Security information and event management

Security information and event management Introduction: Security Information and Event Management (SIEM) automates incident identification and resolution based on built in business rules to help improve compliance and alert staff to critical intrusions. IT audits, standards and regulatory requirements have now become an important part of most enterprises day-to-day responsibilities. As part of that burden, organizations are spending significant time and energy scrutinizing their security and event logs to track which systems have been accessed, by whom, what activity took place and whether it was appropriate. Organizations are increasingly looking towards data-driven automation to help ease the burden. As a result, the SIEM has taken form and has provided focused solutions to the problem. The security information and event management market is driven by an extremely increasing need for customers to meet compliance requirements as well as continued need for real-time awareness of external and internal threats. Customers need to analyze sec urity event data in real time (for threat management) and to analyze and report on log data and primarily this has made security information and event management market more demanding. The market remains fragmented, with no dominant vendor. This report entitled Security Information and Event Management (SIEM) Solutions gives a clear view of the SIEM solutions and whether they can help to improve intrusion detection and response. Following this introduction is the background section which deeply analyzes the evolution of the SIEM, its architecture, its relationship with the log management and the need for SIEM products. In the analysis section, I have analyzed the SIEM functions in detail along with real world examples. Finally the conclusion section summarizes the paper. Background: What is SIEM? Security Information and Event Management solutions are a combination of two different products namely, SIM (security information management) and SEM (security event management). SIEM technology provides real-time analysis of security alerts generated by network hardware and applications. The objective of SIEM is to help companies respond to attacks faster and to organize mountains of log data. SIEM solutions come as software, appliances or managed services. Increasingly, SIEM solutions are being used to log security data and generate reports for compliance purposes. Though Security Information and Event Management and log management tools have been complementary for years, the technologies are expected to merge. Evolution of SIEM: SIEM emerged as companies found themselves spending a lot of money on intrusion detection/prevention systems (IDS/IPS). These systems were helpful in detecting external attacks, but because of the reliance on signature-based engines, a large number of false positives were generated. The first-generation SIEM technology was designed to reduce this signal-to-noise ratio and helped to capture the most critical external threats. Using rule-based correlation, SIEM helped IT detect real attacks by focusing on a subset of firewall and IDS/IPS events that were in violation of policy. Traditionally, SIEM solutions have been expensive and time-intensive to maintain and tweak, but they solve the big headache of sorting through excessive false alerts and they effectively protect companies from external threats. While that was a step in the right direction, the world got more complicated when new regulations such as the Sarbanes-Oxley Act and the Payment Card Industry Data Security Standard follo wed much stricter internal IT controls and assessment. To satisfy these requirements, organizations are required to collect, analyze, report on and archive all logs to monitor activities inside their IT infrastructures. The idea is not only to detect external threats, but also to provide periodic reports of user activities and create forensics reports surrounding a given incident. Though SIEM technologies collect logs, they process only a subset of data related to security breaches. They werent designed to handle the sheer volume of log data generated from all IT components, such as applications, switches, routers, databases, firewalls, operating systems, IDS/IPS and Web proxies. With an idea to monitor user activities rather than external threats, log management entered the market as a technology with architecture to handle much larger volumes of data and with the ability to extend to meet the demands of the largest enterprises. Companies implement log management and SIEM solutions to satisfy different business requirements, and they have also find out that the two technologies work well together. Log management tools are designed to collect report and archive a large volume and breadth of log data , whereas SIEM solutions are designed to correlate a subset of log data to point out the most critical security events. On looking at an enterprise IT arsenal, it is likely to see both log management and SIEM. Log management tools often assume the role of a log data warehouse that filters and forwards the necessary log data to SIEM solutions for correlation. This combination helps in optimizing the return on investment while also reducing the cost for implementing SIEM. In these tough economic times it is likely to see IT trying to stretch its logging technologies to solve even more problems. It will expect its log management and SIEM technologies to work closer together and reduce overlapping functionalities. Relation between SIEM and log management: Like many things in the IT industry, theres a lot of market positioning and buzz coming around regarding how the original term of SIM (Security Information Management), the subsequent marketing term SEM (Security Event Management), the newer combined term of SIEM (Security Information and Event Management) relate to the long standing process of log management. The basics of log management are not new. Operating systems, devices and applications all generate logs of some sort that contain system-specific events and notifications. The information in logs may vary in overall usefulness, but before one can derive much value out of them, they first need to be enabled, then transported and eventually stored. Therefore the way that one does gather this data from an often distributed range of systems and get it into a centralized (or at least semi-centralized) location is the first challenge of log management that counts. There are varying techniques to accomplish centralization, ranging from standardizing on the syslog mechanism and then deploying centralized syslog servers, to using commercial products to address the log data acquisition, transport and storage issues. Some of the other issues in log management include working around network bottlenecks, establishing reliable event transport (such as syslog over UDP), setting requirements around encryption, and managing the raw data storage issues. So the first steps in this process are figuring out what type of log and event information is in need to gather, how to transport it, and where to store it. But that leads to another major consideration about what should one person want to do with all those data. It is at this point where the basic log management ends and the higher-level functions associated with SIEM begins. SIEM products typically provide many of the features that remain essential for log management but add event-reduction, alerting and real-time analysis capabilities. They provide the layer of technology that allows one to say with confidence that not only are logs being gathered but they are also being reviewed. SIEM also allows for the importation of data that isnt necessarily even t-driven (such as vulnerability scanning reports) and it is known as the Information portion of SIEM. SIEM architecture: Long term log management and forensic queries need a database built for capacity, with file management and compression tools. Short term threat analysis and correlation need real time data, CPU and RAM. The solution for this is as follows: >Split the feeds to two concurrent engines. >Optimize one for real time and storage up to 30 days of data. (100-300GB) >Optimize the second for log compression, retention, and query functions. (1TB+) The block diagram showing the architecture of the SIEM is as follows: [Source: Reference 2] A collector is a process that gathers data. Collectors are produced in many shapes and sizes from agents that run on the monitored device, to centralized logging devices with pre-processors to split stream the data. These can be simple REGEX file parsing applications, or complex agents for OPSEC, LEA, for .Net/WMI, SDEE/RDEP, or ODBC/SQL queries. Not all security devices are kind enough to forward data, and multiple input methods, including active pull capabilities, are very essential. Also, since SYSLOG data is not encrypted, it may need a collector to provide encrypted transport. A threat analysis engine will need to run in real time, continuously processing and correlating events of interest passed to it by the collector, and reporting to a console or presentation layer application about the threats found. Typically reporting events that has happened for 30 days are sufficient for operational considerations. A log manager will need to store a great deal of data, and may take either raw logs or filtered events of interest, and need to compress store and index the data for long term forensic analysis and compliance reporting. Capacity for 18 months or more of data is likely to be required. Year end closing of books and the arrival of the auditors often necessitate the need for 12 months of historic data plus padding of several months while books are finalized and an audit to be completed. At the presentation layer a console will present the events to the security staff and managers. This is the primary interface to the system for day to day operations, and should efficiently prioritize and present the events with a full history and correlation rationale. SIEM functions: With some subtle differences, there are four major functions of SIEM solutions. They are as follows: 1. Log Consolidation centralized logging to a server 2. Threat Correlation the artificial intelligence used to sort through multiple logs and log entries to identify attackers 3. Incident Management workflow What happens once a threat is identified? (link from identification to containment and eradication). Notification email, pagers, informs to enterprise managers (MOM, HP Openview) Trouble Ticket Creation Automated responses execution of scripts (instrumentation) Response and Remediation logging 4. Reporting Operational Efficiency/Effectiveness Compliance / SOX, HIPPA, FISMA. Ad Hoc / Forensic Investigations Coming to the business case for SIEM, all engineers are perpetually drawn to new technology, but purchasing decisions should by necessity be based on need and practicality. Even though the functions provided by SIEM are impressive they must be chosen only if they fit an enterprises needs. Why use a SIEM? There are two branches on the SIEM tree namely, operational efficiency and effectiveness, and log management/compliance. Both are achievable with a good SIEM tool. However since there is a large body of work on log management, and compliance has multiple branches, this coursework will focus only on using a SIEM tool effectively to point out the real attackers, and the worst threats to improve security operations efficiency and effectiveness. It can be believed that the most compelling reason for a SIEM tool from an operational perspective is to reduce the number of security events on any given day to a manageable, actionable list, and to automate analysis such that real attacks and intruders can be discerned. As a whole, the number of IT professionals, and security focused individuals at any given company has decreased relative to the complexity and capabilities demanded by an increasingly inter networked web. While one solution may have dozens of highly skilled security engineers on staff pouring through individual event logs to identify threats, SIEM attempts to automate that process and can achieve a legitimate reduction of 