What to Do If You Lose a Scholarship

Although you might have imagined it differently, college life tends to have some rather dramatic ups and downs. Sometimes things go great; sometimes they dont. When you have major, unexpected financial changes during your time in school, for example, the rest of your college experience can be affected. Losing part of your financial aid can, in fact, be a bit of a crisis. Knowing what to do if you lose a scholarship -- and enacting a plan of action -- can be critical in making sure that a bad situation doesnt turn into a devastating one. Step 1: Make Sure You Lost It for Legitimate Reasons If your scholarship depending on your being a biology major but youve decided to switch to English, losing your scholarship is probably justified. Not all situations are so clear-cut, however. If your scholarship is contingent on your maintaining a certain GPA, and you believe you have maintained that GPA, make sure that everyone has accurate information before you panic. The people awarding your scholarship may not have received the paperwork they needed in time or your transcript could have an error in it. Losing a scholarship is a big deal. Before you start putting the effort in to remedy your situation, make sure youre really in the situation you think are. Step 2: Figure out How Much Money You No Longer Have Access To You may not be completely clear on how much your scholarship was worth. Say you have a $500 scholarship from a non-profit back in your hometown. Is that $500/year? A semester? A quarter? Get the details on what youve lost so that you can know just how much youll need to replace. Step 3: Make Sure Your Other Monies Aren't Also in Jeopardy If youve lost eligibility for one scholarship because of your academic performance or because youre on disciplinary probation, your other scholarships might be in jeopardy, too. It cant hurt to make sure that the rest of your financial aid is secure, especially before talking to someone in the financial aid office (see the next step). You dont want to have to keep going in for appointments every time you realize something you should have known about already. If youve changed majors, had a bad academic performance, or otherwise had something happen (or have done something) that can negatively affect your financial aid and scholarships, make sure youre clear on the entire picture. Step 4: Make an Appointment With the Financial Aid Office You wont have a clear picture of how losing your scholarship has an impact on your financial aid package unless you meet with a financial aid staff member and go over the details. Its okay to not know what will happen during the meeting, but you should be prepared to know why you lost the scholarship, how much it was worth, and how much youll need to replace it. Your financial aid officer can help you identify additional resources as well as possibly revise your overall package. Be ready to explain why you are no longer eligible for the scholarship money and what you plan on doing to try to make the deficit up. And be open to any and all suggestions the financial aid staff has for helping you make that happen. Step Five: Hustle Although it can happen, its unlikely that the money will magically be fully replaced by your financial aid office -- which means that its up to you to find other sources. Ask your financial aid office about scholarship resources they recommend, and get to work. Look online; look in your hometown community; look on campus; look in your religious, political, and other communities; look anywhere you need to. Although it seems like a lot of work to find a replacement scholarship, whatever effort you put forth now will definitely be less work than it will take for you to drop out of college and try to return at a later date. Prioritize yourself and your education. Put your smart brain to work and do everything and anything you need to in an effort to invest in yourself and your degree. Will it be hard? Yes. But it -- and you -- are worth it.

The Importance Of Restraint And Seclusion Of The Mental...

