Does Human Cloning Produce An Embryo? :: Argumentative Persuasive Topics

Does Human Cloning Produce An Embryo?   In February 1997, Dr. Ian Wilmut and his team galvanize the scientific world by showing that the centre from an adult sheeps body cell could be used to produce a developing embryo that would flummox into another, genetically identical sheep. There was no doubt whatever that this process (somatic cell nuclear switch) produces an embryo of the relevant species. As Dr. Wilmut tell in his groundbreaking article The majority of reconstructed embryos were enculturationd in ligated oviducts of sheep... Most embryos that developed to morula or blastocyst after 6 days of culture were transferred to recipients and allowed to develop to term, etc. I. Wilmut et al., Viable offspring derived from fetal and adult mammalian cells, 385 Nature 810-813 (Feb. 27, 1997) Now that the discussion has turned to humans, political spokespersons for the biotechnology and pharmaceutical industries point a leak decided to engage in a curious avoidance of the fact that somatic cell nuclear transfer using a human nucleus would produce a human embryo. There seem to be two reasons for this a. some spokespersons maintain -- contrary to scientific evidence, the findings of the NIH Human Embryo Research Panel, and online federal law on embryo search -- that no human embryos should be called embryos for the first two weeks of existence.1 b. because cloned embryos are seen as such useful research material for destructive experiments, current restrictions on embryo research etc. must be evaded by denying that an embryo produced by cloning deserves the name. Thus euphemisms and cheapjack or inaccurate terms (totipotent cell, clump of embryonic cells, unfertilized oocyte, etc.) have entered the political discussion. They are employed to conceal the fact that researchers want to be allowed to use cloning to produce and destroy human embryos. Biotechnology groups claim to oppose the cloning of human beings or persons -- but they reserve the right to clear cloning experiments on human embryos and fetuses, so long as none is allowed to survive to live birth. Fortunately, one can cut through the political evasions by looking at the professional literature -- including writings by those who support cloning of embryos for research purposes One potential use for this technique would be to take cells -- skin cells, for example -- from a human patient who had a genetic disease... You take these and get them back to the beginning of their life by nuclear transfer into an oocyte to produce a new embryo.

Jane Eyre :: essays research papers

In the two stories, Jane Eyre and The Yellow Wallpaper, the main characters are faced with various encounters with imprimatur. Jane and the Narrator are the central characters that are faced with these authority figures, and an external as well as an internal relationship is developed with the figures that have power over them. These two women also display a erratic use of authority to benefit themselves at various points in the stories. Jane and the Narrator are first alike in the way that they outwardly express their feelings astir(predicate) the situations they are in by the use of actions and words. This open, verbal communication with these figures in their lives is a plebeian trait between them, but what differs is that Janes communication is positive (she gets her feelings in the open and is understood) and the Narrator never gets listened to. The second similarity between Jane and the Narrator is the inner attitude that they feel about the figures of authority. This atti tude is present in twain characters as the reader sees their inner thoughts and feelings as well as the words and actions that take place when the authority figures are non around. The last criterion that is common to both Jane and the Narrator is that each woman gains a power of authority near the end of their story. What differs between the two is how they go about possessing the authority, and how they use it when they finally have it. The end result is made up of similarities between the two womens characteristics, but differences in the way that they use those characteristics in their lives.The novel Jane Eyre is about a young girl who goes through her life struggling with various life issues. Jane encounters people that treat her with little respect, the feeling of being trapped in situations that she is not happy in, and scholarship how to grow up as a poor girl who has to make all of her own decisions without any help.A significant showtime point in the novel Jane Eyre is at her arrival at Thornfield, and her meeting with Mr. Rochester. At that estate Jane is employed as the governess of a small child named Adele. At this point in Janes life, she is learning what it is like to be a paid subordinate under a master. This proves to be a good learning experience for Jane, and as the character of Rochester goes on to shape her life as she stays there, Jane learns and grows along with her feelings.

The Patriot Act Essay -- USA Terrorism Surveillance Wire Tapping

The nationalist Act In the wake of September 11, m whatever things happened very quickly. Along with the outset of a war against terrorism, an acquit was passed to help prevent future terrorism in the USA. The name of this is the USA Patriot Act. The act legalizes umpteen surveillance techniques that were once prohibited. The act has been passed without debate, and the hot privileges given to our regime have not been thoroughly examined. The law enforcers of our country ar now capable of monitoring the citizens in ways some people are not aware of. Some of the surveillance laws are self-terminating after four years, but many of the more important laws are permanent. What go away these new surveillance laws be used for after the war on terrorism is over? Lee Tien, the Electronic Frontier Foundation staff attorney, suggests that the new rights can be used to put America into a police state. There is a need for checks and balances in the USA Patriot Act to protect the American c itizens. There are two hundred ninety pages in the USA Patriot Act many of these pages are discussing subjects that change the rights of American citizens forever. The act was passed in a little over a month, which suggest that few, if any, congressmen thoroughly read this detailed act. In times of crisis, history has proved that joined States citizens willingly via media their right of privacy without considering the consequences. Many people have openly accepted this act without knowing what it is, most people have never even hear of the USA Patriot Act. The USAPA (USA Patriot Act) has not gone under the scrutiny that any normal act would have, yet this could be more important than any separate act to date. The USAPA allows national or domestic law enforces (from the NSA, FBI, and CIA all the way down to the local police) to tap your computer or voice dismount with a simple search warrant issued by a judge. Only one out of ten thousand of these search warrants requests are rejected. The law enforcers are also allowed to tap electronic devices without telling the victim about the warrant or that they are being monitored. Also, the CIA and other foreign agencies are allowed to share discipline with the domestic law enforcement. This means that agencies that were once not allowed to intervene in the affairs of the USA can do so without punishment. These are few of the many la... ...dly, there should be a report on if the information acquired is used in court. This is a check on the usefulness of the information gathered by the law enforcers, and a way to monitor the proper use of the search warrant. Fourthly, a check on how the information attained is to be shared with other law based government agencies. It is a way to protect the privacy of the victim, so people do not needlessly read private documents. Finally, the unrestricted should be aware of the success or failure of the system. The people should be informed if their loss of privacy has done what it is intended to, which is to protect the country. These checks and balances of the USA Patriot Act are needed if the men and women of the USA want to feel safe. Thus, the USAPA must have many checks as well as balances if the people of the United States are to be happy with it. Until then, people remain concerned that Congress has passed such extensive declines in the right of Americans to be liberated from dominating government observation. But having done so, it is essential that Congress where feasible, shares with the American nation basic information about how these wide new powers are being used.

Essay --

This paper explores the relationship of the pathogenicity of the opportunistic bacterium P. aeruginosa specifically related to the pathophysiology of cystic fibrosis and the impact they have on patient occupy and nursing. Cystic fibrosis is a life-threatening, immunosuppressing genetic disorder unto itself, but is a primary cause of opportunistic infection. Studies show that P. aeruginosa infections, common and often chronic and lethal in CF cases, are most often established between ages 0-3 years in a CF patient and develop undetected until the infection is sound established and difficult to treat. Because of physical complications related to a childs age, immunosuppression exhibited by those affected with cystic fibrosis, versatile record of the pathogens virulence and broad(a) array of habitable environments, and comorbid factors the pathogen contributes to mortality among infected hosts, it is imperative that thorough diagnostic, preventative, and treatment measures be taken regularly and begun as early as possible with a cystic fibrosis infant in order to reduce prevalence and incidence of chronic lung infection. Nursing responsibilities include administration of long-term therapeutic medications, parental teaching, life style planning, maintaining optimal wellness and vigil monitoring in the clinical setting, referrals, and improving the affected childs overall growth, development, and happiness. P. aeruginosa in Young Children with Cystic FibrosisThe nature of an immunosuppressing disease among infants invites infection from bacteria normally a part of our normal flora. P. aeruginosa, a common hydrophilic bacterium found in most environments mellow in moisture, exhibits little virulence until it successfully invades the tissu... ... a necessity, especially during times of hot weather, fever, and excessive exercise in order to prevent hyponatremia. (Nettina, 2010) The nurse should actively encourage the parents to seek ongoing education about thei r childs disease and share CF information with family members, teachers, school nurse, and anyone who would charge for the child. It may be beneficial to refer the family for social work or support groups dedicated to CF. The nurse should also stress the importance of regular medical care and to pay attention to advances in treatment, recommending several pulmonary function tests, respiratory cultures, and liver enzyme analyses per year. Parent education regarding proactive roles in their childs health care generally increases the childs quality of life and longevity and promotes optimal development and growth. (Nettina, 2010 Porth & Matfin, 2009)

Characters of Sir Walter Elliot and Anne Elliot in Jane Austens Persua

The Characters of Sir Walter Elliot and Anne Elliot in Persuasion In Persuasion, by Jane Austen, there are many exceptional characters. possibly two of the most memorable are Sir Walter Elliot, and his daughter, Anne Elliot. These characters are well shaped and baffle something about them that transcends time and social class, enabling readers of the all ages, to feel they have something in common with them. Jane Austen has created a very silly, vain man with immense family pride in Sir Walter Elliot. Sir Walter is extremely proud of his good looks, his family connections and above all, his baronetcy. The reader is introduced to Sir Walter at the beginning of the novel. Immediately his family pride is seen and the reader cannot help but associate Sir Walter with the aristocracy known to Austen. A simple character sketch of him reveals much self-conceit was the beginning and the end of Sir Walter Almost unconsciously, the reader feels a strong dislike for a man who considered beauty as inferior only to a baronetcy. Sir Walters pride and vanity is reinforced in many different ways the way he acts in certain situations, his opinions of others, his dialogue, and others opinions of him. Sir Walter is a character who will unendingly act in the same manner, no matter what situation he is involved in. Sir Walter uses his family name for authority and decision making. For example, when Lady Russell suggests economizing Sir Walter reacts What Every comfort of conduct knocked offeven of a private gentleman. Another example is when Sir Walter leaves Kellynch Hall and is prepared with condescending bows. In each of these examples, Sir Walter reminds others of his title, and that they are l... ... Persuasion is still public today that emphasizes this universal and realistic world of Austens characters. Works Cited and ConsultedAusten, Jane. Persuasion. New York Oxford, 1998Curran, Stuart. Women Readers, Women Writers. The Cambridge Companion to British Roma nticism. Ed. Stuart Curran. Cambridge Cambridge University Press, 1993. Fergus, Jan. The Professional Woman Writer The Cambridge Companion to Jane Austen. Eds. Edward Copeland and Juliet McMaster. New York, Cambridge UP, 1997. (12-32).Radway, Janice. nurture Reading the Romance. Cultural Theory and Popular Culture A Reader, Second Edition. Ed. John Storey. Athens University of Georgia Press, 1998. Wiltshire, John. Mansfield Park, Emma, Persuasion The Cambridge Companion to Jane Austen. Eds. Edward Copeland and Juliet McMaster. New York, Cambridge UP, 1997. (58-84).

