Customer Relationship Management of Standard Chartered Bank and its incorpor...Monwar Anik
In this day and age, customers are regarded as an article of trade. With the growth of Service Marketing, Customer Relationship Management (CRM) advanced and became popular in banking sector. CRM became crucial to cope up with exceeding competitive market. (CRM) in a bank bring about important phases such as incorporating the communication tools to meet the needs of customers, referring each customer as individuals, and making the customer relationship an impressive and long-lasting experience. The purpose of this study is to determine the usefulness of CRM implementation on customer contentment and perceived business performance. It takes stock of findings and conclusion of different researchers so that it can provide fruitful insight into the CRM implementation. Also the paper put forward the view of various researchers together so that a conclusive picture can be drawn regarding CRM and its benefits.
Customer Relationship Management of Standard Chartered Bank and its incorpor...Monwar Anik
In this day and age, customers are regarded as an article of trade. With the growth of Service Marketing, Customer Relationship Management (CRM) advanced and became popular in banking sector. CRM became crucial to cope up with exceeding competitive market. (CRM) in a bank bring about important phases such as incorporating the communication tools to meet the needs of customers, referring each customer as individuals, and making the customer relationship an impressive and long-lasting experience. The purpose of this study is to determine the usefulness of CRM implementation on customer contentment and perceived business performance. It takes stock of findings and conclusion of different researchers so that it can provide fruitful insight into the CRM implementation. Also the paper put forward the view of various researchers together so that a conclusive picture can be drawn regarding CRM and its benefits.
Today’s infrastructure financing depends more on Multilateral Agencies, and their volumes of loans have increased significantly in recent years.
Partnering with a local trusted partner that provides insight in dealing with foreign laws and regulations can prove invaluable. Citi Agency and Trust, your trusted global bank, has the biggest network presence in Latin America with presence in the entire region. The unique knowledge of local markets, the depth and breadth of our experience and the standards of a global bank are just some of the key advantages in working with Citi Agency and Trust. We provide a full suite of Corporate Trust products that can be tailored made to attend your needs.
Insurance and Financial Services industry in the Quebec City regionUniversité Laval
Fact sheet on the Insurance and Financial Services industry in the Quebec City region.
The insurance and financial services industry plays an important role in the economy of the area. With 10 head offices and more than 360 active companies in the insurance sector, the area is the 2nd most important insurance hub in Canada.
Produced by Quebec International.
Merchant and Investment Banking in europe and america.pptxVAKKU
History of merchant and investment banking in America and europe.we all see the current players and market senario of investment banking in these continents
Today bankers and other financial service managers have learned to look at their asset and liability portfolios as an integrated whole. This type of coordinated and integrated decision making is known today as asset-liability management (ALM). This thesis is prepared on ‘The Hong Kong and Shanghai Banking Corporation’- HSBC, in Bangladesh. With its symbol of a Hexagon and the illustrative theme ‘The world’s local bank’ –HSBC is known to a lot of countries and territories of the world as a leading financial service institution. Although the history of its operation in our country is relatively new, yet HSBC already commands a great deal of respect and reputation in our banking community.
Every Financial Institute irrespective of its size is generally exposed to market liquidity and interest rate risks in connection with the process of Asset Liability Management. Failure to identify the risks associated with business and failure to take timely measures in giving a sense of direction threatens the very existence of the institution. It is, therefore, important that the strategic decision makers of an organization assume special care with regard to the Balance Sheet Risk management and should ensure that the structure of the institute’s business and the level of Balance Sheet risk it assumes are effectively managed, appropriate policies and procedures are established to control the direction of the organization. The whole exercise is with the objective of limiting these risks against the resources that are available for evaluating and controlling liquidity and interest rate risk.
Eastern European countries appear to have become dependent on Ru.docxjoellemurphey
Eastern European countries appear to have become dependent on Russian oil originally due to the country being a reliable supplier to the European countries (Bradshaw, 2014, p. 76). Though the countries were allies with the United States, they were trying to become less dependent on the Middle East and saw that Russia was a reliable source. Much of this reliance was due to the “iron curtain” as well as the fact that many of the Eastern European countries were part of the Soviet Union in some way or affiliated with them.
It appears that much of the reason as to why these countries reached energy accords with Russia is due to the convenience. There was “limited access to storage and alternative sources of gas supply” (Bradshaw, 2014, p. 77). This pushed these countries to depend more on Russia, which appeared to be an easier access to gas supplies. Another reason might have been due to fear as the Kremlin punished Ukraine for voting for an anti-Moscow government (Bradshaw, 2015, p. 77). This action shows that many of these countries may have reached these accords due to the pressure and encouragement of the Soviet Government. In the 1980’s the dependence of European countries on Russian gas resources was 50-60%. In the 1970’s, many of the Eastern European countries also became reliant on Russia due to a greater demand of oil and gas. The surrounding countries that were providing resources were not able to keep up with the demand and thus these countries sought to get their sources from Russia. It also helped that Russia’s prices appeared to be lower than that of the world market (Bradshaw, 2014, p. 87-88). Due to the price of oil and gas and the availability, Eastern European countries were able to grow and build in gas import and its infrastructure, thus in turn causing it to be dependent on Russia.
Bradshaw, M. (2014).
Global Energy Dilemmas: Energy Security, Globalization, and Climate Change
. Cambridge, UK: Polity Press.
Based on your considered review of this module’s readings as well as your reflection upon the first three modules, evaluate the questions below.
In retrospect it seems obvious, but exactly how and why did Eastern European countries come to depend on Russian oil and natural gas after World War II?
Why did the Western Europeans reach energy accords with the Russians in the 1970s and early 1980s, building large-scale natural gas import infrastructures and increasing their dependence on Russian gas?
.
EAS 209 Second Response Paper Topic Assignment Due .docxjoellemurphey
EAS 209
Second Response Paper Topic
>>>Assignment Due Date: Friday, October 12, 2018<<<
Write 350 words, excluding works cited and references, on the following topic:
Dipesh Chakrabarty cites John Stuart Mill to show one dimension of historicist
consciousness: “a recommendation to the colonized to wait.” What does Chakrabarty
mean by this phrase? Consider, e.g. why, according to Mill, “Indians, Africans, and other
‘rude’ nations” had to be consigned to what Chakrabarty called “an imaginary waiting
room of history.”
To respond to this question, you might find it helpful to consider Chakrabarty’s discussion
on historicism or “stagist theory of history.”
▪ Submit a hard copy in your Tutorial Section on Friday, October 12.
▪ Papers must be type-written, double-spaced, appearing in 12 points Times New Roman font or
its equivalent with 1” margins. Do not exceed 400 words. You are responsible for keeping an
extra copy of your own paper.
▪ The assignment does not ask you to conduct additional research. Papers that do not respond
to the given topic or do not follow the specific instructions described above will receive no
marks. No resubmission allowed.
▪ You need to present your argument logically and clearly, fully demonstrate the precise
understanding of Chakrabarty’s argument and substantiate your argument convincingly and
with details.
▪ Observe the Chicago Manual of Style referencing practice and properly cite the passages you
quote (i.e. author, title, page number, etc.). Works cited or references should not be counted
toward the 350 word limit.
▪ Any ideas or expressions that are not your own must be placed in quotation marks and
referenced with page number. Academic misconduct will not be tolerated. See:
http://www.artsci.utoronto.ca/osai/The-rules/what-is-academic-misconduct
▪ You may share notes and discuss your ideas with others for preparation. But the paper you
submit must be exclusively written by you alone and in your own words clearly distinguishable
from others’. Papers that plagiarize, replicate others, or contain identical or near-identical
passages that appear in other papers will not be accepted or credited.
▪ You must proof-read before submission. Sentences that are incomplete or unintelligible will
not be read or credited.
▪ Late submission and papers submitted via e-mail will not be accepted or credited unless
under extraordinary circumstances. ABSOLUTELY NO EXCPETION!
http://www.artsci.utoronto.ca/osai/The-rules/what-is-academic-misconduct
I N T R O D U C T I O N
The Idea of Provincializing Europe
Europe . . . since 1914 has become provincialized, . . .
only the natural sciences are able to call forth a
quick international echo.
(Hans-Georg Gadamer, 1977)
The West is a name for a subject which gathers itself in
discourse but is also an object constituted discursively;
it is, evidently, a name always associating itself with
those regions, communities, and peoples.
Earth Science LabIn what order do materials settle in waterSo t.docxjoellemurphey
Earth Science Lab:In what order do materials settle in water?
So this is my Topic:
In what order do materials settle in water? Design and carry out an experiment to determine the order in which different sized materials (e.g., sand, gravel, topsoil) settle out in water after they have been mixed up.
but i don't understand the question below:
What are some possible treatments you can use to answer your question? What are some variables that may influence your question, and are they variables that you can easily manipulate and test?
What can i write about the possible treatments?
.
EarlyIntervention Strategies Paper (15 points)The pu.docxjoellemurphey
Early
Intervention Strategies Paper (15 points)
The purpose of the presentation is to help classmates understand different types of intervention strategies for early intervention. Students will be expected to write a 5-7 page paper that is comprised of two parts. In Part I, the student will discuss the role of each of the following professionals that can comprise a treatment team in a maximum of 3 pages:
Developmental Teacher Occupational Therapist Physical Therapist Speech/Language Pathologist
Audiologist Vision Consultant Psychologist Pediatrician
Part II: Furthermore, each student will set up a site visit at a local agency or provider of services to young children and will spend some time observing a particular facility or program that cares for and provides services to infants and young children. The following list should be used to guide the observations. The student should summarize thefollowing information in at least 3 pages:
Name of the facility or program
Ages of the children served
History and philosophy of the facility or program
Structure of the facility or program (Co-Op, Pre-K, )
Services provided
Activities and routines in which the children engage
Adult to child ratio
Types of delays and disabilities of the children who attend this program
Family involvement
Type of setting: inclusive setting, provisions for inclusion
Curriculum used
Would you recommend this facility to a family with a child with a disability? Why or why not?
.
Early Hominids & Australopithecus SubscribeWhat is a too.docxjoellemurphey
Early Hominids & Australopithecus
Subscribe
What is a tool? Did
Sahelanthropus
,
Orrorin
,
Ardipithecus, or Australopithecus
use tools? What evidence shows that they used tools?
