Difference between retained earnings

Retained earnings is the profit generated by a company that are not distributed to stockholders (shareholders) as dividends but are either reinvested in the business or kept as a reserve for specific objectives (such as to pay off a debt or purchase a capital asset). A balance sheet figure shown under the heading retained earnings is the sum of all profits retained since the companys inception. Retained earnings are reduced by losses, and are also called accumulated earnings, accumulated profit, accumulated Income, accumulated surplus, earned surplus, ndistributed earnings, or undivided profits.Profit and loss account is one of the financial statements of a company and shows the companys revenues and expenses during a particular period. It Indicates how the revenues (money received from the sale of products and services before expenses are taken out, also known as the â€Å"top line†) are transformed into the net income (the result after all revenues and expenses have been acc ounted for, also known as â€Å"net profit† or the â€Å"bottom line†). It displays the revenues recognized tor a specific period, nd the cost and expenses charged against these revenues, including write- offs (e. . , depreciation and amortization of various assets) and taxes. The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported. When any amount is kept separate by a company out of its profit for future purpose then that is called as General reserves. In other words, the general reserves are the ‘retained earnings' of a company which are kept aside out of company's profits to meet future known or unknown obligations.General reserves are the part of ‘Profit and Loss Appropriation Account'. The general reserve is a free reserve which can be utilized for any purpose after fulfilling certain conditions. The primary differences between the retained earnings , profit and loss account and general reserve is as follows: Point of difference Retained earning Account General reserve Definition This is the profit which is not distributed to the stockholders but probably reinvested In the business. This Is the financial statement of a company which shows the tOf2 for future purposes. UsesThis is used or retained as earnings for specific objectives like to pay off debts etc. The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported. General reserve is certain amount of money kept aside for future need or unexpected expenses. Found under A balance sheet figure shown under the heading retained earnings is the sum of all profits retained since the company's inception. Found in the final accounts statement book General reserves are the part of Profit and Loss Appropriation Account.

Post-war inequalities in British health and education Essay

Poverty or low disposable income often results in an inadequate environment and not only for the obvious lack of resources such as books, pens and paper. Damp housing can have severe effects on health resulting in lower school attendance rates, or low concentration levels if child is often feeling unwell. Not having an allocated area to study is also an important factor. Kellet and Dar (2007) discovered that in low income areas where housing was cramped, children claimed that ‘Television was a distraction from homework because of the noise†¦ Other distractions in the home environment were smoking, swearing, banging and loud music. ‘ Also that homework clubs were vital to the success of children from disadvantaged families. This study was performed by children, with the guidance and research techniques of sociologists, there for it is perceived as having a deeper and more honest insight in to children’s issues. Other class factors resulting in underachievement may be less obvious. Values differ between class perspectives and affect a child’s motivation. Bowes et al (1990, p119) states that working class children are more likely to leave school as soon as they can, to find a steady job. ‘ Where as the middle class value differed gratification and ‘Socialise their children in to wanting to remain in education in the hope of a better job when they do leave. ‘ This was confirmed by the Child Development survey, which found middle class students staying on at school and achieving better examination results. The Home and The school study (1964) found that ‘the degree of parent’s interest in their children’s education was the single, most important factor affecting attainment. ‘ (Haralambos et al, 2004, p102). It found that ‘Middle class parents visited school more†¦ and were generally more interested in their child’s education. ‘ It also states that ‘an upper middle class child was five times more likely to get in to grammar school than a child from the lower working class. ‘ Further more ‘most of the working class pupils who were successful, came from homes where the mothers were â€Å"sunken middle class. † They wanted their children to do well and ‘expressed much parental interest,’ Bowes et al (1990, p119). This is because parental interest not only has a direct affect on the motivations and values of a child, but also on the school environment. Middle class parents, who often have more spare time and disposable income to invest in fundraising and extra curricular activities, can raise the standards of a school immeasurably. Making school a fun place to be, that is enjoyed by all the family, creates the positive learning environment that children thrive in. Quite understandably most working class parents are to busy â€Å"earning a crust† to find the time and energy to invest in such endeavors and as such adopt an â€Å"Education is the schools job† attitude. It is also understood that language has had a negative affect on the working class’s academic attainment. Professor Basil Bernstein has shown that the middle and lower classes use different patterns of speech. He called these patterns linguistic codes. According to Bernstein, most middle class children have been socialised in both restricted and elaborate codes, and are fluent in each. Whereas working class children are limited to the restricted code. Since teachers tend to be middle class and use the elaborate code, working class pupils are placed at a distinct disadvantage. There is also explanation for underachievement to be found in the â€Å"hidden curriculum† of a working class teacher, that is the subliminal messages he passes to children without intention. The cultural depravation theory states that children in the bottom classes are ‘deprived of important values, attitudes, experiences and skills which are essential to educational success,’ (Haralambos et al, 2004, p102). This has been strongly criticised and there is evidence that if class differences in culture exist, they are slight and of little significance.

Basket Exercise Essay Example for Free

Basket Exercise Essay Georgina Ryan, HR Director SUBJECT: Speaking engagement next week Ms. Williams, Mr. Armstrong has been transferred to a new location, earlier than expected. My apologies, however, if you would allow me to fill in for Mr. Armstrong, I would be honored to address the Business Club It is common for a large number of calls to come in all at once. When this happens, the customer relations–contact employee is supposed to take the customer’s phone number and get back to him or her within an hour. We’ve found in the past that this is a reasonable target since, after a big rush of calls, things usually settle down for a while. But when we check up on the contact employees, we find that they get back to the customer within an hour only about one-third of the time. Sometimes they don’t get back to the customer until the next day! I sent a memo to all contact employees about a month ago reminding them of the importance of prompt responses on their parts, but it did very little good. We need a training program from your department to improve this critical performance area. Can we get together early next week? MEMO TO: Ralph Herzberg, Manager of Customer Relations From: Georgina Ryan, HR Director. New Training Program Ralph, we will definitely have to address this situation. Let me get with my training program administrator and work out a training session/schedule for your department. I will get back with you on a date and time for next week. Basket Exercise. (2018, Oct 25).

Delegation & Empowerment Annotated Bibliography

Delegation & Empowerment - Annotated Bibliography Example Curtis, E., & Nicoll, H. (2004). Delegation: A Key Function of Nursing. Nursing Management, 11(4), pp. 26-31. Curtis and Nicoll have managed to discuss delegation and employee empowerment as a key attribute of effective leadership. They have discussed various theories of effective leadership and have used works of other scholars to emphasize on the importance of delegation in an environment where team works is an essential element. Following the outcomes of these theories, they have presented an easy step-by-step guide of effective delegation, whilst discussing benefits of delegation and empowerment for delegators and delegtees. They have also mentioned the factors that can hinder the effectiveness of delegation process and the importance of delegation in organizational settings. Curtis and Nicoll are both highly learned and well-educated lecturers at the school of nursing and midwifery studies, Trinity College, University of Dublin. The work that they have presented mainly address registered nurses and importance of delegation for nurses however that discussion is only limited to the introduction part and rest of it is rather generalized, which can interest any regular reader. This peer-reviewed article will help in understanding the fundamental concepts of delegation and the factors affecting the personnel involved along with the process of delegation, itself. The article further outlines the basic concepts and general layout of the delegation process which will help in understanding the dynamics of this phenomenon.... The article itself sheds light on the importance of delegation and empowerment in today’s organizations. The article asserts that given today’s delayered organizational structure, managers are required to ensure that employees are provided with necessary knowledge and authority to perform the tasks assigned with them effectively. Swarnalatha and Prasanna have discussed the approaches to empowerment of employees along with conditions necessary for empowerment. One positive attribute of this article is discussion regarding the role of organizational structure and policies in employees’ empowerment in the process of delegation. The research has thus moved its focus from personnel to organization which makes it address the holistic dimensions of this process. At the end, the article discussed process and advantages of empowerment at length. Hoch, J., White, K., Starkey, C., & Krause, B.A. (2009). Delegation and Empowerment in CAATE Accredited Athletic Training Educat ion Programs. Athletic Training Education Journal, 4, pp. 139-43. The research contains a quantitative analysis along with theoretical discussion regarding delegation and empowerment of department heads, in this case, program directors. The research helps in identifying the possible reasons behind managers choosing to delegate or not delegate some of their tasks to their juniors. Except Hoch, all the other researchers are PhDs and have authored other articles on the similar subjects. Where other articles were helpful in having literary information about established theories, this research helps in understanding practical implications of these theories. The research has two dimensions. At one end, it sheds light on the program directors/ managers perspective and also identifies

Introduction to Marketing requires you to submit at the end of the Assignment

Introduction to Marketing requires you to submit at the end of the semester a Final Project in the form of a marketing plan for Blue Mountain Spring Water, Inc - Assignment Example The company also holds future opportunities in the growing consumption trend of packaged drinking water. It has successfully designed it new product by targeting the young population, thereby increasing its customer base. However, the company also faces a steep competition from the well established brands like Aquafina and Dasani. Despite of the strong competition it has been able to gain market share by implementing competitive pricing and creating brand awareness. The financial goals include increasing the customer base of the company by market penetration. This will be achieved by developing new distribution channels and increase promotional activities. Moreover, the company will also collaborate with several hotels and restaurants and act as a supplier for bottled spring water. The company will further increase its product line by introducing flavored spring water. Thus the company will introduce one new product lines in its existing product port folio of packaged mineral water. This as a result will increase the revenue generation of the company. In the following financial year the revenue is expected to increase by 10%. The company also donates in several charity firms and NGO to promote â€Å"save water† campaign. The donation in the following fiscal will amount will to $20,000. This allows the company to increase their brand image and improve relationship other corporate firms. The company has planned to increase its product line by introducing flavored spring water. Moreover it will also delve in new market development by entering in to new geographic locations like Kentucky, Michigan and Ohio. In order to reduce the carbon footprint of the company and reduce its operating cost the company will outsource its material for packaging from a third party company in New Mexico. The company will also launch a new television commercial to push it new product line (Isa, Saman and Mohd â€Å"Dynamic Factors for Entry Location