Characters of Sir Walter Elliot and Anne Elliot in Jane Austens Persua

The Characters of Sir Walter Elliot and Anne Elliot in Persuasion In Persuasion, by Jane Austen, there are many exceptional characters. mayhap two of the most memorable are Sir Walter Elliot, and his daughter, Anne Elliot. These characters are well shaped and puzzle something about them that transcends time and social class, enabling readers of the all ages, to feel they have something in common with them. Jane Austen has created a very silly, vain man with immense family pride in Sir Walter Elliot. Sir Walter is extremely proud of his good looks, his family connections and above all, his baronetcy. The reader is introduced to Sir Walter at the beginning of the novel. Immediately his family pride is seen and the reader cannot help but associate Sir Walter with the aristocracy known to Austen. A simple character sketch of him reveals much actors assistant was the beginning and the end of Sir Walter Almost unconsciously, the reader feels a strong dislike for a man who considere d beauty as inferior only to a baronetcy. Sir Walters pride and vanity is reinforced in many different ways the way he acts in certain situations, his opinions of others, his dialogue, and others opinions of him. Sir Walter is a character who will perpetually act in the same manner, no matter what situation he is involved in. Sir Walter uses his family name for authority and decision making. For example, when Lady Russell suggests economizing Sir Walter reacts What Every comfort of smell knocked offeven of a private gentleman. Another example is when Sir Walter leaves Kellynch Hall and is prepared with condescending bows. In each of these examples, Sir Walter reminds others of his title, and that they are l... ... Persuasion is still commonplace today that emphasizes this universal and realistic world of Austens characters. Works Cited and ConsultedAusten, Jane. Persuasion. New York Oxford, 1998Curran, Stuart. Women Readers, Women Writers. The Cambridge Companion to British Romanticism. Ed. Stuart Curran. Cambridge Cambridge University Press, 1993. Fergus, Jan. The Professional Woman Writer The Cambridge Companion to Jane Austen. Eds. Edward Copeland and Juliet McMaster. New York, Cambridge UP, 1997. (12-32).Radway, Janice. drill Reading the Romance. Cultural Theory and Popular Culture A Reader, Second Edition. Ed. John Storey. Athens University of Georgia Press, 1998. Wiltshire, John. Mansfield Park, Emma, Persuasion The Cambridge Companion to Jane Austen. Eds. Edward Copeland and Juliet McMaster. New York, Cambridge UP, 1997. (58-84).

The Vampire Diaries: The Awakening Chapter Six

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Nationalization over Privatization

