Past Present And Future Of Mcdonalds Marketing Essay

Past Present And Future Of Mcdonalds Marketing Essay McDonalds is the biggest chain of drive-thru eatery that has some expertise in making quality cheeseburgers around the world. This inexpensive food chain eatery has more than 62 cafés worldwide with its essence in more than 41 nations. McDonalds is occupied with various activities everywhere throughout the world that characterize its Corporate Social Responsibility (CSR). CSR calls for organizations to act in a dependable way socially while conveying their command to general society. Additionally, CSR likewise envelops the companys social conduct while managing different organizations and colleagues who work with it. McDonalds along these lines owes loads of duty in its tasks socially to people in general just as its vital colleagues. The chain café likewise runs a few establishments which infer that it manages a few key colleagues. The expansion in open mindfulness has brought CSR into the spotlight as organizations look to consolidate this social obligation it its arrangements. McDonalds has various CSR driven exercises and systems that will be considered in this paper The point of this examination paper is to consider the past, present just as the future Corporate Social Responsibility and business morals that McDonalds has towards nature. McDonalds has opened a wide range of outlets and diversified a few drive-through eatery outlets too. This along these lines suggests that it must consider its social duty towards the earth as it tries to venture into the new market. Corporate Social Responsibility frequently gives the organization an edge against its rivals. Taking everything into account, the paper will consider a portion of the CSR and business ethic procedures at present utilized by McDonalds while directing its business. McDonalds has likewise started different projects planned for building up its CSR path past the not so distant future. Accordingly, the organization is submitted towards conveying its social obligation to the market and the prompt environs. It is along these lines suggested that McDonalds should accomplices with other likeminded drive-thru eateries so as to convey its CSR later on. McDonalds ought to likewise contrast its business morals and those of different organizations and guarantee that it is as one with different companys business morals. This will help in conveying a compelling CSR. Substance Official Summary 1 Presentation 3 Point and Purpose 3 Circumstance Analysis 4 Elements and Discussion 4 Qualities 4 Practical gracefully chain 5 Sustenance and prosperity 6 Ecological obligation 7 Work experience 8 Network duty 9 End 10 Proposal 11 Works Cited 12 Presentation This report will help McDonalds in distinguishing its center CSR techniques that will move its business objectives into what's to come. The report likewise recognizes the business morals that McDonalds has drilled after some time and the effect of these business morals to its vital accomplices and clients. This report is hence a pointer of how well McDonalds is conveying its CSR and business morals. McDonalds being the universes biggest burger chain drive-through joint owes the condition a ton as far as its Corporate Social Responsibility. Nature for this situation infers its clients, colleagues just as people in general on the loose. The firm has assumed an enormous job in the past towards preserving nature. What's more, McDonalds keeps on building up an economical gracefully chain to help its providers and wholesalers in this manner guaranteeing that there is persistent progression of business. McDonalds CSR spins around supportability. This is on the grounds that the firm distinguishes that through maintainability, it will have the option to get consistent items that it uses to make the burgers just as other inexpensive food items. Manageability additionally helps McDonalds as in it will have the option to continue its dissemination systems, in this way profiting an entire chain of merchants and providers. Point and Purpose This report on the CSR and business morals for McDonalds will help the administration and administrators in the leading body of McDonalds to more readily convey their CSR to their key colleagues and people in general all in all. The report likewise lights up zones that maybe McDonalds ought to consider consolidating into its CSR plan for the following working year. This report will expect certain elements. Right off the bat, that McDonalds CSR is uniform all through all the nations that it works drive-through joints in. furthermore, the report will likewise expect that the CSR and business morals that McDonalds has actualized and will execute have increased general acknowledgment among its colleagues, clients and people in general when all is said in done. The restrictions to this investigation incorporate the way that a portion of the CSR methodologies that McDonalds has actualized are difficult to gauge. A large portion of the business morals must be clarified yet can't be estimated in distinct terms. Indeed, McDonalds can't set up the degree of progress that it has accomplished in the past with respect to the CSR methodologies. Circumstance Analysis In every single nation, McDonalds has flourishes to build up a menu that fits the preferences and culture of the individuals in those nations. This has made McDonalds one of a kind in its conveyance of fine and quality cheap food items. Its CSR techniques have helped it to recognize the necessities of the individuals inside these goals and grow inexpensive food arrangements that best meets their requirements. McDonalds is along these lines aware of its clients various necessities. Likewise, McDonalds endeavors to advance solid weight control plans that advantage its client. Examination uncovers that cheap food items are bad for the wellbeing, particularly for the heart just as the liver. Nonetheless, McDonalds debates this by creating and making inexpensive food items that are liberated from cholesterol, fat that causes heart infections. The firm has likewise won a few honors in condition preservation and business affectability. McDonalds has no sexual orientation imbalance while utilizing its staff from the areas where it has extended. The organization wants to have prepared and retrained every one of its representatives in their particular fields before the finish of 2012 (May, Cheney and Roper, p.32). As indicated by a representative at the drive-through joint in Europe, McDonalds is maybe the best manager and consistently tunes in to the requirements and requests of the staff; the work condition is one to kick the bucket for. Variables and Discussion This segment will recognize the different CSR methodologies that McDonalds has executed before, present and the fate of these procedures. The variables are distinguishes in the following sections. Qualities McDonalds basic beliefs are totally planned for advancing the Corporate Social Responsibility of the firm. This is accomplished through offering an incentive to the clients, the flexibly chain just as the different colleagues with whom McDonalds works together. McDonalds without a doubt recognizes the way that its clients are the purpose for its prosperity and presence. In this way, the clients are a lot of esteemed inside the organization. The organization accordingly endeavors to make a warm and inviting condition for its clients. Furthermore, McDonalds values its workers and states that it is submitted towards the vocation development and improvement of its representatives through an exhaustive preparing plan. This is maybe the best CSR that McDonalds has. McDonalds trusts in enabling and esteeming the workers for expanded duty from them and their proceeded with progress. McDonalds additionally keeps up high business morals and hence leads its business with high moral gauges (Fisher and Lovell, p.33). The organization leads its business with high respectability, genuineness and reasonableness for every one of its clients and providers. McDonalds additionally values the network where it works and endeavors to offer back to the general public through supporting different network activities, for example, training. McDonalds has confidence in improving the world a spot (Johnson and Turner, p.112). McDonalds being an open organization esteems doing gainful business with every one of its partners. The organization in this manner lays a lot of accentuation on beneficial business while implementing its business morals over the entirety of its auxiliaries. This is accomplished through keeping up high moral measures. McDonalds consistently endeavors to exceed expectations in whatever field it embraces to work in. consistent improvement is accomplished inside the organization through kept preparing and advancement. Along these lines, McDonalds has developed to turn into the universes biggest cheap food chain of eateries through its dedication towards accomplishing its CSR just as keeping up great business morals. As indicated by Richardson (p.16), McDonalds has made a lot of progress through its cooperative attitude activities around the world, thus numerous clients relate to the positive side of the organization. Practical flexibly chain McDonalds providers are required to cling to the exacting Code of Conduct which improves the flexibly chain guaranteeing that the cheap food goliath gets the best quality items as crude material for setting up the drive-thru eateries. The firm qualities its gracefully chain in such a way, that it is highly unlikely a low quality item can get to the organizations creation unit. What's more, there are governing rules to guarantee that simply the best crude materials are utilized to get ready cheap food items. These governing rules regularly include enabling the providers to flexibly quality items through preparing programs. In 2007, McDonalds built up a solid flexibly chain office which guarantees that the quality principles for its providers are consistently met by the providers (Hanekamp, p.14). The intricacy of the flexibly chain requires that McDonalds keeps up a viable correspondence among its providers so as to take care of and turn away issues at a beginning period. McDonalds consistently buys its items from providers who just conform to the set up set of principles in this way guaranteeing proceeded with quality norms adherence (Gitman and McDaniel, p.34). Furt

Productive Opportunity Essay Example for Free

Beneficial Opportunity Essay Beneficial open doors relies upon numerous things, the headway of innovation, the accessibility and access to assets, and furthermore what makers and business people can consider at the given time. Picking a mix of profitable and budgetary open doors help amplify riches. They key in finding a profitable open door is a high level of attention to the elements that mutilate judgment An ideal capital market is when purchasing and selling don't influence costs. â€Å"In an ideal capital market the organization is viewed distinctly as a methods for producing riches, on the grounds that the current estimation of the dollar returns it creates is the main component pertinent to its proprietors. † Understanding your asset, assets is a source or gracefully from which an association picks up benefit. Regularly assets are materials or different resources that are changed to deliver advantage and in the process might be expended or made inaccessible. From a human viewpoint a characteristic asset is anything gotten from nature to fulfill human needs and needs. Associations work by individuals deciding. An administrator designs and composes a group by executing choices. The viability and nature of those choices decides how effective an administrator is. With this being said â€Å"the objective of the director and proprietor continue as before insofar as market esteem is maximized.† Opportunity is surrounding us however yet simultaneously now and then we never observe it. In business we search for better approaches to advertise our business, arrive at our objective market, expand on online network and through this all we disregard the open door that is surrounding us. We are figuring out how to make opportunity my augmenting our fairly estimated worth. Taking everything into account, â€Å"in an ideal capital market, the market estimation of the ï ¬ rm is resolved distinctly by the money ï ¬â€šows it can produce and not by the wellspring of assets used to ï ¬ nance those activities. The assignment of the executives is to make riches by ï ¬ nding beneficial open doors with normal paces of return surpassing the market pace of interest.† Fabozzi, Frank J. (2011-12-01). Budgetary Economics (Page 46). Wiley. Arouse Edition.

