...ab UBS Investment Research Nokia Here we go again… Following negative pre-announcement we downgrade from Buy to Neutral We believe the main issue behind Nokia’s profit warning has been increased pricing pressure in the high-end due to lack of competitive product. We believe investors will be unwilling to put faith in the execution on new devices. We downgrade to Neutral and will revisit when visibility emerges on new products. Do risks still remain on lowered expectations? To reach low-end of FY margin guidance, Nokia requires >34% GM or c.460bps seq improvement in Q4 which appears challenging. To achieve our 2010E revenue we estimate new high-end devices will need to contribute c.€1.3bn in H2 or >4m units. Given the magnitude of improvement required, lack of reassurance on new products, and increased competition, we believe downside risks still exist. Has value now emerged? On a one-year reverse DCF, current price implies 0% rev growth in perpetuity at 4m of incremental volumes. Alternatively, overall volumes will have to be significantly better than expected. UBS 4 Nokia 17 June 2010 Table 2: Nokia Devices – volumes (m) by category Volumes (m) N series E series X series C series 5000 series Other smartphones Converged Devices FY '09 18.9 18.5 0.0 0.0 17.2 13.2 67.8 Q1 '10 2.9 6.3 1.0 0.0 7.9 3.4 21.5 Q2 '10E 1.5 6.9 1.7 3.2 9.2 3.2 25.7 Q3 '10E 1.4 6.9 2 6.0 8.6 2.8 27.7 Q4 '10E 2.1 7.8 2.2 6.8 6.8 3.0 28.7 FY '10E 7.9 27.9 6.9 16.0 32.5 12.4 103.6 Mid-end...
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...My vacation to Walt Disney Linnie Hernandez Murphy hall 108 September 14 The entertainment was the most fun of all the fireworks the music, And the dances the things that made me smile was the charters shaking your hands and giving all kinds of hugs away, going to the most happiest place on earth, imagine entering a place filled with the smell of homemade cookies, the green trees shaped like the animated characters, The day we arrived i was so excited i got to enjoy father all to my self The most important thing to me was getting the chance to tell my father how much fun i was having , later that day my dad was not feeling to well before we got there he said his legs were hurting pretty bad and that he should have scheduled a doctors appointment, he had to walk with a cane most of the way, I suggested that we rode more rides then walked he agreed it was probably the best thing to do, Finally arrived at the mickey mouse play house they had t shirts for sell hats cups every thing you could image, This trip made me fill closer to my dad like maybe he wasn’t so bad ...
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...Background of the Study: Back in time when computer, internet connection, and technology are not necessities, frauds are easy to conceal. Given also the fact that accounting standards were still not that strict about some disclosures and can be circumvented easily, many people such as accountants, businessmen, and employees took advantage of it. These people may be blinded by their position that they are capable of doing their own dirty tricks. They also have their reasons why they wanted to try to benefit from their institution on themselves. Moreover, they also saw the opportunity in the weakness of the controls in the company so they knew how they will do it and conceal it. These ideas were in a way lessen as the accounting standards were amended due to the detection of numerous cases of accounting scandals at the start of the second millennium. More disclosures are now being asked from the companies in order for them to be transparent in their operations and be aware that the lawmakers are, now, more focus on them. However, even if more disclosures are being required by the accounting standards, some still have the guts to try to attempt in doing frauds. These people still see the opportunity and are still capable of doing it without even being obvious in the audit. In this era of quick developing technology, the idea of Information Technology (IT) audit is developed. Moreover, many see the need of it to address the time constraint for auditing the information systems of such...
