Cyworld – Case Analysis

Situation Analysis Company: SK Comms Product line Internet Cyworld Social networking Biggest player Value proposition: providing users with a free and clean community with limited advertising and an almost exclusive focus on social networking Life cycle: mature phase of growth NateOn Instant messaging Biggest player Linked to Cyworld Home2 Social media Media platform Video: 50M; +50K/day News: Pictures: +5M/day Cyworld revenue segmentation (2006) Paid items: $67M (72%) Virtual items: $15. 45M Average price: $1 Items sold: 32M 3D virtual items: $0M 010 projected: $(120M – 2010 paid item sales Music: $14. 48M Selling ~200K/day Average price: $0. 50 Can be solved technically with blocking Lack of useful information Don’t want ads in a â€Å"clean† environment Lack of time Customers getting bored Because: lack of relevance Not leveraging personal applications Goals Retain users Customize/targeting experience Increase revenues Grow users Possible Options 1) Paid Produ cts Music accounts for 50% paid revenues (36% of total revenues) Growing at a rate of 10% a year 3-D Virtual Gifts Expected to generate $120m in revenueMaintain current levels of advertising, careful not to disrupt customer preferences for an ad-free environment Pros: low marginal cost, already established market, integrity to original value proposition of a â€Å"clean, ad-free environment†. Cons: ignoring the largest market (890m potential revenues), not solving the attrition problem of people tiring of virtual gifts, 2) Acquire a gaming company (acquiring Empas was approximately $30M) Own company (buy for $3 — $5 M; or enter into a license agreement where we have a gaming contract†¦. reate a certain number of games per year and collect a small percentage of proceeds) Positioning Statement: Marketing Analysis Product Price Market Analysis Founded in 2001, Cyworld initially began as a social networking company before it was acquired in 2003 by SK Telecom. It offe red a trusted and ad-free platform to stay connected with friends and family via a â€Å"minihompy† where users could post information and updates. At the time of acquisition Cyworld had a membership of 1 million before reaching critical mass in 2004 and growing to 21 million in a country of 50 million people.Since then, Cyworld has offered a variety of features such as NateOn, an instant messaging service acquired in 2002, a virtual item market, a music store, a blogging service, a â€Å"plaza† for sharing user-generated media, and a Home2—a hybrid model of blogs and minihompys. Cyworld currently enjoys 90% market penetration for the 20-29 year old demography and accounts for 50% of SK Telecom’s profits with 72% coming from paid items, 16% from advertising, and 12% from mobile services. However, users are tiring of buying virtual items and decreasing site usage (64% decreasing versus only 13% increasing).A function of the site’s privacy model forc es some users to de-register and re-register when relationships get broken instead of simply being able to unfriend or block users as is an option on Facebook. This led to 10,000–15,000 new users signing on per day, but also 5,000 users cancelling their subscription. Recent data has also shown that Cyworld users have become increasingly more segmented with regards to usage frequency and money spent. 27. 5% of users logged on 3 times or more per week, but these users account for 93% of the usage and furthermore 35% of total purchases coming from 15% of users.The original value proposition of Cyworld was focused on providing a clean and safe social network. The addition of features such as the virtual marketplace and media-sharing platform has evolved the site to being a focal point of entertainment and self-expression. The business model of Cyworld must continually reflect the site’s growing importance in the lives of their users. Cyworld must create an enhanced value p roposition for its current customers so they can better focus on revenue extraction from their high- and mid- frequency users.The main springboard from which Cyworld has launched most of their successful add-ons has been its pre-established network of friends which each user has collected over the years. However, these networks, once they are acquired, become a static list of superficial relationships. Though users are currently able to chat with or broadcast to their networks, there is limited actual relationship-building. Cyworld must now step in to remedy this gap in emotional closeness by creating a way for users to engage and strengthen their network.What is the best way to create closeness? Options Our initial analysis of consumer demographics, user behavior and preferences, and overall gaps in the revenue and functionality model, have led us to these possible answers to that question: 1. Restructure existing business model to shift primary revenue-driving focus to advertising , similar to social network competitors, Facebook and Myspace; and paid search competitors Naver and Google. With growth rates of 46% in 2005 and 29% in 2006, Advertising represents a thriving opportunity for Cyworld.While this option could boost Cyworld’s revenues significantly, it poses risks, considering consumer concerns with privacy and the company’s commitment to a clean and free online environment. 2. Develop a new music sales strategy to enable users to download music to personal MP3 players, following the ITunes model. Songs currently downloaded by users can only be used as background music for minihompys. Yet, music represents a profitable option as Cyword would be able to retain more than 50% of revenues.However the streaming to MP3 process could be a complicated and costly transition given the wide range of system and compatibility requirements. 3. Develop user-specific personalized applications, product recommendations, and shopping options to encourage in creased site-usage. Specifically, as the Cyworld High Frequency User ages beyond the 19-29 range, the Cyworld platform for decorating minihompys is becoming less relevant. The company needs to increase the relevance of its services by introducing specificity and targeted marketing.However this may also raise privacy concerns and dilute the previous value proposition of a clean environment. 