TAQ3: The use of treatments such as restraint is permitted according to the Mental Health Act (1983), for treating individual suffering from mental health disorder (Mind, 2013). This law can be applied with or without the approval of the person involved as its ultimate goal is to prevent the person from harming himself or others (Royal College of Nursing, 2015). However, with recent incidence of injuries and even death that has occurred as a result of this kind of treatment has raised doubt in the minds of on an enormous number of people (Mind, 2013). The debate over whether it is morally or professionally right to use restraint as part of the treatment for individuals suffering from mental health issues remained unabated as a†¦show more content†¦The practice of restraint is more commonly used in acute setting compared to other mental health settings(City University, London, 2009) Argument from health professional is that the use restraint is very vital to their security especially in situations where a patient poses the risk of being a menace to himself or others around them (Psychiatric Times, 2015).A study has showed that the act of violence and aggression against patients and nursing staff is unbelievably rising, with about more than half of NHS staff nurses being violently assaulted by patients in ‘2013-14’ (Nice, 2015). Even though, most of these attacks do not normally result in major injuries, they have caused staff to experience severe anxiety, emotional traumas and in some case ‘post-traumatic stress disorder’ (City University, London, 2009). Against these facts, it is believed that the use of restraint, especially in an Acute setting, is essential and ethical (Psychiatric Times, 2015). However, research has shown that there is a correlation between staffs reaction towards mental health patients and the violent and aggress ive behaviour exhibited towards them. This typically occurs when patients feel they are being patronized, not made aware of what is going on around them and not treated well( Glover, 2005). With recent records of excessive and abusive use of restraint, there have beingShow MoreRelatedApplying Equity Theory to Staff Working with Individuals with Intellectual9188 Words   |  37 Pages1993). High levels of turnover (e.g., Test, Flowers, Hewitt, Solow, 2003) and low levels of interaction with service users (e.g., Cullen, Barton, Watts, Thomas, 1983) have also often been found amongst staff. *This manuscript was accepted under the Editorship of Roger J. Stancliffe. Correspondence: Philip Disley, Institute for Health Research, Alexandra Square, Lancaster University, Lancashire, LA1 4YT, UK. E-mail: p.disley@lancaster.ac.uk ISSN 1366-8250 print/ISSN 1469-9532 online  ª 2009 AustralasianRead MoreProject Managment Case Studies214937 Words   |  860 Pagespublication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 750-4470, or on

Zara, The Owner Of Zara - 1497 Words

Inditex, the owner of Zara, first started out in the dressmaking and textiles industry before opening the first Zara store in Spain in 1975. The founders, Amancio Ortega and Rosalia Mera, pride themselves on the idea of fast fashion: incorporating a distribution system that keeps up with continually-changing fashion trends. Zara has a very centralized headquarters in Arteixo, Spain. This allows Zara to have a good grasp on the business processes. They focus on speed and responsiveness by delivering quick and small batches of clothing to stores at precise times. The first logistics center for Zara was built in 1984 and encompassed about 10,000 square meters. Since then, Zara has been extremely successful in the fashion industry, winning over the hearts in Europe and then working to expand to Asia and the U.S. The first US store opened in New York City in 1989, although only a dozen exist in America today. Zara has created a very creative business model and supply chain technique that is often studied but rarely copied. About half of the manufacturing is either done in Spain or a neighboring country. This allows Zara to have a competitive edge on their supply chain. Zara is a completely vertically-integrated retailer. Unlike similar retailers, Zara controls most of its own supply chain, from designing, manufacturing and distributing to its products. Zara also offers considerably more products than similar companies. It produces about 11,000 distinct items annually, comparedShow MoreRelatedZara, The Owner Of Zara1469 Words   |  6 Pages Inditex, the owner of Zara, first started out in the dressmaking and textiles industry before opening the first Zara store in Spain in 1975. Since then, Zara has been extremely successful in the fashion industry throughout the entire world. The first US store opened in New York City