Global Beer Market Trends Essay Example

Global Beer Market Trends Essay At the turn of the century, the top 10 brewers accounted for just over one-third of global beer sales volumes. The past decade has seen a rapid consolidation, resulting in the top four brewers – Anheuser-Busch InBev, SABMiller, Heineken and Carlsberg – accounting for almost 50% of beer sales volumes and up to 75% of the global profit pool2. Consolidation has continued in the past 12 months with further transactions in Mexico and China. As the pace of consolidation slows in the future, organic volume growth is expected to come from developing markets along with value creation opportunities in developed markets. Alcohol trends Category trends show a dichotomy between developing and developed beer markets. With incomes rising in emerging markets, consumers have shifted from informal, often commoditised, unregulated forms of alcohol to aspirational, attractively branded and safer beer products. The period from 1999 to 2008 saw commercially produced beer increasing its share of total alcohol consumption in emerging markets by over 800 bps from 32. 8% in 1999 to 41. % in 2008 on a pure alcohol basis. The same period saw a moderate decline in developed markets to 35. 2% in 2008. The economic crisis caused an overall downturn in 2009 – one that was further exacerbated by government fiscal pressures leading to increases in beer excise and other taxation in order to raise funds. The consequent consumer price increases have constrained beer volume growth while favouring unregulated forms of alcohol. As the global economy improves, rising incomes continue to be a significant factor in developing beer markets as the category grows at the expense of illicit, high-alcohol spirits. We will write a custom essay sample on Global Beer Market Trends specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Global Beer Market Trends specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Global Beer Market Trends specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In Africa, Latin America and Asia in particular, the rise in consumption is closely correlated to population and income growth3. Beer growth trends Over the past five years the beer category has maintained a compound average growth rate (CAGR) of 3. 5% globally. However, this reflects two very different pictures in emerging and developed markets with emerging markets growing at an average rate of 6. 8% while developed markets declined by 3. 4%. The largest contributors to this growth have been China (now the worlds largest beer market), Africa and Eastern Europe. Given the economic pressures, total global beer consumption grew by less than 1% in 2009. That said, strong growth trends continued in some key emerging markets. China recorded an increase of over 7%, despite being hampered by heavy snow and wet weather that affected consumer demand. Africa experienced robust growth of 4%, driven by Angola, DR Congo, Mozambique and Nigeria. In Eastern Europe, certain beer markets contracted in 2009 as rising unemployment and declining on-premise consumption halted growth. Regulatory challenges created further headwinds in markets such as Russia and the beer market there declined 6% as a result. Macroeconomic indicators improved in some markets in the last three months of 2009. However, the drivers of beer consumption such as falling unemployment and rising consumption expenditure are expected to lag behind the recoveries in GDP. North America, hit hard in 2009 by high unemployment, particularly among men of beer-drinking age, is expected to see only slight growth. Globally, the beer market is expected to grow by 1. % in 2010, led by a continuing strong performance in Asia, Africa and Latin America. China is expected to grow by 6. 5%, Africa by 3. 1% and Latin America by almost 3%. Western Europe is expected to continue the trend of declining beer volumes, driven by a shift in consumption to other beverages and the decline of on-premise consumption. Looking further ahead to 2014, the top 15 growth markets are forecast to deliver compounded annual growt h of 3%. China is expected to account for more than 45% of this growth with the USA, Vietnam, Brazil, Ukraine, Russia, Mexico and Peru making up most of the balance. Beer segment trends Across consumer goods sectors in general, the trend towards premiumisation accelerated in the past decade but slowed in the last 18 months as economic conditions worsened and consumers reverted to mainstream and economy segments. As economies improve, the trend towards premium will resume as consumers become more willing to pay for authentic, more image-oriented brands that reflect their socio-economic and lifestyle aspirations. The premiumisation trend has not altered the fact that beer remains very much a local beverage in terms of both production and consumer brand preferences. International brands account for just over 6% of the worlds beer consumption and this proportion has changed little over the last 10 years. Rather, what has happened is that urbanisation and a growing middle class in emerging markets have led to the growth of local premium brands. These offer premium packaging, positioning and variety, but are sold at a price accessible to many more consumers than international imported products. The resulting scale and higher profit margins make this a very attractive industry segment. 1. All data sourced from Canadean unless otherwise noted. 2. BofAMerrilLynch report: Investing in Global Brewers 19 April 2010. Canadean, Internal analysis. Principal risks The principal risks facing the group, which have been considered by the board, are detailed below. The group’s well-developed risk management process is detailed in the corporate governance section of the Annual Report and our financial risks are discussed in the Chief Financial Officer’s review and in note 22 to the consolidated financial statements. Risk: Industry consolidation Context? The global brewing industry is expected to continue to consolidate, albeit more slowly, creating opportunities to enter attractive growth markets and realise synergy benefits from integration and to leverage global scale. Risk? Failure to participate in value-adding transactions; overpaying for a transaction; and failure to implement integration plans successfully after transactions are completed. Possible impact? Lower growth rate, profitability and financial returns. Mitigation 3. Potential transactions are subject to rigorous analysis. Only opportunities with potential to create value are pursued. . Proven integration processes, procedures and practices are applied to deliver expected returns. 