My Desire to Become a Young Adult Novelist - 721 Words

John Green, one of my biggest role-models, once said, â€Å"Imagining the future is a kind of nostalgia.† Nostalgia means something you long for, I long for a bright future. In my future, I desire to be an author. In order to accomplish that, I must thoughtfully construct a plan that will lead me to the ultimate result of the life that I crave for. Authors influenced me to want to become an author myself. After reading a wide range of books by varying writers like Ned Vizzini, J.D Salinger, Natalie Babbit, Mitch Albom, and as I said earlier, John Green, I am determined to leave that evangelical zeal that you get from books, and only books, on my readers the way many books have done to me before. Establishing goals is crucial to actualizing my dreams of having a gratifying career as a Young Adult/Teen novelist. Knowledge is a key aspect when creating the goals that you will pursue because it is extremely beneficial to know which universities you are bound to attend. For instanc e, my university of choice is Columbia University of New York. I would like to study at Columbia University because I am interested in the clubs and activities they have available there such as The Artist Society Blog, Quiz Bowl, and Feminist Thought. Furthermore, Columbia University has many classes and courses for writing. Defining clear goals for myself will motivate me to propel forward with my endeavors. With a definite mindset of where I want to end up, a Point A to a Point B, it will ease any stressShow MoreRelatedAnalysis Of Louisa May Alcotts Little Women1720 Words   |  7 PagesLouisa May Alcott was a famous American writer and novelist â€Å"who was born on November 29, 1832, in Germantown, Pennsylvania.† (The Biography.com website, 2014). She wrote various writings under many pseudonyms and only used real name when she finally felt ready to be known. Alcott was known as the best-selling novelist in the late Eighteenth century and many works that she had done is popular till today. She was taught by her father and to support her family, she worked, along other positions, asRead MoreLearning Fundamentals Of Dealing With People1023 Words   |  5 PagesLearning The Fundamentals of Dealing With People Throughout life everyone must deal with people, whether in the office, or behind the counter of popular chain coffee shop. Encountering new people has become a day to day routine of the average american. Now whether that encounter is a positive one, or a negative one all depends on one thing, you. Wouldn’t it be nice to have a cheat sheet on making every instance a pleasant one. In â€Å"How To Win Friends Influence People† the reader learns the fundamentalsRead MoreImpact Of Industrialization On The Industrial Revolution2205 Words   |  9 Pages‘industrial novels’, those novels which concerned themselves largely with the increase of industry, machinery, factory settings and the social issues which arose out of them, an assumption that each novel approaches these topics from the same viewpoint becomes deeply flawed. Instead we must view the industrial novels written in the mid 19th century as a variety of contradictory and competing answers to the Condi tion of England question, each writer reimagining the Industrial Revolution in light of theirRead MoreIdentity Construction : An Integral Component Of Human Species1386 Words   |  6 Pagesera. This period in Britain was one of huge industrial and technological change, shocking divisions between rich and poor as well as individualized narratives of great men building fortunes from nothing. 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There looked to be about five more small tomb stones, but with the heavy fog surrounding the marshy area it was hard to tell where anything truly was. The headstone the boy sat in front of however was large enough to fit an adult man. The boy’s fingers traced the letters that had been imprinted on the dark stone some time ago. The concentration he held was uncommon for a boy of that age. Whispering could be heard coming from his lips, but barely any of it was recognizableRead MoreLanguage, Upbringing And Group Acceptance1991 Words   |  8 Pagesrelationships would cease to exist without any form of language, spoken, written and even body language, are all necessities in our everyday life. David Foster Wallace’s, â€Å"Authority and American Usage† and Richard Rodriguez’s, â€Å"The Achievement of Desire† communicate the importance that language has on our lives. This conversation regarding language and its importance brings up the questions of what exactly is the impact it has? It is critical to understand that the way a language is used leads toRead MoreAnalysis Of The Book Huckleberry Finn Essay1842 Words   |  8 Pagestime when young adults are making decisions about th eir lives--moral, social, emotional, academic decisions. They are making choices of jobs and friends, choices that will affect directly their behaviors away from adult supervision, away from the confines of school and home. Since Huck has to undergo the very same initiations, the book serves as a model for young people everywhere who must be initiated into the world in which they are expected to function as active, contributing adults. The choicesRead MoreAnalysis Of Edith Wharton s Ethan Frome 1834 Words   |  8 PagesOutline I. Abstract II. Background A. Childhood B. Adult Life 1. Loveless Marriage 2. Divorce III. Critiques and Reviews A. Ethan Frome B. Pulitzer Prize IV. Personal Analysis A. Ethan Frome Analysis B. Marriage Speculation V. Original Piece A. Neglected Love (Poem) VI. Conclusion VII. Bibliography. ABSTRACT Edith Wharton was a Pulitzer Prize winning female author whose writing style was mainly affected by her aristocratic upbringing. Growing up Edith Wharton was friends with former PresidentRead MoreMisinterpretation in Ian McEwans Atonement2826 Words   |  11 Pagesmisinterpretations of a young girl, the hero Robbie is falsely convicted of rape and sent to prison, and in the end this was the cause not only of his separation from Cecilia but also his death. Cecilia Tallis is from the upper middle class and is a university graduate, who ends up working as a nurse, and her lover Ronnie Turner also graduated from Cambridge, although this was still uncommon for someone from a working class background. He too had aspirations to rise into the professional class and become a physician

The Pros And Cons Of Harry Potter - 1487 Words

Since Harry Potter’s release there has been much conversation surrounding the controversies around it. From being considered occultic and anti-Christian to being thought of as poison to children’s minds, Harry Potter earned a spot on the list of books banned from being taught in public schools. There were many arguments concerning Harry Potter. While being written and published as a young adult book meant for ages 10 and up, many adults did not find it suitable for this age group. Jacqui Komschlies, being one who is against the teaching of Harry Potter as a piece of literature in schools, stated that the books were similar to â€Å"orange soda† mixed with â€Å"rat poison†. He, along with many others, argues that Harry Potter and all of its†¦show more content†¦For this reason, Harry Potter and the Sorcerer’s Stone made its way onto the list of banned books. Christian parents fear that the book paints magic in a manner that is good, while their religion enforces the idea that magic is the fruit of dark labor. Seemingly, there are several ways that the story of Harry Potter and the Sorcerer’s Stone can be said to be rat poison disguised as orange soda. It stands to reason that the story is a brilliantly written piece of fiction, that draws readers in with meticulous and vivid descriptions, leaving no stone unturned in the mind. The way this book is written allows for readers to delve into the world of Harry Potter while understanding that it is a figment of Rowling’s imagination. Although readers may be aware that this is fictional, they voluntarily ignore this fact, put their disbeliefs to the side and when reading become completely encompassed in the story. Fantasizing about receiving an owl for Hogwarts School of Witchcraft and Wizardry is not how parents intend their children to spend their eleventh birthday. The thought of their home being filled with letters inviting their children to study magic as seen in chapter three is terrifying to people who classify magic as a part of the dark world. On page 41 Rowling writes: â€Å"No post on Sundays,† he reminded the cheerfully as he spread marmalade on his newspapers, â€Å"no damn letters today-†. Something came whizzing down theShow MoreRelatedThe Importance Of Whats Going On In The World1048 Words   |  5 Pageskids reading about inappropriate topics. â€Å"According to certain adults, these stories teach witchcraft, sorcery, and Satanism† (Judy Blume, The New York Times). Blume states in her article a reason for why parents don’t let their children read Harry Potter books and tries to get them banned in schools. To that parent, he or she made this choice to protect their child from reading or learning about witchcraft and wizards. Some parents might not think about the message books send to their readers whichRead MoreCensorship Is Ficial Examination And Suppression Of Certain Books2335 Words   |  10 Pagesbooks that some deem to be unacceptable. (Censorship in Young Adult Literature - Video.)Some popular banned boo ks are The Harry Potter Series by J.K. Rowling, Twilight by Stephenie Meyer, The Hunger Games Trilogy by Suzanne Collins, and The Catcher in The Rye by J.D. Salinger. All of these books are very iconic; some were made into into billion dollar movie franchises. The Harry Potter franchise even has its own theme park in Orlando, Florida at Universal Studios. The Twilight Saga has a convention everyRead MorePeer Pressure2910 Words   |  12 Pageslisted below may be good idea generators. †¢ Which came first? 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What would be the pros/cons of using OD theory for this change project? What would be the pros/cons of using nStep? Which nStep would you recommend for this if you use one? Of the two methods (nStep or OD), which would you recommend we use for this particular change program? Why?  (Points : 35) 5.  (TCOs C,D)Read More School Uniforms Essay2067 Words   |  9 Pageswhy those were my understandings of the uniform they have to use. Also they have more time to catch the school transportation because they do not have to pick the cloth they are going to wear to school. Other schools make them dress like the harry potter movie which will help a lot on discipline and student comprehension. This will also help students equalize with all the other kids around them. 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If you are having trouble thinking of a topic, try looking through these sites: Pro/Con: http://www.procon.org/ Balanced Politics: http://www.balancedpolitics.org/ 2. This speech should be 6-8 minutes in length. You will deliver the speech extemporaneously, to a gathered audience. You should plan to use either 3x 5 or 4x 6Read MoreAmerican Popular Culture and Its Impact in a Globalized World8501 Words   |  35 Pagestwo concepts of Americanization and globalization, but one must nonetheless clearly keep the two apart. Americanization [Â…] means cultural transfer [Â…]. Along with art and entertainment, it embraces politics and economy as well as social codes of con-duct. One thing fairly stands out: cultural transfer is unidirectional Ââ€" it flows from the USA to western Europe, and indeed elsewhere around the globe (Doering-Manteuffel 1999, online). Impulses originating in the U.S. are taken up by another country

