Contribution of Banking and Financing to Singapore Economy

Contribution of Banking and Financing to Singapore Economy Kim DuckWon 1.0 Introduction Since globalization of the world, banking and financing sector is now become very important for the ones countrys economic growth as it is directly relate to national GDP. Banking and Financing refer as an act of provide funds for business activities, making purchases or investing to help its businesses to get their goals. And for Singapore, banking and financing is taking a big part in economy as Singapore economy can be said that they grown up their economy by banking and financing with its reputation as financial hub in Asia and it is true that banking and financial services contribute on its domestic economic growth as well by giving few advantages. So, through following paragraph will mention, what is the contribution of banking and financing to Singapore economy and few challenges that banking and financing might face in present and the future. 2.0 Contribution of banking and financing to Singapore economy 2.1 Contribution in Job market First contribution of banking and financing to Singapore economy is job creation which would bring up Singapores economy status better in the end. As Singapore has its reputation as financial hub, Singapore could get lots of Foreign Direct Investment(FDI) in area of banking and finance from many countries such as USA, Japan etc. Therefore, Singapore could make many place for the domestics to get a job in the banking and finance services which will lead Singapore economy status better and will also help to drop down the unemployment rate. And truly, figure shows that in more than 500 financial institutions the banking and finance industry of Singapore provides more than 114000 jobs which is 5.5% of the total workforce(Singaporean-German Chamber of industrycommerce,2013). Therefore, banking and financing would be the factors that contribute to its domestic job market in Singapore. 2.2 Foreign Direct Investment (FDI) FDI means individual or business owns 10% or more of a foreign companys capital to control and to get into management its company in the end.(Kimberly,2015). In Singapore, banking and financing take quiet huge role in Foreign Direct Investment(FDI). Although evidence on FDI and economic growth is ambiguous, relations between financial market and economic growth ends up with positive conclusion-namely, well-developed financial market in the country will bring along economic growth(Alfaro,2004). and this economic growth in Singapore will continue to attract the countries to make more FDI to Singapore by its major countries of FDI and it will lead Singapores economy to continue as positive for the future.   2.3 Contribution in Small and Medium-sized Enterprises(SME) In Singapore, Small and Medium-sized Enterprises(SME) normally refer as companies which is employee below 200 or sales turnover is not more than S$100 million. It might seems that SMEs are not important for the economic growth. However, In Singapore, SMEs are taking really important role since SMEs take up 99% of all its enterprises and employ 7 out of every 10 workers in the job market and they contribute over 50% of its national GDP(Koh, 2012). Therefore, banking and financing services contribute a lot on SMEs to boost its economic growth even more higher by giving SMEs collateral-free loan for SMEs improvement and also to encourage someone who try to open new SME. For example, OCBC bank in Singapore is one of the financial institution who contribute to SMEs by giving financial supports up to $100,000 to start up. By this kind of contribution from bank and financial institution, Singapore economic growth will be even more higher. 3.0 Challenges of Singapore banking and financing in present and future Although banking and financing contribute a lot in Singapores economy growth, there are some challenges that might face in the present and future such as dependency of global economy, government regulations and cyber crime. 3.1 Dependency of World economy First challenge factor that banking and financing in Singapore would face in the present and future is dependency of global economy. Needlessly to say, Singapores main contributor of its economic growth is come from FDI in banking and Financial services as Singapore is financial hub in global economy. However, because of its high dependency of global economy, Singapores banking and financial services could not avoid from world financial crisis as well which makes main FDI countries to reduce their investment to Singapores financial services. And global financial crisis in 2008 started from USA was the example of showing that Singapores banking and financial service is not free from it. and figures that an average growth rate of nearly 8 per cent from 2004 to 2007, Singapore was the first East Asian country to fall into a recession from the global economic crisis after July 2008. This clearly reflects the greater vulnerability of the Singapore economy to global economic shocks(Shandre ,2009). 