What do these groups represent for human evolution? Why are these hominids unique in human evolutionary history?
.
Early scholarly and philosophical manuscripts were in Greek. However.docxjoellemurphey
Early scholarly and philosophical manuscripts were in Greek. However, by the 5th century CE – and onward – language was mainly spread by conquests, trades, religious affiliations, technological advancements or entertainment. (Gascoigne, 2001). For example, as the geographic territory under Roman control grew, the use of Latin as a common language also spread. In areas under Roman control, Latin was the spoken and written language of the courts and commerce, as well as the language of the Christian church. As the Roman Empire expanded, Latin served as a common language that allowed for people of diverse linguistic backgrounds to be able to communicate.
Onward and by the early 14th century, the trend toward the use of vernacular language had spread throughout most of Europe. As monarchies throughout the region began to consolidate, the use of vernacular languages contributed to an increasing nationalism, or feeling of pride in one’s own nation, and in this case among people of similar linguistic backgrounds. People began to feel more connected to local leaders than they did to influences from afar. These sociopolitical shifts, along with the development of moveable type (the printing press), helped to ensure the success of the vernacular languages during the Renaissance.
Assignment:
The goal of this assignment is to research and report on the origins of vernacular language, and its spread while also providing evidence of Latin’s influence on all Western languages.
Choose one native language spoken in Europe, discuss the origins of the vernacular language and describe how the language spread.
As a whole, in what ways has Latin influenced Western language development?
Prepare a 2-page essay (not including cover page and works cited page) answering the questions stated above in APA format.
.
Early Learning & Developmental Guidelines July 2017 1 .docxjoellemurphey
Early Learning &
Developmental Guidelines
July 2017 1
Early Learning and Developmental Guidelines
This document provides current Web links to all State early learning and development guidelines (ELGs). At this
time, all 56 States and Territories have developed ELGs for preschool children, and virtually all have ELGs for
infants and toddlers. The following table provides the website for ELGs from the States.
State ELG Name and Web Site
ELG Age
Range
Alabama Alabama Early Learning Guidelines
http://dhr.alabama.gov/large_docs/aelg.pdf
Birth to 5
years
Alaska Early Learning Guidelines (2007)
https://education.alaska.gov/publications/earlylearningguidelines.pdf
Birth to 5
years
Arizona Early Learning Standards (2013)
http://www.azed.gov/early-childhood/files/2011/11/arizona-early-learning-
standards-3rd-edition.pdf
3 to 5 years
Arizona’s Infant and Toddler Developmental Guidelines (Draft)
http://www.azftf.gov/Documents/Arizona%20Infant%20and%20Toddler%20
Developmental%20Guidelines%20DRAFT%20for%20VETTING.pdf
Birth to 3
years
Arkansas Arkansas Child Development and Early Learning Standards (2016)
http://www.arheadstart.org/Ark_Early_Learning_Standards%20(19)%20(1).p
df
Birth to 5
years
California California Infant/Toddler Learning & Development Foundations (2009)
http://www.cde.ca.gov/sp/cd/re/itfoundations.asp
Birth to 3
years
California Preschool Learning Foundations, Volumes 1-3
http://www.cde.ca.gov/sp/cd/re/psfoundations.asp
3 to 5 years
Colorado Colorado Early Learning & Development Guidelines (2013)
https://www.cde.state.co.us/early/eldgs
Birth to 5
years
Connecticut Guidelines for the Development of Infant & Toddler Early Learning
http://www.ct.gov/dss/lib/dss/dss_early_learning_guidelines.pdf
Birth to 3
years
Connecticut Early Learning and Development Standards (2014)
http://www.ct.gov/oec/lib/oec/earlycare/elds/ctelds.pdf
Birth to 5
years
Connecticut Preschool Assessment Framework (2008)
http://www.sde.ct.gov/sde/lib/sde/PDF/DEPS/Early/Preschool_Assessment_
Framework.pdf
3 to 5 years
http://dhr.alabama.gov/large_docs/aelg.pdf
https://education.alaska.gov/publications/earlylearningguidelines.pdf
http://www.azed.gov/early-childhood/files/2011/11/arizona-early-learning-standards-3rd-edition.pdf
http://www.azed.gov/early-childhood/files/2011/11/arizona-early-learning-standards-3rd-edition.pdf
http://www.azftf.gov/Documents/Arizona%20Infant%20and%20Toddler%20Developmental%20Guidelines%20DRAFT%20for%20VETTING.pdf
http://www.azftf.gov/Documents/Arizona%20Infant%20and%20Toddler%20Developmental%20Guidelines%20DRAFT%20for%20VETTING.pdf
http://www.cde.ca.gov/sp/cd/re/itfoundations.asp
http://www.cde.ca.gov/sp/cd/re/psfoundations.asp
https://www.cde.state.co.us/early/eldgs
http://www.ct.gov/dss/lib/dss/dss_early_learning_guidelines.pdf
http://www.ct.gov/oec/lib/oec/earlycare/elds/ctelds.pdf
http://www.sde.ct.gov/sde/lib/sde/PDF/DEPS/Early/Preschool.
Early Innovations and Their Impact Today Wilbur and Orville Wrig.docxjoellemurphey
Early Innovations and Their Impact Today
Wilbur and Orville Wright's innovative spirit allowed them to take their place in history. Their inventions have changed the way people live around the world. At the turn of the century, an explosion in technological achievements occurred. The same kind of energy that went into advances in aviation went into the development of automobiles, telephones, televisions, and immunizations to prevent diseases. These and other innovations and achievements continue to have an enormous impact on human life.
In this week's Discussion, you will analyze two technological innovations/achievements of the late 19th/early 20th century and describe the impact they have on life today.
To prepare for this Discussion:
Review Chapter 2 (pp.10–30) from this week's Learning Resources focusing on technological innovations and achievements around the globe.
Identify two significant technological innovations/achievements (such as the telephone, television, automobiles, and vaccinations) from the late 19th and early 20th centuries.
Consider the ways in which these technologies made an impact on society at the turn of the century.
Reflect on how these technologies continue to impact your life today.
Support your assertions by making at least 2 references, in proper APA format, to your course readings.
With these thoughts in mind:
Post by Day 3 a 2- to 3-paragraph analysis where you do the following:
Identify two significant technological innovations/achievements from the late 19th and early 20th centuries.
Describe, in your opinion, why you believe your choices were significant and created global impacts during that time period.
Explain how these two particular innovations/achievements impact the way you live today.
.
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Every Financial Institute irrespective of its size is generally exposed to market liquidity and interest rate risks in connection with the process of Asset Liability Management. Failure to identify the risks associated with business and failure to take timely measures in giving a sense of direction threatens the very existence of the institution. It is, therefore, important that the strategic decision makers of an organization assume special care with regard to the Balance Sheet Risk management and should ensure that the structure of the institute’s business and the level of Balance Sheet risk it assumes are effectively managed, appropriate policies and procedures are established to control the direction of the organization. The whole exercise is with the objective of limiting these risks against the resources that are available for evaluating and controlling liquidity and interest rate risk.
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Eastern European countries appear to have become dependent on Russian oil originally due to the country being a reliable supplier to the European countries (Bradshaw, 2014, p. 76). Though the countries were allies with the United States, they were trying to become less dependent on the Middle East and saw that Russia was a reliable source. Much of this reliance was due to the “iron curtain” as well as the fact that many of the Eastern European countries were part of the Soviet Union in some way or affiliated with them.
It appears that much of the reason as to why these countries reached energy accords with Russia is due to the convenience. There was “limited access to storage and alternative sources of gas supply” (Bradshaw, 2014, p. 77). This pushed these countries to depend more on Russia, which appeared to be an easier access to gas supplies. Another reason might have been due to fear as the Kremlin punished Ukraine for voting for an anti-Moscow government (Bradshaw, 2015, p. 77). This action shows that many of these countries may have reached these accords due to the pressure and encouragement of the Soviet Government. In the 1980’s the dependence of European countries on Russian gas resources was 50-60%. In the 1970’s, many of the Eastern European countries also became reliant on Russia due to a greater demand of oil and gas. The surrounding countries that were providing resources were not able to keep up with the demand and thus these countries sought to get their sources from Russia. It also helped that Russia’s prices appeared to be lower than that of the world market (Bradshaw, 2014, p. 87-88). Due to the price of oil and gas and the availability, Eastern European countries were able to grow and build in gas import and its infrastructure, thus in turn causing it to be dependent on Russia.
Bradshaw, M. (2014).
Global Energy Dilemmas: Energy Security, Globalization, and Climate Change
. Cambridge, UK: Polity Press.
Based on your considered review of this module’s readings as well as your reflection upon the first three modules, evaluate the questions below.
In retrospect it seems obvious, but exactly how and why did Eastern European countries come to depend on Russian oil and natural gas after World War II?
Why did the Western Europeans reach energy accords with the Russians in the 1970s and early 1980s, building large-scale natural gas import infrastructures and increasing their dependence on Russian gas?
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EAS 209 Second Response Paper Topic Assignment Due .docxjoellemurphey
EAS 209
Second Response Paper Topic
>>>Assignment Due Date: Friday, October 12, 2018<<<
Write 350 words, excluding works cited and references, on the following topic:
Dipesh Chakrabarty cites John Stuart Mill to show one dimension of historicist
consciousness: “a recommendation to the colonized to wait.” What does Chakrabarty
mean by this phrase? Consider, e.g. why, according to Mill, “Indians, Africans, and other
‘rude’ nations” had to be consigned to what Chakrabarty called “an imaginary waiting
room of history.”
To respond to this question, you might find it helpful to consider Chakrabarty’s discussion
on historicism or “stagist theory of history.”
▪ Submit a hard copy in your Tutorial Section on Friday, October 12.
▪ Papers must be type-written, double-spaced, appearing in 12 points Times New Roman font or
its equivalent with 1” margins. Do not exceed 400 words. You are responsible for keeping an
extra copy of your own paper.
