Higher Education in Brazil and South Africa free essay sample

In Brazil, free education is presented by the ministry of education, which offers scholarships for graduate degrees, masters, doctoral, and post-doctoral for Brazilian and immigrants who have Brazilian citizenship. The top universities and research centres are free institutions, funded by either the local state (state universities) or the federal government (federal universities). Graduate scholars can get paid if they qualify for incentive but competition is extremely fierce.Admission to higher education in Brazil is to a large extent limited to the higher socio-economic groups. Free universities have restricted spaces and admission is determined by highly competitive exams, thus excluding those who have not had a high quality secondary education or attended a costly introductory course. In Brazil is no exception to the global phenomenon of increasing Higher Education enrolment yet access is still very limited, with only 90% net enrolment. A number that is still all the more unacceptable given that Brazil is not a low income country. We will write a custom essay sample on Higher Education in Brazil and South Africa or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The funds current initiatives for achieving equitable access in BrazilThe increase of the private sector is the main support of higher education policy in Brazil. In the recent years it has been the expansion of the private sector. The public sector has been regarded as expensive and incompetent and unable to deliver the diversity of provision and the awareness to consumers crucial in the current context. The policy is successful in terms of increasing enrolment.The student loans and scholarships, there have however, been some efforts to permit students without the income of paying the full fees to attend private institutions. Mostly essential of these is the student loans scheme known as FIES, which was introduced in 1999. It offers 70% of the fees and is paid straight to the institution rather than the student.Higher education in South AfricaHigher Education transformation in South Africa require a synergy of creative strategies to engage issues of redress. Access to higher education remains on mechanism for achieving this in South Africa higher education. There is a need to enable access by improving student access with success by ensuring their participation. It is stated that current Academic Development initiatives as a means of achieving access with success can only deal marginally with the transformation agenda in South Africa.

New health care laws Essay Example

New health care laws Essay Example New health care laws Paper New health care laws Paper The purpose of law lies in the preservation of freedom and moral right in the society. The state which makes the laws and governs the people can be judged on the basis how it is giving protection to all the sections of the society including the those least able to help themselves such as the disabled, children and the elderly. It should lift the people who are in need. If the state is able to deliver these thing that one is regarded as a state with basic rules of law and governance. The constitution is said to be efficient and effective when it allows government to protect the liberties of citizens and their lives. One of the major problem faced by the people in the developed countries is about their health insurance, lack of information about price and quality. The President of America believes that the people need reliable health care, reasonable price and high quality services. President Bush has proposed an agenda to make the healthcare services more efficient and portable. The people of America should be able to choose healthcare based upon their individual needs so that they can understand the information about the quality and price of the healthcare. As far as the insurance is concerned, it should be affordable and portable. The agenda includes some important principles, they are escalating health savings accounts, making health insurance more effective and portable, to make healthcare more transparent by providing much information on quality and price, to pass reforms about the medical liability, to assist Americans more efficiently. Healthcare plays a very vital role in day to day life. Among healthcare, health savings account is the one which is very important and helps public in many ways. It allows Americans to save tax free dollars which can be used for the purpose of healthcare of the individual and the companies. More than 3 million people in America has enrolled in HAS. It provides flexibility for the individuals and companies to spend their dollars on healthcare. With the help of the Agenda made by the president on healthcare, the self-employed, workers for companies those who do not offer healthcare policies and the unemployed are benefited and they get access to employer healthcare plans, for these kind of people the government has reduced the tax on paying the premiums for HSA insurance policies. For the people who are not working especially the retirees, the government provided tax free for an HSA account. The American Government enabled portable insurance Policies. By this the employees can control, own and be able to shift the policy where ever they want. Usually, the health insurance is not valid if the person shifts from one company to the other. But by this agenda, the president has permitted that the health insurance is valid across the states. The President in his Agenda has introduced Association health plans (AHPs). To purchase health coverage, AHPs combine the small businesses; by this the association members can pay premiums at a lower rate. Establishing community Health Centers in poorer communities has been proposed to make health care available. Community health center or rural clinic in every high-poverty country has set out to be established. They are many benefits with the implication of healthcare but if the law is not followed, there may be misuse of the benefits. In the medicare bill, the impact of the prescription drug is different for different types of beneficiaries. Most seniors are disappointed with the medicare prescription drug benefit. Though prescription drug benefit would allow affording the drugs they need but the companies that administer may limit to less brand name and low cost medicines. In this, the companies are benefited but the public is affected. The federal government with the help of private companies is going to provide prescription drug discount cards, but according to the survey of Mercer Human Resource Consulting, the senior citizens are not going to be benefited. According to the survey, Medicare premiums would rise sharply as Medicare is going to compete with the private insurers. For the traditional Medicare, the current premium is $58. 