Vancouver supervised assisted injection facility Essay

Vancouver supervised assisted injection facility - Essay Example It had strategic purposes to support its mission listed as; improving quality of life for the illicit drug users and their environment, harm reduction and health promotion, empowerment of the illicit users to live productively. This led to the formation of safe injection centers that administer the drugs safely to the addicts. This essay will present a sustained analysis of social and economic impact of the assisted injection facility located in Vancouver. In particular, I argue out the pros and cons of the facility using a two part survey, chronological order. First, I will consider materials crediting this facility, then to those that show its disadvantages written from 2000 till recent. I will show give brief accounts that indicate the demand for these facilities. A rough estimate of 15,000 people inject illicit drugs, this excludes the occasional users. Injection drugs are often accompanied with severe health and social consequences for the users and their society at large. Increased infections, death and the accompanying costs are the distressing indicators of harm experienced within our society. These problems have grown immensely over the years and drastic measures should be taken. Safe injection facilities have remained an integral part of effective harm reduction strategy placed in Europe. They are associated with an array of positive health and social results including; less drug use, fewer drug related overdoses, reduced disease transmission, less public nuisance associated with drug abuse, less drug related crime and more drug users referred for treatment. These centers also help in sustaining contact with the most marginalized and chaotic users who inject in public. Let us now view the Vancouver context. Estimated 10-20% injective drugs users reside in Vancouver. This population has experienced increased HIV/AIDS prevalence, Hepatitis B, Hepatitis C and other

Factors Influencing Consumer Behaviour from the Indian Firms Essay

Factors Influencing Consumer Behaviour from the Indian Firms Perspective - Essay Example It is evidently clear from the discussion that consumer behavior processes start  in the mind of the consumer when he/she tries to look for alternatives that suit  his/her needs, in addition to, to the consideration of other relative advantages of a product or service such as cost savings and superior quality. The process goes to the next stage that involves internal and external research concerning a product or service to be purchased. That notwithstanding, there is the post-purchase stage, which is critical since it is the one that determines whether or not the consumers were satisfied, and thus, largely influences their future behavior to consume or not to consume a product or service. Businesses tend to focus more on the post-purchase stage as it determines whether their products have been successful or not. Essentially, it is at this phase that the performance of a good or service is ascertained. In some instances, the people who make purchases are not the actual consumers o f the products; thus, advertisers need to understand the roles of users in order to efficiently place their advertisements in a formidable manner to attract consumers. India is a demographically vast country with a rich cultural diversity. The Hindu culture is, however, segmented based on the geographical dispersion of the nation. For instance, the cultural practices in Northern India are not similar to those in Southern or Western India. Culture is a complex term, which encompasses tradition, cultural beliefs, morals, as well as general knowledge of a particular society. It is the culture that identifies or distinguishes people from different backgrounds since they will have various thoughts and beliefs concerning contemporary issues.

Reflection on Valuable Lessons and Important Aspects of Leadership Essay

Reflection on Valuable Lessons and Important Aspects of Leadership - Essay Example A talent gap is being created between the current, very talented leaders, and the next generation, which is not showing a breed of promising potential leaders emerging. It is a cause of worry since organizations must have continuity in good leadership to be able to maintain its productivity. An organization is safer when it adopts risk prevention measures, and equips current and future leaders with skills necessary to cope with any organizational changes. There are both formal and informal leaders. They all influence an organization towards achieving its goals effectively. Organizational success goes beyond an individual leader's will to achieve and the organization's chain of command. Most importantly, it is how all leaders relate together towards the achievement of set goals. This is termed as collective leadership as William (2011) observes. In addition, James and Barry (2001) suggest that several things should be considered. They include the number of leaders needed currently and expected in the future by an organization. This enables an organization base its leadership strategies on the expected turnover of employees in the organization. Leadership culture entails how leadership is practiced for example employee relations, discharge of duties and working together for a common purpose. The culture ensures that all factors affecting growth and performance of the enterprise are pooled together towards the same set targets. Demand and supply forecasting are crucial in ensuring the number of leaders employed is specific to the present and future expected needs Another factor to consider is the quality of leaders desired. Every organization must aim at employing high-quality leaders for a competitive organization. Phillip (2010) sees a leader as a person who owns and takes responsibility for every action an organization takes and feels any loss incurred as his own. For organizational success, there must be leaders who are goal oriented and put all their effort a nd hard work to ensuring achievement of goals and organization’s success. To be able to meet the above, leaders need to be critical thinkers and good planners of the future so that every strategy implemented by the organization moves it to achieve the intended purpose. Diversity in the level of leadership and reaching organization's target is the sole purpose of an organization’s existence. This is because it meets needs of different people, cultures and regions as Michael (2011) analyze. In addressing different needs, management has to ensure that the leadership strategy adopted, lists characteristics of individual leaders required. They include age, gender, race, origin/culture, education and working experience. In fact, achievement and motivation of leaders are influenced by pay and financial security. A good leader has good problem-solving skills. He is a person that understands how to relate and be mindful of employees. This comes in handy when solving problems ar ising and during decision-making. When choosing a leader, he/she should have the ability to improve communication and relationships between workers and management for unity towards achieving set goals. In essence, having a good leadership strategy is advantageous to an organization.

Thesis paper Outline Proposal Example | Topics and Well Written Essays - 750 words

Paper Outline - Thesis Proposal Example As stated by Barner and Rosenwein, â€Å"[d]emocratic values are in essence participatory values. At the heart of democratic theory is the notion that people should get involved in the process of governing themselves†¦Ã¢â‚¬  (Barner & Rosenwein 1985, 59). Thus far, studies on performance appraisal in public organizations have been focused on fundamental issues such as the nature of these principles, their interpretation and significance, and their evolution and function over time. There has also been agreement among political theorists, such as Jurgen Habermas, on the essence of citizenship participation in democracy, and it has been asserted by Max Weber (as cited in Riccucci 2007) that theory should contribute more to the knowledge of how democratic principles like extensive participation or high involvement develop and evolve in highly industrialized nations, such as the United States. Nevertheless, it is important to mention here that its widespread implementation in the United States throughout the 1960’s and 1970’s was intended primarily to facilitate genuine democratic governance (Graham, Noe, & Branch 2006, 953). Practically, it was designed to promote involvement by minority groups and the poor that have been excluded from the governance and decision-making process. It is due to these issues raised above that the researcher is persuaded to study the relationship between the accountability of, transparency of, and quality of public services in performance-based organizations (PBOs) and citizenship participation in the performance appraisal of public personnel. Which features, if any, of PBOs’ processes are more vital for the enhancement of public personnel performance that reinforces democratic principles of greater citizenship participation? Addressing these questions appropriately may expand our understanding of the function of public organizations in democratic societies. As stated by Pateman, the theory of participatory democracy emphasizes the

