Securities Markets 2 (Assignment) Assignment Example | Topics and Well Written Essays - 2500 words

Securities Markets 2 ( ) - Assignment Example The parent company of CAO is China National Aviation Fuel Group Corporation (CNAF), which is the largest state owned enterprise in PRC region (Prima Professional, n.d). The parent company is a well-known aviation transportation and logistics service provider in PRC. CNAF owns 51% of total shares that are issued by CAO. The year, 2005, was not at all good for CAO, since it had to face a loss of $550 million (China Daily Information Company, 2007). The situation led to the collapse of the institution, until it was revived by its parent company. The facts that are learnt from performance of CAO, regarding valuation of derivative, are elaborated in this section (Ernst & Young Global Limited, 2014). The CAO, in the initial period of their business, â€Å"traded in over-the-counter (OTC) swaps and exchange-traded futures† for protecting their business from risks associated with procurement of oils. The company purchased and sold risk free options on behalf of airline companies, who are their clients. So, there is a good source of income for CAO from the bid-ask spread, without exposing the company to vitality of the oil markets. During the third quarter of 2003, the company started to conduct options trades as speculators for earning profit from constructive market movements, which was observed in the oil-related commodities market. The company had started trade on the belief that oil prices will move upward. The trading strategy indicated purchase of call option and sale of put option simultaneously (Amato and Gyntelberg, 2005). Thus, it created a synthetic long position in the oil market, without purchasing the commodity outright. When price of the oil increased, the ca lls, which were purchased earlier, exercised at a profitable rate. The puts were not exercised and the company profited from premiums, which were collected from the options at the time of sale (IBS Case Development Centre, 2010). The put that were sold in the security market were not

Sport Tourism Essay Example for Free

Sport Tourism Essay Sports tourism presents an opportunity for the City of Kent, Kent State University and City of Kent schools to leverage existing sports and recreation facilities to create new economic and community value by hosting amateur sporting events at Kent venues. These events bring new dollars into the Kent economy, showcase Kent’s assets, and provide opportunities for Kent’s kids to compete against some of the best student athletes in the nation in their own home town. This report provides an overview of how other cities have combined local resources to create a competitive sports tourism strategy. July 17, 2006 Office of the City Manager 1 Table of Contents I. II. III. Sports Commission Missions Sports Commission Membership Sports Commission Practicing Models Big City 1. Cleveland, Ohio 2. Columbus, Ohio Small Cities with Universities 1. Cortland New York 2. Gainesville, Florida 3. Huntsville, Alabama 4. Lehigh, Pennsylvania 5. Southbend, Indiana 6. Yakima, Washington Small City without a University 1. Read more:  Wallace good people  essay Kingsport, Tennessee Greater Cleveland Sports Commission Greater Columbus Sports Commission page 3 page 4 page 5 page 5 page 8 Cortland Regional Sports Council Gainesville Sports Organizing Committee Huntsville Sports Commission Lehigh Valley Sports Commissio Southbend Regional Sports Commission Yakima Valley Sports Council page 13 page 25 page 27 page 30 page 34 page 36 Kingsport Convention and Visitors Bureau page 38 IV. National Association of Sports Commissions page 48 V. Economic Impact of Sports Events 1. 2. 3. 4. 5. 6. 7. 8. A Review of Economic Impact Study on Sport Events Greater Chattanooga Sports Committees Estimated Economic Impact Surpasses $15 Million Kingsport Sports Tourism Dollars in 2005 Cortland Sports Tourism Dollars Economic Impact of Amateur Softball Events Cities Compete to Host Sporting Events Economic Impact Calculation Examples Comparative Economic Impact Analyses page 53 page 53 page 55 page 59 page 60 page 62 page 64 page 66 page 67 2 I. Missions Summary To make Greater Cleveland the nations foremost destination for sporting events and activities. The mission of the Greater Columbus Sports Commission is to provide leadership, guidance and marketing expertise in attracting regional, national and international sporting events and activities to benefit Greater Columbus economically and socially. The mission of CRSC is to promote Cortland County for sports related business, events, competition and education. CRSCs goal is to create a positive economic impact through sporting/recreational events within the Cortland community. Our mission is to be a leading voice of the sports and tourism industries in Alachua County; to foster economic development and add to our quality of life through sports utilizing public and private sector resources; to recruit and create sports, recreation and entertainment opportunities for the community that produce a positive economic impact; to build an understanding in the community of the importance of sports and tourism; and to do so with skill, while meeting all industry professional standards. By recruiting and retaining events, the organization seeks to increase tourism, create a significant economic impact and provide for an improved quality of life for Lehigh Valley residents. The mission of the Lehigh Valley Sports Commission is to attract sports events to the Lehigh Valley through effective marketing, bid coordination and hosting activities. The sports commission will develop a fundraising mechanism for bid fees, and foster relationships with national governing bodies, sponsors and local media. Our mission includes building a volunteer base to support amateur sports events throughout the Lehigh Valley. The South Bend Regional Sports Commission exists to attract and retain international, national, regional, state and local sports events to St. Joseph County and surrounding communities. To promote the South Bend region as a world-class sporting event destination and to pursue and assist sports-related activities which stimulate the local economy, enhance the area’s image, provide outstanding entertainment and participatory opportunities while contributing to the community’s quality of life. To advance the mission of the Yakima Valley Visitors and Convention Bureau by stimulating economic growth through sporting events that generate economic impact for the Yakima Valley. Emphasis is placed on promoting the Yakima Valley as a premiere sports destination to event planners, participants and spectators while providing exception customer service. 3 II. Membership Summary Columbus Board of Commissioners Brian Ellis, Chair Nationwide Realty Investors Nick Ashooh American Electric Power †¢Paul Astleford Experience Columbus Irwin Bain Schottenstein Stores Corporation †¢Butch Moore The Dispatch Printing Company †¢Michael Priest JMACRhett Ricart. Franklin County Convention Facilities Authority †¢Gene Smith The Ohio State University Gainesville Sports Organizing Committee Wende Blumberg, the 2006 GSOC President, leads the twenty-five member GSOC Board of Trustees. The Board comes from a broad cross section of Alachua County citizens. Trustees are area business people with an interest in sports and economic development. The board includes people from sports facilities including the Stephen C. OConnell Center, various Alachua County cities, Gainesville Raceway, local banks, insurance companies, and local print, radio and television companies. Huntsville Sports CommissionRonald Evans Von Braun CenterCharles Winters Huntsville Madison County Conventions and Visitors Bureau Greater Cleveland Sports Commission VISION To make Greater Cleveland the nations foremost destination for sporting events and activities WHY BOOK A VENUE WHEN YOU CAN BOOK A CITY? There are so many reasons why Cleveland is an outstanding place to host your sporting event. We can help make your event a success! The Greater Cleveland Sports Commission is dedicated to making Cleveland the nations premier destination for amateur sports events and activities. The Sports Commission offers a wide array of services and assistance to not only attract events to Cleveland, but to ensure their success. Sponsorship Event Management Marketing Public Relations Facility and Site Selection Volunteers Hospitality Vendor Referrals Connections to the Cleveland Community If you would like to discuss bringing YOUR event to Cleveland, please call us at 216. 621. 