in 1989 and Zara has been expanding continuously. The first logistics center for Zara was built in 1984 and encompassed about 10,000 square meters. The founders, Amancio Ortega and Rosalia Mera, prides the company onRead MoreZar Fast Fashion : Resource Based View1502 Words   |  7 PagesSTRATEGIC MANAGEMENT â€Å"ZARA: Fast fashion - Resource-Based View† Introduction Resource-Based Theory has been one among the prevailing theories in strategic management (Acedo, Barroso Galan, 2006). As the father of the modern Resource-Based View (RBV), Barney (1991) explored that RBV underlines strategic choice, challenging the organization s management with the essential tasks of identifying and deploying main resources to maximize returns. Correspondingly, Rothaermel (2012:05) defined thatRead MoreZara - Marketing Research1034 Words   |  5 PagesTask 1 zara marketing research Zara is a spanish chain store in Inditex group, one of the worlds biggest retail store in the world who are also owners of zara home. Zara is a fast industry bt its unique business model is based on innovation and flexibilty. they design and distribute a garment to the market in just 15 days. they always have new products but in limited supply. the customer feels there is an exclusitivity , since only a few items are on display even though stores are plannedRead MoreCase Study : Marketing Brand Management Essay1398 Words   |  6 Pagesorganization Introduction of Brand: Zara is one of the most famous brands in the world, is also one of the largest international fashion companies. They is the third largest brands in the garment industry. Zara is a Spanish clothing brand. Zara is part of the Inditex group of Spanish fashion distributors. Inditex is one of the largest fashion retail dealers in the world. It has more than 4780 stores in 77 countries in Europe, America, Asia and Africa. The owner s name is Zara Amancio Ortega. Amancio OrtegaRead MoreZara Case Memo1022 Words   |  5 PagesTo: Zara Management From: Subject: Zara s US Expansion Date: 2001 Background Following is an analysis of Zara s current expansion strategy into the US retail market and recommendations on future tactics to ensure a successful expansion. Zara s expansion strategy thus far has been quite successful; however, with every new store opened, its ability to maintain an efficient centralized production system and a strong, unique culture will be diminished. Analysis Let us first consider Zara sRead MoreCase Study : The Global Apparel Chain1559 Words   |  7 Pagespersonnel, and financial results. Zara was the largest and most internationalized chain of Inditex, which is its owner, and on account being a better established chain it expanded into neighbouring markets (Z8). Zara played the lead role in increasing the share of Inditex’s sales accounted for by international operations and it continued to be the principal driver of the group’s growth despite the expected slight drop in the share of the group’s total sales (Z9). Zara will be analysed based on strategicRead MoreSwot Analysis Of Zara992 Words   |  4 PagesThe business that I would like to examine is called Zara. Zara is in a retailing industry that was founded in 1975 by Amancio Ortega and Rosalia Mera in Spain. It is a flagship retail store of the Inditex group, which owns other retailing brands like Massimo Dutti, Pull and Bear, Bershka, Stradivarius, and Uter que. In 1988, the company started its international expansion in Portugal and other parts of Europe and then to north and south America and Asian countries. There are over 2100 located in 88Read MoreSupply Chain Management Practices of Spanish Garments Retailer Zara,1124 Words   |  5 Pagesdiscusses the unique supply chain management practices of Spanish garments retailer Zara, which enabled it to gain competitive advantage over other fashion retailers in the world. Zaras vertically integrated supply chain system enabled the company to place the latest designs in any store across the world within a period of two to three weeks. The company produced garments as per the latest trends in a limited quantity. Zara introduced 12,000 designs every year, with new designs appearing in the storesRead MoreZara- Rapid-Fire Fulfillment1006 Words   |  5 PagesZara-Rapid Fire Fulfillment BUS3022/Fundamentals of Supply Chain Management August 19, 2013 Oliver Schwabe Zara-Rapid Fire Fulfillment It is becoming apparent that the ever changing environment in the global marketplace requires a swifter response time from businesses and their supply chains. The era when production was moved overseas, so businesses can take advantage of low-cost labor is coming to an end, because businesses are not only competing on price but also on time. TheRead MoreZara–Rapid Fire Fulfillment Assessment Essay672 Words   |  3 PagesManagement Zara–Rapid Fire Fulfillment Assessment Bob Goldwasser Introduction â€Å"Do everything possible to let one hand help the other. And whatever you do not take your eyes off the product until it’s sold.† Amancio Ortega This paper will present information on Zara Europes fastest growing apparel retailer who has about 1500 stores in major cities around the globe. This paper will explain why the companys supply chain strategy is successful. It will also explain what advantage Zara has against