5. Activities to deliver synergies and leverage scale are in place, monitored closely and continuously enhanced. Associated strategic priorities * Creating a balanced and attractive global spread of businesses. * Constantly raising the profitability of local businesses, sustainably Risk: Cha nge in consumer preferences Context? Consumer tastes and behaviours are constantly evolving and competitor activity is increasing and becoming more sophisticated. Strong brand portfolios together with excellence in marketing and sales execution are required if we are to meet consumer, shopper and customer needs. Risk? Failure to ensure the attractiveness of our brands; failure to continuously improve our marketing and related sales capability to deliver consumer relevant propositions. Possible impact? Market positions come under pressure, lower volume growth rates and profitability. Mitigation 6. Ongoing focus on building our marketing and sales capabilities through continued roll-out and enhancement of the SABMiller Marketing Way. 7. Ensuring that our brand equities remain strong through relevant innovation and compelling marketing programmes. 8. Ongoing evaluation of our brand portfolios in every market to ensure that they target current and future opportunities for profitable growth. Associated strategic priorities * Developing strong, relevant brand portfolios that win in the local market. * Constantly raising the profitability of local businesses, sustainably. * Leveraging our skills and global scale. Risk: Management capability impairment Context? We believe that our people are our enduring advantage. It is essential therefore that we identify, develop and retain global management capability. Risk? Failure to develop and maintain a sufficient cadre of talented management. Possible impact? Potential lower long-term profitable growth. Mitigation 9. Effective and well-developed strategic people resourcing and talent management processes. 10. A strong culture of accountability, empowerment and personal development. 11. Standardisation of key processes and best practices across the group through the roll-out of the SABMiller Ways. Associated strategic priorities Developing strong, relevant brand portfolios that win in the local market. * Constantly raising the profitability of local businesses, sustainably. * Leveraging our skills and global scale. Risk: Regulatory changes Context ? The alcohol industry is coming under increasing pressure from regulators, NGOs and tax authorities as the debate over alcohol consumption continues in many markets. Risk? Regulation places increasing restri ctions on pricing (including tax), availability and marketing of beer and drives changes in consumption behaviour. Possible impact? Lower profitability growth and reduced contribution to local communities in some countries. Mitigation 12. Rigorous adherence to the principle of self-regulation backed by appropriate policies and management review. 13. Constructive engagement with government and all external stakeholders on alcohol-related issues. 14. Investment to improve the economic and social impact of our businesses in local communities and working in partnership with governments and NGOs. Associated strategic priorities * Creating a balanced and attractive global spread of businesses. Developing strong, relevant brand portfolios that win in the local market. * Constantly raising the profitability of local businesses, sustainably. * Risk: Raw material volatility * Context ? Recent volatility in the supply and pricing in some of our key raw materials. * Risk? Failure to obtain an adequate supply of brewing and packaging raw materials at competitive prices. * Possible impact? Lower profitability and occasional su pply disruption. Mitigation 15. Contractual agreements with suppliers covering multiple time horizons, combined with an active hedging programme. 6. Programmes to support development of local sourcing for certain key commodities, such as barley, in Africa, India and Latin America. Associated strategic priorities * Constantly raising the profitability of local businesses, sustainably. * Leveraging our skills and global scale. * Risk: Economic environment * Context ? Recent global recession with weak GDP growth projected in 2010. Uncertain economic growth and rising unemployment have resulted in weak consumer demand which has, in some cases, been compounded by currency weakness. Risk? Our marketing, operating and financial responses may not be timely or adequate to respond to changing consumer demand. * Possible impact? Lower short-term growth rates and profitability. Mitigation 17. Actions to restructure operations in certain countries to reflect current or expected deterioration in local economic conditions. 18 . Maintaining and extending our local industry leadership positions through appropriate investments in our brands, focus on local execution and development of commercial capability. 19. Increased emphasis on cash flow management. Associated strategic priorities * Creating a balanced and attractive global spread of businesses. * Developing strong, relevant brand portfolios that win in the local market. * Constantly raising the profitability of local businesses, sustainably. * Risk: Delivering transformation * Context ? The group has begun executing a major business capability programme that will simplify processes, reduce costs and allow local management teams to enhance focus on their markets. * Risk? Failure to execute and derive benefits from the projects currently under way. Mitigation 20. Senior leadership closely involved in monitoring progress and in making key decisions. 21. Rigorous programme management and governance processes with dedicated resources. Associated strategic priorities * Constantly raising the profitability of local businesses, sustainably. * Leveraging our skills and global scale. * * Possible impact? Increased project costs, business disruption and reduced competitive advantage in the medium term.

