Becoming Naturally Therapeutic: A Return to the True Essence of Helping

Since the birth of humanity, man is termed as a social animal, a specie which lives in assemblage of his own kind, which has the ability to communicate, express and exhibit his feelings and emotions, a rare and perhaps the only part of the animal kingdom which can relate to each other and share their problems and help resolve them in the most effective and efficient way. This ability of man to co-relate to each other makes him the highest specie out of God’s great creations.Jacquelyn Small’s book â€Å"Becoming Naturally Therapeutic: A Return to the True Essence of Helping,† whose first edition was published in 1989, expresses the same point of view of how humans tend to provide help to each other in time of pain and suffering, it being the primary note of providing psychological support to the victim of it. Jacquelyn Small is a well known writer whose work focuses upon inspirational writings, spiritual growth and psychological training.She is also the creator an d administrator of an organization founded upon therapeutic and guidance known as Eupsychia, established in her native land in Austin, Texas. Through her institute she helps people to regain confidence and insight within themselves, by healing up the wounds of their past and also in bringing a deeper understanding of life through spirituality and studies of sacredness. She is the novelist of many self help books such as ‘Including Awakening in Time’,’ Sacred Purpose in Life,’ and her most recent book ‘Becoming a Practical Mystic.’ This book caters an audience of all ages, from children to the adults it’s a must read, which concerns life at every level. The word â€Å"therapeutic† as the dictionary describes it is a process designed to deal with illnesses, usually psychological, helping one to relax and calm down over his worries. It makes a person understand of how he can be of help to his loved ones, who are suffering through su ch an illness. It is a process which involves one to open up and start the process of healing through the mere connection of hearts and communication.It is a book which contains secretive ways of how one might me able to influence and change the life of others by not even being overly possessive about them, and how this phenomenon has backfire effects which would eventually help the healer himself in solving his own mental disturbances. The spirit of healing as the writer describes, lies within every individual, just requires a little bit of encouragement and it would be able to work freely.Moreover, in this edition she describes ten various characteristics, from warmth to correctness, which are held within everybody, just requiring a little bit of realization and insight. The basic art of this therapy is to lower down and break the boundaries between the helper and the victim, how to help the other person to open up to you, even if you are his teacher, judge or even his family. The book also holds samples of clear dialogues and conversations, which the therapist and patient could have within, complimented by examples setup in different situations; creating a path to inner peace and devotion for others.This book helps one to understand ones God gifted ability to understand the pain of others and how he could help himself in bringing out the therapist from within. It is a simple book, with specific techniques which has been changing lives throughout the world. References Small, J. (1989). Becoming Naturally Therapeutic: A Return to the True Essence of Helping. Topeka Bindery ISBN: 1417715588

Insider trading about Martha Stewart

When she was young, Martha committed her attempts to school assignments, obtaining report books full of best marks. She gained a scholarship to Barnard College, where she employed as a model and wedded with a law scholar, and changing her name becomes Martha Stewart. She discontinue her career as model when she was pregnant. Then she worked as a broker for few years. She was pretty good in doing the job, so she would have recognized about insider trading laws (â€Å"Martha Stewart, broker indicted†, 2003).When she was a college student, Stewart involved in business with her friend. Stewart began a catering business. Her catering business became productive and successful. Stewart started a retail store and sold her home equipments. She co-wrote a best-seller book, entertaining peoples, with long-period fashion ace Elizabeth Hawes. She began cropping up on Television talk shows with confidential information for troubled housewives. She was also having crucial problem with her hu sband. After Stewarts divorced, her husband married the worker. In the meantime, Martha Stewart's business remained successful (â€Å"Martha Stewart, broker indicted†, 2003).Stewart launched her magazine, Martha Stewart Living, in 1991. It became an achievement. Two years later, she began her own TV show, Martha Stewart Living. Initially, the insiders were unsure it would run well, but surely it was become tremendously rewarding TV show. Stewart generated a lot of money increasingly at that period (â€Å"Martha Stewart, broker indicted†, 2003).Insider Trading in case of Martha StewartThe Securities and Exchange Commission, in 2002, informed that Martha Stewart was investigated for insider trading case. In December 2001, she had sold 3,928 shares of ImClone Systems merely ahead the Food ; Drug Administration informed that it was entrancing ImClone's utilization to sell a modern supposed wonder medicine. It seemed like standard insider trading, and it believably was (â⠂¬Å"Stephen Moore on Martha Stewart & Insider Trading†, 2004).However, inquisitively the federal officials never testified this in courtyard, or even attempted to establish it. Alternatively, they appointed Stewart with four law-breaking, such as confederacy, construction of natural virtue, and two numbers of creating incorrect statements to officials. A jury said that she is blameworthy, and she was decided to be prisoned for five months. They thought that it is a law-breaking to telling the falsity to a fed. The speech communication does not have to be recorded, and witnesses are elective (â€Å"Stephen Moore on Martha Stewart & Insider Trading†, 2004).Martha Stewart has been in the news program and media for some months because the U.S. Securities and Exchange Commission considers that she was confirmed by Sam Waksal that his company ImClone’s cancer medicine had been declined by the Food and Drug Administration earlier than this report was published (Schroede r, J., 2004).This state of affairs was a great stroke to his company and the monetary value of its stock descended spectacularly. Nevertheless, Martha Stewart was not monetary injured because she had her stock broker sell her 4000 shares earlier than this information was published. If it is accurate, and it should be lined it has not been evidenced yet, and so she is chargeable of insider trading. The Stewart beliefs should make a resentful after-sensation in conservatives' openings for other causes. Stewart was a unfortunate person of socio-economic class conflict that has filtered down from the unintelligent (Schroeder, J., 2004).One of the panelists remarked joyously that this final judgment was warrantied, because it would bring a subject matter to the â€Å"valuable and strong†, which they cannot escape with such maltreatments. The print media also pleasured in performing the â€Å"socio-economic class conflict   correspondence† by spiting Martha Stewart for suc h wrongdoings as dressing high-priced jewelry at the time of the legal proceeding (â€Å"Stephen Moore on Martha Stewart ; Insider Trading†, 2004).Stewart now confronts possibly two years in correctional institution and the termination of as a minimum one-half of her financial condition, all because she handled to preserve herself $50,000 selling ImClone stock at the time of she perceived that one of the medicines the companies had been expanding had unsuccessful to acquire FDA acceptance (â€Å"Martha Stewart Stock Scandal†, 2003).In conclusion, Martha Stewart has been one of the great and victorious entrepreneurs of this contemporaries era. She produced hundreds of millions of dollars of innovative economic condition and nearly an innovative business enterprise that was effectively by herself. She made many occupations and was a booming enterpriser who materialized to produce much money.The origin my edginess is that a number peoples in our social group praise her ru ination incisively because of her tremendous attainment. However, attainment is a moral excellence in United States, and while the people begin handling it as frailty, they minimize their competitive arrangement. And so they have an untold greater difficulty in their social group than whether people are exchanging on active stock confidential information among the period of time.BibliographyMartha Stewart, broker indicted. 2003. [Online]Available at: http://money.cnn.com/2003/06/04/news/martha_indict?cnn=yesMartha Stewart settles SEC's insider trading case. 2004. [Online]Available at: http://redorbit.com/news/general/605372/†¦/index.htmlSchroeder, J. 2004. SSRN-Envy, Jealousy and Insider Trading: The Case of Martha Stewart. [Online]Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=419580SEC Charges Martha Stewart, Broker Peter Bacanovic with Illegal Inside. 2003. [Online]Available at: http://www.sec.gov/news/press/2003-69.htmStephen Moore on Martha Stewart & Insi der Trading. 2004. [Online]Available at: http://www.nationalreview.com/moore/moore200403090901.asp

Historical Memory Essay Example | Topics and Well Written Essays - 750 words

Historical Memory - Essay Example He graduated in the year 1948 with a B.A. degree from the same college his father and grandfather attended. Martin went ahead and attended Crozer theological seminary for three years studying theology (Asselin, 6). After completion of his studies, he was elected the president of a senior class, which was predominant with whites. He graduated with a B.D. in 1951, which won him a scholarship from Crozer College and enrolled in Boston University. After completion of his studies, he received a degree in 1955, after completing his residence doctorate in 1953. While in Boston, Luther met his wife, with whom they bore two sons and two daughters. In 1954, he became a pastor and a rights activist until his assassination on 4 April 1968. Even though slavery was banned in the United States in the late 19th century, the institutions in the country discriminated people according to race. This was often referred to institutional racism, where African Americans were oppressed in the country. In the mid 20th century, many African Americans were occasionally mistreated even in public (Asselin, 10). For instance, the African Americans were forced to use separate schools and public utilities. On the other hand, the superior and well-established utilities, facilities, and schools were reserved for the whites. This was a daunting situation, especially to the African Americans, constantly known as blacks. For many decades, African Africans had been engaging endless fights to establish an all-inclusive society without segregation and discrimination. Apparently, they made some progress. The efforts of the African Americans were enhanced by Martin Luther as he started raising awareness of the public to racism, discrimination, and segregation in the country. His ostensible objective was to enhance racial equality across the nation. However, he had other objectives, which included raising awareness in the grassroots. As such, the people in the grassroots