37 Gorgeous Illustrated Covers Featuring People of Color The List List #347

37 Gorgeous Illustrated Covers Featuring People of Color The List List #347 This weeks The List List is sponsored by Flatiron Books, publishers of I Know Who You Are by Alice Feeney. Meet Aimee Sinclair: the actress everyone thinks they know but can’t remember where from. Except one person. Someone knows Aimee very well. They know who she is and they know what she did. at Autostraddle, 8 Crime Books Featuring Women Loving Women Other Queer People at Brit+Co, 3 New Books About Shifting Relationship Dynamics at Brightly, 6 Picture Books that Make the Sweetest Gifts for Moms at Bookish, Five Great Book Club Books for Foodies at Bustle, 8 Books About Beyoncé, Feminism, and Music to Read After You Finish Queen Bey by Veronica Chambers at Buzzfeed, 8 Author-Owned Bookstores Every Book Lover Needs to Visit at ElectricLit, 7 Honest Books About Hoaxes at EpicReads, 37 Gorgeous Illustrated Book Covers Featuring People of Color at Quirk Books, Best Breakups in Literature at Read It Forward, 40 Best True Crime Books of All Time at Riveted, 6 Books About Introverts for Introverts at Tor, 5 Books Where the Hero Doesnt Save the Day

Community Crime Profile Survey Essay - 2427 Words

Community Crime Profile Survey with Questions nbsp;nbsp;nbsp;nbsp;nbsp;The small community of Hasbrouck Heights, NJ is the one square mile home to a comparatively tiny population of approximately 7,600 people, including myself. I live on a residential street of this small suburban town where a great threat of danger and harm has never really been associated with its name. The crime rate on the city-data.com crime index is a minute 35.6 when compared to the U.S. average of 330.6. In the year of 2002 Wood-Ridge did not experience any murders, rapes, or robberies, and only 1 assault, 35 larceny counts, and 7 auto thefts. This is the main reason why all parties who were surveyed either felt very safe or somewhat safe living their lives†¦show more content†¦Residents feel that the youths hanging out is just a brewing pot for trouble. This problem can be fixed by many members of the community with one major idea, give the kids something to do! The town already has in place what is referred to as â€Å"Teen Nights,† hel d by the Hasbrouck Heights Recreation Commission. The problem with these â€Å"Teen Nights† is that it involves a minute amount of the teens in this area. It involves only 7th and 8th graders. What about the high schoolers? They’re the ones who get bored most easily. To resolve this problem, the need for community support is at its peak. If different organizations would pitch in and sponsor some special nights for the teens to get together, there would be fewer nights for kids to roam the streets. The churches could pitch in by opening up their basements, for a few nights throughout the year and hold different functions, like dances or have guest speakers or comedians. The YMCA program that is offered to children in the elementary school could be expanded to the twelfth grade, not only providing a place for youth to go, but a place where they can be active. Also local restaurants can hold such things as a dinner dance every once in a while only expecting a small fee in return. Another place that could be rented out for teens can be the halls where Knights of Columbus, the VFW, or the Elks club resides. Another predominant group who can become involved areShow MoreRelatedProfessional Racism and Discrimination1117 Words   |  5 Pagesbelieving an individual is suspicious of committing a crime. Discriminatory or abusive behavior towards people of color affects the justice system and violates people’s human rights. The LAPD continues to use racial profiling against mostly African-Americans and Latinos. The use of racial profiling by the LAPD prevents the police from serving the whole community. 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The Odyssey By Homer, Annotated Bibliography Essay

he Odyssey, as written by Homer, intricately and excitingly weaves Colin Renfrew’s Subsystem Theories throughout the entire play. Many of the five subsystem theories can be seen and support understanding of the novel. Of the five systems, trade/communication, social/ political hierarchy and symbolic subsystems will be the focus of analysis in this paper. All of these subsystems come together in The Odyssey to explain the characters and their lives, and also how they fit into the society which they live in. To understand the growth and development of the characters, we must understand the systems theories, â€Å"many human actions have a meaning at several different levels, with undertones and overtones†¦ it is the complex interconnectedness of the subsystems which gives human culture its unique potential for growth.† As this paper will demonstrate within The Odyssey, trade and communication, social and political hierarchy and lastly symbolic subsystems create adve nture in Odysseus’s harrowing, yet exciting journey back to his kingdom and family. These specific subsystems add depth and excitement because we see how each specific one impacts Odysseus’s journey back home. They help us understand who Odysseus is a man and sympathize with all that he goes through. The communication subsystem helps explain how communication between people (and gods) in different lands aid to the success of his return home. We are able to see from the social subsystem how Odysseus and other menShow MoreRelated The Navigation of Christopher Columbus and the Age of Discovery4963 Words   |  20 Pagesnavigation--it was the Phoenicians who taught the Greeks the use of the pole star as a direction guide--it is the Greeks who generally come to mind first, largely as a result of myths such as Jason and the Argonauts, and Homers epics, the Iliad and the Odyssey. For thousands of years, these works were considered to be nothing more than heroic fantasies ab out the distant past, but this was to change dramatically after the discovery of the legendary city of Troy, by Heinrich Schliemann, in 1870, revealedRead MoreChildrens Literature13219 Words   |  53 Pages[ancient Rome; 50 BCE to 500 CE] 31 The Middle Ages [500 to 1500 CE] 31 The European Renaissance [1500-1650 CE] 32 The 17th Century 34 The 18th and Early 19th Centuries 35 The Victorians: The Golden Age 36 Twentieth Century: Widening Worlds 38 9. Bibliography 38 1. Introduction In 1817 Robert Bloomfield, author of The History of Little Davy’s New Hat, wrote: ‘The longer I live †¦ the more I am convinced of the importance of children’s books.’ That similar statements are still being made two hundred