Impact Of Insomnia On Daytime Ability To Function Essay Example for Free

Impact Of Insomnia On Daytime Ability To Function Essay Insomnia pertains to a symptom that is characterized by the difficulty in falling asleep. In other cases, insomnia is also involved in not being able to sleep for the required number of hours each night. It is thus pertinent to describe insomnia as a symptom associated with poor quality or insufficiency of sleep. Several factors may trigger the symptom of insomnia in an individual, hence this condition can be considered as situational, wherein a certain incident may result in an individual’s inability to sleep. Insomnia may also be described based on its occurrence in an individual, thus resulting in intermittent or persistent forms (Davidson 109). Insomnia generally occurs with another medical condition, such as a psychiatric disease or drug abuse. The importance of treatment regimens for insomnia has been the focus of biomedical research as it has long been established that insomnia does not resolve through time. More importantly, it has been reported that insomnia can significantly affect the quality of life of an individual. In addition, insomnia can result in the further progression of a psychiatric disorder, thus putting a patient at greater risk for mental health deterioration (Davidson 112). It has also been observed that the occurrence of insomnia is positively correlated to the frequency of consultations with a physician, as additional medical disorders are caused by this sleeping symptom. Impact of insomnia on sleep As insomnia is a symptom that affects sleep, it is important to determine the causative factors that result in such condition. The most common factors that influence the occurrence of insomnia include stressful incidents in the life of an individual. Death of a loved one, as well as conflict with another individual, often results in insomnia (Davidson 110). Illness and problems with work or study can also result in a difficulty in sleeping. Environmental factors may also result in insomnia, such as that of residing in a location where there is constant noise from traffic or construction. Social conditions may also influence the occurrence of insomnia, such as that of caring for a newborn baby right after childbirth. However, it should be understood that the sleeping patterns of pregnant women after generally disturbed and thus may even be more severe after childbirth. It has been suggested that post-partum insomnia may be possibly due to the mother’s instinct of providing constant care for her child, in terms of feeding and cleaning the baby. Other social factors that result in insomnia include having an adolescent child who spends evenings outside the home and the parents worriedly stay awake until their child comes home (Davidson 110). Age has also been reported to influence the occurrence on insomnia. It has been observed that insomnia is a common symptom that afflicts women who have reached the transition stage into menopause, as this phase of their life causes much distress to them. Caring for a sick elderly individual also results in insomnia, as the caretaker vigilantly checks on an older individual throughout the night. This condition tends to be more difficult when the elderly person is also suffering from Alzheimer’s disease, which is generally characterized by straying to other places even in the late hours of the night. The caretaker thus tends to keep watch over the actions of the elderly person in order to keep him from harm. Impact of insomnia of waking functioning Circadian rhythm pertains to the cyclic patterns that an individual undertakes based on a synchronizing stimulus. Most living species synchronize their activities based on the most ominous factor, which is the light emanating from the sun. In the case of human beings, sunlight determines whether it is time to awaken or to sleep. The presence of light also influences the majority of the physiologic activities of the human body, including the time of the meals in an entire day. The circadian clock of every individual is thus set according to the standard day, wherein sunlight in present for approximately 12 hours and absence for another 12 hours. Within the evening, the human body is programmed to rest and this is mainly through sleep. The occurrence of insomnia can affect an individual’s circadian rhythm as the length or the quality of sleep is affected. An individual with insomnia may be awake at least half of the night and thus find poor coordination in his motor and mental skills during the day. Individuals who work on a shift basis are often affected by insomnia as they are generally assigned to different hours every few months (Shechter 15). Healthcare personnel, such as nurses and technologists, are usually assigned to work on the night shift for 3 months and thus their circadian rhythm is misaligned during this period. Once they return to their daytime shift, they find difficulty in falling asleep as their bodies have already adjusted to a modified circadian rhythm (Shechter 14). The same conditions also occur in other jobs that are associated with changes in shift duties, including those in the police departments and other 24-hour surveillance jobs. The perturbation in the circadian rhythm and its association to the onset of insomnia often results in the deterioration of the quality of work of an individual or a poor performance in school. In addition, an individual with insomnia usually shows poor cognitive capacity, as well as a decrease in the productivity at work. These individuals often lack the capacity to focus on their activities, resulting in accidents (Shechter 15). It is a common occurrence that drivers get into accidents due to the lack of sleep and thus their motor skills and reflex actions are not that reactive during the day. Polysomnographic features of insomnia Polysomnographic studies have shown that an individual with insomnia is generally characterized to have a short latency period during their sleep (Shechter 14). In addition, the sleep efficiency of these individuals is significantly low, resulting in the frequent and easy awakening by even simple stimuli in their immediate environment. The rapid eye movement (REM) and sigma sleep stages of individuals with insomnia are largely influenced by the circadian rhythms that are been set by their bodies and thus any change in the sleeping quality and habits may affect these sleep stages. Any disturbance in these sleep stages may result in the lack of or difficulty in sleeping. Polysomnographic investigations have also shown that the core body temperature in influenced by an individual’s circadian rhythm. Sleep is thus normally observed in the evening, when the core body temperature is significantly lower than what is usually observed during the day. Any shift in the circadian rhythm of an individual may thus result in an unexpected core body temperature, resulting in an individual’s difficulty in falling asleep. This core body temperature should be achieved approximately six hours before going to sleep, in order for an individual to achieve the normal 8 hours of sleep. For an individual who attends to a night-shift job, the usual length of sleep varies from 4 to 7 hours, which is a prime feature of insomnia. Behavior and/or therapeutic recommendations for insomnia It is possible to adapt behavioral conditioning strategies for insomnia. Individuals suffering from insomnia often spend hours or several evenings in bed but are fully awake the entire time. Their insomnia thus further worsens as their brain is conditioned to consider the bed and the bedroom as sites where one stays awake and any attempt to further induce sleep may be futile. It is thus suggested that when one feels sleepy, regardless of the time of day, one should then attempt to go to his bed in order to teach his brain that the bed is a place to sleep. It is also not helpful for an individual with insomnia to find a substitute place to sleep, such as the couch, as this will condition his mind that the couch is his sleeping niche and eventually, going back to the bedroom can even be harder to achieve. There are specific drug formulations that may also aid an individual suffering from insomnia. One of the most common medications is benzodiazepine, which binds to the gamma-aminobutyric acid receptors of the brain, which is responsible to the excitation of neural cells (Davidson 111). This binding thus results in the inhibition of the neural functions of the individual, resulting in a sleepy mode. One negative effect of benzodiazepine is that the normal stages of sleep are affected and thus may trigger unnecessary changes in the duration of each stage and possibly dependence on the drug. It is also possible that this drug may induce hypnotic effects on an individual. Non-benzodiazepine formulations are also available for the treatment of insomnia. Melatonin is another therapeutic regimen that may be administered to an individual with insomnia (Davidson 112). There is currently great debate with regards to the effectiveness of this drug, as it has mostly been applied to individuals suffering from jet lag-induced insomnia and thus this drug may not be effective for other insomnias that are caused by other factors. Antidepressants and antihistamines can also be administered to insomnia patients to alleviate their difficulty in falling asleep. Herbal concoctions have also been reported to facilitate sleep. A few of the most used herb are chamomile, kava kava and lavender, which can be supplied in tea formats. Personal reflections Insomnia is generally regarded as a simple condition that is often misunderstood and mistreated. It is important that insomnia be addressed as soon as possible because this condition often affects several systems of the human body and may thus result in the decrease in the immune capacity of an individual. Insomnia can also affect the quality of work or study of an individual and thus this negative effect should be addressed at the earliest possible time. Social interactions can also be affected by insomnia, as these individuals are often irritable and sensitive. Several accidents have also been caused by the lack of sleep and it is possible that an individual may hurt himself while working and even hurt other people, especially when they are using a motor vehicle when they suddenly lose attention or fall asleep. It is thus imperative that individuals with insomnia be educated on what to do to take control of their condition and possibly go back to their normal circadian patterns.