I am no orator as Brutus is Essays

I am no orator as Brutus is Essays I am no orator as Brutus is Paper I am no orator as Brutus is Paper This scene, the second half of the great double climax of the play, is almost entirely made up of the short speech of Brutus and the long speech of Antony. The speeches are often contrasted and it could be said that Brutuss speech appeals to reason, whereas Antonys appeals to emotion. Not only does Brutuss speech appeal to reason, but to the spirit of liberty and dignity in the crowd. Brutuss style of speech is logical, well balanced and classical. His argument is built up in clear strong lines. Antony on the other hand, moves from mood to mood, from style to style and from argument to argument, in no obvious pattern or format. In order to examine whether Mark Anthony is a good orator we must look at his character in Julius Caesar. A friend of Caesar, Antony claims allegiance to Brutus and the conspirators after Caesars death in order to save his own life. Later, however, when speaking a funeral oration over Caesars body, through buying his way into he hearts and minds of the plebs he persuades the audience to withdraw its support of Brutus and instead condemn him as a traitor. With tears on his cheeks and Caesars will in his hand, Antony engages in a masterful (in terms of powerful emotive speaking) rhetoric to stir the crowd to revolt against the conspirators. This is where we see Antonys weakness of style: His emotional speaking doesnt match up to that of Brutus commanding dialogue. We have Antonys opening line as Lend me your ears. If we look at Brutuss opening line for his speech, Hear me for my cause, and be silent, that you may hear. Believe me for mine honour, and have respect for mine honour, that you may believe. Censure me in your wisdom, and awake your senses, that you may better judge. Here we see Brutuss brilliance in that he doesnt merely deliver to the crowd a superficial line such as lend me your ears, he does so much more. He talks about senses, and every part of the body, not just one like Antony. He appeals to the Roman sense of reason and flattery and asks the audience to use their own wisdom and judgment. To me, the request lend me your ears implies a temporary question, as if to say listen if you want to. This is another of Antonys weaknesses. He is not commanding. He doesnt command your attention or your respect. He gains it by means of emotions and sympathy and this is why he is not as good an orator as Brutus. All through Antonys speech, Brutuss name is prominent. He mentions him on so many occasions, one begins to wonder who Antony is actually talking about. Brutus hath told you Caesar was ambitious. If it were so, it was a grievous fault, and grievously hath Caesar answerd it. Here under leave of Brutus and the rest come I to speak in Caesars funeral. He was my friend, faithful and just to me; but Brutus says he was ambitious, and Brutus is an honorable man It is as if he has to mention Brutuss name to keep the crowds attention. In the end, he pulls out Caesars Will, which bequeaths all of Caesars private gardens and walkways to the people of Rome. This is the final straw against the conspirators because it proves to the commoners that Caesar would have been a just ruler, and not at all ambitious, which is exactly why Brutus condoned Caesars assassination. In conclusion, Brutus is an exceptionally eloquent speaker, and I agree with Anthonys self assessment. Antony wins the crowds attention by means of something that is not entirely genuine in that it is a very temporary moment that is quickly forgotten, even though the plebs are exceptionally fickle. Technically, Brutus is the more articulate and logical speaker, however, the power of emotional rhetoric holds its ground and considerably sways the plebs in their decision. Regardless of Antonys gift it is clear that Brutus is the better orator of the two and that is why agree with Antonys self assessment, however, I do understand why, on this occasion straight oratory was not what was required and Antony is the victor.

