NMS105 Coursework 1 Example | Topics and Well Written Essays - 1250 words

NMS105 1 - Coursework Example The paper concludes by looking into the Regulatory requirements and guidance such as ship registration. It specifically focuses on United Kingdom Ship registration and Small ship register, and Marine Notices. This is a United Nations’ specialized agency that is accountable for measures for improving the security and safety of global shipping and to thwart marine pollution by ships (Balkin, 2006). This agency serves several purposes while striving to safeguard marine shipping. First, it seeks to ensure cooperation among governments regarding all kinds of technical matters that affect shipping in global trade. The second function is it serves to encourage the overall adoption of the best practicable principles about navigation efficiency, maritime safety, and control and prevention of marine pollution. Thirdly, IMO serves to facilitate the removal of needless restrictions and discriminatory action by governments that take part in international trade, to uphold the accessibility of shipping services to international trade without discrimination (Oxman, 1995). Fourthly, this agency has a purpose to consider issues relating to unfair practices in shipping as well as any issues about sh ipping that may require the attention of the IMO by the UN organ. This is a United Kingdom agency that seeks to prevent loss of lives in marine transport at sea. It is responsible for the implementation of the international and the British maritime safety policy and law (Hetherington, Flin & Mearns, 2006). Its main roles are, to coordinate search and rescue in the sea with the help of her majesty’s coastguards, watching and preventing water pollution at the coastal sea. It also guarantees that ships meet the United Kingdom and the international safety standards, and issuing and testing merchant navy certificates of proficiency among the crew and ship’s officers. The

Capital punishment the United States Essay Example | Topics and Well Written Essays - 1500 words

Capital punishment the United States - Essay Example 36]. Other capital offenses include treason, aggravated rape, espionage, large scale drug trafficking and aggravated kidnapping among others. Capital punishment has been a subject of much debate in recent times. The reasons that form the basis of this debate are crosscutting and include moral, religious, practical, philosophical and emotional. Proponents of capital punishment argue that it acts as a deterrent to crime, purges dangerous criminals from the society and that it is definitely more economical to execute than to keep criminals in prison [Megivern, James J 93]. Opponents of capital punishment argue that it does not deter crime, cheapens human life and discriminates along racial and social lines [Lane, Brian and Wilfred Gregg 12]. Others have argued that killing a person for killing another is hypocritical since it brings the state to the same level as the criminal. However, previous research as well as the statistics on crime tends not to support the argument that capital punishment deters criminal activity. On the contrary studies have shown that incidences of homicide are lower in states that do not sanction capital punishment than those that do [Harries KD 22]. This paper examines the practice, the effects and whether or not capital punishment serves as a deterrent to crime. According to the SP file there have been about 15,000 capital punishment exec... The military courts executed 160 errant officers between 1930 and 1961. A massive mass execution occurred on December 1862 where 38 people were killed by hanging in Mankato, Minnesota. Out of the 38 states that sanction capital punishment, Texas has had the largest number of executions - 378 since 1979 to November 2006 [Amnesty International-1997 Executions]: The Federal government has reported less activity in regard to executions and has executed only 3 people for the last 27 years. The Legal Process Once an offender is convicted of a crime that qualifies for the death penalty, the legal course involves four stages: - 1. Sentencing - involves trial like proceeding where a jury decides on the appropriate sentence though it's the judge's discretion to make the final decision [Kerr, Norbert L. and Robert M 33-75]. 2. Direct review. After the sentencing stage the case moves to the direct review level. Here the process is similar to that of an appeal. This court evaluates the decision of the sentencing court to establish the validity of the judgment. If this court does not find fault with the previous judgment from the sentencing hearing, then it ratifies the judgment. If it does find fault then it can void the judgment and/or order a repeat haring. The decision by the court is considered final. 3. The Collateral review. This is the only way that a judgment by the direct review court can be upset. Most states have this form of review. The purpose of collateral review1 is to allow the defendant to dispute the previous decisions on grounds of previously unavailable evidence. 4. Federal habeas corpus. This is the fourth level and is the only exclusive way that a state capital defendant can challenge a death penalty in a Federal court. It exists for the

Preliminary Screening of Bioactive Natural Products Essay Example for Free

