Marketing Topical Research Paper

Global Marketing Topical Research Paper Chu Nguyen Binh – DBA Hanoi NorthCentral University (NCU), USA National University of Hanoi (Vietnam) August 2009 Research title: Where would be the market for foreign banks in Vietnam after joining WTO? ABBREVIATION BTABilateral Trade Agreement CARCapital Adequacy Ratio FBBForeign Bank Branch FIBForeign Invested Bank JSCBJoint Stock Commercial Bank JVBJoint Venture Bank MOFMinistry of Finance NPLNon-Performing Loan SBVState Bank of Vietnam SOCBState Owned Commercial Bank SOEState Owned Enterprise SMESmall and Medium-sized Enterprise SSCState Securities Commission WBWorld Bank WTOWorld Trade Organization TABLE OF CONTENTS ABBREVIATION ABSTRACT 1. INTRODUCTION1 2. VIETNAM BANKING SECTOR – A SUMMARY1 3. CHARACTERISTICS OF THE VIETNAMESE BANKING INDUSTRY3 3. 1. Very Low Market Penetration3 3. 2. Rate of Growth in Both Loans and Deposits Far Exceeding GDP Growth3 3. 3. A Highly Concentrated but Highly Fragmented Banking Market4 3. 4. Heavy Handed Regulation with Restrictions on Foreign Banks5 3. 5. Lack of Transparency Concerning Quality of Lending6 3. 6. Heavily Undercapitalized7 3. 7. Narrow Revenue Base and Few Product Offerings7 3. 8. Unknown Quantity of Non-performing Loans8 4. BUSINESS ENVIRONMENT FOR THE BANKING SECTOR9 4. 1. The Government’s Strategy9 4. 2. State Bank of Vietnam – Freeing the Tiger9 4. 3. Regulatory Environment – Meeting International Standards10 4. 4. Developing the Capital Markets11 5. PROSPECTS FOR BANKING SECTOR GOING FORWARD12 5. 1. Non-Performing Loan Ratios to Rise, But Risks of Bank Failures Looms12 5. 2. Further Development Inhibited by Low Capital and Technology12 6. CONCLUSION14 REFERENCES15 ABSTRACT Vietnam’s banking system is dominated by five state-owned banks, with around 70% of system assets at end-2008. Around 38 private banks comprise roughly another 25%, with the balance substantially accounted for by a host of foreign banks. In recent years, the private banks, being more commercially oriented, have grown rapidly at the expense of the state-owned banks’ market share. The foreign banks have also grown, as opportunities improved for them after Vietnam entered a bilateral trade agreement with the US in 2001 and acceded to the World Trade Organization (WTO) in 2006. The Research Paper will examine the Vietnam’s banking sector as a whole, including general characteristics of the Vietnamese banking market. It then analyzes the proportion in term of loan and deposit of state-owned, joint stock, joint venture and foreign banks. In the second part, the report lists opportunities for foreign banks to penetrate the Vietnam market under new legal requirement of the Vietnamese Government. They can establish 100% foreign bank entity, purchase stake in local banks or set up joint venture with Vietnamese partners. Finally, it will examine strengths and difficulties in terms of technology, expertise and experience, service quality, risk appetite, etc. f the foreign banks when operating in Vietnam market. 1. INTRODUCTION There are a lot of banks in Vietnam. Too many in fact. Currently there are five state-run commercial banks, 38 joint stock commercial banks, four joint-venture banks, 29 foreign bank branches, 45 foreign bank representative offices, five finance companies and nine finance leasing firms operating in Vietnam. Since 1992, Vietnam has moved to a diversified sys-tem in which state-owne d, joint-stock, joint-venture and foreign banks provide services to a broader customer base. However, the four main state-owned commercial banks – the Bank for Investment and Development of Vietnam (BIDV), the Bank for Foreign Trade of Vietnam (Vietcombank), the Industrial and Commercial Bank of Vietnam (Incombank) and the Bank for Agriculture and Rural Development (VBARD) account for around 70% of all lending activity. In a trade agreement with the United States signed five years ago, Vietnam fully committed to allow in foreign banks by 2010 at the latest, and to expose the banking sector to foreign competition. Under WTO entry rules the door may have to be opened even sooner than that. This has prompted foreign banking groups to closely scrutinize the Vietnamese banking sector as a business opportunity in itself. 2. VIETNAM BANKING SECTOR – A SUMMARY Vietnamese banking market is currently dominated by the five major State-Owned Commercial Banks (SOCBs), with 38 semi-private so-called joint stock commercial banks (JSCBs) gradually eating into their market share by better catering to the needs of small and medium-sized enterprises (SMEs) and retail clients. Years of lax monetary policy focused on supporting export-led GDP growth has flooded the banking system with money, pushing up redit growth to an annual average of 36. 4% over the past five years (2003-2007), hitting a peak of 54. 9% last year according to World Bank figures. High liquidity and a scramble for market share have resulted in a degree of aggressive lending, in particular to investments in the real estate and stock markets, which both experienced rapid downturns in 2007 and early 2008. State-Own ed Commercial Banks: The five SOCBs – Agribank, Bank for Investment and Development (BIDV), Vietcombank, Vietinbank and Vietnam Development Bank – hold roughly two thirds of banking assets according to IMF sources. The SOCBs are still encumbered by their previous role as instruments for implementing government policy. Indeed, the strong links between senior bank executives and the ruling Communist Party of Vietnam, and other state-owned enterprises (SOEs) have impeded much-needed corporate restructuring. Hence, SOEs still receive preferential treatment in loan allocation, resulting in the SOCBs running up high non-performing loan (NPL) ratios. The SOCBs are currently reporting NPL ratios of around 3%, but we are expecting this figure to rise to 5% before the end of 2008. However, we carry doubts about the reliability of official figures and suspect the real ratios could be significantly higher. Joint-Stock Commercial Banks: The 38 JSCBs presently control roughly 20-25% of banking assets in Vietnam, but are quickly eating into the market shares of the larger SOCBs by providing superior services to SMEs and retail savers. The JSCBs are generally better managed and more profitable than the SOCBs, but suffer from low capitalisation, which has made them vulnerable to Vietnam's domestic ‘credit crunch', prompted by the SBV's rapid tightening of its monetary policy. Foreign Banks: HSBC and Standard Chartered and a number of other foreign banks are already present in the Vietnamese market through joint ventures with JSCBs. HSBC increased its stake in Techcombank to 20% in August and Standard Chartered raised its stake in Asia Commercial Bank (ACB) to 15% in May 2008, but foreign banks have been prevented from increasing their stakes by restrictions on foreign ownership of domestic banks. Vietnam currently limits the shareholding a foreign bank can take in a domestic counterpart to 20%, with the total foreign ownership limited to 30%. 3. CHARACTERISTICS OF THE VIETNAMESE BANKING INDUSTRY . 1. Very Low Market Penetration There are only about six million bank accounts in Vietnam, five million of them for individuals which amounts to a penetration rate of about 6%. In reality, the effective potential market size is about 20 million or trebles the current penetration level. That is the size of the AB socioeconomic class in Vietnam. Even so, if we comp are this to the internet and mobile penetration rate of 14% and 12% the number is rather low. The reason is simple: the distribution and infrastructure of banking services is very poor relative to the telecommunications industry, which has virtual national coverage. By contrast, banks are almost unheard of in secondary cities and rural areas. With a low urban population of about 29%, banks simply don’t have easy access to over 70% of the population. There are other reasons, of course. Until recently the government had encouraged a cash economy by paying state employees in cash; there is a traditional distrust of banks; the banks themselves have done a poor job of providing services to the retailing public; and small businesses too are poorly served by banks unwilling to give them large loans unless they have the collateral to back it up. Of course the banking industry is growing rapidly with both deposits and loans expanding at high, double-digit growth rates per annum. And some banks such as Vietcombank, ACB, Sacombank, and Techcombank are making a determined effort to court the retail market. 3. 2. Rate of Growth in Both Loans and Deposits Far Exceeding GDP Growth Credit growth in Vietnam has been expanding at a breakneck speed these last few years. Not surprisingly given heady GDP growth. Nonetheless, the sustained rate of increase over several years has raised eyebrows at international bodies such as the IMF and World Bank. They like their credit growth at room temperature, rather than piping hot. Well piping hot is what they’ve got. In fact, the state-owned banks saw credit grow at an annual average rate of 24% over the past five years. Given the inability of some bankers to distinguish a good credit risk from a bad one (assuming they have a choice) this is not entirely a good thing. Hence the international sigh of disbelief that such stellar credit growth has been accompanied by a falling NPL ratio. According to some economists a 7% GDP growth rate can accommodate an annual credit growth rate of about 14-20%, roughly a factor of two without generating a lending bubble. However, credit growth rates above that level for any extended period of time are unhealthy for an economy. Admittedly credit growth rates have been falling for the last year down to about 15% as the central bank has tried to rein in credit departments. So far this year in fact lending has expanded at only about 16% nationwide. Going forward the speed of credit growth may well start expanding again as WTO becomes a reality. One bank has forecast that credit could grow at 35% per annum over the next five years given sufficient access to capital. While the better banks could probably cope with this, the temptation for others to take on too much risk is high. 3. 