Impact of External Macro Level Factors on Social...

Funder Mifflin Inc. Internal Memorandum Funder Mifflin Inc. Level 6, Juvenile House, 12 Independent Street, Adelaide Telephone: (07) 239-78-577 Facsimile: 323-7895 Date of Memo: 11th September 2012 To: The Manager, John Atkins From: Rudolf Kevin Subject: Impact of External Macro level Factors on Social Networking Industry Macro Level Environment Factors Macro environment factors are uncontrollable external forces that affect the normal operation of a business. These external and uncontrollable factors influence organizations decision making as well as performance and strategies (Weon Eunkyu, 2010). In addition, these factors often require changes in operating, management, production, as well as marketing strategies. These factors range from economic, demographic, legal, political, social conditions, technological changes as well as natural occurrences. Examples of the macro environment include competitors, changes in interest rates, changes in cultural preferences, and government regulations. These factors are always categorized using the acronyms PEST or PESTEL; standing for political, economic, social, and technological concerns and also includes environmental and legal factors. PEST Analysis Political There are several political factors that may affect business operations. These factors include taxation policies, government-issued safety regulations, the availability of government contracts, and shifts in the controlling political party. Other factorsShow MoreRelatedEnvironmental Analysis And Setting Strategic Goals1660 Words   |  7 Pagesconcern them, and more so, during the planning process. Diverse but overlapping environments ought to be monitored; the macro environment, the industrial environment, the competitive environment, and the organization’s internal environment (Ginter, 2013; Pfeiffer, 1986). At Rapha AL, my chosen organization, the environmental scanning will include distinct internal and external factors that would enable Rapha gain excellent understanding of the current and emerging issues that might affect it, and inspireRead MoreExternal Factors And The Business Model1480 Words   |  6 PagesExternal Factors and the Business Model To build a successful business model, the organization must analyze the business environment for external forces. Osterwalder and Pigneur (2010) discuss the importance of identifying the external factors in the business environment; the organization must be able to adapt the business model to the changing environment. External factors of demand play a critical role in developing a business model, an organization must quickly identify external threats andRead MoreStrategy Analysis : Facebook On Campus Website2333 Words   |  10 PagesOF FACEBOOK 1. INTRODUCTION: Facebook is the world’s most popular social networking website with an active user’s base of 1.35 billion. It was initially called face-mash which was an on-campus website created by Mark Zuckerberg and his friends in 2003 to share and exchange pictures of the on-campus students, but its immense popularity amongst the young students inspired Zuckerberg to launch it as a commercial social networking website in February 2004. Facebook provides a single platform whereRead MoreNoki A Finnish Multinational Communication And Information Technology Company Essay1489 Words   |  6 PagesThe company has had various industries in its 151-year history. Originally founded as a pulp mill ,and current focuses on large-scale telecommunication infra structures,and technology development and licensing.Nokia is also a major contrtibuter to the mobile telephony industry,having assisted in the development of the GSM and LTE standards ,and was,for a period ,the largest v endor of mobile phones in the world.Nokia’s dominance also extended into the smart phone industry through its Symbian platformRead MoreProduct Description, Current Market Condition And Analysis1760 Words   |  8 Pagesvehicles. Macro Environment (http://www.oxlearn.com/arg_Marketing-Resources-PESTLE---Macro-Environmental-Analysis_11_31) Macro environment include PESTLE analysis is the component which helps in scanning the businesses external macro environment. PESTLE stands for Political, Economic, Social, Technological, Legal and Environmental. Technological factor has the direct impact on the product as with the advancement of technology many changes have taken place in the different industries. As LitelokRead MoreEssay about Competitive Analysis for Cisco in China5180 Words   |  21 PagesIntroduction 5 Macro Environment Analysis (PESTEL Analysis) 5 Political Factors: 6 Economical Factors: 6 Societal Factors: 7 Technological Factors: 7 Legal Factors: 8 Micro Environment Analysis (VRIO Analysis) 8 Analysis of Competitive Environment 11 Porter’s Five Forces Analysis to the industry 11 Threat of New Entrants: 12 The Bargaining Power of Buyers: 12 Bargaining Power of Suppliers: 13 Threat of Substitute Products: 13 Rivalry among Existing Firms in the Industry: 13 Porters DiamondRead MoreCoca Cola And The Global Market990 Words   |  4 Pagesfor a long time the name Coke is a drink a couple of people around the world for over 128 years, from the drinks available from the local pharmacy in the city of Atlanta. To this day, the US s Coke is one of the world s most popular beverages. Macro Environment Political – A large multinational company such as Coca Cola has to comply with strict laws and legislation; this is not only within the US, but around the world where they also have a large influence in the global market. There are manyRead MoreHrm in Business Context Essay2961 Words   |  12 PagesA Report on Influences and Developments in the External Environment that have an impact on HR policies and practices,using the framework of STEEPLE By Amartya Basu(Registration No-201283862). Date:2/12/2012 Submitted in partial fulfilment of the requirement of the MSc Human Resource Management(Full-time) course. Acknowledgement: I would like to thank my teacher Mr. Chris Moore for his guidance and encouragement he has given me in writing this report. Abstract: This study is aboutRead MoreAnalysis Of Huawei Technologies Ltd. Essay2242 Words   |  9 Pagesfocus on the internal environmental analysis, then the micro and macro environmental analysis. To do so, we will use a range of marketing tools (Porter’s five forces, Marketing Mix, and PESTEL). 1. Internal Environmental Analysis The main focus of an internal environmental analysis is to focus on Huawei’s organizational culture, marketing mix and the key strength and weaknesses. Then we will discuss the factors that are likely to impact the firm’s success. (Huawei, 2016). 1.1. Organizational StructureRead MoreThe Mobile Phone Industry : A Innovative Segment Within The Ict Sector Essay2178 Words   |  9 PagesGlobal Smartphone industry Introduction The mobile phone industry is a very innovative segment within the ICT sector and the smartphone is becoming the standard configuration among the different types of mobile devices which is face and Serving the nationals in the world, where people could easily to buy one as the price between $20 and $1000 in any phone stores nowadays. Since the first touch-screen smart phone invented in the world which is call â€Å"Simon† launch by the IBM company in 1993, intelligent

Bilingual Education Does NOT Assimilate Non-English...

Bilingual Education Does NOT Assimilate Non-English Speaking Students Lo siento seà ±or. No he aprendido hablar inglà ©s. No puedo ayudarlo. (Im sorry Sir. I didnt learn to speak English. I cant help you.) When visiting McDonalds and having a non-English speaking person taking your order, one becomes frustrated with the lack of appreciation for learning English. Today, schools in Arizona no longer have true bilingual education classes; they have almost all Spanish instruction with limited English instruction. From the time bilingual education for Spanish was instituted in 1973, it has been ineffective in assimilating non-English speaking students into the English-speaking American society. The bilingual education programs†¦show more content†¦Bilingual education is to be thought of as no more than a transitional bridge to assimilation (Duignan). Bilingual education was formed so the majority of time English would be the language taught in and the native tongue of the students would be limited. Using this method, the students learn English faster and can work with the rest of their English speaking peers. If the two amounts of languages are switched so that there is mostly Spanish and limited English, then the learning would go at a slower pace. English is needed here in America and keeping these children from learning it just hurts them. If English is learned at a slower pace, it will not be learned to the proficiency that is needed. When youre talking about language, English is essential for success in this country (Ferraro) A third reason why the bilingual education system in place now isnt doing its job, is that there are many students who abuse the system too easily and they get away with it. Bilingual educators were accused of disregarding such developments; they often admitted children who were proficient in English to bilingual programs and kept them there too long. A U.S. Office of Education ­sponsored investigation of thirty-eight bilingual projects for Hispanic Americans judged that about 70 percent of the pupils involved used English rather than Spanish for the purpose of taking tests. (Duignan) These children stay in the bilingual classes because theyShow MoreRelatedReceived Pronunciation: Historical Background and Application17580 Words   |  71 PagesARTSAKH STATE UNIVERSITY English Language Department A Thesis to Acquire Master’s Degree Received Pronunciation: Historical Background and Application Performer: Hamest Mkrtchyan Superviser: Narine Hairiyan Stepanakert 2010 Contents Introduction Chapter I. The Evolution of Received Pronunciation 1.1 Spread of English 1.2 The origin of RP and its definitions Chapter II RP and Non–RP: similarities and difference 2.1 Changes in theRead MoreIgbo Dictionary129408 Words   |  518 PagesonaryDictionary of