How Managers Can Use Motivational Theories to Improve Performance Research Paper

How Managers Can Use Motivational Theories to Improve Performance - Research Paper Example In the case when the production staff is not provided with the motivation to produce end products, to be able to fulfill the demand, the manager would be in serious trouble and it may contribute to majorly drastic consequences. If the efficiency of an organization is to be promoted there has to be provision of motivation. The case can be such that the business division has the very products and resources. However, merely a combination of superior products and resources cannot lead to the best consequences: there is a need for motivation as well if a company aims to be successful (Strategic Direction 22). Simply training the employees and delegating them to work does not ensure loyalty and dedication on their part. Employees have to be motivated in order to attain this. Motivation affects work performance to a great degree, thus it holds a great significance for any organization. As clichà ©d as it may sound employees are an organization’s greatest asset and without motivated workers a company cannot be efficient. A company can only go as far as its workers would lead it, as they are the ones who drive it. An organisation is simply a group of individuals who work together for a general reason. Actua lly they make up the company. No matter how effective the organisation’s technology or devices are, their employees remain as the most valuable asset. Therefore, it is necessary that they are provided with motivation so as to encourage them to perform better and better, which would lead to the company’s increased productivity. Several of the business managers of today do not know how effective motivation can be on the efficiency of their company. Therefore, they are required to learn its importance and to recognize the ways through which they can positively motivate their employees at the workplace. The size of the company is

HRD Essay Example | Topics and Well Written Essays - 750 words

HRD - Essay Example One aspect that has to be considered is the utilization focused evaluation (UFE) approach that seeks to maximize ownership, understanding, and use of findings by the intended user (Stetson, 2). All stakeholders have to be involved in all stages of an evaluation, raging from sensitizing an outsider evaluator about the program context, improving accuracy of reported findings, and finally identifying any feasible recommendation that has to be implemented (Stetson, 3). Below is a case study of an evaluation process in Global Net Inc., a giant IT Organization. After visiting the human resources department for the intended interview, a representative from the department was obligated to answer to our questions and take us through the detailed intervention program. According to the representative, a program that had been reviewed in the last one year was the graduate recruitment program. The graduate recruitment program according to the representative was critical to the company; it is a strategic program through which the company outsourced quality graduates from leading universities to join the organization family. The graduate recruitment program according to the representative was strategically designed such that it included representatives from all departments who responsible for taking the graduates through a detailed and vigorous orientation program in two weeks; the program involves close observation of each graduate’s abilities, knowledge, ease to learn, and assimilate content, effective communication, and attitude, and a re port prepared on each graduate. The graduates who score the highest on both genders are thus selected to join the organization from the training school coordinated by the human resources department. According to the representative, the primary purpose of carrying out the evaluation was a demand by the organization departmental heads to evaluate the recruitment program and determine if it corresponded to the

The Declaration of the Rights of Man and of the Citizen Essay Example for Free

The Declaration of the Rights of Man and of the Citizen Essay During the Enlightenment era, a period that lasted between the 17th and 18th centuries, European countries began associating with new methods of inquiry. There was a return to the classics, as well as a passion for reason over religion. The big idea was that there were no limits to human understanding, and that all humans are good and equal in nature. The Declaration of the Rights of Man and of the Citizen, an article written by the National Assembly, is a prime example of an enlightenment text, for in seventeen simple articles, it expresses the basic rights of man and citizens. The first article states, â€Å"men are born and remain free and equal in rights. Social distinctions may be founded only upon the general good.† During enlightenment, it was believed that all humans are good people, although there was always room for improvement. This idea relates to article one, for article one proclaims that social distinctions are determined solely on how a person you are. Article two states, â€Å"the aim of all political association is the preservation of the natural and imprescriptible rights of man. These rights are liberty, property, security and resistance to oppression.† Enlightenment thinkers believed that before the law, people have rights to life, liberty, property and the pursuit of happiness, which is directly represented in article two. The last article which truly exemplifies enlightenment ideas is article ten, which states, â€Å"no one shall be disquieted on account of his opinions, including his religious views, provided their manifestation does not disturb the public order established by law. During enlightenment, people believed that there should be a separation between church and state. Article thirteen is a perfect example of this idea, proving that The Declaration of the Rights of Man and of the Citizen was an enlightenment- based text.

