To what extend the bretton woods institutions have functioned to make Essay

To what extend the bretton woods institutions have functioned to make the world economy less prosperous and less stable - Essay Example Global financial institutions were put up such as the World Bank (WB), International Monetary Fund, General Agreement on Tariffs and Trade and the International Bank for Reconstruction and Development. The ideas behind Bretton Woods were open and free markets to prevent trade blocs. Before World War II, countries competed against each other in an unhealthy manner in economic nationalism. Trade discrimination resulted in few countries getting rich while countries that did not belong to blocs were left out of the bandwagon. This paper will discuss how institutions of the Bretton Woods Conference, namely the World Bank (WB), the International Monetary Fund (IMF) and the successor to the GATT which is the World Trade Organization failed their mandates of improving the international economic order. The present economic order is based on a biased system in which strong nations imposed their preferences on other countries. The number of trade disputes pending at various arbitration bodies a re ominously increasing. These arbitration courts are perceived as favouring stronger nations in interpreting WTO rules although all members are bound to abide by the rules. The noble idea that free trade and open markets will raise the living standards of everybody, in the concept of â€Å"a rising tide raises all boats,† did not happen. Richer nations deal with weaker neighbouring countries by bilateral trade agreements (BTA) and free trade agreements (FTA) like the North American Free Trade Agreement (NAFTA), the Asia-Pacific Economic Cooperation (APEC) and Asean Free Trade Agreement (AFTA). These agreements practice discrimination by the grant of most-favoured nation status (MFN) to countries in exchange for political or diplomatic considerations. These agreements violate the non-discrimination rule in the WTO charter. Discussion The great Industrial Revolution took place in imperial England 200 years ago. Foremost among these inventions was the steam engine. This propell ed many industries such as coal mining and the iron ore and steel industries. A number of factors made England the right environment for which the Industrial Revolution took place. It has a primitive form of capitalism (in lieu of the existing feudal system in much of Europe back then), a melting pot of the greatest minds at that time which discussed novel ideas, the rise of the manufacturing and textile industries and efficient ways of raising relatively-cheap capital at that time (at 5% only versus 20%-30% in Europe). England was the right fertile ground for capitalism. Karl Marx himself believed England favoured the growth of capitalism because it had all the ingredients. Its novelty as an economic system was attractive to many sectors because England had an excess population which needed to be re-deployed from farms. Capitalism provided the saving grace for the government because people can be employed in factories in large urban areas by capitalists. The old feudal system gave way to new ways in the creation of wealth through manufacturing and exports. Capitalism became entrenched with the right combination of political and social changes (Hindess & Hirst, 1975:288). The Industrial Revolution and capitalism are being discussed here to give the reader an overview of today’s global order which is based on the economic system of capitalism. Before

Changing the system of a video library Essay Example for Free

Changing the system of a video library Essay The current system is a hand written and hand handled by Mr Roberts. It is a paper database where all details of the members, transaction and return details are stored. Mr Roberts currently operates all the system by himself and he does this to keep a record of all the bookings out of the videos, he does this by pen. He finds the page in the book allocated to the member, writes when the person needs to bring it back in, takes the payment then gives the video to the member. When a new member joins Mr Roberts takes all the details down in his book, then gives the new member a member number. Mr Roberts has to check every night for overdue videos. When a members page is full, then Mr Roberts has to get a new page, this just adds to the ever-growing file of Mr Roberts. There are lots of problems with the system, it is very slow, it would wear down with over use, he cannot cope with the growing number of customers, He has to check every night to see which videos are overdue and hand type each letter and send them off the same night. This would be increasingly difficult when lots of members join. Another problem is that the videos all have to be numbered and when a video is taken out a card is put in the original case giving the video number and return date. The new system would have to display all the details of the members on one screen and show when last rental and return was. It should be able to show all overdue videos on one screen. It should be very fast and speed up all aspects of the shop. If the database is faster and easier to manage then the number of members will increase and therefore so will the profit. Jonny Sharpe Possible solutions Mr Roberts could solve all his problems by using a filing cabinet. This would solve all his problems with information handling. The advantages of this would be that a filing cabinet is easier to cope than a filing book, the disadvantages are that it is still based on paper and they could easily be damaged or lost. Another problem is that it is still time consuming and would not be any faster, if anything slower than before. Another way to cope with this problem is putting all the files onto a computer. The computer would store all the information easily. The advantages of this are that it would significantly improve the speed and ease of running the video shop. The disadvantages are that it may cost a lot of money and all staff may not be trained in how to use a computer A computer program could be writ but expertise would be needed for this and this expertise I do not have. The next best alternative is that you could use a already existing program such as Microsoft Access. The information would be stored on multiple spread sheets, the information would consist of all the members details and the video details as well. These would be good because they can handle lots of multiplications and can search through information Mark foster System Choice Microsoft office xp professional edition. Pcworld: i 519 Inc vat Any computer could be chosen as long as it has Microsoft access and a printer for printing reports. Software Justification Justify choice of software: Word: The program needs to handle numbers but word is very good at typing letters. Excel: This program would be ok for the video shop but there would have to be 1 sheet for the videos and 1 sheet for the members details. This program would not be able to type letters up and print the letters off. Access: This program is excellent, this is because you can merge the video details and the members details together to give records of loans. This program can also produce reports in letter form and print them off. Data needed 1. This database is for the videos, it should show the number code, name. 2. Members details should be shown on this page, name, address, membership number, telephone number, current video rented and the date it is due back. Design section This shows that I have made two tables to store information, one for the members details and one for the video details. I have entered 50 videos and 5o members into the tables. I have designed the system to alert me when there are overdue videos and to be able to book out videos and book in videos with ease. I linked the two together by making a link between the membership number and the video number as shown below. These next pictures are of my queries. They are update queries which update booking in and booking out of videos. They are linked between the two tables and display the videos booked out and the membership number of the person along with some details. This is my form design. The form is for a member to fill in to automatically add his details to the members table. This is my report. This is basically to inform members that they are in possession of a overdue video and they need to return it. Members have their own membership no and each video has its own video number. This way members and videos dont get mixed up. This is an application form for the video shop, members are asked to fill out basic details. Analysis 1) What do I need from my database. I want it to store information about my members, including their name, address, telephone number, membership number, date of birth. Also in each members record will be stored the video they have rented (its code, not its title to speed things up) and also the date it is due back. Customers can only rent one video per day and it must be returned the next day. I also want the database to store information about the videos, including its code, title, price, certificate and category, eg horror, action, comedy etc. I want a system that will let me book videos in and out very quickly, just by entering the members number and the video code. I also want a system to check which videos havent been returned and create a letter that could be sent out if it hasnt been returned after 1 week. Sometimes people forget they have it so this should be a polite reminder. If they havent returned it after 2 days, then I usually phone them, so I would need it to produce a list of names and telephone numbers. I will answer the other questions at a later time as there are customers in the shop. Regards. Mr Roberts 2) To collect data from new members I have a form that they fill out. They write on it their name, address, tel. number, and date of birth. I write their new membership number on it. 3) Each member has a membership number. It is a four-digit number, starting at 1000. 4) I dont use credit card details as there is too much security needed. 5) For new members I need two forms of identification, one with their name and address, i. e. a bank statement or gas bill for example and one with their photo on, i. e. theirs drivers licence or passport. 6) I havent got a password system. If you think I should have one let me know how you think it would work. The problem is that customers would have to tell me their password and other customers could overhear it so it wouldnt be that secure. Evaluation I think the final product meets the standards set by Mr. Roberts. The only mistakes I have made is that I have given the example members, membership numbers starting at 200 and they are only 3 digit. The final product can do everything specified in the design requirements made by Mr. Roberts. The opinions of the users would be on the questionnaire I made. The only improvements that could be made to my database is that I could maybe produce an automatic report displaying all the information of the member on a report whos video is late, instead of just having a basic template.