Corporate Accounting Virtual Finance Accounting

Question: Discuss about the Corporate Accounting for Virtual Finance Accounting. Answer: 1. Harbour Cruises Limited Calculation showing Taxable income Particulars Amount Amount Accounting PBT $ 375,000.00 Add: Long service leave $ 25,000.00 Accrued Warranty expenses $ 25,000.00 Depreciation $ 100,000.00 Total $ 150,000.00 Less: Prepaid insurance paid $ (12,500.00) Depreciation $ (125,000.00) Total $ (137,500.00) Taxable Income $ 387,500.00 Harbour Cruises Limited Calculation of deferred Tax work sheet Particulars Carrying Amount Tax Base Temporary Difference Assets Cash $ 25,000.00 $ 25,000.00 $ - Inventory $ 125,000.00 $ 125,000.00 $ - Account receivable $ 125,000.00 $ 125,000.00 $ - Prepaid Insurance $ 12,500.00 $ - $ 12,500.00 Plant (net Depreciation) $ 400,000.00 $ 375,000.00 $ 25,000.00 Total Assets $ 687,500.00 $ 650,000.00 $ 37,500.00 Liability Accounts Payable $ 100,000.00 $ 100,000.00 $ - Provision for warranty expenses $ 25,000.00 $ - $ 25,000.00 Loan Payable $ 250,000.00 $ 250,000.00 $ - Provision for Long service leave $ 25,000.00 $ - $ 25,000.00 Total Liability $ 400,000.00 $ 350,000.00 $ 50,000.00 Net Assets $ 287,500.00 $ 300,000.00 Temporary Difference $ (12,500.00) Deferred tax Liability $ 11,250.00 Deferred Tax Assets $ (15,000.00) Net Deferred Tax Assets $ (3,750.00) Harbour Cruises Limited Calculation showing Deferred tax Particulars Amount Tax on accounting profit $ 112,500.00 Current tax Liability $ 116,250.00 Net deferred tax Asset $ (3,750.00) 3. Luke Limited Journal Entries for the year ended 30-06-2016 Date Particular Debit Credit Investment Acquisition 01-07-07 Investment in John Ltd $ 712,000.00 Bank $ 712,000.00 30-06-16 Share Capital $ 400,000.00 Retained Earning $ 494,000.00 Goodwill $ 28,400.00 Investment in John Limited $ 712,000.00 non controlling interest $ 210,400.00 Income of Dividend 30-06-16 Dividend Revenue from John $ 148,800.00 Dividend paid $ 148,800.00 Intergroup Transaction 30-06-16 Sales $ 234,000.00 Purchase $ 234,000.00 Elimination of unrealized profit on opening Inventory 30-06-16 Retained Earning $ 14,000.00 Opening stock $ 14,000.00 Income tax on opening Inventory 30-06-16 Income Tax Expenses $ 4,200.00 Opening Retained Earning $ 4,200.00 Elimination of unrealized profit on closing Inventory 30-06-16 Cost of Goods Sold $ 16,000.00 Closing stock $ 16,000.00 Income Tax on closing Inventory 30-06-16 Deferred Tax $ 4,800.00 Income Tax Expenses $ 4,800.00 Amortization of Goodwill 30-06-16 Amortization of Goodwill $ 6,000.00 Retained Earning $ 6,000.00 Effect of Income tax on Amortization 30-06-16 Income Tax Expenses $ 1,800.00 Deferred Tax $ 1,800.00 Sale of Plant 30-06-16 Gain on Sale of Plant $ 25,000.00 Plant $ 182,000.00 Accumulated Depreciation $ 207,000.00 Tax Impact on sale of Plant 30-06-16 Deferred Tax Asset $ 7,500.00 Income Tax Expenses $ 7,500.00 Statement showing calculation of Goodwill Particulars Amount Purchasing cost of Investment $ 712,000.00 Less: Capital Profit $ (272,000.00) Book Value of shares held $ (320,000.00) Goodwill $ 120,000.00 Statement showing Calculation of Non Controlling Interest Particulars Amount Capital Profit $ 68,000.00 Post acquisition profit $ 62,400.00 Share Capital $ 80,000.00 Total Non controlling interest $ 210,400.00 Luke Limited Statement showing calculation of Profit or loss on sale of Plant Particulars Amount Sale of Plant $ 232,000.00 Less Carrying value $ (162,000.00) Depreciation $ (45,000.00) Profit on sale of Plant $ 25,000.00 4. a) The accounting treatments for investments in associates are provided in the AASB 128 Investment in Associates and Joint Venture. This standard applies to the investor companies that are not the majority shareholders but enjoy significant influence over the investee as stated in Para 2 of the standard (Bazley et al. 2013). The significant influence means that the investor company has the power to participate in the financial and operating policy decisions of the investee company but does not have the control over their operations as per Para 3 of the standard. The Para 5 of the standard states that it is presumed that an investor company has significant influence if it holds 20% or more shares of the