Preliminary Screening of Bioactive Natural Products Essay The plants which are used to cure diseases are called medicinal plants. This property of plants is due to the presence of certain chemicals namely Phytochemicals which include alkaloids, Glycosides, flavanoids, volatile oils, vitamins, resins, gums etc. These chemicals terminate the growth of micro organisms by obstructing one or many metabolic activities of microbes. World Health Organisation has estimated that perhaps 80 % of the Earth’s inhabitants rely upon traditional medicine for their primary health care needs and a major part of this therapy involves the use of plant extracts or their active principles. Plants form the major resource in the preparation of drugs in many ancient systems of medicine like Ayurveda, Unani, Homoeopathy, Naturopathy, Siddha and Allopathy. Our present work mainly aims at the screening of Bioactive compounds present in wood and fruit of Terminalia pallida Brandis Terminalia pallida is a semi evergreen tree belongs to the family Combretaceae and its telugu name is called Tella-Karaka. Wood and fruit are highly medicated due to the prescence of bioactive compounds. These parts are widely used by the tribals of various districts of Andhra Pradesh to cure diarrhoea, peptic ulcers and diabetes. Fresh plant parts were collected, shade dried and ground in to coarse powder. Extraction of Bioactive compounds can be done with different type of solvents for further phytochemical analysis. Results obtained in the present study reveals the presence of Flavanoids, Indoles, Leucoanthocyanins, steroids, Phenols, Saponins, Tanins in the wood of Terminalia Pallida. Fruits consist of all the above bioactive compounds along with alkaloids. These bioactive compounds are responsible for antidiarrhoeatic, anti-ulcer and anti-diabetic properties of the plant. The present communication attempts to assess the status of phytochemical properties in wood and fruits of Terminalia Palllida , Brandis to develop the awareness among the local people. It is also useful to the advanced research in the Pharmacertical field.

Organizational Structure at Nokia

Organizational Structure at Nokia Organizational Structure at Nokia As of October 1, 2009 the organizational structure at Nokia was extremely mobile and flexible. Figure 1 Nokias organizational structure is horizontal and it allows for greater flexibility and speedy communication channels between different departments. The devices unit looks after the development and management of mobile devices portfolio which is targeted at all major consumer segments. The solutions department ensures that it continuously develops solutions whereby ensuring that a particular mobile device has integrated contents and personalized services and the output of these three components results into a leading mobile phone for the end user. The solutions unit works with other departments in close proximity to provide such solutions. The services department creates and designs internet services that enhance the consumer experience when Nokia phone users interact with the web. The main areas where this unit focuses on include messaging, maps, music, and Ovi developer tools. This department also ensures that there is a consistent increase in different services as the market evolves. The other significant department is Markets which acts like a supply chain department for Nokia. The unit is also responsible for sales channels, branding and marketing activities for various products and services. The corporate development department looks for future growth opportunities and it also plans for future strategic actions that will give the company a competitive advantage against competitors. This department also provides operational supports to other core departments such as Devices, Services, Solutions and markets. Nokia Siemens Networks is a joint venture with Siemens and it provides network infrastructure which is both fixed and wireless. This division also provides communications and networks service platforms. Finally, the last major division is NAVTEQ; this unit is a provider of detailed navigational maps and digital map data automobile navigation systems, navigation systems for mobile devices, internet mapping applications and mapping solutions to government and other businesses. NAVTEQ is an important part of Nokias operations since it provides downloadable maps and other content that will enhance the experience of consumers who use Nokias smart phones. Corporate Governance The way authority and responsibility is organized at Nokia it shows that the company is exemplary in its approach towards corporate governance. The companys strategic and significant natured decisions are made by the board. These matters might include strategic guidelines, approval of periodic plans and decisions on major divestments or investments. The company charter, article of association and Finnish Companies Act determine the roles and responsibilities of all directors and executive members. According to the auditors and company information strict guidelines are followed in terms of code of conduct and ethical behavior of each employee. Similarly the company complies with all stock market requirements of the Helsinki stock market, New York and Frankfurt stock exchanges. The company provides all necessary data to authorities at NYSE because the under the rules any firm that complies with its national laws must file any differences that exist between its national laws and the laws to be followed under NYSE.    Competitors of Nokia Corporation Nokias direct and major competitors include Motorola Inc, Cisco Systems Inc, Research in Motion, LM Ericsson Telephone Co., and QUALCOMM Inc. The company faces stiff competition in the business oriented mobile phone market from RIMs Blackberry series. Nokias E-series phones are geared to compete with the Blackberry series. Similarly the company faces challenges from Samsung and Motorola in the touch screen phone markets and the latest Android based phones that offer efficient and extremely user friendly interface to consumers. In the navigations and maps market Nokia, like the traditional manufacturers such as Garmin, TomTom, faces tough competition from the Google and Apple partnership that will make the iPhone the ultimate navigation and smart device for this generation. The difference between this navigation process that iPhone will offer is that consumers wouldnt need to download maps for a price or they would not need automotive navigations systems rather they would use their smart phones as navigation devices at very low rates. For the year 2009, Nokias market share remained flat at around 38% in the global handset market after consumers continue to encourage Apples iPhone in favor of the N series that Nokia is offering. Nokia also faces competition from Ericsson mobile phones in the music phones; Sony Ericssons superior voice quality and speaker quality