Diffusion Of Responsibility Is A Phenomenon English Language Essay

Diffusion Of Responsibility Is A Phenomenon English Language Essay Do the following: Do emotion and our instinct to conform to society and authority affect our ability to think critically? View the following video on the Milgram Experiment: http://youtu.be/W147ybOdgpE Why did about 50% of the subjects, normal everyday Americans, deliver lethal doses of electrical shocks (it was really only an actor pretending to be electrocuted)? To be successful in this assignment, evaluate the following social biases (write one (1) page in Microsoft Word or WordPad): Evaluate the Milgram experiment from the perspective of group pressure and conformity. 1. Using Chapter 4 of the textbook, describe of how group pressure and conformity affected the outcome of the experiment. Your answer should be about two paragraphs (4-5 sentences each) in length. 2. For each example, include at least one quote (citation) from the book that supports your evaluation. Evaluate the Milgram experiment from the perspective of diffusion of responsibility. 3. Using Chapter 4 of the textbook, describe how diffusion of responsibility affected the outcome of the experiment. Your answer should be about two paragraphs (4-5 sentences each) in length. 4. For each example, include at least one quote (citation) from the book that supports your evaluation. *Be sure to include citations from the textbook using the following format- Quote from the book (Boss, 2010. Pg #) Use MS Word or WordPad to complete your assignment. Your teacher wants to know: how conformity affected the outcome of the experiment, with quotations from your text to back it up. Then they want you to explain how diffusion of responsibility affected the outcome, with more quotes from the text to back it up. Diffusion of responsibility is a phenomenon that occurs when we take credit for our successes but blame others for our failures. Taking credit for our successes and blaming others for our failures is a type of self-serving bias. Diffusion of responsibility occurs in groups of people above a certain threshold, where responsibility is not explicitly assigned to particular individuals, and where people subsequently tend not to regard those responsibilities as their concerns, or conceive of those responsibilities as belonging to others. While the specifics of whom we assign to the out group is learned, our brain seems to be wired to see the world in terms of one of us/one of them. Group pressure and the urge to conform are so strong in humans that it can cause us to deny evidence that is right before our eyes. (Boss, 2010. Pg #120) This the e-book In Chapter 4 we will: Learn about the nature and limitations of human knowledge Distinguish between rationalism and empiricism Learn about different types of evidence Set guidelines for evaluating evidence Look at sources for researching claims and evidence Study different types of cognitive/perceptual errors, including self-serving biases Learn how social expectations and group pressure can lead to erroneous thinking Finally, we will examine the evidence and arguments regarding unidentified flying objects (UFOs) and what type of proof would be necessary to establish their existence. Group Pressure and Conformity Group pressure can influence individual members to take positions that they would never support by themselves, as happened in the Stanford Prison experiment described in Chapter 1. Some religious cults exploit this tendency by separating their members from the dissenting views of family and friends. In many cults, people live together, eat together, and may even be assigned a buddy. Group pressure is so powerful in shaping how we see the world that it can lead people to deny contrary evidence that is right before their eyes. In the 1950s, social psychologist Solomon Asch carried out a series of experiments in which he showed study subjects a screen containing a standard line on the left and three comparison lines on the right. One of the comparison lines was the same length as the standard line and the other two were of significantly different lengths.40 In each case, an unsuspecting study subject was introduced into a group with six confederates, who had been told by the experimenter to give the wrong answer. The group was then shown the lines. The experimenter asked one of the confederates which of the three lines on the right they thought was the same length as the standard line. The confederate, without hesitation, gave a wrong answer. The next few confederates gave the same answer. By now, the naÃÆ'Â ¯ve subject was showing puzzlement and even dismay. How can six people be wrong? Page 121 After hearing six wrong answers, 75 percent of the naÃÆ'Â ¯ve study subjects, rather than trust the evidence of their senses, succumbed to group pressure and gave the same wrong answer. Even more surprising is the fact that when questioned afterward, some of these study subjects had actually come to believe the wrong answer was correct. The desire for agreement is normal. However, this desire, when combined with our innate tendency to divide the world into one of us and one of them, can lead to the exclusion of those who disagree with the majority, since people tend to prefer being around people who agree with them. In the corporate world, disagreement is often tacitly discouraged. Outliers or nonconformists who do not agree with group members may be excluded by committee chairs from further discussions or even fired.41 Because of our inborn tendency to conform to what others think, we cannot assume that agreement leads to truth without knowledge about the manner and conditions under which the agreement was arrived. Indeed, the current emphasis on seeking group consensus in decision making may be unreliable. In consensus seeking, the majority in a group is often able to sway the whole group to its view. http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_ta0414b.jpg ASCH EXPERIMENT In Aschs experiment, the naÃÆ'Â ¯ve subject (left) shows puzzlement when the other subjects give what is obviously a wrong answer. http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_ta0427.jpg DISCUSSION QUESTIONS What do you think the naÃÆ'Â ¯ve subject in the picture above is thinking? Think back to a time when you were in a similar situation where you thought you were correct, but everyone else with you thought something else. How did you respond to the discrepancy between your belief and theirs? http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_highlighter_recto.jpg As with other errors in our thinking, we need to develop strategies to recognize and compensate for our human inclination to conform to groupthink. When a group comes to a decision, we need to mentally step back from the group and carefully evaluate the evidence for a particular position rather than assume that the majority must be correct. In competitive ice skating and diving, because of the danger of a judges scoring being contaminated by what other judges say, scoring is done individually, rather than as a group decision. Page 122 Diffusion of Responsibility Diffusion of responsibility is a social phenomenon that occurs in groups of people above a critical size. If responsibility is not explicitly assigned to us, we tend to regard it as not our problem but as belonging to someone else. We are much more likely to come to someones aid if we are alone than if we are in a crowd. We are much more likely to come to someones aid if we are alone than if we are in a crowd. This phenomenon is also known as bystander apathy or the Kitty Genovese syndrome. In 1964, twenty-eight-year-old Kitty Genovese was murdered outside her New York City apartment building. Her killer left twice, when people in the building turned on their lights, before he came back a third time and killed her. In the half hour that lapsed during the attack, none of Genoveses thirty-eight neighbors, who had heard her repeated cries for help, called the police. More recently, in June 2008, an elderly man was struck by a hit-and-run driver on a busy street in Hartford, Connecticut. The man lay in the street paralyzed and bleeding from his head while bystanders gawked at or ignored him. Motorists drove around his body without stopping. No one offered any assistance until an ambulance finally turned up. Diffusion of responsibility can also occur in group hazing at fraternities where no one comes to the rescue of a pledge who is clearly in distress. As social beings, we are vulnerable to the one of us/one of them error, social expectations, and group conformity. When in groups, we also tend to regard something as not our problem unless responsibility is assigned to us. Although these traits may promote group cohesiveness, they can interfere with effective critical thinking. As good critical thinkers we need to be aware of these tendencies, and to cultivate the ability to think independently while still taking into consideration others perspectives. Errors in our thinking also make us more vulnerable to falling for or using fallacies in arguments. Well be studying some of these fallacies in the following chapter. http://textflow.mcgraw-hill.com/figures/007742168X/bos_38200_ta0428.jpg The phenomenon of diffusion of responsibility was regrettably illustrated when no one came to the aid of a seriously injured man lying in a busy street in Hartford, Connecticut after being struck by a hit-and-run driver in May 2008. The victim, Angel Torres, later died from the injuries he sustained. Page 123 EXERCISE 4-4 http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_stop.jpg 1. Whom do you define as us and whom do you put in the category of them? Discuss how you might go about widening the us category to include more people who are now in your them category. 2. Humans seem to have inborn biases toward particular types of people. According to a University of Florida study, when it comes to hiring, employers have a more favorable view of tall people. When it comes to earnings, every extra inch of height above the norm is worth $789 a year. In fact, nine of ten top executives are taller than the typical employee.42 Given this cognitive error and its impact on hiring practices, discuss whether or not affirmative action policies should apply to very short people. Relate your answer to the discussion in the text of the effect of this cognitive error on our thinking. 3. Think of a time when your social expectations led you to misjudge a person or a situation. Discuss strategies for improving your critical-thinking skills so that this is less likely to happen. 4. Think of a time when the public got caught up in a witch hunt. Identify the worldviews and social expectations that supported this witch hunt. Which critical-thinking skills would make you less likely to go along with a witch hunt? Discuss what actions you could take to develop or strengthen these skills. 5. Polls before elections can influence how people vote by swaying undecided voters to vote for the candidate who is in the lead. Analyze whether election polls should be forbidden prior to the election itself. 6. The democratic process depends on social consensus. Given peoples tendency to conform to social expectations and what others think, is democracy the best form of government? If so, what policies might be put in place to lessen the effect of social biases? Be specific. 7. Think of a time when you failed to speak out against an injustice or failed to come to someones aid simply because you were in a large group and felt it wasnt your responsibility. Discuss ways in which improving your critical-thinking skills may make you less susceptible to the diffusion of social responsibility error. 8. Computers (AI) programmed with an inductive logic program can, after sufficient experience working with the ups and downs of the financial market, predict the market with greater accuracy than most experienced financial planners. Given that these computers are not as prone to cognitive errors as are humans, critically evaluate whether we should rely more on AI to make decisions about such issues as college admissions, medical diagnoses, matchmaking, and piloting an airplane. 1. What are some of the sources of knowledge? Ã ¢-Â   Sources of knowledge include both reason and experience. Experience encompasses direct and indirect experience, expert testimony, and research resources such as printed material and the Internet. 2. In what ways might experience be misleading? Ã ¢-Â   Experience can be distorted through false memories, confirmation bias, and reliance on hearsay and anecdotal evidence, as well as perceptual, cognitive, and social errors in our thinking. 3. What are some of the types of cognitive and social errors in our thinking? Ã ¢-Â   Cognitive and social errors are in part the way our brain interprets the world. They include misperception of random data, memorable-events errors, probability errors, self-serving biases, self-fulfilling prophecies, one of us/one of them error, social expectations, group pressure and conformity, and diffusion of responsibility. http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_sa0423.jpg Why is it so many people obey when they feel coerced? Social psychologist Stanley Milgram researched the effect of authority on obedience. He concluded people obey either out of fear or out of a desire to appear cooperativeeven when acting against their own better judgment and desires. Milgrams classic yet controversial experiment illustrates peoples reluctance to confront those who abuse power. It is my opinion that Milgrams book should be required reading (see References below) for anyone in supervisory or management positions. Milgram recruited subjects for his experiments from various walks in life. Respondents were told the experiment would study the effects of punishment on learning ability. They were offered a token cash award for participating. Although respondents thought they had an equal chance of playing the role of a student or of a teacher, the process was rigged so all respondents ended up playing the teacher. The learner was an actor working as a cohort of the experimenter. Teachers were asked to administer increasingly severe electric shocks to the learner when questions were answered incorrectly. In reality, the only electric shocks delivered in the experiment were single 45-volt shock samples given to each teacher. This was done to give teachers a feeling for the jolts they thought they would be discharging. Shock levels were labeled from 15 to 450 volts. Besides the numerical scale, verbal anchors added to the frightful appearance of the instrument. Beginning from the lower end, jolt levels were labeled: slight shock, moderate shock, strong shock, very strong shock, intense shock, and extreme intensity shock. The next two anchors were Danger: Severe Shock, and, past that, a simple but ghastly XXX. In response to the supposed jolts, the learner (actor) would begin to grunt at 75 volts; complain at 120 volts; ask to be released at 150 volts; plead with increasing vigor, next; and let out agonized screams at 285 volts. Eventually, in desperation, the learner was to yell loudly and complain of heart pain. At some point the actor would refuse to answer any more questions. Finally, at 330 volts the actor would be totally silent-that is, if any of the teacher participants got so far without rebelling first. Teachers were instructed to treat silence as an incorrect answer and apply the next shock level to the student. If at any point the innocent teacher hesitated to inflict the shocks, the experimenter would pressure him to proceed. Such demands would take the form of increasingly severe statements, such as The experiment requires that you continue. What do you think was the average voltage given by teachers before they refused to administer further shocks? What percentage of teachers, if any, do you think went up to the maximum voltage of 450? Results from the experiment. Some teachers refused to continue with the shocks early on, despite urging from the experimenter. This is the type of response Milgram expected as the norm. But Milgram was shocked to find those who questioned authority were in the minority. Sixty-five percent (65%) of the teachers were willing to progress to the maximum voltage level. Participants demonstrated a range of negative emotions about continuing. Some pleaded with the learner, asking the actor to answer questions carefully. Others started to laugh nervously and act strangely in diverse ways. Some subjects appeared cold, hopeless, somber, or arrogant. Some thought they had killed the learner. Nevertheless, participants continued to obey, discharging the full shock to learners. One man who wanted to abandon the experiment was told the experiment must continue. Instead of challenging the decision of the experimenter, he proceeded, repeating to himself, Its got to go on, its got to go on. Milgrams experiment included a number of variations. In one, the learner was not only visible but teachers were asked to force the learners hand to the shock plate so they could deliver the punishment. Less obedience was extracted from subjects in this case. In another variation, teachers were instructed to apply whatever voltage they desired to incorrect answers. Teachers averaged 83 volts, and only 2.5 percent of participants used the full 450 volts available. This shows most participants were good, average people, not evil individuals. They obeyed only under coercion. In general, more submission was elicited from teachers when (1) the authority figure was in close proximity; (2) teachers felt they could pass on responsibility to others; and (3) experiments took place under the auspices of a respected organization. Participants were debriefed after the experiment and showed much relief at finding they had not harmed the student. One cried from emotion when he saw the student alive, and explained that he thought he had killed him. But what was different about those who obeyed and those who rebelled? Milgram divided participants into three categories: Obeyed but justified themselves. Some obedient participants gave up responsibility for their actions, blaming the experimenter. If anything had happened to the learner, they reasoned, it would have been the experimenters fault. Others had transferred the blame to the learner: He was so stupid and stubborn he deserved to be shocked. Obeyed but blamed themselves. Others felt badly about what they had done and were quite harsh on themselves. Members of this group would, perhaps, be more likely to challenge authority if confronted with a similar situation in the future. Rebelled. Finally, rebellious subjects questioned the authority of the experimenter and argued there was a greater ethical imperative calling for the protection of the learner over the needs of the experimenter. Some of these individuals felt they were accountable to a higher authority. Why were those who challenged authority in the minority? So entrenched is obedience it may void personal codes of conduct.

