...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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... 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 summer sun. The colors that Minor uses for the house and barn are the stereotypical white and red, just like any other American farming property. Minor’s use of color is very complex, yet simple in this painting and perfectly sets the tone for an American farmhouse. The second element of art that I found the artist using was the element of space. Much of the painting is shown as flat land with...
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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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...UBS AG is a Swiss global financial services company that is headquartered in Basel and Zürich, Switzerland. The company provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland. The name UBS was originally an abbreviation for the Union Bank of Switzerland, but it ceased to be a representational abbreviation after the bank's 1998 merger with Swiss Bank Corporation.[3] The company traces its origins to 1856, when the earliest of its predecessor banks was founded. UBS is the biggest bank in Switzerland, operating in more than 50 countries with about 63,500 employees globally, as of 2012.[4] It is considered the world's largest manager of private wealth assets; with over CHF2.2 trillion in invested assets,[5] a leading provider of retail banking and commercial banking services in Switzerland. According to the Scorpio Partnership Global Private Banking Benchmark 2013, UBS had assets under management (AuM) of US$1,705.0 billion, representing a 9.7% increase in AuM versus 2012. UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital. In 2007, the bank received a large capital injection from the Government of Singapore Investment Corporation, which remains one of the bank's largest shareholders.[6][7] The bank also received capital from the Swiss government[8]...
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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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...Walt Disney “We keep moving forward, opening new doors, and doing new things, because we're curious and curiosity keeps leading us down new paths.” This famous quote was said by someone that most/ if not all of us loved as a child. He was an American film producer, director, screenwriter, voice actor, animator, and philanthropist. He was nominated for 48 Academy awards and 7 Emmy’s, holding the record for most Oscar nominations. Can you guess who it is? Yes, I am talking about the one and only Walter Disney. Walt was born on December 5, 1901. Dropped out of high school at age 16 to join the military and became an ambulance driver overseas in W.W.I. Although, Walt Disney, didn’t graduate high school he did win honorary degrees from several universities such as Yale, Harvard and UCLA. Walt became the successful person that we know today because of all of his many creations. In 1923, Disney moved to Los Angeles to become a film producer or director. When he failed to find a job, he returned to his love of producing cartoons. His first studio was 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...
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...consist of four (4) fixed staffs and monitored by the owner of the firm, En. Ridzwan Bin Hj Abdullah. There is also an account manager, Pn. Yuraini Bt Yusoff. The company uses UBS system records and processes accounting transactions. UBS is one of the accounting software that being used in many corporations. Ridzwan & co have more than hundred clients. Most of their clients are from Kelantan consisted of corporate firms, ownership, and partnership. They are from various types of industry and some of the company’s account must be prepared in monthly basis and yearly basis. The firm also cooperates with Zulkepli & Co. Accounting and Secretarial Services. SUMMARY OF THE JOBS DONE ACCOUNTING The practical training is started on 3rd February 2014. At Ridzwan & Co, the practical students have been exposed more on accounting task. Basically, no due date is given for every task, but as to ensure the effectiveness and efficiency and also the productivity of the firm, we have to try our best to settle all the work with full effort and less error. After all the tasks given are finished then it will be checked by account manager or the supervisor, before it is submitted to the En. Ridzwan. On the first week I have assigned to sorting and filling the documents received from the client. I also learned what is UBS Accounting (User Business System ) and how to use to record...
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...the study. A. Introduction Study habit is the pattern of behavior adopted by students in the pursuit of their studies that serves as the vehicle of learning. It is the degree to which the student engages in regular acts of studying that are characterized by appropriate studying routines (e.g. reviews of material, frequency of studying sessions, etc.) occurring in an environment that is conducive to studying. No one can fully understand how a student feels every time she got low scores for her tests and examinations. No one can explain why they are neglecting their studies and ignoring the importance of education. No one can interpret their actions beside the people, who are once a student, preferably the students with their same stage. Student’s experiences within the classroom help to develop their behavioral, social, and academic skills. The quality of the interactions that students have with their teachers predicts later academic success (Pianta, Steinberg, & Rollins, 1995). The extent of student’s learning in academics may be determined by the grades a student earns for a period of learning has been done. It is believed that a grade is a primary indicator of such learning. If a learner earns high grades it is concluded that they may also have learned a lot while low grades indicate lesser learning. However, many experiences and studies found out that there are also several factors that would account for the grades. No single factor can be definitely pointed...
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...best parts of taking ASL at UB is that we are required to attend deaf events. I think that going to an event is beneficial to learning ASL because you get to experience an entirely different situation and observe other people and how they sign. I have learned going to each event that everyone signs a little different. Its like slang in English, some people sign a little differently from others depending on where they went to school. The event that I got to enjoy was going to the Canandaigua Wegmans and sitting in on the FLCC ASL Club. They were so welcoming to anyone that wanted to attend, especially other students from different schools learning ASL. Every Wednesday of every month the FLCC ASL Club hosts meetings at the Canandaigua Wegmans from 6pm to 8pm, I attended the event May 7th. I was researching different events online and stumbled upon this one. I thought it would be a great opportunity to learn from other people and go to a different school to see how they learned and what they were learning at the time. When I first got there, I was nervous that I would be able to sit on this event because I didn’t attend the school, I didn’t know anyone there and I was hoping that they were going to be excepting of me and my sign skills. I got a drink and snacks that they provided for us and sat down in a chair. They aligned the chairs in a circle so everyone was able to see each other. One by one we introduced ourselves and signed how long we were learning ASL. Most of the people...
