Marketing Plan Management

Question: Clarify EnBuFriend? Answer: About the vehicle The petroleum costs are expanding and simultaneously, the purchasers are getting naturally benevolent with the goal that they can do their great to the earth. The vehicles out and about are one reason because of which condition is getting influenced the most. It is hard for the clients to be reliant on open vehicle and that is one reason because of which they own a vehicle in any event, when they believe that its costly. Electric vehicle is one of the thoughts that numerous vehicle organizations is attempting to actualize yet it isn't effectively acknowledged by the intended interest group. A vehicle named EnBuFriend (Environment and Budget Friendly) with the goal that the clients are roused to purchase this vehicle instead of that of some other vehicle. This vehicle will be showcased with the goal that the objective market knows about the accessibility of the vehicle. At first, it might appear to be confused to arrive at the objective market yet this can be accomplished with broad promoting. An advertising plan will be set up with the goal that the objective market is persuaded to be ecologically well disposed and furthermore set aside the enormous cash that they are putting resources into the vehicle and furthermore the petroleum (Aggeri 2009). Keen destinations Setting keen goals is the main route by which the administration can accomplish the objectives that has been set. On the off chance that the administration can set SMART targets, at that point they can be have confidence that they will be measure the accomplishments against the objective that has been set. The SMART destinations that have been set by the administration of EnBuFriend are as per the following: - In the principal year, the administration is happy to sell at any rate 500 vehicles. In any event 90% of the objective market ought to know about the accessibility of EnBuFriend vehicles. The organization will come up in any event 25 ad battles so the objective market knows about the accessibility of the vehicle (Beaume 2009). Center skills of EnBuFriend vehicles Center skills are the key qualities of the association. EnBuFriend will guarantee that they contribute on their center abilities with the goal that they can endure and be serious in the association. Not many of the center skills on which EnBuFriend might want to focus on are as per the following: - The association needs to focus on being perfect. Being spotless would imply that the association will consistently attempt its level best to earth amicable. Advancement would be the key quality of the association. The association will enhance ceaselessly with the goal that they can be better than what they are today. The association will improve based on advertise patterns and client needs. The association needs to be certain that they are ecologically well disposed and henceforth, they won't digress from their target of being naturally neighborly. Solace of the driver will be given due significance and thus, the vehicle will be structured remembering the drivers necessity. In the majority of the electrical vehicles, the drivers comfort is disregarded however that won't the case with EnBuFriend. EnBuFriend will present one vehicle in the market however gradually and consistently, they will build the models with the goal that the client can purchase something that they like instead of that of purchasing something that is accessible (Belderbos 2010). Division for EnBuFriend vehicles The normal vehicle portion can't accepting EnBuFriend vehicles. It is the duty of the advertising group to need of the client and embrace division of the market. In the event that the administration attempts to comprehend the customary portion, at that point there are high possibilities that the clients won't accepting earth neighborly vehicles. Not many of the sections that would be focused by EnBuFriend vehicles are talked about underneath. Socioeconomics like age, sex and area won't be utilized with the end goal of division. On the off chance that the market is fragmented dependent on the age, sex and area then there are high possibilities that the association will pass up individuals who will be really ready to purchase the vehicle. Individuals for EnBuFriend vehicle will be portioned dependent on the demeanor that they hold towards the earth. Individuals who are eager to do their piece of good to the earth will utilize the vehicle. The administration will guarantee that the advantages of nature are articulate about during the promotion battles so the clients are persuaded to make interests in electric vehicle (Chesbrough 2006). Guys and females who are between the age gathering of 20 to 70 will be focused on. Beneath the age of 20, individuals may not be sufficiently developed to drive vehicles or settle on choices on the sort of vehicle that they might want to drive. Aside from that, after the age of 18, individuals build up a comprehension about the mischief that they are making to nature and consequently, they search for ways by which they can address it. EnBuFriend is one of the ways by which they can spare nature. Additionally, working experts attempt vehicle pooling and different exercises with the goal that they can diminish the effect on the earth so they can attempt this vehicle so they can be reliant on their private vehicle. Individuals after the age of 50 will be very much aware of the adjustment in the earth and subsequently, they will persistently search for approaches to diminish the effect with the goal that they can spare something for the people to come. In conclusion, just the created countries will be focused on. There are high possibilities that the creating and immature countries may not be monetarily solid to buy electric vehicles. Gradually and consistently, EnBuFriend will attempt to catch these business sectors even a less expensive vehicle with the goal that the clients are eager to make venture. Aside from that, the attention to being naturally neighborly is low with regards to creating and immature country. The notice crusade will be produced for created country so the battles can be in a state of harmony with the mentalities and prerequisites of the individuals (Chiaroni 2010). Electrical vehicles may not be utilized by everybody and subsequently, this will be focused towards individuals who are well informed. EnBuFriend will have a lot of highlights and that won't be comprehended and acknowledged by all the clients. The promotion battle will be for tech amicable individuals simply because of the wide scope of highlights that it offers. Individuals who are worried about the cash that they are spending on the petroleum will likewise be focused on. Running on power is one of the highlights that separates this vehicle than that of different vehicles and thus, individuals who are worried about petroleum will likewise be thought of while the notice system is arranged (Ebersberger 2010). Target advertise for EnBuFriend A lot of market sections have been distinguished however it is just unimaginable for EnBuFriend vehicle to serve all the market portions. Not many of the market portions that can be recognized and focused by EnBuFriend are talked about beneath. Officials between the age gathering of 25 to 45 can be focused by EnBudfriend. Individuals between the age gathering of 25 to 45 are in official position and thus, they will search for ways by which they can set aside their cash. EnBuFriend will push the client to petroleum and this can be tremendous sparing. Aside from that, individuals in this age bunch dont want to purchase vehicle on account of the petroleum cost related with it. With the assistance of EnBuFriend, individuals with low salary can likewise set aside cash and purchase a vehicle. The vehicle will be at first presented in created nations as it were. The individuals in created nations have better comprehension of eco-accommodating vehicles and consequently, they will decide on these vehicles. Aside from that, the created countries governments nonstop power their kin to adhere to standards that can protect the earth and consequently, they will want to purchase these sort of vehicles as opposed to that of the costly vehicles which are accessible in the market. Educated clients will gladly purchase EnBuFriend vehicle on account of the highlights that the feline will offer. The vehicle will be entirely agreeable to the driver in view of the highlights yet again the clients ought to be eager to investigate the highlights. An individual who isn't very techno-monstrosity won't care for the vehicle since things won't be basic as it would be in different vehicles. There will be a lot of different highlights also and these highlights won't be there in different vehicles (Enkel 2009). Situating of EnBuFriend EnBuFriend Car ought to be situated astutely with the goal that the correct arrangement of individuals is persuaded to purchase the vehicle. On the off chance that the vehicle isn't situated appropriately, at that point there are extremely high possibilities that the vehicle will be a disappointment as it won't be preferred by anybody. Not many of the ways by which the vehicle with be situated in the market are talked about beneath. Be earth cordial is one of the center highlights that is offered by this vehicle so it should connect with individuals who are happy to benefit some for nature. The vehicle will be situated as a vehicle that can add to the green activities that each individual is taking. In the event that an individual is worried about the earth and on the off chance that they are attempted basic little things to diminish the effect of negative things on nature then they will have the option to interface themselves with the situating. EnBuFriend vehicle will be situated as a spending agreeable vehicle for the administrators. The administrators are made a big deal about the cash that they will spend on the petroleum for ordinary travel and consequently, they can pick electric vehicle. The electric vehicle can accuse their vehicle of power or they can accuse their vehicle of sun powered vitality. This will guarantee that the officials have their own vehicle to go around and simultaneously, they can be have confidence that they arent spending a colossal measure of cash on petroleum (Dyer 2001). The intended interest group will be clarified that they are going through tremendous cash in support in view of the utilization of petroleum yet the officials need not spend a lot of cash on keeping up EnBuFriend vehicle. EnBuFriend vehicle is for individuals who are cognizant about the cash that they are spending and henceforth, the administration will guarantee that they are made mindful of the investment funds