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...owned with a Registered/Titled Owner:- Protocols:- 1) The Securities can be Corporately Invoiced with Copy of Euroclear Title Page 2) The Securities are screen-able on EUROCLEAR 3) The Securities are on balance sheet (Cashed Backed) payable with the full faith and credit of the issuing bank. 4) The Securities are Beneficially Owned /Titled (Registered Owner) 5) The Securities are issued by one or more acceptable Western European Money Centre Banks rated A/ AA or better by Standard and Poors, Normal Exclusions. 6) The Securities show no price on the screen (insert – Private Placement) SAME DAY SETTLEMENT FOR ALL INVOICING AFTER SCREEN VALIDATION. Our Clearing banks are Rothschild, Zurich, Credit Suisse Zurich, UBS AG, Zurich, Deutsche Bank,London, Tokyo Mitsubishi, London., HSBC London & HK, Goldman Sachs, London, and Kleinwort Benson London. PROCEDURE FOR SCREEN CLOSING: CLOSING STEPS ON SCREEN……. WINDOW 10 Closure where Called Funds are confirmed against the verifiable Corporate Invoice Below the Window-12 Steps Procedure which should be followed diligently through DTC or EUROCLEAR SCREENS. Some Bank terminals utilize systems that allow entering the CUSIP Number first and other ones allow to enter the Access Code first. In the procedure below, the Access Code and the CUSIP Number may be interchanged in the sequence. Each step must be completed independently. 1. Enter CUSIP Number: 2. Enter the Access Code: 3. Enter the Transaction...
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...actually in the back half of a real estate office. Finally he gained success in 1928, when he released the first short cartoons that featured Mickey Mouse. Walt Disney himself played the voice of Mickey for over 2 decades. The mouse’s name was originally “Mortimer.” He was later renamed by Disney's wife, Lillian, to, "Mickey." Along with his creation of Mickey Mouse, Walt Disney was personally involved in the production of 19 animated features, 53 live action features, 6 features combining animation and live action, and 6 documentaries, as well as all of the animated shorts released before 1967. Since his death, Walt Disney Pictures has released an additional 30 animated features and over 150 live action features. At a time in American history when jobs were scarce and money was hard to come by, one mouse and his...
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...When visiting the Mazza Museum one work of art caught my eye, and when I saw it knew that it would be the piece that I used for this paper. The piece of art was painted by Wendell Minor and is titled Heartland. This work of art is found in the children’s book Heartland written by Diane Siebert. This piece was created in 1988, and uses acrylic paints. Heartland is placed in the Ohio History section of the museum and caught my eye because it reminded me of my childhood. I really appreciated the way this painting depicted a typical American farming property because I grew up on a farm, and it will always be a huge part of my life. The first element of art that I found to be relevant in this painting is the artist’s use of color. Minor uses color to show us the time of day in the painting through the different colors in the sky, showing a beautiful sunset full with shades of orange, yellow, red, and purple. The artist also shows the viewer that the painting takes place during the summer time by the full colored green trees, and the dried out green color of grass that has been kissed by the...
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...Historiography It is the study of the history and methodology of the discipline of history. The term historiography also denotes a body of historical work on a specialized topic. Scholars discuss historiography topically – such as the “historiography of Catholicism,” the “historiography of early Islam,” or the “historiography of China" – as well as specific approaches such as political history and social history. Beginning in the nineteenth century, at the ascent of academic history, a corpus of historiography literature developed. Furay and Salevouris (1988) define historiography as "the study of the way history has been and is written — the history of historical writing... When you study 'historiography' you do not study the events of the past directly, but the changing interpretations of those events in the works of individual historians." Questions studied Some of the common questions of historiography are: 1. Reliability of the sources used, in terms of authorship, credibility of the author, and the authenticity or corruption of the text. (See also source criticism). 2. Historiographical tradition or framework. Every historian uses one (or more) historiographical traditions, for example Marxist, Annales School, "total history", or political history. The historiography of early Islam refers to the study of the early origins of Islam based on a critical analysis, evaluation, and examination of authentic primary source materials and the organization of these sources into...