give its phones an edge over Nokias Express music series. Industry Outlook for 2010 The expectations of the company for 2010 are considerably flat in terms of the performance of its various divisions. Overall the mobile device industry is expected to increase by about 10% in 2010 in terms of volume compared to 2009. For the year 2010 Nokia expects its mobile device market share to be flat compared to 2009, a similar sort of expectation also exists for Nokia and Nokia Siemens Networks as the venture sees a minimal increase in euro terms for the mobile and the fixed infrastructure services market. Importance of International Markets to Nokia Corporation In 2009, out of the total sales from the company Europe accounted for 36%, Chinas share was 16%, Middle East Africa 14%, North America 5%, Asia-Pacific 22% and Latin America 7%. As we can see from these numbers that about 59% of sales are coming from the developing world; for a company that began operations from Finland that is an important statistics since most of its revenues are coming from international markets especially from developing countries. The 10 markets from which Nokia generated the highest amounts of sales revenues are listed below in decreasing order; with the highest written first and lowest stated last: China, India, the UK, Germany, the United States, Russia, Indonesia, Spain, Brazil and Italy; when combined these markets provided 52% of the total sales in 2009. It is important to note here that China and India; the fastest growing economies in Asia are leaders for Nokia sales; secondly the list also contains growing markets such as Brazil and Russia. It is important to note here that because Nokias main sales driver is the mobile device market hence there are higher sales potential for Nokia in developing countries. This is because countries such as India and China are experiencing large demand for mobile phones due to the rapid growth and development of infrastructure especially network infrastructure. The rising levels of GDP per capita and income levels of people in the developing world are increasing their ability to purchase mobile phones therefore we could see that in the near future major growth would come from developing economies. Foreign Exchange exposures Faced by Nokia Nokia has businesses all over the world; this global presence means that assets and sales, liabilities and loans taken or completed in different parts of the world may be higher or lower in value when translated into the Euro or any home base currency. Because Nokia owns substantial assets in foreign markets therefore the company has to hedge and protect itself against the potential of currency adjustments in the negative direction. Nokias foreign exchange policy is developed by the treasury department of the company which looks after the interests of the company such that foreign exchange exposure is minimized and shareholder value is maximized. Under the policy; transactions which are considered of material value are hedged against foreign exchange exposures as long as the hedging tool is not uneconomical i.e. the hedging cost is lower or market liquidity is favorable. The company uses derivative financial instruments such as foreign exchange options and forward foreign exchange contracts to manage hedging and reduce the exposure. The group has a policy of not hedging 2-year or beyond forecasted foreign currency cash flows. New Product and Market development (cà ¢u c) Nokia operates in a highly drastic and technologically changing industry; on the consumer side the company also sees the acceptance and increasing demand for more sophisticated products therefore the company has to remain on its toes and come up with new products and services. The recent financial crisis which was coupled with economic downturn as well saw most industries and companies experiencing reduced profits or even losses. 2008 2007 2006 2005 2004 RD Expenditure, EUR(m) 5968 5647 3897 3825 3776 RD as % of net sales 11.8 11.1 9.5 11.2 12.9 If we look at the table above we see that for the period 2004-08 the average RD expenditure as a percentage of sales was around 11%. This explains how important the development of new products and markets are to companies like Nokia. RD expenditure dipped slightly during 2009 by about 1% compared with 2008 figures because of the decline in sales. The reduction in total revenues during the year 2009 was because the brunt of the crisis or the lowest point of the crisis was considered to be the third and fourth quarters of 2009. The major problem faced by Nokia mobile devices sales was the fact that as macroeconomic aggregates plummeted world wide; people were laid off, disposal incomes squeezed and purchasing power declined in some regions because of currency depreciation, all these factors led to the decrease in demand for Nokia phones. Despite these tough circumstances Nokia continued to expand product development and introduced new products in the mobile device markets, new systems and networks from Nokia Siemens Partnership and navigation phones under the NAVTEQ division. Capital Structure and Liabilities Management at Nokia The average basic number of shares during 2009 was 3.705 billion, 2008 was 3.743 billion and 2007 was 3.885 billion. The difference between diluted and basic average number of shares was negligible during all the three years stated above. About 1% of the shares were owned by Nokia Corporation during 2009. There was not much change in the capital structure during the three years apart from a buy-back and cancellation of shares that were owned by the company during 2008 and 2009 respectively. 