70 a month . Medical beneficiaries concern about the retirees whether the employers are going to offer them drug coverage. For the pharmaceutical company, the medicare bill is the big victory but for some private health plans which are cost-effective, they would like to receive subsidies from Medicare which they cannot receive up to their expectations. By the medicare bill, doctors will be benefited because the compensation rates to the doctors who treat the medicare patients will be increased for doing high technology tests and Medicare pays too little for talking and examining with patients . Medicare could use some fixing at the margins. It pays doctors too much for doing high-technology tests and procedures and too little for examining and talking with patients. Rural hospitals also will get benefited by this because rural hospitals get $25 billion to compensate for a low number of patients. For most senior citizens, who spend moderate to high, will be benefited by the medicare bill. But for the citizen who is spending low on the health care would not be benefited. Almost the tax payers are the losers. By the medicare bill, some of the organizations and individuals get benefited but some may not. If every thing happens according to the law, and if the private companies, public and government go hand in hand, then everyone will be benefited. If not, some sections of the society in one or the other form may suffer. Reference: 1. Edward W. Younkins, (2000, September 2), Capitalism and commerce: The purpose of law and constitutions, Montreal, No: 66, Retrieved 2007 December 25. quebecoislibre. org/000902-11. htm 2. Shannon Jones and Barry Grey, (2003, November26) A windfall for drug companies, private health insurers, Retrieved 2007 December 25. wsws. org/articles/2003/nov2003/medi-n26. shtml 3. Angell, Marcia, (2003, Feb 01), Dr. First to the Rescue: How not to fix Medicare. (Bill First),The American Prospect. Retrieved 2007 December 25. http://goliath. ecnext. com/coms2/gi_0199-2521596/Dr-Frist-to-the-rescue. html

Nike case study Example | Topics and Well Written Essays - 1000 words

Nike - Case Study Example Therefore, Nike ought to compel these companies to conform to the already set guidelines meant to protect workers in their respective states. These include both international and national rights usually put in place to safeguard human rights by availing conducive working conditions for workers in states where these companies belong. In addition, Nike Company based on the fact it funds all its subcontracting manufacturing factories, it should be responsible for any act infringing of human rights as outlined by varied states’ constitutions and international law. 2. What labor standards regarding safety, working conditions, overtime, and the like, should Nike hold foreign factories to? Nike ought to implement specific safety standards and humanitarian working conditions in all subcontracted factories globally with the intention of avoiding losing its reputation. This is because for several decades Nike Company has experienced bad publicity due to numerous accusations lodged again st it by trade unions, global regimes and University students based on poor working conditions. Numerous economic experts claim creation of Nike’s wealth is through enslaving poor people especially in developing countries. This is evident when Connor cites Nike Company is a rich Western corporation whose main objective is to provide expensive shoes to the well off people in developed countries while in turn exploiting the less privileged. Nike ought to ensure transparency and accountability in various factories, which it has entered into contract with in quest to market its products globally. In addition, its management ought to encourage workers in airing their grievances without victimization to their respective supervisors and managers (Lichtig & Wisley, n.d). This is by the enforcing adherence of laws in all its factories in order to avail adequate and effective protective equipments especially to workers working in departments dealing with obnoxious chemicals. Some of th ese protective facilities include gloves, masks, industrial boots as well as overall coats, which are vital in avoiding lethal complications caused by uncontrolled exposure to chemicals in the factories. Besides, Nike Company ought to compel its factories to implement both minimum wage and working duration policies stipulated by regimes of varied states in which they operate (Lichtig & Wisley, n.d). 3. In Indonesia, an income of $2.28 a day, the base pay of Nike factory workers, is double the daily income of about half the working population. Half of all adults in Indonesia are farmers, who receive less than $1 a day. Given these national standards, is it appropriate to criticize Nike for the low pay rates of its subcontractors in Indonesia? Yes. Nike Company deserves criticism it currently receives from all global quarters due to poor wages, which almost all its factories situated beyond US borders pays their workers. I think Nike should not pay its workers based on what majority o f casual workers and farmers in Indonesia usually receive. Therefore, it is ethical that Nike and all its subcontracted factories pay their workers decently to enable people live comfortably besides motivating them. In addition, Indonesia being the highest producer of Nike products, its workers ought to receive special privileges as a sign of the mainstream’

Cigarettes and Smokers Regarding The Economy Essay

