Development of Singapores Economy

Development of Singapores Economy Introduction In the past three decades have witnessed Singapore’s economy has been developing at an extremely high speed. As the most important part of the economics, banking and finance services contribute a lot to the gross domestic product. The government document (Banking and finance, 2007) show that the Banking and Finance provides a description of the complex nature of the sector and an overview of the sector’s provision of products and services, which are: (1) deposit, consumer credit, and payment systems; (2) credit and liquidity products; (3) investment products; and (4) risk-transfer products (including insurance). Banking and finance services sectors play an important role in the Singapore economics, in 2013, the financial industry contributed around 12% to Singapore’s GDP (Singaporean- German Chamber of industry and commerce, 2014.). And Singapore isn’t an industrialized and agricultural country, it depends on the tourism and financial business, therefore t he Singapore cannot leave Banking and finance services sectors. Contribution GDP stands for gross domestic product, which is used to measure a country economics, it includes everything produced by all the people and companies that are in the country. Singapore has enjoyed robust economic growth with an average growth rate of 6.1% since 2000 and a GDP per capita of S$65,048 (US$52,051) in 2012, one of the highest in the world. This strong economic performance is driven by 4 key sectors, namely Manufacturing, Wholesale Retail Trade, Business Services and Finance Insurance. These 4 key sectors collectively contributed to more than 64% of Singapore’s GDP in 2012 (Meng Kit, 2014). Nowadays, Singapore has hundreds of banking and finance companies, and most of them are foreign. Because Singapore geographical condition and social status, more and more company set up a branch company in Singapore, for example, Huawei, HSBC and Citibank, etc. In the report (Anonymous, 2014) according to City think-tank Z/Yen’s Global Financial Services, both are challenging the leaders as the top global finance hubs, with Hong Kong in third place behind London and New York, and Singapore only eight points behind in fourth. When they set a company in Singapore, they need to recruit the best of the best employees to their company, in the other worlds; they create a lot of job opportunity. It solves the problem of employment, and that’s why Singapore’s unemployment rate so low. The Manpower Research Statistics Department (2015) shows that Singapore’s unemployment rates in 2012 to 2014 are 2.0%, 1.9% and 2.0%. Those represent Singapore job market are not too much unemployed people, it’s beneficial to maintain social stability and development. Challenges With the development of the economics, different issues and problems will emerge in the market such as 1997 Asian economics crisis and 2007 American Subprime mortgage crisis. People cannot predicate these economics crises, they just can try their best to decrease economics crises damage to the economy and revive the economics as soon as possible. The same as the banking and finance services sectors, these sectors will be the first industry affected. In that period of time, many people was fired by the company so that the company can save more money and especially, Singapore stock market also affected by the economics crises, many companies and investors loss money. Inmoderntimes, everyone get a smartphone and people use Internet to communicate, but it’s very dangerous when you use Internet to transfer document or money. They don’t need to go to rob the bank to get money or even know the details of the targets; they can get everything through the Internet. The hacker can hack the Internet and see all the information in your account, and after that they will steal or sell your information to the market. The report said that (Jones, 2013), the police conservatively estimate that the group of five men from Russia and Ukraine helped steal at least 160 million payment card numbers, resulting in losses in excess of $300 million. Therefore, it’s very risky to transfer through the Internet, but it’s the future of the banking and finance services sectors. When the foreign companies join the Singapore market, there must have more competitions to the local company. When the foreign banks come to Singapore, the costumer have more choices to choose which one to use and which one they will get more benefit. In the other word, the number of the customers will decrease. When Citibank, standard chartered bank and HSBC etc. come into Singapore, the POSB, DBS and OCBC etc. suffer some certain of impact and loss. This will be a big challenge that banking need to fact it, as well as the financial services. Strategic planning When banking and finance services sectors start their business, they need to have a scheme so that while the business encounter the risky, the company can loss lesser. First they need to study and analysis the high developed in each continent. Secondly, they can predicate the future trend so that can prepare the back-up plan in case of an emergency, it benefits these sectors run their company while the economics crises come, and prevent the company become chaos when it comes, the employee and top manager can run as they plan that they did in advanced. In the plan, if the company has to reduce a surplus, they can use following ways, downsizing, demotions, early retirement and demotions. These methods can reduce company’s expenditure and the company can use this money to other ways, it’s the best way to reduce the damage from the economics crises. When the banking and finance services sectors use the Internet to transaction, they need to ensure their Internet is safe and need to check the firewall is work so that kill the virus and stop the hacker hack in the system or not the company will loss millions of money. After the company releases the application for the services, they need to guarantee that the application is safe enough; otherwise the costumers will ask the company compensation for their loss. The company needs to fix the bug immediately when costumers’ feedback the problem to the company in case the criminal seizes the opportunity to steal the money and information. In the meantime, the company can work with cyber-police; it can avoid the cyber-crime effectively. When the cyber-crime happen, the company need to contract cyber-police immediately, tell each details to them so that cyber-police can trace criminal’s trace. The situation of the local company will become more and more difficult while the foreign company come to share the market together. When the company competes with local and foreign company, they need to release more and more convenience and cheaper services so that to attract more and more costumers use your service. In order to hoisting competitiveness, OCBC publish a card called ‘Plus! Visa Credit Card’, the owner of this kind of credit card can enjoy a lot of promotion in different places, for example the costumers pay by this credit card with 5% off everything at FairPrice and FairPrice Online, 18.3% fuel savings and earn Smiles Points at Esso, 3% off at Popular, etc. (OCBC, n.d.). Conclusion MAS stand for Monetary Authority of Singapore, which is a central bank of Singapore. MAS is the place that to promote sustainednon-inflationary economic growth,anda sound and progressive financial center, therefore from 1987 MAS started to enact different act so that Singapore market can develop healthily and rapidly. In these act, MAS manage the different kinds of statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ascurrency issuance. It leads a success road for those banking and finance services sectors, and also provide a platform to them, let them to discuss and determined the important movement to the Singapore market. Singapore’s successful cannot leave the MAS. Banking and finance services sectors is one of the major contribution to Singapore’s GDP, therefore it definitely has a great future. But in the meantime, these sectors should prevent the crisis from occurring in the first place. They need to learn from the pervious mistake and also learn from other country like America, China, Ireland, etc. so that these sectors will not make the same mistake that happened before. In the future, the government should publish a safe platform so that the commercial tenant can trade on it and no need to worried about the cyber-crime. And more and more company will come to Singapore to start their branch company, there will more competitive and contribute higher GDP to Singapore together.

