Datastream User Guide

INFOSTREAM MAY/JUNE 2008 IN THIS ISSUE GROWTH IN US CONTENT Negotiate the world’s â€Å"info-noise† with Datastream’s expansive and reliable US-focused content. NEW VALUATION RATIOS RELEASED 14 new Datastream valuation ratios have been released, giving you a detailed overview of markets and sectors as well as enabling you to compare company to industry ratios.CONTENTS FEATURES Introducing Intelligent Information from Thomson Reuters Regional Focus – Growth in US Content PRODUCT ENHANCEMENT Functions, Units and Country Datatype Enhancements New Interface for Datastream Custom User-Created Indices in Development Coming Soon – Interactive Charting 1. Datastream Extranet Samples CONTENT ENHANCEMENT Equities and Equity Indices Update †¢ Global Update †¢ USA Update †¢ Middle East Update †¢ Asia Update I/B/E/S Global Aggregates Content Enhancement – Release of Additional Monthly History for Five Asian Indices Datastream Delivers Sought-after Commodity Information from Platts Metals Expansion Coverage Economics Round-up †¢ New Series †¢ Revisions and Methodology Changes †¢ Key Indicator Changes †¢ Interest Rates New Valuation Ratios Released in March Company Additions to Worldscope CONTRIBUTORS 3 4 12 14 16 20 20 23 25 25 27 28 29 31 31 34 35 35 36 39 41 FEATURES INTRODUCING INTELLIGENT INFORMATION FROM THOMSON REUTERS THOMSON DATASTREAM IS NOW PART OF THOMSON REUTERS. With operations in 93 countries, a market capitalisation in excess of $30 billion and 50,000 employees, Thomson Reuters has the resources and experience to serve our customers in the financial, media, legal, tax and accounting, scientific and healthcare markets.We hope you will see many positive changes from Thomson Reuters, starting with our new brand. One thing we do not intend to change, however, is our commitment to speed, accuracy, independence and freedom from bias, and our commitment to our customers, employees, shar eholders and other stakeholders. We aim to deliver on our promise to bring you intelligent information that provides knowledge to act. REGIONAL FOCUS – GROWTH IN US CONTENT AMERICA’S DATA OBESITY PROBLEM: SOLUTION – GO ON A DATASTREAM DIETNegotiate the world’s â€Å"info-noise† with Thomson Datastream’s expansive and reliable US-focused content. The US investment management industry is estimated to be worth over $30 trillion*. To support this financial leviathan, there is data in abundance available through a host of sources, including the Internet and any number of financial solutions, reports and delivery vehicles, so much so that the result for the end-user is a cacophony of â€Å"infonoise†.The author Neal Stephenson wrote that, â€Å"All information looks like noise until you break the code. † With Thomson Datastream, the US asset management industry has the ultimate code breaker. A modern-day Enigma machine. Thomson Datas tream, although international in its scope, allows unparalleled access to a landscape of historically deep, cross-asset and US-focused data, which is being continually expanded to address client needs and market developments.Sourced from such trusted third-party suppliers as Frank Russell, The Conference Board, MSCI and The University of Michigan Consumer Surveys, to name but a few, this US-orientated data can be placed alongside Thomson Datastream’s robust time series content (100 million series, including exclusive proprietary content) to better understand the performance of the US markets and construct investment strategies accordingly.INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008  Current market conditions are forcing the US investment community to work harder to â€Å"crack the code† and generate alpha. Thomson Datastream is the â€Å"codec† that allows them to achieve this, with the continual addition of North American-focused content. Recent addition s in Q1 2008 include Platts commodity pricing (see page 29) and increased coverage of US Corporate and Sovereign bonds.The Platts database is now available as a pass-through content set, and this market-leading data provides a vital insight for commodity-oriented investors in the USA, giving granular detail on the energy markets, allowing analysts of the energy sector, risk managers, commodity traders, asset managers and anyone wishing to diversify into commodities, the ability to view this valuable data, overlay the information against other factors and manipulate it within Thomson Datastream’s powerful charting and analytical capabilities. Furthermore, the recent addition of 14,000 US bonds significantly increasesUS fixed-income coverage to 43,000 securities for Government, Agency and Corporate bond issues. Within the economic sphere, Thomson Datastream allows access to crucial US-oriented sources to enable the investment management industry to analyse macro factors. For ex ample, US House prices, always a â€Å"hot topic†, are under even more scrutiny when placed within the current subprime context and wider economic conditions. Sources including the National Association of Realtors (NAR), the Mortgage Bankers Association and the S&P Case-Shiller indicators all give greater visibility into US economic health and direction.The chart below uses Shiller state-level data and compares house sales by major US cities. We can see that only in Charlotte, North Carolina, have house sales remained positive year on year, in 2007 albeit at a low 1. 75% level. The continuing crisis, and in particular the example of Bear Stearns, has highlighted the importance of having comprehensive cross-asset coverage available to the asset manager, with credit default swaps often cited. The CDS market is worth approximately $47 trillion and is demanding constant attention. Thomson Datastream carries a range of US-oriented CDS content, including aluable benchmarks for the USA such as the CDX. This index comprises the most liquid CDS contracts of US-based companies and acts as an indicator of the credit markets. The chart below shows clear negative correlation between the CDX index (North American swaps for investment-grade bonds) and the S&P Composite. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008  These, and other CDX indices, measure debt-related derivatives, such as high-yield swaps, and enable US-focused asset managers to hedge their entire portfolios rather than trade each individual CDS per bond issue.Sir Arthur Conan Doyle once had Sherlock Holmes remark that, â€Å"It is a capital mistake to theorise before one has data. † Recently launched proprietary global CDS sector indices and the US-orientated suite, exclusive to Thomson Datastream, allow for greater tactical asset allocations across a portfolio, since the CDS market often captures market information faster than the equity markets. On the inclusion of this content, one Direc tor of Research at a US asset management firm commented, â€Å"The CDS indices are a great innovation. Can you provide us with the full global range? No-one else has this data. † Elementary my dear financial markets!The following example compares the US CDS banking sector against two US interest rate futures indicators. This analysis illustrates that the movement in the US Banking CDS sector anticipated the credit crisis by a little under two weeks, and shows the strong correlations (nine and ten-day lag against the sector respectively) that the futures have, compared to the sector. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008  Other recently added proprietary Thomson Datastream content that lends itself to greater investigation and analysis of the US markets is the M&A series constructed from Thomson data.This content, overlaid against the CDS indices, can help give a clearer indication of the overall health of the M&A activity in the USA. With the credit crisis in Aug ust 2007, the number of completed deals that followed in September dropped and the spread in the CDX index correspondingly fell, as traders felt the deal market drying up. That relationship has broken down during the first quarter of 2008, which may be due to other economic factors. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008  Thomson Datastream’s US-focused content is continually expanding.Across all asset classes, data is being added to ensure that the solution fits the high demands of the North American market, be it through the addition of macroeconomic indicators from such sources as S&P Case-Shiller, or through the display and access of quarterly fundamentals. And this investment is ongoing with soon-to-beadded US option coverage for the USA (S&P 500 and the Nasdaq) and Canada. Access to timely, comprehensive and accurate data is ever more important in a world where decisions have to be made fast.Thomson Datastream’s deep US coverage, across multiple asset classes, allows the US financial industry to cut through the â€Å"infonoise†, access vital must-have information and manipulate it with flexible analytical tools. In these current uncertain times, Thomson Datastream’s blend of reliable, multiple-asset, US content enables investors to make better, more-informed decisions and help avoid the pitfalls best summed up by an old Chinese proverb, which states, â€Å"To guess is cheap. To guess wrongly is expensive. † *Thomson Sharewatch. Based on the AUM from more than 4,000 US companies. INFOSTREAM MAY/JUN 2008 THOMSON REUTERS 2008  PRODUCT ENHANCEMENT FUNCTIONS, UNITS AND COUNTRY DATATYPE ENHANCEMENTS The padding (PAD) function has been enhanced to enable values for missing intermediate data points to be derived via linear interpolation, so any missing (N/A) values within the time series will be calculated by linearly interpolating between the actual data values on either side. The format to use linear interpolatio n is PAD#(Expression, I). Example: To display the FTSE100 price high (PH) from December 2007 to January 2008 – there are N/A values for Christmas and New Year when the market is closed.Using the existing PAD function (without the I parameter) the N/A values are replaced by carrying forward the last actual value for the previous period. Whereas using the PAD function with the I parameter (last column below), the N/A values are replaced by values calculated by interpolating between the data either side, thereby producing a more uniform series. Code 20/12/2007 21/12/2007 24/12/2007 25/12/2007 26/12/2007 27/12/2007 28/12/2007 31/12/2007 01/01/2008 02/01/2008 03/01/2008 04/01/2008 07/01/2008 FTSE100(PH) 6367. 7 6451. 8 6485. 6 #N/A #N/A 6504. 1 6494 6480. #N/A 6512. 3 6487. 8 6534. 7 6376. 5 PAD#(FTSE100(PH)) 6367. 7 6451. 8 6485. 6 6485. 6 6485. 6 6504. 1 6494 6480. 2 6480. 2 6512. 3 6487. 8 6534. 7 6376. 5 PAD#(FTSE100(PH),I) 6367. 7 6451. 8 6485. 6 6491. 77 6497. 93 6504. 1 649 4 6480. 2 6496. 25 6512. 3 6487. 8 6534. 7 6376. 5 The continuous series (CSR) function has been enhanced, specifically for economic series, to allow quarterly series to be displayed at a monthly frequency using linear interpolated values, with a similar enhancement for annual series to be displayed at a quarterly or monthly frequency.The format to display interpolated values is CSR#(Series,M) or CSR#(Series,Q). Example: To display two quarterly series at a monthly frequency – United States GDP in real terms and the Eurozone 15 countries’ GDP in real terms. The actual quarterly data is: Code 15/05/2006 15/08/2006 15/11/2006 15/02/2007 15/05/2007 15/08/2007 15/11/2007 USGDP†¦D 11306. 7 11336. 7 11395. 5 11412. 6 11520. 1 11658. 9 11677. 1 EKGDP†¦D 1859. 84 1870. 18 1884. 62 1899. 5 1904. 74 1919. 03 1926. 