Orthopedic and Musculoskeletal Disorders IEP

Orthopedic and Musculoskeletal Disorders IEP Orthopedic and Musculoskeletal Disorders: a plan and assessments of the fitting individualized instruction objectives and the issues encompassing the turmoil IEP represent individualized training program. Individualized training program comprises of an announcement portraying instruction program for understudies with inabilities. This program gets named individualized on the grounds that it manages crippled understudies individually.Advertising We will compose a custom exposition test on Orthopedic and Musculoskeletal Disorders IEP explicitly for you for just $16.05 $11/page Learn More Individual explanation depicting every understudy instruction program exists. The principle motivation behind individualized training program is to guarantee that necessities of understudies with incapacities get tended to (Barrera et al., 2003). IEP gives every understudy instruction plan intended to meet the student’s uncommon requirements. Orthopedic disability can be characterized as an extr eme impedance that influences the child’s instructive exhibition. A portion of these disabilities results from infections, for example, poliomyelitis or bone tuberculosis. A youngster with appendage insufficiency requires specific instruction program since the person does not have a few pieces of the body. This orthopedic issue may result to an understudy with at least one appendages breaking down or missing. For a situation where the youngster has just a single appendage breaking down or missing, it gets simple to deal with their case. For instance, if just one arm is breaking down the kid can be prepared to depend on the other arm. Some of individualized instruction program objectives for such understudies incorporate; guaranteeing that the kid accomplishes the best in training (Barrera et al., 2003). This is made conceivable by their educators who change the learning condition to suit the necessities of the kid with appendage lacks. Another objective is to guarantee that t he youngster obtains and holds an uplifting disposition throughout everyday life. This helps bend circumstances where youngsters lose trust or create negative perspectives towards their conditions. They feel undesirable since they don't resemble the rest and on occasion they need inspiration or the inclination to live more. Appendage insufficiency includes any number of skeletal issues, which may result to a youngster missing at least one appendages. The confusion may result from ailment whereby a kid gets influenced by maladies, for example, poliomyelitis or bone tuberculosis. These confusions result to breaking down of appendages consequently making it hard for the youngster to play or make move around normally.Advertising Looking for article on wellbeing medication? We should check whether we can support you! Get your first paper with 15% OFF Learn More now and again, youngsters get conceived without certain appendages henceforth making it outlandish for them to be free. This occ urs before birth. In this manner, such youngsters need to take care of schools where specialized curriculum educators handle them as needs be (Adams et al., 2002). Then again, a few kids may have a few appendages completely working with others failing or missing. For instance, there might be where the kid has the two arms typical and dynamic and the two legs incapacitated. Appendage inadequacies can occur in any request, and each case should be investigated and maneuvered carefully so as to give the influenced youngster their right. These rights incorporate right to legitimate training and the privilege to life. Loss of appendages or breaking down is a resultant of a few issues; along these lines, it has not many related issues. In any case, the best issue can be an expansion in inactive way of life related entanglements. This happens in light of the fact that development stays restricted henceforth decreasing exercises for the influenced individual. It is sound for the human body t o be dynamic since, it helps consume fats that may cause cholesterol related ailments, for example, coronary episode. In the event that the lack is because of removal, leftover appendage torments might be experienced by the kid thus causing injury and inconvenience (Adams et al., 2002). The other difficulty related with this issue is skin illnesses coming about because of the utilization of prosthesis. At whatever point these difficulties show up the kid get encouraged to see a clinical specialist for treatment. This remaining parts empowered in light of the fact that any strange advancement in the human body can be deadly. Along these lines, appropriate medicine should be controlled by a certified clinical specialist. Money related help is basic in training framework where individual needs of kids must be tended to. Without satisfactory financing, training offices will most likely be unable to utilize all necessary master to deal with unique understudies. Schools with crippled unde rstudies need uncommon showing hardware, and other situating gear to be utilized by understudies. For instance, in a school with understudies with appendage inadequacies, gear, for example, wheel seats must be bought to upgrade development of understudies. This is a costly exercise since certain understudies may require manual wheel seats as indicated by capacity of their arms (Gorman-Smith et al., 2000).Advertising We will compose a custom article test on Orthopedic and Musculoskeletal Disorders IEP explicitly for you for just $16.05 $11/page Learn More If their arms are powerless to push the manual wheel seat, electrical wheelchairs get utilized. Thusly, monetary help is indispensable in these instruction frameworks to ensure that requirements of incapacitated understudies get tended to in the most fitting way conceivable. Truth be told, all hardware essential for accomplishment of IEP objectives must be accessible for the instructor to push understudies to their best. A large num ber of appendage inadequacies conditions can't be dealt with. In any case, a portion of the related conditions can be treated with alternatives, for example, medical procedure whereby specialists can do procedure on the patient to address deformations and limit insufficiencies. For instance, they can improve developments of arms subsequently empowering the kid to deal with some minor assignments. In instances of appendage length inconsistencies activity, for example, shoe raises can be taken to upgrade smooth developments. This happens when one appendage is shorter than the other. A raised shoe is intended for the person in question, and this encourages that person walk effectively subsequently lessening inadequacy. Restoration happens in situations where patients experience a particular treatment. For instance, if a patient has fixators appended in their cracked bones recovery is essential since close consideration is fundamental. During recovery, a patient follows a timetable of e xercises involving physical and word related treatment. All these remain planned for helping the influenced appendages recover ordinary tasks. The patients remain observed intently by their parental figures to guarantee that they don't get contaminations on their appendages. Patients likewise communicate with clinicians during recovery. They get guided on the best way to acknowledge their status. Government authorities need to think of enactment controlling how instruction ought to be directed to youngsters with incapacities. A well disposed instructing condition is pivotal to deal with necessities of understudies with incapacities (Achenbach and Rescoria, 2001). There ought to be an educational plan made to suit their necessities as far as sports and all angles comprehensive. This will guarantee that understudies with exceptional requirements get acknowledged and appreciate being in school simply like the other children.Advertising Searching for exposition on wellbeing medication? How about we check whether we can support you! Get your first paper with 15% OFF Find out More The educator must ensure the person in question comprehends the disarranges incredibly obviously. When managing understudies with spinal issues, the educator must ensure the youngster is in the correct condition al, the time (Gorman-Smith et al., 2000). They ought to likewise guarantee that they speak with the youngster on the off chance that they need any assistance, for example, heading off to the can. Instructors have obligations of helping youngsters at whatever point they need to move around, and telling them the best way to work a portion of the supporting gear, for example, electrical wheel seats. They ought to likewise ensure that they learn however much as could reasonably be expected by evaluating them face to face and independently to note on their frail focuses. References Achenbach, T.M., Rescorla, L.A. (2001). Manual for ASEBA school-matured structures andâ profiles. Burlington, VT: University of Vermont, Research Center for Children, Youth, and Families. Adams, C.D., Streisand, R.M., Zawacki, T., Joseph, K.A. (2002). Living with a Chronic ailment: A proportion of social working for kids and adolescents. Journal of Pediatric Psychology, 27(7), 593-605. Barrera, M., Wayland, L., D’Agostino, N., Gibson, J., Weksberg, R., Malkin, D.â (2003). Formative contrasts in mental alteration and wellbeing related personal satisfaction in pediatric disease patients. Children’s Health Care, 32(3), 215-232. Gorman-Smith, D., Tolan, P.H., Henry, D.B., Florsheim, P. (2000). Examples of family Functioning and immature results among urban African American and Mexican American families. Diary of Family Psychology, 14(3), 436-457.

MIT, Part VII

MIT, Part VII A couple of weeks ago, it was too warm and humid to sleep, so I wandered down to one of MITs many perpetually air-conditioned Athena clusters for my daily dose of midnight Haskell practice. Instead, I bumped into Jeffrey13 leading a cluster of frosh from his FPOP. As is wont to happen with frosh, questions were asked, and as is wont to happen with bloggers, blogs wereblogged to. Frosh: Are you excited to be a senior? Will you miss MIT after graduating? Me: Well, Ill miss MIT. I dont want to do a thesisalso, Im not ready to be a real person right now. Ill probably be ready to be a real person in a year. Many other nerds seem to have bridged the transition with a reasonably low rate of psychotic breakdown. But temporarily being a real person this summer living in an apartment instead of East Campus (Ive spent all my previous summers interning around Cambridge), working over 40 hours a week, commuting and having to constantly travel around and make plans with people instead of retreating into the comfort of a thriving campus community, where everyone I know lives no more than half a densely populated mile away made me miss the ease of college life. Its a wonderful luxury to drop the pretenses once in a while, and revel in the fact that yes, you only have one class on Fridays, and youre going to spend the rest of the day doing anything you want, and your friends will probably accidentally bake you cupcakes and bump into you on your way to your favorite hipster coffee shop. For the idly curious, a tentative overview (half of these classes will probably change by tomorrow) of my hard-hitting semester, which, seven days after the beginning of the semester, is beginning to bear down on me with all the grace of a steamroller (Mom, Im joking, really): 6.170 Software Studio This incarnation of the infamous software lab, recently resurrected from the dead, is, I think, MITs (or maybe just Daniel Jacksons) attempt to teach us actual industry skills. Modern software engineering is a messy world, with way too many languages, frameworks, and paradigms for any sane person to keep track of. In Jacksons own words:  Theres always the temptation, when teaching a computer science class, to use a really nice language that isnt full of wartsbut on the upside, me not doing that will make it easier for you to get jobs. 6.854 Advanced Algorithms Me: Haitao, didnt you already cover like half of this material in 851? Haitao12: Well, Ive taken all the other algorithms classes, so, you knowmight as well. Prof. Karger: Hi everyone! The first pset is due on Wednesday. Ive heard that my problem sets are hard, buttheyre just so fun. Jeff12, who has been in practically all of my classes since freshman year: Why do we keep doing this thing where we get really excited about disgustingly hard classes for no reason? Me: But itll be so fun Jeff: yeah, true Moral: MIT students are all masochists. Prof. Karger, on planar point location: It helps if you think of two dimensions as one dimension plus another dimension. Deep, huh? [pause for audience laughter] But how can it be deep, were only in two dimensions. [pause again for laughter] Anyways Moral: MIT professors are bizarrely lovable. 21M.226 Jazz Another semester of Prof. Harveys vast repository of jazz knowledge and uncannily deadpan jokes. Thats why jazz is considered an art form, because it sells so little, just kidding. 6.837 Computer Graphics Apparently this involves writing rendering algorithms in C++? Im scared. Then again, theres no way this can be as hard as junior fall. Right?

Business Data Networks and Security Essay - 2565 Words

Business Data Networks and Security, 9e (Panko) Chapter 9 TCP/IP Internetworking II 1) In IP subnet planning, having a large subnet part allows more hosts per subnet. Answer: FALSE 2) When the subnet part is made larger, the host part must be smaller. Answer: TRUE 3) If your subnet part is 8 bits long, you can have ________ subnets. A) 64 B) 128 C) 256 D) None of the above Answer: D 4) In IP subnet planning, you need to have at least 130 subnets. How large should your subnet part be? A) 6 B) 7 C) 8 D) None of the above Answer: B 5) Your firm has an 8-bit network part and an 8-bit subnet part. How many hosts can you have? A) 8 B) 16 C) 254 D) 65,534 Answer: D 6) You have a 20-bit network part and a†¦show more content†¦A) DNS servers B) DHCP servers C) directory servers D) identity servers Answer: B 35) ________ servers provide ________ IP addresses to clients. A) DNS, static B) DNS, dynamic C) DHCP, static D) DHCP, dynamic Answer: D 36) Clients can send a DHCP request message to multiple DHCP servers. Answer: TRUE 37) DHCP ________ are configurable parameters that determine which subnets the DHCP server will serve. A) ranges B) scopes C) spans D) domains Answer: B 38) Which of the above is NOT an element in a network management system? A) The manager. B) Agents. C) Objects. D) All of the above ARE elements in network management systems. Answer: D 39) In SNMP, the manager communicates directly with a(n) ________. A) managed device B) agent C) Both A and B D) Neither A nor B Answer: B 40) In SNMP, the manager communicates directly with the managed device. Answer: FALSE 41) In SNMP, object is another name for managed device. Answer: FALSE 42) In SNMP, the time-to-live value for a router interface is the value for an object. Answer: TRUE 43) The management information base (MIB) is a(n) ________. 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Taking a Look at Beauty Pageants - 741 Words

