Old English, Parvus sed Potens

Old English, Parvus sed Potens Old English, Parvus sed Potens Old English, Parvus sed Potens By Maeve Maddox Since I am currently participating in an Old English seminarwere translating BeowulfIm especially sensitive to anything that may seem like a slur on Old English, the fascinating language that was the origin of modern English. Todays post is inspired by a readers comment taken out of context. (See Sues remarks in context at Among/Amongst. Theyre really quite amusing.) Reflect on the fact that 50% of the words were using here were stolen from other languages and the other 50% were invented by Shakespeare to plug the gaps. The remark, taken literally, implies that Modern English vocabulary owes nothing to that of Old English and this is the idea that I want to address. True, its estimated that surviving native forms make up only about one-sixth of the enormous vocabulary of modern Englishalthough how this percentage is arrived at is not clear to me since no one seems to be able to agree as to how many words make up the vocabulary of Modern English. According to Michael Quinion at Worldwide Words, estimates of Shakespeare’s vocabulary vary from about 18,000 to 25,000 in various books, because writers have different views about what constitutes a distinct wordyou’d think it would be easy to assess [Shakespeares] vocabulary But estimatesvary from about 18,000 to 25,000because writers have different views about what constitutes a distinct word. Writing on this subject in Slate in 2006, Jesse Sheidlower mentions an entity called the Global Language Monitor. GLM claimed then that the English vocabulary consisted of 988,968 words. GLM is still counting. As of September 9, 2008, the total given on their website is 996,444. The point that Id like to make is that although the native OE vocabulary may be small compared to the Latinate words that came into the language during Shakespeares time, and the deluge of words from every language of the earth weve adopted since that time, the fact remains that wed be unable to say much without them. Take the comment quoted above as an example of our reliance on Old English vocabulary. The comment contains 33 words. Im counting 50% (fifty percent), were (we are), and Shakespeare (shake+spear) as two words each. Take out the repeated words and that leaves 27. Result: 70% of Sues vocabulary in this comment relies on good old Old English! Words of Old English origin: on, the, that, fifty, of, words, we, are, here, were, stolen, from, other, and, other, by, shake, spear, to Words derived from other languages: Latin: reflect, fact, percent, invented Old French: using, languages Dutch: plug Old Norse: gaps Here is Sues comment shorn of its Old English vocabulary. Reflectfact%usinglanguagesinventedpluggaps One of my favorite Latin expressions is Parvus sed potens (small but mighty). Old English vocabulary may have dwindled in proportion to the new words, but it remains the most useful and important part of the modern language. One of my favorite English quotations is this one from the Old English poem The Battle of Maldon: Hige sceal à ¾e heardra, heorte à ¾e cenre, / mod sceal à ¾e mare, à ¾e ure mà ¦gen lytlaà °. The poem describes the last stand of some English warriors fighting invading Danes in CE 991. Its an Alamo situation. The English lose, but they dont run. Freely translated it says: Our resolution will be the firmer, our hearts will be the keener, our spirits will be stronger as our power lessens. If words could be said to have attitude, Id say thats the attitude of Old English vocabulary in modern English. Vive Old English! Quinion article Sheidlower article Global Language Monitor Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the General category, check our popular posts, or choose a related post below:7 Types of Narrative ConflictGrammar Quiz #21: Restrictive and Nonrestrictive Clauses50 Synonyms for â€Å"Villain†

Take Home Final Exam Case Study Example | Topics and Well Written Essays - 1000 words

Take Home Final Exam - Case Study Example Conversely, â€Å"Public Law 94-192† mandated providing opportunities to the students having disabilities in participating in varied programs of school athletic. Finally, â€Å"Amateur Sports Act of 1978† emphasized introducing facilities along with programs for meeting the needs of the athletes having disabilities. In relation to the above context, while renovating a facility such as Morey Courts, certain specific concerned areas need to be considered by a planning committee. One of such areas would be creating a barrier less place. This will support in making better movement of the people within the area in a safer manner and also prevent from chances of falls as well as physical injuries. The other concerned area will be constructing toilets as well as other amenities in adherence with the respective special needs of the individuals who would visit the facility after being renovated. Apart from these, a planning committee should also consider introducing quality programs as well as facilities that would meet the needs of the disabled athletes and support them with addressing their practicing needs. Moreover, using flanks along with other facilities so that the movements within the facility centre do not get restricted will be the other specific concerned area for a planning committee to cons ider for renovation of a facility. Finally, a planning committee may prepare certain priority lists that would help in renovating the facility as per the desired standards, resulting into attracting the individuals to visit the facility periodically. Soft costs in the context of planning a new facility refer to such costs that are not directly engaged with the same. These generally involve the expenses that are incurred with the payments made in terms of fees and financing other needs. On a further note, soft costs comprise a huge portion of construction costs that are traditionally regarded as non-seen items. Moreover, these sports of costs are duly considered as the initial

Account for the changing attitude of Federral Government to the issue Essay

Account for the changing attitude of Federral Government to the issue of African-American Civil Rights in the period 1863-1965 - Essay Example Likewise, 1965 holds value because it is the year after the Civil Rights act was passed and the year the Voting Rights Act of 1965 was passed. The Emancipation Proclamation and the Voters Rights Act are separated by virtually 100 years, during which time the Civil Rights Movement and the United States Federal government shared a very tumultuous relationship.In the 1850's and 60's Sojourner Truth played a pivotal part in bringing together diverging groups within the Civil Rights movement, but it would be her historical sit down with President Abraham Lincoln that would signify the start of a collaborative relationship between the movement and the United States Federal government.At a women's rights convention in Akron, Ohio after women had chanted in opposition of Truth speaking, despite their disapproval she stood up and said, "I could work as much and eat as much as a man ... and bear the lash as well! And ain't I a woman I have borne thirteen children, and seen 'em most all sold of f to slavery, and when I cried out with my mother's grief, none but Jesus heard me! And ain't I a woman (Joseph, 1990)" Here Truth's words came to define the role of the black woman in the feminist movement and exemplify the extreme direction of the cause. She identified the place of the woman in American society as equal to a man's. Later on in an Equal Rights Convention in New York, she would go on to say, "There is a great stir about colored men getting their rights, but not a word about the colored women; and if colored men get their rights, and not colored women theirs, you see the colored men will be masters over the women, and it will be just as bad as it was before. So I am for keeping the thing going while things are stirring; because if we wait till it is still, it will take a great while to get it going again (Lewis, 1999)." This attitude she had was a response to the political climate surrounding the Civil Rights activism during her era. It was divided between two groups , black men and white women, leaving no space for the plight of the black woman to protest for her rights. She was essentially a radical feminist because she was a key activist in both the Feminist and the Abolitionist movements, but she denounced the need for male contribution in the drive towards equal rights with statements like, "Where did your Christ come from From God and a woman! Man had nothing to do with Him (Lewis, 1999)" "If the first woman God ever made was strong enough to turn the world upside down all alone, these women together ought to be able to turn it back, and get it right side up again! And now they is asking to do it, the men better let them (Lewis, 1999)." Likewise, her book The Narrative of Sojourner Truth, published in 1850 chronicled her life and became used as a powerful doctrine to persuade readers to support abolishing slavery for both male and female blacks, making a prominent figure in both movements. The money she received from the book also provided Truth with the money needed to buy a house in Florence Massachusetts, which was unheard of for a former sla ve. The success of the novel also established her as a respected public speaker known for her insight and wit. This insight she became known for also led her to be the first activist to connect the rights of slaves and blacks with the woman's movement. This was a connection that was met with much resistance by traditional moderate Feminists. Politics It was the Inauguration of President Abraham Lincoln on March 4th, 1961 that would mark the beginning of the United States Federal government's involvement with the Civil Rights

Lessons of the Cold War Essay Example | Topics and Well Written Essays - 500 words

Lessons of the Cold War - Essay Example Notably, the leaders from both sides changed after a year of the war, but the war continued. Cold war led three main political blocks globally: the pro-America policies, the pro-Soviet Union policies, and the nations that never supported either side. In fighting the war, the first president of the United States into the war, President Harry Truman used a doctrine that was referred to the Truman Doctrine (Carafano, Cox, and Rosenzweig 64). In his doctrine, Truman supported communism effectively. This made him take control over Greece and Turkey. Additionally, the United States used the Marshall plan that strengthened the government and economies of the countries within Western Europe. The main reason why the nuclear war occurred despite the presence of nuclear weapons in Cuba was that the Soviet United agreed to remove them after the United States had detected their presence. Additionally, both sides agreed to end or ban their nuclear weapon tests above the ground, in space, and under water (Carafano, Cox, and Rosenzweig 231). There was further ban of deployment and testing of the long distance missiles. Despite the series of agreements, the United States was seen as the winner of the war since during the war it formed ally with numerous, powerful nations and supported numerous other nation that strengthened it support. Moreover, it international or foreign policies seemed to have worked well for it. Though it seems too difficult to achieve, the United States should aim at seeking allies with some Muslim world.  