99.9+% of security event data while it actually increases the effective detection over traditional human driven monitoring. This is why SIEM is preferred by most of the companies. Reasons to use a SIEM: To know the need for a SIEM tool in an organization is very important. A defense in depth strategy (industry best practice) utilizes multiple devices: Firewalls, IDS, AV, AAA, VPN, User Events LDAP/NDS/NIS/X.500, Operating System Logs which can easily generate hundreds of thousands of events per day, in some cases, even millions. No matter how good a security engineer is, about 1,000 events per day is a practical maximum that a security engineer is about to deal with. So if the security team is to remain small they will need to be equipped with a good SIEM tool. No matter how good an individual device is, if not monitored and correlated, each device can be bypassed individually, and the total security capabilities of a system will not exceed its weakest link. When monitored as a whole, with cross device correlation, each device will signal an alert as it is attacked raising awareness and threat indications at each point allowing for additional defences to be brought into play, and i ncident response proportional to the total threat. Even some of the small and medium businesses with just a few devices are seeing over 100,000 events per day. This has become usual in most of the companies says the internet. Real world examples: Below are event and threat alert numbers from two different sites currently running with 99.xx% correlation efficiency on over 100,000 events per day, among which one industry expert referred to as amateur level, stating that 99.99 or 99.999+% efficiency on well in excess of 1,000,000 events per day is more common. Manufacturing Company Central USA 24 hour average, un-tuned SIEM day of deployment Alarms Generated 3722 Correlation Efficiency 99.06% Critical / Major Level Alerts 170 Effective Efficiency 99.96% [Source: Reference 2] In this case, using a SIEM allows the companys security team (2 people in an IT staff of 5), to respond to 170 critical and major alerts per day (likely to decrease as the worst offenders are firewalled out, and the worst offenses dealt with), rather than nearly 400,000. Financial Services Organization 94,600 events 153 actionable alerts 99.83% reduction. [Source: Reference 2] The company above deals with a very large volume of financial transactions, and a missed threat can mean real monetary losses. With respect to the Business Case, a good SIEM tool can provide the analytics, and the knowledge of a good security engineer can be automated and repeated against a mountain of events from a range of devices. Instead of 1,000 events per day, an engineer with a SIEM tool can handle 100,000 events per day (or more). And a SIEM does not leave at night, find another job, take a break or take vacations. It will be working always. SIEM Selection Criteria: The first thing one should look at is the goal. (i.e.) what should the SIEM do for them. If you just need log management then make the vendor can import data from ALL of the available log sources. Not all events are sent via SYSLOG. Some may be sent through: Checkpoint LEA Cisco IDS RDEP/SDEE encryption Vulnerability Scanner Databases Nessus, Eeye, ISS AS/400 Mainframes flat files Databases ODBC/SQL queries Microsoft .Net/WMI Consider a product that has a defined data collection process that can pull data (queries, retrieve files, WMI api calls), as well as accept input sent to it. And it is essential to be aware that logs, standards, and formats change, several (but not all), vendors can adapt by parsing files with REGEX and importing if one can get them a file. However log management itself is not usually an end goal. It matters about for what purpose these logs are used for. They may be used for threat identification, compliance reporting or forensics. It is also essential to know whether the data captured is in real-time. If threat identification is the primary goal, 99+% correlation/consolidation/aggregation is easily achievable, and when properly tuned, 99.99+% efficiency is within reach (1-10 actionable threat alerts / 100,000 events). If compliance reporting is the primary goal, then consider what regulations one is subject to. Frequently a company is subject to multiple compliance requirements. Consider a fortune 500 company like General Electrics. As a publicly traded company GE is subject to SOX, as a vendor of medical equipment and software they are subject to HIPPA, as a vendor to the Department of Defense, they are subject to FISMA. In point of fact, GE must produce compliance reports for at least one corporate division for nearly each and every regulation. Two brief notes on compliance, and one should look at architecture: Beware of vendors with canned reports. While they may be very appealing, and sound like a solution, valid compliance and auditing is about matching output to ones stated policies, and must be customized to match each companys published policies. Any SIEM that can collect all of the required data, meet ISO 177999, and provide timely monitoring can be used to aid in compliance. Compliance i s a complex issue with many management, and financial process requirements, it is not just a function or report IT can provide. Advanced SIEM Topics: Risk Based Correlation / Risk Profiling Correlation based on risk can dramatically reduce the number of rules required for effective threat identification. The threat and target profiles do most of the work. If the attacks are risk profiled, three relatively simple correlation rules can identify 99%+ of the attacks. They are as follows: IP Attacker repeat offenders IP Target repeat targets Vulnerability Scan + IDS Signature match Single Packet of Doom Risk Based Threat Identification is one of the more effective and interesting correlation methods, but has several requirements: >A Metabase of Signatures Cisco calls the attack X, ISS calls it Y, Snort calls it Z Cross Reference the data >Requires automated method to keep up to date. >Threats must be compiled and threat weightings applied to each signature/event. Reconnaissance events are low weighting but aggregate and report on the persistent (low and slow) attacker Finger Printing a bit more specific, a bit higher weighting Failed User Login events a medium weighting, could be an unauthorized attempt to access a resource, or a forgotten password. Buffer Overflows, Worms and Viruses -high weighting -potentially destructive events one need to respond to unless one has already patched/protected the system. >The ability to learn or adjust to ones network Input or auto-discover which systems, are business critical vs. which are peripherals, desktops, and non-essential >Risk Profiling: Proper application of trust weightings to reporting devices (NIST 800-42 best practice), can also help to lower cry wolf issues with current security management Next-generation SIEM and log management: One area where the tools can provide the most needed help is in compliance. Corporations increasingly face the challenge of staying accountable to customers, employees and shareholders, and that means protecting IT infrastructure, customer and corporate data, and complying with rules and regulations as defined by the government and industry. Regulatory compliance is here to stay, and under the Obama administration, corporate accountability requirements are likely to grow. Log management and SIEM correlation technologies can work together to provide more comprehensive views to help companies satisfy their regulatory compliance requirements, make their IT and business processes more efficient and reduce management and technology costs in the process. IT organizations also will expect log management and intelligence technologies to provide more value to business activity monitoring and business intelligence. Though SIEM will continue to capture security-related data, its correlation engine can be re-appropriated to correlate business processes and monitor internal events related to performance, uptime, capability utilization and service-level management. We will see the combined solutions provide deeper insight into not just IT operations but also business processes. For example, we can monitor business processes from step A to Z and, if a step gets missed, well see where and when. In short, by integrating SIEM and log management, it is easy to see how companies can save by de-duplicating efforts and functionality. The functions of collecting, archiving, indexing and correlating log data can be collapsed. That will also lead to savings in the resources required and in the maintenance of the tools. CONCLUSION: SIEM is a complex technology, and the market segment remains in flux. SIEM solutions require a high level of technical expertise and SIEM vendors require extensive partner training and certification. SIEM gets more exciting when one can apply log-based activity data and security-event-inspired correlation to other business problems. Regulatory compliance, business activity monitoring and business intelligence are just the tip of the iceberg. Leading-edge customers are already using the tools to increase visibility and the security of composite Web 2.0 applications, cloud-based services and mobile devices. The key is to start with a central record of user and system activity and build an open architecture that lets different business users access the information to solve different business problems. So there is no doubt in SIEM solutions helping the intrusion detection and response to improve. References: 1. Nicolett.M., Williams.A.T., Proctor.P.E. (2006) Magic Quadrant for Security Information and Event Management, 1H06 RA3 1192006. 2. Swift.D. (2006) A Practical Application of SIM/SEM/SIEM Automating Threat Identification 3. SIEM: A Market Snapshot (2007) from http://www.crn.com/security/197002909;jsessionid=BVQXTH11HH14JQE1GHPSKH4ATMY32JVN [Date Accessed: 20th November,2009]. 4. WHAT IS SIEM (2008) from http://www.exploresiem.com/resource-center.html [Date Accessed: 24th November, 2009]. 5. Securing and Managing Your Enterprise: An Integrated Approach (2008) from http://www.exploresiem.com/images/WP-Securing-and-Managing-Your-Enterprise.pdf [Date Accessed: 25th November, 2009]. 6. Shipley .G.(2008) Are SIEM and log management the same thing? from http://www.networkworld.com/reviews/2008/063008-test-siem-log-integration.html [Date Accessed: 26th November, 2009] 7. Levin.D. (2009) The convergence of SIEM and log management from http://www.networkworld.com/news/tech/2009/031909-tech-update.html [Date Accessed: 26th November, 2009]

Developing Country and Physics