Succubus on Top CHAPTER 5 Free Essays

I jerked my head away from him. â€Å"What?† Bastien didn’t miss a beat, obviously amused by my reaction. â€Å"You heard me. We will write a custom essay sample on Succubus on Top CHAPTER 5 or any similar topic only for you Order Now We’re going to break in. I overheard Bill saying the whole family would be out the night after next.† â€Å"And pray tell, how are we going to lead her to scandal through violating her home? By proving to the world that her security system isn’t as good as she thought it was?† He laughed. â€Å"No, by rifling through her paperwork and finding some sort of incriminating evidence. Money laundered from the CPFV. Illegal means of carrying out the group’s goals. Maybe even love letters from the infamous pool boy. You know there’s got to be something.† â€Å"Bastien, this is – â€Å" â€Å"Ingenious?† â€Å"Ridiculous. Even for us.† â€Å"Hardly. Like I said, it’s a backup plan. Probably not even necessary, since I suspect she’s probably in the shower right now masturbating to fantasies of me.† â€Å"Yeah, she sure looked like it back there,† I said nastily. â€Å"More likely she’s sanitizing her pool after my defilement of it. Well, backup or no, you’re going to have to do this break-in on your own. â€Å" â€Å"Come on! We’ll bein visible. Nothing to lose.† â€Å"That’s not the point. The point is I don’t do this kind of thing.† â€Å"We’re agents of evil. We lead innocents into temptation and suck away their life. How is breaking and entering that much of a leap?† I tightened my lips and shook my head. â€Å"I thought those broadcasts pissed you off. Don’t you want to see her fall?† â€Å"Not enough, apparently.† He fixed me with a sharp stare. â€Å"Did you know that the CPFV recently kicked out a woman for leaving her husband? He had been beating her incessantly – sent her to the hospital twice. When she finally got the nerve to walk out on him, Dana condemned her for violating the sanctity of marriage. Said the woman hadn’t tried hard enough to make things work.† I groaned. â€Å"Don’t tell me this stuff.† â€Å"So are you in or out?† â€Å"You sure are pushy, you know that?† He kissed my cheek and hugged me. â€Å"I learned from the best.† I went to Doug’s concert the following night, showing up about halfway through the opening act’s set. I found several of the bookstore staff occupying a corner but saw no sign of Seth yet. Part of me regretted the whole separate-arrival mandate, but then I remembered the part in Seth’s story where Genevieve had spanked O’Neill. Suddenly I didn’t feel so bad anymore. While waiting at the bar for a vodka gimlet, a familiar shape slid up next to me. â€Å"Hey, hey, pretty lady.† I flashed a smile at Doug’s bass player, Corey. â€Å"Hey yourself. You guys ready for this? You’re in the big time now.† He returned my smile, eyes alight. Intimidating and fierce looking, he wore a lot of black and had piercings everywhere. He was also one of the nicest guys I knew. â€Å"Hell yeah, we are. We were born for this night. This is the night that’s going to define our existence! The night that’s going to define existence for everyone in this room!† He extended his hands over his head and whooped with delight, emitting something like a cross between Tarzan and a B movie Apache chief. The silvery glitter of those piercings added to his savage persona. He was as exuberant as Doug had been the other day. Maybe more so. As much as I wanted to see the band succeed, there was no telling what true fame would do to them. They’d be bouncing off the walls. Setting things on fire. When I got the gimlet, Corey tugged at my arm. â€Å"Come on. I’ll give you a sneak peek backstage. You can say hi to Doug.† I glanced back at the corner, saw no sign of Seth, and followed him. In the dressing room, the rest of the band was in similar form. They all knew me and cheered my arrival, holding up their drinks in a giddy salute. Doug was dressed in a spectacularly gaudy manner, sporting black spandex biker shorts, a Thundercats shirt Seth would have envied, and a sweeping red velour cape. His shoulder-length black hair was tied back in a sleek ponytail. He scooped me up as I entered, hoisting me so that I nearly sat on his shoulder. Min, the group’s saxophonist, waved the instrument over his head in barbaric approval at my capture as Doug roared a cry of victory. â€Å"Here she is! Kin-fucking-caid! You ready to rock, babe?† â€Å"I’m ready to dump this drink on your head. Put me down. â€Å" Doug laughed and eased me down to the floor. I stumbled a bit but not from being set down. It was here again. That weird tingling feeling I’d felt with Doug in our office. Only this time, it was stronger. Much stronger. It pulsed around me, almost making me squirm. I peered around stupidly, trying to figure out where it came from, but it was impossible to tell. The sensation was everywhere, an abrasive vibration singing through the air that only I seemed affected by. Wyatt, a redheaded guitarist, grinned at me. â€Å"How much have you been drinking out there? You look a little glazed over. â€Å" â€Å"Starry-eyed’s more like it,† said Doug, teasing. â€Å"Not every day a girl can be around this much sexy action, huh?† â€Å"Whatever. I think her sexiness is a little more lethal than ours,† Wyatt said. He gently turned me around. â€Å"You met Alec yet?† The new drummer, presumably. He stepped forward and bowed before me with a flourish, just as goofily wound up as the rest. He was a little younger than they were, a bit lanky, and had fading blue streaks in his blond hair. He seemed only slightly less keyed up. Still clueless about what was making me feel so weird, I attempted to push it out of my mind and offer Alec a normal smile. â€Å"Hi,† I said. â€Å"You sure you want to hang with this group of misfits?† â€Å"I’ve seen worse.† â€Å"In an asylum?† He laughed and nodded at my drink. â€Å"What are you having?† â€Å"Vodka gimlet.† â€Å"Nice choice,† he said coolly, though I suspected he’d probably never heard of one before. There was a total look of fumbling inexperience about him. â€Å"Order your next one on me. Tell the bartender to put it on my tab.† I worked hard to keep a straight face. He was attempting suave movie-star lines, but they lost some of their effectiveness coming from someone who was barely old enough to drink himself. He probably hoped Wyatt’s earlier assessment of my inebriation was accurate. â€Å"Hey,† said Doug, grabbing hold of me. â€Å"Stop flirting with my Groupie Queen. Only when you can snatch the fly with the chopsticks, Grasshopper, can you accumulate the groupies. For now, the student must leave the groupies to the master. â€Å" Doug marched me around the room in a – very bad – mock tango. The jerking motion, combined with that grating buzzing in the air, made me lightheaded. â€Å"Is the rest of the gang out there?† â€Å"Waiting with bated breath,† I promised. I cocked my head at him. â€Å"Shouldn’t you be a little more nervous than this?† â€Å"Sure. If I had anything to be nervous about. Which I don’t.† I felt just as astonished now as I had at work. Doug knew his own talent, but I’d seen him before shows in the past. While always joking and in a good mood, there had been a nervousness to him before, a private sort of ruminating while he mentally braced himself to put on the best show he could. I knew he’d said the band had hit some sort of peak recently, but the change was dramatic, to say the least. After a few more jokes and sexual innuendoes, I finally left them. Just like that, the discordant feeling disappeared as soon as I cleared the door. It was like breathing fresh air after a sandstorm. Glancing behind me, I stared into the room, trying to find any indication of what had just happened. Nothing revealed itself. The band had forgotten me already. They were laughing at something else, drinking their beer or pop or whatever, and roughhousing in what must have been some male tension-reliever. Puzzled, I walked away. Seth had joined the others when I finally made my way back to the main floor. I felt a smile creeping up on me in spite of my concerns. His hair was as unkempt as ever, and he wore a Thundercats shirt. â€Å"Hey,† I said when I saw him, conscious that everyone was watching us, apparently waiting for me to pull out my handcuffs. â€Å"Hey,† he returned, hands casually in his pockets, posture relaxed and easy like always. â€Å"You know, Doug’s wearing a shirt very similar to that.† â€Å"I know. I lent it to him.† We all shared a good laugh over that, and Beth turned to me. â€Å"You saw Doug? Is he ready for this?† â€Å"The question, actually,† I told them with a small frown, â€Å"is ‘Is the world ready for Doug?'† A half hour later, they saw what I meant. Nocturnal Admission burst onto the stage, and suddenly all that pent-up energy and enthusiasm was channeled into their music. Like I’d told Doug, I’d long been a fan of the group. Their style combined hard rock with a bit of ska, and the fusion always hooked me. After centuries filled with repetition, innovation was a treat. They regularly performed with flair and passion, making them as much fun to watch as to listen to. My biased affection for Doug didn’t hurt either. Tonight was unbelievable. All of their songs were new; I’d never heard any of them before. And Christ, what songs they were. Amazing. Incredible. Ten times better than the old ones – which I’d hitherto found hard to beat. I wondered when Doug had had time to compose these. He wrote most of their stuff, and I’d last seen them perform about a month and a half ago. He must have had help to write all of those in so short a time. I knew he usually took a while to compose one, refining lyrics over and over. He never treated the process lightly. And the performance itself†¦Well, Doug was always flamboyant; it was his trademark. Tonight, I swear, he never stopped moving. Pure energy in human form. He danced, he sauntered, he did cartwheels. His between-song monologues were hilarious. His singing voice surpassed anything I’d ever heard from him, rich and deep. It resonated in my body. The audience couldn’t get enough. They loved him, and I understood why. No one, even the people who worked there, could take their eyes off the stage. Except one. There, along the far edges of the crowd, was a man casually making his way toward the exit. By his stride and apparent lack of interest, he didn’t find Nocturnal Admission as compelling as the rest of us. While this was intriguing enough to draw my own gaze from the band, his attire struck me even more strongly. If GQ magazine had been around in the days of Victorian poets, he would have been their cover model. He wore beautifully tailored black slacks paired with a long, black coat, the tails of which almost touched the backs of his knees. Underneath the coat was a gorgeous, billowing white shirt that might have been silk. Whatever it was, it made me want to touch it and see how soft it was. Unlike Horatio, whose demonic wear had simply been out-of-date, this guy had taken the past and made it his own. His own hot historic couture. The kind the modern day â€Å"goth† movement so longed to achieve. He’d opened the first few buttons to reveal smooth, tanned skin. That skin tone paired with the glossy black hair that flowed halfway down his back made me think he must be of Middle Eastern or Indian descent. When he reached the door leading out, he paused and turned toward the stage, watching the band for a few moments. A small, pleased smile played along his lips, and then he was gone. Weird, I thought. I wondered who he was. Prospective agent maybe? Or perhaps just someone who didn’t get down to this type of music. He had looked like the kind of guy who owned Chopin’s complete works, after all. I considered the man for a few more moments, then turned back toward the stage. The group was taking a momentary reprieve from their new stash and doing a cover of one of my favorite Nine Inch Nails songs. Nothing like hearing Trent Reznor’s lyrics paired with a saxophone. â€Å"I can’t believe this,† I told Seth later, moving to the back of our group so I could stand near him. Our friends were so hypnotized by what was onstage that Seth and I could actually talk without drawing attention. â€Å"It’s†¦unbelievable.† â€Å"That it is,† he agreed. â€Å"I take it this isn’t the norm then?† â€Å"No. Absolutely not. But I hope it becomes the norm. Jesus.† We fell silent then, our eyes and ears drawn back to the band. As we watched, however, Seth rested his hand on my back in a friendly, innocent gesture that made me promptly lose interest in the music. And that was saying something. The shirt I wore was hardly a shirt at all. It was a glittering tunic type thing that covered the front of me only, then tied behind my neck and once below my shoulder blades, thus letting his fingers stroke bare, exposed skin. Less than a week ago, I’d been in a hotel room with a guy who’d massaged scented oil all over my body and then gone down on me in a way that left me gasping. And yet, I swear that didn’t do as much for me as Seth’s fingers on my bare skin did now. The rest of my body jolted to life, suddenly ravenous for more of him. When he trailed his fingertips down to my lower back, I could perfectly discern every place he had touched me and every place he hadn’t, as though his fingers left scorch marks in my flesh. Magic fingers. Seductive fingers. My nerves pulsed hungrily, demanding I take action and give them more. When his hand finally came to rest by my tailbone, right at the edge of my jeans, I murmured, â€Å"You can go lower if you want. â€Å" â€Å"No,† he returned. His voice seemed huskier than usual, holding an unfamiliar intensity. But it was laced with wistfulness too. â€Å"I really can’t.