Gustav von Aschenbachs Death in Venice Essay -- Thomas Mann Literatur

Gustav von Aschenbach's Death in Venice Prior to his encounter with Tadzio, Gustav von Aschenbach in "Death in Venice" is not an artist to be creatively inspired by sensuous beauty. Rather, his motivation derives from a desire to be accepted and appreciated by his audience, his "whole soul, from the very beginning, [being] bent on fame." [1] Nor does Aschenbach create in moments of ecstasy: being called to the constant tension of his career, not actually born to it (9), he is able to write only through rigid isolation and self-discipline. But though he is able thereby to win "the adhesion of the general public and the admiration, both sympathetic and stimulating, of the connoisseur" (9), Aschenbach reaches a creative impasse, getting "no joy of [his work]-- not though a nation paid it homage" (7). And, one day, unable to check the motus animus continuus or source of eloquence within him, be wanders to the North Cemetery where be encounters a mysterious vagabond; and then, impelled to travel further, journeys to Pola and f inally to Venice. On the steamer to Venice, Aschenbach asks his "own weary heart if a new enthusiasm, a new preoccupation, some late adventure of the feeling could be in store for the idle traveler" (19). He finds a positive answer in the person of Tadzio, the strikingly beautiful Polish boy with whom be becomes increasingly infatuated to the extent that he is unwilling to leave Venice despite its ominous forebodings. At the end of the novella's third chapter, Aschenbach, realizing that leaving Venice is too difficult "for Tadzio's sake" ( 40), forsakes his4C closed fist" discipline and surrenders to his growing passions; the fourth chapter culminates in his confession "of love and longing" for Tadzio. In ... ... Erich, The Ironic German: A Study of Thomas Mann (Boston: Little, Brown and Co., 1958). Heller, Peter, "Thomas Mann's Conception of the Creative Writer," PMLA, 69 (September 1954), 764. Mann, Thomas, "Death in Venice" and Other Stories, trans. H. T. Lowe-Porter, (New York: Vintage). Mann, Thomas, Letters of Thomas Mann, selected and translated by Richard and Clara Winston, (New York: Knopf, 1971). Plato, Phaedrus, trans. R. Hackforth, in Edith Hamilton and Huntington Cairns, eds. The Collected Dialogues of Plato (New York: Pantheon, 1966). Rey, W., '"Tragic Aspects of the Artist in Thomas Mann's Works," Modern Language Quarterly, 19 (September 1958). Rosenthal, M. L. "The Corruption of Aschenbach," The University of Kansas Review, 14 (1947), Traschen, Isadore, "The Use of Myth in 'Death in Venice,"' Modern Fiction Studies, 11 (Summer 1965).