0600 Host Commission of: 2004 International Children’s Games 2004 NBC Gravity Games 2007 NCAA Women’s Final Four Basketball Championships 2004 U. S. Short Track National Speedskating Championships U. S. Gymnastics Championships McDonald’s All-American High School Basketball Game U. S. Olympic Trials Box-Offs. David E. Gilbert is President CEO of the Greater Cleveland Sports Commission, whose goal is to make Greater Cleveland the nation’s foremost destination for amateur sporting events and activities. The organization is responsible for attracting, promoting and managing major amateur athletic events and to create sporting opportunities for youth and amateur athletes. Since its refounding in late 1999, the Sports Commission has already had significant success by securing more than 50 events for Cleveland including the NCAA Women’s Final Four, NBC Gravity Games, U. S. Gymnastics Championships, International Children’s Games, McDonald’s All-American High School Basketball Game, and U. S. Olympic Trials Box-Offs. These events represent an economic impact of more than $160 million for Cleveland’s economy. Prior to this position, David served as Director of Community Affairs and Special Projects for the Convention and Visitors Bureau of Greater Cleveland where he was responsible for advancing Cleveland’s travel and tourism service standards and related developments. Highlights of his tenure with include funding and development of two new, full-service visitor information centers and spearheading the funding, creation and operations of the Spirit of Hospitality Career Training 5 Program, an innovative, new welfare-to-work initiative that received national recognition and acclaim. Prior to his work with the CVB, David served as executive director of North Coast Harbor, Inc. , a local development corporation responsible for the master planning and marketing of Cleveland’s downtown lakefront development district. He also held the position of director of corporate development for The Cleveland Play House. David Gilbert We are bringing people to town for reasons other than conventions, he said. Our mission is to make Cleveland a national capital for amateur sports. With the Commissions event schedule at 41 (one-third having already taken place, including the Gravity Games and the U. S. gymnastics and figure skating championships), Gilbert estimated the economic impact at $160-162 million. Without the capital to pay a $200,000 bid fee for a typical event, the non-profit Commission won the figure skating championships, for example, by paying only part of the bid fee but taking responsibility for hospitality, transportation, arena rental and other aspects off the shoulders of the event organizers. With creative tactics such as this, and the support of our partners, Gilbert said were beating the pants off other locations. 6 Red carpet treatment for skaters By MAYA R. PAYNE 2:21 pm, April 5, 2006. Cleveland is in the running to host the 2009 World Figure Skating Championships, and area leaders are betting that a bit of North Coast hospitality will give the city an edge over two other cities hoping to host the event. The U. S. Figure Skating Association site selection committee visits Cleveland today and Thursday and is seeking information to help its members narrow the field of potential sites. The association’s representatives will appraise the ice rinks at Quicken Loans Arena and the Wolstein Center. They also will meet with Cleveland leaders and the local figure skating community, which includes a dozen separate skating organizations comprising the Greater Cleveland Council of Figure Skating Clubs. A U. S. Figure Skating Association spokeswoman declined to identify the two other finalist cities. She said the organization won’t comment on the selection process until mid-April, when it makes its recommendation to the International Skating Union, the sport’s governing body. But Spokane, Wash. , also is in the hunt, according to the Spokesman-Review in Spokane. The city’s business and community leaders had a red carpet rally along Post Street in Spokane to demonstrate their support of the event. Cleveland has its own plans for wooing the event that is expected to bring its host city $30 million. It begins with showing that Clevelanders will embrace the skating championship and not simply host it, said David Gilbert, president and CEO of the Greater Cleveland Sports Commission. The organization promotes amateur sports events and activities in the region. â€Å"When this event is here, it will mean everything to this community,† Mr. Gilbert said The sports commission and assorted community leaders, including Mayor Frank Jackson, will drive home this point with discussion of past successes such as the International Children’s Games and the U. S. Figure Skating Championships that Cleveland hosted in 2000, he said. The skating championship still holds the record for highest attendance in a non-Olympic year, Mr. Gilbert said. They can also list financial and in-kind support among Cleveland’s strengths. Mr. Gilbert said the commission has secured $900,000 in commitments already. He declined to name the donors. The International Skating Union will select the city and has already said the United States will host the 2009 event. 7 2. Greater Columbus Sports Commission Greater Columbus Sports Commission 45 Vine St. Columbus, OH 43215 614-221-6060, 800-331-0092 fax: 614-224-7301 www. ColumbusSports. org The mission of the Greater Columbus Sports Commission is to provide leadership, guidance and marketing expertise in attracting regional, national and international sporting events and activities to benefit Greater Columbus economically and socially. The Greater Columbus Sports Commission is a member of the National Association of Sports Commissions. Board of Commissioners Brian Ellis, Chair Nationwide Realty Investors Nick Ashooh American Electric Power Paul Astleford Experience Columbus Irwin Bain Schottenstein Stores Corporation Butch Moore The Dispatch Printing Company Michael Priest JMAC Rhett Ricart Franklin County Convention Facilities Authority Gene Smith The Ohio State University Interns needed to work with the Greater Columbus Sports Commission. View the general job posting or one for a specific project with the National Softball Association. The Advisory Council, comprised of high-profile sports and community figures, is directly involved in sales and marketing efforts to attract regional, national and international sporting events to Greater Columbus. Bret Adams Blaugrund, Herbert Martin, Inc. Mark Bivenour Columbus Distributing Steve Germain Germain Motor Company Archie Griffin The Ohio State University Alumni Association John Hicks MVP Tours Stephanie Hightower Columbus Board of Education Jim Lorimer Arnold Fitness Weekend Mark McCullers Columbus Crew Clair Muscaro Ohio High School Athletic Association (retired) Mike Reynolds Thrifty Car Rental. 8 Wayne Roberts Columbus Recreation and Parks Department Jack Ruscilli Ruscilli Construction Co. , Inc. Ken Schnacke Columbus Clippers Todd Sharrock Columbus Blue Jackets Dan Sullivan HNS Sports Group, Inc. Rob Wallace Accor/Red Roof Inns Robert Werth Vorys, Sater, Seymour and Pease LLP Visitors bureau plans launch of sports commission Business First of Columbus May 10, 2002 by Kathy Hoke Business First Forget the Olympics. Think youth soccer and basketball tournaments. Under a new marketing program to begin in late June, Columbus will go after youth athletic events as well as adult amateur matches such as the popular mens and womens NCAA Final Four basketball tournaments and USA Volleyball National Championship. The Columbus Sports Commission expects to add new power to ongoing efforts to attract sporting events, which can draw thousands of participants and fans and generate millions of dollars in spending for cities. The commission will begin operations June 28, a day after a planned fund-raiser at Nationwide Arena aimed at promoting the citys amateur sports history to a local crowd. Sponsored by the Greater Columbus Convention Visitors Bureau, the Columbus Celebrates Sports event will pay tribute to the history and future of sports in the area. Ballots for the greatest or most memorable sports moments in Columbus will appear beginning May 15 in newspapers and on a variety of Web sites. Our goal is not to determine who are the best athletes from Columbus, but rather to recognize the top sports moments that captivated our community and really put us on the map, said Paul Astleford, president and CEO of the bureau. Sports celebrities expected to attend are Indy 500 winner Bobby Rahal, two-time Heisman Trophy winner Archie Griffin, OSU football coach Jim Tressel, U. S. national soccer team and Columbus Crew standout Brian McBride and former Buckeye greats Jim Jackson and Keith Byars. More than 1,500 people are expected to attend the event, to be emceed by Greg Gumbel of CBS Sports. 