Chicc Boy Research Paper

CHIC-BOY Vision To become the premiere franchisee of Chic-boy by the year 2020. Mission To be the best Chic-boy franchisee in the Philippines by providing the most appetizing Filipino food at very competitive prices. Will consistently maintain the highest standards in food preparation and service. Not only profit-oriented but is service-oriented as well. Surplus food that are not served will be donated to our less fortunate brothers and sisters at the end of the day.Goals and Objectives 1st Objective: conduct a soft-opening of the franchise by December 2011 and to be fully operational by the start of year 2012 Our specific objectives are the following: To conduct daily inspections on the floor and restaurant equipment Strictly implement the specifications set by Chic-boy and the Food and Drug Administration (FDA). To hire prospective employees with the ample amount of experience every 6 months. To review employee skills and knowledge of Chic-boy operating procedures every 2 months.To strictly comply with the requirements set by Chic-boy through punctual payment of royalty fees and other related payables. To achieve an ROI in a span of two years. To establish a minimum of 5 branches by 2020. Chicken at Baboy Brief history of the business A group of BM studens from DLSU-M saw a great potential in franchising and they were encouraged by their professor to pursue the venture. A few of them started to notice Chic-boy in a commercial center in Alabang. It was a relatively new establishment, yet a lot of customers were entering it.This made the group curious and after some research, they have finally decided to get a franchise of Chic-boy. They thought that it was a good opportunity for them, because they can put the franchise in more desirable locations in Metro Manila. Definition of the Market Fast Food Restaurant (aka Quick Service Restaurant) – limited menu establishment which lends itself to production line techniques of producing food that is served packa ged for immediate consumption, on or off the restaurant premises. (Franchise Direct. com, n. d. , para. 3).Fast Food Industry – can be assessed as overly saturated because of the countless establishments competing for dominance Established brands make it hard for prospective entrepreneurs to enter the industry with a new product or service Chic-boy provides a new concept which may tap the unexplored portion of the fast food industry as it still holds some potential growth and success for newcomers. Its concept integrates the best qualities of the leading fast food chains today The franchise will target the B, C, and D market of the Philippine population.Students and employees with a strict budget for food but still crave for rich-tasting Filipino food that will fill their bellies to the rim will find what they are looking for in Chic-boy. A budget of around PhP 50 to PhP 100 will surely satisfy one's hunger Currently, Chic-boy has no significant share in the fast food market but it is slowly gaining foothold with 4 take-out stores and 10 dine-in stores, 9 of which are franchises. 10 more are under construction all over Metro Manila, and 4 of these will be serving 24/7.Description of Products ; Services Product: Chic-boy Started on 2008 and became franchisable November the year after, Chic-boy is relatively new in the market. Registered under the Philippine Franchise Association (PFA) which certifies that it is legal and all its documents are complete. Chic-boy's concept is integrating into one fast food restaurant the best qualities of the leading fast food chains today such as the best-selling chicken inasal, lechon manok and liempo together with the ever popular unlimited rice. It highlights the most popular Filipino dishes that is best suitable for a fast food setting.Cebu Lechon Manok Cebu Lechon Liempo Chibog Busog Meals Chiquito Meals Magandang Umaga Meals Sizzling Specials Soup Merienda Side Orders Extras Desserts Drinks Chic-Boy Menu Organizatio n and Management Company Structure Organizational chart of Partnership and the Chic-boy franchise †¢Partnership consists of 5 partners †¢Two general partners – oversees the overall operations of the franchise †¢Three limited partners – are consulted by general partners from time to time †¢Partners receive equal share of earnings †¢As an incentive, general partners receive salaries for their time, effort and resource spent in the operations Company Structure †¢Business Permit †¢Mayor’s permit †¢BIR permit †¢SEC registration Form (for partnership) †¢Insurance †¢Barangay Permit †¢DOLE permit †¢DOH-BFAD Accreditation Special Licenses and Permits Brief Bio of Key Managers Shekinah Bonite †¢A current student of De La Salle University-Manila under the Business Management program †¢Born September 21, 1991 †¢Eldest among four siblings Noel Aguilar †¢A current student of De La Salle Unive rsity-Manila under the Business Management program †¢Born November 14, 1989 †¢Youngest among four siblings Marketing and Sales B,C,D market Young and old Filipino food one to 3 years of operations -> exponential Growth after the third year -> Gradual increase this is due to the ecline in demand of the customers Growth and Projection Channels of Distribution Main supplier: Franchisor Provides all raw materials Start up cost: 3,500,000 to 5,000,000 Inclusive of the ff: trade name and propriety marks chic boy business model site assessment, design and construction assistance management manual training programs Procurement program IT support Marketing and Pre and Grand and Post opening assistance Term of the franchise: 7 years Franchise fee: 500,000 Renewal of the contract: 50% of the prevailing franchise fee Royalty fee: 5% of gross sales Marketing and advertising fee: 2% of the gross sales ROI: 2 to 2. 5 years Aguilar. Araneta. Bonite. Piad. Vergara THANK YOU! New business m odel developed by Pier One Bar and Grill Holdings Corp. Combination of the Lechon Manok and Liempo from Cebu and the Chicken Inasal from Bacolod. Opened its first branch in Marikina on September 2008. Currently has: Four branches of Chic-Boy take-out stores. company-owned, 1 franchised. Ten dine-in branches. 1 company-owned, 9 franchised. Business Description and Vision About Chic-Boyâ„ ¢ Marketing and Sales Price Prices are very affordable. Because the target market is the B, C and D the prices that are set will fit in their budget. The class A market can also afford it if they wish to try it out. Prices range from P49 to P99 for individual meals. P100 to P200 for Lechon Manok and Liempo. Product Offers a variety of Filipino cuisine, with a different kind of flare. Can quickly be served. Menu is diverse, customers can choose from a wide range of dishes. Quality and value for the customer’s money.Place Most of the franchises are located in other places of NCR, such as Las Pinas and Mandaluyong. There is only one Chic-boy branch in Paranaque as of now. Owners strategically chose Sucat as the location where they will put their establishment because of the foot traffic. Promotion Reliant on word of mouth for advertising since Chic-boy is new to the market. Franchisor may opt to launch print, TV, and radio advertisements soon, none as of now. Soruce:Chic-Boy Chicken at Baboy. (2010). About Chic-Boy. Retrieved February 22, 2010 from http://www. chic-boy. com. ph/about. html Soruce:Chic-Boy Chicken at Baboy. (2010). Chic-Boy Menu. Retrieved February 22, 2010 fromhttp://www. chic-boy. com. ph/about. html Financial Management

How Cell Phones Work Essay

Cell phones are very interesting! Have you ever wondered how a cell phone works? Well we have. Cell phones have changed a lot since 1984. The first cell phone that came out was called the Dyna TAC8000X. (top left) It weighed 2 pounds! The brick only offered a half-hour of talk time for every charge. You could get this amazing device for $3,994! The man who invented this phone is Ruby Knopp. (top left) He also invented the newer modern Motorola Razor. (top middle) Some of the new cell phones provide an incredible amount of functions, like: store contact information, make tasks or to-do lists, keep track of appointments and set reminders, use the built-in calculator for simple math, send and receive e-mails, internet, play games, watch TV, send and receive text messages, integrate other devices such as PDA’s, MP3 players, and GPS receivers. One of the most interesting things about a cell phone is that it is actually a radio, an extremely sophisticated radio. The man who invented the telephone was Alexander Graham Bell (top right) in 1876. Wireless communication can trace its roots to the invention of the radio by Nikolai Telsa in the 1880s. When these two great technologies are combined it made the cell phone. People who needed mobile-communication devices had radio telephones in their cars. In the radio-telephone systems, there was one central antenna tower per city, and perhaps 25 channels available on the tower. In your car you needed a powerful transmitter. Not everyone could have a radio telephone because there were only 25 channels available per city. Each cell phone has a cellular system. A cellular system is a division of a city into small cells. Each cell has a base station that consists of a tower and a small building containing the radio equipment this allows widespread frequency reuse across a city, so that millions of people can use cell phones all at once. Each cell is typically sized at and covers about a 10 square miles radius. There is a requirement to have large number of base stations in a city of any size to make cell phone use function conveniently. A typical city can have hundreds of towers placed in certain regions to cover most of the areas completely. Central offices called the Mobile Telephone Switching Office (MTSO) handles all of the phone connections to the normal-based phone system, and controls all of the base stations in the region. Each carrier in each city runs a MTSO. All call phones have codes related to them. The codes are used to identify the phones owner, phone, and the service provider that they use. When a person first turns on their phone it listens for a System Identification Code (SID) on the control panel. A SID is a unique 5-digit number that is assigned to each carrier by the FCC. This is a unique frequency that the phone is based on. When you receive or make a call first, your cell phone radios the nearest tower. Next, a wire or fiber optic line carries the call down to the wireless access point connected to a multi-port switch. Then the call (along with many others) gets routed to a back haul – usually down to an underground wire T1 or T3 line, but sometimes back up the mast to a powerful line-of-sight wireless microwave antenna (typically only used either when there isn’t a ground connection, or when the ground connection is poor.) The incoming call or data comes back from the back haul and up through the switch to the antenna, where it then hits your phone. If you are moving, then there is a hand off – a new but more or less identical cell site transmits the data to your phone, once your phone check in. The benefits of having a cell phone is you can have long distance phone calls anywhere you are as long as you are in rang of a tower. Cell phones are great for emergencies. They have 911 panic buttons and GPS locations to find someone that is missing and has a GPS locator on their cell phone. Also if your in a panic and cant get your phone to type 911, most phones have a 911 panic button and it will call for help. For business people, the advantages are endless because cell phones have internet. Also being able to contact associates and clients is important in all situations. Important issues can be solved at anytime, regardless of time zones and locations. Also cell phones can be used as legal evidence standards. Cell phones and their records have been used in court rooms as evidence, and are also used be law enforcement officers and investigators for recording and evidence. The disadvantages of having a cell phone is they cost a lot. They can range from $40 to over $300. You can also have additional costs for apps, music, games, and many more things. The only way of getting out of your cell phone plan is to pay a termination fee of &150 or more. Cell phones can be big distractions. They can ring during a movie, music concerts, plays and other areas where silence is required. Also during driving, because cell phone use while driving has caused so many accidents that five states had banned calls while driving and 12 states had prohibited text messaging while driving. 21 States had prohibited any use of cell phones while driving (except for emergencies) including Washington state. Cell phones can also have lack of privacy because cell phones provide no audio feedback through the ear piece. Some people talk much louder with cell phones then they do on land lines. This exposes the people around them to their conversations. Cell phones emit low levels of RF (radio frequency) radiation. Large amounts of this energy can heat and damage tissue, especially around the eyes and testicles, which do not have enough blood flow to carry away such heat. This is also concern that cell phones might cause cancer, headaches, sleeping problems, and memory loss. Brian, Marshall. â€Å"How Cell Phones Work.† HowStuffWorks – Learn How Everything Works! 2011. Web. 27 Jan. 2011. . â€Å"Cell Phone and Wireless Service Planing Guide.† Cell Phone and Wireless Service Plan Buying Guide. 2010. Web. 27 Jan. 2011. . â€Å"Disadvantages of Cell Phones.† EHow | How To Do Just About Everything! | How To Videos & Articles. 14 Apr. 2010. Web. 27 Jan. 2011. . â€Å"How Cell Phones Work.† Cell Phones. 2008. Web. 27 Jan. 2011. .

