The Harvard Community Health Plan Essay Example | Topics and Well Written Essays - 1750 words

The Harvard Community Health Plan - Essay Example In order to deliver high-quality healthcare services to the patients, Harvard Vanguard is focused on establishing a partnering relationship with its patients and community members (Harvard Vanguard Medical Associates, 2012c). As part of delivering complete healthcare services to the patients, Harvard Vanguard’s physicians, physician assistants, nurses, and the rest of the medical teams are required to work closely with other specialties such as internal medicine, OB/GYN, pediatrics among others (Harvard Vanguard Medical Associates, 2012d). This is also the main reason why healthcare professionals at Harvard Vanguard are continuously collaborating with other Atrius health affiliates (i.e. Dedham Medical Associates, Granite Medical Group, Harvard Vanguard Medical Associates, Reliant Medical Group, South Shore Medical Center, and Southboro Medical Group) (Harvard Vanguard Medical Associates, 2012e). As part of the Harvard Vanguard ‘s human resource people plan, this report will explore the effectiveness of its organization's commitment to equality and diversity, individual and organizational learning, compensation, pay-for-performance and incentives, employee benefits, and employee rights. After the conclusion, some recommendations will be provided to ensure that the HR manager of Harvard Vanguard will be able to continuously support and implement necessary changes that aim to improve its current HR practices. Equality and Diversity ‘Equality’ means that work-related discrimination should be removed in order to guarantee that each worker within a business organization is given equal work-related opportunities whereas ‘diversity’ is all about the need to value the differences between two or more different people (Skills for Business, 2012). Basically, the human resource of Harvard Vanguard is committed to promoting workforce diversity and Affirmative Action and Equal Employment Opportunity (EEO) (Employee Guide Book, 2012, p. 7). Without any forms of work discrimination (i.e. race, color, ethnicity, ancestry, religion, gender, sexual orientation, national origin, age, and handicap or disability veteran status), each and everyone who is currently employed at Harvard Vanguard will be given the equal opportunity for employment (Employee Guide Book, 2012, p. 7). Individual and Organizational Learning Healthcare management is subject to change because of the presence of external socioeconomic factors that could directly affect the way healthcare services are being managed. According to Aspin and Chapman (2001, pp. 39 – 40), some of the reasons why HR managers should provide opportunities for individual lifelong learning includes the need to continuously improve one’s own knowledge and skills for â€Å"economic progress and development†, for â€Å"personal development and fulfilment†, and for â€Å"social inclusiveness and democratic understanding and activity†. Basically, in dividual lifelong learning is a new perspective wherein the modern society is being strongly influenced. In response to the continuous improvements on science and information and communication technology, a lot of educational institutions around the world started promoting the importance of individual lifelong learning (Demirel, 2009).  

Fictitious Business Description Essay Example for Free

Fictitious Business Description Essay The main purpose of this study is to discuss the importance of a Human Resource Information System (HRIS) in Castle’s Family Restaurant. We are therefore going to discuss on the HR problems in Castle’s Family Restaurant and how the implementation of HRIS will enable the company to reduce costs together with ensuring efficiency in HR operations (Randall S. Susan E. 2007). Business assessment Castle’s Family Restaurant in Northern California is the business to be assisted. It is large in size since it runs several branches in different locations and also has over 300 employees and this makes it to be a company. Depending on the size of the business, I have in my description assumed that Castle’s Family Restaurant is a since it has many employees and many branches. This assumption is based on the background of restaurant work environment and industry. Based on the basic theory of business complexity and getting work done restaurants should employ many workers to ensure that work is done efficiently like in the case of Castle’s Family Restaurant. Identified problems In the review of the HR of Castle’s Family Restaurant, I have noted the following: I have discovered that business does not have a human resource manager rather the operations manager served as HR manager. The company has not implemented HRIS which is important in monitoring the employee’s performance (Randall S. Susan E. 2007). It is therefore evident that the HR is experiencing problems since the HR manager is unqualified and had so many duties to handle which is quite tiresome for him. Some of the functions of a HR include manpower planning, recruitment and training of employees, hiring employees and monitoring employees to ensure high performance. In my analysis I will focus much on monitoring of employees performance which will help me design a business plan. The main reason for focusing on this HR function is because the company seems to have failed in its implementation of HRIS which could be useful in reducing the HR managers travel time and travelling costs and that is why the HR manager has to travel to