† The audience whooped and demanded an encore when the show ended, which the band was only too happy to give – multiple times. Talk about stamina. As I watched them wrap up the song and make their bows, an idea suddenly struck me. Excusing myself for the bathroom, I headed back in the direction of the dressing room. Once out of any passerby’s eyesight, I turned invisible and slipped back into that room, still perplexed about that burning, crawling sensation. It was gone. Everything felt perfectly normal in the room. Jackets and instrument cases lay in unceremonious heaps on the floor, and empty red plastic cups vied with overflowing ashtrays to cover up other flat surfaces. I paced around slowly, peering in corners, looking for something – anything – that would explain what I had felt. And again, I came up empty-handed. All was quiet and still. No person or creature waited to leap out, though I was pretty sure what I’d felt hadn’t come from anything living. Yet, it also hadn’t resembled any charm or enchanted object I knew of either. If anything, that tingle had felt like something in the middle: half sentient, half not. But that made no sense. Returning to my friends, I saw them making preparations to leave. None of us could stop talking about the show. We separated and met up again at Doug’s place for a post-show party he’d invited us to. I’d been to similar gigs of his but saw more people here than ever before. They packed the place. Alcohol and pot flowed like milk and honey, but I stopped after a couple shots since I had to open at work in the morning. Through the smoky, decadent haze, the band worked the crowd like they’d done this sort of PR all their lives. They talked to everyone, charismatic and outgoing, though never too proud or conceited. As this went on, Seth and I kept a respectable distance from each other in order to maintain the illusion we were nothing but friends. While I still believed that was a good idea, it sort of seemed like rubbing salt into open wounds. Bad enough we couldn’t touch each other; now we couldn’t talk either. Alec found me at some point, attempting to resume the conversation we’d been having when Doug spirited me away. The drummer handed me a plastic cup. â€Å"This guy over there knows how to make vodka gimlets,† he said happily. I sniffed the cup. It smelled like pure vodka. Probably a cheap kind at that. â€Å"Thanks,† I said, literally keeping it at arm’s length. Alec leaned against a nearby wall, propping his elbow against it to create a more enclosed sense of space between us. â€Å"So, did you like the show?† â€Å"Yes. Absolutely. You guys were amazing.† His chest puffed up with pride. â€Å"Thanks. We’ve been working really hard. We’ve got some other big shows coming up soon – I hope you’ll come see us.† â€Å"I will if I can. I seem to be working a lot lately.† â€Å"Over at that bookstore with Doug? I can’t figure that out. Neither of you seem like that type. Especially you. You look like someone with a wild side. Someone who likes to party. â€Å" I kept my smile up and took a step back. â€Å"Sure. Just not on school nights, you know?† Ignoring what I thought were obvious â€Å"back off† signs, he took a step toward me with a smile he probably believed was seductive. His clumsy attempts at flirtation suddenly seemed less endearing. â€Å"Come on,† he laughed. â€Å"Call in sick tomorrow. I know somewhere†¦somewhere we could go if you really wanted to have a good time. A more intense scene than this.† â€Å"No. I can’t. Sorry. Um, thanks for the drink, but I’ve got to go ask Doug†¦uh, something about work. I’ll see you around.† Clear disappointment flashed across Alec’s face at my rejection, but he didn’t push the matter as I made a hasty retreat toward Doug. When I found him, he and I didn’t really discuss work, but we hashed out a number of other amusing topics, made more so by his increasing intoxication and the fact that he really did now have an entourage of groupies. It looked like he’d be getting lucky after all. If he was still running on the same energy tonight, he’d probably keep a bunch of them happy. Finally, tired of the scene, I told him good-bye and found Seth on the other side of the room. Not surprisingly, he was by himself and not drinking. He’d been born without the small-talk gene, and I knew for a fact interacting with others at parties made him uncomfortable. I had teased him in the past that he might actually be pleasantly surprised if he just made an attempt at talking to new people. He wouldn’t have any of it, however. He seemed fairly entertained by people-watching, eyes twinkling and lips quirked in a half-smile as if he were in on some kind of joke the rest of us didn’t know about. I wouldn’t have been surprised if he was logging all of this for future novels. â€Å"Hey,† I said. He brightened upon seeing me. The twinkling eyes took on a warm, knowing look. Something inside of me heated and tightened. â€Å"Hey.† â€Å"I’m ready to go. You want to come over to my place?† He deserved it after the way I’d neglected him tonight. â€Å"Sure.† We were discussing who would leave first when I looked across the room and saw Alec handing Casey a drink. She looked like she’d already had more than enough, and Alec was doing the same closing-in maneuver he’d tried on me. â€Å"What’s wrong?† asked Seth, seeing my frown. â€Å"That new drummer. Alec. He hit on me earlier, and now he’s moving in on Casey. I think he’s one of those guys who thinks plying girls with liquor is the only way to get laid.† â€Å"Wait. I thought I was the only guy who knew that secret.† I chastised him with a dry look before turning back to Alec and Casey. â€Å"I don’t like it. I don’t like him thinking he can do that to women.† â€Å"You don’t even know he’s thinking that. Besides, look around. Every guy here is trying to get laid. Alcohol is par for the course. Casey’s old enough to know that.† â€Å"I’m going to go over there.† Seth gave me a warning glance. â€Å"She won’t thank you for playing mother hen.† â€Å"Better she’s mad at me than does something stupid.† â€Å"Thetis, don’t – â€Å" I’d already left him behind, weaving through the people as I honed in on my target. â€Å"†¦look like someone who likes to party,† Alec was saying as I approached. â€Å"Hey,† I said loudly, sort of wedging my way in between them. They both turned to me in surprise. â€Å"Hi, Georgina. What’s up?† â€Å"I’m heading home,† I told her. â€Å"Wondered if you wanted a ride.† Casey smiled, glanced at Alec, then back to me. College-age, Casey was Hawaiian and Filipino, with high cheekbones and sleek black hair. Very pretty. â€Å"Thanks, but I’m gonna stay here for a while.† Alec looked very pleased with himself. I turned back to her. â€Å"Okay, but can I ask you something real quick, Case?† I smiled sweetly at Alec. â€Å"It’ll just take a minute.† I steered her away, catching her as she stumbled. Closer inspection revealed she’d been indulging in more than just alcohol. â€Å"Casey,† I told her, once we were out of earshot, â€Å"I don’t think you should be hanging around with him. â€Å" â€Å"Why not? He’s a nice guy.† â€Å"I don’t know about that. He just used the same pick-up lines on me. I think he’s trying to get laid.† â€Å"Every guy here is trying to get laid. I know the game.† â€Å"Yeah, but – â€Å" â€Å"Look,† she said, â€Å"I appreciate the big sister thing, but I’m not stupid. I can handle this.† A mischievous look crossed her face. â€Å"Besides, I never would have thought you would be the one preaching sexual caution.† Like I didn’t know what that was a reference to. Damn O’Neill’s libido. I made a face and attempted a few more logical pleas. She rejected them all, indulgence soon giving way to annoyance. By then, Alec hadn’t been able to control himself. He came back over and put a possessive arm around her. She looked up at him adoringly, and I knew a lost cause when I saw one. Seth and I met up back at my place, and he listened with admirable patience while I vented about men preying on women. â€Å"Isn’t that what you do though?† We were sitting on my living-room floor, setting up a game of Scrabble. â€Å"I†¦no. It’s not the same at all.† â€Å"How so?† He held my eyes for a moment, and I finally looked away. â€Å"It just isn’t. Do you want to go first?† He let the matter drop. Another nice thing about being with a non confrontational guy. I quickly discovered playing Scrabble with Seth was like playing Monopoly with Jerome. A losing battle from the first turn. Admittedly, my knowledge of more than two dozen languages gave me a large vocabulary, but I didn’t craft or manipulate words on a regular basis. Seth was a master. He could study the board, spend a minute calculating, and then play some word that was not only worth tons of points but interesting too. Maize. Hexagon. Tawdry. Bisque. That last one was just cruel. Meanwhile, I was spelling words like as, lit, ill, and tee. And almost never on high-point spaces. â€Å"Wait,† he said. â€Å"That’s not a word.† I looked down to where, in a moment of desperation, I’d played zixic on a triple-word-score space. â€Å"Uh, sure it is.† â€Å"What’s it mean?† â€Å"It’s sort of like†¦quixotic, but with more†¦Ã¢â‚¬  â€Å"Bullshit?† I laughed out loud. I’d never heard him swear before. â€Å"More zeal. Hence the z.† â€Å"Uh-huh. Use it in a sentence.† â€Å"Um†¦Ã¢â‚¬â„¢You are a zixic writer.'† â€Å"I don’t believe this.† â€Å"That you’re zixic?† â€Å"That you’re trying to cheat at Scrabble.† He leaned back against my couch, shaking his head. â€Å"I mean, I was ready to accept the whole evil thing, but this is kind of extreme. â€Å" â€Å"Hey, it’s not cheating. Just because your limited vocabulary doesn’t include this word doesn’t mean there’s anything sinister going on.† â€Å"Care to back that up with a dictionary?† â€Å"Hey,† I said haughtily, â€Å"I don’t appreciate your zixistic tone.† â€Å"If you weren’t such a zixy woman, I’d be angry.† â€Å"Your zixicism is infuriating.† The game forgotten, we spent the next twenty minutes coming up with as many zix variations as we could. Interestingly, it seemed to function just as well as a suffix as a prefix. I suspected that if Bastien had heard this conversation, I’d be accused of more boring geekiness. Seth and I finally went to bed on the verge of hysterics, both of us still giggling once we were wrapped up in my covers. â€Å"You smell good,† I told him, my face close to his neck. â€Å"What cologne is that?† He stifled a yawn. â€Å"I don’t wear cologne. Too strong.† â€Å"You must.† I pressed my face closer. â€Å"Hey, be careful. You’re giving me funny ideas.† He had skin and sweat smells unique to him and him alone, deliriously delicious. With that, however, was a faint scent of something else. Almost like apples, but not in a girly, boutique sort of way. It was fleeting and lovely, mingled with musk and soft leather. â€Å"No, it’s something. You must. Is it your deodorant?† â€Å"Oh,† he mumbled, yawning again. â€Å"I bet it’s this soap Andrea and Terry got me. Came as part of some set.† â€Å"Mmm. It’s perfect.† It made me want to eat his neck – among other things. â€Å"You know, you still owe me pancakes. I think I could go for†¦apple cinnamon ones now. â€Å" â€Å"Apple cinnamon? You sure are demanding.† â€Å"It’s all right. I think you’re man enough for it.† â€Å"Thetis, if I actually believed you had either apples or cinnamon in your kitchen, I’d make them for you right now.† I didn’t answer. I was pretty sure I had some year-old Apple Jacks, but that was about it. Seth gave a low laugh at my silence and then kissed my temple. â€Å"I don’t know how anyone could think you were Genevieve. I couldn’t make up someone like you in a thousand years.† I considered that, not entirely sure if it was a compliment or not. â€Å"How do you come up with your characters then?† He laughed again. â€Å"If I didn’t know any better – and I’m sure I do – I’d say that sounds suspiciously like ‘Where do you get your ideas from?'† I blushed in the darkness. When he and I had first met, I’d taken a haughty high ground over that question, making fun of the fans that so often asked him that. â€Å"Hey, it’s a totally different question.† I could sense his amusement as he contemplated an answer. Part of the reason he stumbled in conversation sometimes was because he didn’t like to blurt things out. He chose his words carefully. â€Å"They come from my head, I guess. The stories too. They live there, screaming to get out. If I didn’t write them down, they’d eat me up. Give me less of a grip on the real world than I already have.† â€Å"Not that I’m complaining†¦but, if there’s so much inside, do you even need to care about the real world?† â€Å"Well, that’s the paradox. The stories are born in my head, but my inner self is fueled by my outer self. Symbiotic relationship of sorts. The stories’ ideas wouldn’t come if I didn’t have experiences to draw on. Jealousy. Love. Lust. Anger. Heartache. All that stuff.† Something pulled inside of me. â€Å"You had your heart broken much?† He paused. â€Å"Of course. Everyone does. Part of life.† â€Å"Tell me her name. I’ll kick her ass. I don’t want anyone hurting you.† He rested his face against my hair, his tone even and gentle when he spoke. â€Å"You’re wondrous and powerful and gifted, but even you can’t save me from hurting. No one can do that for anyone. I can make things perfect in the fictions I create, but the real world isn’t so kind. That’s just how it is. And anyway, for every bad thing in life, there are more good things to tip the balance.† â€Å"Like what?† â€Å"Like little blonde nieces. And royalty checks. And you.† I sighed and relaxed into him. His grip on me shifted into something more comfortable, and in a few minutes he was asleep. Amazing. I lay snuggled with him for a while, but sleep proved more elusive for me this time, as I turned over his words. I thought about someone breaking his heart and wondered if I’d be the next culprit, intentionally or otherwise. When sleep came, I immediately dropped into a steamy dream in which Seth and I were having mad, passionate sex. He’d tied my hands to my bedposts, and naturally, he was huge. Each thrust made my headboard bang against the wall, so much so that my neighbors complained. I woke up with a start, suddenly thinking being so entwined with him wasn’t such a great idea. Of course, I was apparently the only one who had a problem with it. Seth slept on peacefully and heavily, like I wasn’t even there, no doubt having properly chaste dreams. A paradigm of virtue and resolve. I watched him for a long time, admiring the way the soft lighting fell across his features. The fit muscles of his upper body. Eyelashes I wished I could have had as a mortal. Biting my lip, I resisted the urge to reach out and touch him. It was lust and something else, something that just wanted to be close to him. It scared me. Maybe he wasn’t the only one who could walk away from this with a broken heart. I wiggled my own weak self away to the other side of the bed, putting what space I could between us. As I lay there, my back to him, Aubrey jumped up and lay next to my stomach. I stroked her black-speckled white head and sighed. â€Å"They were all wrong, Aub,† I whispered. â€Å"There’s at least one guy in this world not trying to get laid.† How to cite Succubus on Top CHAPTER 5, Essay examples