Impact of the Olympic Games on Tourism

Impact of the Olympic Games on Tourism The potential contribution of the 2012 Olympic Games to tourism Abstract With budgets for the hosting of the Olympic Games often requiring significant upward revision before final costs are calculated there has been an increasing level of concern about the areas of benefits that these events bring to the host cities and nations. Much of this concern is focused upon the tourism benefits. Using three previous Olympic events together with the staging of the Commonwealth Games in Manchester as case studies, this research seeks to ascertain whether the predicted tourism benefit from hosting the 2012 Olympic Games can realistically be achieved or if they are simply estimates raised in an effort to justify the huge capital investment required to stage the games. The results of the case study into the three Olympic events show mixed results in terms of reality matching expectations. In particular, the area of concern in all of these events has been the failure of the cities to see a continuation of improvement to employment. However, the Manchester case study produced a positive result on all counts of tourism benefits, including employment. What makes this event different from the others is that the organisers in this case concentrated a considerable amount of effort on developing a sustainable legacy programme. The committee responsible for this programme have treated it as a separate project and this has enabled the focus of achieving benefits to be maintained. It is considered that if the LOCOG incorporates the positive aspects of this research into their Olympic planning it will be able to achieve the estimated expectations. 1.  Introduction In March 2005, four months before bid for the 2012 Olympic Games was won by London, the UK government extended the budget for this event from  £2.4 billion to  £9.35 billion, a nearly fourfold increase (BBC News 2005). In justifying this enormous increase in costs and echoing the comments of other Olympic cities in the past, the UK government and 2012 Olympic organisers have said there will be ongoing economic benefits resulting from the event being held in London. It has been suggested that many of these benefits will accrue to the tourism and hospitality sector. In support of this comment the organisers, LOCOG[1] (2007) and ODA[2], point to the fact that it is increasing hotel accommodation in the London area and, in addition, providing a number of new sporting and cultural facilities that will be available for use in the future, attracting continual leisure and tourism activities. Furthermore, it is stated the increase in tourists during the event will have the effect of increasing subsequent tourist visits to London and the UK as a whole as well as their impact during the event itself. These moves are also expected to have a positive long term impact upon tourism businesses and employment in the area. However, reports into the results of tourism benefits achieved from previous events of this nature show a different view (Madden 2002) and suggest that the claims being made by the LOCOG and other stakeholders might be optimistic. It is the resolution of this dichotomy of opinions that forms the focus for this paper. The aim of this research is to assess whether the pre-event claims being made by the 2012 Olympic organisers, which are supported by research conducted by independent researchers (Blake 2005 and Oxford Economics 2007) will bring tourism benefits to London and the UK. These will be measured against three factors, these being tourism numbers and financial benefit, hotel occupancy, and tourism and hospitality employment levels. 1.1. Aims and objectives In order to address the issues focused upon within this study, the following research question being resolved is: Whether the hosting of the 2012 Olympic Games in London will provide the City and the UK tourism industry with potential benefits both during and post the event. To provide a framework and direction aimed at addressing this question, two main objectives have also been set. London 2012 Olympic Games legacy There will be a detailed and critical analysis of the intended legacy of the Games which will also examine the supporting evidence. Previous event results For comparison purposes post event reports on three significant previous events of a similar nature will be presented and evaluated. 1.2. Overview Following this introduction, section two provides an overview of the data collection method used. In section three the findings will be presented and discussed before the study is brought to a conclusion in section four, where appropriate recommendations will be made. 2.  Methodology Due to the limitations in terms of time, cost and geographical location, it has been decided that the appropriate research method to be used for this research will rely upon the collection of data from secondary sources. These will include information collected from the official 2012 Olympic websites of the LOCOG (2007) and other related stakeholders as well as independent research conducted by academics and other tourism stakeholders. Other resources have also been used, including publications available from bookshops and libraries and journal articles. Similar resource locations have been relied upon for the collection of data relating to the comparative events. Although it is sometimes perceived that there are limitations to the secondary data collection approach in this case it was considered that the depth of previous and immediate research is sufficiently robust to add value to the findings of this study. For example, sufficient academic and practical research material is available to be able to provide a direct comparison between the intentions of the 2012 Olympic Games legacy expectations and the actual results that have been achieved from previous events, including those held within the UK and in other international locations. 3.  Discussion of research findings In all events apart from the London 2012 the research conducted for this study has included the examination of the legacy claimed to result from hosting special events by the organisers and the findings from subsequent research and reviews conducted by various academic and tourism stakeholders. For ease of reference this section of the research has been divided into relevant segments. The findings of the research are presented within the first three segments and these are followed by a discussion, analysis and evaluation of these findings that will provide a conclusion to the research question. 3.1.  London 2012 Olympic Games legacy In their official legacy for the games, the London 2012 Olympic organisers have highlighted several benefits that they expect to result from hosting the games. In relation to the tourism sector, these can be identified in the following six key areas according to the LOCOG (2007), all of which are considered to have longer term benefits that will accrue to the hospitality and tourism sectors. Accommodation Included within the infrastructure costs of the games is the construction of an additional 15,000 hotel rooms, increasing current accommodation in the London area by around 15%. Employment It is anticipated that the event will require a significant increase in the numbers of persons employed within the tourism sector. This increase is expected to occur across a range of areas including hotels, restaurants and bars and other destination and attraction facilities. Numbers of tourists With 9 million tickets being printed for the games, added to the participating teams, their support staff and the international media attendance, it is expected that in excess of 10 million tourists will be attracted to London during the course of the event. Sporting facilities Of the sporting facilities being built for the games five of these will be made available for tourism, sporting and leisure use post the games themselves. Infrastructure Improvements are being made to transportation links and a regeneration programme for areas of London will be taking place, thus making these places more attractive to tourists. Destinations and attractions The creation of a new Olympic Park, which in addition to recreational facilities will have areas dedicated to the creation of natural wildlife habitats, is designed to add to the attraction of London as a tourist destination. 3.2.  Findings of anticipated tourism benefits of the 2012 Olympic Games Several studies have been commissioned and conducted in an attempt to evaluate and predict the economic benefit that will result from London’s hosting of the Olympic Games. Having considered these studies, it has been decided that those most appropriate to this study are the study conducted by Oxford Economics (2007) and Blake (2005). In both cases the central determinates of expectations have been used. The findings of the Oxford Economics (2007) study were based upon a comparison of the results studied from fifteen previous events of the same nature. The results suggested that the net tourism gain in financial terms during the years from 2007- 2017 will be  £2.09 billion, of which  £1.47 (70.33%) will be directly attributable to London. In analysing this result, the following can be drawn from these figures when compared between the pre-games; event and post event periods (figure 1). Figure 1 Tourism financial benefits Benefit Pre-Games Games Post games London Percentage 17% 35% 48% UK Percentage 15% 31% 54% London Fiscal  £249.9 million  £514.5 million  £ 705.6 million RUK Fiscal  £ 63.6 million  £133.4 million  £ 423.0 million UK fiscal  £313.5 million  £647.9 million  £1128.6 million Data source: Oxford Economics (2007) These results are largely supported by the research conducted by Adam Blake (2005) who, by using a combination of prediction methods, also agrees that although there is a small rise in pre-games spending the major benefits are attributable to the year of the event and the subsequent period. However, in addition to the financial statistics Blake’s research also provides statistical information in respect of the three main issues being studied within this paper. For example, in terms of the increase in tourist numbers because of the event it is anticipated within this research that the following changes in percentage terms would be achieved (figure 2) over and above the anticipated growth in this area. With regard to the increased numbers of full time employment position created, Blake (2005) also anticipates that this will increase because of the games, particularly within the following areas (see figure 3). Figure 3 increase in FTE Sector 2005-2011 Pre-Games 2012 Games 2013-2016 Post games Sports Facilities -302 4,361 708 Hotels 2,554 1,686 2,972 Bars 2,094 952 2,359 Land Transport 292 3,057 -701 Air Transport 661 191 745 Visitor attractions -11 1,062 -40 Therefore, it is concluded by both of the studies examined that the hosting of the 2012 Olympic Games by London will produce positive and lasting tourism benefits for both the city itself and the country as a whole. 3.3  Findings from previous similar events For comparison purposes, four previous events have been used within this research. These include three prior Olympic Games held in Atlanta (1996), Sydney (2000) and Athens (2004) and the Commonwealth Games held in Manchester in 2002. To provide a detailed analysis of the tourism benefits in the case of the four the research has been concentrated upon analysing the statistical returns for the six years prior to the event, the year of the event and the four subsequent years. In terms of timescale this therefore will relate to the 12 year period being used for estimations by the researchers into the tourism benefits of the London Olympic Games event (Blake 2005) and therefore is anticipated to produce a reasonable set of comparatives. Atlanta 1996 The 1996 Olympic Games, hosted by Atlanta, also saw its financial cost rise from a budgeted $1.7 to over $2 billion, which equated to a 30% increase (Humphreys and Plummer 2003), much of which increase (70%) had to be funded from the public purse. Tourism numbers and their spending in Georgia during the year of the Atlanta Olympic Games increased by approximately $1.5 billion, achieving a record $14.7 billion in 1996, which was a considerable increase upon the previous seven years results. However, this revenue fell back in the following three years and only exceeded the 1996 record in 2000 when revenues reached $15.5 billion. Tourism numbers for the state of Georgia also increased during 1996 and 1997 as a direct result of the games. In the subsequent years however, as Engle (1999) research indicated, this did not resolve itself into longer term benefits, due partly to the fact that the city of Atlanta lost a considerable amount of business convention tourism. This has affected hotel occupancy post the games event, which has remained static at 64% throughout the twelve year period. In terms of the tourism benefit for employment, the result in this case was that in the 77,000 additional jobs anticipated were created as estimated by the year of the games. However, a considerable percentage of these were short-term positions and less than half that number remained long-term (Engle 1999). Nevertheless, this does show a positive benefit to the community. Sydney 2000 In real terms the Sydney Olympic Games in 2000 cost twice as much as its predecessor, with even the estimated budget of $4 billion (Madden 2002, p.9) being exceeded when the actual costs were computed. The tourism benefits relating to the numbers of tourists and their spending in this instance can only be identified for Australia as a whole[3]. These show that the numbers of tourists grew from just under 5.8 million in 1994 to 8.672 million in the year 2000, an increase of 47.33% during the period, nearly a quarter of which was achieved in the year of the games being staged. In the four years subsequent to this time there has been a further increase in tourism of 14.24%. All of the increase was achieved in 2004 following three years that showed a total drop of 2.39%. However, in terms of revenue impact, the statistics show that tourism spends has fallen in the twelve year period by around 2%. These results have been reflected in the rate of growth of hotel occupancy, which has seen a similar pattern of growth during the period under review (Arthur Andersen 2000). However, one are of concern relative to potential tourism benefits from the Sydney games is the poor performance of employment. Despite a rapid growth in this area in the years leading up to the games, post the event there has been a sharp reversal of this trend (figure 4), with the New South Wales showing the sharpest fall. Two other issues that have detracted from the tourism benefits of the Sydney 2000 games include the fact that the city has still not managed to make some of the facilities pay for themselves, which has left the authorities with a bill of around $46 million per annum (Owen 2005). Secondly, although during the year of the games tourism spend increased in the areas and for the businesses located close to the facilities, those not within the immediate vicinity suffered a loss in revenues during 2000 (Owen 2005). These costs are seldom accounted for by bid organisers and promoters but they do have an impact of the profitability levels for the tourism and hospitality sectors. These results show that the legacy of the Sydney games has been mixed in terms of the subsequent tourism benefits that it has brought to the city and the country. Athens 2004 The cost of the Athens Olympic Games again doubled against the previous games (Associated Press 2004). However, in this case there was a mitigating circumstances as these were the first games to be held post the 9/11 event, which led to additional security costs totalling $1.5 billion, a factor that is becoming increasingly important at events of this nature ((Baade and Matheson. 