Examine any foreign currency of your choice (preferably from and Research Paper

Examine any foreign currency of your choice (preferably from and emerging market and provide an analysis of that currency agains - Research Paper Example Hence, it can be stated that the movements of exchange rates have vital implications over the national economy including its business cycle, trade and capital flows. Additionally, exchange rate is often regarded as an important factor that influences the foreign economic policy of a country by a large extent (Dua & Ranjan, 2011). The paper intends to identify and analyse the Indian Rupee against the US Dollar over the five years period ending with 2010. Macroeconomic Analysis of the Indian Rupee over the US Dollar Macroeconomic fundamentals play a crucial role in the determination of exchange rate. This particular statement can be well interpreted with reference to the microeconomic context and currency fluctuations witnessed in India in the recent years. India has witnessed enormous volatility in the recent decade which has resulted in constant fluctuation of the Indian Rupee against US Dollar. The fluctuation had been quite apparent during the period of 2005-2010 (Somaiya, 2008). F or instance, during the year 2009, the Indian Rupee reached 48.32 against the US Dollar which was recorded to be the lowest exchange rate against the US Dollar over the five year period ranging from 2005-2010; while, in 2007, the Indian Rupee was identified to be 41.20 which was again observed to be the highest against the US Dollar for the stated five year period (SignalTrend Inc, 2012). Source: (SignalTrend Inc., 2012) Since 1990, India has made several structural reforms with respect to its foreign exchange related affairs. The major objectives of these reforms were fundamentally to enhance the confidence level among the investors and thereby, maintain a degree of domestic competiveness. Contextually, a major reason identifiable behind the appreciation of Indian Rupee against the US Dollar for the period of 2005-2010 illustrates the occurrence to be a consequence of the increase recorded in the capital inflow of the nation. The FDI equity inflow between 2005 and 2010 was identifi ed to be seven times more than the previous five years i.e. 2000-2004 (Rao & Dhar, 2011). During the fiscal years from 2007 to 2008, the currency exchange rates in almost all the emerging markets including India had strengthened against US Dollar. According to the reports on currency and finance during the aforementioned period, The Indian Rupee was appreciated by 10.2 percent as on March 2009. However, it is worth mentioning that Indian currency, in the five years period, has also depreciated dramatically in certain circumstances. After the occurrence of Lehman’s bankruptcy, the Indian Rupee sharply depreciated, reaching the level of 50 INR/US$, in the month of October 2008. The depreciation in Indian Rupee was primarily attributed with the rise in the price of crude petrol and inflationary pressure prevailing within the country. Moreover, the declining exports and continuous outflow of nat6ional income also contributed towards the depreciation of Rupee and appreciation of t he US Dollar (Reserve Bank of India, 2009). It is worth mentioning in this regard that the depreciation of Indian rupee had dramatic impacts upon the economy. Consequently, the depreciation resulted in higher import costs which ultimately lead towards the price rise of import commodities such as crude petrol and i

Evaluating The Spawning Techniques For Bivalves

Evaluating The Spawning Techniques For Bivalves Control of reproduction is a prerequisite in modern bivalves aquculture industries due to unreliable quantity and quality of natural spat as well as market demand on standardized products. Spawning is one critical step in bivalves hatchery, together with fertilization and larval rearing, thus a lot of research has been done to explore prospective methods and understand the process within. Various means in spawning techniques are presented herein, i.e. gamete stripping and spawning induction by chemical or physical stimulants. Where relevant, advantage and disadvantage of each technique are discussed and compared. Introduction Bivalves are aquatic animals belong to the phylum Mollusca which characterized by two calcareous shells covering a soft body, encompassingboth marine and fresh-water species both marine and fresh-water species. Some well-known bivalves, such as clams, scallop, mussels, and oysters; has been successfully cultured since decades or centuries ago (Nash, 2011). Nowadays, bivalves and other members of molluscs accounts for nearly 30% of aquaculture