Throughout history, the world has formed its own ideas of what women should look like. If a woman does not meet the criteria of beauty then she is seen as less important than others. Beauty pageants encourage people to rate women based on superficial standards. All over the world, people begin to acquire faulty ideas of what women should strive to be like. Pageants in general highlight appearances as an important factor of character, while lowering the self esteem of girls and forcing them to try and put a mask over their flaws. Beauty pageants center their focus on a female’s outward appearance. In children’s pageants, they strictly critique beauty. These critiques are damaging in a young girl’s development of self-esteem because it embeds this idea that beauty is all that matters in the world. Women, on the other hand, partake in pageants that involve talent and personal questioning. A woman could be beautiful and an amazing athlete, but she would not be able to enter the pageant because she would not have a talent that could be preformed on stage. In addition, there are women who embody the characteristics and talents to set them apart from most other women, but they may not be as physically beautiful as others. Pageants try to force the idea that the perfect woman is smart, can do some sort of frivolous talent, and, most importantly, beautiful. This does not mean that these woman are any better than others, it just highlights the fact that they have good genes and haveShow MoreRelate dBanning Childrens Beauty Pageants661 Words   |  3 Pagesbackstage and the daily lives of children who thrown into the world of pageants, all for inane title that has no benefactors and no use for life. 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Competition categories may include talent, interview, sportswear, casual wear, swim wear, theme wear, outfit of choiceRead MoreChild Beauty Pageant Is Important Than The Inner Talent1381 Words   |  6 Pagesmatters if you look beautiful! Marlo said to her daughter, Sydney, as she tied her dress. For many girls physical appearance is more important t han the inner talent. So well they have their own show, Beauty Pageant, to present their beauty in front of people. Beauty Pageant, a contest where women are participates to show their beauty and sometimes talent, and win price or a title. Beauty Pageant shows have become very popular all around the world. Child beauty pageant mostly focus on looks, gowns, modellingRead MoreThe Ugly Side of Beauty Pageants1365 Words   |  6 Pagesparlor is up a winding stair, and I’ve a many curious things to show when you are there.† Like the fly, young girls are lured into a fanciful web of illusion and false hope. Beauty pageants are a complex snare of mental and physical stress, financial burdens, time consuming hours, and unrealistic beauty features. Beauty pageants are unnecessary activities that possess a unique history. Atlantic City, New Jersey was always a popular vacation spot during the tourist season. Usually, the excursionistsRead MorePersuasive Essay On Beauty And Beauty Pageants1433 Words   |  6 Pageseyelashes, wigs, and fake teeth to just complete half of their look. The other half to complete their look is a full face of makeup and dresses or suits that are over $600. To put the cherry on top you have to get a makeup artist and a pageant coach for the talent portion of the pageant. There are about 4 competition categories in each pageant. The cost of how they appear at the pageant is over $3,000 and to participate in a pageant is over $10,000. You are spending thousands of dollars on your childrenRead More Childrens Beauty Pageants Essay998 Words   |  4 Pageschildren into many beauty pageants each year, and its wrong. nbsp;nbsp;nbsp;nbsp;nbsp;Beauty pageants first originated in Atlantic City. It was a marketing tool to make tourists stay in town longer (Banet-Weiser). News struck about this beauty pageant and the local news paper headlined â€Å"The next Miss America†. As beauty pageants grew popular, a Little Miss America was started for parents who wanted their children in the contest. nbsp;nbsp;nbsp;nbsp;nbsp;The average beauty pageant costs aboutRead MoreThe Brink of Beauty Essay1419 Words   |  6 Pages When most pageant parents are asked about their reasons for having their child partake in beauty pageants, their responses are predictable. Their kid wants to; they genuinely enjoy being in pageants, which is understandable. What kid doesn’t love attention? Another response is that their child can showcase their talents, such as singing, dancing, and looking pretty. The winners of these pageants also often receive cash prizes, although they typically don’t add up to the amount of money the parentsRead MoreThe Parting Breath Of The Now Perfect Woman1137 Words   |  5 PagesHawthorne’s story â€Å"The Birthmark† in hopes of enlightening readers that all people have imperfections. In today’s society, people try so hard to look identical to those who are held on a high pedestal for being beautiful that some even resort to changi ng their body parts such as their lips and waist-lines as means to remove or â€Å"fix† any visible imperfections, taking away their individuality. It is vital for everyone to embrace their imperfections and learn who they truly are in spite of them; thereforeRead MoreThe Beauty Of Beauty Standards1493 Words   |  6 PagesEverywhere you look we have billboards, posters, ads, and magazines with images of beautiful people on them. It is these pictures that capture not only their physical perfection, but their delightful lives; the majority of them portraying females. Women full of happiness and sheer bliss including their super brilliant white teeth, long luscious hair, and sexy curves sending a message that if we can posses these attributes then we, too can have a satisfactory life. Beyoncà © recently addressed the issueRead MoreThe Beauty Of Beauty Pageants1840 Words   |  8 Pagesthey watch their little Barbie dolls fight for who is going to be the next â€Å"Miss ...à ¢â‚¬ . That is how the typical beauty pageant scene would go. A beauty pageant is a gathering of young girls or women, of whom judges select the most beautiful. Beauty pageants are divided into sections such as question and answer, modeling, talent, and personal interview. Winners of the pageant are called beauty queens, and the awards consist of tiaras, titles, sashes, and cash prizes. Society today, already puts tons of

Knowledge Organisation and Learning Free Essays

1. Introduction The medical industry today has transformed in recent years as a result of the inclining demography scale. This has led the government to rethink of the country’s healthcare expenditures whether they are able to meet with the demand to the health and medical industry (Group 2011). We will write a custom essay sample on Knowledge Organisation and Learning or any similar topic only for you Order Now Pinnacle hospital is structured with a holistic healthcare features that will be establish with the most advance technologies and high standard of service to patients, locals and overseas. Moving towards the growing ageing populations, the main emphasize will be on enforcing of the health awareness of the public. . Objective The team objective is to identify the future knowledge workers role and skills requirement so as to be a successful workers in future 2020. 3. PESTEL Analysis in year 2020 In analysing the external environment, the team has applied using the PESTEL tool to analyse each of the components of the external environment and identify the changes that will be establish in 2020. 3. 1) Political factors In 2020, the government will be spending approximately $10 million per year on healthcare. Higher subsidies granted to lower-income families with illness. Furthermore, the government have also planned to ramp up the infrastructure and manpower by recruiting 20,000 healthcare workers and 3,700 hospital beds, creating more jobs opening (HSA 2007-2011). Government will also look into working closely with private hospital on bed leasing (source: MOH healthcare 2020 Masterplan). 3. 2) Economic factors Population will increase, hence, the standard of living will increase as well. The government remains stable and provides strong support in funding capitals to healthcare sector that attracts more foreigners to opt for medical advice in Singapore and higher recruitment (Channelnewsasia, 2013). . 3) Social Issues such as more ageing population in 2020, with over 25% of its population above the age of 65 years old, parallel to several other developed countries around the world that has a distended grey population. As more foreigners are coming into Singapore, Singapore will be a multi racial country with English as a common language that is univ ersally recognize. 3. 4) Technological In future, new invention will be coming in, thus, the technology will be advancing. There will be robotic system to assist in surgeon for effective and efficient surgery. Furthermore, there will be web-cam system installed for the patients to interact with their love ones. Patients may monitor their health condition simply with an affordable personal pocket size device consist of sensors, actuators and mechanisms. It also helps to alarm the hospital in any case of emergency instead of reaching a phone to dial for emergency. 3. 5) Ecology In 2020, solar panels will be able to substitute the usage of electricity. Implementing the solar energy system will be useful to conserve energy and save high cost of electrical maintenance for the hospital. Organics products will be use instead of chemical content to patients with allergy. 3. 6) Legal More Act to implement the control, licensing and inspection of private hospitals, medical clinics, clinical laboratories and healthcare establishments (Attorney General’s Chambers, 2011). 4. Current Roles and Knowledge The team has selected four of the major roles in Pinnacle hospital to analyze their skill and knowledge acquired to comply with the duties they handle. They are: the Doctors, Nurses, Operation Manager and Customer Relation Executive. 4. 1) Doctors The doctors are expertise in their medical field as they are required to diagnose the patients’ illness and vital to make complex decisions. Moreover, doctors are trained and required to be skillful and knowledgeable in handling major/minor op surgery. 4. 2) Nurses Nurses have many multiple roles in the hospital. They are to perform the role of assisting the doctors in surgery, checking of patient’s records, being a caretaker and passing of information to both doctors and patients. They also have to handle some minor cases of patients such as washing wounds and injection. Therefore, nurses have to obtain these basic skills in their medical practice. 4. 3) Operation Manager Operation manager are mainly in-charge on policy change and ensure effective communication and collaboration among departments. In addition, operation manager have to ensure there is enough resources in the hospital and make sure the hospital is running smoothly. 4. 4) Customer Relation Officer For a Customer Relation Officer, they are required to help to manage the front desk with various admin support and enquiries from the patients. They also have to collect information and data of the patient’s problems and concern. 5. Future Roles and Knowledge Acquiring skills for the following roles in the year 2020: 5. 1) Doctors Technology seems to be advanced in year 2020. Robots will be the doctors’ assistants in operation theatre, which will enhance the efficiency of the surgeon. In any case of technical fault, the doctors will be the one to fix the problem. Therefore, the doctors are required to obtain new skills in technology so as to fix the minor problem of the robot if anything goes wrong. Basic knowledge in operating of the robot is necessary. It is to ensure that the robots are in good condition to assist the doctors in surgeon smoothly. 5. 2) Nurses Nurses are formerly assistance to doctor to retrieve patient’s record and in Op theater. In 2020, ?With centralized database, nurses are to train to use the system effectively to obtain patients’ record ? Cloud-based text messaging system that nurses will have to send out update the status of patient undergoing surgery to family or friends to reduce the waiting time. Nurses will learn to communicate with patients via online consultation web with patient’s family members who well-versed in IT to ensure correct details are conveyed and no error made. 5. 3) Operations Manager Currently, routine check will all be taken over with centralised method and will be fully automatic via sensors system. Mini tracking device will be issued to patients whom admitted to hospitals. Moreover, they will require maintai ning and tracking the patients’ attendance and do arrangement for land transfers for overseas Patients. 5. ) Customer Relations Officer In Customer Relations Officer, most commonly the officers face with communication barrier. In 2020, these cases will be resolved via the following: ? officers has to be train to be more linguistic as more foreigners are expected to seek medical help ? Officers can be train to educate patients on the use of e-booking online as it reduce waiting time and crowding the holding area. 6. Conclusion In conclusion, the demographic graph is inclining towards ageing population as such it is necessary to create more health awareness. With advance technology implemented in hospital, each staff are required to attend the training according to the skills they acquired to be hands-on with centralized database system and able to assist more patients from overseas whom are seeking medical advice in Singapore. It is hoped that Singapore could become a world-class originator of innovative, aged-friendly technology, products and devices. The ageing issue requires the integration and strategic alignment of new technologies, personal responsibility and public policy. How to cite Knowledge Organisation and Learning, Essay examples

Mr. Boogie Bear free essay sample

Statesman, publisher, Inventor, and patriot known for writing Poor Richards Almanac, keeping France on the side of America during the Revolutionary War, and inventing all kinds of useful things, including bifocal glasses and the lightning rod. He was the American representative to England for a few years. He was also minister to France for many years and became a national hero there. His last great deed was serving as a delegate to the Constitutional Convention.George Washington Deflation: First president of the united States, he also fought (for the British) In the French and Indian War and was the commanding officer of the victorious American forces in the Revolutionary War. He was named president of the Constitutional Convention. He served two terms as president, during which he invented the Cabinet, his advisers, and tried to calm the bickering between the two new political parties, the Federalists and the Democratic-Republicans.After his second term, Washington retired to his home at Mount Vernon, to live a quiet life with his wife, Martha. We will write a custom essay sample on Mr. Boogie Bear or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Thomas Jefferson Definition: Third president of the united States, serving two terms. He was also vice- president under John Adams. He wrote the Declaration of Independence. He was a minister to France and later kept his country out of wars with England and France. Jefferson, along with James Madison, was a leader of the new Democratic-Republican Party.HIS politics brought him Into conflict with Adams and Alexander Hamilton, who were the leaders of the new Federalist Party. Jefferson made the Louisiana Purchase and sent Meriwether Lewis and James Clark on their famous visit to the Pacific Ocean. In his personal life, he was a successful inventor, inventing among other things a swivel chair and a wheel cipher, which could be used to send or read coded messages. He also had many interesting inventions at his home, Monticello.

