Resume Research Paper Example | Topics and Well Written Essays - 1500 words

Resume - Research Paper Example Employers do not enjoy reading resumes that are more than two pages long. In fact, information over one page is oftentimes ignored (How to write a resume 2011). To keep your interviewer’s interest, a short, sharp and direct-to-the point resume is best recommended. Such is why the Chronological Resume is considered to be the most popular type of resume (Resume-Writing-Tips.com 2011). In a Chronological Resume, the applicant lists down his job experience and educational background in reverse chronological order, with the most recent being on top of the list. Employers are typically interested in what latest venture an applicant was into. In a study, this format was found to be preferred by 80-85% among surveyed Corporate Human Resources professionals (Resume-Writing-Tips.com 2011). The Chronological resume is best used when presenting an organized career history, with no gaps or indication of a major career change. Employers often need exact employment data for reference, and this format is best suited for this purpose. Another type of resume is the Functional Resume, which highlights ones skills more than his list of accomplishments. The aim of a Functional Resume is to group ones skills and experiences by types of functions (Resume-Writing-Tips.com 2011). This type is not commonly used as it works best for individuals with a poor career history, but has a good set of noteworthy skills. This type can effectively obscure ones work history as it highlights what you can do, without really elaborating on how the skills were acquired. As a result, this type is less favored by employers and was in fact cited to be among employer’s top 10 pet peeves according to Monster.com (Recruiters’ Top 10 resume pet peeves 2011). Employers prefer looking at Chronological Resumes for better evaluation of skills and potentials of its applicants. Interviewers tend to believe that applicants are actually â€Å"hiding† information on

Immigration citizenship Essay Example for Free

Immigration citizenship Essay There are laws defining citizenship and laws stipulating the conditions for non citizens. In most cases, there is freedom of movement from one country to another for various reasons. Illegal immigrants are those who happen to be in another country unlawfully. California records the highest numbers of illegal immigrants, most having been lured by the search for better jobs. There has been an argument against these immigrations based on the fact that they seem to be a strain on the available public amenities. A clear example is how a slight reduction in the price of tomatoes would see illegal immigrants flock into the US. The fight to ban immigration is toughening as times went on in the US where most opponents argue that the move should be kind especially to kids who should not be forced or fully evicted from school. Some republicans think it may not be fair to deny immigrants their civil rights. (Borjas 220). This paper focuses on the enforcement of immigrants’ laws and the negative effects of the laws in the United States. Most of the United States migration laws are not based on equality, respect for individual rights and fairness. Their restrictions are based on crude and arbitrary utilitarian calculations of the relative costs that are offered by immigration groups of the United States society. There is also a strong misconception of the United State national Sovereignty. This serves historically as a justification for border restrictions which accelerates the conflict between the liberal theory and immigration exclusions. (LeMay M. C., xxxiv) Despite the fact that the United States recognizes the interstate travel right; they have completely refused to acknowledge the right of immigrants to cross national boundaries. The Supreme Court has put a boundary between its citizens under the new constitution. According to the constitution, the non citizens lack any rights for entry in the country. The disabled who are protected under the Disabilities Act also face discrimination in immigration. They are denied entry being regarded as inadmissible â€Å"aliens† who cannot be allowed to enter. Racial discrimination has also been entertained in the Unite States immigration history whereby immigration laws in the U.S. have punished people of a different color. As Puerto Ricans, we have experienced racial hatred often transferred from citizens of United States to the immigrants who share similar ancestries.   (LeMay M. C., xxxiv) The United States have complied with the color blindness laws that are demanded with the U.S. However in Supreme Court, non citizens are disproportionately restricted from entering the country. The culmination of this is the creation of tension with the nation stated commitment equality under the law. There is also an ignorance of laws that are protective to the poor, disabled, and HIV positive and racial minorities even under the U.S. immigration laws. It has been realized that there are no moral jurisdictions in keeping these groups out of the United States. Records have also shown that racial hatred transfer from citizens in United States to the immigrants who share similar ancestries. (LeMay M. C 26) Several states have enacted laws that show no mercy, even for immigrants with steady jobs, deep community roots, a history of paying taxes and children who are citizens. Undocumented and lawful immigrants have fewer rights compared to the citizens of the United States. Lack of equal rights extends to exploitation in the secondary market, low wages and very few legal protections. There is also a racial caste system which cannot be reconciled with the liberty and equality. The United States immigrants’ laws also do not cater for moral migration policy. Churches and religious leaders have criticized the authenticity and morality of modern immigration policies. The immigration laws should be treated as humanitarian way rather than being punishable to the immigrants. Despite the efforts to violate the immigrants’ laws on moral grounds, the government has refused to change the immigrants’ laws to satisfy these basic moral imperatives. The rights of the individual immigrants have been historically trumped at the expense of the nation-state rights. The ability of people to move comfortably together with their family which is an ultimate freedom and fundamental for human beings has been denied. (Johnson K.R.71)   Immigrants have also been discriminated on acquiring educational benefits. There has been a debate on whether to provide education benefits to the illegal immigrants over years in the nation. The federal courts have used the Welfare Reform Act to assist the immigrants’ access educational benefits. However portions of the proposition 187 advocates for the denying of illegal immigrants as well as harsh treatment to those suspected being illegal immigrants This is based on the argument that there happens to be a lot of American citizens without proper documents and the use of documents to verify whether one qualifies to access education. Majority of the opponents of the ban however still feel that the current number of illegal immigrants in school is not yet a burden or an issue of concern to warrant such crude measures. It is believed that the cessation of government support to immigrant’s education would go along way in ensuring that illegal immigration is reduced by a large magnitude. This is attributed to the fact that any form of gain acts as an incentive to the immigrants (Haines Rosenblum 133)Immigrant workers have been negatively affected by the immigrants’ laws in some states in America. Oklahoma, which has one of the toughest new laws, now prevents illegal immigrants from getting state services. It also requires employers to verify whether new workers are legal, gives people a way to sue companies that hire illegal immigrants, and makes it a felony to transport, harbor or conceal an illegal immigrant.   The enforcement of the law has been so harsh to the illegal immigrants. Simple humanity is the character which has been lacking and recognition that the vast majority of those affected do not have any malicious intent. The immigrants usually does not come United States so that they can be robbers but to improve their lives through hard work contrary to how they are treated. Inhuman treatment is given to them where families are uprooted, and parents are separated from their kids. (Johnson K.R.29)Legal residents and citizens are also hurt by the current immigration laws. This mostly happens where spouses, parents or children are illegal.   Their relatives are the ones who are placed at risk for harboring them at their homes or transporting them to church. Oklahoma Hispanic groups estimate that around 25,000 people left the state after the law was approved. The number of students who attended School dropped, workers disappeared, church attendance shrank and most Latino businesses lost customers.   