The Financial System of Bangladesh

Overview of Financial system of Bangladesh The financial system of Bangladesh is comprised of three broad fragmented sectors: 1. Formal Sector, 2. Semi-Formal Sector, 3. Informal Sector. The sectors have been categorized in accordance with their degree of regulation. The formal sector includes all regulated institutions like Banks, Non-Bank Financial Institutions (FIs), Insurance Companies, Capital Market Intermediaries like Brokerage Houses, Merchant Banks etc. ; Micro Finance Institutions (MFIs).The semi formal sector includes those institutions which are regulated otherwise but do not fall under the jurisdiction of Central Bank, Insurance Authority, Securities and Exchange Commission or any other enacted financial regulator. This sector is mainly represented by Specialized Financial Institutions like House Building Finance Corporation (HBFC), Palli Karma Sahayak Foundation (PKSF), Samabay Bank, Grameen Bank etc. , Non Governmental Organizations (NGOs and discrete government progra ms. About financial MarketThe financial market in Bangladesh is mainly of following types: 1. Money Market: The primary money market is comprised of banks, FIs and primary dealers as intermediaries and savings & lending instruments, treasury bills as instruments. There are currently 15 primary dealers (12 banks and 3 FIs) in Bangladesh. The only active secondary market is overnight call money market which is participated by the scheduled banks and FIs. The money market in Bangladesh is regulated by Bangladesh Bank (BB), the Central Bank of Bangladesh. . Capital market: The primary segment of capital market is operated through private and public offering of equity and bond instruments. The secondary segment of capital market is institutionalized by two (02) stock exchanges-Dhaka Stock Exchange and Chittagong Stock Exchange. The instruments in these exchanges are equity securities (shares), debentures, corporate bonds and treasury bonds. The capital market in Bangladesh is governed by Securities and Commission (SEC). 3.Foreign Exchange Market: Towards liberalization of foreign exchange transactions, a number of measures were adopted since 1990s. Bangladeshi currency, the taka, was declared convertible on current account transactions (as on 24 March 1994), in terms of Article VIII of IMF Article of Agreement (1994). As Taka is not convertible in capital account, resident owned capital is not freely transferable abroad. Repatriation of profits or disinvestment proceeds on non-resident FDI and portfolio investment inflows are permitted freely.Direct investments of non-residents in the industrial sector and portfolio investments of non-residents through stock exchanges are repatriable abroad, as also are capital gains and profits/dividends thereon. Investment abroad of resident-owned capital is subject to prior Bangladesh Bank approval, which is allowed only sparingly. Bangladesh adopted Floating Exchange Rate regime since 31 May 2003. Under the regime, BB does not interfere in the determination of exchange rate, but operates the monetary policy prudently for minimizing extreme swings in exchange rate to avoid adverse repercussion on the domestic economy.The exchange rate is being determined in the market on the basis of market demand and supply forces of the respective currencies. In the forex market banks are free to buy and sale foreign currency in the spot and also in the forward markets. However, to avoid any unusual volatility in the exchange rate, Bangladesh Bank, the regulator of foreign exchange market remains vigilant over the developments in the foreign exchange market and intervenes by buying and selling foreign currencies whenever it deems necessary to maintain stability in the foreign exchange market.Regulators of the Financial System Central Bank Bangladesh Bank acts as the Central Bank of Bangladesh which was established on December 16, 1972 through the enactment of Bangladesh Bank Order 1972- President’s Order No. 127 o f 1972 (Amended in 2003). The general superintendence and direction of the affairs and business of BB have been entrusted to a 9 members' Board of Directors which is headed by the Governor who is the Chief Executive Officer of this institution as well. BB has 40 departments and 9 branch offices.In Strategic Plan (2010-2014), the vision of BB has been stated as, â€Å"To develop continually as a forward looking central bank with competent and committed professionals of high ethical standards, conducting monetary management and financial sector supervision to maintain price stability and financial system robustness, supporting rapid broad based inclusive economic growth, employment generation and poverty eradication in Bangladesh†. The main functions of BB are (Section 7A of BB Order, 1972) – 1. to formulate and implement monetary policy; 2. o formulate and implement intervention policies in the foreign exchange market; 3. to give advice to the Government on the interact ion of monetary policy with fiscal and exchange rate policy, on the impact of various policy measures on the economy and to propose legislative measures it considers necessary or appropriate to attain its objectives and perform its functions; 4. to hold and manage the official foreign reserves of Bangladesh; 5. to promote, regulate and ensure a secure and efficient payment system, including the issue of bank notes; 6. o regulate and supervise banking companies and financial institutions. Core Policies of Central Bank Monetary policy The main objectives of monetary policy of Bangladesh Bank are: †¢Price stability both internal & external †¢Sustainable growth & development †¢High employment †¢Economic and efficient use of resources †¢Stability of financial & payment system Bangladesh Bank declares the monetary policy by issuing Monetary Policy Statement (MPS) twice (January and July) in a year.The tools and instruments for implementation of monetary policy in Bangladesh are Bank Rate, Open Market Operations (OMO), Repurchase agreements (Repo) & Reverse Repo, Statutory Reserve Requirements (SLR & CRR). Reserve Management Strategy Bangladesh Bank maintains the foreign exchange reserve of the country in different currencies to minimize the risk emerging from widespread fluctuation in exchange rate of major currencies and very irregular movement in interest rates in the global money market.BB has established Nostro account arrangements with different Central Banks. Funds accumulated in these accounts are invested in Treasury bills, repos and other government papers in the respective currencies. It also makes investment in the form of short term deposits with different high rated and reputed commercial banks and purchase of high rated sovereign/supranational/corporate bonds. A separate department of BB performs the operational functions regarding investment which is guided by investment policy set by the BB's Investment Committee headed by a Deputy Governor.The underlying principle of the investment policy is to ensure the optimum return on investment with minimum market risk. Interest Rate Policy Under the Financial sector reform program, a flexible interest policy was formulated. According to that, banks are free to charge/fix their deposit (Bank /Financial Institutes) and Lending (Bank /Financial Institutes) rates other than Export Credit. At present, except Pre-shipment export credit and agricultural lending, there is no interest rate cap on lending for banks.Yet, banks can differentiate interest rate up to 3% considering comparative risk elements involved among borrowers in same lending category. With progressive deregulation of interest rates, banks have been advised to announce the mid-rate of the limit (if any) for different sectors and the banks may change interest 1. 5% more or less than the announced mid-rate on the basis of the comparative credit risk. Banks upload their deposit and lending interest rate in their respective website. Capital Adequacy for Banks and FIsWith a view to strengthening the capital base of banks & FIs, Basel-II Accord has been introduced in both of these sectors. For banks, full implementation of Basel-II was started in January 01, 2010 (Guidelines on Risk Based Capital Adequacy for banks). Now, scheduled banks in Bangladesh are required to maintain Tk. 4 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. For FIs, full implementation of Basel-II has been started in January 01, 2012 (Prudential Guidelines on Capital Adequacy and Market Discipline (CAMD) for Financial Institutions).Now, FIs in Bangladesh are required to maintain Tk. 1 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. Deposit Insurance The deposit insurance scheme (DIS) was introduced in Bangladesh in August 1984 to act as a safety net for the depositors. All the scheduled banks Bangladesh are the member of this scheme Bank Deposit Insurance A ct 2000. The purpose of DIS is to help to increase market discipline, reduce moral hazard in the financial sector and provide safety nets at the minimum cost to the public in the event of bank failure.A Deposit Insurance Trust Fund (DITF) has also been created for providing limited protection (not exceeding Taka 0. 01 million) to a small depositor in case of winding up of any bank. The Board of Directors of BB is the Trustee Board for the DITF. BB has adopted a system of risk based deposit insurance premium rates applicable for all scheduled banks effective from January – June 2007. According to new instruction regarding premium rates, problem banks are required to pay 0. 09 percent and private banks other than the problem banks and state owned commercial banks are required to pay 0. 7 percent where the percent coverage of the deposits is taka one hundred thousand per depositor per bank. With this end in view, BB has already advised the banks for bringing DIS into the notice of the public through displaying the same in their display board. Insurance Authority Insurance Development and Regulatory Authority (IDRA) was instituted on January 26, 2011 as the regulator of insurance industry being empowered by Insurance Development and Regulatory Act, 2010 by replacing its predecessor, Chief Controller of Insurance.This institution is operated under Ministry of Finance and a 4 member executive body headed by Chairman is responsible for its general supervision and direction of business. IDRA has been established to make the insurance industry as the premier financial service provider in the country by structuring on an efficient corporate environment, by securing embryonic aspiration of society and by penetrating deep into all segments for high economic growth.The mission of IDRA is to protect the interest of the policy holders and other stakeholders under insurance policy, supervise and regulate the insurance industry effectively, ensure orderly and systematic growth of the insurance industry and for matters connected therewith or incidental thereto. Regulator of Capital Market Intermediaries Securities and Exchange Commission (SEC) performs the functions to regulate the capital market intermediaries and issuance of capital and financial instruments by public limited companies.It was established on June 8, 1993 under the Securities and Exchange Commission Act, 1993. A 5 member commission headed by a Chairman has the overall responsibility to administer securities legislation and the Commission is attached to the Ministry of Finance. The mission of SEC is to protect the interests of securities investors, to develop and maintain fair, transparent and efficient securities markets and to ensure proper issuance of securities and compliance with securities laws. The main functions of SEC are: †¢Regulating the business of the Stock Exchanges or any other securities market. Registering and regulating the business of stock-brokers, sub-broke rs, share transfer agents, merchant bankers and managers of issues, trustee of trust deeds, registrar of an issue, underwriters, portfolio managers, investment advisers and other intermediaries in the securities market. †¢Registering, monitoring and regulating of collective investment scheme including all forms of mutual funds. †¢Monitoring and regulating all authorized self regulatory organizations in the securities market. †¢Prohibiting fraudulent and unfair trade practices in any securities market. Promoting investors’ education and providing training for intermediaries of the securities market. †¢Prohibiting insider trading in securities. †¢Regulating the substantial acquisition of shares and take-over of companies. †¢Undertaking investigation and inspection, inquiries and audit of any issuer or dealer of securities, the Stock Exchanges and intermediaries and any self regulatory organization in the securities market. †¢Conducting researc h and publishing information. Regulator of Micro Finance InstitutionsTo bring Non-government Microfinance Institutions (NGO-MFIs) under a regulatory framework, the Government of Bangladesh enacted â€Å"Microcredit Regulatory Authority Act, 2006’† (Act no. 32 of 2006) which came into effect from August 27, 2006. Under this Act, the Government established Microcredit Regulatory Authority (MRA) with a view to ensuring transparency and accountability of microcredit activities of the NGO-MFIs in the country. The Authority is empowered and responsible to implement the said act and to bring the microcredit sector of the country under a full-fledged regulatory framework.MRA’s mission is to ensure transparency and accountability of microfinance operations of NGO-MFIs as well as foster sustainable growth of this sector. In order to achieve its mission, MRA has set itself the task to attain the following goals: †¢To formulate as well as implement the policies to ensu re good governance and transparent financial systems of MFIs. †¢To conduct in-depth research on critical microfinance issues and provide policy inputs to the government consistent with the national strategy for poverty eradication. To provide training of NGO-MFIs and linking them with the broader financial market to facilitate sustainable resources and efficient management. †¢To assist the government to build up an inclusive financial market for economic development of the country. †¢To identify the priorities in the microfinance sector for policy guidance and dissemination of information to attain the MRA’s social responsibility. According to the Act, the MRA will be responsible for the three primary functions that will need to be carried out, namely: †¢Licensing of MFIs with explicit legal powers; Supervision of MFIs to ensure that they continue to comply with the licensing requirements; and †¢Enforcement of sanctions in the event of any MFI failing to meet the licensing and ongoing supervisory requirements. Banks After the independence, banking industry in Bangladesh started its journey with 6 Nationalized commercialized banks, 2 State owned Specialized banks and 3 Foreign Banks. In the 1980's banking industry achieved significant expansion with the entrance of private banks.Now, banks in Bangladesh are primarily of two types: †¢Scheduled Banks: The banks which get license to operate under Bank Company Act, 1991 (Amended in 2003) are termed as Scheduled Banks. †¢Non-Scheduled Banks: The banks which are established for special and definite objective and operate under the acts that are enacted for meeting up those objectives, are termed as Non-Scheduled Banks. These banks cannot perform all functions of scheduled banks. There are 47 scheduled banks in Bangladesh who operate under full control and supervision f Bangladesh Bank which is empowered to do so through Bangladesh Bank Order, 1972 and Bank Company Act, 1991. S cheduled Banks are classified into following types: †¢State Owned Commercial Banks (SOCBs): There are 4 SOCBs which are fully or majorly owned by the Government of Bangladesh. Nationalized Commercial Bank of Bangladesh: †¢Sonali Bank †¢Agrani Bank †¢Rupali Bank †¢Janata Bank †¢ †¢Specialized Banks (SDBs): 9 specialized banks are now operating which were established for specific objectives like agricultural or industrial development. These banks are also fully or majorly owned by the Government of Bangladesh. . Karmasangsthan Bank 2. Bangladesh Krishi Bank 3. Rajshahi Krishi Unnayan Bank 4. Progoti Co-operative Landmortgage Bank Limited (Progoti BanK) 5. Grameen Bank 6. Bangladesh Development Bank Ltd 7. Bangladesh Somobay Bank Limited(Cooperative Bank) 8. Ansar VDP Unnyan Bank 9. BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited †¢ †¢Private Commercial Banks (PCBs): There are 37 private commercial banks which are m ajorly owned by the private entities. PCBs can be categorized into two groups: 1. United Commercial Bank Limited 2. Mutual Trust Bank Limited 3. BRAC Bank Limited . Eastern Bank Limited 5. Dutch-Bangla Bank Limited 6. Dhaka Bank Limited 7. Islami Bank Bangladesh Ltd 8. Uttara Bank Limited 9. Pubali Bank Limited 10. IFIC Bank Limited 11. National Bank Limited 12. The City Bank Limited 13. NCC Bank Limited 14. Mercantile Bank Limited 15. Prime Bank Limited 16. Southeast Bank Limited 17. Al-Arafah Islami Bank Limited 18. Social Islami Bank Limited 19. Standard Bank Limited 20. One Bank Limited 21. Exim Bank Limited 22. Bangladesh Commerce Bank Limited 23. First Security Islami Bank Limited 24. The Premier Bank Limited 25. Bank Asia Limited 26.Trust Bank Limited 27. Shahjalal Islami Bank Limited 28. Jamuna Bank Limited 29. ICB Islamic Bank 30. AB Bank 31. Social Investment Bank Ltd 32. Union Bank 33. Modhumati Bank 34. The Farmers' Bank 35. Midland Bank 36. Meghna Bank 37. South Bangla Agriculture and Commerce Bank †¢Conventional PCBs: 23 conventional PCBs are now operating in the industry. They perform the banking functions in conventional fashion interest based operations. †¢Islami Shariah based PCBs: There are 7 Islami Shariah based PCBs in Bangladesh and they execute banking activities according to Islami Shariah based principles i. . Profit-Loss Sharing (PLS) mode. . †¢Foreign Commercial Banks (FCBs): 10 FCBs are operating in Bangladesh as the branches of the banks which are incorporated in abroad. 10 foreign commercial banks are operating in Bangladesh. These are – 1. Citibank 2. HSBC 3. Standard Chartered Bank 4. Commercial Bank of Ceylon 5. State Bank of India 6. Habib Bank Limited 7. National Bank of Pakistan 8. Woori Bank 9. Bank Alfalah 10. ICICI Bank There are now 4 non-scheduled banks in Bangladesh which are: †¢Ansar VDP Unnayan Bank, †¢Karmashangosthan Bank, †¢Probashi Kollyan Bank, †¢Jubilee Bank FIsNon Bank Financial Institutions (FIs) are those types of financial institutions which are regulated under Financial Institution Act, 1993 and controlled by Bangladesh Bank. Now, 31 FIs are operating in Bangladesh while the maiden one was established in 1981. Out of the total, 2 is fully government owned, 1 is the subsidiary of a SOCB, 13 were initiated by private domestic initiative and 15 were initiated by joint venture initiative. Major sources of funds of FIs are Term Deposit (at least six months tenure), Credit Facility from Banks and other FIs, Call Money as well as Bond and Securitization.The major difference between banks and FIs are as follows: †¢FIs cannot issue cheques, pay-orders or demand drafts. †¢FIs cannot receive demand deposits, †¢FIs cannot be involved in foreign exchange financing, †¢FIs can conduct their business operations with diversified financing modes like syndicated financing, bridge financing, lease financing, securitization instruments, privat e placement of equity etc. Capital market After the independence, establishment of Dhaka Stock Exchange (formerly East Pakistan Stock Exchange) initiated the pathway of capital market intermediaries in Bangladesh.In 1976, formation of Investment Corporation of Bangladesh opened the door of professional portfolio management in institutional form. In last two decades, capital market witnessed number of institutional and regulatory advancements which has resulted diversified capital market intermediaries. At present, capital market intermediaries are of following types: 1. Stock Exchanges: Apart from Dhaka Stock Exchange, there is another stock exchange in Bangladesh that is Chittagong Stock Exchange established in 1995. 2.Central Depository: The only depository system for the transaction and settlement of financial securities, Central Depository Bangladesh Ltd (CDBL) was formed in 2000 which conducts its operations under Depositories Act 1999, Depositories Regulations 2000, Depository (User) Regulations 2003, and the CDBL by-laws. 3. Stock Dealer/Sock Broker: Under SEC (Stock Dealer, Stock Broker & Authorized Representative) Rules 2000, these entities are licensed and they are bound to be a member of any of the two stock exchanges. At present, DSE and CSE have 238 and 136 members respectively. . Merchant Banker & Portfolio Manager: These institutions are licensed to operate under SEC (Merchant Banker & Portfolio Manager Rules) 1996 and 45 institutions have been licensed by SEC under this rules so far. 5. Asset Management Companies (AMCs): AMCs are authorized to act as issue and portfolio manager of the mutual funds which are issued under SEC (Mutual Fund) Rules 2001. There are 15 AMCs in Bangladesh at present. 6. Credit Rating Companies (CRCs): CRCs in Bangladesh are licensed under Credit Rating Companies Rules, 1996 and now, 5 CRCs have been accredited by SEC. 7.Trustees/Custodians: According to rules, all asset backed securitizations and mutual funds must have an accredited trusty and security custodian. For that purpose, SEC has licensed 9 institutions as Trustees and 9 institutions as custodians. 8. Investment Corporation of Bangladesh (ICB): ICB is a specialized capital market intermediary which was established in 1976 through the ordainment of The Investment Corporation of Bangladesh Ordinance 1976. This ordinance has empowered ICB to perform all types of capital market intermediation that fall under jurisdiction of SEC. ICB has three subsidiaries: 8. 1.ICB Capital Management Ltd. , 8. 2. ICB Asset Management Company Ltd. , 8. 3. ICB Securities Trading Company Ltd. Insurance Insurance sector in Bangladesh emerged after independence with 2 nationalized insurance companies- 1 Life & 1 General; and 1 foreign insurance company. In mid 80s, private sector insurance companies started to enter in the industry and it got expanded. Now days, 62 companies are operating under Insurance Act 2010. Out of them- †¢18 are Life Insurance Compani es including 1 foreign company and 1 is state-owned company, †¢44 General Insurance Companies including 1 state-owned company.Insurance companies in Bangladesh provide following services: 1. Life insurance, 2. General Insurance, 3. Reinsurance, 4. Micro-insurance, 5. Takaful or Islami insurance. Micro Finance Institutions (MFIs) The member-based Microfinance Institutions (MFIs) constitute a rapidly growing segment of the Rural Financial Market (RFM) in Bangladesh. Microcredit programs (MCP) in Bangladesh are implemented by various formal financial institutions (nationalized commercial banks and specialized banks), specialized government organizations and Non-Government Organizations (NGOs).The growth in the MFI sector, in terms of the number of MFI as well as total membership, was phenomenal during the 1990s and continues till today. Despite the fact that more than a thousand of institutions are operating microcredit programs, but only 10 large Microcredit Institutions (MFIs) a nd Grameen Bank represent 87% of total savings of the sector and 81% of total outstanding loan of the sector. Through the financial services of microcredit, the poor people are engaging themselves in various income generating activities and around 30 million poor people are directly benefited from microcredit programs.Credit services of this sector can be categorized into six broad groups: i) general microcredit for small-scale self employment based activities, ii) microenterprise loans, iii) loans for ultra poor, iv) agricultural loans, v) seasonal loans, and vi) loans for disaster management. Currently, 599 institutions (as of October 10 2011) have been licensed by MRA to operate Micro Credit Programs. But, Grameen Bank is out of the jurisdiction of MRA as it is operated under a distinct legislation- Grameen Bank Ordinance, 1983. Recent Developments in Financial Sector of BangladeshAutomation and Technological Development: Banking sector experienced remarkable progress in respect of automation in functioning in last several years. For the pro-active and forward-visioning approach of Bangladesh Bank, numbers of automation initiatives have been implemented in banking sector. These initiatives include: †¢To create a disciplined environment for borrowing, the automated Credit Information Bureau (CIB) service provides credit related information for prospective and existing borrowers. With this improved and efficient system, risk management will be more effective.Banks and financial institutions may furnish credit information to CIB database 24 by 7 around the year; and they can access credit reports from CIB online instantly. †¢L/C Monitoring System has been introduced for preservation and using the all necessary information regarding L/C by the banks through BB website. This system allows the authorized users of banks to upload and download their L/C information. †¢ In terms of article 36(3) of Bangladesh Bank Order, 1972, all scheduled banks are subject to submit Weekly Statement of Position as at the close of business on every Thursday to the Department of Off-site Supervision.This statement now is submitted through on-line using the web upload service of BB website within o3 (three) working days after the reporting date which is much more time and labor efficient that the earlier manual system. †¢The e-Returns service has been introduced which is An Online Portal Service for Scheduled Banks to submit Electronic Returns using predefined template for the purpose of Macro Economy Analysis through related BB Departments. †¢Online Export Monitoring System is used for monitoring export of Bangladesh. Through this service, Banks and AD Branches of Banks issue & reports export report. Bangladesh Automated Clearing House (BACH) started to work by replacing the ancient manual clearing system which allows the inter-bank cheques and similar type instruments to be to settled in instant manner. †¢Electronic Fund Transfer (EFT) has been introduced which facilitates the banks to make bulk payments instantly and using least paper and manpower. †¢The initiation of Mobile Banking has been one of the most noteworthy advancement in banking. Through this system, franchises of banks through mobile operators can provide banking service to even the remotest corner of the country. Almost every commercial bank is now using their own core banking solution which has made banking very faster and efficient. Usage of plastic money has much more increased in daily life transactions. Full or partial online banking is now being practiced by almost every bank. Inauguration of internet trading in both of the bourses (DSE & CSE) in the country is the most significant advancement for capital market in last several years. Micro Finance Institutions submit their reports to the regulator through the Online Report Submission Tools for MFIs. Institutional Development:Through the Central Bank Strengthening Project, there ha ve been a good number of achievements regarding the institutional development in BB which can be observed below: †¢The implementation of Enterprise Resource Planning (ERP) has been a big step in automation of operational structure of BB. †¢The establishment of Enterprise Data Warehouse (under process) will bring the whole banking and FI industry under a single network through which data sharing, reporting and supervision will enter in a new horizon. †¢Bangladesh Bank now possesses the most informative and resourceful website of the country regarding economic and financial information. Internal networking system with required online communication facilities have been developed and in operation for the officers of BB. †¢BB has hosted number of international seminars on different economic and financial issues over last several years. MRA was established in 2006 for bringing NGO-MFIs under supervision. For the pro active role of MRA, this sector (MFI) is now in a goo d shape regarding the accountability and regulation. For abolishing anomaly and fetching discipline in insurance industry, IDRA was established in 2011.In one year, IDRA has taken number of appreciable steps to regularize this industry. After the massive crash of local bourses in 2010-2011, the executive body of SEC was redesigned in full and some good results have come after that. Regulatory Development: Banking and FI industries have experienced diversified regulatory development over last few years: †¢Full implementation of Basel-II (International capital adequacy standard) accord has been in effect in both banking and FI industry. †¢Guidelines on Environmental and Climate Change Risk Management for banks and FIs have been circulated.Policy guidelines on Green Banking also have been issued. †¢Guidelines on Stress Testing for banks and FIs have been issued which is aimed to assess the resilience of banks and FIs under different adverse situations. †¢Number of P olicy initiatives for Financial Inclusion has been undertaken. †¢Banks have been asked to build up separate Risk Management Unit for comprehensive and intensive risk management. †¢Banks have been instructed to create separate subsidiary for capital market operations and capital market operations of banks are now minutely monitored. Supervision has been intensified to increase the participation of banks in Corporate Social Responsibility (CSR). †¢For the efficient and timely action of BB, foreign exchange reserve of Bangladesh did not face any adversity during global financial turmoil of 2007-09. †¢To meet international standard on Anti Money Laundering (AML)/Combating Financing of Terrorism (CFT) issues, guidelines for Money Changers, Insurance Companies and Postal Remittance have already been circulated. SEC has updated Public Issue Rules, 2006 and Mutual Fund Rules, 2001.Apart from that, numbers of AMCs, merchant banks and are Mutual Funds are permitted by SEC which has increased the participation of institutional investors. The trend of capital market research has been upward which indicates the potential of analytical investment decision. Insurance Act 2010 was formulated to meet demand of concurrent time for shifting the insurance industry in a better shape. Apart from that, several initiatives have been undertaken by IDRA for prohibiting the malpractices in the industry regarding insurance commission, agent, premium etc and corporate governance issues.Banks As on June 2011 Deposits AdvancesTotal Capital*No. of Branches 4115855. 50 Million3212848. 70 Million461697. 00 Million7772 FIs As on December 2010 Deposits Loans and leasesAssetsShare Capital & ReserveNo. of Branches 94374. 80 Million321284. 87 Million251527. 34 Million44689. 29 Million115 Insurance As on December 2009 AssetShare CapitalReserve Life Insurance118020. 15 Million1245. 54 Million106098. 88 Million Non-Life Insurance42622. 90 Million6653. 83 Million12133. 30 Million Ca pital MarketMarket Capitalization of Dhaka Stock Exchange As on September 2011 All Listed Securities2,782,901Million All Listed Companies Shares2,202,274 Million All Listed Mutual Funds35,733 Million All Debentures576 Million All Listed Govt. T-Bonds537,381 Million All Listed Corporate Bonds6,937 Million MFIs As on June 2009 Total Outstanding Number of ClientsNumber of BorrowersNo. of Branches 1,21,881. 85 Million24. 77 Million19. 50Million 18,022 * Sum of Tier-I, Tier-II and Tier-II Capital Components Related article: Padma Bridge