Ethics and Human Resources Free Essays

Policy In the consulting industry, ethics play a very important role. Ethics are the baseline for every business decision that is made. For this reason, all employees of the AJ Consulting firm are required to adhere to our strict ethics policy. We will write a custom essay sample on Ethics and Human Resources or any similar topic only for you Order Now AJ Consulting’s ethics policy is based on three areas. These areas are as follows. People AJ Consulting’s employees are the most important asset that we have. All employees will be treated with the highest respect and trust. Management is expected to lead by example and set the tone for our ethics program. They are expected to act and behave in the highest ethical manner. Through these actions they will enforce ethical decision making and guide subordinates through the development process. Open and honest communication is key to providing an environment that supports the development of people and business. All managers have an open door policy for employees to voice any concerns regarding violations of company policy. The Employees are the eyes and ears of AJ Consulting and should be comfortable bringing any violations to the attention of management without fear of retaliation. All reported concerns of unethical behavior will be addressed and investigated in a timely manner, and the findings of the investigation will be shared company wide. The report of findings will be nonspecific to protect the privacy of our employees. We are an equal opportunity employer and take a zero tolerance stance against retaliation and discrimination. This includes all behaviors that are deemed harassing, abusive (both verbal and physical), and offensive. AJ Consulting is dedicated to providing an environment where every employee can unlock and reach their potential. All opportunities for advancement and self-improvement will be offered to all qualified personnel equally, thus allowing the employees of AJ Consulting to reach their full potential. Allowing employees to reach their full potential directly contributes to the success of our business. Employees should contact their manager or human resources if they feel that they have been harassed or discriminated against. Place (community) AJ Consulting is dedicated to improving the community in which we operate. To fulfill our obligation to improve our community, and to better understand our nonprofit customers, all employees will be required to volunteer eight hours per calendar year. Volunteer time can be during business hours and regular wages will be paid by AJ Consulting for this time. We will build trust in the community through our actions and credibility. To gain the public’s trust we will follow through on our commitments and operate with honesty and integrity. Under no circumstances will an employee of AJ Consulting act unethically or immorally without disciplinary action. If questions arise when considering a certain action or business deal consider the following questions. Will this action be perceived favorably by the public? Can AJ Consulting fulfill this commitment? Will this action help build trust within the community? Is this action legal? If you cannot answer yes to these questions, seek guidance from management. Profit AJ Consulting is not in business to make a profit. We make a profit to stay in business. A portion of our profits will be reinvested into our people and our community, thus reinforcing our commitment to the community and our people. No business should be done and profit made thereof, by violating our code of ethics or our high standards of integrity and honesty. Any violation or possible violations should be reported to a member of management. Ethics in Business Dealings While we strive to be competitive in the market; we will offer our services based on quality and ethical business decisions. AJ Consulting will not coordinate any of business decisions with our competitors to create an unfair and unethical advantage in the marketplace. We will also not accept gratuities or gifts from our customers or competitors to gain an advantage. All of our services will be competitively priced based on company guidelines and not outside influences. AJ Consulting will conduct its business in accordance with all applicable laws, regulations, and company policies. To ensure that employees are familiar with and understand these laws and regulations; employees will be required to attend regular update meetings on a quarterly basis. It is every employee’s obligation to see that we are in compliance with governing law and regulations. Managers should be made aware of any violations or possible violations of laws, regulations, or company policies. Managers are then in turn, responsible for investigating any concerns brought to their attention in a timely manner. If the suggested violations are substantiated the manger is then required to take the appropriate steps to correct the violation. Gifts While negotiating a contract with a potential customer, no gifts or gratuities shall be given or received. Business dinners are permissible as long as they do not present the appearance of favoritism or any attempt to influence business decisions. We need to reinforce our reputation as a fair and ethical business and the appearance of favoritism can severely tarnish our reputation. Under no circumstances may an employee of AJ Consulting solicit gifts from their customers. After a contract is awarded, small gifts may be given or received if they are unsolicited and are of menial value. If you have any questions regarding whether or not a gift is appropriate contact a member of the management team to verify if accepting the gift violates company policy. Confidential Customer Information Our customer’s confidentiality is of the upmost importance to AJ Consulting. In order to build a trusting relationship; employees of AJ consulting will under no circumstances, use any information about our customers for the purpose of personal or financial gain. To avoid a conflict of interest, no employee with a vested interest shall make recommendations or consult the organization in which they have stake in. Nor shall any employee divulge any sensitive or confidential information to anyone outside of the company. Our customer’s sensitive information shall be kept secure, and be used for the sole purpose of making recommendations for process improvement. We shall also ensure recommendations do not include our customer’s sensitive information to minimize the risk of leaking such information to the public. Ethics Training Program Within the first 90 days of employment, all new hires will attend an initial ethics training. This training will be facilitated by the Human Resources Department with the support of the employee’s first line supervisor. During the initial training the President and Chief Operating Officer of AJ Consulting will discuss the importance of ethics in the consulting industry. The human resources department will inform the new hire of the policies and procedures of AJ Consulting’s ethics program. Included in this training will be an overview of the laws and regulations that govern the consulting industry, AJ Consulting’s position on ethics, proper use and disposal of sensitive information, how to file an ethics complaint, resources available for ethics questions, and the disciplinary consequences of ethics violations. After the initial ethics training employees will be given and annual refresher training. The annual refresher training will cover all ethics violations or potential violations and how they affected the company and its reputation. Role playing will be used to evaluate how well employees understand the ethics program and how they use this knowledge in real life situations. The training will also update the employee on new rules and regulations governing the consulting industry. It will also review the disciplinary actions that may result from ethics violations. The violation reporting procedures and resources for ethics questions will be updated and passed on during the annual refresher training. Reporting Suspected Ethics Violations AJ Consulting takes the issue of ethics very seriously. That is why it is the responsibility of every employee of AJ Consulting to report all actual and suspected ethics violations in a timely manner. The likelihood of diverting a crisis is dramatically increased if we can respond to potential violations quickly. We have developed a quick and anonymous way for our employees to report ethics violations. If you wish to report an ethics violation anonymously we have set up an ethics hotline. The number for the ethics hotline is (800)ajethics. This hotline will direct you to our ethics officer during business hours. If you are calling outside regular business hours you will be directed to their voicemail. We have also setup an email account for those personnel who prefer to report ethics violations this way. The email address is ethics@ajconsulting. com. You will receive a response within 48 hours of submitting a violation. The third way of reporting is by contacting any member of management or any member of the ethics compliance committee. Remember when reporting a violation, supply us with as detailed information as you can. This information should include dates, times, names, and companies. While all of this information is not required to file a complaint, it will help us investigate the issue. We do understand that ethics can be confusing, so if you have any questions about ethics or how ethics is applied in a given situation please reach out to our ethics officer who is also our human resources manager. If they cannot provide you with an answer they will research the situation and respond as quickly as possible. Monitoring the Ethics Program AJ Consulting is dedicated to providing the most efficient and stable work environment possible. Since a solid ethics program is the basis for our core values it is very important for us to monitor and evaluate how effective this program is. Monitoring and auditing our ethics program allows us to become proactive in preventing ethical and illegal misconduct whereby the public’s trust and the company’s reputation may be damaged beyond repair. To fulfill this requirement AJ Consulting has implemented a compliance committee. The committee will consist of the president, chairman of the board of directors, human resources manager, and the accounting manager. They will be in charge of evaluating all aspects of this program. Quarterly first line supervisors will observe 10% of their employees. During the observation the supervisor should note any behaviors or decisions that could be seen as unethical. The observation should be documented and turned into the human resources department. Semiannually they will review all financial documents to ensure they are complete and accurate. They will look for any anomalies in the financial documents and investigate any discrepancies. The compliance committee will also verify that all financial reports are filed on time and give an accurate view of our company. Under no circumstance is it permissible to file reports that are misleading or false. Annually the committee will send out a workplace survey to gain the employee’s perspective. These surveys will be anonymous in order to allow employees to question or comment on any decision making or instances that they feel may be unethical. No place on this survey shall it ask for any information that may identify the person filling out the survey. This will allow honest and open feedback without the fear of retaliation. The compliance committee will review the annual training attendance, roll playing, supervisor observations, financial reports, and employee surveys and compile a state of ethics report that will be kept on record. This will allow AJ Consulting to look for trends in our ethical behavior and ensure that we are on the path to success and allow us to reevaluate and adjust our program as necessary. Biannually AJ Consulting will contract an outside agency to audit and evaluate our ethics program. They will look at our financial records, ethics reports, and reported violations to provide an unbiased assessment of our ethics program. AJ Consulting will use our internal audits and external audits to improve the ethics program and align our values, mission statement, and direction with ethics. Summary While every manager is responsible for the day to day ethics at AJ Consulting, every employee is responsible for doing business in an ethical manner every time. Under no circumstance is it permissible to conduct yourself in an unethical manner. We have assembled an ethics compliance committee that consists of the president, chairman of the board of directors, accounting manager, and human resources manager. The human resources manager is also the ethics officer for AJ Consulting. If you have any questions about ethics please contact one of these members. How to cite Ethics and Human Resources, Papers

Development Through Life Stages free essay sample

Life begins with conception. A woman normally produces one egg cell each month, roughly two weeks after the last menstrual period. This egg can then be fertilized if sexual intercourse takes place while the egg is in the fallopian tube. Fertilization means that the genetic material in the sperm joins with the genetic material in the egg to start new life. Pregnancy Pregnancy is the period from conception to birth when a woman carries a developing foetus in her uterus. Pregnancy begins when a sperm penetrates an egg. One to one and a half days later, the single fertilized cell begins to divide, after two or three days there are enough cells to make the fertilised egg the size of a pin head. The collection of cells travels to the lining of the uterus where it becomes implanted. At this stage the collection of cells is called an embryo. After eight weeks, the embryo may have grown to between three and four centimetres, has a recognizable heart bear ad the beginnings of eyes, ears, a mouth, legs and arms. At this stage the growing organism is called a foetus. During the final seven months before birth, all the organs continue to develop. By twenty weeks, the foetus will have reached about the half the length of the baby at birth, by thirty two weeks, the foetus will be about half its birth weight. Birth and Infancy Usually about nine months after conception the baby will be born. The new born babe has to take easily digestible food such as mothers milk in the first weeks in order to grow. A new born baby does not have a fully developed brain but can usually hear sounds, tell differences in the way things taste, identify the smell of their own mother or carer. Infants are born with various temporary and primitive reflexes such as: turning their head towards any touch on the cheek. This helps the baby get the nipple into their mouth to feed, if you place your finger in the palm of the babys hand, they will grasp your finger tightly, this is called the grasp reflex, if a baby is startled they will throw their hands and arms outwards, arching the back and straightening their legs, this is called the startle reflex, if a new born baby is help upright with their feet touching the ground, they will begin to make movements as if trying to walk, this reflex is called the walking reflex. Babies are helpless when it comes to muscle co-ordination and control. Babies cant hold up their head, roll over, sit up, or use their hands to move objects deliberately. Despite their muscular inability, babies have the ability to recognise and interact with people. Babies prefer the sound of human voices to other sounds and soon learn to recognise their mothers voice. Babies are born with the natural ability to sense objects. The sensorimotor stage is a stage when thinking is limited to sensing objects and performing motor actions. Jean Piaget, a Swiss development psychologist believed that a baby would not have a working system for remembering and thinking about the world until babies reach about 18 months old. At around 3 months infants begin to make babbling noises as they learn to control the muscles associated with speech and around 12 months infants begin to imitate sounds made by carers such as ‘da-da’; this develops into the use of single words. At around 2 years infants begin to make two-word statements such as cat goed (using the wrong tense) and the infant begins to build their vocabulary. At around 3 years children begin to make simple sentences such as I want a drink This develops the ability to ask questions but use of the wrong tense still occurs. At around 4 years children begin to use clear sentences that can be understood by strangers. Children can still be expected to make mistakes with their grammar. At 5 years children can speak using full adult grammar. Vocabulary will continue to develop through their whole lives. Social Development for newborn and infants occurs while interacting with carers because they seem to have an in-built tendency to interact with carers. By 2 months they may start smile at human faces, at 3 months infants will respond when adults talk, at five months infants can distinguish between familiar and unfamiliar people. Infants make their first relationships as they form an emotional attachment to carers. In the later stages of infancy, infants will play alongside other children. Bowlby (1953) argued that infants have an in-built need to form an attachment with a carer. The quality of this attachment may affect emotional development for the rest of the child’s life. Childhood During this stage children grow steadily but extremely rapidly during infancy. By the age of six, a childs head will be ninety per cent of adult, even though the body still has a lot of growing to do. Reproductive organs remain small until the onset of puberty. Childrens practical abilities continue: at the age of two, children may be able to run and climb stairs one step at a time, by age four children may be able to kick and throw objects, by age six or seven, a child may be able to skip and ride a bicycle. The pre-operational stage ( pre-logic ages 2-7) is a stage that Piagit believed that children could no think in a logical way. Piagit explained that pre-operational children connot properly understad how ideas like numbers, mass and volume really work. A child might be able to count to 10 but might not understand what the number 10 really mean. For example if there are two, two litre bottes (and the child wasnt aware of both the bottles containing 2 litres) of water and one of the bottles is longer in length and thin by width and the other is short in length and big in width then a child in this stage might say the two litre bottle longer in length is longer because it is simply longer or taller. The concrete operational stage (7-11 years) can think logically provided the issues at hand are simple logical puzzles. For example if you ask a seven year old a question such as Bill is taller then Bob, but Georgia is smaller than Samantha so who is the tallest? they may find it difficicult to mentaiily imagine the information given to them, this is called abstract logical thinking but if the seven year old was given a picture of Bill, Bob, Georgia and Samantha then they would point out quickly who is the tallest, this type of thinking is called concrete logical thinking. Young children are emotionally attached and dependent on the adults that care for them. Children begin to learn social roles and behaviour within their family. This is called first or primary socialisation. A family environment would provide a safe environment which children can explore social relationships with other children such as co-operative play. As childs age increases, the amount of independence coincides. Children also build relationships built on a sense of mutual trust. Friendships become more important as children grow towards adolescence. Even before children reach adolesence they may start to form a circle of friends that share common interests and agree with each other. Children use their imagination to begin to understand the social roles that other people play. Children begin to imagine an idea of themselves or a me. Relationships between family members may influence a childs amount of self-worth. The way way that a child gets on with teachers and friends may influence their self-confidence. These factors can ultimately develop a childs permanent sense of confidence and high amount of self worth or a sense of failure and inferiority. At around 3 years children begin to make simple sentences such as I want a drink This develops the ability to ask questions but use of the wrong tense still occurs. At around 4 years children begin to use clear sentences that can be understood by strangers. Children can still be expected to make mistakes with their grammar. At 5 years children can speak using full adult grammar. Vocabulary will continue to develop through their lives, this is of course unless their mental capacity deteriorates as they reach the end of their lives.