9 Logan in charge The sports commission fulfills a plan laid out when Linda Logan joined the bureau in 1997 as its first sports marketing sales representative. Logans prediction that it would take five years to form a sports commission was accurate. She will head the two-member commission, which will be structured as a charitable nonprofit in which donations are tax deductible, rather than the not-for-profit association status of the bureau, whose downtown Columbus office will house the commission. Within two years, the commission is expected to grow to a staff of seven, about even in size with many sports commissions in other cities but far smaller than the sports commission in Indianapolis, which has a staff of 30 and has operated for more than two decades. Its a very competitive market, Logan said. Over 200 cities are going for the same events we are. Logan, secretary to the National Association of Sports Commissions, knows what other cities are doing to attract athletic events. The Columbus commission is long overdue, she said, and will allow her staff more opportunities and resources to attract sporting events. A staff of two compared to a staff of seven or a staff of 30 is not an even playing field, she said. About 80 percent of the commissions work is expected to focus on attracting youth, collegiate and amateur sporting events to Columbus. The commission also will work toward luring professional events, although contributions for that work will not be tax deductible. City can compete Your city should not have a concern about its ability to compete in this industry, said Don Schumacher, a sports marketing consultant who heads the national association and who once ran a now-defunct sports commission in Cincinnati. Schumacher cited Columbus central location for drive-in visitors and its sports and hotel facilities as key factors for drawing athletic events. Logan will need support from corporate donors to fulfill the commissions potential, Schumacher said. You cant do this without the proper funding, he said. You need sufficient operating money to find events and bid on them, and raise support behind the events. 2-21-2005 By: Joni Bentz Seal 10 OSU ATHLETICS CONTRIBUTE $100. 5 MILLION TO ECONOMY Each year, nearly 1,000 athletes clad in scarlet and gray tackle, shoot and swing more than $100 million into greater Columbus coffers by drawing millions of fans for matches in 36 varsity sports. Those fans contribute to  the economic vitality of central Ohio by driving radio and television ratings, purchasing Ohio State merchandise and game tickets, and patronizing area hotels and restaurants. One of the largest and most diverse athletics programs in the nation, Ohio State is among the first to measure its impact with a study conducted by a joint effort of the Department of Athletics, the Greater Columbus Sports Commission, SportsImpact of St. Louis and local public relations firm Paul Werth Associates. Athletics Director Andy Geiger presented â€Å"An Analysis of the Economic Impact of Ohio State Athletics on the Greater Columbus Region† at the Feb. 2 Columbus Metropolitan Club forum on the topic. Geiger and President Karen Holbrook also introduced the department’s Good Sports community outreach initiative, which will serve as an umbrella program for the interaction student-athletes, coaches and staff have with the residents of central Ohio. â€Å"For the past 18 months we’ve been working on a way to tell a different sort of story about the Ohio State athletics program — about some of the many things we do that don’t make the headlines,† Geiger told forum attendees. â€Å"We want to share our ideas with you — and to get your reactions to — what we have in the works to share the accomplishments of our student-athletes and staff — off the field and in the community. † Applying an economic impact equation, the team studied the spending habits of event attendees and participants — which include visiting student-athletes, coaches, team officials, referees/umpires/officials, NCAA representatives and media — from outside greater Columbus during the 2002-03 academic year. The report also indicated that, of the revenue generated, 36 percent, or $36. 1 million, is retained long term as valueadded revenue to Columbus, meaning it boosts regional income, property-type income and local taxes in an amount sufficient to annually fund 989 full-time jobs paying market wages. But Geiger explained there is an impact made on the community that transcends dollars and cents: â€Å"It is the way we touch the lives of others. We have nearly 1,000 studentathletes and 300 associates of the department who are using the power of sports to touch people of all ages and in all corners of central Ohio and campus community,† he said. The Good Sports program endeavors to demonstrate the human impact Ohio State student-athletes and staff have on the community. For example, Geiger said studentathletes contribute thousands of volunteer hours to hundreds of community groups. Many on the athletic staff lead nonprofit boards in the community and serve as leaders of major charitable fundraisers. And throughout the year, Ohio State makes its world-class athletic venues available to youth organizations, providing children with the thrill of competing in the same facilities as their sports heroes. â€Å"Good Sports is our way of further institutionalizing our mission and values within our own staff, on campus and throughout our community,† Geiger said. â€Å"We operate our department based on six core values — and we want everyone to know them well — Education, Excellence, Integrity, Innovation, Respect and Tradition. † 11 In her opening remarks, Holbrook reminded forum participants that many Ohio State student-athletes will settle in the Columbus area and continue to be contributors to the social fabric of the region long after their competitive days end. â€Å"We believe the many meaningful things our people are doing in the community will be energized and grow by placing them under the umbrella of the Good Sports program, where we can measure the impact more clearly and develop synergies between various outreach programs in our city,† she said. 12 1. Cortland Regional Sports Council About the Cortland Regional Sports Council More affectionately known as the CRSC, this agency was formed as a result of hosting sporting events in Cortland for the 2002 Empire State Games. The economic impact that these events had on the Cortland Community was tremendous and thanks to a partnership between SUNY Cortland, TC3 and local community members, a focus on attracting sporting events to our community was launched. The mission of CRSC is to promote Cortland County for sports related business, events, competition and education. The possibilities are endless! So far, three events have been associated with CRSC New York State Girls High School Lacrosse Championships, Section III High School Soccer Championships and the NYS Volleyball Tournament. Combined, these events have produced over $600,000 in revenue for the Cortland business community. CRSCs goal is to create a positive economic impact through sporting/recreational events within the Cortland community. We look forward to being the recognized clearinghouse for Cortland County Sporting and Recreational events via printed and electronic media. Over the next few months there are several CRSC events slated to take place in Cortland County. There will be opportunities for local businesses to participate in these events either as volunteer or as sponsors. If there is an event you are particularly interested in, please call 756-1864 for additional information or e-mail us at [emailprotected] org. 13 Current 2005 Events Section III Soccer SemiFinals (November 5, 6 2004) Site: SUNY Cortland Economic Impact: $209,438. 00 NYSPHS Volleyball (November 12, 13 2004) Site: SUNY Cortland Economic Impact: $137,060. 88 CNY Powersports SnoCross Race (February 5, 6 2005) Site: CNY Powersports Economic Impact: $207,130. 00 ATV Special Events 2004 Season Banquet (February 12, 2005) Site: Holiday Inn Economic Impact: $5,030. 30 AAU Basketball Tournament Cortland Shootout (March 25 26, 2005) Site: SUNY Cortland Park Center and Luske Field House Economic Impact: $42,373. 87 New York State YMCA Gymnastics Competition (April 15th 16th, 2005) Site: JM McDonald Sports Complex 14 Economic Impact: $19,727. 50 Crown City Soccer Friendlies (April 30 May 1, 2005) Site: SUNY Cortland Stadium Complex Economic Impact of $7,693. 