investee company (Evans et al. 2013). The equity method of accounting is required to be followed by the investor company that has significant influence over the investee company unless there is specific exemption in Para 13 of the standard. The first step is to determine the nature of the entity in order to ascertain the treatment of the equity method that is required to be followed. If the investor company is a parent entity then the investment in the investee company is recorded at cost in the separate financial statement of the investor company (Henderson et al. 2015). In the consolidated financial statement, the investment is recorded following the equity method. If the investment company is not the parent entity then in the separate financial report the investment in the investee company is recorded by following the equity method. The investment that is made by the investor company should be initially recorded at cost as per Para 10 of the standard. In the subsequent years, adjustments are made in the carrying value of the investment amount for the share of profit or loss in the investee company (Xu and Verhoeven 2015). The investor company has share on the profit or loss of the investee company this has an effect on the profit or loss of the investment company . In this case, the forty percent share of Creek limited is held by Rapid limited and other companies hold the remaining sixty percent of shares. The shareholders of the Creek limited has one right to vote for one share held. It can be concluded base on the above analysis that Rapid Limited has significant influence on the Creek Limited. Therefore the initial investment made by the rapid limited should be recorded in cost and the equity method of accounting should be followed for recognizing the investment. The investment made in the associates should be included in the non-current asset and should be accounted using equity method of accounting. The investor company is also required to provide separate disclosure for the profit or loss made in the associates, the share of the investor company on any operation that has been discounted and the carrying value of the investment. b) In the books of Rapid Limited Journal Entries Date Particulars Debit Credit investors share of earnings 30-06-16 Investment in Creek Limited $ 192,000.00 Share of Profit/loss $ 192,000.00 distribution of dividend 30-06-16 Dividend revenue $ 156,000.00 Investment in Creek Limited $ 156,000.00 investors share of earnings 30-06-17 Investment in Creek Limited $ 216,000.00 Share of Profit/loss $ 216,000.00 distribution of dividend 30-06-17 Dividend revenue $ 192,000.00 Investment in Creek Limited $ 192,000.00 Increase in revaluation reserve 30-06-17 Investment in Creek Limited $ 120,000.00 Revaluation Reserve $ 120,000.00 c) In the books of Rapid Limited Journal Entries Date Particulars Debit Credit preliminary Acquisition 01-07-15 Investment in Creek Limited 3250000 Bank 3250000 Earning for Reacquisition 14-07-15 Bank 96000 Investment in Creek Limited 96000 recording investors share of earnings 30-06-16 Investment in Creek Limited $ 192,000.00 Share of Profit/loss $ 192,000.00 recording share of dividend 30-06-16 Dividend receivable $ 156,000.00 Investment in Creek Limited $ 156,000.00 Previous years dividend paid 30-06-17 Bank $ 156,000.00 Dividend receivable $ 156,000.00 recording investors share of Profit 30-06-17 Investment in Creek Limited $ 216,000.00 Share of Profit/loss $ 216,000.00 recording share of dividend 30-06-17 Dividend receivable $ 192,000.00 Investment in Creek Limited $ 192,000.00 Increase in revaluation reserve 30-06-17 Investment in Creek Limited $ 120,000.00 Revaluation Reserve $ 120,000.00 d) In the books of Rapid Limited Journal Entries Date Particulars Debit Credit Initial purchase 30-06-16 Investment in Creek Limited 3250000 Retained Earning 3250000 recording shareholder share of Profit 30-06-17 Investment in Creek Limited $ 216,000.00 Share of Profit/loss $ 216,000.00 recording distribution of dividend 30-06-17 Dividend revenue $ 192,000.00 Investment in Creek Limited $ 192,000.00 Increase in revaluation reserve 30-06-17 Investment in Creek Limited $ 120,000.00 Revaluation Reserve $ 120,000.00 Reference Bazley, M., Hancock, P., Fisher, C., Lovell, A., Berk, J., DeMarzo, P., Berk, J. and DeMarzo, P., 2013.Financial Accounting: An Integrated. Thomson Pty Ltd, South Melbourne. Evans, E.E., Burritt, R. and Guthrie, J., 2013. The Virtual University: Impact on Australian Accounting and Business Education. Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015.Issues in financial accounting. Pearson Higher Education AU. Xu, S., How, J. and Verhoeven, P., 2015. Corporate governance and private placement issuance in Australia.Accounting Finance.