All About Old Growth or Virgin Forests

All About Old Growth or Virgin Forests An old growth forest, late serial forest, primary forest or ancient forest is a woods of great age that exhibits unique biological features. Depending on tree species and forest type, the age can be from 150 to 500 years. Old growth forests typically contain a mixture of large live and dead trees or snags. Unharvested fallen tree logs in various states of decay litter the forest floor. Some environmentalists blame the dramatic loss of U.S. old growth forests to exploitation and disruption by Euro-Americans. It is true that old growth stands need a century or more to grow. How Will You Know You are in an Old Growth Forest? Foresters and botanists use certain criteria to determine old growth. Sufficient age and minimal disturbance is necessary to be classified as old growth. Characteristics of old-growth forest will include presence of older trees, minimal signs of human disturbance, mixed-age stands, canopy openings due to tree falls, pit-and-mound topography, downed and decaying wood, standing snags, multi-layered canopies, intact soils, a healthy fungal ecosystem, and presence of indicator species. What is a Second Growth Forest? Forests regenerated after harvests or severe disruptions like fire, storms or insects is often referred to as a second-growth forest or regeneration until a long enough period has passed that the effects of the disturbance are no longer evident. Depending on the forest, to become an old growth forest again may take anywhere from one to several centuries. Hardwood forests of the eastern United States can develop old-growth characteristics with several generations of trees existing in the same forest ecosystem, or 150-500 years. Why are Old Growth Forests Important? Old growth forests are often rich, biodiverse communities harboring wide varieties of plants and animals. These species must live under stable conditions free from severe disturbance. Some of these arboreal creatures are rare. The age of the oldest trees in an ancient forest indicates that destructive events over a long period were of moderate intensity and did not kill all the vegetation. Some suggest that old growth forests are carbon sinks that lock up carbon and help prevent global warming.