Ònà ¬Ã¯â‚¬ ¬chà   Igbo 2nd edition of the Igbo dictionary, Kay Williamson, Ethiope Press, 1972. Kay Williamson († ) This version prepared and edited by Roger Blench Roger Blench Mallam Dendo 8, Guest Road Cambridge CB1 2AL United Kingdom Voice/ Fax. 0044-(0)1223-560687 Mobile worldwide (00-44)-(0)7967-696804 E-mail R.Blench@odi.org.uk http://www.rogerblench.info/RBOP.htm To whom all correspondence should be addressed. This printout: November 16, 2006 TABLE OF CONTENTS Abbreviations:Read More65 Successful Harvard Business School Application Essays 2nd Edition 147256 Words   |  190 PagesBUSINESS SCHOOL HARVARD SUCCESSFUL 65 APPLICATION SECOND EDITION E S S AY S APPLICATION BUSINESS SCHOOL HARVARD SUCCESSFUL 65 ECSNS A IYI O N S SE O D ED T With Analysis by the Staff of The Harbus, the Harvard Business School Newspaper ST. MARTIN’S GRIFFIN NEW YORK 65 SUCCESSFUL HARVARD BUSINESS SCHOOL APPLICATION ESSAYS, SECOND EDITION. Copyright  © 2009 byThe Harbus News Corporation. All rights reserved. Printed in the United States of AmericaRead MoreFundamentals of Hrm263904 Words   |  1056 PagesThis online teaching and learning environment integrates the entire digital textbook with the most effective instructor and student resources With WileyPLUS: Students achieve concept mastery in a rich, structured environment that’s available 24/7 Instructors personalize and manage their course more effectively with assessment, assignments, grade tracking, and more manage time better study smarter save money From multiple study paths, to self-assessment, to a wealth of interactive visualRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesDimensions of Culture 5. Managing Across Cultures iv Feigenbaum−Feigenbaum: The Power of Management Capitol 1. New Management for Business Growth in a Demanding Economy Text  © The McGraw−Hill Companies, 2004 1 C H A 1 P T E R NEW MANAGEMENT FOR BUSINESS GROWTH IN A DEMANDING ECONOMY 2 Feigenbaum−Feigenbaum: The Power of Management Capitol 1. New Management for Business Growth in a Demanding Economy Text  © The McGraw−Hill Companies, 2004 Feigenbaum−Feigenbaum:Read MoreStrategic Human Resource Management View.Pdf Uploaded Successfully133347 Words   |  534 PagesHuman Resource Management, Second Edition by Charles R. Greer Copyright  © 2001, 1995 by Prentice-Hall, Inc. A Pearson Education Company Upper Saddle River, New Jersey 07458 Compilation Copyright  © 2003 by Pearson Custom Publishing All rights reserved. This copyright covers material written expressly for this volume by the editor/s as well as the compilation itself. It does not cover the individual selections herein that first appeared elsewhere. ii Permission to reprint these has been

Resesarch Free Essays

string(69) " management activities were incorporated in financing for its mines\." CASE: American Barrick Resources Corporation : Managing Gold Price Risk 1. In the absence of a hedging program using financial instruments, how sensitive would Barrick stock be to gold price changes? For every 1% change in gold prices, how might its stock be affected? How could the firm manage its gold price exposure without the use of financial contracts? Particulars for yr 1992($ million)| | Pretax earnings (Exhibit 2)| 223| Reductions in earning of gold sold at spot (1280mn oz x (422-345) (Exhibit 12)| (99)| Proforma Pretax Earnings| 124| Taxes @ 21% (Exhibit 2) | (26)| After Tax Earnings| 98| Thus in absence of risk management program the American Barrick stock would be more sensitive to gold price changes. This could also be observed from Exhibit 4 where the return on Barrick’s stock is continuously increasing as compared to other unstable major stocks in gold mining sector. We will write a custom essay sample on Resesarch or any similar topic only for you Order Now Elasticity of Earnings Profit for 1% change in Gold Price 1% change in gold price ($345)| $3. 45| Number of ounces| $1,280m| Additional pre-tax profits| $4. 4m| Additional after-tax profits| $4. 4 x (1-. 1) = $3. 5mn| Additional profits as % of earnings| 3. 5/98 = 3. 5% (approx)| Cash Flow = Earnings + Noncash charges| 98mn + 69mn = $167mn| Additional profits as % of cash flow| 3. 5/167 = 2. 1%| Thus with 1% change in gold price the earnings of Barrick would change by 3. 5%. The firm can manage its gold price exposure in following three ways: 1. Diversifying its business 2. Hedging against the gold price risk 3. Insuring against the gold price risk Hedging involves entering into financial contracts and so does insuring against the gold price risk. Thus without being involved in any financial contracts Barrick can reduce its gold price exposure only by diversifying its business. 