Agricultural mechanics

Agricultural mechanics â€Å"Agricultural mechanics are responsible for fixing tractors, combines and other farming implements. Often, mechanics use specialized skills and experience to locate and diagnose the machine’s problem and then generate a cost-effective solution. In this endeavor, agricultural mechanics may use computer-aided systems to help troubleshoot and even repair the faulty part or parts. This position might include tasks ranging from working on an engine’s electrical system or carburetor to welding cracked pipe fittings. Job Duties These types of mechanics are responsible for a variety of tasks associated with the repair and maintenance of farming equipment.Generally, agriculture mechanics use tools to diagnose and then fix problems in a machine’s systems. This step-by-step process may involve replacement of parts or upgrading of outdated components. In some instances, only a calibration or installation is required, such as equipping a chain to a chainsaw or calibrating a fertilizer dispensing system. Job Requirements Education There are a few requirements for prospective agricultural mechanics entering the industry. Educationally, only a high school diploma is required for the majority of positions. Students should take physics, mathematics, and car repair courses while in high school to help facilitate transitioning into a job environment. Some high schools even offer cooperative education courses for gaining on-the-job experience.A few positions that work with heavy machinery, such as tractors and combines, may require completion of a college program. These technical programs vary depending on what type of machine or component is involved. Automotive courses in diesel engine repair and heavy equipment systems are possible appropriate post-secondary paths for agricultural mechanics. Work Experience Some employers require a mechanic to have some repair experience under their belt before applying. Some high schools and technical colleges provide hands-on work experience for inexperienced students. In other instances, employers hire unskilled mechanics and make them work on menial tasks at first, then gradually move them into to more labor-intensive positions. Salary Info and Job Outlook According to the U.S. Bureau of Labor Statistics, the employment of farm equipment mechanics and service technicians is expected to grow by 7% from 2014-2024, which is about average for all occupations. The BLS also reported the median annual salary for this career field as $37,050 in May 2015. Agricultural maintenance technicians need to have an understanding of mechanics and heavy machinery in order to perform their duties. A high school diploma is sufficient for employment in most cases; however, jobs that involve work with heavy machinery might only be open to applicants who’ve completed a formal college training program. On-the-job training is the most common form of technical training agricultural maintenance technicians receive.†

Production Scheduling and Control Research Paper - 1

Production Scheduling and Control - Research Paper Example Batching was done by having customers waiting in queue sit at the bar until a table is freed. Then, these customers are led inside in batches of eight (8). Thus, there were several occasions when complete strangers would be seated in one table but very few instances when a table seats less than it can fully accommodate. This queer but very revolutionary idea did what it was supposed to do --- maximize throughput. Throughput is another simple yet very underutilized factor in running a business. In simple words, throughput â€Å"is a sales-building concept measured by sales per hour† (Florence, 2008). Maximized throughput leads to maximized sales which consequently leads to maximized profits. The simulation that was used showed how efficient and effective batching is especially during the peak hours because it was able to significantly reduce the presence of variability in the business operations. Variability is the main culprit in not achieving full utilization of a restaurant’s capacity and thus not maximizing throughput (Ernst and Schmidt, 2005). Batching removes variability by making sure that a table is fully maximized because it seats the exact number which it is supposed to, not leaving an empty seat and thus not wasting capacity. The graph that was provided in the website clearly shows that with batching, more people are seated and the number of those waiting in queue or at the bar is reduced. Also, because customers are seated much faster, fewer customers are lost with batching than without. This great idea translates to the ultimate goal of any business --- achieve maximum profitability of the operations. Batching does that exactly. Because more people are seated, more people are served and that translates to profit. Because people do not wait too long in queue, they are more satisfied and that also translates to profit. In fact, figures from the simulation activity show that while batching created a profit of

Use of Digital Media within Organisations Case Study

Use of Digital Media within Organisations - Case Study Example In the recent years, facing stiff competition in industries and the high need to cut costs while still maintaining efficiency in businesses has seen the rapid growth and development of digital solutions for businesses. A key area in which digital media has greatly been used by the various businesses is communication. Communication is a critical success factor in the business world and hence the development and improvement of digital media such as web videos, availability of e-books and social media have been key turnaround factors for business organisations. In the above mentioned case study involving virgin media, it is demonstrated beyond reasonable doubt that the use of digital media has a positive rather than negative impact on the performance of an organisation depending on the overall objective for the incorporation of digital media was. Here, the objectives of the study were to raise awareness of Virgin Media HD football packages through online mobile marketing and this was sp ecifically targeting the users of iPhones. The brand basically wanted to use a new, innovative and creative mobile marketing form in a bid to get the attention of football fans browsing the Guardian mobile internet website. Virgin media was working I partnership with an advertising agency, 4th street advertising. The main objective that was to be achieved was to get the information on virgin media HD football channels to a specific target audience which was football fans who owned iPhones. This was done through the execution of a well laid out strategy that involved exposing the target audience to the advertising message and a clear action that encouraged the recipients to learn more about the products and services offered by virgin media. Additionally, the advertisement campaign provided value addition with a calendar sync option that enabled the users with a fixture list of all games to be televised of the English Premier League. The intended purpose was to improve customer loyalt y and give then pride in being virgin customers. The banner bearing the campaign on the website was easy to use and access and it provided users with two calls-to-action. â€Å"Find out more about Virgin Media Football Packages† and â€Å"Sync televised games with calendar†. The call to action that allowed the audience to find out more about various other packages offered allowed the organisation to put across all or other products that the potential clients may not have been well aware of. The results obtained from the implementation of digital media in communicating to the target audience produced splendid results for Virgin Media. The creative execution drove high interactivity with the brand from the target audience. During the quarter to December after the launch of the digitized media in August, Virgin added over 100,000 Sky premium subscribers to reach a total of 725,000. As depicted clearly, clear and simple messages via digital media are a really positive way to communicate to potential customers. I chose to break down the in depth analysis of the effect of digital communication in this above briefly introduced scenario within in topics that depict every step of the process. Goal of Organisation The goal of Virgin media, according to the scenario, was to raise awareness of Virgin Media HD football packages that were in store for avid football fans via mobile advertising and targeting specifically iPhone users. The brand aimed to employ innovative

Legalizing Marijuana Essay Example | Topics and Well Written Essays - 500 words

Legalizing Marijuana - Essay Example ers of marijuana will accost only its users, the truth has it that marijuana use readily and inevitably attracts crime, violence and social disintegration. The government will also incur unforeseen expenses as it disburses more funds to the healthcare sector, for the treatment of marijuana-triggered conditions. The cause of these problems is the very nature of marijuana itself. Marijuana smoke contains 50- 70% more carcinogenic hydrocarbons, compared to tobacco smoke. Similarly, the fact that a single puff of marijuana smoke significantly alters chemical composition of the brain is a matter that is amenable to psychological complications and poor health. For the most part, the party that is culpable for blame is the people who voted for the decriminalization of marijuana. Given that the majority voted in favor of the legislation of marijuana as is disclosed by the BBC, there was nothing much policy makers and legislators could do. Partly, human rights caucuses such as ACLU are guilty of championing for the legislation of marijuana without sincerely informing the public about the dangers of the unprescribed use of marijuana. Likewise, other research organizations that falsely assert that there are no side effects of marijuana are to blame for the failure to be truthful (BBC, 1). To address this problem, it will be important to conscientize the public towards the pitfalls that come with the use of marijuana. It is from this juncture that the public can make informed decision on the matter. This idea is tenable because positive change emanates from a point of knowledge and self-resolution. Self-resolution will be important for all stakeholders herein. For instance, while parents will see the need to reinforce positive influence on their children concerning this problem, legislators may see the need to push for abrogation of the clause that legalized marijuana. From this point, the conscientized public may vote wisely. Others may propose the maintenance of status

Comments on readings Assignment Example | Topics and Well Written Essays - 1000 words