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Contenporary Management Issues1 - Essay Example ng effective steps in performing social activities to enhance their brand image and to conduct operations with better social initiatives for the development of a community as a whole (Hohnen & Potts, 2007). In the year 1996, Oman Oil Company (OOC) was established and it is owned by ‘Government of the Sultanate’. The company deals with petroleum products and natural gases. Contextually, OOC is regarded as the main base of the Omani economy. The company is also considered as an important source of Foreign Direct Investment (FDI), which is accountable for the development of the economy as a whole. In addition, the company has participated in CSR activities in national as well as international level. The company has adopted CSR policy as an integral part of business strategy with the aim of ascertaining that business operations are performed for the development of communities as a whole. Every year OOC contributes millions of funds for local community development. Moreover, it is worthy to state that OOC has achieved awards for its CSR activities in national levels. As a part of the CSR activity, OOC developed a partnership with â€Å"Oman Society for Petroleum Service (OPAL) † to provide technical and vocational training to local youths and its present employees (Oman Oil Company, 2012). In this regard, the objective of the essay is to highlight Four-Part of Model of Corporate Social Responsibility activity. The four-part model of CSR comprises economic, legal, ethical and philanthropic, which are described on the basis of CSR policies adopted by OOC. . Moreover, the essay describes the challenges faced by the company in the areas of business ethics and CSR activities. Globalization has transformed the picture of organisations. In modern scenario, organisations have used varied kind of activities to enhance their growth level. Notably, CSR is an activity, which makes a particular organisation different from others. Moreover, CSR is regarded as a new form of