55 Crown City Lumberjack Invitational (May 21, 2005) Site: JM McDonald Sports Complex Economic Impact of $14,795. 00 NYSPHSAA Girls Lacrosse Championships (June 4, 2005) Site: SUNY Cortland Economic Impact of $68,453. 05 North/South Lacrosse Game and Banquet Economic Impact of $73,976. 00 Bull League Lacrosse Opening Day Economic Impact of $321,939. 00 BonTon Roulet Bicycle Tour Economic Impact of $26,631. 00 NYS Junior American Legion Baseball Championships Economic Impact of $25,408. 88 Celtic Festival / Heavy Athletics Economic Impact of $184,464. 18 Southern Tier Bowhuners Championships Economic Impact of $8,877. 00 TOTAL = $1,352,998. 21 15 Cortland Venues JM McDonald Sports Complex The Cortland Sports Complex is a 80,000 square foot facility with the following components. Indoor NHL size ice rink (200 x 85) with seating capacity of 700 Large indoor soccer field (210 x 110) with seating capacity of 200 Smaller indoor soccer field (110 x 50) with bleachers Raised observation area Full service concession stand Indoor walking track Five locker rooms and two changing rooms Meeting rooms including a Party Room Paved parking for over 200 cars Space to provide additional overflow parking for large events Floor seating for special events like graduations and concerts will allow significant additional capacity. SUNY Cortland – Outdoor Venues For more information you can visit http://www.cortland. edu. Stadium Complex . Stadium Field Sprinturf surface with 6,5 00 seating capacity Auxiliary Field Sprinturf surface with 1,500 seating capacity with 8 Lane Track with long jump, high jump, pole vault, hammer throw, discus and shot put areas 5 Additional Natural grass fields available All fields suitable for Field Hockey, Football, Lacrosse and Soccer Wallace Field †¢ Natural Grass Baseball Field 800 seating capacity Holloway Field †¢ Natural Grass Soccer Field 1000 seating capacity Dragon Field †¢ Tennis Natural Grass Softball Field 150 seating capacity †¢ 22 Newly resurfaced Tennis courts. SUNY Cortland – Indoor Venues 16 For more information you can visit http://www. cortland. edu. Corey Gymnasium †¢ †¢ Maple Hardwood Flooring with the option of one full size, 18,000 sq. ft. and 3,500 seating capacity OR 3 separate smaller gyms Suitable for Basketball, Volleyball and Badminton Holstein Pool †¢ †¢ †¢ †¢ †¢ 6 Lane 50 meter pool with removable bulkhead State of the art timing system 15 Diving area with 2 one-meter diving boards, 1 three-meter diving board water agitation system underwater viewing deck Alumni Arena †¢ †¢ 15,275 sq. ft. facility with 2,000 seating capacity Suitable for Ice Hockey and Skating. Gymnastics Arena †¢ Fully equipped gymnastics gym with seating capacity of 500 in the balcony Auxiliary Gym †¢ †¢ †¢ 5,158 sq. ft. which houses 1 Basketball or Volleyball Court 4 Badminton Courts Project Adventure with High Ropes Course and Climbing Wall Wrestling Room †¢ 3,200 sq. feet of padded space Racquetball †¢ Squash 10 Regulation size Courts †¢ 8 Regulation size Courts Lusk Field House †¢ †¢ †¢ †¢ 40,000 sq. ft. 6 lane indoor track with long jump pit and pole vault area Netting to allow for Baseball, Softball and Lacrosse practice Space can be used as 3 Basketball courts, 6 Volleyball courts or 24 Badminton Courts. 17 City of Cortland Recreation Facilities Park Beaudry Location Scammell St. Basketball 2 Courts Soccer 4 Fields #1 U12 #2 U12 #3 U10 Tennis Softball/Baseball 3 Fields Beaudry 1 Youth Adult Softball Youth Baseball Beaudry 2 Youth Adult Softball Park Randall Location Elm St. Basketball 1 Court Mult-Field (Soccer, Lacrosse, Field Hockey) 1 Field Field #1 Regulation Tennis 2 Courts Softball/Baseball 1 Field Softball Field with lights Park Armory Location Randall St. Basketball 1/2 Court Mult-Field (Soccer, Lacrosse, Field Hockey) 1 Field Field #1 Regulation. Tennis 4 Courts Lights Softball/Baseball 1 Field Meldrim Field with lights Park Barry School Location Wheeler Ave Basketball Mult-Field (Soccer, Lacrosse, Field Hockey) 1 Field Field #1 Youth Tennis Softball/Baseball 1 Field Youth Baseball/Softball Location Raymond Ave. Basketball Mult-Field (Soccer, Lacrosse, Field Hockey) 2 Fields Field #1 Tennis Softball/Baseball 2 Fields Field #1 Jr. Sr. Baseball Field #2 Jr. Sr. Baseball Park Suggett Regulation Field #2 Regulation Location Homer Ave Basketball 2 Courts Mult-Field (Soccer, Lacrosse, Field Hockey) 2 Fields Field #1 Tennis. Softball/Baseball 2 Fields Williamson Youth Softball/Baseball Suggett Youth Adult Softball/Baseball Park Yaman Youth Field #2 Youth Location Basketball Soccer Tennis Skate Park 1 Park Open to Skateboards, rollerblades and 20 inch bikes. Kennedy Pkwy 1/2 Court 18 Cortland University Department of Sports Management CORTLAND, N. Y. For over 20 years, Cortland Sport Management professor Dr. Ted Fay built many solid relationships as an Olympic coach and administrator. This year, he brought one of the relationships home with him. Thanks in great part to Fays connections and tireless efforts, U. S. and international team handball officials visited the State University of New York at Cortland campus on Tuesday May 11 to announce their intentions to locate a USA Women’s Team Handball National Training Center at the Central New York campus. This is an extremely significant announcement, not just for the college, but for the entire Cortland community, Fay said. A lot of hard work went into this, and there will be a lot more in the future to grow the sport to where it needs to be on an international level. Dr. Hassan Moustafa of Egypt, the president of International Handball Federation (IHF) Federation, and Michael Cavanaugh, executive director of USA Team Handball, the national governing body for the Olympic sport of team handball, spoke at a press conference coordinated by SUNY Cortland President Erik J. Bitterbaum at the SUNY Cortland Stadium Complex. SUNY Chancellor Robert King and Cortland Regional Sports Council Chair Joseph Reagan, a local businessman, also addressed the media. â€Å"It is my pleasure to announ.

Frankenstein Versus Frankenscience Essay -- Mary Shelley Frankenstein

Frankenstein Versus Frankenscience The story of Frankenstein. A story that I, myself, have been familiar with for a good part of my life. It is most popular among horror film fanatics and becomes one of the most desired stories to be told around Halloween. Some see it as a well-told story of a man and his monstrous creation. But is there something deeper? Mary Shelley, the author of Frankenstein, gives light to many truths about the era of modern science. She is using Victor Frankenstein and the monster to play out the roles in a drama that can become all too real. In this paper I would like to focus specifically on the story of Frankenstein and the three integral parts; knowledge, power and the notion of a god-complex; that can be related to the modern era of science. As the story begins (in the excerpt that is to be focused on in this paper) Victor Frankenstein is telling his story. Victor is a young man who, with great determination, spends two years of his life working to create a being in the likeness of man. He decides that the nature of the being should be tall and large in stature and then, in the pursuit of ultimate success, collects the necessary items to begin his project. With these "fibers muscles and veins," he begins his work (Shelley 231). Victor is determined to create "animation upon lifelessness."(Shelley 232) And yet, he doubts. He doubts himself as being capable enough to take on such a gargantuan task. Yet, he presses on. As the years pass, Victor becomes confined to his work space. Seasons pass and family and friends are left by the wayside. His determination keeps him from giving up in a multitude of failures. It is not until one November night that Victor to life. The thought of renewing l... ...l and scary thing. It has the potential to save lives, cure diseases and, now, create new lives through the act of cloning. Humans are the ones who make these advances possible. They are the creators of science. Therefore, it is relevant to take a closer look the qualities that force humans to act a certain way. Knowledge, power and the notion of a god-complex are three qualities that can posses humans to a capacity that can be both healthy and deadly. Victor Frankenstein provided us with a scenario that can only serve to make us think about our own knowledge about science, the power we hold, and the way in which we let those qualities rule our lives. Works Cited Shelley, Mary. "Frankenstein." The Presence of Others: Voices and Images That Call for Response. Eds. Andrea A. Lunsford and John J. Ruszkiewicz. Boston, MA: Bedford/St. Martin's, 2000. 231-235.