production with volume more than 50 million tonnes in 2006 (FAO, 2008). Intensive production is needed to meet market demands on edible and high value bivalves (pearl oysters). One important key of intensification is control over all of the production steps, including management of reproduction which will lead to higher productivity with lower cost in order to reach best efficiencies and standardized products. Controlled spawning of molluscs is the best way to obtain reliable supply of quality seeds and reduce dependencies upon unreliable natural spawning events to collect spat. The development of bivalves hatchery was started in 1879 when William Brooks demonstrated that oyster eggs could be spawned and developed into the larval stage in laboratory (Castagna, 1983). No published report on artificial propagation of bivalve molluscs until 1920s when William Wells successfully reared oyster larvae. These two findings provide important data for further development in molluscan aquaculture. This article will describe a number of common spawning techniques for bivalves, which divided into 2 categories: gamete stripping and spawning induction. Henceforward, gamete stripping is considered not induction since the word induction refers to a persuading or stimulating action, whereas another authors may define the other way. Advantage and disadvantage considerations of each technique are included, particularly in relevance with practical farming aspects. 1. Gamete Stripping As the name indicates, this procedure involves removal of gamete from gonad tissue. Briefly, fully ripe gonad overlies the digestive tract was slash repeatedly with scalpel and washed with filtered seawater to harvest the gametes. Microscopy examination is needed to determine sex and appearance of the ova and sperms. Therefore, only well-trained operators can carry it out because of high level of difficulties. Due to its effectiveness, gamete stripping has been widely used to obtain gametes in many Bivalvia species. Pacific oysters (Suquet et al., 2007), pearl oysters Pinctada fucata (Alagarswami et al., 1983a), and European flat oysters Crassostrea gigas (Shpigel, 1989) are some of organisms successfully spawned using gamete stripping. Furthermore, this technique obviously the only way to obtain mature gametes for species that can not be spawned by any physical or chemical stimulation. In some bivalves, viable eggs does not necessarily obtained immediately after stripping because naturally a series of activation process takes place in follicle prior to spawning, i. e. removal of germinal vesicles and formation of germinal spindle (Loosanof, 1953; Southgate, 2008). Loosanof and Davis (1963) treated eggs of Mercenaria mercenaria with 0.1N ammonium hydroxide (NH4OH), but the embryos did not develop well and leading to low percentage of normal larvae compared to their naturally spawned counterparts. So far, no reports about detail mechanisms on how NH4OH activates eggs, while comprehensive understanding of the process is absolutely important for optimization or probably substitute NH4OH with another potential substance. Stripping itself is a destructive and lethal method, thus it is not a sustainable way to maintain broodstock collections. Sacrificing superior broodstock must be invaluable loss that all hatcheries try to avoid it. Likewise, pearl oysters hatcheries prefer another spawning method that has no detrimental effects, considering the high value of the product and the oysters itself (Southgate, 2008). 2. Spawning Induction by Physical and Chemical Means 2.1 Chemical stimuli 2.1.1 Injections of sex steroids The presence of steroids in molluscs has been identified by Hagerman et al. (1957) and its fluctuations have a strong correlation with sexual maturation, gamete release, and sex determination in bivalve (Croll and Wang, 2007). A serotonin, 5 hydroxytryptamine (5-HT), works synergistically with steroid for those functions because steroids regulate 5-HT receptor on the membrane of gametes (Kadam et al., 1991). Combinations of 5-HT and steroid intragonadal injections are the most widely used in aquaculture farming practice. Efficacy of steroid treatment must be assessed on species basis because a particular steroid may give different results in different species. Similarly, one species could give various responses to some steroids, even if they have similar chemical structure. Published reports by Wang Croll (2003; 2004; 2006) explain clearly about gonadal maturation as well as spawning responses in sea scallop Placopecten magellanicus towards a number of steroid injections, both in vitro and in vivo. In vitro study by Wang and Croll (2003) shows 10-5-10-8 M