Listing Standards of SME stock exchanges

Listing Standards of SME stock exchanges Free Online Research Papers Listing standards of SME stock exchanges The document covers the importance of SME exchanges and discussed the listing standards of some of the famous SME stock exchanges across the world and the future of such exchanges in India Niroop G J PGP/11/097 Contents INTRODUCTION 3 Small and medium enterprise (SME) exchanges 3 AIM London 4 Highlights: 4 Key Criteria for listing 5 Mothers Exchange 6 Listing Criteria 6 Liquidity 6 Growth Enterprise Market – GEM 8 GEM Listing Requirements 8 (I) Financial Requirements: 8 (II) Acceptable Jurisdictions: 8 (III) Accounting Standards: 8 (IV) Suitability for Listing: 9 (V) Operating History and Management: 9 (VI) Minimum Market Capitalisation: 9 (VII) Market Capitalisation of Public Float: 9 (VIII) Public Float: 9 (IX) Spread of Shareholders: 10 (X) Offering Mechanism: 10 (XI) New Issue Price: 10 Listing Process for a listing application 11 JSE Alternative Exchange (AltX) 12 Expected Benefits 12 For companies: 12 For investors: 13 For the South African economy: 13 Extraordinary Support 13 Designated Advisers 13 Listing Requirements 15 Market for Alternative Investment MAI 16 Criteria for listing on MAI 16 NYSE ALTERNEXT 17 MARKET PARTICIPANTS 17 LIQUIDITY PROVIDERS 17 Role of LPs 17 New LP profiles 19 MARKET MAKERS 19 LISTING SPONSORS 21 OBLIGATIONS 21 Conditions for becoming a listing sponsor 22 KOSDAQ 23 Mixed Results 25 1. Good performance 25 2. Bad performance 27 Growth of KOSDAQ 29 LISTING STANDARDS 30 TSX Venture exchange Canada 31 The steps to list on TSX Venture Exchange 31 Filing a prospectus is a five-step process: 32 Listing Requirement 32 Listing Fees 33 Four different methods at TSX Venture Exchange 33 Direct Listing 33 IPO 33 Reverse Take-Over 33 TSX Venture Capital Pool Company Program (CPC) 34 SME Exchange in India 35 REFERENCES 35 INTRODUCTION Small and medium enterprise (SME) exchanges The objective of SME exchanges is to provide a way for smaller companies to raise capital. These companies, due to their smaller sizes, cannot raise capital from larger exchanges. The companies which would want to raise money from SME exchanges would generally range from young, venture capital-backed start-ups to well-established, mature organisations looking to expand. These small and mid-sized firms usually cannot meet the stringent requirements that are necessary for listing on bigger exchanges. SME exchanges are designed specifically for these companies. These exchanges provide a way for the small companies to get listed, and also provide an alternative investment option for the investors, who can buy the equity of smaller businesses. There are numerous reasons why small company would want to get itself listed on an SME exchange. The reasons are essentially the similar to why any company would want to go public. But, the priorities in case of the small firms are different. For example, listing on an exchange creates a heightened public profile of a small company. This is very important for most small companies getting listed on SME exchange, but not as important for a well-established company getting listed on a major exchange. Some of the reasons why a small company wants to get itself listed on an SME exchange include: To provide access to capital for growth To create a market for the company’s shares To place an objective market value on Company’s business To encourage employee commitment by making share schemes more attractive To increase the company’s ability to make acquisitions using quoted shares as currency To create a heightened public profile To enhance status with customers and suppliers There are many SME exchanges around the world. Presently, we do not have such an exchange in India. Examples of some of the popular SME exchanges around the world are – AIM London NYSE Alternext JSE Alternative Exchange South Africa Market for Alternative Investment (MAI) Thailand TSX Venture exchange Canada Mothers (Market of the high-growth and emerging stocks) Japan Gems- Hong Kong KSODAQ Korea AIM London The London Stock Exchange created AIM with the objective to offer smaller companies from any country and any industry sector ? the chance to raise capital on a market with a pragmatic and appropriate approach to regulation. AIM is designed to be a highly flexible public market offering many unique attributes both for companies and investors. Companies do not need a particular financial track record or trading history for getting listed on AIM. There is also no minimum requirement in terms of size or number of shareholders. This more flexible approach reflects the fact that AIM was designed specifically for smaller growing companies, and has helped AIM to become the leading global growth market. Highlights: No minimum size of company No minimum proportion of shares to be in public hands No trading record requirement No prior shareholder approval for the majority of transactions No restrictions on the transferability of the companys shares* No requirement to be incorporated in the United Kingdom Key Criteria for listing 1. An applicant must appoint a nominated adviser and an AIM company must retain a nominated adviser at all times. 2. An applicant must produce an admission document and other supporting documents in specified formats. 3. Where an applicant’s main activity is a business which has not been independent and earning revenue for at least two years, it must ensure that all related parties and applicable employees as at the date of admission agree not to dispose of any interest in its securities for one year from the admission of its securities. 4. Where the applicant is an investing company, a condition of its admission is that it raises a minimum of  £3 million in cash via an equity fundraising on, or immediately before admission. 5. Disclosure of developments that are not public knowledge but likely to cause substantial prize movements. 6. Disclosure of corporate transactions 7. Disclosure of half-yearly financial statements 8. Annual reports 9. Disclosure of other miscellaneous information. Mothers Exchange Mothers (Market of the high-growth and emerging stocks) was established by the Tokyo Stock Exchange on November 11, 1999. The exchange was set up in order to provide venture companies access to funds at an early stage of their development and to provide investors with more diversified investment products. Listing Criteria Liquidity 1. Applicant should make, at the time of listing, public offering of minimum 1,000 trading units of newly issued shares, or a public offering of minimum 1,000 trading units of newly issued shares and previously issued shares, of which minimum 500 trading units should be of newly issued shares. 2. Applicant should secure minimum 300 new shareholders by the initial public offering at the time of listing. 3. A market capitalization of at least JPY 1 billion at the time of listing. 4. Turnover, for the business should be recorded by the day prior to the listing application date. This is because if the business is still being planned or going through a feasibility assessment stage and yet to generate any significant revenue, it is not considered eligible for listing. 5. Financial Statements 6. Applicant is to have contracted, or has agreed to contract, with one of shareholder service agents by the time of application. 7. There should be no restrictions on transfer of stocks. 8. Applicant has agreed, or is to have agreed, to deposit their securities into a central securities depository, Japan Securities Depository Center, Inc. 9. Applicant should be able to disclose their business results appropriately and timely on quarterly basis. ? Figure below compares the listing criteria of Mothers with other sections of the Tokyo Stock exchange. ? Growth Enterprise Market – GEM GEM is an alternative stock market operated by Hong Kong Exchanges and Clearing Limited. It caters to the growth enterprises particularly those emerging ones, i.e. enterprises that have good business ideas and growth potential. Gem offers growth enterprises an avenue to raise capital. It offers investors an alternative of investing in high growth, high risk businesses and provides a fund raising venue and a strong identity to foster the development of technology industries in Hong Kong and the region. Gem promotes the development of venture capital investments. GEM Listing Requirements The following shows some of the basic requirements for listing equity securities on the Exchange. (I) Financial Requirements: A GEM new applicant must have a trading record of at least two financial years comprising: A positive cashflow generated from operating activities in the ordinary and usual course of business of at least HK$20 million in aggregate for the two financial years immediately preceding the issue of the listing document. Market cap of at least HK$100 million at the time of listing. (II) Acceptable Jurisdictions: Chapter 24 of the GEM Listing Rules provide the general framework applicable to all overseas companies seeking a listing on the Exchange. GEM Rule 24.05(1)(b) and the explanatory notes thereto set out the shareholder protection standards that are expected of an overseas company when seeking a primary listing on the Exchange. Applicants incorporated outside Hong Kong and other recognised jurisdictions seeking a primary listing on GEM are assessed on a case-by-case basis and have to demonstrate they are subject to appropriate standards of shareholder protection, which are at least equivalent to those required under Hong Kong law. (III) Accounting Standards: A new applicants accounts must be prepared in accordance with either Hong Kong Financial Reporting Standards or International Financial Reporting Standards. Banking companies must also comply with the Financial Disclosure by Locally Incorporated Authorised Institutions issued by the Hong Kong Monetary Authority. Accounts prepared in accordance with US GAAP are acceptable if the company is listed, or will be simultaneously listed, on either the New York Stock Exchange or the NASDAQ National Market (IV) Suitability for Listing: Both the issuer and its business must, in the opinion of the Exchange, be suitable for listing. An issuer or its group (other than an investment company) whose assets consist wholly or substantially of cash or short-dated securities will not normally be regarded as suitable for listing, except where the issuer or group is solely or mainly engaged in the securities brokerage business. (V) Operating History and Management: A GEM new applicant must have a trading record of at least 2 full financial years with: Substantially the same management throughout the 2 full financial years. Continuity of ownership and control throughout the full financial year immediately preceding the issue of the listing document. Exception: The Exchange may accept a shorter trading record period and waive or vary the ownership and management requirements for newly-formed project companies and natural resources exploitation companies, supported by reasons acceptable to the Exchange. (VI) Minimum Market Capitalisation: The expected market capitalisation of a new applicant at the time of listing must be at least HK$100 million. (VII) Market Capitalisation of Public Float: The expected market capitalisation at the time of listing of the securities of a new applicant which are held by the public must be at least HK$30 million. (VIII) Public Float: At least 25% of the issuers total issued share capital must at all times be held by the public. Where the issuer has one class of securities or more, the total securities of the issuer held by the public at the time of listing must be at least 25% of the issuers total issued share capital. However, the class of securities for which listing is sought must not be less that 15% of the issuers total issued share capital, having an expected market capitalisation at the time of listing of not less than HK$30 million. The Exchange may, at its discretion, accept a lower percentage of between 15% and 25% in the case of issuers with an expected market capitalisation at the time of listing of over HK$10 billion. (IX) Spread of Shareholders: The equity securities in the hands of the public should be held among at least 100 persons. Not more than 50% of the securities in public hands at the time of listing can be beneficially owned by the three largest public shareholders. (X) Offering Mechanism: A new applicant is free to decide on its offering mechanism and may list on our Exchange by way of placing only. (XI) New Issue Price: GEM Listing Rules do not impose conditions on the new issue price. However, new shares cannot be issued at a price below their nominal value. Monetary Value of Equity Securities to be Listed (HK$ million) Initial Listing Fee (HK$) Not exceeding: 100 100,000 100 to1,000 150,000 Over1,000 200,000 Listing Process for a listing application (H stands for the provisional hearing date by the Listing Division) Clear Business Days(Note 1) GEM Requirements H 25 Application for advance booking to the Exchange ? Submit the advance booking form (Appendix 5A to the GEM Listing Rules) with a timetable ? Pay the full amount of the initial listing fee ? Submit the documentary requirements under GEM Listing Rules 12.14, 12.17, 12.22 and 12.23. H Approval/ Rejection : Hearing prior to 1 July 2008 by Listing Committee Hearing date after 1 July 2008 by Listing Division Rejection Discretionary appeal to GEM Listing Committee Approval ? After notification of approval in principle but before the date of issue of the listing document, lodgement of documents with the Exchange pursuant to GEM Listing Rule 12.24 Issue of prospectus ? By no later than 11 a.m. on the intended day of authorisation of the prospectus, lodgement of documents with the Exchange pursuant to GEM Listing Rule 12.25 ? After the issue of the prospectus but before dealings commence, lodgement of documents to the Exchange pursuant to GEM Listing Rules 12.26 and 12.27 Dealings in shares commences JSE Alternative Exchange (AltX) The Alternative Exchange (AltX), a division of the JSE Limited (JSE) is the exciting parallel market focused on good quality small and medium sized high growth companies. The JSE Ltd (â€Å"JSE†) is licensed as an exchange under the Securities Services Act, 2004 and Africa’s premier exchange. It has operated as a market place for the trading of financial products for nearly 120 years. In this time, the JSE has evolved from a traditional floor based equities trading market to a modern securities exchange providing fully electronic trading, clearing and settlement in equities, financial and agricultural derivatives and other associated instruments and has extensive surveillance capabilities. The JSE is also a major provider of financial information. In everything it does, the JSE strives to be a responsible corporate citizen. AltX is designed to appeal to a diverse range of companies in all sectors including: Young and fast-growing businesses including start-ups; Family-owned businesses; Black economic empowerment companies; and Junior mining companies. AltX plays a vital role within the JSE, by providing smaller companies not yet able to list on the JSE Main Board with a clear growth path and access to capital. To be eligible for listing, a company must appoint and retain the services of a registered Designated Adviser. Expected Benefits For companies: Access to long-term investment capital for development of the business; Access to a central trading facility thereby providing liquidity; The ability to realise value through an effective price discovery mechanism; Improved image amongst suppliers, customers, staff and other stakeholders due to the prestige associated with being a listed entity; and The opportunity to use the issue of shares as consideration for an acquisition. For investors: The opportunity to diversify share portfolios by investing in a wide range of high-growth small and medium sized companies; and Increased confidence due to the knowledge that AltX is regulated by the JSE, which provides substantial investor protection. For the South African economy: Grows the economy by providing growth opportunities to small and medium sized companies; and Promotes black economic empowerment in South Africa. Extraordinary Support The AltX Team is committed to the success of the market and strives to provide extraordinary support to all stakeholders. In order to achieve the objectives of exceptional communication, ongoing education, marketing and relationship management with companies, Designated Advisers and the investment community, AltX has created the Knowledge Exchange. Knowledge Exchange initiatives include the partnership between AltX and the Department of Trade and Industry (the dti). The dti supports AltX in the belief that it will help promote black economic empowerment and encourage entrepreneurs in South Africa. Another Knowledge Exchange initiative is the AltX collaboration with the Wits Business School (WBS) and the Institute of Directors (IoD) to provide the Directors Induction Programme (DIP). DIP is a compulsory education programme for all executive and non-executive directors of AltX companies. Designated Advisers The main role of a Designated Adviser is to competently, professionally and impartially advise the applicant company on all its responsibilities during the application process and its responsibilities to maintain its status once listed. The Designated Adviser is the guardian of the listed company’s compliance with the JSE Listings Requirements and other applicable regulation as defined. The Designated Adviser must ensure that: the company complies fully with the applicable JSE and Altx Listings requirements; all relevant documentation required by the Listings Requirements has been submitted; each company brought to the JSE by the DA is suitable for listing; each pre-listing statement is compliant with the Listings Requirements and has been completed accurately and fully, without omissions and/or without misleading or false information; all directors of each company have the necessary expertise and experience, understand the nature of their responsibilities under the Listings Requirements, the Companies Act, the SRP Code and GAAP, are aware of the expectation to prepare and publish all information necessary and that Directors’ declarations need confirmation and verification; all new appointees to the board of directors of the company are fully briefed as to the nature of their responsibilities; all directors complete the Directors Induction Programme within 2 months of their appointment (if newly appointed) or upon confirmation of acceptance on Altx; the directors of each company are timeously informed of any amendment to the Listings Requirements or other regulations; all periodical financial information announcements are reviewed with the directors prior to publication to check accuracy and full disclosure; regular reviews are held of the company’s actual trading performance and financial condition to ensure appropriate disclosure of information to investors; at least one of the DAs attends all company board meetings in an advisory capacity; and all of the approved executives of the DAs attend at least 4 of the 6 annual DA forums hosted by Altx. Listing Requirements The JSE Limited Listings Requirements are published by Lexis Nexis. The table below shows some of the major listing requirements of both the JSE Main Board and AltX. Listing Requirements Main Board AltX Share Capital Rand 25 million Rand 2 million Profit history 3 Years None Pre-tax Profit R8 million N/A Shareholder spread 20% 10% Number of Shareholders 300 100 Sponsor/DA Sponsor Designated Adviser Publication in the press Compulsory Voluntary Number of transaction categories * 2 2 Special Requirements N/A Appoint Financial Directors Annual listing fee 0.04% of average market capitalisation with a minimum of R26334 and a maximum of R121700 (including VAT). R22 000 (including VAT) Education Requirements N/A All directors to attend Directors Induction Programme *Transaction Categories Category 1: Transaction > a50% of market capitalisation Category 2: Transaction < 50% of market capitalization Circular to shareholders Shareholder meeting Shareholder approval Kicks in at 25% for Main Board Announcement on SENS (Stock Exchange News Service) Company website (if applicable) AltX Website Voluntary publication in press Kicks in at 5 to 25% for Main Board Market for Alternative Investment - MAI The Market for Alternative Investment (MAI) was established by the Stock Exchange of Thailand as a fund-raising site for small and medium enterprises with high-potential to growth or newly-established companies with high market value. It is an alternative channel for capital raising. The companies with high-potential to growth and a need for fund raising can get listed on MAI. Criteria for listing on MAI MAI seeks companies with high potential to list on the market. To support investor confidence, MAI requires that companies wishing to list have a record of profitable business before offering shares to the public. Most importantly, firms must demonstrate good corporate governance, transparency and reliability. Some of the major criteria for companies getting listed on MAI are the followings: Factors Listing Criteria Status Is a public limited company or juristic person established by specific law Paid-up Capital > 20 million Baht Distribution of shares to minority shareholders > 300 small shareholders of ordinary shares and the aggregate number of shares > 20% of paid-up capital Definition of minority shareholders : Non-Strategic Shareholders Public Offering The shares must have already been granted by the Office of the Securities and Exchange Commission (SEC) > 15 % of paid-up capital Track Record Track Record > 2 years before filing an application, Net Profit in the latest year > 0 ; or Track Record > 1 year before filing an application , Market Capitalization > 1,000 million Baht Financial Condition Equity > 20 million Baht Conflict of Interest No conflict of interest according to the criteria specified in the Notification of the SEC Corporate Governance and Internal Control There shall be an internal control system according to the criteria specified in the Notification of the SEC Must appoint audit committee > 3 directors with qualification as required by SEC Management Qualifications of the management team have no prohibited characteristics and comply with what are specified by the SEC The scope of authority and duties of audit committee according to the criteria specified in the Notification of SEC Articles of Association The articles of association of the company and the subsidiary company shall consist of the complete stipulations according to the criteria specified in the Notification of the SEC Silent Period Strategic Shareholders* > 55 % of paid-up capital after IPO for 1 year. After the first six months : allow to sell shares a maximum of 25% of total locked up shares. After a year: allow to sell the rest shares Financial Statements and Auditor Financial Statements which posses the features in accordance with the criteria specified in the Notification of the SEC -The auditor of the applicant must be approved by the SEC Financial Advisor Must appoint financial advisor *Definition of Strategic Shareholders Government, state enterprises and government agencies Director, managers and the management including related persons Shareholders holding shares > 5% of paid-up capital including related person Shareholders having an agreement not be sold within the silent period NYSE ALTERNEXT NYSE Alternext is a tailor-made market for small and midsized companies seeking simplified access to the stock market. Its streamlined listing requirements and trading rules are suited to the size and business needs of small and mid-cap firms while ensuring investor transparency. NYSE Alternext was created by Euronext to meet the needs of small and midsized companies seeking simplified access to the stock market. It opened for business on 17 May 2005. NYSE Alternexts streamlined listing requirements and trading rules are suited to the size and business needs of small and mid-cap firms. The rules also ensure investor transparency. Alternext is an exchange-regulated market with a lighter regulatory regime. It is not a regulated market as defined by the Markets in Financial Instruments Directive (MiFID) of 21 April 2004. It is regulated by Euronext through a body of rules applicable to intermediaries and listed companies. MARKET PARTICIPANTS LIQUIDITY PROVIDERS Role of LPs Liquidity Providers (LPs) act as market makers in the Euronext Cash market model’s order-driven system. The role of LPs on Euronext’s market is to: protect against variations in volatility on the market; guarantee transactions at all times at the best price; boost the volume of transactions in the orderbook. In this way the Liquidity Provider is a market specialist for its stocks, and as a result is often the principal point of contact for the issuing company. The Liquidity Provider agreement for equities is combined with a liquidity contract in many cases*. This links the issuing company to a Euronext market member offering a placing, analysis and advisory service, or specializing in initial public offerings (IPOs). Liquidity Providers mainly concentrate on small and mid caps, since listed companies with large market capitalization generate greater liquidity. The criteria for liquidity provision on large-cap stocks are more restrictive and liquidity