the branches to monitors employees performance. According to the resource-based theory of Human Resources, strategic management of the company resources leads to its success (Randall S. Susan E. 2007). Increase in the costs incurred by the company is wastage of company resources since a better method can be implemented to reduce these costs and improve company’s performance. HRIS needs assessment According to Michael J. Mohan T. (2008), HRIS is an online solution used by Human Resources to enter data, track data and manage accounting and payroll functions of the company. The main purpose of implementing HRIS in a company is to reduce the manual workload in HR administrative activities through tracking existing workers. Implementation of this software will create a more efficient process from the HR in the sense that it will help the HR manager to manage information about the employees, analyze employee information, manage resumes and new applications and also complete payroll integration with other financial accounting software in the company (Michael J. Mohan T. 2008). Automating all HR functions saves a lot of time and resources and hence increasing efficiency in HR operations as suggested by the resource-based theory of Human Resources. By implementing HRIS in Castle’s Family Restaurant, the HR manager will not have to travel to all company branches to monitor and answer employees questions rather he will perform his duties in his office. All questions that need to be answered will be answered through this software. Application or implementation of HRIS in Castle’s Family Restaurant will therefore enable the HR manager to complete all of his tasks in a cost-effective manner. Conclusion As a HR consultant, I would advise Castle’s Family Restaurant to implement HRIS as this software will solve much of the HR problems and hence leading to reduced costs and improved HR efficiency. Implementation of HRIS will make the company to effectively use it resources for better operations.

The Effects Of Task Based Listening English Language Essay

The Effects Of Task Based Listening English Language Essay In the Malaysian educational context, the main purpose of English language instruction is to prepare learners for effective and efficient communication in English in their social and professional situations (Chitravelu et al, 1995, p.4). In many organizations, English is the main language of communication and one needs to be competent in English in order to succeed and advance in the respective organization. The importance of English language as a global language has always been a major motivating feature in the learning and use of the language in Malaysia especially as a medium to gain information in science and technology, commerce and trade as well as for entertainment and media. In April 2000, there was an issue highlighted in the mass media about the reasons behind the inability of some 39,000 graduates in the country to get a job. Tan Sri Musa Mohamad the Minister of Education at that time as quoted in the New Straits Times stated that, à ¢Ã¢â€š ¬Ã‚ ¦ employers did not just lo ok at ones qualification but also factors like personality, potential, English proficiency and experience. This implies that job seekers should try to achieve certain level of mastery of English to help them secure appropriate jobs particularly in private sector. Besides, job interviews for professional vacancies in critical fields like Law, Accountancy and Engineering are generally understood to be conducted in English (Hanapiah, 2004) In many contexts where English is regarded as a foreign as opposed to a second language, there are many problems in developing real communicative competence in learners including the ability to listen and comprehend properly. Brown and Yule (1983) believe that many language learners regard speaking skills as the criteria for knowing a language. They defined fluency as the ability to communicate with others much more than the ability to read, write and comprehend oral language. However, learning to talk in the foreign language is often considered to be one of the difficult aspects of language learning for the teacher to help students with. Unlike written language, it is also not easy to provide good models of spoken language for the foreign learners. According to Bygate (1987), one of the basic problems in foreign-language teaching is to prepare learners to be able to use the language. How the preparation is done and how successful it will be, are very much depending on how the teachers understand the aim of teaching the language (p.3). The main features of speaking which can be traced to the processing conditions of communication involve the time factor in which the words are being spoken as they are being decided and understood. The fact that the language is being spoken as it is being decided affects the speakers ability to plan and organize the message, and to control the language. Thus, mistakes often occur in the message and in the choice of words during a conversation (ibid. p12). 