4. Cyworld could acquire gaming companies to develop games targeted at current users. This would both increase site usage and provide users with an opportunity to further connect with contacts via a friendly and competitive venue. In addition, as users start their own families, the Cyworld gaming environment can serve as an educational and entertaining option for their children. Our answer is online gaming.While Cyworld should try to maintain the current level of sales of music and virtual items (especially with the development of 3-D virtual gifts driving revenue to $120 million in 2007) and fix the privacy glitch which forces users to register and re-register, the majority of their focus should be on gaming. Cyworld should use gaming to allow members to strengthen their preexisting relationships and form new ones. This would eliminate much of the risk of engaging with strangers online and inject accountability into the way people compete in these games.Instead of being a platform where users share what has already happened, users can now log on to Cyworld for a new challenge, a new way to interact with old friends, and the possibility of a new story generated on the site itself. Strategy Implementation: Cy-Game (4 P’s) Product â€Å"Cy-Game† will be created via a combination of Cyworld’s $20M acquisition of Game Me, a network of online gaming technology start-ups in South Korea for exclusive use of their games. User-targeted games will be offered and sold via an application store that Cyworld users can easily access—whether on their home compute rs or mobile phones. Cy-Game’s† launch will target High Frequency Users first, leveraging the consumer information Cyworld has gathered for the past 12 years. The goal of Cy-Game will be to provide users with gaming and entertainment options for every stage of their lives—from the first year college student, to the mid-twenties urban professional, to the mid-thirties married parent looking for a safe and easy pastime to share with their friends, and family. Price The Cy-Game pricing model will be as follows: A. Pay-to-Advance Games: Users will have access to a large database of free games.However, in order to advance to the highest levels of the game, users will be required to purchase special weapons, treasures, and secrets. The fee to acquire each add-on will start at $. 05 and increase incrementally with importance. Theses virtual enhancers are crucial to advance in the game and remain competitive. B. Initial Buy-in Games: Cyworld will extract 5% of the buy-in s from users participating in gambling-intensive games such as poker or bridge. C. Subscription Games: Users can access these games for free or for a fixed price of $36 a year.Paid subscribers can enjoy ad-free gaming, while non-subscribers will be shown a fixed number of ads per hour. We estimate the total annual revenue generated from gaming to be $6M (2 from Free Games and 4 from Paid Games) FINANCIALS HERE. Promotion To promote the launch of â€Å"Cy-Game,† Cy-World will offer all existing users a free two-month ad-free subscription and a $10 credit to be used in the buy-in or pay-to-advance games. CyWorld will also sponsor a â€Å"So You Think You Can Game† contest to be broadcast on Korean MTV.The winner, deemed â€Å"Korea’s Next Top Gamer† will win $50,000. Placement Cy-Game advertising will run predominately on the Cyworld homepage. However, we will also leverage Game Me’s existing marketing strategy to promote the new partnership with Cy- Game. That marketing strategy includes traditional television and print advertisements. City-Wide murals and billboards will also be prominently placed in city centers and near universities. Cyworld’s goal is to attract gamers to Cy-Game while increasing overall Cyworld signup and usage frequency.

Review of the Financial Statements of Merck and Novartis Companies

In module 2 case study I am to do the following understanding financial reports and continue to review the financial statements of Merck and Novartis to learn additional information. The emphasis of this Case is to review the income statement, balance sheet and computation of ratios. Review the financial statements for the companies and answer the following questions for the last reporting year: What components of stockholders' equity does each of the companies disclose?Merck & Company IncThe components of the stockholders equity common stock (authorized and issued), other paid-in capital, retained earnings, accumulated other comprehensive loss, and treasury stock. Novartis International Ag. The components of the stockholders equity are share capital, treasury shares, reserves, and non-controlling interest. Do the companies have preferred stock shares outstanding? If so, what special features do these shares contain? Merck & Company Inc. Merck has authorized 20,000,000 shares of pref erred stock in 2012.All preferred stock from the AMI a merger in 1998 is being converted to either cash or shares of Merck stock. Novartis International Ag. Novartis did not report any preferred stock. Do either of the companies report treasury shares? If so, do the companies disclose the reason for reacquiring the shares? Merck & Company Inc. Yes Merck reported treasury shares; they reported the purchase of treasury shares on the balance sheet in the equity section and also on the summary of common stock and treasury stock transactions.In this case no they didn’t disclose any reasons for reacquiring shares other than those from the merger. Novartis International Ag. Yes Novartis reported treasury share; No they did not disclose reasons for reacquiring shares Income Statement. What are the basic and diluted earnings per share for each company? Merck & Company Inc. Basic earnings per common stock $2. 03 Diluted earnings per common stock $2. 00 Novartis International Ag. Basic earnings per common stock $3. 93. Diluted earnings per common stock $3. 