Research paper on Witness Lee, founder of Living Stream Ministries

On Witness Lee, founder of Living Stream Ministries - Research Paper Example Lee was an influential preacher of Christianity and used to emphasize upon the experiences of the life of the Christ as he believes that the followers could carry out the goals of God through proper understanding about oneness of Body of Christ. He established the Living Stream Ministry in 1965. It was located in Anaheim California. The minister worked for the publication and spread of the works and books of Witness Lee and Watchman Nee (Huei Liu, p182). Lee carried efforts for the establishment of local churches in Western hemisphere and South East Asia. As part of local church movement several churches were also founded in Russian and eastern European countries. Lee believes that the local churches are the Lord’s Recovery. He also divulged the living stream minister version of Bible that is called as â€Å"The Recovery Version†. It is based upon the belief that God moves to establish a thing for the first time and when it is destroyed by Satan God moves second time to recover the loss made by Satan (Nee, p89). According to Lee, the creation of the universe is also based upon this cycle as it is written in Genesis that God created heaven and earth that became empty and water and then during the six days of creation God worked for the recovery of earth and heaven. The Jewish temple built by Solomon was destroyed and Jews recovered it after returning to Jerusalem. He teaches that the churches were built in the 1st century and destroyed during the dark ages and now they are being recovered in the age of reformation. He founded the living stream ministry also to affirm that the local churches are evidences of recovery of Christ. The preaching of Lee are based upon the thought that Lord Recovery is simply the recovery of Christ that is often viewed as recovery of genuine oneness and proper church life however; these two things are also actually the recovery of the Christ that is everything for the believers. He taught that the believers of Christ have to remain determent upon their beliefs in oneness of God. There are two aspects of Lord Churches; local and universal that express the body of Christ in the locality. The universal aspect of churches is explained in Matthew 15 and Epistles whereas the local aspect of church has been presented by Lord in Matthew 18, apostles, the Epistles and Revelation (Piepkorn, 78). Lee insists upon the importance of Churches in the lives of the believers that they could understand the oneness of Lord by apostle addresses in Church’s meetings where they have to declare that we are the church. The local churches should be visited by the genuine Christ’s believers rather calling them Baptist, Catholic or Methodist that is against the oneness of belief in Christ and churches. Lee also threw the light upon the importance of following Lord Commands while understanding the functionality of the economy. He frequently used the phrase God’s economy to present that thought that economy is a subject of Bible because the economy is like household of God and he has defined the laws to run the economy on his lines in order to gain the corporate expression of Him (Bays, p312). He spent considerable portion of his life travelling and spreading the message of the Local Churches and their importance. He also worked to establish the â€Å"New way† so that he could eliminate the odd thinking about the local churches. He decided that the new way is based upon four major pillars. At first the meetings are arranged at

Ethics in Business Case Study Example | Topics and Well Written Essays - 1500 words - 1

Ethics in Business - Case Study Example Businesses must act ethically to all stakeholders, yet the different stakeholders have differing interests. To balance the needs of the various stakeholders becomes a challenge for businesses, which usually results in corporate scandals that have ethical and other long lasting effects. It is for that reason, that this discussion explores the recent ethical issues in businesses, in the United States. The following is a comprehensive list of recent ethical issues, the moral issue, as well as what should be done to resolve the moral dilemma. Marketers looking for edgy corporate advertising usually risk character and shut doors on social responsibility in search for a breakthrough moment. While drawing up competitive advertisements, corporations yearn to be in the limelight, but such advertisements end up bringing unexpected and negative upshots among the audiences or the intended recipients. Recent miscarriages of advertisements are such as the McDonald’s, Pepsi, general motors, ford and Hyundai. The above corporations’ recent advertisements were originally intended to be humorous, although they were unwrapped as insensitive and offensive typecasts. An advertisement by the Pepsi Corporation dubbed the Mountain Dew ad has attracted criticism of propagating racism and venerating cruelty against women. The ad features an African American wrapper, and is deemed as the most insensitive and racist ad in united states. McDonald’s advert â€Å"You are not alone† has been criticized on grounds that it makes light of people suffering from mental illness. General motors run an advert with 1930s settings and incorporates a contemporary remix of a 1930s song that makes references to Chinese people. The general moral issue in the general motors and the Pepsi advert are that they are portraying a racial stereotype. At the

Explain what you understand by the term Securitisation and consider Essay

Explain what you understand by the term Securitisation and consider why a bank might choose to securitise some of its loans - Essay Example It ends up losing some cash flows or assets in return for the cash. This debt also not reflected in the bane sheet of the ultimate bower. Therefore, securitisation can be viewed as a method of disposing off a cash flows stream. Besides the impact on the borrower, securitisation benefits investors as well. It increases the variety of choices of investments available. The securities that are asset-backed by way of securitisation can be easily analysed since investors need only to undertake an evaluation of cash flows from a very small assets pool. This saves them from having to evaluate the entire complex business. The most commonly securitised assets are loans of a single kind or another type which when pooled becomes an investment of low risk. Also, it means that in the context of the issuer, it is often a borrowing way that’s very cheap. (Moneyterms.co.uk, 2009). This is a study set out to discuss this issue of securitisation and to this there will be a vivid answering of the questions â€Å"what is securitisation?† and â€Å"why do banks choose to securitise some of their loans?† Securitisation is an expression that has become more common in usage and it’s usually used the numerous mechanisms of transferring risks between the parties involved. It usually includes the description of the scale or disposal of risk assets in an absolute manner or the synthetic transfer of particular risk aspects. It is used in several contexts and among various parties who indulge in contracts. More comprehensively, it’s defined as the process via which receivables, loans or other relevant assets are put together. The cash flows that go with the assets and also the economic values deployed to aid payments of the securities related. The related securities are issued in both private and public markets by issuers or on their behalf, which use the process of securitisation to

Artistic Area Changing From 19th Century to 20th Century Essay

Artistic Area Changing From 19th Century to 20th Century - Essay Example During this era, Paris was reconstructed which can be termed as a symbol of a world of freshness in the field of art. This city acted as a cultural capital offering great chances to people who were interested in the field of art. Art training institutions came up and artists were able to travel all round Europe to widen their knowledge and ideas. Consequently, artists were able to reflect their own feelings and emotions through art such as poetry (Yanli 54). With the decline of the enlightenment age, philosophers and poets started to question the ideals of enlightenment such as science, rationality and logic. At this point, poets sought to find out if these ideas were good enough for mankind (Barrette 60). They did this through Romanticism and Idealism, which revolutionized their way of thinking completely. The two movements existed concurrently and were characterized by the nature of poets putting emotions and feelings before reason. The main aim of romanticism and idealism movement s was for artists to express what they felt inside regardless of the rational perspective of those feelings. This was mostly done in the expression of romantic feelings. The romantic period lasted approximately 25 years, and is still said to be the greatest movement in the field of literature. Some of the poems at this time included: A Brother in Need by Henrik Ibsen, The Dole of the King’s Daughter by Oscar Wilde and The Grave and the Rose by Victor Hugo (Monius 1406). A critical study of the three poems depicts a social satire expressing the oppression that existed in the field of love. Tillmann and Dowling (628) assert that romantic poets made nature to be central in majority of their works, where they used it metaphorically to represent human relations to one another. These poems expressed passion indirectly, hence readers were expected to imagine and read them with an open mind. The message in these poems was clear as it openly portrayed the heart to be central in our li ves. As a result, the way we relate with nature and other people is determined by our hearts, and it reflects our lives. Through these poems, the ego-centric nature of man is put forth, where people were ready to do anything to have what their hearts desired (Barrette 79). This perspective was later taken over by the rational perspective as poets changed their poetic styles. The 20th Century Artistic thought during the 20th century was highly influenced by science as it dictated almost every aspect of man (Yanli 55). At this time, nuclear weapons were being used during war, making people to adopt new ways of looking at life. The two major literary criticisms of this time were: modernism which was later followed by post-modernism. After the enlightenment era, the educated elite gained confidence within themselves as they were able to explain nature and science. However, the industrial revolution brought about its own evils, creating a feeling of resentment within poets, which was exp ressed through modernism (Tillmann and Dowling, 629). The social lives of people were affected with the subsequent urbanization, while the field of politics was marked by diverse views of capitalism and communism. According to Sacvan (574), during this era, American poets had dominated the field of poetry as they sought to give explanations to what was happening around the world. Some of the poems composed during this time include: Allen Ginsberg’

Retail brands Essay Example | Topics and Well Written Essays - 1750 words

Retail brands - Essay Example Consumer retailing is one of the major aspects of marketing prevalent in the present age of growing competition. Modern day retailing has evolved from family run businesses to multinational organizations like Wal-Mart and TESCO which run operations across numerous regions of the globe. The statement â€Å"Retail brands are about more than just putting your name on products† has far reaching influence on the business prospects and strategies of retail organizations. The statement assumes greater importance in the wake of growing competition which has been characterised by the advent of globalisation where corporate organizations are trying to reach out to consumer breaching geographical boundaries. This has enhanced the nature of competition among the existing firms with regards to acquiring customers. Branding is one of the most important aspects that are considered by consumers while evaluating the stores with regards to the purchase of goods and services. Retailers are there fore making considerable efforts in building up a brand image of their products in the market. Branding has a large implication of the purchase decision of the consumers which has prompted corporate organizations to formulate policies so as to have a strong brand image to position their brands in the minds of the customers.A research report states that the brand value of a retail store is determined to a large extent by the brand image of the products available in the retail store. Private labels have also begun to play an important role in the brand image of the retail store (Cullen & Whelan, 1997, p.906-907). A report published in the International Journal of Retail & Distribution Management states the example of fashion retailers in UK where the market players have effectively used branding strategies to segregate themselves in the tough and competitive UK market. The report also states the role of private labels apart from the national brands as means to enhance the brand image of their stores in the minds of the consumers. Private labels have a greater impact on the brand image of the retail store as they bear the name of the retail store. This generates greater importance for these products with regards to branding. It is important for the retailers to ensure that the product mix of the private labels or the products bearing the brand name of the retail store matches with the branding strategies of the retail outlet. The report also lays down a set of criterions that must be taken into consideration by the retail outlets with regards to branding strategies. Firstly, the retailer should analyse whether the customer is able to dissociate the private label brand with the main competitors of the product. Secondly, the firm also has to analyse whether the brand has an image that can help it to command a premium market share or the value for money segment. Thirdly, marketers have to analyse whether the private label brand can be sold as a distinct product from the shelves of other retailers as well. Finally the firm must also be able to analyse whether the private label brand offers considerable brand value to the consumers. The report states that it is essential for organizations to effectively analyse the above stated sets of criterions before launching a private label brand (Birtwistle & Freathy, 1998, p.318, 319). According to a study conducted by Burt and Encinas (2000), the aspect of branding of individual products by the retailers also assumes considerable significance with regards to international expansion. The advent of globalisation and emergence of developing markets like India and China have made it highly profitable for retailers to set up shops in these nations. The authors point out that brand image of a retailer