Cigarettes and Smokers Regarding The Economy - Essay Example Cigarettes taxes are most effective in reducing consumption of the young population or more precisely children and teenagers who get pocket money and are not financially independent (Chaloupka). People who try cigarettes for thrill will be put off greatly by a significant amount of sales tax. But for hard-core consumers of cigarettes, quitting is not easy at all as they experience withdrawal symptoms if they try to quit. They will be willing to forgo their consumption of other products but cigarette. Foregoing the consumption of other products does not curb the need for them. Therefore, hard-core smokers tend to resort to shop lifting because after spending on cigarettes they are left with very less money. The sellers of other products will incur losses because hardcore smokers are willing to sacrifice products like biscuits, sweets, chocolates or magazines for cigarettes. Sometimes when the government announces a rise in sales tax on cigarettes, it takes time for the tax to come int o effect. In the mean while smokers buy cigarettes in bulk so that they do not have to pay the higher price for a packet of cigarettes. So this bulk buying should be taken into account before the government imposes sales tax. Some economists are of the view that a sales tax on cigarette will be more effective in the long run than in the short run because smokers readily adjust to price in the short run. If the price is permanently increased from let’s say $2.5 to $5.0 for a packet of cigarettes then the long run impact will be double the short run one and a lot of people will be able to overcome the habit altogether. Imposing a sales tax on cigarettes is just not enough. The revenue generated from sales tax should be invested in Health Programs dedicated to discouraging smoking. Also filtered cigarettes should be taxed less than the unfiltered ones. However the difference in the tax rates for the two should not be very large. Besides this taxation policy, there should be a ban on cigarette advertising and it should be made mandatory that the hazards of smoking be mentioned on a packet of cigarettes. With no advertising, the attractive packaging also lures consumers. The government should come up with a generic packaging design that is less appealing to consumers. It should be obligatory on retailers to sell cigarettes to people who have attained the age of majority (18 years old). Government sponsored campus drives at different schools and universities should be held in which lectures on negative effects of smoking should be conducted. Student volunteers can also be hired by the government to spr ead awareness. There should be tariffs imposed on the cheap cigarettes imported from other countries. Sales taxation alone cannot deter consumers from smoking. Like other economic policies, taxation should be carried out with above mentioned measures to ensure good health of all.

Role of Public-Private Partnerships in Mixed Economies Coursework

Role of Public-Private Partnerships in Mixed Economies - Coursework Example This paper offers a comprehensive analysis of effective cooperation in a form of PPP between UK government and NATS Holdings Limited, the renowned service provider in the field of air navigation. The perception of mixed economy is principally described as a financial system that comprises a mix of both collectivism and capitalism notions. A capitalist system is primarily based upon personal profits, private ownerships, labours and investments. On the contrary, a socialist arrangement typically involves the financial activities that are regulated as well as controlled publicly by the active engagement of planning councils along with different governmental bodies Mixed economy type generally embraces an amalgamation of private financial freedom and centralised monetary planning along with governmental regulations Certain crucial factors like globalisation, extreme business market competition and internationalisation have ultimately urged the importance of conducting the PPP approach by a significant level. It has been often argued in this regard that public services require becoming more innovative for the purpose of developing the lifestyle of the individuals or the people belonging to this contemporary world and most vitally, to enhance economies of dissimilar nations. One of the innovative practices adopted as well as executed by NATS is conducting the PPP approach with motive of enhancing its financial position. The significant concern of partnership working has become much significant in delivering effectual public services. ... These benefits might include generating greater monetary value, delivering different sorts of projects in an effective as well as timely manner, effectively exploiting the state assets and resources, generating diversity along with innovation especially in the stipulation of public services (RPA, 2008). Furthermore, the other benefits that can be availed from establishing PPP comprise accessing better finance towards private sectors, raising lucidity in the operational procedures while undertaking any sort of project and most vitally delivering superior infrastructure related solutions (Dept of Economic Affairs, 2011). With this concern, this paper intends to analyse a PPP with reference to the example of NATS Holdings Limited applying certain significant aspects grounded on the arguments revealing that pubic services need to be more innovative and the idea concerning partnership working has become much important, especially when concerning the deliverance of effective public service s. A Brief Overview of NATS Holdings Limited NATS Holdings Limited, which was previously acknowledged as National Air Traffic Services, is viewed as one the foremost service providers relating to air navigation in the United Kingdom (UK). The vision of the company has been to become a worldwide leader in the business segment of offering pioneering solutions linked with air-traffic and airport performance as well (NATS Limited, 2013). It has been apparently observed that the business market concerning the services relating to air-traffic is incessantly transforming due to extensive long-term growth in the sector of aviation both nationally and internationally. Thus, it