3.2. Shortage of skills Shortage of skills would be the one of the challenge that Singapores banking and financial services would face in the present and in the future. Because most of the banking and financing services are now digitalized and specialized, these sectors are seeking workers who are specialized and have great knowledge of technology. But as it need long time to get experience and skills to be specialize in the parts, Singapores banking and financial services will face the shortage of skills. And that will make the sectors to spend whole lot of money to train and educate the workers to be specialized in their work. 3.3 Cyber Crime Lastly, Cyber crime could be the another problem for banking and financing and to Singapores economy growth in the present and the future. As technologies improved, use of online banking and financing services rate is increasing which makes most of bank and financial services done by online. However, because of technology improvement banker and financial services are bother from cyber crime. And the reason why cyber crime is become a threatening part for these sector is because they need to spend massive money to compensate the victims and also to buy or develop the system to prevent the cyber crime such as financial fraud online which will make these sectors to waste their money. And truly, Direct financial losses in Singapore due to cybercrime grew from US$944 million in 2012 to US$1 billion in 2013(TSE,2014). And this figure will also affect to FDI negatively in banking and financial services which will also threaten Singapores position as a attractive country for FDI. 4.0 Strategic planning to overcome challenges of banking and financing of Singapore in the present and future 4.1 security and regulation According to a 2013 Norton report, Singapore cybercrime victims had the highest average per capita losses worldwide in 2013, of US$1,158. This is four times the global average of US$287 and twice the figure set 12 months earlier in the country(TSE,2014). Therefore, banking and financial services should put an effort to reinforce security and regulation of its online system in banking and financial services to reduce wasted money. For example, these sector can make it compulsory to the workers to use security software to protect cyber crime. And they also can make a teams of online security to prevent cyber crime such as hacking and online fraud to avoid from losing money. 4.2 Education and training In todays world of banking and financing need quiet advanced skills in computer to do a job since most of works are done by computers and online. However, as workforce ages are growing up, lack of skills in banking and financing area become a big problem. Thus, banking and Financial services should re-educate and re-training the workers to get the job done. To do so, banking and financial services sector should create a specialized team in the working place and establish a course to training and educate the workers whom struggle with the skills needed in the work. So that in the end all the workers will be enhanced in their working part which will help to increase productivity. 4.3 Government tax policies As banking and financial services in Singapore affected a lot from global economy, Government should decrease the tax rate for the companies who makes investment their money to banking and financial services in Singapore. And to do so, Singapores banking and financing sector will be 5.0 Conclusion As Singapore considered as global financial hub, banking and financing sector in Singapore will still continue to take a huge role in economy growth in the future. They will provide more money to the country as main contributor of its GDP growth and will also provide more jobs for the domestics as it provide 5.5% of total workforce in Singapore in present. However, to do all this happen, Singapore should handle all problems that challenges of banking and financing services would face in the future such as cyber crime, lack of skills and high dependency of global economy. To handle this kind of problem, Singapores banking and financing sector should make good scheme to re-train and educate workers in financial area and innovate the service way in banking and finance to avoid cyber crime. Then in the future outlook of Singapore banking and Financing will be very positive as a financial hub in the Asia and in the world. Reference List Alfaro, L, 2004. FDI and economic growth: the role of local financial markets.., [Online]. 1 issue, volume 64, 89-112. Available at:http://www.sciencedirect.com.ucd.idm.oclc.org/science/article/pii/S0022199603000813?np=y[Accessed 17 May 2015]. ASEAN briefing. 2014.Singapore expands SMEFinancing Options to Support Small Businesses. [ONLINE] Available at:http://www.aseanbriefing.com/news/2014/08/14/singapore-expands-sme-financing-options-support-small-businesses.html. [Accessed 16 May 15]. Kimberly ,A. 2015.Foreign Direct Investment. [ONLINE] Available at:http://useconomy.about.com/od/tradeterms/g/Foreign-Direct-Investment-FDI-Definition.htm. [Accessed 17 May 15]. Koh, J., 2012. Why Singapore needs to re-invest more in SMEs, Singapore business review,Apr 27 Available at: http://sbr.com.sg/markets-investing/commentary/why-singapore-needs-re-invest-more-in-smes Shandre,T. 2009.Riding the global economic crisis in Singapore. [ONLINE] Available at:http://www.eastasiaforum.org/2009/01/05/riding-the-global-economic-crisis-in-singapore/. [Accessed 17 May 15]. Singaporean-German Chamber of industrycommerce. 2013.Singapore – Finance Insurance Industry. [ONLINE] Available at:http://www.sgc.org.sg/fileadmin/ahk_singapur/DEinternational/IR/diffIR/Finance_Insurance_2014.pdf. [Accessed 15 May 15]. TSE, S, 2014. CYBERCRIME IN ASIA: A CHANGING REGULATORY ENVIRONMENT ., [Online]. , p.1-15. Available at:http://asia.marsh.com/Portals/59/Documents/Cybercrime in Asia A Changing Regulatory Environment_EN.pdf[Accessed 16 May 2015]. Vikas , S. 2013.Global Financial Crisis Impact on Singapore and Policy Measures Taken to counter it. [ONLINE] Available at:http://www.slideshare.net/VikasSharma128/lky-presentation-vikas-sharma. [Accessed 17 May 15]