There are several reports that shows police in some places target Hispanic drivers for roadside stops and document checks. This has forced citizens to be carrying passports or birth certificates to avoid being jailed and other forms police harassment. (U.S.A.Today 2007)Business organizations have also been negatively affected by the current immigration laws. Employers complain that they’re being asked to become immigration police with imperfect tools. In Oklahoma there was a study which predicted that the current law could cost more than $1 billion in a year the states economy. All firms that specialize in finding new locations for businesses said some companies have removed Oklahoma from their lists. (U.S.A.Today)   The supporters of current immigration laws include corporate interests that profit from cheap foreign labor, ethnic lobbies seeking to increase their political base, and religious activists, humanitarians, and civil libertarians who focus on human rights and other ethical concerns. Opponents include non-European immigrants as a threat to American culture, environmentalists who dread immigration-fueled population growth, and labor advocates who fear that immigration is taking jobs from U.S. citizens and depressing U.S. wages. On political spectrum, free marketers square off against cultural conservatives. The federal immigration law could be highlighted as hypocritical and ineffectual it has been passed to ensure that there is cheap labor in the country but on the other hand, the nation does not want immigrants. The united states have taken great steps trying to enforce the U.S border laws but it has failed to achieve the intended goals. Even with the current immigration laws, the nation is still insecure and the immigrants faced different social, economic and political challenges. Works Cited: Borjas G. Heavens door: immigration policy and the American economy. Princeton  University Press, 2001 190-250 Haines, David W Rosenblum, Karen Elaine. Illegal immigration in America: a    reference handbook. Greenwood Publishing Group, 1999,133 Hirschman C, Kasinitz P and DeWind J. The handbook of international migration: the American experience. Russell Sage Foundation Publishers, 1999, 360-370 Johnson K. R. Opening the floodgates: why America needs to rethink its borders and

Modified Insertion Sort Algorithm: Binary Search Technique

Modified Insertion Sort Algorithm: Binary Search Technique Modified Insertion Sort Algorithm with Binary Search Technique: Application to Ranking of Images Retrieved by CBIR M. K. I. Rahmani M. A. Ansari Abstract—Due to the abundance of the high quality digital images in image repositories of very huge size on the ever growing Internet by enterprise houses, research institutions, medical healthcare organizations and academic institutions etc., finding a set of useful images from those image repositories with better precision and recall is a difficult task. Content Based Image Retrieval is a very efficient technology for retrieval of digital images from those databases. The process of image retrieval through CBIR has various phases like: Image segmentation, Feature extraction, Indexing, Clustering, Image matching through similarity measurement and Ranking of retrieved images through ordering them according to similarity value. The performance of a Content Based Image Retrieval system can be improved by improving the performance of some or all of these phases through designing better algorithms. Ranking of the Image data is very important to display the desired images to the in tended users. Images are retrieved according to the matching criteria was involved in the retrieval process. Retrieved images are ordered before they are displayed. For this ranking of the retrieved images are obtained through some easy and efficient sorting algorithm. Insertion sort is one of such algorithms but it is slow because of sequential search technique used to find the actual position of the next key element into the sorted portion of data. In this paper we have modified the insertion sort algorithm by using a novel technique of using binary search mechanism for finding the sorted location of the next key item into the previously sorted portion of the data quicker than conventional insertion sort algorithm. Performance on running time of the new algorithm has been compared with those of other conventional sorting algorithms. The results obtained on image matching parameter show that the new algorithm is better in performance than the conventional insertion sort and merge s ort algorithms. Performance of this algorithm is comparable to that of quick sort. Consequently, the new algorithm will improve the overall performance of Content Based Image Retrieval systems. Index Terms—Algorithm, Binary search, Sequential search, Insertion sort, Rahmani sort, Ranking, Image Ranking I. INTRODUCTION Many improvements have been introduced in searching and sorting algorithms during the last decade. Sorting is the process of arranging the elements in some ordered sequence which can be either in