Semiconductor Capital Equipment Market Information Technology Essay

Semiconductor Capital Equipment Market Information Technology Essay Rudolph Technologies Inc. (RTEC) is a global leader engaged in the design, development and manufacture of high-performance process control defect inspection, metrology, and process control software systems used by semiconductor device manufacturers. The company provides a complete yield management solution to chip makers through a mix of hardware, software, and services. The three main lines of business comprise metrology, inspection and data analysis, and review. The metrology system evaluates composition, thickness, and other properties of transparent and opaque films to ensure that the material does not get too thick or too thin. The inspection system looks for defects such as tiny scratches or gouges in the surface of a silicon wafer, while the process control software offerings turn raw data collected during the production process into useful information. The company generated revenues of $78.7 million in 2009, with inspection systems sales contributing nearly 50%. The company s ells products to over 90 customers comprising of logic, memory, data storage, and application-specific integrated circuit (ASIC) device manufacturers located in 20 countries; among them Intel Corp accounts for around 14% of total sales. The company generates nearly three-quarters of sales outside the US, primarily in Asia. Rudolph has extensive world-wide network of direct sales, customer service and application support offices, while its manufacturing facility is situated in Bloomington, Minnesota. In highly competitive semiconductor capital equipment market, the company competes with several established companies, principal among them are KLA-Tencor and Camtek. Flanders, New Jersey headquartered Rudolph employs around 497 personnel. The companys common shares trade on NASDAQ Global Select Market under the symbol RTEC. Company Background Rudolph Technologies was incorporated under the laws of New Jersey in 1958, and reincorporated in Delaware in 1999. The companys origins can be traced back to 1940, when Otto Curt Rudolph formed O.C. Rudolph Sons to import microscopes and scientific instruments, which was later renamed as Rudolph Research Corp. In 1977, the company launched the industrys first production-oriented ellipsometer for thin-transparent film measurements. Since then, through its engineering expertise and continuous investment in research and development, the company has broadened its portfolio with several new innovative products covering metrology, inspection and analysis solutions. In June 1996, Riverside Partners and Liberty Partners made major investments in the company to support its expansion in the semiconductor metrology market. To reflect the companys new strategic focus and plans for metrology, its name was changed to Rudolph Technologies. Three years later, in November 1999, Rudolph went public with its initial public offering 4.8 million common shares. The acquisition of ISOA Inc. in July 2002 added inspection and classification systems to the companys product portfolio, while the companys merger with August Technology Corp. in February 2006 further strengthened its position in macro defect detection and analysis markets. To be a complete supplier of back-end equipment and software, the company acquired the semiconductor business of Applied Precision LLC in December 2007, and the wafer scanner product line from RVSI Inspection LLC in January 2008. These acquisitions expanded the companys product offerings to precision wafer probe card metrology systems, wafer probe process management systems, and 2D/3D macro defect inspection. In august 2009, Rudolph became second largest supplier of process control software solutions with the acquisition of Adventa Control Technologies Inc. The acquisition of Adventa widened its software presence with a wide range of technologies including tool automation, run-to-run control, and fault detection and classification. Inorganic growth being an important part of the companys strategic growth plan, the management intends increase revenue and earnings with additional purchases during upcoming quarters. Table 1: RTECs subsidiaries Products and Services Rudolph is engaged in the engaged in the production and sales of macro-defect inspection, metrology and process control software systems used by semiconductor device manufacturers. These process diagnostics and control equipments provide solutions for both front-end and back-end semiconductor manufacturing processes. Over the years, the company has reduced its dependence on front-end metrology market by adding defect inspection system, and process control software to its portfolio. At present, the company derives majority of revenue through the sales of inspection systems, followed by metrology and software systems. Source: Company Filing, RODM Research Inspection Systems The companys inspection equipment looks for defects not visible to the human eye, such as tiny scratches or gouges on the surface of a silicon wafer. The company is believed to be a market leader in both front-end wafer processing and final manufacturing inspection systems. The company entered into the macro-defect inspection market in September 2002 with the acquisition of ISOA Inc., a Texas-based OEM of defect inspection tools for lithography and chemical mechanical planarization (CMP) processes. Since that, the share of inspection system sales in total revenue has increased significantly to reach 48% in FY2009. The company offers a wide range of macro-defect (defects greater than 0.5 micron) inspection systems for detection of front side, edge and backside defects during both front-end wafer processing and back-end IC manufacturing. AXi 940 Module B30 Module Explorer Inspection Cluster NSX Series PrecisionWoRx VX4 System WaferWoRx 300 System Inspection Test Systems Introduced Functionality Type of Fab Front-end Back-end AXi  Module 2003 Advanced detection of defects >0.5 micron Inspection of patterned and unpatterned wafers In line, high-speed, 100% inspection Full color review and waferless recipe