mp3s essays

mp3s essays As we are approaching the 21st century communications is becoming a vital key in business and home computing. As a result we are constantly inventing new ways in order to make communications easier for the user to access in our daily lives. Therefore the information superhighway has sparred awareness in home technology or lack of home technology. The abbreviation MP3 stands for MPEG (Moving Picture Experts Group) layer 3, which is a standard format for storing compressed music. An MP3 file is an audio file that has been compressed (anywhere from 1/5th to 1/17th of its original size) without any noticeable loss in sound quality. That means a great sounding file, in a package small enough that it can be downloaded and/or stored on your PC (MP3 files can be identified by their file extension, .mp3.). The basic idea is that music digitized at CD quality has information that can be suppressed with little or no quality loss, as perceived by most people. Thanks to this and some mathematics, it is possible to compress a digitized track to about 8 percent of its original size, or a compression ratio of 12:1. This means that, while a regular music CD can contain about one hour of music (74 minutes, actually), a similar CD used to store mp3 files can contain almost 12 hours of music. MP3 is used particularly for music distribution over the Internet, but is also used for other purposes such as real-time digital audio transmissions over ISDN (used by reporters). How is it possible to do this you ask? Well, I won't get into the technical details, but basically the MP3 encoder removes the parts of the sound not audible to the human ear. This means that MP3 is a 'loss' type of compression (comparable to JPEG in the graphics area). This means that what comes out from your CD or Wave file is NOT the same thing that comes out of the MP3 that has been created from the CD/Wav. The sound data that has been lost will not be returned if the MP3 is...

Limiting Reactant Theoretical Yield (Worked Problem)

Limiting Reactant Theoretical Yield (Worked Problem) The limiting reactant of a reaction is the reactant that would run out first if all the reactants were to be reacted together. Once the limiting reactant is completely consumed, the reaction would cease to progress. The theoretic yield of a reaction is the amount of products produced when the limiting reactant runs out. This worked example chemistry problem shows how to determine the limiting reactant and calculate the theoretical yield of a chemical reaction. Limiting Reactant and Theoretical Yield Problem You are given the following reaction: 2 H2(g) O2(g) → 2 H2O(l) Calculate: a. the stoichiometric ratio of moles H2 to moles O2b. the actual moles H2 to moles O2 when 1.50 mol H2 is mixed with 1.00 mol O2c. the limiting reactant (H2 or O2) for the mixture in part (b)d. the theoretical yield, in moles, of H2O for the mixture in part (b) Solution a. The stoichiometric ratio is given by using the coefficients of the balanced equation. The coefficients are the numbers listed before each formula. This equation is already balanced, so refer to the tutorial on balancing equations if you need further help: 2 mol H2 / mol O2 b. The actual ratio refers to the number of moles actually provided for the reaction. This may or may not be the same as the stoichiometric ratio. In this case, it is different: 1.50 mol H2 / 1.00 mol O2 1.50 mol H2 / mol O2 c. Note that the actual ratio of smaller than the required or stoichiometric ratio, which means there is insufficient H2 to react with all of the O2 that has been provided. The insufficient component (H2) is the limiting reactant. Another way to put it is to say that O2 is in excess. When the reaction has proceeded to completion, all of the H2 will have been consumed, leaving some O2 and the product, H2O. d. Theoretical yield is based on the calculation using the amount of limiting reactant, 1.50 mol H2. Given that 2 mol H2 forms 2 mol H2O, we get: theoretical yield H2O 1.50 mol H2 x 2 mol H2O / 2 mol H2 theoretical yield H2O 1.50 mol H2O Note that the only requirement for performing this calculation is knowing the amount of the limiting reactant and the ratio of the amount of limiting reactant to the amount of product. Answers a. 2 mol H2 / mol O2b. 1.50 mol H2 / mol O2c. H2d. 1.50 mol H2O Tips for Working This Type of Problem The most important point to remember is that you are dealing with the molar ratio between the reactants and products. If you are given a value in grams, you need to convert it to moles. If youre asked to supply a number in grams, you convert back from the moles used in the calculation.The limiting reactant isnt automatically the one with the smallest number of moles. For example, say you have 1.0 moles of hydrogen and 0.9 moles of oxygen in the reaction to make water. If you didnt look at the stoichiometric ratio between the reactants, you might choose oxygen as the limiting reactant, yet hydrogen and oxygen react in a 2:1 ratio, so youd actually expend the hydrogen much sooner than youd use up the oxygen.When youre asked to give quantities, watch the number of significant figures. They always matter in chemistry!

Discussion formate Essay Example | Topics and Well Written Essays - 250 words

Discussion formate - Essay Example Google has done this recently and continues to do so. Of course, as a company’s product line grows and diversifies, they will naturally have new competitors as well as a greater number of competitors overall. As Google’s offerings have grown from search engines and advertising to smarts phones and online music, new competitors like Apple have emerged and competition has increased between the two companies (yahoo.com). Google is able to compete with Apple because they have similar resources and a similar market (5-4). In regards to Google and Apple, one can witness how when Apple comes out with a new phone or app, Google will respond with a similar product (and vice-versa). These are known as strategic actions and responses (5-6). Similarly, Google and Apple engage in pricing decisions â€Å"to increase demand in certain markets during certain periods† (5-7). Pricing and other â€Å"fine-tuning† methods are known as tactical actions and are much easier to i mplement than strategic actions. While Google is a â€Å"first-mover† in the search engine market, it is a â€Å"second mover† in the mobile phone market (5-8). Being a first-mover has allowed them to gain a majority of the market share. As a second-mover in the mobile phone market Apple still owns and maintains dominance.

Economic Concepts Assignment Example | Topics and Well Written Essays - 1000 words

Economic Concepts - Assignment Example Eventually, the importance of trading with each other will be realized as both parties become better off as a result of such trade. Economic Concepts 1. What is Michelle’s opportunity cost of producing potatoes? 200 potatoes = 50 chickens --> 200/200 potatoes = 50/200 chickens --> 1 potato = ? chicken or 0.25 Opportunity cost of producing one potato is ? chicken or .25. 2. What is Michelle’s opportunity cost of producing chickens? 50 chickens = 200 potatoes --> 50/50 chickens = 200/50 potatoes --> 1 chicken = 4 potatoes Opportunity cost of producing one chicken is 4 potatoes. 3. What is James’ opportunity cost of producing potatoes? 80 potatoes = 40 chickens --> 80/80 potatoes = 40/80 chickens --> 1 potato = ? chicken Opportunity cost of producing one potato is ? chicken. 4. What is James’ opportunity cost of producing chickens? 40 chickens =80 potatoes --> 40/40 chickens = 80/40 potatoes --> 1 chicken = 2 potatoes Opportunity cost of producing one chicken is 2 potatoes. 5. Which person has an absolute advantage in which activities? For Michelle: Opportunity cost of producing one potato is ? chicken. And opportunity cost of producing one chicken is 4 potatoes. For James: Opportunity cost of producing one potato is ? chicken. And opportunity cost of producing one chicken is 2 potatoes. ... This means that Michelle has the comparative advantage in producing one potato because it is cheaper for her to do this. 7. Which person has comparative advantage in chicken? For Michelle: The opportunity cost of producing one chicken is 4 potatoes. For James opportunity cost of producing one chicken is 2 potatoes. Hence, James has the lower opportunity cost for producing one chicken. This means that James has the comparative advantage in producing one chicken because it is cheaper for him to do this. 8. Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off? Explain. Yes, both Michelle and James will be better off if they specialize in the area in which they have a comparative advantage and trade at a rate of 2.5 pounds of potatoes for 1 chicken. Michelle will specialize in producing potatoes while James will specialize in raising chickens. If Michelle will specialize in producing potatoes, she will produce 200 potatoes which when traded at a rate of 2.5 pounds for 1 chicken will produce 80 chickens (as shown below) as opposed to 50 chickens she would have produced if she specialized on raising them. 200 pounds of potatoes/ 2.5 pounds = 80 chickens. If James will specialize in raising chickens, he will produce 40 chickens which when traded at a rate of one chicken for 2.5 pounds of potatoes will produce 100 potatoes (as shown below) as opposed to producing 80 potatoes he would have produced if he specialized on planting them. 40 chickens x 2.5 pounds of potatoes = 100 potatoes. 9. How would you extend the above narrative to businesses, society as a whole or nations?