Alzheimers Disease Alzheimers Disease Is A Progressive And Irreversibl

Alzheimer's Disease Alzheimer's Disease is a progressive and irreversible brain disease that destroys mental and physical functioning in human beings, and invariably leads to death. It is the fourth leading cause of adult death in the United States. Alzheimer's creates emotional and financial catastrophe for many American families every year. Fortunately, a large amount of progress is being made to combat Alzheimer's disease every year. To fully be able to comprehend and combat Alzheimer's disease, one must know what it does to the brain, the part of the human body it most greatly affects. Many Alzheimer's disease sufferers had their brains examined. A large number of differences were present when comparing the normal brain to the Alzheimer's brain. There was a loss of nerve cells from the Cerebral Cortex in the Alzheimer's victim. Approximately ten percent of the neurons in this region were lost. But a ten percent loss is relatively minor, and cannot accoun t for the severe impairment suffered by Alzheimer's victims. Neurofibrillary Tangles are also found in the brains of Alzheimer's victims. They are found within the cell bodies of nerve cells in the cerebral cortex, and take on the structure of a paired helix. Other diseases that have "paired helixes" include Parkinson's disease, Down's Syndrome, and Dementia Pugilistica. Scientists are not sure how the paired helixes are related in these very different diseases. Neuritic Plaques are patches of clumped material lying outside the bodies of nerve cells in the brain. They are mainly found in the cerebral cortex, but have also been seen in other areas of the brain. At the core of each of these plaques is a substance called amyloid, an abnormal protein not usually found in the brain. This amyloid core is surrounded by cast off fragments of dead or dying nerve cells. The cell fragments include dying mitochondria, presynaptic terminals, and paired helical filaments i dentical to those that are neurofibrillary tangles. Many neuropathologists think that these plaques are basically clusters of degenerating nerve cells. But they are still not sure of how and why these fragments clustered together. Congophilic Angiopathy is the technical name that neuropathologists have given to an abnormality found in the walls of blood vessels in the brains of victims of Alzheimer's disease. These abnormal patches are similar to the neuritic plaques that develop in Alzheimer's disease, in that amyloid has been found within the blood-vessel walls wherever the patches occur. Another name for these patches is cerebrovascular amyloid, meaning amyloid found in the blood vessels of the brains. Acetylcholine is a substance that carries signals from one nerve cell to another. It is known to be important to learning and memory. In the mid 1970s, scientists found that the brains of those afflicted with Alzheimer's disease contained sixty to ninety p ercent less of the enzyme choline acetyltransferase(CAT), which is responsible for producing acetylcholine, than did the brains of healthy persons. This was a great milestone, as it was the first functional change related to learning and memory, and not to different structures. Somatostatin is another means by which cells in the brain communicate with each other. The quantities of this chemical messenger, like those of CAT, are also greatly decreased in the cerebral cortex and the hippocampus of persons with Alzheimer's disease, almost to the same degree as CAT is lost. Although scientists have been able to identify many of these, and other changes, they are not yet sure as to how, or why they take place in Alzheimer's disease. One could say, that they have most of the pieces of the puzzle; all that is left to do is find the missing piece and decipher the meaning. If treatment is required for someone with Alzheimer's disease, then the Alzheimer's Disease and Related Disorders Association(ADRDA), a privately funded, national, non- profit organization dedicated to easing the burden of Alzheimer victims and their families and finding a cure can be contacted. There are more than one hundred and sixty chapters throughout the country, and over one thousand support groups that can be contacted for help. ADRDA fights Alzheimer's on five fronts 1- funding research 2- educating and thus increase public awareness 3- establishing chapters with support groups 4- encouraging federal and

Wealth management Essays