Physics – the study of matter, energy and their interactions – is an international enterprise, which plays a key role in the future progress of humankind. The support of physics education and research in all countries is important because: physics is and exciting intellectual adventure that inspires young people and expands the frontiers of our knowledge about nature.Physics is the most basic of the physical sciences. From chemistry and geology through to biology and cosmology, we understand science in terms of the concepts developed in physics. Not only this, but many of the tools on which the advances of science and technology depend are direct product of physics. The interests and concerns of physicists have always formed the basis of future technology.In medicine we use X-rays, radioisotope and nuclear magnetic resonance imaging. In addition, laser, electron microscopes, synchrotron radiation, and electronics all depend on advances made in physics.Where would our mo dern western economies be without computers?—we could not build the electronics that modern computers rely on without a knowledge of quantum mechanics. Our modern world is much more connected than in previous historical times. These days we travel far, communicate easily and quickly, and conduct business around the world effortlessly. In fact almost no place on earth has been excluded from the modern interconnected world.We are not only connected with physics through modern technology we are connected at a much more basic level through mother nature. The tsunami in Sumatra Indonesia is a prime example. Not only was it catastrophic for the local area the laws of physics saw this tsunami travel across the Indian Ocean killing over 300,000 in Southeast Asia, and traveling through more than 30 other countries resulting in more than 500 deaths. This was the law of physics in action.But as much proof as there is that physics has played an important role in the connectivity of all p arts of the planet the world is still a much divided place. In developed countries you see an almost 100% literacy rate and a $30,000 mean capital income, and a life expectancy of 80. While in developing nations you see a literacy rate lower than 50% and a mean capital income that’s around $2000, and a life expectancy of 40. There is much more for physics, the scientific world, and governments to do to create equality with that interactivity.Kofi Anna the UN Secretary General has been quick to point out the ongoing tragedies throughout the developing world that are directly tied to disease, poverty, and the degradation of the environment. He is also quick to point out that the lack of access to physics and other sciences as well as technology has attributed to many of these problems. Sadly the scientific community spends most of it’s time working on solutions for the developed world yet most of the population on earth can be found in nations that are developing.Physics has the capability of playing a major role in finding solutions to many of the problems facing the human race. Of course it does not have all the answers but the science is developed enough to have created nuclear weapons which remain a global threat, then surely it can be used for the betterment of all people around the globe.Of course politics, socio-economic factors, and acceptance by the people all play a role in the development of a nation. But physics, engineering, and other technological and scientific feats can transform a developing nation to a developed nation. Just look at what the role of physics has accomplished in just the past 200 years. Physics can play an important role in developing strategies to combat climate change, in the development of cleaner energies, and in the development of technological advancements.Then why is it that developing nations spend such a small portion of the GDP on research and development in these areas? Is it because the benefits of scien ce and physics specifically are not fully recognized in industrialized and developing nations? Is it that they really do not want to face the idea that our world is in desperate need of change to ensure we do not destroy ourselves?Physics and technology must work together to resolve the need for new technologies that will decrease the damage to our planet, for strategies  to ensure that the people of developing countries have the tools to progress, the need for solutions to deadly diseases that remain a threat, and the need for solutions to the increasing demands we place on our resources before they are depleted. The role of physics in our modern world is more important than in any other time in history.THE IMPORTANCE OF PHYSICS TO SOCIETYPhysics generates fundamental knowledge needed for the future technological advances that will continue to drive the economic engines of the world. Physics contributes to the technological infrastructure and provides trained personnel needed to take advantage of scientific advances and discoveries. Physics is an important element in the education of chemists, engineers and computer scientists, as well as practitioners of the other physical and biomedical sciences.Physics extends and enhances our understanding of other disciplines, such as the earth, agricultural, chemical, biological, and environmental sciences, plus astrophysics and cosmology – subjects of substantial importance to all peoples of the world. Physics improves our quality of life by providing the basic understanding necessary for developing new instrumentation and techniques for medical applications, such as computer tomography, magnetic resonance imaging, positron emission tomography, ultrasonic imaging, and laser surgery.THE IMPORTANCE OF PHYSICS TO MANPhysics is important to man’s life because it is used in †¢Cooking food †¢Cleaning clothes †¢Watching TV †¢Heating your hose †¢Playing sports †¢Everything else in your life †¢ Physics plays an important role in health †¢ Economic development †¢ Education †¢ Energy and †¢ The environment.Physics has had an increasingly important impact on the average person’s daily life. For example, Physicists played an essential role in the development of: The Transistor-: The basis of all modern electronics, including radio, television, computers, and telecommunications. The Laser And Laser Diodes: Now used widely in CD players, grocerybar code scanners medical treatment, and telecommunications. The Digital Computer–much of the early development (and some of the most recent) have been motivated by basic research.Fiber Optics: Now finding widespread application in high-speed data and voice transmission networks. The Global Positioning System: Uses satellites and precise timing to allow positions to be allocated to within a few feet anywhere on the surface of the earth. The Hologram: Uses on credit card, driver’s licenses, and other documents to prevent fraud.The World Wide Web (W.W.W)–originally designed by physicist for one to be able to access the world. Medical Imaging Techniques: Such as the sonogram, the CAT scan, and Magnetic Resonance Imaging (MRIs). Medical Treatment Techniques: Using radiation and charged particle accelerators. New Micro-Sensors: For â€Å"smart machines† and â€Å"smart buildings,† faster and smaller computers, computer disks that can store information in a smaller space, improved chemical processing to help the environment and reduce energy use, faster and cheaper telecommunications.THE FOLLOWING ARE THE VARIOUS IMPORTANCES OF PHYSICS TO MAN AND THE SOCIETY.Physics Improves Health; In medical technology, positron emission tomography (PET) Lets neurologists see how energy flows inside the brain to see where problems could be occurring.Physics Connects the World; The telecommunications industry, including the development of the internet, has be nefited from physics research in telecommunications from radio waves to fiber optic cable.Physics Improves Technology; The computing industry depends on physics research in semiconductors and magnetism in order to build processors and disk ever smaller and denser.Physics Drives Progress; Physics research benefits the transportation industry in everything from what materials to build cars of to how to build efficient engines to navigating using the global positioning system.Physics Clears the Air; Physics is used in environmental science to both detect problems and to build systems that are better for the environment with technologies such as solar power and plasma physics.Physics Fills the Home; Many consumer goods developed from physics research. CDs are possible because of refinements in laser technology. Many household gadgets have microprocessors such as microwaves and phones.Physics Designs the Future; Research in materials physics has led to many innovations in the substances from which products are made. One now-common material is Teflon ®. Other substances are now used to make many items from sports equipment to earthquake-resistant buildings.PHYSICS LUNCHES NEW BUSINESS;The defense department started the Global Positioning System (GPS), which uses 24 satellites. GPS was possible because of the atomic clock. Now GPS technology has many uses from being in road maps in cars to perceiving shifts in the tectonic plates.PHYSICS IS THE MOST FUNDAMENTAL OF THE SCIENCES;It is concerned with the most basic building blocks of all things – from ants to antennas, from quarks to quasars. The study of physics means trying to find out what the universe is made of, and how these things move and interact with each other. So in one sense, all the other sciences are built on the knowledge gained through the study of physics.PHYSICS IS BEAUTIFUL;Physicists love simplicity. They are constantly striving to find the most fundamental ideas that can be used to describ e even the most complex of phenomena. For example Newton found that only a very small number of concepts could be used to describe just about all of the mechanical world – from steam engines to the motion of the planets. Not only is this beautiful, it's downright amazing!PHYSICS TEACHES YOU TO THINK;This might seem like a strange statement. The study of all subjects teach you to think. But because physics deals with the most basic concepts, the application of such techniques as â€Å"Separation of Variables† and â€Å"The Scientific Method† are never more clear than they are in the study of physics. Once mastered you will find that these methods can be applied to all subjects, including the business world and just coping with everyday life.PHYSICS GIVES YOU A NEW APPRECIATION OF THE WORLD AROUND YOU;You can look a rainbow and say â€Å"Wow, pretty colors!†, or you can marvel at the amazing interactions between photons and electrons that come together in t hat particular way when light from the sun strikes spherical water droplets in the sky, and that you perceive as a multicolored arc suspended in the air. Now that's awe!PHYSICS IS FUN;Lastly, studying physics gives you the opportunity of playing with a lot of really cool toys!IN ADDICTION:Many pioneers in molecular biology were trained as physicists e.g. Francis Crick, one of the two discoverers of  DNA.  A large number of astronomers were also trained as physicist.   Without physics, cars wouldn’t have being developed to take us to our various destinations. TV’s, Light will not have been invented.   We would not have known about space,  Computer Games,  How water boils,  Model financial Market,  Shape futuristic buildings and structures.SUMMARY & CONCLUSIONPhysics is a creative subject,The concepts of physics don't come easily. Someone has to come up with a theory to begin with. This is just as much a creative process as composing music. But where phys ics, and science in general, differ from the Arts is that no one will accept your theory unless you have some way of testing its validity. Experimental physicists sometimes have to be enormously creative in coming up with methods of testing theories and measuring things in the world around them.For example, how do you tell that there is a planet orbiting a star that is so far away that it appears as nothing more than a spec of light in even the most powerful telescopes? In summary, for all these reasons, physics is an essential part of the educational system and of an advanced society. We therefore urge all governments to seek advice from physicists and other scientists on matters of science policy, and to be supportive of the science of Physics.Man has always been inspired by the wonders of nature.   He has always been curious to know the secrets of nature and remained in search. Although physics play an important role to understand this physical world. In our daily life,we hardl y find a device where physics is not involved. Consider pulleys that make it easy to lift a load.Electricity is used not only to get light and heat but also mechanical energy that drive fans and electric motors etc. Consider the means of transportation such as cars and aeroplanes;domestic appliances such as air-conditioners, washing machines and microwave ovens. Physics is important to our daily life because  we use many thing like electricity etc.Our entire existence relies on physics. From energy transference to the gravity keeping us on Earth, we rely on the laws of physics to go by our daily life.In the most general sense, physics is the study of matter, energy, and the interaction between them. It is a very broad field, and is responsible for much of the technology available today.A few examples: †¢An understanding of Newton's Laws allows people to put satellites into orbit, design safer vehicles and build safe buildings. †¢An understanding of electromagnetism allow s people to build electrical circuits and computers. †¢An understanding of the nature of light allows astronomers to determine the composition of stars without ever having to visit them.