creation à ¢Ã‹â€ Ã… ¡ E30  Module 2003 2D defect detection of the wafers edge Metrology of edge feature Incorporated into the Explorer Cluster à ¢Ã‹â€ Ã… ¡ à ¢Ã‹â€ Ã… ¡ B30  Module 2003 2D defect detection of the wafers backside Darkfield, brightfield and color imaging Incorporated into the Explorer Cluster à ¢Ã‹â€ Ã… ¡ à ¢Ã‹â€ Ã… ¡ Explorer  Inspection Cluster 2009 A family of multi surface inspection tools, using one or more inspection modules Automated handling platform Intelligent wafer scheduling à ¢Ã‹â€ Ã… ¡ NSX  Series 1997 Fully automated defect detection >0.5 micron 2D wafer, die bump inspection In line, high-speed, 100% inspection à ¢Ã‹â€ Ã… ¡ Wafer Scanner Series 1999 2D/3D bump dimensional inspection 2D bump/surface defect inspection In line, high-speed, 100% inspection à ¢Ã‹â€ Ã… ¡ PrecisionWoRx 2008 Probe card test analysis Configurable channels High load forces à ¢Ã‹â€ Ã… ¡ ProbeWoRx 2003 Probe card production metrology 3D Optical Comparative Metrology High-speed test times Automated, one-touch measurements à ¢Ã‹â€ Ã… ¡ WaferWoRx 2006 Probing process analysis 3D probe tip analysis Proprietary, advanced software à ¢Ã‹â€ Ã… ¡ PrecisionPoint 2002 Probe card analyzer Tests devices simultaneously Upgradable à ¢Ã‹â€ Ã… ¡ Metrology System Metrology equipment monitors layers of conducting and insulating materials on silicon wafers to ensure that the material doesnt get too thick or too thin. Rudolph introduced the industrys first production-oriented microprocessor-controlled ellipsometer for thin transparent film measurements in 1977. The company currently offers a wide range of metrology systems that measures both transparent and opaque thin-films during front-end fabrication process. The percentage share of metrology systems in total revenue has come down from 63% in FY2005 to 11% in FY2009 as the company has diversified into other higher-margin products including inspection system. MetaPULSE Series The companys MetaPULSE series of metrology systems uses picosecond ultrasonic laser sonar (PULSE) technology for opaque film measurement. The companys patented optical acoustic metal film metrology technology simultaneously measures the thickness and other properties of up to six metal or other opaque film layers in a non-contact manner on product wafers. PULSE Technology uses an ultra-fast laser to generate sound waves that pass down through a stack of opaque films and sends back an echo to the surface that indicates film thickness, density, and other process critical parameters. The company has sold nearly 200 MetaPULSE systems worldwide; the majority of them have been deployed for copper applications as this technology is ideal for characterizing copper interconnect structures. Introduced in 1997, the MetaPULSE was the first, and remains the market dominant, non-contact production metrology system for thin opaque films, currently used by all of the ten largest semiconductor produc ers. The average selling price ranges from $1.0 to $2.0 million per system. S3000 Series MetaPULSE-III System MetaPULSE System MetaPULSE-IIIa System S3000 CD System S3000S SystemIntroduced in 2006, the companys S3000 series of metrology equipments incorporates ellipsometry technology for transparent film measurement. Ellipsometry is a non-contact, non-destructive optical technique that measures the thickness and properties of transparent thin films applied to wafers during the device formation process. The companys patented ellipsometry technique uses four lasers simultaneously for multiple-angle of incidence and multiple wavelength ellipsometry, providing strong analysis and measurement capabilities for newly introduced thinner films and newer materials for future generations of semiconductor devices. Compared to the white-light sources used in spectroscopic ellipsometers, the laser light sources increase the level of accuracy and speed of the companys transparent film systems. Some of the systems combine ellipsometry with reflectometry tool to analyze films that require a broader spectral coverage. The companys transparent film measurement sys tems are available in a price range about $250 k to $1.0 million per system. Process Control Software Along with inspection and metrology systems, Rudolph also offers a suit of yield management and process control software, making it a complete yield management solution provider to semiconductor manufacturers. The company offers a comprehensive range of software for front-end fabs, back-end packaging facilities and photovoltaic market. The software collects the vast amount of data through automated inspection of fab process, which can be analyzed to determine trends that eventually improve yield. The type of software offered includes equipment automation software, tool-monitoring and fault detection software, equipment control software, yield and defect management software, and defect analysis and data management software. The acquisition of Adventa Control Technologies in August 2009 added several software systems to the companys portfolio, making it the second largest supplier of process control software solutions for chip makers, as per Gartner Dataquest. The company now supplies a broad range of Advanced Process Control technologies specifically for tool automation, run-to-run control and fault detection and classification, all designed to enable chip makers to increase capacity and yield and to reduce rework and scrap. Advanced Process Control utilizes software to automatically detect or predict tool failure and calculate recipe settings for a process that will drive the process output to target regardless of variations in the incoming material and disturbances within the process equipment. In FY2009, software licensing generated revenue of $6.7 million, accounting for 8.5% of total revenue. Industry Analysis Semiconductor Capital Equipment Market Rudolphs business is primarily driven by the annual spending patterns of semiconductor companies on capital equipments which, in turn, is dependent on other drivers such as the sales of PCs, mobiles and other electronic devices. Worldwide, capital equipment spending has been on a decline during the past 3 years due to the continued strong DRAM investments in 