1.3 Objective The objective of the study is to investigate the effects of task-based listening activities on the speaking performance of FELDAs EFL learners. The difference in students speaking performance before and after undergoing the Task -Based Listening activities would be one of the main concerns in this study. A comparison will be drawn between the TBL and non TBL classes to see whether there is any difference in students speaking performance. Besides, students confidence to speak is another area of interest to be investigated in this study. It is hoped that the study will be able to identify any significant difference in students level of confidence to converse in English after undergoing the Task- based listening activities as compared to those who have not been exposed to the activities. Another objective of the study is to investigate FELDAs EFL learners attitude towards the implementation of the task-based listening activities. Expressions of either positive or negative feelings towards the task-based listening activities will reflect impressions of the effectiveness of the activities in enhancing students speaking skill. 1.2 Problem Statement Speaking is considered one of the most difficult language skills to acquire among English as a Foreign Language (EFL) students. In rural setting schools, particularly in the FELDA (Federal Land Development Authority) scheme, there is a lack of exposure and communicative use of the English language. Most students regard English as serving very limited function once they leave the classroom and as such they hardly see the need to use it in their daily life. As in the classroom setting most EFL learners rather remain silent or resort to rote learning when they are required to respond to a speaking task. As such, it is a demanding task for language teachers to provide sufficient inputs for students to be competent speakers of English (Bygate, 1987). Students usually feel insecure about their level of English and face problems communicating as well as expressing themselves in the target language. As a result, they rather remain silent as they are in fear of making mistakes and do not show active participation in speaking lessons. Ian G. Malcolm (1987) refers to the guarded and taciturn behavior of students who refuse to speak as the shyness syndrome and that this problem has been reported of Polynesians in New Zealand, various American Indian groups, Hispanics in the United States, Black Americans and Southeast Asians. Malcolm quoting Tan (1976) and Salleh (1981) says that many pupils in Southeast Asian classrooms are bilinguals whose use of the classroom language is hesitant. Yap (1979) also quoted as saying that the frequent complaint mainly in secondary schools is that learners do not respond or take too long to respond, or speak too softly (cited in Gaudart ,2003, p.2) Emphasis should thus be given to address this problem as speaking is an important element in mastering English language. Therefore, it is important to explore new methods of teaching in order to enhance students speaking performance and confidence to use the language. 1.4 Research Questions The study attempts to answer the questions that follow: 1) What is the speaking performance of FELDA learners after undergoing task-based learning activities? 2) Do task-based listening activities enhance EFL students confidence to speak in English? 3) What are the attitudes of the FELDA EFL learners towards task-based listening activities in enhancing their speaking performance? 1.5 Significance of study The findings may provide language teachers with specific language teaching procedures to enhance ESL learners ability and confidence to communicate orally in English. Besides, in a wider scope, the study can also be used as the yardstick in designing supplementary materials to assist teachers in teaching speaking skill more effectively in the Malaysian classrooms. 1.6 Definitions of terms The following terms are significant in this study: 1.6.1 Task-based Listening Activities Task-based Language Teaching (TBLT) or Task-based Instruction (TBI) makes the performance of meaningful tasks central to the learning process. The Task-based listening activities which will be used are based on authentic materials used in teaching second language. Nunan (1999) defines authentic materials as spoken or written language data that has been produced in the course of genuine communication, and not specifically written for purposes of language teaching. The materials are based on the real world context outside classroom in situations in which they really occur. Gebhard (1996) suggested some examples of the authentic materials that may serve as source for lesson planning including for listening and speaking class. The authentic listening- viewing materials include TV commercials, quiz shows, cartoons, news clips, comedy shows, movies, soap operas, professionally audio-taped short stories and novels, radio advertisements, songs, documentaries and sales pitches. In this study, the task based listening activities will include the use of audio CDs on selected stories and songs. Throughout the implementation of the activities students are required to respond to certain tasks related to the selected materials following the framework for task-based learning proposed by Jane Willis (1996) which comprise of pre-task, task cycle and language focus. Among the tasks suggested include listing(e.g. brainstorm/ fact finding), ordering or sorting (e.g. sequencing/ ranking), comparing (e.g. matching/ finding similarities or differences), problem solving (e.g . analysing real situation/ decision making), sharing experience (e.g. narrating/opinions) and creative tasks which includes all the tasks mentioned. 