Comments on readings - Assignment Example Family emergencies with the children whether they are in school or at home will keep her away from her work responsibilities not to mention seeking maternity leave for over three months in order to go deliver and take care of her child. This is more than a company can handle and is actually a loss to them. People have erroneously taken flexible working arrangement as an arrangement which is only for the people with families or rather young children. This is however only a myth as it is a high potential issue even with those without children as it provides convenience and more growth opportunities for an individual. All these myths about flexible working arrangement needs to be put out in the public and people dissuaded from using them once they learn the truth through research. The fact that everybody or at least most people would like the opportunity to juggle between wok and personal time but still get paid doing so is a reality on the ground for many companies (Beninger and Carter, 2013). There are a lot of myths which for a long time have been thought to be truthful as research indicates. The facts being provided by this article should be made public through proper communication pattern to the people. The human resource manager can be in the best position to do so once an individual is hired. Gender gaps are a reality in society and unless something is done about them, they will always be an issue for everyone and especially the women. Gender gaps are social constructs which means they can not only be filled through the correct channels but they can also be completely eliminated by the society if great efforts are dedicated to it. The gender gaps are most common in the employment industries and especially in regards to wages as explained by the author. This has been allowed to continue even though there are laws stating otherwise. What needs to be done

Influence of Cold War on Development i the Third World Essay

Influence of Cold War on Development i the Third World - Essay Example Third world countries adopted capitalist economy that has hindered their developments in many ways. Considering the level of human interference such as government regulations, selfish interests and communism policies can be claimed to have hindered development. Permanent economic forces such as the forces of demand, supply, unemployment, and inflation have been consistently applied in academic teachings where the forces are traced into a perfect self-balance in the free market economies. Unlike the free market economies that could have enabled third world countries to improve their economic prosperity through the self-balancing forces, the capitalist economies have continually had effective development. The forces of unemployment have driven most third world countries into underutilization of resources that could have been effectively used to advance economic developments into industrialization and self-sufficiency among the states. Moreover, third world countries continue to become under-developed due to lack of balance of the controlled and government regulated markets (Arnold Harberger, 1998, p50-54) The ideologies of capitalist states that spilled over into the third world countries have resulted in ownership of the biggest percentage of states resources by a few individuals, while the majority of the population continue to languished in poverty. The ideological frameworks have led into high level of inequality among people, since land and asset owners have accumulated wealth from the middle class and forced them into poverty. A good example of the capitalists market is Chile, which has experienced societal war of the middle class and the poor against the rich. Indeed, forty-five percent of the population was below the poverty line while ten percent of the population increased their income by eighty three percent since the introduction of the capitalist rule (Eduardo Galeano, 1983, p86). Geo-Political Framework It is believed that third world countries have remained underdeveloped due to domination of political framework where the society is forced into accepting the non-communi st system of governance and economic strategy. The systems of communism where people exist freely without being restricted and operating in free markets were barred by dictatorial rule. According to Garner (N.d), this kind of dictatorial rule seeks to manifest its ideologies and establish itself at the expense of the welfare of the society that has utilized liberal ideologies to build itself and live in harmony. The story of the three little pigs that built their houses with liberal ideas and freedom of choice represents the free market economy where democracy exists. This kind of ideology is what the third world countries need to protect against the ‘Wolf and its imperialist rule’ to achieve development and industrialization. This kind of government often faces a threat of revolution among members of the society. The Nicaraguan case is viewed as a social movement towards revolution against the imperialist ideological rule that has degraded humanity in poverty and despe ration (Ross and Levy, N.d, 410). Dictatorial rule was seen to subject citizens who were against this kind of rule to torture and even death. Citizens who were seen to have ideologies that were contrary to the system of

Business Ethics Case Study Example | Topics and Well Written Essays - 500 words - 1

Business Ethics - Case Study Example He was also supposed to decide whether the company would sell their apple juice from the finished products manufactured by the PAI trade group. There was a lot of supposition  that the juice was adulterated with water and sugar syrup instead of pure apple concentrate. The CEO was supposed to determine the faults in the product lifecycle and still maintain a good relation with the nestle company. The CEO was required to clear the adulteration accuse of the company and make it regain its normal sales and market share. He was required to identify the faulty areas in the company, but the route he followed awoke the crisis. He called a meeting with the department heads and stakeholders and expected that they would give him an insight to the problem. The CEO handled the problem by considering perspectives of stakeholders rather than identifying the problem and dealing with it (Burke 1988). He was morally obligated to follow a certain procedure while making decisions. However, the issue at hand demanded better handling of the problem. Bruce McIntosh was responsible for ensuring that the products met the set quality standards. He believed that the PAI test was bias and was aimed at supporting domestic apple growers. He argued that the tests done by the detectives were not passed by the government agencies and hence he supported filing a lawsuit against universal. His perspective was to follow the ethic of quality set by nestle. Tom Storer was the head of operations and Canajoharie plant and was responsible for ensuring plants operated efficiently and profitably (Burke 1988). He supported cutting the cost of raw material on the expense of having pure materials. He signed contractual agreements with universal and hence authenticated the materials used. He did not take note of any previous warnings by their former supplier (Haskins), and he defended universal’s purity and price. He was

Important technical development Essay Example for Free

Important technical development Essay The most important technical development was the unitization of the liner shipping business. The shipping industry has been so successful at exploiting this technical development that the cost of sea transport has hardly increased. Coal and Oil cost little more to transport in the mid 1990s than in 1940s. Those important causes which are mostly affecting the demand for sea transport are 8 The World Economy : As it was discussed before that world economy with its output and trade is the most important single factor to generate demand for shipping and any crisis in the world economy reflects in the demand for shipping. In table 01 its clear that ups and downs of shipping demand is also proportionate to world trade. There are 03 different aspects of the world economy that may bring about change in the demand for sea transport ,which are- The Business Cycle: The business cycle lays the foundation for freight cycles. Fluctuation in the rate of economic growth work through in to the sea borne trade, creating a cycle pattern of demand for ships. For example, two major recession in shipping business in 1975 and 1981-1983 ,which co-incited with the recession of the world economy. This economic cycles arise from a combination of external and internal factors. The external factors include events such as wars or sudden changes in commodity prices such as crude oil, which cause a sudden change in demand. Internal factors refer to the dynamic structure of the world economy itself, which it is argued, leads naturally to a cyclical rather than linear growth path. Five of the most common business cycles are- I. The Multiplier and accelerator : The main internal mechanism which creates cycles is the interplay between consumption and investment. II. Time-lags: The delays between economic decision and their implementation can make cyclical fluctuation more extreme. The shipping markets provides and excellent example for this. During a shipping market boom, ship owners order ships that are not delivered until the market has gone into recession. When the arrival of the new ships at a time when there is already a surplus, further discourages new ordering just at the time when shipbuilders are running out of work. The result of their time lags is to make booms and recession more extreme and cyclical. III. Stock building : It produces sudden burst of demand as industries adjust their stocks during the business cycle. On several occasion shipping boom have been driven by short-term stock building by industry in anticipation of future shortage or price rises. Examples are the Korean war in 1952-53, the dry cargo boom of 1974-75, mini tankers boom in 1979 and summer 1986. Tanker booms were caused by temporary stock building by the world oil industry. IV. Mass psychology : If people act in an imitative manner a particular trend will build up to a level where they can affect the whole economic system. Their periods of optimism and pessimism become self fulfilling through the medium of stock exchanges, financial booms and the behaviour of investment. V. Random shocks : Random shocks such as wars, weather changes, new resources, commodity price changes, which upset the stability of economic system may contribute to the cyclical process. Its impact on the shipping market is often very severe ,for example ,1930s depression which followed by the wall street crash of 1929. Other two aspects are The trade elasticity and The trade development cycle-which are correlated to business cycle. Other factors which have very strong influence on shipping demand are Transport cost. Transport cost are an element in the costs of production and If transport Costs are low ,its possible for domestic commodities to be substituted for the cheaper goods supplied over great distances, which will create business opportunities for shipping. The globalisation of the world economy has reinforced the inherent and unique internationalism and fluidity of the shipping industry, while over the same period the industry has become vastly more productive, with very much larger, faster ships and new techniques such as containerisation. By understanding and exploiting world economic activities and trade pattern along with all the other factors stated above, which are mostly controlling the shipping demand, ship owners and shipping management can achieve maximum business profit. From table one it is clear that the future growth of world trade and out put will definitely create more demand for shipping. Thus the derived demand nature of shipping demand creating huge opportunity for ship owners and shipping management to profit from the ups and downs of world trade. References 1. whitepaper of DTLR on British Shipping Charting a New Course ,para-9,obtained from www. shipping. dtlr. gov. uk/cnc/index. html ,or menu-whitepaper, october2001. 2. Chrzanowski I, 1985, An Introduction To Shipping Economics, Fairplay Publications. 3. Abrahamsson B J, 1980,International Ocean Shipping: Current Concepts and Principal, WestView Press. 4. McConville J,1999,Economics of Maritime Tansport,p42,The Institute of Chartered Shipbrokers, London  www.isl.org