Difficulties of Cost Control in Construction Industry

Difficulties of Cost Control in Construction Industry CHAPTER 1: INTRODUCTION 1.1 Problem Statement: In every industry, cost control is a must in order to make sure that a project or production can make maximum profit or to make sure that the budget of a project does not burst. Locally, the actual costs of development of a project will normally being higher than necessary. In order to have an effective cost control in construction industry, it is necessary for us to determine the difficulties of cost control and to identify the factors contribute to the cost control difficulties in a project in order to overcome the difficulties or to avoid those factors that may cause difficulties to cost control of a construction project during construction stage, thus to have an effective cost control for the construction project and complete the project within the budget or under budget. 1.2 Aim and Objective: The aim of this paper is to study the difficulties of cost control in construction industry during the construction stage. In order to achieve the study of aim, some objectives have been established as below: To ascertain the importance of applying cost control in local construction industry. To highlight the cost control difficulties in local construction firm during the construction stage. To investigate the factors contributing to cost control difficulties in local construction firm during construction stage. 1.3 Background: Cost control is a process that should be continued throughout the project life cycle of a project. In construction industry, cost control should be continued from the inception of the project until the completion of the project to ensure that the cost of the construction project is kept within the agreed cost limits. For cost control of construction industry, it can be divided into two major stages; the control of cost during design stages and the control of cost by construction firm right after the commencement of the construction work of the construction project. According to Ashworth (2004), cost and schedule control is one of the most important functions of management once a project is identified. Cost control is paramount during the feasibility and design phases because a projects feasibility is normally tied to the cost of a project. Besides that, cost control during the construction phase can be paramount for large projects due to their potentially high construction cost and profiles. As mentioned by Nunnally (1998), the measuring and collecting the cost record of a project and the work progress are included in the cost control of a project. Besides that, the comparison of actual progress with the planning is also involved. The main purpose of cost control of a project is to gain maximum profit within the designated period and satisfactory quality of work. According to Pilcher (1994), he defined cost control as the regulation, by executive action, of the cost of carrying out the various activities which go to make up a project or a contract. The regulation (for cost control) designed for a specific industry will need a major modification if it is used in other industry because of the different nature or the business. He also said that for all construction projects, costs must be controlled and monitored from all the parties involved including client, consultants and contractor. This study will mainly focus on the difficulties of applying cost control during construction stage. That is because of in my opinion, what is needed in a cost control methodology is to proactively seeks out potential difficulties and factors contributed to those difficulties and provides project managers with as much warning as possible before their occurrence. This study provides a milestone for construction firm in the factors that likely to causes the difficulty in cost control. 1.4 Scope of Study: Cost Control is commonly used in every industry and almost in every project, the study will only focused on cost control difficulties of construction industry or a construction project during the construction stage. This study will ascertain the importance and the use of applying cost control in local construction industry. Besides that, the difficulties in applying cost control during construction stage also falls within the scope of this study. After highlighting the difficulties theoretically, an interview will be conducted with experienced Contract Executive or Contact Manager or Project Manager to determine the difficulties of cost control during construction stage practically. Finally, after understanding the difficulties of cost control during construction stage, the factors contributing to cost control difficulties during construction stage will also be highlighted. 1.5 Research Methodology The study is conducting in three stages. First stage is literature review. The literature review will started with the introduction to cost control. In the introduction to cost control, the definition of cost control will be reviewed and the literature will also review the importance of cost control in construction industry. Moreover, the literature also will review the difficulties of applying cost control during construction stage. Furthermore, articles and notes about the cost control difficulties will be searched. All literature will be review deeply by referring the previous research paper, article, journal and etc. These sources can all be found in Google, Emerald, Yahoo and from the library of College Tunku Abdul Rahman. At second stage, an interview will be conducted with experienced Contract Executive or Contracts Manager or Project Manager face-to-face to obtain the information about their current practices in cost control system of their company, the practical difficulties and factors contributing to the difficulties in cost control will be identified by the Contract Executive or Contract Manager or Project Manager. The chosen Contract Executive or Contract Manager or Project Manager must be experienced enough in cost management of construction industry and willing to provide valuable information regarding the research topic. Last stage is writing up the content of the dissertation and the information obtained during the interview will be analyse and compare with the theoretical information. Conclusion of this study should be the result of the comparison between the practical and theoretical difficulties during cost control of construction stage faced by the contractor. 1.6 Benefits of Study By conducting this study, it allows me to have a rough idea on the Cost Control system. Completing this study also gives me a better understanding regarding the purposes and importance of Cost Control. Besides that, it also provides me with better perception regarding the difficulties during the application of Cost Control during construction stage. Furthermore, the interview conducted with the experienced Personnel will definitely allow me to review the current practices of Cost Control in the construction industry. 1.7 Dissertation Organisation Chapter 1: Introduction Chapter 2: Cost Control Chapter 3: Research Design and Methodology Chapter 4: Analysis of the Result and Discussion Chapter 5: Conclusion CHAPTER 2: COST CONTROL 2.1 Introduction to Cost Control 2.1.1 Definition The term Cost is defined by Dictionary.com (an application of iPod Touch) as the price paid to acquire, produce, accomplish, or maintain anything. Whereas the term Control in Dictionary.com, it defines Control as the act or power of controlling; regulation; domination or command. For construction industry, the term Cost should be referred to the amount paid by a party; either a person or a corporation, to another party; normally a contractor, either to construct a complete building or a particular section of a building. And for the term Control in construction industry, it should be referred to an official mean of regulation or restraint in the management of the project. According to Marchesan and Formoso (n. d.), the combination of the term Cost and Control should be defined as the application of procedures that result in early illumination of potential changes in resource requirements and in the timely surveillance of the usage of funds to permit action that will keep cost within a predetermined range. While for the other definition of Cost Control, we can refer to Ashworth (2004), he defined Cost Control as a process of planning, checking and verifying project expenditure based on established standards and taking the necessary corrective action to ensure that the total project expenditure is approximately to the estimated budget. While according to Ritz (1994), he stated that Cost Control gives a different meaning to a different people. Some people engage it with engineering costs; some states that it is a cost report, value engineering, cost management etc. Cost Control involves all the activities above in different time by different parties and all the parties involved in a project will have their own responsibilities and roles in cost minimization and Cost Control. Other than that, Royal Institute of Chartered Surveyor Committee defined Cost Control as the total proves which ensures that the contract sum is within the clients approved budget or cost limit. Further definition can refer to Mueller (1986), he stated that the cost control is the ability to influence the final cost of project positively with modifying negative performance trends. In addition, Kwayke (1997) defined Cost Control as a process where construction cost of a project is manage with the best method and systematic approach in order that the contractor would not suffer losses during the execution of the activities of the project and the cost of construction of a project would not be over-estimated by the developer. By concluding all the definition mentioned above, Cost Control in construction industry should be the application of procedures or regulation during the construction project life cycle to plan, check and verify the construction project expenditure based on the established procedures or regulations to ensure that the construction project expenditure is within the project budget, within given timeframe with quality specified and also to ensure that resources are used to best advantages or maximization of the profit for the construction project. 