Economic Environment In Russia Economics Essay

Economic Environment In Russia Economics EssayIn the course of study 1990 the Russian organisation underwent tremendous stress as it modify from a centrally plan economy to a free mart system (US mer fecal mattertile Service, 2010). Following the breakup of USSR, Russias GDP observed a continuous period of disdain from the beginning of 1991 until 1998 (PriceWaterho social occasionCoopers, 2010). The reasons for the serious financial crisis in 1998 were difficulties in executing mo doughary reforms aimed at raising giving medication revenues and a reliance on short term borrowing to finance budget arrears. The financial problems aggravated imputable to lower prices for Russias major export earners (oil and minerals) and the release of investor confidence due to the Asian financial crisis. This resulted in the rapid and proud decline (60%) in the value of the rouble, runaway of strange investment, delayed payments on sovereign and private debts and a breakdown of commercial transactions through with(predicate) and through the banking system (US Commercial Service, 2010).The Russian economy began to bounce back by and by the 1998 scotch crisis with an annual GDP growth of 7% from 1999 to 2007. This led to a sharp increase in prices for Russias main exports (oil, petroleum products) and import electrical switch effect led to the roubles devaluation in 1998, a tax reform, tightening of fiscal policy and great political and social stability. The economy witnessed growth as a result of extraordinary rise in the consumer oriented sectors, in touch officular in the construction and services industries. In the year 2007, Russias GDP mixed bag magnitude by 8.1%, and by 2008 the GDP further increased by 5.6% (PriceWaterhouseCoopers, 2010).Russia was add by the globular frugal crisis in the second half of 2008, which impact the Russian economy immensely. The economy began to shrink, which led to falling sales, production and layoffs. In the year 200 9 the economy diminished by 7.9%, through a peremptory revival trend that occurred in the second half of 2009, when the economy recommenced sightly growth. The manu featureuring, industrial production and construction industry witnessed a sharp decline in growth. The wages decreased and the labour strong point was only 66% of the total population. The number of unemployed measured 8.4% of the workforce (PriceWaterhouseCoopers, 2010).The downturn face up by the global great commercialize r apieceed Russia, which led to the closure of the global sources of funding. Foreign direct investment dropped by 41%, that is 3.6% of GDP. The major drawions for impertinent direct investment were manufacturing, retail, mineral resource extraction and transport. The strain estimated for net outflow of chief city is US $52bn. In 2009, the Russian equity securities industry was affected adversely. Russian companies attracted US $1.7bn via initial public offerings and SPOs, whereas in 2009 only one IPO (Initial Public Offering) was registered. Nevertheless, the IPO is expected to witness a boom in 2010 (PriceWaterhouseCoopers, 2010).The end of 2009 brought positive new-fangleds for Russia the multinational credit rating agencies beat Poor, Fitch and Moodys re feelinged their sovereign rating outlooks for Russia from negative to stable, which was a result of full(prenominal)er(prenominal) oil prices and dropping of inflation (PriceWaterhouseCoopers, 2010).3.1.2 FUTURE ECONOMIC DEVELOPMENT (2010-2012)The economic development scenarios for the next trine years has been drafted by the Ministry of Economic Development. They be in possession of been categorised into moderately buttoned-up, pessimistic and optimistic. In accordance with the moderately conservative scenario, the GDP for the next three years has been depicted in get in 2 below. The figures in the graph were derived from the prediction that the oil prices forget abide at relatively high levels US $6 5 per barrel in 2010, US $70 in 2011, and US $71 in 2012 (see attachment C) (PriceWaterhouseCoopers, 2010).https//lh6.googleusercontent.com/A-V1_X47l-ha1boxdlCsEzJET-SIMACWsuvCyyBVt5VNYS-XF2godrATGtxo-rg_k30qOiQ9y0KiK6TogxhIEd75L3Sj7346nBTJQVX8b74auUOsupE interpret 2 Forecasted economic growth beginning own compiling based on data from PriceWaterhouseCoopers, 2010Despite 2009 creation a gainsay year for Russia, the country managed to achieve three primary(prenominal) goals, articulates Pre placent Medvedev. First, the political sympathies has survived to maintain social stability and put together all planned social payments. Second, the government and the Central Bank respectively fork up managed to progress the capital steady and brought about financial stability. Third, the government extended brave to its core linees. Since the government has striken this action, none of the full-grown cipherprises put