progesterone and 17ÃŽÂ ²-estradiol potentiated gamete release in 5-HT-induced gonads tissue of P. magellanicus, both female and/or male. On the other side, testosterone (10-5-10-7 M) was only effective in male and no significant effects on dehydroepiandrosterone (DHEA) and 4ÃŽÂ ±-androsterone injections. Application of steroid inhibitors and control group (5-HT-incubated gonads) in the experiment strongly suggest steroids and steroid receptors involve in molluscan reproduction. Those results are confirmed with in vivo study by Wang and Croll (2006), although slightly different. Progesterone, which is able to initiate gamete release in male and female gonads tissue in vitro, demonstrated inhibitory effect in 5-HT-induced female P. magellanicus. Another interesting fact is the number of gametes released (spawning intensity) are sharply increased up to 300% and the response time after injection (spawning latency) reduced about 30%. Despite of its advantages, administration of sex steroid in bivalves farming apparently impose additional cost since serotonin must be used in parallel to obtain optimal result. In-depth economic calculations might be necessary to reach a balance between cost and benefits. 2.1.2 Hydrogen peroxide (H2O2) H2O2 application to induce bivalves spawning was first reported by Morse et al. (1977). He and his colleagues found that addition of 5mM of H2O2 to alkaline seawater successfully induced spawning, in both male and female gravid abalone Haliotis rufescens, within about 3 hours after the first addition. This effect results from activation of prostaglandin endoperoxidase by peroxides, which eventually triggers the spawning response. Their paper convincingly pointed that H2O2, neither another contaminants nor substances, initiates the spawning (Table 1). Destruction of H2O2 by catalase and mercaptoethanol (reducing agent) effectively blocks spawning. Aspirin, an inhibitor of cyclooxygenase and prostaglandin peroxidase synthesis, shows endoperoxidase synthesis is required for induction of spawning by H2O2. Table 1. Induction of spawning in gravid H. rufescens Treatment Total Number of Animals Tested Spawned Controls 77 (47F, 30M) 3 (2F, 1M) H2O 18 (13 F, 5 M) 0 H2O2 31 (17 F, 14 M) 30 (16 F, 14 M) Aspirin, then H2O2 26 (12 F, 14 M) 2 M Catalase, then H2O2 5 M 0 Mercaptoethanol, then H2O2 5 M 0 Note: F = female, M = male. Source: Morse et al. (1977) Nevertheless, less success was achieved in Indian pearl oysters P. fucata with H2O2 treatment as with abalone did (Alagarswami et al., 1983b). Mild spawning only occurred with 6mM H2O2 for 5 hours immersion. Supplementation of seawater with Tris buffer at pH 9.1, which usually effective for abalone, does not works well for P. fucata. These conversely results indicate H2O2 concentration must be optimized for any cultured species, sometimes in combination with other treatments. Since peroxide method is a simple and rapid technique, an assay for spawning bivalves which previously known difficult to spawn can be developed quite easily. Morse (1984) has been able to identify optimal conditions for gametogenesis and spawning of green (H. fulgens), pink (H. corrugata), and black abalone (H. cracherodii) using peroxide method. Spawning of these animals can be induced by H2O2 in a slightly high temperature (20-25Â °C). 2.1.3 Injections of neurotransmitters Serotonin, 5-HT, is the most widely used and probably the most potent neurotransmitter for artificial spawning purpose. In vitro study shows ovarian tissue of Patinopecten yessoensis released high number of eggs after been immersed in 10-6M serotonin (Matsutani and Nomura, 1987). The study also demonstrated interaction between serotonin and its receptors in ovary, as well as on how prostaglandins regulate serotonin performance in scallop. The efficacy of serotonin in vitro was confirmed in many in vivo studies. Gibbons and Castagna (1984) injected six species of bivalves with 2mM serotonin, nearly similar to the concentration used by Matsutani and Nomura (1987), and all of them spawned as expected with spawning latency 15-30 minutes (Table 2). For an unknown reason, there is a tendency serotonin more likely affected males than females. Table 2. Number of bivalves spawned by 5-HT injection Species Treatment Number of Tested Spawning Males Spawning Females Arctica islandica Control 70 0 0 Serotonin 70 15 4 Argopecten irradians Control 35 2 1 Serotonin 35 29 1 Crassostrea virginica Control 30 0 0 Serotonin 30 21 0 Geukensia demissa Control 20 1 0 Serotonin 20 8 1 Mercenaria mercenaria Control 70 0 0 Serotonin 329 116 21 Spisula solidissima Control 45 0 1 Serotonin 45 18 9 Source: Gibbons and Castagna (1984). Positive result