2.1.2 Statement of Facts in Cost Control As stated by Roger (2000), he said that Cost Control is a broad set of cost accounting methods and management techniques with the common goal of improving business cost-efficiency by reducing costs, or at least restricting their rate of growth. Cost Control is used in business to monitor, evaluate and the most important to increase the efficiency of specific areas within their operations. As for Nunnally (1998), he stated that cost control of a project involves measuring and collecting cost record and work progress of a project. Besides that, comparison of actual progress with the planning is also involved. He also mentioned that the main objective of Cost Control of a project is to maximize profit within the given timeframe and to achieve satisfactory quality of work. If the application of cost control is by a systematic procedure, it will result in ease of collection of important cost data in estimating and controlling of the cost of the coming projects in future. Kwakye (1997) states the main purpose in cost controlling for a construction project should be active controlling of final costs for owner, and not just to record and registering the payment. Cost Control Reports must be prepared for efficient Cost Control. The Cost Control Report is based on the cost data collected, it is important to project the costs in to future and to estimate or re-estimate the cost of the work yet to be completed. Amount of detail and the time interval between Cost Control Reports must be considered and the time interval is varied depends on the level of management for which they prepared the Reports for. For example, Cost Report should be received by site manager on weekly basis. Since the commencement of the contract, any new information must be taken into account and makes a suitable reporting system is important for a cost control system. According to Koh (2005), if an adequate reporting system is used, the estimator would become more reluctant in the future to use cost data that have been fed back from the site and granting the estimator some time to determine sufficient detail about the data and conditions they acquired. In addition, Koh (2005) also suggested two areas to check whether the Cost Control reporting system is efficient or not. First is to check on the profitability of the work and second would be check on efficiency carried out against the standard of the output rates that were used by the estimator in compiling the estimate. 2.1.3 The Purposes and Importance of Cost Control One of the principal objectives of Cost Control for most project or organisation is the achievement of minimum cost for a particular project. Achievement of minimum cost is to maximize the profit and profit in simple terms is what is left after all the income accruing to the enterprise has been received and all of the costs or outgoings have been paid. For all construction projects, cost must be monitored and controlled, whether from the point of view of owner, designer or a contractor. It helps to distinguish the problems arise and understanding of the problems which occur in each phase of industry enables better co-ordination of the activities of the many participants in a single project (Pilcher, 1994). Besides that, according to Pilcher (1994), the importance of Cost Control is due largely to the following: To provide the relevant feedback, carefully qualified in detail by all the conditions under which the work has been carried out, to the estimator who is responsible for establishing the standards both historical and future; To provide the client with a value-for-money project. Example: To give the building client a building which is soundly constructed, of satisfactory appearance and well suited to perform the functions for which it is required, combined with economical construction layout. To provide data to assist in the valuation of those variations that will arise during the course of the work; To provide immediate warning of uneconomic operations, both in the long and the short term; To limit the clients expenditure to within the amount agreed. In simple terms this means that the tender sum and final account should approximately equate with the budget estimate. To achieve balanced design expenditure between the various elements of the buildings. Thus, the sums allocated to cladding, insulation, finishing, services and other elements of the building will be properly related to the class of building and to each other. To summarize progress. To promote cost consciousness; The contractor may ascertain the maximum income that they may receive according to the contract sum, then ascertain the initial cost expenditure, or provide detailed brief to his own construction team who will then determine the actual cost that may involved. But most schemes are a combination of these two extremes. There has in recent years been a great need for an understanding of construction economics and Cost Control, particularly during the construction stage of projects. As stated by Ashworth (2004), Cost Control also should serve the following purposes: The clients requirements today are more complex, a more effective system of control is therefore desirable during the construction stage up to the completion of final account and thereafter during costs-in-use. There has been a trend towards modern designs and new techniques, materials and methods of construction. The designer is able to choose from a far wider range of products and this has produced variety in construction. The traditional methods of estimating are unable to cope in these circumstances to achieve value for money and more balanced designs resulting that in the end the contractor may need to bear for extra cost due to the faulty design. Contractors profit margins have in real terms been reduced considerably during the past decade. This has resulted in their greater cost-consciousness in an attempt to redress possible losses. There is a general trend towards greater cost-effectiveness, and thus a need to examine construction costs not solely in the context of initial costs but in terms of whole-life costs, or total-cost appraisal. World recession has generally produced a shortage of funds for capital purposes and construction in general. This has been coupled with high inflation and interest charges, resulting in the costs of construction soaring to high levels. Although the relative costs compared with other commodities may be similar, the apparent high costs have resulted in greater caution, particularly on the part of contractor. 2.2 Difficulties of Applying Cost Control Procedures At present, serious problems exist in the cost control and management of construction project. For example, for some construction project, the design is earlier than the study of feasibility, which makes the later turn into useless. In bidding, some construction companies perform illegally, which makes the bidding fail to control project cost well. The popularization of assigned subcontracts and various subcontracts serve as potential threats for project quality. The delay for project payment, especially for workers wages, is serious. Some projects can not manage the changes of designs, construction companies fail to follow the designs completely, which may lead to larger costs for construction. Some construction companies emphasize on the control of quality and period but fail to control the cost. All these activities make the cost of construction project out of control in our country, which is harmful for the sustainable and healthy development of construction industry. Gao (2009) has stated that the following is the difficulties in Cost Control of construction stage. 2.2.1 Fail to Estimate the Project Exactly The project estimation is performed at the very beginning, namely in the study of feasibility. Present compilation of study of feasibility is lack of details. No effective items to control the number of project. The estimation has a lower preciseness. Besides, the study of feasibility has no necessary investigation. Some potential geological disasters can not be identified effectively, which leads to the rise of costs. Although some companies make details for implement, the effect is poor. In order to establish the project, some companies may reduce the number of project and decrease costs. 2.2.2 The Compilation of Project Budget Has Poor Reliability At the stage of design, the investigation is far from sufficient. Some fundamental materials for design are inexact. As a result, the design may be irrational and will be changed significantly in construction, which causes the poor reliability of budget. 2.2.3 Working Drawing Budget is Unpractical At the working drawing design stage, compile the project budget according to the design. The working drawing budget is to calculate the cost of design. The rationality of working drawing budget is about how to organize the construction and how to reach the design requirements by what kinds of methods, plus how to arrange the construction period, and how to manage workers and machines under different seasons, according to scientific designs. All these tasks are supposed to be arranged by construction companies. For design companies, to compile the budget is unpractical. 2.2.4 Do not Follow Basic Construction Procedures and Can not Control Costs For some projects, time is urgent. Therefore, the design is maybe imperfect. And the construction does not follow the basic procedures strictly. Sometimes, the study of feasibility turns into useless papers. As a result, the estimation and the budget can not control the project cost effectively. 2.2.5 Contract is not Managed Well Some developers neglect to manage contracts. They do not follow the terms written in contracts strictly. Besides, some developers can not calculate the cost of project quantities correctly. They are incapable of managing external workers effectively. 2.2.6 Irregular Management and Many Changes for Project Developers can not design properly and have to change the management methods. Or, the execution is weak. They can change the design as will. Then, the scale of project is increasing and the cost is rising. 