The Process of taking an industry or assets into governance activity willpower by a content government or slate is known as nationalisation. A nationalized industry is one which produces output for sale to consumers and new(prenominal) producers by the way of trades but which be solely possess by and chthonic the control of the government. On the other hand privatization is the process of moving from a government controlled system to a backstagely- brave out one. Nationalized industries are managed by a board of managers appointed by the body politic a government minister is usually the person in charge.The implementation of nationalization in a countrys saving whitethorn have great positive impacts in that country as consumers, government, and to a greater extent importantly, the economy receive benefits. These disk operating system possess industries are funded by long-term loans, or subventions to a fault known as subsidies, from government. It stub occur throu gh the assign of company assets to the government or through the transfer of public shares, leaving the company to run the business under government control (Khan). A regime can nationalize any firm in a country whether it is a water company, electricity, telecommunication and more than(prenominal) popular, banks.Some firms are unable to manage their risks aright so the political sympathies comes in to provide more positive outerities. Aims of state owned enterprises may non necessarily comprise of making a lolly but rather to operate in the consumers quest while the gap between poor and generative hoi polloi is reduced in the process. Nationalization is mainly in favor of the public. The States assessment of public purpose is accepted on the ground that the State is the best judge of whether or not the nationalization serves a public purpose (Sornarajah).Nationalization of an industry may result in production cost being lowered therefore goods and works will be availab le to the nations consumers at low bells. In addition Nationalization entails that the distribution of wealth become uniform and just. It prevents exploitation of consumers whereas in private ownership the neatists become richer while the poor laborers grow poorer. This results in a rise in inequalities, thats where Nationalization comes in to reduce inequalities effectively.Moreover unhealthy challenger and corruption between firms and capitalists is demolished. Big and powerful capitalists try to crush their small rivals (Chaterjee). This is as well against national interest. Loans at lower rates are accessible to consumers in the case of bank nationalization. In favor of the government they are able to manage their countrys economy by controlling important industries, such as monopolies. They make their operate more businesslike even though it comes as a cost they benefit from this when good feedback is received from the population mass.Companies owned by the people for th e people sign up kind cost into account and the good goes back to the people. The economy also receives a study boost as Nationalization involves a lot of government expenditures. Government expenditure embroils all government consumption and investments made by state. It involves the acquisition of goods and services for put on to direct satisfy individual or collective needs of the population in a country intended to create future benefits.Nationalized industries, also known as government owned corporations, state owned companies, state enterprises as surface as state owned entities, charged with operating in the public interest, may be under strong political and social pressures to give much more attention to externalities. They may be obliged to operate near red making activities where social benefits are clearly greater than social costs. For example rural postal and transportation services. The Government recognizes social obligations and provides subsidies for such non-commercial operations in some cases.Moreover, since nationalized industries are state owned, the Government is responsible for meeting any debts stumbled upon by these industries. Nationalized industries dont normally borrow from the domestic market other than for short-term borrowing and is in general a non-profit organization. However, if they are profitable, the profit is often employ as a means to finance other state services, such as social programs and government research which can help lower the tax burden. An issue in nationalization is the wages of compensation to the source owner or owners.The most controversial nationalizations are known as expropriations, are those where no compensation, or an amount far below the likely market value of the nationalized assets, is paid. Much nationalization has come after revolutions through expropriation, mostly in revolutions led by communists. When nationalizing a large business, the cost of compensation is so great that much l egal nationalization have occurred when important firms or industries run close to bankruptcy and are then acquired by the Government or little or free. Other times, Governments have assimilaten it important to gain control of institutions of great economical value as well as citizen importance, such as banks or monopolistic service providers, or of important industries struggling economically. State or local authorities have traditionally taken private position for such public purposes as the construction of roads, dams, or public buildings. Known as the right of eminent domain, this process is usually accompanied by the payment of compensation.By contrast, the concept of nationalization is a 20th century development that differs from eminent domain in motive and degree it is done for the purpose of social and economic equality and is usually, although not always, applied as a principle of communistic or socialistic theories of society (Margolis). Communism is defined as a supp osition or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state (Dictionary. com). Moreover, there are principles which govern communism. One of the contradictions in communism most frequently highlighted is that between the theory and the practice. mend this is to some extent justified, it also needs to be borne in mind that, as with most concepts, there is no single theory of communism, rather there are numerous theories and variations on a theme and some versions of the theory are more compatible with the practice than others (Holmes Chpt. 1). Principles such as * The expropriation of landed property and the use of rent from land to cover state expenditure. A high and progressively graded income-tax. * An abolition of the right of inheritance. * The confiscation of the property of all emigrants and rebels. * The centralisation of credit in the transfer of the state, by the est ablishment of a state bank with state capital and an exclusive monopoly. * The centralization of transport in the hands of the state. * An increase in the state ownership of factories and instruments of production, and the redistribution and amelioration of agricultural land on a general plan. Universal obligation to work and creation of restriction armies especially for agriculture. * The unification of agricultural with industrial labour, and the gradual abolition of the differences between town and country. * The public education of all children. Abolition of factory labour for children in its present form. Unification of education with economic production. (Karl Marx) On the other hand, socialism, an economic system, is characterized by social ownership and control of the means of production and cooperative perplexity of an economy. accessible ownership may refer to one or a combination of the following Cooperative enterprises, common ownership, direct public ownership or sup reme state enterprises. There are many variations of socialism and as such there is no single explanation encapsulating all of socialism. They differ in the role of social ownership they advocate, the degree to which they rely on markets versus planning, how management is to be organized within economic enterprises, and the role of the state in constructing socialism. (Mr. Reasonable) State owned non-profit organizations generally work in the interest on the public.Nationalization tends to occur more often in the natural resources and utilities sectors. Nationalization of natural resource industries tend to break when the price of the corresponding commodity is high. Privatized industries struggle with production costs, they tend to raise the bar on their prices thus the poor peoples pockets are hurt. receivable to this exploitation is present, this is popular within monopolies. These enterprises do not experience competition from other firms as they are the sole suppliers of a good or service in an economy.They take advantage of this by rhytidoplasty their prices whenever they please knowing that their commoditys demand will not drop but profit will rise considerably. The monopolistic firm is a price maker and has some power over the setting of price or output. It cannot however, charge a price that the consumers in the market will not bear (tutor2u. net). They significantly charge high prices on their goods and services and in some cases, fire workers in pasture to reduce cost of production. Moreover, workers who have mouths to feed and bills to pay.On the other hand, a monopoly owned, run and controlled by the government will stop consumers from being exploited. How, you may bear? Government expenditure and investment may cover all major production costs correspondingly reducing prices on goods and services provided by the monopoly. At the same time, employment is generated rather than depleted. The Government works in favor of the public, additional ly in favor of its countrys economic wealth progress and increasing the employment rate and decreasing the unemployment rate is a plus as well as a good name for the state.According to Kabbani Construction radical (KCG), a nationalization program supporting the qualified national work force as developed. KCG plans to replace foreign labour with Saudi nationals in order to encourage and increase employment of young Saudi nationals through nationalization. So indeed, this is a strategy used by state to decrease the unemployment rate in respective economies. Furthermore, the presence of nationalization in an economy slightly reduces the gap between the rich and the poor people in society. We very often see the situation in an economy where the rich get richer and the poor get poorer.The causes of this may include generally high prices for goods and services set by the rich business men only affordable to their fellow wealthy counterparts, the poor then suffer when they take the little that they have from their pockets and give it to the rich when they acquire the certain goods or services offered. This is a result of poor redistribution of wealth. As defined by wisegeek. com, the redistribution of wealth is the orderly transfer of assets from one group of entities to a broader range of entities, usually by utilizing some sort of mechanisms put in place by a government.Sometimes known as progressive redistribution, the idea is to assign available resources in a manner that a wider range of people receive some degree of benefit from those assets. Nationalization is often used in the process of the redistributing of wealth. It is a broad concept that may include strategies such as government offering funded health care plans to citizens qualified. With other methods the goal is to get word that everyone, both rich and poor, in a given country has access to and receives benefits considered to be necessary for a respectable standard of living.The poor may not be a ble to fund those benefits but that is where the government comes in to play by reducing the costs on the backs of such citizens. An example of this may include the government providing a free health care program to the less fortunate. The elimination of price discrimination is also a strategy used by the government to reduce the gap between rich and poor. Price discrimination is a pricing strategy that is adopted by private firms where they charge customers diametric prices for the same product or service.In pure price discrimination, the seller will charge each customer the maximum price that he or she is unforced to pay. In more common forms of price discrimination, the seller places customers in groups based on certain attributes and charges each group a different price. The poor could rightfully be at a disadvantage according to how the firm conducts its price discrimination. This can be eliminated due to nationalization. The government then comes in to establish price contr ol. They dictate ceiling on the prices of essential consumer goods to keep cost of living within a manageable range on behalf of the lower class.Additionally, the government lowers interest rates on loans to stimulate the economy, allowing people of the public to access it. When a bank is nationalized ownership or control of that bank is transferred from the shareholders to state. This usually takes place when the state sees it unfit the way the bank is operating under its shareholders, especially when it may be on the path of bankruptcy. In more recent times, the failure of major banks has highlighted the fact that, under national ownership and control, failing banks can be funded more quickly and for larger amounts than under private ownership.This enables the banking infrastructure to be rebuilt, as well as ensure the closer regulation of banks in the future. Douglas J. Elliot explains this in his book Bank Nationalization What is it? Should we do it? Bank regulators have stood ready for decades to take over an insolvent bank, or one on the brink of insolvency, if it is not possible to neither find private capital to neither shore up the bank nor find a strong acquirer. Often applied to small banks, this practice has applied even to quite large banks in rare circumstances. Government can take 100% ownership or simply a commanding majority stake.This choice depends heavily on what purposes the nationalization is intended to achieve. It is feared that some banks receiving large quantities of government aid will never be able to support themselves independently again, bleeding taxpayer resources until they are eventually cut off by the government and taken over. In such a case, the cost to the taxpayer may be considerably smaller if a bank is taken over quickly. through nationalization, the state can manage the economy more effectively by means of controlling the important industries in its respective country.In any economy, the state should promenade some sort of control over the affairs taking place on a day-to-day basis. Price control and quantity control are two strategies of government noise governments practice in managing an economy. Nationalization allows government or state to intervene in economic activity Government intervention is an action taken from the government that alter or change economic activeness, supply ability, and unconstrained decisions made through normal market trade is the definition given by webdynamic. com. government intervention through nationalization in the market/economy set out to attain two main goals Social efficiency and equity. Social efficiency is achieved at the point where the marginal benefits to society for wither production or consumption are equal to the marginal costs of either production or consumption. Issues of equity are difficult to judge due to the subjective assessment of what is, and what is not, a fair distribution of resources. Externalities are spillover costs to society. W henever there are external costs, the market will lead to a level of production and consumption above the socially efficient level.Whenever there are external benefits, the market will (ceteris paribus) lead to a level of production and consumption below the socially efficient level. (John & Mark) At times, economies may respond sluggishly to changes in demand and supply. Time lags in adjustment can lead to a permanent state of disequilibrium and to problems of instability. With the government in charge of industries and firms, they ensure that changes in demand and supply are responded to in a timely and systematic fashion so that the market stays stable.Furthermore, the state reduces externalities, doing so with the use of taxes and subsidies. Externalities can be corrected by imposing tax rates equal to the size of the marginal external cost, and granting rates of subsidy equal to marginal external benefits. Extensions of property rights may allow individuals to impose unfair co sts on others. State takes charge of these properties and cut down on the costs thus influencing more customers to divulge in ongoing activities. Investment in economic theory is the amount of a good that is purchased, not to consume but to be used for future production.Nationalization involves a great deal of this as government primary source of capital in a nationalized firm is investment. State invests in unexampled materials, human capital, and inventory to name a few. Human capital includes costs of additional on-the-job training for employees. The investment of inventory is the accumulation of items which will be used in production such as machinery and vehicles. The government uses these investments to improve the efficiency of their goods and services to distribute to their consumers. Governments also make investments in raw materials. 1949 stigma was first nationalised in 1949, and privatised a year later by the new Conservative government. It was re-nationalised in 1967 when over 90 of steel capacity was put under the control of the British Steel Corporation (BSC). Steel was returned to the private sector once more in 1988. (economicsonline. co. uk) An example of raw materials being nationalized by use of investments in steal is presented above. * In 1948 railways were nationalized to help rebuild the network infrastructure and re-equip the rolling stock after the destructive personal effects of the Second homo War. This is an example of inventory investment. More Efficient goods result in more pleasant consumers and the government works towards that aim in ensuring that the public is vastly satisfied with the services and goods provided. Social costs are the costs to society as a whole for producing one additional unit, or taking one more measure in an economy. These cost of producing one extra unit of something is not simply the direct cost sustained by the producer alone, but also must include the costs to the external environment and other stakeholders thus effecting the people. A standard example of this is that of a factory the smoke from which has harmful effects on those occupying neighboring properties (Coase 1). Other social costs could include other forms of pollution, which could arise from the advancements through additional units in production. Another form of pollution consists of unjustified garbage pollution. Social costs might as well include solid waste from the garbage trucks on neighborhoods along the routes taken as well as the impacts of solid waste facilities themselves. Moreover, Adverse effects on roperty values, community image, and aesthetics, as well as the increase of noise, odor, and traffic all contribute to social costs. With this said, the state takes it as their responsibility to take these social costs into account so people get compensated, for companies owned and run by the people for the people take social costs into account and the profit goes back to the people. They are allowed t o do so as they have the adequate funds and money in their possession in contrast to private owner firms who dont have the monies available and leave the public to suffer due to social costs.It is also their duty that the public stays with a mutual feeling towards them. Lastly, nationalization in an economy can influence a rise in the economy. Injections into the economy from the government are the really the main sources. We have already covered the point that governments invest in newly nationalized industries in order to make their goods and services more efficient but that is not the only effect it has in a business and economic stand point.Investments not only serve an efficient purpose but these injections are represented in the national income formula as government expenditure and government spending, which when increased results in an increase to national income. The national income formula states that national income equals consumption plus gross private investment plus gov ernment consumption expenditure plus net exports (Y=C+I+G+X). Knowing this we could say that in a situation where, in a given year national income was five thousand dollars with government expenditure being one thousand dollars.In the following year, the government decides to take over the assets of a coconut products producing plant. The state invests two thousand dollars worth of capital into that firm this includes investments in raw materials, human capital and inventory. This two thousand dollars goes into the national income equation as an addition to government consumption expenditure raising it from one thousand dollars to three thousand dollars. Hence, national income increases by two thousand dollars taking it to seven thousand dollars. Consumers, governments and economies all benefit from the positive that nationalization imposes when it is implemented.Governments are the main nationalization mechanisms as they are allowed to exhibit their control over the affairs in an e conomy and also to represent the people and protect them from the stress bearers known as private owners. Governments can either fully take over an industry or only see that an industry is run under their supervision. Nationalizations are funded by loans and subsidies to help cover production costs without having to operate at a full loss as they do not aim to make maximum profits unlike the private owned firms and companies.At the same time lowering the costs of goods and services distributed to consumers. Out of all the firms which governments may choose to nationalize, national banks are the most popular corporations to be nationalized. Consequently, in doing so government provides the public, access to loans at lower rates. The gap between rich and poor is slightly reduced as exploitation of consumers is condensed. In conclusion, the implementation of nationalization in a countrys economy does have huge positive impacts as consumers, governments and economies benefit.

Effects of Media on Society Essay

The Mass Media is a whimsical feature of modern society its development has accompanied an increase in the magnitude and complexity of societal actions and engagements, rapid social change, technological innovation, rising personal income and standard of life and the decline of some traditional forms of control and authority.There is an association betweenMedia moldCRITICALLY ASSESS THE WAYS IN WHICH THE MEDIA CAN BE SAID TO INFLUENCE OR HAVE EFFECTS ON SOCIETY. / The Mass Media is a unique feature of modern society the development of battalion media and social change, although the degree and direction of this association is still debated upon even after years of study into media influence. many another(prenominal) of the consequences, either detrimental or beneficial, which have been attri yeted to the mass media, are almost undoubtedly due to other tendencies within society. Few sociologists would refute the importance of the mass media, and mass communications as a whole, as being a major factor in the construction and circulation of Media InfluenceMEDIA INFLUENCE The media play an valuable role in our lives and influence us in our choices and things we value in life. We definitely live in an information social understanding and social imaginativeness in modern societies. Therefore it is argued that the mass media is used as ?an instrument?, both more powerful and more flexible than anything in previous existence, for influencing tidy sum into certain modes of belief and understanding within society.Read moreEffects of Mass Media on SocietyThe question of medias influence on society and its ethnic framework has often been debated upon from leading theorists to anyone with any form of media connections, but toThe Influence Of Media On BasketballInfluences of Mass Media in Sport When communication is spread not just between two individuals but rather between tens of millions of people it is known as mass media. contemplate that a character in enthro nization Street or Eastenders can have an influence on an audience members attitude, beliefs or interpretations of society is a very simplistic and debatable version of the truth. The media does influence, but using more diverse and subtle roles of impact. Some theorists suggest that it is even a case of society influencing the media and not the more widespread and presumed version.HistoryIn theMedias Influence On TeenagersJosh Goldstein 4/25/01 DOES MEDIA (TV, radio, magazines) INFLUENCE US TEENAGERS? I wake up to the radio, eat breakfast to the TV, drive to school day to the radio, use computers early 1930?s, the Payne Studies study took place into the effects and influences of the mass media on the society as a whole using, at times, theories or beliefs that dated buttocks to the late nineteenth century. This is regarded as one of the first in the area of or notion that the mass media has an affect on the societal attitudes and beliefs of that time.