1.6.2 Speaking Performance Speaking in a second language involves the development of a particular type of communication skills. Because of its circumstances of production, oral language tends to differ from written language in its typical grammar, lexical and discourse patterns (Tareq Mitib, 2009). A person can be considered to be able to perform well in speaking skill when he is able to speak a language using the components correctly for example by making the right sounds, choosing the right words and getting the constructions grammatically correct. Pronunciation, grammar and vocabulary tasks will focus on the need for practice in language accuracy. At the same time, one also needs to get a clear message across and this involves choosing appropriate content or ideas to suit a situation, e.g. deciding what is polite or what might appear rude, how to interrupt or how to participate in a conversation. (http://www.britishcouncil.org/languageassistant/pdf/Unit4.pdf ) 1.6.3 School Based Oral Assessment Previously the English SPM examination had an oral examination component which was graded based on the candidates comprehension of a dialogue text and the ability to respond to a pictorial stimuli. However, the test was considered to be inadequate since students proficiency in English language continued to drop to the point where prospective employers in private and government sectors complained about the inability of graduates to converse in even the most rudimentary situations (Vinodini Murugesan, 2003). In 2002, the School-Based Oral Assessment (SBOA) was implemented for the first time on Form Four students who will be sitting for SPM in 2003 to replace the old oral assessment and this time it is considered to be in line with the communicative language teaching approach adopted in Malaysian schools. The School-Based Oral Assessment (SBOA) consists of 4 Models. The models are Model 1:Individual, Model 2:Student-Prompter, Model 3:Pair work and Model 4: Group work. Students are to be assessed twice in Form Four (using Model 1 and 2) and once in Form Five (using either Model 3 or Model 4). Marks are given based on students ability to converse on a topic effectively with appropriate responses, speak fluently using correct and acceptable pronunciation, speak coherently, speak the language using a wide range of appropriate vocabulary within context and speak using correct grammar. In some cases, students can actually request to repeat the test if deemed necessary especially when they are n ot satisfied with their mark. The total mark for each assessment is 30. When the students are in Form 5, the best mark among the three assessments will be taken and submitted together with other School Based Assessment Marks for SPM examination to the Malaysian Examination Board (Lembaga Peperiksaan Malaysia). 1.6.4 Confidence Confidence can be defined as a belief in one own ability to do things and be successful (Oxford Advance Learners Dictionary, 7th ed., 2005, p.318). It is ones perceptions of ones own abilities to achieve a stated outcome. ARCS Model of Motivational Design developed by John M. Keller of Florida State University identified Attention, Relevance, Confidence and Satisfaction as the four steps for promoting and sustaining motivation in the learning process. According to Keller, confidence helps students to understand their likelihood for success. If they feel they cannot meet the objectives or that the cost (time or effort) is too high, their motivation will decrease. Besides, confidence also provides objectives and prerequisites that help students to estimate the probability of success by presenting performance requirements and evaluation criteria. It allows for small steps of growth during the learning process, provide feedback and support internal attributions for success. Not only lear ners should feel some degree of control over their learning and assessment, they too should believe that their success is a direct result of the amount of effort they have put forth (Keller, 1983 and 1987 cited in http://www.learning-theories.com/kellers-arcs-model-of-motivational-design.html.). Confidence in speaking involves ability to speak the target language fluently using the right rules and appropriate choice of words. In speech situation, thinking, listening and speaking go on almost simultaneously and people expect feedback on or response to what they have said almost as soon as they stop speaking (Chitravelu et.al, 1995). Anxiety of making mistakes is one of the major obstacles that learners have to overcome in learning speaking because most of the time learners are reluctant to be judged by listeners. Of all the four language skills, speaking skill is probably the one most affected by personality features. Students who are confident and have experienced success are likely to be more motivated and more willing to try harder. Therefore, teachers have an important role in building up students confidence to speak by being sensitive, sympathetic and encouraging as well as selecting material that is motivating and within the ability of the students (ibid). 1.6.5 Attitudes Attitudes refer to a persons way of thinking or feeling about somebody or something; the way that he or she behaves towards somebody or something actually shows how the person thinks or feels (Oxford Advance Learners Dictionary, 7th ed., 2005, p.85). The measurement of language attitudes provides information that is useful in teaching and language planning (Richards, Platt and Platt, 1997 cited in Tareq Mitib, 2009). In this study the EFL learners attitudes towards the Task-based listening activities will be measured through the use of a questionnaire which will be developed from the findings from focus group discussions. The questions will comprise of an adaptation of Gardners (1985) Attitude/ Motivation Test Battery (AMTB) and Rossett (1982) Needs Analysis questionnaire. 