2002a, p.5). Athens has seen mixed results in terms of the tourism benefits culminating from the games. In terms of the tourism numbers in the year subsequent to the games this showed a rise of 10%. (Hubbard 2005). However, other subsequent reports reveal that the facilities constructed for the games have not been made full use of in the past four years (Hersh 2008), leaving the country’s tourism sector in a position where it has not capitalised upon the impact of the event. Nevertheless, in terms of the revenue received from tourism in Greece, in the four years from 2000 to 2004, this rose from $17.7 billion to $29.6 billion, an increase of over 67% for the period. This has resulted in an increase in hotel occupancy during the same period. However, like other of the case study cities, there has not been a marked improvement in the levels of employment in the tourism industry experienced since 2000. Therefore, it would appear that some of the tourism benefits from the Athens Olympics have centred solely on the year of the event whilst others have had an extended lifespan. Manchester 2002 The last major international sporting event to be held in the UK was the Commonwealth games in Manchester in 2002. In regards to cost the budget and eventual cost of this event was insignificant when compared with the Olympic Games but, at around  £80 million it is still an investment that is expected to produce a positive return in relation to tourism benefits for the area. The Manchester Commonwealth Games legacy programme anticipated that the games would produce the following benefits for tourism in the area (Ecotec 2007): 300,000 new visitors a year spending  £18 million in the local economy Increase in mid-range hotel accommodation 6,400 new jobs According to recent reports (Ottewell 2006) tourism in Manchester has seen a significant growth in the past eight years, which reflects the benefit that hosting the Commonwealth Games has brought to the area. Visitor numbers have risen from 79 million to 94 million between 2000 and 2005 and tourism spend has seen a growth to a level of  £3.92 billion ( £3.05 billion in 2000). Furthermore, in terms of tourism related employment, this figure has also risen to 59,046 in 2005 (51,704 in 2000), an increase of 7,342. When these figures are compared with the estimates that were produced as part of the original bid calculations it is apparent that in all areas the expectations have been exceeded. This shows that the city has certainly benefitted from the legacy programme that used a considerable element of the capital budget set aside for the games has had the desired effect and produced the required returns (Eurotec 2007). The positive result achieved in this instance is further evidenced by a statement given by one of the games organisers in 2007. â€Å"We estimated that  £22m in business benefits across the northwest derived from the Games at the time,† says Rosin. â€Å"There was  £2.7m added value for every  £1m invested. There has been investment in the financial sectors, in the city centre and in particular in east Manchester. Associated retail development and the creation of employment for local people in this area can be directly attributed to the Commonwealth Games† (Editorial (2007). These results have occurred despite the fact that in other areas of the economy, including the GDP, Manchester has seen less of an improvement (Ecotec 2007). 3.4.  Discussion Perhaps the most important aspect of the findings to note is that, from the time of the Atlanta Olympic Games in 1996, the cost of hosting this four year event has escalated at an ever increasing rate. In fact, as the following graph shows (figure 4) the capital investment has doubled on every occasion, including the latest event in Bejjing in 2008. Despite the fact that in most cases a proportion of the costs can be defrayed as a result of sales of media coverage and sponsorship, valued at in excess of $1 billion per event (CBS 1988), this cost escalation does mean that the expectation in regards to the return achieved on this investment has also risen. In other words the benefits, including those enjoyed by the tourism sector, need to have shown significant improvements. However, if the cost of the London Olympic Games in 2012 does not escalate from its current costs of around  £9 billion, it will not only be the first time the games cost have reduced since 1996 but also its return expectations will be lower. Nevertheless, when the expectations of the LOCOG (2007) and other researchers (Blake 2005) are considered against the actual results that have attached to the three previous Olympic Games events being used as comparisons, it is apparent that there are concerns that the London organisers need to consider. In particular, two issues seem to be a recurring problem during the years following the games. The first of these is the use and capitalisation of the sporting venues. In the cases of both Sydney and Athens these have proved difficult to make economically viable post the event. The second issue is tourism employment. In all three Olympic Games case studies, this area of benefits does not seem to have continued to any great extent post the games. However, the result of the Manchester experience has shown that there can be tourism benefits in all of the major areas that have formed the focus of this study. In this city tourism numbers, tourist spend, hotel occupancy and employment have all seen continued growth both at the time of the Commonwealth Games and during the subsequent three years. One of the major differences between this case and the others is that a considerable amount of the investment raised for the games was directed into a definitive legacy programme, which was treated as a separate project and aimed to be an ongoing process rather than culminating in 2002. 3.5.  Summary and evaluation One of the difficulties of evaluating a research issue of this nature is that it is impossible to perform an exact comparison as each event takes place during a different chronological period. For example, an issue that can be said to significant alter the results would be the economic position of the country and other countries during the timescale being evaluated. Furthermore, the detailed statistics in each case is kept in a differing format which adds to the analytical difficulties. However, by accessing and comparing the information relating to each case study from a range of previous researches it is considered that the information and findings presented have been able to be appropriately verified and can therefore be considered reliable. Therefore, although studies by other researchers (Baade, Robert A. Victor Matheson. (2002) and Gratton and Henry (2001)) have indicated that the Games have not impacted upon following years GDP as a whole, it is considered that this has been due to other economic factors and not relevant to the benefits or otherwise of tourism. 4.  Conclusion and recommendations The research question set at the commencement of this research sought to determine: Whether the hosting of the 2012 Olympic Games in London will provide the City and the UK tourism industry with potential benefits both during and post the event. Despite the limitations of the research conducted for this paper, this being restricted to five sporting events that have occurred within the past twelve years, it is considered that, with certain provisions, the response to this question is that the hosting of the 2012 Olympic games can produce potential tourism benefits for London and UK both during and in the years following the event. Whilst the comment of Baade and Matheson (2002, p.98) that the evidence suggests that the economic impact of the Olympics is transitory, onetime changes rather than a steady-state change, is concurred with to a certain extent, it must be tempered with the fact that in certain areas of tourism benefits have been achieved. The poor results they refer to is more due to lack of planning and management by the organisers rather than any external forces or influences. In this respect therefore, it is important to provide the following recommendations to the organisers of the London Olympic Games that should be considered if they wish to achieve a successful and sustainable outcome for the tourism industry. 4.1.  Recommendations In essence recommendations being made can be determined within two main areas, these being related to the planning and execution stages. Planning An essential element of the planning for Olympic Games events is to take notice of the research that has been conducted For example, in this instance the research conducted into the three games that have been used as case studies within this research have all identified areas where improvements might have been made, both at the planning stage and subsequently. Furthermore, research into the Manchester sporting event has shown the benefit of have an identifiable and robust legacy programme which, to a certain extent, should operate independently of the event itself and continue into following years. This position has provided dividends for the Manchester tourism industry that have surpassed the expectations. Execution Secondly, the execution of the legacy strategy is important. All aspects of the post event period have to be meticulously planned and implemented within the required timescale, which as the Greek tourism minister indicated, includes the immediate six or seven months post the games (Hersh 2008), as this is a critical time to build foundations for future success. 4.2.  Summary If the London organisers learn from the lessons of past events and particularly take on board the successes that have been achieved in Manchester, there is no reason why the games should not produce a series of lasting benefits for the London and UK tourism sectors. References Arthur Andersen (2000) â€Å"The Sydney Olympic Performance Survey: The Sydney Olympic Games on the Australian Hotel Industry,† Mimeograph, November 2000, pp.1-7. Associated Press (2004). Games cost Athens over $8.5 Billion. Available from: http://www.msnbc.msn.com/id/5761646/ (Accessed 23 December 2008) Baade, Robert A. Victor Matheson. (2002). Bidding for the Olympics: Fools Gold? In Transatlantic Sport, edited by Barros, Ibrahim, and Szymanski. Edward Elgar Publishing. New York, US. Baade, Robert A. Victor Matheson. (2002a). Mega-Sporting Events in Dveloping Nations: Playing the Way to Prosperity. Available from: http://www.williams.edu/Economics/wp/mathesonprosperity.pdf (Accessed 23 December 2008) BBC News (2005). London plan at a glance. Available from: http://news.bbc.co.uk/sport1/hi/olympics/london_2012/4025027.stm (Accessed 22 December 2008) Blake, A (2005). The Economic Impact of the London 2012 Olympics. Nottingham University Business School, Nottingham, UK CBS (1998). Television, sponsorship revenue could top $800 million. CBS Sportsline wire reports. Available from: http://cbs.sportsline.com/u/olympics/nagano98/news/feb98/revenue2398.htm (Accessed 24 December 2008) Ecotec (2007) An Evaluation of the Commonwealth Games Legacy Programme. Available from: http://www.manchester.gov.uk/downloads/Evaluation_of_Commonwealth_Games_Legacy_programme.pdf (Accessed 23 December 2008) Engle. S.M (1999). The Olympic Legacy in Atlanta. University of New South Wales Law Journal. Vol. 38 Fizel, John., Gustafson, Elizabeth and Hadley, Lawrence (1999). Sports Economics: Current Research. Praeger Publishers. Westport, US. Fort, Rodney D and Fizel, John (2004). International Sports Economics. Praeger Publishers. Westport, US. Hersh, P (2008). Athens post-Olympic Legacy: Empty spaces, unsightly venues, uncertain tomorrow. Chicargo Tribune, Chicago, US Hubbard, A (2005). Olympic Games: Athens’ legacy bigger than the pounds 7 billion bill. The Independent, London, UK Gratton, Chris and Henry, Ian (2001) Sport in the City: The Role of Sport in Economic and Social Regeneration. Routledge. London, UK Humphreys, Jeffrey L and Plummer, Michael K (2003). The economic impact of hosting the 1996 summer Olympics. Available from: http://www.selig.uga.edu/forecast/olympics/OLYMTEXT.HTM (Accessed 22 December 2008) Humphreys, Jeffrey M. and Michael K. Plummer (1995). The Economic Impact of Hosting the 1996 Summer Olympics. Atlanta Committee for the Olympic Games. Atlanta, US. LOCOG (2007). UK Olympics: Our plans. London 2012. Available from: http://www.london2012.com/plans/index.php (Accessed 28 December 2008) Madden, John R