ascending, descending or lexicographic order [1]. Searching is the technique of finding the location of a key element or item in a database or a file. It is estimated that more than 25% of all computing time is spent on sorting the keys and some installations spending more than 50% of their computing time in sorting files [2]. As a matter of fact there has been done much research on the topic of sorting searching [3]. But there is not a single sorting technique which can be considered the best among the rest [2]. Bubble sort, selection sort and exchange sort are applicable for small input size, insertion sort for medium input size whereas quick sort, merge sort and heap sort are applicable for an application expecting large to huge data size [4, 5, 6]. All of the above sorting algorithms are comparison based algorithms and hence can be no faster than O(nlog2n) [5, 6], where O and n have their usual meanings. In this paper a new enhanced sorting algorithm has been introduced which shows more efficiency than the insertion sort and other sorting algorithms like bubble sort, quick sort and merge sort. The technique used for the enhancement in insertion sort is application of improved binary search, adapted from binary search, through which the location of the next element to be placed in the sorted left sub array can be found more quickly than the conventional sequential search used to find that location. The entire paper is organised in the following manner. In section II, the step by step method of the insertion sort is explained after some background work related to sorting technique. The other sorting algorithms like merge sort and quick sort are explained in section III. The new sorting algorithm, Rahmani sort is introduced and discussed in section IV. The analysis of Rahmani sort is done in section V. Results and comparison of performance of various sorting algorithms have been discussed in tabular forms in section VI along with the graphical description of the performance of various sorting algorithms. Finally the conclusions have been drawn and future scope of the research is mentioned in the section VII. Sorting Sorting is a process of arranging the available data items into an ordered sequence. The known ordered sequences have been increasing order, decreasing order, non-increasing order, non-decreasing order and lexicographic order. The process of sorting is applied to a collection of items prior to any such operation which may consume more time and/or space if applied without prior sorting. Definition of Sorting Formally a sorting technique can be defined based on partial order relation. The definition of partial order is given as below. Definition 1. Let R be a relation on a set S. For a, b, c à Ã¢â‚¬Å¾ S, if R is: a) Reflexive, i.e. aRa for every a à Ã¢â‚¬Å¾ S; b) Transitive, i.e. aRb ∠§ bRc ⇒ aRc; and c) Antisymmetric, i.e. aRb ∠§ bRa ⇒ a = b, then, R is a partial order on set S. Sorting is generally defined as an arrangement of a list of randomly input data by their key or themselves into a partial order R, where R implies ≠¤ particularly. Definition 2. For N elements a(1), a(2), , a(N) à Ã¢â‚¬Å¾ S, sorting is a rearrangement of the elements in order to obtain a partial order a(si) R a(si+1) for ∀si, 1 ≠¤ si a(s1) ≠¤ a(s2) ≠¤ , , ≠¤ a(si) ≠¤ , , ≠¤ a(sN) Importance of sorting in computation There are two direct applications of sorting: first as an aid for searching and second as a tool to match entries in files. Broad areas of application of sorting fall in the solution of many other more complex problems, from database systems, networking, MIS, operations research and optimization problems. Sorting algorithm is one of the most fundamental techniques in computer science because of the following reasons. First, it is the basis of many other algorithms such as searching, pattern matching, information retrieval, knowledge based systems, digital filters, database systems, data statistics and processing, data warehousing, and data communications [1]. Second, it plays an important role in the teaching of design and analysis of algorithms, programming methodology, data structures and programming. Furthermore, it is a very challenging problem which has been widely and thoroughly studied [19-24]; the performance is dramatically improved [25-30] and considered the lower-bound of complexity has been reached [19, 20, 29, 30]. It is estimated that over 25% of all computing time is spent on sorting with some installations spending more than 50% of their computing time in sorting files. Consequently, study of sorting algorithms has great importance in the field of computing. A good knack of comprehension of the theoretical intricacies involved in the