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...() from other countries. Therefore in terms of America’s identity historically, politically, economically and socially, these should be understood differently because America was created differently. Hence why the idea of American exceptionalism’ stems from the principle of America being unique. Furthermore, In addition to this the idea that “American exceptionalism” implies superiority is a key concept to embrace and identify through out America history, contemporary politics, foreign policy and social culture. However, due to the essay title I will be analyzing and examining to what extent is “American exceptionalism’ identified as U.S superiority. Although due to the wide context of the theoretical term ‘American exceptionalism’’ and word limit. I will focus on the significant impacts that has led to the idea of ‘American exceptionalism’ to be implied as U.S superiority such as American history, foreign policy, economic and social culture. History Explaination The significant impact of America’s revolutionary history sparked an inspirational movement of independency to pervious colonized nations although on a later stages for them. This highlights America as exceptional historically in being “the first new nation” () to become independent and also being the ideology for independency for previous colonies nations. To an extent on this note “American exceptionalism” in terms of it’s revolutionary independency can be amplified as a model to other nations than...
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...Analyse the way in which history and memory generate compelling and unexpected insights. – Jake Cronin The interaction between history and memory is a complex and dialectic process through which perceptions of the past are negotiated, reinforced or challenged. Despite official history’s dependency on validating its claims through documented evidence, it must be acknowledged that it is not objective and remains vulnerable to distortion of those with political power or hegemony. Similarly, the subjective nature of memory allows for official history to be vulnerable to the bias of personal experience and differing perspectives. Furthermore, although official history and subjective memory both provide adequate insights into the past, it is through the consideration and combination of the two that compelling and unexpected insights into the past are generated. Paul Keating’s ‘The Redfern Address’ offers a reasonable challenge to the dominant historical narrative surrounding the European colonisation of Australia and their acts of social injustice in regards to Indigenous Australians. Similarly, Shaun Tan’s ‘Memorial’ explores Australia’s wartime history through the medium of a community’s personal experiences, perspectives and memories converging to form history, and illuminates the way in which history is dictated by those with political power. Through the dialectic interplay of history and meaning, compelling and unanticipated comprehensions of the past are generated and are...
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...language and reason in history. History as the area of knowledge is virtually indivisible from language and reasoning. Language is one of the most potent means of interpreting and reporting historical information that is derived from the sources pertinent to the events and occurrences. The sources themselves, in their turn, are frequently presented by the written documents, recorded anecdotal experiences, and works of art, archeology, anthropology and photography which, yet again, are interpreted through the language in conjunction with the context of a historical event. It appears to be an endless loop, where language is the alpha and omega, the main vehicle of conveying history. However, to arrive to the valid interpretation of a certain historical event or development, historians frequently use reasoning to connect the factual data of the tangible sources since the latter ones often come in the form of fragments, related to a particular aspect of the happening. Ideally, reasoning, applied to the interpretation of historical data, should be impersonal, unaffected by predominant views and opinions and completely untainted by political agenda. Yet, it is hard to imagine that throughout the centuries those who held power would willingly allow the contemporary historians relate to the masses the adequate information on the details of their governing techniques and actions. As Winston Churchill pointed out, “History will be kind to me for...
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...your parents raise your babies. Even news outlets that are supposed to be legitimate and unbiased are telling only one side of the news to fill a political agenda. Politics are sugar coated and ignored on some networks, or completely farfetched from reality for political gain and control from one party or another. Media writers can put their own agenda and emotion into any piece they report on to give a one sided view of any subject. It is hard to know what is fact or opinion anymore with so many resources out there. Many things on the internet are also untrue, for example history books in public schools are being rewritten with “facts” that were never taught to us, a rewriting of history to fill some modern liberal agenda. I believe that the media is biased and hates anyone or organization that represents morality and especially if Christianity is in any way linked with it. You have to know your history,...