▪ The assignment does not ask you to conduct additional research. Papers that do not respond
to the given topic or do not follow the specific instructions described above will receive no
marks. No resubmission allowed.
▪ You need to present your argument logically and clearly, fully demonstrate the precise
understanding of Chakrabarty’s argument and substantiate your argument convincingly and
with details.
▪ Observe the Chicago Manual of Style referencing practice and properly cite the passages you
quote (i.e. author, title, page number, etc.). Works cited or references should not be counted
toward the 350 word limit.
▪ Any ideas or expressions that are not your own must be placed in quotation marks and
referenced with page number. Academic misconduct will not be tolerated. See:
http://www.artsci.utoronto.ca/osai/The-rules/what-is-academic-misconduct
▪ You may share notes and discuss your ideas with others for preparation. But the paper you
submit must be exclusively written by you alone and in your own words clearly distinguishable
from others’. Papers that plagiarize, replicate others, or contain identical or near-identical
passages that appear in other papers will not be accepted or credited.
▪ You must proof-read before submission. Sentences that are incomplete or unintelligible will
not be read or credited.
▪ Late submission and papers submitted via e-mail will not be accepted or credited unless
under extraordinary circumstances. ABSOLUTELY NO EXCPETION!
http://www.artsci.utoronto.ca/osai/The-rules/what-is-academic-misconduct
I N T R O D U C T I O N
The Idea of Provincializing Europe
Europe . . . since 1914 has become provincialized, . . .
only the natural sciences are able to call forth a
quick international echo.
(Hans-Georg Gadamer, 1977)
The West is a name for a subject which gathers itself in
discourse but is also an object constituted discursively;
it is, evidently, a name always associating itself with
those regions, communities, and peoples.
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Earth Science Lab:In what order do materials settle in water?
So this is my Topic:
In what order do materials settle in water? Design and carry out an experiment to determine the order in which different sized materials (e.g., sand, gravel, topsoil) settle out in water after they have been mixed up.
but i don't understand the question below:
What are some possible treatments you can use to answer your question? What are some variables that may influence your question, and are they variables that you can easily manipulate and test?
What can i write about the possible treatments?
.
EarlyIntervention Strategies Paper (15 points)The pu.docxjoellemurphey
Early
Intervention Strategies Paper (15 points)
The purpose of the presentation is to help classmates understand different types of intervention strategies for early intervention. Students will be expected to write a 5-7 page paper that is comprised of two parts. In Part I, the student will discuss the role of each of the following professionals that can comprise a treatment team in a maximum of 3 pages:
Developmental Teacher Occupational Therapist Physical Therapist Speech/Language Pathologist
Audiologist Vision Consultant Psychologist Pediatrician
Part II: Furthermore, each student will set up a site visit at a local agency or provider of services to young children and will spend some time observing a particular facility or program that cares for and provides services to infants and young children. The following list should be used to guide the observations. The student should summarize thefollowing information in at least 3 pages:
Name of the facility or program
Ages of the children served
History and philosophy of the facility or program
Structure of the facility or program (Co-Op, Pre-K, )
Services provided
Activities and routines in which the children engage
Adult to child ratio
Types of delays and disabilities of the children who attend this program
Family involvement
Type of setting: inclusive setting, provisions for inclusion
Curriculum used
Would you recommend this facility to a family with a child with a disability? Why or why not?
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Early Hominids & Australopithecus
Subscribe
What is a tool? Did
Sahelanthropus
,
Orrorin
,
Ardipithecus, or Australopithecus
use tools? What evidence shows that they used tools?
What do these groups represent for human evolution? Why are these hominids unique in human evolutionary history?
.
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Early scholarly and philosophical manuscripts were in Greek. However, by the 5th century CE – and onward – language was mainly spread by conquests, trades, religious affiliations, technological advancements or entertainment. (Gascoigne, 2001). For example, as the geographic territory under Roman control grew, the use of Latin as a common language also spread. In areas under Roman control, Latin was the spoken and written language of the courts and commerce, as well as the language of the Christian church. As the Roman Empire expanded, Latin served as a common language that allowed for people of diverse linguistic backgrounds to be able to communicate.
Onward and by the early 14th century, the trend toward the use of vernacular language had spread throughout most of Europe. As monarchies throughout the region began to consolidate, the use of vernacular languages contributed to an increasing nationalism, or feeling of pride in one’s own nation, and in this case among people of similar linguistic backgrounds. People began to feel more connected to local leaders than they did to influences from afar. These sociopolitical shifts, along with the development of moveable type (the printing press), helped to ensure the success of the vernacular languages during the Renaissance.
Assignment:
The goal of this assignment is to research and report on the origins of vernacular language, and its spread while also providing evidence of Latin’s influence on all Western languages.
Choose one native language spoken in Europe, discuss the origins of the vernacular language and describe how the language spread.
As a whole, in what ways has Latin influenced Western language development?
Prepare a 2-page essay (not including cover page and works cited page) answering the questions stated above in APA format.
.
Early Learning & Developmental Guidelines July 2017 1 .docxjoellemurphey
Early Learning &
Developmental Guidelines
July 2017 1
Early Learning and Developmental Guidelines
This document provides current Web links to all State early learning and development guidelines (ELGs). At this
time, all 56 States and Territories have developed ELGs for preschool children, and virtually all have ELGs for
infants and toddlers. The following table provides the website for ELGs from the States.
State ELG Name and Web Site
ELG Age
Range
Alabama Alabama Early Learning Guidelines
http://dhr.alabama.gov/large_docs/aelg.pdf
Birth to 5
years
Alaska Early Learning Guidelines (2007)
https://education.alaska.gov/publications/earlylearningguidelines.pdf
Birth to 5
years
Arizona Early Learning Standards (2013)
http://www.azed.gov/early-childhood/files/2011/11/arizona-early-learning-
standards-3rd-edition.pdf
3 to 5 years
Arizona’s Infant and Toddler Developmental Guidelines (Draft)
http://www.azftf.gov/Documents/Arizona%20Infant%20and%20Toddler%20
Developmental%20Guidelines%20DRAFT%20for%20VETTING.pdf
Birth to 3
years
Arkansas Arkansas Child Development and Early Learning Standards (2016)
http://www.arheadstart.org/Ark_Early_Learning_Standards%20(19)%20(1).p
df
Birth to 5
years
California California Infant/Toddler Learning & Development Foundations (2009)
http://www.cde.ca.gov/sp/cd/re/itfoundations.asp
Birth to 3
years
California Preschool Learning Foundations, Volumes 1-3
http://www.cde.ca.gov/sp/cd/re/psfoundations.asp
3 to 5 years
Colorado Colorado Early Learning & Development Guidelines (2013)
https://www.cde.state.co.us/early/eldgs
Birth to 5
years
Connecticut Guidelines for the Development of Infant & Toddler Early Learning
http://www.ct.gov/dss/lib/dss/dss_early_learning_guidelines.pdf
Birth to 3
years
Connecticut Early Learning and Development Standards (2014)
http://www.ct.gov/oec/lib/oec/earlycare/elds/ctelds.pdf
Birth to 5
years
Connecticut Preschool Assessment Framework (2008)
http://www.sde.ct.gov/sde/lib/sde/PDF/DEPS/Early/Preschool_Assessment_
Framework.pdf
3 to 5 years
http://dhr.alabama.gov/large_docs/aelg.pdf
https://education.alaska.gov/publications/earlylearningguidelines.pdf
http://www.azed.gov/early-childhood/files/2011/11/arizona-early-learning-standards-3rd-edition.pdf
http://www.azed.gov/early-childhood/files/2011/11/arizona-early-learning-standards-3rd-edition.pdf
http://www.azftf.gov/Documents/Arizona%20Infant%20and%20Toddler%20Developmental%20Guidelines%20DRAFT%20for%20VETTING.pdf
http://www.azftf.gov/Documents/Arizona%20Infant%20and%20Toddler%20Developmental%20Guidelines%20DRAFT%20for%20VETTING.pdf
http://www.cde.ca.gov/sp/cd/re/itfoundations.asp
http://www.cde.ca.gov/sp/cd/re/psfoundations.asp
https://www.cde.state.co.us/early/eldgs
http://www.ct.gov/dss/lib/dss/dss_early_learning_guidelines.pdf
http://www.ct.gov/oec/lib/oec/earlycare/elds/ctelds.pdf
http://www.sde.ct.gov/sde/lib/sde/PDF/DEPS/Early/Preschool.
Early Innovations and Their Impact Today Wilbur and Orville Wrig.docxjoellemurphey
Early Innovations and Their Impact Today
Wilbur and Orville Wright's innovative spirit allowed them to take their place in history. Their inventions have changed the way people live around the world. At the turn of the century, an explosion in technological achievements occurred. The same kind of energy that went into advances in aviation went into the development of automobiles, telephones, televisions, and immunizations to prevent diseases. These and other innovations and achievements continue to have an enormous impact on human life.
In this week's Discussion, you will analyze two technological innovations/achievements of the late 19th/early 20th century and describe the impact they have on life today.
To prepare for this Discussion:
Review Chapter 2 (pp.10–30) from this week's Learning Resources focusing on technological innovations and achievements around the globe.
Identify two significant technological innovations/achievements (such as the telephone, television, automobiles, and vaccinations) from the late 19th and early 20th centuries.
Consider the ways in which these technologies made an impact on society at the turn of the century.
Reflect on how these technologies continue to impact your life today.
Support your assertions by making at least 2 references, in proper APA format, to your course readings.
With these thoughts in mind:
Post by Day 3 a 2- to 3-paragraph analysis where you do the following:
Identify two significant technological innovations/achievements from the late 19th and early 20th centuries.
Describe, in your opinion, why you believe your choices were significant and created global impacts during that time period.
Explain how these two particular innovations/achievements impact the way you live today.
.
Early childhood professionals have an essential role in creating.docxjoellemurphey
Early childhood professionals have an essential role in creating and supporting stable, responsive environments that reduce and reverse the impact of adversity (Center on the Developing Child, 2015b). In this Discussion, you explore the impact of adverse experiences and the role of the early childhood professional in supporting healthy, nurturing developmental contexts.
.