design and analysis of the underlying sorting algorithm is very much expected of a person who needs to implement the algorithm in real life applications. A Need of Sorting Algorithm with Reduced Complexity Unfortunately, there is no any single sorting technique which may be called the best among the rest. Bubble sort, insertion sort, selection sort and exchange sort are applicable for input data of small to medium size whereas quick sort, merge sort and heap sort are applicable for an application expecting large to huge data size. These sorting algorithms are caparison based and hence can be no faster than O (n log n). There are a few algorithms claiming to run in linear time but for specialized case of input data. So, there is an urgent need of a new sorting algorithm which may be implemented for all input data and it may also beat the lower bound (O (n log n)) of the problem of sorting. This work is an effort in that direction. What is a sorting algorithm? Sorting is a process of arranging the available data items into an ordered sequence. A sorting algorithm is a set of steps arranged in a particular sequence that puts the available data items into a certain order. The well-known ordered sequences have been increasing order, decreasing order, non-increasing order, non-decreasing order and lexicographic order. An efficient sorting mechanism is important to optimizing the design of other algorithms that require sorted data items to work correctly. Well-known ordered sequences Let r1, r2, r3, †¦ rn, be n number of input data items. Then any one of the following conditions must be satisfied for the input data items to be in a sorted sequence. Increasing order: For all 1 à ¯Ã¢â‚¬Å¡Ã‚ £ i à ¯Ã¢â‚¬Å¡Ã‚ £ n, ri à ¯Ã¢â€š ¬Ã‚ ¼ ri+1. Decreasing order: For all 1 à ¯Ã¢â‚¬Å¡Ã‚ £ i à ¯Ã¢â‚¬Å¡Ã‚ £ n, ri à ¯Ã¢â€š ¬Ã‚ ¾ ri+1. Non-decreasing order: For all 1 à ¯Ã¢â‚¬Å¡Ã‚ £ i à ¯Ã¢â‚¬Å¡Ã‚ £ n, ri à ¯Ã¢â‚¬Å¡Ã‚ £ ri+1. Non-increasing order: For all 1 à ¯Ã¢â‚¬Å¡Ã‚ £ i à ¯Ã¢â‚¬Å¡Ã‚ £ n, ri à ¯Ã¢â‚¬Å¡Ã‚ ³ ri+1. Lexicographic order: This is the order in which all the words of the English language are arranged in a dictionary. II. Background Work A. Basic Concepts Sorting [1] is a process of rearranging the available data items into an ordered sequence. An ordered sequence can be any one of the known ordered sequences: increasing order, decreasing order, non-increasing order, non-decreasing order or lexicographic order [2]. A sorting algorithm is a set of steps arranged in a particular sequence that puts the available data items into a certain order. An efficient sorting technique is important to optimize the design of other algorithms that would need sorted key items to work properly and efficiently. For an application, a sorting algorithm is selected according to its computational complexity and ease of implementation. For a typical sorting algorithm ideal behavior is O(n), good behavior is O(n logn) and bad behavior is O(n ²) [1, 2]. The lower bound of time complexity of sorting algorithms using only comparison operation keys is O(n logn) [5, 6]. A sorting algorithm is easier to implement if its number of passes and the number of comparisons along with the actual number of swaps required to be performed can be easily predicted. Efficiency of the algorithm can be improved whenever it becomes possible to reduce the number of comparisons along with the actual number of swaps required to be performed. B. Classical Insertion Sort Algorithm This approach is based on the natural technique of sorting in day to day life by the human beings. Insertion sort is the simple sorting algorithm used in computation for the medium size data items or files. In the classical insertion sort approach the sorting of array elements is performed by inserting each element into its proper position in the previously sorted array. Insertion sort is considered to be faster than bubble sort and selection sort. It is very suitable algorithm for implementation using linked lists though its array implementation is more popular. C. The procedure The array is considered to be logically partitioned into two parts namely the first part and the second part. The first logical part has to be remained sorted always. Initially the first part is having only one element which is the first element of the input array and the second part comprises the rest of the input array. In the beginning, first part is automatically sorted because a single element is sorted by the definition of sorting. In each pass of the algorithm, the first element of the second part is separated from it before it is inserted into the first part’s proper position so that after its insertion the first part remains sorted. Before the start of the last pass of insertion sort, there is only one element remaining in the second part of the array, which is inserted into a proper position of the first part of the array and then the algorithm terminates. Shifting of elements may be required before we insert the current element in its sorted position. Shift operatio ns cost the most in array implementation of insertion sort. A formal description of Insertion sort algorithm InsertionSort (a, n) ‘a’ is an array of size ‘n’ starting at position 1; elements of ‘a’ will be sorted on termination. 