The Financial System of Bangladesh

Overview of Financial system of Bangladesh The financial system of Bangladesh is comprised of three broad fragmented sectors: 1. Formal Sector, 2. Semi-Formal Sector, 3. Informal Sector. The sectors have been categorized in accordance with their degree of regulation. The formal sector includes all regulated institutions like Banks, Non-Bank Financial Institutions (FIs), Insurance Companies, Capital Market Intermediaries like Brokerage Houses, Merchant Banks etc. ; Micro Finance Institutions (MFIs).The semi formal sector includes those institutions which are regulated otherwise but do not fall under the jurisdiction of Central Bank, Insurance Authority, Securities and Exchange Commission or any other enacted financial regulator. This sector is mainly represented by Specialized Financial Institutions like House Building Finance Corporation (HBFC), Palli Karma Sahayak Foundation (PKSF), Samabay Bank, Grameen Bank etc. , Non Governmental Organizations (NGOs and discrete government progra ms. About financial MarketThe financial market in Bangladesh is mainly of following types: 1. Money Market: The primary money market is comprised of banks, FIs and primary dealers as intermediaries and savings & lending instruments, treasury bills as instruments. There are currently 15 primary dealers (12 banks and 3 FIs) in Bangladesh. The only active secondary market is overnight call money market which is participated by the scheduled banks and FIs. The money market in Bangladesh is regulated by Bangladesh Bank (BB), the Central Bank of Bangladesh. . Capital market: The primary segment of capital market is operated through private and public offering of equity and bond instruments. The secondary segment of capital market is institutionalized by two (02) stock exchanges-Dhaka Stock Exchange and Chittagong Stock Exchange. The instruments in these exchanges are equity securities (shares), debentures, corporate bonds and treasury bonds. The capital market in Bangladesh is governed by Securities and Commission (SEC). 3.Foreign Exchange Market: Towards liberalization of foreign exchange transactions, a number of measures were adopted since 1990s. Bangladeshi currency, the taka, was declared convertible on current account transactions (as on 24 March 1994), in terms of Article VIII of IMF Article of Agreement (1994). As Taka is not convertible in capital account, resident owned capital is not freely transferable abroad. Repatriation of profits or disinvestment proceeds on non-resident FDI and portfolio investment inflows are permitted freely.Direct investments of non-residents in the industrial sector and portfolio investments of non-residents through stock exchanges are repatriable abroad, as also are capital gains and profits/dividends thereon. Investment abroad of resident-owned capital is subject to prior Bangladesh Bank approval, which is allowed only sparingly. Bangladesh adopted Floating Exchange Rate regime since 31 May 2003. Under the regime, BB does not interfere in the determination of exchange rate, but operates the monetary policy prudently for minimizing extreme swings in exchange rate to avoid adverse repercussion on the domestic economy.The exchange rate is being determined in the market on the basis of market demand and supply forces of the respective currencies. In the forex market banks are free to buy and sale foreign currency in the spot and also in the forward markets. However, to avoid any unusual volatility in the exchange rate, Bangladesh Bank, the regulator of foreign exchange market remains vigilant over the developments in the foreign exchange market and intervenes by buying and selling foreign currencies whenever it deems necessary to maintain stability in the foreign exchange market.Regulators of the Financial System Central Bank Bangladesh Bank acts as the Central Bank of Bangladesh which was established on December 16, 1972 through the enactment of Bangladesh Bank Order 1972- President’s Order No. 127 o f 1972 (Amended in 2003). The general superintendence and direction of the affairs and business of BB have been entrusted to a 9 members' Board of Directors which is headed by the Governor who is the Chief Executive Officer of this institution as well. BB has 40 departments and 9 branch offices.In Strategic Plan (2010-2014), the vision of BB has been stated as, â€Å"To develop continually as a forward looking central bank with competent and committed professionals of high ethical standards, conducting monetary management and financial sector supervision to maintain price stability and financial system robustness, supporting rapid broad based inclusive economic growth, employment generation and poverty eradication in Bangladesh†. The main functions of BB are (Section 7A of BB Order, 1972) – 1. to formulate and implement monetary policy; 2. o formulate and implement intervention policies in the foreign exchange market; 3. to give advice to the Government on the interact ion of monetary policy with fiscal and exchange rate policy, on the impact of various policy measures on the economy and to propose legislative measures it considers necessary or appropriate to attain its objectives and perform its functions; 4. to hold and manage the official foreign reserves of Bangladesh; 5. to promote, regulate and ensure a secure and efficient payment system, including the issue of bank notes; 6. o regulate and supervise banking companies and financial institutions. Core Policies of Central Bank Monetary policy The main objectives of monetary policy of Bangladesh Bank are: †¢Price stability both internal & external †¢Sustainable growth & development †¢High employment †¢Economic and efficient use of resources †¢Stability of financial & payment system Bangladesh Bank declares the monetary policy by issuing Monetary Policy Statement (MPS) twice (January