Libraire Gallimard Essay

With people nowadays trying find the meaning of their existence and the true way to live, one can understand why there would be confusion among the members of society since there will, inevitably, exist differences and approaches on how to find the answers one is looking for. Yet we tend to forget the basics and focus on the outside, on the world and let other people dictate how we are supposed to live our lives and who we are supposed to be. I, on the other hand, believe that existentialism is the only way to truly live one’s life. To live is to ‘hold the reigns’ and refuse to let other people define how you must act. Quoting one of the passages from the book by Albert Camus entitled The Stranger: â€Å"With death so near, Mother must have felt like someone on the brink of freedom, ready to start life all over again. No one, no one in the world had any right to weep for her. And I, too, felt ready to start life all over again. It was as if that great rush of anger had washed me clean, emptied me of hope, and, gazing up at the dark sky spangled with its signs and stars, for the first time, the first, I laid my heart open to the benign indifference of the universe. To feel it so like myself, indeed, so brotherly, made me realize that I’d been happy, and that I was happy still. † The protagonist in the novel clearly demonstrates the basic idea of existentialism—where man is free and is the author of his life and his decisions help shape his destiny, personality and where his life will lead him; a man who is free also asserts himself and does not conform and is â€Å"against totality or the collectivity or any tendency to depersonalization. † (Copleston 22). The protagonist, in the end, realized the indifference of the cosmos and accepted the fact that in the end, there is no meaning and letting one’s care (for how other people see him) control him entraps him in the label that is ‘unhappy’ when in fact he was happy all along. With these tendencies, it is not surprising that individuals themselves forget how to live and concentrate on pleasing others by living by the terms that are imposed by other people. In the novel, The Stranger, the protagonist was on trial for the murder of a man—what condemned him in the end was not the murder itself but for the fact that he refused to show remorse at his mother’s wake, which is absurd. Yet, if we think about it, in principle, those situations tend to happen, from simple gossip of ordinary people to the accusations hurled by powerful figures in the government. People tend to set a definition of good or evil, what is socially acceptable and what is not; the tendency is that people are trapped by these set definitions whereas in the total schema of things, life and the world itself is meaningless. There is no real definition since definition itself is manmade. In the end, the protagonist realized that he was happy and he was free despite the fact that other people have ‘defined’ him as a heartless murderer and an indifferent son. Most of us tend to take into consideration how other people see us; how we ‘fit in’ our society and refuse to be ostracized and be different; example is the wake of the protagonist’s mother in the novel. In a wake of a loved one, one is expected to show remorse. If one fails to do so, one is automatically branded negatively. If one would let go of these ‘cares’ and live life according to their definition, one can be happier and can truly live. What is ‘happiness’ or ‘being alive’ for us will and must be defined by none other than ourselves; for if we let other people set the standards for ‘happiness’ and ‘living’, it is not our ‘happiness’ and ‘life’ but theirs. Of course, one must never see existentialism as an excuse to murder a man or commit a wrong—one should always remember that even if ‘existentialists’ would live life by their own definitions, these people are still principled people and answer to themselves. Works Cited: Camus, Albert. The Stranger. France: Libraire Gallimard, 1943. Copleston, F. C. â€Å"Existentialism. † Philosophy Vol. 23, (1948): 19-37.