2007, when the market was experiencing oversupply, slower NAND spending growth, and disappearance of foundry capital spending. Subsequently, capital equipment spending eroded nearly 64% to $16.3 billion in 2009 from the 2007 levels, according to Gartner. However, equipment spending is expected to increase 56% to $25.4 billion in 2010 following the broad recovery in the semiconductor industry revenues, and related investment in the foundry and memory markets. In addition, the advancement of new technology nodes will drive the future spending. Gartner estimates an average 20% annual growth in capital equipment spending between 2009 and 2013. Wafer fab equipment spending, which accounts for almost three-fourths of total capital equipment expend is currently driven by advancements in memory technologies and related upgrades. The overall capacity utilization rates continue to run at 80-90% levels, while leading edge utilization rates will hit 90-95% by the end of 2010, which will power strong capacity additions by 2011. Process control equipment market Process control equipments are primarily used to measure the accuracy of the features of a wafer throughout the process flow, and inspect for any defects during the wafer fabrication process. Semiconductor manufacturing costs continue to rise as chip design is becoming smaller and more complex, leading to more time consumption and higher defects Complex chip designing not only increases the cost of buidling a fab, but the higher costs, in turn, increase production with imrpoved yeilds for superior profits and ROI. And this can be achieved by process control equipment which we believe is very critical to increase production yield, and minimize defects. In line with the downturn in semiconductor capital spending, the process control equipment spending declined 44% to $1.75 billion in 2009 from the 2008 levels, which had plunged 32% from $4.6 billion in 2007. However, as a percentage of total semiconductor equipment spending, the expend on process control equipment has increased magrinally from 10% in 2004 to 10.7% in 2009, indicating that this market conitnues to outpace overall semicondicutor capital spending. According to Gartners estimates, process control equipment spending is expected to grow >50% to reach $4.5 billion by 2012. Source: Gartner, Rodman Renshaw Research In terms of overall market share, KLA-Tencor dominates with ~50% market share followed by Hitachi and Applied Materials with 15% and 11%, respectively. Although a market leader in several segments, Rudolph is a tier-2 player holding an 2% share. Source: Gartner, Rodman Renshaw Research As a leading supplier of process control equipment for the semiconductor industry, Rudolph serves the macro defect inspection (both front-end and back-end), thin film metrology, and data analysis segments of the process control market. Macro Defect Inspection Macro defect inspection is one of the oldest metrology processes involved in the identification of defects of 0.5 microns and greater. Earlier, inexpensive manual techniques such as microscopes and cameras were the mainstay for identifying scratches, residual material, wafer edge irregularities, and several inspectors were employed at each process level. This compounded the cost of production and compelled production managers to resort to sampling where ~20% of the wafers in-line was inspected. Again, the limitations of this sample strategy restricted the ability to reduce errors leading to increasing number of misprocessed wafers to be scrapped. In response, automated macro defect equipments were introduced which made inspection (100%) both technically and economically feasible. The adoption of automated macro defect equipments has transformed this market into one of fastest growing sub-segments in the entire semiconductor capital equipment industry. Presently, the adoption of automated defect inspection is driven by the industry shifting to 300 mm wafers; where the wafers have more than 2X of the size and number of die compared to 200 mm. With larger wafers size, more chips are produced per wafer and, therefore, automated inspection improves the frequency of detecting defective chips, necessitating the use of automated defect inspection. An automated tool has a throughput of 120 wafers per hour compared, nearly double the manual inspection. We believe that as more devices continue to manufacture on 300mm wafers, the demand for automated macro defect inspection tools will enhance in the future. Macro defect inspection is classified into two sub-segments: 1) front-end inspection in wafer manufacturing; and 2) back-end inspection in packaging and assembly. Front-end macro inspection: The front-end inspection takes place at the front-end of manufacturing stages such as lithography, deposition, post-etches, post-clean, and CMP. Front-end macro inspection technique includes a) front-side inspection b) back-side inspection c) edge inspection; and d) surface inspection. Back-end macro inspection: The back-end inspection takes place in the assembly and final test phase of the manufacturing process which includes probe mark and bump inspection. Source: Gartner, Rodman Renshaw Research The front-end macro defect inspection market declined 44% to $50 million in 2009, in line with the decline in the overall semiconductor equipment spending. Gartner estimate this market to reach $215 million by 2012, growing at >100% annually between 2009 and 2012. In terms of market share, Rudolph is the market leader with a ~50% market (enhanced after August Technology acquisition in 2006) followed by KLA-Tencor and Nikon with a market share of xx% and xx%, respectively in 2009. The back=end macro defect inspection participates in the $20 billion Outsourced Assembly and Test (OSAT) market, where Rudolph is the number one provider of inspection solutions, where all of it is from August Technology acquisition. Rudolph has a 34% market share in the back-end market, follwed by Camtek and Hitachi with 23% and 13%, respectively. Thin Film Metrology Metrology tools are used to measure and examine characteristics such as thickness and electrical properties of a wafer to maintain uniformity across the manufacturing