2. What is the stated intent of ABX’s hedging program? What should be the goal of a gold mine’s price risk management program? Stated intent American Barrick Resources Corporation is one the most financially successful gold-mining concerns in the world. The main stated intent of ABX’s hedging program was to profit handsomely even during a downtime, when gold prices are falling. The hedging position had allowed ABX to sell its commodity output at prices well above market rates. The main motive of the hedging program was to profit and gain an advantage over its competitors by hedging, at a time when the prices of gold were low and also interest rates were falling. Thus, the main intent of the hedging program was to position the organization as a low- cost commodity producer, willing to sacrifice potential profits from gold price peaks in order to level out potential losses in the future. Goal of a gold mine’s price risk management program The primary goal of a gold mine’s risk management program is to hedge the risk of falling gold prices and low interest rates, to ensure the minimum sale price of gold even when prices are declining. One of the main goal is to achieve financial stability. The risk management programs motive is to hedge risk in order to plan the future cash flows with certainty. Also, at a time, when an organization has immense production initially itself, the risk management program enables the firm to earn a predictable, rising earnings profile in the future inspite of rising production. Thus , the intent of the risk management program is to hedge the risk in such a manner, that its production decisions are not affected by the market price of gold. 3. What would convince you that a price risk management program created value for its shareholders ex ante? The American Barrick Resources Corporation, had since its inception a strategy of efficient risk management system to protect or hedge itself from the fluctuations in the Gold prices. The various risk management system coupled with favourable circumstances and opportunities of price locking, rendered an overall strong balance sheet for American Barrick. They were able to attract investors who shied away from gold mine investments due to price risk, due to the efficiency in hedging mechanism. In 1992, American Barrick produced and sold over 1. 28 Million Ounces of gold at a price of $422 instead of $345 market rate, as a result of the risk management program. Such benefits would lead to higher revenues, and thus higher profits and in turn render higher value for the shareholders. The organisation guidelines clearly specifed that the risk managemnt system should be such that they are fully protected against price declines for 3yrs and 20-25% for a decade. Thus such a mechanism helped create value for the shareholders as the profits of a Gold mine are dependent on fluctuation in gold prices and the difference between revenue and costs. Thus locking future prices, provided financial stability, enabling the organisation to avoids dips, and plan cash flows in a confident way, and in combination with the rising production, offered investors and shareholders a predictable , rising earnings profile in the future 1. How would you characterize the evolution of Barrick’s price risk management activities? Are they consistent with the stated policy goals? As a producer of commodity products, gold mining firms had virtually no marketing or distribution costs. There was always a ready market for their products, at market prices, once extracted from the earth refined. Therefore a gold mine’s profits were a function of the quantity of its production the difference between the prices at which it sold its output its costs. To minimize the price risk, hedging is necessary. Being conservative in nature, company has maintained lower leverage. As per stated policy goals of company, Gold Hedging program gives American Barrick extraordinary financial stability. It protects shareholder’s wealth from the dip in gold prices. American Barrick’s hedging program evolved over history and used a wide range of tools to manage gold price risk. With gold financing, forward sales, options strategies spot deferred contracts, company shed some of its price risk while maintaining flexibility to profit from rising gold prices. a. Gold Financing: In early days, Company’s gold price management activities were incorporated in financing for its mines. You read "Resesarch" in category "Papers" Company made its growth organically as well as inorganically. Almost every year, company madeacquisition of 1 gold mine company. For financing such acquisition, company used following tools Gold Trust: Paying specific percentage of gold production as return to investors Bullion Loan: Bank gives loan in gold form, company need to pay interest in gold terms only. Collateral is reserves company owns Limitations: Limited scope. b. Forward Sales: Production at Gold mine is highly inelastic in nature. ie Its not easy for the company to change the production in tune with the highly fluctuating demand, market prices. To avoid price risk, American Barricks used Forward Sales as tool by which company can lock in prices for future dates. Forward Sales are usually for relatively short delivery periods of under a few years. Normally forward sellers receive a premium (approx. 