provider agreements are not permitted for any of the stocks in the Euronext 100 index. When the LP enters into a commercial agreement with Euronext to provide liquidity on any stock or exchange-traded fund (ETF or tracker), it undertakes to quote two-way bid and offer prices with a minimum volume size, gauged either by the number or the value of shares, and within a minimum price range or spread. The warrants market is traded via the dedicated product segment, NextWarrants. In this instance it is mandatory that the issuer of the warrant is also the LP for the launch of the product. The same rules apply for certificates and convertible bonds. The market in trackers, traded on the NextTrack segment of Euronext, requires a minimum one LP to launch any product. These LP contracts are specific for each national market. In the bond market LP contracts are based on the national governing rules which differ according to the method of quotation and the issuer, government or corporate. Furthermore, members can take up the option of being bid-only LPs. Members considering becoming Liquidity Providers must be members of the Euronext country in which they want to provide liquidity, and be authorized to trade in the capacity of either dealer or broker/dealer. New LP profiles The Euronext Cash Market has recently reviewed its Liquidity Provider (LP) policy and will introduce two LP profiles in the near future. This is to better reflect the activity of LPs on the Cash Market. These profiles relate to LPs on equities only. Euronext will communicate the implementation date and schedule in due course. Since the introduction of the harmonized Liquidity Provider concept in 2001, Euronext has observed some changes in the behaviour of active Liquidity Providers, with two distinct types of activity. This has enabled us to establish two distinct types of LP, classified by their activity. Profile 1: â€Å"Corporate Broker† profile In the first category are LPs whose activity is strongly related to that of mid and small caps. These LPs provide listing sponsorship, research and/or promotional services to companies throughout the listing process, in addition to the usual LP trading service once the company has listed. Due to the corporate finance nature of their activity, these LPs will be classified as ‘Corporate Broker profile’ LPs. The profile of this category remains the same as the current LP profile, and Euronext aims to have a maximum of two LPs per equity. Profile 2: â€Å"Dealer profile† The second type of LP consists of LPs that provide quotes on the more liquid equities. These LPs perform hedging and arbitrage activities and are therefore focused on blue chips, foreign shares, and multi-listed equities in the Euronext zone (often equities that function as the underlying for options). These LPs will be called ‘Dealer profile’ LPs, after their style of trading (for own account and without any client involvement). A new Liquidity Provider profile has been developed for these Dealer profile LPs, and these LPs must respect a ‘List of eligible equities for LP activity’, which will be created by Euronext. Dealer profile LPs will have adjusted requirements and trading fees. MARKET MAKERS A market maker is a participant that can trade orders directly for its own account. Market makers must be entities with trading-member status. The role of market markers is to promote market liquidity by continuously displaying indicative bid/ask spreads for minimum quantities of the stocks they have undertaken to follow. This makes it easier to trade blocks of shares, for which investors sometimes have difficulty finding a counterparty in the main market. Market making is a bilateral process involving a market maker and a financial intermediary acting for its client. Market makers undertake to quote indicative bid/ask spreads for a minimum quantity of shares of their choosing during the following time periods at least: 9:00 to 15:30 for auction traded shares 9:00 to 17:30 for continuously traded shares If they wish, market makers can also operate between 7:15 and 9:00 and also from: 15:30 to 19:00 for auction traded shares 17:30 to 19:00 for continuously traded shares LISTING SPONSORS OBLIGATIONS All Alternext-admitted companies must have a listing sponsor. The listing sponsor is a long-term financial partner that helps the company prepare for listing on Alternext and guides it throughout its life on the exchange. It assists the company in meeting its market transparency requirements and fulfilling its other obligations. The presence of the listing sponsor is intended to bolster investor confidence. Listing sponsors commit to: Guiding and helping applicants prepare for listing: ? Provide information about legal and regulatory requirements ? Prepare the information document (either a prospectus approved by the regulator or an offering ? Circular prepared under the joint responsibility of the sponsor and the company) for distribution to potential investors ? Present a full admission dossier to Euronext ? Avoid potential conflicts of interest. The listing sponsor must provide Euronext with written confirmation that the applicant complies with the listing rules. It also certifies that it has performed customary due diligence. Helping the company throughout its listing by undertaking to: ? Ensure, for at least two years, that the companies it sponsors meet their disclosure requirements ? Inform Euronext whenever a company fails to meet its disclosure requirements or, in general, its obligations as a listed company ? Act as Euronexts main point of contact for queries about the companies it sponsors. If a listing sponsor fails to meet its obligations, Euronext can discipline it by: o Issuing a warning, which is posted on the Alternext website o Striking it off the list of Alternext-approved listing sponsors. Conditions for becoming a listing sponsor A listing sponsor is a company acting as an investment services provider, audit firm, legal counsel or corporate finance specialist. Candidate listing sponsors must make a contractual commitment to Euronext and meet all the following criteria: o At least two years experience advising companies in equity finance o Successful completion of equity-related transactions involving the preparation of information documents o Suitably qualified staff The register of listing sponsors will be continually updated and posted on the Alternext website, the official channel for disclosing information about companies listed on this market. KOSDAQ KOSDAQ market has opened on July 1, 1996 to meet both the needs of investors who want high risk-return opportunities and emerging enterprises that have to finance capital for growth. Its function can be stated as follows: (1) to facilitate corporate financing for promising small and medium-sized firms and venture businesses, (2) to provide new exciting investment opportunities for investors, and (3) to help venture capital firms redeem investment capital and set up new investment funds. KOSDAQ is the Korean version of Americas NASDAQ (National Association of Securities Dealers Automated Quotation) System, which is a part of the OTC market. The U.S. OTC market is the largest segment of the U.S. secondary market in terms of the number of issues traded as well as the diversity of quality. While about 2,600 issues are traded on the New York Stock Exchange, almost 6,000 issues are actively traded on the NASDAQ market. As of last March, KOSDAQ market consists of 328 registered companies, of which 261 firms are of small and medium-sized enterprises. Among them, there are 113 venture firms and 8 mutual fund companies. Although it amounts to almost the half of Korea Stock Exchange in terms of the number of listed companies, KOSDAQs total equity market value is as little as 8.5 trillion won, just 5% of KSE. The most serious problem of KOSDAQ market is the lack of liquidity. Currently, the average daily trading volume is less than 1% of that of KSE. However, KOSDAQ market has been on a strong rally since the start of this year on the back of small investors active buying of venture business shares. Stock prices of some venture firms, including telecommunications and Internet-related corporations, are on an upward spiral. While KOSDAQ Index has risen by 75% since the beginning of this year, Venture Index an auxiliary KOSDAQ market index has been up as much as 120%. For example, shareholders of Goldbank Communications, an Internet-related venture firm, have enjoyed incredibly thirtyfold increase in stock price during the five month period, from 960 won early this year to 30,700 won in May. This kind of hot market results from the worldwide phenomenon of crazing for Internet-related shares. The U.S. stock market these days is represented by the strength of Internet-related shares such as Yahoo, Amazon, and so on. For instance, Amazon, the Internet bookstore, has earned as high as 800% increase in stock price during the past one y ear. High stock price is mainly due to the fast growth in annual sales of USD 610 million in 1998, compared to USD 148 million in 1997. But market opinions are divided as for the appropriateness of prices of these venture shares. Some people believe they are over valued, others do not. We have to realize that not all venture businesses are Midas touch. Each year as many as 400 ~ 800 venture firms are newly listed on NASDAQ, but almost the same number of companies are delisted following business failure. It applies to KOSDAQ market as well. Those who consider investing to KOSDAQ stocks should acknowledge that high expected returns are given in reward for high risks taken. On 1 July 2006, Koreas KOSDAQ market modeled after NASDAQ of the United States attains its first decade of operation. Like its sister market in New York, KOSDAQ was created to meet two demands: raising capital for venture firms and small and medium-sized enterprises (SMEs) and providing a new market for investors to put their money into companies with growth potential. KOSDAQ grew on the governments policy to foster the information and technology industry. And the tech-laden market has owed its dramatic growth to years of low interest rate that kept funneling liquidity into the market. Knowing its growth potential, investors rushed to the market, sometimes making blind investment. Speculative trading in turn overheated the market, sending stock prices spiraling upward. Bubbles that formed in the short-lived boom of 2000 have burst, leaving the market in the doldrums ever since. Today, KOSDAQ focuses more on quality growth rather than on quantity expansion. Mixed Results 1. Good performance Over the past decade, KOSDAQ has grown to be the worlds fourth largest secondary stock market in market capitalization, after NASDAQ of the US, JASDAQ of Japan and AIM of the UK. KOSDAQs market capitalization reached 59.9 trillion Won on 23 June 2006, rising 7.8 times from 7.6 trillion Won in the late 1996. Trading volume and value have grown dramatically: in the first six months of 2006, 69.28 billion shares changed hand on the market, or 2,309.3 times larger than the number of shares traded in 1996. The aggregate value of shares traded in the first six months of 2006 reached 234.5 trillion Won, or 195.4 times bigger than that of 1996. As of 23 June 2006, the number of companies listed on the market rose 2.8 times to 929, up from331 in the late 1996. The KOSDAQ market has played a valuable role as the primary provider of capital for SMEs and venture companies. From its opening to May 2006, the tech-focused KOSDAQ supplied a whopping 26.9 trillion Won in capital for SMEs and venture firms through issuance of new stocks and initial public offerings. This role has recently weakened. The amount of fund raised from KOSDAQ market each year peaked at 7.1 trillion Won in 2000. In 2003, this amount fell drastically to 23.9% of the amount of 2000. Certainly, the market has contributed to the growth of listed companies. The combined sales of companies listed on KOSDAQ reached 61.6 trillion Won in 2005, accounting for 7.6% of Koreas GDP. The number of workers they hired grew to 189,595 in 2005, up 2.3 times from the late 1999. Together with the market, the information and technology industry has risen to account for 14.5% of Koreas GDP in the first quarter of 2006. It was four times higher than 3.6% of 1995. 