The National Energy Program Revisited Research Paper

The National Energy Program Revisited - Research Paper Example The program also aimed at finding new sources of the Canadian gas and oil (Franà §ois 2006). Lastly, the program was aimed at increasing federal share on oil and gas revenues. This meant that the program was economic minded. To achieve these objectives, the program then introduced several rules, tax rates and several regulations including the petroleum compensation charge, which was imposed on the country’s domestic refiners (Robert, 2011). The Western provinces especially Alberta were not impressed by the program making the federal-provincial relations reach one of their lowest points. In other words, it meant that the program was not popular in the Western province thus Alberta which also produces most of the oil in Canada (Franà §ois 2006). With indications that the natural resources in the nation would fall constitutionally within the provincial jurisdiction domain, most of the Albertans felt that the program was a detrimental incursion by the federal government especially where province affairs are involved. To the Albertans, the program was perceived to be only benefiting the eastern provinces. Economically, the Western province felt that the program was sidelining it and instead favor other parts of the country. Furthermore, there were bankruptcies in the Western province as a result of the program. Businesses such as real estate performed poorly in not only Alberta but also other parts of the country and other petroleum exporting economies including the United States and Norway (Franà §ois 2006). This prospect weakened Alberta in terms of its economic dominance hence faulting the National Energy Program. Generally, the National Energy Program cultivated to federal deficits due to the substantial revenues increase from the gas and the oil sectors. At the same time, Western province GDP fell due to the

Comparison of Two Recovery Room Warming Methods for Hypothermla Coursework

Comparison of Two Recovery Room Warming Methods for Hypothermla Patlents Who Had Undergone Spinal Surgery - Coursework Example Highlighting the differences and the essence of the research results, findings and conclusions can also be considered to play a major role in a research article analysis. With the above information in hand, this paper will analyze the research article namely The Comparison of Two Recovery Room Warming methods for Hypothermia Patients Who Had Undergone Spinal Surgery. The key element of this research article concerns the concept of homeostasis, whereby the human body is able to maintain a relative equilibrium state under fluctuating environmental (temperature) conditions. Thus, the human body is able to regulate the body temperature with the assistance of the hypothalamus. This research article also makes a detailed study on the time needed to reach the specified temperature by the hypothermia patients who have undergone spinal surgery. The efficiency of two major warming methods such as the warm cotton blankets and a radiant warmer for the patients in a post anesthetic care unit is c ompared in the article. The analysis of this research article can be centered on the evaluation of the validity of the results which in turn depends on the research plan measurement, data collection and analysis process. Thus, the research plan measurement can be further classified into fragments such as cases, observations, variables and unit of analysis. In this article, the cases that are taken for research were of the hypothermia patients who had undergone the spinal surgery. These patients were kept under observation with respect to their body temperatures. The variables implemented in this case would be the different types of warming methods. Hence, the research had a concrete plan on which the data collection, analysis and interpretation of the results were built up effectively. The other vital area to be focused would be the data collection process. â€Å"This study was conducted according to a quasi-experimental design. Data was collected from a medical referral centre in northern Taiwan.† (Yang, Lee, Chu, Su, Ho and Fan 2). Thus, the data collection process included selecting the study samples from patient group in Taiwan, who are older than eighteen years, also who were under general anesthesia during the course of the surgery as well as those who were conscious and able to communicate. Above all, the other parameters that were included in the process of data collection were selecting the patients who had had no fever for seventy two hours before carrying out the study, had an operation time of about three to six hours, and patients who had a tympanic temperature of about 34 to 35 degrees Celsius. Thus, based on the above criteria, the sample data were collected and the effectiveness of the warming devices on these patients was studied. After the completion of the data collection process, the next step would be data analysis and arriving at conclusions and results. The basic framework of the data analysis would be to measure the efficiency of the warming equipments with respect to the rewarming time required for the patients who had undergone the spinal surgery. â€Å"The data were analyzed using SPSS version 17 software for Windows and significance level was set at p

Readings and respond Essay Example | Topics and Well Written Essays - 250 words - 2

Readings and respond - Essay Example The statement the â€Å"end of living and the beginning of survival† (Speech by Chief Seattle 1) which was quipped by Chief Seattle could mean that if the white people would continue to treat the world as their enemy, where land is to be purchased, conquered, and used; then, left with wanton disregard to its state or condition, it could simply indicate the end of life. When all living things have been exhausted for the personal use of man, as perceived to be the purpose of the white people, then, life would start to be difficult and challenging – and thus, it would signify the need to exert strenuous efforts just to survive. One strongly believes that the reliability and credibility of the information contained in the speech was validated due to the fact that it was created by a Native American, who communicated the thoughts, beliefs, and sentiments according to personal experience. As such, it was effective in winning the sympathy for Native American hardship in the 19th century due to the credibility of the speaker and the ability to impart what are the true sentiments and meaning of the land to the Native Americans. Otherwise, if someone, other than a Native American would create the speech, it would not have been as effective as