The Architecture Of Theatres Architecture Essay

Back to the first half of the twentieth century and it was in America that mass production was going of all time more efficient and ironss of theaters were blossoming all over the state. Architects commissioned to plan these theaters were no longer being briefed by the dramatists and directors but by the proprietors of the ironss with the exclusive purpose on increasing box office gross revenues. The aesthetics were clearly intended for the paying client and the money directed at the entryway anteroom and the of all time turning auditorium infinites and the less exhausted on the of all time smaller dressing suites. This job was less common in Britain around that clip as really few theaters were built during the war but a premier illustration for Britain did come about with the renovation of the Memorial Theatre in Stratford-upon-Avon in 1930. Designed by modernist designer Elizabeth Scott, after months of fundraising and commission meetings, was expressed by the manager of the theatr e William Bridge-Adam as holding, â€Å" Absolute flexibleness, a box of fast ones out of which the kid like head of the manufacturer may make whichever form it pleases. It should be able to offer Mr Poel an Elizabethan phase after his bosom ‘s desire. † The Architectural Review responded to it with critical acclamation. Sightline was an country singled out as being particularily good with no pillars blockading any positions and no boxes. Acousticss were besides mentioned, â€Å" the form of the theater resembles a elephantine horn and is so deigned that the participants can be herd from all parts of the phase and the sound distributed equally throughout the auditorium. The splays and the ceiling of the apron, together with the proscenium when in usage, act as reinforcment to the beginning of sound. † Finally the usage of stuffs and the manner where mentioned. â€Å" Though new theaters continue to look in changeless sequence throughout the state, each fledgling, with really occasional exclusion, represents no more than another measure along the boring way of motif decoration and nonmeaningful ornament. Since Palladio built his theater of Vicenza there has been no development other than an increasing inclination towards coarseness and over-elaborationaˆÂ ¦ in the new theater in Stratford-on-Avon stuffs are used with intelligence, choice and fittingness of intent and designed by the nature of the stuff. † It subsequently became clear that the histrions did non experience the same manner. Remarks were made over the distance from the phase and front row and the bare walls stretching from the apron to the circle. It was described in The Other Theatre, published in 1947, Word count: 294 as if â€Å" acting to Calais from the drops of Dover. † ( Baliol Holloway ) Clearly the designer had non achieved what she had wanted ( an confidant theater ) nor what the client desired. What had happened here was a deficiency of communicating and cooperation between the two professions. In the yesteryear there was an apprehension of what was required and small was said between either professions but back so the designers working on theatre edifices would hold specialised in Theatre design, most of them being builders themselves with several old ages of experience under their belts. The word specializer was non used in Britain until the mid-19th century, pervious to that an designer who designed theaters would merely be referred to as a Theatre Designer. Earlier instances have been recorded in other parts of the universe where renowned general designers have thought they could work out the jobs aroused by the old theater designs. At the terminal of the eighteenth century London had several theaters which had work done to them such as Benjamin Dean Wyatt ‘s Theatre Royal in Drury Lane which besides received architectural critical acclamation. Too frequently theatres built by celebrated Renaissance man designers are more excessive and stop up holding work done to the auditorium within and around a decennary. Fortunately for both designer and theater proprietor money had become available for rebuilds and amendments nevertheless huge. The theatre professions displeasure with the plants of Wyatt ‘s at Drury Lane and Elizabeth Scott at Stratford -upon-Avon are merely a twosome of illustrations of what happens when celebrated designers try and enforce a solution to and old and accustomed job. Their belief that they could rethink the nature of the auditorium ‘s issues upon their first effort can be seen as naA?ve and as the theater profession is more voluble than the architectural kingdom when provoked, the public tend accept the incrimination being placed on the designer.Word count: 385Fortunately there are a few first clip Architects, Theatre Designers and Consultants who do listen to their clients and are willing to pass the clip analyzing the codification for auditorium design every bit good as meet proficient demands. As a consequence there are many theaters in both Britain and America which function out of a healthy relationship between both theaters and architecture professions. The dislocation in communicating is what both sides have to be wary of and this can frequently be caused by the designers instinctive to offer slight resources to the external design. In some instances it may be the instance that the designer has taken a modernist mentality, strange to the theatrical precedency which is by and large that the exterior of the edifice should show what ‘s interior and besides the other manner around. Therefore in the name of architectural truthfulness as a whole, the particularization and form to the auditorium could be sacrificed by the designer under his pronunciamento. Looking at it the issue in item, the same result can be caused by the sentiment that the designer is non altering anything merely reorganizing the auditorium elements more efficaciously which is merely every bit unsafe as believing that they can alter the nature of the auditorium itself. Therefore by seeking to organize these cardinal constituents such as lighting, side seating and acoustic stuffs, and traveling them to the margin of the infinite the oculus of the spectator may be drawn to the exterior of the phase instead than inwards at the histrion. The attending would be drawn to the side walls and ceiling hence the histrion will hold to seek harder to derive the attending of the audience. The job with auditoriums in the yesteryear was the failure to pull the attending to the front 15ft of the phase which should â€Å" look to drift † . Some of the causes may hold been that the seating went excessively far back or was spread excessively broad. The root for this job maybe that some designers are taught and become house trusters that form follows map, therefore the functionality false belief. They work merely with statistics in making a design which is dictated strictly on Numberss. Areas of the design which could non be measured were frequently ignored or left to the designer to make up one's mind on the result unattended. This is a clear illustration of a deficiency of a existent philosophical treatment on the nature of how theatre maps, between the theatrical technician and the designer.Word count: 403To understand the designer Lashkar-e-Taiba ‘s expression at how the development of the proper attack to theatre design. First of all a squad needs to be formed dwelling of: an designer, applied scientist, acoustic adviser, cost adviser and theater adviser. An designer of course heads the squad as is in the designer ‘s office where he or she works alongside spouses, associates and has technicians underneath headin g different sections on the building drawings. There will be some younger members of the squad which would hold graduated high from their architectural schools desiring to work for an experient designer on high degree undertakings who spend their clip seeking to happen rational solutions through planing study strategies with the designer. These immature people are who the Theatre Consultants should intercede with. The Engineers on occasion have a inclination to take over a undertaking which can be unsafe for the place of the designer. The electrical applied scientist has the safest function in footings of illuming which can be overseen by the Theatre Consultant and more cardinal to the success of the undertaking is the mechanical applied scientist. The mechanical applied scientist takes charge of the warming and airing. Theatres require that the infinite be dry and cool whilst besides being soundless, something theater directors specify as being indispensable is the silence. Architecture Actor & A ; Audience states that â€Å" Quite merely there is nil more expensive and nil more necessary. † The overall occupation of the applied scientists be them electrical, structural or mechanical is to work out how the design is put together as opposed to the â€Å" what † and the â€Å" why † of the design. This leads us to the unsafe instances in which the applied scientists take over the function of interior decorator of theaters from the designers. 1950 ‘s America and applied scientists were emerging with legion makings in phase design and acoustic and scenic technology claiming they had solutions to sights and sounds. Fixed angles where determined for acceptable sightlines in the auditoriums. Ceilings hidden by illuming, antecedently referred to as â€Å" the celestial spheres † to capture the lifting human spirit and to maintain a cap on the theatre infinite to concentrate the attending back down to the histrion. The side walls which had been lined with humanity in the early old ages were besides now shaped for acoustic advantages. To make a theater that was confidant, it was suggested that the furthest seats from the phase had to be of a certain distance. Jo Melziner ‘s so called field trials in which he concluded that the furthest distance of: â€Å" 55ft ( 16.8m ) for Julie Harris in play, somewhat more for Gertrude Berg in a instead wide comedy and 100ft ( 30m ) for Ethel Merman in anything. † What had non seemed to be considered was the denseness of the infinite given to the single audience member or of the impact of the sum of people to be fitted into the full distance allocated. Merely to advert some of the theaters loved by the theatre profession ; the Old Vic in London, the Lyceum and the Booth in New York, all of which would be considered severely designed with positions obstructed with bad sightlines and countries with a deficiency of legroom but shows win in these theatersWord count: 331Nowadays this is realised as being a error in design as functionality really took away from the experience but in the 50s and 60s this confusion of the standards of what makes a good theater experience had non been realised. What differentiates the unrecorded theater is the sense of community and engagement non the accent on the ocular lines and sound quality. Possibly if we take a measure back and expression at what Marcus Vitruvius Pollio wrote in the early first century BC on theatre architecture, we could perchance happen another angle on design. Vitruvius holding been an designer and builder shared most if non all his cognition in his 10 books on architecture. He makes elaborate mention to bing edifices and gave recommendations on how to construct new 1s.Word count: 248The decision is that clients are looking to be progressively avaricious desiring larger seating volume with equal comfort. The designer must non fall for the naivete that they can work out the jobs which have been around for centuries. An designer ‘s certitude in his proficient accomplishments can easy do the failure of a production and non hold the endowment of the production or authors to fault. Many freshly emerging designers believe that theaters need modernization but at that place needs to be a greater apprehension of the thaumaturgy and illusionistic handli ng of the infinite of such a complex edifice type. It seems better so to lodge to old schemes which work and if there is an old theater in inquiry so maintain it if it works. Amendments can be made to the dressing room and saloon, perchance the anteroom but non to the infinites in which the audience interact with the performing artists. By looking to the yesteryear for replies we will happen that the bulk of successful theaters are based on the rules of the â€Å" sacred geometry † which should be considered as particular harmoniousness with the purpose to promote motion of energy non as a robust cyberspace of formations. Finally the sightline paradox. It seems the theaters which work good suffer from the occasional positions with obstructors but those theaters which have first-class sightlines all-round are universally disliked by histrions and audience.