Education: Receiving or Claiming? Essay

In Adrienne full-bodieds Claiming an Education cryptical presents the argument of claiming an command. In the United States claiming an pedagogy often seems far-fetched. Education is non free and non for every sensation, or is it? Claiming an education sounds a lot like victorious whats rightfully yours. Do you receive an education for society or does society present it for a student to take? Rich seems to think that education is presented for those unbidden to claim it. The first thing I want to opine to you who be students, is that you cannot afford to think of being present to receive an education you will do much better to think of yourselves as being here to claim one. (Rich) Perception is everything when entering the world of education. This powerful quote from Richs article sets the stage for any students performance in their education career. Receiving is thought as a collaboration process. Rich explains that receiving is to come into possession of or provided to soulfulness in a receptacle manor.The concept of learning involves one how is willing to teach and one who is willing to learn. If a professor is willing to teach, its lighten up to the student to learn. Learning is a matter of taking advantage of the resources provided. Rich relates the majority of her article to womens education. Women have the odds against them in our society. Society tells them to be mformer(a)s and homemakers and not pursue their education to the fullest. This may be because in our society the man is thought of to be the provider by working to provide for his family. In order to provide to the fullest in our society, it requires a higher(prenominal) level of education. Education provides the natural incentive of making more money by gaining trust from employers. This trust comes from the employee investing in his or her admit education. Rich seems to go against the grain and show her women audience that they should claim what is rightfully theirs.Rich explain s that there has been in increase in women seeking by their education except not giving back what was rightfully given to them. We still see very few women in the upper levels in faculty and administration. (Rich) Rich explains that rase all women colleges are ran by men. This seems interesting because Rich is encouraging women to claim their education. Claiming something from my perspective meansto take and not look back. Receiving means that someone may have to given something they have away. If women were teachers and administrators, women would feel better about receiving an education from another woman. Would receiving an education be appropriate for this brain? Richs argument is summed up when she informs the reader that the idea of claiming an education can be embraced by any sex, race, color or creed. Responsibility to yourself means refusing to let others do your thinking, talking and naming for you it means learning to respect and use your own brains and instincts henc e, grappling with hard work.(Rich) Education is not for everyone but it is there for the ones willing to take it. Rich provokes her reader by letting telling them to dicover their own jurney to education. We live in a society that embraces abstract thinking and making something out of nothing. Richs article is even reflected in this day and age. Our society is full of inventors and inovators. Making something out of nothing is what are you is good at. Finding answers to interlocking yet interesting problems become a compeitive challenge for most. With the wave of an internet society and and creative clulture, Richs abstract idea of claiming in education almost seems like common knownledge now. The you are seeing education as an opportunity rather than a trap. If the finitial element was taken out of the equation, their would be even more oppotunites for students to claim their education. I took advantage of my opportunity when it was presented to me five years ago. I was at loss fo r a crareer and I had just changed my life.Durning this condemnation I made a decision to take a look at all the negitive things that were consuming my life. I had just gotten sober and needed to reenvent myself. I had heaps of negitive beliefs about education. I thought I was not smart enough, too old, I thought I didnt have enough money and that it was not the right time for me. All those negitive and passive thoughts got in the way of me putting off my education. This was not the case when a friend suggested that I could utilize my own expierence to help others. I stated to take classes in psychology and counseling. I wanted to be of service to others stuggling with the same issues I once had struggled with. I claimed my education by taking one class at a time untill I felt comfortable with a full load of cources. I original a few good grades and it helped me change my beiliefs on my education. I had such low self esteem when it came to accademics. I used to hate letting other students grade mywork in fear that they would think that I was remedial.I also hated working in groups because I feared that other students would judge me. It took time for me to feel comfortable with my abilities. Once I finally felt comfortable, the thoughts of furthering my education seemed endless. I dont think anyone gave me my education. I saw the opportunity and took advatage of it. I feel that reciving an education takes some loss of self will. If there was only one type of school or subject I would feel that Im receiving an education and not claiming it. There are so numerous subjects and avenues a student can take. I claimed my education in socilogy and counseling. I mix all the subjects together to make my own education. All of the subjects were presented to me so I just calimed the ones that I wanted. Richs article put a all told new prespective on my thoughts about the education system. I feel that everyone should be able to claim their education without being quest ioned or persuated in any way. Women in particualar have a hard time with this in are society.I feel that not much has chaged since the time Rich wrote her article till now. Women still are not seen as equals in the welkin of higher education. There are not to many women professors or deens. I think our society has a lot to do with it. Women are expected to have many of the same interests. There seems to be a lot of pressure for women to get in the field of cosmotology or fashion design. Advertizing makes it look apealing and desireable to them. Even telavion shows display powerful women in theres areas. They never show powerful women in congress or in the medical field. If our society glorified those areas of study for women, we would see a lot more women in college. Rich provided a great argument. I deffintly agree with her idea about claimig an education. Although in our country not all education is free. Some education pthas are hard to claim without money.Typicicly you dont se e many doctors who come from poverty. I still question why that is. Is it because people who come from poverty are not as capable as people who are not? Or is it because they dont have the fintial recources to receive their higher education? An education is there if one chooses to take it. No one is passing to hand out an education. It takes the willingness to learn and the sacrafic to succeed. Education is not for everyone but it is for anyone. Women and men of all races and ages should consider claiming their education. Richs artial is a great inspiration to anyone seeking knowedge.Rich reinforces that one should not listen to what other say and do what makes you happy. The next time someone askes me where I went to school at Im going to say, I claimed my education at San Bernardino Valley College.Works CitedRich, Adrienne. Claiming an Education. The Common Women(1977).