2008 2007 2006 2005 2004 Net debt to equity % -14 -62 -69 -77 -78 Equity Ratio % 41.2 45.5 52.6 56.4 64.6 Return on Equity % 27.5 53.9 35.5 27.1 21.5 Interest-bearing liabilities, EUR (m)4 452 1 090 249 300 132 If we closely analyze the net debt to equity ratio for the 5 year period we see that initially in the years 04, 05 06 and even 07 the company had surplus assets over total debt. Though this situation drastically declined during 2008 as the credit crunch forced Nokia to borrow money and bridge the gap between its working capital. This factor eroded the asset base advantage the company was holding for the previous 4 years before 2008. Another important factor was that short-term borrowings rose substantially during 2008. Short-term borrowings increased from 714 million Euros in 2007 to 3,578 million Euros in 2008. The equity ratio represents the amount of assets represented or funded by the equity holders. From the table above we can see that the assets funded through equity has been on a declining run throughout the five year period. This also explains that as years have passed by liabilities have been increasing used as a way of financing assets. Many analysts believe that borrowing is a lesser expensive way of raising funds compared to equity as interest paid reduces effective tax rate; secondly creditors do not have a say in the way management runs the business; thirdly no dividends need to be paid out. On the other hand equity has its own advantages such as no finance costs; in case of bankruptcy the claim of common shareholders is last only after other creditors have been paid out. Overall companies are suggested to find an optimum equity and liability combination by working out the WACC at different levels. 2007 was considered one of the best years in Nokias history not only did the stock do well but the companys other major indicators were in green as well. For instance the return on equity was around 53% during 2007; that is a phenomenal return for shareholders from a company that competes in such a tough competitive environment. The return on equity declined significantly during 2008. As we see from the table that the value declined to 27.5% from 53.9% in 2007. This again explains the difficulty the company faced during 2008 in terms of low sales volumes, depressed prices and difficult financial conditions. Nokia Corporations shares are listed on the following stock markets: NASDAQ OMX, (Helsinki), Frankfurter, and New York Stock Exchange. The company delisted its Swedish Depository Receipts (SDRs) from the Stockholm Stock Exchange. The last day of trading of these SDRs was June 1, 2007. Raising capital and loans from foreign capital markets has a number of benefits and a few disadvantages as well. In terms of the benefits; firstly by listing stocks in a market such as NYSE a company like Nokia gave itself exposure to one of the most valuable and important stock markets in the world. New York is the financial capital of the worlds largest economy and having the ability to raise funds in such a market builds great reputation for a company apart from substantial capital. Similarly the SDR move into the Swedish Stock Market was a strong move as that would have strengthened the capital structure before the delisting. SDRs provide a substantial capital inflow in lieu of a stable and known cost of capital that gives the firms financial cost structure sustainability and consistency. In terms of the disadvantages economic activities in a foreign country might impact the shareholder value of the whole group. Though this cost is offset by the point that todays financial markets are so dependent on each other that market risks are almost similar in virtually all countries and their stock markets. The important thing here is that companies like Nokia must be aware of the trade cycles and the economic cycles of the world and individual markets and there relationship between each other because that will determine the impact of raising capital in foreign markets. Impact on Market Value as a Result of Strategies in Foreign Exchange Risk, Raising Capital and Moving into New Markets Technological firms generally have higher risk attached to their stock prices and market values therefore we expect them to do extremely well when the economy is booming and the company is able to come up with consistent and high quality products. The case of Nokia is no different the company has successfully established itself as one of the most reliable and advanced manufacturer of mobile devices. Steadily over the years Nokia has moved into new markets which have diversified the portfolio of the company hence spreading the risk over different but related markets. Nokias move to enter new markets has been a good way of diversifying business interests in the sense that the company has not only developed new products but it has also moved into new physical markets. Developing new products has its own advantages but moving into new geographical markets can benefit companies from the all important concept of economies of new scale. Going into new markets exposes the company to absolutely new customers hence increasing the total potential customer base of the company. Raising capital in foreign markets also impacts the market value of the company in a positive way. The company, by raising additional capital in new markets, not only increases its ability to spend money on acquisitions, development, and supply-chain but also gives credibility and higher standing to the companys share in the capital markets and makes the company a strong candidate for a better rating from agencies. The above graph is the stock price movement of Nokia stock, listed on NYSE, versus the SP 500 over a five year period. What is evident here is that consistently the Nokia stock has out performed the SP 500 for most of the time period under discussion. In percentage terms the stock has performed extremely well during the later half of 2007 up to mid 2008; even during the tough times of the late 2009 the stock did better than the overall SP index. The above graph is again representative of the fact that the companys stock performed better than most top company stocks during the boom period of 2007. Credit has to be given to the financial managers of the company since there prudent steps ensured a better than average EPS for the company and subsequently even better share price performance. Evaluation of the Firms Finance Managers In terms of hedging and controlling the foreign exchange risk I think the financial managers did a good job by employing a prudent policy of hedging all those cash inflows and outflows which were due within 2 years period. This is a prudent approach; secondly if we look at the table below we see that the company has remained profitable despite the financial and economic crisis that plagued the global markets for the past 2 and a half years. 