Impact of the Credit Crunch in the UK

Impact of the Credit Crunch in the UK Factors Influencing the Financial Institutions in the UK With Particular Reference to Credit Crunch A Comparative Study between Barclays and Northern Rock Bank I- Abstract Banks acts as intermediaries between surplus units depositing funds and investors or individuals seeking capital for investments. Thus, banks role is important in maintaining the flow of fund between these different parties. Banks like any other profit maximising firms are influenced by various factors that represent risks or opportunities. Therefore, banks business decisions are founded on aspects such as confidence in the market, the level of risks, the state of the economy, and their competitive strength. Regulation is essential for assuring compliance and integrity in the financial system, but rigid rules stifles the dynamicity of the banking industry and the financial sector as whole. Moreover, Central Bank role as a lender of last resort can rise the issue moral hazard by helping imprudent banks, however because banks are financial intermediaries, the impact of bank failure can have a detrimental effect on the financial system (systemic risk), and also on clients and customers, therefore bank supervision is vital due to their sensitive important role and their extensive impact. Furthermore, the development of events in the US financial market particularly the high default rate of subprime mortgage market led to a decrease in demand for tradable securities. This has affected confidence in the US and the global financial market, and consequently some financial institutions and banks such as northern rock in the UK faced difficulties in obtaining the necessary funds to maintain the business operation and remain solvent due to lack of short term liquidity. However, other banks faced similar difficulties but are using various methods to improve their balance sheets to overcome the current credit crisis. Moreover, governments and regulatory bodies are all taking the necessary measure to stimulate the market and tackle the core sources of the current credit crisis. II- Introduction Sustained economic development is often linked to efficient management of fund that is used to finance investments, which are projected to further create more wealth and opportunities for states, corporate and individual investors. Banks acts as intermediaries between surplus units depositing funds and investors seeking capital for investments. Thus, banks role is fundamental in maintaining the flow of fund between these different parties. Furthermore, the stability of financial and banking system is vital for the sustainability of economic growth and the preserve of investors confidence. Banks like any other profit maximising firms are influenced by various factors, these includes internal and external factors, which represent risks or advantages. Therefore, banks decisions are based on elements such as confidence in the market, the measurement and management of risks, the state of the economy, and their competitive power and market share. This study will look onto various factors influencing the financial institutions in the UK, with particular reference to Credit Crunch. This literature will comprise the banks management of risks, the role of authorities regulating and supervising the financial system, and explore the regulation of the banking industry and the financial system as a whole, in addition of the effect of regulation on banks performances. The analysis will include a comparative study between Barclays and Northern Rock Bank, taking into accounts the differences in their structure, size, as well as their reaction to changes in global financial markets. Furthermore, the Research will examine the fast moving global effect of the credit crunch; discuss the two banks business model, and explore their activities and behaviours. The study will also investigate the two banks high exposure to credit risks arising from risky investments, highlight the consequences of the heavy reliance on money market, and the use of securitisation for liquidity sources. IV- Methodology The research objective is to investigate the various factors that influence financial institutions in the UK, notably the banking industry. This research was based mainly on secondary research, the gathered data and information was sufficient for this research topic. However, sensitive data regarding the value of risk were not disclosed in both banks publication, such data is useful for the researcher to scrutinise banks estimation of risk and how realistic are the projections. Nevertheless, information about estimation of risks may be obtained directly from banks for further analysis of this specified area of banks management of risk. Research material relevant to the topic was collected from various academic sources; this is to explore issues and arguments regarding the regulation and supervision of the banking system. The two banks internet site was used to gather the background information along with the financial statements of the last six years, which were used in the research analysis to perform the comparison between Barclays and Northern Rock bank business strategies and financial performance. Publications from the Bank of England website were collected to study the central bank regulation and the management of the UK banking system, in addition to the historical data regarding interest, LOBOR, and inflation rate changes. Furthermore, articles from the Financial Services Authority (FSA) were gathered to study the role of the organisation and its contribution in supervising and stabilising the UK financial system. Recent publications from the Bank of International Settlement (BIS) were collected to study the role, the objectives and the effect of Basel directives on banks. Besides research the progress of current Basel II implementation along with the development of new requirements arising from the present credit crunch. Recent newspaper articles and various other media sources were gathered to collect the latest information regarding the development of the present credit crunch and its effect on banking industry, these includes sources such as BBC business, yahoo finance and the Financial Times website, and follow recent actions of regulators and banks management of the current crisis. Moreover, data from the two banks financial statements was collected to perform the Gap Analysis using Microsoft excel package to conduct a series of calculations. Other methods could have been used to assess bank risks such as value at risk (VaR) using regression analysis by utilising a computer package such as Microsoft Excel. The regression result will determine the degree of risk that the researched banks possess in their portfolio. However, the banks seldom disclose such sensitive information in published financial statements. This is to avoid adverse reaction by investors and credit rating agencies, which could therefore affect the banks stock prices, their reputation and confidence in the capital market. V- Literature review (Part I): The nature of banking The term bank can be applied to a wide range of financial institutions, from large banks to smallest mutually owned building society in the UK. The provision of deposit and loan distinguishes Banks from other financial institutions. Deposits products supply money on demand or following time notice. Deposits are liabilities for banks, thus must be well managed if banks want to make profit. Similarly, banks manage assets created through lending. Therefore, Banks main activity is being an intermediary between depositors and borrowers. Other non banks financial institutions, such as building societies and stockbrokers, also act as intermediaries; however it is the provision of loans and taking of deposits that distinguishes banks, though many banks provide various other financial services. 1) Management of risks in banking The fact is that bankers are in the business of managing risk. Pure and simple, that is the business of banking. (Walter Winston, former CEO of Citibank; the Economist, 10 April 1993). Banks, like all profit maximising firms, have to deal with macroeconomic risks, such as recession, inflation level, as well as other micro economic risks including political pressure, commercial breakdown of core customers or suppliers, natural disaster, in addition to the emergence of new competitive threats. From a finance theory viewpoint, Bank risk management is primarily composed of four main balance sheet risks, which includes liquidity risk, interest rate risk, credit risk, and capital risk (Hempel et al, 1989). Credit risk has been recognised as the principal risk in its effect on bank performance (Sinkey, 1992, p. 279) and bank failure (Spadaford, 1988). The primary reason why the correct management of credit risk is essential is because banks have restricted ability to absorb loan losses. Generally, the ability of a bank to absorb a loan loss is originated firstly from generated income of other profitable loans, and secondly by bank own capital. 2) Factors influencing financial institutions Banks and other profit maximising firms are influenced by various factors; financial institutions in particular are susceptible to a range of changes that may affect their projected growth. Some of these changes are internal changes, this occurs subsequent to restructuring program that a bank adopt following an expansion strategy such as in mergers and acquisitions or as a defensive strategy to remain competitive and maintain market share and fight competitive predators from acquiring the bank. Moreover, there are other external factors that can influence financial institutions, these includes a countys government monetary policy, the economic condition, the financial stability and the level of confidence in the market, the inflation rate, in addition to other risks such as credit and market risks. There are a range of risks that a bank may encounter, these includes the followings: a) Credit risk and counterparty risk: counterparty risk refers to the risks that after the creation of two parties contract, one party will renege the terms of the contract, while credit risk is the risk that a loan or an asset becomes lost due to default. b) Liquidity or funding risk: these are similar terms that refer to the risk of shortage of liquidity for maintaining operational commitments, that is the ability for the bank to cover its liabilities at due date. A shortage of sufficient liquid assets is often the trigger of financial distress, as it is increasingly difficult for the bank to obtain funds from the wholesale markets. Thus funding risk is the inability for the bank to maintain its daily operations. c) Market or price risk: this type of risk refers to the risk linked to over the counter instruments or traded stocks in a non liquid market, such as equities and bonds. Thus if a bank hold these items in its portfolio, then it is vulnerable to market or price risk, this is the risk that the price of these items is unstable, which is caused by systematic (movement of prices in all traded market instruments, for instance due to changes in economic policy) or specific market risks (the movement of a particular instrument is opposite to the rest of similar instruments, for example, this may be caused by unfavourable information about the issuer of that instrument). d) Interest rate risk: this is similar to price risk, because interest rate is price of money, it represent the opportunity cost of keeping money. This occurs because of interest rate mismatches between assets and liabilities, which differ in volume and maturity arising from the banks performing asset transformation. e) Capital or gearing risk: because banks are highly leveraged firms, they have to set aside some capital to cover the losses. The size of capital is proportional to the level of risk taken by the banks. Basel risk asset ratio principle requires banks to hold up to 8%. Besides, settlement or payments risk. This is when one party in the contract deliver assets or makes payment in advance, which creates exposure to potential loss. Furthermore, operational risk refers to risks from human capital, legal risks such as law suits, fraud, and physical capital. While sovereign and political risk refers to the risk that a government default on its debt obligation to a bank. Moreover, financial regulators has identified three main risks linked to banks, these includes market risks such as risks from exchange rates, interest rates, operational risk, commodity and equity prices. 3) The Asset-Liability Management (ALM) technique Because the fundamental and the primary activity of a bank is intermediation between surplus units that makes deposits and those that seek capital, which acquire fund from the bank, thus this payment system gives the bank the role of intermediation , where the intermediation is key activity, risk management is founded principally on a sound asset liability management (ALM). Furthermore, the ALM is a technique practiced by banks to effectively manage their risks, which was largely utilised by banks in the post war period up to the 1980s. The ALM method was the main tool used to manage banks books, it is essential that the bank maintain its assets and liabilities under control to minimise risks and remain solvent. Besides, banks are keeping their managers updated with newer techniques and skills to maintain their efficiency and competitiveness for the future, for instance, ALMA is an association that comprise around 40 financial institutions, which are international and local banking groups and building societies, mostly UK and Irish. However it is growing its membership and links around Europe. Its objective is to offer an informal and inclusive forum regarding the balance sheet management issues (Byrne, J. 2004). Due to the development of banking activities, innovative instrument became increasingly used by banks to manage their assets such as off balance sheet instruments, where banks moved from interest earning income products to non-interest income sources, thus this required that banks risk management should adopt newer techniques other then just the ALM to includes the risks originating from the off balance sheet instruments. Moreover, one of the new methods included in managing market and then credit risks is the Value at Risk (VaR), which involves giving an estimate of losses arising from the volatility of banks assets. 