2. Bad performance KOSDAQs volume growth hasnt been followed by quality. To better understand the performance of KOSDAQ-listed companies, Samsung Economic Research Institute has analyzed their sustainable growth rate and multiple of intangible assets. (Sustainable growth rate refers to maximum growth rate that a firm can sustain via business and financial activities while multiple of intangible asset means the value of intangible assets divided by capital.) According to our analysis, sustainable growth rate has fallen more and more in companies listed on the KOSDAQ market. Regardless of their weak performance, stock prices rose sharply in 2005. Most KOSDAQ-listed companies can still grow bigger. In the late 2005, only 52 of the KOSDAQ-listed venture firms had generated more than 100 billion Won in sales. Some companies including the Internet-business NHN Corporation and electronics equipment maker Humax have successfully developed their business lines. Even so, their scale was much smaller than that of successful venture firms in the US. Humaxs equity capital was worth US$380 million in the late 2005, but this was less than a sixtieth of the US food provider Sysco Corporation and a twentieth of the US search engine provider Google. The financial difficulty of smaller companies with sales of less than 10 billion Won was worse than that of bigger companies. Small-scale service venture firms were hit hardest by aggravating growth potential. In 2005, sustainable growth rate of non-venture firms with sales of less than 10 billion Won decreased 31.2% and that of venture companies with sales of less than 10 billion Won fell 58.3%. The service industry had a much lower sustainable growth rate. Venture companies in the service industry with sales of less than 10 billion Won each saw their sustainable growth rate tumble by 62.2% in 2005. The non-venture service firms with sales of less than 10 billion Won each also shed their sustainable growth rate by 42.3% for the year. Nevertheless, the number of small venture firms which have existed for more than 11 years reaches 57, accounting for 70.3% of total number of small venture firms with sales of up to 10 billion Won. It means that weak performance does not necessarily lead to business closedown. Small-scale venture firms have used money raised through initial public offerings as operating funds. From 1998 to 2005, a large-scale venture firm with sales of more than 50 billion Won raised 30.6 billion Won, on average, from the KOSDAQ market. On the other hand, a small-scale venture firm with sales of less than 10 billion Won each raised a whopping 88.7 billion Won from the KOSDAQ exchange. Some small-scale venture firms are reluctant to invest the money raised from the stock market. The amount of facility investment made by non-venture firms from 1998 to 2005 is 2.2 times higher than the money they raised from KOSDAQ during the same period. Venture firms invested a mere 30% of the money they raised from the KOSDAQ market. To sum up, KOSDAQ has been a big help to SMEs and venture businesses that are not qualified to raise capital from the main KOSPI market (KOSPI stands for Korea Stock Price Index). However, its role as the primary provider of capital has weakened and health of the market has aggravated with lots of KOSDAQ-listed businesses suffering from liquidity problems. The share of companies that showed operating deficits in the KOSDAQ-listed venture firms soared from 10.3% in 1999 to 33.8% in 2005. It means that a considerable number of KOSDAQ-listed venture companies survive on the funds raised from the initial public offerings, without generating profits. The market has suffered further setbacks in the wake of a series of scandals related to accounting fraud and other irregularities, which have eroded investors confidence? Growth of KOSDAQ We submit the following four recommendations as a way of helping KOSDAQ achieve its original goal of fostering SMEs and venture businesses. Firstly, the KOSDAQ market operators should have efficient systems in place so as to remove unviable companies from the market. The nations venture business industry can further grow only when the financially troubled companies with little hope for survival are squeezed out of the market. Promoting merger and acquisition (MA) market can be a good solution. If venture capital, government capital and private equity funds flowed into the economy and restructured Koreas industries, they would be a catalyst for troubling companies to go out of the market. Secondly, KOSDAQ must enhance its transparency. If the Financial Supervisory Committee and KOSDAQ Committee closely cooperated, they can restore confidence of investors and prevent market distortion. Transparency is a prerequisite to attracting investment and fostering the stock market. KOSDAQ must also improve its investment environment. In March 2006, it introduced the KRX Research Project that connected research firms and listed companies that wanted to release analytical reports on corporate performance. It must continue this project in order to provide timely information to investors. Thirdly, the market must provide diverse securities products and promote activities of market makers who quote a buy and sell price in financial instruments hoping to make a profit on the turn or the spread between the bid and offer. Market makers can encourage promising SMEs and venture businesses to list on the market and give more convenience to investors. In order to run the new system efficiently, KOSDAQ needs to increase the number of market makers and teach listed companies and investors the concept of market makers. At the same time, it should diversify products and improve transparency of information. Finally, MA business should play a role in driving SMEs and venture businesses. Currently, mistrust of financial information has discouraged investors and institutions from pursuing MAs. Therefore, financial institutions such as banks and securities firms need to provide more accurate information on SMEs. At the same time, KOSDAQ operators should create business environment whereby a venture capital can pursue MA activities without too much hassle. LISTING STANDARDS Category KOSDAQ Market (Non-venture business) KOSDAQ Market (venture business) Equity Capital At least 3 bn Korean Won At least 1.5 bn Korean Won Years of Operation Exempt Capital status No capital impairment No capital impairment Ratio of public offering At least 10% of total issued voting stocks (if minority shareholding is less than 30%, at lest 20% of total issued voting stocks) No. of Minority Shareholders At least 500 owning at least 30% Sales Revenue N/A N/A Return on Equity At least 10% or 2 bn Korean Won At least 5% or 1 bn Korean Won (exempt if certified as venture business with high growth potential and viable technology, and obtained at least Grade A from Credit Guarantee Fund or ETRI) Net Income Must record positive ordinary income in the most immediate fiscal year. Must record positive ordinary income in the most immediate fiscal year (exempt if certified as a venture business with high growth potential and viable technology) TSX Venture exchange Canada Listing on TSX Venture Exchange is an option for emerging companies, providing access to public venture capital to facilitate their growth. Companies listed on TSX Venture Exchange are provided with the opportunity to gain a solid foothold in the public market, with the potential to work towards graduation to the senior exchange and access to larger pools of capital. Whereas listing on Toronto Stock Exchange (TSX) is the right choice for well-managed, growth-oriented companies with strong performance track records. Toronto Stock Exchange is globally recognized as one of North Americas premier stock exchanges, known for its high standards of fairness and innovative approach to trading. The steps to list on TSX Venture Exchange 1. Contact Business Development to set up an advisory meeting. 2. Prepare your internal and external advisory team (management, directors, investment dealer, legal counsel, auditor, IR professional). 3. Prepare your TSX Venture Exchange Listing Application and prospectus. 4. Submit application and supporting documentation. 5. TSX and TSX Venture Exchange review for listing approval. Filing a prospectus is a five-step process: 1. File a preliminary prospectus with TSX Venture, as well as with your home province securities commission and other provincial jurisdictions where securities will be sold. 2. Regulatory authorities review the prospectus and inform your professional advisors of any deficiencies. 3. After all deficiencies are cleared to the satisfaction of the regulators, file an amended prospectus in final form. 4. The securities commission will issue a final receipt as acceptance of the prospectus. 5. This approval allows your company to begin selling securities in the provinces where a final receipt has been issued. Listing Requirement Listing requirements for TSX Venture Exchange are sector and stage of development specific. Listing requirements depend on the basis of Property Requirement, recommended work program, Working Capital and Financial Resources, Net Tangible Assets or Revenue, Sponsorship. And these requirements vary from Sector to Sector. The following division has been made by exchange for listing purpose Mining Oil Gas Diversified Industries (includes Consumer and Industrial Products; Technology; Cleantech; Life Sciences; Research and Development; Communications and Media; Real Estate and Investments; Financial Services; Forest Products; Utilities and Pipelines) Structured Products (Includes Exchange Traded Funds (ETFs) and Closed End Funds) Capital Pool Company Program Listing Fees Original Listing Fees for TSX Venture Exchange range between CDN$5,000 and CDN$30,000, with an annual sustaining fee payable after the first year. There are also additional fees for certain transactions, such as property acquisitions, secondary public offerings and private placements. The details of Fees can be seen in excel attached. Four different methods at TSX Venture Exchange Direct Listing An issuer already listed on another stock exchange may list directly on TSX Venture Exchange if they are able to meet listing standards. As well, these issuers may be eligible for certain exemptions from regulatory and reporting requirements, provided they are listed on a stock exchange recognized by TSX, and if that stock exchange has similar listing requirements as TSX Venture. IPO IPO is normal process that is followed in all exchanges around the world. Reverse Take-Over In a reverse takeover, shareholders of the private company purchase control of the public shell company and then merge it with the private company. The publicly traded corporation is called a shell since all that exists of the original company is its organizational structure. Going public through a reverse takeover allows a privately held company to become publicly held at a lesser cost, and with less stock dilution than through an initial public offering (IPO). TSX Venture Capital Pool Company Program (CPC) The Capital Pool Company (CPC) program is a unique listing vehicle offered exclusively by TSX Venture Exchange. The program is a two-phased process, involving the following steps: Creating the CPC: Three to six individuals with an appropriate combination of business and public company experience put up a minimum of $100,000 in seed capital. These founders incorporate a shell company the Capital Pool Company (CPC) and issue shares in exchange for seed capital at a minimum price between the greater of $0.05 and 50% of the price at which subsequent shares are to be sold via prospectus. The CPC and its advisors prepare a prospectus that outlines managements intention to raise between $200,000 and $1,900,000 by selling CPC shares at typically twice the issuance price of the seed shares, and to use the proceeds to identify and evaluate potential acquisitions. Selling the shares: The CPC files the prospectus with the appropriate securities commission(s), and applies for listing on TSX Venture Exchange. The broker sells the CPC shares, pursuant to the prospectus, to at least 200 arms length shareholders, each of whom buys at least 1,000 shares. No one purchaser can purchase more than 2% of the offering, and no one purchaser together with his, her, or its associates or affiliates can purchase more than 4% of the offering. Once the distribution has been completed and closed, the CPC is listed for trading on TSX Venture Exchange. The symbol includes a .P to identify the company as a CPC. SME Exchange in India Currently, there is no exchange in India exclusively for SMEs. However, the SEBI Board has already given the go-ahead for creation of a separate SME exchange. SEBI is in the consultation process for a separate SME Exchange. However, it is unlikely that the Indian exchange will dilute any standards or relax regulations for SMEs, for protecting investor interest and also the integrity of the markets. Also, it is likely that the exchange will have a minimum ticket size for transactions so that only high networth individuals will be eligible and smaller uninformed investors won’t burn their fingers. 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