was also obtained in giant clams, only Hippopus hippopus was less sensitive to serotonin (Braley, 1985). Another tested species (Tridacna gigas, T. derasa, T. maxima, T. crocea, T. squamosa) did very well in terms of spawning latency and spawning duration, even with a low dosage of serotonin. Therefore, injection of serotonin provides reliable way to induce spawning in giant clams, besides gametes-overlay method. Velez et al. (1989) carried out a more comprehensive research to see effect some neurotransmitters upon spawning induction in scallop Pecten ziczac. Given the number of neurotransmitters (dopamine, epinephrine, norepinephrine), only serotonine could induce spawning process. Moreover, they noticed that females give less response to serotonine than males do; similar to what Gibbons Castagna (1984) found. 2.1.4 Addition of gametes Tridacnid clams, such as T. maxima and T. squamosa, can be induced to spawn in captivity by introducing gonad extract from the opposite-sex into the mantel cavity (Gwyther and Munro, 1981; Munro et al., 1982). Three different gonad extracts were performed: gonad biopsy, freshly blended gonad, and freeze-dried blended gonad. Unfortunately, the author did not compare the treatments and describe the relevant results more detail. This induction technique is fairly simple in principles and implementation. Spawning occurs simply because synchronized release of gametes, on which gamete act as chemical cues or pheromones (Soong et al., 2005), a natural adaptation to increase external fertilization probability for broadcasting-gametes organisms. 2.1.5 Ultraviolet (UV)-irradiated seawater Seawater irradiated by light was a very powerful spawning inducer. Window-pane shell Placuna placenta responded quickly after been immersed in UV-irradiated seawater (Madrones-Ladja, 1997). The average number of eggs released per female using this treatment is as high as in serotonin treatment; furthermore the stimulus did not affect the viability of gametes. Besides of its reliable efficiency, this technique is very cost-effective and simpler than serotonin injection. It is also applicable for either individual or mass spawning, and does really works for both sexes of bivalves. 2.2 Physical stimuli 2.2.1 Temperature manipulation Manipulating water temperature is the most popular methods of spawning induction in bivalve hatcheries mainly because of its ease of application and reliable effectiveness. This technique has been studying intensively and implemented in pearl oyster P. maxima (Southgate and Beer, 1997) and various edible bivalves, such as American oyster Ostrea virginica (Soria et al., 2010) and brackish water bivalve Corbicula japonica (Baba et al., 1999). Reproductive physiology of O. virginica has been discovered more than decades ago, thus artificial reproductive control method has been set up very well (Galtsoff, 1938a; 1938b; 1940). Sudden change in water temperature from 20 to 32-35Â °C was found effectively stimulate spawning than long exposure to lower temperatures. In C. japonica, rising the temperature must be accompanied by salinity. Baba et al. (1999) demonstrated temperature 26Â °C with salinity 2.3-4.5 practical salinity unit (psu) give optimum yield. Moreover, addition of gamete suspension into the water is able to increase its fecundity. These three different factors may bring some complexity in terms of hatchery practice because optimization of those components is more likely indispensable. 2.2.2 Administration of microalgal food Immersing razor clams Siliqua patula in high density of phytoplankton is the only method so far that scientifically effective to induced spawning process. Breese and Robinson (1981) found 2-2.5 million cells ml-1 microalgae Pseudoisochrysis paradoxa stimulates razor clams to spawn. No published report that explains this phenomenon, so the exact mechanism does not understood well. It is maybe only a basic instinct of reproduction in nature when food present abundantly in environment. This method could be a good alternative instead of gamete stripping. The number of eggs released per clam as well as hatching rate was much higher compared to those obtain by stripping. In terms of aquaculture practicality, this technique is considerably easy and fairly inexpensive. 3. Conclusions There are numerous techniques to stimulate spawning process in bivalves. Basically, they are only mimicking natural process involved in natural reproduction cycle. No one of those techniques is more superior to another, therefore choosing the appropriate technique should be based on species cultured. Any cost associated, for instance chemicals and equipments, must be also taken into consideration.