Shocking Info Regarding Inspiring Essay Topics Uncovered

Shocking Info Regarding Inspiring Essay Topics Uncovered The Hidden Truth About Inspiring Essay Topics While the notion of skipping on a few topics and categories may look like a great idea once it comes to a massive essay, it certainly does not make for good reading. It is going to also illustrate how different styles help determine the topic selecting practice. You might be given the topic straight away by your professor, or you could be free to pick the topic yourself. It is the issue of selecting the best expository essay topics in the event the student has a right. Yes, topics students need some additional inspiration to begin their own work and that's fine. You only dig into current social problems of the local community and find the foundation for topics from that point. If you are searching for public wellness essay topics then you've come to the proper spot. If you would like to concentrate on a topic which other students will be interested, do so. Unless you would like to compose a 10-volume selection of books in place of an essay, you will want to choose a particular subject and focus. Whoever you are, you're truly your own assortment of essay topics! Over time you must have begun to learn to compose an essay, how to compose an introduction and so many different things that are related to essay writing. The very first time once you wrote an essay 85. Working on a persuasive essay isn't an easy but doable job. An expository essay is a part of academic writing aimed to supply explanations of various things. Writing a superb persuasive essay is not an easy job, however, it's achievable. Persuasive (or argumentative) essay is just one of the toughest kinds of academic papers. Always think deeply about the way to create an excellent essay structure it's a significant part academic writing. Without an essay outline, it would be tough to recall the necessary sections, arguments, logical stream of essay, and general structure. Provided that you have to prove your thesis strongly, it's much better to earn a brief but thorough survey on your favorite subject. The following are a few appropriate essay topics that you may consider when you are wanting to compose a great paper that will earn you the top marks you want. Whispered Inspiring Essay Topics Secrets What you've learned from your favourite book 63. Once you do this, connect your suggestions and form sub-topics to explore them in detail. While the ideas might not be precisely what you're searching for, it's possible they may still help to inspire you to consider something nice and relevant for your own work. Now comes the fun portion of turning ideas into a genuine essay. You may continue to kee p your argumentative essays for your upcoming job portfolio in case they're highly graded. Our company gives the ideal essay writing service on the internet and is always prepared to assist with your task! A brokerage firm will have the ability to provide you support not just when it regards the platform, but in addition in regards to trading. When prior brainstorming is finished, you might begin drafting your essay. The launch of every paper is usually critical because it's the very first impression writing the reader will get about your work. In this instance, you will make a personal narrative or a descriptive paper. Unique papers often have various needs, but when it has to do with a definition in a paper, you've got to be precise on the significance of a word to tips understanding of the reader.

Pygmalion by George Bernard Shaw - 950 Words

Pygmalion, written by George Bernard Shaw, is well known for its portrayal of the rich and the poor. At the time of its publication, it was common belief that the poor were morally inferior to the rich. Pygmalion argues the opposite. Bernard Shaw used both static and dynamic characters to demonstrate the equality between the social classes regarding morals and intelligence. In the case of Eliza Doolittle, the differences are seen as she transitions from poverty to the middle class. In Pygmalion, she is shown to be a dynamic character, undergoing many changes of personal strength, articulation, and freedom. Throughout Pygmalion, as Eliza Doolittle increases both her confidence and her self-control, her development of personal inner strength is demonstrated. When Eliza is first introduced at the beginning of the play, she is spirited, but lacks confidence and willpower. By the end of the play, she has become bold, self-assured, and is in control of her actions and behavior. In Act I, she is crafty enough to lie about having change, but when it is shown that a bystander is â€Å"taking down every blessed word [she is] saying,† she becomes hysterical, declaring that she is a â€Å"respectable girl† (1). In Act , when Eliza is practicing her new behavioral and oral skills at Mrs. Higgins’ home, she is confident enough to keep up her disguise. She is even known to have enough self-control to cease her chattering and politely bid farewell when Higgins’ suggests that it is time toShow MoreRelatedGeorge Bernard Shaw s Pygmalion1463 Words   |  6 PagesGeorge Bernar d Shaw lived in a time where there was a great divide between the upper and lower classes of England. The rich were becoming increasingly wealthier, while the poor dug deeper and deeper into debt. Similar to American society today, the upper class looked down upon the lower class for their outward appearance (the way in which they spoke and dressed). People such as antagonist Henry Higgins of Pygmalion, in fact, only focused on a person’s facade; they were completely ignorant to people’sRead MorePygmalion: George Bernard Shaw and Play1459 Words   |  6 PagesPygmalion George Bernard show Pygmalion as a problem play Problem play: defined and explained A problem play is a play in which a number of problems are presented and analyzed thoroughly but no solutions to those problems are provided by the dramatist. Such a play serves as a great irritant to the thought. It is though provoking. the readers are provoked to think over the problem presented in the play and work out their own solutions to those problems. Pygmalion is a problem play in this senseRead MoreAnalysis Of `` Pygmalion `` By George Bernard Shaw1545 Words   |  7 PagesIn Pygmalion, George Bernard Shaw illustrates an everlasting tale of a women trapped in a world dominated and controlled by men. By using the crucial themes of class, language, and independence Shaw reveals the overall meaning of his work: how a man’s dream to turn an impoverish women into a sophisticated duchess only succeeds in pushing her further away, how the love he had for her was of his own creation, and how his heart of stone could not be sated by a statue that was nothing more than rockR ead MoreAnalysis Of Pygmalion By George Bernard Shaw1305 Words   |  6 Pages An Analysis of the English class system in Pygmalion Throughout the play, Pygmalion, by George Bernard Shaw, many of the characters represent different social class structures. They also resemble how the higher class citizens feel threatened by the lower class citizens. Protagonist Eliza Doolittle, Henry Higgins, and Mrs. Pearce are prime examples of characters who portray different roles in the Victorian social structure. This play takes place during the Victorian period in England where theRead MoreAnalysis Of Pygmalion By George Bernard Shaw Essay1947 Words   |  8 PagesPygmalion, by George Bernard Shaw, describes Shaw’s viewpoint on social class distinctions in the 1900s by describing characters of the upper, middle, and lower classes in the play. Through the characters’ descriptions, language, and actions, the distinction between classes becomes very prominent. Similarly, Galileo, by Bertolt Brecht, describes Brecht’s take on the social class structure during Galileo’s time and how the differences between classes affected Galileo’s opportunity to do scientificRead MoreAnalysis Of The Play Pygmalion By George Bernard Shaw1600 Words   |  7 Pageswith others anymore, instead using their phone. Tea time also known as afternoon tea, Victorian tea, high tea, and five-o clock tea, may be one of the most delightful and informal affairs in the whole social round. In the play Pygmalion by George Bernard Shaw, Shaw mentions how the importance of reputation can determine the tea time experience. It may also be an unmitigated bore (Victoriana). The observance of tea time originated amongst the wealthy class. Tea time was said to be created byRead MoreAnalysis Of George Bernard Shaw s Pygmalion2617 Words   |  11 PagesSocial standing is central to the plot of George Bernard Shaw’s play â€Å"Pygmalion†. The portrayal of class identity in Shaw’s play appears to be a criticism of the distinctions between high society and the poorer classes in Victorian Eng land. Shaw’s aim was to portray how the upper-crust of Victorian society viewed the lower classes, as evidenced by Higgins’ treatment of Eliza upon her first visit to his laboratory; Higgins treats her as though she is too stupid to understand that he is insulting herRead More Metamorphosis of Eliza Doolittle in Pygmalion by George Bernard Shaw1642 Words   |  7 PagesThe Metamorphosis of Eliza Doolittle in Pygmalion by George Bernard Shaw    The benefits of acquiring an education are not limited to the academic aspects often associated with it. Part of the edification it bestows includes being enabled to reach new insight, being empowered to cultivate a new awareness, and being endowed with a new understanding of life and of self. In Bernard Shaws Pygmalion, Eliza Doolittle experiences this type of enlightenment as the result of undergoing a drastic changeRead MoreThe Pygmalion, By George Bernard Shaw And The Film Pretty Woman1629 Words   |  7 Pagesappropriations of the Pygmalion myth, the play Pygmalion (1913) written by George Bernard Shaw and the film Pretty Woman (1990) directed by Garry Marshall utilise different text form as a medium to deliver criticism and commentary on the traditionally defined gender roles and the basis of making class distinctions in their respective contexts. It is through the choice of text genre, the form of medium by which the values are challenged or embodied, that this exploration is achieved. Pygmalion, set during theRead More Alernatiove Ending to George Bernard Shaw ´s Pygmalion Essay1070 Words   |  5 PagesAlternative Ending to Pygmalion Act V After Higgins, confesses to his undying love for Eliza. Eliza decides to leave Higgins’s home because felt that it would only hurt Higgins more to have her stay another moment in his home because she did not share the same feelings for him. She now resides at the home of Mrs. Higgins. Mrs. Higgins’s drawing room. She is at her writing-table as before. The parlor-maid comes in. THE PARLOR MAID [at the door]: Mr. Henry, madam, is downstairs MRS

Accounting Criteria - 1099 Words