Using The Evaluation Framework Economics Essay

Using The Evaluation Framework Economics Essay The possession of an ownership advantage gives a firm the opportunity to sell goods overseas but it fails to explain why this is carried out through production in the foreign market rather than exporting to the foreign market. As a result, there is the need for an evaluation framework. LEARNING OBJECTIVES By the end of this Unit, you should be able to understand and grasp the following: the importance of an evaluation framework; the 4 criteria of the evaluation framework; assess the contribution of MNEs in a foreign country by using the Evaluation Framework. THE EVALUATION FRAMEWORK The contribution of MNEs to the development of the host nation, more particularly developing countries or LDCs has been the subject of much debate over the years. Whilst it is generally accepted that MNEs do contribute by way of technology transfer, skills diffusion and by bringing much needed finance capital, nevertheless criticisms abound as to the negative impact of MNEs in that they are viewed as exploiting the local labour force, they transfer outdated technology, and they strip the LDCs of much needed resources. However, MNEs were and still remain a very important ingredient of growth, especially for developing countries. This is why it is crucial for a host countrys government that it should be able to assess FDI in a policy context. The latter process is usually done by way of an Evaluation Framework. An evaluation framework usually encompasses 4 criteria. 3.3 Efficiency of Resource Allocation Efficiency of resource allocation relates to the extent to which there exist complementarities between of economic interests between the multinationals and the host countries. In a similar vein, it highlights the following: under what conditions do the operations of the TNC in a host country contribute to the world economic welfare that could not be achieved before? However, the presence of MNEs in host countries is often prompted by government-induced imperfections including protection from imports. Such a situation mainly occurred when countries were adopting an import substitution industrialization strategy. Adopting an import-substitution strategy entailed a high level of protection, via tariffs, import restriction measures and quotas, which discriminated against exports via explicit and implicit tax of export activities and an overvalued foreign exchange rate. Also, the government used investment license, differential taxes, tax holidays, exemptions and remissions to influence resource allocation between industries and sectors. The proponents of IS strategy firmly believed that they would be able to meet the domestic demand for manufacturing products; provide employment opportunities for skilled labour; ease pressure on the balance of payment and strengthen the long term productive capacity of the economy by importing the production technology via foreign firms  [1]  and by using the infant industry argument. Under such an era of protectionism  [2]  , MNEs were mainly regarded as being of a market-seeking  [3]   nature. Firms set up plant within foreign nations in order to supply their national markets in the most profitable way possible. The key location advantages (in Dunnings terminology) which determined these market-seeking investments were the cross-border transport and communication costs; artificial barriers (import restrictions) to trade in goods and services; the size, income per capita and the expected growth of the local market. Though cost considerations were deemed important and even decisive in certain marginal markets, an efficiency-seeking motivation was deemed to be of a very secondary nature (Pearce, 1999). However, the overwhelming consensus is that IS was a failure  [4]  . IS strategy has turned out to be self-defeating since it has resulted in huge increases in imports of equipment and inputs while transfer pricing constituted a severe drain on foreign exchange. Also, IS granted excessive protection to industries producing inefficiently non-essential goods for high-income elite. Furthermore, fiscal credit and exchange rate policies, coupled with subsidies on imports of capital goods, made it possible and advantageous to entrepreneurs to rely on high capital intensive equipment produced abroad and technology unsuited to the factor proportions prevailing in less developed countries. As a result, a new orthodoxy emerged in the late 60s and early 70s which stressed the role of exports of labour intensive manufactures as an engine of growth. This represented a return to the static theory of comparative advantage with trade based upon different factor proportions prevailing in various countries which meant that the pendulum turned full swing for development policy in LDCs from import substitution to manufactured exports. Export oriented strategy not only encourages free trade  [5]  , but also the free movement of capital, labour, enterprises and an open system of communication. It also entailed more efficient allocation of resources with firms competing internationally  [6]  based on their relative comparative advantages. These considerations, coupled with the emergence of trade blocks, were factors motivating changes in the strategic orientation of MNEs. MNEs underwent a complete restructuring of their global and regional supply profiles. This entailed locating  [7]  manufacturing operations in only a few countries but exporting for a wider market. Each subsidiary were opened to a fully competitive market situation which permitted the realisation of economies of scale and the attainment of optimal efficiency in production (Pearce, 1999). The where to produce clearly gained in prominence during such an era which led to MNEs redistributing their unchanged ownership advantages in order to create an international network of subsidiaries  [8]  which optimised their supply of established range of products. Thus, investments undertaken by MNEs were mainly of an efficiency-seeking nature. However, one should not underestimate the crucial role played by the government during that period. It was not only the choice of trade strategy but also the appropriate role of government policy which was at the heart of the development issue. For example, export-oriented growth and appropriate macroeconomic policies  [9]  were mutually of economic development in the NICs. The integration of NICs into world and regional economies was essential for their long-term growth. This required less government intervention and greater reliance on private initiatives and market forces. It provided an environment conducive to foreign investment and domestic entrepreneurship. The Government was expected to actively promote economic growth and use its resources to direct and support the private industry. It was the pursuit of such appropriate policies by these developing countries governments permitted shifts in their pattern of international specialisation in response to the changing structure of their comparative advantage at different levels of industrial development. As a result, the efficiency of resource allocation improved, the rates of growth accelerated, with benefits accruing to all concerned. DISTRIBUTION Distribution relates to the extent to which the gains arising from the MNEs operations are distributed between the partners. The host country would demand a fair share of the benefits created by the investment. However, the identification of a fair distribution is very difficult since it is almost impossible to price correctly some contribution such as technology diffusion and managerial expertise which are intangible in nature. In addition, the issue of distribution is even more contentious especially when profits of the multinationals are due less to the efficiency of resource allocation and more to market distortions or imperfections created and sustained in the first place by the government to attract these foreign firms. Also, the distribution of such rent is influenced by the relative bargaining strength of the multinationals and the host governments in the light of factors such as tax concessions, tariff protection and labour training. In this light, it may be argued that there is a direct relationship between the bargaining strength of the host country and its level of industrialization such that, the lower the industrialization level, the weaker its bargaining power. Finally, host nations are unable to extract their fair share of benefits because imperfections in the market for factors of production in which the multinationals are strong permits them to earn monopoly rent on these factors. SOVEREIGNTY Sovereignty relates to the ways in which the multinational may compromise the economic independence of host nations in either the short or long term. It highlights how the behaviour of multinationals may compromise the effectiveness of certain aspects of the host countries policies. For example, the intra-group transfer of rent, via transfer pricing practices, may undermine the autonomy of the host countries in areas such as fiscal policy, monetary policy, trade policy and its attempt to control and organize the structure of industries. SELF RELIANCE Self-reliance relates to the ways in which the operations of the multinational may undermine the viability or independence of local firms or enhance their potential. The self-reliance issue also crops up during the investigations of the impact of multinationals on the industrial structure of the host nations; for e.g. the level of concentration and/or modes of operations. It is also concerned with whether the operations of multinationals in the host nations may either enhance or hold back the availability of particular types of skills for local enterprises since there are claims that multinationals remunerate better their employees than local enterprises. However, there is no reason as to why the relationship between local enterprises and multinationals should be a competitive one. They may in fact complement each other rather than act as rivals. For e.g. multinationals may have recourse to indigenous forms for their supply of inputs and this may lead to significant benefits for the indigenous firms by way of improved technology, better quality control procedures and diffusion of skills. EXERCISES 1. MAURITIUS CASE STUDY Mauritius is unique in having had a wealthy class of sugar plantation owners who were actively seeking to diversify their investments in the first years of independence. They have experimented with horticultural and industrial exports, as well as with tourist facilities, for many years. It took the arrival of Hong Kong and Taiwan textile firms to get industrialization going, however. And South African hotel chains first brought the tourist facilities up to world class standards. Why couldnt they do it alone? The key missing ingredient was the much vaunted keystone of the new economy: knowledge. Mauritian investors lacked the depth and breadth of knowledge needed to create viable industry and tourism on their own. The overseas Chinese and South African investors brought in-depth knowledge of how to run an efficient firm. They also had intimate knowledge of customers and their preferences, as well of what the competition was offering. They were able to train the Mauritian workforce, interspersing production lines with faster Chinese workers and more flexible Indian ones to bring up productivity. Domestic investors, whether the sugar barons or more locals of more modest and ethnically diverse origins, unanimously reported that they were not squeezed out by foreign investment. On the contrary, they worked with, learned from, and in many cases bought out foreign investors. Ethnicity has been handled delicately in Mauritius, in surprising contrast to analysts predictions at independence. The few dozen Franco-Mauritian sugar barons who controlled the economy at independence in 1970 faced the classic South African nightmare of being washed into the sea. The majority of the electorate comprised landless descendants of cane-cutters brought in from the Indian subcontinent as contract labor. Yet Mauritians found a stable accommodation, in both politics and the economy. The constitution explicitly recognizes ethnic minorities, providing for 10 percent of parliamentary seats to go to also rans from ethnic minorities that would otherwise not be represented. The tiny new polity attained in two decades an economic transition from monocrop Sugar Island to a balanced economy in which textiles, tourism and sugar are the pillars. New forays are being made into business services, information technology and other diverse export products. Indo-Mauritians are still minimally represented as entrepreneurs, though they dominate the civil service. Sino-Mauritians, hitherto concentrated in smallscale commerce, enhanced their status through association with Hong Kong and Taiwan industrialists whose knowhow and investment initiated the textile sector. Economic tensions are worked out in annual tripartite negotiations between labor, government and employers, most of whom are Franco-Mauritians. Sound institutions have played a critical role in the process. The rule of law has prevailed consistently. The sturdy financial sector, led by Mauritius State Bank since 1828, provides investment capital to both domestic and foreign investors. The British tradition schools graduate fully bilingual, often tri- and quadrilingual students, whom employers find a great asset in the new global economy. Foreign And Local Investment In Mauritius Mauritius was chosen as a case study because it has a reputation as a country in which foreign investment has played a critical and unanticipated role in industrialization, driven largely by good policies. The case study bore this out, but added great complexity to the portrait. Ethnicity was a complicating factor that could have derailed growth, and sound institutions played as important a role as policies in its success. An Overview of Investment Policy and Performance in Mauritius In the 1960s as independence from Britain approached, James Meade and Burton Benedict published several studies that foresaw a bleak economic and political future for Mauritius.11 Meade proposed strategies to improve the standard of living while taking into consideration projected continuing rapid population growth (then over 3% per year). He foresaw pressures of population growth on economic resources on this small volcanic isle and suggested several mitigating strategies, including increasing productivity, encouraging emigration and family planning. Burton Benedict challenged Meades proposed solutions, asserting that even if Meades suggestions on ways to increase productivity were followed, this would not produce results strong enough to counter the population growth problem. To the Malthusian logic in these first analyses, Benedict added concern over the future political stability of Mauritius. He analyzed the 1953 and 1962 censuses and documented the impact of ethnic, religious, caste and linguistic fragmentation on local politics-from the national level to the squabbles over a repair contract for a small town road. He began with the observation that Mauritians rarely identified themselves and others as Mauritians. In 1962 people from the Indian subcontinent were the majority, but did not comprise a single ethnic group. 