World Culture :: essays research papers

Africa   Ã‚  Ã‚  Ã‚  Ã‚   Africa is a continent of natural resources both living and non living. These resources affect how African countries deal with other countries and how it works internally. One example of this is diamonds. Sierra Leone is a country in Africa that has gone through various political regimes and has gone through great conflict. Various war factions want to have control over the diamond mines and they force workers to perform this backbreaking work. These diamonds that these factions control are called conflict diamonds because of the atrocities these groups inflict to control diamonds and make money. In Africa there are many things to do. The most interesting would be to go to the Pyramids of Egypt and see the creations of this magnificent group of people. While visiting the pyramids going to the Egyptian Museum in Cairo would greatly improve your understanding of the ancient Egyptians. Another place to visit would be a national park where you could see the animals that are indigenous to this continent. Middle East The Middle East is the birthplace of Christianity, Islam, and Judaism. But it is also the birthplace of conflict between countries in that region and the West. The major reason for dispute is over the regions most valuable resource: oil. In this region wars were started because of oil. Iraq invaded Kuwait for control of there oil fields and this triggered U.S involvement. It isn’t just oil that has shaped this region. Spices have made a huge contribution to this region. Arab merchants spread their goods throughout the world along with their culture. Other cultures then seeped into the Middle East from other trading nations. This region’s resources shaped its culture. The Middle East is the birthplace of the major religions and the city to visit would be Jerusalem. In Jerusalem you can visit The Wall, which is one of the most significant places for the Jews. You could also travel to Mecca to visit the Holy Mosque, which is the most famous for the Muslims. It is so important that they are required to make a pilgrimage to here at least on time in there life. India India is rich in spices due to its climate and its relationship with other spice producing regions. Spices like black pepper have been grown here for thousands of years and with trading with South America Chile peppers were introduced into their diet. As a result of this the most famous Indian food is curry.

Oedipus The King Essay

Oedipus is written as a play, there is no narrator, Sophocles explains the story line and then runs the story into playwright. I like this point of view because it can sometimes be more clear to the reader. There are many points of view in this play. That is there are many different individuals addressed this playwright. Thus there are many different points of view. I think that Oedipus generally speaks in place of a narrator, because he is the main character. I believe he expresses some of the things that Sophocles is trying to say to the audience. An example of this is when he says: â€Å"Speak out, speak to us all. I grieve for these, my people, far more that I fear for my own life.† (Sophocles, 395) I think that Sophocles is trying to get people to speak their own mind, come together, and establish a community. He is saying this through Oedipus. Oedipus goes through many changes. He goes through a state of innocence or ignorance, then through a state of denial and finally a state of acceptance and guilt. Throughout these different stages in his life, he reveals to his audience who he really is. Oedipus believing he is innocent is part of the form in this play. Oedipus has come to the throne of Thebes by solving the Riddle of the Sphinx. There is a plague upon Thebes which Oedipus desires to heal. Creon returns to the palace after his visit to the Pythian House of Phoebus, an oracle. The oracle has said that the only way to cure the illness in Thebes is to find the man whom killed Laius, the previous king of Thebes. Odeipus tries to discover the murderer and requests that the murderer come forward and promises that instead of being killed, he will be banished from Thebes. If any man comes forward with the murderer he will be rewarded and if any guilty man is found and has not confessed, the murderer will be banished from all aspects of society. Tiresias, an aged, blind prophet is brought to Oedipus to reveal the murderer. Tiresias says that Oedipus unknowingly killed Laius. Disbelieving this, Oedipus blames Creon for plotting this against him to gain the throne  of Thebes. Tiresias states his innocence and before he leaves the palace, he gives Oedipus a riddle: The murderer seemed an alien is really a native to Theban, was once poor and now is rich, is the brother of his children and the child of his wife, the heir to his father’s bed and the cause of his father’s death. The form in this part of the play, plays into the certain buildup of the plot. Now Creon comes to the palace after hearing of Oedipus’ charges against him. Oedipus questions Creon as to why Tiresias didn’t come forward when the initial investigation of Laius’ death occured. Creon says he is happy with his position in court and has no desire to take the throne from Oedipus. He tells Oedipus that for proof he can go to the oracle at Pytho and ask if Creon is telling the truth. Jocasta, Oedipus’ wife, tells him that an oracle came to Laius saying that he would die by the hand of his child. Learning this Laius has his newborn son tied at the ankles and taken away to be killed. She says that Laius was killed by robbers on his way to the oracle at Delphi at the place where three roads meet. The content of this play is that of Greek tragedy, son of Laius, king of Thebes, and his wife, Jocasta. Laius