3. A Highly Concentrated but Highly Fragmented Banking Market Five state banks have carved up 70% of the loan market while forty-odd joint-stock banks and a host of foreign banks scrap for the remaining 30%. Compare this with the US where the ten biggest commercial banks control only 49% of the country’s banking assets, up from 29% a decade ago. Thus, at the top tier, the market acts like an oligopoly, while beneath the surface there is a holy war going on as mite-sized private sector banks scrap for the rest. Since the market itself is growing so fast this may not seem so bad. The state banks are also slowly bleeding market share. Even so things look very lopsided. Enter the State Bank of Vietnam (SBV), concerned about the fragmented nature of the private sector banks. They will introduce new regulations to force another round of consolidation in the near future. One way of doing this is to set high hurdles for any new established bank before it can get a license. All banks will need to have chartered capital of VND 1 trillion ($62. 8 million) which is exceeded by the existing capital of only the very biggest JSCB’s such as ACB and Sacombank. All other existing banks fall far short and will need to scramble for new capital or merge in order to meet the new requirements. And that is just the first round. From next year the SBV has circulated a draft proposal to raise the minimum capital level to about US$300 million. And there you have the consolidation trigger. 50% of the JSCB’s face merger or takeover. They will also have to demonstrate experience in banking governance. Banks will need to commit to Basel 2 standards from 2010. One of the key issues is the regulation of key stakeholders, such as a bar on lending to stakeholders or their affiliates. This is to prevent corporations from using their own banks as private piggy-banks. Currently a corporate of family can own up to 40% of a joint-stock commercial bank. 3. 4. Heavy Handed Regulation with Restrictions on Foreign Banks The government still exerts strong control on the banking sector in two ways. Directly, through various regulations and restrictions which govern how they conduct business and strictly licensing the type of businesses they can enter; and indirectly through the interference of a myriad of agencies and ministries, both local and national, who want to have a say on how scarce credit resources are allocated. The state-owned banking system is trying to shift from directed policy lending to a commercial system. But the transition is proving slow and painful. Given the legacy of state control at both national and local level it’s hardly surprising that the state-owned banks routinely complain about interference in their lending decisions and overall management. It seems that banking is too important to be left to bankers. The culture of social and political lending is still dominant amongst local officials and bureaucrats, as is the idea of consensus building and consultation before decisions are taken. To be fair, the problem has been recognized and things are getting better. With the proposed re-organization of the SBV for example, fewer local branches should reduce the amount of day-to-day noise coming in to credit departments. Local authorities will have less leverage in leaning on banks without the local central bank office to back them up. And the recently announced decree allowing for 100% foreign-owned bank branches will finally set the stage for a level playing field for foreign banks. However, without eliminating limits on branch openings and mobilization of Dong deposits (currently limited to 350% of total capital for foreign banks) some painful shackles will remain. . 5. Lack of Transparency Concerning Quality of Lending Lending decisions in Vietnam are still based more on relationships than cash flow. The assessment of loan customers is usually driven by the relationship with the bank and the size of the collateral being offered. Cash flow driven assessment and qualitative analysis is reserved for large private sector customers only. Amongst t he large banks only ACB bank uses DCF analysis across their entire customer base. The problem is partly due to outside interference in the decision making process and partly due to a lack of professional guidance. The absence of IT infrastructure to support professional credit analysis is another major factor. Another issue is exposure. Most banks lend a lot of money to a fairly narrow base of customers. The top 30 state-owned corporations probably account for over half of the state banks lending books. The private sector joint-stock commercial banks (JSCBs) are no different. 3. 6. Heavily Undercapitalized One of the legacies of state ownership is a severe shortage of capital at the state banks, a quality shared by private sector commercial banks as well. Government restrictions on equity holdings combined with a bond market that hardly functions has made raising chartered capital very difficult for banks. Average capital adequacy ratios (CAR) in amongst Vietnamese banks stood at 4. 5% at the end of 2007. This compares with an average CAR of 13. 1% in Asia Pacific and 12. 3% in South-East Asia. Admittedly with large scale raising of capital this year this number is improving. With most of the state banks well below the minimum 8% capital adequacy ratio for Tier 2 capital, lack of access to the international capital markets has constrained their growth. And this valuation is anyway based on a vary generous reading of their NPL’s. The JSCBs are in only a slightly better state with a handful able to cross the 8% hurdle rate. The rest are pitiful. And given that the domestic capital markets are still in the fledgling stages, raising new capital has been the biggest headache for all banks. The stronger JSCBs have responded partly by selling shares to foreign strategic partners. Further down the line, where profitability is lower and capital particularly skimpy the options are more limited. The SBV is chary of allowing smaller anks to raise capital from foreign investors. Going forward all of the banks have substantial appetites for raising further capital, to shore up their Tier 2 capital base to bring them over the 8% CAR hurdle by 2010. 3. 7. Narrow Revenue Base and Few Product Offerings Most Vietnamese banks make money from loans. And that’s basically it. Compare that to Western banks that make about a quarter of their income from fees – credit card fees, lending fees, arranging fees, etc. – and most have branched into wealth management. Well, not in Vietnam. To be fair this is tied into the lack of availability of credit history: banks don’t like lending to strangers they know nothing about. The state banks are generally geared to the large corporate and state-owned sector, providing syndicated loans for utilities, infrastructure projects, heavy industry and property developers. JSCBs are geared mainly towards lending to small and medium sized enterprises (SMEs) and the wealthier retail customers. However given their low penetration and limited branch network they only reach a fraction of their potential customer base. Car loans, mortgages and house improvement loans are retail staples. And small business loans using property as capital is the basic model for the SME market. In general, the Vietnamese banking model is best described as relationship-based rather than product-based as in international banks. 3. 8. Unknown Quantity of Non-performing Loans If you were to believe the State Bank of Vietnam (SBV) statistics the non-performing loans problem has been largely dealt with since 2000. Amongst the state-owned banks, non-performing loans (NPLs) have fallen steadily from 12. % in 2000 to 8. 5%, 8. 0% and 4. 47% in 2005, 2006 and 2007, respectively. Under a new stricter definition, the official number in 2008 has risen to about 7. 7%. Overall, about half of the NPL’s are on the watch list, which is the second of five lending categories in the new SBV scoring system. The other half fall into the three categories below watch list which are of greater concern. For private sector JSCBs, average NPLs were said to be around the 1% level at the end of 2007. Of course few believe the official numbers. International bodies carried out a similar exercise using Ernst & Young and found that NPL’s in the system using international accounting standard definitions came to about 15-20% of outstanding loans in the state-owned sector. This number is conservative due to limited data; a figure between 20-25% is probably a fairer estimate. In this respect the slow development of the banking industry is a blessing in disguise, things could be a whole lot worse. The worry is that the gap between the official version and the real picture is large and may indeed be growing. Most NPLs are generated by state-owned enterprises (SOEs) refusing to pay their obligations to state-owned banks. Pre-equalization is a favorite time to write off or simply clear out these loans. That way SOEs can start their new life in the private sector unencumbered by debts. So apart from asking the government to honor the SOEs’ commitment and trying to seize collateral there is precious little banks can do. There is not yet an effective secondary market for bad debt, although attempts to kick-start one are ongoing. There are very few NPLs sale and purchase transaction taking place. 4. BUSINESS ENVIRONMENT FOR THE BANKING SECTOR 4. 1. The Government’s Strategy After a long period of hesitation and hints of action the government has come up with a fast-track roadmap to liberalize the financial sector by 2010. Under the roadmap, the state will retain a controlling stake in the banks but its holdings will be quickly reduced to 51%. Foreign ownership will account for a maximum of 30% of total shares, while each strategic foreign institutional investor currently allowed to hold 10-20% at most. The 20% limit may be eventually erased but the 30% cap will stay for the time being. Basel 1 will be in effect until 2010, when the stricter Basel 2 standards for corporate governance will be introduced. The government will have to introduce further legislation before then to force banks’ compliance, particularly at the ownership level. This may create some buying opportunities amongst the JSCBs as families are forced to reduce their stake. 4. 