Tata Steel Case Study Analysis Essay Example

Tata Steel Case Study Analysis Paper Introduction The Tata Group is a very large group of businesses that dominate markets in India. The organization has established itself as a leader in markets such as the airline industry, hotel, software, investment, and steel industry. There is a long history of corporate responsibility within the group, and it is no surprise that all Tata companies have adopted a Tata Code of Conduct as well as many international standards. Tata Steel is one of twenty-eight major corporations within the Tata Group. Founded in 1907, it is the largest private sector steel company in India. Operations are spread across the country, with the steel manufacturing unit at Jamshedpur, and other manufacturing and mining activities situated in the states of Jarkhand and Orissa at eight locations. The Tata Group headquarters is based in Mumbai, Maharastra. This paper provides an overview and analysis of the accounting problems that Tata Steel is faced with after acquiring a foreign company. Company Profile Tata Steel, incorporated in 1907 by Shri Dorabji Tata, is Indias largest private sector steel company belonging to the Tata Group. The company manufactures finished steel, both long and flat products like hot and cold rolled coils and sheets, galvanized sheets, tubes, wire rods, construction re-bars, rings and bearings. The company markets its products in brands like Tata Steelium, Tata Tiscon, Tata Pipes, etc. The company is among the lowest cost producers of steel in the world. Its main plant is located in Jamshedpur, having a manufacturing capacity of 5 MTPA (million tonne per annum) while its processing units, captive iron ore and coal mines are located in the states of Orissa, Jharkhand, Maharashtra, Gujarat and West Bengal. We will write a custom essay sample on Tata Steel Case Study Analysis specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Tata Steel Case Study Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Tata Steel Case Study Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer With its head office located in Mumbai, the company functions through a network consisting of trading arms and operation and projects sites spread across countries in the continents of Asia, Europe and America. Apart from Steel there are six Strategic Business Units or divisions for Bearings, Ferro Alloys and Minerals, Rings and Agrico, Tata Growth Shop, Tubes, and Wires. It operates in more than 20 countries and has a commercial presence in over 50. In the past few years, Tata Steel has invested in Corus (UK), Millennium Steel (renamed Tata Steel Thailand) and NatSteel Asia (Singapore). With these, the company has created a manufacturing and marketing network in Europe, South East Asia and the Pacific-rim countries Problem Tata Steel Faces Tata Steel is faced with a very serious, and somewhat complex, problem. The company has global ambitions. By that I mean the company wants to establish itself as a power and contender in the global marketplace. Tata Group acquired UK based Corus Group, a well established steel company in its own right, by way of a $12. 1 billion deal. The deal was partly funded with a $6. billion dollar loan that was primarily denominated in Euros. The currency in which the Corus Group earned most of its revenues was Euros. It made sense for the Tata Group to fund the deal in Euros in order to avoid exposing the debt to currency risk. The problems that the Tata Group would face due to this deal brought about an issue that the organization really did not have much experience in dealing with. Because of the currency denomination issues with this dea l, the Tata Steel would have a liability of over $600 million on its financial books. Although, the reality of the situation is that Tata Steel has a sound and balanced financial structure and accounting practices. Because of international accounting laws that India and the Tata Group have adopted, on the books it looks as if Tata Steel is carry more liabilities or debts than it really is. This is significant because an investor or shareholder would look at the company’s financials and think that the organization is not as financially stable as it really is. Tata Steel used Indian Generally Accepted Accounting Principles (IGAAP) to prepare their financial statements. IGAAP merged with the global accounting system known as the International Financial Reporting Standards (IFRS). The problem with this is that by IFRS standards the merger, or natural hedge, was not recognized. IGAAP and IFRS both mandated that foreign currency loans be denominated in the borrowing company’s home currency for accounting purposes. This created a reporting problem for Tata Steel when in reality there was no financial problem with the deal. SWOT Analysis of Tata Steel Strengths Global position in steel industry Tata Steel is one of the most prosperous and profitable steel companies in the world. The acquisition of Corus and other global steel companies have bolstered Tata’s position in the marketplace and made it one of the top steel companies in the world. Corporate governance Tata Steel has had a very good record for corporate governance. It has set the benchmark in global corporate governance principles of accountability, transparency, and equity for others to follow. Tata Steel has been consistently receiving prestigious awards at both the national and the international arena. The company was awarded the Best Governed Company Award in 2006 for corporate practices presented by Asian Centre for Corporate Governance. Brand value The Tata Steel brand, owing to its highly ethical and a socialistic approach to business, has made its name synonymous to trust. The acquisition of Corus made Tata Steel an even more reputable and powerful company. Tats Steel was a well known brand even before the acquisition of Corus. The addition of Corus makes Tata Steel one of the most well known and productive companies in the world. Innovation of Tata Steel Tata Steel has the lowest operating cost for steel manufacture in the world. Further it has displayed effective means in adopting an eco-friendly and sustainable approach towards the manufacture of steel thus proactive measures are undertaken to ensure the employees health and productivity through ergonomically designed work stations and by protecting them from occupational hazards. Adaptability to the fast changing global business environment Tata Steel has displayed immense agility in the recent past during the global financial crisis. Its virtuosos of various fields have adopted various methods like lowering production and even shutting down steel plants due to the lack of demand, managing the balance sheet efficiently etc. The company has 70% of its procurement of raw materials for its operations in Asia through long term contracts and so its margins can be shielded from the nuances of the volatility of the financial markets. Management Team Tata Steel has a highly credible management team who has displayed their skills in expanding the company through various innovative methods. The company has successfully acquired Nat Steel of Indonesia, Millennium Steel of Thailand and more importantly UK based Corus. The company’s virtuosos of finance have been able to find innovative ways to tackle the company’s debt and keep the bottom line in the green zone despite lower demand and a lot of accumulated debt. Weaknesses Debt burden Tata Steel has a total debt of $9. 