one over asleep(p) bankrupt (PriceWaterhouseCoopers, 2010).C oncurrently, the countrys economic development has been constricted due to problems which Russia has failed to deal with this year. The problems go about by the country be the dependence on raw stuff exports, change magnitude unemployment levels and low competitoryness of domestic businesses. The Russian Government has been rather positive in dealing with the crisis by considering economic policy measures (PriceWaterhouseCoopers, 2010). Overall, the economic conditions in Russia seem to be favourable for sea squabfish to do business at that place in the ne best future.3.4.1 LEVELS OF finishingAn international businessperson needs to be aw argon of three levels of flori destination that may affect a transnationals operations. These levels take national culture, business culture, occupational and organizational culture. The diagram below shows the levels of culture that affect multinational management (Cullen and Parboteeah, 2008).https//lh5.googleusercontent.com/MDXcQRqh-4Q j_Khq7TfFEGYm7BUCkc_wJWhD29zy75RBl7GmBfjFA0gPP-NUQ67ZG7cAxgW_p47D07tc3TMr7Wx4kZ6zqHqWq5UiJ2VMUNmugd2oAOgFigure 3 Levels of cultureSource Cullen and Parboteeah, 20083.4.2 THE DOS AND DONTS OF DOING BUSINESS IN RUSSIA The Russian market is a extremely competitive market, where salesmanship is a key performer. Firms willing to enter the market should be prepared to express the competitive advantages and factors that differentiate them from others in the marketplace (US Commercial Service, 2010).Developing personal relationships with business partners is a essential factor in the effective cooperation of major projects, government procurement or, for that matter, even in cultivating semipermanent business relations. One of the more or less difficult tasks rear be set a business meeting with potential partners.In addition,it may take a long cartridge holder to receive a reply to an email,fax or a even telephone request for a meeting (US Commercial Service, 2010).To gestate busines s in Russia it is essential to know the Russian language if non an interpreter should be employed if needed. A substantial number of business community can communicate a courtesy level of English yet, they select conducting business discussions in Russian (US Commercial Service, 2010).Business cards are vital and are exchanged spontaneously. Your cards should have nonhing more than your regular contact details, email address and website if available. It is advantageous to carry a bilingual business card (one side in English, one side in Russian). Promotional materials in Russian can be an crucial tool for developing interest in a companys product. The translation however has to be perfect and of high value (US Commercial Service, 2010).Sometimes during meetings Russian businesspeople tend to have very little verbal feedback. They get word quietly and with little obvious body language being exhibited This does not mean that the listener is unable to comprehend it is just a ethn ical characteristic. They should be given the time and space needed to participate to the full in a conversation (WorldBusinessCulture.com, 2011).3.4.3 CONTEMPORARY RUSSIAN CORPORATE CULTUREPeter Zashev (2004) says in his article that the contemporary Russian corporate culture could be presented as a cross-section of four sets of different factors and their subsequent impact on collective and individual culture and mentality. The aforesaid(prenominal) can be described in the figure below.https//lh6.googleusercontent.com/LTKsFRqlpglWJeud7Jz7NVHb3CgRPb7TX0lw-ZZhddf90GO8M2EY7dZJhu1h3ygm6e5awAiNJ2ccd8gkbKozam9lYaEO9RxOAgfJvTRmJPv528-DRekFigure 4 quadruple sets of factors forming the contemporary Russian business cultureSource adapted from Zashev, 2004 commons Russian value and MoralsOne of the most influential particle of Russian values and morals is the total lack of competition in the Russian social and economic life. Due to this nature the state of capital of the Russian Federatio n had the following characteristics.A militaristic nature as it had to battle enemies and go ballistic further geographically.A society based on compulsion and force rather than law with clear division of social convocations that differed in their duties and not in their rights.Supreme mogul of the state/tsar.All the above characteristics slowly killed the concept of free competition. As a con range of this, a super centralized system was built, where the competitiveness was directed mainly at attracting the upkeep of the supreme power through gifts, bribes and networks of prominent personalities. This also explains why most international Russian projects are financed by the state (Zashev, 2004).Soviet Values and MoralsDuring the soviet times the system did not go through much change.The soviet rule enforced many concepts such(prenominal) as the following.Uravnilovka that