2.2.7 Rise of Cost Due to Unreasonable Financing Structure At present, the funds for construction project in Malaysia are mainly from domestic loans, foreign funds, self-collected by construction companies, and other sources. Although financing ways are few and some are immature, limits are more. Sometimes, funds can not arrive in time. In order to insure the process of project, the construction companies have to apply loans from banks. Therefore, a large proportion of construction funds are from banks as loans. And the credit period is long and can not match with investment return. The characteristics of construction industry determine the lagged-behind investment return. One financing channel increases risks and costs, which leads to the accumulation of loan balance in banks, increasing construction costs and pressures for later in operation. 2.2.8 System is imperfect One of the factors that cause overspending is the management. Main items that cause overspending include management fees, compensation fees for removing, and supervision. Main reasons include: Lack of a perfect cost control system and can not manage and control the cost systematically, which makes it hard to identify the out-of-control of cost in time. Lack the idea of cost control and the constraint mechanism. Project managers are always focusing on quality and construction period, but not cost control. The absence of system makes the expenditure more irregular. No integrated standards for management fee are effective. Workers are more than necessary in construction companies. 2.3 Factors Contributing to the Difficulties of Cost Control 2.3.1 Control of labour cost The control of labour cost frequently causing much troubles to Cost Control because of the productivity of labour is variable and causing the difficulty to the estimating stage. Although experienced estimators have their own database of historic cost data, but these data can only ever be regarded as an average for a given trade and does not make allowance for particular circumstances. A prediction of how labour will perform in the future on a particular project must be incorporated into an estimate of cost. Site management is greatly affecting the labour efficiency and their productivity. It is important that all labour resources, either self-employed or employed as labour and materials sub-contractors, are fully supervised and co-ordinated, to ensure that the labour resources are efficiently organized and making best used of them. If the labour resources are not well organized, it may reduce the productivity of the labour and making cost of labour to be higher hence causing difficulties to Cost Control because the labour cost is different with the estimated cost. 2.3.2 Site Condition After the design of engineer, quantity surveyor will normally estimate the amount of the designed work, but due to the site condition is unpredictable, it cause the cost estimation is rather difficult. In many of the construction project, there are majority of unforeseen and differing site condition are found in subsurface work such as tunneling and foundation work, such situation can also arise in rehabilitation and restoration work, retrofitting to meet revised seismic codes and projects that improve energy efficiency. Where ground water level is close to the surface of the site, closely pumping operation may be needed throughout the substructure work. This unforeseen situation will increase the construction cost. A wet site may also involve raising temporary sheds and offices on brick bases and more costly temporary work. The cost of excavation in rock is much more expensive than working in normal ground. This type of strata will need to be examined and to determine what type of support is needed to the sides of excavation. All this will contribute to the difficulty in cost control when the construction method is carried out wrongly. 2.3.3 Location of site The cost of building on a site in a city could be much expensive than construct a similar building on a provincial site. This is due to higher wages, materials and other costs. For instance, a project on a remote location site may involve long lengths of temporary access road and of temporary power cable for electricity suppliers and increased costs of transporting operatives and materials to the site. A site in a congested central area of a city will give rise to major problem in delivery and storage of materials and equipment, protection of adjoining building, construction method to carry out substructure work, restriction on the use of mechanical plant and to the protection of the public. Overcoming these problem involve considerable additional cost and all these will considerably contribute to the difficulty in cost control. 2.3.4 Materials In some of the guides the cost of materials can be easily identified, and adjustment to the measured rate is therefore a simple process. Material prices often depend on contractor, location, quantity and discount and hence making the estimation process to be rather difficult. The materials wastage of site will also contribute to this because there will be difference between the actual amount used and the estimated amount used. 2.3.5 Overheads and profit In most case, during the estimation process, the amount of overheads and profit will normally just referred back to previous projects. But the amounts included in the published rates vary considerably. In some guides nothing has been allowed, and these expect the user to add an appropriate amount. In other information, up to 25% has been included on margins of 3%. In addition, overhead costs have generally been reduced in order to keep costs to an absolute minimum, while seeking to maintain the required workload. Builders will therefore need to access their own percentage and adjust this according to that quoted. Surveyors, in attempting to predict tender values, will also need to take this into account in their approximate estimate. 2.4 Chapter Summary Cost Control in construction industry should be the application of procedures or regulation during the construction project life cycle to plan, check and verify the construction project expenditure based on the established procedures or regulations to ensure that the construction project expenditure is within the project budget, within given timeframe with quality specified and also to ensure that resources are used to best advantages or maximization of the profit for the construction project. Cost Control need to serves the purposes like to provide the relevant feedback, to provide the client with a value-for-money project, to provide data to assist in the valuation, to provide immediate warning of uneconomic operations, to limit the clients expenditure, to achieve balanced design expenditure, to summarize progress and to promote cost consciousness. Difficulties of Cost Control during construction stage are failed to estimate the project exactly, the compilation of project budget has poor reliability, working drawing budget is unpractical, do not follow basic construction procedures and can not control costs, contract is not managed well, irregular management and many changes for project, rise of cost due to unreasonable financing structure and system is imperfect. Factors that contribute to those difficulties are control of labour cost, site Condition, location of site, materials and overheads and profit. It is necessary for management to study the difficulties involved and the factors contributing to these difficulties so that they will design a cost control system that more efficient for a particular project. Chapter 3: Research design and methodology 3.1 Introduction In this chapter, the research methodology used in this research will be discussed. The method of conducting research to achieve the aim and objectives will be reviewed to ensure that all the information obtained is reliable. Among two research strategies that suggested by Naoum (2007), which is Quantitative Research and Qualitative Research, Qualitative Research will be used as the research strategy for this dissertation. The reason to use Qualitative Research is because of it allows the topic being studied to give much valuable answers to questions put to them. Structured interview will be conducted with at least five (5) contractors so that sufficient information can be obtained to proceed with the field work. The interview will be carried out face to face with the interviewee, however, it also may be carried out over the telephone or any other methods like email or webcam. The targeted personnel to be interviewed are contract executive, contract manager or the project manager of the company. Since it is a structured interview, the questions to be asked are presented in the same order and with the same wording to all interviewees. The main objectives of this interview section are to clearly understand the ability of the contractor in cost control and the difficulties that they are dealing with during cost control of project they undertake. While the other objectives are to ascertain the importance of cost control during construction stage with the contractor and last but not least to investigate the factors that contribute to difficulties that they are dealing with during cost control. The interviewing session has the advantage of providing experience or opinion based information for the dissertation. Questions prepared are open- ended questions for the interview so that in-depth information can be collected. The questions are set by referring to the aim and objectives, data obtained will be of the opinions and perception as individual interviewee knowledge and experience of research area. 3.2 Questionnaire Construction The principles that are followed in constructing the questionnaire for the research are as shown in Figures 3.1 below: Research objectives + Literature review Questions Lead to Lead to Issues, topics and ideas Principles on how research objectives are translated into specific questions. (Naoum, 2007) Before constructing the questionnaire, the potential ideas which can be developed into a questionnaire at a later stage are listed out. In order to have the ideas to develop into questionnaire, the research proposal and the literature review is reviewed and all possible questions which are related to the research is written down to obtained the first thought questions. Those listed out question are all based on the aim and objectives of the research. After the first thought questions have been identified, the final questionnaire is constructed by introducing a number of section or categories for the questionnaire and the first thought questions are fitted into these sections. The research questionnaire was divided into two sections in which the first section is to obtain the back ground and information of the interviewees as well as their organization. This is to ensur