process. These tools can be classified into metal film metrology and transparent film metrology. Metal film metrology is used to measure the thickness of each individual metal layer on a wafer; while transparent film metrology uses a process called ellipsometry to measure the thin films properties. Rudolph has pioneered in transparent thin film market launching the industrys first ellipsometer based thin film metrology equipment. The thin film metrology market stood at $169 million in 2009, down 43% compared to 2008, in line with downturn in the overall semiconductor equipment market. In terms of market share, Rudolph dominates the metal metrology market with a 90-95% share. KLA-Tencor is the market leader in the transparent film metrology market with a 70% share and Rudolph followed with 8% in 2009. Source: Gartner, Rodman Renshaw Research The metrology market is currently driven by the transition of copper interconnect metallization into both DRAM and NAND memory market. Essentially, the fundamental shift to copper as a conductor material from aluminum is because an increasing number of semiconductor devices are being designed with more interconnect layers, since aluminum interconnects limit the overall chip speed. Whereas, copper interconnects handle geometries as small as 45 nm with more than 10 layers of interconnect circuitry and with higher speeds. Industry majors such as Samsung and Toshiba are progressing in the transition, indicating a substantial market opportunity. We believe Rudolph will be among the beneficiaries when memory suppliers transition to copper in the manufacturing process. The migration from 65nm to 45nm will require high-end metrology tools to measure the thickness of the copper layers. Being a market and technology leader, Rudolphs MetaPULSE solutions will experience gargantuan demand in the market, which has been very successful with leading memory suppliers such as Intel and AMD. Company Analysis A one-stop shop solution provider for yield improvement Rudolph Technologies presence across the value chain in the semiconductor manufacturing process is strengthened by its diversified product portfolio of metrology, macro inspection and software solutions. The transition from being a pure metrology company to a more diversified process control equipment and software provider has consolidated its presence in both wafer processing (front-end manufacturing), and packaging and testing (back-end manufacturing) with revenues from the former accounting for 60% ($47.19 MM) and the latter with 40% ($31.46 MM). Revenues from the metrology stream stood at $19.66 MM or 25% of the total revenue during 2009; while the inspection and software segments generated $47.2 MM and $11.8 MM, contributing 60% and 15%, respectively toward total revenues. The semiconductor device formation is referred to as front-end manufacturing wherein the raw wafer is subject ot various processes such as oxidation, lithography, diffusion processing, ion implanting etching, photo resist coating, washing, and chemical mechanical planarization (CMP) to develop into a silicon wafer that contains multiple copies of integrated circuit devices. After the device formation stage, the back-end processing (usually outsourced to contract manufacturers) starts to fabricate the finished product or integrated circuit for the customer. The back-end processing starts with parametric testing and functional testing following by the packaging process which includes polishing, back grinding, die attaching, wire bonding, and hermetic sealing. Diversified product portfolio (present across the value chain) Source: Company Presentation The companys presence in the entire value chain of semiconductor manufacturing process not only diminishes the risk of exposure to the dynamics of single market, it also weathers the cyclicality inherent in the semiconductor industry. The successful transition from front-end metrology to a total solution provider has resulted in a much more balanced mix of product portfolio with exposure to both front-end and back-end process. This helps the company to overcome the industry cycles that always do not move in sync (refer chart book-to-bill ratio).Front-end manufacturing is driven by technology changes, while back-end manufacturing is driven by unit volume growth (market demand). The difference in the demand drivers for the front-end and back-end manufacturing equipments can also be validated by analyzing the book-to-bill ratio over the past two years, which clearly indicates the cyclicality. Book-to-bill ratio Source: Company Presentation Financial Performance Over the years, Rudolph has transformed from being a front-end metrology system producer to a total solution provider to semiconductor device manufacturers through a mix of proprietary hardware, software, and service offerings. During 2008 and 2009, semiconductor equipment market experienced a downturn as semiconductor device makers reduced their capital spending due to the global economic crisis. In line with the industry, Rudolphs revenue also declined, although at a rate slower than that of the industry. When the downside in the global semiconductor equipment market was approximately 46.0% year-over-year in 2009, as per a Gartners study, Rudolphs revenue was down 40.0% compared to the prior year. The companys revenue in FY2009 stood at $78.7 million compared to $131.0 million past year, while the gross profit was $28.9 million over $43.7 million a year ago. Consequently, the company incurred a higher adjusted net loss of $14.1 million or $0.46 per share as against a loss of $2.4 m illion or $0.08 per share. A majority of the revenue is derived from macro-defect inspection system sales, which represented 48.3% of the total earnings in FY2009. Rudolphs strategy for continued technological and market leadership is largely on its diversified revenue sources from just the front-end metrology system in 1999 to include higher margin macro-defect inspection system and software licensing in its portfolio, thus circumventing the risk of depending on a single market. The share of inspection system and software sales has increased from 14.0% and 1.5% in FY2005 to 48.3% and 8.5%, respectively in