Early Constitutional ControversiesIn 1788, Alexander Hamilton and .docxjoellemurphey
Early Constitutional Controversies
In 1788, Alexander Hamilton and James Madison, who had both played active roles at the Constitutional Convention, worked together to write
The Federalist Papers
, a series of articles originally published in New York newspapers to convince readers to back the ratification of the Constitution. Constitutional scholars often refer to these papers to gain an appreciation of the “original intention” of the Framers, how those men expected the federal government to operate under the Constitution, and the powers they sought to grant or deny the federal government. By the early 1790s, however, Hamilton and Madison had divided over basic constitutional questions such as whether or not the federal government could charter a national bank. The American electorate, which had ratified the Constitution, had split on the issue as well, dividing into rival Federalist and Republican parties.
For this assignment, explore
one
significant constitutional controversy, from the first two decades of the United States under the Constitution (1789 to 1821). Topics to consider include:
The incorporation of the Bank of the United States
Debt assumption
The Jay Treaty
The Alien and Sedition Acts
The Election of 1800
John Marshall’s use of judicial review
The Louisiana Purchase
The trial of Aaron Burr
Jefferson’s Embargo
Federalist opposition to the War of 1812
Missouri’s application for statehood
Describe opposing views of the topic under consideration, and explain how each side used the Constitution to support its position. Assess the validity of the two sides according to your own interpretation of the Constitution as well as according to how the Constitution and constitutional principles were understood at the time the controversy occurred.
The paper should draw from at least
one
primary source and
two
scholarly, secondary sources for a total of three sources (not including the Constitution itself). For assistance on the use of primary and secondary sources, please see sections 8.1 and 8.2 of the Ashford Writing Center. The secondary sources should be accessed through any of the academic databases available through the Ashford University library.
The paper must be three pages in length and formatted according to APA style. You must use at least three scholarly resources (at least two of which can be found in the Ashford Online Library) other than the textbook to support your claims and subclaims. Cite your resources in text and on the reference page. For information regarding APA samples and tutorials, visit the Ashford Writing Center, within the Learning Resources tab on the left navigation toolbar.
.
Early Civilizations MatrixUsing your readings and outside sour.docxjoellemurphey
Early Civilizations Matrix
Using your readings and outside sources complete the following matrix. Be sure to address the following in your matrix:
•
Provide names, titles, dates, brief descriptions of important events, and other details as necessary.
•
Note the details of key political, socioeconomic, technological, artistic, musical, architectural, philosophical, and literary developments for each civilization listed in the table, which were evidenced in the humanities.
Be sure to properly cite the sources that you use in completing this matrix.
.
Early childhood teachers need to stay connected to what is occurring.docxjoellemurphey
Early childhood teachers need to stay connected to what is occurring in the community outside the classroom politically and economically because these factors will influence their classroom. Items of recent debate include social and emotional development, as well as technology in the early childhood classrooms.
For this assignment, take on the role of an early childhood teacher. The principal of your school has placed you on a committee to create a 12-15 slide digital presentation to inform families about current trends in early childhood education. Explain the trends and discuss whether they are developmentally appropriate for young children. In addition, include a description of the effect this trend has on student outcomes. The presentation should discuss early childhood trends and influences on the early childhood classroom in the following areas:
Political (legislative and regulatory)
Economic
Social-emotional
Technological
One trend of choice (e.g., assessment, physical fitness, play in the classroom, emergent curriculums, recess, common core)
Include a title slide, reference slide, and speaker’s notes in your digital presentation.
Use 3-5 scholarly resources to support your research
.
Early and Middle Adulthood PaperPrepare a 1,050- to 1,400-word.docxjoellemurphey
Early and Middle Adulthood Paper
Prepare
a 1,050- to 1,400-word paper in which you examine the psychological adjustments to aging and lifestyle that occur within individuals during early and middle adulthood. Be sure to include the following:
Discuss how social and intimate relationships evolve and change during early and middle adulthood.
Identify various role changes that occur during early and middle adulthood.
Examine the immediate and future impact of healthy and unhealthy habits practiced during early and middle adulthood.
Use
a minimum of two peer-reviewed sources.
.
Earlier this semester, you participated in a class discussion about .docxjoellemurphey
Earlier this semester, you participated in a class discussion about the character of Bath de Chaucer's wife. You are aware of the complexity of her as a resourceful, cunning, open and ambitious woman. For this essay, I would like you to write a comparison / contrast essay in which you discuss the Wife of Bath as you compare or contrast one or more of these three well-known modern American women: Beyoncé Lil 'Kim, and / or Lady Gaga.
Think beyond and below cliches and perceptions. The comparison should not be disrespectful to these modern iconic women. Obviously, times have changed, and I am in no way suggesting that these modern women share all or even some of the qualities of the Wife of Bath, aside from her drive for independence, sovereignty, and success.
When developing the comparisons and contrasts of it, you should use AT LEAST THREE SOURCES to gather information and knowledge to support the claims and interpretations of it. These sources should be cited in the text and on a works cited page using a precise MLA documentation style.
You will write one essay of 500 - 600 words for this paper . This essay must be formatted in MLA Paper form.
Here is the reading about The character of Bath de Chaucer’s life
From The Canterbury Tales:
General Prologue
Here bygynneth the Book of the Tales of Caunterbury
Whan that Aprill, with his shoures soote
The droghte of March hath perced to the root
And he bathed every veyne in swich liquor,
Of which virtue begotten is the flour;
5 Whan Zephirus eek with his sweete breeth
Inspired hath in every holt and heeth
The tender croppes, and the yonge ring
Hath in the Ram his halfe cours yronne,
And smale foweles maken melodye,
10 That slepen al the nyght with open eye-
(So priketh hem Nature in hir corages);
Thanne longen folk to goon on pilgrimages
And palmeres for to seken straunge strondes
To ferne halwes, kowthe in probry londes;
15 And specially from every shires ende
Of Engelond, to Caunterbury they wende,
The hooly blisful martir for to seke
That hem hath holpen, whan that they were seeke.
Bifil that in that seson, on a day,
20 In Southwerk at the Tabard as I lay
Redy to wenden on my pilgrymage
To Caunterbury with ful devout courage,
At nyght was come into that hostelrye
Wel nyne and twenty in a compaignye
25 Of Sondry folk, by aventure yfalle
In felaweshipe, and pilgrimes were they alle,
That toward Caunterbury wolden ryde.
The rooms and the stables weren wyde,
And wel we weren esed att beste;
30 And shortly, whan the sonne was to rest,
So hadde I spoken with hem everichon
That I was of hir felaweshipe anon,
And made forward erly for to ryse
To take our wey, ther as I yow devyse.
35 But nathelees, whil I have tyme and space,
Er that I ferther in this tale pace,
Me thynketh it acordaunt to resoun
To tel yow to the conditio.
EAP1640 - Level 6 Writing (Virtual College, MDC)
Author: Professor Irasema Fernandez (do not copy or redistribute) (Unit 3: Lesson 1) Page 1 of 6
UNIT 3. LESSON 1 - Elements of Comparison and/or Contrast Essays
INTRODUCTION
In this lesson, we will focus on:
A. Methods of Organization
B. Organizational Patterns
C. Unity and Coherence
We use comparison and contrast essays to help us better understand (1) the similarities, (2) the
differences, and/or (3) the similarities and the differences between, or among, two or more things or
ideas.
These essays can help us make sense of the world around us and make better decisions about our
actions. They also can change or strengthen our opinions. In other words, they can help us to think
critically about a subject.
A. Methods of Organization
There are three Methods of Organization for Comparison and/or Contrast Essays:
• The Comparison Essay
• The Contrast Essay
• The Comparison and Contrast Essay
The comparison essay discusses how two things are alike; it compares or
discusses similarities.
Think about Thesis Statement A:
Thesis Statement A: The two major political parties, the Republican and the Democratic
Parties, are similar in their intention to protect the country, the people, and their own interests.
You can look at this thesis statement in the following way:
Topics
the Republican Party
the Democratic Party
Controlling Idea
(Method of Organization)
are similar in their intention to protect
Points
(or Categories)
the country
the people
their own interests
EAP1640 - Level 6 Writing (Virtual College, MDC)
Author: Professor Irasema Fernandez (do not copy or redistribute) (Unit 3: Lesson 1) Page 1 of 6
The thesis of the comparison essay includes:
• the topic (two topics to compare) = the Republican and Democratic parties
• the controlling idea (take a position) = are similar in their intention to protect
• the branches (points or categories) = the country, the people, and their own interests
Note: Comparisons can be less interesting than contrasts unless you write a comparison essay
when you know that the points to compare are interesting, unusual or unexpected.
The contrast essay discusses how two things are not similar; it contrasts or
discusses differences. The contrast essay presents a totally different point of view.
The thesis of the contrast essay also includes:
• the topic (two topics to contrast)
• the controlling idea (take a position)
• the branches (points or categories)
Thesis Statement B: The two major political parties, the Republican and the Democratic
Parties, are different in the way they protect the country, the people, and their own interests.
The comparison and contrast essay discusses how two things are similar and also different,
it compares and contrasts two points in one essay.
The thesis of the comparison and contrast essay also includes:
• the topic (two topics to compare and c.
Earlean, please write these notes for me. October 01, 20181. My .docxjoellemurphey
Earlean, please write these notes for me. October 01, 2018
1. My name is Brittney, this is my first day in group, I am from Lake worth, my age is 25, Originally from California, I have been clean 83 days. She grew up Catholic. She is pregnant with her first child 6 weeks states she wants to be a good mother, she went to doctor today it is confirmed. A BOY
Brittney’s does not believe in God she believes the Universe
Tell me one positive thing about yourself? I am FUNNY.
2. Tessa, I am 20 years old, I am from Missouri, I have been clean 8 months, and I’m going home Friday. I have a sister that just relapsed 4 days a go with an overdose, beaten etc. and I am showing her tough love. I got some news that my best friend in New York overdose, so my feelings have been going back and forth. And I am supposed to be the strong one. But I’m OK.
I am Out Going and Determined to make it.
Tessa has a Buddha faith says karma is a bitch
Tessa wants to co to college in January, she stated I am the SIT, says her self esteem is high.