8 billion USD on its books, much of it from the Corus acquisition. The company plans to refinance $6. 5 billion of its long term debt. It has an unfavorable debt to equity ratio which means the assets of the company are largely financed through debt. With the steady increase in inflation most countries are beginning to tighten credit and liquidity in the money markets. As a result of inflation increases, interest rates are on the rise as well. An increase in interest rates means an increase in the company’s liabilities. This will further add to the degradation of Tata Steel’s balance sheet. Conservative accounting practices India has very conservative accounting standards. The system works within the country but lacks flexibility and adaptability when it comes to reporting differences in currency. Because the Tata Group has global aspirations, the company must deal in various currencies when doing business with global companies. The problem lies in the rules governing the accounting practices within India. All foreign currencies must be converted to the home countries currency when reporting on financial statements. Technology Many steel companies have implemented different technologies into their plants to make production and productivity more efficient. There is a new fluorescent x-ray technology that some companies have adopted. Tata Steel is lacking in this area. Tata Steel has failed to adopt new technology to lower cost, improve production, and improve employee safety standards. Procurement philosophy of its subsidiaries The largest subsidiary of Tata Steel, Corus, has high exposure to spot prices and a higher operational gearing among the larger European steel companies. Hence it has the risk of volatility associated with pricing, one of the key elements in determining profitability of a commodity company. Opportunities Competitive position Tata Steel is the second largest producer of steel in India and the sixth largest producer in the world. Over the years Tata Steel has been acquiring various steel companies around the world, the latest being Corus. There is a lot of room for Tata to grow and further establish itself as a perennial power in the global marketplace. Technological advances Tata Steel has shown immense integration abilities in the past. With the acquisition of Corus it has been able to integrate the high end technological knowledge into its production facilities. The company has also been able to produce high quality steel at lower prices and significantly improve its operating margins. Infrastructure opportunities India has geared up for rapid expansion in the field of infrastructure. The Government of India (GOI) has earmarked Rs. 1, 70,000 crore for infrastructural spending for the fiscal year 2010- 2011 and the trend is set to escalate up to the fiscal year 2025 when India is slated to become the third largest economy in the world. Further many private players either independently or by undergoing public private partnerships (PPP) has also come into the fray. The consumption of steel has been steadily increasing with the rapid investment in the infrastructure and real estate projects. The annual steel production of India has touched 200MT and according to governments steel policy is expected to touch around 250 MT by 2013-2014. The demand for Indian made steel is escalating overseas out of the 200 MT of steel currently produced in India around 50% of it is exported. In the first six months of the fiscal year 2009-2010 the Indian steel export almost doubled to 9. 3MT from 4. MT in the same period the previous fiscal year. The country’s iron ore exports during April-October 2009 period grew 20 per cent over the year ago period to 53 million tons. Accounting practices India’s accounting regulations does a disservice to many of the companies who operate globally. Because of the reporting regulations, Tata Steel has a liability on its balance sheet that realy doesn’t exist. The currency conversion rules hinders Tata Steel from putting together a balance sheet that reflects its actual holdings and activities. Tata Steel has an opportunity to help change the accounting standards in India to allow companies to report their financial activities accurately so that shareholders will have an accurate view of the financial position the company is in. Demand for steel The demand for steel is on arise both domestically and internationally as a result of the enhanced focus upon infrastructural development. Secondly with other steel projects of international giants POSCO, ARCELOR MITTAL stalled due to land acquisition problems the prices of steel are slated to soar. In the month of April 2010 the steel prices were increased by Rs. 2500/ton and this is just the brink of the U-Shaped economic recovery and the prices are slated to rise further in the near future. Acquisitions In the aftermath of the financial crisis various mineral assets are available globally at a price which is just a fraction of their prime value. The government of various countries has been putting up coal blocks under the hammer. Tata Steel has been very active in the asset acquisition space and has bagged various coal blocks in Asia, Africa etc. which is essential for its security of raw materials. Threats International competition Companies like the Indian Steel magnate Lakshmi Mittal’s Arcelor Mittal and Posco have landed on the shores of India. These are amongst the largest steel producers in the world and have a high chance of eating into the market share of Tata Steel. Indian market is also plagued with cheaper Chinese made steel which is ubiquitously available and is significantly digging into the market-share of all Indian steel makers including Tata Steel. Down Economy Tata Steel has a very large debt of 9. 8 billion USD on its books and has a huge interest burden. With the volatility of the financial markets and the tightening of credit and liquidity by the banks, interest rates are slated to go up and would further increase the interest burden of the company. Regulatory issues in India The government of India has chalked a strict norm for the clearance of a plant through environmental impact assessment (EIA). To get clearance from the concerned authority demands more than eight months thus leads to delay and project cost escalation. Albeit the governments’ steel policy has been pro industry in order to increase the steel capacity at a brisk pace.