89Have the companies reported any discontinued operations? Merck & Company Inc Merck has not reported any discontinued operations Novartis International Ag. Novartis reported no discontinued operations for 2012. Do the companies disclose any stock compensation plans? If so, are they reporting such plans under the fair value or intrinsic value methods? What was the value of compensation expense measured for any outstanding stock option plans? Merck & Company Inc. Yes they are reporting under the fair value method.The value of the compensation expense measured was approximately $72 million to the holders and $4 million Merck common shares issued. Novartis International Ag. Novartis did not disclose any stock compensation plans Financial Ratios Compute the following ratios. Also, interpret and assess each group of ratios for the company. What type of story are the ratios telling the analyst? Profitability ratios: ? Gross profit margin = Gross income/sales. The gross profit margin is a financial ratio which is a measurement of a company's manufacturing and distribution efficiency during the production process.A company uses its gross income to fund such company activities as research and development and marketing, which are important for generating future sales. A prolonged decline in the gross profit margin is a red flag for possible impending negative pressure on sales and, ultimately, earnings. You need to know the trend of the company before you can make an analysis of whether or not the gross profit margin is good or not, in this case Novartis has a better gross profit than Merck. Merck & Company Inc. 8,739/47,267 = . 185 Novartis International Ag. 11,243/56,673 = . 198?Net profit margin = Net income/ sale Net profit is the profit that is generated from all phases of the business, including interest and taxes. This is the â€Å"bottom line† that garners most of the attention in dis cussions of a company’s profitability. The net profit margin (net margin) compares net income to sales. A consistently high net margin is often indicative of a company with one or more competitive advantages. Furthermore, a high net margin provides a company with a cushion during downturns in its business. In this case Novartis has a better net profit margin than Merck.Merck & Company Inc. 6,299/47,267 = . 133 Novartis International Ag. 9,618/56,673 = . 170 ? Return on stockholders' equity = net income/ shareholders equity Return on equity (ROE) is equal to a fiscal year's net income. It measures the rate of return on the ownership interest of the common stock owners and measures a company's efficiency at generating profits from every unit of shareholders' equity. Return on equity for most companies certainly should be in the double digits; investors often look for 15% or higher, while return of 20% or more is considered excellent.Neither of these companies is great for their ROE but they are close, Novartis being higher. Merck & Company Inc. 6,299/53,020 = . 119 (12%) Novartis International Ag. 9,618/69,219 = . 139 (14%) Liquidity ratios: ? Current ratio = current assets/current liabilities The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts over the next 12 months. While Merck is able to pay back its debt, Novartis can pay its debt more easily and have a lot left over. Merck & Company Inc 34,857/18,348 = 1. 900.Novartis International Ag:  124,216/30,946 = 4. 013 ? Quick ratio= current assets-inventory/current liabilities Generally, the quick ratio should be 1:1 or higher; however this varies widely by industry. In general, the higher the ratio is, the greater the company's liquidity (i. e. , the better able to meet current obligations using liquid assets). The quick ratio is also known as acid test ratio. Both companies have a quick ratio but Novartis has a better quick ratio than Merck. M erck & Company Inc. 34,857-7,305/18,348 = 1. 501 Novartis International Ag. 124,216-6,744/30,946 = 3. 796?Inventory turnover = COGS/Inventory The inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year. Merck & Company Inc Inventory not specified on the 10K. Novartis International Ag. 18,756/6,744 = 2. 781. Leverage ratios: ? Debt-to-assets= Total debt/total assets Debt to asset ratio is a financial ratio that indicates the percentage of a company's assets that are provided via debt. Novartis has a lower debt than Merck. Merck & Company Inc. 18,348 + 16,348 = 34,696 34,696/106,132 = . 327Novartis International Ag:  5,945/124,216 = . 048 ? Debt-to-equity= total debt/total shareholders’ equity The debt to equity ratio, usually abbreviated as D/E, is a financial ratio indicating the relative proportion of shareholders' equity and debt used to finance a company's assets. Novartis used fewer loans to finance the companyâ⠂¬â„¢s assets than Merck. Merck & Company Inc. 34,696/536,020 = . 065. Novartis International Ag. 5,945/69,219 = . 086 ? Times-covered ratio= earnings before interest and taxes/ interest Times interest earned (TIE) is a measure of a company's ability to honor its debt payments.The times interest earned ratio is also referred to as the interest coverage ratio. Merck & Company Inc. Only had a consolidated statements of income Novartis International Ag. Only had a consolidated statements of income What type of information do you find in footnotes to the financial statements? Additional information provided in a company's financial statements. Notes to the financial statements report the details and additional information that are left out of the main reporting documents, such as the balance sheet and income statement.This is done mainly for the sake of clarity because these notes can be quite long, and if they were included, they would cloud the data reported in the financial statement s. Do you find the balance sheet, income statement or other measures such as ratios the most informative? Comment on the advantages and disadvantages of using ratios for analysis. I find that the balance sheet and the income statement have the standings of how the company did per quarter but the ratios show comparison of how they did. The ratios are good because you breakdown all the big numbers and just use percentages and analysis what is important.The balance sheets show the breakdown of all the individual accounts consolidated so both are good. A disadvantage of depending on the statements are that they can mislead you indifferent ways, if you only look at the numbers and do not look at the foot notes you may make a bad decision. Bad information can also be given through the statements, although this is illegal people still do it and later on change it or say it was a mistake but you may not catch that. Ratios can also have disadvantages like if they are not computed correctly y ou may have the wrong percentages or you may have nothing to compare them to.