removed the link betwixt work and pay.Increasing the level of bureaucracy, qualification cheating an in built part of the economic system.Repression that later became a state concept and removed initiative, decision qualification and freedom of choice.The soviet system did not succeed in eliminating corruption, and it continue to afflict the whole Russian system. It, in fact, became the way for a normal life. The foreign operations of the Soviet companies were state owned. It was only the Foreign Trade Organisations that were quited to link Soviet factories with their overseas markets, suppliers or others (Zashev, 2004).Transition Values and MoralsA dramatic change has appeared in the last fourteen years in the form of a massive retreat from the government. The privatisation in Russia created a new social group of owners, investors, capitialists and industralists (Zashev, 2004).Corruption and BriberyCorruption of officials in Russia is endemic, a system-wide state of personal matters with deep historical roots (Zashev, 2004, p.27). It is now a common result for Russian businessme n to regularly pay bribes to government officials. The government officials take economic decisions soundly on the basis of underlying motives.Many betoken that the practice is a harmless means to facilitate government approvals and neutralise penalties. High levels of bribery are the reason for low levels of competition, a factor that is needed for economic growth (Zashev, 2004).Businessmen from the UK not only have to worry about the corruption levels, but also have to specify out for the Bribery do. The bill was published in draft on the 25th of parade 2009 and received Royal Assent on the eighth of April 2010 (UK Government, 2010). 3.4.4. SO WHAT WILL THE BRIBERY ACT COVER?The Bribery Act looks at reforms in the criminal law with the intention of delivering a new new-fashioned and comprehensive scheme for bribery offences that will permit the workbench and prosecutors to counter more successfully to bribery, both at home and foreign (UK Government, 2010).The Act will re sult a more efficient modelling for combating bribery in the public and private sectorscreate two world(a) offences covering the offering, promising or giving of an advantage, and requesting, agreeing to receive or accept of an advantagecreate a discrete offence of bribery of a foreign public officialhelp tackle the threat that bribery poses to economic progress and development around the world (UK Government, 2010).During our inteview, Mr.Kell expressed his reproving attitude towards unfair trading practices, but he mentioned that if payments are necessary to facilitate market gateway, it can be done. However, The Bribery Act will make things more complicated and put UK companies, including sea squabfish, at a disadvantage, peculiarly in emerging markets such as Russia, where bribery is a custom. It is important that the company considers that in its market entry decisions.6.1 MOSCOWcapital of the Russian Federation, being the capital of Russia, is one of most promising marke ts for Pufferfish Limited. capital of the Russian Federation is the humongousst city in Russia, report for 7.34% of the total population of Russia (The World Bank, 2009).The advantages and disadvantages of targeting capital of the Russian Federation are as follows.Advantagescapital of the Russian Federation is the major business centre, with a well-structured distribution channel which will provide Pufferfish with an opportunity to reach out to its clients without much difficultyThe presence of large obtain malls and big box stores in capital of the Russian Federation will allow Pufferfish to reach out to a larger audience.The large hypermarkets present in capital of the Russian Federation contribute to the sale of 50 percent of consumer electronics that are announce in Russia (US Commercial Service, 2010).As seen in the figure below, 51.60% of the total foreign investments is mainly from Moscow during the period January-September 2009.Due to the high intensity of consumers purc hasing power and the large presence of company headquarters,the share continues to attract a large amount of investments(US Commercial Service, 2010).https//lh4.googleusercontent.com/ftVUl9i1YmCG06SfBi2FoWQmrto4M6j-5LbOIxDuhYP8A5Zc5_U4pKkhk6pPehlHmeoTW8mTT9S8GWYufTBb4swnxdN01Od2GoJ0Qd_LfECTH8PJ5vcTable 4 Foreign investment result regionsSource US Commercial Service, 2010DisadvantagesRegistering a company in Moscow is very expensive. Though Moscow represents the most populated city in 2009, the major problem faced by companies wanting to set up their business in Moscow is that it requires 9 procedures and prices 2.7% of the total gross national product per capita to complete all business procedures (The World Bank, 2009).The major problem of conducting business in Moscow is that it is has become change magnitudely challenging to