5%)above the current gold prices ensuring a guaranteed return of 5% for forward sellers. Limitations: Forward sale mitigates downside risk but also its ability to benefit if price rose. c. Options Warrants: Hedging using Forward sales eliminated downside risk for the American Barricks but also its ability to benefit if price rose. To resolve this issue, from 1987 company started using Options and warrants. This allows company to hedge from downside risk and retain some benefits of rising prices. Board of American Barricks were ready to use options but in costless manner. Collars strategy: Simultaneously buying Put Option writing Call Options on gold. Premiums and maturity of both call and put option is maintained same. This strategy ensured a price range for the gold in future giving opportunity to the company to get benefits from rising gold prices as well as downside protection if price dips. Limitation: Market for such options were liquid only for contracts with maturities under 2 years. This horizon was far shorter than 20 years of expected production currently in reserve. d. Spot Deferred Contracts: This tool gives additional feature to standard forward sale. In forward sale, the delivery date is fixed. In SDC there are multiple delivery dates. Seller chooses at which date he will pay gold. Forward price is decided at each roll over date depending upon current market price plus prevailing contango premium. ( SDC will be explained in detail in Q6. ) So during 10 years, American Barricks moved solely from getting gold financing, lock in future prices to getting strategic benefit due to inherent strengths of American Barricks over competitors using tools like Spot Deferred Contracts. 5. How should a gold mine which wants to moderate its gold price risk compare hedging strategies (using futures, forwards, gold loans, or spot deferred contracts) with insurance strategies (using options)? On what basis should these decisions be made? Once a firm has decided on either a hedging or an insurance strategy, how should it choose from among specific alternatives? One can characterize risk management strategies as either linear, hedging strategies (which eliminate all exposure to price fluctuations) or nonlinear, insurance strategies (which protect firms against falling gold prices only. ) Choices among instruments are determined by their relative costs (including transaction costs), interim liquidity requirements, accounting and tax implications, and the ability to customize the contract terms. For example, gold mining firms tend to use forward sales instead of futures contracts, at least in part to avoid the cash margin calls which futures transactions might entail. As another example, mining firms’ preferences for spot deferred contracts over them functionally equivalent strategy of rolling forward contracts seems to be related to their relatively attractive accounting treatment. Distinguishing linear and nonlinear strategies becomes more difficult with dynamic trading. Suppose we observe a firm only selling gold forward. By a static measure, we would conclude that it was hedging. However, as is well known, through dynamic replication, a trader can create a put option by adjusting the amount of gold sold forward. Specifically, as the gold price falls, a dynamic replication strategy would have the firm short-sell more gold. Thus, distinguishing hedging from insurance strategies requires an analysis of the changes in a firm’s equivalent short position (or delta-percentage) relative to changes in the price of gold. The sensitivity of cash flows and investment costs relative to changes in the underlying macro-variable are equal. If the sensitivities are equal, linear or hedging strategies will be optimal, otherwise firms would prefer to use non linear or option strategies. It is not apparent how to measure the degree to which mines face quantity risk. Firms facing borrowing constraints and that facing higher price risk might be more active users of options. Borrowing constraints might be more severe among firms with high operating costs, small market values, or small reserves; bankers might be reluctant to lend to high-cost producers that may be forced to shut-in production and to smaller firms with less collateral. It is reasonable to suspect that price risk might be more pronounced among mines with higher production costs. Firms with higher cash costs and those with smaller market values and reserves might be more likely to use options or price-contingent nonlinear strategies. 6. What is a â€Å"spot deferred contract? † Why has ABX chosen to rely on spot deferred contracts relative to other gold derivatives? Spot deferred Contract (SDC) is used by gold producers to hedge gold price exposure. It is a type of forward contract which has multiple delivery dates with the final one being 5 or 10 years after the initiation of the contract. The seller of SDC has the right to choose on which of the rollover date he will deliver the gold and can defer the delivery date till the end of the contract. Therefore spot deferred contract gives the right to the seller to choose the delivery date but has to deliver the quantity of gold specified in the contract. American Barrick entered into SDC with 1-year delivery or rollover dates where prices were set only for the first rollover date. On the rollover date, American Barrick could deliver the contract if forward prices were higher than spot prices or could roll the contract for the next period and sell the gold in the spot market. American Barrick chose to rely more on spot deferred contracts relative to other gold derivatives because of the following reasons: 1) Initially American Barrick entered into contracts for delivery within 3 to 4 years. Later on its bargaining power increased because of its large reserve base and strong financial position which made them negotiate agreements giving them 10 years within which to make delivery. 