had been warned by an oracle that he was fated to be killed by his own son; he therefore abandoned Oedipus on a mountainside. The baby was rescued, however, by a shepherd and brought to the king of Corinth, who adopted him. When Oedipus is grown, he learns from the oracle that he would kill his father and marry his mother. He fled Corinth to escape this fate, believing his foster parents to be his real parents. At a crossroad Oedipus encountered Laius(his father), and killed him. He continued on to Thebes, where the Sphinx was talking and all who could not solve her riddle. Oedipus answered it correctly and so he won the widowed queen’s hand(his mother). The prophecy was fulfilled. Two sons, Polynices and Eteocles, and two daughters, Antigone and Ismene, were born to the unwittingly incestuous pair. When a plague descended on  Thebes, an oracle declared that the only way to rid the land of its illness was to expel the murderer of Laius. Through a series of painful revelations, the king learned the truth and in an agony of horror blinded himself. His daughters, Antigone and Ismene, are left in the hands of Kreon, who proves to be a true friend of Oedipus. The content of this play regarding time is that the time wasn’t very specific, but it does say that Sophocles lived from 496-406 BC. The place on the other hand is very specific, it introduces you saying: â€Å"The royal house of Thebes. Double doors dominate the facade, a stone altar stands at the center of the stage. Many years have passed since Oedipus has solved the riddle of the Sphinx and ascended the throne of Thebes, and now a plague has struck the city. A procession of priests enters†Ã‚ ¦Ã¢â‚¬ (Sophocles, 392) I think that this introduction leads the reader into a world of curiosity. We really don’t know what is going to happen to Oedipus, all we know is there is a plague across the town that Oedipus must do something about. This leads the reader into Oedipus’ stages of innocence or ignorance, denial and finally guilt. The content in the choice of setting affects the theme because it makes this story more believable, in a time unfamiliar to us, long ago.

Guide Question Dragon Soup Essay

For Case (A) 1. Using Excel sheet provided, and the recommended consequential disclosures as a basis for your analysis, what recommendations would you give Phillips on each of the items listed below? In each case, justify your recommendations and estimate how much the decision will change the true value of the company and its value in the eyes of an investor in a private company. a. The lease or buy decision, including whether to structure an operating lease. b. The regular price of the soup, whether or not to run an end-of year promotion or target end-of-year inventory level. c. Whether or not to ask Dunwood to guarantee accounts receivable. d. Whether or not to reduce the end-of-year provision for bad debts due to recent strong collection experience. e. Whether or not to sell different investments and, if the recommendation is not to sell the mortgage-backed securities, how to value them on the end-of-year balance sheet assuming market conditions do not change. Given your recommendations, how m uch do you think a potential buyer will offer based upon a valuation earnings multiple of ten times sustainable earnings, plus the value of cash and marketable investments on the balance sheet? 2. In the case, Phillips questioned how far he should push the envelope. Why should he be concerned if all the actions you recommend are legal? Do you think the associated disclosures satisfy the SEC requirement that a company provides a narrative explanation of its financial statements that enables investors to see the company through the eyes of the management? For Case (B) As stated in the case, Kerr had given the task of valuing Dragon’s equity for possible acquisition, assuming a valuation of ten times sustainable earnings, plus the value of cash and marketable investments on the balance sheet. He understood that most companies preparing for the sale would â€Å"window dress† their financial statements. However, he had no reason to believe Dunwoody  and Phillips would do anything deliberately dishonest. In any event, it was Kerr’s job to try to unwind any such behavior to establish Dragon’s true value. 3. Using the Excel spreadsheet provided and the footnote disclosures it contains as a basis for your analysis, estimate the true value of the company in the eyes of an investor in a private company. 4. Assuming Phillips had prepared the forecasts for you, would you want him to join your team? Please justify your decision. Assuming you want to hire him, would you offer a similar payment structure to the â€Å"Tomato Farm† deal? Please describe how you think such a transaction should be treated in accounting terms. 5. The footnote disclosures in Excel spreadsheet are designed to generally satisfy the SEC requirements to provide a narrative explanation of a company’s financial statements, which enables investors to see company the through the eyes of management. What additional information would you like to see in the so-called â€Å"standard† disclosures? As part of your submission, please provide an Excel spreadsheet that justifies your answers. To the extent that you change any assumptions from those contained in the Excel spreadsheet provided to your group, please provide a detailed explanation of the reasons for these changes and details of the magnitude of their impact on the valuation you propose. If your valuation includes information and/or calculations that cannot easily be incorporated into the spreadsheet provided, please provide additional explanations with your submission MW PETROLEUM (A) JETBLUE AIRWAYS IPO VALUATION KOHLER (A) CONSOLIDATED RAIL For Case (A) For Case (B)