Profile of the Nazi Low Riders - NLR

Profile of the Nazi Low Riders - NLR The Nazi Low Riders (also known as the NLR) originated during the 1970s inside a California Youth Authority facility and is closely associated with the two gangs - Aryan Brotherhood (AB) and the Public Enemy Number One (PEN1). Founded by John Stinson, a white supremacist inmate, the gang was originally formed to act on behalf of the powerful Aryan Brotherhood. Alliances were made and the NLR acted as errand boys to the AB. In the 1980s, the authorities worked hard to break up the AB by isolating its known members in maximum lockup prisons like Pelican Bay and other Security Housing Units (SHUs) and the NLR was needed to conduct AB business in the medium security prisons. Up to this point, the NLR was viewed by prison officials more as a troublesome group rather than a gang. But with its strong alliance with the AB, which had proven to be the most powerful and ruthless prison gang, the NLR began to grow and prison officials took notice. Unlike the AB with its strict - whites only - policy, the NLR permitted some Hispanics to join. Money, not racial purity, seemed to be their ultimate goal. However, in 1999, the NLR was officially classified by CDC authorities as a prison gang causing its membership to also be housed in SHUs, thus diminishing the NLRs usefulness to the AB. Organizational Structure Unlike their AB mentors, the NLR has a simple structure which is adhered to more inside the prisons than on the streets. There is a three-tier system: Seniors: Requires five years of gang membership and at least three seniors must elect the candidate.Juniors: Act in the  capacity of foot soldiers and may recruit new members, but cannot induct new members into the gang.Kids: Are recruits generally coming from smaller gangs. Symbols - Tattoos SwastikasNLR - Nazi Low RidersSS - Lightning boltsHH - Heil Hitler88 - The numerical equal to HHWP - White PowerWSU - White Student UnionAYM - Aryan Youth Movement There are no strict rules about placement of NLR tattoos. In fact, many NLR members are hiding their tattoos in order to avoid being detected as a member and thus being sent to a maximum security prison. Others tell prison officials that the NLR tattoo stands for No Longer Racist. Enemies/Rivals American MafiaBloodsCripsNorteà ±osBlack Guerrilla FamilyNuestra FamiliaMara SalvatruchaLos Angeles crime familyRussian MafiaFriends Stand UnitedLos ZetasOutlawsIsraeli Mafia Allies Aryan BrotherhoodPublic Enemy No.1 Today the NLR operates on the streets, but primarily inside prisons. They have engaged in a variety of criminal activity including extortion, the production and distribution of illegal narcotics, assault, hate crimes, and murder. There are an estimated 1,000 members spread across California, Arizona, Nevada, Utah, Oklahoma, Illinois and Florida. Internal Struggles In recent years the gang has had some internal struggles over the race issue. One group wants to adopt the Aryan Brotherhood policy of pure white members only, while others want to remain with a half-white ancestry and no black ancestry policy for membership. The Nazi Low Riders Oath I, as a Nazi Low Rider, hereby swear an unrelenting oath upon the green graves of our sires, upon the children in the wombs of our wives, upon the throne of god almighty, sacred to his name, to join together in the holy union with the brothers in this circle and to declare forthright that from this day moment on that I have no fear of death, no fear of foe, that I have a sacred duty to do whatever is necessary to deliver our people from the Jew and bring total victory to the Nazi Low Riders.I, as a Nazi Low Rider Warrior, swear myself to complete secrecy to the Order and total loyalty to my comrades.Let me bear witness to you, my brothers, that should one of you fall in battle, I will see to the welfare and well-being of your family.Let me bear witness to you, my brothers, that should one of you be taken prisoner, I will do whatever is necessary to regain your freedom.Let me bear witness to you, my brothers, that should an enemy agent hurt you, I will chase him to the ends of the ear th and remove his head from his body. And furthermore, let me bear witness to you, my brothers, that if I break this oath let me be forever cursed upon the lips of our people as a coward and an oath breaker.My brothers, let us be his battle-ax and weapons of war. Let us go forward by ones and twos, by scores and legions and as true Nazi Low Riders with pure hearts and strong minds face the enemies of our brotherhood and families, with courage and determination.We hereby invoke the blood covenant and declare that we are in a full state of war and will not lay down our weapons until we have driven the enemy into the sea and reclaimed that which is rightfully ours. Through our blood and gods will, the land will be that of our children. UNTIL DEATH