Worker Reduction

FastServe has a tough decision to make. The five employees on the list have their own sets of good and bad points. Termination of an employment needs to be handled with care to avoid facing three labor suits. Being a direct marketing organization, what the company needs are people who have the skills that are useful in its kind of business. Since the company is closing down its online marketing and distribution channels, it does not need people whose skills are limited on those areas. It needs to retain people who can make positive contributions to its main business. The first consideration that FastServe must take note of is how that employee will contribute to the direct marketing business. In line with this, FastServe takes productivity into serious consideration. Next, the company must also take into account other things like compliance with the company's policy on attendance, work performance, productivity, and work redundancy. Another important thing to consider is the employees' work status, whether they are full-time, contractual, or under a labor bargaining agreement. This is a very important consideration to avoid abuse of the Employment At Will doctrine. Finally, the company must take into account the different anti-discrimination in the workplace laws . Each person on the list could file for discrimination when terminated because each one of them falls under the protected minority. Before FastServe will have to choose the final three people for termination, the company must talk to each one of them and give them time to defend themselves or improve on weak areas. Even if the layoff is not on a large scale basis and would not violate the WARN Act, or the Worker Adjustment and Retraining Notification Act, it still would be humane and preventing legal actions if the company would do this act. Carl Haimes – Retain Of all the employees on the list, Carl Haimes has the best record. His overall track record performance is above average, the highest and only one in the group. In terms of productivity, he also scored above the median, which is what the company would like to see among its employees. In terms of education, Haimes has a degree in Information Systems, a skill that is useful in marketing. He is also a qualified systems analyst, an important asset to a marketing company that needs to have marketing systems in place. Haimes' computer maintenance skills and LAN installation skills for three platforms will come handy for the maintenance of the company's databases and electronic marketing portfolio. Haimes will also be useful when the company will be automating its systems. Strictly from skills and qualifications, Haimes is a clear candidate for retention. To improve Haimes' chances for retention, no one has made any complaint on his behavior or work ethics. Moreover, the company has no problem with his attendance, the only one in the group. Haimes' contract need not be an issue since the company would be retaining him. Haimes is gay and his sexual orientation could become a problem in conservative and traditional companies. Fortunately, FastServe, being a marketer, could not afford to be intolerant to diversity in the workplace. Diversity is what it needs to survive in a highly competitive environment. Retaining Haimes would benefit the company because of his skills, qualifications and adherence to company policies. Lastly, Haimes can't be terminated because there is nothing that the company would find undesirable in his performance. Besides, Haimes could file for sexual discrimination if he gets terminated knowing that among the five, he is the most qualified and the best performer. Brian Carter – Terminate In Brian Carter's case, the company must be very careful that it won't be sued with violation against the Disability Act of 1995 since this employee has a carpal tunnel syndrome. Should Brian passed the medical tests, then, FastServe cannot terminate him because of this problem. Brian cannot continue with his employment with FastServe for various reasons even if he does not suffer from a wrist problem. First, Brian's skills are highly specialized and limited to programming, which is very useful in the online distribution channels but not on direct marketing. Brian, being a techie guy, is unlikely to fit in a direct marketing kind of work even if he had a chance to train for marketing-related functions. He is a computer kind of guy and would feel more comfortable facing a workstation instead of facing people. Besides, Brian won't find it difficult to find new employment since his skills are highly sought after in todays environment. The company can terminate him at will because his expertise is not needed anymore. Second, Brian has a staggering 17 days absences in a two-month period, the highest among the five of them, and a fact that made his supervisor dislike him. He could have improved on his performance and productivity if Brian weren't absent for that many days. Terminating Brian would benefit the company because he will become an underperforming asset should his employment with the company continue. Sarah Boyd – Retain Sarah Boyd is the second employee that FastServe should retain. She's with the company for 15 years and her status is full time. But her retention are not simply based on those two factors. Of the three remaining persons on the list, Sarah has the lowest number of days absent in a two-month period. Her overall track performance is average while her productivity is median. Sarah is capable of managing and administering an office, skills that are useful in a marketing company. Also, she's the only person who knows office procedure better than anyone else. Her prioritizing and sorting skills could become redundant when the company will automate its processes. However, it would take time for the automation to be implemented. While waiting for that time, Sarah could continue doing her job and she could be taught other skills. Besides, Sarah is 53 years old and protected under the Age Discrimination in Employment Act of 1967. So long as Sarah is able and capable of doing her tasks, the company can't make her retire against her will. However, should the company find the need to replace Sarah when she reaches 55 years old, FastServe could offer her an early retirement package that is attractive, fair and equitable. Nora Manson – Terminate Nora Manson's overall performance is above average but her productivity is below median. The company is currently focused on high productivity from their employees and Nora falls short of that goal. There is also the question of Nora's absenteeism that has already accumulated into two months. This is very high and would raise questions on her job loyalty. Another point against Nora is on her loyalty to FastServe. She has been directing employees to file discrimination complaints against the company she works for. Nora's participation in discrimination charges against FastServe is protected by Title VII of the Civil Rights Act of 1964. These acts may be in accordance to her personal values and are protected by law but these do not show loyalty to FastServe. Being an advocate of fair treatment need not mean going to the labor court right away. Nora could have acted as intermediary to prevent labor suits. On the positive side, Nora has rescued two big accounts and is skilled in handling irate and upset callers. She's also skilled in other aspects of making sales. Despite her positive contributions, Nora is too radical to become an asset to the company. While the company cannot take it against her to be watchful of discrimination, her work shouldn't have been affected by all of her non-work related activities. Her activities with her affiliation could have been the reason why Nora's productivity is low. FastServe should end Nora's employment so long as her contract allows the company to do that. If the employment is for a definite period of time, then the company can use her performance, productivity and absenteeism problems as the ground for her termination. However, the company should be prepared to handle discrimination complaints that Nora may file against it considering that she is an African-American and is an active member of NAACP. Jenny Mills – Terminate Jenny Mills should also be terminated. Although the law prohibits termination of women because of pregnancy, the company won't be ending Jenny's employment because of that. She is on contract and her attendance is very bad. She is also taking extra breaks that are not supposedly allowed and this make male employees complain. Jenny cannot use as an excuse her pregnancy for the 14 days of absence in a period of one month. Pregnancies are mostly difficult in the first two months and once a woman is already beyond that, her condition would be better. Jenny is already five months pregnant and there are no indications that it is a difficult pregnancy. Although she holds a degree in public relations, she has no special achievements. Her skills are also limited to answering queries from customers and troubleshooting common instruments problems. These skills can easily be taught to other persons. The company can even delegate these tasks to Sarah Boyd so that when it is time to automate, Sarah would be useful in other areas.