Dogfight over Europe: Ryanair (a)

For the exclusive use of J. SICINSKI Harvard Business School9-700-115 Rev. November 21, 2007 Dogfight over Europe: Ryanair (A) In April, 1986, the upstart Irish airline Ryanair announced that it would soon commence service between Dublin and London. For nearly a year, the new airline had operated a 14-seat turboprop between Waterford, in the southeast of Ireland, and Gatwick Airport on the outskirts of London. The founders of Ryanair, brothers Cathal and Declan Ryan, felt that service on that first route had developed well. They knew, however, that the Dublin-London route would pose new challenges.For the first time, they would face Aer Lingus, British Airways, and other established competitors on a major route. European Aviation The environment in which the Ryan brothers launched their fledgling carrier had long been shaped by Europe’s national governments. 1Privately owned, commercial airlines sprang up in Europe following World War I. Soon, however, the governments of Brita in, France, Germany, and other countries began to amalgamate the first, small airlines into national â€Å"flag carriers. † Each of these airlines literally carried the flag of its nation on the tails of its aircraft.Figuratively also, each airline carried the flag, serving as an international emissary. Predecessors of British Airways, Air France, Lufthansa, and others gradually became owned by, and subsidized by, their national governments. The route structures of British, French, Dutch, and Belgian flag carriers developed to serve the colonial aims of their respective governments. For instance, the aircraft of British Airways’ predecessor, the aptly named Imperial Airways, were familiar sights in India, South Africa, Australia, and other British outposts by the 1930s. Service focused on international routes from each nation’s capital to colonies, other areas of national influence, and the capitals of other European countries. Intra-country service was sparse, largely connecting provincial cities to the capital. Fares on domestic routes were often kept high to subsidize international service. World War II brought advances in aviation that made air travel widely economical for the first time. The aftermath of the war also brought the threat of American dominance in air travel.Had free competition been permitted on international routes, the efficient, privately owned carriers of the United States would likely have won the lion’s share of the market. 3A set of multilateral and bilateral agreements averted this outcome. The International Air Traffic Association (IATA), essentially a government-endorsed cartel of the major airlines, emerged to set international fares. Governments negotiated bilateral agreements that regulated all aspects of air travel between pairs of countries. In Europe, â€Å"pooling arrangements† became common.Under pooling, the routes between, say, France and Italy would be given strictly to Air France and A litalia. The two flag carriers would Professor Jan W. Rivkin prepared this case as the basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. Copyright  © 2000, 2007 by the President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www. hbsp. harvard. edu.No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. This document is authorized for use only by Jan Sicinski in Strategic Management IBP 10-11 taught by Dr. TOMASZ LUDWICKI from October 2010 to April 2011. 1 For the exclusive use of J. SICINSKI 700-115Dogfight over Europe: Ryanair (A) pool their capacity an d revenue, then divide the proceeds in an agreed-upon manner.Carriers were banned from flights that did not begin or terminate on their national soil; Air France, for instance, could not fly from Rome to Frankfurt or Milan. Intra-country service was also regulated strictly. To varying degrees, domestic fares were set by government authorities, and entry by new airlines was discouraged. The collapse of European empires and the advent of jets capable of crossing the Atlantic economically led virtually all European flag carriers to refocus their international efforts on routes across the North Atlantic in the late 1950s.Heavy and growing demand for transportation to and from North America made such routes highly profitable, at least initially. Europe’s system of regulation soon came under pressure. A late-1950s attempt to unify the flag carriers of France, West Germany, Belgium, and Italy collapsed under the weight of disparate national interests. By 1960, the Economist magazine bemoaned the state of the heavily regulated, fragmented airline industry. â€Å"The basic trouble,† it concluded, â€Å"remains that the world has too many airlines, most of them inefficient, undercapitalised and unprofitable. 4Though the IATA introduced some forms of restricted, discount fares in the 1950s, consumers grew dissatisfied with high prices. European regulations applied largely to regularly scheduled service between destinations. To bypass these regulations and to tap pent-up demand for leisure travel, charter airlines appeared and grew rapidly during the 1960s. These start-ups, funded in part by shipping companies, offered holiday makers cheap fares on non-scheduled flights and â€Å"inclusive tours† that bundled flights with lodging.Charter holidays proved especially popular among British and Irish vacationers, who used them to escape the North Sea for sunnier climes. By the mid-1980s, charter flights would transport 60% of all European passengers. 5Fla g carriers responded to the independent charter airlines both by establishing new discounts within the IATA structure and by starting charter subsidiaries themselves. The 1970s took airlines around the world into financial straits (Exhibit 1). The introduction of wide-bodied aircraft such as the Boeing 747 increased capacity on the North Atlantic route dramatically.The OPEC oil embargo raised the price of jet fuel, and the ensuing recession cut demand for air travel. These events hit Europe’s flag carriers, with their heavily unionized staffs and high fixed costs, especially hard. Exhibit 2 compares the staff productivity of European and U. S. airlines in 1978. In 1978, the U. S. Congress approved the thorough deregulation of the domestic U. S. airline industry. Pricing, route scheduling, entry, and exit were freed up dramatically. Prices plunged rapidly as airlines competed vigorously for marginal customers.Twenty-two new, low-cost carriers entered the market between 1978 an d 1980. 6Most of the new airlines soon failed, however. Established players such as American, United, and Delta used hub-and-spoke route structures and computerized reservation systems to spur a new wave of consolidation. Following consolidation, prices and profitability remained low and unstable. Strong U. S. airlines reached out for new routes into Europe. The U. S. experience brought calls for European deregulation from consumer advocates and supporters of competition.A 1984 memorandum from the European Commission proposed the abolition of pooling arrangements, price fixing, and government subsidies. Trade unions and flag carriers allied to defeat the proposal. In 1986, the Single European Act called for the creation of a unified European market by the end of 1992. The market was intended to â€Å"comprise an area without internal frontiers in which the free movement of goods, persons, services and capital is ensured†¦. †7 Industry observers expected new proposals for the liberalization of the European airline industry to follow.This document is authorized for use only by Jan Sicinski in Strategic Management IBP 10-11 taught by Dr. TOMASZ LUDWICKI from October 2010 to April 2011. 2 For the exclusive use of J. SICINSKI Dogfight over Europe: Ryanair (A)700-115 British Aviation and British Airways While Europe as a whole remained dominated by state-owned carriers with government- mandated monopolies or near-monopolies, individual countries moved to liberalize their domestic airline industries and to push for international deregulation on a bilateral basis with individual countries. The United Kingdom was among the most aggressive in doing so. As early as 1971, Britain’s airline regulator, the Civil Aviation Authority, encouraged the establishment of British Caledonian Airways (BCal) as a â€Å"second force† to compete with the dominant, state-owned British Airways (BA). Labor Party governments, however, subsequently protected BA from BCal’s incursions. Though independent airlines such as BCal and British Midland operated in the U. K. during this period, momentum for airline deregulation picked up only after the election of the Conservative, market-minded Prime Minister Margaret Thatcher in 1979.An early Thatcher bill required, for the first time, that regulators give the interests of consumers equal weight to the interests of operators when allocating licenses for new routes. A hallmark of Thatcher’s government was the privatization of state-owned enterprises, and a centerpiece of her privatization programme was a proposed flotation of BA on the stock market. The state of BA in 1979, however, precluded a rapid privatization. The cost structure of BA and its predecessors had been high at least since the end ofWorld War II, when the flag carrier was expected to â€Å"find a job for every demobilized member of the [Royal Air Force]. †9In 1977, the U. S. carrier Delta transported 30. 