Marketing Management free essay sample

The sellers were also pleased because they reached a wide variety of buyers, and they ended up owing very little overhead when the deals were done (Kotler amp; Keller, 2012, p. 411). The reason eBay succeeded while others failed is because the others were unable to create a unique business model which pleased both buyers and sellers (Bandyopadhyay amp; Wolfe, 2004, p. 141). Although there is little revenue input from these companies, many sites such as auction. com, sandcrawler. com, and firstauction. om, merged with others or shutdown due to lack of participants (Bandyopadhyay amp; Wolfe, 2004, p. 141). Bandyopadhyay and Wolfe (2004) examined the reasons an auction site succeeds and their variables for their research were determined as ease of user interactivity, variety of product offerings, level of trust, rate of growth and adoption, networking, level of commitment, and payment options. When customers feel they are more than just a number, they will soon become frequent buyers. We will write a custom essay sample on Marketing Management or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Other mentionables by Bandyopadhyay and Wolfe (2004) were the web address must be easy to remember, the site must be easy to navigate, easy interaction with other members or the site itself, availability 24/7, high-usage interaction, advanced features, and the design of the website must be clutter-free (Bandyopadhyay amp; Wolfe, 2004, p. 141-143). eBay has all of these listed features and must be part of its success. In addition to the above reasons, the CEO, John Donohue, states that he continues to search for new innovations. This gives eBay a competitive advantage from its competitors with mobile apps and e-commerce offline as well as online (Stewart, 2012). Changes in technology will continue and Donohue seems like the needed man for the job to continue with eBay’s success. eBay also surveys its buyers and sellers quite frequently and holds teleconferences with them. They use this information to make recommended changes from the active users. eBay is constantly aiming to please their eBay community (Kotler amp; Keller, 2012, p. 411). 2. Evaluate eBay’s fee structure. Is it optimal or could it be improved? Why? How? Sellers currently must pay a listing fee per item (whether it sells or not). They also have the option to pay for additional list features such as product pictures, the duration of the auction, a secret reserve price, borders, bold titles, etc. If the item sells, the seller pays a commission to eBay (Song amp; Mela, 2008, p. 863). There is always room for improvements within every business. eBay is not any different. eBay currently does not charge the bidders for any participation or bought items. They could offer the buyers to elect to pay to go into a select penny auction bidding room for special products. However, I would not recommend the same business model as quibids. com, as it seems you pay sixty cents for every one cent you spend, plus the members must pay to be members and then, buy the products as well (Quibids. com, 2012). eBay could also charge the sellers to enter their products in the special penny auction bidding room for a discount price if they are having trouble selling it on a â€Å"Buy it Now† option. Bay could also pilot other types of auctions such as the Dutch auction, where the auctioner places the high bid and slowly decreases the bid until a bidder accepts it (Kotler amp; Keller, 2012, p. 402). Or, eBay could try the sealed-bid auction which would allow for bidders to only submit one secret bid without knowing the other amounts of the bids (Kotler amp; Keller, 2012, p. 402). Also, eBay could always increase their percentage of commission which I would not recommend with the current economy. 3. What’s next for eBay? How does it continue to grow when it needs both buyers and sellers? Where will this growth come from? eBay will continue to grow through innovations like its CEO, John Donahue, stated in the recent New York Times article, Behind eBay’s Comeback (Stewart, 2012). They must always concentrate on the newest technologies and what the customer wants before the customer knows it even wants it. eBay should continue to look into other profitable business ventures such as paypal, but should continue to stay in the realm of auctioning or paying for auctioning items. They should continue to increase their business ventures in Europe and Asia. Currently, its largest market in Europe is Germany and its largest market in Asia is South Korea (Bazdan, 2011). They should focus on other wealthy countries which they have minimal presence or no presence at all. Perhaps also, ebay should venture into the different types of auctions as I mentioned above. Some buyers and sellers may be attracted to the silent-bid auction or Dutch auction. This may actually attract additional sellers and buyers who were never interested in the current ebay English auction type. They will not know if it is a success unless they pilot the new idea for many months in many different geographical locations.

Benjamin Franklins Success Model Life and Times in the Autobiography essays

Benjamin Franklins Success Model Life and Times in the Autobiography essays Philosopher, scientist, and framer of the US Constitution: these are just few of the occupations Benjamin Franklin had been involved with throughout his life. In his memoir entitled, "Autobiography," Franklin talks about his life successfully assuming positions and occupations that had benefited American society. Interspersed with the narrative accounts of his life, the great proponent of the Enlightenment period also infused insightful thoughts about his philosophy of life and his optimistic view of humanity's goodness and potential to achieve perfection. One of the interesting points of "Autobiography" is his proposed model for success in life, wherein he enumerated thirteen (13) virtues in the life of man, which shall be his guide in his pursuit for perfection and satisfaction in life. This paper provides a detailed discussion and analysis of Franklin's life, applying in the discussion how his own model of success in life reflects his life. Franklin's success model is made up of four (4) virtues which bring into light the characteristics that made him successful and contented in life: resolution, industry, justice, and The first element that makes up Franklin's success model is resolution, describing this virtue as follows: "Resolve to perform what you ought. Perform without fail what you resolve." As a young man, Franklin is already seen as a resolute individual, who have a definite plan of action in achieving his goals in life. At a young age, he had already recognized the value of planning ahead, of formulating goals and dreams and systematically achieves them. In "Autobiography," he was able to go through all the hardships and difficulties in his work as a printer in Philadelphia, that, despite the conflicts that he had with his former employer, he was able to remain optimistic about his future and plan ahead despite his limited financial resources. ...

Studying In the United Kingdom

Studying In the United Kingdom Introduction Globalisation has brought people from diverse cultures together due to technology. This has seen these people working and learning to communicate often with each other. The education sector has not been spared especially in the UK where students from other cultures are relocating to study in the UK. While this move seems exciting, most students find themselves experiencing culture shock (Carter 9).Advertising We will write a custom assessment sample on Studying In the United Kingdom specifically for you for only $16.05 $11/page Learn More Students from other cultures are at a loss on how to relate to the new culture. Take for example two students from South Africa and Italy who have relocated to study in the UK. It is important to note that these students are from different cultures yet need to conform to the UK culture. Cultural differences continue to pose a challenge to most students coming to study in the UK, it is therefore important to und erstand and address the issue. Cultural Differences in the UK The social attitude of the UK students in most instances differs from that of their counterparts. When the students first arrive to study in the UK, they notice some aspects that differ from what they are accustomed to. This culture shock that is often experienced has raised numerous questions on how to understand the different cultures and whether there are set guidelines that need to be followed to adapt to a particular culture. Dr Geert Hofstede attempted to explain this issue by conducting a worldwide research in more than 60 countries (Hofstede 14). He differentiated cultures by applying the four cultural dimensions namely; the power distance, individualism/collectiveness, uncertainty avoidance and the masculinity/feminity dimension. The Dimensions Of Culture Studying in the UK is not only prestigious but also offers quality education to both native and international students. This is the reason why currently, most l earning institutions in the UK are flooded with students from other countries. However, most of these students face challenges while trying to adjust to the new life in the UK. This is brought about by the difference in culture and can result to culture shock. However, it is important for any student willing to study in the UK to study and understand the dimensions in culture and their applicability in the learning institution. The student is required to learn and adjust in some areas in the new learning environment. Power Distance Dimension (PDD) Power distance has been explained by Hofstede as sharing of power amongst the people in a certain community. Power can either be shared or dispersed equally or unequally. According to Hofstede, the power that is shared unequally in the society is a high power distance while the low power distance indicates equal power sharing (Hofstede 65).Advertising Looking for assessment on education? Let's see if we can help you! Get your firs t paper with 15% OFF Learn More Application: UK has been ranked as a low power distance with a belief that power should be distributed equally in the learning institutions. Students from a high power distance country like South Africa might find difficulties adjusting to this new trend. The role of students and teachers in decision making differs in both countries. In South Africa, the teacher is the sole decision maker with little or no contribution at all from the student. The teachers possess particular powers that are unquestionable by the student. On the other hand, UK teachers respect the students’ role in decision making. Team work in UK is very essential hence the need to get everybody involved. On the other hand, students from Italy may easily adjust to the new system as their culture is ranked as a moderate power distance. Individualism/Collectivism Dimension (ICD) – Interrelationship between people within a particular company differ in differ ent cultures (Hofstede 148). A high individualism entails a culture which has a loose connection amongst its people. A low individualism on the other hand ensures that the members of the community are concerned about the well being of each other. This indicates a strong connection between the individuals of that particular community. Application: UK culture conforms to high individualism. Students willing to study in the UK should learn to get most of their things done on their own. This is a culture that most students from Italy will find difficult to adjust to as their country is ranked as having low individualism. Studying in the UK requires students to perform most duties on their own such as cooking, making personal arrangements and managing one’s resources. Students in the UK are expected to meet their own expenses and are therefore allowed to work part time. Students from South Africa who are used to government intervention will find it difficult conforming to this cul ture (Foskett and Foskett 57). Uncertainty Avoidance Dimension (UAD) – Societies are likely to be faced with uncertainty over some issues that are beyond their reach (Hofstede 110). This leads them to come up with rules or beliefs to deal with such issues. The high uncertainty avoidance cultures have rules to govern them so as to avoid uncertain situations. The low uncertainty avoidance culture on the other hand has very few rules but highly tolerate any deviant issues. Application: Students in the UK have been conformed to a culture of low uncertainty avoidance as compared to students in South Africa and Italy. Though there are no strict rules governing the students studying in UK, they are bound by some ethical issues. Time keeping and management is one of the key areas that a student should be aware of. Punctuality is highly regarded and a student should always be on time to attend lectures and other meetings within the learning institution.Advertising We will writ e a custom assessment sample on Studying In the United Kingdom specifically for you for only $16.05 $11/page Learn More Instructions pertaining assignments are strictly followed. Issues such as plagiarism and failure to reference the work as instructed can lead to serious consequences. The teachers also apply different assessment strategies such as essays, reports and main exams to gauge students’ capabilities. Students from other cultures such as South Africa might find these strategies different from what they are used to in their own countries. Masculinity/Feminity Dimension (MFD) – Hofstede explained this dimension as the capability of both females and males to perform equally (Hofstede 148). In high masculinity, the men are expected to perform more than the females. They are said to be the providers and stronger than their female counterparts. An example of such a culture is experienced in South Africa. In low masculinity cultures, both men and w omen play an equal role in the society. Application: The UK culture conforms to low masculinity where both the female and the male students are equal. Women in the UK are independent and play equal roles as their male counterparts. South African students studying in the UK might find this culture challenging and shocking and might take time adjusting. Conclusion The idea of studying in UK can be an intriguing experience to students of other cultures. However, they can be faced with cultural challenges hence the need to learn them beforehand. This will help them adjust to the new culture that they are facing in the new environment. Though it is considered normal to experience the culture shock, it is important for a foreign student to adapt to the UK culture so as to make their life comfortable. Carter, Holly. The Essential Guide for Study Abroad in the United Kingdom. Maryland: Forbes Boulevard, 2004. Print. Foskett, Nicholas and Foskett, Rosalind. Postgraduate Study in the UK: The   International Student’s guide. London: Sage Publications, 2006. Print. Hofstede, Geert. Culture’s Consequences: International Differences in Work-Related  Values. London: Sage Publications, 1984. Print.Advertising Looking for assessment on education? Let's see if we can help you! Get your first paper with 15% OFF Learn More