Law for the Built Environment Essay Example | Topics and Well Written Essays - 1750 words

Law for the Built Environment - Essay Example 1.Professional Negligence: In Blemain case, it was held that where a professional employing his decision and skill fails to accomplish his obligations as per the standards anticipated from him, then he will be accountable for negligence. Under English Law, a valuer cannot be found to be fault for deriving an outcome which does not acknowledge some magnitude of error as held in Friedlander Ltd case. If a professional valuation is subjective in nature but deviation of more than ten percent to fifteen percent will be suggesting that there has been professional negligence as held in the above Friedlander case. Despite the fact that a valuation figure has been arrived at by an incorrect approach, or in the application of the approach, if, nevertheless, an acknowledgeable value has been arrived at, there may not be any adequate corroboration of actionable negligence since, in actual fact, no loss might have been borne on footing upon the decision held in Mount Banking Corp case. In Kenney case , an estate agent was held accountable for overstating negligently the value of a client’s home. ... It is to be cautioned that coveyance deed executed between the Most Noble Bernard Marmatluke Duke of Norfolk –( seller) and the buyer the Public Trustee and Henry Hardwick & Sons Limited on 31st July 1867 states that Matilda property was jointly owned by a public trust and Henry Harwick. It is unclear how land held by a public trustee jointly with Henry Hardwic & Sons Ltd can be later transferred by Henry Hardwick & Sons Ltd alone to Majesty Pony & Trap Services Ltd (buyer) on18th March 1911. In 1911, conveyance was made to Majesty Pony without the consent or authorisation of the Public trustee. Thus , a public trust is one, which owns inviolable privileges in some lands and in spite of the title ownership and that the government keeps some rights in such lands in trust for the public. Hence, transfer of title of land of Matilda property subsequently itself is void. As such, it is suggested to take appropriate legal opinion in this aspect before buying the Matilda property. 1. 2 Professional’s personal Liability A personal duty of care is owed by a professionally qualified person who is tendering advice in his field of expertise to the person who relied on his advice as held in Merret case. The builder and the designer could be held accountable under professional negligence for employing construction materials, which proved to be not suitable or harmful to health under the s1 of the Defective Premises Act, 1972. Further, under s6 of the Health and Safety Works Act, 1974, there is duty imposed on manufacture of a product to make sure its safety for its usage at any work. Under s12 of the Buildings Act, 1984, quality construction materials should be used otherwise,

Water resource economics Essay Example | Topics and Well Written Essays - 750 words

Water resource economics - Essay Example The important question is whether or not it was a good idea to let the urban populations become so dependent on water sources that are so far away? This dependency developed can create a problem if water becomes scarce. Economically the urban areas will fail. Without water, these areas have nothing. No business, no homes and no communities can flourish without water. These urban areas are extremely economically dependent on water. It was not necessarily a good thing for these urban areas to develop distant water sources. Developing distant water sources has made for extra effort on the cities part to keep the water abundant and safe. Keeping the water usable is for the economic stability of the urban areas. When water comes from such a far source, the water is not constantly usable like it is in other areas that use their own water. This means that using less water and having plans in place to save water is important. There is a lot of water that must be kept usable to maintain economic stability in the urban areas. Recently in Los Angeles, state officials have cut down on water by 18.4%. This is the lowest amount of usage in 18 years (Adams2010). Cutting down on water usage by government officials sets a good example for residents and saves on water consumption. Saving on water makes it easier on Los Angeles water dependency. San Francisco is also a popular area that is dependent on water and seeks water from an outside source. The Hetch Hetchy Aqueduct provides 65% of water to the San Francisco area (Aquafornia2011). San Francisco has rearranged the earth in so many different ways in order to be able to keep up with the demands for water needs. Reservoir ponds and water reusing systems are popular scenery in California. These water systems are constant economic issues. The demanding need for water creates many projects. These projects affect the economic development

Readings and respond Essay Example | Topics and Well Written Essays - 250 words - 2

Readings and respond - Essay Example The statement the â€Å"end of living and the beginning of survival† (Speech by Chief Seattle 1) which was quipped by Chief Seattle could mean that if the white people would continue to treat the world as their enemy, where land is to be purchased, conquered, and used; then, left with wanton disregard to its state or condition, it could simply indicate the end of life. When all living things have been exhausted for the personal use of man, as perceived to be the purpose of the white people, then, life would start to be difficult and challenging – and thus, it would signify the need to exert strenuous efforts just to survive. One strongly believes that the reliability and credibility of the information contained in the speech was validated due to the fact that it was created by a Native American, who communicated the thoughts, beliefs, and sentiments according to personal experience. As such, it was effective in winning the sympathy for Native American hardship in the 19th century due to the credibility of the speaker and the ability to impart what are the true sentiments and meaning of the land to the Native Americans. Otherwise, if someone, other than a Native American would create the speech, it would not have been as effective as

Water resource economics Essay Example | Topics and Well Written Essays - 750 words

Water resource economics - Essay Example The important question is whether or not it was a good idea to let the urban populations become so dependent on water sources that are so far away? This dependency developed can create a problem if water becomes scarce. Economically the urban areas will fail. Without water, these areas have nothing. No business, no homes and no communities can flourish without water. These urban areas are extremely economically dependent on water. It was not necessarily a good thing for these urban areas to develop distant water sources. Developing distant water sources has made for extra effort on the cities part to keep the water abundant and safe. Keeping the water usable is for the economic stability of the urban areas. When water comes from such a far source, the water is not constantly usable like it is in other areas that use their own water. This means that using less water and having plans in place to save water is important. There is a lot of water that must be kept usable to maintain economic stability in the urban areas. Recently in Los Angeles, state officials have cut down on water by 18.4%. This is the lowest amount of usage in 18 years (Adams2010). Cutting down on water usage by government officials sets a good example for residents and saves on water consumption. Saving on water makes it easier on Los Angeles water dependency. San Francisco is also a popular area that is dependent on water and seeks water from an outside source. The Hetch Hetchy Aqueduct provides 65% of water to the San Francisco area (Aquafornia2011). San Francisco has rearranged the earth in so many different ways in order to be able to keep up with the demands for water needs. Reservoir ponds and water reusing systems are popular scenery in California. These water systems are constant economic issues. The demanding need for water creates many projects. These projects affect the economic development

Lincoln Electric Essay Example for Free

Lincoln Electric Essay Lincoln Electric’s CEO Massaro was correct in his assessment that, markets in developing countries would grow faster and yield a higher return. This strategy was critical and in alignment with the organizations goal to reach 50% foreign sales revenue. As president of Lincoln Asia, Mike Gillespie faces a great challenge with his decision to enter the Indonesian market. If Mr. Gillespie does decide to enter Indonesia, he must also decide whether to do it alone or through a joint venture, and how to structure employee compensation. It looks like Gillespie conducted enough corporate anthropology research to identify viable consumer product needs that Lincoln Electric will be able to provide (stick consumables vs. automatic consumables segments). I understand that investing in Indonesia offers many benefits to the organization, mostly towards increased profit margins and market share of consumable products (for further information regarding the strategic planning for entering Indonesia see Exhibit 1). However, in my opinion, Gillespie does not have enough data to make an informed decision regarding this move. Fear of a rekindled Civil War, unstable inflation rates, and other activities in the country revealed both economic and political instability. Other issues to be considered include labor issues of Indonesia 1. I would recommend further market and cultural analysis to aid his decision-making. If Gillespie decides to enter Indonesia, it is my recommendation to enter with a partner. I support this recommendation because, through his own market analysis and consultation it was identified that due to the political structure a local partner with in-depth knowledge, and political connections would be essential for success. I understand that a joint venture will decrease Lincoln Electrics profit margins, but in my opinion, the joint venture will minimize investment risk, especially if a partner is able to provide capital towards the cost of building a facility. Gillespies choice in partners should be based off of a predefined set of criteria. These criteria should include current relations/contracts with Lincoln Electric, current market share, knowledge of local market and culture, political and business contacts. The partner should also have the ability to withstand any financial risk toward this investment. See table 2 for a breakdown of both potential partners and how they compare to the criteria. I would recommend a joint venture with both companies (Tira and SSHJ). The reason for this recommendation is due to the diverse benefits, which both companies can bring to the venture. However, I have concerns regarding the loyalty of either partner to the Lincoln Electric brand. If we apply the social exchange theory to this situation, one could speculate that when more than one partner is included in a business relationship, the loyalty of each business partner may decreases due to competition and fear of favoritism 2. It is Gillespies intention to implement a piecework compensation structure and I support this decision. It is also the intent of Lincoln Electric to exceed minimum wage requirements and prevailing rates. Gillespie has concerns regarding the ability for all employees to meet minimum wage using piecework compensation. It is my recommendation to set the minimum daily quota at the minimum wage rate. I would also implement an aggressive performance bonus paying out monthly vs. annual. I would highly recommend further cultural analysis with a focus on time perceptions and labor perceptions of the local culture. The compensation structure should be adjusted as time goes on and favorable trends in compensation are identified.