Wealth management Essays Wealth management Essay Wealth management Essay The business expansion strategy is to make advantages of their strength in intermediary businesses, such as international business settlement, agency and wealth management, then drive the development of traditional commercial banking services, so that they can attract more premier foreign and local customers. Compared with Chinas banks, foreign banks dont have a branch network around the country, but they have stronger capabilities in products innovation, more professional expertise of international financial market trading and wealth management, etc, also they have a huge branch network around the world. Therefore, foreign banks firstly focus on international business settlement, foreign exchange trading. By providing those extra services that Chinas banks can not make, foreign banks can attract those premier customers that have oversea businesses and strong need for wealth management, then these customers may transfer their other businesses that are currently based at local banks, including RMB settlement, deposits and loans, etc, to foreign banks. The customer expansion strategy of foreign banks is to approach multinationals, joint ventures, foreign funded enterprises and Chinas leading domestic firms. Multinationals, joint ventures and foreign funded enterprises are first targets of foreign banks, not only because those firms have good business performance and credit records, but also their mother companies usually have strong link with those foreign banks. Foreign banks are also keen on Chinas leading firms, including those national teams that have strong oversea businesses, mighty private companies and premier high-tech firms. Obviously, foreign banks would not take risk to expand their business to all corporate customers. In a press conference held by Citibank in 2002, Mr. Huang Xiaoguang, the CEO of its Shanghai Branch stated, we merely focus on three categories of firms, including foreign global giants, Chinas big global firms and those domestic companies with strong international business, in which we can make full use of our global network advantage. We wont break through this customer territory and to do business with other general firms even after Chinas financial market is open completely after 2006. Current status of foreign banks businesses in China A recent survey conducted by FCSSIC (Financial Center of Social Science Institute of China) showed most of foreign banks had successfully extended their businesses in China, though their performance was very different from one another. Overall, the following characters can reflect the current status of foreign banks businesses in China by now: Firstly, the activity domain of foreign banks mainly concentrated in coastal cities. By the end of 2002, there are about 190 foreign banks have conducted their businesses in China. In particular, about 27 among 54 world top banks that are listed in the US Fortune world 500 have also operated in the country. It is obvious that most foreign banks are still keen on coastal cities, such as Shanghai, Nanjing, Guangzhou, Shenzhen, Tianjin, Dalian, etc, while many inland cities, excluding several top cities, such as Wuhan, Chongqing, Xian, their presence was rarely seen though these cities were on the governments opening outside list as well. Secondly, the business categories are extending quickly from foreign currency businesses to RMB businesses. In 1982, China government began to permit foreign banks to set up operating offices and conduct foreign currency businesses, their foreign money businesses have developed a lot ever since then. Currently, the main foreign exchange businesses of foreign banks covers financing business, loan and savings, international business settlement, investment, guarantee, business bills and consulting, etc. Then in 2002, some foreign banks were permitted to provide RMB business service to foreign customers in Shanhai, Shenzhen and Gaungzhou, and in fact, they extended this business to many foreign customers very quickly. Their customers were not only from those mentioned cities, but also from their neighbor provinces, such as Zhejiang, Jiangsu, Hunan and Guangxi. This fact witnessed that foreign banks have strong capability to expand their business. In February 2003, several top global giants, such as HSBC and Citibank, announced their grants of RMB businesses for Chinas domestic firms. Thirdly, the customers focus of foreign banks is mainly on first class joint ventures, multinationals, and Chinas big foreign-oriented firms, together with some public companies. Taking several top banks, for example, HSBC is keen on serving BP, Shell, Citibank focuses on GE, IBM, Software and Ford. The global banks are also very interested in such Chinas big state firms with oversea business, such as CNPC, Sinopech and COSCO. According to Chinas governments commitment, foreign banks are able to provide foreign exchange businesses for both domestic firms and residents early from Chinas WTO entrance, but the restrictions of areas and customers in RMB businesses will not be canceled until the end of 2006, therefore, the current competitions between Chinas banks and their global rivals are mainly reflected in foreign exchange businesses, especially concentrating on international business settlement and foreign exchange loan and savings, and the competing level is different in different cities. As the most advanced and international city in China, Shanghai sees most presence of foreign banks in this country, and the competition here is also most fierce. By the end 2002, there have been 53 operating foreign banks branches. 