2) SDC was a way to profit from increase in price of gold yet set a minimum price on its sales of gold. How to cite Resesarch, Papers

Indian Journal Of Science And Technology †Myassignmenthelp.Com

Question: Discuss About The Indian Journal Of Science And Technology? Answer: Inttroducation Passing of ideas from one person to another can be done by the use of an image. Objects and signs have a physical similarity, which is put across by the iconic relationship. The sign, being anything in one way or other, stands for something else in respect to capacity and make meaning. The perpetual resemblance can also be signified by the icons enhancing fast recognition of the objects such as the image of a smiley face which represents a human being (Rajendran and Kumar, 2015). The black image outline of a gorilla and a human-like shape is a distinct representation of a gorilla and a boy. The gorilla seems to be walking together with the kid to an unknown destination. The artist appears to suggest that the gorilla famously known as harambe is a friendly animal and had no ill intentions towards the boy. Cause and its effect comprise the index. A sign as cause and the force for an object, therefore, forming the symbol object relationship (Nack, Scherp and Neuhas, 2014). The indexical sign has a connection to the actual object. An example is a shadow that is directly under your feet is a sign of the sun being directly over your head. The burnt sienna color in the horizon below the image of the soldiers is a phenomenon widely associated with the sunrise. The artist intends to show the rise of a new era where human beings and animals can live nearby and in harmony. For meaning, a signifier is used to symbolize the signified. The signifier and the signified have no resemblance. The signifier can be informed of words, and the signified are objects (Kapitny and Kapitny, 2015). The signifier from the image is the pictures of soldiers used. Harambe is dressed as one of the troops in the photograph. Soldiers are used to symbolizing prestige in a country and can be used to refer to self-discipline. The artist seems to have the intentions of portraying harambe as a form of influence for his country as he was 17 years old which implicated wildlife heritage and people paid to get to the zoo to watch him before he was shot dead by the zookeeper. Construction of meaning from image A Ronald Barthes theory uses denotation and connotation to bring out the relationship between signifier and the signified. A denoted level of meaning is the association of a sign and the literal meaning of words and other phenomena. Sings are associated with the first meaning of words. However, further meanings can also be linked to the sign. The image of a gorilla at the forefront of the soldiers means that the gorilla, being a soldier in the photograph and position at the front is a leader. The image shows that harambe earned a place of honor in his country after his death because his photograph is among those of soldiers signifying fallen soldiers. Connotation Cultural and historical knowledge or experience is the basis of connotative interpretation, and further meanings of words are derived (Ashley, 2015). Personal associations such as ideas are given meaning by being attached to words. The presence of soldiers in the cloud can be given a connotative meaning. Clouds have a spiritual meaning that indicates bad luck. The dark clouds also show a stormy weather. The soldiers whose faces appear in the dark clouds portray a signification of having undergone hardship in the line of their duty for a good course. Harambes head is among the soldiers and indicates dark lack on his part as his intentions towards the young boy were not apparently known to be ill. References Rajendran, V., Kumar, G. B. (2015). Text Processing for Developing Unrestricted Tamil Text to Speech Synthesis System. Indian Journal of Science and Technology, 8(29). Nack, F., Scherp, A., Neuhaus, C. (2014, June). Semiotic Tagging: Enriching the Semantics of Tags for Improved Image Retrieval. In Semantic Computing (ICSC), 2014 IEEE International Conference on (pp. 7-14). IEEE. Ashley, L. (2015). Illuminating cultural terrains in dance: A symbiotic approach to analysis and interpretation. Te Kaharoa, 8(1). Kapitny, , Kapitny, G. (2015). The semiotic dimensions of vertical social (self) classification. Semiotica, 2015(205), 243-260.