2. State Bank of Vietnam – Freeing the Tiger In theory the central bank enjoys a wide remit. In practice it can’t do much without a legion of agencies and ministries throwing in their penny’s worth of advice. The central bank, the SBV, currently acts as the sole supervisory and regulatory body for the banking sector. It also owns the state-owned banks and sets interest rates. There is a clear need to separate the various roles of the SBV and give it increased autonomy in those areas such as monetary policy and regulation of the banking sector, which are clearly in its remit. The SBV also needs to be free of its role as custodian of the state’s shareholdings in the banking sector. The SBV sees several key roles for itself in the future: compiling and executing monetary policy, ensuring stability of the credit institutional system, act as a regulator to the banking system. In order to achieve this it needs legislative backing to clearly define its relationship with the National Assembly, government and all government agencies. In simple terms stop the incessant interference from other parties so that the SBV can get on with the job. After all, if the central bank is not allowed to set interest rate policy and regulate the banking sector without being leaned on, what hope is their for individual banks to lend money without getting the same treatment. Another issue is the lack of cooperation with the MOF on key issues such as bad debt and bank equitisation. MOF has often written off state-owned companies’ bad debt without consulting the banks. And the State Securities Commission (SSC), the stock market regulator often stalls on issuing licenses for banks to list. The two don’t play well together. 4. 3. Regulatory Environment – Meeting International Standards There are a myriad of regulations and decrees covering almost every aspect of the financial sector but we would like to look briefly at just three topics: progress removing restrictions from foreign banks, meeting international banking standards and the treatment of NPLs. With regard to meeting international banking standards, the government has appeared to follow WB recommendations to provide the necessary framework for an integrated financial system as required under WTO rules. And so in the last few years some of the necessary legislation has been pushed into place. On the NPL’s, the central bank issued Decision No. 93 to reclassify bad debts and risk reserves closer to international norms. So far, three state-owned banks (SOBs) claim to have successfully reduced their bad debt ratios to less than 5% in accordance with the new rules. Too successfully in fact, but more on this later. Overall the regulatory authorities are making an effort to converge with international stand ards in the financial sector, but with WTO membership and the 2010 deadline looming, time is not a friend. And foreign banks are still allowed to raise Dong deposits only to a ceiling of 350% of their chartered capital. In effect this locks them out of the domestic deposit market and is the most important impediment for their expansion plans. 4. 4. Developing the Capital Markets Banks need more tier 2 capital and bonds will provide the bulk of that. However with the bond market in its infancy there are still major constraints on the banks’ ability to raise sufficient capital quickly to reach the 8% capital adequacy ratio they crave. The infrastructure for developing the bond market is still not in place. HSBC is only now offering to provide a pilot rating scheme to enable potential investors to gauge the creditworthiness of various bond issuers. Fitch and Moody’s have also dipped their toes in the market, rating Sacombank and BIDV respectively. However rating services are horribly expensive and there needs to be a domestic agency to offer these services at prices most banks can afford. Another key hurdle lies with interest rate guidelines in place at all maturities along the yield curve. This prevents risk weightings and effectively bars smaller or weaker banks from coming to the market to issue capital whilst compensating for the higher risk by offering higher coupons. 5. PROSPECTS FOR BANKING SECTOR GOING FORWARD . 1. Non-Performing Loan Ratios to Rise, But Risks of Bank Failures Looms It is likely that there will be an increase in non-performing loan (NPL) ratios from the present 4-5% as an increasing number of companies and households default on their loans on the back of higher interest rates and slowing economic activity. A complicating factor in assessing the risk posed by deteriorating loan portfolios is that Vietnamese banks are currently applying a new system of internal credit rating schemes and debt classification systems in accordance with international standards. Implementation has so far been diverse between banks, making intra-sector comparisons a complicated business. Consultancy Ernst & Young has estimated that the application of the new standards is likely to lead to an increase in disclosed NPL ratios of 2-3 times, i. e. to the IMF estimates of 15-20%. While the new standards will make the NPL figures more internationally comparable, the resulting increase in the ratios is likely to create uncertainty about the proportion which can be attributed to the new standards and how much is down to an actual deterioration of loan portfolios. However, it can be believed that the effects on the overall economy from possible bank failures can be contained by larger JSCBs taking over smaller banks pushed to the brink by loan defaults and low capitalisation. Nonetheless, there might be possibility that the government or central bank will need to intervene to force mergers between banks and possibly also recapitalize those in worst health. 5. 2. Further Development Inhibited by Low Capital and Technology Consolidation should be a positive for the banking sector by decreasing excessive competition and increasing capitalization levels. Nonetheless, capital shortages, low technology and a shortage of skilled staff, especially at higher levels, will continue to inhibit the development of the banking sector. This will leave domestic banks exposed to the might of international banking giants such as HSBC and Standard Chartered, which are initially committing US$183 million and US$61 million respectively to their Vietnamese subsidiaries, placing them well in league with the larger JSCBs. Increased competition from foreign players will thus constitute a potent threat to domestic banks, which will be forced to improve services if they want to maintain their market share. Further expansion will need regulatory approval from the State Bank of Vietnam. The IMF has, in its annual review of the Vietnamese economy, set improvement of financial supervision as a prime task for the government in its reform agenda. The government raising the foreign ownership ratio to 25% for individual banks and 35% in total in 2009-2010 in order to maintain foreign banks' interest in holding stakes in domestic players, thus assisting in technology transfer. With the current system in place, there is a risk of a severe divide between better-capitalised, more technically advanced and better-managed foreign banks and a still relatively undeveloped domestic sector suffering from both a shortage of capital and low efficiency. Vietnamese banks are still primarily focused on taking deposits and lending and thus completely inexperienced in asset management and other financial services tipped to be the main growth areas in the Vietnamese banking market going forward. Domestic players, in particular the larger SOCBs, may have an advantage through their established branch network and client base, but this factor can be rapidly eroded as HSBC and Standard Chartered extend their operations. The threat from foreign banks will be particularly potent for the SOCBs, where reform has been slow in spite of the government's intention to place them foremost in the queue in the so-called ‘equitisation' process of transferring SOEs to private hands. It is unlikely that the government will find takers for its offers of 10-20% stakes in SOCBs for strategic foreign players if it does not radically review its privatisation procedures. With the state-owned banks constrained by politicised decision-making and the private banks suffering from a severe lack of capital, HSBC, Standard Chartered and other regional players will gain the upper hand over time as their extensive experience, superior technology, and readier access to capital work in their favor. It is unlikely that foreign players will dominate the Vietnamese banking sector in 10-15 years time, with the larger JSCBs being majority-owned by foreigners and the role of the once-impressive SOCBs reduced to supporting inefficient state-owned companies and agricultural households. 6. CONCLUSION In Vietnam, there is only less than 10% of Vietnamese currently use banks for financial services, instead largely relying on extended families and neighbourhood associations for lending and saving. However, a rising number of younger Vietnamese are now using banks for financial services, opening up great expansion opportunities in retail banking. The Vietnamese banking sector is a veritably good destination for early entrants as poorly-capitalised and inefficient domestic banks are ill-prepared for the opening of the banking market to foreign entrants as pledged in Vietnam's accession to the WTO in January 2007. With bank penetration at less than 10% and the Vietnamese economy forecast to grow by an average 7. 8% annually over the next ten years, the growth opportunities are great for foreign players. Top of Form REFERENCES Johny K. Johansson (2006). GLOBAL MARKETING Foreign Entry, Local Marketing, & Global Management. McGraw-Hill, Fourth Edition, International Edition. ISBN 007-124454-9. Vinacapital. Vietnam Equity Research. August 15, 2006 Fitch Ratings, Vietnam Special Report – Vietnamese Banks: Focus on Asset Quality – Three Stress Scenarios. February 25, 2009 at: www. fitchratings. com Vietnamese Banks: A Home-Made Liquidity Squeeze? May 2008 Jaccar Equity Research, Vietnam. Banks and Financial Services. The Bubbles did not Burst but Turned Grey. May 18, 2009 at www. jaccar. net Fulbright Research Project, The Banking System of Vietnam: Past, Present and Future. Nam Tran Thi Nguyen, 2001. at: www. iie. org/fulbrightweb/BankingPaper_Final. pdf retrieved on 27 Feb 2009.