Benjamin Netanyahu - Joint Session of Congress Speech 2015

Binjamin Netanyahu Third Speech to a Joint Session of Congress delivered 3 March 2015, Washington, D.C. Speaker of the House, John Boehner, President Pro Tem, Senator Orrin Hatch, Senator Minority Majority Leader, Mitch McConnell, House Minority, Leader Nancy Pelosi, and House Majority Leader, Kevin McCarthy I also want to acknowledge Senator, Democratic Leader, Harry Reid Harry, it’s good to see you back on your feet. I guess it’s true what they say: You can’t keep a good man down. My friends, I’m deeply humbled by the opportunity to speak for a third time before the most important legislative body in the world, the U.S. Congress. I want to thank you all for being here today. I know that my speech has been the subject of much controversy. I deeply regret that some perceive my being here as political. That was never my intention. I want to thank you, Democrats and Republicans, for your common support for Israel, year after year, decade after decade. I know that no matter on which side of the aisle you sit, you stand with Israel. The remarkable alliance between Israel and the United States has always been above politics. It must always remain above politics. Because America and Israel, we share a common destiny, the destiny of promised lands that cherish freedom and offer hope. Israel is grateful for the support of American of America’s people and of America’s presidents, from Harry Truman to Barack Obama. We appreciate all that President Obama has done for Israel. Now, some of that is widely known. Some of that is widely known, like strengthening security cooperation and intelligence sharing, opposing anti-Israel resolutions at the U.N. Some of what the President has done for Israel is less well known. I called him in 2010 when we had the [Mount] Carmel forest fire, and he immediately agreed to respond to my request for urgent aid. In 2011, we had our embassy in Cairo under siege, and again, he provided vital assistance at the crucial moment; or his support for more missile interceptors during our operation last summer when we took on Hamas terrorists. In each of those moments, I called the President, and he was there. And some of what the President has done for Israel might never be known, because it touches on some of the most sensitive and strategic issues that arise between an American president and an Israeli prime minister. But I know it, and I will always be grateful to President Obama for that support. And Israel is grateful to you, the American Congress, for your support, for supporting us in so many ways, especially in generous military assistance and missile defense, including Iron Dome. Last summer, millions of Israelis were protected from thousands of Hamas rockets because this capital dome helped build our Iron Dome. Thank you, America. Thank you for everything you’ve done for Israel. My friends, I’ve come here today because, as Prime Minister of Israel, I feel a profound obligation to speak to you about an issue that could well threaten the survival of my country and the future of my people: Iran’s quest for nuclear weapons. We’re an ancient people. In our nearly 4000 years of history, many have tried repeatedly to destroy the Jewish people. Tomorrow night, on the Jewish holiday of Purim, we’ll read the Book of Esther. We’ll read of a powerful Persian viceroy named Haman, who plotted to destroy the Jewish people some 2500 years ago. But a courageous Jewish woman, Queen Esther, exposed the plot and gave for the Jewish people the right to defend themselves against their enemies. The plot was foiled. Our people were saved. Today the Jewish people face another attempt by yet another Persian potentate to destroy us. Iran’s Supreme Leader Ayatollah Khamenei Iran’s Supreme Leader Ayatollah Khamenei spews the oldest hatred the oldest hatred of anti-Semitism with the newest technology. He tweets that Israel must be annihilated. He tweets. You know, in Iran, there isn’t exactly free Internet. But he tweets in English that Israel must be destroyed. For those who believe that Iran threatens the Jewish state, but not the Jewish people, listen to Hassan Nasrallah, the leader of Hezbollah, Iran’s chief terrorist proxy. He said: If all the Jews gather in Israel, it will save us the trouble of chasing them down around the world. But Iran’s regime is not merely a Jewish problem, any more than the Nazi regime was merely a Jewish problem. The six million Jews murdered by the Nazis were but a fraction of the 60 million people killed in World War II. So, too, Iran’s regime poses a grave threat, not only to Israel, but also to the peace of the entire world. To understand just how dangerous Iran would be with nuclear weapons, we must fully understand the nature of the regime. The people of Iran are very talented people. They’re heirs to one of the world’s great civilizations. But in 1979, they were hijacked by religious zealots religious zealots who imposed on them immediately a dark and brutal dictatorship. That year, the zealots drafted a constitution, a new one for Iran. It directed the revolutionary guards not only to protect Iran’s borders, but also to fulfill the ideological mission of jihad. The regime’s founder, Ayatollah Khomeini, exhorted his followers to export our revolution throughout the entire world.1 I’m standing here in Washington, D.C. and thedifference is so stark. America’s founding document promises life, liberty, and the pursuit of happiness. Iran’s founding document pledges death, tyranny, and the pursuit of jihad. And as states are collapsing across the Middle East, Iran is charging into the void to do just that. Iran’s goons in Gaza, its lackeys in Lebanon, its revolutionary guards on the Golan Heights are clutching Israel with three tentacles of terror. Backed by Iran, Assad is slaughtering Syrians. Backed by Iran, Shiite militias are rampaging through Iraq. Backed by Iran, Houthis