find qualify local partners and Russian employees. In addition to this, the salaries of local employees have arise probatively in Moscow (UK Trade an d Investment, 2009).Nevertheless, the positive side to this is that the digital signage market is Moscow is booming. According to the Association of Communication Agencies in Russia, in the showtime half of the year 2008, Russia witnessed a significant growth of 13% in outdoor advertizement, largely due to the increase in the digital signage market (Rushworth, 2008). Statistics from incorporated Systems Russia, an exhibition held in Moscow in 2009, shows that Moscow witnessed 66% of the total visitors, followed by 12% in the Moscow region and 4% in St. Petersburg ( unified Systems Russia, 2009a).The figure below represents the ranking of visitor employment from different regions in Russia.https//lh3.googleusercontent.com/7vfeTRpsRebFYxlzz95uB26cpCYa1G2PXHmi-sa_vof1n61Uy6hz71_gm3APoivUDKRs32MMjpefgnM2aDbM08yvKoPYEK5d3XvoApCOE21xVot1OpgFigure 6 Ranking of visitor exertion from different regions in RussiaSource incorporate Systems Russia, 2009aDigital Education that took place in Moscow in 2009 was targeted at Moscow and Federal government officials responsible for education, which signifies the potential for the latest audio-video equipment (Integrated Systems Russia, 2009b).This clearly indicates the market potential for the Puffersphere products in the Moscow digital signage market.6.1 ADVERTISINGIn the Russian advertizement market television receiver, radio, print and billboard media are widespread. The domestic and international publicizing agencies are effective in Russia. The boom in the advertising industry in the country is a result of strong economic growth and increasing incomes. Companies that were affected by the economic crisis have recovered and started invest in mass media for advertising. Although the traditional methods of advertising still do exist in Russia, advertising agencies have refined their communication methods to meet the needs of the modern tight and are progressing quite well (US Commercial Service, 2010).The shopping mall s, airports and advertising agencies present in Russia appear quite promising for the Puffersphere XXL and M models.Pufferspheres emphatically have a great potential in the Russian market. Moscow and St. Petersburg have plenty of shopping malls and big box stores where Pufferspheres M and XXL can be used for advertising products (US Commercial Service, 2010). Afimall shopping centre is regain in the core of Moscow city and is by far the largest shopping mall in Russia. Puffersphere XXL can be used for pomps and indoor advertising in this mall (AFI Development, 2008).Airports are other segment that Pufferfish can consider. Moscow has three major airports namely Sheremetyevo, Domodedovo and Vnukovo. St. Petersburgs airport comprises of two terminals Pulkovo-1 (domestic flights) and Pulkovo-2 (international flights).Puffersphere XXL can be used in these airports to display flight information, advertising and to display television channels (US Commercial Service, 2010).Other adverti sing agencies that can be arouse in buying Pufferspheres are Starcom, Mindshare and Mediacom. The aforementioned media agencies can use the spheres for advertising (Mind Advertising Limited, 2011).The major concern for the company can be the cost of the product. Nevertheless the advertising agencies, airports and malls operate on a large scale, making the Puffersphere prices affordable for them.8.3 CORPORATEIn the past, Pufferfish Displays peculiar(a) has taken part in exhibition centres and trade shows all over the world which has enabled the company to mother awareness about their product and build new contacts (Geoff, 2011).A significant part of marketing in Russia takes place through trade shows. Russians select to shop at trade shows as it provides them with an opportunity to learn from the grade of technical experts and company displays. The success of European companies is mainly due to their high involvement rates which is around 90 % of all foreign companies in the Ru ssian shows and this is evident through their market share of industrial equipment which is slightly 70 percent. The exhibitions held in major cities are usually visited by representatives of regional governments and state enterprises from distant areas to purchase goods (UK Trade and Investment, 2009).Promotional seminars are another efficient way to increase awareness of equipment and brand awareness in the Russian business community. The seminars usually gather appropriate press coverage in the industry publications (UK Trade and Investment, 2009).Trade fairs for the digital signage market have been taking place in Russia for quite some time now. The Integrated Systems Russia is the leading show with people visiting from all over Russia and abroad. Since Puffer fish uses an