Inditex Case Study

INDITEX GROUP ARE ITS FAST FASHION RESULTS SPEEDING UP AGAIN AFTER b ar-ass-made SLOW DOWNS ? This case study has been written exclusively for physical exercise on the course Strategic monetary Manage handst FINA 1035 at Greenwich University Business School and its fellow institutions. It is to be used exclusively for this purpose. No p art may be copied , emailed or reproduced for any other purpose other than stated above. Much of the info and material implyd in the case study is taken from the annual reports and figures of the Inditex Group, its public statements and from its website . nditex. com. All other sources ar sh bear in the case study. Author Scott Duncan subscriber Greenwich University Business School July 2010 INDITEX GROUP ARE ITS FAST FASHION RESULTS SPEEDING UP AGAIN AFTER RECENT SLOW DOWNS ? Intr oduction Inditex Group the owner of the Zara shape chain and the worlds largest dress and appargonl group in terms of barters inform encouraging results for its showtime quarter of 2010.The Financial generation reported in June 2010 1) Inditex lent its weight to hopes of a recovery in europiu patch call for as the continents biggest fashion chain delivered forecast-beating early-quarter earn profits and confirmed it would be moving its de entertaind-fashion offer on class later this socio-economic class. Europes biggest app arl chain reported a 14 per cent plus in net gross revenue to 2. 66bn ($3. 2bn) in the three months to the reverse of April 2010, as net income rose 63 per cent to 301m in response to, in particular, demand for its sharp-shouldered jackets and draped h arm trousers. Sales rose 13 per cent from the beginning of February to June.The uptick comes afterward Hennes & Mauritz in April raised hopes of recovery in the European retail heavens when it also beat net profit expectations in its first-quarter results and reported mansion houses of improvement in the market at the start of the second quarter. In ditex has been upbeat on prospects for the accepted category, with Pablo Isla, chief executive, predicting that similar- bloodline sales growth should turn positive again after a negative 2008 and virtually flat 2009. Mr Isla, who sells a third of all his attire in Spain, was even upbeat about his home market on Wednes twenty-four hours. The reality in Spain is better than the perception you may constitute. I personally submit a strong confidence in the dynamism of the Spanish economy going forward. The gross margin, meanwhile rose to 59. 9 per cent against 56. 9 per cent. It is likely to lead to consensus upgrades, wrote Andrew Hughes, analyst at UBS, in a note. The shargons rose 5 per cent to 46. 11. Despite concerns of slower sales growth into the second quarter and as the year progresses, the first quarter beat expectations and stronger gross margin trends should more than compensate, Mr Hughes added.Analysts also welcomed the red-hots that Zara, which lifelessness carrys a third of all its sales in Spain, would start trading online at the beginning of September in its main European markets France, Ger many another(prenominal), Italy , Portugal, Spain and the UK. Online should act as a downward protection for trading sensitives in the second half, wrote Bernstein in a note. During the period, Inditex opened 98 stores in 29 countries, taking its footprint to nearly 5,000 stores in 76 nations around the world. at finale month, it opened its first Indian shop in Delhi.Histor y of Inditex Gr oup 2) Industria de Diseno Textil (Inditex) leaves disposable chic fashions that ar here today and gone tomorrow. The Spanish designer-cum-retailer uses technology and an armada of designers to keep in line cheap chic. Inditex sells on a global scale, with over 4700 shops in 76 countries under eight polar retail brands to each one offering different guest propositions Stor e Br and Zara Zara Kids Pull and Bear Massimo Dutti Pr imar y Offer ing fluf f ket 3) and Tar get Womens and mens clothes.Childrens clothes untried women and mens casual and laid posterior clothes and accessories Mens and womens clothes for the more sophisticated shopper. Also sells some childrens clothes Young womens and mens clothes . Stores present cutting edge look and are meeting points for fashion, symphony and street art Latest trends in raw womens clothes and accessories Womens underwear, lingerie and nightwear Items for home eg home textiles, bedclothes, bathroom and table linen, glassware, cutlery and childrens bedding material Fashion accessories eg handbags , footwear, leather goods and followume jewelleryBershka Stradivarius Oysho Zara home(a) Uterque The firms stores answer to popular trends by telling designers in Spain what customers are asking for locally. Inditex responds in about two weeks with new designs. Amancio Ortega Gaona, Spains wealthiest businessman, founded Zara in 1975 and later created Inditex as a guardianship caller -up. He got his start in the attire business at the age of 13, when he went to work for a local shirtmaker in A Coruna , Spain, delivering the shops goods, which included lingerie and dressing gowns.Ortega worked his way up to become an assistant manager, then shop manager, by the early 1960s. These positions gave Ortega live not only in dealing directly with customers but also in purchasing fabrics and other materials for the shops line of apparel. Working out of his sisters home, Ortega began developing his own designs. One day in the early 1960s, he hit upon the formula that was to become central to the operations of Inditex that of reproducing popular fashions using less expensive materials in order to sell gamedemand array items at lower wrongs.Ortega left his job and set up in business with just 5,000 pesetas (the equivalent of $25). Legend has it that Ortegas first project was to remake a popular but expensive dressing gown. Ortega cut the pattern himself, then, with th e help of his brother and sister, began producing the dressing gown at his sisters kitchen table. Ortegas first customer was his former employer at the shirtmakers shop. Before long, Ortega began supplying the dressing gown, as well as a growing range of housecoats and lingerie, to other garments shops in A Coruna.By 1963, Ortega had saved up enough to open his first factory. From manufacturing, Ortega soon turned to retail, launching an sign format for his housecoats and lingerie in the early 1970s. In 1975, however, Ortega, then 39 old age old, hit upon the formula that was to bring him his biggest success. In that year, Ortega opened a new retail store called Zara, which featured low- footingd lookalike carrefours of popular, higher-end vestments fashions. The store proved a success, and the following year Ortega incorporated his business under the name Goasam and began opening more Zara stores in Spain.Despite the stores growing popularity, Ortega himself remained decidedly posterior the scenes, avoiding the spotlight and developing a reputation for himself as a recluseno photographs of Ortega were made publicly available until 2001. By the early 1980s, Ortega had begun formulating a new type of design and statistical diffusion gravel. The apparel manufacture followed design and production processes that required long lead propagation, often up to six months, between the initial design of a trim and its delivery to retailers. This baffle effectively limited manufacturers and distributors to just two or three collections per year.Predicting consumer tastes ahead of time presented inherent difficulties, and producers and distributors introduce the constant risk of becoming saddled with unsold inventory. Ortega sought a means of breaking the model by creating what he called instant or fast fashions that allowed him to quickly respond to shifts in consumer tastes and to newly emerging trends. Ortegas dream remained unfulfilled, however, until he met up with Jose Maria Castellano. A computer expert, Castellano had worked in Aegon Espanas teaching technology part before becoming chief financial officer for a Spanish subsidiary of ConAgra.Castellano joined Ortega in 1984 and set to work developing a distribution model that revolutionized the global clothing industry. Under Castellanos computerized system, the company reduced its design to distribution process to just 10 to 15 days. Rather than placing the design sum on a single designer, the company developed its own in-house team of designersmore than 200 by the turn of the 21st century who began developing clothes based on popular fashions, while at the same time producing the companys own designs.In this way, the team was able to respond almost immediately to emerging consumer trends as well as to the demands of the companys own customers for instance by adding new colors or patterns to existing designs. State-of-the-art production and warehousing procedures, as well as the installation of computerized inventory systems linking stores to the companys growing number of factories, enabled the company to avoid taking on the risk and roof outlay of developing and maintaining a large back inventory. The leaner, more responsive company which adopted the name of Industria de Diseno Textil S.A. , or Inditex, in 1985 captured the attention of Spanish shoppers. By the end of the decade, the company had opened more than 80 Zara stores in Spain. The companys fast fashion model, which completely rotated its retail stock every two weeks, also encouraged customers to return often to its stores, with delivery day becoming known as Z-day in some markets. The knowledge that clothing items would not be available for very long also encouraged shoppers to make their purchases more quickly. The success of the Zara model in Spain led Inditex to the supranational market at the end of the 1980s.In 1988, the company opened its first foreign store in Oporto, Portugal . The following year, Inditex moved into the joined States. Success in that market remained elusive, however, and at the beginning of the 2000s, the company had opened just six U. S. stores. A more pervious market for the Zara format existed in France, which Inditex entered in 1990. The company quickly began adding new stores in study city centers throughout the country. Through the 1990s, Inditex added a steady pelt of new markets. The company entered Mexico in 1992, Greece in 1993, Belgium and Sweden in 1994, Malta in 1995, and Cyprus in 1996.In the late 1990s, Inditex stepped up the pace of its international expansion, adding Israel, Norway, Turkey, and japan (the latter in a joint-venture with a local partner) in 1997, then, in 1998, moved into Argentina, the United Kingdom, and Venezuela. While the bulk of the groups stores remained company owned, in certain markets, such as the Middle East, scratch in 1998, Inditexs expansion took place through franchise agreements with l ocal distributors. By 2000, Inditex had added another dozen or so countries to its range of operations, including Germany, the Netherlands, and Eastern European markets including Poland.At the same time as Inditex pursued its geographic expansion, it also began expanding beyond its flagship Zara retail format. The company launched the Kiddys Class childrens wear format as a subgroup of the main Zara innovation in the early 1990s. In 1991, the company added an entirely new retail format, Pull & Bear, which began providing urban fashions. By the beginning of the 2000s, the Pull & Bear chain had heavy(p) to three hundred stores in nearly 20 countries it also produced its own offshoot format, Often, targeting the 20- to 45-year-old mens segment, in 2003.Inditex went upmarket in 1991 when it bought 65 percent of the Massimo Dutti group. Inditex took full picture of Massimo Dutti in 1995 and began building it into a chain of nearly 300 stores in 23 countries. While Massimo Dutti appea led to a more sophisticated mens and womens fashions market, the company targeted the young female market in 1998 with the creation of a new format, Bershka. That retail chain quickly evolved into a web of more than 200 stores operating in 11 countries. Inditex continued adding new formats at the turn of the 21st century.In 1999, the company acquired Stradivarius, a youth fashion chain present in nine countries. In 2001, Inditex added its lingerie format, Oysho. In 2003, Inditex moved beyond the garment trade for the first time, launching its own home furnishings concept, Zaras Home and in 2008, launched its fashion accessories chain Uterque. Meanwhile, Inditex had begun a corporate evolution as well. As Ortega approached retirement, and no members of his immediate family appeared likely to succeed him in the business, the company looked to the public market to ensure its future.In 2001, Inditex listed its stock on the Bolsa de Madrid, one of the most successful initial public off erings of the year. Ortegas sale of more than 20 percent of his holding in Inditex made him Spains wealthiest man. In 2010, he still controls 59% of Inditexs shares ( let out denotation 1) and was ranked by Forbes Magazine as the 9th richest man in the world in their annual