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...UB101 Daniel Chowaniec Reflection Paper This has been an awesome experience here at the University at Buffalo and it has all happened so quickly. I can’t believe how fast it has gone by. First day I remember sitting by Starbucks and thinking there are a lot of kids here at UB. I couldn’t believe the diversity that UB had, it is quite amazing for sure. It has been such a ride for sure. Meeting new friends, separating myself from people who would take me away from studying. Going to my first UB football game, and taking my first test. My experience at University at Buffalo has been nothing but good to me so far. I am ready for the first semester to end. I have worked really hard from start to finish, it has been really crazy with school work and late nights studying. I am very much ready to sit back and enjoy a few days off to myself. I am very happy it is almost over because although University at Buffalo is a great school, it’s nice to have a break from the books and the stress that comes from it. A lot has went well for me since I been here at University at Buffalo. I made a lot of new friends, and lots of people from different countries. The overall experience has been tremendous. The transition from high school to not just a college, but to a big University has been going well for me. At first I was a bit intimidated from the size of the school. I got lost several times, and lost my car in the parking lots. I would walk up and down the parking lots, and walk past...
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...terms of negative thinking, but in terms of being able to analyse information and make informed comments about how valid the views expressed in the source may be. By using academic references you show that you can compare sources of legitimate information. Make sure you have a majority of academic references in your assignments. While you may use and reference popular sources, make sure most of your references are academic references. Ask the lecturer if you have any concerns or comments about either referencing or any aspect of your study, including after you receive marked assignments. ____________________________________________________________________________ Common types of academic references used in The Business School at UB. 1. Citation of a reference in your assignment (“in-text citation”). Method: author(s) and date of publication. Example: Retrenchment has become a part of contemporary working conditions within society (Clarke & Patrickson, 2001). Its prevalence has become so common that studying how and what people learn during the process may help others to more successfully navigate this major life event. 2. Citation using a short direct quote in your assignment. Include author(s), date of publication and page number. Example: As Battersby (2009) notes...
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...Mark Scheme (Results) March 2013 GCSE Mathematics (Linear) 1MA0 Higher (Calculator) Paper 2H Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world’s leading learning company. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. For further information visit our qualifications websites at www.edexcel.com or www.btec.co.uk for our BTEC qualifications. Alternatively, you can get in touch with us using the details on our contact us page at www.edexcel.com/contactus. If you have any subject specific questions about this specification that require the help of a subject specialist, you can speak directly to the subject team at Pearson. Their contact details can be found on this link: www.edexcel.com/teachingservices. You can also use our online Ask the Expert service at www.edexcel.com/ask. You will need an Edexcel username and password to access this service. Pearson: helping people progress, everywhere Our aim is to help everyone progress in their lives through education. We believe in every kind of learning, for all kinds of people, wherever they are in the world. We’ve been involved in education for over 150 years, and by working across 70 countries, in 100 languages, we have built an international reputation for our commitment to high standards and raising achievement through innovation in education. Find out more about how we can help you and...
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... Executive Summary This review is mainly involved with the ideal promotion for Leading wholesalers, the retail sequence business. In this review I have mentioned that on what reasons the Leading wholesalers has separated its industry into different sections, how they existing the item in the brain of the customers. I have interviewed the industry and recognize the aspects which are impacting the outcome of the Organization. And after this procedure we choose the suppliers as customers of leading wholesalers. Introduction The Reflective Log helps in evaluating the learning experience that took place during the internship period. It presents critical insights on the entire learning experience and presents clear reflection. It helps in analyzing how far the individual has achieved, progressed, developed new skill, or the internship experience has change the learning style and enhanced skills for future growth and professional development. It is strictly about skill evaluation and critical study of skill improvement achieved through work experience (Bridges, 1999). In this assignment the reflective log is specifically included to help in systematic thinking and gap identification which is essential for career growth by improving positive thinking. In this analysis Gibbs Reflective Cycle may be referred as it is helpful in identifying and analyzing the gaps in the skill and also intimates ways to deal with these gaps (Hickson, 2011). The model also helps...
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...| 05 Feb 2013(Tuesday) | - Recall double entry treatment.-Learn and write name of the company, company’s account number, amount in the slip of Muamalat Bank, and deposit cheque at Muamalat Bank. After deposit the cheque we need to take the slip report and filing the slip in file.-Learn on how to use a Photostat machine.-Learn on how to do a casting (figure). | Understanding on how deposit check to bank muamalat. | 06 Feb 2013(Wednesday) | -View a blue file (permanent audit file) : * PILOT POWER SDN. BHD * NALURIAN SDN. BHD-Having a short quiz and interview with staff.-Discuss the answer and learn to interpret the documents.-Learn on how to record the journal EPF and SOCSO. | Learning process | 07 Feb 2013(Thursday) | -Having a first meeting session with En. Zul.-Learn on how to use UBS.-View the audit report contained in the audit file with the employees’ help to explain its content. - Learn on how to use fax machines, binding, photocopying and...
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