The Insanity Defense in Criminal Cases

The Insanity Defense in Criminal Cases The standard for claiming a defendant is not guilty by reason of insanity has changed through the years from strict guidelines to a more lenient interpretation, and back to a more strict standard again. Although definitions of legal insanity differ from state to state, generally a person is considered insane and is not responsible for criminal conduct if, at the time of the offense, as a result of a severe mental disease or defect, he was unable to appreciate the nature and quality or the wrongfulness of his acts. This reasoning is, because willfull intent is an essential part of most offenses, a person who is insane is not capable of forming such intent. Mental disease or defect does not alone constitute a legal insanity defense. The defendant has the burden of proving the defense of insanity by clear and convincing evidence. The history of the insanity defense in modern times comes from the 1843 case of Daniel MNaghten, who tried to assassinate the prime minister of Britain and was found not guilty because he was insane at the time. The public outrage after his acquittal prompted the creation of a strict definition of legal insanity which is known as the MNaghten Rule. The MNaghten Rule basically said a person was not legally insane unless he is incapable of appreciating his surroundings because of a powerful mental delusion. The Durham Standard The Durham standard was a much more lenient guideline for the insanity defense, but it addressed the issue of convicting mentally ill defendants, which was allowed under the MNaghten Rule. However, the Durham standard drew much criticism because of its expansive definition of legal insanity. The Model Penal Code, published by the American Law Institute, provided a standard for legal insanity that was a compromise between the strict MNaghten Rule and the lenient Durham ruling. Under the MPC standard, a defendant is not responsible for criminal conduct if at the time of such conduct as a result of mental disease or defect he lacks substantial capacity either to appreciate the criminality of his conduct or to conform his conduct to the requirements of the law. The MPC Standard The MPC standard was popular until 1981, when John Hinckley was found not guilty by reason of insanity under those guidelines for the attempted assassination of President Ronald Reagan. Again, public outrage at Hinckleys acquittal caused lawmakers to pass legislation that reverted back to the strict MNaghten standard, and some states attempted to abolish the insanity defense altogether. Today the standard for proving legal insanity varies widely from state to state, but most jurisdictions have returned to a more strict interpretation of the definition.