are seizing control of Yemen, threatening the strategic straits at the mouth of the Red Sea. Along with the Straits of Hormuz, that would give Iran a second choke choke-point on the world’s oil supply. Just last week, near Hormuz, Iran carried out a military exercise blowing up a mock U.S. aircraft carrier. That’s just last week while they’re having nuclear talks with the United States. But unfortunately, for the last 36 years, Iran’s attacks against the United States have have been anything but mock, and the targets have been all too real. Iran took dozens of Americans hostage in Tehran, murdered hundreds of American soldiers, Marines, in Beirut, and was responsible for killing and maiming thousands of American service men and women in Iraq and Afghanistan. Beyond the Middle East, Iran attacks America and its allies through its global terror network. It blew up the Jewish community center and the Israeli embassy in Buenos Aires. It helped Al Qaida bomb U.S. embassies in Africa. It even attempted to assassinate the the Saudi ambassador, right here in Washington, D.C. In the Middle East, Iran now dominates four Arab capitals: Baghdad, Damascus, Beirut and Sanaa. And if Iran’s aggression is left unchecked, more will surely follow. So at a time when many hope that Iran will join the community of nations, Iran is busy gobbling up the nations. We must all stand together to stop Iran’s march of conquest, subjugation, and terror. Now, two years ago we were told to give President Rouhani and Foreign Minister Zarif a chance to bring change and moderation to Iran. Some change. Some moderation. Rouhani’s government hangs gays, persecutes Christians, jails journalists, and executes even more prisoners than before. Last year, the same Zarif who charms Western diplomats laid a wreath at the grave of Imad Mughniyeh. Imad Mughniyeh is the terrorist mastermind who spilled more American blood than any other terrorist besides Osama bin Laden. I’d like to see someone ask him a question about that. Iran’s regime is as radical as ever, its cries of â€Å"Death to America,† that same America that it calls the â€Å"Great Satan,† as loud as ever. Now, this shouldn’t be surprising, because the ideology of Iran’s revolutionary regime is deeply rooted in militant Islam, and that’s why this regime will always be an enemy of America. And don’t be fooled: The battle between Iran and ISIS doesn’t turn Iran into a friend of America. Iran and ISIS are competing for the crown of militant Islam. One calls itself the Islamic Republic. The other calls itself the Islamic State. Both want to impose a militant Islamic empire first on the region and then on the entire world. They just disagree among themselves who will be the ruler of that empire. In this deadly game of thrones, there’s no place for America or for Israel, no peace for Christians, Jews or Muslims who don’t share the Islamist medieval creed, no rights for women, no freedom for anyone. So when it comes to Iran and ISIS: The enemy of your enemy is your enemy. The difference is that ISIS is armed with butcher knives, captured weapons, and YouTube, whereas Iran could soon be armed with intercontinental ballistic missiles and nuclear bombs. We must always remember I’ll say it one more time the greatest danger facing our world is the marriage of militant Islam with nuclear weapons. To defeat ISIS and let Iran get nuclear weapons would be to win the battle, but lose the war. We can’t let that happen. But that, my friends, is exactly what could happen, if the deal now being negotiated is accepted by Iran. That deal will not prevent Iran from developing nuclear weapons. It would all but guarantee that Iran gets those weapons, lots of them. Let me explain why: While the final deal has not yet been signed, certain elements of any potential deal are now a matter of public record. You don’t need intelligence agencies and secret information to know this. You can Google it. Absent a dramatic change, we know for sure that any deal with with Iran will include two major concessions to Iran. The first major concession would leave Iran with a vast nuclear infrastructure, providing it with a short break-out time to the bomb. Break-out time is the time it takes to amass enough weapons-grade uranium or plutonium for a nuclear bomb. According to the deal, not a single nuclear facility would be demolished. Thousands of centrifuges used to enrich uranium would be left spinning. Thousands more would be temporarily disconnected, but not destroyed. Because Iran’s nuclear program would be left largely intact, Iran’s break-out time would be very short about a year by U.S. assessment, even shorter by Israel’s. And if if Iran’s work on advanced centrifuges, faster and faster centrifuges, is not stopped, that break-out time could still be shorter, a lot shorter. True, certain restrictions would be imposed on Iran’s nuclear program and Iran’s adherence to those restrictions would be supervised by international inspectors. But here’s the problem. You see, inspectors document violations; they don’t stop them. Inspectors knew when North Korea broke to the bomb, but that didn’t stop anything. North Korea turned off the cameras, kicked out the inspectors. Within a few years, it got the bomb. Now, we’re warned that within five years North Korea could have an arsenal of 100 nuclear bombs. Like North Korea, Iran, too, has defied international inspectors. It’s done that on at least three separate occasions 2005, 2006, 2010. Like North Korea, Iran broke the locks, shut off the cameras. Now, I know this is not going to come a shock as a shock to any of you, but Iran not only defies inspectors, it also plays a pretty good game of hide-and-cheat with them. The U.N.’s nuclear watchdog agency, the IAEA, said again yesterday that Iran still refuses to come clean about its military nuclear program.2 Iran was also caught caught twice, not once, twice operating secret nuclear facilities in Natanz and Qom, facilities that inspectors didn’t even know existed. Right now, Iran could be hiding nuclear facilities that we don’t know about, the U.S. and Israel. As the former head of inspections for the IAEA said in 2013, he said, â€Å"If there’s no undeclared installation today in Iran, it will be the first time in 20 years that [Iran] doesn’t have one.