2009 2008 2007 2006 2005 2004 Profit before tax, EUR (m) 962 4970 8268 5723 4971 4705 % of net sales 2.35 9.8 16.2 13.9 14.5 16 Dividends, EUR (m) 1482 1520 2111 1761 1641 1539 Profit attributable to quity holders of the parent 891 3988 7205 4306 3616 3192 EPS (basic) 0.24 1.07 1.85 NA NA NA We also see that the company gave dividends in all the last six years under discussion; this also shows consistency and the right mindset of financial managers who rightly understand the need to rollout dividends in order to ensure continuous investments from investors in the near future. The above graph shows that profitability peaked during the 2007 period and steadily declined thereafter this also shows the difficult financial and economic environment that was weathered by the corporate sectors of different economies. The impact of the crises were so great that profits before taxes almost decreased by 50% in 2008 from 2007 profits before taxes.

Graduation Speech :: Graduation Speech, Commencement Address

Will you be who you were meant to be, or will you be who everyone wants you to be. It is up to you to decide your destination, but it is the events along the way that shape the final outcome. As we sit here at graduation, having suffered and prospered through four years at County High School, it is hard to forget the memories we've shared. At the same time, it is easy to see how the past four years have shaped who we are today and impacted our future forever. Who can forget being a freshman: finally out of middle school, we took on the world in a school of 1,400 that was only suited for 900. We've sat in not only moldy portables but also condemned bleachers, seen rusty water, squished together in the gym to display our spirit and learned what it means to truly work hard. We took the challenge presented to us and chose to succeed in one way or another. Whether on the playing field, in the classroom, with an instrument or in the community, the launching of our high school career began our journey and began the adventure to become our destiny. And who can forget the friendships we've made along the way? Some will last a lifetime, and some will last no longer than tomorrow, but either way, it's okay because we will forever be impacted by it. As a class, we've laughed together, cried together, skipped class, failed tests, aced tests we forgot we were taking and now, we're graduating together. Whatever the event, we did it as a whole. Through all of this, there were the teachers of Arlington High School. Of the finest quality, I doubt anyone would argue they are masters of making us mad and then being our biggest ally. Remember the sodium bomb in chemistry? How about the career search, the I search and the scholarly paper in English? We are now masters at finding the slope of a line courtesy of the math department, and who hasn't had the quadratic formula engrained in their mind? All because of the teachers who have supported us through these past years. Without them, our outcome in life would be dismally different. They taught us to be who we are and proud of it at that. And now - guess what - it's up to us. We are the beholders of tomorrow, and we determine the future.

Wolff’s Critique of Chopin’s The Awakening Essays -- Chopin Awakening

Wolff’s Critique of Chopin’s The Awakening The critical case study to the novel establishes a definition of a type of critical response, and then gives as close an example that fits that mode of criticism—BORING! First, the book has these forms of criticism laid out contiguously, as if they occurred only spatially and not temporally. This flattened and skewed representation of critical approaches, taking an argument out of its context (an academic debate) and uses it as if it were a pedagogical tool. Just as criticism in many ways takes the life out of the text, by dissecting it and making it a part of an argument, the â€Å"model critical approach† takes the life out of criticism. It is interesting to see how the different Case Studies in Contemporary Criticism are altered by the text they are describing. For example, I have one volume on Portrait of an Artist as a Young Man, and another for Great Expectations, both of which demonstrate the extent to which the object of critique affects the critique itself, such that â€Å"deconstruction criticism† in an intellectual vacuum is something different than when a scholar tries to apply it to a particular text, altering both the text as well as the principles of deconstruction. The Awakening gender criticism takes on a different feel from Great Expectation gender criticism even though they are informed by the same principles, because gender in the early Victorian Dickens is different than in the turn of the century American Chopin. In this way the criticism co-constructs with the primary document something different than both the criticism and the original text. Such a syntheses have produced exciting and inn ovative ideas, refreshing and reviving works from the tombs of academia. Unfor... ... is also a politics involving real becomings, an entire becoming clandestine. (A Thousand Plateaus 188) Finally, the sea is a common trope for mother, and maternal—that from which life springs. We are presented with Edna running away from Protestant society (the dynamo, the father) to Catholic Creole society (the earth-goddess transformed into the Madonna). She runs away from her father, and there is no mother for her to run towards except the archetypal sea. If these mythic formations say anything, the novel says something about Edna’s own lost mother. Is the tragedy of the book that this mother is never found even though Edna followed the trail to the musty scent? Is the tragedy of the story Edna’s mother died giving birth to Edna, leaving Edna with only one memory of her mother—the musty scent of childbirth? Does this inform her attitudes toward motherhood?