A Comparison of Orlando and Othello Essay -- comparison compare contra

Orlando and Othello In her novel Orlando: A Biography, Virginia Woolf draws upon Shakespeare's Othello to both enhance the images within her novel through allusion and further Orlando's character development using juxtaposition. Spanning about 400 years, various historical eras, and gender ambiguity in the characters, Orlando is certainly not a traditional novel. Thus, it follows that its use of historical information and literature breaks from convention as well. This is true for Woolf's use of Shakespeare's Othello. While the play is drawn upon in various contexts, from character traits to plot line, Woolf carefully places her allusions such that they support her plot line at one moment while they may be inconsistent at another. This works well within her novel because as she breaks from convention by utilizing multiple timelines and shifts in gender and sex for her characters she is able to shift in her parallels from the characters in Othello to the characters of Orlando. These shifts accen t the changes she is making within her characters and plot line and also force the reader to break with the long standing views of gender and "otherness" established in Shakespeare's work. During the first half of Orlando: A Biography, Woolf clearly draws off of the play Othello. At times this is clearer than others. In both Orlando and Othello, there is little reference to Othello by name. He is referred to instead by an ethnic background--he is the Moor. One might question the certainty of the Moor representing the figure Othello in the novel Orlando. In the case of the play, it is quite obvious that Othello is being referred ... ...his ideal of love. Orlando is jealous because of actions he observed Sasha make. While it seems that he would have more of a reason to be upset, he does not take the same magnitude of action. While is does have a long term effect on his life, he eventually moves on with his life instead of destroying it. 1 Orlando, pg. 13 2 Orlando, pg. 15 5m 3 Haines-Wright, Lisa and Kyle, Tracy L. "Fluid Sexuality in Virginia Woolf" Virginia Woolf: Texts and Contexts New York, NY: Pace University Press, 1996 4 Byles, Joan M. "The Winter's Tale, Othello and Troilus and Cressida: Narcissism and Sexual Betrayal" American Image: Studies in Psychoanalyss and Culture 36, no.1: 81 5 Byles, Joan M. "The Winter's Tale, Othello and Troilus and Cressida: Narcissism and Sexual Betrayal" American Image: Studies in Psychoanalyss and Culture 36, no.1: 83

China online banking development Essay

China is expected to become the largest information technology (IT) market in the world in the next five years, acknowledging that computers will be popular in Chinese families by that time. China now ranks No. 2 in Internet subscribers in the world. Owing to China’s large population, the country’s Internet market still has great potential. Information technology has been utilized in almost all sectors of China’s economy today. E-government, e-business, e-finance, and upgrading of state-owned enterprises will all provide more opportunities for the development of the industry in  China is expected to become the largest information technology (IT) market in the world in the next five years, acknowledging that computers will be popular in Chinese families by that time. China now ranks No. 2 in Internet subscribers in the world. Owing to China’s large population, the country’s Internet market still has great potential. Information technology has been utilized in almost all sectors of China’s economy today. E-government, e-business, e-finance, and upgrading of state-owned enterprises will all provide more opportunities for the development of the industry in China. Read the Memo sent out by Jaime about 2004 Mid-Year Offsite Business-planning meeting conducted by S1 management team, the key topic of â€Å"Perfecting our International and Distribution Business† caught my attention. Learned the news that Macau Tai Fung bank implemented S1 Banking Solution to launched its online banking services, and found out that S1 opened an office in Beijing – China’s capital city, I got a feeling that S1 already turned its eyes to Chinese Market and wonder whether S1’s management would like to make further moves and seize the opportunity. Before left China to immigrant to Canada, I had 6 years working experiences in Beijing-my home city, dealing with Chinese financial agencies and institutions, Chinese and foreign banks as well as other financial institutions and service providers in China, I’m quite familiar with Chinese financial industry structure. I’d like to reuse my knowledge and made this online research report. If S1 is interested in expanding business in China, but not clear what is the situation there and where to start, my research report will, I hope to a certain extent, answer some of your questions. The main purpose of this report is to provide some information and personal suggestions that, I hope, could be helpful for S1’s management or marketing team to better understand Chinese market. This report includes information covering Chinese banking system structure, the emergence and development of Internet banking and online insurance services in China, Chinese governments’ policies and regulations toward online banking and insurance business as well as some prepositional thoughts about how to present S1 and its products to China. Naissance of Online Banking in China In the late 1990s, China began allowing banks to open online businesses. In 1996, China Merchants Bank launched the 1st online financing service in China through â€Å"All in One Net†, an online payment method, which set up the basic operating pattern of China online banking. On October 1997, the Industrial and Commercial Bank of China (ICBC) established its own homepage on Internet to promote its financing services and to provide business guide for Internet users. March 1998, Bank of China successfully handled its first e-transaction. To 1999, all major banks in China had sped up their online banking construction. To date, online banking has made good progress in China. According to statistics from the recently seminar called â€Å"International Symposium on the Development of Online Banking and Supervision† sponsored by China Banking Regulatory Commission, China’s online bank transactions are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Currently, China has over 40 million individuals and 60,000 companies and institutions involved in online banking businesses. In 2003, Internet-based banking businesses have witnessed a big step forward, owing to the outbreak of SARS (Severe Acute Respiratory Syndrome). Traditionally, Chinese have placed a premium on face-to-face meeting for important business-related matters, but the SARS crisis has forced people to change their attitude. Online Banking Development in China China is in the early stages of a vast transformation – from a traditional â€Å"cash and carry† banking system where customers use the branches for almost every banking activity to a modern Internet banking system. Currently, more than 50 commercial banks (domestic and foreign) and over 200 of their branches in China have opened websites, among which, a total of over 50 banks have launched online businesses. The Growth of Online Banking Customers in China China’s online bank transactions were 14. 3 billion yuan in 2001, increased to 21. 8 billion yuan in 2003, and are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Figure 3. 1: The Growth of Online Banking Customers in China Online Shopping Payment Methods in China. According to a survey made by China Internet Network Information Center (CNNIC), payment online by credit card and deposit card is becoming the 1st choice for online purchasing. The traditional payment method of payment on delivery by cash and postal remittance decreased 3. 7% this year. Figure 3. 2: Online Purchasing Payment Methods in China An analysis shows that security and service abilities are the main concerns for Chinese to use online banking services, 72. 2% of the people inquired care a lot about whether the banks can guarantee the safety of all transactions in their online services, 60. 6% hope to see more functions and flexibilities. Figure 3. 3: Factors that that will attract Chinese to use online banking services Both Chinese and foreign banks in China realized that the internet solutions provide clients with more channels to communicate with them and allow them to benefit from greater control and cost efficiency, which are top of mind for treasurers today. Domestic Banks and Their Online Banking Services For many Chinese, banking in general is a new experience and in an economy where cash remains important, so bank branches also provide security to customers. However, with accession to the World Trade Organization (WTO), China’s major banks having to face competition, the local players are increasingly seeing their extensive and heavily manned branch networks as a liability. More and more Chinese banks seem to have discovered the Internet as new source of revenue and the powerful attraction of Internet banking is reflected an attractive proposition. The Chinese bank that has bee quickest off the mark in building Internet banking is China Merchant Bank, which launched the first online financing service in China in 1996. The four state-owned commercial banks quickly followed and successively began to offer some online services since then. May 2000, the Agricultural Bank of China (ABC) implemented a trial Internet banking service in its Guangzhou Branch, which allowed their customers in Guangdong province to access their account through Internet. December 2000, ABC launched online banking service in Shanghai called 95599 Online Bank. The new service of 95599 Online bank has reportedly attracted a number of large corporate clients, such as China Worldbest Group and Shanghai Volkswagen. The services offered include currency exchange, personal cheque issuance and access to consumer loans. Users can also report the loss of certificates of deposit, bankbooks and bankcards as well as prearrange withdrawals of cash sums. At the same time, China Construction Bank (CCB) announced its plans to extend its online banking services to 15 cities in the mainland as well as simplify the process of related authentication in a bid to boost the number of clients using online services. The bank began offering online services in April 2000 in cities of Beijing, Guangzhou, Shenzhen and Qingdao. Last year, the Industrial and Commercial Bank of China (ICBC) unveiled a new platform for its personal online banking business – BANKING@HOME. ICBC officials said the upgraded e-banking platform could facilitate a key shift of the bank’s outlets from all-round functions to sales-orientated services, and gives it a firmer foothold in a market with intensifying foreign competition. ICBC officials said the 58-function brand-name allows â€Å"almost all services a traditional banking outlet offers† to be processed by the client on the computer, including 24-hour any-amount transfers of funds or remittances, securities and foreign currency trading as well as collateralized loans. Figure 3. 