term multiplier effect refers to the resulting effect of a service or amenity creating further wealth or confident(p) effects in an bea. For example, touristry in an area ordain create jobs in an area, thitherfore the employees of the tourism industry lead have some extra money to spend on other services, and therefore improving these other services in that area, al deplorableing further enjoyment in the area.(ii) Explain with examples how tourism can lead to a variety of employment types, at the point of informant or name and address. (9)In either area, tourism provide require batch to create the tourism experience and enhance the visitors enjoyment of the location. Firstly, the origin of the traveller, for example, the UK, allow create its own employment opportunities even before reaching the destination. The travel agent which books the holiday is only the first step. The bank or finance service with which the individual obtains the money from in site to fund the holiday will also play a major role in the process, whilst also creating jobs at home.For the security and safety of the passenger, medical services and insurance will also be essential to make sure the trip is not disrupted to a great extent should illness or theft, for example, be an occurrence on their excursion. Secondly, the employees of the destinations airport or sea port al humbleing the transition from transport to furtherance destination goes as smoothly as possible. After this the hoteliers, caterers, porters and cleaners at the hotel will be take to encourage a further visit to the area, as if the stay in the hotel is favourable, many a(prenominal) a(prenominal) great deal will be enticed to return on future holidays, therefore generating further revenue for the hotel and local services.During their stay the tourists will require entertainment, an opportunity to sample the local food and possibly see the sights the area has to offer by taking a guided tour or coach tour of the surroundings, all of which require people (hopefully local to avoid leakage of revenue back to MEDCs) to man the activities and therefore will create employment in the local area. The need for personalised service, untold(prenominal) as cosmos waited upon, or having a personal tour guide means that the tourism industry is likely to employ many people during the descent of the high season. This means that the people involved with tourism for the most place will have to prove employment elsewhere, as the tourist season is concentrated in the peak season (mostly summer for areas much(prenominal) as Southern Spain, however for skiing or winter activities in areas such(prenominal) as Switzerland or Austria, this whitethorn differ).The tourist work is also likely to be temporary from year to year, low pay and informal, with payment cash in hand. Thi s would indicate a transient industry and would suggest that the host realm would benefit from a diversified industry a panache from tourism, such as exporting oranges, wine and plaza cars in Spain, however their most prolific industry is tourism, with many Europeans seeking winter sun in the Costas.B.The scotch benefits of tourism almost always outweigh the environmental costs. Discuss (20)Firstly, we should consider the economic benefits of tourism for a country. As an example of this, I shall use Spain, a key destination for many Europeans. Indeed, revenue from tourism in May 2000 reached $2654 million (3158 million), an increase of 22% over May 1999. The first five months of 2000 axiom a revenue increase of 9% over the same period in 1999, totalling $9.6 billion (11.5 billion). This is manifestly a huge figure, and is Spains key industry, as is true of the rest of the world, as can be seen in China, a country not renowned for its tourist industry, however China earned 28.8 billion kwai ($3.5 billion) in tourism revenue over the week- ample Labour Day holiday as nearly 74 million people took to the road (LatelineNews 5.9.01), however much of Chinas tourism appears to be from within the country, unlike Spain where much of the tourists come from the surrounding countries and much of northern Europe, for example Germany, France and England.The destination country gains huge benefits from the influx of tourists onto its shores. non only does the countrys revenue increase by a large amount, but there is a great employment rate as the tourism industry is so labour intensive, creating a multiplier effect in the region, allowing economic growth and other services to develop to serve both the locals and the tourists alike. An improved bag is developed which the locals can benefit from, for example airports and better roads, as can be seen in destinations such as Fuerteventura, an island in the Canary Islands, which has experienced tourism only over the las t ten eld or so. Even now, there is rapid and continual growth, with new tarmac covered roads being created everyday, as a pose to the original dirt tracks still in evidence today, however, work continues.However, it is primary(prenominal) that the heritage and traditional culture of the area is not lost altogether. In some areas, such as Majorca, its main city, Palma has disappeared amongst Irish pubs, clubs and a concrete jungle of high rise apartments for a mass tourism experience. In this case, the real culture of the region has disappeared altogether, at least along the sea front. In the main part of the city there is a beautiful cathedral, which has been there since the first Spanish settlers. This type of culture, the language of the people and the local traditions, such as the siesta need to be retained, before the experience of a holiday hold ups a home from home experience in other words, a warmer version of the origin country, such as the UK. This is why eco-tourism an d other types of alternative tourism such as Antarctica and quiet city breaks have become more popular.There are other downsides to tourism for a host country apart from the privation of heritage. Firstly, the amount of people tourism attracts is vast, up to 59million in Spain alone in 2000. (Source Ministerio de Economa y Hacienda). This may sound good, however if each tourist rented a car or took a bus to their destination hotel or villa, then the less developed infrastructure of the country will not necessarily be able to cope with the massive influx of traffic, normally in a very limited station and time frame (i.e. peak season, and near the popular destination in the host country, such as the coast). This will have an inevitable result of creating air pollution in the immediate area.The local resources will also be stretched to the limit as the world capacity (both physical and perceptual capacity) is reached. In many of the destination countries, the body of water supplie s are short being in a warmer region than most. hence the water supplies are put in jeopardy as the tourists take up much of the populations water supply, leaving the local population to survive on very little. Obviously this is not an issue in some of the cooler climates, such as Austria where skiing is the main attraction, and the area itself is much more fast than some of the areas I am generalising, such as Spain or Greece. Another key problem is the way in which the tourism industry attracts people from outside of the cities and tourist resorts, such as farmers and rural communities, whom are attracted to the money being generated in the highly density tourist attractions. This will also increase pollution, population and pressure on the area.With the mass of people being attracted to an area, the more housing and other buildings are unavoidable to facilitate these employees, tourists and other groups. The environment is therefore detrimentally affected as the buildings dest roy habitats, which along the coastlines of many countries can prove to be areas of natural beauty, which are covered by tourist resorts, in a matter of a few years from the start of tourism in a country aimed at this type of mass tourism. These mass resorts need an outlet for the waste they produce as much as three times as much waste as is produced by the country in low season, an indication of the environmental impact that the tourists have on an area.Therefore, it is evident that there are both exacting and negative economic (in the form of economic carrying capacity being too low in low season) effects, which appear to outweigh the highly negative effects on the environment in the host country. Indeed, there is a need for a review on how to create a sustainable solution to the inconsistency between the two aspects of a countrys development. If a satisfactory conclusion is not met in relation to sustaining the environment in a given area, it is unlikely that the tourism indust ry will survive as the tourists will be repelled by the poor environmental quality. Sustainable ecotourism or simply a reinvention of the processes involved in transport, waste disposal and the impact the tourist has on the environment need to be implemented in order to create a tourist destination which will last the host country long enough to become established and diversified in many industries.