1.7 Limitation/ Delimitation Since this study will be carried out within a relatively short period of time on students with average to good proficiency of English, it would thus be interesting to see if using task-based listening activities on a lower English-proficiency group of EFL students with varying time spent would have a different effect on the results. Thus, this study might not be able to represent the whole FELDA scheme students speaking performance because only two groups of students from a school will be selected. Further studies need to be conducted in order to seek similarities or differences on this issue. Chapter 2: Review of Literature 2.1 Relationship between listening and speaking Speech involves communication between people and the rules that apply to all forms of interpersonal behaviour also apply to speaking behaviour (Chitravelu et.al, 1995, p.59). Graham-Marr (2004) mentioned many reasons for focusing in listening and speaking in EFL classroom and one of them is the fact that speaking skills have been found to be a fundamental skill necessary to succeed in life. The ability to speak in the target language has always been associated with the success of learning the language. Before a person can speak the language he learnt, he should first be able to listen and understand the language. Listening should be the first and foremost skill to be acquired in learning a new language because understanding spoken words is prerequisite to speaking, reading and writing; and that comprehension should precede reproduction. Listening skill transfers to other skills and promoting listening skills before focusing on oral skills can result in increased second language acqui sition. (Cheung, 2010). The relationship of listening and speaking skills was further elaborated by Goss (1982) who claimed that listening is a process of taking what you hear and organizing it into verbal units to which you can apply meaning. Applied to speech processing, listening requires that you structure the sounds that you hear and organize them into words, phrases, sentences, or other linguistic units. Bowen, Madsen and Hilferty (1985) (ibid) defined listening as attending to and interpreting oral language. The student should be able to hear oral speech in English, segment the stream of sounds, group them into lexical and syntactic units (words, phrases, sentences), and understand the message they convey (p. 73). Gary (1975) cited in Ghazali, (2003) said that giving pre-eminence to listening comprehension particularly in the early stages of second language teaching and learning contributes advantages of four different types, namely cognitive, efficiency, utility and effective. As such, Doff (1988) added that speaking skills cannot be developed unless listening skill is also developed. In order to have successful conversation, students must understand what is said to them because later on the ability to understand spoken English may be very important for studying, listening to the radio or understanding foreign visitors. To develop this ability, students need plenty of practice in listening to English spoken at normal speed (p.163). A listening lesson gives students the opportunity to listen to native speakers conversations if the related materials are well-chosen, and, listening to the target language a lot can help the students improve in their pronunciation (Gethin and Gunnemark, 1996). Bruton (1997:14-15) argues that students need to listen to prepare themselves for their future listening. They need to listen in order to know how to produce. The better students understand what they hear, the better they will take part in spoken interactions. Although students usually face difficulties to understand the language produced by the native speakers in the listening activities, teachers have to be creative to tackle the problem by exposing students to more of the materials. At the beginning of the listening activities, teachers help may still be needed to explain to the students what is required from them. However, the dependency on teachers can slowly be eliminated later on when the students are working on the act ivities or in their groups. In order to measure the effectiveness of any speaking lesson, students need to be tested. The two main aspects of direct procedures for testing speaking according to Nation and Newton (2009) are the way in which the person who is being tested is encouraged to speak and the way in which the speaker performance is assessed. The first procedure can include interviewing, describing something for someone to draw and discussing while the latter can include rating scale, communicative result and assigning marks for the parts of an outcome (p.171). 2.2 Task-based Instruction in Language Classroom In task-based language teaching (TBLT), syllabus content and instructional processes are selected with reference to the communicative tasks which learners will (either actually or potentially) need to engage in outside the classroom and also with reference to theoretical and empirical insights into those social and psycholinguistic processes which facilitate language acquisition. Among the features identified by Nunan (1991) for this approach is the emphasis on learning to communicate through interaction in the target language, the introduction of authentic texts into the learning situation, the provision of opportunities for learners to focus, not only on language, but also on the learning process itself, an enhancement of the learners own personal experiences as important contributing elements to