12 among which, including HSBC and Citibank, getting the permission of conducting comprehensive foreign currency businesses in the same year, covering both corporate banking and personal banking, local firms and local residents. A recent statistic provided by Shanghai Branch of Peoples Bank of China, showed that the growth rate of foreign currency savings of foreign banks had surpassed that of domestic banks in Shanghai in early 2002. Furthermore, some foreign banks in Shanghai have extended their businesses to the nearby provinces, including Zhejiang and Jiangsu, the most powerful economies of China. In the end of 2003, the total assets of foreign banks in Shanghai were about $27. 49 b, increasing by 35. 69% compared with a year ago. Total amount of loans were up to $12. 1b, growing by 15. 16% compared with 2002. Total savings was $7. 14b, growing at 56. 53%. In the same year, operating profit before tax of all foreign banks was $107m, in which the contribution of RMB business exceeded 50%, reflecting rapid growth of their RMB business. With the expansion of business and customers, foreign banks achieved great performance. In 2003, their market share in Shanghai banking sector in terms of total assets, savings and loans was 11. 84%, 3. 86% and 8. 64% respectively, much higher than a year ago. Shenzhen, as the symbol of Chinas opening to the outside world, owns the second largest scale of foreign banks in terms of both foreign currency assets and savings. Ever since the foundation of Shenzhen Branch of Hongkong Southsea Bank, the first foreign bank in the city, the amount of foreign banks has been growing. Up to early 2004, there were 25 foreign banks that have operating branches, together with 7 representative offices. The total staff of foreign banks are about 830, occupying 2. 6% of whole staff of Shenzhen banking sector. It was stated by Shenzhen Bureau of Banking Regulation, in the end of 2003, the total assets of foreign banks in Shenzhen were $7. 32b, total savings was $2. 33b. Thereinto, the absolute amount of savings enhanced by $0. 84b, with a growth rate of 55. 99% compared with last year. As a traditional financial center of North China, many eyes of foreign banks have turned to the city for years. By the end of 2002, there were about 14 foreign banks got presence in Tianjin, and 4 of which was authorized to conduct RMB business. Foreign banks firstly extended their international settlement business very quickly. In the end of 2002, market share of big four state banks in total foreign exchange assets was 82%, while foreign banks gained 0ver 10%. In terms of foreign currency loans, big four banks occupied 67%, compared with foreign banks 33%, which reflects Chinas domestic banks face heavy stress from foreign banks to compete in foreign exchange businesses.

Energy Security in the Middle East Research Paper

Energy Security in the Middle East - Research Paper Example The research paper "Energy Security in the Middle East" discusses the energy security in the Middle East by focusing on various aspects such as energy security threats as well as global issues that are associated with energy security. Access to cheap energy has become significant in the functioning of modern economies. A significant vulnerability has emerged as a result of uneven distribution of energy supplies among various countries. Energy security is defined by international energy agency as the uninterrupted availability of energy sources at a reasonable price. There are various aspects that have been associated with energy security. They include both short–term and long term energy security. Short-term energy security tends to focus on the ability of the system of energy to respond promptly to immediate changes in the supply-demand balance whereas the long term energy security deals with the timely investment targeting energy supply and in line with environmental needs a nd economic developments. There seems to be a consensus on the issue of energy security achieving a certain significance since the energy shocks that was witnessed in the 1970s when present asymmetries between energy consumers and geographical distribution resources had been consolidated by most countries especially in the Middle East that depends on petroleum. Since then energy security has been incorporated into debates of the international relations theories. The existing international relations theories have demonstrated various approaches.