Part I Root Attitudes and Beliefs

Global settings create specific requirements for personal, organizational, cultural values. In general, there are no limits to the attitudes people hold.Attitudes are learned throughout life and are embodied within our socialization process. In the global setting, some atti ­tudes may be central to us – a core construct – which may be highly resistant to any change (perhaps a religious belief); whereas other, more peripheral atti ­tudes, may change with new information or personal experiences.A person should be a proactive, which means to be response to change creating new knowledge and finding methods of problem-solving. Reactive person cannot be creative which limits its opportunities and prevents from personal growth (Oden, 1997).In the workplace, there should be full and genuine participation of staff concerned as early as possible, preferably well before the actual introduction of new equipment or systems.A person should concentrate on the roots of the problem in order to remove doubt and indecision. It involves having an objec ­tive to achieve and the tests of whether that objective is being achieved or not form the control criteria. Decisions involve the future and involve choice therefore they can be wrong (Cowen, 2002).2. Achieving personal significance is another factor which ensures personal development and growth. Every person is unique personality (Hill, Levenhagen, 1995).For instance, from early years many entrepreneurs and creative people, artists and musicians reveal creative skills in different aspects of life. On the other hand, researchers underline that these skills can be trained and developed in many people in spite of their sets of genes and nature. If a person understands his uniqueness, it creates new opportunities for companies. In global settings, it is crucial to find the essence and meaning of life.Most people not only believe that worrying about difficulties becomes a way not to worry (or even think about) other pressing issues; people also believe that many common Amer ­ican concerns about stress are misplaced. If a person understands his â€Å"divine role† and accepts his destiny, he becomes patient to other people trying to apply universal wisdom to life (Fitzsimmons, 1997).3. To discard the negatives, every person should develop unique interpretation of â€Å"a self† and â€Å"the essence of life† based universal values and laws. All actions of people are aimed toward the positive, and purpose is in nature. This life philosophy frees people from worries (Gesteland, 1999).The conditions of possibility, in which such a life can be attempted to be lived, take the view that the institutions of the modern state, as these are developing in the advanced societies, do have the potential for accommodating a range of spheres of life such as private morality and economic activity within which individualism could flour ­ish, but which at the same time are held within a set of political institutions capable of securing.