Emirates Airline Case Study Example | Topics and Well Written Essays - 3000 words

Emirates Airline - Case Study Example (Butler & Keller, 2000) Emirates Airline has been very fortunate during the 2000s and beyond. The political scene in the region has been quite favourable because most of the countries in the Asian Pacific have been making agreements that facilitate better trade between countries especially in relation to the aviation sector. These countries have signed agreements between themselves and also with other countries in the United States and also in the European continent. These agreements have opened up Emirates to the world and have provided ready made markets for the Airline Company. Any aviation company must be ready to tackle high fuel costs and Emirates is no exception,. In the year 2005, the country reported an increase in fuel expenditure of seven percent from the previous year. Fuel costs represent the highest form of expenditure in the company as this has really eaten into their profits. The Asian Pacific region and in particular the United Arab Emirates, has been nurturing its economy at a rapid pace. Most of the countries located there are becoming more mature. These economies are growing at a substantial rate consequently affecting their overall income. This means that most of them are earning more revenue per capita and they can therefore afford to use air transport. This is probably the reason why Emirates Airline has been steadily growing over the past few years. ... (Tayeh, 2006) Airline traffic in the rest of the world has reduced drastically. However, the Middle Eastern region has improved especially for Emirates. Emirates success is directly linked to the City's success-Dubai. Dubai is one of the most rapidly growing cities in the world. It represents a lot of potential for investment both in the tourism industry and also in the business world. First of all, there are so many projects that re coming up with time. First of all, the City is building a theme park that resembles Disney world; it has embarked on a project that will house over four hundred thousand residents through a waterfront project. As if this is not enough, there are plenty of businesses that are always coming up all the time. Real estate is one particularly interesting sector because it attracts lots of capital investment. All these business ventures are encouraging more visitors to the City and the country in general; this has been reflected in the overwhelming market for Emirates. As if this is not enough Emirates Airline is located at a very suitable region in Asia, it is in the middle of the Eastern and Western regions. Consequently, the Airline is capable of tapping resources from both sides. The Asian continent has a booming economy and Emirates Airline has really benefited from this. Social Emirates Airlines operates in a region where there are numerous employees and workers. Most of these workers rarely demand for high compensation. When the United Arab Emirates is compared to other countries such as the United States, it can be found that there is a significant difference in labour costs as the latter country uses up thirty eight percent of its operating expenses while the UAE only uses up eight percent of its operating costs to pay its

The instructions are given below Assignment Example | Topics and Well Written Essays - 750 words

The instructions are given below - Assignment Example However, most of the citizens in the European counties were not happy about what their governments were doing. In connection to this, the relationship between the states worsened. It was at this time that the, France began to experience revolutions. The main cause of the revolution was that, the French government had introduced a lot of tax on most of the commodities. This move was seen by the people as being unfair (Schroeder 5). It was also at this time that most European countries started importing slaves to their countries. Most of these slaves were drawn from Africa. However, the rate of unemployment had started to increase. Therefore, most citizens were not happy with their government because they felt that the government did not have their interest at heart (Schroeder 12). In addition to this, most of the people felt that the slaves could be a security threat to them. This is because at that particular time, Africans were seen as being uncivilised (Schroeder 4). Question two. How were Luther, Equiano, and either Engels or Dickens trying to create change in their worlds through their writings? What arguments did they utilize and who were their intended audiences? Make a historical argument about how their approaches differed and what those differences tell us about changes in Europe in the 16th-19th centuries. In the mid-19th century, Luther become increasingly concerned about how the catholic church was treating Christians. It was at this time that he started writing books why Christians should leave Catholic church and form another church. On the other hand Equiano writing was based on the English slave trade (Schroeder 5). He was more concerned about how the English was not respecting human rights. Finally, Engels main intention was to create awareness on the importance of the government to continue practising socialism. This was because at that particular time, most of the governments in Europe were trying

Critical Success Factor Analysis Essay Example for Free

Critical Success Factor Analysis Essay This wasnt the case for AA. They had clear Organisational vision and views set out from the beginning. Their reason for the new system was to improve the standards of customer service for customer loyalty and to reduce their cost which is their organisational strategy.  This resulted in three main business requirements for the new IS. Development of a nationally-based system   Separation of the functions   The provision of a base for new products or services  AAs system was definitely a business-led system. They had the idea for AAHELP long before technology caught up enough for the system to be implemented. Their IS system was led by a long-term vision from way back. A lot could be contrasted during the implementation phase also. In AAs case, they used a phase-by-phase approach. Each phase would have a business case. This was to make the job of convincing the board easier. This proved useful not only in convincing the board, but also in that it allowed a certain degree of flexibility, as the system could be adapted in order to deal with the changes in the organisation more generally. This gradual incremental approach to the development meant that even though the overall time of the project took longer, the system was checked more thoroughly, and thus was much less likely to have problems later on when it would cost a lot more to fix.  This is shown very clearly in the Symons case. They hired ProSys to deliver the full system in one go. During implementation, they found a lot of costly errors such as differences in Numbering Systems, and changes to the system which cost them an additional à ¯Ã‚ ¿Ã‚ ½15,000. IT TEAM There were some differences between the two even in their I.T Team. Firstly, AA had their personal in-house I.T staff while Symons hired programmers. There are several benefits of in-house I.T staff. It takes shorter time for problems to be sorted out. Another difference was that the IT Team all worked in one location only. This built team spirit and encouraged formal and informal communications. Working so close together also meant that problems would be noticed, and sorted out much faster. Strategic Information Systems Planning Methodologies  The task of strategic information systems planning is difficult and often time organizations do not know how to do it. Strategic information systems planning is a major change for organizations, from planning for information systems based on users demands to those based on business strategy.  Vitale, et al. (1986) classifies SISP methodologies into two categories: impact and alignment. Impact methodologies help create and justify new uses of IT, while the methodologies in the alignment category align IS objectives with organizational goals. Impact Methodologies  Value Chain Analysis  A form analysing business activities. It helps in devising information systems which increase the overall profit available to a firm and identifying the potential for mutual business advantages of component businesses, in the same or related industries, available from information interchange. It concentrates on value-adding business activities and is independent of organizational structure. Strengths: It concentrates on direct value adding activities of a firm and thus pitches information systems right into the realm of value adding rather than cost cutting  Weaknesses: Basic concept of a value chain is difficult to apply to non-manufacturing organizations where the product is not tangible and there are no obvious raw materials. It also fails to address the developmental and implementation issues. Critical success factors analysis can be considered to be both an impact as well as an alignment methodology. Critical Success Factors (CSF) in the context of SISP are used for interpreting more clearly the objectives, tactics, and operational activities in terms of key information needs of an organization and its managers and strengths and weaknesses of the organizations existing systems. Critical success factors are limited areas of the business where if the result is satisfactory, will ensure successful competitive performance for the organisation Strengths: CSF analysis provides a very powerful method for concentrating on key information requirements of an organization, a business unit, or of a manager. This allows the management to concentrate resources on developing information systems around these requirements. Also, CSF analysis is easy to perform and can be carried out with few resources.  Weaknesses: CSF analysis by itself is not enough to perform comprehensive SISP because it does not define a data architecture or provide automated support for analysis. CSFs also focus primarily on management control and thus tend to be internally focused and analytical rather than creative