list of billionaires up 1 place from his ranking in 2009 with a net worth estimated at $25 billion. He is now 74 years old. Inditex moved to a new corporate headquarters in Arteixo, right(prenominal) of A Coruna in 2000.In 2002, the company began construction on a state-of-the-art logistics center in Zaragoza. At the same time, Inditex continued adding to its array of international markets, opening stores in Luxembourg, Iceland, Ireland, Jordan, and Puerto Rico in 2001 Switzerland, Finland, El Salvador, and Singapore in 2002 and Hong Kong in 2003. In the 6 years from 2004, Inditex has more than doubled its number of stores from just over 2000 in mid 2004 to over 4600 by 31 January 2010. Inditexs financial ye ar end is 31 January.In line with Inditexs annual reports, this case study refers to its year ending 31 January 2010 as Financial year 2009 or 2009. Similar abbreviations are made for preceding(prenominal) years . Inditex Gr oup Stor e Number s and Locations in 2010 At financial year end for Inditex for 2009 31 January 2010 Inditex had 4607 stores as follows The analysis of Inditex s 2009 sales for each of its 8 store concepts was as follows Within the tote up, 3983 were company managed stores and 624 were franchised see extension phone 2 for enlarge. In 2009, 92% of sales were in company owned stores.Geographically, 1900 of the stores were in Spain, 1856 stores were in other European countries, 485 stores were in Asia and Africa and 366 stores were in North and South America see sum up 3 for expand. The Group opened 343 stores in 2009 and increase its retail network in all of Europes major markets with noteworthy growth in Russia (37 new stores) and Poland (34). In Asia , Inditex continued its strategic push into the regions top three markets, which posted authoritative growth, with 41 new stores in China, 12 in South Korea and 10 in Japan.Retail sales area increase by 8% in 2009 see Annex 4 for details by store concept. During its first quarter 2010 from 1 February to 30 April , Inditex opened a progress 98 stores as follows This took the total number of stores to 4705 at 30 April 2010. The percentage of Inditexs sales achieved in each geographical region for the stick out 3 financial years was as follows 2009 31. 8 % 45. 7 10. 2 12. 2 2008 33. 9 % 44. 8 10. 7 10. 5 2007 37. 5 % 42. 4 10. 8 9. 4 Spain Europe excl.Spain Americas Asia The Mar ket The apparel retail industry consists of the sale of all menswear, womenswear and childrenswear. The sector also includes footwear, sportswear and accessories. The menswear sector includes all garments made for men and boys. It includes both outer and under garments. The womenswear sector consists of t he retail sale of all womens and girls garments including dresses, suits and coats, jackets, tops, shirts, skirts, blouses, sweatshirts, sweaters and underwear .Both womenswear and menswear can be segmented by purpose or use of the clothing item eg casual wear, meatys, activewear, formal wear , special occasion formal wear and outerwear age group lifestyle eg sporty, ultraconservative , fashion conscious , hippie, urban, rural ethnic group styles eg Afro-Caribbean , African American , Asian or middle eastern or music group styles eg rapper, reggie, punk, rocker price eg ranges from low price to expensive designer label to exclusive haute couture of Paris, Milan, London, Tokyo and New York or by a combination of these factors.The childrenswear sector is defined as sales of garments for children between the ages of 0-2 years. The socio-political environments coupled with the need for individual and group identity makes retail clothing internal to consumers. Style, however, is an abstract concept that defines individuals, is often an extension of personality and therefore highly individualized. Fashion, by its very nature, is unpredictable. The products are determined by trends in society, designers and creative industries and are subject to sharp and unpredictable changes.Where customer brand loyalty exists, it is more likely to be to the designer than the retailer, although this is usually towards the top end of the industry. Counterfeiting of brands is a chore in parts of the clothing and accessories industry. Mar ket in Eur ope The European apparel retail industry grew by 2. 1% in 2008 to reach a value of 287. 7billion ($420. 9 billion). Its recent history per Datamonitor 4) was as follows The consumer market for clothing and footwear in the European Union (or EU) has undergone important changes in recent years 5).Arguably, the considerableest impact has come from market forces under the auspices of the World Trade Organisation (WTO) as a ten-year transitional Agreement on Textiles and article of clothing (ATC) came to an end with the abolition of textile and clothing import quotas on 31 December 2004. With the removal of quotas, there was an initial increase in relatively cheap imports of clothing and footwear into the EU, mainly originating from China. For example, in the first 40 days after the end of the ATC, imports of trousers from China were 3. 3 times higher than during the whole of 2004 and imports of pullovers 4. times higher. A bilateral agreement between the EU and China (the so-called Shanghai Agreement) on a further, transitional period during which the growth of imports of clothing could be managed through until the end of 2007 was agreed in June 2005. In addition to trade growings, consumer groups and other bodies are increasingly holding manufacturers and retailers accountable for ensuring that social standards and working conditions of their providers meet international labour standards. There are example s of retailers responding to this pressure.For example, in October 2007 the Inditex group signed an International Framework Agreement on corporate social responsibility with the International Textile, curry and Leather Workers Federation (ITGLWF), which expresses the companys commitment to respect fundamental rights at work throughout their entire production chain. Fair trade garment initiatives have also been taken, principally to ensure that a fair price is paid to producers who meet minimum social, and in some cases environmental, standards and that trading traffichips between producers and buyers are more equal, rather than guaranteeing core labour standards.There has also been a response within the EU to concerns about environmental and gumshoety issues. These concerns have predominantly cerebrate on the use of chemicals (such as dyes, pigments or bleaches in the clothing manufacturing process) and on waste water discharge. On 1 June 2007, new legislation on chemicals and their safe use came into force across the EU. REACH (Registration, Evaluation and Authorisation of Chemicals) aims to improve the protection of human health and the environment through the better and earlier identification of the intrinsic properties of chemical substances.Within the EU 5) household expenditure on clothing and footwear accounted for 5. 7% of total household consumption expenditure in 2005 The immense majority of this, almost three quarters, was worn out(p) on clothing garments Spending on clothing and footwear t cease to rise as a function of income, with the stop number income 20 percent in the 27 countries of the EU devoting 6. 1% of their total household reckon to these products, while those in the lowest income 20 percent spent 5 % the share of total expenditure spent on clothing and footwear was by and large much higher among households with dependent children, rising to 7. % of the household budget for those households comprising two adults with dep endent children, compared with 4. 6 % of the budget for single persons. Annual expenditure on clothing and footwear comed 800 per person in the 27 countries of the EU in 2006, with national averages ranging from coke per person in Romania to 1200 per person in Italy . See Annex 5 for details of 2000 and 2006 expenditure per person. Over the period from 2000 to 2006 , the volume of clothing and footwear bought rose in most countries of the EU particularly in the United Kingdom and Poland where volumes increased by over 40%.In contrast , Germany and Italy reported declines in the volume of clothing and footwear bought (the only member states of the EU to do so). Details are shown at Annex 6 for the 6 countries which account for over 70% of the EUs population Germany, France, Italy ,UK, Spain and Poland . Over the same 2000- 2006 period, whilst consumer prices for clothing and footwear declined by 0. 1% for the EU overall, there were substantial differences in the Top 6 countries listed above.The UK preserve price decreases of over 20% , Poland of over 15% and Germany of over 2%, whilst price increases were recorded in Italy (over10%) , Spain ( over 13%) and France ( 1%) see Annex 6. Between 2007 and 2008 , the volume of clothing and footware bought in the EU overall declined by 0. 5% . France , Italy and Spain recorded declines of over 2% whilst Germany , UK and Poland recorded increases see Annex 6. In 2008 , UK households spent less on average per week on clothing and footwear than at any time since 2001-02 6) premature indications are that volumes also fell in 2009 versus 2008 in Europe.France reported a year on year decline of 3. 6% . a) Mar ket Segmentation by Gender and Age Womenswear sales dominated the European apparel retail industry in 2008 4) generating 54. 4% of the industrys overall revenues 157 billion ($ 229 billion) . Menswear accounted for 30. 9 % 89 billion ( $130 billion)- and Infantswear the remaining 14. 7%. Details of womensw ear market growth and segmentation in Europe are shown at Annex 7 and of the menswear market in Europe at Annex 8. b) Analysis by Major Countr y Italy accounts for 19% of the European apparel retail industrys value , Germany 18. % and the UK 14. 4% . Shares for other countries are shown below c) Mar ket Value For ecast The European apparel retail industry was forecast by Euromonitor to grow by only 1. 3 % in 2009 versus 2008 including price changes. In 2013, the European apparel retail industry is forecast to have a value of 320 billion ($467. 6 billion), an increase of 11. 1% from 2008. Details are shown at Annex 9. d) Retail Sour ce of Pur chases Consumers in Europe are able to purchase clothing and footwear from a wide bod and large number of retailers, specialised and non- specialised.Specialist clothing and footwear retailers comprise chains (such as H, C or Zara) and independent clothes stores. Non specialist retailers include department stores (that have clothing and footwe ar departments), hypermarkets and supermarkets, as well as mail- order retailers. According to Datamonitor, 69% of purchases of womenswear and 55% of purchases of menswear in 2008 was in chains or independent specialist clothing, footwear and accessories shops . Purchases at hypermarkets, supermarkets and discounters accounted for 19. 5% of womenswear sales and 12. 1% of menswear with department stores taking a 6. 9% of womenswear and 24. % of menswear in 2008 ( see Annexes 7 and 8). There are generally higher levels of retail concentration in northern Europe5). The overwhelming majority of clothing and footwear sales in Germany, France and particularly the United Kingdom are made in non-specialist stores. The popularity of independent clothing and footwear retailers is considerably higher in southern Europe. For example, in Italy and Spain, the highest proportion of clothing sales was among independent retailers (65% and 53 % respectively in 2004), and this tendency was even strong er in terms of footwear (76 % and 88 % respectively in 2003).Despite these differences, clothing markets in Europe are generally becoming more concentrated, as clothing chains, department stores and supermarkets/ hypermarkets selling clothing and footwear open additional outlets in many of the countries that have joined the EU since 2004. Indeed, the structural make-up of clothing retailers in the EU has changed considerably over the past 15 years, according to a 2007 report on Business relations in the EU clothing chain carried out for and funded by the European bursting charge 5).The market share of independent retailers in the five largest EU markets (Italy, Spain, France, Germany and the United Kingdom, that together account for almost three quarters of the EUs clothing market) declined from 46. 8 % of total clothing sales to 27. 1 % by 2007. In contrast, there was steady growth in the share of speciality chains (from 18. 7 % to 25. 1 %), hypermarkets and supermarkets (5. 1 % t o 6. 8 %) and emerging formats such as mixing stores and large sports chains (whose share of clothing sales collectively rose from 14. 0 % to 27. 2 %).A recent examine on consumer satisfaction 5) provides further information on the obtain habits of European consumers for clothing and footwear. More than half (55. 7%) of those surveyed in the EU in 2008 replied that they themselves or a member of their household had bought clothing and footwear in a retail chain store, a somewhat higher proportion than for small, independent clothing retailers (50. 