and July) in a year.The tools and instruments for implementation of monetary policy in Bangladesh are Bank Rate, Open Market Operations (OMO), Repurchase agreements (Repo) & Reverse Repo, Statutory Reserve Requirements (SLR & CRR). Reserve Management Strategy Bangladesh Bank maintains the foreign exchange reserve of the country in different currencies to minimize the risk emerging from widespread fluctuation in exchange rate of major currencies and very irregular movement in interest rates in the global money market.BB has established Nostro account arrangements with different Central Banks. Funds accumulated in these accounts are invested in Treasury bills, repos and other government papers in the respective currencies. It also makes investment in the form of short term deposits with different high rated and reputed commercial banks and purchase of high rated sovereign/supranational/corporate bonds. A separate department of BB performs the operational functions regarding investment which is guided by investment policy set by the BB's Investment Committee headed by a Deputy Governor.The underlying principle of the investment policy is to ensure the optimum return on investment with minimum market risk. Interest Rate Policy Under the Financial sector reform program, a flexible interest policy was formulated. According to that, banks are free to charge/fix their deposit (Bank /Financial Institutes) and Lending (Bank /Financial Institutes) rates other than Export Credit. At present, except Pre-shipment export credit and agricultural lending, there is no interest rate cap on lending for banks.Yet, banks can differentiate interest rate up to 3% considering comparative risk elements involved among borrowers in same lending category. With progressive deregulation of interest rates, banks have been advised to announce the mid-rate of the limit (if any) for different sectors and the banks may change interest 1. 5% more or less than the announced mid-rate on the basis of the comparative credit risk. Banks upload their deposit and lending interest rate in their respective website. Capital Adequacy for Banks and FIsWith a view to strengthening the capital base of banks & FIs, Basel-II Accord has been introduced in both of these sectors. For banks, full implementation of Basel-II was started in January 01, 2010 (Guidelines on Risk Based Capital Adequacy for banks). Now, scheduled banks in Bangladesh are required to maintain Tk. 4 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. For FIs, full implementation of Basel-II has been started in January 01, 2012 (Prudential Guidelines on Capital Adequacy and Market Discipline (CAMD) for Financial Institutions).Now, FIs in Bangladesh are required to maintain Tk. 1 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. Deposit Insurance The deposit insurance scheme (DIS) was introduced in Bangladesh in August 1984 to act as a safety net for the depositors. All the scheduled banks Bangladesh are the member of this scheme Bank Deposit Insurance A ct 2000. The purpose of DIS is to help to increase market discipline, reduce moral hazard in the financial sector and provide safety nets at the minimum cost to the public in the event of bank failure.A Deposit Insurance Trust Fund (DITF) has also been created for providing limited protection (not exceeding Taka 0. 01 million) to a small depositor in case of winding up of any bank. The Board of Directors of BB is the Trustee Board for the DITF. BB has adopted a system of risk based deposit insurance premium rates applicable for all scheduled banks effective from January – June 2007. According to new instruction regarding premium rates, problem banks are required to pay 0. 09 percent and private banks other than the problem banks and state owned commercial banks are required to pay 0. 7 percent where the percent coverage of the deposits is taka one hundred thousand per depositor per bank. With this end in view, BB has already advised the banks for bringing DIS into the notice of the public through displaying the same in their display board. Insurance Authority Insurance Development and Regulatory Authority (IDRA) was instituted on January 26, 2011 as the regulator of insurance industry being empowered by Insurance Development and Regulatory Act, 2010 by replacing its predecessor, Chief Controller of Insurance.This institution is operated under Ministry of Finance and a 4 member executive body headed by Chairman is responsible for its general supervision and direction of business. IDRA has been established to make the insurance industry as the premier financial service provider in the country by structuring on an efficient corporate environment, by securing embryonic aspiration of society and by penetrating deep into all segments for high economic growth.The mission of IDRA is to protect the interest of the policy holders and other stakeholders under insurance policy, supervise and regulate the insurance industry effectively, ensure orderly and systematic growth of the insurance industry and for matters connected therewith or incidental thereto. Regulator of Capital Market Intermediaries Securities and Exchange Commission (SEC) performs the functions to regulate the capital market intermediaries and issuance of capital and financial instruments by public limited companies.It was established on June 8, 1993 under the Securities and Exchange Commission Act, 1993. A 5 member commission headed by a Chairman has the overall responsibility to administer securities legislation and the Commission is attached to the Ministry of Finance. The mission of SEC is to protect the interests of securities investors, to develop and maintain fair, transparent and efficient securities markets and to ensure proper issuance of securities and compliance with securities laws. The main functions of SEC are: †¢Regulating the business