Dreams In Of Mice and Men Essay

â€Å"Of Mice and Men† was written by John Steinbeck in 1937. He wrote many other books such as Tortilla Flat, The Red Pony, East of Eden, The Grapes of Wrath, Cannery Row and The Pearl. His most famous was the Grapes of Wrath. At the time Steinbeck wrote the novel, men were the main workers on farms and ranches but during the 1930’s machinery began to take over and by 1938 Combines harvested half of America’s grain. George and Lennie, the two main characters in the story, are examples of migrant workers who farmed 800 miles across the state planes. All ranch workers travelled around America looking for jobs. They worked in very poor conditions and were paid two to three dollars a day plus very basic food. Everyone had their own dream but many people came from other countries to live the â€Å"American Dream† all believing that through hard work they would have the opportunity to live a comfortable life. It is possible that Steinbeck wrote the novel based on his own experience as he used to work on a ranch. He knew what these workers had to go through and had the desire and belief to show other people what was actually happening at the time. It could be argued that Steinbeck focused on ranch life for a storyline as he lived near a ranch and he recognised the loneliness and pain of the workers and what they had to do to keep themselves occupied. Steinbeck uses an arrangement of techniques to form a feeling of reality for the reader by using similes e.g. † A water snake slipped along the pool, its head held up like a little periscope†. This is a good example as it shows Steinbeck’s imagery that he uses to describe the scenery and surroundings. This particular simile is symbolic for the reality of life for animals and humans. The snake is on the look out for food whilst at the same time being wary of any potential attackers. George and Lennie’s life is a constant battle for survival, the same as the snake. Steinbeck structured the novel like a play so that the reader isn’t distracted by other things happening around in that particular scene. The story is spread over about three to four days during which George and Lennie travel to the new ranch until the ending in which George kills Lennie. This helps us to focus on the various aspects of the book where we are able to concentrate on one character at a time or an event at a time. Steinbeck can describe more thoroughly the event or character instead of telling a long story. This is a very effective method of writing and keeps the readers interest who is able to build a clear image of the character. At the start of chapter six Steinbeck’s description is almost poetic â€Å"The deep green pool of Salinas River was still in the late afternoon. Already the sun had left the valley to go climbing up the slopes of the Gabilan Mountains, and the hilltops were rosy in the sun. But by the pool among the mottled sycamores, a pleasant shade had fallen†. This is an intense description of the setting that the characters are in and enables the reader to develop a clear image of the surroundings. It is an example of Steinbeck’s imagery. Steinbeck uses a lot of Colloquial language and dialogue as the ranchmen speak a lot during the story and it is often grammatically incorrect with slang or swearing. This adds vividness and colour to the description. There is a lot of characterisation through dialogue as each character speaks differently. Steinbeck also uses dialogue to inject humour e.g. â€Å"His authority was so great that his word was taken on any subject, he looked kindly at the two in the bunkhouse. It’s brighter’n a bitch outside†. Steinbeck also uses intense descriptions in the novel, for example â€Å"The Dream†, Lennie and George’s dream of a small farm, a little bit of land and independence, is the same for all the ranch workers. The â€Å"American Dream† can be seen to be interwoven and the hope of being free and being themselves. We should realise that Steinbeck is trying to illustrate a universal truth and that most people wish to have better lives which gives them freedom, rights and personal fulfillment. Similes and Metaphors are used very often and they are usually describing nature. The book is rich in unusual imagery as Steinbeck describes very thoroughly. As well as Similes and Metaphors, Onomatopoeia is used e.g. â€Å"The red light dimmed on the coals. Up the hill a coyote yammered, and a dog answered from the other side of the stream. The sycamore leaves whispered in a little night breeze†. The best example of a metaphor is â€Å"On the Sand banks the rabbits sat as quietly as gray, sculptured stones†. Emphasising again animals constant waryness of all around it Animal imagery is used to describe Lennie e.g. â€Å"Lennie dabbled his paw in the water and wiggled his fingers†. This shows us Lennie’s build and the way his body moves as bears have paws and they move steadily with slow large movements. Lennie always talks about rabbits and this relates back to Lennie being described as an animal. Steinbeck uses sound well in his descriptions adding a further level of imagery for the reader. † Clang of horseshoes in yard, far off shouts of Lennie’s pursuers† help us to feel that we are witnessing events not just reading them. Light is also used effectively in descriptive passages and the light on the Gabilan Mountains is a recurrent image to give the idea of vastness and timelessness. Every ranch worker has his own dream but most are very similar as they want to have freedom and to be an individual. Lennie’s dream is to† Live off the fatta the lan an hav rabbits† These dreams are part of the â€Å"American Dream† and ranch workers think that that some day it might come true. The phrase â€Å"The best laid schemes o’ mice an’ men gang aft aglay.† is from the poem by Robert Burns and this is the moral of the story. This is translated into modern English as â€Å"The best laid schemes of mice and men often go awry† meaning in George and Lennie’s case that no matter how hard they try to plan ahead and work for their dream something can always go wrong and in this case, it does. In the novel Steinbeck writes about many different issues that still exist today, one of which is racial prejudice. This is illustrated in Crooks as he is denied human companionship because of the colour of his skin and this is part of the larger theme of loneliness. Another issue is Ageism. This is illustrated by Candy who has outlived his usefulness. This is also a part of loneliness and is emphasised by his relationship with his dog and the way in which he is upset when it is shot. The final and main issue is loneliness. George and Lennie are able to get away from loneliness with their relationship but there are many people who cannot fend it off such as Crooks and Candy as they become cynical and bitter. It ends up killing Curley’s wife as she cannot stand being on her own any longer. Steinbeck uses imagery to illustrate many reasons such as realism to symbolise deeper meanings and to portray society. He portrays loneliness as a human condition that we either succumb to or fight. Steinbeck doesn’t state a way of fighting loneliness but just illustrates the problem as we begin to realise that we may never find a solution.