4) Credit Culture A recent research conducted by the Australian institute of bankers on the issue of Improving Asset Quality (Brice, 1992), which focused on the significance of credit culture. The great emphasis on credit culture was due to its influence on bank performance and in some occurrences bank failure ( Spadaford (1988) and Brice (1992)). Spadaford (1988) stated in his study of 162 bank failures in the United States that the analysis showed that 98% of bank failure occurred due to asset quality problems, among these problems are poor management of loan policy, inadequate systems to ensure compliance with internal rules and procedures, and the lack of supervision on senior and key management members in the organisation. McKinley (1991) has defined four main cultures that influence bank performance. predominantly the immediate performance-driven, which emphasis on earnings targets, followed by Market share/production-driven that focuses on being the biggest with greater production volume, along with Values-driven that balances between credit quality and generated income. In addition to the Unfocused (current priority-driven) bank, such bank lacks vision and appropriate strategy often set short term targets which consequently lead to unsuccessful ventures. VI- Literature review (Part II): Banks regulation The base of regulating financial institutions is founded on three broad frameworks. Primarily, the consumer protection argument, this is based on the notion that investors and depositors cannot be demanded to perform risk assessment of financial institutions they deal with, nor monitor standard of service or performance of these institutions. The consumer protection underlying principle is based on three types of regulation; firstly, compensation schemes created to repay all or part of losses caused by the insolvency of financial institutions; secondly, rules and regulations such as capital adequacy requirements designed to prevent insolvency; and lastly promote fairness in business or market practices by setting rules and standards. The latter regulation reveals market imperfections arising from principle agent problems, asymmetric information, and the issue of determining the true value of financial products or services, which are established well after the transaction or contract was formed (Dale, R and Wolfe, S. 1998). Furthermore, there are other concerns associated with consumer protection rationale. The provision of compensation to depositors and investors for losses sustained from the insolvency of financial institutions will further encourage these institutions to pursue risky investment decisions, thus there will be minimal or no incentive for prudence. This indicates that risky firms will be able to attract trade with identical terms and ease as prudent institutions, thus affecting financial market standards and discipline, and rising potential insolvency incidences. Therefore, the resulting losses must be covered by the deposit insurance scheme, investor protection fund, or in some cases by the tax payer. Thus, prudential controls on financial institutions are essential to minimise losses and to balance the regulatory incentives with the excessive risk-taking. The third aim of financial regulation is to promote integrity of markets, encompassing various issues such as market manipulation, fraud, transparency, and fairness; market integrity emphasis on organising the market as whole beyond just the relationship between financial firms and their consumers. Supervisors implementing the financial regulation consider systematic risk as the factor that causes great concerns. That is the risk that failure of one or more distressed financial institution could spread and cause a contagion effect, which could cause the collapse of other prudent institutions. It is their vulnerability to the contagion effect that single out financial institutions from other non financial firms. 1) Targets of regulation The major objectives of Financial regulation is to set guidelines for the activities of Banks, insurance companies, investment firms, exchanges, and fund management companies. The diverse principles for financial regulation mentioned above vary in their relation to these various institutions of the financial services sector. Banks are distinguished by what is referred to as short- term and unsecured value certain liabilities (deposits) and illiquid value-uncertain assets (loans). Banks conforms to deposits insurance and other type of consumer protection, partly because banks balance sheet consists of a variety of complex instruments and depositors are not capable to measure the riskiness of their deposits. However, depositor protection creates moral hazard problem. Furthermore, banks regulation focuses more on systemic risk. That is the possibility of a bank run that can spread to a number of banks and trigger a wider instability in the financial system. According to this notion, bank runs are the result of action by depositors retrieving their funds in response to amounting fear and uncertainty of the bank future arising from bank asset losses that could render it insolvent. Due to potential risk of losing all or some of their assets, depositors tend to make a run when initial signs indicate some troubles. Moreover, recent research found that the occurrence of a bank run can not be entirety explained by the decline of banks underlying assets (LaWare, J.1991.p34), (Diamond and Dybvig, 1983).The emphasis is on a banks maturity transformation notably the transfer of illiquid assets (bank loans) into liquid claims (bank deposits), taking into account that the banks loan portfolio substantially decline in value in an event of liquidation than on going concern. What triggers a rational bank run is that the uncertainty and the higher probability that the loan portfolio liquid value is less than the value of liquid deposits. This notion demonstrates how bank runs can possibly arise and affect even healthy banks. Thus distressed bank have to liberate its assets at liquidation value, therefore leading to possible insolvency. 2) Techniques of regulation While procedures of conduct of business regulation do not differ among various types of institutions, but in terms of prudential regulation there are fundamental differences that reveal the distinctive risk features of banks, insurance firms, and investment companies. Because bank failure has a greater effect on the whole market, and can create systemic crisis, governments and central banks have set bank regulation for creating extra protection in provision of extra fund by setting the lender of last resorts facilities, and deposit protection, however, these facilities creates moral hazard. Moreover, the deposit protection fund may exceeds the available protection from deposits insurance schemes, demonstrating policymakers greater emphasis for protecting the banking institutions rather then just depositors, as well showing the regulatory objectives of sustaining the banking system, while preventive regulation focuses more on tackling excessive risk taking by setting capital adequacy requirements for assets. Institutional regulation varies between states; in the UK for instance there was a single mega regulator, all regulation is institutional, each group/ institution have a diversified activity which all work under a single agency that overlook the supervision. Alternatively, in a system of multiple regulatory agencies specialised by duty, a fixed institutional regulation is unattainable due to the fact that these agencies are divers in functions, which calls for the appointment of a lead regulator for diversified groups (Taylor, M. 1995). 3) Regulation of the financial system By tradition banks are providers of loans among other services to firms and individual investors, temporary banks falls in deficits when their expenditure exceeds receipts; however banks generally adjust their liquidity position by using capital or wholesale market. Problems occur when banks capital is misused in funding high risk investments; this is often the consequences of bad governance by senior management in controlling the banks assets or it is the outcome of a contagion effect resulting from systemic risk. Moreover, the central bank controls and monitor commercial banks activities and set rules to regulate the banking system. This is to create stability and to promote confidence in financial market, which are vital elements in maintaining steady economic growth. 4) Bank failure Regulation of banks must be explored in context of bank failure. As any substantial problem produces the need for the introduction of changes in the regulatory framework, because the regulators attempt to correct any loophole in the system. Major bank failures in the history of banking occurred in the US in the year 1929. At that period there were 25,000 operating banks, however by 1934 the number had reduced to 14,000. These incidences consequently led to the implementation of more restrictive bank rules, such as single state operations, which until recently remained the feature of the US banking system. The subsequent major bank failure was the fringe banking crisis in the UK in the year 1973. 5) Reasons for regulating banks The principle reason is the systemic risk, because the financial system is susceptible to level of confidence, therefore external regulation is essential in maintaining the stability and reduces further volatility. The second reason represents the social cost that a failure of bank causes, which have a greater impact then a failure an ordinary firm. The insolvency of a firm affects the shareholders, while the failure of a bank will have a greater number of affected customers (depositors), which could also be spread across larger geographical locations. As well as the effect it will have on providing savings for potential investors which will have a detrimental impact on the economic growth. The third reason is the possible lack of knowledge by the public, it is suggested that they lack the necessary background information to distinguish between safe and risky investments partly due to asymmetric information because depositors do not have access to the same information available for banks. Thus comprehensive risk assessments necessitate additional information to that included in financial reports. Hence for this particular reason regulators had introduced depositor protection. Although the above arguments support regulation, however there should be some caution on the use of excessive control over banks. It is primarily the issue of sustained cost in terms of resources on banks and the regulators. Because the central bank has to set teams of experts to perform the prudential control, likewise banks have to employ skilled resources capable to produce the necessary required returns to the regulator. Such costs can be large, thus it is a matter of cost benefit analysis to establish whether the gain of applying prudential control exceeds the incurred costs. Other possible dangers of excessive regulation are the fall of competition, increase in costs and the diminishing pace of financial innovation and development. Furthermore, heavy regulation on a particular centre may lead to the migration of the activities to locations that have lenient regulation, which has been the principle factor in the development of offshore banking centres that led to the need for a global regulation system for international banks, which is known as a level playing field. 6) The supervision of the financial system in the UK The above arguments about prudential regulation are based on banks but it can also be applied on various other financial institutions. Furthermore, the current UK financial regulation system utilise the same measures in authorising and supervising financial institutions without a distinction between insurance firms, building societies, or banks. The FSA is the principle regulator of the financial system in the UK. The FSA was established in 1997, succeeding the Securities and Investments Board (SIB), which was supervising the investment industry. However, the FSA has progressively thought to become the main controller responsible for regulating insurance and investment industry, building societies, and banks. In addition to regulating financial exchanges such as Euronext.liffe and the Stock exchange besides clearing houses, along with other functions such as the responsibility of regulating the access of companies to Official List in cooperation with the UK Listing Authority. The initial development occurred in 1998, when the Bank of England transferred its responsibility of regulation and supervision of banking to the FSA, which was succeeded with the passing of the Financial Services and Markets Act (FSMA) 2000 that provided the FSA with full power as the main regulator. The FSMA requires the FSA to attain the following objectives: Promote public awareness of financial system Maintain confidence in the UK financial market Secure consumer protection Reduce financial crime. 7) The FSA approach to supervision The FSA approach to supervision is risk based; the primary phase is to assess the risks associated with four objectives above. The FSA attain this through gathering information from various sources including customers and supervision of firms. The secondary phase is risk weighing and estimating impact, by giving each risk the probability of occurring, thus giving it a score or value. Thus firms with high magnitude impact require greater supervision. This is to reduce systemic risk and consumer losses. However, firms that possess highly sophisticated and effective risk assessment systems require less supervision by the FSA. Finally, after the risks are identified, assessed and weighted, the FSA select the appropriate measures to respond using various tools, which can be summed as follows: Those aimed to influence the behaviour of consumers, operators, and the industry Those aimed to influence the behaviour particular firms. The first category encompasses consumer education, the discloser of information, and compensation method, while the second category includes the provision of authorisations to firms and discipline, in addition to reimbursement of losses. 8) Capital adequacy (Basel Capital Accord, 1988). Liquidity is essential for any firm to maintain its daily operation, whereas solvency refers to the ability of a bank to meet its commitments in terms of liabilities at due time. However, there is a distinction between liquidity and solvency. There is a general understanding that if a bank is thought to remain solvent then it should be able to borrow fund from open market to meet its short term liquidity requirements. Likewise, the presence of liquidity problems that cannot be resolved through the wholesale market suggests that other lenders believe that the risk of insolvency of that particular bank is great. Furthermore, if a bank struggle to find short term funds in the markets, it will face difficulties in paying its claims. Therefore the Bank of England and the FSA requires banks to efficiently managing their liquidity as a principal policy element of reducing the risk of insolvency. The Basel committee on Banking Supervision has introduced Basel Capital Accord II; it included new amendments to the assessment of capital adequacy of banks. This new approach was ought to be implemented in year 2006, which contains three pillars: Minimum capital requirements Supervisory review of capital adequacy Public disclosure. Basel II accord focuses on credit risk and market risk. In pillar 1, the treatment of market risk was not altered but changes were made on the treatment of credit risk notably operational risk. The bank for international settlement and the Basel committee on banking supervision have founded the financial stability institute (FSI) to assist central banks across the world to improve their financial systems. The new Basel II requirements set challenges on banks to develop and increase efficiency on their capital management. In this section, there is a discussion of the effect of Basel II on Banks in Europe and North America, and how the new directives are going to improve the cohesion of trade between the International Banks. Furthermore, this study will examine the banks resource capability to meet Basel II requirements, and discuss the impact and the implementation of the proposed guidelines. The Basel II framework is a tool that international financial institutions have created to be used by banks around the world as a common standard. The principle of Basel II is that banks are required to hold in reserve certain level of capital as a protection to maintain bank operation when making losses. It promotes transparency of banks activities and encourages efficient management of capital. It is estimated to total 8% of bank assets. The Basel II framework has set standards for banks in managing their capital and requires the discloser of information to detect any risks. The guidelines promote efficien