4: Internet Services provided by the 4 state-owned commercial banks Name Website URL Language Internet Services The Agricultural Bank of China (ABC) www. abocn. com – Chinese – Simplified Banking industry news and website news, Regulation for foreign currency deposits Link to online banking Bank of China (BOC) www. bank-of-china. com – Chinese Simplified – English Link to branch offices in other cities and provinces Link to E-banking services Cash management Information on the bank and its activities Information on credit card deposits online and phone banking, loans and remittances. China Construction Bank www. ccb-on-line. com – Chinese Simplified – English Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Link to branch offices in other cities and provinces Credit card information. International Operations such as financing, merchant banking, international settlements, currency exchange, treasury services, credit investigations Information on oversea branches and domestic branches that conduct international transactions Foreign currency deposit, multi-currency remittances, account settlement and term deposit. Link to online banking and payment The Industrial and Commercial Bank of China (ICBC) www. icbc. com. cn – Chinese Simplified – Chinese Traditional – English Link to branch offices in other cities and provinces Link to online bank services: personal banking, corporate Banking. Information on E-banking Online financing Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Foreign Banks and Their Online Banking Services Citibank claims that they are the 1st foreign bank in China that obtained approval from the People’s Bank of China (PCBC) to offer Internet banking services in China to both domestic and international corporations, as well as consumers. Its Internet banking services provide clients with convenient, easy-to-use, and secure access to banking transactions, 24 hours a day, seven days a week, over the Web. Offering its CitiDirect corporate banking service for cash management, the bank has developed an internet-based payments system specifically for the country. The system enables corporate clients in China to make local currency (renminbi) payment transactions to beneficiaries in over 7000 locations. The system, called Citibank Easy Payments, also delivers various payment and collections reports for clients to view or download into their computers. Its Internet-based banking services available in China for corporate and consumer clients include: CitiDirect(r) Online Banking is Citibank’s Web-based delivery channel for corporate clients, designed to securely deliver online an ever-expanding array of Citibank transaction products. CitiDirect(r) Online Banking provides access to account information, payment initiation capabilities, collections data, trade finance transactions, and import/export file integration capabilities. CitiDirect(r) replaces traditional electronic banking applications with a single Web-based delivery channel, thereby improving efficiency and reducing costs to clients. Available in 90 countries and 20 languages including traditional and simplified Chinese, CitiDirecti Online Banking gives clients the benefits of real-time processing, robust security and integration with their in-house treasury systems. * Citibank Easy Payments, an Internet-based payment system that allows corporate clients in China to make local currency (Renminbi) payment transactions to beneficiaries in over 7000 locations in China. This system was specifically developed for the China market. Citibank Easy Payments also delivers various payment and collections reports for clients to view or download into their computers. Citibank Easy Payments supports interface with all major Enterprise Resource Planning (ERP) packages such as SAP, Oracle, BPCS as well as locally developed Chinese accounting packages. Citibank. com. cn, an Internet banking portal that allows corporations and consumers to manage their accounts online, make online enquiries or transactions, view customize and personalize pages as well as get online tools and real-time global market information. Global banking group HSBC, Hang Seng Bank and Bank of East Asia received online-banking license and launched online banking service in China on January 2003. This new service allows their customers to check their balances, transfer funds, make time deposits and account enquiries, check interest and foreign exchange rates, and send remittance instructions through Internet. It is said that more foreign banks, like London-based Standard Chartered Bank, have also received approval to launch online banking services in China, but it is not clear when the emerging market specialist would offer such service. China is expected to become the largest information technology (IT) market in the world in the next five years, acknowledging that computers will be popular in Chinese families by that time. China now ranks No. 2 in Internet subscribers in the world. Owing to China’s large population, the country’s Internet market still has great potential. Information technology has been utilized in almost all sectors of China’s economy today. E-government, e-business, e-finance, and upgrading of state-owned enterprises will all provide more opportunities for the development of the industry in China. Read the Memo sent out by Jaime about 2004 Mid-Year Offsite Business-planning meeting conducted by S1 management team, the key topic of â€Å"Perfecting our International and Distribution Business† caught my attention. Learned the news that Macau Tai Fung bank implemented S1 Banking Solution to launched its online banking services, and found out that S1 opened an office in Beijing – China’s capital city, I got a feeling that S1 already turned its eyes to Chinese Market and wonder whether S1’s management would like to make further moves and seize the opportunity. Before left China to immigrant to Canada, I had 6 years working experiences in Beijing-my home city, dealing with Chinese financial agencies and institutions, Chinese and foreign banks as well as other financial institutions and service providers in China, I’m quite familiar with Chinese financial industry structure. I’d like to reuse my knowledge and made this online research report. If S1 is interested in expanding business in China, but not clear what is the situation there and where to start, my research report will, I hope to a certain extent, answer some of your questions. The main purpose of this report is to provide some information and personal suggestions that, I hope, could be helpful for S1’s management or marketing team to better understand Chinese market. This report includes information covering Chinese banking system structure, the emergence and development of Internet banking and online insurance services in China, Chinese governments’ policies and regulations toward online banking and insurance business as well as some prepositional thoughts about how to present S1 and its products to China. Naissance of Online Banking in China In the late 1990s, China began allowing banks to open online businesses. In 1996, China Merchants Bank launched the 1st online financing service in China through â€Å"All in One Net†, an online payment method, which set up the basic operating pattern of China online banking. On October 1997, the Industrial and Commercial Bank of China (ICBC) established its own homepage on Internet to promote its financing services and to provide business guide for Internet users. March 1998, Bank of China successfully handled its first e-transaction. To 1999, all major banks in China had sped up their online banking construction. To date, online banking has made good progress in China. According to statistics from the recently seminar called â€Å"International Symposium on the Development of Online Banking and Supervision† sponsored by China Banking Regulatory Commission, China’s online bank transactions are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Currently, China has over 40 million individuals and 60,000 companies and institutions involved in online banking businesses In 2003, Internet-based banking businesses have witnessed a big step forward, owing to the outbreak of SARS (Severe Acute Respiratory Syndrome). Traditionally, Chinese have placed a premium on face-to-face meeting for important business-related matters, but the SARS crisis has forced people to change their attitude. Online Banking Development in China China is in the early stages of a vast transformation – from a traditional â€Å"cash and carry† banking system where customers use the branches for almost every banking activity to a modern Internet banking system. Currently, more than 50 commercial banks (domestic and foreign) and over 200 of their branches in China have opened websites, among which, a total of over 50 banks have launched online businesses. The Growth of Online Banking Customers in China China’s online bank transactions were 14. 3 billion yuan in 2001, increased to 21. 