Legal Systems

Rawls describes individual rights as, â€Å"rights representing the moral rights of individuals in society prior to government. Individual rights are principles that identify and sanction certain interactions between individuals in a society while excluding others,† (20) Different countries have different ways of guarding their citizens’ human rights. Governments that respect individual rights often provide for comprehensive controls that protect individual rights. The Canadian Charter of Rights and Freedoms is the body that deals with the rights of Canadian citizens. The Charter is law and is part of the Canadian constitution. Since the charter is law, the federal government can not easily make changes to it. It is also stronger than laws the provinces create. www.hrweb.org/. It guarantees freedoms called fundamental freedoms; freedom of conscience and religion, freedom of thought, belief and expression, including freedom of all media and other press. Freedom of peaceful assembly and freedom of association is also guaranteed. These are the basic freedoms that the Canadian citizens share. However, the Charter allows for the limit of these freedoms under certain circumstances like, restricting the freedom of assembly in time of war. To help a disadvantaged group achieve equality, it allows differential treatment. The Chatter is to be interpreted in way that preserves and enhances the multicultural heritage of Canadians. The United States constitution on human rights is very similar in content to the outlined Canadian individual rights apart from the some rights in the Canadian Charter can be overridden by governments if they deliberately do so. This is not the case with the United States Human rights laws which cannot even be even removed entirely by a constitutional amendment as they are considered unchallengeable under the natural rights principles the Constitution is founded upon. The United States human rights laws, unlike British laws are applicable to everyone in the country as a whole and are not subject to small state adherence. ‘Nothing in this Declaration may be interpreted as implying for any State, group or person any right to engage in any activity or to perform any act aimed at the destruction of any of the rights and freedoms set forth herein,’ (Rawls 25). Unlike the British Human Rights Constitution that is set within the United Kingdom, United States made a universal declaration of its human rights protection strategy. New Zealand, which is a former colony of Britain  in its human rights protection aims at developing harmonious relationships between individuals and achievement of equal employment opportunity.   New Zealand have accepted a very limited right to privacy on specific topics while primarily balancing privacy as one interest against security, commercial and political interests in fragmented legislation and tort law rulings, unlike   Britain, which has very complete rules on privacy rights of individuals. www.hrweb.org/ Britain has a very complete and elaborate system in handling human rights issues. It has an official   union that deals with human rights that is, the Convention for the Protection of Human Rights and Fundamental Freedoms, which has several protocols guarding human rights The protocols accepted vary from one state to another this is effective in reaching all targets as per their individual need. These protocols include laws prohibiting death penalty, protection against torture, protection against slavery and forced labor with the exception of prison labor and national services. To those protected by the convention of liberty and lawful arrest. Britain has also established a special court that deals with human rights violation, European Court of Human Rights, where the court decision is legally binding and the court awards damages. Inter-state rights violation cases can also be taken to this court for states that are party ton that protocol. This provides the individual with immunity against abuse and special hearing of cases. The protocol outlines the procedures of a fair trial. Religion, marriage and privacy are also covered in the British human rights laws. The protocols also prohibit discrimination of whatever kind. The amendment of the laws for human rights is also possible with the British system, unlike the American system where the law is protect under natural rights systems. The British laws are much more flexible to meet the needs of the time and change of priority. When protocols are introduced, they need to pass the universal ratification before they come into force in order to maintain the institutional unity of the Convention machinery. Despite the British human rights protection strategies being almost similar in content to the other countries, it is more elaborate and its administration being under its own special court makes it be independent of the general laws and normal courts jurisdiction. The application of the laws per state also gives the citizens a free choice when it comes to living by the set rules. Its amendments are also much more flexible to expansions and being managed by a special body and not politicians, it’s more effective in administration and management of issues. Work Cited Rawls, John, A Theory of Justice (Revised edition. Cambridge, Massachusetts: Belknap  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Press, 1999. â€Å"Human Rights†1st July, 2007.Worldwide Human Rights Network.25th May, 2007  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  www.hrweb.org/                                    

Personal Statement Nutrition And Nutrition - 1113 Words

Many Americans today do not track their calories or pay attention to what they are eating. As they fail to do so, they also fail to analyze what nutrients, food groups, and physically activity they receive adequately and which they lack. As I have tracked foods and beverages that I have consumed, I have been able to collect data about which food groups/nutrients I consume adequately, where the majority of my calories come from, and how my physical activity compares to that recommended. As I analyze and compare my consumption to those recommended, my diet is not as healthy as it could be. I enjoy to snack, unhealthily, and eat foods that are convenient for my lifestyle rather than my health. I only received 57% of my calcium recommendations, 27% of potassium, 77% of copper, 67% of iron, 49% of magnesium, 75% of phosphorus, 78% of zinc, 49% of vitamin A, 92% of vitamin B6, 20% of vitamin C, 13% of vitamin D, 20% of vitamin E, 32% of vitamin K, 92% of folate, and 44% of choline; so in t hose areas, I lacked to meet adequate needs. Selenium, sodium, vitamin B12, thiamin, riboflavin, and niacin, I consumed sufficient amounts or more than what I needed. Since I have lacked to meet adequate amounts, I am at risk for certain deficiencies. Deficiency symptoms for vitamin A are fairly common and results in night blindness, eye disease, dry pimply skin, increased infections, and kidney stones. 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