Difference Between A Good Survey And A Bad Survey - 941 Words

Introduction There are surveys all the time around us, either when we go to a store where they ask you if you can take a survey, or if you are online on Facebook where they ask you to participant in different surveys. To be a better consumer of surveys and to try understand what we can get from it, it is important for us to know the difference between a good survey and a bad survey. Methods In this research paper I went online and found two different surveys that had the same topic in their questions. I looked on the proposition 8 that the U.S. Supreme Court had handed down regarding same sex marriage in California. The reason I choose this poll was because many of the misunderstanding the people had when they voted. I got this information from Kathy Griffin series â€Å"My life on the D-list†, where she went with the organization â€Å"Vote for Equality† in California to personally go door to door and ask people what they voted and why or why not they where against gay marriage. The second survey I looked up online was the LGBT Americans regarding the attitudes, experience and values in changing times. What kinds of questions were asked and if this was a good or bad survey. Results The U.S. Supreme Court had handed down two landmark same-sex marriage rulings. One was striking down a major provision of the federal Defense of Marriage Act (DOMA) and the other leaving uncertain the fate of California’s Proposition 8, the 2008 poll initiative that prohibits gay and lesbian couplesShow MoreRelatedA Comparison of Implicit and Explicit Weight Bias Essay1315 Words   |  6 Pagescompared with the results of explicit surveys in ten Indiana University undergraduates. The purpose of this study was to determine if there was a significant correlation between subjects results on the IAT and their responses in the explicit survey. Our survey was designed to measure the same bias that the IAT was measuring. 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Does Blowing on Hot Food Really Make It Cooler

Does blowing on hot food really make it cooler? Yes, blowing on that nuclear coffee or molten pizza cheese will make it cooler. Also, blowing on an ice cream cone will melt it more quickly. How It Works A couple of  different processes help cool hot food when you blow on it. Heat Transfer From Conduction and Convection Your breath is near body temperature (98.6 F), while hot food is at a much higher temperature. Why does this matter? The rate of heat transfer is directly related to the difference in temperature. Thermal energy causes molecules to move. This energy can be transferred to other molecules, reducing the movement of the first molecule and increasing  the movement of the second molecule. The process continues until all the molecules have the same energy (reach a constant temperature).  If you didnt blow on your food, the energy would be transferred to the surrounding container and air molecules (conduction), causing your food to lose energy (become cooler), while the air and dishes would gain energy (become warmer). If there is a big difference between the energy of the molecules (think hot cocoa  cold air  or ice cream on a hot day), the effect takes place more quickly than if there is a small difference (think hot pizza on a hot plate or a refrigerated salad at room temperature). Either way, the process is relatively slow. You change the situation when you blow on food.  You move your relatively cooler breath where the heated air used to be (convection). This increases the energy difference between the food and its surroundings and  allows the food to cool more quickly than it would otherwise. Evaporative Cooling When you blow on a hot drink or a food containing a lot of moisture, most of the cooling effect is due to evaporative cooling. Evaporative cooling is so powerful, it can even lower the surface temperature below room temperature. Heres how it works. Water molecules in hot foods and drinks have enough energy to escape into the air, changing from liquid water to gaseous water (water vapor). The phase change absorbs energy, so when it occurs, it  lowers the energy of the remaining food, cooling it. (If you arent convinced, you can feel the effect if you blow on rubbing alcohol on your skin.)  Eventually, a cloud of vapor surrounds the food, which limits the ability of other water molecules near the surface to vaporize. The limiting effect is mainly due to vapor pressure, which is the pressure the water vapor exerts back on the food, keeping water molecules from changing phase. When you blow on the food, you push away the vapor cloud, lowering the vapor pressure and  allowing more water to evaporate. Summary Heat transfer and evaporation are increased when you blow on food, so you can use your breath to make hot foods cooler and cold foods warmer. The effect works best when there is a large temperature difference between your breath and the food or drink, so blowing on a spoonful of hot soup will be much more effective than trying to cool a cup of lukewarm water. Since evaporative cooling works best with liquids or moist foods, you can cool down hot cocoa by blowing on it better than you can cool a molten grilled cheese sandwich. Bonus Tip Another effective method of cooling your food is to increase its surface area. Chopping up hot food or spreading it out on the plate will help it lose heat more quickly.