7 million p assengers with 31,000 employees while BA’s staff of 54,300 moved 14. 5 million passengers. 10After thin profits in the late 1970s, BA suffered a loss of UK? 102 million on revenue of UK? 1,760 million in 1981. A new chairman, John King—a self-made millionaire with experience in the ball-bearing industry—was brought in to revive BA and prepare it for privatization.With generous severance packages, King reduced BA’s staff to 38,000 by 1985. Loss-making routes were surrendered to competitors, and maintenance stations and training colleges were shuttered. King soon yielded the reins to Colin Marshall, a former executive of car rental agency Avis, who began to improve customer service. Marshall paid particular attention to satisfying full-fare business customers. By 1984, BA was earning record profits (Exhibit 3), and its privatization was being planned for 1987. Deregulation slowed during the period of BA’s turnaround.A Civil Aviation Authority proposa l to shift some of BA’s routes to BCal, for instance, was defeated in 1984, largely because the Treasury Ministry opposed the plan. In 1986, BA operated one of the world’s most extensive airline route networks, serving 145 destinations in 68 countries. 11No airline carried more international passengers. International journeys accounted for roughly two-thirds of the seats that BA sold and nine-tenths of its revenue. Nearly 80% of passengers passed through London’s main airport at Heathrow, one of the world’s busiest transportation hubs.Plying the network was a fleet of 163 aircraft, ranging from 44-seat turboprops to Boeing 747s with room for nearly 400. Since 1980, BA had invested roughly UK? 700 million to purchase 55 new aircraft, mostly for service within Europe. The company was beginning to upgrade its intercontinental fleet. In the United Kingdom and New York, BA provided its own passenger and ground services (e. g. , for passenger check-in, baggage handling, and aircraft cleaning). Elsewhere, it hired contractors to perform such services.BA catered its own flights from Heathrow, but contracted out all other catering. The company performed most of its own maintenance from a base at Heathrow and had engineering capabilities at three-quarters of the airports it served. BA sold tickets over the telephone and in 171 retail shops worldwide, where agents also sold package vacations. In addition, 49,000 independent travel agents had the ability to book tickets on BA via computerized reservation systems, including BA’s own system. Such agents accounted for 83% of the company’s scheduled passenger revenue.BA pitched its services to a wide range of This document is authorized for use only by Jan Sicinski in Strategic Management IBP 10-11 taught by Dr. TOMASZ LUDWICKI from October 2010 to April 2011. 3 For the exclusive use of J. SICINSKI 700-115Dogfight over Europe: Ryanair (A) business and leisure travelers. Accordingly, i t offered a spectrum of ticket prices with varying restrictions and the full range of classes of service—from first class to economy. Especially among business travelers, BA was known for its improving in-flight amenities. Exhibit 4 shows BA’s revenue and operating cost per scheduled passenger.The 6. 9% operating margin shown there reflects BA’s entire route network. In Europe alone, the carrier earned a 4. 4% margin. Irish Aviation and Aer Lingus As a country with a small population, limited land mass (roughly 250 kilometers across and 400 long), and no colonial possessions, Ireland did not lend itself naturally to commercial aviation. 12 Yet in 1936, a mere 15 years after Ireland’s initial political separation from Britain and 13 years before full independence, government and private interests in Ireland came together to form Aer Lingus, a flag carrier for the emerging state.Government support proved crucial in the airline’s early days. Annual lo sses in the 1930s and 1940s commonly ran between 20% and 100% of revenue. Not until the early 1950s did the airline earn a profit in consecutive years, and then only for a short period. Early on, passenger traffic focused on routes between Ireland and Britain, where a large population of Irish emigrants resided. To develop these routes, the Irish and British governments struck an unusual arrangement in 1946. Through BA’s predecessors, the British government took a 40% stake in Aer Lingus, leaving 60% in the hands of Ireland.Aer Lingus was granted monopoly rights to routes over the Irish Sea. BA’s predecessors gained the valuable right to land at Shannon Airport on Ireland’s west coast, refuel, and continue on across the Atlantic. (Aircraft ranges at the time required such a refueling stop. ) In exchange, Aer Lingus was allowed to land in Manchester, take on passengers, and continue to continental Europe. Such â€Å"onward rights† were rare in Europe and m arked the beginning of relatively liberal bilateral agreements between Britain and Ireland.The British partnership continued for a decade until Aer Lingus’ desire to develop its own trans-Atlantic routes, to reach the large ethnic Irish populations in New York and Boston, created a rift. Amicably, the British government reduced and eventually relinquished its stake in Aer Lingus. The predecessors of BA and independent carriers such as British Midland began to fly routes between Britain and Ireland. Problems on the North Atlantic corridor in the 1970s hit Aer Lingus especially hard. Compared to other carriers on the route, Aer Lingus drew its passengers especially heavily from the ranks of tourists.Tourist passengers actively sought promotional fares, created erratic peaks of seasonal demand, and largely stayed at home during the recession of the mid-1970s. The Irish government insisted that Aer Lingus continue to fly the North Atlantic corridor despite losses on the route. 13 Aer Lingus first published its objectives in 1971 and had, by 1986, reviewed and ratified the statement a number of times. The statement called on Aer Lingus to provide an air transport service that was â€Å"safe, efficient, reliable, and profitable. The airline touted the many benefits it brought to the Irish community: national development, promotion of tourism, employment, a contribution to the balance of payments, and educational, social, and cultural services. 14 Losses in the 1970s prompted Aer Lingus to seek new sources of revenue and profit. â€Å"We perceived that an airline with a limited home market, limited financial resources and a cyclical product would have to diversify,† reflected one of Aer Lingus’ chief executives. 15Aer Lingus began to offer maintenance service and engineer training to other airlines.Successful introduction of its computer reservation system led Aer Lingus to offer computer consulting and data processing services. The company also entered the hotel business in London, Paris, and New England. By 1986, This document is authorized for use only by Jan Sicinski in Strategic Management IBP 10-11 taught by Dr. TOMASZ LUDWICKI from October 2010 to April 2011. 4 For the exclusive use of J. SICINSKI Dogfight over Europe: Ryanair (A)700-115 so-called ancillary businesses include hospital management in Baghdad and an investment in robotics. In 1984-85, air transportation, irline-related services such as maintenance, and non-airline businesses provided Aer Lingus operating profits of 0. 5 million Irish pounds (I? ), I? 12. 7 million, and I? 17. 1 million, respectively. 16Within air transportation, Aer Lingus’ domestic and European routes earned a modest operating profit while its trans-Atlantic flights sustained operating losses for the sixth time in seven years. 17During the coming decade, Aer Lingus faced tens of millions of pounds of investment to replace aging jets in its fleet. Government officials were conte mplating the sale of part of the company to finance the capital expenditures.Ryanair Cathal and Declan Ryan had essentially grown up in the airline industry. 18Their father, Tony Ryan, had long worked for Aer Lingus. As the flag carrier’s aircraft leasing manager, the elder Ryan struck innovative deals to lease excess capacity to other airlines. From 1973 to 1975, for instance, he arranged for an Aer Lingus 747 and its Irish crew to ply Air Siam’s route between Bangkok and Los Angeles. 