Impact of the Credit Crunch in the UK Impact of the Credit Crunch in the UK Factors Influencing the Financial Institutions in the UK With Particular Reference to Credit Crunch A Comparative Study between Barclays and Northern Rock Bank I- Abstract Banks acts as intermediaries between surplus units depositing funds and investors or individuals seeking capital for investments. Thus, banks role is important in maintaining the flow of fund between these different parties. Banks like any other profit maximising firms are influenced by various factors that represent risks or opportunities. Therefore, banks business decisions are founded on aspects such as confidence in the market, the level of risks, the state of the economy, and their competitive strength. Regulation is essential for assuring compliance and integrity in the financial system, but rigid rules stifles the dynamicity of the banking industry and the financial sector as whole. Moreover, Central Bank role as a lender of last resort can rise the issue moral hazard by helping imprudent banks, however because banks are financial intermediaries, the impact of bank failure can have a detrimental effect on the financial system (systemic risk), and also on clients and customers, therefore bank supervision is vital due to their sensitive important role and their extensive impact. Furthermore, the development of events in the US financial market particularly the high default rate of subprime mortgage market led to a decrease in demand for tradable securities. This has affected confidence in the US and the global financial market, and consequently some financial institutions and banks such as northern rock in the UK faced difficulties in obtaining the necessary funds to maintain the business operation and remain solvent due to lack of short term liquidity. However, other banks faced similar difficulties but are using various methods to improve their balance sheets to overcome the current credit crisis. Moreover, governments and regulatory bodies are all taking the necessary measure to stimulate the market and tackle the core sources of the current credit crisis. II- Introduction Sustained economic development is often linked to efficient management of fund that is used to finance investments, which are projected to further create more wealth and opportunities for states, corporate and individual investors. Banks acts as intermediaries between surplus units depositing funds and investors seeking capital for investments. Thus, banks role is fundamental in maintaining the flow of fund between these different parties. Furthermore, the stability of financial and banking system is vital for the sustainability of economic growth and the preserve of investors confidence. Banks like any other profit maximising firms are influenced by various factors, these includes internal and external factors, which represent risks or advantages. Therefore, banks decisions are based on elements such as confidence in the market, the measurement and management of risks, the state of the economy, and their competitive power and market share. This study will look onto various factors influencing the financial institutions in the UK, with particular reference to Credit Crunch. This literature will comprise the banks management of risks, the role of authorities regulating and supervising the financial system, and explore the regulation of the banking industry and the financial system as a whole, in addition of the effect of regulation on banks performances. The analysis will include a comparative study between Barclays and Northern Rock Bank, taking into accounts the differences in their structure, size, as well as their reaction to changes in global financial markets. Furthermore, the Research will examine the fast moving global effect of the credit crunch; discuss the two banks business model, and explore their activities and behaviours. The study will also investigate the two banks high exposure to credit risks arising from risky investments, highlight the consequences of the heavy reliance on money market, and the use of securitisation for liquidity sources. IV- Methodology The research objective is to investigate the various factors that influence financial institutions in the UK, notably the banking industry. This research was based mainly on secondary research, the gathered data and information was sufficient for this research topic. However, sensitive data regarding the value of risk were not disclosed in both banks publication, such data is useful for the researcher to scrutinise banks estimation of risk and how realistic are the projections. Nevertheless, information about estimation of risks may be obtained directly from banks for further analysis of this specified area of banks management of risk. Research material relevant to the topic was collected from various academic sources; this is to explore issues and arguments regarding the regulation and supervision of the banking system. The two banks internet site was used to gather the background information along with the financial statements of the last six years, which were used in the research analysis to perform the comparison between Barclays and Northern Rock bank business strategies and financial performance. Publications from the Bank of England website were collected to study the central bank regulation and the management of the UK banking system, in addition to the historical data regarding interest, LOBOR, and inflation rate changes. Furthermore, articles from the Financial Services Authority (FSA) were gathered to study the role of the organisation and its contribution in supervising and stabilising the UK financial system. Recent publications from the Bank of International Settlement (BIS) were collected to study the role, the objectives and the effect of Basel directives on banks. Besides research the progress of current Basel II implementation along with the development of new requirements arising from the present credit crunch. Recent newspaper articles and various other media sources were gathered to collect the latest information regarding the development of the present credit crunch and its effect on banking industry, these includes sources such as BBC business, yahoo finance and the Financial Times website, and follow recent actions of regulators and banks management of the current crisis. Moreover, data from the two banks financial statements was collected to perform the Gap Analysis using Microsoft excel package to conduct a series of calculations. Other methods could have been used to assess bank risks such as value at risk (VaR) using regression analysis by utilising a computer package such as Microsoft Excel. The regression result will determine the degree of risk that the researched banks possess in their portfolio. However, the banks seldom disclose such sensitive information in published financial statements. This is to avoid adverse reaction by investors and credit rating agencies, which could therefore affect the banks stock prices, their reputation and confidence in the capital market. V- Literature review (Part I): The nature of banking The term bank can be applied to a wide range of financial institutions, from large banks to smallest mutually owned building society in the UK. The provision of deposit and loan distinguishes Banks from other financial institutions. Deposits products supply money on demand or following time notice. Deposits are liabilities for banks, thus must be well managed if banks want to make profit. Similarly, banks manage assets created through lending. Therefore, Banks main activity is being an intermediary between depositors and borrowers. Other non banks financial institutions, such as building societies and stockbrokers, also act as intermediaries; however it is the provision of loans and taking of deposits that distinguishes banks, though many banks provide various other financial services. 1) Management of risks in banking The fact is that bankers are in the business of managing risk. Pure and simple, that is the business of banking. (Walter Winston, former CEO of Citibank; the Economist, 10 April 1993). Banks, like all profit maximising firms, have to deal with macroeconomic risks, such as recession, inflation level, as well as other micro economic risks including political pressure, commercial breakdown of core customers or suppliers, natural disaster, in addition to the emergence of new competitive threats. From a finance theory viewpoint, Bank risk management is primarily composed of four main balance sheet risks, which includes liquidity risk, interest rate risk, credit risk, and capital risk (Hempel et al, 1989). Credit risk has been recognised as the principal risk in its effect on bank performance (Sinkey, 1992, p. 279) and bank failure (Spadaford, 1988). The primary reason why the correct management of credit risk is essential is because banks have restricted ability to absorb loan losses. Generally, the ability of a bank to absorb a loan loss is originated firstly from generated income of other profitable loans, and secondly by bank own capital. 2) Factors influencing financial institutions Banks and other profit maximising firms are influenced by various factors; financial institutions in particular are susceptible to a range of changes that may affect their projected growth. Some of these changes are internal changes, this occurs subsequent to restructuring program that a bank adopt following an expansion strategy such as in mergers and acquisitions or as a defensive strategy to remain competitive and maintain market share and fight competitive predators from acquiring the bank. Moreover, there are other external factors that can influence financial institutions, these includes a countys government monetary policy, the economic condition, the financial stability and the level of confidence in the market, the inflation rate, in addition to other risks such as credit and market risks. There are a range of risks that a bank may encounter, these includes the followings: a) Credit risk and counterparty risk: counterparty risk refers to the risks that after the creation of two parties contract, one party will renege the terms of the contract, while credit risk is the risk that a loan or an asset becomes lost due to default. b) Liquidity or funding risk: these are similar terms that refer to the risk of shortage of liquidity for maintaining operational commitments, that is the ability for the bank to cover its liabilities at due date. A shortage of sufficient liquid assets is often the trigger of financial distress, as it is increasingly difficult for the bank to obtain funds from the wholesale markets. Thus funding risk is the inability for the bank to maintain its daily operations. c) Market or price risk: this type of risk refers to the risk linked to over the counter instruments or traded stocks in a non liquid market, such as equities and bonds. Thus if a bank hold these items in its portfolio, then it is vulnerable to market or price risk, this is the risk that the price of these items is unstable, which is caused by systematic (movement of prices in all traded market instruments, for instance due to changes in economic policy) or specific market risks (the movement of a particular instrument is opposite to the rest of similar instruments, for example, this may be caused by unfavourable information about the issuer of that instrument). d) Interest rate risk: this is similar to price risk, because interest rate is price of money, it represent the opportunity cost of keeping money. This occurs because of interest rate mismatches between assets and liabilities, which differ in volume and maturity arising from the banks performing asset transformation. e) Capital or gearing risk: because banks are highly leveraged firms, they have to set aside some capital to cover the losses. The size of capital is proportional to the level of risk taken by the banks. Basel risk asset ratio principle requires banks to hold up to 8%. Besides, settlement or payments risk. This is when one party in the contract deliver assets or makes payment in advance, which creates exposure to potential loss. Furthermore, operational risk refers to risks from human capital, legal risks such as law suits, fraud, and physical capital. While sovereign and political risk refers to the risk that a government default on its debt obligation to a bank. Moreover, financial regulators has identified three main risks linked to banks, these includes market risks such as risks from exchange rates, interest rates, operational risk, commodity and equity prices. 3) The Asset-Liability Management (ALM) technique Because the fundamental and the primary activity of a bank is intermediation between surplus units that makes deposits and those that seek capital, which acquire fund from the bank, thus this payment system gives the bank the role of intermediation , where the intermediation is key activity, risk management is founded principally on a sound asset liability management (ALM). Furthermore, the ALM is a technique practiced by banks to effectively manage their risks, which was largely utilised by banks in the post war period up to the 1980s. The ALM method was the main tool used to manage banks books, it is essential that the bank maintain its assets and liabilities under control to minimise risks and remain solvent. Besides, banks are keeping their managers updated with newer techniques and skills to maintain their efficiency and competitiveness for the future, for instance, ALMA is an association that comprise around 40 financial institutions, which are international and local banking groups and building societies, mostly UK and Irish. However it is growing its membership and links around Europe. Its objective is to offer an informal and inclusive forum regarding the balance sheet management issues (Byrne, J. 2004). Due to the development of banking activities, innovative instrument became increasingly used by banks to manage their assets such as off balance sheet instruments, where banks moved from interest earning income products to non-interest income sources, thus this required that banks risk management should adopt newer techniques other then just the ALM to includes the risks originating from the off balance sheet instruments. Moreover, one of the new methods included in managing market and then credit risks is the Value at Risk (VaR), which involves giving an estimate of losses arising from the volatility of banks assets. 