THE IMPACT OF IOM REPORT ON NURSING Assignment Example | Topics and Well Written Essays - 1500 words

THE IMPACT OF IOM REPORT ON NURSING - Assignment Example The recommendation of the Institute of Medicine (IOM) on the future of nursing has been viewed by nearly 64 million people within the first year of its publication, undoubtedly indicating that it is one of the most inspiring pieces of medical literature of the 21st century, not only having an enduring influence on healthcare but most importantly creating a pioneering route ahead for the nursing profession. The fast changing dynamics of nurses’ practice in the last decade has made it necessary for the health industry to bring about important changes in nursing practice. In an endeavor to sustain and enhance the potential of nursing and progression in healthcare, the Institute of Medicine and Robert Wood Johnson Foundation (RWIF) produced an action oriented blueprint ‘The Future of Nursing: Leading change and advancing health’. With the dawn of the 21st century, our nation is encountering a lot of new trends and challenges in healthcare, most importantly, as the population of elderly people is escalating with the approaching decades and concern being changing to a graver and broader diversity of chronic ailments. For this reason, the IOM report has recommended providing nurses with an enhanced system of education that helps them accomplish higher levels of education and training as well as endorses flawless academic progression (IOM, 2011, p. 163). Moreover, according to IOM it is also important to direct the educational systems for preparing nurses towards community settings like primary care, long-term care and public health. The IOM committee further suggested that the nursing curriculum in schools should be reassessed, renewed, and made adequately adaptive in science, technology, research, and rich fundamental theories as it will augment their decision making skills concerning dynamic clinical situation s in all settings and thereby, meet the continual changing requirements in health care. Another recommendation stated that the entrance level qualification for nursing practice should be upgraded to acquisition of a baccalaureate degree rather than simply a diploma or associate degree in nursing. The impact of this will be that nurses shall become better equipped with competencies to participate in configuration of health policies, financial decision-making, leadership, and quality enhancements. In fact, nurses will be imparted with additional critical thinking aptitudes which will enable them to provide more effective and enhanced quality of care to the patient (IOM, 2011, p. 169-170). The IOM suggested that by 2020 the percentage of nurses who attain a Baccalaureate in the Science of Nursing (BSN) should be augmented to 80%, among which minimum 10% of BSN nurses should be persuaded to enter a master or doctoral program, to help twofold the number of nurses who take up doctoral deg rees in future (IOM, 2011, p. 163).. This recommendation is paramount as this will produce more nurses at Master’s and Doctoral levels who will be able to serve as primary care providers, researchers, and become part of the faculty team which is huge requirement in this profession currently (IOM, 2011, p. 163). Another arena which the IOM pinpointed which needs to be improvised was the ongoing crisis of nurses with the right skills. This crisis is due to the high turnover rates primarily caused by the hurdles confronted by new graduates when transferring skills into practice. For this, the IOM suggested initiation of nurse residency programs as this will assist in delivering complete knowledge and

International Criminal Justice, Foundations of International and Essay

International Criminal Justice, Foundations of International and Comparative Criminal Justice - Essay Example Few would disagree with the statement above in the light of all the efforts made by the International Criminal Justice Organisations today. War crimes are now punishable and international law prevents any heartless dictator or fundamentalist group from depriving innocent people of their honour, life and money. This question requires the discussion of the role of the victims in International Criminal Trials and the discussion of any possible shortcomings in the system in this regard and their possible solutions. Particular attention is paid to the role of child victims in this regard and the possible reforms in the better redressal of their grievances and sufferings. To assess the role of victims it is necessary to define the concept of who a victim actually is. The term is used in many contexts, but it cannot be used in the subjective, abusive way it is often used. For example many terrorists may regard themselves as victims, which is not acceptable within the principles of International Law. For a simple definition we may look towards a dictionary definition of this concept. According to the Oxford Advanced Learner's dictionary a victim is a "person who has been attacked, injured or killed as the result of a crime, a disease, an accident.' "an individual, or groups or bodies such as an organisation or social grouping of people, who is harmed or damaged by someone else and whose harm is acknowledged, and who shares the experience and looks for, and receives, help and redress from an agency"(Viano 2000:10). Another definition of "victim" is contained in Article 1 of the UN Declaration of Basic Principles of Justice for Victims of Crime and Abuse of Power, as, "persons who, individually or collectively, have suffered harm, including physical or mental injury, emotional suffering, economic loss or substantial impairment of their fundamental rights, through acts or omissions that are in violation of criminal laws operative within Member States, including those laws proscribing criminal abuse of power" It can be argued that such definitions should also include the dependants of the direct victims as victims themselves. Thus another definition given by the UN Basic Principles and Guidelines on the Right to a Remedy and Reparation for Victims of Gross Violations of International Human Rights Law and Serious Violations of International Humanitarian Law can be said to be adequate in this regard when it classifies victims as , "Persons who individually or collectively suffered harm, including physical or mental injury, emotional suffering, economic loss or substantial impairment of their fundamental rights, through acts or omissions that constitute gross violations of international human rights law, or serious violations of international humanitarian law. Where appropriate, and in accordance with domestic law, the term "victim" also includes the immediate family or dependants of the