19In 1975, Tony Ryan co-founded Guinness Peat Aviation, which quickly became the largest aircraft leasing company in the world.Tony Ryan’s 10% stake in Guinness Peat Aviation gave him sufficient wealth to invest a million Irish pounds in his sons’ efforts to launch an airline. Both sons were in their 20s when Ryanair initiated service in 1985. At first, Ryanair used a 14-seat turboprop aircraft to run a scheduled service between Waterford in the southeast of Ireland and Gat wick Airport, one of London’s secondary airports. This initial service was intended to prove the company’s ability to operate a scheduled airline successfully. In 1986, Ryanair gained a license to operate between Dublin and Luton, another of London’s secondary airports.Aer Lingus and BA already operated on the Dublin-London route, which was reputed to be quite lucrative for both carriers. Indeed, Aer Lingus’ Chairman noted that â€Å"Dublin-London is the only route on the Aer Lingus network that has the volume of business to allow of itself a reasonable return on capital. †20Aer Lingus’ and BA’s least expensive, unrestricted round-trip fares on the route were priced at I? 208 (equivalent to UK? 189 at the time). Discount fares as low as I? 99 were available, though they had to be booked one month in advance.Observers felt that the figures shown in Exhibit 4 were typical of Aer Lingus’ and BA’s average revenues and costs for a Dublin-London round trip. Ryanair managers believed that the flights of Aer Lingus and BA were typically 60-70% full. According to airport authorities, half a million round-trip passengers flew the route each year. The total number of air passengers on the route had been stagnant for ten years. Roughly three-quarters of a million round-trip travelers opted to use rail and sea ferries rather than aircraft. The journey took nine hours by rail and ferry and one hour by air.Prices of round-trip rail-and-ferry tickets fell as low as I? 55. 21 On their new Dublin-London service, the Ryan brothers intended to run four round trips per day with a 44-seat turboprop. They did not have permission to fly larger jet aircraft on the route, but hoped to get permission soon. Ryanair would offer meals and amenities comparable to what Aer Lingus and British Airways provided. The company would distinguish itself from the flag carriers in two ways. First, its employees would focus intently on deli vering first-rate customer service.Second, the company would charge a simple, single fare for a ticket with no restrictions. In announcing its Dublin-London service, Ryanair publicized a fare of I? 98. This document is authorized for use only by Jan Sicinski in Strategic Management IBP 10-11 taught by Dr. TOMASZ LUDWICKI from October 2010 to April 2011. 5 700-115 Exhibit 1 For the exclusive use of J. SICINSKI Dogfight over Europe: Ryanair (A) Composite Profitability of All Major, Scheduled European Airlines 10 5 0 -5 Introduction of wide-body jets First oil crisis Second oil crisis -10 Introduction of jetsSource: Association of European Airlines, 1994 Yearbook, p. 19. Exhibit 2Staff Productivity of U. S. and European Airlines, 1978 Airline U. S. carriers: American Eastern Pan American TWA United European carriers: Air France Alitalia British Airways KLM Lufthansa Staff 40,134 35,899 26,964 36,549 52,065 32,173 17,040 54,645 17,812 29,400 Passengers per staff memberStaff per aircraft 762158 1,099156 358355 665156 657156 333314 374279 308264 231326 460320 Source: House of Lords Select Committee on European Air Fares, 1981, 185-7, European Air Fares, Air Transport Users Committee, Civil Aviation Authority, 1978.Cited in P. Lyth and H. Dienel, â€Å"Introduction† in H. Dienel and P. Lyth, eds. , Flying the Flag: European Commercial Air Transport Since 1945 (London: Macmillan, 1998), p. 8. This document is authorized for use only by Jan Sicinski in Strategic Management IBP 10-11 taught by Dr. TOMASZ LUDWICKI from October 2010 to April 2011. 6 Profit after interest as a percentage of total costs 1955 1960 1965 1970 1975 1980 1985 Dogfight over Europe: Ryanair (A) Exhibit 3British Airways Performance, 1977-85 For the exclusive use of J. SICINSKI 700-115 Revenue (mm UK? ) Operating profit before taxes and interest (mm UK? )Passengers (mm) Staff (thousands) Available ton-kilometers (mm) T on-kilometersused(mm) Load* (%) 197719791981 1,073. 91,403. 31,760 95. 876 . 0(102) 14. 515. 817. 0 54. 355. 953. 6 6,2337,1647,930 3,6074,4164,812 586261 19831985 2,0512,905 169292 16. 318. 4 45. 938. 1 7,2087,837 4,4615,267 6267 * Load = portion of available ton-kilometers used, a measure of capacity utilization. Source: British Airways Annual Reports. Cited in P. Lyth, â€Å"Chosen Instruments: The Evolution of British Airways† in H. Dienel and P. Lyth, eds. , Flying the Flag: European Commercial Air Transport Since 1945 (London: Macmillan, 1998), pp. 2, 74. Exhibit 4British Airways Average Revenue and Cost per Passenger, 1986 UK? Revenue 151. 3 Operating expenses Staff32. 4 Depreciation & amortization7. 8 Fuel & oil28. 9 Engineering and other aircraft costs8. 9 Selling16. 4 Aircraft operating leases3. 1 Landing fees and en route charges10. 6 Handling charges, catering, & other15. 1 Accommodation, ground equipment & other17. 7 Percent of I? Revenue 166. 5100. 0% 35. 721. 4% 8. 65. 1% 31. 819. 1% 9. 85. 9% 18. 010. 8% 3. 42. 0% 11. 77. 0% 16. 610. 0% 19. 511. 7% Subtotal 140. 9 Operating profit10. 411. 4Source: Case writer calculations, based on British Airways Prospectus, February 11, 1987. This document is authorized for use only by Jan Sicinski in Strategic Management IBP 10-11 taught by Dr. TOMASZ LUDWICKI from October 2010 to April 2011. 7 155. 193. 1% 6. 9% For the exclusive use of J. SICINSKI 700-115Dogfight over Europe: Ryanair (A) Notes 1 This section draws especially on P. Lyth and H. Dienel, â€Å"Introduction,† in H. Dienel and P. Lyth, eds. , Flying the Flag: European Commercial Air Transport Since 1945 (London: Macmillan, 1998), pp. 1-17. 2 P. Lyth, â€Å"Chosen Instruments: The Evolution of British Airways,† in H.Dienel and P. Lyth, eds. , Flying the Flag: European Commercial Air Transport Since 1945 (London: Macmillan, 1998), p. 50. 3 P. Lyth and H. Dienel, â€Å"Introduction,† in H. Dienel and P. Lyth, eds. , Flying the Flag: European Commercial Air Transport Since 1945 (London: Macmilla n, 1998), p. 3. 4 â€Å"Unfree as the Air,† The Economist, May 28, 1960. 5 P. Lyth and H. Dienel, â€Å"Introduction,† in H. Dienel and P. Lyth, eds. , Flying the Flag: European Commercial Air Transport Since 1945 (London: Macmillan, 1998), p. 7. 6 N. Donohue and P. Ghemawat, â€Å"The U. S. Airline Industry, 1978-1988 (A), HBS Case 390-025. A. P. Dobson, Flying in the Face of Competition (Hants: Avebury Aviation, 1995), p. 192. 8 This section draws especially on P. Lyth, â€Å"Chosen Instruments: The Evolution of British Airways† in H. Dienel and P. Lyth, eds. , Flying the Flag: European Commercial Air Transport Since 1945 (London: Macmillan, 1998), pp. 50- 86. 9 P. Lyth, â€Å"Chosen Instruments: The Evolution of British Airways† in H. Dienel and P. Lyth, eds. , Flying the Flag: European Commercial Air Transport Since 1945 (London: Macmillan, 1998), p. 65. 10 P. Lyth, â€Å"Chosen Instruments: The Evolution of British Airways† in H.Dienel and P. Lyth, eds. , Flying the Flag: European Commercial Air Transport Since 1945 (London: Macmillan, 1998), pp. 72-73. 11 The following description of British Airways in 1986 draws on the company’s February 11, 1987, prospectus. 12 This section draws especially on M. O’Riain, Aer Lingus, 1936-1986: A Business Monograph, 1987 and B. Share, The Flight of the Iolar: The Aer Lingus Experience, 1936-1986 (Dublin: Gill and Macmillan, 1986). 13 H. Carnegy, â€Å"Turbulent Times for Aer Lingus,† Financial Times, June 3, 1986. 14 Aer Lingus Annual Report, March 31, 1986. 15 Extract from M. J.Dargan’s address to the 50th Anniversary Banquet of Aer Lingus in the Royal Hospital, Kilmainham, 27 May 1986. Quoted in M. O’Riain, Aer Lingus, 1936-1986: A Business Monograph, 1987. 16 H. Carnegy, â€Å"Turbulent Times for Aer Lingus,† Financial Times, June 3, 1986. 17 Aer Lingus Annual Report, March 31, 1986. 18 This section draws especially on interviews conducted with Ryanair personnel between February 10 and February 17, 2000, including Michael O’Leary, CEO; Declan Ryan, founder; Charlie Clifton, Director of Ground Operations and Inflight; and Kevin Osborne, Director of Purchasing and Administration. 9 B. Share, The Flight of the Iolar: The Aer Lingus Experience, 1936-1986 (Dublin: Gill and Macmillan, 1986), pp. 203- 206. 20 Aer Lingus Annual Report, March 31, 1986. 21 J. Fagan, â€Å"Air Price War Hits Sea Route Traffic,† Financial Times, September 24, 1987. H. Carnegy, â€Å"UK-Irish Air Route Challenge,† Financial Times, April 24, 1986. This document is authorized for use only by Jan Sicinski in Strategic Management IBP 10-11 taught by Dr. TOMASZ LUDWICKI from October 2010 to April 2011. 8