Angels Demons Chapter 24-27

24 The security technician held his breath as his commander leaned over his shoulder, studying the bank of security monitors before them. A minute passed. The commander's silence was to be expected, the technician told himself. The commander was a man of rigid protocol. He had not risen to command one of the world's most elite security forces by talking first and thinking second. But what is he thinking? The object they were pondering on the monitor was a canister of some sort – a canister with transparent sides. That much was easy. It was the rest that was difficult. Inside the container, as if by some special effect, a small droplet of metallic liquid seemed to be floating in midair. The droplet appeared and disappeared in the robotic red blinking of a digital LED descending resolutely, making the technician's skin crawl. â€Å"Can you lighten the contrast?† the commander asked, startling the technician. The technician heeded the instruction, and the image lightened somewhat. The commander leaned forward, squinting closer at something that had just come visible on the base of the container. The technician followed his commander's gaze. Ever so faintly, printed next to the LED was an acronym. Four capital letters gleaming in the intermittent spurts of light. â€Å"Stay here,† the commander said. â€Å"Say nothing. I'll handle this.† 25 Haz-Mat. Fifty meters below ground. Vittoria Vetra stumbled forward, almost falling into the retina scan. She sensed the American rushing to help her, holding her, supporting her weight. On the floor at her feet, her father's eyeball stared up. She felt the air crushed from her lungs. They cut out his eye! Her world twisted. Kohler pressed close behind, speaking. Langdon guided her. As if in a dream, she found herself gazing into the retina scan. The mechanism beeped. The door slid open. Even with the terror of her father's eye boring into her soul, Vittoria sensed an additional horror awaited inside. When she leveled her blurry gaze into the room, she confirmed the next chapter of the nightmare. Before her, the solitary recharging podium was empty. The canister was gone. They had cut out her father's eye to steal it. The implications came too fast for her to fully comprehend. Everything had backfired. The specimen that was supposed to prove antimatter was a safe and viable energy source had been stolen. But nobody knew this specimen even existed! The truth, however, was undeniable. Someone had found out. Vittoria could not imagine who. Even Kohler, whom they said knew everything at CERN, clearly had no idea about the project. Her father was dead. Murdered for his genius. As the grief strafed her heart, a new emotion surged into Vittoria's conscious. This one was far worse. Crushing. Stabbing at her. The emotion was guilt. Uncontrollable, relentless guilt. Vittoria knew it had been she who convinced her father to create the specimen. Against his better judgment. And he had been killed for it. A quarter of a gram†¦ Like any technology – fire, gunpowder, the combustion engine – in the wrong hands, antimatter could be deadly. Very deadly. Antimatter was a lethal weapon. Potent, and unstoppable. Once removed from its recharging platform at CERN, the canister would count down inexorably. A runaway train. And when time ran out†¦ A blinding light. The roar of thunder. Spontaneous incineration. Just the flash†¦ and an empty crater. A big empty crater. The image of her father's quiet genius being used as a tool of destruction was like poison in her blood. Antimatter was the ultimate terrorist weapon. It had no metallic parts to trip metal detectors, no chemical signature for dogs to trace, no fuse to deactivate if the authorities located the canister. The countdown had begun†¦ Langdon didn't know what else to do. He took his handkerchief and lay it on the floor over Leonardo Vetra's eyeball. Vittoria was standing now in the doorway of the empty Haz-Mat chamber, her expression wrought with grief and panic. Langdon moved toward her again, instinctively, but Kohler intervened. â€Å"Mr. Langdon?† Kohler's face was expressionless. He motioned Langdon out of earshot. Langdon reluctantly followed, leaving Vittoria to fend for herself. â€Å"You're the specialist,† Kohler said, his whisper intense. â€Å"I want to know what these Illuminati bastards intend to do with this antimatter.† Langdon tried to focus. Despite the madness around him, his first reaction was logical. Academic rejection. Kohler was still making assumptions. Impossible assumptions. â€Å"The Illuminati are defunct, Mr. Kohler. I stand by that. This crime could be anything – maybe even another CERN employee who found out about Mr. Vetra's breakthrough and thought the project was too dangerous to continue.† Kohler looked stunned. â€Å"You think this is a crime of conscience, Mr. Langdon? Absurd. Whoever killed Leonardo wanted one thing – the antimatter specimen. And no doubt they have plans for it.† â€Å"You mean terrorism.† â€Å"Plainly.† â€Å"But the Illuminati were not terrorists.† â€Å"Tell that to Leonardo Vetra.† Langdon felt a pang of truth in the statement. Leonardo Vetra had indeed been branded with the Illuminati symbol. Where had it come from? The sacred brand seemed too difficult a hoax for someone trying to cover his tracks by casting suspicion elsewhere. There had to be another explanation. Again, Langdon forced himself to consider the implausible. If the Illuminati were still active, and if they stole the antimatter, what would be their intention? What would be their target? The answer furnished by his brain was instantaneous. Langdon dismissed it just as fast. True, the Illuminati had an obvious enemy, but a wide-scale terrorist attack against that enemy was inconceivable. It was entirely out of character. Yes, the Illuminati had killed people, but individuals, carefully conscripted targets. Mass destruction was somehow heavy-handed. Langdon paused. Then again, he thought, there would be a rather majestic eloquence to it – antimatter, the ultimate scientific achievement, being used to vaporize – He refused to accept the preposterous thought. â€Å"There is,† he said suddenly, â€Å"a logical explanation other than terrorism.† Kohler stared, obviously waiting. Langdon tried to sort out the thought. The Illuminati had always wielded tremendous power through financial means. They controlled banks. They owned gold bullion. They were even rumored to possess the single most valuable gem on earth – the Illuminati Diamond, a flawless diamond of enormous proportions. â€Å"Money,† Langdon said. â€Å"The antimatter could have been stolen for financial gain.† Kohler looked incredulous. â€Å"Financial gain? Where does one sell a droplet of antimatter?† â€Å"Not the specimen,† Langdon countered. â€Å"The technology. Antimatter technology must be worth a mint. Maybe someone stole the specimen to do analysis and R and D.† â€Å"Industrial espionage? But that canister has twenty-four hours before the batteries die. The researchers would blow themselves up before they learned anything at all.† â€Å"They could recharge it before it explodes. They could build a compatible recharging podium like the ones here at CERN.† â€Å"In twenty-four hours?† Kohler challenged. â€Å"Even if they stole the schematics, a recharger like that would take months to engineer, not hours!† â€Å"He's right.† Vittoria's voice was frail. Both men turned. Vittoria was moving toward them, her gait as tremulous as her words. â€Å"He's right. Nobody could reverse engineer a recharger in time. The interface alone would take weeks. Flux filters, servo-coils, power conditioning alloys, all calibrated to the specific energy grade of the locale.† Langdon frowned. The point was taken. An antimatter trap was not something one could simply plug into a wall socket. Once removed from CERN, the canister was on a one-way, twenty-four-hour trip to oblivion. Which left only one, very disturbing, conclusion. â€Å"We need to call Interpol,† Vittoria said. Even to herself, her voice sounded distant. â€Å"We need to call the proper authorities. Immediately.† Kohler shook his head. â€Å"Absolutely not.† The words stunned her. â€Å"No? What do you mean?† â€Å"You and your father have put me in a very difficult position here.† â€Å"Director, we need help. We need to find that trap and get it back here before someone gets hurt. We have a responsibility!† â€Å"We have a responsibility to think,† Kohler said, his tone hardening. â€Å"This situation could have very, very serious repercussions for CERN.† â€Å"You're worried about CERN's reputation? Do you know what that canister could do to an urban area? It has a blast radius of a half mile! Nine city blocks!† â€Å"Perhaps you and your father should have considered that before you created the specimen.† Vittoria felt like she'd been stabbed. â€Å"But†¦ we took every precaution.† â€Å"Apparently, it was not enough.† â€Å"But nobody knew about the antimatter.† She realized, of course, it was an absurd argument. Of course somebody knew. Someone had found out. Vittoria had told no one. That left only two explanations. Either her father had taken someone into his confidence without telling her, which made no sense because it was her father who had sworn them both to secrecy, or she and her father had been monitored. The cell phone maybe? She knew they had spoken a few times while Vittoria was traveling. Had they said too much? It was possible. There was also their E-mail. But they had been discreet, hadn't they? CERN's security system? Had they been monitored somehow without their knowledge? She knew none of that mattered anymore. What was done, was done. My father is dead. The thought spurred her to action. She pulled her cell phone from her shorts pocket. Kohler accelerated toward her, coughing violently, eyes flashing anger. â€Å"Who†¦ are you calling?† â€Å"CERN's switchboard. They can connect us to Interpol.† â€Å"Think!† Kohler choked, screeching to a halt in front of her. â€Å"Are you really so naive? That canister could be anywhere in the world by now. No intelligence agency on earth could possibly mobilize to find it in time.† â€Å"So we do nothing?† Vittoria felt compunction challenging a man in such frail health, but the director was so far out of line she didn't even know him anymore. â€Å"We do what is smart,† Kohler said. â€Å"We don't risk CERN's reputation by involving authorities who cannot help anyway. Not yet. Not without thinking.† Vittoria knew there was logic somewhere in Kohler's argument, but she also knew that logic, by definition, was bereft of moral responsibility. Her father had lived for moral responsibility – careful science, accountability, faith in man's inherent goodness. Vittoria believed in those things too, but she saw them in terms of karma. Turning away from Kohler, she snapped open her phone. â€Å"You can't do that,† he said. â€Å"Just try and stop me.† Kohler did not move. An instant later, Vittoria realized why. This far underground, her cell phone had no dial tone. Fuming, she headed for the elevator. 26 The Hassassin stood at the end of the stone tunnel. His torch still burned bright, the smoke mixing with the smell of moss and stale air. Silence surrounded him. The iron door blocking his way looked as old as the tunnel itself, rusted but still holding strong. He waited in the darkness, trusting. It was almost time. Janus had promised someone on the inside would open the door. The Hassassin marveled at the betrayal. He would have waited all night at that door to carry out his task, but he sensed it would not be necessary. He was working for determined men. Minutes later, exactly at the appointed hour, there was a loud clank of heavy keys on the other side of the door. Metal scraped on metal as multiple locks disengaged. One by one, three huge deadbolts ground open. The locks creaked as if they had not been used in centuries. Finally all three were open. Then there was silence. The Hassassin waited patiently, five minutes, exactly as he had been told. Then, with electricity in his blood, he pushed. The great door swung open. 27 â€Å"Vittoria, I will not allow it!† Kohler's breath was labored and getting worse as the Haz-Mat elevator ascended. Vittoria blocked him out. She craved sanctuary, something familiar in this place that no longer felt like home. She knew it was not to be. Right now, she had to swallow the pain and act. Get to a phone. Robert Langdon was beside her, silent as usual. Vittoria had given up wondering who the man was. A specialist? Could Kohler be any less specific? Mr. Langdon can help us find your father's killer. Langdon was being no help at all. His warmth and kindness seemed genuine, but he was clearly hiding something. They both were. Kohler was at her again. â€Å"As director of CERN, I have a responsibility to the future of science. If you amplify this into an international incident and CERN suffers – â€Å" â€Å"Future of science?† Vittoria turned on him. â€Å"Do you really plan to escape accountability by never admitting this antimatter came from CERN? Do you plan to ignore the people's lives we've put in danger?† â€Å"Not we,† Kohler countered. â€Å"You. You and your father.† Vittoria looked away. â€Å"And as far as endangering lives,† Kohler said, â€Å"life is exactly what this is about. You know antimatter technology has enormous implications for life on this planet. If CERN goes bankrupt, destroyed by scandal, everybody loses. Man's future is in the hands of places like CERN, scientists like you and your father, working to solve tomorrow's problems.† Vittoria had heard Kohler's Science-as-God lecture before, and she never bought it. Science itself caused half the problems it was trying to solve. â€Å"Progress† was Mother Earth's ultimate malignancy. â€Å"Scientific advancement carries risk,† Kohler argued. â€Å"It always has. Space programs, genetic research, medicine – they all make mistakes. Science needs to survive its own blunders, at any cost. For everyone's sake.† Vittoria was amazed at Kohler's ability to weigh moral issues with scientific detachment. His intellect seemed to be the product of an icy divorce from his inner spirit. â€Å"You think CERN is so critical to the earth's future that we should be immune from moral responsibility?† â€Å"Do not argue morals with me. You crossed a line when you made that specimen, and you have put this entire facility at risk. I'm trying to protect not only the jobs of the three thousand scientists who work here, but also your father's reputation. Think about him. A man like your father does not deserve to be remembered as the creator of a weapon of mass destruction.† Vittoria felt his spear hit home. I am the one who convinced my father to create that specimen. This is my fault! When the door opened, Kohler was still talking. Vittoria stepped out of the elevator, pulled out her phone, and tried again. Still no dial tone. Damn! She headed for the door. â€Å"Vittoria, stop.† The director sounded asthmatic now, as he accelerated after her. â€Å"Slow down. We need to talk.† â€Å"Basta di parlare!† â€Å"Think of your father,† Kohler urged. â€Å"What would he do?† She kept going. â€Å"Vittoria, I haven't been totally honest with you.† Vittoria felt her legs slow. â€Å"I don't know what I was thinking,† Kohler said. â€Å"I was just trying to protect you. Just tell me what you want. We need to work together here.† Vittoria came to a full stop halfway across the lab, but she did not turn. â€Å"I want to find the antimatter. And I want to know who killed my father.† She waited. Kohler sighed. â€Å"Vittoria, we already know who killed your father. I'm sorry.† Now Vittoria turned. â€Å"You what?† â€Å"I didn't know how to tell you. It's a difficult – â€Å" â€Å"You know who killed my father?† â€Å"We have a very good idea, yes. The killer left somewhat of a calling card. That's the reason I called Mr. Langdon. The group claiming responsibility is his specialty.† â€Å"The group? A terrorist group?† â€Å"Vittoria, they stole a quarter gram of antimatter.† Vittoria looked at Robert Langdon standing there across the room. Everything began falling into place. That explains some of the secrecy. She was amazed it hadn't occurred to her earlier. Kohler had called the authorities after all. The authorities. Now it seemed obvious. Robert Langdon was American, clean-cut, conservative, obviously very sharp. Who else could it be? Vittoria should have guessed from the start. She felt a newfound hope as she turned to him. â€Å"Mr. Langdon, I want to know who killed my father. And I want to know if your agency can find the antimatter.† Langdon looked flustered. â€Å"My agency?† â€Å"You're with U.S. Intelligence, I assume.† â€Å"Actually†¦ no.† Kohler intervened. â€Å"Mr. Langdon is a professor of art history at Harvard University.† Vittoria felt like she had been doused with ice water. â€Å"An art teacher?† â€Å"He is a specialist in cult symbology.† Kohler sighed. â€Å"Vittoria, we believe your father was killed by a satanic cult.† Vittoria heard the words in her mind, but she was unable to process them. A satanic cult. â€Å"The group claiming responsibility calls themselves the Illuminati.† Vittoria looked at Kohler and then at Langdon, wondering if this was some kind of perverse joke. â€Å"The Illuminati?† she demanded. â€Å"As in the Bavarian Illuminati?† Kohler looked stunned. â€Å"You've heard of them?† Vittoria felt the tears of frustration welling right below the surface. â€Å"Bavarian Illuminati: New World Order. Steve Jackson computer games. Half the techies here play it on the Internet.† Her voice cracked. â€Å"But I don't understand†¦Ã¢â‚¬  Kohler shot Langdon a confused look. Langdon nodded. â€Å"Popular game. Ancient brotherhood takes over the world. Semihistorical. I didn't know it was in Europe too.† Vittoria was bewildered. â€Å"What are you talking about? The Illuminati? It's a computer game!† â€Å"Vittoria,† Kohler said, â€Å"the Illuminati is the group claiming responsibility for your father's death.† Vittoria mustered every bit of courage she could find to fight the tears. She forced herself to hold on and assess the situation logically. But the harder she focused, the less she understood. Her father had been murdered. CERN had suffered a major breach of security. There was a bomb counting down somewhere that she was responsible for. And the director had nominated an art teacher to help them find a mythical fraternity of Satanists. Vittoria felt suddenly all alone. She turned to go, but Kohler cut her off. He reached for something in his pocket. He produced a crumpled piece of fax paper and handed it to her. Vittoria swayed in horror as her eyes hit the image. â€Å"They branded him,† Kohler said. â€Å"They branded his goddamn chest.†