Background of American Airlines

American Airlines is the world's largest airline. American, American Eagle and the AmericanConnection ® airlines serve 250 cities in over 40 countries with more than 4,000 daily flights. The combined network fleet numbers more than 1,000 aircraft. American's award-winning Web site, AA. com, provides users with easy access to check and book fares, plus personalized news, information and travel offers.American Airlines is a founding member of the oneworld ® Alliance, which brings together some of the best and biggest names in the airline business, enabling them to offer their customers more services and benefits than any airline can provide on its own. Together, its members serve more than 600 destinations in over 135 countries and territories. American Airlines, Inc. and American Eagle Airlines, Inc. are subsidiaries of AMR Corporation.Based on People’s Daily online dated Tuesday, April 10, 2001, American Airlines became the world's largest air carrier and grounded a venera ble competitor after acquiring the assets of bankrupt Trans World Airlines. Based on SKYTRAX which operates the Star Rating system for the world airline industry, having introduced the programme in 2000, American Airlines is a 3-Star Airline. Star Grading awarded to airlines supplying a fair quality performance that conforms to an industry â€Å"average† – when assessing all areas of competitive ranking.3 Star ranking signifies a satisfactory standard of core Product across most travel categories – but may reflect less consistent standards of Staff Service / Product delivery either Onboard or in the Airport environments. Vision, Mission, Goals and Values of the Company Vision: Customer Commitment American Airlines is in business to provide safe, dependable, and friendly air transportation to our customers, along with numerous related services. We are dedicated to making every flight you take with us something special. Mission and Goals:At American Airlines, we: †¢ Evaluate products and services on their merits, giving fair and impartial consideration to all suppliers †¢ Award contracts based on the highest quality and best delivery combined with the most competitive cost to the corporation †¢ Review constantly the performance of our suppliers and contractors to enhance their ability to provide products and services that exceed industry standards †¢ Assure inclusion of minority and women-owned companies in procurement and construction opportunities across American Airlines. VALUES :The Company is committed to maintaining the highest standards of business ethics and complying with both the letter and the spirit of the law in everything that we do and in every country in which we do business. Doing so will also maintain the hard-earned respect that we have established over the years with our customers. Consequently, employees are prohibited from participating in or condoning illegal or unethical activity. Remember that ill egal acts by employees can cost the company millions of dollars in fines, and the penalties for corporations convicted of federal crimes are severe.And employees who violate the company’s ethical standards will be subject to disciplinary action up to and including termination. To ensure compliance with this company policy, we have adopted these Standards of Business Conduct for all employees. These Standards also apply to all agents, consultants, contractors, and others when they are representing or acting for the company. We expect our vendors and suppliers to be guided by these principles. We have developed a Business Ethics & Compliance Program to educate you about the laws that affect our business and to provide the necessary channels to seek advice and report possible misconduct.(www. aa. com) Quality Goods and Services Marketed in the Global Economy American Airlines sources the best quality products and services to provide to our customers. Aside from their flight, car , hotel, vacation package and cruise reservations, they also have the following services and products: -Net SAAver and Special Offers -Fare Sales -Special Offers (Bonus Miles and Percentage and Great Savings) – RSS Service Really Simple Syndication is a technology for sharing and distributing the latest web content such as fares, news, and offers.It's an easy way to receive up-to-date information without having to search the Internet. -Last Minute Packages Bookings -Email Subscription Service – AAdvatage Service The AAdvantage ® program is American's travel awards program. It was the original travel awards program, established more than 20 years ago, and today is the world's largest program. -Admiral Club Membership There are some people that are impossible to shop for and for them, there's the Admirals Club ® membership or the Admirals Club One-Day Pass. It's thoughtful, inspired, and a gift that they will not only use, but enjoy as well.-Offer Gift Card -Trip Ins urance Offer Purchasing a flight shouldn't trigger undue stress. When customers purchase Trip Insurance through Access America, they can receive a refund for the pre-paid, non-refundable portion of they travel costs should your trip be cancelled or interrupted for a covered reason. – The AmericanAirlines Credit Card (no annual fee) -TrAAvel Perks ® program which is a travel club with some fantastic member benefits. —- Business ExtrAA program which offers more variety, more choice and more flexibility than any other airline incentive program for businesses.