†3 Iran has proven time and again that it cannot be trusted. And that’s why the first major concession is a source of grave concern. It leaves Iran with a vast nuclear infrastructure and relies on inspectors to prevent a breakout. That concession creates a real danger that Iran could get to the bomb by violating the deal. But the second major concession creates an even greater danger that Iran could get to the bomb by keeping the deal, because virtually all the restrictions on Iran’s nuclear program will automatically expire in about a decade. Now, a decade may seem like a long time in political life, but it’s the blink of an eye in the life of a nation. It’s a blink of an eye in the life of our children. We all have a responsibility to consider what will happen when Iran’s nuclear capabilities are virtually unrestricted and all the sanctions will have been lifted. Iran would then be free to to build a huge nuclear capacity that could produce many, many nuclear bombs. Iran’s Supreme Leader says that openly. He says, Iran plans to have 190,000 centrifuges, not 6,000 or even the 19,000 that Iran has today, but 10 times that amount 190,000 centrifuges enriching uranium.4 With this massive capacity, Iran could make the fuel for an entire nuclear arsenal and this in a matter of weeks, once it makes that decision. My long-time friend, John Kerry, Secretary of State, confirmed last week that Iran could legitimately possess that massive centrifuge capacity when the deal expires. Now I want you to think about that: The former sponsor The foremost sponsor of global terrorism could be weeks away from having enough enriched uranium for an entire arsenal of nuclear weapons and this with full international legitimacy. And by the way, if Iran’s Intercontinental Ballistic Missile program is not part of the deal and so far, Iran refuses to even put it on the negotiating table well, Iran could have the means to deliver that nuclear arsenal to the far-reach corners of the Earth, including to every part of the United States. So you see, my friends, this deal has two major concessions: one, leaving Iran with a vast nuclear program; and two, lifting the restrictions on that program in about a decade. That’s why this deal is so bad. It doesn’t block Iran’s path to the bomb; it paves Iran’s path to the bomb. So why would anyone make this deal? Because they hope that Iran will change for the better in the coming years, or they believe that the alternative to this deal is worse? Well, I disagree. I don’t believe that Iran’s radical regime will change for the better after this deal. This regime has been in power for 36 years, and its voracious appetite for aggression grows with each passing year. This deal would wet appetite would only wet Iran’s appetite for more. Would Iran be less aggressive when sanctions are removed and its economy is stronger? If Iran is gobbling up four countries right now while it’s under sanctions, how many more countries will Iran devour when sanctions are lifted? Would Iran fund less terrorism when it has mountains of cash with which to fund more terrorism? Why should Iran’s radical regime change for the better when it can enjoy the best of both world’s: aggression abroad, prosperity at home. This is a question that everyone asks in our region. Israel’s neighbors Iran’s neighbors know that Iran will become even more aggressive and sponsor even more terrorism when its economy is unshackled and it’s been given a clear path to the bomb. And many of these neighbors say they’ll respond by racing to get nuclear weapons of their own. So this deal won’t change Iran for the better; it will only change the Middle East for the worse. A deal that’s supposed to prevent nuclear proliferation would instead spark a nuclear arms race in the most dangerous part of the planet. This deal won’t be a farewell to arms. It would be a farewell to arms control. And the Middle East would soon be crisscrossed by nuclear tripwires. A region where small skirmishes can trigger big wars would turn into a nuclear tinderbox. If anyone thinks anyone thinks this deal kicks the can down the road, think again. When we get down that road, we’ll face a much more dangerous Iran, a Middle East littered with nuclear bombs and a countdown to a potential nuclear nightmare. Ladies and gentlemen, I’ve come here today to tell you we don’t have to bet the security of the world on the hope that Iran will change for the better. We don’t have to gamble with our future and with our children’s future. We can insist that restrictions on Iran’s nuclear program not be lifted for as long as Iran continues its aggression in the region and in the world. Before lifting those restrictions, the world should demand that Iran do three things: First, stop its aggression against its neighbors in the Middle East. Second Second, stop supporting terrorism around the world. And third, stop threatening to annihilate my country, Israel, the one and only Jewish state. Thank you. If the world powers are not prepared to insist that Iran change its behavior before a deal is signed, at the very least they should insist that Iran change its behavior before a deal expires. If Iran changes its behavior, the restrictions would be lifted. If Iran doesn’t change its behavior, the restrictions should not be lifted. If Iran wants to be treated like a normal country, let it act like a normal country. My friends, what about the argument that there’s no alternative to this deal, that Iran’s nuclear know-how cannot be erased, that its nuclear program is so advanced that the