opportunistic approach for its sales, the Expocenter, which will be held in Moscow this year will act as a platform for Puffer fish to enter Russia (Integrated Systems Russia, 2010).Statistics from the previ ous year proves that the exhibition is a major success and attracted more than 8000 visitors. The figure below represents the visitors business activity (Integrated systems Russia, 2009a)https//lh6.googleusercontent.com/FiaHLl88-9l8jODnGWssuT0XI_EXs__oTKeURgcz-aQpFavDV8s2uC1XUaQlkTecmUplA3F1VqGxYFGLJfRLoWyuFlJrToyokKoCxC09hM2B9UQ0cl8Figure 3 Integrated systems Russia 2009 Source (Integrated systems Russia, 2009)The 2011 Expocenter certainly seems promising for Pufferfish Limited and will open a wide spectrum of opportunities for the company. The show presents the latest AV and electronic system technologies to the commercial, professional and residential electronic systems integration industries (Integrated Systems Russia, 2010).This provides Pufferfish an opportunity to display their Puffer sphere XXL and M models and in turn help Pufferfish attract various target segments on a single podium.9.1 Uppsala modelJohanson J. Vahlne J-E. (1977), The internationalization process of the f irm a model of knowledge development and increasing foreign market commissions, Journal of global Business Studies, 8(1) 23-31https//lh5.googleusercontent.com/2I_BZ45ctC9ENlGidRD_VREX0JKyHUMxuolE-ZaA7djj3UqzFFmpAMDfxyKdvcsTYYJsTqSnASCsWNF37pL8UNRG5JwEVW5QWGBCZNT1RDevQgsLw8Q(Johanson Vahle, 1977).https//lh5.googleusercontent.com/YKQWjMvYoipq2TfLg1Z2W_a2wuqnB8Wuc-dRdyZ2TSfxaIdqguTTMdoszm6s1NRjpJ80IUtPJCh6Ii8_l3_0Mz8cL1L17pMEeiS97JRFUDEk-f8RH1Ahttp//www.provenmodels.com/586/internationalisation-process/jan-johansonjan-erik-vahlne/The Uppsala model is a dynamic model which explains the internationalisation of a firm as a process. The model explains two patterns in the internationalisation process of the firms (Johanson Vahlne, 1990, in Johanson Associates, 1994). The first pattern explains the administration chain wherein the company engages in operations in a particular foreign market. The establishment chain consists of a sequence of stages that are created in small incremental steps with extended commitment which increases with every new step.The four stages were identified by Johanson and Wiedersheim-Paul in the year 1975 which are as follows1. No regular export activities2. Export via nonparasitic representatives (agent)3. Sales subsidiary and4. Production/manufacturing (Johanson Wiedersheim-Paul, 1975, in Johanson Associates, 1994, p. 34.)The second pattern describes the fact that firms have a tendency to enter new markets with sequentially greater psychic distance and also greater geographical distance in some baptisterys (Johanson Vahlne, 1990, in Johanson Associates, 1994 Hollensen, 2001).Firms in that respectfore have a tendency to enter markets they understand, where they perceive opportunities and the uncertainty levels are relatively low. As proposed in the model, the firm can perceive opportunities without uncertainty only through experiential knowledge. Therefore, the firms ingest incremental steps and engage in a sequential person al manner in foreign markets (Hansson, Sundell , -hman , 2004) .Joint gauges or GreenfieldJoint suppositionsThe most accepted mode of entry into a new market is through establishing a occasion reckon with a foreign firm. A reefer conjecture requires setting up a firm that is enouncely owned by two or more otherwise freelancer firms.A joint venture involves two or more companies creating a ratifiedly independent company to share some of the parent companys resources with the purpose of developing competitive advantage. Joint ventures can take various forms, with the most common being a 50/50 shareholding in a company.A few advantages of a joint venture are the reduction of risk through communion of the project, facilitate entry into a market and quick profits. However problems such as inability to work with the local partner due to the variable organisational cultures and the national culture, can affect the joint venture and limit its writ of execution (Lynch, 2006).In recent years,the rate of International Joint venture(IJV) formation has continued to rise steadily among the emerging markets in Latin America, Asia and Eastern Europe. The aforementioned emerging markets account for close to 70% of all IJV entries by multinational corporations. According to a survey conducted by Deloitte, 35 % of companies used joint ventures to enter into emerging markets but only 21% continue to use them. The chart from Deloittes research shows that Joint Venture is the most popular entry mode into developing markets (Mahidhar et.al, 2009).https//lh3.googleusercontent.com/RF5UMKWJ67-S0PRLoVETrzdfVxDx1q_ncwGmM9izsH0QQRGPEwxY_R64xXjX7RviiN77Wae-Q-Qc0ePjGCKwanPiXTvf8TrDrMnDpUW-AsbMlhi_M6ASOURCE(Mahidhar et.al, 2009)This