Accounting Reporting Criteria Paper Accounting reporting criteria includes many factors and covers many elements. From Fundamental Financial Accounting Concepts, â€Å"accounting is so important that it is often called the language of business. In fact, accounting affects not only individual businesses but also society as a whole† (Edmonds, Edmonds, McNair, Olds, Schneider, 2006, p. 4). Global business requires added consideration in the way of accounting reporting criteria. With heightened consumer protection becoming increasingly important, regulation of American reporting criteria such as The Sarbanes-Oxley Act (SOX) is common to hear or the Security Exchange Commission’s (SEC) requirement of management submitting a financial statement in†¦show more content†¦GAAP procedures, standards and rules change as the needs of society changes. Although must foreign companies convert to the U.S GAAP the person at the foreign company applying the GAAP principles may not be up to date on the rules and re gulation (AICPA, 2008). The differences in accounting procedures make accounting difficult to understand. In addition GAAP standards and terminology of the financial statements and accounting procedures are different in the U.S than in other counties. For example, annual reporting is quite different in foreign countries. The following graph demonstrates such examples. U.K. terminology U.S. equivalent or definition Accounts Financial statements Debtors Accounts receivable Hire charges Rent Stocks Inventories Turnover Sales and other operating income (AICPA, 2008, 19) There is difficulty in interpreting financial statements due to the different terminology of accounting procedures. Even if foreign companies are up to dates with the Generally Accepted Accounting Principles (GAAP) the language can create misunderstanding of data and financial information. For example, foreign companies may translate the language into English; they may not provide any information about the accounting practices and currency. This creates barriers since currency is different in foreign counties as well. More United States companies are findingShow MoreRelatedAccounting Reporting Criteria (Gm and Toyota) Essay examples1273 Words   |  6 PagesAccounting Reporting Criteria (GM and Toyota) Team B Megan Wooliver September 7, 2010 Accounting Reporting Criteria In order to keep up with the times most organizations of today are finding themselves consistently coming up with different ways to keep accounting information personal as well as accurate. Providing good accounting information not only leads to better decisions but also increase in profit. Even two different organizations that provide a similar product or service haveRead MoreEvaluating Suppliers And Build Productive Relationship3628 Words   |  15 PagesTOPIC 1 - ASSESS SUPPLIERS AND BUILD PRODUCTIVE RELATIONSHIP CRITERIA TO ENABLE AN EFFECTIVE EVALUATION OF SUPPLIER SERVICES ARE DEVELOPED AND DOCUMENTED Supplier evaluation scorecards are used by many industries and are critical to an organisation’s success, but there is no specific way to create a scorecard. Based on the available research and the document analysis, quality, delivery, total cost and service are the main criteria that should be part of the scorecard. Industry reviews show thatRead MoreThe Decision Making Process as It Relates to Planning1423 Words   |  6 Pagesstated earlier, is to clearly identify the problem. For example, at my office we purchased a new accounting system, as the current accounting system limited reporting capabilities. It was an organizational goal to be able to report on very specific information; however the current system would not allow us to meet this goal. To tackle this problem, management decided to purchase a new accounting system. Purchasing a program that will structure financial information as required by the federalRead MoreFinancial System1084 Words   |  5 Pagescontrol. It maybe assumed that these employees will perform no other accounting functions than the ones listed and that any accounting functions not listed will be performed by persons other than these three employees. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tasks | | | | | | | | | | | | | | | | | | |Task number |Task ( Include the grading statement from the published specifications)　 |Criteria covered　 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Read MoreStandard Costing and Variance Analysis, Abc Costing1705 Words   |  7 PagesStrategic Management Accounting APC309 Individual assignment Weighting – 100% of the marks for this module This is an individual assignment of 3,000 words, excluding the bibliography and any appendices. The word count MUST be shown on the front cover of the assignment. All of the learning outcomes for the module are being assessed in this assignment. The learning outcomes are shown in the section entitled â€Å"Marking Guide†, which is further on in this document. The University’sRead MoreReview of Sandwich Master Essay1747 Words   |  7 PagesInternal Control And Accounting Systems An Overview of the Sales Ledger and Credit Control Sandwich Master Ltd Word Count: I confirm that this is my own work unaided for ICAS and that no additional support has been provided. I have read and understood the terms and conditions. Contents 1. Terms of Reference 3 2. Methodology 3 3. Executive Summary 3 4. Introduction 4 5. Review of Current Accounting Systems 4 6. Weakness 4 7. Recommendations for Improvements 4 8Read More Foensic Accounting Essays874 Words   |  4 PagesFoensic Accounting Corporations are often the victims of the most common white-collar crimes that occur in corporate America. According to the Association of Certified Fraud Examiners (cfenet.com), â€Å"abuse and fraud by employees cost U.S. organizations more than $400 billion annually†¦[which equals] $9 per employee per day.† These statistics show the corporate need for forensic accountants, there also is an immense demand for these specialized accountants in the private sector. For exampleRead MoreInternal Control in Accounting System1516 Words   |  7 Pagesrequirements of AAT Learning and Assessment Area ‘Internal Control and Accounting Systems.’ | |The objectives of this report are to: | |a)analyse accounting system and effectiveness of its internal control | |b) to identify the strengths and weaknesses of accounting system and to recommend necessary improvements or funding changesRead MoreThe Cost Management Information System Essay1229 Words   |  5 Pagesstated in the book, the cost management information system is one of two major accounting information systems within an organization. This subsystem’s burden is to generate outputs for internal users using processes needed to satisfy management objectives. Instead of being obliged by an external source’s criteria, it is ruled by people within the company. It differs from management accounting in that management accounting is more focused on how financial and nonfinancial information should be usedRead MoreInstructional Design Essay1222 Words   |  5 Pagesstandards for vocational programs which offer National Vocational certificates (NVQ’s).The Accounting Clerk Level II craft certificate program requires competence in Information and Communications Technology.( Standard 1,4) Students are expected to demonstrate basic Information Technology Skills and proficiency in word processing, spreadsheets, file management, internet search and most importantly use of accounting software.(Standard 3,5) Students have demonstrated good mastery of this standard in comparison

Transforming of South Korean Economy and the “Chaebols”’ Riddle Free Essays

Nadezhda Sarelska ID: 10210680317 EMA- Chinese Economy School of Economics Fudan University Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ riddle Political Economy of East Asia Term Paper Professor Dingping Guo October, 2012 Shanghai, China Table of contents: 1. Introduction 3 2. The beginning of Korea 4 2. We will write a custom essay sample on Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle or any similar topic only for you Order Now 1. Collective will for success of South Korea 6 3. South Korea and modern economy 7 3. 1 Reasons behind Economic growth 8 4. The Birth of â€Å"Chaebols† 9 4. 1 Factors of Development of â€Å"Chaebols 10 4. 2 â€Å"Chaebol† and 1977 Asian Crisis 14 5. Case Study of Samsung Group 15 6. Conclusion and Recommendation 19 . Reference List 21 1. Introduction South Koreas ‘s significant transformation – an evolution from impoverished to high-income economy during three decades starting from 1960s to 1990s is one of Asian phenomena famous as -â€Å"Four Asian Tigers†- a term used to describe the tremendous performance of four Asian economies – Hong Kong, Singapore, Taiwan and South Korea. Between the early 1960s and 1997s, the four Tigers rapidly industrialized and maintained sustained high growth rates (Ref*1). Today, Korea is an example for a market economy, one highly developed country which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies(Ref*2). In 2010, Korea’s trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Korea’s shipbuilding sector currently accounts for about 34% of the world’s total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. 2 million vehicles annually. The success of South Korea is often called â€Å"The Miracle on the Han River† and it has been identified by several factors where the presidency of Park Chung-Hee (1961-1979) played a vital role. Under the President Park Chung-Hee’s era, the government played a dominating role in a country’s economy. His policies of shifting away the focus from import substitution strategies towards export- orientated industrialization and technical progress, favored the development of South Korean economy and establishment of a strong business environment appeared with a result of large conglomerates called â€Å"Chaebols†. To be defined as a â€Å"Chaebol†, an organization should satisfy two conditions: it should be owned by family /relatives members and it should have a diversified business operations ( REF*3). The â€Å"Chaebols† have created such a diversification that, as Anna Fifield said in her article, – â€Å"You can be born in a Samsung hospital and end up in a Samsung mortuary† (Ref*4). The giants of yesterday are one of today’s best brands in technology field as Samsung, Hyundai and LG. They and the other â€Å"Chaebols† was the core of Korean spectacular growth and still their success can be accepted as South Korea’s success. How and why Korean’s economy was shaped by historical events and what are the reasons behind â€Å"Chaebol† establishment? What was the impact they have created over South Korean economy and could we say â€Å"Chaebols†are the reason for â€Å"the Miracle on the Han River. â€Å"? Case study of Samsung will be performed in order to give us better understanding of one of the largest and famous â€Å"Chaebol† ever and its influence over South Korean economy. 