38 Here, the US series is in billions of dollars at an annual rate, the Eurozone series is in billions of euros but not annualised.As the table below illustr ates, the CSR function without the M parameter simply repeats the quarterly value for each month of the quarter, but with the M parameter the data is presented in a more uniform way by interpolating between the quarterly numbers. For the United States series, the mid-quarter value of the monthly series is the same as the original quarterly series, whereas for the Eurozone series the mid-quarter value of the monthly series is one third of the original series. This is due to Eurozone GDP not being annualised, so the monthly numbers in the final column below represent the â€Å"best† estimate of actual GDP in that month.Code 15/07/2006 15/08/2006 15/09/2006 15/10/2006 15/11/2006 15/12/2006 15/01/2007 15/02/2007 15/03/2007 15/04/2007 15/05/2007 15/06/2007 15/07/2007 15/08/2007 15/09/2007 15/10/2007 15/11/2007 CSR#(USGDP†¦D) 11336. 7 11336. 7 11336. 7 11395. 5 11395. 5 11395. 5 11412. 6 11412. 6 11412. 6 11520. 1 11520. 1 11520. 1 11658. 9 11658. 9 11658. 9 11677. 1 11677. 1 CSR#(USGDP†¦D,M) CSR#(EKGDP†¦D) 11326. 7 11336. 7 11356. 3 11375. 9 11395. 5 11401. 2 11406. 9 11412. 6 11448. 4 11484. 3 11520. 1 11566. 4 11612. 6 11658. 9 11665 11671 11677. 1 1870. 18 1870. 18 1870. 18 1884. 62 1884. 2 1884. 62 1899. 5 1899. 5 1899. 5 1904. 74 1904. 74 1904. 74 1919. 03 1919. 03 1919. 03 1926. 38 1926. 38 CSR#(EKGDP†¦D,M) 622. 24 623. 39 625 626. 6 628. 21 629. 86 631. 52 633. 17 633. 75 634. 33 634. 91 636. 5 638. 09 639. 68 640. 49 641. 31 642. 13 The rules for calculating these values are as follows (these are dictated by the frequency conversion datatype (ECONV)): †¢ If ECONV = AVERAGE (example USGDP†¦D) – the actual quarterly number is placed in the mid-month of the quarter, and the intervening two months are linearly interpolated between the adjacent midquarter numbers. If ECONV = END POINT (example US64MGTLA – mortgage debt of the US financial sector), the actual quarterly number is placed in the last month of the qu arter, and then the intervening two months are linearly interpolated. †¢ If ECONV = SUM (example EKGDP†¦D), one third of the quarterly number is placed in the mid-month of each quarter, and the intervening two months are linearly interpolated between the mid-quarter numbers. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 0 Annual series can be similarly represented at either a monthly or quarterly frequency using CSR#(series,M) or CSR#(series,Q). This new function allows a closer analysis of quarterly series on a monthly basis. For example if we correlate European Union total GDP (EXGDP†¦D) against United States GDP (USGDP†¦D), over the last ten years using a range of monthly lags, we find that the highest correlation, of 0. 99707, is with an 11-month lag of the US series.Note: These new parameters will be fully supported in a later version of the Advance interface – but can be used now either directly in AFO, or in the expression builder (where the mes sage that the parameter is unknown can be ignored). The economics magnitude (ESMAG) datatype, which displays the magnitude of the data as a number, eg 1000 for thousand, 1000000 for million, etc, has been enhanced so that it is now supported in Datastream expressions.This is useful for displaying a set of economic series data in the same units. In the example below, the total exports of visible goods for a selection of countries are displayed in millions of dollars for the year 2007 total. This is achieved by using the calendar year sum function CYS, converting all series to dollars using the tilde, multiplying by ESMAG and dividing by 1,000,000. In the analysis below the top three countries are (in order) Germany, China and United States.EXPORTS IN CURRENT PRICES TYPE AGEXPGDSA AUEXPGDSA CNEXPGDSB CHEXPGDSA FREXPGDSB BDEXPGDSB HKEXPGDSA INEXPGDSA IDEXPGDSA IREXPGDSA ITEXPGDSB JPEXPGDSB KOEXPGDSA MYEXPGDSA MXEXPGDSA NLEXPGDSA NZEXPGDSA NWEXPGDSA RSEXPGDSA SPEXPGDSA SAEXPGDSA ESEXPGD SA SDEXPGDSB SWEXPGDSA TWEXPGDSA THEXPGDSA UKEXPGDSA USEXPGDSB ESUNT US $ MILLION AUST $ MILLION CAN $ MILLION 100 MLN US$ EURO MILLIONS EURO BILLIONS HONG KONG MN$ IND RUPEE BLN US $ MILLION EURO THOUSANDS EURO MILLIONS YEN BILLION US $ MILLION RINGGIT MLN US $ MILLION EURO MILLIONS NZ$ MLN NRWGN KR MLN US $ MILLION SINGAPORE $’000 RAND MILLION EURO THOUSANDS SWEDISH KR MLN SWISS FRANC MLN TAIWAN $ MLN US $ MILLION ?MILLION US $ MILLION GEOGN ARGENTINA AUSTRALIA CANADA CHINA FRANCE GERMANY HONG KONG INDIA INDONESIA IRELAND ITALY JAPAN KOREA MALAYSIA MEXICO NETHERLANDS NEW ZEALAND NORWAY RUSSIAN FEDERATION SINGAPORE SOUTH AFRICA SPAIN SWEDEN SWITZERLAND TAIWAN THAILAND UNITED KINGDOM UNITED STATES X(ESMAG) 1000000 1000000 1000000 100000000 1000000 1000000000 1000000 1000000000 1000000 1000 1000000 1000000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000 1000000 1000 1000000 1000000 1000000 1000000 1000000 1000000 ESMAG EXPORTS-MILLIONS OF DOLLARS YEAR 200 CYS# (X~U$*XESMAG/1000)/1000 55933. 98 140975. 1 417035. 5 1217869 551328. 3 1330984 344676. 1 145260. 2 113953. 7 121504 491841 713111. 3 371489 176038. 3 272044 476323. 3 26946. 69 139232. 8 355176. 7 298876. 9 69661. 69 248555. 9 169700. 5 171465. 5 246181. 4 152480 436985. 3 1163314 INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 11Two new Country datatypes (GGISO and GGISN) have been introduced on Datastream: GGISO ISO Country Code GGISN ISIN Issuer Country The following table illustrates some examples: NAME ASM PACIFIC TECH C C LAND HOLDINGS CARNIVAL EADS (PAR) FRONTLINE GARMIN INVESCO MILLICOM INTL CELU SDB NWS HOLDINGS PARTNERRE PARTYGAMING QIAGEN (XET) RENAISSANCERE HDG ROYAL CARIBBEAN CRUISES ROYAL DUTCH SHELL A(LON) MNEM K:ASMP K:QPAK U:CCL F:EADS N:FRON @GRMN U:IVZ W:MICB K:PAPO U:PRE PRTY D:QIAX U:RNR U:RCL RDSA GEOGN HONG KONG HONG KONG UNITED STATES FRANCE NORWAY UNITED STATES UNITED STATES LUXEMBOURG HONG KONG UNITED STATES UNITED KINGDOM GERMANY UNITED STATES UNITED ST ATES NETHERLANDS GGISO HK HK US FR NO US US LU HK US GB DE US US NL GGISN KY BM PA NL BM KY BM SE BM BM GI NL BM LR GBNEW INTERFACE FOR DATASTREAM CUSTOM USER-CREATED INDICES IN DEVELOPMENT Datastream has provided facilities for creating your own custom indices for a number of years, through an integrated interface in Advance and Advance for Office (AFO) and a more comprehensive terminal interface. These indices are used extensively for evaluating different investment strategies and for use as portfolio benchmarks. We currently have in development a new Advance/AFO interface, offering a range of exciting features. These include support for an extended set of weighting methods (in addition to the current market value weighting method) – such as equal weighting, local currency, free float and using your own weights (as either a factor or a number of shares). INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 12 Index creation interface currently in developmentThe new interface w ill also facilitate the building and configuration of indices with more complex changes to their history, so in addition to supporting the importing of a set of constituents for a single point in time (either to use for the full index history, or to use going forward), these facilities will allow changes to constituents and weights at different dates to be imported directly from Excel – enabling an Excel range containing the complete history of constituent changes, reflecting either an investment strategy or specific stock selection, to be easily set up on Datastream. Equally, for indices already set up, the constituent history can be exported to Excel, and any changes made before being imported back to Datastream.We are also working on extending the set of datatypes that can be calculated for indices beyond the current list (price index, return index, market value, dividend yield and price earnings) – this will include the 15 new valuation measures that have recently been introduced for equities and Datastream equity indices. These include key measures such as sales, profits, debt, and a set of ratios such as return on equity and profit margin. Finally, in addition to supporting equities, the new interface will also support using other indices, and unit trusts as constituents. So, for example, you will be able to create a market value weighted index using thirdparty indices, Datastream indices or other custom user-created indices as their constituents. Further information will be made available via the Datastream Extranet when this new interface becomes available. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 13 COMING SOON – INTERACTIVE CHARTING 1. 6The next release of Interactive Charting will be available soon to all users of Datastream Advance . 0 and will allow users to save their own user-created â€Å"styles† for charts. Preferences for fonts, colours, chart background and line styles can be defined, stored as a style a nd then applied to any chart in the user’s library. In addition, it will now be possible to set up custom colours and store these as part of your style. Set text style for your chart title, subtitle and legend: Set colour, thickness and style of the chart lines: Custom colours can also be defined: INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 1 Save the settings with a name of your choice: INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 1 DATASTREAM EXTRANET SAMPLESThe Datastream Samples page on the Extranet is a valuable source of content and functionality-related AFO tearsheets, that highlight the breadth and depth of content within the Datastream mainframe. Over the last few months, more models have been added, making access to existing and new content sets even easier. Some of the new sheets are detailed below, visit the Extranet site at: http://extranet. datastream. com/Free_Reports/AFO_SAMPLES. htm and look for the icon for more. Indices – Worldscope Inde x Valuations This new model displays a unique set of valuation datatypes for Datastream Global Equity Indices. Sourced from Worldscope and based on a trailing 12-month period if applicable, the datatypes include such popular items as EBITDA, Enterprise Value and CAPEX. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 1Economics – Recession Bands Using the academic, two quarters of successive negative QOQ GDP growth, calculation of recession, this model allows users to select a country and overlay one of several pre-defined series such as Consumer Spending, Industrial Production and Unemployment rate figures. The chart period can be customised and a user-defined overlay series can also be utilised. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 1 Options – Implied Volatility Surface Using Datastream’s extensive Options database, this model plots the implied volatility as a function of both the strike price and time to maturity. The resulting graph shows the implied volatility for all the options on a particular underlying series. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 1Equities – Key Performance Indicators from Worldscope Effective 15 November 2007, Thomson Financial added Key Performance Indicators (KPIs) for the Hotel, Airline and Retail sectors. Initially for the Russell 3000 Index constituents, this model displays the current indicators for all qualifying constituents. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 19 CONTENT ENHANCEMENT EQUITIES AND EQUITY INDICES UPDATE This month sees the release of additional valuation datatypes for the Russell indices. Changes to the way S&P constituent data is provided are effective from 1 June 2008 and customers are advised to read this carefully and take action if required. New Shariah indices are also available from S&P and FTSE.Read on for all the details. Global Update S&P Constituent Data – End-User Agreement Now Required for Access to Constituent-Level Dat a With effect from 1 June 2008, there is a change to the way constituent data for a number of S&P constituent families is provided on a number of Thomson products, such as Datastream, DDL, Datastream Advance in T1IM. From 1 June 2008, customers wishing to continue to access constituent datatypes such as constituent weights, number of shares and free-float data are required to have a direct end-user agreement with S&P. For each index family impacted by this change, a new module is available that provides access to the restricted datatypes.The names and identifiers of each security within each constituent list are not impacted by these changes and will remain unrestricted. This change is a result of S&P no longer licensing constituent-level index data for wholesale distribution through vendors to their clients. New modules created for each of the following index families impacted by this change: S&P US indices This includes the S&P 500, S&P MidCap 400, S&P SmallCap 600, S&P Composite 1500, S&P 1000, S&P 900, S&P 100, S&P REIT Composite, S&P Citigroup Style and all underlying sector, industry and style indices. S&P Australia This includes the S&P/ASX 50, S&P/ASX 100, S&P/ASX 200, S&P/ASX 300 and All Ordinaries Indices and all underlying sector, industry and style indices.S&P Global 1200 This includes the S&P Global 1200, S&P Europe 350, S&P/Topix 150, S&P/TSX60, S&P Asia 50 and S&P Latin America 40 and all underlying sector and industry indices. S&P/MIB This includes the S&P/MIB index. S&P/HKEx This includes the S&P/HKEx Hong Kong indices including the S&P/HKEx Composite index. S&P/Japan This includes the S&P Topix 150 index. Restricted Constituent List Datatypes From 1 June 200, the following datatypes are available only in the new modules. The restrictions also apply to these constituent datatypes provided for S&P historical constituent lists. Please note that not all datatypes are available or valid for all the S&P index families detailed above.A more detaile d list, along with all the constituent list mnemonics, is provided on the Datastream Extranet. The names and identifiers of each security within each constituent list are not impacted by these changes and remain unrestricted. DATATYPE WTIDX PIDX NSIDX FFIDX MVIDX CFIDX AFIDX CLS1 CLS1N CLS2 CLS2N CLS3 CLS3N CLS4 CLS4N DESCRIPTION CONSTITUENT WEIGHT PRICE OF EACH CONSTITUENT IN THE INDEX NUMBER OF SHARES INCLUDED IN THE INDEX FREE-FLOAT FACTOR OF EACH CONSTITUENT IN THE INDEX MARKET VALUE OF EACH CONSTITUENT IN THE INDEX CAPPING FACTOR ADJUSTMENT FACTOR GICS SECTOR CODE GICS SECTOR NAME GICS INDUSTRY GROUP CODE GICS INDUSTRY GROUP NAME GICS INDUSTRY CODE GICS INDUSTRY NAME GICS SUB-INDUSTRY CODE GICS SUB-INDUSTRY NAMEACTION REQUIRED In order to minimise the impact of these changes, it is advisable that you review as soon as possible if you wish to continue to access the above constituent list datatypes. If you do, you should contact S&P to discuss this or complete the form in the att ached notification and send it to S&P: http://extranet. datastream. com/data/Equity%20indices/ If you wish to discuss this directly with S&P, please contact one of the following: Americas: Maureen O’Shea EMEA: John Davies Asia: Angeline Choo ANZ: Guy Maguire Japan: Uchi Seiichiro Shariah Indices maureen_o’[email  protected] com +212 438 6174 [email  protected] com +44 (0)20 7176 8456 [email  protected] com +65 6239 6318 [email  protected] com +61 292 559 822 [email  protected] com +813 4550 8568 INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 21 A number of new Shariah indices are now available on Datastream. S&P Pan-Asia Shariah index The stocks for this index are drawn from the Asian country indices in the S&P/Citigroup Global Equity Index series, excluding Australia, Japan and New Zealand. Stocks for the universe must have at least US$ 1 billion in float-adjusted market capitalisation. The number of stocks, for Shariah screening purposes, is limited to t he top 15 from each country that exceeds the US$1 billion market capitalisation threshold.Each month a universe of stocks conforming to these criteria, selected once a year on 31 March, is screened for Shariah compliance to form this index. The countries eligible for inclusion in this index are China, Hong Kong, India, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. S&P Global and World Property Shariah index The S&P/Citigroup Global Property index represents and measures the investable universe of publicly traded property companies from developed and emerging markets. The constituents are companies engaged in a wide range of real estate related activities, such as property management, development, rental and investment.The component REIT stocks, in particular, include property trusts that invest in physical real estate assets and other pass-through vehicles. The S&P/Citigroup World Property Index is a subset of the Global Property Index and includes companies fr om the developed markets only. Each month a universe of stocks conforming to these criteria, selected once a year on 31 March, is screened for Shariah compliance to form these indices. INDEX NAME S&P PAN-ASIA SHARIAH $ S&P PAN-ASIA SHARIAH E S&P WORLD PROPERTY SHARIAH $ S&P WORLD PROPERTY SHARIAH E S&P GLOBAL PROPERTY SHARIAH $ S&P GLOBAL PROPERTY SHARIAH E MNEMONIC SPSHPA$ SPSHPAE SPWPRS$ SPWPRSE SPGPRS$ SPGPRSEDATATYPE PI, RI, NR, MV PI, RI, NR, MV PI, RI, NR, MV PI, RI, NR, MV PI, RI, NR, MV PI, RI, NR, MV START DATE 29/12/06 29/12/06 29/12/06 29/12/06 29/12/06 29/12/06 INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 22 FTSE Shariah Japan 100 $ index FTSE extended its FTSE Shariah Global Equity index family on 3 March 2008 with the release of the FTSE Shariah Japan 100 $ index. This index represents the performance of the 100 biggest Shariah-compliant companies by full market capitalisation, that are included in FTSE Japan index. The index is calculated in USD and history is av ailable from 3 March 2008. The index mnemonic is FSJP10$. Further information can be found on: http://www. ftse. om/Indices/FTSE_Shariah_Global_Equity_Index_Series/ Downloads/FTSE_Shariah_Japan_100_USD_Valuation. pdf USA Update Russell – Additional Datatypes for Benchmark Indices Thomson Reuters has released new datatypes for the Russell Benchmark indices. The new datatypes include price to book value (BP), price to cash flow (PC), price to sales (PS), return on equity (RE) and return on assets (AR), and complement the existing coverage of price earnings ratio (PE), dividend yield (DY) and market value (MY) for the same indices. Customers who have access to the existing Russell Standard or Russell Premier pass-through modules will be able to access the new datatypes. Click on this link for more details: http://extranet. datastream. om/data/Equity%20indices/documents/Russellreleasemessagev2. doc The valuation ratios are updated at approximately 09:00 GMT on every sixth busines s day of the following month. INDEX DESCRIPTION RUSSELL TOP 50 RUSSELL TOP 200 RUSSELL TOP 200 GROWTH RUSSELL TOP 200 VALUE RUSSELL 1000 RUSSELL 1000 GROWTH RUSSELL 1000 VALUE RUSSELL 2000 RUSSELL 2000 GROWTH RUSSELL 2000 VALUE RUSSELL 2500 INDEX MNEMONIC RRUST50 RRUS200 RRUS20G RRUS20V RRUSS1L RRUS1GR RRUS1VA RRUSS2L RRUS2GR RRUS2VA RRUS250 DATATYPES PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PCBASE DATE 30/01/1998 31/01/2002 29/12/1978 31/01/2002 31/03/1986 31/01/2002 31/03/1986 31/01/2002 29/12/1978 31/01/2002 29/12/1978 31/01/2002 29/12/1978 31/01/2002 29/12/1978 31/01/2002 29/12/1978 31/01/2002 29/12/1978 31/01/2002 29/12/1978 31/01/2002 INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 23 RUSSELL 2500 GROWTH RUSSELL 2500 VALUE RUSSELL 3000 RUSSELL 3000 GROWTH RUSSELL 3000 VALUE RUSSELL 3000E RUSSELL 3000E GROWTH RUSSELL 3000E V ALUE RUSSELL SMALL CAP COMPLETENESS RUSSELL SMALL CAP COMPLETENESS GROWTH RUSSELL SMALL CAP COMPLETENESS VALUE RUSSELL MIDCAP RUSSELL MIDCAP GROWTH RUSSELL MIDCAP VALUE RUSSELL MICROCAP RUSSELL MICROCAP GROWTH RUSSELL MICROCAP VALUE RRUS25G RRUS25V RRUSS3L RRUS3GR RRUS3VA RR3000E RR30GRE RR30VAE RRS3XSD RRS3GXD RRS3VXD RRUSMID RRUSMIG RRUSMIV RRUSMIC RRUSMGR RRUSMVAPS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC PS, RE, BP, AR PC 31/03/1986 31/01/2002 31/03/1986 31/01/2002 29/12/1978 31/01/2002 30/03/1979 31/01/2002 30/03/1979 31/01/2002 30/06/2005 30/06/2005 30/06/2006 30/06/2006 30/06/2006 30/06/2006 31/12/1979 31/01/2002 31/12/1979 31/01/2002 31/12/1979 31/01/2002 29/12/1978 31/01/2002 31/03/1986 31/01/2002 31/03/1986 31/01/2002 30/06/2005 30/0 6/2005 30/06/2006 30/06/2006 30/06/2006 30/06/2006Global Property Research Two new indices from Global Property Research are now available on Datastream. History is available from 28 March 2008. INDEX NAME GPR 250 PSI CHINA GPR 250 PSI CHINA E GPR 250 PSI CHINA $ GPR 250 REIT CHINA GPR 250 REIT CHINA E GPR 250 REIT CHINA $ MNEMONIC GPR2CHL GPR2CHE GPR2CH$ GPRRCHL GPRRCHE GPRRCH$ DATATYPE PI, RI, MV, DY, NE PI, RI, MV, DY, NE PI, RI, MV, DY, NE PI, RI, MV, DY, NE PI, RI, MV, DY, NE PI, RI, MV, DY, NE INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 2 Middle East Update Jordan – Additional Equity Datatypes Thomson Reuters has released additional Jordan unadjusted price datatypes on Datastream from 18 March 2008.The additional equity datatypes are: †¢ Unadjusted price ask (UPA) †¢ Unadjusted price bid (UPB) †¢ Unadjusted price high (UPH) †¢ Unadjusted price low (UPL) †¢ Unadjusted price open (UPO) †¢ Unadjusted trade volume (UVO) The Jordan stocks currently covered on Datastream can be found in the list FJORD. The prices are updated at approximately 12:30 GMT. Asia Update Thailand – Additional Datatypes Market value (MV) is now available for all Thailand Stock Exchange indices. History is available from 25 December 2007. In addition to the MV data, other datatypes are also now available for the Thai Industry Group Indices – these are: PE, BP, DY, MV, VO and VA. History is available from 25 December 2007.Thailand Benchmark and Sector Indices INDEX NAME BANGKOK SET BANGKOK SET 50 BANGKOK SET 100 THAILAND MAI THAILAND SE AGRIBUSINESS THAILAND SE FOOD AND BEVERAGE THAILAND SE FASHION THAILAND SE HOME & OFFICE PRODUCTS THAILAND SE PERSONAL PRODUCTS & PHARMACEUTICALS THAILAND SE BANKING THAILAND SE FINANCE AND SECURITIES THAILAND SE INSURANCE THAILAND SE AUTOMOTIVE THAILAND SE INDUSTRIAL MATERIALS & MACHINERY THAILAND SE PACKAGING THAILAND SE PAPER & PRINTING MATERIALS THAILAND SE PETROCHEMICALS & CHEMICALS THAILAND SE CONSTRUCTION MATERIALS THAILAND SE PROPERTY DEVELOPMENT THAILAND SE ENERGY & UTILITIES THAILAND SE MINING THAILAND SE COMMERCE THAILAND SE HEALTH CARE SERVICES THAILAND SE MEDIA & PUBLISHING THAILAND SE PROFESSIONAL SERVICES THAILAND SE TOURISM & LEISURE THAILAND SE TRANSPORTATION & LOGISTICS THAILAND SE ELECTRONIC COMPONENTS THAILAND SE INFORMATION & COMMUNICATION TECHNOLOGY MNEMONIC BNGKSET BNGKS50 BNGK100 BNGKMAI BNGKAGR BNGKFDI BNGKFHN BNGKHHG BNGKPPH BNGKBNK BNGKFIN BNGKINS BNGKAUT BNGKIMM BNGKPAK BNGKPPM BNGKPET BNGKCTR BNGKPDV BNGKENG BNGKMIN BNGKCOM BNGKHCS BNGKENR BNGKPFS BNGKHOT BNGKTLO BNGKELC BNGKCMM DATATYPE MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV MV INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 2 Thailand Industry Group IndicesINDEX NAME THAILAND SE AGRO & FOOD INDUSTRY THAILAND SE CONSUMER PRODUCTS THAILAND SE FINANCIALS THAILAND SE INDUSTRIALS THAILAND SE PROPERTY & CONSTRUCTION THAILAND SE RESOURCES THAILAND SE SER VICES THAILAND SE TECHNOLOGY MNEMONIC BNGKAGF BNGKCON BNGKFNI BNGKIND BNGKPRO BNGKRES BNGKSER BNGKTEK DATATYPE PE, BP, DY, MV, VO, VA PE, BP, DY, MV, VO, VA PE, BP, DY, MV, VO, VA PE, BP, DY, MV, VO, VA PE, BP, DY, MV, VO, VA PE, BP, DY, MV, VO, VA PE, BP, DY, MV, VO, VA PE, BP, DY, MV, VO, VA INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 2 I/B/E/S GLOBAL AGGREGATES CONTENT ENHANCEMENT – RELEASE OF ADDITIONAL MONTHLY HISTORY FOR FIVE ASIAN INDICES Thomson Reuters has released additional monthly history for five major indices in Asia to I/B/E/S Global Aggregates.Previously going back only one year, monthly history for these indices now goes as far back as January 2005, with weekly history back to January 2006 – providing even more value-added content. The five series are: COUNTRY TAIWAN TAIWAN TAIWAN MALAYSIA MALAYSIA IGA INDEX NAME TAIWAN SE WEIGHTED TAIEX TSEC TAIWAN 50 TSEC TAIWAN MIDCAP 100 KUALA LUMPUR COMPOSITE INDEX (KLCI) KUALA LUMPUR SE EMAS IGA IDENTIFIER TAIEX TSEC50 TSECMID KLCI KLEMAS DATASTREAM MNEMONIC @:TAIEX @:TASEC5 @:TAMID1 @:MYKLCI @:MYEMAS This additional history was made available with the March 2008 monthly run. For further information or assistance, please contact content. [email  protected] com or your local Thomson Datastream customer service or account team. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 2DATASTREAM DELIVERS SOUGHT-AFTER COMMODITY INFORMATION FROM PLATTS Market watchers know that commodities are now in their fifth year of a bull run, with many hitting their all-time high price over the last year or so and drawing the attention of hedge funds, investment houses and others looking to increase their portfolio weightings in this asset class. Now Thomson Datastream clients can access end-of-day commodity price assessments by way of the industry-leading Platts Dispatch product, to help them reduce risk as they make key trading decisions, value positions and analyse data. †¢ Platts, a division o f McGraw-Hill, provides industry-standard commodity price assessments that are critical elements used to settle short- and long-term OTC contracts worldwide. Renowned for their energy commodity coverage, Platts pricings help industry specialists understand commodity price trends and developments. Available on a pass-through basis, Platts Dispatch over Thomson Datastream delivers end-of-day price assessments, third-party data, and an historical database of more than 25,000 commodity time series, many with several decades of data. †¢ Platts commodities data spans: oil and shipping; petrochemicals; metals; electricity and gas; coal and emissions; data via American Petroleum Institute Statistics; and Petroleum Administration for Defense Districts’ prices. †¢ Overall, the content is available through 129 data categories, which can be chosen individually or grouped into packages, and may contain one or more of the following data attributes: high, low, bid, ask, mid-price, close and volume.Frequency of series ranges from daily, weekly, monthly or infrequently – priced when an event occurs. †¢ Clients subscribing to Platts content through Thomson Datastream will be able to use its existing functionality and integrate this content with other available leading Thomson Datastream content sets. All clients must maintain a direct agreement, which must be in place with Platts prior to the client being entitled to its data. More information on the data and how clients can obtain an agreement for it can be found on: http://extranet. datastream. com/data/Commodities/Index. htm INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 2 METALS EXPANSION COVERAGEThomson Reuters has expanded Datastream’s metal coverage with an additional 00 new time series, covering Asian metal spot prices with a distinct focus on the Chinese market and the inclusion of steel price indices and other steel-related products. Customers can now access CRU Steel price ind ices for semi-finished and finished carbon steel products, known to be the most widely used benchmarks in the world steel industry. Complementing these indices are SteelHome’s China Steel price indices. In additional to steel indices, Chinese metal prices from local steelmakers with the following characteristics are now available: †¢ Stainless steel †¢ Coke/coal †¢ Iron ore †¢ Pig iron/scrap †¢ Wire rod/rebar †¢ Medium plates †¢ CR/HR †¢ Section †¢ Ferro-alloy/non-ferrous INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 29Further expansion with a focus on Asian metal prices is now available for the following categories: †¢ Base metals †¢ Minor metals †¢ Rare earths †¢ Ferro-alloys †¢ Refractories †¢ Iron and steel Chinese Base Metals Comparison INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 30 ECONOMICS ROUND-UP New Series More than 3,000 series have recently been added to the Economics database, w ith particular emphasis on more detail in key coverage areas such as international trade. Some of the highlights are summarised below, with links given to the relevant Content Updates on the Datastream Extranet, where more information and series listings are available. Trade Detail for Turkey More than 300 commodity trade series are now available for Turkey, as sourced from the Turkish Statistical Institute.Import and export coverage is given by three different classification schemes: Broad Economic Categories, International Standard Industrial Classification (ISIC) and Standard International Trade Classification (SITC). Also added were trade by country series. All data is monthly, most with start dates from January 1996. (See Content Updates #2780, 2791, 2794 and 2819. ) Trade detail has also been recently added for France and Brazil. See the table below. Confidence Surveys for Indonesia Series from the Bank of Indonesia’s surveys on business and consumer expectations have b een released on Thomson Datastream. The new data includes information about business conditions during the current quarter, as well as expectations for the following quarter, by industry. Concepts covered are business activities, selling prices and usage of labour. 2772) The consumer survey is headlined with three indices – Consumer Confidence Index (CCI), Current Economic Condition Index (CECI) and the Consumer Expectation Index (CEI). Also available are price expectations of major commodities in three and six months’ time, consumption plans and appraisal of economic conditions. (2769) In the News †¢ US Housing House purchase price indices, produced by the Office of Federal Housing Enterprise Oversight (OFHEO), are now available. Data is reported for the US total and nine Census divisions on a quarterly basis. (2824) †¢ Energy in China Series detailing consumption of energy fuels and electricity by industry have been added.The statistics are annual, as repor ted by National Bureau of Statistics of China (NBS). (2775) The table overleaf itemises the new data releases that have been made over the last two months. The table provides access links to the original Content Update announcements on the Research Extranet, where more information is given, including series lists – just click on the description in the first column, which is a hyperlink. Also provided are Navigator citations and links – referring to locations in Thomson Datastream Navigator, Explorer for Economics, where the relevant series are shown. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 31 New Series by Region # Series Content Navigator Location Added Update #See Explorer for Economics> National Sources 129 6 7 18 7 16 5 15 54 40 2867 2880 2847 2837 2833 2835 2853 2879 2796 2824 Brazil > External Sector > Imports and Exports > Trade by Commodity Brazil > External Sector > International Reserves Brazil > Money and Finance > Money Supply Chile > Key Indicato rs Chile > External Sector > External Investment & Debt Chile > Government Sector > Government Surplus/Deficit Chile > External Sector > International Reserves Colombia > Industry Sector > Housing and Construction Detail United States > Money & Finance > Banking (MFIs) > FDIC Quarterly Banking Profile United States > Industry Sector > Housing & Construction Detail > OFHEO House Price Index AmericasBrazilian External Trade by Commodity Brazilian International Reserve Assets Brazilian Money Supply Components Chilean Consumer Credit and Bank Lending Chilean External Debt Chilean Government Accounts Chilean Official Reserves Colombian Housing Construction by Cities US FDIC Quarterly Banking Profile US OFHEO Purchase-Only House Price Indices Asia Chinese Energy Series Indonesian Business Survey series Indonesian Consumer Confidence Survey Indonesian Retail Sales Survey series Japanese Lease Series 73 104 83 16 15 2775 2772 2769 2774 2844 See Explorer for Economics > National Sources Chin a > Industry Sector > Other Industry detail > Energy Indonesia > Surveys & Cyclical Indexes > Business Surveys Indonesia > Surveys & Cyclical Indexes > Consumer Surveys Indonesia > Surveys & Cyclical Indexes > Retail Sales Survey Japan – Premium Service > Industry Sector > Other Industry Detail > Machinery & Equipment > Equipment Leasing & PurchasesJapanese Motor Vehicle Imports Japanese Treasury Funds Receipts & Payments Balances with the Private Sector Malaysian Bank Lending Malaysian Foreign Reserves Malaysian Manufacturing Sales Value New Zealand Manufacturing Survey series Thailand Non-Performing Loans 11 29 2763 2770 Japan – Premium Service > Industry Sector > Automobiles & Transport Detail > Vehicle Imports Japan – Premium Service > Government Sector > Treasury Funds Balance of Receipts & Payments with the Private Sector 25 6 1 48 16 2825 2797 2839 2785 2832 Malaysia > Money & Finance > Banking (MFIs) Malaysia > Money & Finance > International Reserves > Monthly series Malaysia > Industry Sector> Industrial Production > Manufacturing Production and Sales New Zealand > Industry Sector > Sales, Orders, Inventories Thailand > Money & Finance > Banking (MFIs) > Non-Performing Loans EuropeAustria Producer Price Index Austrian Labour Market Austrian Wholesale, Retail Trade and Services Bulgarian National Accounts Danish Gross Fixed Capital Formation Finnish Gross Fixed Capital Formation – Construction French External Trade Statistics by Commodity & Area Netherlands Government Sector series Netherlands Seasonally Adjusted Quarterly Industrial Production Series Portuguese Employment and Industrial Sales Turnover Portuguese Government Revenue and Expenditure Romanian Consumer Price Index Romanian Wages and Earnings Slovak National Accounts Spanish International Reserves United Kingdom Detailed Index of Production 63 23 14 315 49 6 165 2873 2802 2852 2779 2789 2877 2857 35 39 90 8 12 20 298 35 12 2812 2868 2850 2859 2818 2826 2861 2810 2790See Explorer for Economics > National Sources Austria > Prices > Producer Prices Austria > Labour Market > Employment & Hours Austria > Industry Sector > Sales, Orders, Inventories > Retail Sales and other lists Bulgaria > National Accounts > GDP by industry Denmark > National Accounts > Investment/Capital Formation various lists Finland > National Accounts > Investment/Capital Formation France > External Sector > Imports & Exports > Trade by Commodity various lists Netherlands > Government Sector Netherlands > Industry Sector > Industrial Production & Utilisation > Production Indices SA Portugal > Labour Market > Employment & Hours and Wages & Earnings Portugal > Industry Sector > Sales, Orders, Inventories Portugal > Government Sector > Government Surplus/Deficit Romania > Prices > Consumer Prices Romania > Labour Market > Wages & Earnings Slovakia > National Accounts > GDP by Expenditure Spain > External Sector > International Reserves United Kingdom > Industry Sector > Indu strial Production & Utilisation > Main Indicators > Seasonally Adjusted and Not Seasonally Adjusted INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 32 New Series by Region # Series Content Navigator Location Added Update #See Explorer for Economics > International Sources – History 230 2754 European Commission > Business and Consumer Surveys various lists Eurozone European Commission Aggregate Series for Eurozone 15 #5 – Business & Consumer Surveys ECB Aggregate Series for Eurozone 15 #6 – Prices and Labour Market ECB Aggregate Series for Eurozone 15 #7 – Retail Sales 10 2855 15 2845 European Central Bank > ECB Monthly Bulletin > Prices, Output, Demand and Labour Markets > Labour Market and HICP, Other Prices and Costs European Central Bank > ECB Monthly Bulletin > Prices, Output, Demand and Labour Markets > Output and Demand Middle East & AfricaEgyptian Foreign Direct Investment by Area Egyptian Remittances Israel Wages and Employee Posts Israeli Natio nal Accounts South Africa Energy Statistics Turkish Foreign Trade by Commodity (Broad Economic Categories) Turkish Foreign Trade by Commodity (ISIC Classification) Turkish Foreign Trade by Commodity (SITC) Turkish Foreign Trade by Country 77 152 45 2791 2794 2819 31 21 99 198 10 42 2860 2838 2764 2752 2854 2780 See Explorer for Economics > National Sources Egypt > External Sector > External Investment & Debt Egypt > Labour Market > Wages and Earnings Israel > Labour Market > Employment & Hours and Wages & Warnings Israel > National Accounts > GDP by Expenditure South Africa > Industry Sector > Other Industry Detail Turkey > External Sector > Imports & Exports > Trade by Commodity > Imports and ExportsTurkey > External Sector > Imports & Exports > Trade by Commodity > Imports and Exports Turkey > External Sector > Imports & Exports > Trade by Commodity > Imports and Exports Turkey > External Sector > Imports & Exports > Trade by Country International OECD Main Economic Indicators â⠂¬â€œ February 2008 24 2768 See Explorer for Economics > International Sources – History OECD Main Economic Indicators > Indicators for OECD Zones and Indicators for OECD NonMember Countries various lists OECD Main Economic Indicators – March 2008 8 2834 OECD Main Economic Indicators > Indicators for OECD Member Countries and Indicators for OECD Non-Member Countries various lists INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 33Revisions and Methodology Changes It has been a busy period, with revisions to US seasonally adjusted data and index rebasings in a number of markets. Other more substantive changes have been made to balance of payments and the trade-weighted exchange rate for Euroland, household interest rates for the UK, Flow of Funds and Household Economy Survey for Japan, and unemployment statistics for Denmark. The following table summarises the revisions that have taken place in the last two months. Please refer to the Content Update itself (hyperlinked from the table) for further information and mnemonics of affected series. Country Revised Data Content Update # Changes to Economic SeriesAustralia Austria Denmark Euroland Israel Italy Japan Australian Construction Work Done Revised Australian Labour Force Survey Revised Austrian Wages Rebased Danish Unemployment Methodology Changed ECB Effective Exchange Rates Redefined Eurozone Monthly Balance of Payments Changed Israeli Wages and Employment Data Revised Italian External Trade Index Rebased Japan Electronic Equipment Market Size and Demand Forecasts Changed Japan Flow of Funds Accounts Series Methodology Changed Rebased Japanese Household Economy Survey Partly Discontinued Japan Real & Nominal Effective Exchange Rates Redefined Philippines South Korea Philippine Industrial Production Indices Rebased Philippine Producer Price Indices Rebased South Korean Business Indicator Composite Indices Rebased South Korean Housing Purchase Price Index Rebased South Korean Industrial Producti on Rebased South Korean Manufacturing Production Rebased & Changed South Korean Retail Sales Rebased South Korean Service Industry Index Rebased Sweden Taiwan Thailand Turkey UK USA Swedish Retail Sales Index Rebased Taiwanese Price Indices Rebased Thai External Trade & Terms of Trade Index Rebased Turkish National Accounts Rebased UK Bank of England Household Interest Rates Changed US Industrial Production & Capacity Utilization Revised US Seasonally Adjusted Consumer Price Indices Revised US Seasonally Adjusted Existing Home Sales Revised US Seasonally Adjusted Pending Home Sales Revised US Seasonally Adjusted Producer Price Indices Revised US Seasonally Adjusted Unemployment Insurance Claims Revised US Wholesale Trade: Sales and Inventories Revised 2792 2848 2827 2842 2760 2820 2759 2858 2849 2869 2878 2846 2757 2876 2821 2805 2799 2811 2813 2809 2806 2800 2767 2828 2836 2864 2882 2762 2784 2804 2781 2871 2872 INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 3 Key Indicator Cha nges The Economics team continues to review Key Indicator selections for each market, in order to add more, ensure the best selection and bring more consistency across countries. See below for recent additions and hyperlinks to relevant Content Updates, where more information is given. Key Indicator ChangeAustria Consumer Credit Added Austria International Reserves Selection Changed Austria Producer Prices Selection Changed Chilean Consumer Credit and Bank Lending Added Israeli Employment and Wages Selection Changed Polish Producer Price Index Resourced Romanian Producer Price Index Now on Fixed Base Swedish Business Confidence Indicators Selection Changed Thai Bank Loans Series Added Mnemonics OECRDCONA OERESERVA OEPROPRCF CLCRDCONA & CLBANKLPA POPROPRCF RMPROPRCF SDCNFBUSR & SDCNFBUSQ THBNKLONA Content Update # 2822 2807 2843 2837 2766 2793 2798 2773 ISWAGES. E, ISWAGMANF & ISEMPALLG 2758 Interest Rates Repo Rates for Thailand Four bilateral repurchase rates, as released by the Ba nk of Thailand, are now available. The series are weighted average rates with 1, 7, 14 and 30-day terms.The Bilateral Repurchase Operation is conducted through appointed Bilateral Primary Dealers and helps in stimulating the private repurchase market. Repurchase transactions are used by the bank to temporarily add or drain reserves available in the banking system. Mnemonics are as follows: Description THAILAND BILATERAL REPO RATE 1 DAY THAILAND BILATERAL REPO RATE 7 DAY THAILAND BILATERAL REPO RATE 14 DAY THAILAND BILATERAL REPO RATE 30 DAY DS Mnemonic THBRP1D THBRP7D THBRP2W THBRP1M Datatype IR IR IR IR INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 3 NEW VALUATION RATIOS RELEASED IN MARCH March saw the release of 1 new valuation ratios on Thomson Datastream.These ratios are calculated on the equity level as well as the industry, sector, country and regional levels of the Datastream Indices, and allow a great number of data comparisons to highlight trends which previously woul d have needed compilation of data before use. In brief, these ratios are based on the Worldscope database items and using wherever possible the latest interim data on a 12-month trailing basis. The full methodology is described in the following link on the Extranet: http://extranet. datastream. com/data/Equities/documents/DatastreamGlobalEquityIndicesvaluationdatatypes-rulesvs4final. pdf INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 3 So what can we do with these ratios?You can compare a company to its industry, locally and regionally, as is illustrated here using Return on Equity. About Martek Biosciences Corporation Founded in 1985, the group’s principal activity is to develop, manufacture and sell naturally produced products derived from micro-algae, fungi and other microbes. The group’s products and services include speciality, nutritional oils for infant formula, nutritional supplements and food ingredients to promote mental and cardiovascular health, fluores cent markers for diagnostics, rapid miniaturised screening and gene and protein detection. Its ROE is compared here with the US Food & the World Food industries.You can also †¦make sector comparisons across different regions of the world using the regional-level aggregates Here we have compared the Capital Expenditure of the Pharmaceutical industry in various regions: Europe, USA, Far East and World. Capital expenditure for USA and Europe represents almost 90% of the capex spent in that industry worldwide, and it’s interesting to see how the drop in US relative capex has been totally mirrored by an increase in Europe’s importance in this domain. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 3 †¦or look at a particular sector in a different light, using here the Interest coverage ratio to illustrate the Turkish Telecom Sector and its ability to repay debt Interest charge coverage, also called interest coverage ratio, is defined by EBIT divided by the inte rest expense for each period.It indicates the ability of the company (or in this case the sector) to repay its debt using the income generated by the business. Levels above 3 are considered having a strong ability to repay debt, while businesses whose ratio drops below 1. 5 (red line on the chart) are considered risky. It’s interesting to show how the sector market index started picking up once the interest coverage ratio moved above 3 towards the end of 2004. This is also when the sector was open to competition. New licences were granted to 16 suppliers of data transmission services in fixed telephony. Further steps towards liberalisation and breaking up of the monopoly were taken in 2005/06 by the sale of Turk Telekom.Vodafone repurchased Telsim, the second largest mobile phone operator. The Turkish telecommunications network continued to grow, currently ranked the 13th largest market in the world and fifth in Europe. INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 3 COM PANY ADDITIONS TO WORLDSCOPE During February and March over 00 companies were added to the Worldscope Database. These additions included 112 US Companies and a continuing expansion of coverage of Middle Eastern markets. Also, Nigeria was added to our country coverage. Worldscope’s total coverage at 8th April 2008 consisted of 56,448 companies, 36,508 of which were active companies. 10,172 of these companies are Limited data set companies (8,064 active).COUNTRY ARGENTINA AUSTRALIA AUSTRIA BAHRAIN BELGIUM BERMUDA BRAZIL CANADA CAYMAN ISLANDS CHILE CHINA COLOMBIA CZECH REPUBLIC DENMARK EGYPT ESTONIA FINLAND FRANCE GERMANY GREECE HONG KONG HUNGARY ICELAND INDIA INDONESIA IRELAND ISRAEL ITALY JAPAN JORDAN KOREA (SOUTH) KUWAIT LITHUANIA LUXEMBOURG MALAYSIA MEXICO MOROCCO NETHERLANDS TOTAL 0 FEB 200 113 2490 203 35 286 82 602 2524 28 261 1903 54 82 330 59 7 238 1657 1550 401 1168 46 19 2102 401 158 225 525 4816 30 1154 87 3 68 1208 227 26 408 COMPANIES ADDED FEB-MAR 200 5 25 1 5 5 1 2 15 2 3 50 0 1 0 3 0 0 13 4 0 4 5 0 26 8 0 2 6 37 5 17 9 0 0 4 2 0 1 ACTIVE  APR 200 86 1912 105 40 148 76 386 1598 22 218 1895 35 20 170 55 7 138 866 1052 288 1022 29 17 2023 359 79 186 295 3971 35 974 96 3 46 1002 132 24 212 INACTIVE  APR 200 32 603 99 0 143 7 218 941 8 46 58 19 63 160 7 0 100 804 502 113 150 22 2 105 50 79 41 236 882 0 197 0 0 22 210 97 2 197 TOTAL  APR 200 118 2515 204 40 291 83 604 2539 30 264 1953 54 83 330 62 7 238 1670 1554 401 1172 51 19 2128 409 158 227 531 4853 35 1171 96 3 68 1212 229 26 409 INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 39NEW ZEALAND NIGERIA NORWAY PAKISTAN PERU PHILIPPINES POLAND PORTUGAL QATAR RUSSIAN FEDERATION SAUDI ARABIA SINGAPORE SLOVAKIA SLOVENIA SOUTH AFRICA SPAIN SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND TURKEY UNITED ARAB EMIRATES UNITED KINGDOM UNITED STATES VENEZUELA VIRGIN ISLANDS (BRITISH ZIMBABWE OVERALL TOTALS 202 0 409 152 103 263 263 144 35 123 55 772 25 11 843 316 34 607 437 1685 639 263 36 4563 181 92 50 13 30 1 3 5 5 2 13 2 21 1 1 33 24 9 0 1 20 5 2 6 1 35 5 0 13 23 112 0 0 4 0 114 5 193 130 86 241 246 60 36 141 79 647 10 12 370 150 32 330 275 1500 535 230 48 2298 9039 35 12 32 30 91 0 221 24 30 24 38 85 0 15 0 134 15 0 493 171 4 283 163 220 109 33 1 2288 9265 15 1 2 1990 205 5 414 154 116 265 284 145 36 156 79 781 25 12 863 321 36 613 438 1720 644 263 49 4586 18304 50 13 34  INFOSTREAM MAY/JUN 2008  © THOMSON REUTERS 2008 0 CONTRIBUTORS PRODUCT MANAGEMENT PAUL BACON DATAFEEDS paul. [email  protected] com +44 (0)20 7324 6873 JULIAN RICKARDS DATASTREAM ADVANCE, DSWINDOWS, DSDDE julian. [email  protected] com +44 (0)20 7336 1944 CASEY PEARCE DATASTREAM INTERACTIVE CHARTING casey. [email  protected] com +44 (0)20 7324 9359 IAN BROCKLEHURST THOMSON ONE INVESTMENT MANAGEMENT SOLUTIONS ian. [email  protected] com +44 (0)20 7324 8890 DAVID BERNARD THOMSON ONE INVESTMENT BANKING SOLUTIONS david. [email  protected] com +44 (0)20 7336 1930 STEVE KELLY THOMSON EXTEL SURVEYS steve. [email  protected] com +44 (0)20 7324 9200 CONTENT MANAGEMENTNICOLAS DE LAURENS CASTELET GLOBAL CONTENT SOLUTIONS nicolas. [email  protected] com +44 (0)20 7336 1950 STEPHEN CARTER COMPANY ACCOUNTS stephen. [email  protected] com +44 (0)29 2063 1943 ANNE SIEBER EQUITIES, EQUITY INDICES, FUNDS & 3RD-PARTY DATA anne. [email  protected] com +44 (0)20 7324 9741 JAMES BRIGHT I/B/E/S GLOBAL AGGREGATES ESTIMATES DATA james. 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The Concept, Limited Understanding And Negative...