2 %). Department stores (30. 7%), supermarkets/ hypermarkets (23. 0 %) and street markets (16. 3 %) were also popular places for buying clothes and footwear see Annex 10.Furthermore, compared with a number of other products, a relatively high proportion of European consumers used mail or phone order (8. 0%) or the Internet (6. 1 %) to purchase clothing and footwear. When purchasing clothing and/or footwear in 2008, 10. 9 % of EU consum ers reported facing at least one problem 5). The most common complaint was product quality (69% of unsatisfied customers) followed by problems returning unwanted goods (9. 2% of respondents) then quality of service provided (8. 8% of respondents). Details are shown at Annex 11.This entropy also provides an insight into consumers priorities when purchasing clothing and footwear . Mar ket in USA Americans spent almost $326 billion on clothing and footwear in 2009 equivalent to only 2. 98% of disposable personal income the lowest ever in U. S. history. Spending on clothing as a share of income has move in 20 out of the last 22 years, from 4. 78% in 1988 to less than 3% in 2009 see Annex 12 for details . Quality, pastiche and availability have all improved over the years . The same applies to footwear.Since 1992, prices in general have risen by 57%, while prices for clothing have fallen by 8. 5% see annex 13. With significantly falling prices in real terms, clothing has become mor e and more low-cost almost every year, requiring smaller shares of US household income. This has freed up disposable income that can now be spent on other consumer goods (eg electronics, travel, entertainment, etc. ). Mar ket in Asia Pacific 7) The Asia-Pacific apparel retail market has been growing at a robust pace for the last few years. The Asia-Pacific apparel retail industry generated total revenues of $224. zillion in 2008, representing a compound annual growth rate (CAGR) of 4. 1% for the period spanning 200408. The performance of the industry is forecast to improve further and to reach a value of $259. 6 one million million by the end of 2013. secern Retail Competitor s Inditexs key competitors in Europe include Hennes and Mauritz ( H ) Levi Strauss ( via franchised and company managed stores and third party retailers) Adidas sportswear ( including Reebok ). In the UK, key competitors include Primark ( a division of Associated British Food) , Next, and Marks and Spencer . ASOS. com is a major retailer of mens nd womens clothes and accessories via the internet and is now the UKs largest independent on-line fashion retailer. Worldwide, key competitors also include perturbation and Fast retail (Japanese parent company of Uniqlo and Asias biggest clothing retailer). In terms of sales value, Inditex overtook Gap in 2009 and is now the worlds largest clothing and apparel retailer. Summary financial profiles of Hennes and Mauritz, Levi Strauss , Primark and Gap are shown at Annexes 14 ,15 and 16. A recent article about the current prospects for Fast Retailing is shown at Annex 17. Manufactur ing Sour ces Gener alKey suppliers to the retail clothing industry are clothing manufacturers and wholesalers, with retailers able to source from both. Recently, significant increases in power cost, dyes & chemical cost and rapidly rising cotton cost have strengthened supplier power in an industry that relies on the availability of raw material. The wholesale and cl othing manufacturing sectors in most countries, however, are fairly fragmented. As international trade liberalizes, clothing manufacturers in the developed regions such as Europe and America face substantial competition from manufacturers in low-wage regions such as Asia eg from China. Apparel manufacturing is almost always labor intensive, due to the difficulty of automating processes such as the sewing of garments. ). Key issue for clothing retailers in selecting its suppliers include price and quality volumes the ability of its suppliers to cope with sudden changes in demand in an industry susceptible to changes in fashion social, political and environmental pressures to ensure that suppliers in developing countries meet minimum international ethical standards for working, social and environmental conditions.Many major retailers such as Inditex, Gap and Primark now undertake regular audits of their suppliers to ensure that such standards are met and maintained and report the ir findings as part of their corporate social responsibility in their annual reports. Manufactur ing Pr ocesses The key processes used in garment manufacture are as follows Cloth manufacturing ( eg cotton or wool) spinning weaving colour pattern printing finishing. Certain aspects are labour intensive eg sewing . Garment manufacturing from the finished cloth cutting sewing and assembly buttons and accessories attachment.There have been many technological developments in materials used over recent years including non-iron shirts, washable silk and man- made fibres. Key Aspects of the Inditex Business Model 3) A) Over view The Inditex business model has a high degree of vertical integration compared to other models developed by its international competitors. It covers all phases of the fashion process design, manufacture, logistics and distribution to its own managed stores and has a strong customer focus in all its business areas.The key element in the organisation is the st ore, a carefully designed space conceived to make customers comfortable as they discover fashion concepts. It is also where Inditex obtains the information required to line up the offer to meet customer demands. The key to this model is the ability to adapt the offer to customer desires in the shortest time possible. For Inditex, time is the main factor to be considered, above and beyond production costs.Vertical integration enables Inditex to shorten turnaround times and achieve greater tractability, reducing stock to a minimum and diminishing fashion risk to the greatest possible extent. B) Design The success of Inditexs collections lies in the ability to recognise and assimilate the continuous changes in fashion, constantly designing new models that respond to customer desires. Inditex uses its flexible business model to adapt to changes occurring during a season, reacting to them by bringing new products to the stores in the shortest possible time.The models for each season -o ver 30,000 in 2009 are developed in their entirety by the creative teams of the different chains. Over 300 designers -200 for Zara alone- take their main inspiration from both the prevailing trends in the fashion market and the customers themselves, through information received from the stores. C) Manufacturing A significant proportion of production takes place in the Groups own factories, which mainly manufacture the most fashionable garments.The Group takes direct control of fabric supply, marking and cutting and the final finishing of garments, while subcontracting the garment- making stage to specialist firms located predominantly in the North-West of the Iberian peninsula. The Groups external suppliers, a high percentage of which are European, generally receive the fabric and other elements necessary for making the clothing from Inditex. The number of garments produced and available for sale at Inditexs stores has grown as follows from financial years 2005 to 2009 On 31 Januar y 2010, Inditex had a network of 1,237 suppliers with which it maintains stable relationships and which are governed by its External Manufacturers and Workshops inscribe of Conduct. This code describes the minimum ethical, working practice, quality, safety and environmental standards expected of its suppliers and must be accepted to maintain commercial relations with the Group. Further details of Inditex network of suppliers is shown at Annex 18. Inditex audits its network of suppliers regularly and ceased using 145 suppliers in 2009 and 175 in 2008 because of their non-compliance.In 2008, the manufacturing sources in terms of volumes of garments produced for Inditex were as follows 46% 11% 36% 5% 2% European Union Non EU Europe Asia Africa Americas D) Logistics All production, regardless of its origin, is received at the logistical centres for each chain, from where it is distributed simultaneously to all the stores worldwide. The distribution takes place twice a week and each de livery always includes new models, so that the stores are constantly refreshing their merchandise and offer.The logistics system, based on software designed by the companys own teams, means that the time between receiving an order at the distribution centre to the delivery of the goods in the store is on average 24 hours for European stores and a maximum of 48 hours for American or Asian stores. Inditex logistics centres are located in Arteixo (A Coruna), Naron (A Coruna), Zaragoza, Meco (Madrid), Tordera, Palafolls and Sallent de Llobregat (Barcelona), Leon and Elche (Alicante).Together, their bob up area exceeds one million square metres. Further details are shown at Annex 19. In 2008, 700 million garments were distributed by 5000 employees at Inditex logistics centres. E) Stor es In Inditex, the point of sale is both the end and start of its value adding processes, as the stores act as market information gathering terminals, providing feedback to the design teams for each of the 8 formats and reporting the trends demanded by customers. As retailers, the stores constitute the chains main advertising medium.Their chief characteristics include Preferred locations in the worlds main shopping streets Meticulously designed window displays Unique internal and external store design Tailored coordination and display of the product Excellent customer service. The main development strategy for the Inditex sales formats is the opening of stores managed by companies in which Inditex is the sole or majority shareholder. In 2009, 86% of stores were own managed. In smaller or culturally different markets, the Group has extended the store network through franchise agreements with leading local retail companies.The main characteristic of the Inditex franchise model is the total integration of franchised stores with own managed stores in terms of product, human resources, training, window- dressing, interior design and logistical optimisation. This ensures uniformity in store management criteria and a global construe in the eyes of customer around the world. F) Other Aspects of Mar keting 1) Internet Each of Inditexs 8 store formats has its own website and these are constantly updated with the a la mode(p) fashion offerings. In 2009 , the store websites were launched and included in social networking websites. 2) Affinity cardThe Intitex Affinity Card is the Groups payment and loyalty card sound for its holders in any Group establishment Zara, Massimo Dutti, Bershka, Pull and Bear, Stradivarius, Oysho, Zara Home and Uterque. Available in Spain for more than 15 years, the Affinity Card is also held by customers in Mexico and Greece where it was launched in 2007, and in Portugal where it has been available since 2008. Currently there are more than a million Affinity Card holders in these four countries. All of them have a card that offers financial advantages and methods of payment based on the holders needs. Inditex Financial Per for manceA summa ry of Inditexs financial performance over the last 6 years is as follows Details of Inditexs P for 2006 to 2009 are shown at Annexes 20-22 sales and contributions by store format are shown at Annex 23 end sheets for 2006 to 2009 at Annexes 24 and 25 2006 to 2009 cash flow statements at Annexes 26 and 27. Details of Inditexs 1st Quarter financial results for 2010 are shown at Annexes 28 and 29. Boar d of Dir ector s Shareholders approved the 2009 report at Inditexs July 2010 Annual General Meeting including the proposed dividend of 748 million up 13% on the previous year.Inditexs share price closed at 51. 20 on 29 July 2010 up 38% on its price of 38 a year ago see Annex 30. The progress of Inditex consisted of 9 Directors as at 31 January 2010 3 Executive Directors and 6 Non Executive Directors. The Executive Directors are Amancio Ortega Gaona ( Chairman) Pablo Isla Alvarez de Tajera ( chief executive officer and 1st Deputy Chairman. Appointed to board in 2005) Antonio Abril Abadin ( Board Secretary and General Counsel). Their total remuneration was 4. 35 million in the year ended 31 January 2010. The senior management of Inditex who are not executive directors is shown at Annex 32.Their total remuneration was 10. 