2. The Beginning of Korea The land of the morning calmâ€Å"–this is the meaning of Korea’s original name â€Å"Choson†. The time of establishment of this country and its exact geographic location is still a matter of scientific research even it often believed that human activity in Korea can be traced far into the Pal eolithic period, about 500,000 years ago (Ref*5). In Asia, Korean’s history is known to be second longest following that only of China. (Ref*6) But there is a belief, according to the Korean legend, that the God-King Tangun – a legendary figure born of the son of Heaven, (which existence is still disputable among scholars) and a woman from a bear-totem tribe founded the Korean nation in BC 2333(Ref* 7). Not many present- day nations can be praised with so long and rich history even this country’s time has been shaped by difficult and frequent invasions ( as many as 900 by some accounts)( Ref*6), wars and influence from its neighbors. The beginning was often said to be the time of â€Å"The Three Kingdoms† – â€Å"Silla† â€Å"Goguryeo† and â€Å"Baekche† where â€Å"Goguryeo† was known to occupy the Northern part of the peninsula from the Chinese border to the Han River, while â€Å"Silla† and â€Å"Baekche† have dominated the Southern regions (Ref. 11). But in 668 AD â€Å"Silla† (668-935) unified the Korean peninsula and start developing a country with an economy, a culture and Buddhist philosophy. † Koryo dynasty† from which the English name â€Å"Korea† originates succeeded â€Å"Silla† in 935 and the country’s boundaries reached level which is very similar to its current size today. â€Å"The Choson dynasty† displaced â€Å"Koryo dynasty† in 1392 and moved the capital to Hanyang-gun (today’s Seoul) in 1394. Soon after Confucianism replaced Buddhist philosophy and was adopted as the country’s official religion and â€Å"Hangul† -the Korean alphabet was invented. Korea’s history was filled with prosperity, but also a lot of suffering coming from external forces like Japan, Mongolia and China and this provoked Korean closed-door policy, famous as â€Å"Hermit kingdom†. In the beginning in 1876, the Japanese forced a series of Western-style trade agreements on Korea, leading to Japan’s annexation of the country in 1910. Due to growing anti-Japanese sentiment, in 1897 King Kojong declared himself to be emperor of the Taehan Empire, an independent Korea (Ref*9). Eventually this move helped Korea to preserve its own language, culture, traditions and sense of identity (Ref*6). However, during the Russo-Japanese War (1904-1905), Japanese forces moved onto the peninsula despite Korean declarations of neutrality and Japan-Korea Protection Treaty in 1905 gave Japan virtual control over Korea. Korea was colonized by Japan in 1910 year, but exactly at that time many modern aspects of Korean society emerged included rapid urban growth and infrastructure, the expansion of commerce, and forms of mass culture such as radio and cinema, which became widespread for the first time. Later had to endure the Korean War (1950-53), but it has achieved amazing economic growth in a short period, dubbed â€Å"the Miracle on the Han River. (Ref* 2) 2. 1 Collective will for success of South Korea During Japanese influence starting 1920 and later (1937-45) – harsh measured reintroduced by Japanese, Korea had to go through a lot of confusion coming from changes in values and social order after Japanese colonial rules was introduced (Ref* 610). During its occupation, Japan b uilt up Korea’s infrastructure, especially the street and railroad systems. However, the Japanese ruled with an iron fist and attempted to root out all elements of Korean culture from society. People were forced to adopt Japanese names, convert to the Shinto (native Japanese) religion, and were forbidden to use Korean language in schools and business. Also the temp of development was rapid and the country’s population was inexperienced and unprepared in economic aspects and knowledge because was coming for monarchy of over 1000years compared to Europe and Japan. Ideological confrontation was visible in Korean society and soon after status of families with long traditions; history and wealth were no more subjects of respect and power, society followed the â€Å"money ideology† which was a way of survival. Soon after the democracy was introduced by USA in August 15, 1945, with the end of World War II, The Soviets and Americans failed to reach an agreement on one unified country and government, so in 1948 two separate governments were established – the Republic of Korea in Seoul called -â€Å"The American zone†, and the Democratic People’s Republic of Korea in Pyongyang, North Korea called -â€Å"The Soviet zone† (Ref* 10). This is how the challenge for South Korea and â€Å"The American zone† has started with era of knowledge, where an investment of fond and solid education and hard work were again respectable, thus offered an equal chance to success to everybody despite their origin and status. The whole society desired a better life and this is how they have adopted the concept that â€Å"economic development is a cultural product representing the collective will of the people† (Ref*6). 3. South Korea’s modern economy In July 1953, after three years of bloody fighting in which around three million Koreans, one million Chinese, 54 000 Americans and several other nations including Turkish were killed, the Korean War ended in a truce with Korea still divided into two mutually antagonistic states – American influenced zone in South and Soviet influenced in North, which were separated by a line called â€Å"De-Militarized Zone† (DMZ). Korea has remained divided ever since(Ref*10). After the official division of Korean peninsula, a modern economy study was introduced by USA in South Korea which was differentiated from Marxism idea popular in Japan. However, after 1965 when Japan and South Korea improved their diplomatic relationships, Marxism prevailed into their economy simply because was more community oriented, instead individualistic – something which was and it is a basic concept of Confucianism which was influenced South Korea in their earlier stages of history. The ideas of individualistic consumer with no intervention of government for business were too far away of Japan’s model of successful rapid grow which later in years South Korea adopted and adapted into their economic situation Table 1 – Comparison between USA and East Asian capitalism 3. 1 Reasons behind Economic growth Mutual desire for better standard of living and a chance for success were deeply rooted into society’s mind, after the country was left in poverty in the end of Korean War in 1953. The significant growth of South Korea’s economy which became independent in 1945 began in May of 1960 – when Park Chung Hee and a group of other military officers of the South Korean army took over the control of the government or â€Å"coup d’etat†(Ref* 11). Soon after that in 1961 Mr. Park Chung Lee became president of South Korea and the strategic planning for economic development started – focusing on lifting up the South Korean economy out of poverty. The strategy Park Chung Lee developed was based on that of South Korea’s nearest rivals Japan rather than Western policy advisers. (Ref*12) Export –oriented policies were implementing as a tool trying to focus the shift into international business. South Korea simply had to survive and find a way to expand economically, but looking outside of its peninsula because with its small and limited land and natural resources caused from its mountainous terrain and climate, as well the small size of the domestic market shaped the Paradigm shift in their economy†. (Ref*13) The emphasis was added on communal productivity, education and quality as Japan did with examples of so called Keiretsu. Another measure was the military-dominated government which installed itself after the coup in 1961 quickly announced an end to the corruption of the First Republic and its intention to use economic growth and development through industrialization to legitimize its authority (Ref* 14) a nd implementing state policies providing the basis for successful late industrialization( Ref*15). Twenty four of the leading businessmen were arrested. The founder of Samsung, Lee Byung Chull, escaped this treatment only because he was out of the country at the time. When Lee Byung Chull returned to Korea he met with Park and agreed to cooperate with Park’s economic development program. Later Lee and other prominent business leaders offered to donate all or a substantial portion of their fortunes to the government. They ended up paying fines but not giving up their businesses (Ref* 15). 4. The Birth of â€Å"Chaebols† In the process of export-led market economy the government ruled by President Park Chung Lee for 18 years reign (1961-1979) decided to work with five- year’s plans, starting the first one in 1962 which was focused on developing the industrial base and setting the stage for South Korea’s economic prosperity. (Ref* 16) After this step, the government encouraged their local, domestic business enterprises to work and expand by choosing which markets must be developed and allow entry only to several of those local companies. To be accepted as â€Å"Chaebol† a company need to be family-owned and usually this type of organization is influenced by growth-oriented family-centered business, where family male has the dominant role in a hierarchy and almost unlimited power to which his subordinates are loyal (Ref*17). This idea of Pyramid frame of working had an origin of Confucianism which teached several concepts as social hierarchy, harmony and â€Å"the concept of saving face†, kindness and care; modesty and diligence. For instance, in Japanese companies â€Å"had more visible mutual obligation which is unlikely to be seen in â€Å"Chaebol† structure, where the boss is superior compared to employees. As an incentive for local companies, financial motivations were offered such as low- interest loan, tax breaks and others simply because all the banks were nationalized as well for the purpose of economic development. This is how so called â€Å"Chaebols† -which literally mean â€Å"business association†, were born into South Korean history. 4. 1 Factors of Development of â€Å"Chaebols† With its fast speed of industrialization, the economy nourished and supported heavily â€Å"Chaebols† which were often â€Å"family-centered† enterprises. Their brands, products and companies diversified quickly and soon they were responsible for the majority of the exported products which simply meant that private owned companies were responsible for biggest share of South Korea economic development. Not only have they expanded in international level, but also started to grow bigger in local land. Brands like Samsung, Hyundai and LG were a measure for quality, technology and innovation. We could say that even today the same conglomerates are still driver force in Korea. Another â€Å"significant economic decision made by government’s planners was to focus market development through export-oriented industrialization â€Å"(Ref* 18). Because of its enough to produce, but less to consume population and still not existing local markets, all efforts were putting into creating international markets where South Korea could have an advantage and generate a profit. The results started to be visible in fast digit rate at average 10% annual growth between 1962 and 1994. The large and fast expanding multinational conglomerates enjoyed strong support from government and good success of foreign markets. While the contribution of agriculture to the economy declined from 37% in 1965 to 3% in 2008, the industrial sector increased its contribution from 20% to 37%, that of services from 43% to 60% and exports remain the cornerstone of this economic development with their share in GDP accelerating from 8% in 1965 to a whopping 53% in 2008(Ref* 13). Table 2 Share of Top 30 â€Å"Chaebols† in South Korea’s GDP Source â€Å"Chaebol Powered Industrial Transformation† by Ahn Choong-yong, Korea Institute of Public Administration and Korea Times. April 2010 All the conglomerates were liberally permitted to access foreign loans promoted by the government to support fast-paced economic development, while in contrast outflows of domestic capital were effectively curbed ( Ref* 19). The Foreign Direct Investment (FDI) was also restricted in order to keep positive economic growth, except in