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Film philosophy about the Butler - Assignment Example ttingly and subtly nudged the course of American history through the tumultuous years of reform, contributing an equal importance to the Black American cause. The main point of the film is the Black Africans’ struggle for equality in America. It is not unlike the classic story of the American Dream as told in countless materials such as Forrest Gump. This particular American Dream was told from the Black American’s perspective and the experiences in Civil Rights Movement. This inevitably included that tragedy and sorrow of being Black man in modern America particularly before the Civil Rights movement with the segregation of the colored and the whites and immediately after as America was confronted by racial and relevant issues both at home and abroad. This key point is palpable across the entire film. As Gaines’s life progressed, so did the lives of African American. These transpired in a succession of flashbacks in the protagonist’s mind as he was waiting to meet the newly elected Black President. For this reason, the film was heavily structured in order to seamlessly integrate the phases of the Gainesâ€℠¢ life with the chronology of the American Civil Rights movement and the American contemporary political developments. The challenge of achieving this feat without digressing from the protagonist’s narrative was achieved through stylistic interplay of shots. In some parts of the film, bracketing was also used to carry on the narrative of Cecil Gaines and his familys life as the director integrated civil rights stories such as boycotts. These shots made use of a play of lighting, close-ups (like they were actually before the audience), the use of elements such as mirror and the flicker of television display as reflected on the face of the actors, among others. This approach was important especially in narrating the chronology of the Civil Rights movement without veering away from the logical sequence of Cecil Gaines’ narrative. There was also the

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Death penalty - Essay Example This paper will examine the benefits and the fall backs of the death penalty, and argue if it should be allowed or banned based on the evidence in the paper. According to Chan and Oxley, capital punishment is a legal process sanctioned by the state that allows for the termination of a felon offender’s life, who has committed one or multiple heinous offences (Janet and Oxley 2). This process is usually prohibited in many countries for the same questions that this paper raises and seeks to answer. Is capital punishment morally wrong? Does capital punishment deter crime? Can capital punishment be justified when done in consideration to the welfare of the public? Many people have found the death penalty or capital punishment to be morally wrong but when atrocities are committed against their loved ones, they quickly have a change of heart. Over the years, there has been a growing base of activists advocating for the abolishment of the death penalty all across the world, therefore, influencing many countries to abolish the act. Even the United Nations does not support the death penalty, citing a law borrowed from the American Bill of Rights, which stresses on the right to life. However, the United States of America has not given in to International pressure to abolish the death penalty but insists that the death penalty is neither cruel nor an unusual punishment when it is employed non-discriminatively and in an unarbitrary manner (Dezhbakhsh and Shepherd 512). Many individuals consider the death penalty to be morally impermissible. They argue that the act is constitutionally cruel and uncivilized. They claim that imposing capital punishment, no matter how humane the method of administration is, is still a transgression of the rule of law. They also say that capital punishment would lead to the wrongful death by execution to some innocent people whose cases were marred by false evidence. They argue that if the justice system was to make a mistake and realize it later after the death penalty has already been executed, the damage would be irreversible and unfair to the family and the individual. They also argue that capital punishment shows arbitrariness, in that the criminals may prefer that form of punishment. Capital punishment has also been said to be discriminative. Critics argue that racial discrimination is evident in the justice system, where criminals declared guilty of killing white people were four times more likely to be served with the death penalty than those who killed non-white individuals. This shows that the death penalty is discriminative even though it is said to be non-discriminatory (Sunstein and Vermeule 2). Capital punishment seems to have a few shortcomings but despite all that it can be regarded as an efficient tool to deter the occurrence of certain crimes. Research studies carried out two decades ago showed that the death penalty did not prevent or influence the occurrence of certain crimes. These research stud ies have refuted by new research that show that capital punishment has a powerful deterrent effect. The study proposes that for every execution carried out, an average of eighteen murders are prevented. With such an effect on crime, capital punishment should not be abolished as it seems to serve as a lesson to all those plotting some heinous crimes. Failing

Haas and Flower Reading Response Essay Example for Free

Haas and Flower Reading Response Essay â€Å"If readers construct the meaning of texts, how does information transmission work?† Through constructing the meaning of texts, a reader can interpret and summarize chunks of writing into something that is already processed by the reader. Personally, I know that if I begin reading a piece of text that I have never researched or learned in the past, obviously I cannot make an information transmission. On the other hand, when I read a piece of material that Ive learned in the past, it helps me to fully interpret and think critically on the topic. If a reader can complete a create a connection between past learning and the newer topic, the reader can construct a personal judgment or opinion. The readers thesis is then developed and the reader can fully absorb and accomplish what is a â€Å"good read.† â€Å"What kinds of knowledge did you bring to this article that helped you make sense of it?† The information I brought to the article was really a collection of teachings I received through high school. The knowledge to re-read text if I dont fully comprehend the authors point. Also the ability to stop and evaluate the text to figure out what Haas and Flower were trying to explain. I received fairly intensive English courses in high school, from which I was able to transmission my past lessons to the text Haas and Flower presented. Without trying to sound repetitive, I was able to pick apart phrases of the text that I simply didnt understand, even by rereading, and use the context to help make snese of the wording Haas and Flower use.