Biography of Emiliano Zapata Essay Example | Topics and Well Written Essays - 250 words

Biography of Emiliano Zapata - Essay Example Zapata first used peaceful negotiation. He then increasingly resorted to the forcible confiscation of land from the haciendas and its redistribution among the peasants. In 1910, Zapata joined Francisco Madero’s  revolution against the entrenched dictatorship of  Porfirio Dà ­az.   In March of 1911, he formed a small guerilla band and captured Cuautla, Morelos, a strategic location, helping to remove Dà ­az from power.  Zapata then opposed Madero, himself was a hacienda owner, for his indifference to democracy and land reforms.  Ã‚  Zapata retained his guerilla force, retreated to the mountains and continued his fight against the new regime. Along with Otilio Montaà ±o, a local school teacher, Zapata composed the Plan of Avala, which expressed the land aspirations of the local peasants. In 1913,the new dictator, Victoriano Huerta attempted to reconcile with Zapata, but Zapata rebuffed him and went on to consolidate his hold over all of Morelos, and parts of the other neighboring states, by the summer of 1914.  Zapata formed an alliance with Francisco Pancho Villa, in December 1914 and took control of Mexico City. His attempts t o implement his land reforms in Morelos met with limited success.   In 1915, Venustiano Carranza took control of the revolution and invaded Morelos. Zapata faced increasing internal dissent. He finally attempted to form an alliance with Jesà ºs Guajardo, a dissenter in Carranza’s army. Zapata was shot dead by Guajardo’s troops as he rode to his meeting with Carranza at Chinameco on April 10,

Answe qustions in ethics policy adminstration Essay - 1

Answe qustions in ethics policy adminstration - Essay Example I am also required to ensure that they are informed of all the correct procedures and about any misappropriation of official duties My responsibilities to my subordinates includes dissemination of information regarding work paradigm, ethical considerations, rules and regulations and expected outcome. They are expected to follow the defined processes and ensure that work is finished within the deadline. I have huge responsibilities to the public who help to pay our salaries. My responsibilities are to ensure public disclosure of our financial accounts and promote transparency in our work so that public knows how the work is accomplished in different areas of public interests. Most importantly, public is entitled to be aware of its own duties and therefore it is also important to create awareness amongst the people as to how they can become more active proactive participants in developmental works and socially relevant issues. (words:

Global business and multinational firm module coursework Essay

Global business and multinational firm module coursework - Essay Example e better part of the 21st Century, there are corporations developing in other countries that have begun to aggressively assert themselves in the global economy in an attempt to further their own monetary interests. What this means is that while the ideology of globalisation used to only benefit a few countries, it is now benefiting many more and that is allowing for globalisation to be accepted in many more places than it was previously. Globalisation is no longer just a one-way process of benefits going from East to West, but it is now an ideology that can benefit all parts of the world equally if growth continues. If China was to become the world’s largest economy, the changes that would occur would be minimal, since China has a labour-based economy. International trade is something that will always be debated because it is interesting to see who has the advantages and why. The most common manner by which to explain the advantages that certain countries have over others in trade in by using a comparative advantage model. There will always be different scales because of the various differences between countries’ finances, education levels, population, demographics, resources, and other factors. China is a country that has traditionally been used for its labour, due to its extremely high population and its lack of good paying jobs. The variable in this situation is that Chinese companies are beginning to use globalisation to their advantage, with one such company being Acer, which is a computer company. Acer is the world’s fourth largest personal computer manufacturer and it also builds servers, storage devices, LCD monitors, high-definition TVs, peripherals, as well as provides â€Å"e-business solutions for busine ss, government, education, and home users† (About Acer). Acer also has developed a unique business model called the Channel Business Model which uses supply-chain management to ensure that new technologies, competitive pricing, and quality service