A Studentss Guide to First-Year Writing :: Personal Narrative Suicide Death

A Students's Guide to First-Year Writing Now, and at the Hour I was not with You I. Laurie is crying again, â€Å"You are not with me,† she says. â€Å"Wait, Rae, don’t move.† I watch the silver image of the Virgin Mary on a swaying chain around her neck as she snaps the shutter to trap me in black and white. Laurie is the photographer of our little society; Michael is the sculptor, Stacy and I are the painters, and George has had a thing for performance art lately. We’re smoking cigarettes in the moldy bowling alley. George says: â€Å"I’m bored of this- all of it. Everyday’s the same shit. We need to fucking do something before my skin rots off.† Laurie is quiet, but Mike shrugs his shoulders, â€Å"What do you propose that we do, George?† â€Å"I don’t know, rob a bank, be punk rock and spread some anarchy... man, I don’t know, just anything.† I look at Laurie. She’s quiet. I motion to the bathroom to take her from George’s little angst party. We stand together in the stall, so I kiss her and touch her hair and say, â€Å"You okay, swe etie?† â€Å"Do you want the truth?† she asks. I nod and she replies, â€Å"No, Rae, I’m not okay. I’m really very, very not okay. I’m losing my shit over absolutely nothing... Rae, I just can’t do it anymore.† I’ve heard Laurie like this before; it makes my stomach go sharp and black because I want her to be okay. I need her to be okay. But she hurts so deep; her depressions come in torrents. Her tears stream the Chanel foundation off of her cheeks into puddles on her black dress, all in such slow motion. She brings a bottle from her bag, clicking and childproof, to her burgundy lips and then shares it with me. We return to the group with hydracodone breath, so that the rest of the day will be a senseless opiate dream. You are not with me. You are not with me. None of you. You stand around and let words drool out of your lips. You speak of punk rock and of anarchy, but you don’t even care... about anything. You don’t even care. You can’t even see me crying. You say, "Laurie, you okay, sweetie?