8 billion yuan in 2003, and are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Figure 3. 1: The Growth of Online Banking Customers in China Online Shopping Payment Methods in China According to a survey made by China Internet Network Information Center (CNNIC), payment online by credit card and deposit card is becoming the 1st choice for online purchasing. The traditional payment method of payment on delivery by cash and postal remittance decreased 3. 7% this year. Figure 3. 2: Online Purchasing Payment Methods in China An analysis shows that security and service abilities are the main concerns for Chinese to use online banking services, 72. 2% of the people inquired care a lot about whether the banks can guarantee the safety of all transactions in their online services, 60. 6% hope to see more functions and flexibilities. Figure 3. 3: Factors that that will attract Chinese to use online banking services Both Chinese and foreign banks in China realized that the internet solutions provide clients with more channels to communicate with them and allow them to benefit from greater control and cost efficiency, which are top of mind for treasurers today. Domestic Banks and Their Online Banking Services For many Chinese, banking in general is a new experience and in an economy where cash remains important, so bank branches also provide security to customers. However, with accession to the World Trade Organization (WTO), China’s major banks having to face competition, the local players are increasingly seeing their extensive and heavily manned branch networks as a liability. More and more Chinese banks seem to have discovered the Internet as new source of revenue and the powerful attraction of Internet banking is reflected an attractive proposition. The Chinese bank that has bee quickest off the mark in building Internet banking is China Merchant Bank, which launched the first online financing service in China in 1996. The four state-owned commercial banks quickly followed and successively began to offer some online services since then. May 2000, the Agricultural Bank of China (ABC) implemented a trial Internet banking service in its Guangzhou Branch, which allowed their customers in Guangdong province to access their account through Internet. December 2000, ABC launched online banking service in Shanghai called 95599 Online Bank. The new service of 95599 Online bank has reportedly attracted a number of large corporate clients, such as China Worldbest Group and Shanghai Volkswagen. The services offered include currency exchange, personal cheque issuance and access to consumer loans. Users can also report the loss of certificates of deposit, bankbooks and bankcards as well as prearrange withdrawals of cash sums. At the same time, China Construction Bank (CCB) announced its plans to extend its online banking services to 15 cities in the mainland as well as simplify the process of related authentication in a bid to boost the number of clients using online services. The bank began offering online services in April 2000 in cities of Beijing, Guangzhou, Shenzhen and Qingdao. Last year, the Industrial and Commercial Bank of China (ICBC) unveiled a new platform for its personal online banking business – BANKING@HOME. ICBC officials said the upgraded e-banking platform could facilitate a key shift of the bank’s outlets from all-round functions to sales-orientated services, and gives it a firmer foothold in a market with intensifying foreign competition. ICBC officials said the 58-function brand-name allows â€Å"almost all services a traditional banking outlet offers† to be processed by the client on the computer, including 24-hour any-amount transfers of funds or remittances, securities and foreign currency trading as well as collateralized loans. Figure 3. 4: Internet Services provided by the 4 state-owned commercial banks Name Website URL Language Internet Services The Agricultural Bank of China (ABC) www. abocn. com – Chinese – Simplified Banking industry news and website news, Regulation for foreign currency deposits Link to online banking Bank of China (BOC) www. bank-of-china. com – Chinese Simplified – English Link to branch offices in other cities and provinces Link to E-banking services Cash management Information on the bank and its activities Information on credit card deposits online and phone banking, loans and remittances. China Construction Bank www. ccb-on-line. com – Chinese Simplified – English Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Link to branch offices in other cities and provinces Credit card information. International Operations such as financing, merchant banking, international settlements, currency exchange, treasury services, credit investigations Information on oversea branches and domestic branches that conduct international transactions Foreign currency deposit, multi-currency remittances, account settlement and term deposit. Link to online banking and payment The Industrial and Commercial Bank of China (ICBC) www. icbc. com. cn – Chinese Simplified – Chinese Traditional – English Link to branch offices in other cities and provinces Link to online bank services: personal banking, corporate Banking. Information on E-banking Online financing Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Foreign Banks and Their Online Banking Services Citibank claims that they are the 1st foreign bank in China that obtained approval from the People’s Bank of China (PCBC) to offer Internet banking services in China to both domestic and international corporations, as well as consumers. Its Internet banking services provide clients with convenient, easy-to-use, and secure access to banking transactions, 24 hours a day, seven days a week, over the Web. Offering its CitiDirect corporate banking service for cash management, the bank has developed an internet-based payments system specifically for the country. The system enables corporate clients in China to make local currency (renminbi) payment transactions to beneficiaries in over 7000 locations. The system, called Citibank Easy Payments, also delivers various payment and collections reports for clients to view or download into their computers. Its Internet-based banking services available in China for corporate and consumer clients include: CitiDirect(r) Online Banking is Citibank’s Web-based delivery channel for corporate clients, designed to securely deliver online an ever-expanding array of Citibank transaction products. CitiDirect(r) Online Banking provides access to account information, payment initiation capabilities, collections data, trade finance transactions, and import/export file integration capabilities. CitiDirect(r) replaces traditional electronic banking applications with a single Web-based delivery channel, thereby improving efficiency and reducing costs to clients. Available in 90 countries and 20 languages including traditional and simplified Chinese, CitiDirecti Online Banking gives clients the benefits of real-time processing, robust security and integration with their in-house treasury systems. * Citibank Easy Payments, an Internet-based payment system that allows corporate clients in China to make local currency (Renminbi) payment transactions to beneficiaries in over 7000 locations in China. This system was specifically developed for the China market. Citibank Easy Payments also delivers various payment and collections reports for clients to view or download into their computers. Citibank Easy Payments supports interface with all major Enterprise Resource Planning (ERP) packages such as SAP, Oracle, BPCS as well as locally developed Chinese accounting packages.   Citibank. com. cn, an Internet banking portal that allows corporations and consumers to manage their accounts online, make online enquiries or transactions, view customize and personalize pages as well as get online tools and real-time global market information. Global banking group HSBC, Hang Seng Bank and Bank of East Asia received online-banking license and launched online banking service in China on January 2003. This new service allows their customers to check their balances, transfer funds, make time deposits and account enquiries, check interest and foreign exchange rates, and send remittance instructions through Internet. It is said that more foreign banks, like London-based Standard Chartered Bank, have also received approval to launch online banking services in China, but it is not clear when the emerging market specialist would offer such service. Read the Memo sent out by Jaime about 2004 Mid-Year Offsite Business-planning meeting conducted by S1 management team, the key topic of â€Å"Perfecting our International and Distribution Business† caught my attention. Learned the news that Macau Tai Fung bank implemented S1 Banking Solution to launched its online banking services, and found out that S1 opened an office in Beijing – China’s capital city, I got a feeling that S1 already turned its eyes to Chinese Market and wonder whether S1’s management would like to make further moves and seize the opportunity. Before left China to immigrant to Canada, I had 6 years working experiences in Beijing-my home city, dealing with Chinese financial agencies and institutions, Chinese and foreign banks as well as other financial institutions and service providers in China, I’m quite familiar with Chinese financial industry structure. I’d like to reuse my knowledge and made this online research report. If S1 is interested in expanding business in China, but not clear what is the situation there and where to start, my research report will, I hope to a certain extent, answer some of your questions. The main purpose of this report is to provide some information and personal suggestions that, I hope, could be helpful for S1’s management or marketing team to better understand Chinese market. This report includes information covering Chinese banking system structure, the emergence and development of Internet banking and online insurance services in China, Chinese governments’ policies and regulations toward online banking and insurance business as well as some prepositional thoughts about how to present S1 and its products to China. Naissance of Online Banking in China In the late 1990s, China began allowing banks to open online businesses. In 1996, China Merchants Bank launched the 1st online financing