FY2009, whereas that of the metrology system dropped from 63.4% to 11.3% during the same period. The company also generates revenue from spare parts sales and services including maintenance service contracts, system upgrades, as well as time and material billable service calls. Revenue from the sale of spare parts and services accounted for 19.6% and 12.2% of total revenue in FY2009, respectively. Rudolph derives a significant portion of its revenue from customers outside of the US, specifically from Asia. In 2009, it derived 72.4% of its revenue from outside of the US, of which 60.8% was generated in Asia, and 11.6% was derived from Europe. Going ahead, we believe that the revenue generated from Asia will be a substantial percentage of the total earnings, as a Garner estimate forecasts the semiconductor capital equipment market in the Asia-Pacific region to outpace other regions over the next five years. The rebound in the global economic and capital spending in the semiconductor industry, surged the companys revenue for 1Q FY10 more than three-fold to $40.6 million from $11.1 million in the earlier year quarter. Capacity additions by major foundries in Taiwan and elsewhere, and increase in capital spending by memory manufacturers supported the revenue growth. The inspection business represented 68% of revenue, while metrology and software businesses accounted for nearly 23% and 9%, respectively. However, the share of metrology business in overall revenue is likely to enhance based on the current capacity addition plans of tier-1 memory manufacturers and the anticipated increase in metrology spending by the foundry sector. We believe that the company is well positioned to benefit from improving business conditions in foundry, memory, and logic markets with its strategic balance of front-end and back-end business. Along with revenue, the companys margins also improved to 49.9% from 20 .6% in the comparable quarter of last year, supported by an increase in higher-margin inspection system sales. Although the expected higher contribution of metrology systems sales in overall revenue could impart a slightly negative impact on the companys gross margin during the upcoming quarters, it is likely to be offset by improved manufacturing efficiencies as the companys newly introduced products mature. The adjusted operating margin also returned to historical levels, which improved to 13.2% in 1Q FY10 from -78.0% a year ago. Finally, the company swung to a non-GAAP net income of $3.3 million or $0.11 per share from a non-GAAP net loss of $6.7 million or $0.22 per share during the corresponding quarter of the prior year. Rudolph usually invests the cash generated by operating activities into marketable securities, acquisition of businesses and capital assets. Inorganic growth has always be a key factor in the strategic growth plan. The company has acquired five businesses since 2002, the payment in all the cases was made through cash, either partly or the entire purchase price, thereby, minimizing stock dilutions. In 1Q FY10, the company generated operating cash flows of $6.8 million compared to an outflow of $4.0 million a year earlier. The company had cash and marketable securities of $67.1 million as of March 2010 which, we believe, is sufficient for the future capital expenditure, and supports the company to pursue its inorganic growth strategy. The balance sheet validates Rudolphs strong liquidity level as well as its debt-free position. The current ratio of 5.4 as of March 2010 affirms the companys ability to meet short-term payment obligations. The absence of debt will preclude financial risks during a downturn, and provide adequate flexibility in its operations. Although the accounts receivable at the end of 1Q FY10 surged 175.2% year-over-year to $40.8 million, it increased at a much lower rate than the revenue, which grew 267.3% during the same period. Days sales outstanding during 1Q FY10 reduced to 94 from 130 a year ago, and inventory days dropped to 311 from 336, thereby, improving cash generation. The cash conversion cycle has declined to 327 days from 377 days over the prior year quarter.

Tess of the D´Urbervilles :: Essays Papers

Tess of the D ´Urbervilles Tess of the d ´Urbervilles written by Thomas Hardy is a novel about a young girl of a poor family whose life changes because someone tells her family that they belong to a noble family. But is it a bad change or a good one? This story is written in third person point of view. John Durbeyfield is walking through the street at night and suddenly a historian visiting the town, stops and tells him that his last name is really d ´Urberville and it belongs to a noble family. Sir John hurries and tells the news to his family. He is a very poor man. So he tells his young daughter, Tess, to go find job at their â€Å"family’s† town, but Tess’s mother never warned her about how mean man can be. There, Tess meets a man, Alec d ´Urberville, and in a short time he manages to seduce her and he forces her to do something she didn’t want to. She leaves immediately that town and shortly after finds out that she is pregnant but her baby, soon after being born, dies. This makes her have a lot of anger towards men. When she goes to find a job at another town she meets a very charming man, Angel Clare, and very soon they fall in love and get married, but when Tess tells him her dark secret he is not able to forgive her after he has done wrong too by having relations with a woman he did not love, and knowing it was not Tess’s fault. He then leaves her. While Angel is gone Alec starts to seduce Tess again and she falls for him again. When Angel realizes he was wrong it was too late. Tess then realizes she really loves Angel. Alec was still that mean man she had met and was forced to kill him. Angel and Tess are finally very happy, but just for two days because Tess is put in jail and killed. Alec ends up marrying Tess’s sister Liza-Lu like Tess wanted when she knew she was going to be killed. This story takes place in the countryside of England at first in a little village called Marlott, a poor place in a little cottage where she and her family live, and then in several other towns a bit more sophisticated.