How to Reduce Poverty Through Education Essay

There is no strict consensus on a standard definition of poverty that applies to all countries. Some define poverty through the inequality of income distribution, and some through the miserable human conditions associated with it. Irrespective of such differences, poverty is widespread and acute by all standards in sub-Saharan Africa, where gross domestic product (GDP) is below $1,500 per capita purchasing power parity, where more than 40 per cent of their people live on less than $1 a day, and poor health and schooling hold back productivity. According to the 2009 Human Development Report, sub-Saharan Africa’s Human Development Index, which measures development by combining indicators of life expectancy, educational attainment, and income lies in the range of 0.45–0.55, compared to 0.7 and above in other regions of the world. Poverty in sub-Saharan Africa will continue to rise unless the benefits of economic development reach the people. Some sub-Saharan countries have therefore formulated development visions and strategies, identifying respective sources of growth. Tanzania case study The Tanzania Development Vision 2025, for example, aims at transforming a low productivity agricultural economy into a semi-industrialized one through medium-term frameworks, the latest being the National Strategy for Growth and Reduction of Poverty (NSGRP). A review of NSGRP implementation, documented in Tanzania’s Poverty and Human Development Report 2009, attributed the falling GDP—from 7.8 per cent in 2004 to 6.7 per cent in 2006—to the prolonged drought during 2005/06. A further fall to 5 per cent was projected by 2009 due to the global financial crisis. While the proportion of households living below the poverty line reduced slightly from 35.7 per cent in 2000 to 33.6 per cent in 2007, the actual number of poor Tanzanians is increasing because the population is growing at a faster rate. The 2009 HDR showed a similar trend whereby the Human Development Index in Tanzania shot up from 0.436 to 0.53 between 1990 and 2007, and in the same year the GDP reached $1,208 per capita purchasing power parity. Again, the improvements, though commendable, are still modest when compared with the goal of NSGRP and Millennium Development Goal 1 to reduce by 50 per cent the number of people whose income is less than $1 a day by 2010 and 2015. More deliberate efforts are therefore required to redress the situation, with more emphasis placed particularly on education, as most poverty-reduction interventions depend on the availability of human capital for spearheading them. The envisaged economic growth depends on the quantity and quality of inputs, including land, natural resources, labour, and technology. Quality of inputs to a great extent relies on embodied knowledge and skills, which are the basis for innovation, technology development and transfer, and increased productivity and competitiveness. A quick assessment in June 2010 of education statistics in Tanzania indicated that primary school enrolment increased by 5.8 per cent, from 7,959,884 pupils in 2006 to 8,419,305 in 2010. The Gross Enrolment Ratio (GER) was 106.4 per cent. The transition rate from primary to secondary schools, however, decreased by 6.6 per cent from 49.3 per cent in 2005 to 43.9 per cent in 2009. On an annual average, out of 789,739 pupils who completed primary education, only 418,864 continued on to secondary education, notwithstanding the expansion of secondary school enrolment, from 675,672 students in 2006 to 1,638,699 in 2010, a GER increase from 14.8 to 34.0 percent. Moreover, the observed expansion in secondary school education mainly took place from grades one through four, where the number increased from 630,245 in 2006 to 1,566,685 students in 2010. As such, out of 141,527 students who on an annual average completed ordinary secondary education, only 36,014 proceeded to advanced secondary education. Some improvements have also been recorded at the tertiary level. While enrolment in universities was 37,667 students in 2004/05, there were 118,951 in 2009/10. Adding to this number the students in non-university tertiary institutions totalled 50,173 in 2009/10 and the overall tertiary enrolment reached 169,124 students, providing a GER of 5.3 percent, which is very low. The observed transition rates imply that, on average, 370,875 primary school children terminate their education journey every year at 13 to 14 years of age in Tanzania. The†¨17- to 19-year-old secondary school graduates, unable to obtain opportunities for further education, worsen the situation and the  overall negative impact on economic growth is very apparent, unless there are other opportunities to develop and empower the secondary school graduates. Vocational education and training could be one such opportunity, but the total current enrolment in vocational education in Tanzania is about 117,000 trainees, which is still far from actual needs. A long-term strategy is therefore critical to expand the capacity for vocational education and training so as to increase the employability of the rising numbers of out-of-school youths. This fact was also apparent in the 2006 Tanzania Integrated Labour Force Survey, which indicated that youth between 15 and 24 years were more likely to be unemployed compared to other age groups because they were entering the labour market for the first time without any skills or work experience. The NSGRP target was to reduce unemployment from 12.9 per cent in 2000/01 to 6.9 per cent by 2010; hence the unemployment rate of 11 per cent in 2006 was disheartening. One can easily notice that while enrolment in basic education is promising, the situation at other levels remains bleak in meeting poverty reduction targets. Moreover, apart from the noticeably low university enrolment in Tanzania, only 29 per cent of students are taking science and technology courses, probably due to the small catchment pool at lower levels. While this is so, sustainable and broad-based growth requires strengthening of the link between agriculture and industry. Agriculture needs to be modernized for increased productivity and profitability; small and medium enterprises, promoted, with particular emphasis on agro-processing, technology innovation, and upgrading the use of technologies for value addition; and all, with no or minimum negative impact on the environment. Increased investments in human and physical capital are also highly advocated, focusing on efficient and cost-effective provision of infrastructure for energy, information and communication technologies, and transport with special attention to opening up rural and other areas with economic potential. All these point to the promotion of education in science and technology. Special incentives for attracting investments towards accelerating growth are also emphasized. Experience from elsewhere indicates that foreign direct investment contributes effectively to economic growth when the country has a highly-educated workforce. Domestic firms also need  to be supported and encouraged to pay attention to product development and innovation for ensuring quality and appropriate marketing strategies that make them competitive and capable of responding to global market conditions.  It is therefore very apparent from the Tanzania example that most of the required interventions for growth and the reduction of poverty require a critical mass of high-quality educated people at different levels to effectively respond to the sustainable development challenges of nations.