Changes in Holography

Changes in Holography 001 Looking Back, Moving Forward How was 2004 for you? For the industry as a whole, reviewing the developments that we covered last year in Holography News, we can conclude that it was a good year for most, with many positive developments that set the scene for 2005 and beyond, but with sufficient clouds on the horizon to prevent any complacency. In terms of markets, in the high security arena the growth of holograms on banknotes continues apace (see page 3) and this will continue to be key market notwithstanding the recent news that the new $100 and other denominations will not, in all likelihood, include a holographic feature. In other high security markets, passports took something of a back seat, for holograms at least not because of technology concerns but because of the current pre-occupation with biometrics. But elsewhere in document protection, AAMVAs specification of holograms on all US driving licences was a significant boost for the industry, while the tax stamp market continues provide significant high volume opportunities for suppliers. There were few major developments in brand protection although the use of holograms as the prime authentication feature on a new labelling program for pharmaceutical products in Malaysia, and the Olympics 2004 merchandising program demonstrated the continuing success of hologram s in these areas. On the downside, the FDAs controversial decision to adopt RFID-based track and trace as the solution to product safety and supply chain management for pharmaceuticals in the US could have unwelcome consequences for the industry should drug regulatory authorities elsewhere in the world follow its example. In packaging, meanwhile, as the Stock watch article in this issue (see page 6) points out, it is barely possible to go out nowadays without seeing holography embellishing shop shelves on all manner of goods from luxury high end to everyday items. Innovation and Development On the technology front, holography continued to demonstrate its inherent capacity for innovation and development. The integration of holograms with other technologies for enhanced security and functionality continued apace examples including Schreiners KeySecure technology, Securiketts Authentikett labels, combined hologram/DNA/RFID labels from ADNAS and Holomex and enhancements to teas scribos Holospot system (see page 8) to name but a few. In the banknote market, De La Rue, Louisenthal and Kurz all launched new security features during 2004 based on combinations of substrate, thread and foil technology. In terms of production, Newmec and Gidue both entered the market with foil applications systems, General Vacuum launched its new compact metalliser while Spatial Imagings new Lightspeed digital hologram printer marked the beginning of new era in large format hologram origination. Aside from the developments in the ‘conventional market for authentication and decorative devices, holography is also beginning to demonstrate its potential for use as a tool as well as a feature. Examples of this potential include Smart Holograms development of reflection holograms as medical diagnostic devices and holographic data storage systems from Optware. Publicly-listed companies were covered in detail in the December issue of Holography News. But there was news from many other qua rters as well, including the expansion plans announced by ABNH, ITW Covid, AFC and Holoshape, and AET Films move into wide embossing on the packaging front. Louisenthal, a major player in the banknote industry, revealed that it now offers full-scale hologram production, including origination, while its former strategic partner in foils, Hueck Folien, joined the ranks of banknote suppliers with its first order for stripes for the Thai currency, signalling a potentially significant new entrant to the market. Its arrival was partially offset by AOTs decision to abandon banknote foils, while the bankruptcy of another high security supplier, Mantegazza, was staved off by its acquisition by Italian security papermaker Fabriano. Outside of the traditional industry centres of Western Europe and North America, the Far East, India and Eastern Europe and the CIS countries continue to play an increasingly important role not just as markets for western companies but as major centres of developm ent in their own right. Russia, a hotbed of scientific innovation, held its first regional conference this year; the commitment amongst Indian companies to quality and industry standards is an inspiration to us all, while all eyes are currently on China, the location for the 2005 Holo-pack†¢Holo-print which will provide the first opportunity for many western hologram companies to witness the strength and scope of this massive market. 2004s Downside So much for the positive. On the downside, RFID continues to position itself, and be viewed in some quarters, as the ‘silver bullet antidote to counterfeiting and diversion, new technologies such as Nanoventions claim their superiority over diffractive features and high quality counterfeit holograms have been discovered on currency notably the euro. The latter, in particular, is leading to a perceptible sense of disenchantment with holograms in terms of their claimed security benefits, technology proliferation and lax standard s amongst suppliers. This topic has been covered exhaustively in recent issues of Holography News and was one of the main topics for discussion at the recent Holo-pack†¢Holo-print conference in Prague, a positive outcome of which was the openness of debate and willingness amongst industry participants to work collectively to address the real issues that are causing concern and counter the misperceptions behind them. All in all, not a bad year for the industry. Provided the concerns leading to disenchantment in some sectors continues to be recognised and addressed with appropriate measures, and provided hologram companies continue to invest in the new products and techniques that form the lifeblood and future of this industry, 2005 could be even better. 002 A Watershed Year for the IHMA In his Chairmans report to the Annual General Meeting of the International Hologram Manufacturers Association, Hugues Souparis identified the launch of the Secure Hologram Producer Certification Scheme as a watershed for the Association (se HN Vol 18 No 3). This Scheme, run in co-operation with Intergraf, should make a significant contribution to improving procedures in the secure hologram field, and help to raise customer awareness of the need to source secure holograms from a qualified secure producer. Souparis company, Hologram Industries, was the first to be certified, but several others have now applied. Another important development during the year had been the negotiations with the Hologram Manufacturers Association of India (HoMAI), aimed at building a strong relationship between the two associations and serving as a model for the IHMAs relationship with other regional or national hologram associations. An important part of the planned relationship was that the IHMAs Hologram Image Register and HoMAIs Hologram Registry would be linked so that all searches for a hologram match on either database would cover both databases, improving the likelihood of identifying matches which resulted from attempts to source illicit copies of a hologram already in use. He reported that Despite the news that the US Bureau of Engraving and Printing is casting its net wider for security features (see page 1), banknotes continue to be a good market for the holography industry. A number of new banknotes have been introduced during 2004, including two major currencies the new Canadian dollar series which features a stripe and the two higher denominations of the newly-designed Japanese yen, each with a patch. Kurz was the supplier for both, the latter understood to be the largest single hologram order for banknotes in the industry. Other currencies that have introduced holograms to all or most of their the Board was in discussion with the China AntiCounterfeiting Technology As sociation (CATA) with a view to CATA establishing a hologram section, and that the IHMA was also in preliminary discussions with Russian producers interested in an industry organisation there. Souparis also reminded members of IHMAs links with Interpol and other international and national police organisations, saying that he hoped to build on these contacts in the coming year. New Board Members In the elections at the AGM, Souparis was re-elected Chairman a post he can hold for another two years. Wilfried Schipper (Hologram Company Rako) was elected as the European representative on the Board, with Alkis Lembessis (Cavomit and Taurus) as his deputy; Umendra Gupta (Holostik India) was re-elected as Asian representative, with Khalid Khanani (Metatex) as deputy. Randy James (Pacific Holographics) was elected as deputy North American representative and since the AGM the Board has co-opted John Halotek (ITW Covid) as the North American representative, there being no accepted nomination at the meeting. Alex Goncharsky (Computer Holography Centre, Moscow) and Ken Traub (ABNH) remain on the board for a second and fourth year respectively. Spreading the Word In addition to the objectives above, a key task for the IHMA in 2005 and thereafter will be to promote the positive benefits of holograms, particularly as authentication devices, as a counter to disenchantment with the technology in certain quarters, notably some parts of the high security sector. A proactive PR campaign, a greater presence at industry conferences, an improved website as a communications tool both for members and users, and a drive to increase the membership and the visibility of the IHMA are all currently underway. The hologram industry is one of the few in the authentication sector to have its own association and the IHMA is committed to building on this position and the strengths that a collective voice can provide for hologram companies. Contact: www.IHMA.org. 003 General Vacuums New Compact Metalliser (Pg # 5) General Vacuum, manufacturer of vacuum metallising equipment, unveiled further details of its new compact Holosecâ„ ¢ metalliser (see HN Vol 18 No 2) at the recent Holo-pack†¢Holo-print conference in Prague. Vacuum metallisers have until now been supplied with production widths of 800-3000m, limiting their use both financially and for production purposes among small and narrow-web hologram producers and forcing these to buy in their film and foil pre-metallised from wide web suppliers. The Holosec was designed to fill this niche and enable narrow-web producers to bring metallising in-house, thereby increasing their security of production and enabling them to take advantage of the specialised treatments the system offers. The Holosec combines the vacuum chamber, unwind and rewind units, plasma pre-treatment, demetallization and evaporation source within one compact unit with a footprint of 2m x 3m. In addition to the conventional aluminium used for holographic films and foils, it can coat silicon oxide, chrome, silver and copper and zinc sulphide for high refractive index films. It also offers pattern demetallisation with in-line registration and plasma pre-treatment that enhances the sur face energy of the films to improve adhesion and hence quality. The run rate varies from 10m to a maximum of 200m per minute. General Vacuum, formerly Valmet and now part of the Bobst Group, declined to give prices for the Holosec, stating that these depend on specification. But it can assumed that they will be considerably lower than the prices for wide web systems. When questioned at Holopack.