1 for j ↠ 2 to n do 2 key ↠ a[j] 3 i ↠ j 1 4 while i > 0 and a[i] > key do 5 a[i+1] ↠ a[i] 6 i ↠ i-1 7 a[i+1] ↠ key Time complexity of Insertion sort is O(n2) and space complexity is O(n). Performance of insertion sort can be improved by quickly finding the location of an element and then by minimizing the number of shift operations required to be performed in its each iteration. Working of Insertion Sort algorithm Fig. 1 The operation of Insertion Sort on the array A = (14, 8, 20, 4, 6, 1) III. Other Sorting Techniques A. Merge Sort Merge sort is based on divide and conquer paradigm. The elements which are to be sorted are collected into an array. This array is divided into two sub arrays of almost equal sizes in top-down manner. Each one of the two sub arrays are again divided into their two constituent sub arrays of almost equal sizes respectively. This division process of the newly formed sub arrays will continue unless their size becomes unity. At size of unity, first of all, the sub array cannot be further divided and secondly the single element in the sub array is sorted, by the definition of sorting. After the last stage of division process, when all newly formed sub arrays are of unit size, the merging of the relevant unsorted sub arrays starts taking place in bottom-up manner with a view to form a sorted sub array (which was previously unsorted) for the next stage. The process of merging continues in the same manner unless the original array gets sorted. While division is a trivial job, the algorithm has to do the most critical job while merging the unsorted sub arrays into a sorted one. Time complexity of the Merge sort algorithm is ÃŽËœ(n logn) which is optimal. The major benefit of Merge sort is its stability and ease of implementation. The drawback associated with this algorithm is additional space requirement of ÃŽËœ(n) for the auxiliary array. B. Quick Sort Quick sort is also based on divide and conquer principle. Quick sort works by partitioning a given array A[p . . r] into two sub arrays A[p . . q] and A[q+1 . . r] such that every key in A[p . . q] is less than or equal to every key in A[q+1 . . r]. Then the two sub arrays are sorted through recursive calls to Quick sort. The exact position of the partition depends on the given array and index ‘q’ is computed as a part of the partitioning process. The main advantages of Quick sort is that it only uses an auxiliary stack and requires only n logn time to sort n items. The drawback associated with this algorithm is that it requires quadratic (i.e. n2) times in worst case. In this case, the situation can be simply overlooked by mistake and hence may cause serious problems. IV. Rahmani Sort Algorithm A. The Concept In the classical insertion sort, we place the first element from the second logical sub array into a proper position of the previously sorted first logical sub array. But while finding the proper position of the element to be inserted, in the left sub array, a simple linear search approach is used which has a time complexity of O(n). Even this linear time complexity of searching the proper location of the element to be inserted may be quite considerable. That is why insertion sort is not a suitable sorting algorithm for sorting large number of elements. So, by improving the search procedure adopted in insertion sort algorithm, somehow or the other, the performance of insertion sort can be improved. The proposed new sorting algorithm called Rahmani sort algorithm is based on the new concept of inserting the first element of unsorted sub array into the sorted position of the sorted sub array. The classical Insertion sort takes O(n2) time. Rahmani sort algorithm is enhancement of Insertion sort by decreasing the time of finding the position of the new element in the sorted sub array. In the following sub section the differences between the Insertion sort and the Rahmani sort are being discussed. B. The Procedure The procedure of Rahmani sort for arranging the input array in ascending order is being describes as below: C. The Algorithm Rahmani Sort is comprising of two sub algorithms, one is RahmaniSort(a, n) and