-Corporate Booking American Airlines is leading the way in providing practical, cost-efficient solutions for managing corporate travel booking with CorporateAAccess. comSM. They have designed a functional, easy-to-use online booking product at the request of many corporate customers, one that brings the best of business travel planning together in one web site. – The AmericanAirlines AAirpass program protects the customers against fare changes and helps them manage their travel by providing prepaid unrestricted air travel at a fixed rate – all while they enjoy VIP privileges and benefits.With this, they can travel anytime, even at a moment's notice, to any of the more than 250 worldwide destinations served by American Airlines, American Eagle ®, and AmericanConnection ®, including the U. S. , Canada, Europe, Japan, the Caribbean, Central and South America, and Mexico. -Incentive Programs AmericanAirlines Incentive Travel ® products support all of their promotional objectives from acquiring new customers to instilling consumer loyalty to rewarding employee performance. Destinations and Routes of American AirlinesAmerican Airlines fly in 10 major destinations including Africa, Asia, Australia/ New Zealand, Carribean, Central America, Europe, Eurasia, Middle East, North and South America. Its worldwide destinations include Dallas/ Forth Worth, India-Delhi, Ireland- Dublin and Shannon, Japan-Tokyo, Norfolk- Virgina and Shanghai, China. Shares Of AMR Common Stock Based on the Corporate Press Release, AMR Corporation allows 4. 5 percent Senior Convertible Notes due 2024 have become convertible into shares of AMR common stock.As provided in the indenture under which the Notes were issued, the Notes have become convertible because the sale price of AMR’s common stock for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended Dec. 31, 2006, was greater than 120 percent of the conversion price per share of AMR common stock. The Notes are convertible into common stock at the conversion rate specified in, and otherwise in accordance with the terms of, the Notes and the indenture under which the Notes were issued, and they will remain convertible for so long as they are outstanding.Financial Profitability of the Company for the Past Three Years According to AP Associate Press, AMR Cor poration reported that they loss $387 Million in the fourth quarter of 2004, or $2. 40 per share. This compares to last year's fourth quarter loss of $111 million, or $0. 70 per share. For the year, AMR posted a net loss of $761 million, compared to 2003's loss of $1. 2 billion. Fourth quarter 2004 special items totaled a net gain of $86 million, or $0. 54 per share, and primarily included a $146 million gain on the sale of American's interest in Orbitz, $42 million in severance charges, and $21 million in aircraft charges.Despite its profit loss, I can still affirm to the fact that the company is financially profitable. According to AP Associate Press dated July 19, 2006, American Airlines’ profit rise sharply. It ahs been further reported that a sharply higher profit for the second quarter, helped by full airplanes and higher fares at the start of the peak summer travel season. AMR said it earned $291 million, or $1. 14 per share, in the three months ended June 30, up from $58 million, or 30 cents a share, a year ago. Revenue rose 12. 5 percent to $5. 98 billion from $5.31 billion a year ago and slightly higher than the $5. 93 billion that analysts had expected. AMR increased its cash and short-term investments to more than $5. 1 billion, excluding restricted balances. The buildup is a legacy of the company’s brush with bankruptcy in 2003. The above facts by AP Associate Press only proved the financial profitability of the company. Hedging Technique and Stategic Plans The company used a â€Å"classic† sort of hedge. It is also known in the industry as a â€Å"pairs trade† due to the trading on a pair of related securities.American Airlines oneworld is a hedging strategy wherein they made partnership with the seven of the world's leading airlines – Aer Lingus (through March 31, 2007), British Airways, Cathay Pacific Airways, Finnair, Iberia, LAN1 and Qantas Airways. The investors of American Airlines become more sophisticate d of using various models. These strategies protect the company in currency fluctuation and it look for a spread between market value and theoretical or â€Å"true† value, and attempt to extract profits when the values converge.AA has also a Customer Service Plan which is one of their strategic moves. This Customer Service Plan addresses a number of the service goals they have defined. This plan includes lowest fare availability, baggage delivery, baggage liability, guaranteed fares, ticket refunds, accommodation of customers with special needs, essential customer needs during extraordinary delays, etc. They are constantly reevaluating their customer service goals, and they intend to update this Customer Service Plan when appropriate.Every customer is important to American Airlines and American Eagle. The customer’s safety, comfort, and convenience are their most important concerns. Human Resource Management American Airlines supports the