†¢ Holo-print about the risks of spreading low-cost secure hologram production technology in the market, Dr Nadir Ahmed, who gave the presentation on behalf of his former company, commented that the company would check the legitimacy of customers before supply. To date, two machines have been sold with other orders in the pipeline for early 2005. Contact: Andy Jack, General Vacuum Equipment. Tel: +44 1706 622442; [emailprotected] 004 Menzel Vision System for Web Guiding Menzel, a German company specialising in machinery for finishing and inspection machines for textiles, expanded into similar equipment for the plastic films industry in the late 1960s, and at Holopack†¢ Holo-print exhibited a machine vision system for control of web handling machines for holographic films. The system keeps web lines in register to improve the accuracy and quality of slitting, winding/re-winding, stamping and other hologram finishing processes. Based on the companys experience building textile and film web guiding systems, the hologram guiding system can be set to read the edge of the hologram film or a specific part of the pattern in the hologram the camera scans across the width of the film to record the edge position, the registration mark position or the position of a specified image element. Once programmed, it feeds the image data to a sensor and a controller, which in turn adjusts the web guides to maintain the position of the web. The Menzel vision system for holographic film costs around â‚ ¬17- 20,000, depending on the configuration required. Contact: www.menzel.net. 005 Optical Document Security The third edition of the reference book Optical Document Security is now available from publishers Artech House. Written by Rudolf van Renesse, an expert in the field and editor and co-author of the two previous editions (published in 1994 and 1998 respectively), the book provides a comprehensive and cohesive treatment of all aspects of optical document security, according to its publishers. The books contents have been substantially updated and revised from the previous edition, and expanded to include coverage of additional security features and evaluation. The introduction on the theory of colours is followed by chapters on light interference and diffraction, substrate-based security, printing inks and printing techniques, printed security patterns (including screen decoded images and digital watermarks), diffractive- and interference-based security features, security design and evaluation and an introduction to biometrics. The emphasis is on both the physics of security features and their value in resisting counterfeiting, while the chapter evaluating security design looks at the human factors of first line document inspection. The books 350 pages contain over 270 black and white illustrations, including live security documents, and an appendix with samples of important security features. In addition, a CD-ROM is included which contains all illustrations of the book in full-colour. Author Rudolf van Renesse was senior research engineer in the Optics Department of TNO Institute of Applied Physics in The Netherlands and is now an independent consultant on document security for government departments and banking and financial institutions. He has extensive experience in the areas of holography, optical inspection techniques, and the theory of colors and document security, and is the author of more than 80 publications in these areas, as well as a contributor to Holography News and its sister publications Authentication News and Currency News. Optical Document Security is available at the discounted price  £72/$118 from Artech House www.artech-house.com 006 Display Holography on the Rise Photopolymer is making progress winning projects that perhaps embossed hologram producers might have expected to supply We feel for Nick Hardy and Valerie Love of OpGraphics, the British company that has listed its DuPont photopolymer hologram production equipment for sale on eBay. Op has been producing display holograms for the gift and promotional trade since 1983, originally on Agfa silver halide films, then in the 1990s Nick Hardy started working with DuPonts holographic photopolymer, partly because Agfa ceased production of its holographic films, partly because the photopolymer reflection holograms had lower noise and were more light efficient. Unfortunately, when DuPont Authentication Systems was established as a joint venture with Label Systems Inc, the company decided to restrict the distribution of its unexposed photopolymer film to authorised security hologram producers. Op were among the hologram producers which were given notice of a cessation of supply. They tried to fight this under competition law in the UK, but despite their significant investment in DuPonts production equipment and the time to perfect their processes, this was to no avail. The result: holographic production kit being offered on eBay. The Year of Photopolymer? The timing could not be more poignant as there appears to be an upsurge of interest in photopolymer holograms could 2005 be the year of photopolymer? The year has started well for DAS with NASCARs announcement of its licensed product authentication label, a numbered photopolymer reflection hologram (see page 4). To date, the North American sports licensing authentication projects have been dominated by embossed holograms. NASCAR (the most popular motor sport organisation in North America) may not rival the big national sporting leagues in popularity, but big race meetings such as Daytona and Indianapolis attract large crowds of eager souvenir hunters. Last year, DAS released its izonâ„ ¢ advanced photopolymer holograms, offering instant holo portraits on the film, making it particularly suitable for ID documents. And across the Pacific, Dai Nippon and Nippon Paint Co announced that Teikoku Piston Ring Co had become the first major customer for authentication holograms on Secure I mageâ„ ¢ hot-stampable photopolymer. So photopolymer is making progress in the brand protection market, perhaps winning projects that embossed hologram producers might have expected to supply. Two announcements do not make a fully-fledged market, but do represent progress. Coming Full Circle And now, coming full circle, Liti Holographics has announced that it is shipping a new instant holographic film suitable for reflection holograms for the home and hobby market (see page 3). Meanwhile, silver halide display holograms remain a force in the marketplace. Slavich continues to find a market in Russia and beyond for its silver halide plates and films, and Colour Holographics, which took over the production and supply of HRT holographic plates, finds a steady if not spectacular market. The company is finding a ready market for its own large format co lour holograms, while other silver halide display hologram producers remain in steady production. The availability of compact LED lights which illuminate holograms at a very high quality, and the improved recognition by holographers that they have to deliver a complete, lit and framed installation, is boosting the readiness of display artists and interior designers to consider display holograms as a medium. As one who first got involved in holography because of the excitement of such 3D images, it is reassuring and somewhat surprising to see the continuing interest in full parallax holograms, complementing and supplementing the large volume market of embossed holograms. 007 Litis New Reflection Film Liti Holographics, which offers low cost portrait hologram kits selling for $99 (see HN Vol 18, No 9), has launched a new hologram film. According to the company, this film has all the ‘instant hologram qualities of its previous film but is now capable of making reflection as well as transmission holograms. The new film is red-sensitive, making it compatible with both the Litiholo and other hologram kits, as well as red laser diodes and even helium neon lasers. Contact: www.litiholo.com 008 Nigerias New Pharma Certificate NAFDAC, the Nigerian Food Drugs Agency, has introduced a new certificate to be issued to authorised imported and domestically produced pharmaceuticals. The new certificate is being produced by a security printer in the UK and includes a hologram among its security features. This follows participation by Dr Dora Akunyili, Director of NAFDAC in the first Global Forum on Pharmaceutical AntiCounterfeiting, where she made contact with possible suppliers among the exhibitors. 009 Pharmaceuticals: a Hologram Market Expanding or Threatened? At the time of writing, the 2nd Global Forum on Pharmaceutical AntiCounterfeiting has just finished in Paris, organised by Holography News publisher, Reconnaissance International. One of the themes to emerge during the course of the 21/2 day meeting was the importance of authentication of genuine products as part of the system to combat counterfeit medicines, heard from speakers from national drug regulatory agencies and from pharmaceutical manufacturers. Several of the speakers implied, but Dr Thomas Zimmer of Boehringer Ingelheim explicitly stated, that the ideal authentication device for pharmaceuticals is not yet available. As Dr Zimmer was speaking in his capacity as Chairman of the Anti-Counterfeit Group of the European Federation of the Pharmaceutical Industry Associations (EFPIA), his observations must be taken seriously by suppliers or aspiring suppliers of authentication products to the pharmaceutical sector. To date holograms have been the leading device used for overt authentication on pharmaceuticals, so the claim that the ideal device is not yet available can only be interpreted as a challenge to hologram suppliers. Either holograms have failed to deliver what the pharma sector requires or hologram manufacturers have not succeeded in persuading their customers to use all the levels of security that a hologram can offer; that is first, second and third levels overt, covert and machine read. To implement covert and machine read requires additional investment by customers in training, reading tools and for machine read infrastructure. Ideal Sector The pharmaceutical sector is ideal for the introduction of such an infrastructure. Another call at the Global Forum was for increased harmonisation of authentication and inspection systems. In a sector which is as regulated and as controlled as this one, where all medicines (at least, the legitimate ones) are distributed through a controlled system in a willing partnership between manufacturers, distributors, retailers and governments, training and equipping those who handle the goods to examine the authentication device should be feasible. As should the introduction of a machine-read infrastructure, assuming that there is commonality of what is to be read. The call for greater harmonisation results from the heterogeneity in the sector at present, which makes inpsection and examination a harder task for all involved. At present each hologram supplier offers its own proprietary method of encoding and reading hidden data. It is impractical for a warehouse or pharmacist to be equipped with numerous hologram reading systems, each one required to read the differently encoded information on the holograms from each of the many manufacturers whose medicines they provide. Equally, government inspectors are not able to carry around numerous handheld devices. But as the well-established precedent of credit cards and bar-codes shows, distributors and retailers will equip themselves to read standardised codes if the equipment footprint, cost and training required is minimal and the compatibility is maximal. Can the hologram industry achieve this for the pharmaceutical sector? That is to say, will the hologram industry recognise that here is a cause where collaboration on the adoption of a common approach to encoding and decoding could offer the industry the opportunity to capture that market for many years to come? Because once established, any competing technique has not just to prove itself superior, but must also overcome the inevitable reluctance of a whole sector to change the way it does things. Huge Advantage The hologram industry starts with a huge advantage because holograms have an established customer base in the Pharma sector. And holograms are perceived by the public as a mark of authentication the public may not know how to examine a hologram but its presence gives a level of comfort. Yet if the industry takes no coherent action to work together, it will squander this advantage. The Pharma sector (manufacturers, regulators, even patients groups) is making a case for the ideal authentication device, without perhaps realising that what is actually needed is an authentication system. That system could be built around holograms but it could alternatively be built around other types of device. There are many alternatives all seeking to usurp holograms from their number one spot. Recently, RFID has made the running, in lobbying and PR terms at least, but other technologies taggants, magnetics, complex bar-codes and others are all looking for their ‘killer application and see th e pharma sector as ripe for their efforts. The pharma sector is giving mixed signals about the use of holograms. On one side, Pfizer, in its current generation of product authentication, is currently using colour shift inks instead of holograms as the basis for its solution; on the positive side, Malaysias Meditag uses a three-level hologram (overt, covert and machine-read) at the heart of a system of registration and inspection. Can the hologram industry not individual suppliers, but the industry working together persuade the whole pharmaceutical sector that Malaysias is the way forward, not Pfizers? The RFID industry successfully lobbied the US Food Drugs Administration anticounterfeit task force so that it has identified RFID as the best way forward, although it has left the door open for other technologies by not mandating the use of RFID. This is the example the hologram industry needs to follow, because it has to persuade governments, distributors and manufacturers that the pharma sector can continue to use or even, needs to use holograms at the heart of an integrated system of authentication. The prize is immense, because other market sectors would follow the pharmaceuticals sector. There is no consolation prize, because surrendering this market sector to an alternative technology would give an unavoidable signal to other market sectors. 