another one is iBinary(a, lower, upper, mid). Here, a = Array of key items to be sorted. n = Total number of elements in the array ‘a’. lower = Lower index of the array ‘a’. upper = Upper index of the array ‘a’. mid = Middle index of the array ‘a’. Algorithm for Rahmani Sort RahmaniSort(a, n) 1 for i ↠ 2 to n do 2 temp ↠ a[i] 3 j ↠ iBinary(a, 0, i – 1, temp) 4 while i > j do 5 a[i] ↠ a[i – 1] 6 i ↠ i – 1 7 a[j] ↠ temp 8 return In the above algorithm, the element would be inserted in its proper position in the left sub array after shifting the rest of the array to the right side by one position. The iBinarySearch algorithm below above is used for finding the position of the largest element which is less than the key element stored in ‘temp’. After finding this position, each element of the sub array from this position onwards will be shifted to the right by one position. The shifting will start from the right hand side. Algorithm for Improved Binary Search iBinary(a, lower, upper, temp) 1 flag ↠ 0 2 loc ↠ 0 3 mid ↠ (lower + upper)/2 4 repeat while lower 5 mid ↠ (lower + upper)/2 6 if mid = a[mid] then 7 loc ↠ mid + 1 8 flag ↠1 9 if mid 10 upper ↠ mid – 1 11 else 12 lower ↠ mid + 1 13 if flag = 0 then 14 return lower 15 else 16 return loc à ¯Ã‚ Ã¢â‚¬ ºÃƒ ¯Ã¢â€š ¬Ã‚  Ãƒ ¯Ã‚ Ã‚ This paragraph of the first footnote will contain the date on which you submitted your paper for review. It will also contain support information, including sponsor and financial support acknowledgment. For example, â€Å"This work was supported in part by the U.S. Depart ­ment of Com ­merce under Grant BS123456†. The next few paragraphs should contain the authors’ current affiliations, including current address and e-mail. For example, F. A. Author is with the National Institute of Standards and Technology, Boulder, CO 80305 USA (e-mail: [emailprotected] boulder.nist.gov). S. B. Author, Jr., was with Rice University, Houston, TX 77005 USA. He is now with the Department of Physics, Colorado State University, Fort Collins, CO 80523 USA (e-mail: [emailprotected]).

Christina Rossettis Poetry: Controlled and Passionate Essay -- Cousin

Christina Rossetti's Poetry: Controlled and Passionate Rossetti's poetry has been described as both controlled and passionate. Making clear what you understand by the terms discuss which of these two views you have more sympathy with and why. Refer closely to at least three of the set poems. Christina Rossetti poetry uses concise structures but through these she expresses immense emotion; in this respect her poetry can accurately described as "both controlled and passionate" yet the two words are almost a paradox as passion is frequently seen to be at odds with controlled tight structures. Other poets have also followed in Rossetti's footsteps by combining tight structured poetic forms with emotion e.g. Dylan Thomas. L.E.L is a prime example of Rossetti's technique; it combines a complex structure with a very emotive outcry. The structure is very precise with each verse not only rhyming within itself, in an A, B, A, B, C, C, C pattern, but also within pairs of stanzas containing a pattern between them on the 5th to 8th lines. The 2nd and fourth lines provide visually rhyming lines throughout the poem connecting each verse although when the poem is read aloud the lines do not rhyme verbally. Rossetti also plays with structures in the poem, beginning with an elegiac stanza form ("a Quatrain of four iambic pentameters rhyming A, B, A, B" - Pears Cyclopaedia) before diversifying into her own version ending with C, C, C. The elegiac stanza form helps contribute to the passion by setting the tone for the poem while at the same time Rossetti alters the form to suit her needs showing creativity within her "control". The latter section of each stanza is in a different tone relating and contrasting the emot... ... with more flair in her earlier poetry, with later works settling into more conventional forms. Thus it is difficult to decide which argument to have more sympathy with as both control and passion are constantly intertwined and also changed as Rossetti grew older. Work Cited Rossetti, Christina. The Poetical Works of Christina Georgina Rossetti. With Memoir and Notes &c. Ed. William Michael Rossetti. London; New York: Macmillan, 1904. Works Consulted Armstrong, Isobel. 'A Music of Thine Own': Women's Poetry. in: Joseph Bristow, Victorian Women Poets. Emily Bronte, Elizabeth Barrett Browning, Christina Rossetti. Basingstoke and London: Macmillan Press Limited, 1995, 32-63. Harrison, Antony H. Christina Rossetti in Context. Brighton: The Harvester Press, 1988. Marsh, Jan. Christina Rossetti. A Literary Biography. London and Sydney: Pimlico, 1995.