The Saudi Arabia General Investment Authority Essay Example for Free

The Saudi Arabia General Investment Authority Essay 1. How would you measure SAGIA’simpacton Saudi Arabia’s competitiveness? Compare the improvement in indicators (number of days to register a business, FDI growth, employments indicators, etc.) between 2005 and 2011by referringto the Global Competitiveness Report, Doing Business Report and other sources. 2. What are the characteristics of effective networked governance? What are the advantages? What are the indications that SAGIA introduced networked governance? 3. What are One-Stop-Shops? How they may improve the business environment? What are the challenges of establishing them? One-Stop-Shops, also called Investor Service Centers (ISCs), inspired by the notion of a single site offering multiple services to investors and was refined further to eliminate passing through many offices around the building of each government agency to get the investor’s paper stamped. The one-stop shop includes a front desk and a back office; front desk has four to five customer relations managers, who professionally take all requirements and hand them to the back office which includes representatives from several government departments as well as international technologies and firms. This work Design helped SAGIA ensure high quality customer service and eliminate the potential for corruption while making procedures simpler and faster which reflected in greater firm satisfaction and savings with more businesses being registered, increased financial resources and job opportunities that utilizes the best available local resources. ISCs served as buffer zones, with the SAGIA customer service staff functioning as intermediaries between customers and government agency representatives. One of the challenges of establishing ISC, that it was staffed by government employees and the concern was that public service employees could not perform as well as their private counterparts, but this challenge was resolved by providing the right incentives to the staff by granting bonuses for incremental increases in the number of passports handled. The volume of passports handled was 100 times more than what was used to be handled with same amount of time. 4. What are the pros and cons of the Saudization Policy? What are its implications on the competitiveness of the Saudi Economy? Pros: * Replacing foreign workers with Saudis, since the Saudi economy is heavily dependent on them. * Lowering the Saudi unemployment rate. * Increase employment for Saudi nationals across all sectors of domestic economy. * Recapture and reinvest income which otherwise would have flowed overseas as remittances to foreign worker home countries. Cons: * Companies started to make fake mergers and acquisitions of its various divisions in order to meet their quota. * Saudis are being hired only because they are Saudi and not due to their qualifications. * Saudization caused Foreign and even Saudi companies to move their operations to UAE or other more business-friendly regional environments. * Thousands of low wage labors were forced to leave, such as shopkeepers and drivers, there are not always even enough Saudis who even want these job to replace them that resulted with replacing the good, skilled and cost effective labor with a national Saudi who lacks the interest, skill or experience in some cases to perform these jobs * Higher wage costs being imposed on organizations that discouraged investment in Saudi Arabia * Since the education system has largely failed to prepare the country’s youth for jobs requiring technical expertise. Compounding this problem is that many graduates refuse to take assignments that are considered commonly as menial. Saudization clearly creates some disturbances, with some sectors like transport anticipating a catastrophe. The ultimate goal of development and hopefully higher growth comes with a cost in the form of short term transitional disruption. There are two main concerns. First, many firms may feel that Saudization will reduce their competitiveness and for that reason may decide to leave the kingdom for a more business friendly environment. These would most likely be firms in the service sectors such as banking. The country’s poor regulatory environment only compounds this problem with a reportedly 2,500 Saudi companies opening up shops in Dubai, rather than in Saudi Arabia kingdom. The second main area of impact from Saudization may be a reduction of foreign direct investment (FDI) in the kingdom. Foreign firms may feel that Saudization not only puts them at a disadvantage compared to their foreign competitors, but that the whole Saudization program itself is unpredictable, with rules and quotas changing randomly. 5. Discuss the concept of Special Economic Zones and how they should be established to have maximum positive impact on the national economy and its competitiveness.