communities they serve through out the world, bringing people together and providing opportunities for economic improvement†¦making American a good neighbor. They are committed to diversity. With diversity comes opportunities for success which are good for their employees, their customers, communities, and ultimately their business.They also do more than state our commitment to diversity. Their commitment is displayed in numerous ways and frequently sets the standard for other companies. Human Resource Management and Employee Resource Groups are an important part of AMR's efforts to foster an inclusive work environment. Through their Human Resource Management and Employee Resource Groups, they have created opportunities for employees to have a voice in business, support each other and share their unique perspectives, cultures and experiences with employees.Issues of Employees Regarding Their Compensation: Based on USA Today dated June 22, 2004, officers of American Airlines, along with union leaders and empl oyees from all work groups rallied against the company regarding pension reform. The company, on behalf of its 80,000 employees and together with its unions, also placed a full-page ad in USA Today. The ad thanks Congress for doing their part to support pension reform legislation that â€Å"makes funding employee pensions more affordable and more flexible — without the transfer of these obligations to the government.† Citing a reduction of $4 billion in annual operating costs through operational and efficiency improvements and changes to wages, benefits and work rules, the ad also underscores that American Airlines, its employees and its unions have made sacrifices and are â€Å"working together† to do their part to ensure a profitable company in order to improve shareholder returns, build financial stability and â€Å"help maintain our defined benefit pension plans. † Commitment Towards DiversityAmerican Airlines proudly support and encourage employee in volvement in any of their Employee Resource Groups such as African-American Employee Resource Group, Asian Cultural Association, Caribbean Employees, Christian Resource Group, Employees with Disabilities, Gay, Lesbian, Transgender and Bisexual Employees, Indian Employees, Jewish Resource Group, Latin Employee Resource Group, Muslim Resource Group, Native American Employee Resource Group, Women in AAviation, Work and Family Balance, 40 Plus/Senior Employees.They value a just and fair treatment of their employees in overseas or wherever parts of the world. Plans for Expansion Based on Corporate Press Release dated March 30, 2007, AMR Corp. , the parent company of American Airlines, Inc. , provides an update on actions taken in the first quarter of 2007 as part of its ongoing efforts to strengthen its balance sheet and build a stronger financial foundation.AMR said that American Airlines has paid in full the $285 million principal balance of its senior secured revolving credit facility , which had been fully drawn since its establishment in December 2004. AMR’s $444 million term loan facility remains outstanding. The Company said that the revolving credit facility may be redrawn, subject to certain conditions, and repaid from time to time depending on various factors, such as economic and industry conditions and the Company’s financial condition. AMR anticipates ending the first quarter of 2007 with approximately $5.8 billion in cash and short-term investments, including a restricted balance of nearly $500 million, compared to a cash and short-term investment balance of $4. 8 billion, including a restricted balance of $510 million, in the first quarter of 2006. AMR also said that it expects to complete by mid-April the refinancing of $350 million in municipal bonds that originally were issued in 1990 to help fund the development of American’s Alliance Maintenance and Engineering Base in Fort Worth, Texas .The closing of the transaction is subj ect to certain government approvals. The refinanced bonds, to be issued by AllianceAirport Authority, Inc. , will have a blended interest rate of 5. 46 percent, down from a rate of 7. 5 percent in the current bonds, and a final maturity of Dec. 1, 2029. AMR estimates that by paying down the revolving credit facility balance, prepaying the aircraft debt and refinancing the maintenance facility bonds, as described above, it will eliminate approximately $15 million of its annual net interest expense.Other examples of AMR’s balance sheet improvement include: †¢ AMR has raised more than $1. 1 billion through three equity issuances in the past 17 months, including the sale of 13 million new shares in January that raised approximately $500 million. †¢ AMR reduced its total debt, which includes the principal amount of airport facility tax-exempt bonds and the present value of aircraft operating lease obligations, to $18.4 billion at the end of the fourth quarter of 2006, co mpared to $20. 1 billion a year earlier. The Company expects to end the first quarter of 2007 with total debt of approximately $17. 6 billion. †¢ AMR reduced its net debt, which is defined as total debt less unrestricted cash and short-term investments, from $16. 3 billion at the end of 2005 to $13. 6 billion at the end of 2006. The Company expects to end the first quarter of 2007 with net debt of approximately $12. 3 billion.