Explain the process that you went through to create and market your band, you must use specific media vocabulary

In this term, we have been studying media. During this time, we have created a band as our ‘product'. My band has been targeted at teenagers and young adults. The image I aimed create for my band, was a ‘bad-boy' or ‘gangster' image. The name I have given to my band was ‘Bad Behaviour', this portrays the image given, – that they behave badly, bringing across a gangster similarity. Their profile also puts across their image, because of their; age, where they grew up, their style, and the way they speak (street talk). The words which detonate their band name, such as trouble, and sexy, also depict their ‘bad – boy', ‘gangster' image. Having decided on an image, and created a ‘product', I took steps to create and gain publicity for my band. To start off I created a leaflet, advertising a gig where the band would be performing, including where and when it would be. I made my leaflet colourful, so that it stood out to passers by, our second step was to gain publicity for the band. To do this, I thought of a stunt for my band, I decided to have them pull up outside the gates of Walton Prison in Liverpool, and perform some of their tracks. Later, we wrote some newspaper reports publicising the facts of the incident, which was all good free publicity. We created reviews, commenting on their new single that they were bringing out, which would also create publicity, as it would be placed in a popular teen magazine such as ‘smash hits', so this might tempt people to go out and buy their debut single. Our final publicity stunt was to get our band on a local radio station. We worked in groups and pretended to interview our band. This would gain publicity as well, because listeners to that radio station would hear about the band and their music, using recommendations from the radio dj, and from the image the band put across from their first, to last publicity stunts, which may get the band their first fans. My band has recorded their debut single, my review reflects this. The review reinforces the image of my band because it refers to bands that play the similar music, who also have influenced my band. This is where their influences originally grew from. The image that my band puts across is a ‘bad – boy' image which their influential bands, like So Solid crew, and Blazin' Squad also have. After creating and marketing my band, I am aware that famous bands don't just appear with their fame and money, they have to earn it. They take careful steps in order to ensure that they are a success. A lot of hard work is needed in order to complete these steps. It is very important to work towards a specific target audience, because peoples taste in music differs as they get older. This means that you would need to include ranges of different types of music in your single, which would be incredibly difficult to achieve music that a majority of people all like.

Carnegie Steel Mill Company Essay

It’s a honor to be ‘ere today with y’all Congressmen. I came ‘ere today to speak to y’all about the workin’ conditions in the Carnegie Steel Mill Company. We work twelve hour shifts, seven days a week. We don’t get any breaks, only the lucky ones who seem to find a minute or two to spare can get some breaks. Most don’t bring in food ‘cus we don’t have any time to eat while we work. We earn ten dollars only a week, while the salary of Andrew Carnegie is the salary of four thousand workers put together. There are not any old men here ‘cus its always hot and the work just sapped the life out of you. Most can only work ‘till the age of forty ‘cus of the conditions. Its swelterin’ hot all the time, we sweat a lot, an’ we drink tons of water. I lost forty pounds in three weeks. I’m super skinny an’ my wife is starting to worry about me. She wants me to see a doctor but I cannot afford one. Another thin’ to add, we have only one, yes one, holiday an’ that is the Fourth of July. We should have more holidays because we work too long an’ get paid too little. Andrew Carnegie is a stealin’ son of a gun and needs to be brought to justice. My house looks, how to put this, ugly because my family can only afford a single room house, which currently has three in it total. Me, my wife, an’ my son, who is working in the coal mines an’ is only ten years old. His contribution to the family makes us go by barely. We only eat one meal a day if we can afford it. I’m proposin’ a bill that will give us all a better housing’ breaks, more holidays, an’ a better pay. Please take in a consideration of what I said when you are overlookin’ my bill. Thanks for havin’ me ‘ere with y’all Congressmen.

Tata Corus

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