The Concept, limited understanding and negative stereotypes Of Islam and Muslims in western countries. Throughout the history, from the creation of the universe and mankind, there have been prophets and messengers sent down to different nations and they descends down to mankind one after the other calling their people to spirituality, morality and self-consciousness. Among these prophets and messengers one regarded by the Muslims as the seal of the prophet hood with a scripture titled ‘The Qur’an† revealed unto him from Allah an Arabic name for God through angel Jibril also known as angel Gabriel. And he is known to us as â€Å"Muhammad† may the peace and blessing of God be with him and all those that came before him. Prophet Muhammad PBUH was also known as Muhammad Ibn Abd’Allah meaning â€Å"Muhammad the son of Abd’Allah†. Because mostly in some Arabian cultures, one is either surnamed by the clan or tribe or region one come from or one’s name attached to that of one’s parents mostly a father’s name. Prophet Muhammad was born in Mecca situated in Saudi Arabia in 570 CE and died June 8, 632 CE at age 62 in Medina also a city in Saudi Arabia. Muslims all over the world regarded prophet Muhammad as the real source of Islam a very well monotheistic religion that has in its verses and chapters a story about almost all the prophets and messengers that came before him. Qur’an is also very highly regarded scripture from which many Muslims used and uses to this day as a source ofShow MoreRelatedSocial Biases Paper1320 Words   |  6 Pagesreligion, or sexual orientation. People with limited vision often form negative opinions toward a group of people wit hout knowing who they are. 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Propagandists create ideas stereotypically through the use of propaganda and use media to promote it and target peoples minds to have influenceRead MoreUniversal Authority And Traditional Sites Of Learning1331 Words   |  6 Pagesstudy on gender roles and its portrayal in popular Disney films. â€Å"Beauty is good† stereotype Dion et al.’s investigation of sociological research established the â€Å"beauty is good† stereotype, for its the idea that physically attractive individuals possess more favorable personality traits than unattractive individuals thereby leading to a more fulfilling life (1972). Research shows that physical attractiveness stereotypes exists and less attractive persons personality traits are unfavorable comparedRead MoreCase 3.1 Hy Dairies1695 Words   |  7 Pagesdiffering social identity and engaged them in stereotyping. 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The Reform Of Progressive Era Brought - 936 Words

Not everyone welcomed the reforms that Progressive era brought. As people who believed in Constitution of United States is the best political charter yet created by mankind, â€Å"conserve† it and handed it down to the next generation as it is the best practice to guarantee the free exercise of the inherent rights of individual through strictly limiting the power of the government, Elihu Root, William Howard Taft and Henry Cabot Lodge, Sr., leading members of the Republican Party, faced challenging time during the Progressive era. They strove to â€Å"conserve† the core principles of the American constitutionalism from reformist of Progressivism. As people trust that our (Americans) liberties can remain secure only if government is so limited that it cannot infringe upon inherent rights, they resisted the Progressive ambitions for direct, unrestrained democracy and the resulting the attacks on the courts, representative government, and the traditional limits of the pres idency. Three men, mentioned above, understood and accepted the necessity of Progressive reforms, and new Amendments, although many people saw them as a big boulder blocking their way to Progressive. In fact, they didn’t try to The Sixteenth Amendment had widespread support, and they gave it theirs in part to end the bitter disputes about tariff schedules that had long divided the Republican Party. 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The Ethics of Stem Cell Research Essay - 1005 Words

While some people might say that stem cell research is immoral and unethical, others believe that it is a magical solution for almost any problem, thus leading to a very controversial issue. Scientists have been searching for years for ways to eradicate incurable diseases and perform other medical procedures that yesterdays technology would not fix. With the rapidly arising, positive research on stem cell technology, the potential that exists to restore any deficiency is in the same way, likely to destroy humanity. America is suffering from its inability to choose who holds precedence over this issue. Too many of us find it impossible to reach a basis for which our differing opinions can be shared and formed into a universal and†¦show more content†¦This begs the question of what is value. Today in America, the definition of value can be thought of as something that is of worth and importance, meaning that whoever possesses this value, will indirectly gain from it. So , if these valuable cells are used for tissue and organ regeneration, then the recipient is the possessor who will indirectly gain from it. In support of this concept, Gaymon Bennett, co-author of Stem Cell Research and the Claim of the Other in the Human Subject, mentioned: More than one ethical position on stem cell research could be called religious; and as a Christian, could ethically support stem cell research because of its potential for relieving human suffering and enhancing human health and well-being. There is more than one way to be moral, more than one way to translate ones faith commitments into public policy. (185) To add opposing force, some ethicists believe that the human embryo is the most vulnerable of human beings and that destruction of it should be forbidden. A Lutheran bioethicist proclaims, the human embryo is the weakest and least advantaged of our fellow human beings, and citing Karl Barth adds, and no community is `really strong if it will not carry its...weakest members (Peters and Bennett 187). There are those who hold a parallel yet contradictory position when it comes to embryonic cells. They do not recognize theShow MoreRelatedStem Cell Research in Ethics999 Words   |  4 PagesStem Cell Research in Ethics We are entering a brave new world where one can grow a heart in a petri plate then go on to surgically putting it into a real living boy who desperately needs it. This sounds like a tale of fiction. However now, scientists are currently working to produce such organs that save lives and obviate the usual failure and feared rejection by the recipient’s body. 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Several people strongly oppose the idea of the research, but many are struggling forRead M oreThe Ethics And Morality Of Stem Cell Research1990 Words   |  8 Pages The Ethics and Morality Of Stem Cell Research When does life begin? Does it occur at the time of fertilization? Does it begin at 12 weeks? 6? Or is there some other test determining whether or not a life begins and along with it the rights, that reside to man. The natural rights that belong to every human being, most importantly of which, the right to life. This is the discussion and debate that have been in the forefront of controversial issues for the past 40 years. In most cases the topicRead MoreThe Ethics Of Embryonic Stem Cell Research1520 Words   |  7 PagesGulyas American Government 16 December 2014 The Ethics of Embryonic Stem Cell Research In the 21st century, disease is rampant and for most diseases, we have no cure because we haven t researched them long enough to find a specialized cure. 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National Cultural and Multinational Business

Question: Discuss about the National Cultural and Multinational Business. Answer: Introduction Management theories are of the opinion that the only objective of a corporation is to maximize its profit subject to the constraints it faces. The primary factor in such a model is that the shareholder acts as the ultimate residual to claim profits and who provides all the required resources needed by the firm to run its operations. But, to do this different companies opt for different methods. Moreover there is a variation quite high about what or to what extent a firm can compete for pursuing maximization of profits. While some corporate entities focus more on their short term goals or returns some are for the long run (Eccles 2011);. Some might care less about the external impacts in their operations or on their shareholders while some might concentrate more on decision making on ethical grounds.The purpose of this report is to compare and contrast or analyze the similarities or dissimilarities of two distinctive companies. Comparison of the Vision Statements of CSL Ltd and Macquarie Group CSL Limited are the manufacturers, developers and marketers of pharmaceutical products with a biological origin. Their business encompasses the health care and they develop products made from the human plasma which claims to save lives, they are involved in diagnostics and pharmaceutical activities for the health of the community and they are also involved in providing vaccines and diagnostics services to livestock or companion animals. The vision statement of CSL Ltd comprises of the following:- Focus on customer by being passionate of meeting their every need. By being innovative and creating better products. Maintaining integrity by being honest and ethical in its operations. Believing in collaboration and working together for better results. Obtaining superior performance b being the best in whatever they do. With corporate offices in 28 countries, the Macquarie Group is a global financial service provider. Investment banking, advisory markets, capital markets, trading, hedging, asset finance, funds management, research and retail and financial are the areas covered by the company. They are diversified in their operations. Along with a robust management system in place and a strong capital fund they are considered to be one of the best financial contributors in last 47 years. The mission statement of Macquarie Groups is quite simple. They are completely committed in making the society enriched by delivering super efficient investment services. They are never afraid to challenge traditional wisdom and knowhow and prefer engaging themselves to change for pursuing growth. They are committed in putting their clients to be the heart of their business by developing and sustaining long customer relationships with them. They are a singular firm totally committed in delivering a complete range of skills, knowledge, resources to whoever needs. Diversification is accepted and differences in opinion are valued and respected ( Anonymous). Comparing the Values of the Two Companies The values and ethics of the CSL Group involve focus on the customers essentially and their satisfaction. Apart from this, it also entails innovation, integrity, collaboration and superior performance. On the other other hand, the values of the Macquarie Group have been explained in a more elaborate manner. The company has clearly stated the values of the company and claims that it follows them religiously. Some of the values of the Macquarie Group include an elaborate code of conduct that all employees are bound to follow, focus on integrity, enhancing accountability, provision of higher number of opportunities and an approach that takes into consideration the interests of the clients, the shareholders of the company and the people in general that are relative to the company in one way or the other. Comparing Corporate Social Responsibility Every company these days has a Corporate Social Responsibility that they follow outline and aim to follow while conducting business in all spheres. The Corporate Social Responsibility initiatives and details of the CSL Group have been elaborated in a perfect manner on its website. It is extensive in nature and includes almost every important factor about the CSR of any company. The priority areas of function of the company include researching, innovating and developing new medication for the areas not explored as yet. Furthermore, the company focuses on delivering the best quality therapies to the patients and ensuring the safety during the provision to treatments to the people. Apart from this, it also focuses on ensuring that the operations are carried out responsibly, provision of positive environment for the employees of the company, supporting the local community as far as possible, minimising the impacts on the environment while delivering the services provided by the company. There are a number of other important factors about the corporate social responsibility of the CSL group such as ensuring the safety and quality of life of the employees while at the workplace, following responsibility in the marketplace, improving the environmental conditions etc. Since the area of focus and services provision of the two companies are different from each other, hence, the Corporate Social Responsibility policies of the two companies may differ from each other. The corporate social responsibility of the Macquarie takes into consideration a number of similarities with CSL Group. The main objectives of the Macquarie CSR include: Ensuring the management of environmental and social risks Following the best ethical practices and conducting business along ethical lines only Safety and comfort of the people and workplace are also assured Complete management of investments, markets and products while ensuring the following of the best practices Engaging stakeholders to the best of the capacity and assurance to consider their valuable inputs. Comparing the Stakeholders For CSL Ltd stakeholders engagement is a matter of a responsibility of the corporate business. The primary stakeholders identified by the company are patients, crew, investors, suppliers, regulators, government, business partners, health care professionals, scientific research community and plasma donors. A varied range of activities is covered by the stakeholders at CSL Limited. Fetching and providing data or information, providing the health service professionals educational materials and collaboration and active dialogue with the representatives of the stakeholders. Different methods are used for the stakeholder's engagement. Survey of customers, visit to primary suppliers, conduct meetings and perception studies technique are some approaches (Perreault, 2013). The stakeholders community for Macquarie shows a very positive result. Funding and capital is the primary focus for the group. It also provides strategic analysis to the senior management and businesses of Macquaries. The financial management group ensures that the company keeps meeting the financial and compliance obligations and regulations. Their Investor Relations and Corporate Communication engages a varied range of stakeholders. Their list of active stakeholders comprises of investment analysts, rating specialists, media, government ,staff and a vast range of community members. The main objective is to make sure that their understanding about their stakeholders is maximised. Analysis of SMART Objectives The SMART objectives of the two companies will be measured along the lines of Specific, Measurable, Achievable, Realistic and Timely factors. The objectives of the CSL Group include the following: Specific: Both the CSL and Macquarie Group is specific about what exactly they want to do, with whom and what. Their precise and clear conception about what their aim is makes them smoothly operate. Measurable - Both the firms have also quantified their objectives. That means they are aware how to measure these objectives. Achievable - Given the time, budget and resources in hand, the companies are successful to be able to achieve those objectives. Rather it can be stated that their corporate objectives are achievable. Realistic- Both Macquarie Group and CSL Limited is able to answer the question whether these objectives set are realistic enough to lead them to their desired results. Time bound - The most important factor is time. They are able to achieve their motives within the time frame set. Clearly they can state when their objectives will be completed (Joan, 2015). Conclusion The CSL Group and Macquarie group have a varied number of similarities and differences that have been analyzed. The vision of both the companies are extremely strong and the values are similar to each other though they differ to some extent considering the presence of visible difference in the service provision of both the companies. Furthermore, considering the corporate social responsibility of both the companies, they are very similar to each other. They ensure giving importance to the safety of the employees, provision to safe environment and assurance to take care of the environment while the delivery of services. The involvement of the stakeholders is also high in both the companies. Considering the SMART Objectives of both the companies, we can easily relate that the two companies are working towards the delivery of the best quality services and ensuring that they meet their SMART objectives in the best possible manner. The offer realistic goals and ensure that they are met in the timeline that they provide to their customers; thus, deliveries the commitments that they make. References Ghemawat, P. (2011). National Cultural Differences and Multinational Business Eccles, J. (2011). The Impact of Corporate Sustainability on Organizational Processes and Performance Anonymous, (2016). Discover the Macquarie Difference. Perreault, P. (2013). Our Code Of Responsible Business Practice Joan, (2015). Community Service Learning: How to write measurable objectives.

Ehics V/S Ads Essay Example

Ehics V/S Ads Essay The focus on: Defining stereotypes; look at common racial stereotypes in advertisements (print or television advertisements); examine how racial stereotypes influence the perception of those watching these advertisements; and, the justification advertisers give to support the continued use of stereotypes. The essay will conclude that certain types of advertisements do perpetuate racialstereotypes. What are stereotypes?According to Vincent Parillo a stereotype is â€Å"an oversimplified generalization by which we attribute certain traits or characteristics to an entire group without regard to individual differences. Sometimes stereotypes can be positive – for example that African Americans are good athletes and Asian Americans are good mathematicians†¦however, stereotypes distort reality†¦and deny individuals the right to be judged and treated on the basis of their own personal merit† Racial stereotypes is a general representation of a given race/ethnic group, which comprises of exaggerated mental pictures that persist in a given racial group (Dominique p. 8). Different communities have different and unique characteristics, which gives a sense of ownership and identity towards their culture. Some of these stereotypes may be expressed as a sense of humor, which may be irritating to another race. Stereotypes have greatly affected different cultures in the aspect of attitude towards some races, marriages, political setup, and workplaces. Despite all the efforts aimed at reducing stereotypes, they are still very influential and racially dividing our society due to effect of culture and media. Glocal Image of racial stereotypes in Advertisement Media:Racial stereotypes in media tend to segregate different ethnicities by special characteristics, which define them (Powell p. 89). Africans, Americans, Asians, Indians, and many other racial units are taken with a lot of misconception by the society which the media expounds greatly thus producing g reat effects of stereotypes. News, movies, newspapers, and magazines focus so much on the peculiar behaviors of different ethnicities to impress the audience. Accent, skin color, and cultural behaviors are the main aspects that define the origin and background of a given character.With the emphasis that the media exhibit on the same, it hinders the audience from detailed knowledge of that given ethnic group. This encourages them to overlook meaningful attributes to their characters and every individual in that race. the notion was that blacks were unproductive unless whipped or being under the supervision. In combination with other stereotypes, it has resulted in the blacks being unjust and cruel in the American institutions. This stereotype persisted after the slave trade and spread through literature and ancient movies.Nevertheless, the notion of a lazy man with a soul, which came along in 1940s, later curbed it. The political culture in America was slowly and painfully transforme d by ushering of new civil rights. Racial stereotypes have also contributed to a great change in the economic culture of the civilized and uncivilized races. The civil rights movement’s simultaneous occurrence and the fight against poverty geared the poverty reduction for African-Americans and their fight for equality (Powell p. 90). Nevertheless, discussions of policy work in the press and poverty arenas sometimes lead to false conclusions that poverty is a racial problem.The modern use of language such as black or Hispanic has also raised stereotypes and employed code words that let the audience recognize the group referred to without saying so. Literature Review: As a society, people play into the looks, culture, and beliefs of a person and within minutes people make an assumption of who they are. Society takes one look at a person and based on their race, instantly draw a conclusion upon them without even asking them their name. Stereotyping has been around for centuries; the most commonly used stereotypes involve race.People use racial stereotyping based on what society deems that race to be, without first getting to know that person in order to draw individual valid conclusions about them. When people are using racial stereotypes, they often think that they are better than the other person based on the color of their skin. In the article â€Å"Stereotypes† by Saul McLeod, he uses research on stereotypes by Katz and Braly which states, â€Å"Not surprisingly, racial stereotypes always seem to favor the race of the holder and belittle other races† (McLeod,Katz,Braly). A person who is set on pre-judging someone is hat they are better than someone of another race. Some feel as though no one of another racial background can equal to them or is not even worthy to sit and eat with them, all because they do not have the same skin color. People cannot choose what race they want to be. As people belittle each others races, those that they beli ttle may be left thinking, together they are really better because they are black, white, Latino, or Indian. The media also plays a significant role in racial stereotyping. It is known to influence the minds of many from children to adults.Advertising perpetuates the stereotypes of racial minorities because it depicts preconceived attributes that the white majority consider the norm. Advertisers do this for several reasons: one is that the customer base may be made up of mostly whites; another is that companies would like to avoid the complication of depicting a non-stereotyped character. The low percentage of minorities in advertising may be attributed to the reluctance of a company to use a minority member because of concern about presenting a false representation; it is difficult portraying completely non-stereotyped groups because they need some quick images to draw from.The real problem comes when a stereotype is used that is degrading. Wilson and Gutierrez state in their essay , ? Advertising and People of Color? that ? These and other portrayals catered to the mass audience mentality by either neutralizing or making humor of the negative perceptions that many Whites may have had of racial minorities. At the end many stereotypes have resulted into policy mainly without controversial remarks. This has led to racial stereotyping and race baiting in political discourse and allowing racial baggage to be tied to antipoverty programs.This may yield a positive or a negative effect on the political /economic culture of a given ethnic community. Racial stereotypes have a great negative impact on our society due to their inadequacy and bias. They hinder rational thinking and form a resistance to social diversity. They not only hinder the appreciation of cultural diversity in races but also stimulate racial and cultural conflicts, which is a great cause of racial discrimination SEXUAL STEREOTYPES IN ADVERTISEMENTS INTRODUCTION The average person in India is exposed to over 2,000 advertisements per day.These permeate our society through such media as television, magazines, billboards, and internet banners. The fact that advertisements are so pervasive suggests that they have a significant impact on society. The advertisements most often featuring sexual appeals are for image-based products. Actual images in ads can often convey emotions powerfully, which may explain the frequent use in marketing image-based products. These products include: candy, liquor, cigarettes, jewelry, fragrance, cosmetics and fashion goods.It is advertisements are not limited to these products but used to sell completely unrelated products. The use of such appeals is constantly scrutinized in terms of ethics, regardless of the target audience. Considerable research has been done on ethics in marketing, partly because marketing is the business function most often charged with unethical practices. Ethical judgments are subjective and complex, and deal with cultural norms. Yet, there is another dimension of ethical questions when sexual appeals are used to promote products to teens.Previous researchers have analyzed the images of women in magazine advertisements, and concluded that women are portrayed as sex objects It is important to study the portrayal of womens sexuality because it has been suggested that sexuality is the root cause of gender inequality. , for example, explained that sexuality (is) the dynamic of the inequality of the sexes However, researchers have generally examined advertisements in mainstream womens magazines or mainstream gender-neutral magazines, where the majority of the readers are White.Black women have been excluded from most analyses because, as prior research has shown, they are under-represented in the mainstream media that has already been discussed above the repot. Images of Women in Mainstream Media Goffman was one of the first sociologists to analyze gender stereotypes in advertisements. He argued that advertiseme nts help to construct the ideals of masculinity