9 million in the year to 31 January 2010. Details of the board including the 6 non executive directors are shown at Annex 31. Employees Inditex is a multi-cultural and multi-racial company with 92,301 employees at 31 January 2010 representing more than 140 nationalities. On-going training plays an essential role, particularly that of store staff. This training, which also includes basics in customer service, focuses on specialist knowledge of fashion trends and the ability to seize and interpret the information that store staff receive from customers every day.The number of employees has grown as follows The largest percentage are employed in the stores as follows Inditex directly owns 13 textile manufacturing companies in Spain and 12 logistic companies including one for each of its 8 store formats. Inditex also has its own in-house building contractor and several companies to manage its store and other properties. These companies are wholly owned by Inditex and their financial results and employee numbers are fully consolidated in those of the Inditex group. In 2009 81. 4% of Inditexs employees were female 18. % were male 40% of employees were full time 60% were part time. Inditexs Str ategy At his presentation at the July 2010 AGM, Inditexs Deputy Chairman and CEO, Pablo Isla underscored confidence in the Inditex business model and its clear strategic focus on international expansion, currently targeted at European and Asian markets. He confirmed that Inditex has earmarked about 570 million in capital expenditure to open between 365 and 425 new stores in its financial year 2010 of which approximately 95% will be in Inditexs international markets outside Spain.Some 70% of the appropriate contracts have b een signed although in some cases openings may be delayed until 2011. The planned increases by store format are as follows Our priority is to focus growth in Europe and Asia, utter Isla. We see significant opportunities in Eastern Europe and the Russian Federation, and there is a great potential to expand profitably in Europe for many years, as our market share is below 1% in most countries. He said the main areas of growth for Asia are China, Japan and South Korea. We see huge long-term potential for Inditex in Asia markets, he said.Over the next three years, the company expects to see space growth of between 8% and 10%. Isla was asked earlier by analysts why they arent paying out an even bigger portion of net income in dividends given the groups huge cash balance. Our main priority is to invest in the future growth of the business. We always want a high level of flexibility we always wanted more steady growth in the dividend, rather than big jumps, he said. He also confirmed th at Zara will start online sales in France, Germany, Italy, Portugal, Spain and the UK on 2 September, 2010.Key Issue to be Consider ed Is Inditexs current strategy likely to succeed . If so why ? Or do you conclude that the strategy needs to be adjusted in light of your analysis of this case study ? If so, what changes do you propose and why ? References 1) 2) 3) 4) FT article 9 June 2010 Answers. com 2010 Inditex Press dossier 2009 Datamonitor Apparel retail in Europe appalling 2009 . The industry value is calculated at retail selling price (RSP), and includes all taxes and levies. The data for Europe includes Russia, Poland, Czech Republic, Hungary, Romani and Ukraine.All currency conversions in the Datamonitor report and forecasts have been calculated at constant 2008 annual average give-and-take rates. 5) European Commission report Consumers in Europe 2009 published by Eurostat 6) UK Office for National Statistics January 2010 7) Datamonitor report Apparel retail in Asia Pac ific August 2009 Shar eholdings of Dir ector s in Inditex as at 31 J anuar y 2010 Annex 1 Annex 2 Annex 3 Page 1 Annex 3 Page 2 Annex 4 Sales Ar ea by Stor e Concept Squar e Metr es Totals 2,180,889 1,914,493 EU Expenditur e on Clothes and Footwear per head 000 Countr y EU (27 countries) 700 Belgium 700 Bulgaria N/A Czech Republic 200 Denmark 800 Germany 800 Estonia 200 Ireland 900 Greece 600 Spain 600 France 700 Italy 1100 Cyprus 800 Latvia 200 Lithuania 100 Luxembourg1100 Hungary 100 Malta 500 Netherlands 800 Austria 1100 Poland 200 Portugal 600 Romania N/A Slovenia 400 Slovakia 100 Finland 600 Sweden 700 United Kingdom 1000 Memo Turkey 300 Iceland 1100 Norway 900 Switzerland 900 2006 800 800 N/A 300 N/A 800 400 900 800 700 700 1200 900 N/A 400 1100 200 400 800 1100 200 N/A 100 500 200 800 N/A 1100 300 1100 N/A 900Annex 5 credit Consumers in Europe 2009 edition published by Eurostat , the statistical office of the European Commission Pr ice and Volume Changes within Househol d Expenditur e on Clothing and Footwear EU Aver age and Selected Countr ies (a) Annex 6 Germany France Italy UK Spain Poland EU Average (b) Cumulative Percentage Price Increase/(Decrease) 2000-6 (2. 6) % 0. 1 10. 4 (23. 5) 13. 3 (15. 7) 0. 1 % Cumulative Percentage Volume Increase/(Decrease) 2000-6 (1. 7) % 5. 8 (8. 3) 44. 5 2. 7 44. 3. 5 % Percentage Volume Increase/Decrease) 2006 -7 2007 -8 3. 1% 1. 7 0. 1 2. 7 4. 5 4. 5 2. 0% 1. 4 (2. 1) (2. 6) 4. 4 (2. 5) 11. 2 (0. 5)% (a) = The 6 countries account for over 70% of total EU population (b)= over the 27 member countries Eur opean Mar ket for Womenswear Annex 7 Annex 8 Eur opean Mar ket for Menswear Eur opean Appar el Mar ket Value For ecasts Annex 9 Page 1 Eur opean Appar el Mar ket Value For ecasts Annex 9 Page 2 EU Clothing and Footwear Sour ces of Pur chase 2008 Annex 10Note that these figures relate to trips made by consumers purchasing clothing and footwear, and they do not reflect the average expenditure or value of sales ma de in each retail format Customer Complaints Pr oblems faced by Consumer s when Pur chasing Clothing or Footwear in the EU in 2008 Per centage shar e of those exper iencing pr oblems (multiple answer s allowed) Annex 11 stem Retail satisfaction survey, IPSOS for the European Commission, August/September 2008 USA Clothing and Footwear Mar ket Annex 12 Annex 13USA Mar ket Consumer Pr ice Index Changes Annex 14 Summar y Financial Pr ofiles of Selected Appar el Retailer s H 1738 stores in 33 countries as at November 2008 Levi Strauss Gap Latest results for Gap for its financial year ended 31 January 2010 (Fiscal Year 2009) are shown in next annex . At average 2009 calendar year supplant rates of US $ 1. 3948 = 1 , Gaps net sales totalled 10,179 million in 2009 some 900 million lower than Inditexs sales of 11,083 million for the same period ended 31 January 2010 .January 2010 average exchange rate was US$ 1. 4272 = 1 Exchange rate source Banque de France Annex 15 Source The Gap Inc. annual report and accounts Annex 16 Number of stores 191 Number of stores opened in year 12 5 in Spain -4 in the UK 1 in each of Netherlands, Germany and Portugal ( first Primark stores in each country) Planned store openings in next year 11 ( including first store in Belgium) interchange space 5. 9 million square feet an increase of 9% versus prior year Pr imar k Key Data for Year Ended 12 September 2009Revenue for year ? 2314 million ( ? 1933 m in prior year) Year on year sales growth 20 % partly increase in selling space partly like- for- like sales growth of 7% Operating profit for year ? 252 million ( ? 233 million in prior year) Source ABF annual report and accounts Annex 17 Cur rent Prospects for Uniqlos parent Fast Retailing Tadashi Yanai the president of Fast Retailing, Japans wealthiest man (net worth $9. 2bn), has seen the value of his 27 per cent holding in the Uniqlo parent fall by more than a quarter this year.Thats a slide down three times worse than the benchmark, making Asias biggest clothier the worst-performing retailer across the region. Having watched new lines like polo shirts and jeans fail to fly off the shelves, even after steep price cuts, Yanai-san is now betting big on camisoles, leggings and Silky Dry, a summer version of its blockbuster heat-trapping underwear. This is no ordinary lean import sales growth slowed the most in four years in the three months to May, causing Fast Retailing to trim its net income estimate for the year ending August by 5 per cent.Nimbler rivals such as United Arrows (up 22 per cent since the beginning of the year) and Honeys (+143 per cent), both between 30-40 times smaller by market capitalisation, will want to ensure Uniqlos discounting continues. For all its determination to build overseas this year it added stores in China and Russia to its UK, US, France and South Korean portfolios the company is on course to get 95 per cent of this years operating income from anaemic Japan. It remains a hard stock to divest, though.Not only are Fast Retailings returns on invested capital consistently about 50 per cent better than peers, it is that rare thing in Japan a stock worth a fifth more today than it was ten years ago (over which period the Nikkei has shed more than two-fifths). BACKGROUND NEWS Japans Fast Retailing on Thursday cut its annual outlook for the first time in three years after the breakneck pace of growth at its Uniqlo budget fashion chain came screeching to a halt in recent months, reports Reuters.Fast Retailing enjoyed strong sales last year even as other retailers were hit by weak consumer spending, attracting thrifty shoppers with hit products like heat-trapping underwear and savvy marketing. But Uniqlos same-store sales have been on the decline in the second half of the current financial year to August 31st, which some analysts see as a sign that the recent round of robust growth has run its course. Source FT article Published July 8 2010 Ann ex 18 Details of Inditex Suppliers Key supplier countries include Bangladesh, India, Turkey, Morocco , Spain, Portugal and Cambodia (Source 2008 annual report)Annex 19 Inditex Logistics Centr es in 2009 Inditex Pr ofit and Loss Account for Financial Year s 2009 and 2008 Annex 20 Notes refer to details in Inditex annual report for 2009 see Inditex. com/investor relations/annual reports/2009 Operating Expenses consisted of 2009 m 2008 m 2007-m 2006- m Staff costs 1,791 1,703 1,473 1,251 Store home 1,134 1,028 855 718 rental costs Other Store 1,027 976 898 831 operating costs, logistics and general overhead costs a) 3,953 3,708 3,226 2,800 a) = Including transportation of merchandise from logistic centres to stores Annex 21Details of Financial Results shown in Inditex P& L Financial Results shown in the consolidated P& L consist of ( 000) And for 2007 and 2006 Inditex Pr ofit and Loss Account for Financial Year s 2007 and 2006 ( in 000s) Annex 22 Net Sales Cost of merchandise Gr oss Profit Operating Expenses Other net operating expenses & income Oper ating Pr ofit (EBITDA) Amortization and Depreciation Oper ating Pr ofit (EBIT) Financial Results Equity Accounting Losses Income Befor e Taxes Income Tax Net Income Net income attributable to minority interests Net Income Attr ibutable to the Par entEarnings per share (cents) Notes refer to details in Inditex annual report for 2007 see Inditex. com/investor relations/annual reports/2007. Details of Operating Expenses and Financial Results are shown in earlier annexes Sales and Pr ofit Contr ibutions by Stor e For mat 2007- 2009 Store Format No. of Stores at 31 Jan 2010 1608 626 497 651 515 392 261 57 4607 Net Sales in Financial Year 2009 m 7077 771 790 1177 702 280 243 44 11084 Annex 23 Zara (incl Zara Kids) Pull and Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterque TotalsOperating Profit EBIT in 2009 m 1105 101 117 196 149 38 25 (2) 1729 Store Format No. of Stores at 31 Jan 2009 1520 583 470 591 456 374 239 31 4264 No. of Stores at 31 Jan 2008 1361 519 426 510 381 290 204 0 3691 Zara (incl Zara Kids) Pull and Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterque Totals Store Format Net Sales in Financial Year 2008 m 6824 720 722 1026 633 242 222 17 10407 Net Sales in Financial Year 2007 m 6264 614 696 925 521 213 201 0 9434 Operating Profit EBIT in 2008 m 1067 119 108 clv 144 21 14 0 1628 Operating Profit EBIT in 2007 m 1091 99 106 154 119 40 16 0 1625Zara (incl Zara Kids) Pull and Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterque Totals Inditex Balance yellow journalisms for Financial Year s 2009 and 2008 Annex 24 Notes refer to details in Inditex annual report for 2009. The share capital of Inditex amounts to 93. 5 million divided into 623. 3 million shares each with a par value of 15 Eurocents fully subscribed and paid at 31 January 2010 . This has remained unchanged since Inditexs financial year 2006 Inditex Balance Sheets for Financial Year s 2007 and 2006Annex 25 Notes refer to details in Inditex annual report for 2007 Inditex Cash Flow Statements for 2009 and 2008 Annex 26 Annex 27 Inditex Cash Flow Statements for 2007 and 2006 Inditex Gr oup P& L for 1st Quar ter s 2010 and 2009 Annex 28 Annex 29 Inditex Gr oup Balance Sheet for 1st Quar ter s Ending 30 Apr il 2010 and 2009 Inditex Shar e Pr ice fr om August 2009 to J uly 2010 Annex 30 Source Inditex. com/ Investor dealings Annex 31 Boar d of Dir ector s of Inditex as at 31 J anuar y 2010The 6 Non Executive Directors are Flora Perez Marcote ( representing Gartler S. L. , the holding company controlled by Mr Ortega Gaona and owning just over 50% of Inditexs shares) Carlos Espinosa de los Monteros Bernaldo de Quiros ( board member from 1997) Francisco Luzon Lopez ( board member from 1997) Irene Ruth Miller ( board member from 2001) Juan Manuel Urgoiti Lopex de Ocana ( board member from 1993) Jose Luis Varquez Marino ( board member from 2005) Senior Managemen t of Inditex as at 31 J anuar y 2010 Annex 32