Spectrophotometry Essay Example for Free

Spectrophotometry Essay Potassium permanganate (KMnO_4) is commonly used as an oxidizing agent and in this experiment, it is used as both the titrant and indicator. A standard of potassium permanganate solution was prepared and computed to be 0. 02235 M and was used to titrate a sulfuric acid solution wherein the sample salt was dissolved. The solution was heated to 90Â °C then titrated until a light pink colored solution was obtained. The experiment focused on determining the percentage of Sodium oxalate (Na2C2O4) in the sample and at the end of the experiment it was found to contain 49. 45%. Experiment 9 focuses on determining the different concentrations of potassium permanganate solutions by finding its absorbance through the use of spectrophotometer. Four known concentrations were prepared; 2. 5 x ? 10? ^(-3) M, 6. 25 x ? 10? ^(-4) M, 1. 25 x ? 10? ^(-4) M, 6. 25 x ? 10? ^(-4) M. The solutions were placed on the spectrophotometer to determine absorbance together with the unknown. Distilled water was placed before each trial to ensure the accuracy of results. Determining the concentration of the unknown sample was done by drawing a graph of the concentration against the absorbance and was found to be Introduction Spectrophotometry is a method to measure how much a chemical substance absorbs light by measuring the intensity of light as a beam of light passes through sample solution. The basic principle is that each compound absorbs or transmits light over a certain range of wavelength. This measurement can also be used to measure the amount of a known chemical substance. Spectrophotometry is one of the most useful methods of quantitative analysis in various fields such as chemistry, physics, biochemistry, material and chemical engineering and clinical applications. A spectrophotometer is an instrument that measures the amount of photons (the intensity of light) absorbed after it passes through sample solution. With the spectrophotometer, the amount of a known chemical substance (concentrations) can also be determined by measuring the intensity of light detected.

Soccer Cant Make the Big Time in the U.S.A. :: Cause Effect Essay Sports

Soccer Can't Make the Big Time in the U.S.A. Soccer — or football (or foosball or futbol), as it is called by the rest of the world outside the United States — is surely the most popular sport in the world. Every four years, the world championship of soccer, the World Cup, is watched by literally billions all over the world, beating out the United States professional football's Superbowl by far. It is estimated that 1.7 billion television viewers watched the World Cup final between France and Brazil in July of 1998. And it is also a genuine world championship, involving teams from 32 countries in the final rounds, unlike the much more parochial and misnamed World Series in American baseball (that doesn't even involve Japan or Cuba, two baseball hotbeds). But although soccer has become an important sport in the American sports scene, it will never make inroads into the hearts and markets of American sports the way that football, basketball, hockey, baseball, and even tennis and golf have done. There are many r easons for this. Recently the New England Revolution beat the Tampa Bay Mutiny in a game played during a horrid rainstorm. Nearly 5000 fans showed up, which shows that soccer is, indeed, popular in the United States. However, the story of the game was buried near the back of the newspaper's sports section, and there was certainly no television coverage. In fact, the biggest reason for soccer's failure as a mass appeal sport in the United States is that it doesn't conform easily to the demands of television. Basketball succeeds enormously in America because it regularly schedules what it calls "television time-outs" as well as the time-outs that the teams themselves call to re-group, not to mention half-times and, on the professional level, quarter breaks. Those time-outs in the action are ideally made for television commercials. And television coverage is the lifeblood of American sports. College basketball lives for a game scheduled on CBS or ESPN (highly recruited high school players are more likely to go to a team that regularly gets national television exposure), and we could even say that television coverage has dictated the pace and feel of American football. Anyone who has attended a live football game knows how commercial time-outs slow the game and sometimes, at its most exciting moments, disrupt the flow of events.