Leadership Comparison: Vijay Mallaya and Bill Gates

Leadership Comparison: Vijay Mallaya and Bill Gates When we think about leadership, a range of thoughts cross our mind: The leader as a hero or a great man who accomplishes a major goal against all odds for his/her followers or a leader as a rare and charismatic individual with extra-ordinary qualities and a grand vision. In fact, according to some scholars, the history of the world is the history of great men. The great-man theory of leadership continues to be of popular interest to showcase individual leadership in the political and corporate world. Leadership was based on the study of people who are already great leaders. These people awere often from the aristocracy, as few from low classes had the opportunity to lead. This contributed from the notation that leadership something to do with breeding. We all recognize that some of the greatest leaders known to humanity have been the founders of various religions. The Buddha, Confucius, Jesus Christ, and Prophet Mohammad are fine examples of religious leadership. On the other hand, Alexander the Great, Chenghiz Khan and Napoleon Bonaparte, for instance, exemplify Individual leadership includes living in quality and balance, the way your personal values, understand responsibility of their lives, living with a sense of purpose and moving towards a personal vision. Personal leadership is a fundamental of all the leadership contexts, the basic meaning is, if youre not able to lead yourself efficiently, youll be not able to lead others effectively. All leaders need to manage team variables, manage team system and personalities, in a way that motivate each team member, to put efforts according to their unique abilities. Great team leaders build teams consisting of individuals, where each ones strengths compensates for anothers weakness, making an aligned high performance team. Building upon the team leadership practice, Leadership builds alignment between team members, making sure the successful completion of strategy. The practice of leadership is basically about making alignment, improving strategies, staying alert and focused communication and making inter personal relationships. I understand that in best quality business unit, leadership is necessary to ensure the successful execution of corporate strategies. Where there are not very fine and specific characteristics that define a leader, there are a many qualities of leadership that are valuable in leaders.All these may include commitment, integrity, honesty, sincerity, humility, courage, passion, confidence, positivity, wisdom, determination, compassion, sensitivity, and personal charisma. These are not all the things that leader may possess, but they turn out to be some of the qualities of a leader and are often shown by their actions. It is seen leadership is mostly about behavior, and this behavior will never be different from others without acting on innovative ideas.Innovation is the only way to challenge difficulties. We always believed that a great leader is able to shift and motivate others from a static life to one of great variably changing views, beliefs and values. All these changes eventually lead to actions which are what leadership is thriving to change! Styles of leadership Efficient leaders bother not only about whether they looser win, but even about how they proffered to play the game. Finally, the personal choice that we always and must make about is whether to engage ones mind that of authority or that of leadership can tell our own career future as well as people around around us. Its been seen the famous industrialist emphasize the difference between the authoritative and nurturing leadership styles as the hard and soft components of management. They thrive on a leading process by an exercise of combining analysis and comprehension of the matters present and future. Leaders judge challenges but they will never turn challenges into fears. They maximize opportunity but will never turn opportunity into adventure. They have a total knowledge of thin line between risk and reward as they push ahead towards prosperity and progress. Styles (htt2) Good leaders will use all three styles depending on all situations with only a minor difference to their natural style. Poor leaders will generally stick with one style and not adjust for different situations limiting their influence greatly and it can be one out of these. Autocratic Participative Free reign Authoritarian style where are decisions are centralized as in dictatorship. No suggestion and advises are entertain or encouraged. It is a successful and practiced to provide strong motivations to managers in any organization. The outcomes are quick decision making as there is only one person to make decisions for ever one and it is retained to himself unless he feels the need to be shared. Democratic style is a style contrary to the above one. Here this style favors decision making by group as in leaders generates instructions after a consulting a group or group of professional. They can seek co-operation from a group or professional and motivate them by their involvement in goals. The outcomes of the democratic leader are not serotype as with the autocrat because they arise from consultation with the group members and participation by them. Free rein style a free reign leader will lead by leaving the decesions to its co-workers and subordinates i.e., they are providing a freedom deciding their own way of doing things and policies. Different scenario style can be applied in different situations. In an emergency where there is little time an autocratic style is best suitable however in a motivated and homogenous team democratic would be more suitable. The practice of organizational leadership includes developing plan and direction, pointing changes and managing cultural transformation. Organizational leadership is important to manage the fit between the external, variable marketplace and the internal companys processes to develop organizational resilience. The following is my list of the characteristics of a good leader: (htt1) Vision leaders must have a good and clear vision. They must believe in them self and can motivate people in believing and following them. There vision for things is what it could be not what they are. Wise leaders have to go for critical calls are difficult points. A leader has to be wise and knowledgeable in order to make a correct call for a successful organization. They are strategic, wise and perceptive. Passionate good leaders are very passionate aabout their work and people. There obsession makes them entirely focused on what they do it may be sports hobby or business. They operate in a high level of passion that they get totally consumed in it. Compassionate good leaders have compassion for the people, employs and supporters. While these leaders have goals to accomplish, they consistently care for the individuals that support them. They are not selfish and have hear for people they follow. Charismatic most good leaders are charming and they draw the attention of the people by the way they talk and the way they carry themselves. They are excellent in building relations and maintaining them. Persistent they have strong will power towards their goal. They anticipate the problem towards their goals. They see that the advantage of attaining their goals is larger than that of the problems that occurred. This makes them intensely persistent individuals. Great communicators they are comfortable in public speaking and inspiring. They are great orator and persuaders. Integrity good leaders mean there words what they say. They dont play political games. Daring they are bold. A great leader saidcourage is the virtue on which all virtue rest on. Winston Churchill. Disciplined Most good leaders are very controlled in their goals. Where most would be simply distracted, good leaders discipline their minds to keep focused and steady regardless of the situation. In my opinion two great business leaders are VIJAY MALLAYA (htt4) Call him The king of good times or the liquor Baron, this charismatic personalitys name is a complete introduction in itself. Story his life narrates countries, time zones, cars and careers. He says and believes in living the life-king size. His strong vision and guts to take on difficult and new challenges in life always gave him an image of great leader over other business leaders and tycoons. He is the person who changed the common view about a multi-national company. Referred to as Indias Richard Branson. A great part of the personality of the Kingfisher brand is based on Mallyas personality. He is considers to been an ethical leader. He is honored for having alone changed the image of his beer from a commodity to a new lifestyle brand. The Kingfisher commands a 29% share of the beer market in India and is sold in over 52 countries Vijay Mallya is considered to be a flamboyant CEO of United Breweries -that owns the Kingfisher brand is one of the most flamboyant CEOs in Asia. He has built a reputation for spending extravagantly his money in the public trusts. Even he is seen as a vary parotic person. He won the bid of the Kohinoor diamond in England, which is worth of millions of dollars and donated it to the Indian government. His mission statement reflects all of the leadership style mentioned above in this article. Mission Statement from the Tycoon We constitute a large, global group based in India. We associate with world leaders in order to adopt technologies and processes that will enable a leadership position in a large spectrum of activities. We are focused on assuming leadership in all our target markets. We seek to be the most preferred employer wherever we operate. We recognize that our organization is built around people who are our most valuable asset. We will always be the partner of choice for customers, suppliers and other creators of innovative concepts. We will continually increase the long-term value of our Group for the benefit of our shareholders. We will operate as a decentralized organization and allow each business to develop within our stated values. We will be a major contributor to our National Economy and take full advantage of our strong resource base. We commit ourselves to the ongoing mission of achieving Scientific Excellence BILL GATES (htt7) From Microsofts founding in 1975 until 2006, Gates had primary responsibility for the companys product strategy. He enthusiastically broadened the companys range of products, and he carried Microsoft in all the hard and critical times very finely. As an executive, Gates kept consisting meetings with Microsofts senior managers and department managers. It is often seen him interrupting the presentations with comments such as, Thats the stupidest thing Ive ever heard! and, Why dont you just give up your options and join the Peace Corps? The intentions of his behavior then had to defend the proposal in detail until, hopefully, he was fully satisfied. When subordinates appeared to be procrastinating, he used sarcasm as his tool, Ill do it over the weekend. In 2006, Gates announced that he would change his day-to-day role over the next two years and to dedicate more time to philanthropy. Why bill gates (htt5) Focus: He has shown over nearly 30 years the vitality of clarity of thought and execution. Thinking big: Together with focus, the capability to dream big and carry it with single-minded determination, keep him apart from other leaders and entrepreneurs. Passion: Simple way of doing things. If anything is worth doing, it is worth doing well. From a simple thank you note to a complex proposal, it is important to do with excellence on whatever it takes. Learning as a life-long process: although he dropped out college while pursuing to his dreams, he has probably read and written much more than most of us ever will. Giving back to society: The Bill and Melinda Gates Foundation has provided a new dimension to philanthropy by addressing issues that are global in nature malaria, cancer, AIDS. Part B Poor Communication by senior management: Poor communication brings ineffective work culture and the employees can be distracted from goals. Managements expectation would be different from what an employee would understand. This will draw a strained relationship between an employee and an employer. Office politics: Different people have different state of mind. Most of them who are skillful workers dont want to indulge in any kind of politics. Forced to do that result in inefficient work which brings frustration in employee and employer too. Lack of team work: every member of a team has a task assigned to achieve a single goal. If any member of team lack in his work, it can affect the whole team. This can create a friction among team member in an organization. The use of politically correct language: the use of informal language can be offensive to some of them. It may not be appropriate at places where people from different culture are working. If people in an organization will not have good will among others, it can end up frustrating some of the colleges. Nosy co-workers: back biting and sneaking into other peoples work is a frustration for most of the employees. Employees will be uncomfortable to work and it will bring uneasiness among them. BIBLOGRAPHY (n.d.). Retrieved from http://learnthis.ca/2009/01/leadership-understanding-what-it-is/ (n.d.). Retrieved from http://hubpages.com/hub/Good-Leadership-10-Characteristics-Good-Leader (n.d.). Retrieved from http://en.wikipedia.org/wiki/Leadership (n.d.). Retrieved from http://rajesshcherian.wordpress.com/2008/11/25/dr-vijay-mallya-journey-of-an-entrepreneur-to-business-tycoon/ (n.d.). Retrieved from http://rajesshcherian.wordpress.com/2008/11/25/dr-vijay-mallya-journey-of-an-entrepreneur-to-business-tycoon/ (n.d.). Retrieved from http://blogs.hbr.org/krishnamurthy/2008/06/bill-gates-entrepreneur-manage.html http://www.spp.nus.edu.sg/docs/events/2005/Seminar_Vinayak_Rao_Paper.pdf