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...the three holocausts, including historical racial problems, historical religion problems and totalitarian. As a modern man, I can not image the scene that tens of thousands of people are killed in these slaughters, and even can not find some reasonable reasons to explain why these killers are so cold and bloody that a lot of women and children are killed by them? Suddenly, I realize that I can not to find some right word s to describe these crazy killers’ behavior, just think they lose human nature at that moment, even can not compare with wild animals. All human history is just from wild animals to human nature, which is a developing history from barbarity to civilization. But in the process, the moment that human nature is veiled often present. In the moment that human beings have highly civilized, but the holocaust appears again and again, which is worthy of all people to ponder! One two three do not cry, history is the silent tell and defense, which also is the miserable...
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...History, Memory, and Monuments: An Overview of the Scholarly Literature on Commemoration Kirk Savage, University of Pittsburgh (…) The first key question might be, what is commemoration? Dictionary definitions tell us that to commemorate is to “call to remembrance,” to mark an event or a person or a group by a ceremony or an observance or a monument of some kind. Commemorations might be ephemeral or permanent; the key point is that they prod collective memory in some conspicuous way. French sociologist Maurice Halbwachs ushered in the modern academic study of collective memory with his book The Social Frameworks of Memory (1925) in which he argued that all memory – even personal memory – is a social process, shaped by the various groups (family, religious, geographical, etc.) to which individuals belong. In an even more influential posthumous essay, “Historical Memory and Collective Memory” (1950), published after his death in a Nazi concentration camp, Halbwachs insisted on a distinction between history and collective memory: history aims for a universal, objective truth severed from the psychology of social groups while “every collective memory requires the support of a group delimited in space and time.” Thus our view of the past does not come primarily from professional historical scholarship but from a much more complicated and interwoven set of relationships to mass media, tourist sites, family tradition, and the spaces of our upbringing with all their regional...
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...acquired / practiced when studying History? Make a list of as many of these skills as you can. (If you are not sure, think about what historians do when examining or writing a historical work, when evaluating and critiquing the works of other historians, and when teaching people about history – at any level of the educational system. After making a detailed list of skills that are involved in the study of History as an academic discipline, briefly discuss the potential usefulness of these skills for other professions and/or in our everyday lives. This will help you to see how the academic study of History is useful as part of our general education.) Investigative Research Communication Patience Writing Commitment History is the ultimate puzzle. Mastering the skills developed through studying history gives you the ability to discern fact from fiction and reality from myth. It makes you more able to document an event with better accuracy. In Science, this can help you reach a desired solution or result by depicting the outcome of trials and tests with better understanding. In everyday life you will be more critical of events as they are told or received initially by you. You will look for ways to justify or corroborate facts/ events presented to you. I think you will become less likely to fill in the spaces and more likely to pursue proof to validate the event and to better separate fact from fiction for yourself. 2. What can you do with History in a practical sense? (Think...
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...academic discipline. For a general history of human beings, see History of the world. For other uses, see History (disambiguation). Page semi-protected Historia by Nikolaos Gysis (1892) Those who cannot remember the past are condemned to repeat it.[1] —George Santayana History (from Greek ἱστορία - historia, meaning "inquiry, knowledge acquired by investigation"[2]) is the discovery, collection, organization, and presentation of information about past events. History can also mean the period of time after writing was invented. Scholars who write about history are called historians. It is a field of research which uses a narrative to examine and analyse the sequence of events, and it sometimes attempts to investigate objectively the patterns of cause and effect that determine events.[3][4] Historians debate the nature of history and its usefulness. This includes discussing the study of the discipline as an end in itself and as a way of providing "perspective" on the problems of the present.[3][5][6][7] The stories common to a particular culture, but not supported by external sources (such as the legends surrounding King Arthur) are usually classified as cultural heritage rather than the "disinterested investigation" needed by the discipline of history.[8][9] Events of the past prior to written record are considered prehistory. Amongst scholars, the 5th-century BC Greek historian Herodotus is considered to be the "father of history", and, along with his contemporary...
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