50.5 percent of the population was Hindu and 16.2 percent Muslim Chinese comprised 3.4 percent of the population, and the General Population, mainly Creoles and Franco-Mauritians constituted 29.9 percent. Although Africans had been brought to Mauritius in slavery, African languages and ethnic groups had melded into a mixed population speaking the Creole French patois that gradually became a lingua franca of the Island. The Indo-Mauritian population was 63 percent Hindu Sanatan and 19 percent Muslim Hanafi. There were generally endogamous minority sects of both major religions (the largest of which were Arya Samaj and Ahmadiyya), as well as Indian Christians. Castes had consolidated into a bipolar mode. They had no corporate organization, but were generally endogamous. Chinese were nearly evenly split between Christians and Buddhists. Indo-Mauritians were further split by language, which sometimes had ethnic connotations. Hindi was the mother tongue of 36 percent of the total population and Urdu of 13.5 percent. Smaller Tamil and Telugu groups rarely intermarried with other Hindus. The General population of metisse, Franco-Mauritians and others was 96 percent Roman Catholic. The Franco-Mauritian families, are mostly descendants of French nobility who fled there during the French Revolution. The British gained control of the island during the Napoleonic wars andgoverned it until 1968, but the French families dominated the domestic society and economy. For the dependency theorists of the 60s, Mauritius was an archetypical monocrop colonial economy. It depended on sugar for 99 percent of exports and one third of GDP. Cane fields occupied 90 percent of arable land. Of that, 55 percent was owned by 25 Franco-Mauritian families, often dubbed sugar barons. The remaining 45 percent of sugar estates were owned by 84,000 small farmers, predominantly of Indian origin. Almost no food was produced on the island. The majority who would dominate numerically in a democratic Mauritius was a land-poor population of former indentured laborers on sugar plantations from the Indian subcontinent. Until recently they had been considered transients, not counted as members of the population. Benedicts complex analysis of the ethnic situation did little to lift the prevailing pessimism about Mauritius future. The colonial government commissioned Meade to head an appointed commission to produce an economic strategy. The Meade Report was to strongly influence the government in creating its initial import substitution industrialization policy. The key recommendations in the Meade Report included tariff protection for certain local industries, a decrease of corporate tax from 40 to 30 percent, tax holidays for five of the first eight years of a company, priority of capital expenditure for projects leading to productive employment and the abolition of tariffs on importation of machine tools and equipment. These policies already focused on investment promotion, a policy which successive Mauritian governments have consistently favored. Even as early as 1960, investment in Mauritius reached 30% of GDP, a figure only recently achieved by the most successful economies in East Asia and largely unheard of in the developing world. At this time, however, neither the new government of Mauritius, nor others in the developing world, had recognized the connection between investment policy and the larger political and economic context. A number of trends of the first government, which was dominated by the Mauritian Labour Party from independence in 1968 until 1982, limited the effectiveness of investment promotion incentives. One concern of foreign investors was political stability. There had been some communal violence just before independence, and the new Hindu dominated government maintained a fragile truce with minorities, including Muslim, Chinese and Franco-Mauritians. Other concerns centered around macroeconomic policies. Currency controls and protective tariffs designed to nurture import substitution industries [for the tiny national market], raised energy and transaction costs and times for potential exporters. The involvement of government in labor/ management negotiations and the creation of state corpora tions in key sectors led investors to take a wait and see attitude toward government. And the fledgling transport and telecommunications infrastructure was barely adequate. The idea of creating an export promotion zone (EPZ) was added to the policy mix in 1970, only two years after independence. It was inspired by the success of Taiwan. Within a year the EPZ legislation was passed. In a stroke of brilliance, industrial leaders and policy-makers realized that Mauritius, being a small island with readily controlled access, could declare the whole island an EPZ-it did not need to have a fenced area. This allowed investors to build in dispersed locations, to facilitate transport for their workers and/or their products. Only a few foreign investors took advantage of the EPZ law in the 1970s, however. Mauritius isolated location in the Indian Ocean, its currency controls and uncertain political situation reportedly influenced the first investors to limit their commitments. What became the flagship textile firm, for example, was set up initially to do only the manufacturing marketing and management were based in Japan and Hong Kong respectively. By the end of the 1970s Mauritius was experiencing many of the same problems that other African countries had with state corporations, protective tariffs, and currency controls. With no petroleum resources, it had been hit hard by OPECs escalation of oil prices and the global economic distortions that ensued. Government was running unsustainable annual deficits, the balance of trade was negative, industry was stagnant, and foreign exchange rationing slowed down all transactions. A devastating cyclone catalyzed a change in direction and in government. An alliance of former opposition parties, the Mauritian Militant Movement (MMM) and Mauritian Socialist Party (PSM), won the 1982 elections, changing the dominant party position for the first time since electoral politics was introduced in 1947. The new government scrapped the mixed strategy of the 1970s, liberalized the currency, retreated from subsidizing state corporations, and put its full efforts into voluntary structural adjustment and promoting export-led growth. In retrospect, a recent government report sees that decision as an inevitable logical consequence of Mauritius geographic situation. The report, Mauritius at Crossroads (1995) explains that as a small island, physically limited by lack of arable land and relying solely on sugar for foreign exchange, Mauritius was condemned to turn to an aggressive export strategy. However, it was not until the early 80s that foreign investment actually took off. And, it appears, partly as a consequence so too did domestic investment take off. Today, according to Mauritius at Crossroads, every Mauritian is taught the concept Export or Die. This philosophy has led to the development of a sound business environment which is friendly to investors, both local and foreign, and which offers an attractive investment incentives package to compensate for the lack of resources and the no-longer inexpensive labor force. The older generation of industrial and government leaders also stresses that Mauritians have learned to make a virtue of their ethnic diversity. The switch to an export-led strategy came at a time of crisis. The ill-paid labor force was still predominantly of Indian origin, as was the government, whereas the industrial sector was led by Franco-Mauritians, Hong Kong/Taiwan investors and a few Sino-Mauritians. Several interviewees described the moment as if they had looked at one another, then at the surrounding hundreds of miles of ocean, and decided that they would sink or swim together. For the export strategy, Mauritius needed to reach out to Hong Kong and Taiwan textile magnates, who had the capital and skills to organize a competitive industry. Franco-Mauritian local capital and know-how, and contacts were needed to open up European markets. A cooperative, trainable labor force was needed to attract investors. And government needed to be fully committed to its investor-friendly strategy. Mauritius had hard-working bilingual predominantly male labor force. They were skilled in farming, not industrial work. Most analysts doubted that Hindu or Muslim women would ever come out of the home and into the workplace. Within six or seven years, Mauritius had full employment, and industrial workers were mainly women. Policies were the main, but not the only factor in investment decisions. Promoting investment has been on the top of the governments industrial agenda throughout the different development phases, but the understanding of what works for investors, for government and for the society as a whole, has evolved continuously. The first clearly defined policy came in 1961, as the colonial government began to prepare for an independent Mauritius, with the Industrial Development Tax Relief Act. The Export Processing Zone took effect in 1971, as one of the first acts of the newly independent government. Support services for exporters were given a fillip in 1981 with the Export Service Zones Act. In 1985, the Mauritius Export Development and Investment Authority (MEDIA) was established as the executive arm of the Ministry of Industry. Its main responsibilities are to attract investment, promote exports and manage industrial estates. Investors clearly weighed these incentives against the inconveniences created by location, lack of local food and fuel supplies and small market size. The only major policy disincentive for foreign investors is that they are not allowed to own land. Government has compensated by providing fully equipped industrial sites for lease. Hotel investors generally partner with a local landowner. In the 1980s Mauritius offered inexpensive labor, but within a decade the development of the textile and hotel sectors had brought wages to a middle level, by world standards. From the late 1980s through early 1990s, Mauritius experienced full employment. Rising wages have gradually priced the textile industry out of its mass-production T-shirt lines, and forced b oth government and industry to rethink development strategies. The Industrial Expansion Act of 1993 was a partial response to this dilemma. Through it Mauritius confirmed its commitment to permanent zero tax rates for exporters, and added a bundle of new-targeted incentive programs, providing for high technology investors, offshore financial services and freeport services. The full range of incentive programs Mauritius which were offered is shown in Table 6.1. To increase confidence in the industrial sector in general, corporate tax for manufacturers who do not qualify for the EPZ zerorate was cut from 35 to 15 percent. Table 3.1: Manufacturing Fiscal Incentives INCENTIVE SCHEMES QUALIFYING ACTIVITIES INCENTIVES Export Enterprise (EPZ)  ·Ã¢â€š ¬Ã‚  All manufactured goods for exports  ·Ã¢â€š ¬Ã‚  Produce of deep sea fishing (Including fresh or frozen fish)  ·Ã¢â€š ¬Ã‚  Printing and publishing as well as associated operations  ·Ã¢â€š ¬Ã‚  IT activities  ·Ã¢â€š ¬Ã‚  Agro Industries  ·Ã¢â€š ¬Ã‚  No customs duty, or sales tax on raw materials and equipment  ·Ã¢â€š ¬Ã‚  No corporate tax  ·Ã¢â€š ¬Ã‚  No tax on dividends  ·Ã¢â€š ¬Ã‚  No capital gains tax  ·Ã¢â€š ¬Ã‚  Free repatriation of profits, dividends and capital  ·Ã¢â€š ¬Ã‚  60% remission of customs duties on buses of 15-25 seats used for the transport of workers.  ·Ã¢â€š ¬Ã‚  Exemption from payment of half the normal registration fee on land and buildings by new enterprises.  ·Ã¢â€š ¬Ã‚  Relief on personal income tax for 2 expatriate staff Pioneer Status Enterprise  ·Ã¢â€š ¬Ã‚  Activities involving technology and skills above average existing in Mauritius and likely to enhance industrial and technological development.  ·Ã¢â€š ¬Ã‚  Applicant companies may come under one of three broad categories: (a) new technology, (b) support industries and (c) service industries.  ·Ã¢â€š ¬Ã‚  No customs duty, or sales tax on scheduled equipment or materials.  ·Ã¢â€š ¬Ã‚  15% corporate tax  ·Ã¢â€š ¬Ã‚  No tax on dividends  ·Ã¢â€š ¬Ã‚  Free repatriation of profits, dividends and capital Strategic Local Enterprise  ·Ã¢â€š ¬Ã‚  Local industry manufacturing for the local market and engaged in an activity likely to promote and enhance the economic, industrial and technological development of Mauritius.  ·Ã¢â€š ¬Ã‚  15% corporate tax  ·Ã¢â€š ¬Ã‚  No tax on dividends Modernization and Expansion Enterprise  ·Ã¢â€š ¬Ã‚  Two broad categories:  ·Ã¢â€š ¬Ã‚  Investment in productive machinery and equipment, such as automation equipment and processes and computer applications to industrial design, manufacture and maintenance CAD/CAM)  ·Ã¢â€š ¬Ã‚  Investment in anti-pollution and environment protection technology to be made within 2 years of date of issue of certificate.  ·Ã¢â€š ¬Ã‚  No customs duty on production equipment  ·Ã¢â€š ¬Ã‚  Income tax credit of 10% (spread over 3 years) of investment in new plant and machinery, provided at least Rs 10 million are spent and this occurs within two years of date of issue of certificate. (This is in addition to existing capital allowances which amount to 125%of capital expenditures.)  ·Ã¢â€š ¬Ã‚  Enterprises incurring expenditure on anti-pollution machinery or plant benefit from a further incentive, i.e. an initial allowance of 80% instead of the normal 50% Industrial Building Enterprise Construction for letting purposes of industrial buildings or levels thereof, provided floor space is at least 1000 square meters. Special conditions: The applicant can only be a company intending to erect an industrial building to be let to the holder of a certificate (other than an industrial building enterprise certificate) issued under this Act or to an enterprise engaged in the manufacture or processing of goods or materials except the milling of sugar.  ·Ã¢â€š ¬Ã‚  15% corporate tax  ·Ã¢â€š ¬Ã‚  No tax on dividends  ·Ã¢â€š ¬Ã‚  Registration dues for land purchase: 50% exemption  ·Ã¢â€š ¬Ã‚  There is also a non-fiscal incentive, namely the disapplication of the Landlord and Tenant Act, i.e. rent control Source: Destination Mauritius, Mauritius Export Development and Investment Authority (MEDIA). Table 3.2: Services Fiscal Incentives INCENTIVE SCHEME QUALIFYING ACTIVITIES INCENTIVES Offshore Business Conduct of business with non-residents and in currencies other than the Mauritian Rupee. Activities include: offshore banking, offshore insurance, offshore funds management, international financial services, operational Headquarters, international consultancy services, shipping and ship management, aircraft financing and leasing, international licensing and franchising, international data processing and other information technology services, offshore pension funds, international trading and assets management, international employment se