010 HoloTouch Progress HoloTouchâ„ ¢ Inc, a development company based in Darien, Connecticut working in association with Atlantex Corp, has launched the BeamOne HoloTouch evaluation unit, a working demonstration of its noncontact control technique. HoloTouch was founded by R Douglas McPheters to exploit its patented process for projecting a real holographic image of a keypad or similar finger-tip control board such that passing a real item, such as a finger, through the image, activates the control (US Patent 6377238 see H N Vol 17 No 6). Atlantex specialises in helping bring new products to market, especially in the field of electronic controls and computer accessories . The BeamOne is a four-button box to issue instructions to a PC, to which it is connected by a USB cable. The holographic image of the buttons float about 4 (10 cm) above the BeamOne box and can be programmed to instruct the computer to perform the required functions. It is fully functional, priced at US$1995, but is characterised by Atlantex and HoloTouch as an evaluation device. Nonetheless, it has been chosen by readers of Control Engineering as ‘the most innovative human-machine interface featured in Control Engineering during the past year. McPheters identifies HoloTouch as suiting applications where non-contact is important, such as in a sterile environment, or where switches or buttons cannot be made rugged enough for the environment. The hologram image can also be larger than the keypad it mimics, making it suitable where the device is small or vision may require assistance, such as for sight impaired people or while driving a vehicle, where a quick glance at a small but ton can be dangerous. The hologram is also, of course, intrinsically illuminated, so it is useful for night time or dark environments. HoloTouch and Atlantex are looking for applications partners who will adapt the HoloTouch technique into their own control devices. www.HoloTouch.com HoloTouch Selected for FastTrack HoloTouchâ„ ¢ Inc, the company that has developed a holographic interface for contactless control devices, has been selected for Connecticut Technology Councils FastTrack scheme for promising high-technology start-ups. FastTrack is an advisory and matching programme that helps start-ups with innovative ideas and rapid growth potential to gain seed-stage capital and business planning input through the mobilisation of a network of investors, advisors, professional service providers and industry contacts. Commenting on the scheme, HoloTouch founder and president R Douglas McPheters said: ‘FastTrack offers potentially valuable assistance in connecting us with mentors and advisors and can promote our partnering with companies who see value in our innovative touchless, holographic actuation and control technology. The company has already partnered with Atlantex Corp to launch the BeamOne HoloTouch unit. This enables operators of control boards such as keypads to enter commands simply by passing a finger through holographic images that represent these commands and float in front of the device (see HN Vol 19, No 3) and is suited for applications where non-contact is important for operability of hygiene, including consumer electronics, kiosks, ATMs and medical equipment. HoloTouch and Atlantex have also announced that the BeamOne is now available with relay output, extending the technologys reach to electronic equipment controlled by programmable logic controllers (PLCs). BeamOne already offers communication with PCs through USB, serial and other ports. According to McPheters, this latest development means that the technology can now be used in a numerous industrial applications as well, such as factory floor equipment. McPheters will be presenting a paper on the HoloTouch technology at Holopack†¢ Holo-print 2005. Contact: www.holotouch.com 011 Holotek Doubles Sales and Profits Holotek Technologies Ltd, of Sanzao Zhuhai in China, has doubled its sales and profits in 2004 and is aiming to achieve at least 50% growth in 2005. Its 2003 audited sales of RMB103m ( ±US$12.5m) rose to RMB210M ( ±$25.5m) in 2004, with net profit climbing from RMB58m ( ±$7m) to RMB123.5m ( ±$15.2m), but note that the 2004 figures are not yet audited. Although the company was not liable to tax in its first years of operation (as a start-up in the Zhuhai Economic Zone), these margins of almost 60% make Holotek probably the most profitable holographic producer in the world, both by margin and in its dollar figure. 98% of these sales are for packaging, mainly for transfer metallising of cigarette liners and cartons; 85% is on OPP with the reminder on PET. Holotek has been through ownership changes since we first reported on the company (see HN Vol 17 No 6). It was set up by Fong Teng Technology of Taiwan, but government regulations limit the investment that can be put into a mai nland Chinese company from Taiwan. FT has accordingly sold its interest to four private shareholders, including the CEO Mark Chiang (as a minority owner), and Holotek operates as a subsidiary of Aimrich which is registered in Samoa. The company has also divested its former 49% holding in Yong Feng Tian Technology, a Shenzhen company that produces cigarette packaging materials. All these changes mean Holotek has also postponed its plans to float on the Hong Kong stock exchange. It had originally stated its aim was to float this year with a market capitalisation of US$150m, but it is now aiming for floatation in 2008 with a Changes in Holography Changes in Holography 001 Looking Back, Moving Forward How was 2004 for you? For the industry as a whole, reviewing the developments that we covered last year in Holography News, we can conclude that it was a good year for most, with many positive developments that set the scene for 2005 and beyond, but with sufficient clouds on the horizon to prevent any complacency. In terms of markets, in the high security arena the growth of holograms on banknotes continues apace (see page 3) and this will continue to be key market notwithstanding the recent news that the new $100 and other denominations will not, in all likelihood, include a holographic feature. In other high security markets, passports took something of a back seat, for holograms at least not because of technology concerns but because of the current pre-occupation with biometrics. But elsewhere in document protection, AAMVAs specification of holograms on all US driving licences was a significant boost for the industry, while the tax stamp market continues provide significant high volume opportunities for suppliers. There were few major developments in brand protection although the use of holograms as the prime authentication feature on a new labelling program for pharmaceutical products in Malaysia, and the Olympics 2004 merchandising program demonstrated the continuing success of hologram s in these areas. On the downside, the FDAs controversial decision to adopt RFID-based track and trace as the solution to product safety and supply chain management for pharmaceuticals in the US could have unwelcome consequences for the industry should drug regulatory authorities elsewhere in the world follow its example. In packaging, meanwhile, as the Stock watch article in this issue (see page 6) points out, it is barely possible to go out nowadays without seeing holography embellishing shop shelves on all manner of goods from luxury high end to everyday items. Innovation and Development On the technology front, holography continued to demonstrate its inherent capacity for innovation and development. The integration of holograms with other technologies for enhanced security and functionality continued apace examples including Schreiners KeySecure technology, Securiketts Authentikett labels, combined hologram/DNA/RFID labels from ADNAS and Holomex and enhancements to teas scribos Holospot system (see page 8) to name but a few. In the banknote market, De La Rue, Louisenthal and Kurz all launched new security features during 2004 based on combinations of substrate, thread and foil technology. In terms of production, Newmec and Gidue both entered the market with foil applications systems, General Vacuum launched its new compact metalliser while Spatial Imagings new Lightspeed digital hologram printer marked the beginning of new era in large format hologram origination. Aside from the developments in the ‘conventional market for authentication and decorative devices, holography is also beginning to demonstrate its potential for use as a tool as well as a feature. Examples of this potential include Smart Holograms development of reflection holograms as medical diagnostic devices and holographic data storage systems from Optware. Publicly-listed companies were covered in detail in the December issue of Holography News. But there was news from many other qua rters as well, including the expansion plans announced by ABNH, ITW Covid, AFC and Holoshape, and AET Films move into wide embossing on the packaging front. Louisenthal, a major player in the banknote industry, revealed that it now offers full-scale hologram production, including origination, while its former strategic partner in foils, Hueck Folien, joined the ranks of banknote suppliers with its first order for stripes for the Thai currency, signalling a potentially significant new entrant to the market. Its arrival was partially offset by AOTs decision to abandon banknote foils, while the bankruptcy of another high security supplier, Mantegazza, was staved off by its acquisition by Italian security papermaker Fabriano. Outside of the traditional industry centres of Western Europe and North America, the Far East, India and Eastern Europe and the CIS countries continue to play an increasingly important role not just as markets for western companies but as major centres of developm ent in their own right. Russia, a hotbed of scientific innovation, held its first regional conference this year; the commitment amongst Indian companies to quality and industry standards is an inspiration to us all, while all eyes are currently on China, the location for the 2005 Holo-pack†¢Holo-print which will provide the first opportunity for many western hologram companies to witness the strength and scope of this massive market. 2004s Downside So much for the positive. On the downside, RFID continues to position itself, and be viewed in some quarters, as the ‘silver bullet antidote to counterfeiting and diversion, new technologies such as Nanoventions claim their superiority over diffractive features and high quality counterfeit holograms have been discovered on currency notably the euro. The latter, in particular, is leading to a perceptible sense of disenchantment with holograms in terms of their claimed security benefits, technology proliferation and lax standard s amongst suppliers. This topic has been covered exhaustively in recent issues of Holography News and was one of the main topics for discussion at the recent Holo-pack†¢Holo-print conference in Prague, a positive outcome of which was the openness of debate and willingness amongst industry participants to work collectively to address the real issues that are causing concern and counter the misperceptions behind them. All in all, not a bad year for the industry. Provided the concerns leading to disenchantment in some sectors continues to be recognised and addressed with appropriate measures, and provided hologram companies continue to invest in the new products and techniques that form the lifeblood and future of this industry, 2005 could be even better. 