3. Megan, I am 20-year-old from Colorado, Arizona… I am grateful and kind.
Megan believes FLDS Mormon latter-day saints, believes in God, he is loving and caring.
4. Elizabeth, I am 19 years old from St. Louis, Missouri, I was adopted, and I am very CARING. She explained to me before group she was given her meds Seroquel, and she has not had it for 4 days, so she was in and out asleep, but when I called her name she did respond politely. Believes in God
5. She is concerned about going to jail, would like to go to culinary school but this will be her first year.
6. Julian, I am 31 years old I am a Hard Worker I work two jobs Java Juice, and Brews.
Believes in God, and she prays every morning, se shared when she relapsed she did not pray that morning. July 28.
7. Dawn, originally from New York, I have been married a long time with 3children I been living in Florida. My family does not know I have another side I am like a camelina to my family my entire life they had no idea I was smoking crack an that I am a Junky I have lost everything facing divorce
Dawn was raised Catholic and she believes in God. And she would love forgiveness from husband and children, wants a chance to be understood. Teresa stated understand yourself and be accountable to you first.
When Dawn shared her story, it detoured the SPIRITUALITY meeting because Tessa gave the first feedback. And Codependency, cross addictions, service work, was discussed between them. The director Teresa interjected and explained the meaning you are replacing one thing with something else like, going to the GYM, SHOPPING, RELATIONSHIPS, any distraction to get you outside of yourself, or to get validated by someone else. You are hurting you to help someone else.
Breaktime
.
eam Assignment 4 Teaming Across Distance and Culture..docxjoellemurphey
eam Assignment 4: Teaming Across Distance and Culture.
1. What are the major effects of the physical separation of group members? How can distance, in some cases, be beneficial to groups and teams?
2. What other areas of organizational behavior or design are impacted by information technology, and what are the implications for organizational change?
3. Brainstorm some ways to “redesign” your office space (or an office space you have previously worked in) on paper using virtual or flexible space, or flexible furniture. How would this redesign enhance successful teamwork?
4. What are some of the ways that cross-cultural teams are distinguished from other types of teams? What are some of the benefits and difficulties of building a cross-cultural team?
250 Words
.
ead the following articleMother Tongue Maintenance Among North .docxjoellemurphey
ead the following article:
Mother Tongue Maintenance Among North American Ethnic Groups
, Robert W. Shrauf
Address the following:
What are some of the factors behind both the loss and persistence of native languages?
Does losing or maintaining one's native language have any impact on one's degree of acculturation or assimilation?
.
eActivityGo to the United States Equal Employment Oppo.docxjoellemurphey
eActivity
Go to the United States Equal Employment Opportunity Commission’s website to review discrimination types, located at
http://www.eeoc.gov/laws/types
. Be prepared to discuss.
Employment Relationship and Discrimination" Please respond to the following:
From the e-activity, visit the EEOC website link provided and select any three (3) types of discrimination and discuss. What key laws are applicable to the discrimination types you selected?
.
Each year on or around June 15, communities and municipalities aroun.docxjoellemurphey
Each year on or around June 15, communities and municipalities around the world plan activities and programs to recognize World Elder Abuse Awareness Day, a day set aside to spread awareness of the abuse of the elderly (Center of Excellence on Elder Abuse & Neglect, 2013). The abuse of older adults is a growing concern and statistics suggest that the number of elders experiencing abuse is an alarmingly high number. Research suggests that close to half the people diagnosed with dementia experience some form of abuse (Cooper, C., Selwood, A., Blanchard, M., Walker, Z., Blizard, R., & Livingston, G., 2009; Wiglesworth, A., Mosqueda, L., Mulnard, R., Liao, S., Gibbs, L., & Fitzgerald, W., 2010, as cited on http://www.ncea.aoa.gov/Library/Data/index.aspx). Elder abuse takes on many forms and can include physical, emotional, psychological, and economic abuse. The legendary American actor, Mickey Rooney, spoke to the United States Senate, describing his own experiences of pain and neglect at the hands of his stepson, asking legislators to take seriously the abuse of the elderly.
Respond to colleagues by suggesting alternative strategies. The Original posts are contained in the attachement.
Support your responses with specific references to the Learning Resources. Be sure to provide full APA citations for your references.
.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
for beginners, providing thorough training in areas such as SEO, digital communication marketing, and PPC training in Noida. After finishing the program, students receive the certifications recognised by top different universitie, setting a strong foundation for a successful career in digital marketing.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
2. recent events would have a significant impact on the bank and
found himself recounting the excitement leading up to the
announcement.
RBC had re-entered Thailand on June 16, 1997, offering
corporate and correspondent banking from its new office on
Wireless Road. On July 2, following a sudden collapse in the
financial and property sectors, and a lack of foreign reserves to
defend the baht against speculation, the government reacted by
floating the baht for the first time in thirteen years. This helped
trigger the suspension of two-thirds of the country’s finance
companies, including Bank of Nova Scotia’s minority interest in
Poonpipat Finance and Securities Company Limited. By August
5, the International Monetary Fund (IMF) intervened and
established a $16.7 billion bailout fund to help the country out
of the financial crisis. This was the largest bailout fund since
the Mexican peso crisis in 1992.
Thailand’s 1997 financial crisis had created significant unrest.
A recent American Express survey indicated Thailand had the
greatest consumer pessimism in Asia and the economies of
neighboring countries such as Indonesia and Malaysia were
being negatively impacted by the instability. This had raised
doubts with international investors about the sustainability of
southeast Asian economies. Bielarczyk had only hired one staff
person and had inherited a handful of clients from the Singapore
office. Perhaps the bank should cut its losses and focus its
efforts elsewhere.
On the one hand, Bielarczyk knew based on experience that
opening an office in an emerging market, such as Asia, required
patience and persistence. These markets typically featured
unique challenges including volatility in economic growth, poor
information quality, political instability, and barriers to entry.
Generally, the markets opened slowly and selectively. On the
other hand, there was growing concern about whether the
3. country could reform its system of political and economic
management. Bielarczyk knew that corporately to fail in
Thailand would affect RBC’s ability to grow its commodity
trade finance business, service multinationals and produce solid
returns from trading activities.
Bielarczyk would be meeting with Phil Brewster, Senior Vice-
President and General Manager, Asia later that week and would
be expected to provide an update on existing clients, new
business contacts, and the potential in the region. Bielarczyk
would need to present a strategy to Brewster about how the
company should react to the crisis.
BACKGROUND
In the early 1980s, RBC opened a representative office in
Bangkok with limited operations. The office served as a
marketing liaison only and could not solicit business in that
jurisdiction. The bank’s intention was to obtain a full branch
licence. Unfortunately, the financial sector did not open as
quickly as expected. With no demonstrated change in the
regulatory environment, coupled with unexpected LDC (less
developed countries) portfolio problems, the bank closed its
office in 1986.
On May 23, 1997, the press release appeared in the Bangkok
Post announcing that the office would be opening in June:
Thailand: Canadians Return to Financial Market
RBC is making a comeback in the Thai financial market largely
due to the many good opportunities identified. With our wide
4. range of expertise, particularly in telecom, energy, mining and
trade financing, our clients can expect top financial solutions to
help them achieve their business goals.
RBC has a strong commitment to Thailand and believes that the
Kingdom has good potential to become a regional financial
centre. Being a forward-thinking organization, we will work
very hard to achieve our ultimate goal — a full branch licence
to operate in Thailand.
The bank’s intent was to commence with a staff of five people;
the general manager would be an experienced banker from the
network, with all other staff hired locally. Included in the local
staff base would be individuals with account management,
credit, and analysis skills, whose experience and familiarity
with the marketplace would be important in developing the
client base. Over the first two to three years, they would hire
several Thai university graduates and train them in Canada
before they returned to Bangkok to work. The capital equipment
investment would reflect RBC’s strong technological
capabilities, from personal computers to communications.
BANKING INDUSTRY
Canadian Banking System
The Canadian banking system was one of the most stable in the
world. Since 1923, Canada had experienced only two bank
failures (compared to some 17,000 bank failures in the United
States since 1921), and in both cases there were no losses
experienced by either the deposit holders or bond holders. The
Office of the Superintendent of Financial Institutions (OSFI) in
Canada was responsible to the Minister of Finance of the
Canadian federal government for the supervision of both banks
and federally regulated non-bank financial institutions. The
5. Canadian Bank Act required a bank to maintain adequate
capital as well as adequate and appropriate forms of liquidity,
and empowered the OSFI to direct a bank to increase its capital
or to provide additional liquidity.
Revisions to Canada’s Bank Act in 1987 and 1992 greatly
reduced the barriers between the four pillars of Canada’s
financial services industry — commercial banking, investment
banking, trust, and insurance. As a result, the major Canadian
banks provided an extensive range of services within their
marketplace, including insurance, money management, retail
brokerage, and trust. In 1980, Canada had allowed foreign banks
to enter its marketplace, and to date approximately 75
institutions had established operations in Canada.
Royal Bank of Canada
Founded in 1869, Royal Bank was Canada’s largest financial
institution, and North America’s sixth largest bank, with assets
of Cdn$245 billion in September 1997. Earnings in 1996
reached a record $1.2 billion and return on equity of 19.1 per
cent for the first half of 1997 was among the highest in the
industry in Canada. Market capitalization in July 1997 was
$20.4 billion. Royal Bank ranked first or second among
Canadian financial institutions in earnings, market
capitalization and in virtually every financial service it
delivered. The bank’s 10 million personal, business,
government, and financial institution clients were serviced
through one of the world’s largest delivery networks, which
included more than 1,600 branches and over 4,000 automated
6. banking machines.
In an April 1996 survey, the Chief Executive Officers of the
1,000 leading Canadian companies selected the best-managed
corporations in Canada. Royal Bank ranked number two, the
highest of any financial institution in the country. Additionally,
it was selected as number one among all companies regardless
of industry in the categories of “Leader in Investment Value,”
“Leader in Responsibility” (measuring equality and charity),
and “Leader in Financial Performance.”