Fire, Brimstone, and Greener Pastures for Religious Involvement :: Free Essays Online

Fire, Brimstone, and Greener Pastures for Religious Involvement Lacking the ready opportunity to visit a unique congregation while stuck, carless, on campus over break, I instead focus on a "field trip" that my churchs' Sunday School class took one Sunday morning last summer. Picture if you will a group of white Presbyterian teenagers hopping into a shiny church van and cruising 15 minutes south, into the poorer, blacker reaches of inner-city Memphis (where neighborhood segregation is still very much the rule). Our destination was relatively near our own church, and yet worlds apart, too. Ours was the area of stately old homes with well-kept lawns along oak- and elm-lined streets, homes filled with the genteel, white urbanites of the city. A mere handful of blocks to the south, however, lay a land of equally old but far more poorly maintained homes, streets long since denuded of any trees they may once have sported. We had left our comfortable zone of neighborhood watches and block clubs, choosing instead to spend our worship hours in a part of t he city instead known for its special police precinct and its multitudinous economic redevelopment zones. Thus did we find ourselves at the Tabernacle Missionary Baptist Church. Venturing inside, we all noticed two things very quickly: we were at once wearing entirely too much clothing to be comfortable in the sweltering heat, and entirely too little to fit in with the rest of the congregants assembled. And yet we were welcomed with open arms. We had arrived, the Reverend Rogers L. Pruitt emphasized as we filed into the sanctuary, on a very special day. As he distributed bulletins and hearty handshakes to the rest of the group, I noticed that the front of mine read "Fragment Day." As I looked around the modest sanctuary, I wondered what the service had in store for us. The sanctuary was bare, and the pews hard. I mentally tallied a comparison between my own church's sanctuary and this. The two, I found, were similarly austere, but with theirs tending toward items of religious kitsch and our own tending instead towards polished brass. Both lacked stained glass in the windows. I suspected, however, that where our sanctuary was plain in token tribute to the long-dead strict streak of our Calvinist tradition, theirs was bare because it could not economically be otherwise. And the lack of air conditioning  ­ ! Memphis' summer heat is unbearable and pervasive, and a roof overhead does nothing against the big blanket of humid air.