002 A Watershed Year for the IHMA In his Chairmans report to the Annual General Meeting of the International Hologram Manufacturers Association, Hugues Souparis identified the launch of the Secure Hologram Producer Certification Scheme as a watershed for the Association (se HN Vol 18 No 3). This Scheme, run in co-operation with Intergraf, should make a significant contribution to improving procedures in the secure hologram field, and help to raise customer awareness of the need to source secure holograms from a qualified secure producer. Souparis company, Hologram Industries, was the first to be certified, but several others have now applied. Another important development during the year had been the negotiations with the Hologram Manufacturers Association of India (HoMAI), aimed at building a strong relationship between the two associations and serving as a model for the IHMAs relationship with other regional or national hologram associations. An important part of the planned relationship was that the IHMAs Hologram Image Register and HoMAIs Hologram Registry would be linked so that all searches for a hologram match on either database would cover both databases, improving the likelihood of identifying matches which resulted from attempts to source illicit copies of a hologram already in use. He reported that Despite the news that the US Bureau of Engraving and Printing is casting its net wider for security features (see page 1), banknotes continue to be a good market for the holography industry. A number of new banknotes have been introduced during 2004, including two major currencies the new Canadian dollar series which features a stripe and the two higher denominations of the newly-designed Japanese yen, each with a patch. Kurz was the supplier for both, the latter understood to be the largest single hologram order for banknotes in the industry. Other currencies that have introduced holograms to all or most of their the Board was in discussion with the China AntiCounterfeiting Technology As sociation (CATA) with a view to CATA establishing a hologram section, and that the IHMA was also in preliminary discussions with Russian producers interested in an industry organisation there. Souparis also reminded members of IHMAs links with Interpol and other international and national police organisations, saying that he hoped to build on these contacts in the coming year. New Board Members In the elections at the AGM, Souparis was re-elected Chairman a post he can hold for another two years. Wilfried Schipper (Hologram Company Rako) was elected as the European representative on the Board, with Alkis Lembessis (Cavomit and Taurus) as his deputy; Umendra Gupta (Holostik India) was re-elected as Asian representative, with Khalid Khanani (Metatex) as deputy. Randy James (Pacific Holographics) was elected as deputy North American representative and since the AGM the Board has co-opted John Halotek (ITW Covid) as the North American representative, there being no accepted nomination at the meeting. Alex Goncharsky (Computer Holography Centre, Moscow) and Ken Traub (ABNH) remain on the board for a second and fourth year respectively. Spreading the Word In addition to the objectives above, a key task for the IHMA in 2005 and thereafter will be to promote the positive benefits of holograms, particularly as authentication devices, as a counter to disenchantment with the technology in certain quarters, notably some parts of the high security sector. A proactive PR campaign, a greater presence at industry conferences, an improved website as a communications tool both for members and users, and a drive to increase the membership and the visibility of the IHMA are all currently underway. The hologram industry is one of the few in the authentication sector to have its own association and the IHMA is committed to building on this position and the strengths that a collective voice can provide for hologram companies. Contact: www.IHMA.org. 003 General Vacuums New Compact Metalliser (Pg # 5) General Vacuum, manufacturer of vacuum metallising equipment, unveiled further details of its new compact Holosecâ„ ¢ metalliser (see HN Vol 18 No 2) at the recent Holo-pack†¢Holo-print conference in Prague. Vacuum metallisers have until now been supplied with production widths of 800-3000m, limiting their use both financially and for production purposes among small and narrow-web hologram producers and forcing these to buy in their film and foil pre-metallised from wide web suppliers. The Holosec was designed to fill this niche and enable narrow-web producers to bring metallising in-house, thereby increasing their security of production and enabling them to take advantage of the specialised treatments the system offers. The Holosec combines the vacuum chamber, unwind and rewind units, plasma pre-treatment, demetallization and evaporation source within one compact unit with a footprint of 2m x 3m. In addition to the conventional aluminium used for holographic films and foils, it can coat silicon oxide, chrome, silver and copper and zinc sulphide for high refractive index films. It also offers pattern demetallisation with in-line registration and plasma pre-treatment that enhances the sur face energy of the films to improve adhesion and hence quality. The run rate varies from 10m to a maximum of 200m per minute. General Vacuum, formerly Valmet and now part of the Bobst Group, declined to give prices for the Holosec, stating that these depend on specification. But it can assumed that they will be considerably lower than the prices for wide web systems. When questioned at Holopack.†¢ Holo-print about the risks of spreading low-cost secure hologram production technology in the market, Dr Nadir Ahmed, who gave the presentation on behalf of his former company, commented that the company would check the legitimacy of customers before supply. To date, two machines have been sold with other orders in the pipeline for early 2005. Contact: Andy Jack, General Vacuum Equipment. Tel: +44 1706 622442; [emailprotected] 004 Menzel Vision System for Web Guiding Menzel, a German company specialising in machinery for finishing and inspection machines for textiles, expanded into similar equipment for the plastic films industry in the late 1960s, and at Holopack†¢ Holo-print exhibited a machine vision system for control of web handling machines for holographic films. The system keeps web lines in register to improve the accuracy and quality of slitting, winding/re-winding, stamping and other hologram finishing processes. Based on the companys experience building textile and film web guiding systems, the hologram guiding system can be set to read the edge of the hologram film or a specific part of the pattern in the hologram the camera scans across the width of the film to record the edge position, the registration mark position or the position of a specified image element. Once programmed, it feeds the image data to a sensor and a controller, which in turn adjusts the web guides to maintain the position of the web. The Menzel vision system for holographic film costs around â‚ ¬17- 20,000, depending on the configuration required. Contact: www.menzel.net. 005 Optical Document Security The third edition of the reference book Optical Document Security is now available from publishers Artech House. Written by Rudolf van Renesse, an expert in the field and editor and co-author of the two previous editions (published in 1994 and 1998 respectively), the book provides a comprehensive and cohesive treatment of all aspects of optical document security, according to its publishers. The books contents have been substantially updated and revised from the previous edition, and expanded to include coverage of additional security features and evaluation. The introduction on the theory of colours is followed by chapters on light interference and diffraction, substrate-based security, printing inks and printing techniques, printed security patterns (including screen decoded images and digital watermarks), diffractive- and interference-based security features, security design and evaluation and an introduction to biometrics. The emphasis is on both the physics of security features and their value in resisting counterfeiting, while the chapter evaluating security design looks at the human factors of first line document inspection. The books 350 pages contain over 270 black and white illustrations, including live security documents, and an appendix with samples of important security features. In addition, a CD-ROM is included which contains all illustrations of the book in full-colour. Author Rudolf van Renesse was senior research engineer in the Optics Department of TNO Institute of Applied Physics in The Netherlands and is now an independent consultant on document security for government departments and banking and financial institutions. He has extensive experience in the areas of holography, optical inspection techniques, and the theory of colors and document security, and is the author of more than 80 publications in these areas, as well as a contributor to Holography News and its sister publications Authentication News and Currency News. Optical Document Security is available at the discounted price  £72/$118 from Artech House www.artech-house.com 006 Display Holography on the Rise Photopolymer is making progress winning projects that perhaps embossed hologram producers might have expected to supply We feel for Nick Hardy and Valerie Love of OpGraphics, the British company that has listed its DuPont photopolymer hologram production equipment for sale on eBay. Op has been producing display holograms for the gift and promotional trade since 1983, originally on Agfa silver halide films, then in the 1990s Nick Hardy started working with DuPonts holographic photopolymer, partly because Agfa ceased production of its holographic films, partly because the photopolymer reflection holograms had lower noise and were more light efficient. Unfortunately, when DuPont Authentication Systems was established as a joint venture with Label Systems Inc, the company decided to restrict the distribution of its unexposed photopolymer film to authorised security hologram producers. Op were among the hologram producers which were given notice of a cessation of supply. They tried to fight this under competition law in the UK, but despite their significant investment in DuPonts production equipment and the time to perfect their processes, this was to no avail. The result: holographic production kit being offered on eBay. The Year of Photopolymer? The timing could not be more poignant as there appears to be an upsurge of interest in photopolymer holograms could 2005 be the year of photopolymer? The year has started well for DAS with NASCARs announcement of its licensed product authentication label, a numbered photopolymer reflection hologram (see page 4). To date, the North American sports licensing authentication projects have been dominated by embossed holograms. NASCAR (the most popular motor sport organisation in North America) may not rival the big national sporting leagues in popularity, but big race meetings such as Daytona and Indianapolis attract large crowds of eager souvenir hunters. Last year, DAS released its izonâ„ ¢ advanced photopolymer holograms, offering instant holo portraits on the film, making it particularly suitable for ID documents. And across the Pacific, Dai Nippon and Nippon Paint Co announced that Teikoku Piston Ring Co had become the first major customer for authentication holograms on Secure I mageâ„ ¢ hot-stampable photopolymer. So photopolymer is making progress in the brand protection market, perhaps winning projects that embossed hologram producers might have expected to supply. Two announcements do not make a fully-fledged market, but do represent progress. Coming Full Circle And now, coming full circle, Liti Holographics has announced that it is shipping a new instant holographic film suitable for reflection holograms for the home and hobby market (see page 3). Meanwhile, silver halide display holograms remain a force in the marketplace. Slavich continues to find a market in Russia and beyond for its silver halide plates and films, and Colour Holographics, which took over the production and supply of HRT holographic plates, finds a steady if not spectacular market. The company is finding a ready market for its own large format co lour holograms, while other silver halide display hologram producers remain in steady production. The availability of compact LED lights which illuminate holograms at a very high quality, and the improved recognition by holographers that they have to deliver a complete, lit and framed installation, is boosting the readiness of display artists and interior designers to consider display holograms as a medium. As one who first got involved in holography because of the excitement of such 3D images, it is reassuring and somewhat surprising to see the continuing interest in full parallax holograms, complementing and supplementing the large volume market of embossed holograms. 