Internationally, Royal Bank operated in 35 countries through
over 100 delivery units. The bank was strongly represented in
the major international financial centers of the world, including
New York, London, Frankfurt, Tokyo, Hong Kong and
Singapore. RBC’s Chile office was opened in 1995, adding to
its existing Latin American network of offices in Argentina,
Brazil, Venezuela and Uruguay. In addition to the above
locations, the bank’s European network included Spain, France,
Switzerland, Netherlands and Channel Islands. Business clients
were offered a wide range of services including corporate
banking, trade financing, treasury services and investment
banking.
Twenty-three percent of the bank’s earning assets at October
31, 1995 were non-Canadian risk, producing 36 per cent of its
net income. RBC’s international asset base increased 19 per
cent between October 1995 and April 1996 to US$30.4 billion.
One of the bank’s corporate goals was to increase the
proportion of its business generated from non-Canadian sources.
RBC in Asia
The bank’s Asia Pacific network of 10 offices spanned seven
jurisdictions, including Australia, Hong Kong, Japan, People’s
7. Republic of China, Singapore, South Korea and Taiwan. Royal
Bank had been operating in the region for more than four
decades — in fact, in the early 1950s it was the first North
American bank to begin doing business with China after the
revolution. Exhibit 1 outlines Royal Bank’s history in Asia. The
bank now had 400 employees based in Japan, Hong Kong,
Singapore, Korea, China,
Taiwan, Australia, and most recently, Thailand. The product
offering focused on four major business lines
· financial institutions and trade, multinational lending, treasury
services, and global private banking. Exhibit 2 outlines the
business assessment relative to trade services. The asset base as
of April 30, 1996 was US$4.2 billion. This represented
approximately 16 per cent of RBC’s total international earning
assets.
Royal Bank had been marketing in Thailand for over 30 years.
Initially, this was undertaken by representatives of the bank
based in Hong Kong, as well as through RoyEast Investment
and Orion Royal Pacific, joint venture partners. In the early
1980s, Royal Bank was granted authorized lending facilities for
term loans to government entities, which included the Kingdom
of Thailand, Electrical Generating Authority of Thailand, and
Thai Airlines. The Royal had relationships with Thai banks,
particularly Bangkok Bank, Thai Farmers Bank, and Siam
Commercial Bank. In total, RBC provided facilities exceeding
US$260 million for a number of locally incorporated groups.
Recently, it had provided over US$100 million in facilities to
more than 15 Thai corporations, both in Thailand and overseas.
While the bank’s Asia strategy had been “status quo” in recent
years while it had focused on consolidating its dominant
position in Canada, there was now an aggressive plan in place
8. for Asia. With a population of 2.8 billion people and
unprecedented economic progress, Asia’s need for financial
services, by businesses and individuals, had grown
exponentially. And although the financial environments in
individual countries varied in degree of maturity, the potential
of the region was evident.
BIBF Application
One of the primary challenges facing banks in Asia-Pacific was
the ability to expand their delivery network to participate in the
economic and social infrastructure development of the region.
To successfully compete in and profit from this growth required
an investment in the South East Asia network to increase
presence, and to demonstrate commitment to both regional and
multinational clients. For financial institutions that expected to
reap long term-benefits in the country, the prescribed entry
format (BIBF) had to be followed. New banks had been allowed
to enter Thailand as Bangkok International Banking Facilities
(BIBF) offices, as a representative office, as a branch with a
banking license, and as a Provincial International Banking
Facility.
A BIBF permitted entry into a strictly controlled marketplace,
and served as the entry point to onshore lending in the future.
These licences enabled the banks to extend loans within
Thailand and abroad using money borrowed from overseas.
Foreign banks were limited to just one office and were not
permitted to deal in the local currency. Only certain
transactions could be undertaken by a BIBF; these excluded
certain types of trade business involving Thai goods or
customers such as issuance of letters of credit or dealing in
local currency. It did, however, provide the future possibility of
upgrading to branch status, which permitted a larger range of
business, including on-shore lending in the local currency. The
9. BIBF represented an immediate investment to satisfy longer-
term objectives. Local presence, combined with the ability to
secure collateral, provided an opportunity to develop
relationships with a much broader prospective client base than
could be achieved from abroad. Also, physical presence
permitted superior management of the political and economic
risks prevailing in the marketplace.
Royal Bank opened a representative office in Bangkok in the
early 1980s with a view to attaining full branch status. A
representative office allowed it simply to develop relationships
and refer and give advice. Unfortunately, the financial sector
did not open as quickly as anticipated. Given no demonstrated
change in the regulatory environment and Royal Bank’s
pressing LDC (less developed countries)
portfolio problems, it decided to close the office in 1986. This
action did not sit well with a country that believed foreigners
should “weather the storm” and demonstrate their commitment
to Thailand. Regulators have long memories and although there
was some financial service liberalization in 1992 and some
banks were “invited” to apply, Royal Bank was not one of them.
In 1996, another round of foreign bank licensing occurred and
Royal Bank was invited to apply. It was one of 21 applicants
from around the world, and after six months of review and
meetings with Thai regulators, it was one of seven successful
applications and was granted a Bangkok International Banking
Facility licence.
As the bank expanded its BIBF presence, it expected significant
benefits to accrue to Thailand:
· companies would receive funding at attractive prices
· sophisticated products would be offered, reflecting RBC’s
10. experience in specialized lending
· Thai personnel, both those working for RBC and those
working with clients, would have their skills upgraded
· RBC’s appetite for exposure, available to support trade in over
120 countries worldwide, would be available to support Thai
exports
· technology expertise would be transferred to Thai employees
and clients
A summary of expectations concerning the operation of the
BIBF is outlined in Exhibit 3. These estimates were considered
conservative; business activities were expected to increase
significantly as a result of participation in various growth
industries in the country, including transportation,
telecommunications and energy.
The BIBF reported to the Senior Vice-President and General
Manager, Asia based in Singapore. Expertise and familiarity
with the marketplace were important in the development of a
client base. Exhibit 4 outlines staff, premises and capital costs
for the initial five years.
The Thai Environment
(Exhibit 5 provides an overview of the key factors relative to
the markets in Southeast Asia. Exhibit 6 summarizes the Royal
Bank’s presence in Asia.)
Social
Thailand was situated on the Indo-Chinese peninsula and was
bordered on the west by Myanamar and the Andaman Sea, on
the east by Cambodia and the Gulf of Thailand, on the north by
Laos, and on the south by Malaysia. The country covered a land
area of 514,000 square kilometres and consisted of 76 provinces
11. which were divided into four regions: central, northern, north-
eastern and southern. Bangkok, the nation’s capital, was
situated in the central region and was home to approximately 10
per cent of the total population. The official language was Thai,
but English was often understood and used in commercial
circles. Chinese, principally the Teo-chiew dialect, was also
used in business.
According to the latest census, Thailand had a population of
approximately 59 million, with an annual population growth
rate of two per cent. Most of the population was Thai; minority
groups included Chinese, Indians, and Malays. Approximately
95 per cent of the population was Buddhist, the remaining
primarily Muslim, Christian and Hindu. Freedom of religious
belief was highly emphasized, with the King’s royal patronage
extended to all religions.
Political
Thailand was a constitutional monarchy and the king was head
of state. The king appointed the prime minister on the
recommendation of the Speaker of the House of
Representatives. The prime minister was usually the leader of
the core political party that formed the government. The latter
was recommended to the prime minister by the political parties
that formed the government and commanded the majority of
votes in the House of Representatives. The appointment of the
ministers in the cabinet was sanctioned by the king.
Thai politicians were seen as corrupt, incompetent and
responsible for the current economic crisis. General Chavalit
Yongchaiyudh, Thailand’s prime minister, took office in
November 1996, but by August 7th, when he was sent to see the
much-revered King Bhumibol, many expected his resignation to
follow. Although his resignation did not occur, there were
12. rumors of planned coups. The question remained whether
Chavalit had any clout to form a strong team capable of steering
the country out of the economic turbulence. Thailand’s
beleaguered finance minister had recently resigned, sending the
currency and stock markets into a dive. He left after losing an
intra-government battle over a plan to raise excise taxes for
some consumer goods.
Economic
Thailand was an open economy with a significant volume of
international trade. Its diverse private sector operated in the
industries of agriculture, manufacturing and services. The state
favored the free enterprise system, but controlled certain
industries to protect the public welfare or because the private
sector showed no interest in developing them. Several industries
were monopolized: utilities, tobacco, communications, arms and
explosives, and air, rail and motor transportation. Tourism was
the country’s most important foreign exchange source and was
critical to the economy. With seven million people visiting a
year, tourism represented 13 per cent of the country’s total
export revenue.
In 1985, manufacturing outstripped agriculture in GDP share.
Thailand was one of Asia’s main agricultural exporters; it
represented 11 per cent of exports. Approximately 70 per cent
of the population was engaged in agriculture. Thailand was an
important provider of rice, rubber, cassava, maize and sugar to
the world market but reliance on agriculture had been reduced
due to the rapid growth in manufacturing and services.
Manufactured products in Thailand accounted for 81 per cent of
exports. These included clothing, electronic parts and
components, furniture and jewelry. Thailand’s principal trading
partners were Japan, United States, European Union, Singapore
and Taiwan.
13. Between 1984 and 1990, Thailand’s GDP growth rates averaged
11 per cent per year, which made it the world’s fastest-growing
economy. From 1990 to 1995, annual growth rates averaged
approximately eight per cent. Inflation averaged five per cent in
recent years, which was impressive given Thailand’s rapid
growth. To keep pace with the country’s growth, the
government increased spending on infrastructure improvements
such as road networks and telecommunications. Efforts were
also underway to improve employee training and increase the
number of workers with secondary and post-secondary
education.
The currency was the Thai baht. It was fixed by the Exchange
Equalization Fund of the central bank and was generally
followed by the commercial banks. The Bank of Thailand
(BOT), the central bank, was the Ministry of Finance’s agent
for public debt management, exchange control and commercial
bank supervision.
Thailand ranked in the top 25 of Canada’s trading partners, with
trade flows between Canada and Thailand increasing
dramatically over the past three years. Major Canadian exports
to Thailand increased 57 per cent between 1993 and 1995 and
included organic chemicals, wood pulp, paper and building
materials. Canada’s imports from Thailand, such as electrical
machinery, mechanical appliances, and fish had grown almost
35 per cent during the same period. This represented more than
US$1.1 billion in trade business between the two countries.