and femininity. It is found that women were often portrayed in very stereotypical ways, such as in submissive roles or family roles, and in lower physical and social positions than men.Although the actual position of many women in society may have improved considerably since the analysis, previous studies have shown that the images of women in advertisements have not changed appreciably. Women are still shown primarily in submissive positions and as sex objects. Sexual women are often used in advertisements for men to imply a sexual relationship between the man who uses the product and the woman in the advertisement. Sexual women are also used in advertisements for women to imply that the product will increase the users appeal to men (Courtney ;amp; Whipple, 1983).Advertisements continuously promote the message that a womans ultimate goal is to attract men. However, it is important to note that advertisements depict for us not necessar ily how we actually behave as men and women but how we think men and women behave (Gornick, 1979, p. 7). MAIN DISCUSSION POINTS FROM LITERATURE REVIEW + CASE of (Mrs. Rajshwari Panigrahi) WITH PERSONAL OPINION!! MacKinnon (1989) argued that sexuality is the underlying cause of gender inequality. She noted, sexuality is substantially what makes the gender division be what it is, which is male dominant (p. 130).Thus, the continuous showing in the media of women as submissive sex objects reinforces the gender hierarchy. It has been suggested that media that target women are more likely to portray women in a way that reflects reality, and thus should be more responsive to the changing situation of women in society than media that target men and women, or only men (Strinati, 1995). However, researchers have shown that women are still often shown as sex objects in media designed specifically for women, which implies that advertisers believe that women accept an objectified and passive vie w of themselves (Courtney amp; Whipple, 1983).Most people think that advertising in general has no influence of them. â€Å"People do not typically admit that they are influenced by advertising† (Cohan, 2001). Clearly this cannot be the case. Advertising supports more than 60 percent of magazine and newspaper production and almost all of the electronic media. Companies spend over $200 billion a year on advertising (Kibourne, 1999). The use of sex appeals is an increasingly popular technique to sell products, namely those that are image-based, such as candy, liquor, cigarettes, jewelry, fragrance, cosmetics and fashion goods.It has a substantial moral impact. I believe, Culture ideas, symbols, norms and values play a significant role in the creation of women images and the differentiation of gender roles. The purpose of the present article is to understand the images of femininity in Indian society from ancient to modern times. India, a heterogeneous society, presents conflict ing women images. The normative model image of Indian womanhood has displayed remarkable consistency. Images of women have not remained static and have undergone numerous changes.Various cultural images of women:- Pativrata- unconditional devotion to husband, Glorified Motherhood, Bharat Mata Image. First at the societal plane, the perception of different categories of women is distinctly shaped/conditioned by the popularly accepted female images/stereotypes. We can see, Advertising has been a prime target of attack and scrutiny. The basic explanation for the critical focus on sex role portrayal in advertising lies in the close relationship, which exists between advertising, the consumer goods industry and the crucial economic role of women as consumers.Generally it is shown in advertisement a woman’s goal in life is to attract and attain a man:-women are shown in advertising as always young and attractive. They are frequently depicted as sexual objects. This is just not acce ptable in ethics term. I have a question â€Å"Are all not that stupid to buy any crap item just because a hot model with skimpy clothes is hold in it†. Aren’t education and awareness plays their role in the society? Is it that blind that it is accepting the picture and enjoying the girl rolling on the dance floor with mini apparels.Indian is known about their culture, values, norms and ethis and respect to their religion, isn’t it our ethics and values to stop this business tycoon to use the women as an object to sell their product? If we see business point of view: the belief prevelles that sex sells to a certain extent. Sex appeal can increase the effectiveness of an ad or commercial because it attracts the customer’s attention. It’s human nature to be curious about sex. It may help the product if it is related with the product being advertised. For example. it may work with condoms, deodrants, etc. ut trying to force the sexual content in every ad amp; for every product is foolish. Showing skin to get attention and then trying to sell completely unrelated products will put the company on back fire. Companies have to understand the point An Ad Can Only Induce D Use, Ultimately Its The Product That Decides Its Future If we talk about Indian advertising context, if we evaluate different roots taken by Ads, be it humour, emotional, sexual, functional, we can easily deduce humour or emotional platform has created more success stories than anything else.We have seen the advertisement of a semi clad actress advertising a mango drink â€Å"Aam Sutra†. It does not take much time to relate it to â€Å"Kama Sutra†. Of course, the advertisers want you to relate to it so that your levels of testosterone go up and you somehow become crazy for the mango drink. What is the relation between ‘playing safe’ in context of a couple and the mineral water? There are enough examples of this kind which prove that the c orporate houses have not been sensitive enough to observe the highest level of ethics while making profits. (You tube followers tube, y. (n. d. ). slice mango commercial of 2010.On the other side, Tata steel advertisements ad campaign in 1990’s â€Å"we make people we also make steel† is one of those ads which depicts a steel company that embraced its local community, Subsequent ad of Tata Steel â€Å"Value is stronger than steel â€Å"further establishes the moral values and organisational culture of the steel maker. The Corporate ad of the company showing a campaign of its Hotel group uses the punch line â€Å"Expressing India to the world† shows the corporate loyalty towards the country, Tata Tea Jago Rey ad campaign also is on the similar lines portraying the ethics and morals for the society.Cadbury’s, RIN, NIRMA, Vodafone, Airtel, Maggi, Milkmade, SURF, Chloromint, Fevicol,Saffola oil are few brands which immediately come to my mind. They are the business leaders In the respective industry and has the larger customer follower. Where there is Dhara commercial oil ad, in which it has shown love of a child and grandparent and the innocence of child to have â€Å"Jalebi† that makes him to get back to his home. It has rather more likes on you tube! tube, y. (n. d. ). Dhara Commercial-jalebi. For TCS the corporate ad has lines.The messages in the ads of company clearly show the organisational culture as whole and its devotion towards the society and the country. Thus, it can be concluded that ethics is a part of the organisational culture and no matter how competitive the world is a corporate adhering to ethical standards can always sustain in the long run. Advertising is a multi crore industry in India and is poised to grow at close to 9% during 2011. What we need along this growth is a regulatory body that sees that the information conveyed through the advertisement actually speaks about the product or service to an exten t of 90%.The National Commission for Women is also pressing the Government of India to bring advertisements and such media practices under the ambit of a law by proposing amendments to the Prohibition of Indecent Representation of Women and Children Act 1956. But the all powerful corporate houses use their lobbying techniques to dilute such amendments to the extent possible. Let us hope that good sense prevails over these corporate houses because a stronger economy cannot be built without strong ethics in business. Referances: Cohan, John Alan. â€Å"Towards a new paradigm in the Ethics of Women’s Advertising. Journal of Business Ethics; 33 (10) 2001. Business information ;gt; Business articles ;gt; Journals Sex Roles: A Journal of Research ,Images of womens sexuality in advertisements: a content analysis of Black- and White-oriented womens and mens magazines. Article from: Sex Roles: A Journal of Research | January 1, 2005 | Women And Negative Stereotypes: An End Before A S tart By Divya Bhargava 06 July, 2009 Countercurrents. org Topic : Sex sells: The erotic content of media and marketing, Created by : James Masih, Product/Brand Manager, FedExADVERTISEMENT TARGETING TO CHILDREN INTRODUCTION: In recent years, the food and beverage industry has viewed children and adolescents as a major market force. As a result, children and adolescents are now the target of intense and specialized food marketing and advertising efforts. Food marketers are interested in youth as consumers because of their spending power, their purchasing influence, and as future adult consumers. Multiple techniques and channels are used to reach youth, beginning when they are toddlers, to foster brand-building and influence food product purchase behaviour.These food marketing channels include television advertising, in-school marketing, product placements, kids clubs, the Internet, toys and products with brand logos, and youth-targeted promotions, such as cross-selling and tie-ins. Fo ods marketed to children are predominantly high in sugar and fat, and as such are inconsistent with national dietary recommendations. Nutrition during childhood and adolescence is essential for growth and development, health and well-being. Further, eating behaviours established during childhood track into adulthood and contribute to long-term health and chronic disease risk.Numerous studies have consistently documented that dietary intake patterns of children and adolescents are poor and do not meet national dietary goals. In addition, food consumption trend data show a shift over the past few decades. Children and adolescents are eating more food away from home, drinking more soft drinks, and snacking more frequently. Children now obtain over 50% of their calories from fat or added sugar (32% and 20%, respectively). The growing epidemic of childhood overweight and obesity is a major public health concern.Advertising to children can take place on traditional media –  telev ision,  radio  and  print  Ã¢â‚¬â€œ as well as  new media  (internet  and other  electronic media). Packaging, in-store advertising, event sponsorship, and  promotions  can also be used. For example: McDonalds tries to attract children by giving toys , maggi focuses on children above 5 years ,hippo- a parle snack product tries to get attention of children by offering small attractive toys claiming its content to be good for health. LEGISLATION: Advertising shall not cause moral or physical detriment to minors, and shall therefore comply with the following criteria for their protection: a. t shall not directly exhort minors to buy a product or a service by exploiting their inexperience or  credulity; b. it shall not directly encourage minors to persuade their parents or others to purchase the goods or services being advertised; c. it shall not exploit the special trust minors place in parents, teachers or other persons; d. it shall not unreasonably show minors i n dangerous situations In addition: e. Children’s programs may only be interrupted if the scheduled duration is longer than 30 minutes f. Product placement is not allowed in children’s programs. . The Member States and the Commission should encourage audiovisual media service providers to develop codes of conduct regarding the advertising of certain foods in children’s programs. LITERATURE REVIEW: Research Papers :BY REBECCA A. CLAY Ever since he first started practicing, Berkeley, Calif. , psychologist Allen D. Kanner, PhD, has been asking his younger clients what they wanted to do when they grew up. The answer used to be nurse, astronaut or some other occupation with intrinsic appeal. Today the answer is more likely to be make money. For Kanner, one explanation for that shift can be found in advertising. Advertising is a massive, multi-million dollar project thats having an enormous impact on child development, says Kanner, who is also an associate faculty mem ber at a clinical psychology training program called the Wright Institute. The sheer volume of advertising is growing rapidly and invading new areas of childhood, like our schools. The Psychology of Marketing to Kids (Free Press, 1997) draws on child development research to show product developers and marketers how to reach children more effectivelyDaniel S. Acuff, PhD, draws on the child development courses he took during his graduate schooling in education to advise such clients as Disney, Hasbro and Kraft. His book What Kids Buy and Why: [ 1 ]. http://www. exclusivepapers. com/essays/Informative/how-racial-stereotypes-affect-our-culture. php [ 2 ]. Topic : Sex sells: The erotic content of media and marketing, Created by : James Masih, Product/Brand Manager, FedEx [ 3 ]. Youtube. com