007 Litis New Reflection Film Liti Holographics, which offers low cost portrait hologram kits selling for $99 (see HN Vol 18, No 9), has launched a new hologram film. According to the company, this film has all the ‘instant hologram qualities of its previous film but is now capable of making reflection as well as transmission holograms. The new film is red-sensitive, making it compatible with both the Litiholo and other hologram kits, as well as red laser diodes and even helium neon lasers. Contact: www.litiholo.com 008 Nigerias New Pharma Certificate NAFDAC, the Nigerian Food Drugs Agency, has introduced a new certificate to be issued to authorised imported and domestically produced pharmaceuticals. The new certificate is being produced by a security printer in the UK and includes a hologram among its security features. This follows participation by Dr Dora Akunyili, Director of NAFDAC in the first Global Forum on Pharmaceutical AntiCounterfeiting, where she made contact with possible suppliers among the exhibitors. 009 Pharmaceuticals: a Hologram Market Expanding or Threatened? At the time of writing, the 2nd Global Forum on Pharmaceutical AntiCounterfeiting has just finished in Paris, organised by Holography News publisher, Reconnaissance International. One of the themes to emerge during the course of the 21/2 day meeting was the importance of authentication of genuine products as part of the system to combat counterfeit medicines, heard from speakers from national drug regulatory agencies and from pharmaceutical manufacturers. Several of the speakers implied, but Dr Thomas Zimmer of Boehringer Ingelheim explicitly stated, that the ideal authentication device for pharmaceuticals is not yet available. As Dr Zimmer was speaking in his capacity as Chairman of the Anti-Counterfeit Group of the European Federation of the Pharmaceutical Industry Associations (EFPIA), his observations must be taken seriously by suppliers or aspiring suppliers of authentication products to the pharmaceutical sector. To date holograms have been the leading device used for overt authentication on pharmaceuticals, so the claim that the ideal device is not yet available can only be interpreted as a challenge to hologram suppliers. Either holograms have failed to deliver what the pharma sector requires or hologram manufacturers have not succeeded in persuading their customers to use all the levels of security that a hologram can offer; that is first, second and third levels overt, covert and machine read. To implement covert and machine read requires additional investment by customers in training, reading tools and for machine read infrastructure. Ideal Sector The pharmaceutical sector is ideal for the introduction of such an infrastructure. Another call at the Global Forum was for increased harmonisation of authentication and inspection systems. In a sector which is as regulated and as controlled as this one, where all medicines (at least, the legitimate ones) are distributed through a controlled system in a willing partnership between manufacturers, distributors, retailers and governments, training and equipping those who handle the goods to examine the authentication device should be feasible. As should the introduction of a machine-read infrastructure, assuming that there is commonality of what is to be read. The call for greater harmonisation results from the heterogeneity in the sector at present, which makes inpsection and examination a harder task for all involved. At present each hologram supplier offers its own proprietary method of encoding and reading hidden data. It is impractical for a warehouse or pharmacist to be equipped with numerous hologram reading systems, each one required to read the differently encoded information on the holograms from each of the many manufacturers whose medicines they provide. Equally, government inspectors are not able to carry around numerous handheld devices. But as the well-established precedent of credit cards and bar-codes shows, distributors and retailers will equip themselves to read standardised codes if the equipment footprint, cost and training required is minimal and the compatibility is maximal. Can the hologram industry achieve this for the pharmaceutical sector? That is to say, will the hologram industry recognise that here is a cause where collaboration on the adoption of a common approach to encoding and decoding could offer the industry the opportunity to capture that market for many years to come? Because once established, any competing technique has not just to prove itself superior, but must also overcome the inevitable reluctance of a whole sector to change the way it does things. Huge Advantage The hologram industry starts with a huge advantage because holograms have an established customer base in the Pharma sector. And holograms are perceived by the public as a mark of authentication the public may not know how to examine a hologram but its presence gives a level of comfort. Yet if the industry takes no coherent action to work together, it will squander this advantage. The Pharma sector (manufacturers, regulators, even patients groups) is making a case for the ideal authentication device, without perhaps realising that what is actually needed is an authentication system. That system could be built around holograms but it could alternatively be built around other types of device. There are many alternatives all seeking to usurp holograms from their number one spot. Recently, RFID has made the running, in lobbying and PR terms at least, but other technologies taggants, magnetics, complex bar-codes and others are all looking for their ‘killer application and see th e pharma sector as ripe for their efforts. The pharma sector is giving mixed signals about the use of holograms. On one side, Pfizer, in its current generation of product authentication, is currently using colour shift inks instead of holograms as the basis for its solution; on the positive side, Malaysias Meditag uses a three-level hologram (overt, covert and machine-read) at the heart of a system of registration and inspection. Can the hologram industry not individual suppliers, but the industry working together persuade the whole pharmaceutical sector that Malaysias is the way forward, not Pfizers? The RFID industry successfully lobbied the US Food Drugs Administration anticounterfeit task force so that it has identified RFID as the best way forward, although it has left the door open for other technologies by not mandating the use of RFID. This is the example the hologram industry needs to follow, because it has to persuade governments, distributors and manufacturers that the pharma sector can continue to use or even, needs to use holograms at the heart of an integrated system of authentication. The prize is immense, because other market sectors would follow the pharmaceuticals sector. There is no consolation prize, because surrendering this market sector to an alternative technology would give an unavoidable signal to other market sectors. 010 HoloTouch Progress HoloTouchâ„ ¢ Inc, a development company based in Darien, Connecticut working in association with Atlantex Corp, has launched the BeamOne HoloTouch evaluation unit, a working demonstration of its noncontact control technique. HoloTouch was founded by R Douglas McPheters to exploit its patented process for projecting a real holographic image of a keypad or similar finger-tip control board such that passing a real item, such as a finger, through the image, activates the control (US Patent 6377238 see H N Vol 17 No 6). Atlantex specialises in helping bring new products to market, especially in the field of electronic controls and computer accessories . The BeamOne is a four-button box to issue instructions to a PC, to which it is connected by a USB cable. The holographic image of the buttons float about 4 (10 cm) above the BeamOne box and can be programmed to instruct the computer to perform the required functions. It is fully functional, priced at US$1995, but is characterised by Atlantex and HoloTouch as an evaluation device. Nonetheless, it has been chosen by readers of Control Engineering as ‘the most innovative human-machine interface featured in Control Engineering during the past year. McPheters identifies HoloTouch as suiting applications where non-contact is important, such as in a sterile environment, or where switches or buttons cannot be made rugged enough for the environment. The hologram image can also be larger than the keypad it mimics, making it suitable where the device is small or vision may require assistance, such as for sight impaired people or while driving a vehicle, where a quick glance at a small but ton can be dangerous. The hologram is also, of course, intrinsically illuminated, so it is useful for night time or dark environments. HoloTouch and Atlantex are looking for applications partners who will adapt the HoloTouch technique into their own control devices. www.HoloTouch.com HoloTouch Selected for FastTrack HoloTouchâ„ ¢ Inc, the company that has developed a holographic interface for contactless control devices, has been selected for Connecticut Technology Councils FastTrack scheme for promising high-technology start-ups. FastTrack is an advisory and matching programme that helps start-ups with innovative ideas and rapid growth potential to gain seed-stage capital and business planning input through the mobilisation of a network of investors, advisors, professional service providers and industry contacts. Commenting on the scheme, HoloTouch founder and president R Douglas McPheters said: ‘FastTrack offers potentially valuable assistance in connecting us with mentors and advisors and can promote our partnering with companies who see value in our innovative touchless, holographic actuation and control technology. The company has already partnered with Atlantex Corp to launch the BeamOne HoloTouch unit. This enables operators of control boards such as keypads to enter commands simply by passing a finger through holographic images that represent these commands and float in front of the device (see HN Vol 19, No 3) and is suited for applications where non-contact is important for operability of hygiene, including consumer electronics, kiosks, ATMs and medical equipment. HoloTouch and Atlantex have also announced that the BeamOne is now available with relay output, extending the technologys reach to electronic equipment controlled by programmable logic controllers (PLCs). BeamOne already offers communication with PCs through USB, serial and other ports. According to McPheters, this latest development means that the technology can now be used in a numerous industrial applications as well, such as factory floor equipment. McPheters will be presenting a paper on the HoloTouch technology at Holopack†¢ Holo-print 2005. Contact: www.holotouch.com 011 Holotek Doubles Sales and Profits Holotek Technologies Ltd, of Sanzao Zhuhai in China, has doubled its sales and profits in 2004 and is aiming to achieve at least 50% growth in 2005. Its 2003 audited sales of RMB103m ( ±US$12.5m) rose to RMB210M ( ±$25.5m) in 2004, with net profit climbing from RMB58m ( ±$7m) to RMB123.5m ( ±$15.2m), but note that the 2004 figures are not yet audited. Although the company was not liable to tax in its first years of operation (as a start-up in the Zhuhai Economic Zone), these margins of almost 60% make Holotek probably the most profitable holographic producer in the world, both by margin and in its dollar figure. 98% of these sales are for packaging, mainly for transfer metallising of cigarette liners and cartons; 85% is on OPP with the reminder on PET. Holotek has been through ownership changes since we first reported on the company (see HN Vol 17 No 6). It was set up by Fong Teng Technology of Taiwan, but government regulations limit the investment that can be put into a mai nland Chinese company from Taiwan. FT has accordingly sold its interest to four private shareholders, including the CEO Mark Chiang (as a minority owner), and Holotek operates as a subsidiary of Aimrich which is registered in Samoa. The company has also divested its former 49% holding in Yong Feng Tian Technology, a Shenzhen company that produces cigarette packaging materials. All these changes mean Holotek has also postponed its plans to float on the Hong Kong stock exchange. It had originally stated its aim was to float this year with a market capitalisation of US$150m, but it is now aiming for floatation in 2008 with a