Thailand was strategically located with respect to both
Indochina and the Southern China region, and expected to
continue as one of the fastest-growing economies in the world.
It was anticipated that local companies would not only expand
regionally, but that foreign companies would also want to
14. service both the local and regional markets with new projects.
The US$750 million announcement from General Motors in May
1996 was one such example. Royal Bank saw an important role
in Thailand for the bank to assist such companies. Exhibit 7
outlines the top companies listed in Thailand. In addition, it was
felt opportunities existed to lend to many more companies, with
over 50 domestic companies having a turnover exceeding
US$100 million. This growth was expected to increase by 10 to
15 per cent per year as planned privatization was implemented.
Competitive Environment
The financial industry in Thailand comprised 15 domestic
commercial banks, branches of 15 foreign banks, and
approximately 100 finance companies. The five largest banks
accounted for nearly 70 per cent of the total banking assets and
included Bangkok Bank, Krung Thai Bank, Thai Farmers Bank,
Siam Commercial Bank and Bank of Ayudhya. The foreign
banks had only a seven per cent market share. It was expected
that the financial markets would be further liberalized, with
plans in place to establish five new commercial banks, and to
open branches of seven foreign banks currently operating under
the offshore banking facility.
The Bank of Nova Scotia was the most active Canadian
financial institution in Thailand. It established a representative
office in Bangkok in 1980 and, in 1990, purchased a 25 per cent
interest in Poonpipat Finance and Securities Co. Limited. In
1993 it was granted a BIBF licence and was currently applying
for a branch licence. In the mid-1980s, Canadian Imperial Bank
of Commerce was active in Thailand, but subsequently closed
its office.
Current Situation
After a decade of seven to eight per cent annual growth, the
15. Thai economy entered a dangerous and volatile phase. The
country’s exports were no longer booming; foreign investors
were becoming concerned about the current-account deficit; and
big loans to property developers had inflated a dangerous
financial state. Bad debt continued to accumulate, causing more
anguish in the financial system. The stock market plummeted to
depths not seen in eight years. The currency fell prey to
speculative attack.
Contributing factors to the Thai crisis were the typical litany of
high debt, heavy borrowing, a large current account deficit, and
a semi-fixed exchange rate system (the baht was tied to US$).
Also, the banking industry had been deregulated without
requiring adequate capitalization or proper lending controls —
real estate was reckless. In June 1997, the central bank and the
Ministry of Finance attempted to take control by ordering
struggling finance companies to shore up their reserves against
bad loans in response to a crisis of confidence that threatened
the stability of the financial sector. The intervention
came after the government had ordered the leading finance firm,
Finance One, to merge with its long-time strategic rival, the
country’s 12th largest commercial bank, to avert Finance One’s
collapse.
The authorities’ firm intervention contradicted the BOT’s
traditional preference for self-regulation and came after a year
of mounting concern over the burden of non-performing loans
carried by the finance sector. Loan defaults had been rising
sharply because of tighter credit rules introduced by the central
bank in late 1995 and high interest rates designed to bring
inflation under control.
While the government had reassured the public that the baht
16. would not be devalued, they could not withstand the pressure on
the baht by speculators. The baht was, in effect, devalued 20
per cent when the central bank could not halt its slide and had
to unpeg it on July 2nd. Despite the country’s good
macroeconomic condition, Thailand had clearly lost sight of
market discipline.
On August 5, 1997, the Thai government announced it had
reached an agreement with the International Monetary Fund
(IMF) on a tough program of economic and financial reforms to
be introduced in return for a $16.7 billion package of loans. The
reforms included the closing of another 16 finance firms, in
addition to the 42 finance firms that were suspended earlier in
the year. These firms were asked to merge with banks and other
companies or submit other rehabilitation plans. The package
also involved tax hikes, spending cuts, accelerated privatization
and, potentially, the phasing out of public-utilities subsidies.
The program enabled Thailand to resume the rapid economic
growth that it had enjoyed since the mid- 1980s and allowed it
to implement two of the three significant reforms that Thailand
had long needed:
· the restoration of budgetary control
· the restructuring of the country’s rickety and corrupt financial
system
As a result of the bailout, the government was accountable to
the IMF. It was required to report its reserves every two weeks
and the central bank had to maintain foreign reserves above $24
billion, enough to pay for four months’ imports. This figure
would increase to $25 billion in 1998. The letter of intent also
required the Thai government not to bail out troubled financial
institutions by assisting their creditors. Implementing IMF
conditions would be painful and unpopular, but without the
credit package the reserves would be at risk of falling sharply
17. since the private sector had to repay dollar-denominated loans
at a time when foreign capital was flowing abroad.
Many Thais hoped the IMF rescue package would bail out the
floundering economy and result in the reduction of the Value
Added Tax (VAT) from its current level of 10 per cent back to
the previous seven per cent. This, of course, would raise serious
doubts about the commitment to the package. The government
expected the VAT to increase revenue by 60 to 70 billion baht
the following year on a broad range of consumer goods, services
and utilities. The government felt pressure to reduce
consumption on non-essential goods and to cut public
expenditures to achieve a balanced budget. Furthermore, the
government hoped to:
· trim the current 950 billion baht budget for fiscal 1998 by 60
to 100 billion baht with cuts in all sectors apart from education
and health
· cap inflation — less than five per cent when the baht was
floated in July — at 8.9 per cent
· cut the current account deficit — 8.2 per cent of GDP at the
end of 1996 — to five per cent in 1997 and three per cent in
1998
HEADING FOR A RECOVERY?
The Bank of Thailand’s governor, Chaiyawat Wibulswasdi, was
optimistic that Thailand’s economy would turn around. He
declared that the country was headed for recovery in three
years, assisted by the country’s new international credit line.
Economic growth was expected to shrink to 2.5 to three per cent
this year, before improving to four per cent in 1998 and five per
cent in 1999. The current account deficit would narrow to three
per cent of GDP.
18. The IMF might have helped to “plug the hole,” but the country
was clearly struggling to contain the effects of the currency
devaluation and turn around an economy growing at its slowest
pace since 1986. Without a doubt, the Thai crisis had triggered
a reassessment of Southeast Asian and of individual economies.
Problems around the region that investors had long ago
discovered and discounted suddenly loomed larger and more
sinister as markets began questioning the sustainability of
Southeast Asia’s economic miracle. International investors were
growing more nervous about risk factors and local companies
took a look at their practice of borrowing in dollars and looked
for other ways to hedge.
DECISION
The fallout from the Thai property market had been staggering.
The financial sector, which once fed on relatively cheap
offshore borrowing, was saddled with a staggering 547 billion
baht ($17 billion) in property-related debt, much of which it
would probably never recover. Growth had plunged and the
government had been forced to accept a rescue line from the
International Monetary Fund. Matters weren’t helped by the
government’s muddled attempts to deal with the crisis, most of
which came too late and brought confusion rather than clarity.
The important question was when, and if, the country could
reform its beleaguered, ill-fated system of political and
economic management. The future looked uncertain at best.
Perhaps Royal Bank should cut its losses and focus its efforts
elsewhere. Bielarcyzk would be meeting with Brewster next
week and needed to provide a status report and strategic
direction for the country.
19. The
Richard Ivey
School
of
Business gratefully acknowledges
the
generous
support of
The
Richard
and
Jean
Ivey
Fund
in
the
development of
this
case as
part of
the
RICHARD AND
JEAN
IVEY
FUND ASIAN
20. CASE SERIES.
Page 10
Exhibit 1
ROYAL BANK ASIAN TIMELINES
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000
HK - RBC Office/branch HK - Orlon Office HK - Inchroy
HK - CMC JV
Singapore - branch Singapore - Asian HQ Korea - office branch
CHINA
Corespondence banking
Beijing rep office Shanzen rep office Shanghai branch
Guanzhou rep office
Thailand Taiwan Philippines
Exhibit 2
BUSINESS ASSESSMENT (JUNE 1996)
BUSINESS SEGMENT
TRADE SERVICES
Definition
· Delivery of trade products and services to Business Banking,
Multinational, Correspondent Banking and selected trade
customers globally primarily on a short-term basis
· For RBC internal purposes. Financial Institutions & Trade
21. (FI&T) includes all activities undertaken in Asia outside of
Korea and Japan which would include general commercial
lending which may or may not be trade-related
Key Success Factors in this Business
· Centralized low cost processing of documentation utilizing
state of the art technology, electronic connection of processing
centres with branches and client and simple documentation to
speed processing time
· Bank-to-bank trade (included in FI) is credit-driven:
origination, structuring and distribution critical
· Strong reputation in the marketplace
· Customer service; trained experienced staff
· Throughput: volume
· Large number of correspondent banking relationships
CURRENT RBFG CAPABILITIES IN ASIA
Operations
· Trade conducted through branch offices in Shanghai, Hong
Kong, Taiwan (two offices) and Singapore under the direction
of the VP Trade, Asia; other Southeast Asian countries are
marketed out of Singapore
· Approximately 300 clients served, with a high concentration
of business with one client in Hong Kong
· MTC (micro trade command) implemented in Singapore in
1995 at a cost of
$1.8 million which automates L/C transaction processing for
Singapore; to be implemented in Hong Kong (for HK, Tokyo &
Shanghai) and Taiwan over the next year and to interface with
RIBS accounting system. It is the same system used in Canada
but customized for Singapore. This should result in full time
equivalent (FTE) savings (Canada eliminated 150 positions).
Conversion costs are estimated at $150 thousand for each of HK
and Taiwan and should result in saving three to four FTE
positions at each location or $100 thousand per year at each
location
Page
22. 12
Exhibit 2 (continued)
Financial Results
· 1995 NIAT $8.9 billion, forecasted to increase to $11.4 billion
in 1996 (ROC of 18% and 17%, respectively). These results
include loans to corporate clients (approx. 60% of gross
revenue) and exclude bank-to-bank loans which are trade-
related yet included in FI results.