section typically aims at reply some of the common question that arises when foreign investors use joint venture in Russia (Schwarz Viktorov, 2005) Are there restrictions on foreign participation?In general there are no restrictions on foreign part icipation except for certain industries such as banking and insurance field (Schwarz Viktorov, 2005). What are the legal problems which a foreign investor in a joint venture faces?The formation and operation of joint ventures are relatively easier for foreign investors due to the liberalisation of the process of state registration of joint ventures and foreign currency legislation. Nevertheless, a few problems do exist (Schwarz Viktorov, 2005)o Recurring change of legislation.o The state authorities fail to conform with established term and procedures for provision of consents, approvals, registration and issuance of licenses and so on. What are the types of joint venture vehicles commonly used by foreign investors?The figures below represent the maven types of joint ventureshttps//lh4.googleusercontent.com/RnQg8HPYJ6ZvBOpuQcfbwff_LORWvqfVpA9Q5vj3miT1TbyK7lvJfueE9BTOGeysFfIqaPx1-JuNQbwdTx6N_kIkhq0IKYUFojl0HMqaLyRDRQXiqAESource (Schwarz Viktorov, 2005)FORMING A RUSSIAN LEGAL ENT ITYThe above figure describes the types of commercial legal entities that are recognised by the Civil mark of Russian Federation such as general partnerships, check partnerships, limited liability companies, additional liability companies, additional liability companies, joint tired companies (UK Trade and Investment, 2009).There are two types of joint ventures namely limited liability companies (LLC) where in involvement is based on participation interests and joint stock companies ( JSC) where in involvement is based on shares (Schwarz Viktorov, 2005).The crucial part of entering a market is to decide whether to enter as a limited liability company or joint stock company.LLCs are preferred over JSCs in setting up a in all owned subsidiary since the process of establishment and operation of an LLC is less impose and time consuming as there are no legal requirements that an LLC must issue shares or perform any procedures related to issuance, establishment and issuance of secur ities. This form of entity is more flexible and mobile as there is no requirement of issuing shares when the participants need to change the contract capital of the company.Nevertheless, a JSC is preferred for a joint venture in Russia between parties that are not related due to the following reasons. First, in an LLC each participant is eligible to leave the company at any time and for no specific reason, without the consent of other participants. In comparison to a JSC, the LLC law considers a lot of issues which requires undisputed voting decisions of LLC participants that might not be fair for a joint venture partner who is a majority participant in the LLC (UK Trade and Investment, 2009).Given the current piazza Pufferfish Displays limited must invest into Russia only after they gain commensurate knowledge about the market. This may take a good three to four years. Depending on the situation then the company may adopt from the aforementioned entities. They may additionally t ake help or counseling from the Russo-British Chamber of Commerce or the UK Trade and Investment for setting up the preferred entity.Pufferfish Displays, 2010. ServicesContent Creation and Consultancy. Retrieved March 17, 2011, from Pufferfish Ltd http//www.pufferfishdisplays.co.uk/services/Pufferfish Displays, 2009. lesson studiesEurovision. Retrieved March 17, 2011, from Pufferfishlimited Website http//www.pufferfishdisplays.co.uk/case-studies/eurovision/AFI Development, 2008. Projects Afimall city, online. unattached at http//www.afi-development.ru/en/projects/map/moscow/mallofrussia Accessed 9 March 2011.Deloitte, 2010. Doing Business in Russia 2010, online. Available at http//www.deloitte.com/view/en_RU/ru/insights/doingbusinessinrussia/index.htm Accessed 26 February 2011.Hansson, G., Sundell , H., and -hman , M., 2004. The new modified Uppsala model Based on an anomalistic case study at Malmberg Water AB.Hickson, D.J., and Pugh, D.S., 1995. 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Available at http//www.pwc.ru/en/doing-business-in-russia/assets/Doing-Business-Russian-Federation-2010.pdf Accessed 12 February 2011.Pu fferfish Displays, 2011a. Pufferfish Home, Products and Services, online. Available at http//www.pufferfishdisplays.co.uk Accessed 11 March 2011.Pufferfish Displays, 2011b. Pufferfish Resources Investors, online. Available at http//www.pufferfishdisplays.co.uk/resources/pufferfish-investors Accessed 11 March 2011. Pufferfish Displays, 2011c. Pufferfish Products, online. Available at http//www.pufferfishdisplays.co.uk/products Accessed 11 March 2011.Rushworth, R., 2008. Local Authorities and DS An outside chance. HF Network Lt