best we can do is delay the inevitable, which is essentially what the proposed deal seeks to do? Well, nuclear know-how without nuclear infrastructure doesn’t get you very much. A racecar driver without a car can’t drive. A pilot without a plan can’t fly. Without thousands of centrifuges, tons of enriched uranium or heavy water facilities, Iran can’t make nuclear weapons. Iran’s nuclear program can be rolled back well-beyond the current proposal by insisting on a better deal and keeping up the pressure on a very vulnerable regime, especially given the recent collapse in the price of oil. Now, if Iran threatens to walk away from the table and this often happens in a Persian bazaar call their bluff. They’ll be back, because they need the deal a lot more than you do. And by maintaining the pressure on Iran and on those who do business with Iran, you have the power to make them need it even more. My friends, for over a year, we’ve been told that no deal is better than a bad deal. Well, this is a bad deal. It’s a very bad deal. We’re better off without it. Now we’re being told that the only alternative to this bad deal is war. That’s just not true. The alternative to this bad deal is a much better deal a better deal that doesn’t leave Iran with a vast nuclear infrastructure and such a short break-out time; a better deal that keeps the restrictions on Iran’s nuclear program in place until Iran’s aggression ends; a better deal that won’t give Iran an easy path to the bomb; a better deal that Israel and its neighbors may not like, but with which we could live, literally. And no country no country has a greater stake no country has a greater stake than Israel in a good deal that peacefully removes this threat. Ladies and gentlemen, history has placed us at a fateful crossroads. We must now choose between two paths. One path leads to a bad deal that will at best curtail Iran’s nuclear ambitions for a while, but it will inexorably lead to a nuclear-armed Iran whose unbridled aggression will inevitably lead to war. The second path, however difficult, could lead to a much better deal, that would prevent a nuclear-armed Iran, a nuclearized Middle East, and the horrific consequences of both to all of humanity. You don’t have to read Robert Frost to know. You have to live life to know that the difficult path is usually the one less traveled, but it will make all the difference for the future of my country, the security of the Middle East and the peace of the world, the peace, we all desire. My friends, standing up to Iran is not easy. Standing up to dark and murderous regimes never is. With us today is Holocaust survivor and Nobel Prize winner Elie Wiesel. Elie, your life and work inspires to give meaning to the words, â€Å"never again.† And I wish I could promise you, Elie, that the lessons of history have been learned. I can only urge the leaders of the world not to repeat the mistakes of the past: not to sacrifice the future for the present; not to ignore aggression in the hopes of gaining an illusory peace. But I can guarantee you this: The days when the Jewish people remained passive in the face of genocidal enemies, those days are over. We are no longer scattered among the nations, powerless to defend ourselves. Weve restored our sovereignty in our ancient home. And the soldier who soldiers who defend our home have boundless courage. For the first time in 100 generations, we, the Jewish people, can defend ourselves. This is why This is why, as Prime Minister of Israel, I can promise you one more thing: Even if Israel has to stand alone, Israel will stand. But I know that Israel does not stand alone. I know that America stands with Israel. I know that you stand with Israel. You stand with Israel because you know that the story of Israel is not only the story of the Jewish people but of the human spirit that refuses again and again to succumb to history’s horrors. Facing me right up there in the gallery, overlooking all of us in this august chamber is the image of Moses. Moses led our people from slavery to the gates of the Promised Land. And before the people of Israel entered the land of Israel, Moses gave us a message that has steeled our resolve for thousands of years. I leave you with his message today: Chizku ve’imtzu, al tiru ve’al te’artzu m’pneihem. â€Å"Be strong and resolute, neither fear nor dread them.†5 My friends, may Israel and America always stand together, strong and resolute. May we neither fear nor dread the challenges ahead. May we face the future with confidence, strength, and hope. May God bless the State of Israel and may God bless the United States of America. 1 Ruhollah Khomeini cited in Hoffman, B. (1988). The contrasting ethical foundations of terrorism in the 1980s. The Rand Corporation. 2 Statement by IAEA Director General Yukiya Amano on 2 March 2015 confirmed: The Agency continues to verify the non-diversion of nuclear material declared by Iran under its Safeguards Agreement. However, the Agency is not in a position to provide credible assurance about the absence of undeclared nuclear material and activities in Iran, and therefore to conclude that all nuclear material in Iran is in peaceful activities. (Source: iaea.org) 3 Former IAEA Deputy Director for Safeguards Olli Heinonen, as quoted in the Wall Street Journal, 1 March 2013 4 Statement by Ruhollah Khomeini on 7 July 2014: Our officials say we need 190,000 SWU. Perhaps this is not a need this year or in two years or five years, but this is the countrys absolute need. (Source: uk.reuters.com) 5 Quoted from the first part of Deuteronomy 31:6. The entire passage, a parting exhortation from Moses to the Israelites just prior to their entry into the Promised Land, reads as follows: â€Å"Be strong and resolute, neither fear nor dread them, because G-d your Lord is the One who is going with you, and He will not fail you or forsake you.

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