Human Genetic Screening Essay -- Genes Science Papers

Human Genetic Screening What is genetic screening? Genetic screening is the testing of cells to check for certain kinds of genes, or for potentially damaging changes to those genes. It may be defined as a systematic search for persons with a particular genotype in a defined population. Genetic screening serves as an important adjunct of modern preventive medicine. The usual approach is to identify persons whose genotype places them or their offspring at risk for genetic diseases. Such screening has the potential to lessen the devastating impact of genetic diseases. Genetic screening may be undertaken for research purposes unrelated to disease or the improvement of health. The National Academy of Sciences recommends that genetic screening is an appropriate form of medical care only when certain conditions are met. These include: (1) evidence of substantial public benefit and acceptance, (2) the benefits outweigh the costs; (3) appropriate public education can be carried out; (4) informed consent is feasible; (5) the means are available to evaluate the effectiveness and success of each step in the process (Blank, 1982). Some screening is aimed at the general population, while others are targeted at selective high-risk population; screening can also be conducted at various stages of life. There are three principal types of genetic screening. (1) Newborn screening identifies serious genetic disease at birth, permitting prompt treatment to prevent mental and physical retardation. (2) Fetal screening and prenatal diagnosis identify genetic disease in the fetus permitting selective termination of pregnancy and the opportunity to have children free of defects detectable in uterus. (3) Carrier screening identifies individuals hete... ...5. Fost, N., 1993. Genetic diagnosis and treatment, American Journal of Diseases of Children. 147(11):1190-1195. 6. Knoppers, B.M., 1986. Genetic information and the law: constains, liability and rights. Can Med Assoc J. 135(12):1257-1259. 7. Markel, H.M., 1992. The stigma of disease: implication of genetic screening. The Americal Journal of Medicine 93:209-214. 8. Rowley, P.T., 1984. Genetic screening: marvel or menace? Science 225(4658) Jul 13: 138-144. 9. Waugh, D., 1994. The human-genome project and pandor's box. Can Med Assoc J. 151(1):73. 10. "What is genetic screening" obtained from the WWW: http:/www.scicomm.org.uk/biosis/human/whatis1.html 11. "The principles of genetics and heredity" obtained from the WWW: http:/www.eb.com:180/cgi- bin/g?docF=macro/5002/57/50.html&DBase=Articles&hits=10&context=all ¶gra phType=1&indexremove=off#0102

Less Than Zero :: Essays Papers

Less Than Zero What you need Its not as easy as you think to throw a Rave, this sounds kind of easy, but it take takes a lot of hard work and dedication. The first thing you need is money, and the reason you need money is because you need to make a lot of deposits. If the cash flow isn’t that big then you get what are called investors, they put in their money and hope to get it back. After the money thing isn’t a problem any more then you need to look for a venue, which is not that hard any more because there are new venues everywhere, they’re just popping up. So you need book the venue. Now that you have the location for the date of your party the work begins. Now you need DJ’s, which are not that hard to find. If you know someone then all you need is one booking manager’s number and the rest isn’t hard to find. Because the booking manager usually has other numbers to give to you. So you have a couple of DJ’s but that’s not enough you need at least one headliner DJ. A headliner is a big name DJ and they are usually a little more expensive than the others. Usually the big DJ’s need to be flown in. so a ticket has to be bought and a place to stay. So you need to get in touch with a travel agent. After you have all your DJ’s confirmed, you go off and meet with graphic designers who will design you a flyer. And you need to pay him for the work and for the flyers to get printed. After the flyers are printed then people need to go out and promote the Rave at other places. Anywhere that has the right kind of people. This is not over yet. You need sound, there are a lot of people that do sound, and they bring cabinets of speakers the turn tables everything that’s needs to be brought are there. Usually they will ask you for a deposit. But if you know them it’s not a problem. After the sound is booked, you need to book the lights. So you need to find a person to set up your lights. And when dealing with sound and lights you don’t wan to deal with the cheaper kinds you want the best because the sound and lighting make a big difference.

Free Narrative Essays - Speeding Is A Dead End :: Example Personal Narratives

Speeding Is A Dead End Part of being a human being is learning from our mistakes. It is a natural process that we all experience at various periods of our lives. For instance, throughout the process of learning how to solve mathematics problems, the only method is to practice solving the problems. During this process of solving the problems, it is only natural to make mistakes. By comparison, in life in general, the only way to learn to become a better person is by correcting the mistakes that were previously experienced. During the past eighteen years, I have learned many lessons as a result of primarily making mistakes. My mother always told me to obey the speed limit because one day I will unexpectedly have to pay the price. Not only could I kill myself by speeding, I could kill other innocent people that could have been involved. Moreover, not only did I not comply with the speed limit, I did not obey my mother. Unfortunately, I learned my lesson one gloomy day when I got caught for speeding on a city street by a police officer. It was the typical setting to be accused for a driving offense. The clouds were gray, the roads were slick due to a recent rainfall and there was not many cars on the road encouraging me to drive faster. I had just gone through a yellow light at a major intersection and when I looked straight ahead, there was not a car in sight. Due to the fact that the road was "all mine", I was encouraged to travel twenty-five kilometers over the speed limit. Admittedly, I almost heard my mother telling me to slow down. After my increase in velocity, I noticed I was approaching a downhill. Since I was driving downhill, I was forced to pick up speed and I reached approximately 100 km/h. When I reached the level road again, I was able to see the road ahead. To my surprise, I noticed an old, rotten car parked on the shoulder of the road and a person wearing a hat getting out of it. As I drew nearer, I noticed that it was a police officer directing me to stop the car and park on the shoulder of the