Effects of Basel II Accord on Qatar’s Banking Sector

Effects of Basel II Accord on Qatar’s Banking Sector Chapter 1: Introduction International banking is increasingly vital for every country in order to create an image for itself in the international finance market. Alongside, the increase in globalisation and the upsurge in outsourcing by multinational companies in the west have created a lot of opportunities for growth in the Middle East and Far Eastern countries. This apparently requires a strong internationally stable financial organization to conduct transactions across the globe without any errors (i.e.) 100% accuracy.   This includes reliability and stability of the bank under extreme situations (like emergency for example), which is highly important to conduct international transactions. Also the potential to meet financial demands during crisis situations is a vital criterion that is considered while presenting themselves in the international market. In addition to the globalisation, outsourcing and export/import growth, there is also a tremendous growth in cross-border finance among the countries in the Middle East and Far East. Along with all these factors the developing nations in the Middle East face a mandatory requirement of a sable international banking system in order to attract foreign investment. The increase in cross border finance activity among the middle eastern countries is also a critical element to be considered for establishing a stable international bank within the nation in order to represent the country in the international finance market. The countries in the Middle East are actively participating in cross-border finance since the dawn of the 21st century. Being a producer of Oil which is a vital ingredient at all levels of life right from day-to-day driving up to power generation for the nation in order to run industries and serve domestic purposes, makes it critical for the nations in the Middle East to have a strong international banking system to conduct transactions across the globe accurately and effectively. Qatar is a growing nation in the Middle East with primary operations in oil and gas export as well increasing its potential in areas of development in technology focusing on IT and communication. The nation has efficient international operations and con ducts financial transactions between western nations as well as with eastern nations. Since the take over of the government by H.H. Sheikh Hamad Bin Khalifa in 1995, the country is making tremendous progress in deploying its hydrocarbon resources in order to penetrate in the international market and present itself as a financially stable nation in the international market. Further to the increase in the international operations by the countries in the Middle East and the Far East, the Bank for International Settlements developed a framework to co-ordinate the international financial operations as well as create a portfolio for the capital measurement and capital standards which every nation involving in international banking operations is expected to adopt in order to stabilise and put in order the international transactions between countries. The Basel II accord produced by Basel Committee on Banking Supervision aims at achieving International Convergence of Capital Measurement and Capital Standards. The arrangement aims to set a minimum standard to be met by its participating nations in order to achieve capital adequacy by the participating nations in the international market. This report aims at analysing the effects of Basel II accord on Qatar’s banking sector. The objectives of this report are stated below: To analyse the Basel II accord and it’s framework for measuring capital adequacy in the nations participating in the international banking transaction. To investigate the banking sector of Qatar and the effect of Basel II accord on its international operations and capital adequacy. To analyse the effect of Basel II accord on the nation’s two major banks having international operations in Qatar namely, Qatar Industrial Development Bank (QIDB) and Commercial Bank of Qatar (CBQ) and to analyse the impact of Basel II Accord on the Banking Sector of Qatar. Report Outline: The report comprises of the following chapters. Chapter 1: Introduction This chapter introduces the reader to the objectives of the report and presents a broad picture of the report to the reader. Chapter 2: Overview of Basel II Accord This chapter presents with an overview of the Basel II accord. The three pillars of Basel II accord namely Minimum Capital Requirements, Supervisory Review Process and Market Discipline are analysed in detail to provide the reader with a detailed understanding of the consent of Basel Committee on Banking Supervision. Chapter 3: Implications and Critical Analysis of Basel II Accord The literature review on the Basel II Accord in chapter 2 is followed by the critical analysis and its implications on nations (business and political) are presented to the reader before proceeding to present the overview of the Qatar Banking sector.    Chapter 4: Overview of Qatar and its Banking Sector This chapter presents the reader with an overview of Qatar as a nation and its business operations in the International market. Alongside, the chapter analyses the country’s growth in the banking sector and its internationally active banks. Chapter 5: Case Study This chapter conducts a case study analysis on Qatar’s two internationally active banks namely Qatar Industrial Development Bank (QIDB) and Commercial Bank of Qatar (CBQ). The effect of Basel II accord on the banks along with an overview of the bank is presented to the reader. The data used to present the case study is primarily obtained from secondary sources like journals, reports and white papers. This is apparently due the fact that the analysis is conducted on a foreign nation as well as the data available from the secondary sources are also reliable as they are published by legitimate organizations and popular journals.   Chapter 6: Results and Discussions The results of the case study analysis and discussions are carried out in this chapter. This chapter aims to present a clearer picture to the reader on the effects of the Basel II accord on the banks analysed. Chapter 7:   Conclusion and Recommendations The conclusions derived from the case results and discussions on the case study and the overall conclusion on the effect of Basel I accord on the Qatar Banking Sector is presented in this chapter. Alongside, this chapter presents a few constructive recommendations based on the results and discussion on the case study. Chapter 2: Overview of Basel II Accord This chapter begins with an overview of the Bank for International Settlements followed by a detailed analysis of the Basel II accord. The Basel II committee is also analysed alongside in order to provide a deeper insight to the readers. 2.1 Bank for International Settlements Overview and it’s Operations The Bank for International Settlements (Bank for International Settlements) is an international organization looking after international monetary and financial co-operation across the globe. This organization acts as the bank for all the central banks of countries participating in the international finance and banking. The Bank for International Settlements profile states that the bank achieves the aforementioned statement through acting as A forum to promote discussion and facilitate decision-making processes among central banks and within the international financial and supervisory community. A centre for economic and monetary research A prime counter party for central banks in their financial transactions and Agent or trustee in connection with international financial operations. Established in 17th Many 1930, it is the oldest financial organization at the international level. The Bank for International Settlements has three major decision making bodies within the bank to achieve its mission. They are The general meeting of member central banks This meeting is held before the end of four months of the end of the banks annual financial year. The meeting addresses all the issues related to business and the member central banks gather to approve the annual financial statement released by the bank. The Board of Directors The board of directors comprise the central bank governors elected from various participating countries. They monitor the overall operation of the bank and take responsibility for actions to be taken and address issues related to disputes and other major international financial cross border problems. The Management Committee The management committee is the first line representative of the Bank for International Settlements and addresses the day-to-day activities of the bank. This committee primarily manages the monetary and financial co-operation services. The services include Meetings: Apart from the Annual general meeting the Bank for International Settlements organizes meetings on a bimonthly basis. This meeting brings the member central banks together with the aim of monitoring the global economic and financial development and discusses issues on its policies in relation to the monetary and financial stability. Committees and Secretariats Bank for International Settlements has several committees to monitor specific problems and issues in the international finance and cross border loans. Alongside, several other committees and organizations focusing on international financial systems have their secretariats in the Bank for International Settlements and work closely with the bank in order to enhance the overall international banking and cross border finance. Basel committee of the Bank for International Settlements is the committee that laid the specifications for capital measurement and capital standard of the central banks participating in the international banking. Research and Statistics: In order to support its meetings and the activities of the organization’s Basel based committees the Bank for International Settlements carries out regular research on economic, monetary, financial and legal areas of the international banking and cross border finance. Investment services for central banks: Bank for International Settlements also provides security, liquidity and return for its central bank members. The three primary points with respect to this identified by the organization are To provide security, the Bank has built up a sizeable equity capital and ample reserves. It pursues an investment strategy focused on combining diversification benefits with intensive credit and market risk analysis. To ensure liquidity, the Bank stands ready to repurchase its tradable instruments at little cost to its customers and thus respond quickly and flexibly to their needs. The BIS offers an attractive and competitive return on the funds deposited by central banks and international organisations The Bank for International Settlements focuses on serving the financial needs of central banks of the member countries. Alongside, it also acts as a banker managing the funds for numerous international financial institutions. 2.2: Basel committee Overview The Basel committee was established the member central banks of the Bank for International Settlements in order to create a standard for the international banking and capital framework for crass border finance and lending. The committee was initially set up in 1970 and meets regularly four times a year to discuss the progress in international banking and address issues related to business in this context. The member nations of the committee include Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, United Kingdom and United States. The country’s central bank and financial institutions that are not active in banking commercially but monitor the financial operations of the nation both at national and international levels represent the nations. The committee does no possess any authority over its member nations banking systems and the decisions of the committee are never intended to have a legal force on its member nations. The Central bank governors of the Group ten countries endorse the committee’s major initiatives. Also the committee reports to the group ten countries central bank governors. The committee first proposed he capital measurement system in 1988 commonly referred to as ‘Basel Capital Accord’. The committee aims in supervising the international banking operations of the nations across the globe. The decisions of the committee endorsed by the group ten countries address various financial issues in the international market outside the groups as well. The major aim of the committee is the ‘close the gaps in international supervisory coverage’ and to ensure that no foreign banking systems escapes the supervision in order to establish a harmony among the member nations of the Bank for International Settlements as well as in the international market. The committee has promoted supervisory standards in the past few years. Some of its major milestones include the following 1997: Cover Principles for effective banking supervision 1999: Core Principles methodology The committee also presented the Basel II accord with revision on international capital framework. This aims to standardise the capital framework of every bank participating in the international banking as well as sets slabs for minimum capital holdings to be met by the banks in order to qualify for international operations. The committee has numerous subgroups to perform specific tasks of the committee in order to achieve the overall motto of the committee. They are listed below Accord Implementation Group Accounting Task Force Capital Group Capital Task Force Core Principles Liaison Group (with 16 non-G10 countries) Cross-Border Banking Group Electronic Banking Group Joint Forum (with IAIS and IOSCO) Joint IOSCO BCBS Working Group on Trading Book Research Task Force Risk Management Group Securitisation Group Transparency Group The next section provides a detailed analysis of the Basel II accord and its various implications on international banking is discussed in chapter 3. 2.3 The Basel II Accord The Basel II accord was released in June 2004 further to the release of the Basel Accord in 2003. The Basel II is a revised edition of the initial Basel capital accord. It is a framework designed to derive the capital holdings of internationally active banks to meet the international standards and sets a minimum level of capital holding which is a primary criteria for the banks. The Basel II framework is aimed to be applied on a consolidated basis over internationally active banks in order to preserve the integrity of capital in the banks with subsidiaries. Also the framework eliminates the double gearing through this approach. The Basel II accord’s framework is also applied on a fully consolidated basis on any parent holding company which acts as a parent entity within a banking group in order to capture the risk on a consolidated basis without missing any element that contributes considerably to the risk of the overall banking system. Alongside, the framework is also applicable to all internationally active banks at every tier of the banking group. Apart from the aforementioned statements one of the principal objectives of the Basel II Accord is to protect the interest of the depositors essentially to ensure that capital recognised capital adequacy measures is readily available for the depositors. Apparently, these measures are aimed to establish a common platform for international banking and cross border finance across the globe. The scope of application extends to the following segments of the international banking and finance entities. Banking, securities and other financial subsidiaries Significant minority investments in banking securities Insurance entities Significant investment in commercial entities. Deduction of investment pursuant to this part The aforementioned entities are obtained from the Basel Committee report on International Convergence of Capital Measurement and Capital Standards, published in June 2004. The Basel II accord overview is based on this report. The illustration in the fig 1 gives a clear picture of the overall scope of application of the Basel II accord. The Basel II accord is split into three pillars. The first Pillar: Minimum Capital Requirements This is the very important pillar of the Basel II Accord. This pillar has very clear definitions of the Accord’s application on the credit risks and operational risk along with the Trading Book issues that are vital for international banking establishment. The layout in fig 2 reproduced from the Basel II report provides the inner picture of the First Pillar. The following subsections provide a detailed analysis on the elements shown in fig 2. 2.4: The First Pillar The First pillar lays down the minimum capital requirements that every internationally active bank should incorporate.   It is split into the following subsection. 2.4.1:   Calculation of Minimum capital requirements The minimum capital requirement is calculated as a measure of the capital ration. The capital ratio in turn is calculated using the regulatory capital and risk-weighted assets. The requirement of this criterion is that the capital ration must be a minimum of 8% or more in order to be eligible for the international activities. Also, in case of a two tier system the capital in tier 2 must not be greater than the tier 1 capital (i.e.) the tier 2 capital can be a maximum of 100% of the tier 1 capital. The capital is accounted from the following sources    Regulatory capital: The minimum accounting capital requirements for the financial institution encompasses the regulatory capital. The Basel II accord has withdrawn the provision to include general provisions in tire 2 capital, which was in effect in the 1988 Accord under the Internal Ratings-Based (IRB) approach.   Furthermore the accord has lain down that the banks using the Internal Ratings Based approach to their other assets mu st compare the amount of total eligible provision with the total expected losses amount to the bank. This eventually increases the capital holding of the bank in order to meet the criteria. Risk Weighted Assets: The Basel II Accord calculates the total risk-weighted assets by multiplying the capital requirement for market risk and operational risk by the reciprocal of the minimum capital ratio of 8% and adding the resulting value to the sum of risk weighted assets for credit risk. Even though this is subject to review the approach lays enormous burden on the bank to increase its minimum capital holdings. Apparently the Basel II Accord is aiming to establish that the internationally active banks must have enough capital to meet its short comings without depending on loans and cross border finance to address its immediate requirements and short comings. The idea though being novel is very intense for the banks to maintain the required minimum capital. Transitional Arrangements: The Accord has also stated that the banks following the Internal Ratings-Based approach or the Advanced Measurements Approach (AMA) that there will be a capital floor after the implementation of the Basel II framework. The adjustment factors used in both the internal ratings-based approach and the advanced measurements approach for calculating the capital floor as per the definition of the Basel II framework is shown in fig 3 below. 2.4.2: Credit Risk-The Standardised Approach Under this method the Basel committee provides the internationally active banks a choice for calculating their capital requirements for credit risk. The first approach is the standardised method of measuring the credit risk through support from external credit assessments. This method is approved by the Basel committee while the other method is yet to explicitly approved by the committee. Under the alternate method of calculating the credit risk, the bank supervisor can allow banks to use their internal rating systems for calculating the credit risk. Under both the methodologies one should not oversee the fact that the Basel committee is very keen in assessing the credit risk on the capital holdings of the internationally active banks. Even though this is appreciated, the rules are very stringent making it very difficult for the banks for adopt easily. 