cases where technology and know-how were involved. In exchange of this, all the â€Å"Chaebols† were obliged to fulfill ambitious plans and to develop for the next three decades. This financial help actually protected the companies from bankruptcy and soon they turned on into â€Å"octopus†, regulating and expanding into more and more branches, industries and brands, even not related to their core scope of business; increasing their power and wealth into public level and became too difficult their decisions to be influenced. For example, a ship building company could decide to enter into a market of cosmetics products or pharmaceutical industry. Of course, simultaneously they opened more factories, created jobs and promoted economic boom. Basically they became a voice in South Korea. In this manner they grew so large that the top fifty â€Å"Chaebols† had sales equivalent to almost 94% of the total national GDP by 1984( Ref*20). In fact as a second measure introduced from President Park Chung Lee was diversifying of â€Å"Chaebol† into heavy and chemical industries, simply to be protected from North Korea . ( Ref*21)As we can see on Table 2, their share in GDP increased dramatically from 9,8 % in 1973 to 29,6% 1989 Table 3 The Growth Rate and Total Factor Productivity by country According to International Institute for Management, South Korea is ranked 5th in terms of education level, with 40 percent of the population completing higher education after high school. This movement into very strong foundation of education was resulted of democracy brought by USA , President Park Chung Lee’s reforms, but also Confucianism’s which, was earlier in history, influenced the social mind of South Korea. Understanding that high level of education and qualified human resources are powerful driver of economy and quality was one of the best tools for sustainable growth. Education system which was a resource highly appreciated by traditional values in the society and was a chance for everybody in quest of success. Moreover, South Korean workers work more hours of the day than most countries reflecting 10 to 13 percent increases in productivity per year( Ref*22). The willingness of hard-working and co-operating were very important for the efficacy and quality of the economic boom. Krugman (1994) claims that the â€Å"Four tigers† achieved the rapid growth rate because they successfully managed the resources associated with high employment share to population, efficacy of work, up-graded educational standards and the high rate of investment(Ref*19). Looking into Table 3, it is clear that South Korea achieved the highest grow rate of 8,5% per cent annually from 1960 to1994. Table 4 Domestic Saving per GDP (per cent) Another tool which helped â€Å"Chaebols† to flourish was high-saving ratio, which was initially originated from uncertain life conditions and missing social system. In Korea the social welfare system was not well established (Ref*23). In this kind of situation, similar to China’s beginning, individuals are trying to save as much as they can in order to ensure their future. Furthermore, high savings and investments also contribute to capital accumulation. For example, Kim and Lau (1996) extend their input-analysis which covers Indonesia, Malaysia, Thailand and the Philippines reveal that capital accumulation associated with high domestic saving and investment level significantly contributed to strong growth in East Asia. Also, Collins and Bosworth (1996) emphasize that saving, investment and government policy are the main contributor to high capital accumulation ( Ref. 19) 4. 2. â€Å"Chaebols† and 1997 Asian Crisis The financial crisis that hit Asian countries in early July 1997 was an unexpected situation for â€Å"Four Tigers† including South Korea which were witnessed a rapid and sustainable growth in several decades in row, offering high standard of living into their citizens, high annual growth and successful export economy. They were accepted and perceived as models of economic boom. A lot of foreign investment were flowing and then government help like bank loan , preferential policies and incentives which were used to stimulate the economy through so called multinational companies â€Å"Chaebols† . All this led to excessive diversification, a debt, a difficulty to be measured the credibility of a company and its real proportion due to unlimited bank loan with 0 interest they were given; lack of business transparency, superior managerial behavior and more. All these reasons led to so called† â€Å"Asian Contagion†, this was a series of currency devaluations and other events  that spread through  many Asian markets. As a result of the crisis, South Korea adopted different protectionist measures, government and financial reforms to ensure the stability of their own currency and reforms inside of â€Å"Chaebols† structures. ( Ref*24). 5. Case of Samsung Group Samsung Electronics integral part of is a multinational, family-owned company with headquarters located in Samsung Town in Seoul called â€Å"Samsung Group†. Samsung Group has grown to become one of the world’s leading and respectuful electronics companies, specializing in digital appliances and media, scycrapers, petrochemicals, fashion, medicine, hotels, semiconductors, memory, and system integration. Ref *25). As journalist Anna Fifield said in her article, – â€Å"You can be born in a Samsung hospital and end up in a Samsung mortuary† (Ref*4). They operate in more than 65 different countries as sales and plants; also they are responsible for appointing for more than 170,000 employees worldwide. In 2009 t he company was classified as largest IT Company in world with biggest sales revenue of memory chips, LCD and LED displays. For TV and smart phones devices markets, Samsung is in top position, especially after launching Galaxy 2 Note competing with Apple and theirs I pad mini and I phone. Its growing share in smart phones and tablet’s market is very high with around 20% for the first quarter in 2011 compared to 16, 1% in same time previous year. [pic] Brief history and Economic Overview The Samsung Group was established in 1938 in Taegu, Korea by Byung Chull Lee and its main scope of business was export of fish, vegetables and fruits to Mainland China. In 1951, Samsung Corporation was officially established with name Samsung Moolsan which means â€Å"Three Stars† (Ref*25). The company started to grow and later in 1958 when Ankuk Fire Marine Insurance as well DongBang Life Insurance in 1963 was acquired, the name was changed into Samsung Fire Marine Insurance and respectfully Samsung Life Insurance. In 1969 Samsung Electronics and Samsung Sanyo Electronics were established, but in 1977 they also merged and diversifying started into heavy, chemical, shipbuilding, IT and other industries. The reasons behind such a diversification could be the same between all â€Å"Chaebols† examples, but very true for Samsung. They assumed that if investing into new business or a product will avoid potential risk of a single bankrupt, gaining knowledge for a technology and know-how patents; competitions and bigger market share and another factor could be because of persuading better wealth in order to ensure all the family members. ( Ref* 21) Thanks to its clever moves and business/political decisions Samsung developed excellent domestic and international market and 1974 they bought 50% of share of Korea Semiconductors, which gave them the first place of semiconductor manufacture SWOT ANALYSIS Samsung Group is one of the largest â€Å"Chaebols† in South Korea with world-class quality products and brand. The company has dominance into digital and electronic components markets, with more than 40 existing affiliated companies. Fig. 1 SWOT ANALYSES – Samsung Group STRENGTHS Strong brand and loyal customers; Leader in several markets as IT and electronics; Excellent supply chain; Capital; Confidence; Trustworthy and Credibility; Innovation; Technology level and skilled worker HR; Product Strategy WEAKNESS Serious Competition; High Marketing cost; Managerial Behavior; Centralization; Corruption OPPORTUNITIES Good economic conditions; highly disposable income local market; Government support; International relations and business expanse; Technology development THREATS Patent’s legislations; Regulatory issues; Technological changes; Economic Crisis; China Table 5 Samsung Electronics Marketing Expenses Marketing Mix for Samsung Group – 4P Product Strategy – Samsung’s diversified line of products in 3D market for example which is offering LTD, LED and Plasma TV is one of best positioned into product strategy. Their electronic market is also very good example for product strategy which is one of their strengths in SWOT analyses Focusing on unique products and innovation to compete like 3D Plasma TV with unique design and functionality allowed Samsung to became a leader into this direction. Another very well presented idea of their product strategy is smart phone Galaxy Note 2 which competes directly with Apple’s I pad mini. Among some of the benefits of Galaxy Note 2 is its display, price, Android operating system, Bluetooth, slightly lighter, removable memory, flash, front camera/rear camera and few more. Ref* 26). At the moment this is the best tablet produced by Samsung and as product strategy unique was chosen and improvement inside of the functionality. Price strategy – Samsung strategy according their pricing is being available for more consumers than I pad mini/ I phone, which is persuaded as a luxury and fashionable product, thus its price differentiates – some times even double less expensive. Another factor regarding price is that Samsung produce a big amount of it’s and also Apple’s components’ which results into higher cost and price for Apple’s products on market. Thanks to diversification mentioned earlier we can see that Samsung actually have the advantage to produce by themselves most of the electronic components of their smart phones/ tablets, but also to their competitors, so they became superior in the Pyramid. Promotion strategy: This is one of most weak part of SWOT Analyses of Samsung, because it cost billions of USD in advertisements and promotions which are conducted in three continents – Europe, Asia and USA. 8 billion USD were spending in Europe compared to 3 billion in Asia and 12 billion in North America. Using famous American singer/groups such as Black Eyes Peas into their promotion strategy is adding high cost for the â€Å"Chaebol†. Product Placement: The strategic idea here is that Samsung tablets Galaxy 2 Note are not positioned on the luxury market, but at the same time will not be sold in low-level stores as Wal-Mart. Targeting young people across three continents, Samsung focused on uniqueness, creativity, design and promotion. Apple’s product focuses on luxury and fashionable segment of the market where consumers are ready to pay more premiums. Conclusion and Recommendations Transforming South Korea’s economy was an experiment and example of â€Å"Tiger measures† conducted by the government of President Park Chung Hee in quest of best way to expand the economy in sustainable way and improve the quality of people equally. Focusing on export-oriented economy with solid foundation of education, willingness of hard-work, high saving ratio and allowanc e of private family- own enterprises in national sectors and important industries helped â€Å"The Miracle on the Han