The Vampire Diaries: The Awakening Chapter Fourteen

Elena felt her flesh creep at the words. â€Å"You don't mean that,† she said shakily. She remembered what she had seen on the roof, the blood smeared on Stefan's lips, and she forced herself not to recoil from him. â€Å"Stefan, I know you. You couldn't have done that†¦Ã¢â‚¬  He ignored her protestations, just went on staring with eyes that burned like the green ice at the bottom of a glacier. He was looking through her, into some incomprehensible distance. â€Å"As I lay in bed that night, I hoped against hope that she would come. Already I was noticing some of the changes in myself. I could see better in the dark; it seemed I could hear better. I felt stronger than ever before, full of some elemental energy. And I was hungry. â€Å"It was a hunger I had never imagined. At dinner I found that ordinary food and drink did nothing to satisfy it. I couldn't understand that. And then I saw the white neck of one of the serving girls, and I knew why.† He drew a long breath, his eyes dark and tortured. â€Å"That night, I resisted the need, though it took all my will. I was thinking of Katherine, and praying she would come to me. Praying!† He gave a short laugh. â€Å"If a creature like me can pray.† Elena's fingers were numb within his grasp, but she tried to tighten them, to send him reassurance. â€Å"Go on, Stefan.† He had no trouble speaking now. He seemed almost to have forgotten her presence, as if he were telling this story to himself. â€Å"The next morning the need was stronger. It was as if my own veins were dry and cracked, desperate for moisture. I knew that I couldn't stand it for long. â€Å"I went to Katherine's chambers. I meant to ask her, to plead with her-† His voice cracked. He paused and then went on. â€Å"But Damon was there already, waiting outside her rooms. I could see thathe hadn't resisted the need. The glow of his skin, the spring in his step, told me that. He looked as smug as the cat who's had the cream. â€Å"But he hadn't had Katherine. ‘Knock all you like,' he said to me, ‘but the female dragon inside won't let you past. I've tried already. Shall we overpower her, you and I?' â€Å"I wouldn't answer him. The look on his face, that sly, self-satisfied look, repelled me. I pounded on that door to wake†¦Ã¢â‚¬  He faltered, and then gave another humorless laugh. â€Å"I was going to say, ‘to wake the dead.' But the dead aren't so hard to wake after all, are they?† After a moment, he went on. â€Å"The maid, Gudren, opened the door. She had a face like a flat white plate, and eyes like black glass. I asked her if I could see her mistress. I expected to be told that Katherine was asleep, but instead Gudren just looked at me, then at Damon over my shoulder. † ‘I would not tellhim ,' she said at last, ‘but I will tell you. My lady Katerina is not within. She went out early this morning, to walk in the gardens. She said she had much need of thought.' â€Å"I was surprised. ‘Early this morning?' I said. † ‘Yes,' she replied. She looked at both Damon and me without liking. ‘My mistress was very unhappy last night,' she said meaningfully. ‘All night long, she wept.' â€Å"When she said that, a strange feeling came over me. It wasn't just shame and grief that Katherine should be so unhappy. It was fear. I forgot my hunger and weakness. I even forgot my enmity for Damon. I was filled with haste and a great driving urgency. I turned to Damon and told him that we had to find Katherine, and to my surprise he just nodded. â€Å"We began to search the gardens, calling Katherine's name. I remember just what everything looked like that day. The sun was shining on the high cypress trees and the pines in the garden. Damon and I hurried between them, moving more and more quickly, and calling. We kept calling her†¦Ã¢â‚¬  Elena could feel the tremors in Stefan's body, communicated to her through his tightly gripping fingers. He was breathing rapidly but shallowly. â€Å"We had almost reached the end of the gardens when I remembered a place that Katherine had loved. It was a little way out onto the grounds, a low wall beside a lemon tree. I started there, shouting for her. But as I got closer, I stopped shouting. I felt†¦ a fear-a terrible premonition. And I knew I mustn't-mustn't go-† â€Å"Stefan!† said Elena. He was hurting her, his fingers biting into her own, crushing them. The tremors racing through his body were growing, becoming shudders. â€Å"Stefan, please!† But he gave no sign that he heard her. â€Å"It was like-a nightmare-everything happening so slowly. I couldn't move-and yet I had to. I had to keep walking. With each step, the fear grew stronger. I could smell it. A smell like burned fat. I mustn't go there-I don't want to see it-† His voice had become high and urgent, his breath coming in gasps. His eyes were wide and dilated, like a terrified child's. Elena gripped his viselike fingers with her other hand, enfolding them completely. â€Å"Stefan, it's all right. You're not there. You're here with me.† â€Å"I don't want to see it-but I can't help it. There's something white. Something white under the tree. Don't make me look at it!† â€Å"Stefan, Stefan, look at me!† He was beyond hearing. His words came in heaving spasms, as if he could not control them, could not get them out fast enough. â€Å"I can't go any closer-but I do. I see the tree, the wall. And that white. Behind the tree. White with gold underneath. And then I know, I know, and I'm moving toward it because it's her dress. Katherine's white dress. And I get around the tree and I see it on the ground and it's true. It's Katherine's dress,†-his voice rose and broke in unimaginable horror-â€Å"but Katherine isn't in it.† Elena felt a chill, as if her body had been plunged into ice water. Her skin rose in goose-flesh, and she tried to speak to him but couldn't. He was rattling on as if he could keep the terror away if he kept on talking. â€Å"Katherine isn't there, so maybe it's all a joke, but her dress is on the ground and it's full of ashes. Like the ashes in the hearth, just like that, only these smell of burned flesh. They stink. The smell is making me sick and faint. Beside the sleeve of the dress is a piece of parchment. And on a rock, on a rock a little way away is a ring. A ring with a blue stone, Katherine's ring. Katherine's ring†¦Ã¢â‚¬  Suddenly, he called out in a terrible voice, â€Å"Katherine, what have youdone ?† Then he fell to his knees, releasing Elena's fingers at last, to bury his face in his hands. Elena held him as he was gripped by wracking sobs. She held his shoulders, pulling him to her lap. â€Å"Katherine took the ring off,† she whispered. It was not a question. â€Å"She exposed herself to the sun.† His harsh sobs went on and on, as she held him to the full skirts of the blue gown, stroking his quivering shoulders. She murmured nonsense meant to soothe him, pushing away her own horror. And, presently, he quieted and lifted his head. He spoke thickly, but he seemed to have returned to the present, to have come back. â€Å"The parchment was a note, for me and for Damon. It said she had been selfish, wanting to have both of us. It said-she couldn't bear to be the cause of strife between us. She hoped that once she was gone we would no longer hate each other. She did it to bring us together.† â€Å"Oh, Stefan,† whispered Elena. She felt burning tears fill her own eyes in sympathy. â€Å"Oh, Stefan, I'm so sorry. But don't you see, after all this time, that what Katherine did was wrong? It was selfish, even, and it washer choice. In a way, it had nothing to do with you, or with Damon.† Stefan shook his head as if to shake off the truth of the words. â€Å"She gave her life†¦ for that. We killed her.† He was sitting up now. But his eyes were still dilated, great disks of black, and he had the look of a small bewildered boy. â€Å"Damon came up behind me. He took the note and read it. And then-I think he went mad. We were both mad. I had picked up Katherine's ring, and he tried to take it. He shouldn't have. We struggled. We said terrible things to each other. We each blamed the other for what had happened. I don't remember how we got back to the house, but suddenly I had my sword. We were fighting. I wanted to destroy that arrogant face forever, to kill him. I remember my father shouting from the house. We fought harder, to finish it before he reached us. â€Å"And we were well matched. But Damon had always been stronger, and that day he seemed faster, too, as if he had changed more than I had. And so while my father was still shouting from the window I felt Damon's blade get past my guard. Then I felt it enter my heart.† Elena stared, aghast, but he went on without pause. â€Å"I felt the pain of the steel, I felt it stab through me, deep, deep inside. All the way through, a hard thrust. And then the strength poured out of me and I fell. I lay there on the paved ground.† He looked up at Elena and finished simply, â€Å"And that is how†¦ I died.† Elena sat frozen, as if the ice she'd felt in her chest earlier tonight had flooded out and trapped her. â€Å"Damon came and stood over me and bent down. I could hear my father's cries from far away, and screams from the household, but all I could see was Damon's face. Those black eyes that were like a moonless night. I wanted to hurt him for what he had done to me. For everything he had done to me, and to Katherine.† Stefan was quiet a moment, and then he said, almost dreamily, â€Å"And so I lifted my sword and I killed him. With the last of my strength, I stabbed my brother through the heart.† The storm had moved on, and through the broken window Elena could hear soft night noises, the chirp of crickets, the wind sifting through trees. In Stefan's room, it was very still. â€Å"I knew nothing more until I woke up in my tomb,† said Stefan. He leaned back, away from her, and shut his eyes. His face was pinched and weary, but that awful childlike dreaminess was gone. â€Å"Both Damon and I had had just enough of Katherine's blood to keep us from truly dying. Instead we changed. We woke together in our tomb, dressed in our best clothing, laid on slabs side by side. We were too weak to hurt each other anymore; the blood had been just barely enough. And we were confused. I called to Damon, but he ran outside into the night. â€Å"Fortunately, we had been buried with the rings Katherine had given us. And I found her ring in my pocket.† As if unconsciously, Stefan reached up to stroke the golden circlet. â€Å"I suppose they thought she had given it to me. â€Å"I tried to go home. That was stupid. The servants screamed at the sight of me and ran to fetch a priest. I ran, too. Into the only place where I was safe, into the dark. â€Å"And that is where I've stayed ever since. It's where I belong, Elena. I killed Katherine with my pride and my jealousy, and I killed Damon with my hatred. But I did worse than kill my brother. I damned him. â€Å"If he hadn't died then, with Katherine's blood so strong in his veins, he would have had a chance. In time the blood would have grown weaker, and then passed away. He would have become a normal human again. By killing him then, I condemned him to live in the night. I took away his only chance of salvation.† Stefan laughed bitterly. â€Å"Do you know what the name Salvatore means in Italian, Elena? It means salvation, savior. I'm named that, and for St. Stephen, the first Christian martyr. And I damned my brother to hell.† â€Å"No,† said Elena. And then, in a stronger voice, she said, â€Å"No, Stefan. He damned himself. He killedyou . But what happened to him after that?† â€Å"For a while he joined one of the Free Companies, ruthless mercenaries whose business was to rob and plunder. He wandered across the country with them, fighting and drinking the blood of his victims. â€Å"I was living beyond the city gates by then, half starved, preying on animals, an animal myself. For a long time, I heard nothing about Damon. Then one day I heard his voice in my mind. â€Å"He was stronger than I, because he was drinking human blood. And killing. Humans have the strongest life essence, and their blood gives power. And when they're killed, somehow the life essence they give is strongest of all. It's as if in those last moments of terror and struggle the soul is the most vibrant. Because Damon killed humans, he was able to draw on the Powers more than I was.