service in China through â€Å"All in One Net†, an online payment method, which set up the basic operating pattern of China online banking. On October 1997, the Industrial and Commercial Bank of China (ICBC) established its own homepage on Internet to promote its financing services and to provide business guide for Internet users. March 1998, Bank of China successfully handled its first e-transaction. To 1999, all major banks in China had sped up their online banking construction. To date, online banking has made good progress in China. According to statistics from the recently seminar called â€Å"International Symposium on the Development of Online Banking and Supervision† sponsored by China Banking Regulatory Commission, China’s online bank transactions are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Currently, China has over 40 million individuals and 60,000 companies and institutions involved in online banking businesses. In 2003, Internet-based banking businesses have witnessed a big step forward, owing to the outbreak of SARS (Severe Acute Respiratory Syndrome). Traditionally, Chinese have placed a premium on face-to-face meeting for important business-related matters, but the SARS crisis has forced people to change their attitude. Online Banking Development in China China is in the early stages of a vast transformation – from a traditional â€Å"cash and carry† banking system where customers use the branches for almost every banking activity to a modern Internet banking system. Currently, more than 50 commercial banks (domestic and foreign) and over 200 of their branches in China have opened websites, among which, a total of over 50 banks have launched online businesses. The Growth of Online Banking Customers in China China’s online bank transactions were 14. 3 billion yuan in 2001, increased to 21. 8 billion yuan in 2003, and are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Figure 3. 1: The Growth of Online Banking Customers in China Online Shopping Payment Methods in China According to a survey made by China Internet Network Information Center (CNNIC), payment online by credit card and deposit card is becoming the 1st choice for online purchasing. The traditional payment method of payment on delivery by cash and postal remittance decreased 3. 7% this year. Figure 3. 2: Online Purchasing Payment Methods in China An analysis shows that security and service abilities are the main concerns for Chinese to use online banking services, 72. 2% of the people inquired care a lot about whether the banks can guarantee the safety of all transactions in their online services, 60. 6% hope to see more functions and flexibilities. Figure 3. 3: Factors that that will attract Chinese to use online banking services Both Chinese and foreign banks in China realized that the internet solutions provide clients with more channels to communicate with them and allow them to benefit from greater control and cost efficiency, which are top of mind for treasurers today. Domestic Banks and Their Online Banking Services For many Chinese, banking in general is a new experience and in an economy where cash remains important, so bank branches also provide security to customers. However, with accession to the World Trade Organization (WTO), China’s major banks having to face competition, the local players are increasingly seeing their extensive and heavily manned branch networks as a liability. More and more Chinese banks seem to have discovered the Internet as new source of revenue and the powerful attraction of Internet banking is reflected an attractive proposition. The Chinese bank that has bee quickest off the mark in building Internet banking is China Merchant Bank, which launched the first online financing service in China in 1996. The four state-owned commercial banks quickly followed and successively began to offer some online services since then. May 2000, the Agricultural Bank of China (ABC) implemented a trial Internet banking service in its Guangzhou Branch, which allowed their customers in Guangdong province to access their account through Internet. December 2000, ABC launched online banking service in Shanghai called 95599 Online Bank. The new service of 95599 Online bank has reportedly attracted a number of large corporate clients, such as China Worldbest Group and Shanghai Volkswagen. The services offered include currency exchange, personal cheque issuance and access to consumer loans. Users can also report the loss of certificates of deposit, bankbooks and bankcards as well as prearrange withdrawals of cash sums. At the same time, China Construction Bank (CCB) announced its plans to extend its online banking services to 15 cities in the mainland as well as simplify the process of related authentication in a bid to boost the number of clients using online services. The bank began offering online services in April 2000 in cities of Beijing, Guangzhou, Shenzhen and Qingdao. Last year, the Industrial and Commercial Bank of China (ICBC) unveiled a new platform for its personal online banking business – BANKING@HOME. ICBC officials said the upgraded e-banking platform could facilitate a key shift of the bank’s outlets from all-round functions to sales-orientated services, and gives it a firmer foothold in a market with intensifying foreign competition. ICBC officials said the 58-function brand-name allows â€Å"almost all services a traditional banking outlet offers† to be processed by the client on the computer, including 24-hour any-amount transfers of funds or remittances, securities and foreign currency trading as well as collateralized loans. Figure 3. 4: Internet Services provided by the 4 state-owned commercial banks Name Website URL Language Internet Services The Agricultural Bank of China (ABC) www. abocn. com – Chinese – Simplified Banking industry news and website news, Regulation for foreign currency deposits Link to online banking Bank of China (BOC) www. bank-of-china. com – Chinese Simplified – English Link to branch offices in other cities and provinces Link to E-banking services Cash management Information on the bank and its activities Information on credit card deposits online and phone banking, loans and remittances. China Construction Bank www. ccb-on-line. com – Chinese Simplified – English Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Link to branch offices in other cities and provinces Credit card information International Operations such as financing, merchant banking, international settlements, currency exchange, treasury services, credit investigations Information on oversea branches and domestic branches that conduct international transactions Foreign currency deposit, multi-currency remittances, account settlement and term deposit. Link to online banking and payment The Industrial and Commercial Bank of China (ICBC) www. icbc. com. cn – Chinese Simplified – Chinese Traditional – English Link to branch offices in other cities and provinces Link to online bank services: personal banking, corporate Banking Information on E-banking Online financing Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Foreign Banks and Their Online Banking Services Citibank claims that they are the 1st foreign bank in China that obtained approval from the People’s Bank of China (PCBC) to offer Internet banking services in China to both domestic and international corporations, as well as consumers. Its Internet banking services provide clients with convenient, easy-to-use, and secure access to banking transactions, 24 hours a day, seven days a week, over the Web. Offering its CitiDirect corporate banking service for cash management, the bank has developed an internet-based payments system specifically for the country. The system enables corporate clients in China to make local currency (renminbi) payment transactions to beneficiaries in over 7000 locations. The system, called Citibank Easy Payments, also delivers various payment and collections reports for clients to view or download into their computers. Its Internet-based banking services available in China for corporate and consumer clients include: CitiDirect(r) Online Banking is Citibank’s Web-based delivery channel for corporate clients, designed to securely deliver online an ever-expanding array of Citibank transaction products. CitiDirect(r) Online Banking provides access to account information, payment initiation capabilities, collections data, trade finance transactions, and import/export file integration capabilities. CitiDirect(r) replaces traditional electronic banking applications with a single Web-based delivery channel, thereby improving efficiency and reducing costs to clients. Available in 90 countries and 20 languages including traditional and simplified Chinese, CitiDirecti Online Banking gives clients the benefits of real-time processing, robust security and integration with their in-house treasury systems. * Citibank Easy Payments, an Internet-based payment system that allows corporate clients in China to make local currency (Renminbi) payment transactions to beneficiaries in over 7000 locations in China. This system was specifically developed for the China market. Citibank Easy Payments also delivers various payment and collections reports for clients to view or download into their computers. Citibank Easy Payments supports interface with all major Enterprise Resource Planning (ERP) packages such as SAP, Oracle, BPCS as well as locally developed Chinese accounting packages.   Citibank. com. cn, an Internet banking portal that allows corporations and consumers to manage their accounts online, make online enquiries or transactions, view customize and personalize pages as well as get online tools and real-time global market information. Global banking group HSBC, Hang Seng Bank and Bank of East Asia received online-banking license and launched online banking service in China on January 2003. This new service allows their customers to check their balances, transfer funds, make time deposits and account enquiries, check interest and foreign exchange rates, and send remittance instructions through Internet. It is said that more foreign banks, like London-based Standard Chartered Bank, have also received approval to launch online banking services in China, but it is not clear when the emerging market specialist would offer such service.