Promote Effective Whistle Blowing Philosophy Essay

Promote Effective Whistle Blowing Philosophy Essay To promote effective whistle-blowing, Singapore had establish a framework under the Singapore Code of Corporate Governance where one guideline stated that the AC (audit committee) should review the policy and arrangements by which staff of the company or other persons may raise concerns about possible improprieties in matters of financial reporting or other matters. Arrangements for such concerns to be raised must also in place and independently investigated, and for appropriate follow-up action to be taken. The existence of a whistle-blowing policy should be disclosed in the companys Annual Report, and procedures for raising such concerns should be publicly disclosed as appropriate. Implementing such procedures can promote whistle-blowing as it legitimize whistle-blowing and provide formal channels for resolving complaints (Near and Miceli, 1995). This essay will explore several ethical points of views to justify if employees should have the duty to whistle-blow on unethical or illegal acts: utilitarianism, an ethical framework which focuses on the outcomes or results of actions deontology; an ethical theory which is concerned moral actions. Utilitarianism is defined as the ethical tradition which directs us to make decision based on overall consequences of our action (Hartman and Desjardins 2008). Weeks and Nantel (1996) also claims that an one acting on utilitarianism considers the maximum benefits towards its beneficiaries. An action is considered good or right if it results in more good consequences over the bad ones (Beauchamp and Bowie, 1997: 22). Therefore, a utilitarian would attempt to actions that will maximize net social bene ¬Ã‚ ts as a result of their actions (Lamsa, 1999: 346). Bentham (1781) claims that human beings are utilitarian by nature. Bentham (1781) says that when reasoning a moral decision from a utilitarian view, a highly sophisticated hedonic calculus which constitutes of seven considerations, are involved. These considerations comprises of intensity, duration, certainty, propinquity, purity, fecundity and extent. The category extent measures the degree of our moral decisions impacting others . Hence, it is consistent that utilitarian calculations are used to consider the well-being of others as a heavily weighted factor in determining a course of action (Bentham, 1781). Deontology On contrary to utilitarianism, deontology is maintains that the morality of an action is based on series of rules and principles, rather than the consequences of the action. According to Kant (1780), to act in a morally right way, one should act from duty, regardless of the consequences (Kitson and Campbell, 1996: 13). Kant (1780) argues that the good will of a person cannot be determined by the consequences of the act of willing as good consequences could be resulted by accident from an action motivated by bad intentions, whereas bad consequences could be resulted from an action with good intentions. He claims that a person with good will acts out of respect for the moral law as they feel they have a duty to do so. Kant suggested that an action is only morally right if you were willing to have everyone act in a similar way in a similar situation (Lamsa, 1999: 347). Kant believed that actions should respect underlying moral law; a persons motives should re ¬Ã¢â‚¬Å¡ect recognition o f a duty to act and that morality provides a rational framework of rules, which constrains and guides people (Beauchamp and Bowie, 1997: 33; Kant, 2000: 54-5). So should employees have the duty to whistle-blow? Both ethical theories of utilitarianism and deontology discusses whistle-blowing in the context of moral duty. Whistle-blowers acting on the theory of utilitarianism would consider about the likely outcomes of their decision and will only blow the whistle if the rewards outweigh the costs (Southwood, 2001) whereas for those who are acting on the theory of deontology will blow the whistle if they think is morally right as moral obligations are irrelevant with the consequences. Using Benthams utilitarian perspective, one can argue that the negative effects of whistle-blowing can outweigh the rewards. So while an individual aims to disclose the unethical behaviours of an organisation so as to prevent the organisation from further wrongdoings, one would have to consider, as Bok introduced, the three types of conflicting loyalties; conflict between public interest of various sorts, conflict between loyalty and the organisation and the colleagues, and lastly the conflict between recognition and retaliation to the whistle-blower. The first conflict is the conflict between the public interests. Potential whistle-blowers would have to consider if stepping forward is in fact for the public interest. They would measure the extent of the threat and also consider if their actions would improve. The second conflict is their loyalty to the organisation and their peers. The employees, as human beings, will naturally form relationships with their colleagues and their loyalty, respect, commitment and emotional ties will also be developed for their workplace. Hence, by enforcing a duty for employees to whistle-blow would override their loyalties and organisation. The last conflict is the recognition and retaliation of whistle-blowing. In most cases of whistle-blowing the whistle blower stands alone against the majority; the organisation, their colleagues, the government and even their family. Hence, there would likely be a high potential of the whistle-blower suffering retaliation, such as losing their job, being called a rat or mole in the organisation and even suffer punishment as their organisation did if they were to be involved in the wrongdoings as well. Other severe consequences include affecting others such the whistle-blowers family, their close peers and even the entire organization. These negative consequences can be damaging in many ways; psychologically, sociologically and otherwise. Such scenario can be related to a real case occurred in Singapore. In 2005, in the Singapores National Kidney Foundation (NKF) Scandal, ex-Chief Executive Officer, T.T Durai, as well as other board of directors, were charged for misusing of public funds under the Prevention of Corruptions Act by the Police. However, before the scandal, accusations had already been about T.T Durai squandering and misusing of the funds for his own personal needs. The first two whistle-blowers, one of them being a volunteer of NKF, were summoned to court separately for defamation when both claimed that T.T. Durai had been travelling in Singapore Airlines first-class cabin. Both had to pay an undisclosed amount of damages to NKF and offer an apology as well. A cure-suffering father of one of the whistle-blower passed away upon learning about the law suit. The third whistle-blower was sued by NKF when she circulated an e-mail accusing the foundation of paying their staffs high bonuses instead of helping the poor and needy. She also warned the public about donating to the foundation. In results of her action, she had to pay a lump sum of S$50,000 in damages to NKF and also publish a public apology on local newspapers. After the scandal was exposed, though T.T Durai and the board members involved had been punished by the law, the three whistle-blowers had already suffered major negative consequences. Not only did the whistle-blowers not achieve their goal in disclosing the organisations illegal behaviour, they suffered serious punishment under the law and one of them even lost a family member indirectly as a result of his actions. Given the severity of the consequences of whistle-blowing, is it realistic for an individual to fulfil a duty to blow the whistle on unethical or illegal behaviour? On the other hand, whistle-blowers acting on the deontological perspective are considered moral agents. This holds true according to Kants theory of deontology as the intention of the whistle-blowers are for the well-being of the organisation. Whistleblowing addresses the issues of benevolence. The issues of benevolence involved in whistleblowing stem from the positive effects whistleblowing can have on others since whistle-blowers, by disclosing information about organisational wrongdoing, might warn society about organizational crimes or danger and thereby prevent further wrongdoing. However if an organisation were to impose a policy that employees have a duty to whistle-blow, they will lose such moralities and moral responsibilities and also limit their autonomy as well. While organisations introduce such policies to strengthen autonomy of the employee, it would also indicate that employees would be held accountable if they fail on their duty to whistle-blow. Therefore implementing duties to whistle-blow will turn autonomy into a liability. This would also create other imposed responsibilities for the employee as they are held responsible for what they have or have not done in relation to what they know or ought to know. Whistle-blowing policy would turn into a management tool for organisations to control their employees behaviour. This would result in employees not able to bring their whole-selves to work and thus limit the autonomy. Also, implementing such policies can protect organisations as they can shift responsibilities and blame to individual members. Individuals acting on deontological principals can also be regarded as a Good Samaritan. According to Fabre (2002), a Good Samaritan has the moral and legal obligation to help others in peril; hence this would fit in to the framework of Kants goodwill theory. A Good Samaritan characteristics, which according to include the absence of a special relationship and the absence of a professional or contractual obligation to help those in need. A Good Samaritan, explains Fabre, is a stranger who is not particularly qualified, professionally, to help, and who happens to be at the critical place, at the critical time (2002, 129). McCabe (1984) raise the objections and problems that arise with the duty to rescue. These problems are also applicable to whistleblowing and need to be addressed if the duty to whistleblow is implemented. The first objection relates to the situation where numerous people are in a position to rescue but nobody does so. Who will then be held liable for the failure to rescue? A problem with organizational whistleblowing and the potential duty to rescue is that it almost always involves a number of people who are in a position to rescue. Organizational activities and actions generally involve a number of people who know or ought to know about them. A second issue raised by McCabe is the risk of harm to the rescuer which is related to Good Samaritan laws. The risk of harm to whistleblowers is substantial as they are often harmed psychologically and financially despite any whistleblower protection that may apply to them. The last objection that McCabe mentions is the issue of a negligent rescue. What if the rescuer is well meaning but inept and causes harm to the party he is trying to rescue? In terms of whistleblowing this may occur when the whistleblower is ill informed or mistaken and damages the organization by claiming that it has misbehaved when that in fact was not the case. Conclusion In this essay the likely consequences of implementing whistle-blowing as a duty for employees are explored. It is possible that if such policies were to be introduced, as employees are going to be held responsible if they were to fail their duty to whistle-blow, they would be obliged to blow the whistle regardless if the employees might suffer more severe negative consequences than the rewards they can achieve. While they have the well intention of preventing the organisation from further wrongdoings, they might suffer backlash and the consequences might not only affect the individual, but also to their family and even the organisation itself. They enable people at work to be moral agents, who are responsible for their behaviour, and have the autonomy to behave as their conscience dictates them. However, implementing these policies may also turn responsibility into liability and increase the control of people by organisations, holding them responsible for what they do or fail to do, thus further institutionalising the organisation man or woman. This possibility makes whistleblowing policies a management tool to make people at work liable for what they do or fail to do. This second possibility also shifts responsibility of organisational behaviour to employees, making them responsible not only for reporting organisational wrongdoing but for organisational wrongdoing. They also need to be examined in terms of likely consequences, and effect on people and organisations moral behaviour and responsibility.

How NAFTA has affected the financial service industries in the United S

The North American Free Trade Agreement (NAFTA) was enacted in November of 1993 with aims to facilitate the free flow of goods, services and labor between the United States, Canada and Mexico. The ratification of NAFTA created the world’s largest free market with roughly 390 million consumers and an estimated total output of $8.6 trillion. Clearly, this trade alliance has had a major influence on the financial service industries of the participating nations and will continue to do so in the future. However, the financial service provisions of NAFTA will have sufficiently greater implications for Mexico than either the United States or Canada. This is in part because Mexico is embarking upon a greater shift towards openness in its financial service industries. The fact that the financial markets of Canada and the United States have been highly integrated prior to NAFTA implies that they will not benefit as much from transactions within their own markets. What’s more, Ca nada’s trade with Mexico is 1 percent of its trade with the United States. However, the principal gains from financial integration of this sort have largely to do with the more efficient allocation of capital across international boundaries and the more efficient provision of domestic financial services to consumers.   Ã‚  Ã‚  Ã‚  Ã‚  The primary gains to the United States from the NAFTA financial services agreement will be predominantly seen in the long run. The access to a market that includes 90 million people and has been served by a financial and banking sector that has been relatively inefficient and illiquid will prove to be a major advantage to the United States. Although the market access to Mexico’s financial industry has been gradual, U.S. banks, insurers and financial companies have free and fair access to Mexico. Further, in contrast to Canada, the United States has had strong historical ties with Mexico and this familiarity is expected to provide an advantage to the United States in Mexico. In the years to come, further growth of business for U.S. banks and financial institutions because of NAFTA can be expected.   Ã‚  Ã‚  Ã‚  Ã‚  A key impact of the financial services sector is that U.S. banks and financial institutions will be forced to improve their competitiveness. The McFadden Act (1927) and the Glass-Steagall Act (1933) limited branch-based banks an... ...a hemispheric bloc, although experts estimate that an expansion throughout Latin America will take much time and resources due to political maneuvering. Regardless, the implications of such an agreement will most assuredly impact the economies of all countries involved in a dramatic and unparalleled fashion. REFERENCES Crary, D, â€Å"Royal Bank of Canada and Bank of Montreal Plan Merger†, Associated Press, January 23, 1998. Chant, J, â€Å"The Financial Sector in NAFTA: A Trinational Analysis†, S. Globerman and M. Walker, 2000. Gonzalez-Hermosillo, B, â€Å"Financial Integration in North America† Paper presented at the session â€Å"Capital Mobility and Financial Integration in North America,† Allied Social Science Associations annual meetings, Boston (MA), 3-5 January 2001. Wonnacott, R.J. 2000. â€Å"The NAFTA: Fortress North America?† Commentary (C.D. Howe Institute), no. 54:1-18. White, W.R. 1999. â€Å"Some Implications of International Financial Integration for Canadian Policy† Technical Report No. 57. Ottawa: Bank of Canada. Garber, P.M. and Weisbrod, S.R., Opening the Financial Services Market in Mexico†, The Mexican-US Free Trade Agreement.   Ã‚  Ã‚  Ã‚  Ã‚