River† to become history of success. Chaebols† were and still are enormous part of South Korean Economy, which for three decades created a country -an example for a market economy, which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies (Ref*2). In 2010, Korea’s trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Korea’s shipbuilding sector currently accounts for about 34% of the world’s total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. million vehicles annually. The majority of export related goods are produced by top â€Å"Chaebols† companies which appeared in late 60s after government of Park Chung Hee offered them unlimited incentives and industries in exchan ge of economic growth with 10% on average. The impact of those conglomerates was measurable and visible, even though 1997 Asian crisis shaped up them and reformed these â€Å"octopus† inner structures by implementing more transparent policies and less corruption. Nowadays â€Å"Chaebols† are still the driver of South Korean’s income and economy. As recommendation for the largest â€Å"Chaebol† at the moments, Samsung Group- focusing on innovation and technology improvement will be useful, because China is starting to emerge and also other competitors are weak point for Samsung. Combing their efforts could be a good strategy in order to protect South Korean’s reputation and export share. Focusing on domestic market and not being so dependent on export. Or being sure that export is enough diversified to keep the profit. Reducing Marketing cost via cheaper, but creative techniques to attract and keep customers. Because for quality there is always a market! Reference List: . Fogel, R. W. (2005). Reconsidering expectations of economic growth after World War II fromthe perspective of 2004. IMF Staff Papers, Vol. 52 Special Issues, Washington, DC:International Monetary Fund. 2. Published by Korean Culture and Information Service Retrieved October 2, 2012, from http://www. scribd. com/doc/85568568/Facts-about-Korea-Eng lish 3. Retrieved October 3, 2012, from https://www. fsb. muohio. edu/mis399/student/Reading%20files/history-china-korea-japan. htm . 4. Fifield, A. (March 26, 2008). http://www. ft. com. In Korea’s Bulldozer must clean up the Chaebol. Retrieved October 14, 2012, from http://www. t. com/intl/cms/s/0/97182b8e-fb3f-11dc-8c3e-000077b07658. html#axzz2LbBBYYrW. 5. http://www. lifeinkorea. com/information/history1. cfm 6. Choo, Myung-Gun. 2000. Chapter 4: South Korea: the Tragedy of Partition and the Response, in  The New Asia in Global Perspective, p. 74-5 7. https://www. fsb. muohio. edu/mis399/student/Reading%20files/history-china-korea-japan. htm. Retrieved October 3, 2012 8. ,, 9. http://www. lifeinkorea. com/information/history1. cfm 10. http://afe. easia. columbia. edu/main_pop/kpct/kp_koreaimperialism. htm 11. Education, Wikipedia , Retrieved October 9, 2012, from http://en. wikipedia. rg/wiki/Park_Chung-hee 12. Hattori, T. ,1986 â€Å"Comparison of Large Corporations in Korea and Japan, â€Å" in Hakjon Lee and Kuhyun Chung, eds. , The structure and strategy of Korean Corporation ( Seoul, Korea: Bupmunsa, 1986)p. 151 13. November,2010. , The Chaebol in South Korea: Spearheading Economic Growth. ,Thomas White International, Ltd, Retrieved October 12, 2012, from http://www. thomaswhite. com/explore-the-world/emerging-market-spotlight/2010/south-korea-chaebols. aspx p. 2 14. Kae H. Chung, Hak Chong Lee, and Ku Hyun Jung, Korean Management: Global Strategy and Cultural Transformation ( Berlin: Walter de Gruyter, 1997) p. 15. Retrieved October 15,2012, from http://www. sjsu. edu/faculty/watkins/park. htm Sources: †¢ Clifford,  L. M. Troubled Tiger: Businessmen, Bureaucrats, and Generals in South Korea, M. E. Sharpe, Armonk, New York, 1994. †¢ Hee, C. P. To Build a Nation, Acropolis Books, Washington, D. C. , 1971. †¢ Hee, C. P. The Country, The Revolution and I, Hollym Corporation Publishers, Seoul, Korea, 1970. †¢ Hee, C. P. Our Nation’s Path: Ideology of Social Reconstruction, Hollym Corporation Publishers, Seoul, Korea, 1970. 16. Jasper, Kim Crisis and Change : South Korea in a Post-1997 New Era ( Seoul: Ehwa Womans University Press, 2005)p. 7 17. March, 2006. , The Case of Chaebol Cult, Asian Management, Retrieved October 5, 2012, from . PDF version 18. Jasper, Kim Crisis and Change : South Korea in a Post-1997 New Era ( Seoul: Ehwa Womans University Press, 2005)p. 17 19. http://ecostat. wordpress. com/2012/08/19/capital-accumulation-or-total-factor-productivity/ 20. Fields. J. K. , Enterprise and the State in Korea and Taiwan ( Cornall University Press, 1995) p. 35 21. Ahn(2001), pg420and Pn, E. ,†South Korea’s role in a dangerous neighbourhood† http://www. nytimes. com/cfr/international/slot3_021106. html 22. (2006, 03). Korean Economy. StudyMode. com. Retrieved October 15, 2011, from http://www. studymode. com/essays/Korean-Economy-83006. html 23. Choo, Myung-Gun. 2000. Chapter 4: South Korea: the Tragedy of Partition and the Response, in The New Asia in Global Perspective, p. 79 24. Education, Investopedia Retrieved October 18, 2012, from http://www. investopedia. com/terms/a/asian-financial-crisis. asp#axzz29i6XywR2 25. SAMSUNG Group Official WebPage, Retrieved October 3, 2101 from http://www. samsung. com/us/aboutsamsung/corporateprofile/history06. html 26. http://tablets. venturebeat. com/compare/46-123/Apple-iPad-2-with-Wi-Fi-3G-vs-Samsung-Galaxy-Note-10-1 How to cite Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle, Essay examples

Letter to Macduff free essay sample

A Letter to Macduff Dear Macduff, Oh, what you have missed! I have important news to tell you. A series of events happened at the banquet you failed to attend. The majesty left all of us thanes speechless and suspicious. It is not that I ever doubted your thoughts about Macbeth, but it is now clear to me that he is a guilty man with a conscience filled with remorse. The ceremony seemed as if it were going to be elegant and pleasing. There were an equal number of thanes on each side of the table. The king presented himself honorably as he sat down with the rest of us to â€Å"play the humble host† and announced that Lady Macbeth would keep her state. However not long after that things began to get strange. A dirt and bloody man walked through the doors of the dining room and Macbeth quickly got up and attended him. We will write a custom essay sample on Letter to Macduff or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Suspicious it was, my lord, for Macbeth seem unsatisfied with the news the ruffian delivered and before anything else could be said, Lady Macbeth interrupted and reminded Macbeth of his duties as a host. She seen overly agitated, embarrassed and desperate to get Macbeth away from the doors and back to the feast. She rightly said that a guest must be treated with social rituals and courtesy and must be reminded of how welcomed they are. However as she did this, those looking at his majesty discretely could tell that the bloody man was bringing him bad news and as soon as he heard Lady Macbeth he quickly dispatched the man from the banquet. In all honestly, it looked like Macbeth had someone do his dirty work for him and something went wrong however once he got back at the table he tried to put it aside and the feast began. That wasn’t all! If you had only been there to see what Lady Macbeth claimed was an illness of the king’s infancy. His body was possessed with madness! As he was about to make a toast, he suddenly stopped as if his heart had stop beating and his expression changed from joy to intense fear and the he began to scream â€Å"Which of you have done this? He did all this while looking at the empty chair that was meant to be filled by Banquo whom also did not attend the banquet. And things only became stranger. His majesty continuously repeated he had not done â€Å"it† however he never mention what â€Å"it† was. It seemed that some kind of vision appeared to be accusing him of something. What could he be accused of? You can only imagine that Lady Macbeth tried to ease the situ ation, by saying it was just a momentary fit and to do our best to ignore him, however this was very hard to do. She also demanded the guest not to ask any questions since it would feed and extend the king’s passion. And of course no one did but all of us thanes were filled with curiosity and suspicion as to what was happening. She approached the king and had a word with him where no one could hear but by simply looking at her you could tell she was not content and as the conversation got intense their voices rose and we all heard the king declare that is charnel-house and graves sent back the bodies put in them then our graves would be like the maws of kite. As soon as the king and queen rejoined with their guest, Macbeth spoke and said he suffered from a strange infirmity. He pretended like nothing had happened and demanded wine. He might have fooled himself but not us, as it was obvious that there was more to the story than a simple illness. Furthermore my lord In the middle of the servant pouring the wine, the king began to grow pail and weak once more and then screams â€Å"avaunt and quit my sight! † all of us Thanes were confused since we were not sure if he was talking to us, but then it became clear that he was having another one of his episodes. This time, however, he revealed things our ears were not meant to hear. He confessed that what he was so vividly seeing was a ghost. Lady Macbeth tried once more to brighten the mood of the dinner but too much had been said and we all wanted to hear more. All present at the table looked at each other with one eye and had the other fixed on Macbeth. He seemed so certain that what he saw was real, the fear and remorse in his eyes could be seen from miles away and no one could help but wonder whose ghost he was seeing. Dear Macduff at this point I wouldn’t help but think that maybe it was your father king Duncan coming back for vengeance†¦ Our suspicions grew even stronger by the end of his second episode. He paused, looked at us and asked us how we could see such things and not look pale moreover when Ross asked him with confusion what the sighs were, before the King could reply, Lady Macbeth firmly reminded us that questions would enrage him and then dismissed all of us and demanded to leave at once and not by order of importance. The scene was quite suspicious and most alarming Macduff. This whole ceremony was a disaster that will lead to Macbeth’s fall my lord. Things were said and done at this event that no one thane should have seen or heard. Once we left the banquet you could hear the rumors on the street about the king, how he had gone mad, but those who were knowledgeable, began to think about the things that had happened and began to ask questions about the resent murders. How is it going with you Macduff? After attending the banquet last night, I am certain that Macbeth will go to any length to get what he want so please be careful, watch your back at all times. Hope everything is working out the way you hope. Your noble friend, Lennox P. S. You will not believe that news my ears have just heard. Banquo has been killed by savages. He was found in the wood stabbed to death. I wonder who would want him dead and why. Who will be next? This have gotten out of control around here and it is all because of the tyrant Macbeth. You must hurry and put a stop to this before anyone else gets hurt.