2.4.3 Credit Risk- Internal Ratings Based Approach The Basel II committee has given supervisory approval for banks to use the Internal Ratings-Based approach to determine their capital requirement for a given exposure subject to certain minimum conditions and disclosure requirements. The risk components considered include Measures of the probability of default (PD), Loss given default (LGD), The exposure at default (EAD), Effective maturity (M) The Basel II accord states that â€Å"The Internal Ratings Based Approach is based on the measure of unexpected loses (UL) and Expected Loses (EL). Under the Internal Ratings Based Approach, the committee expects the bank to categories their exposures in order to identify the different underlying risk characteristics. The categories include corporate, sovereign, bank, retail and equity. These are identified as the corporate asset classes and the approach further expects the bank to identify the subclasses associated with the asset classes in order to measure the credit risk associated with the exposure. The detailed analysis of every corporate class and its associated subclasses is beyond the scope of this report. In essence the Internal Ratings Based Approach gives the bank more liberty to calculate its credit-risk on the minimum capital requirement for a given exposure. But the producers laid by the Basel II Accord is very tedious to adopt and implement for every corporate class exposure and identifying the subclasses associated. 2.4.4: Credit Risk- Securitisation Framework The Basel Committee in its revised accord, has made it mandatory for the banks to apply the Securitisation Framework for determining regulatory capital requirements on exposure arising from traditional and synthetic Securitisation or similar structures that contain features common to both.   The Basel II accord also states that the capital treatment of the Securitisation exposure must be determined on the basis of the economic substance rather than the legal form of the structure. It is apparent that the securities can be structured in many different ways and the committee has approved the use of either the traditional Securitisation or the synthetic Securitisation framework. Also the Basel II accord expects the supervisor to look at the economic substance of transaction in order to determine whether it should be subject to Securitisation framework or not. This gives the discretionary power to the supervisor to decide on a specific transaction whether to include it in the framework or to eliminate it from the framework towards determining the regulatory capital framework. The traditional Securitisation and the synthetic Securitisation framework are discussed below. Traditional Securitisation: The Basel II Accord defines the traditional framework as â€Å"a structure where the cash flow from an underlying pool of exposures is used to service at least two different stratified risk positions or tranches reflecting different degrees of credit risk†. The advantage with this approach is that the payment to the investors is based on the performance of the specified underlying exposures rather than a derivation from an obligation of the entity originating those exposures. Synthetic Securitisation â€Å"A synthetic Securitisation is a structure with at least two different stratified risk positions or tranches that reflect different degrees of credit risk where credit risk of an underlying pool of exposures is transferred, in whole or in part, through the use of funded (e.g. credit-linked notes) or un-funded (e.g. credit default swaps) credit derivatives or guarantees that serve to hedge the credit risk of the portfolio†. This approach leaves the return to the investors in the hands of the performance of the underlying pool. Apparently, the risk associated is higher since the performance can be affected by numerous causes. From the above-mentioned approaches the Basel II accord’s stand for evaluating the capital and minimum capital requirements are evident. 2.4.5: Operational Risk The operational risk is defined by the Basel Committee as the risk associated with the loss resulting from inadequate or failed internal processes, people, systems or external events. This includes the legal risk with the exclusion of strategic and reputational risk. The Basel II Accord has approved three methods for calculating the operational risk and risk sensitivity with the implications on minimum capital requirements. They are: (i) The Basic indicator approach, (ii) the Standardised Approach and (iii) Advanced Measurement Approach. Basic Indicator Approach: In this case the banks should hold capital for the operational risk equal to the average over the past three years of a fixed percentage. This is expressed as a formula below KBIA = [ÃŽ £ (GI1†¦n x ÃŽ ±)]/n Where KBIA = the capital charge under the Basic Indicator Approach GI = annual gross income, where positive, over the previous three years n = number of the previous three years for which gross income is positive ÃŽ ± = 15%, which is set by the Committee, relating the industry wide level of required capital to the industry wide level of the indicator. This formula is obtained from the Basel II accord for the purpose of reader understanding. Standardised Approach: The standardised approach divides the bank’s activities into eight-business lines namely corporate finance, trading sales, retail banking, commercial banking, payment settlement, agency services, asset management, and retail brokerage. The likelihood of operational risk exposure is calculated from the gross income associated with each business line that serves as an indicator for the scale of business operations by the bank in that specific area of business or business line. This approach is very clumsy since the gross income associated with the business line varies due to numerous reasons both internal and external. Advanced Measurement Approach: The Advanced Measurement Approach equates the regulatory capital requirement with the risk measure generated by the bank’s internal operational risk measurement system using quantitative and qualitative criteria. The banks can use this method only after the approval by the Committee. The Basel II Accord sets the approach for the banks based on their international activity and significant operational risk exposures. Also, when a bank agrees to use a more sophisticated method, it cannot revert back to the easier method without approval from the supervisor. This eventually increases the burden on the banks to choose a sophisticated method. 2.4.6: Trading Book Issues The final segment of the first pillar is the trading book. Basel Committee defines the trading book as a container of both the financial instruments and commodities held either with trading intent or in order to hedge other elements of the trading book. The trading book forms a vital element for the bank since it is the record of the bank’s financial instruments as well as commodities. The Basel II Accord identifies four key principles for the supervisory process. They are listed below. The basic requirements for the eligibility to trading book capital treatment put forth by the Basel II Accord are as follows Clearly documented trading strategy for the position/instrument or portfolios, approved by senior management (which would include expected holding horizon). Clearly defined policies and procedures for the active management of the position Clearly defined policy and procedures to monitor the positions against the bank’s trading strategy including the monitoring of turnover and stale positions in the bank’s trading book 2.3: The Second Pillar- Supervisory Review Process Basel committee was initially set up for the supervising the internationally active banks and produce a common platform for the smooth transactions and cross border finance. The Basel II Accord has established Supervisory Process as one of the three pillars in order to emphasise its stand on supervisory process. The importance of supervisory process is described below. 2.3.1: Importance of Supervisory Process The supervisory review process of the Basel II Accord aims not only to ensure that banks have adequate capital to support all the risks in their business but also intends to encourage the banks to develop and use better risk management techniques in monitoring and managing risks. Alongside, the supervisory process by developing internal capital assessment process and setting capital targets that are commensurate with the bank’s risk profile recognises the importance for bank management in order to improve the atmosphere in the international banking and cross border finance. The Supervisory process evaluates the relationship between the amount of capital held by the bank against the risk, strength and effectiveness of the bank’s risk management eventually guiding the bank and supervising its activities in order to improve the performance of the banks in the international business market and cross border finance. 2.3.2 Four Key Principles of the supervisory review The four key principles identified by the Basel II Accord on the supervisory process is listed below. These principles emphasise on the committee’s focus on supervision and its aim to maintain harmony in the international banking and cross border finance. Principle 1: Banks should have a process for assessing their overall capital adequacy in relation to their risk profile and a strategy for maintaining their capital levels. Principle 2: Supervisors should review and evaluate banks’ internal capital adequacy assessments and strategies, as well as their ability to monitor and ensure their compliance with regulatory capital ratios. Supervisors should take appropriate supervisory action if they are not satisfied with the result of this process. Principle 3: Supervisors should expect banks to operate above the minimum regulatory capital ratios and should have the ability to require banks to hold capital in excess of the minimum. Principle 4: Supervisors should seek to intervene at an early stage to prevent capital from falling below the minimum levels required to support the risk characteristics of a particular bank and should require rapid remedial action if capital is not maintained or restored. 2.3.3: Issues to be addressed There are two specific issues to be addressed by the Supervisory-Review Process. They are Interest Rate Risk in the Banking book: Since it is clear that the Basel Committee’s primary focus is on identifying and preventing risk in the international b Effects of Basel II Accord on Qatar’s Banking Sector Effects of Basel II Accord on Qatar’s Banking Sector Chapter 1: Introduction International banking is increasingly vital for every country in order to create an image for itself in the international finance market. Alongside, the increase in globalisation and the upsurge in outsourcing by multinational companies in the west have created a lot of opportunities for growth in the Middle East and Far Eastern countries. This apparently requires a strong internationally stable financial organization to conduct transactions across the globe without any errors (i.e.) 100% accuracy.   This includes reliability and stability of the bank under extreme situations (like emergency for example), which is highly important to conduct international transactions. Also the potential to meet financial demands during crisis situations is a vital criterion that is considered while presenting themselves in the international market. In addition to the globalisation, outsourcing and export/import growth, there is also a tremendous growth in cross-border finance among the countries in the Middle East and Far East. Along with all these factors the developing nations in the Middle East face a mandatory requirement of a sable international banking system in order to attract foreign investment. The increase in cross border finance activity among the middle eastern countries is also a critical element to be considered for establishing a stable international bank within the nation in order to represent the country in the international finance market. The countries in the Middle East are actively participating in cross-border finance since the dawn of the 21st century. Being a producer of Oil which is a vital ingredient at all levels of life right from day-to-day driving up to power generation for the nation in order to run industries and serve domestic purposes, makes it critical for the nations in the Middle East to have a strong international banking system to conduct transactions across the globe accurately and effectively. Qatar is a growing nation in the Middle East with primary operations in oil and gas export as well increasing its potential in areas of development in technology focusing on IT and communication. The nation has efficient international operations and con ducts financial transactions between western nations as well as with eastern nations. Since the take over of the government by H.H. Sheikh Hamad Bin Khalifa in 1995, the country is making tremendous progress in deploying its hydrocarbon resources in order to penetrate in the international market and present itself as a financially stable nation in the international market. Further to the increase in the international operations by the countries in the Middle East and the Far East, the Bank for International Settlements developed a framework to co-ordinate the international financial operations as well as create a portfolio for the capital measurement and capital standards which every nation involving in international banking operations is expected to adopt in order to stabilise and put in order the international transactions between countries. The Basel II accord produced by Basel Committee on Banking Supervision aims at achieving International Convergence of Capital Measurement and Capital Standards. The arrangement aims to set a minimum standard to be met by its participating nations in order to achieve capital adequacy by the participating nations in the international market. This report aims at analysing the effects of Basel II accord on Qatar’s banking sector. The objectives of this report are stated below: To analyse the Basel II accord and it’s framework for measuring capital adequacy in the nations participating in the international banking transaction. To investigate the banking sector of Qatar and the effect of Basel II accord on its international operations and capital adequacy. To analyse the effect of Basel II accord on the nation’s two major banks having international operations in Qatar namely, Qatar Industrial Development Bank (QIDB) and Commercial Bank of Qatar (CBQ) and to analyse the impact of Basel II Accord on the Banking Sector of Qatar. Report Outline: The report comprises of the following chapters. Chapter 1: Introduction This chapter introduces the reader to the objectives of the report and presents a broad picture of the report to the reader. Chapter 2: Overview of Basel II Accord This chapter presents with an overview of the Basel II accord. The three pillars of Basel II accord namely Minimum Capital Requirements, Supervisory Review Process and Market Discipline are analysed in detail to provide the reader with a detailed understanding of the consent of Basel Committee on Banking Supervision. Chapter 3: Implications and Critical Analysis of Basel II Accord The literature review on the Basel II Accord in chapter 2 is followed by the critical analysis and its implications on nations (business and political) are presented to the reader before proceeding to present the overview of the Qatar Banking sector.    Chapter 4: Overview of Qatar and its Banking Sector This chapter presents the reader with an overview of Qatar as a nation and its business operations in the International market. Alongside, the chapter analyses the country’s growth in the banking sector and its internationally active banks. Chapter 5: Case Study This chapter conducts a case study analysis on Qatar’s two internationally active banks namely Qatar Industrial Development Bank (QIDB) and Commercial Bank of Qatar (CBQ). The effect of Basel II accord on the banks along with an overview of the bank is presented to the reader. The data used to present the case study is primarily obtained from secondary sources like journals, reports and white papers. This is apparently due the fact that the analysis is conducted on a foreign nation as well as the data available from the secondary sources are also reliable as they are published by legitimate organizations and popular journals.   Chapter 6: Results and Discussions The results of the case study analysis and discussions are carried out in this chapter. This chapter aims to present a clearer picture to the reader on the effects of the Basel II accord on the banks analysed. Chapter 7:   Conclusion and Recommendations The conclusions derived from the case results and discussions on the case study and the overall conclusion on the effect of Basel I accord on the Qatar Banking Sector is presented in this chapter. Alongside, this chapter presents a few constructive recommendations based on the results and discussion on the case study. Chapter 2: Overview of Basel II Accord This chapter begins with an overview of the Bank for International Settlements followed by a detailed analysis of the Basel II accord. The Basel II committee is also analysed alongside in order to provide a deeper insight to the readers. 2.1 Bank for International Settlements Overview and it’s Operations The Bank for International Settlements (Bank for International Settlements) is an international organization looking after international monetary and financial co-operation across the globe. This organization acts as the bank for all the central banks of countries participating in the international finance and banking. The Bank for International Settlements profile states that the bank achieves the aforementioned statement through acting as A forum to promote discussion and facilitate decision-making processes among central banks and within the international financial and supervisory community. A centre for economic and monetary research A prime counter party for central banks in their financial transactions and Agent or trustee in connection with international financial operations. Established in 17th Many 1930, it is the oldest financial organization at the international level. The Bank for International Settlements has three major decision making bodies within the bank to achieve its mission. They are The general meeting of member central banks This meeting is held before the end of four months of the end of the banks annual financial year. The meeting addresses all the issues related to business and the member central banks gather to approve the annual financial statement released by the bank. The Board of Directors The board of directors comprise the central bank governors elected from various participating countries. They monitor the overall operation of the bank and take responsibility for actions to be taken and address issues related to disputes and other major international financial cross border problems. The Management Committee The management committee is the first line representative of the Bank for International Settlements and addresses the day-to-day activities of the bank. This committee primarily manages the monetary and financial co-operation services. The services include Meetings: Apart from the Annual general meeting the Bank for International Settlements organizes meetings on a bimonthly basis. This meeting brings the member central banks together with the aim of monitoring the global economic and financial development and discusses issues on its policies in relation to the monetary and financial stability. Committees and Secretariats Bank for International Settlements has several committees to monitor specific problems and issues in the international finance and cross border loans. Alongside, several other committees and organizations focusing on international financial systems have their secretariats in the Bank for International Settlements and work closely with the bank in order to enhance the overall international banking and cross border finance. Basel committee of the Bank for International Settlements is the committee that laid the specifications for capital measurement and capital standard of the central banks participating in the international banking. Research and Statistics: In order to support its meetings and the activities of the organization’s Basel based committees the Bank for International Settlements carries out regular research on economic, monetary, financial and legal areas of the international banking and cross border finance. Investment services for central banks: Bank for International Settlements also provides security, liquidity and return for its central bank members. The three primary points with respect to this identified by the organization are To provide security, the Bank has built up a sizeable equity capital and ample reserves. It pursues an investment strategy focused on combining diversification benefits with intensive credit and market risk analysis. To ensure liquidity, the Bank stands ready to repurchase its tradable instruments at little cost to its customers and thus respond quickly and flexibly to their needs. The BIS offers an attractive and competitive return on the funds deposited by central banks and international organisations The Bank for International Settlements focuses on serving the financial needs of central banks of the member countries. Alongside, it also acts as a banker managing the funds for numerous international financial institutions. 