The Forever Changing Economy :: essays research papers

The Forever Changing Economy How easy is it for smaller business men to achieve the Aamerican dream. How to stop corporate domination. The question I pose to you is " Is the American Dream still achievable?" The opportunity is there but for what select few is the opportunity available to. If the resources are out there but I can't tap into the resources they rae of no use to me. (Make note of the fact that we live in a market economy. Just about every definition of the "market" in the dictionary connotes an oppurtunity as a place where goods are bought and sold.(cite dict.) As an abstraction, a market is the possibility of sale. Goods "find a market", and we say there is is a market for a service or commodity when there is a demand for it, which means it can and will be sold. Markets are opened to those who want to sell and a convenience for those looking to purchase.(cite 2) The market represents "conditions as regards, opportunity for, buying and selling".(cite 2) The market implies offering and choice. The way a market economy works is that there are market pressures that develop for different commodities. The pressures work in one direction for a while, but at the same time pressures are budding that work in the opposite direction. As people look forward and see there's going to be some profit made from their production, they'll make decisions to increase volume, usually hiring more people, buying more materials, often bidding up their prices. When people are competing in the same market, that tends to generate more and more pressure in the direction of expansion. But at the same time, as costs and possibly interest rates rise, pressures begin to operate in the other direction, against profits.(cite 1) The public as a whole must get their fair share of the benefits. Macroeconomic reforms should translate into a more efficient delivery of public services, equity, social welfare and social security.(cite 3) The Economic Policy Institute (EPI) has released its findings on American living standards. The report, issued every other year on a decline that begsn in the late-1970's. The EPI's report also contends that the Americans are working more for less money because of slow growth in wages since 1989. According to the report, wages in the bottom 80% of men have declined since 1989. The report also contends that 20% of women have experienced a decline in trsl esgrd dincr the 1980's, a period in which wages fell but family income increased because of longer hours at work and increased participation of The Forever Changing Economy :: essays research papers The Forever Changing Economy How easy is it for smaller business men to achieve the Aamerican dream. How to stop corporate domination. The question I pose to you is " Is the American Dream still achievable?" The opportunity is there but for what select few is the opportunity available to. If the resources are out there but I can't tap into the resources they rae of no use to me. (Make note of the fact that we live in a market economy. Just about every definition of the "market" in the dictionary connotes an oppurtunity as a place where goods are bought and sold.(cite dict.) As an abstraction, a market is the possibility of sale. Goods "find a market", and we say there is is a market for a service or commodity when there is a demand for it, which means it can and will be sold. Markets are opened to those who want to sell and a convenience for those looking to purchase.(cite 2) The market represents "conditions as regards, opportunity for, buying and selling".(cite 2) The market implies offering and choice. The way a market economy works is that there are market pressures that develop for different commodities. The pressures work in one direction for a while, but at the same time pressures are budding that work in the opposite direction. As people look forward and see there's going to be some profit made from their production, they'll make decisions to increase volume, usually hiring more people, buying more materials, often bidding up their prices. When people are competing in the same market, that tends to generate more and more pressure in the direction of expansion. But at the same time, as costs and possibly interest rates rise, pressures begin to operate in the other direction, against profits.(cite 1) The public as a whole must get their fair share of the benefits. Macroeconomic reforms should translate into a more efficient delivery of public services, equity, social welfare and social security.(cite 3) The Economic Policy Institute (EPI) has released its findings on American living standards. The report, issued every other year on a decline that begsn in the late-1970's. The EPI's report also contends that the Americans are working more for less money because of slow growth in wages since 1989. According to the report, wages in the bottom 80% of men have declined since 1989. The report also contends that 20% of women have experienced a decline in trsl esgrd dincr the 1980's, a period in which wages fell but family income increased because of longer hours at work and increased participation of

Virgin and Child with Four Angels by Gerard David Essay -- Paintings A

Virgin and Child with Four Angels by Gerard David The Virgin and Child with Four Angels was painted by Gerard David in about 1510, right in the middle of the Renaissance. The painting is rectangular in shape and appears to be about two feet long by maybe a foot and a half wide. It is oil painted on wood and it looks to be in very good condition. The painting is an image, as its title suggests, of the Virgin with the infant baby Jesus. This, of course, was a very common subject during the renaissance and for years before and after it. There are countless paintings of the Virgin and Child from that time period, probably because of the power and influence of the church at the time. People were much more involved in the church and, therefore, the subjects they painted or requested to be painted were typically religious themes. Many also felt that by commemorating such religious figures it might even help them gain a spot in heaven. In any case, in this particular version of the Virgin and Child there are also four angels in the scene - two who are flying above the Virgin holding a crown over her heard, and two who are sitting on either side of her playing instruments. Beyond her there is a large archway that opens into a landscape with a view of some grass and trees, some architecture, and some mountains in the far distance. The virgin is wearing a red garb and the baby Jesus is barely draped in some white cloth. That, of course, is a basic description at a quick glance. In examining the painting further, it becomes obvious that this is prime example of Renaissance painting. To begin with, the composition is completely balanced, almost symmetrical. The four angels are placed evenly around the Virgin, with two on each side. On one side an angel plays a harp and is balanced by an angel on the other side, strumming some type of guitar. The two flying above Mary are basically in the same position. Even the church in the background seems to be matched with a mountain in the distance. The columns and archway that border the painting are, in fact, completely symmetrical. And the Virgin and Child are in the center. It is, again, a beautifully balanced composition, typical of the Renaissance. The composition is also completely filled, but not overcrowded. Even with the flying angels, the painting appears rational; ... ...ead, which can also be seen on the wings of both of the angels holding it. Then again, that goldish hugh is seen in the instruments that then angels on both sides of Mary are playing. Blues and greens are used in a balanced manner throughout as well. On one side, the angel playing the harp is dressed in a light blue that is similar to the blue of the sky. The other angel is dressed in green, like the greens used in the trees and grass of the landscape beyond. The way these colors are painted, too, is very much in the style of the Renaissance. There is no visible brushstroke whatsoever. The entire painting is smooth, almost as if it wasn't really painted. This, too, adds to the realistic effect of the painting. The influence of the Italian Renaissance can clearly be seen in this painting by Gerard David. The composition is balanced; illusionism through perspective creates a recession in space; detailed modeling and shading make the painting appear realistic and human; vibrant colors are spread throughout; and a smooth, brushless texture adds to that realistic appearance. This work demonstrates the beauty and detail that was brought to if during the Renaissance.

“Cathedral” written by Raymond Carver Essay

In the story â€Å"Cathedral† written by Raymond Carver, it seems that stereotypes of the blind form barriers between the blind and the sighted. The man in the story has always had misconceptions of the blind which â€Å"came from the movies† (Carver 1). The title, â€Å"Cathedral†, is significant because it helps the man envision the life of Robert. As Robert, the blind man, entered his life, it was hard for the man to form any bond with Robert due to his visual impairment. The man even created a picture in his mind of what Robert would look like, and how he would act. This is because the man has never had any interaction with a blind person, making him have preconceived ideas about Robert. Having Robert stay at the man’s house left the man feeling quite uneasy. Not only was Robert a threat to his wife, he also thought that Robert may be a hassle to deal with. The man stated, â€Å"I wasn’t enthusiastic about his visit. He was no one I knew. And his being blind bothered me† (Carver 1). Because the man had such strong images in his mind about Robert, the first time he saw Robert caught him by surprise. Robert’s appearance was not unordinary, and did not look like a blind person. † He wore brown slacks, brown shoes, a light brown shirt, a tie, a sports coat. Spiffy† (Carver 32). At this point, the man’s ideas about the blind people’s appearance had been contradicted. When the man realized that his assumptions about Robert were false, and that they actually shared some things in common, he began to feel more comfortable with Robert, even being, â€Å"glad for the company† (Carver 84). This is the first time the man was being polite and friendly to Robert. Soon after, a bond between Robert and the man had begun after a program about cathedrals came on the television. The man becomes aware that, â€Å"There were times when the Englishman who was telling the thing would shut up, would simply let the camera move around over the cathedrals† (Carver 92). The silence in the room became awkward for him because he realized that Robert did not know what was happening when the narrator stopped speaking. Since the man’s stereotypes were beginning to shed during the cathedral conversation, the man came more open with Robert, and realized that Robert is not much different from the rest of society. The two of them began to  compare how well each of them envisioned the cathedrals. Robert gave facts that were heard tight off the television, demonstrating his limited knowledge. The man also attempted to describe this cathedrals, â€Å"they’re really big,†(Carver 100) he explains, â€Å"they’re massive†(Carver 100). At this point, he understood just how little he actually knew about the cathedrals, even with a picture right in front of him. Now the man is awakened to his newly, humbled, equal position along side Robert, with the help of the cathedral. With the man’s stereotypes diminishing, he became to trust Robert and is giving him a chance to build a relationship. When Robert brought up the idea for the man to draw the cathedral out as Robert follows, the man was able to appreciate what blind people go through. When he finished the drawing, Robert said, â€Å"Well are you looking?†(Carver 125) The man replied, â€Å"It’s really something†(Carver 126). The man had allowed himself to experience, even if for just a few minutes, what Robert experiences every second of his life. This was the same man, who only a few hours ago did not want Robert to be in his house. Overcoming prejudices, fears, and misconceptions are only possible when you allow yourself to get close to a person who these feelings are directed towards. By the man becoming close with Robert, he was capable to see what was necessary to gain an understanding of what life is like for a blind man, with the help of the vision of the cathedral. The man began to draw the cathedral to try and help Robert visualize what one looked like. What he did not realize is that Robert was actually helping him visualize what blindness felt like.