· NIAT expects to grow 28% and 33% in 1996 and 1997,
respectively
· ROC levels are strong and forecasted to grow further
· Global trade ROC for 1996 is 14%; Canada 12%, Europe 8%,
US 28%. The Asian ROC could be overstated due to an under-
allocation of capital; this issue is currently being examined.
Strengths
· Strong position with correspondent banks as a source of short-
term trade finance business with more than 3,000 correspondent
banking relationships globally; 40% of foreign banks requiring
Canadian services use RBC.
Weaknesses
· Lack of integrated marketing approach with other RBC
products and units; lack of focused marketing strategy
· Account manager turnover and skill set not optimized due to
lack of specialized training
· Lack of market coverage; no ground presence in Indonesia,
Malaysia, Thailand, Vietnam; relatively few non-bank trade
customers outside Canada
· Lack of management information systems (MIS) and
cost/pricing methodology
· Low productivity due to lack of volumes and high fixed costs
23. Key Competitors
· Highly competitive; significant market activity due to ease of
entry and large number of players threatens profitability
· All global banks present including Citibank, Chase/Chemical,
BNP, Societe Generale, HSBC, Standard Chartered, ABN-Amro
and Deutsche
· Citibank leading player with regard to centralization via
imaging technology
— all trade processing centralized in Penang (rent $.95 psf) and
Hong Kong.
· CoreStates is active in trade processing and is used by BMO
and many others.
Best Practices of Competitors
· Centralized, low cost processing and use of technology
· Large number of correspondent banking relationships
· Focused approach to the market
Exhibit 2 (continued)
Opportunities for RBFG
· Adopt a more client-focused approach, segment and target
market moving somewhat downmarket to large regional
corporates to generate increased business
· By 2000, total Asia exports, significantly intra-regional, will
reach $2 trillion, up 65% which is the highest growth rate in the
world (1993 intra-Asian trade flows were US$1,037 billion;
36% from Greater China [China, Hong Kong, Taiwan], 32%
Japan & Korea, 24% Southeast Asia). Imports will total $1.5
trillion
· Intra-Asian trade flows — Japan, Korea, China & Taiwan are
the origin of most flows; China and southeast Asia are the main
destinations of the flows
· Increasing Canada-Asia trade — by 2000, Canadian exports to
24. Asia (excl. Japan) will total US$13 billion (up from $5.8 billion
in 1994) and imports will be US$l9.9 billion
· Tap into increasing Latin America-Asia trade flows through
our correspondent banking network
· Outsourcing our trade processing is an option (e.g., Citibank,
Corestates); even on a “white label” basis, however, this
represents a degree of loss of control and RBC could install a
similar system to that currently being put into Canada to retain
control of documentation processing
· RBC can capitalize on its credit rating and strong reputation to
generate business by linking customers globally (e.g., linking
Asian with global commodities strategy)
· Lending is the main basis of the Asian corporate banking
relationship and the ability to secure trade finance business will
likely go to those banks which maintain financing support
Threats for RBFG
· Credit risks — lack of foreign exchange (FX) ability to repay
(transfer risk) and illiquidity of local bank (FI risk)
· RBC loses clients who go into countries where we lack a
ground presence as we are disadvantaged from providing a
similar level of service to our competitors
· Lack of transparency in financials of customers impedes risk
assessments
· Recent expansion in trade — the Bank has gone downmarket
dealing with clients who essentially are independent business
and trading companies with little capital and very high leverage
Exhibit 2 (continued)
Conclusion RBC is currently a high cost producer
lacking the necessary volumes to gain
peak efficiencies; estimated processing efficiencies in Hong
Kong and Taiwan vs Canada are 50%
25. · Trade is a core business in Asia and a core competency of
RBC in Canada where volumes are relatively flat; to become a
top 20 global trade bank by 2000, Asian trade business must be
further developed
· There is a need to promote awareness of Asian trade
capabilities in Canada
· With the forecasted growth in Asian exports and intra-regional
trade flows (e.g., Korea – Japan; China Triangle), the Asian
market is very attractive for trade
· Through enhanced market coverage and promotion of
interbank referrals, attempt to increase the volume of export-
related trade products
· Prepare a business case to centralize processing of trade
documents in Singapore which would require imaging
technology (similar to current Canadian initiative) to reduce
costs (offset by higher communication costs) and improve
efficiencies. This could result in substantial FTE savings
(perhaps as much as 50% of back office staff).
· Precisely define target market names; relationship-manage
these targets with a view to enhancing revenue generation
· Increase trade-specific training (as opposed to generic Visions
and Values) to improve effectiveness of training dollars
· Realign resources from back office/support/administrative
staff to front-line revenue-generation staff (i.e., knowledgeable
trade marketers) through downsizing, more effective training
(our skill level requires upgrading) and introduction of
technology. Add four trade marketers, reporting to VP Trade for
Asia, in Hong Kong, Tokyo, Singapore and Seoul at a total
estimated cost of $1.2 million (4 x $300 thousand) which will
require $120 million of new letter of credit (L/C) business to
break-even (based on a 1% spread) which should be attainable
based on expanding intra-Asian trade flows.
· Lending as a stand-alone product should not be encouraged;
however, as part of a trade finance relationship it should be
encouraged
· Involve VP Trade with country manager when setting country
26. limits
· More aggressive follow-up on advisements to Asian exporters
· Upgrade Beijing to branch status to protect existing trade
business done there as Beijing opens up
Exhibit 3
ROYAL BANK OF CANADA THAILAND BIBF
APPLICATION JUNE 1996
BIBF Feasibility Study Summary
ASSETS REVENUE
NON-INTEREST PRE-TAX INCOME
CAPITAL EQUIPMENT INVESTMENT STAFF
COMPOSITION
Experienced RBC Staff Locally Hired Team
TOTAL
Year 1
Year 5
(USD $)
(USD $)
$ 225 million
$540 million
28. Detail
Year 1
Year 2
Year 3
Year 4
Year 5
General Manager
1-Year 1
Expatriate compensation
159,500
175,500
193,000
212,300
233,500
(Canadian Expatriate)
package
Senior Marketing Manager
1-Year 1
Salary, performance bonus &
48,300
53,200
58,500
64,400
70,800
29. (5 years relevant experience)
other benefits
Operations Manager
1-Year 2
Salary, performance bonus &
32,200
35,500
39,000
42,900
(5 years relevant experience)
other benefits
Marketing Manager
1-Year 3
Salary, performance bonus &
35,500
39,000
42,900
(3 years relevant experience)
1-Year 5
other benefits
30. 42,900
Credit Analyst
1-Year 1
Salary, performance bonus &
22,200
24,400
26,800
29,500
32,400
(Graduate with 2 years experience)
1-Year 4
other benefits
29,500
32,400
Secretary
1-Year 1
Salary, performance bonus &
9,700
10,600
11,700
12,900
14,200
(2 years experience)
other benefits
31. Clerk
1-Year 1
Salary, performance bonus &
7,300
8,000
8,800
9,700
10,600
(2 years experience)
1-Year 3
other benefits
8,800
9,700
10,600
Driver allowance paid to managers
Allowance
8,500
9,300
10,200
11,300
12,400
(1 each for General Manager &
Senior Marketing Manager)
32. TOTAL STAFF COST
10 staff
255,500
313,200
388,800
446,000
545,600
Page
19
Exhibit 4 (continued)
ROYAL BANK OF CANADA IN THAILAND PREMISES &
EQUIPMENT COSTS (U.S. DOLLARS)
Category
Number
Detail
Year 1
Year 2
Year 3
33. Year 4
Year 5
Office Space
2,000 sq.ft
@ USD 2.01/sq.ft./mth in year 1
48,200
53,100
87,600
96,300
106,000
1,000 sq.ft.
@ USD 2.44/sq.ft./mth in year 3
General Manager’s residence
Within 30 mins. driving distance of
48,200
53,100
58,400
64,200
70,600
office
34. Depreciation – Automobiles (5-year useful life)
1 car for general manager
1 car for senior marketing manager
14,300
6,800
14,300
6,800
14,300
6,800
14,300
6,800
14,300
6,800
Depreciation – Office Equipment
Computers & LAN server
7,300
7,300
10,900
10,900
10,900
(5-year useful life)
Data processing equipment
3,100
3,100
3,100
3,100
3,100
Depreciation – Leasehold
Improvements to office space
26,200
26,200
39,300
38. Desktop PCs
LAN server, cables, etc.
18,100
18,100
Data Processing Equipment
Computer, telecommunications hardware, fax, printers
15,600
TOTAL CAPITAL COSTS
425,600
0
83,600
0
0
Exhibit 4 (continued)
ROYAL BANK OF CANADA IN THAILAND OTHER COSTS
(U.S. DOLLARS)
39. Category
Number
Detail
Year 1
Year 2
Year 3
Year 4
Year 5
Club Membership
3
Annual fees
2,000
3,000
3,000
3,000
4,000
Car running expenses
2
Petrol, maintenance, etc.
10,000
11,000
12,000
13,000
15,000
Insurance
Office & GM’s residence
50. Population
192 million
59 million
72 million
67 million
45 million
Urban population as % of total
33%
35%
20%
45%
76%
Income distribution (top 20% population/country earnings)
42%
51%
49%
48%
42%
Foreign Reserves – US$
16b
29b
.6b
6b
26b
Net Debt (Creditor) Level – US$
88b
44b
18b
33b
44b
GDP
51. - 3-year avg – US$
116b
143b
15(3)
63(3)
380b
- Historical growth – 5 year
7%
10%
8%
1.5%
7%
- Forecasted Growth
6.5%-7.5%
7%-9%
8.5%-9.5%
5%-6%
6%
- GDP per capita – US$
909
2,411
215
941
8,539
- GDP per capita at PPP – US$ (1)
3,100
6,400
1,300
2,700
9,800
Trade – in US$
55. 8
Mallee Development
Property
469
623
9
Ratchaburi City Cement
Building
422
1,109
10
Sala – Union
Textiles
406
541
* ranked on sales; excludes banks and finance houses
Notes: Opportunity exists to lend to many more companies, with
over 50 domestic companies having a turnover exceeding USD
$100 million. This is expected to grow by 10-15 per year as
planned privatization is implemented