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and practices. 화상영어Funds will be targeted to improve schools and enhance teacher quality. Reduce bureaucracy and increase flexibility: Additional flexibility will be provided to states and school districts, and flexible funding will be increased at the local level. Empower parents: Parents will have more information about the quality of their child’s school. Students in persistently low-performing schools will 화상영어 be given a choice to change schools. The ‘no child left behind’ policy has generated debate on efficacy and outcomes. Supporters claim it promotes systematic and frequent testing, which helps identify learning gaps early, 화상영어 and so remedial measures can be taken for student groups or for entire schools in time. A frequent criticism has been that it promotes standardized testing, and favours schools aiming to meet outcome targets by teaching within the limits of expected testing patterns and the like. As low-scoring schools are 화상영어 penalised, there are concerns the system will become less inclusive. Leading edge programme for secondary schools Learning networks for primary schools PPP for specialist schools Private participation increasing Appendices Indian education 104 14 March 2008 Appendix 4: Key US$1bn stocks This section provides a listing of meaningfully large (by market capitalisation) education stocks worldwide and their business description. This is a useful pointer to the future of investment themes in India, both in terms of portfolio offerings and scalability. Raffles Education Raffles 화상영어 Education (SIN: R17) is a leading education group in Asia, expanding from an initial college in Singapore in 1990 to 28 colleges across Asia-Pacific under five brand names – Raffles University, Hartford Institute, China Education, Shanghai Zhongfa College and Oriental University City. Raffles University colleges and in eight Asian 화상영어 countries and comprise of 16 design institutes and two schools of psychology. Its Hartford institutes offer business management courses in eight colleges and seven countries. China Education offers degree programmes that lead to tertiary qualifications through its Tianjin University of Commerce. Shanghai Zhongfa College offers vocational and technical education, and serves as a feeder school for the group’s tertiary education system in China. 화상영어 Raffles Education also provides basic education through its associate company, Oriental Century. Its latest acquisition, Oriental University City, serves 54,000 students in 19 colleges. Raffles Education reported for the financial year ended June 2007 revenue of S$124m, with a 43% Ebit margin and net income of S$50.7m. Apollo Group Apollo Group (Nasdaq: APOL) provides higher education to working adults through four owned and operated higher-learning institutions - the University of Phoenix, Western International University, Axia College (of the University of Phoenix), the College for Financial Planning, and the Institute for Professional Development. In FY07, 화상영어 Apollo reported revenue of US$2.7bn, with net income of US$409m. University of Phoenix, Apollo’s flagship university, is the largest private accredited university in the US. Apollo has joint educational agreements in China and India. As of 2007, the combined student enrolment at Apollo was 350,000 students. For the year ended December 2007, Apollo reported revenue of US$2,837m, with an operating margin of 23.4% and net income of US$433.8m. Strayer Education Strayer Education (NASDAQ:STRA) is active in post-secondary education, through its wholly owned subsidiaries Strayer University, with 51 campuses in the US serving 36,000 students, and Strayer University Online. For the year ended December 2007, Strayer Edication reported revenue of US$318m, 30.7%n Ebit margin and net income 화상영어 of US$64.9m. New Oriental Education & Technology Group New Oriental Education & Technology Group (NYSE:EDU). is a provider of private educational services in China, primarily English and other language training, test preparation, courses for admissions and assessment tests, primary and secondary school education, development and distribution of educational content and online education. For the year to May 2007, New Oriental had more than 1m students, with 601,000 in its language training programmes and 466,000 in its test preparation courses. Its network comprises 37 schools, 149 learning centres, 19 bookstores, 2,700 teachers in 35 cities and an online network with 3m registered users. For the financial year ended May 2007, the company reported revenue of RM1,044m with a 19.9% Ebit margin and net income of RM226.7 105 ABC Learning Centres ABC Learning Centres (ASX:ABS) is an Australian company and major provider of early-education and care services to children between the ages of 6 weeks and 12 years. ABC owns and operates 2,238 childcare centres in Australia, New Zealand, the US and the UK. It has five US brands - The Children’s Courtyard, Childtime Learning