† â€Å"What†¦ powers?† said Elena. A thought was growing in her mind. â€Å"Strength, as you said, and quickness. A sharpening of all the senses, especially at night. Those are the basics. We can also†¦ feel minds. We can sense their presence, and sometimes the nature of their thoughts. We can cast confusion about weaker minds, either to overwhelm them or to bend them to our will. There are others. With enough human blood we can change our shapes, become animals. And the more you kill, the stronger all the Powers become.† â€Å"Damon's voice in my mind was very strong. He said he was now the condottieri of his own ‘ company and he was coming back to Florence. He said that if I was there when he arrived he would kill me. I believed him, and I left. I've seen him once or twice since then. The threat is always the same, and he's always more powerful. Damon's made the most of his nature, and he seems to glory in its darkest side.† â€Å"But it's my nature, too. The same darkness is inside me. I thought that I could conquer it, but I was wrong. That's why I came here, to Fell's Church. I thought if I settled in some small town, far away from the old memories, I might escape the darkness. And instead, tonight, I killed a man.† † No,† said Elena forcefully. â€Å"I don't believe that, Stefan.† His story had filled her with horror and pity†¦ and fear, too. She admitted that. But her disgust had vanished, and there was one thing she was sure about. Stefan wasn't a murderer. â€Å"What happened tonight, Stefan? Did you argue with Tanner?† â€Å"I†¦ don't remember,† he said bleakly. â€Å"I used the Power to persuade him to do what you wanted. Then I left. But later I felt the dizziness and the weakness come over me. Asit has before.† He looked up at her directly. â€Å"The last time it happened was in the cemetery, right by the church, the night Vickie Bennett was attacked.† â€Å"But you didn't do that. Youcouldn't have done that†¦ Stefan?† â€Å"I don't know,† he said harshly. â€Å"What other explanation is there? And I did take blood from the old man under the bridge, that night you girls ran away from the graveyard. I would have sworn I didn't take enough to harm him, but he almost died. And I was there when both Vickie and Tanner were attacked.† â€Å"But you don't remember attacking them,† said Elena, relieved. The idea that had been growing in her mind was now almost a certainty. â€Å"What difference does it make? Who else could have done it, if not me?† â€Å"Damon,† said Elena. He flinched, and she saw his shoulders tighten again. â€Å"It's a nice thought. I hoped at first that there might be some explanation like that. That it might be someone else, someone like my brother. But I've searched with my mind and found nothing, no other presence. The simplest explanation is that I'm the killer.† â€Å"No,† said Elena, â€Å"you don't understand. I don't just mean that someone like Damon might do the things we've seen. I mean Damon is here, in Fell's Church. I've seen him.† Stefan just stared at her. â€Å"It must be him,† Elena said, taking a deep breath. â€Å"I've seen him twice now, maybe three times. Stefan, you just told me a long story, and now I've got one to tell you.† As quickly and simply as she could, she told him about what had happened in the gym, and at Bonnie's house. His lips tightened into a white line as she told him how Damon had tried to kiss her. Her cheeks grew hot as she remembered her own response, how she had almost given in to him. But she told Stefan everything. About the crow, too, and all the other strange things that had happened since she had come home from France. â€Å"And, Stefan, I think Damon was at the Haunted House tonight,† she finished. â€Å"Just after you felt dizzy in the front room, someone passed me. He was dressed up like-like Death, in black robes and a hood, and I couldn't see his face. But something about the way he moved was familiar. It was him, Stefan. Damon was there.† â€Å"But that still wouldn't explain the other times. Vickie and the old man. Idid take blood from the old man.† Stefan's face was taut, as if he were almost afraid to hope. â€Å"But you said yourself you didn't take enough to harm him. Stefan, who knows what happened to that man after you left? Wouldn't it be the easiest thing in the world for Damon to attack him then? Especially if Damon's been spying on you all along, maybe in some other form†¦Ã¢â‚¬  â€Å"Like a crow,† murmured Stefan. â€Å"Like a crow. And as for Vickie†¦ Stefan, you said that you can cast confusion over weaker minds, overpower them. Couldn't that be what Damon was doing to you? Overpowering your mind as you can overpower a human's?† â€Å"Yes, and shielding his presence from me.† There was mounting excitement in Stefan's voice. â€Å"That's why he hasn't answered my calls. He wanted-† â€Å"He wanted just what's happened to happen. He wanted you to doubt yourself, to think you were a killer.But it isn't true, Stefan . Oh, Stefan, you know that now, and you don't have to be afraid anymore.† She stood up, feeling joy and relief course through her. Out of this hideous night, something wonderful had come. â€Å"That's why you've been so distant with me, isn't it?† she said, holding out her hands to him. â€Å"Because you're afraid of what you might do. But there's no need for that any longer.† â€Å"Isn't there ?† He was breathing quickly again, and he eyed her outstretched hands as if they were two snakes. â€Å"You think there's no reason to be afraid? Damon may have attacked those people, but he doesn't control my thoughts. And you don't know what I've thought about you.† Elena kept her voice level. â€Å"You don't want to hurt me,† she said positively. â€Å"No? There have been times, watching you in public, when I could scarcely bear not to touch you. When I was so tempted by your white throat, your little white throat with the faint blue veins beneath the skin†¦Ã¢â‚¬  His eyes were fixed on her neck in a way that reminded her of Damon's eyes, and she felt her heartbeat step up. â€Å"Times when I thought I would grab you and force you right there in the school.† â€Å"There's no need to force me,† said Elena. She could feel her pulse everywhere now; in her wrists and the inside of her elbows-and in her throat. â€Å"I've made my decision, Stefan,† she said softly, holding his eyes. â€Å"I want to.† He swallowed thickly. â€Å"You don't know what you're asking for.† â€Å"I think Ido . You told me how it was with Katherine, Stefan. I want it to be like that with us. I don't mean I want you to change me. But we can share a little without that happening, can't we? I know,† she added, even more softly, â€Å"how much you loved Katherine. But she's gone now, and I'm here. And I love you, Stefan. I want to be with you.† â€Å"You don't know what you're talking about!† He was standing rigid, his face furious, his eyes anguished. â€Å"If I once let go, what's tokeep me from changing you, or killing you? The passion is stronger than you can imagine. Don't you understand yet what I am, what I can do?† She stood there and looked at him quietly, her chin raised slightly. It seemed to enrage him. â€Å"Haven't you seen enough yet? Or do I have to show you more? Can't you picture what I might do to you?† He strode over to the cold fireplace and snatched out a long piece of wood, thicker than both Elena's wrists together. With one motion, he snapped it in two like a match stick. â€Å"Yourfragile bones,† he said. Across the room was a pillow from the bed; he caught it up and with a slash of his nails left the silk cover in ribbons. â€Å"Yoursoft skin.† Then he moved toward Elena with preternatural quickness; he was there and had hold of her shoulders before she knew what was happening. He scared into her face a moment, then, with a savage hiss that raised the hairs at the nape of her neck, drew his lips back. It was the same snarl she'd seen on the roof, those white teeth bared, the canines grown to unbelievable length and sharpness. They were the fangs of a predator, a hunter. â€Å"Your white neck,† he said in a distorted voice. Elena stood paralyzed another instant, gazing as if compelled into that chilling visage, and then something deep in her unconscious took over. She reached up within the restraining circle of his arms and caught his face between her two hands. His cheeks were cool against her palms. She held him that way, softly, so softly, as if to reprove his hard grip on her bare shoulders. And she saw the confusion slowly come to his face, as he realized she was not doing it to fight him or to shove him away. Elena waited until that confusion reached his eyes, shattering his gaze, becoming almost a look of pleading. She knew that her own face was fearless, soft yet intense, her lips slightly parted. They were both breathing quickly now, together, in rhythm. Elena could feel it when he started to shake, trembling as he had when the memories of Katherine had become too much to bear. Then, very gently and deliberately, she drew that snarling mouth down to her own. He tried to oppose her. But her gentleness was stronger than all his inhuman strength. She shut her eyes and thought only of Stefan, not of the dreadful things she had learned tonight but of Stefan, who had stroked her hair as lightly as if she might break in his hands. She thought of that, and she kissed the predatory mouth that had threatened her a few minutes ago. She felt the change, the transformation in his mouth as he yielded, responding helplessly to her, meeting her soft kisses with equal softness. She felt the shudder go through Stefan's body as the hard grip on her shoulders softened, too, becoming an embrace. And she knew she'd won. â€Å"You will never hurt me,† she whispered. It was as if they were kissing away all the fear and desolation and loneliness inside them. Elena felt passion surge through her like summer lightning, and she could sense the answering passion in Stefan. But infusing everything else was a gentleness almost frightening in its intensity. There was no need for haste or roughness, Elena thought as Stefan gently guided her to sit down. Gradually, the kisses grew more urgent, and Elena felt the summer lightning flicker all through her body, charging it, making her heart pound and her breath catch. It made her feel strangely soft and dizzy, made her shut her eyes and let her head fall back in abandon. It's time, Stefan, she thought. And, very gently, she drew his mouth down again, this time to her throat. She felt his lips graze her skin, felt his breath warm and cool at once. Then she felt the sharp sting. But the pain faded almost instantly. It was replaced by a feeling of pleasure that made her tremble. A great rushing sweetness filled her, flowing through her to Stefan. At last she found herself gazing into his face, into a face that at last had no barriers against her, no walls. And the look she saw there made her feel weak. â€Å"Do you trust me?† he whispered. And when she simply nodded, he held her eyes and reached for something beside the bed. It was the dagger. She regarded it without fear, and then fixed her eyes again on his face. He never looked away from her as he unsheathed it and made a small cut at the base of his throat. Elena looked at it wide-eyed, at the blood as bright as holly berries, but when he urged her forward she did not try to resist him. Afterward he just held her a long time, while the crickets outside made their music. Finally, he stirred. â€Å"I wish you could stay here,† he whispered. â€Å"I wish you could stay forever. But you can't.† â€Å"I know,† she said, equally quiet. Their eyes met again in silent communion. There was so much to say, so many reasons to be together. â€Å"Tomorrow,† she said. Then, leaning against his shoulder, she whispered, â€Å"Whatever happens, Stefan, I'll be with you. Tell me you believe that.† His voice was hushed, muffled in her hair. â€Å"Oh, Elena, I believe it. Whatever happens, we'll be together.†