classroom learning and an attempt to link classroom language learning with language activation outside the classroom. According to Brown (2001), Task- based Language Teaching (TBLT) puts tasks at the centre of the methodological focus. The learning process is viewed as a set of communicative tasks that are directly linked to the curricular goals they serve. The main characteristics of TBLT according to Ellis (2003) include the natural or naturalistic use of language, learners-centred activities rather than teacher-centred, focus on form and tasks serve as the means for achieving natural use of language. Ellis also claimed that the traditional approach of Present, Practice and Produce (PPP) are inadequate. Some critics also supported this and viewed PPP as clearly being teacher-centred and therefore sits uneasily in a more humanistic and learner-centred framework (Harmer, 1988, p.66). Task can be defined in various ways. Nunan (1999) in Bahrami (2010) for example, defined a task as a piece of classroom work that involves learners in comprehending, manipulating, producing or interacting in the target language while their attention is focused on mobilizing their grammatical knowledge in order to express meaning, and in which the intention is to convey meaning rather than to manipulate form. The task should also have a sense of completeness, able to stand alone as a communicative act in its own right with a beginning, middle and an end. (p. 25). Long (1985a) as cited in Nunan (1991) suggests that a task is nothing more or less than the things people do in everyday life like for examples buying shoes, making reservations, finding destinations, and writing cheques. Breen (1987) similarly suggests that a task is any structured language learning endeavour which has a particular objective, appropriate content, a specified working procedure, and a range of outcomes for those who undertake the task. Task is therefore assumed to refer to a range of work plans which have the overall purpose of facilitating language learning-from the simple and brief exercise type, to more complex and lengthy activities such as group problem- solving or simulations and decision making (p. 23). Prabhu (1987) stands as the first significant person in the development of Task-based instructions in language classrooms. He defines a task as an activity which required learners to arrive at an outcome from given information through some process of thought, and which allowed teachers to control and regulate that process (cited in Tareq Mitib ,2009). Nunan (1989) further defines a task as a piece of classroom work which involves learners in comprehending, manipulating, producing or interacting in the target language while their attention is principally focused on meaning rather than form (p.10). He suggests that in all definitions of tasks, one can see communicative language use where the learner focuses on meaning instead of linguistic structure. Many people have studied the implementation of Task-based instruction in language classrooms and have advised using tasks in language classrooms because students motivation rises through assigned tasks. On looking at the positive results that the use of tasks may bring about in the EFL classroom, it can be said that using a variety of tasks in class gives positive results (Ruso, 2007). Bahrami (2010) examined the influence of four specific types of task-based activities of matching, form-filling, labelling and selecting on the listening ability of 90 senior EFL learners of Sadra English Institute of Darood .The data for the quasi-experimental study included two task-based tests of listening comprehension and a test of language proficiency. The result shows that there was a significant relationship between the three tasks of matching, labelling and form filling on the other hand and listening comprehension on the other. However, there was no relationship observed for the task of selec ting and listening comprehension. In conclusion, not only the listening-comprehension skill of the EFL students tended to improve through exposure to task-based input; it is also proven to be suitable for students of various levels. Similarly, Tareq Mitib (2009) who also adopted a quasi experimental design to study the effects of Task-based Language Teaching (TBLT) on developing speaking skills among the Palestinian Secondary EFL students from two schools in Israel concluded that the method succeeded in improving the students speaking skills and develop students attitude towards English language. It was found that girls speaking skill improved more than the boys when classroom practice was organized and authentic as in the case of TBLT. Boys on the other hand, did better in the conventional teaching situations. Tareq therefore claimed that task-based language teaching can be the solution for the lack of exposure to authentic English as it enabled students to practise using the language through different activities in real world tasks and in a stress free atmosphere. This finding conforms to Underwood, (1998); Gethin and Gunnemark, (1996) and Kenworthys, (1987) claims, that, exposing students to native speakers o f English Language through listening gives them the opportunities to acquire the correct model of English pronunciation which will eventually leads to intelligibility (cited in Ghazali, 2003). Awang and Md. Supie (2011) stated that, one of the main issues in second language learning is ESL learners who are less proficient in the language opt to avoid speaking in English language classes. Some learners