Report on Prime Bank

CHAPTER-SIX SERVICES OFFERED BY FOREIGN EXCHANGE DIVISION 5. 1 Meaning of Foreign Exchange Foreign Exchange means exchange foreign currency between two countries. If we consider ‘Foreign Exchange’ as a subject, then it means all kind of transactions related to foreign currency. In other wards foreign exchange deals with foreign financial transactions. H. E. Evitt defined â€Å"Foreign Exchange† as the means and methods by which rights to wealth expressed in terms of the currency of one country are converted into rights to wealth in terms of the currency of another country 5. 2-Activities of foreign exchange: There are three kinds of foreign exchange transactions: Import. Export. Remittance. 5. 3 Local Regulations for foreign exchange. Foreign exchange transactions are being controlled by the following rules & regulations: ? Foreign Exchange regulation act 1947. ? Bangladesh Bank issues foreign exchange circular from time to time to control the export, import & remittance business. ? Ministries of commerce issues export & import policy giving basic formalities for import & export business. ? Sometime CCI&E issues public notice for any kind of change in foreign exchange transaction. Bangladesh bank published two volumes in 1996. This is compilation of the instructions to be followed by the authorized dealers in transitions related to foreign exchange. 5. 4 Parties involved in Documentary Credit: The parties are: ? The Issuing Bank, ? The Confirming Bank, if any, and ? The Beneficiary. ? The Applicant, ? The Advising Bank, ? The Nominated Paying/ Accepting Bank, and ? The Transferring Bank, if any. i. Importer – Buyer Who applies for opening the L/C. ii. Issuing Bank – It is the bank which opens/issues a L/C on behalf of the importer. ii. Confirming Bank – It is the bank, which adds its confirmation to the credit and it is done at the request of issuing bank. Confirming bank may or may not be advising bank. iv. Advising / Notifying Bank – is the bank through which the L/C is advised to the exporters. This bank is actually situated in exporters country. It may also assume the role of confirming and / or negotiating bank depending upon the condition of the credit. v. Negotiating Bank – is the bank, which negotiates the bill and pays the amount of the beneficiary. The advising bank and the negotiating bank may or may not be the same. Sometimes it can also be confirming bank. vi. Paying / Accepting Bank – is the bank on which the bill will be drawn (as per condition of the credit). Usually it is the issuing bank. vii. Reimbursing bank – is the bank, which would reimburse the negotiating bank after getting payment – instructions from issuing bank. 5. 5 IMPORT: Under the import policy of Bangladesh the Importer has get the valid Import Registration Certificate (IRC) from the Chief Control of Import & Export (CCI&E). 5. 5. 1- Letter of credit: Letter of Credit means any arrangement whereby a Bank (the issuing Bank) is committed (on behalf of the buyer/applicant) to pay certain amount at the seller’s disposal under some agreed conditions. 5. 5. 2 – Types of documentary credit: Documentary credit may be of three types. †¢ Revocable credit. †¢ Irrevocable credit. †¢ Add confirmed credit. Revocable credit: This type of credit can be cancelled or amended at any time by the issuing Bank without prior notice to the seller. It is not now in use. Irrevocable credit: This type of credit can’t be cancelled or amended by the issuing Bank without the agreement of parties concerned thereto. All the credits issued in our country are of irrevocable nature. Add confirmed credit: When a third Bank provides guarantee to the beneficiary to make payment, if issuing Bank fail to make payment, the L/C is called confirmed L/C. In case of a confirmed L/C a third Bank adds their confirmation to the beneficiary, to make payment, in addition to that of issuing Bank. Confirmed L/C gives the beneficiary a double assurance of payment. 5. 5. 3 Special documentary credit. There are some other special documentary credits that are given below: †¢ Revolving credit. †¢ Transferable credit. Back- to- Back credit. Revolving credit: Which provides for restoring the credit to the original amount after it has been utilized. Transferable credit: If the word ‘Transferable’ incorporated in an L/C, then the L/C is transferable. The first beneficiary can transfer transferable L/C to second beneficiary. But second beneficiary cannot transfer it further to another beneficiary. Back -To- Back credit: The Back To Back is a new credit opened on the bases of an original credit in favor of other beneficiary; under this concept the seller of the first credit offers it as security to the issuing Bank for the assurance of the second credit. The beneficiary of the back-to-back credit may be located inside or outside the original beneficiary’s country. 5. 5. 4 Operations of Documentary Letters of Credit: The following five major steps are involved in the operation of a documentary letter of credit: ? Opening. ? Advising. ? Amendment. ? Presentation. ? Settlement. Opening of Letter of Credit: Opening of letter of credit means, at the request of the applicant (importer) issuance of a L/C in favour of the beneficiary (exporter) by a Bank. The Bank, which open or issue L/C opening Bank or issuing Bank. L/C Advising: Advising through a Bank is a proof of evident authenticity of the credit to the seller. The process of advising a credit consists of forwarding the original credit to the beneficiary to whom it is addressed. Before forwarding the advising Bank verify the signature (s) of the officer (s) of the issuing Bank & ensure that the terms & condition are not in violation of existing exchange control regulation & the other regulation relating to export. If credit is transmitted via telex, advising Bank will match the test used in the telex. Amendment of Credit: Parties involved in a L/C, particularly the seller and the buyer, cannot always satisfy the terms and conditions in full as expected due to some obvious and genuine reasons. In such a situation, the credit should be amended. Presentation of Document: The seller being satisfied with the terms and conditions of the credit proceeds to dispatch the required goods the buyer and after that, has to present the documents evidencing dispatching of goods to the negotiating bank on or before the stipulated expiry date of the credit. After receiving the entire document, the negotiating bank then checks the documents against the credit. If the documents are found in order, the bank will pay, accept or negotiate to the issuing bank. The issuing bank also checks the documents and if they are found as per credit requirements, either effects payment, or reimburse in the pre-agreed manner. Lodgment: If import documents found in order, it to be made entry in the bill register and necessary voucher to be passed, putting bill number on the documents, these processes is called lodgment of the bill. Since the documents stay at this stage for a temporary period i. . up to retirement of the documents, the process is called lodgment. Bank must lodge the documents immediate after receipt of the dame, not exceeding seven (7) Banking days, following the day of receipt of the documents. Retirement of Import documents: When the importer releases the import document from the Bank by acceptance/cash payment or under post import Bank finance it is known as retirement of the import document. Refusal Notice: After examination, if the documents become discrepant, issuing Bank will through the refusal notice to the negotiating Bank with seven Banking days. Settlement: Settlement means fulfilling the commitment of issuing Bank in regard to effecting payment subject to satisfying the credit terms fully. This settlement may be done three separate arrangements as stipulated in the credit. 5. 6 Import Financing: The post import finance extends the import credit in the following forms: ? PAD (Payment against documents). ? LTR (Loan against trust receipt). ? LIM (Loan against import merchandise) 5. 6. 1 Payment Against Document (PAD): PAD Loan is created upon lodgment of import documents. This Loan is created for 21 days -the time being the tolerance for taking documents for the importer. If after 21 days the documents are not taken by the importer, the Bank may sell the imported goods to recover the given amount. 5. 6. 2 Loan Against Trust Receipt (L. T. R): Under this, Loan is allowed only to first class importers. Here only on the basis of trust without paying the Bank anything or a partial amount, the importer takes the documents. Then importer is allowed 60-90 days time to make payment. 5. 6. 3. Loan Against Imported Merchandise (LIM): Advance (Loan) against the security of merchandise imported through the Bank may be allowed either on pledge or hypothecation of goods, retaining margin prescribed on their Landed Cost, depending on their categories and Credit Restriction imposed by the Bangladesh Bank. Bank shall also obtain a letter of undertaking and indemnity from the parties, before getting the goods cleared through LIM Account. 5. 7 Export Under the export policy of Bangladesh, the exporter has to get the valid export registration certificate (ERC) from chief controller of export & import (CCI&E). The ERC is required to renew every year. The ERC number is to be incorporated on export Form & other paper connected with exports. 5. 7. 1-Receiving the letter of credit: After getting contract for sale, exporter should ask the buyer for L/C clearly stating terms & condition of export & payment. 5. 7. 2 – Procuring the materials: After knowing that the L/C has opened in his favor, the next step for the exporter is to set about the task of procuring or manufacturing the contracted merchandise. If the exporter has to procure the raw materials from another supplier (local or abroad) he has to open Back-to-Back L/C. 5. . 3 -Back-to-Back L/C: Back-to-Back L/C is one type of L/C, which is opened against lien on a valid export L/C. It is opened for inland & abroad as well. Bank will supply the following papers/documents for opening a Back-to-Back L/C: ? L/C application form. ? LCA form. ? IMP form. ? Charge document papers. The above papers must be completed, filled & signed by the party thereto. The party will submit the e ntire filled document along with application in printed form of the designated Bank. Which is also an agreement between applicant & the Bank. Procuring the materials: After making the deal & on having the L/C opened in his favor, the next step for the exporter is to set about the task of procuring or manufacturing the contracted merchandise. 5. 8 Export Financing An exporter is one who exports the goods to another customer whether in domestic country or in abroad. In exporting the stipulated goods he may require financing. So export financing may be required at two stages. Pre shipment credit. Post shipment credit 5. 8. 1 Pre shipment credit: Pre shipment credit is the credit, which is given to finance the export activities of an exporter for the actual shipment of goods. The purpose of each credit is to meet the working capital needs from the procuring of raw materials to the transportation of goods for the export the foreign country. Before sanctioning of that credit the Bank takes into consideration the credit worthiness, export performance of the exporters together worthiness all other information required for sanctioning the credit in accordance with the existing rules & regulations. Pre shipment credit takes the following forms: ? Export cash credit (Hypothecation). ? Export cash credit (Pledge). ? Export packing credit. ? Back-to-Back letter of credit. Export cash credit (Hypothecation): Under this arrangement the Bank sanction the Loan to the first class exporter because there is no security against this Loan. The letter of hypothecation creates a charge against the merchandise in favor of the Bank but neither the ownership not the possession is passed to it ( Export cash credit (Pledge): Under this arrangement the Bank advance Loan to exporte r against pledge of raw materials or exportable goods. The exporter surrenders the physical possession of goods under Bank’s effective control till the payment of dues to the Bank as security. If the exporter does not able to pay the Loan the Bank can sell the exportable goods to recover the amount. ( Packing credit: Under this arrangement credit facilities are extended against security of Railway receipt/Steamer receipt/Truck receipt/Vessel receipt, evidencing transportation of goods to the port for shipment of the goods in addition to the usual charge documents & lien of export letter of credit. This type of credit is sanctioned for transitional period from dispatch of goods to negotiations of export documents. It is mainly given for payment of factory salary & wages. ( Back to back letter of credit: Under this arrangement the Bank Finances export business by opening a letter of credit on behalf of the exporter who has received a letter of credit from the overseas buyer but not the actual manufacturer or producer of these exportable goods. Since the second letter of credit is opened on the strength of & backed by another letter of credit, it is called â€Å"Back to back† credit. The need for a back-to-back letter of credit arises because the beneficiary of the original letter of credit may have to procure the goods from actual producer who may not supply the goods unless the Bank guarantees its payment. . 8. 2- Post Shipment Credit: There is a time gap between export of the goods and realization of the proceeds. So exporter may require finance in that period to continue his business. So Bank may finance against export documents ensuring the following: 1. Export documents comply the credit terms. 2. Party’s past performance is satisfactory. 3. Any other security in c ase of export under contract. 5. 9 Foreign Remittance Foreign remittance means remittance of foreign currencies from one place/person to another place/person. In broad sense, foreign remittance includes all sale and purchase of foreign currencies on account of Import, Export, Travel and other purposes. However, specifically foreign remittance means sale & purchase of foreign currencies for the purposes other than export and import. PBL performs the remittance function with different countries. It maintains the foreign remittance in the following form: Foreign Demand Draft. Inward Outward. 5. 9. 1 – Foreign Demand Draft (FDD): A foreign demand draft is a negotiable instrument issued by a Bank drawn on ther Bank with another country the instruction to pay a certain amount to the beneficiary on demand. Remittance through demand draft may be inward or outward. 5. 9. 2 – Inward Remittance Inward remittance refers to the extent where the Bank makes payment to the client against foreign demand draft. Bank will make payment to the client by verifying the, test number, and signature of the authorized officer. Two forms as prescribed b y Bangladesh Bank are used for purchase of Foreign Currencies such as. EXP Form: Remittances received against exports of goods from Bangladesh are done by form EXP. Form C: Inward remittances equivalent to US$2000/- and above are done by Form† C†. However, declaration in Form C is not required in case of remittances by Bangladesh Nationals working abroad. 5. 9. 3 – Outward Remittance It refers to the extent where by the Bank issues foreign demand draft. The Bank charges TK. 300 per Demand Draft. Two forms are used for Outward remittance: IMP Form: All outward remittance on account of Imports is done by form IMP. T. M. Form: For all other outward remittances form T. M. is used. 5. 9. 4 -Collection of foreign currency instruments: To collect proceed of Foreign Instrument following procedures to be maintained: 1. Receive instrument with deposit slip. 2. Affix crossing stamp of the Bank. 3. Entry in the register putting IBCA number. 4. Affix endorsement â€Å"pay to the order of any Bank or trust company, prior endorsement guaranteed†. 5. Instrument to be sent to adjacent correspondents. 5. 9. 5 Miscellaneous Services given by this Department: |Student |Students who are desirous to study abroad can open file in the bank. By opening this file, bank assures the | |File |remittance of funds in abroad for study. |NRIT |‘Non –resident Investors’ Taka Account is an account by which Non-resident Bangladeshi can deposit foreign | |Account |currency for | | |investment in security of stock exchanges. For such accountholders, 5% of primary shares are reserved. | |F. C. |Foreign Currency accounts are opened in the names of Bangladeshi nationals or persons of Bangladeshi origin | |Account |workin g or self-employed in abroad and are maintained as long as the account holders’ desire. |NFCD |Stands for Non-resident Foreign Currency Deposit Eligible | | |Persons may open such accounts even after their return to Bangladesh, within six months of their arrival. | |RFCD |Stands for Resident Foreign Currency Accounts Persons ordinarily resident in Bangladesh may maintain foreign | |Accounts |currency accounts with foreign exchange brought in at the time of their return to Bangladesh from visit | | |abroad. Balance of such accounts is freely remittable to abroad. CHAPTER-SEVEN PROBLEMS & OPPORTUNITIES Problems and opportunities of prime bank limited are discussed through the sowt analysis which is given below: SOWT Analysis: By analysing the Bank’s performance, I get the following Strength opportunity, weakness and threat (SOWT). Strength: It has well reputation in the market Not engaged in unfair business practice. Officers are highly educated. Executives are highly qu alified and experienced. Bank has many attractive deposit schemes. Well-furnished and Air-conditioned Bank. Efficient management practice in the Bank. Faster (T24) software is under implementation. In Singapore there is a PRIME EXCHANGE HOUSE. In CAMEL rating Bank achieved as No. 1 Bank. Percentage of bad loss is very significant (prox. 2%) Membership with SWIFT. Good Banker-customer relationship. Weakness: Deposit is lower than advance. Long-term credit is not sufficient. Small market shares in Banking-business. In present time Bank facing liquidity problem. Daily basis interest on deposit offered by other banks. Existing PCB software does not fulfill all requirement Opportunities: Can increase the credit scheme. Can increase the advertising of the Bank. Private Banks becomes more reliable to local public. Govt. as banned some ‘Jatiya Sanchaya patra’. Threat: There are many competitors in the market. Competitors have more deposit. Govt. imposes tax and VAT on profile. Govt. pressures to reduce interest rate. CHAPTER –EIGHT CONCLUSION & RECOMMENDATION Conclusion: Bank is the largest organization of mobilizing surplus domestic savings. Attractive Savings Sche mes are offered by PBL such as Contributory Savings Scheme, Monthly Benefit Deposit Scheme, Special Deposit Scheme, Education Savings Scheme, Fixed Deposit Scheme, Prime Bank Money Scheme, Prime Bank Insured Fixed Deposit Scheme as well as different accounts to save money. Schemes are designed concentrating in different purposes to help the fixed income group people to help in need. Bank-Officials are also whole-hearted and dedicated to serve their customer with utmost care. Credit Management policies and techniques used in PBL at present no doubt is comparable to international standards. The officials follow the policy very strictly. They are choosy and conservative in sanctioning loan. The proposal is thoroughly scrutinized by the loan sanctioning authority. The total function of the credit division is monitored periodically. The bank’s classified loan to the total Advance is very low. Management and others related to Prime Bank are trying to formulate new services and products. PBL always try to increase foreign exchange through import, export and remittance. This bank always conceives amicable behaviour with exporters and helps them in their business activities as a trustee friend. It encourage importer to import goods in legal procedure and provide financial assistance for doing business smoothly. This bank contribute to our economy in a great deal by transacting remittance from different countries. Keeping this thought in the management’s mind they made different deed with several foreign banks in abroad to collect money from our service holders and remit it to our country through this bank. In Singapore bank open a â€Å"PRIME EXCHANGE HOUSE† to help our people who employed in that country. Recommendation: Prime Bank Ltd. is one of the most potential Banks in the banking sector. It has a large portfolio with huge assets to meet up its liabilities and the management of this bank is equipped with the expert bankers and managers in all level of management. So it is not an easy job to find out the drawbacks of this branch. I would rather feel like producing my personal opinion about the ongoing practices in Motijheel Branch. For the improvement of the service the following measures should be taken: ? Providing more industrial loans: It seemed to me that the bank having a large amount of deposit is not encouraging the large scale producers that much of long term industrial loans to accelerate the economy as well as to help the economy to solve unemployment problem. ? Ensure Proper Division of manpower In The Desk: There is lack of division of manpower in the branch. Therefore every body has to handle every type of banking services. This decreases the level of performance of the personnel, though it reduces monotonousness. But lack of division of manpower hampers the discipline of working environment. So customers are to wait for some time for the desired service, which is contrary to the Baking’s objective. ? Development of Human Resources: Human resource is another sector for the branch to be developed urgently. Human resources, in the branch, need to be equipped with adequate banking knowledge. Majority of the human resources must be having basic knowledge regarding money, banking, finance and accounting. Without proper knowledge in these subjects, efficiency cannot be optimised. Bank can arrange training program on these subjects. ? Ensure Proper Maintenance of Files: Prime Bank Ltd. gives personalized services. All the officers have to give concentration to the customers, while doing this they cannot properly maintain the customer files. In many cases, application forms are not properly filled up and documents are not properly filed. Every staff should try to reduce these irregularities. ? Ensure Proper Maintenance of Office Premises: Motijheel Br. is supposed to be very neat and clean and well decorated. But sometimes it loses its glamour. The facility staffs are not regular in their duties and files and papers are kept here and there by the officers during the busy hour. This habit must be changed. Moreover, the sitting arrangement is very insufficient comparing with the number of customers. So Motijheel Br. Of PBL must pay attention to this issue. ? Ensure Proper Communication System and Maintenance of Machineries: Most of the time the branch’s computers remain out of order and it is also true for the photocopiers. Attention should be given on proper maintenance of phone, computer, fax machine and photocopier. Ensure Sufficient Forms and Brochures: There are always shortages of application forms, brochures, etc. in the branch. These Forms and Brochures must be maintained in sufficient quantity. Otherwise, customer service will be hampered ? Offer Some Loan and Deposit Scheme Exclusively for The Premium Customers: All the lending and savings packages offered to the Premium cu stomers are same as offered to the general customers, excepting the waiver of service charges for Premium Ones. Prime Bank Limited should try to introduce more attractive lending and savings scheme to its Premium customers to create more business for the Bank. The Bank can pay more attention to this segment of customers, as it is the most solvent group from which income can be generated if the package is designed properly. ? Implement T24 software more quickly: Bank’s implementation of T24 software and data migration activities should continue more quickly because day to day overhead cost increases for that purpose. ? More Gifts and Discounts for The Marginal Customers: Premium Customer should be offered occasional gifts and discounts, which can make the Premium Service more attractive and keep consumer delight. The interest rates on several loan and deposit schemes should be differentiated for the Premium customers Reference By: Peter Rose. By: L. R. Chowdhury. Consultation with the Following Persons ? Iftekher Uddin, SAVP and In-Charge of General Banking Division Motijheel Br. PBL. ? Mohammad Faruq, SAVP and In-Charge of Foreign Exchange Division. Motijheel Br. PBL. ? A. K. M. Jan-e ALAM,AVP; and In-Charge of Credit Division Motijheel Br. PBL. ? Hafizur Rahman Mollik, FAVP; Supervisor of L/C opening. Motijheel Br. PBL. ? Afzalun-Nnhar,FAVP. General Banking Division,Motijheel Br. PBL. Arif Hasan Khan, EO, Credit Division, motijheel Br. PBL. ? Mohammad Abdul Matin; Principal Officer, Credit division, Head office ,PBL. ? Masum Mahmud Baqui, Principal Officer, Corporate Banking, Head Office, PBL. ? Fahmida Sultana, Officer; General Banking Division, Motijheel Br. PBL. ? MD. Rashedul Hasan Khan, Joiner Officer, General Banking Division. Motijheel Br. PBL. ? Khaleda Farhana, Jonier Officer, Gene ral Banking Division; Motijheel Br. PBL. ? Zahid Hasan; Junior Officer; Accounts Section; Motijheel Branch; PBL. ———————– Issuing Bank (Bangladesh) Advising Bank (India) Reimbursing Bank (Japan) Negotiating Bank (India)