4) Credit Culture A recent research conducted by the Australian institute of bankers on the issue of Improving Asset Quality (Brice, 1992), which focused on the significance of credit culture. The great emphasis on credit culture was due to its influence on bank performance and in some occurrences bank failure ( Spadaford (1988) and Brice (1992)). Spadaford (1988) stated in his study of 162 bank failures in the United States that the analysis showed that 98% of bank failure occurred due to asset quality problems, among these problems are poor management of loan policy, inadequate systems to ensure compliance with internal rules and procedures, and the lack of supervision on senior and key management members in the organisation. McKinley (1991) has defined four main cultures that influence bank performance. predominantly the immediate performance-driven, which emphasis on earnings targets, followed by Market share/production-driven that focuses on being the biggest with greater production volume, along with Values-driven that balances between credit quality and generated income. In addition to the Unfocused (current priority-driven) bank, such bank lacks vision and appropriate strategy often set short term targets which consequently lead to unsuccessful ventures. VI- Literature review (Part II): Banks regulation The base of regulating financial institutions is founded on three broad frameworks. Primarily, the consumer protection argument, this is based on the notion that investors and depositors cannot be demanded to perform risk assessment of financial institutions they deal with, nor monitor standard of service or performance of these institutions. The consumer protection underlying principle is based on three types of regulation; firstly, compensation schemes created to repay all or part of losses caused by the insolvency of financial institutions; secondly, rules and regulations such as capital adequacy requirements designed to prevent insolvency; and lastly promote fairness in business or market practices by setting rules and standards. The latter regulation reveals market imperfections arising from principle agent problems, asymmetric information, and the issue of determining the true value of financial products or services, which are established well after the transaction or contract was formed (Dale, R and Wolfe, S. 1998). Furthermore, there are other concerns associated with consumer protection rationale. The provision of compensation to depositors and investors for losses sustained from the insolvency of financial institutions will further encourage these institutions to pursue risky investment decisions, thus there will be minimal or no incentive for prudence. This indicates that risky firms will be able to attract trade with identical terms and ease as prudent institutions, thus affecting financial market standards and discipline, and rising potential insolvency incidences. Therefore, the resulting losses must be covered by the deposit insurance scheme, investor protection fund, or in some cases by the tax payer. Thus, prudential controls on financial institutions are essential to minimise losses and to balance the regulatory incentives with the excessive risk-taking. The third aim of financial regulation is to promote integrity of markets, encompassing various issues such as market manipulation, fraud, transparency, and fairness; market integrity emphasis on organising the market as whole beyond just the relationship between financial firms and their consumers. Supervisors implementing the financial regulation consider systematic risk as the factor that causes great concerns. That is the risk that failure of one or more distressed financial institution could spread and cause a contagion effect, which could cause the collapse of other prudent institutions. It is their vulnerability to the contagion effect that single out financial institutions from other non financial firms. 1) Targets of regulation The major objectives of Financial regulation is to set guidelines for the activities of Banks, insurance companies, investment firms, exchanges, and fund management companies. The diverse principles for financial regulation mentioned above vary in their relation to these various institutions of the financial services sector. Banks are distinguished by what is referred to as short- term and unsecured value certain liabilities (deposits) and illiquid value-uncertain assets (loans). Banks conforms to deposits insurance and other type of consumer protection, partly because banks balance sheet consists of a variety of complex instruments and depositors are not capable to measure the riskiness of their deposits. However, depositor protection creates moral hazard problem. Furthermore, banks regulation focuses more on systemic risk. That is the possibility of a bank run that can spread to a number of banks and trigger a wider instability in the financial system. According to this notion, bank runs are the result of action by depositors retrieving their funds in response to amounting fear and uncertainty of the bank future arising from bank asset losses that could render it insolvent. Due to potential risk of losing all or some of their assets, depositors tend to make a run when initial signs indicate some troubles. Moreover, recent research found that the occurrence of a bank run can not be entirety explained by the decline of banks underlying assets (LaWare, J.1991.p34), (Diamond and Dybvig, 1983).The emphasis is on a banks maturity transformation notably the transfer of illiquid assets (bank loans) into liquid claims (bank deposits), taking into account that the banks loan portfolio substantially decline in value in an event of liquidation than on going concern. What triggers a rational bank run is that the uncertainty and the higher probability that the loan portfolio liquid value is less than the value of liquid deposits. This notion demonstrates how bank runs can possibly arise and affect even healthy banks. Thus distressed bank have to liberate its assets at liquidation value, therefore leading to possible insolvency. 2) Techniques of regulation While procedures of conduct of business regulation do not differ among various types of institutions, but in terms of prudential regulation there are fundamental differences that reveal the distinctive risk features of banks, insurance firms, and investment companies. Because bank failure has a greater effect on the whole market, and can create systemic crisis, governments and central banks have set bank regulation for creating extra protection in provision of extra fund by setting the lender of last resorts facilities, and deposit protection, however, these facilities creates moral hazard. Moreover, the deposit protection fund may exceeds the available protection from deposits insurance schemes, demonstrating policymakers greater emphasis for protecting the banking institutions rather then just depositors, as well showing the regulatory objectives of sustaining the banking system, while preventive regulation focuses more on tackling excessive risk taking by setting capital adequacy requirements for assets. Institutional regulation varies between states; in the UK for instance there was a single mega regulator, all regulation is institutional, each group/ institution have a diversified activity which all work under a single agency that overlook the supervision. Alternatively, in a system of multiple regulatory agencies specialised by duty, a fixed institutional regulation is unattainable due to the fact that these agencies are divers in functions, which calls for the appointment of a lead regulator for diversified groups (Taylor, M. 1995). 3) Regulation of the financial system By tradition banks are providers of loans among other services to firms and individual investors, temporary banks falls in deficits when their expenditure exceeds receipts; however banks generally adjust their liquidity position by using capital or wholesale market. Problems occur when banks capital is misused in funding high risk investments; this is often the consequences of bad governance by senior management in controlling the banks assets or it is the outcome of a contagion effect resulting from systemic risk. Moreover, the central bank controls and monitor commercial banks activities and set rules to regulate the banking system. This is to create stability and to promote confidence in financial market, which are vital elements in maintaining steady economic growth. 4) Bank failure Regulation of banks must be explored in context of bank failure. As any substantial problem produces the need for the introduction of changes in the regulatory framework, because the regulators attempt to correct any loophole in the system. Major bank failures in the history of banking occurred in the US in the year 1929. At that period there were 25,000 operating banks, however by 1934 the number had reduced to 14,000. These incidences consequently led to the implementation of more restrictive bank rules, such as single state operations, which until recently remained the feature of the US banking system. The subsequent major bank failure was the fringe banking crisis in the UK in the year 1973. 5) Reasons for regulating banks The principle reason is the systemic risk, because the financial system is susceptible to level of confidence, therefore external regulation is essential in maintaining the stability and reduces further volatility. The second reason represents the social cost that a failure of bank causes, which have a greater impact then a failure an ordinary firm. The insolvency of a firm affects the shareholders, while the failure of a bank will have a greater number of affected customers (depositors), which could also be spread across larger geographical locations. As well as the effect it will have on providing savings for potential investors which will have a detrimental impact on the economic growth. The third reason is the possible lack of knowledge by the public, it is suggested that they lack the necessary background information to distinguish between safe and risky investments partly due to asymmetric information because depositors do not have access to the same information available for banks. Thus comprehensive risk assessments necessitate additional information to that included in financial reports. Hence for this particular reason regulators had introduced depositor protection. Although the above arguments support regulation, however there should be some caution on the use of excessive control over banks. It is primarily the issue of sustained cost in terms of resources on banks and the regulators. Because the central bank has to set teams of experts to perform the prudential control, likewise banks have to employ skilled resources capable to produce the necessary required returns to the regulator. Such costs can be large, thus it is a matter of cost benefit analysis to establish whether the gain of applying prudential control exceeds the incurred costs. Other possible dangers of excessive regulation are the fall of competition, increase in costs and the diminishing pace of financial innovation and development. Furthermore, heavy regulation on a particular centre may lead to the migration of the activities to locations that have lenient regulation, which has been the principle factor in the development of offshore banking centres that led to the need for a global regulation system for international banks, which is known as a level playing field. 6) The supervision of the financial system in the UK The above arguments about prudential regulation are based on banks but it can also be applied on various other financial institutions. Furthermore, the current UK financial regulation system utilise the same measures in authorising and supervising financial institutions without a distinction between insurance firms, building societies, or banks. The FSA is the principle regulator of the financial system in the UK. The FSA was established in 1997, succeeding the Securities and Investments Board (SIB), which was supervising the investment industry. However, the FSA has progressively thought to become the main controller responsible for regulating insurance and investment industry, building societies, and banks. In addition to regulating financial exchanges such as Euronext.liffe and the Stock exchange besides clearing houses, along with other functions such as the responsibility of regulating the access of companies to Official List in cooperation with the UK Listing Authority. The initial development occurred in 1998, when the Bank of England transferred its responsibility of regulation and supervision of banking to the FSA, which was succeeded with the passing of the Financial Services and Markets Act (FSMA) 2000 that provided the FSA with full power as the main regulator. The FSMA requires the FSA to attain the following objectives: Promote public awareness of financial system Maintain confidence in the UK financial market Secure consumer protection Reduce financial crime. 7) The FSA approach to supervision The FSA approach to supervision is risk based; the primary phase is to assess the risks associated with four objectives above. The FSA attain this through gathering information from various sources including customers and supervision of firms. The secondary phase is risk weighing and estimating impact, by giving each risk the probability of occurring, thus giving it a score or value. Thus firms with high magnitude impact require greater supervision. This is to reduce systemic risk and consumer losses. However, firms that possess highly sophisticated and effective risk assessment systems require less supervision by the FSA. Finally, after the risks are identified, assessed and weighted, the FSA select the appropriate measures to respond using various tools, which can be summed as follows: Those aimed to influence the behaviour of consumers, operators, and the industry Those aimed to influence the behaviour particular firms. The first category encompasses consumer education, the discloser of information, and compensation method, while the second category includes the provision of authorisations to firms and discipline, in addition to reimbursement of losses. 8) Capital adequacy (Basel Capital Accord, 1988). Liquidity is essential for any firm to maintain its daily operation, whereas solvency refers to the ability of a bank to meet its commitments in terms of liabilities at due time. However, there is a distinction between liquidity and solvency. There is a general understanding that if a bank is thought to remain solvent then it should be able to borrow fund from open market to meet its short term liquidity requirements. Likewise, the presence of liquidity problems that cannot be resolved through the wholesale market suggests that other lenders believe that the risk of insolvency of that particular bank is great. Furthermore, if a bank struggle to find short term funds in the markets, it will face difficulties in paying its claims. Therefore the Bank of England and the FSA requires banks to efficiently managing their liquidity as a principal policy element of reducing the risk of insolvency. The Basel committee on Banking Supervision has introduced Basel Capital Accord II; it included new amendments to the assessment of capital adequacy of banks. This new approach was ought to be implemented in year 2006, which contains three pillars: Minimum capital requirements Supervisory review of capital adequacy Public disclosure. Basel II accord focuses on credit risk and market risk. In pillar 1, the treatment of market risk was not altered but changes were made on the treatment of credit risk notably operational risk. The bank for international settlement and the Basel committee on banking supervision have founded the financial stability institute (FSI) to assist central banks across the world to improve their financial systems. The new Basel II requirements set challenges on banks to develop and increase efficiency on their capital management. In this section, there is a discussion of the effect of Basel II on Banks in Europe and North America, and how the new directives are going to improve the cohesion of trade between the International Banks. Furthermore, this study will examine the banks resource capability to meet Basel II requirements, and discuss the impact and the implementation of the proposed guidelines. The Basel II framework is a tool that international financial institutions have created to be used by banks around the world as a common standard. The principle of Basel II is that banks are required to hold in reserve certain level of capital as a protection to maintain bank operation when making losses. It promotes transparency of banks activities and encourages efficient management of capital. It is estimated to total 8% of bank assets. The Basel II framework has set standards for banks in managing their capital and requires the discloser of information to detect any risks. The guidelines promote efficien