might find speaking English in front of the class as very intimidating. In a way it implies that regardless of how many English classes students have attended, if they do not practise the language, they will not be able to improve their communication skills as well as their self-confidence. Both researchers proposed that task-based speaking activities would enable students to communicate easily as the activities are usually conducted in pair work or group work. As such, a study was conducted in Universiti Teknologi Malaysia(UTM) on 30 second year students from the Faculty of Electrical Engineering enrolled for the Advanced English for Academic Communication course in semester 2, 2007/2008. A set of questionnaire was designed and distributed to find out the students perspectiv es on task-based speaking activities in fostering their communication in English. This study also seeks to find out which types of Task-Based Speaking Activities (TBSA) that highly promotes learners communication in English. The types of task-based speaking activities used in the study were problem-solving, information-gap, and sharing personal experience or feelings. Results show that all the 30 participants agreed that task-based speaking activities improved their communication in English because the activities offered opportunities to practise the language. It was also found that students with low level of proficiency in English also participated in the TBSA during English classes and they were not intimidated by their low level of proficiency. As for the activities, problem-solving is found to be the most preferred type of TBSA that encouraged participation and use of English language. Other study related to the use of TBL includes an exploration of the implementation of TBLT in three primary classrooms in Hong Kong by Carless (2001). The subjects of the case study were three female English teachers who implemented task-based innovation over a seven months period in their primary one and primary two classrooms with children aged six to seven. Results reveal that there was a certain amount of interplay between different issues studied like for example, the more positive the teachers attitude towards TBLT, the more likely she was to take time doing the preparation of the supplementary materials for her class or to allocate time for carrying out activities (cited in Tareq Mitib, 2009). Despites many positive feedbacks of using TBL on EFL and ESL students, there are also evidences of sceptical perceptions on its implementation. One of them is in a case study conducted by In-Jae Jeon and Jung-won Hahn on EFL teachers perceptions on the practice of TBLT in Korean secondary School Classroom in 2005. Data were collected through questionnaires from 228 teachers at 38 different middle and high schools in Korea. The overall findings of the survey show that even though majority of the respondents have a higher level of understanding about TBLT concepts, teachers still retain some fear of adopting TBLT because of perceived disciplinary problems related to classroom practice. Other reason for teachers fear to adopt TBLT is related to their lack of confidence. Hence, much consideration should be given to overcome the potential obstacles such as on the part of the teachers before TBLT can really be successfully implemented. 2.3 Theoretical Framework of TBL Task-based learning (TBL) seems to gain currency since the publication of Jane Willis Framework for Task-Based Learning in 1996. N. Prabhu originally popularizes TBL in early 80s and since then has influenced subsequent models of Task Based Teaching such as Willis (1996) who developed a framework for task-based learning. Prabhu (1987) used a task-based approach with secondary school classes in Bangalore, India in his Communicational Teaching Project beginning 1979. Reports on the Bangalore project indicated that a syllabus organized around problem solving tasks and feedback can effectively accomplish and in many ways improve on what a traditional linguistic syllabus provides (cited in Tareq Mitib, 2009, pp. 53). In Framework for Task-Based Learning (1996), Willis proposed a three stages process of carrying out TBL. The stages include: pre-task (introduction to topic and task), task cycle (planning and reporting) and language focus (analysis and practice).The framework can be illustra ted as below: FRAMEWORK OF TBL (Jane Willis, 1996) Pre task Introduction to topic and task instruction (Exposure) Task cycle Use expose to tasks (6 tasks Types), planning (prepare to report outcomes), reporting, post task (optional) Focus on forms Language Focus Analysis: learners focus on form, Ask about language features Practice: teacher conduct activities TASK (Introduction to topic/ task) TASK CYCLE ( Task /Planning /Report) LANGUAGE FOCUS (Analysis Practice) In the Pre-Task stage, the learners and teachers explore the topic and the teacher may highlight useful words and phrases while helping students to understand the task instructions. The purpose of pre-task is to prepare students to perform the task in ways that will promote acquisition. As for the Task Cycle stage, the students perform the task in pairs or small groups while the teacher monitors or facilitate the lesson from a distance. During this stage students will also plan on how to report or present to the class what they have done and how they do it. At the same time teacher should encourage students to communicate in the target language while helping students to prepare w

Facts On Cocaine Essay -- essays research papers