2.2: Basel committee Overview The Basel committee was established the member central banks of the Bank for International Settlements in order to create a standard for the international banking and capital framework for crass border finance and lending. The committee was initially set up in 1970 and meets regularly four times a year to discuss the progress in international banking and address issues related to business in this context. The member nations of the committee include Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, United Kingdom and United States. The country’s central bank and financial institutions that are not active in banking commercially but monitor the financial operations of the nation both at national and international levels represent the nations. The committee does no possess any authority over its member nations banking systems and the decisions of the committee are never intended to have a legal force on its member nations. The Central bank governors of the Group ten countries endorse the committee’s major initiatives. Also the committee reports to the group ten countries central bank governors. The committee first proposed he capital measurement system in 1988 commonly referred to as ‘Basel Capital Accord’. The committee aims in supervising the international banking operations of the nations across the globe. The decisions of the committee endorsed by the group ten countries address various financial issues in the international market outside the groups as well. The major aim of the committee is the ‘close the gaps in international supervisory coverage’ and to ensure that no foreign banking systems escapes the supervision in order to establish a harmony among the member nations of the Bank for International Settlements as well as in the international market. The committee has promoted supervisory standards in the past few years. Some of its major milestones include the following 1997: Cover Principles for effective banking supervision 1999: Core Principles methodology The committee also presented the Basel II accord with revision on international capital framework. This aims to standardise the capital framework of every bank participating in the international banking as well as sets slabs for minimum capital holdings to be met by the banks in order to qualify for international operations. The committee has numerous subgroups to perform specific tasks of the committee in order to achieve the overall motto of the committee. They are listed below Accord Implementation Group Accounting Task Force Capital Group Capital Task Force Core Principles Liaison Group (with 16 non-G10 countries) Cross-Border Banking Group Electronic Banking Group Joint Forum (with IAIS and IOSCO) Joint IOSCO BCBS Working Group on Trading Book Research Task Force Risk Management Group Securitisation Group Transparency Group The next section provides a detailed analysis of the Basel II accord and its various implications on international banking is discussed in chapter 3. 2.3 The Basel II Accord The Basel II accord was released in June 2004 further to the release of the Basel Accord in 2003. The Basel II is a revised edition of the initial Basel capital accord. It is a framework designed to derive the capital holdings of internationally active banks to meet the international standards and sets a minimum level of capital holding which is a primary criteria for the banks. The Basel II framework is aimed to be applied on a consolidated basis over internationally active banks in order to preserve the integrity of capital in the banks with subsidiaries. Also the framework eliminates the double gearing through this approach. The Basel II accord’s framework is also applied on a fully consolidated basis on any parent holding company which acts as a parent entity within a banking group in order to capture the risk on a consolidated basis without missing any element that contributes considerably to the risk of the overall banking system. Alongside, the framework is also applicable to all internationally active banks at every tier of the banking group. Apart from the aforementioned statements one of the principal objectives of the Basel II Accord is to protect the interest of the depositors essentially to ensure that capital recognised capital adequacy measures is readily available for the depositors. Apparently, these measures are aimed to establish a common platform for international banking and cross border finance across the globe. The scope of application extends to the following segments of the international banking and finance entities. Banking, securities and other financial subsidiaries Significant minority investments in banking securities Insurance entities Significant investment in commercial entities. Deduction of investment pursuant to this part The aforementioned entities are obtained from the Basel Committee report on International Convergence of Capital Measurement and Capital Standards, published in June 2004. The Basel II accord overview is based on this report. The illustration in the fig 1 gives a clear picture of the overall scope of application of the Basel II accord. The Basel II accord is split into three pillars. The first Pillar: Minimum Capital Requirements This is the very important pillar of the Basel II Accord. This pillar has very clear definitions of the Accord’s application on the credit risks and operational risk along with the Trading Book issues that are vital for international banking establishment. The layout in fig 2 reproduced from the Basel II report provides the inner picture of the First Pillar. The following subsections provide a detailed analysis on the elements shown in fig 2. 2.4: The First Pillar The First pillar lays down the minimum capital requirements that every internationally active bank should incorporate.   It is split into the following subsection. 2.4.1:   Calculation of Minimum capital requirements The minimum capital requirement is calculated as a measure of the capital ration. The capital ratio in turn is calculated using the regulatory capital and risk-weighted assets. The requirement of this criterion is that the capital ration must be a minimum of 8% or more in order to be eligible for the international activities. Also, in case of a two tier system the capital in tier 2 must not be greater than the tier 1 capital (i.e.) the tier 2 capital can be a maximum of 100% of the tier 1 capital. The capital is accounted from the following sources    Regulatory capital: The minimum accounting capital requirements for the financial institution encompasses the regulatory capital. The Basel II accord has withdrawn the provision to include general provisions in tire 2 capital, which was in effect in the 1988 Accord under the Internal Ratings-Based (IRB) approach.   Furthermore the accord has lain down that the banks using the Internal Ratings Based approach to their other assets mu st compare the amount of total eligible provision with the total expected losses amount to the bank. This eventually increases the capital holding of the bank in order to meet the criteria. Risk Weighted Assets: The Basel II Accord calculates the total risk-weighted assets by multiplying the capital requirement for market risk and operational risk by the reciprocal of the minimum capital ratio of 8% and adding the resulting value to the sum of risk weighted assets for credit risk. Even though this is subject to review the approach lays enormous burden on the bank to increase its minimum capital holdings. Apparently the Basel II Accord is aiming to establish that the internationally active banks must have enough capital to meet its short comings without depending on loans and cross border finance to address its immediate requirements and short comings. The idea though being novel is very intense for the banks to maintain the required minimum capital. Transitional Arrangements: The Accord has also stated that the banks following the Internal Ratings-Based approach or the Advanced Measurements Approach (AMA) that there will be a capital floor after the implementation of the Basel II framework. The adjustment factors used in both the internal ratings-based approach and the advanced measurements approach for calculating the capital floor as per the definition of the Basel II framework is shown in fig 3 below. 2.4.2: Credit Risk-The Standardised Approach Under this method the Basel committee provides the internationally active banks a choice for calculating their capital requirements for credit risk. The first approach is the standardised method of measuring the credit risk through support from external credit assessments. This method is approved by the Basel committee while the other method is yet to explicitly approved by the committee. Under the alternate method of calculating the credit risk, the bank supervisor can allow banks to use their internal rating systems for calculating the credit risk. Under both the methodologies one should not oversee the fact that the Basel committee is very keen in assessing the credit risk on the capital holdings of the internationally active banks. Even though this is appreciated, the rules are very stringent making it very difficult for the banks for adopt easily. 2.4.3 Credit Risk- Internal Ratings Based Approach The Basel II committee has given supervisory approval for banks to use the Internal Ratings-Based approach to determine their capital requirement for a given exposure subject to certain minimum conditions and disclosure requirements. The risk components considered include Measures of the probability of default (PD), Loss given default (LGD), The exposure at default (EAD), Effective maturity (M) The Basel II accord states that â€Å"The Internal Ratings Based Approach is based on the measure of unexpected loses (UL) and Expected Loses (EL). Under the Internal Ratings Based Approach, the committee expects the bank to categories their exposures in order to identify the different underlying risk characteristics. The categories include corporate, sovereign, bank, retail and equity. These are identified as the corporate asset classes and the approach further expects the bank to identify the subclasses associated with the asset classes in order to measure the credit risk associated with the exposure. The detailed analysis of every corporate class and its associated subclasses is beyond the scope of this report. In essence the Internal Ratings Based Approach gives the bank more liberty to calculate its credit-risk on the minimum capital requirement for a given exposure. But the producers laid by the Basel II Accord is very tedious to adopt and implement for every corporate class exposure and identifying the subclasses associated. 2.4.4: Credit Risk- Securitisation Framework The Basel Committee in its revised accord, has made it mandatory for the banks to apply the Securitisation Framework for determining regulatory capital requirements on exposure arising from traditional and synthetic Securitisation or similar structures that contain features common to both.   The Basel II accord also states that the capital treatment of the Securitisation exposure must be determined on the basis of the economic substance rather than the legal form of the structure. It is apparent that the securities can be structured in many different ways and the committee has approved the use of either the traditional Securitisation or the synthetic Securitisation framework. Also the Basel II accord expects the supervisor to look at the economic substance of transaction in order to determine whether it should be subject to Securitisation framework or not. This gives the discretionary power to the supervisor to decide on a specific transaction whether to include it in the framework or to eliminate it from the framework towards determining the regulatory capital framework. The traditional Securitisation and the synthetic Securitisation framework are discussed below. Traditional Securitisation: The Basel II Accord defines the traditional framework as â€Å"a structure where the cash flow from an underlying pool of exposures is used to service at least two different stratified risk positions or tranches reflecting different degrees of credit risk†. The advantage with this approach is that the payment to the investors is based on the performance of the specified underlying exposures rather than a derivation from an obligation of the entity originating those exposures. Synthetic Securitisation â€Å"A synthetic Securitisation is a structure with at least two different stratified risk positions or tranches that reflect different degrees of credit risk where credit risk of an underlying pool of exposures is transferred, in whole or in part, through the use of funded (e.g. credit-linked notes) or un-funded (e.g. credit default swaps) credit derivatives or guarantees that serve to hedge the credit risk of the portfolio†. This approach leaves the return to the investors in the hands of the performance of the underlying pool. Apparently, the risk associated is higher since the performance can be affected by numerous causes. From the above-mentioned approaches the Basel II accord’s stand for evaluating the capital and minimum capital requirements are evident. 2.4.5: Operational Risk The operational risk is defined by the Basel Committee as the risk associated with the loss resulting from inadequate or failed internal processes, people, systems or external events. This includes the legal risk with the exclusion of strategic and reputational risk. The Basel II Accord has approved three methods for calculating the operational risk and risk sensitivity with the implications on minimum capital requirements. They are: (i) The Basic indicator approach, (ii) the Standardised Approach and (iii) Advanced Measurement Approach. Basic Indicator Approach: In this case the banks should hold capital for the operational risk equal to the average over the past three years of a fixed percentage. This is expressed as a formula below KBIA = [ÃŽ £ (GI1†¦n x ÃŽ ±)]/n Where KBIA = the capital charge under the Basic Indicator Approach GI = annual gross income, where positive, over the previous three years n = number of the previous three years for which gross income is positive ÃŽ ± = 15%, which is set by the Committee, relating the industry wide level of required capital to the industry wide level of the indicator. This formula is obtained from the Basel II accord for the purpose of reader understanding. Standardised Approach: The standardised approach divides the bank’s activities into eight-business lines namely corporate finance, trading sales, retail banking, commercial banking, payment settlement, agency services, asset management, and retail brokerage. The likelihood of operational risk exposure is calculated from the gross income associated with each business line that serves as an indicator for the scale of business operations by the bank in that specific area of business or business line. This approach is very clumsy since the gross income associated with the business line varies due to numerous reasons both internal and external. Advanced Measurement Approach: The Advanced Measurement Approach equates the regulatory capital requirement with the risk measure generated by the bank’s internal operational risk measurement system using quantitative and qualitative criteria. The banks can use this method only after the approval by the Committee. The Basel II Accord sets the approach for the banks based on their international activity and significant operational risk exposures. Also, when a bank agrees to use a more sophisticated method, it cannot revert back to the easier method without approval from the supervisor. This eventually increases the burden on the banks to choose a sophisticated method. 2.4.6: Trading Book Issues The final segment of the first pillar is the trading book. Basel Committee defines the trading book as a container of both the financial instruments and commodities held either with trading intent or in order to hedge other elements of the trading book. The trading book forms a vital element for the bank since it is the record of the bank’s financial instruments as well as commodities. The Basel II Accord identifies four key principles for the supervisory process. They are listed below. The basic requirements for the eligibility to trading book capital treatment put forth by the Basel II Accord are as follows Clearly documented trading strategy for the position/instrument or portfolios, approved by senior management (which would include expected holding horizon). Clearly defined policies and procedures for the active management of the position Clearly defined policy and procedures to monitor the positions against the bank’s trading strategy including the monitoring of turnover and stale positions in the bank’s trading book 2.3: The Second Pillar- Supervisory Review Process Basel committee was initially set up for the supervising the internationally active banks and produce a common platform for the smooth transactions and cross border finance. The Basel II Accord has established Supervisory Process as one of the three pillars in order to emphasise its stand on supervisory process. The importance of supervisory process is described below. 2.3.1: Importance of Supervisory Process The supervisory review process of the Basel II Accord aims not only to ensure that banks have adequate capital to support all the risks in their business but also intends to encourage the banks to develop and use better risk management techniques in monitoring and managing risks. Alongside, the supervisory process by developing internal capital assessment process and setting capital targets that are commensurate with the bank’s risk profile recognises the importance for bank management in order to improve the atmosphere in the international banking and cross border finance. The Supervisory process evaluates the relationship between the amount of capital held by the bank against the risk, strength and effectiveness of the bank’s risk management eventually guiding the bank and supervising its activities in order to improve the performance of the banks in the international business market and cross border finance. 2.3.2 Four Key Principles of the supervisory review The four key principles identified by the Basel II Accord on the supervisory process is listed below. These principles emphasise on the committee’s focus on supervision and its aim to maintain harmony in the international banking and cross border finance. Principle 1: Banks should have a process for assessing their overall capital adequacy in relation to their risk profile and a strategy for maintaining their capital levels. Principle 2: Supervisors should review and evaluate banks’ internal capital adequacy assessments and strategies, as well as their ability to monitor and ensure their compliance with regulatory capital ratios. Supervisors should take appropriate supervisory action if they are not satisfied with the result of this process. Principle 3: Supervisors should expect banks to operate above the minimum regulatory capital ratios and should have the ability to require banks to hold capital in excess of the minimum. Principle 4: Supervisors should seek to intervene at an early stage to prevent capital from falling below the minimum levels required to support the risk characteristics of a particular bank and should require rapid remedial action if capital is not maintained or restored. 2.3.3: Issues to be addressed There are two specific issues to be addressed by the Supervisory-Review Process. They are Interest Rate Risk in the Banking book: Since it is clear that the Basel Committee’s primary focus is on identifying and preventing risk in the international b