Cocaine is a powerful central nervous system (CNS) stimulant that heightens alertness, inhibits appetite and the need for sleep, and provides intense feelings of pleasure. It is prepared from the leaf of the Erythroxylon coca bush, which grows primarily in Peru and Bolivia. Street dealers dilute it with inert (non-psychoactive) but similar-looking substances such as cornstarch, talcum powder, and sugar, or with active drugs such as procaine and benzocaine (used as local anesthetics), or other CNS stimulants such as amphetamines. Nevertheless, illicit cocaine has actually become purer over the years; according to RCMP figures, in 1988 its purity averaged about 75%. With repeated administration over time, users experience the drug's long-term effects. Euphoria is gradually displaced by restlessness, extreme excitability, insomnia, and paranoia - and eventually hallucinations and delusions. These conditions, clinically identical to amphetamine psychosis and very similar to paranoid schizophrenia, disappear rapidly in most cases after cocaine use is ended. Tolerance to any drug exists when higher doses are necessary to achieve the same effects once reached with lower doses. But scientists have not observed tolerance to cocaine's stimulant effect: users may keep taking the original amount over extended periods and still experience the same euphoria. Physical effects of cocaine use include constricted peripheral blood vessels, dilated pupils, and increased temperature, heart rate, and blood pressure. The duration of cocaine's immediate euphoric effects, which include hyperstimulation, reduced fatigue, and mental clarity, depends on the route of administration. The faster the absorption, the more intense the high. On the other hand, the faster the absorption, the shorter the duration of action. The high from snorting may last 15 to 30 minutes, while that from smoking may last 5 to 10 minutes. Increased use can reduce the period of stimulation. When people mix cocaine and alcohol consumption, they are compounding the danger each drug poses and unknowingly forming a complex chemical experiment within their bodies. NIDA-funded researchers have found that the human liver combines cocaine and alcohol and manufactures a third substance, cocaethylene, that intensifies cocaine's euphoric effects, while possibly increasing the risk of sudden death. Yes. Cocaine is of... ... the "Brompton cocktail". This was a judiciously-blended mixture of cocaine, heroin and alcohol. The results were gratifying not just to the recipient. Relatives of the stricken patient were pleased, too, at the new-found look of spiritual peace and happiness suffusing the features of a loved one as (s)he prepared to meet his or her Maker. Drawing life to a close with a transcendentally orgasmic bang, and not a pathetic and god-forsaken whimper, can turn dying into the culmination of one's existence rather than its present messy and protracted anti-climax. There is another good reason to finish life on a high note. In a predominantly secular society, adopting a hedonistic death-style is much more responsible from an ethical utilitarian perspective. For it promises to spare friends and relations the miseries of vicarious suffering and distress they are liable to undergo at present as they witness one's decline. A few generations hence, the elimination of primitive evolutionary holdovers such as the ageing process and suffering will make the hedonistic death advocated here redundant. In the meanwhile, one is conceived in pleasure and may reasonably hope to die in it.

Marketing Topical Research Paper

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

A Medieval Joke essays

A Medieval Joke essays Earlier in the semester an assignment was given to respond to less serious treatments dealing with the medieval period. In Ellis Peters A Morbid Taste for Bones and Monty Pythons Holy Grail themes such as Good versus Evil, feudalism, and the belief in myths and magic were discussed. However there are other themes that are found in two other more serious treatments of the medieval period. In Judith M. Bennetts A Medieval Life, which tells the story of Cecilia Penifader of Brigstock and her family; and Carolly Ericksons The Medieval Vision, a collection of various essays regarding the medieval period. In these works the themes of religion and rituals, the role of women, and the role of Lords will be discussed. In Bennetts A Medieval Life, religion and rituals are things that played a large part in the lives of the people during this time. First, Cecilias religious world was strikingly homogeneous; she might have heard stories about Jews or heretics, but the world in which she lived offered no alternative religious practices. Coming from a small community as Cecilia did, there was no room for choice in what to believe in. Cecilia lived in a controlled setting. Her beliefs were forced upon her, if her beliefs were to wander she would be considered a heretic, and would have been killed. All that she knew of religion was learned through word of mouth and from watching services. Lent was an example of a holiday ritual that they celebrated. The Final week of Lent was Holy Week. On the last Sunday before Easter, the Penifaders brought branches to be blessed, a celebration of spring growth that also remembered the palms strewn before Jesus as he entered Jerusalem. From this excerpt, it is obvious that Lent is celebrated much the same way now as it was back then. However, they did not end the week long ritual with the hunting for Easter baskets. People who lived in the Medi...