of the Stock Exchanges or any other securities market. Registering and regulating the business of stock-brokers, sub-broke rs, share transfer agents, merchant bankers and managers of issues, trustee of trust deeds, registrar of an issue, underwriters, portfolio managers, investment advisers and other intermediaries in the securities market. †¢Registering, monitoring and regulating of collective investment scheme including all forms of mutual funds. †¢Monitoring and regulating all authorized self regulatory organizations in the securities market. †¢Prohibiting fraudulent and unfair trade practices in any securities market. Promoting investors’ education and providing training for intermediaries of the securities market. †¢Prohibiting insider trading in securities. †¢Regulating the substantial acquisition of shares and take-over of companies. †¢Undertaking investigation and inspection, inquiries and audit of any issuer or dealer of securities, the Stock Exchanges and intermediaries and any self regulatory organization in the securities market. †¢Conducting researc h and publishing information. Regulator of Micro Finance InstitutionsTo bring Non-government Microfinance Institutions (NGO-MFIs) under a regulatory framework, the Government of Bangladesh enacted â€Å"Microcredit Regulatory Authority Act, 2006’† (Act no. 32 of 2006) which came into effect from August 27, 2006. Under this Act, the Government established Microcredit Regulatory Authority (MRA) with a view to ensuring transparency and accountability of microcredit activities of the NGO-MFIs in the country. The Authority is empowered and responsible to implement the said act and to bring the microcredit sector of the country under a full-fledged regulatory framework.MRA’s mission is to ensure transparency and accountability of microfinance operations of NGO-MFIs as well as foster sustainable growth of this sector. In order to achieve its mission, MRA has set itself the task to attain the following goals: †¢To formulate as well as implement the policies to ensu re good governance and transparent financial systems of MFIs. †¢To conduct in-depth research on critical microfinance issues and provide policy inputs to the government consistent with the national strategy for poverty eradication. To provide training of NGO-MFIs and linking them with the broader financial market to facilitate sustainable resources and efficient management. †¢To assist the government to build up an inclusive financial market for economic development of the country. †¢To identify the priorities in the microfinance sector for policy guidance and dissemination of information to attain the MRA’s social responsibility. According to the Act, the MRA will be responsible for the three primary functions that will need to be carried out, namely: †¢Licensing of MFIs with explicit legal powers; Supervision of MFIs to ensure that they continue to comply with the licensing requirements; and †¢Enforcement of sanctions in the event of any MFI failing to meet the licensing and ongoing supervisory requirements. Banks After the independence, banking industry in Bangladesh started its journey with 6 Nationalized commercialized banks, 2 State owned Specialized banks and 3 Foreign Banks. In the 1980's banking industry achieved significant expansion with the entrance of private banks.Now, banks in Bangladesh are primarily of two types: †¢Scheduled Banks: The banks which get license to operate under Bank Company Act, 1991 (Amended in 2003) are termed as Scheduled Banks. †¢Non-Scheduled Banks: The banks which are established for special and definite objective and operate under the acts that are enacted for meeting up those objectives, are termed as Non-Scheduled Banks. These banks cannot perform all functions of scheduled banks. There are 47 scheduled banks in Bangladesh who operate under full control and supervision f Bangladesh Bank which is empowered to do so through Bangladesh Bank Order, 1972 and Bank Company Act, 1991. S cheduled Banks are classified into following types: †¢State Owned Commercial Banks (SOCBs): There are 4 SOCBs which are fully or majorly owned by the Government of Bangladesh. Nationalized Commercial Bank of Bangladesh: †¢Sonali Bank †¢Agrani Bank †¢Rupali Bank †¢Janata Bank †¢ †¢Specialized Banks (SDBs): 9 specialized banks are now operating which were established for specific objectives like agricultural or industrial development. These banks are also fully or majorly owned by the Government of Bangladesh. . Karmasangsthan Bank 2. Bangladesh Krishi Bank 3. Rajshahi Krishi Unnayan Bank 4. Progoti Co-operative Landmortgage Bank Limited (Progoti BanK) 5. Grameen Bank 6. Bangladesh Development Bank Ltd 7. Bangladesh Somobay Bank Limited(Cooperative Bank) 8. Ansar VDP Unnyan Bank 9. BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited †¢ †¢Private Commercial Banks (PCBs): There are 37 private commercial banks which are m ajorly owned by the private entities. PCBs can be categorized into two groups: 1. United Commercial Bank Limited 2. Mutual Trust Bank Limited 3. BRAC Bank Limited . Eastern Bank Limited 5. Dutch-Bangla Bank Limited 6. Dhaka Bank Limited 7. Islami Bank Bangladesh Ltd 8. Uttara Bank Limited 9. Pubali Bank Limited 10. IFIC Bank Limited 11. National Bank Limited 12. The City Bank Limited 13. NCC Bank Limited 14. Mercantile Bank Limited 15. Prime Bank Limited 16. Southeast Bank Limited 17. Al-Arafah Islami Bank Limited 18. Social Islami Bank Limited 19. Standard Bank Limited 20. One Bank Limited 21. Exim Bank Limited 22. Bangladesh Commerce Bank Limited 23. First Security Islami Bank Limited 24. The Premier Bank Limited 25. Bank Asia Limited 26.Trust Bank Limited 27. Shahjalal Islami Bank Limited 28. Jamuna Bank Limited 29. ICB Islamic Bank 30. AB Bank 31. Social Investment Bank Ltd 32. Union Bank 33. Modhumati Bank 34. The Farmers' Bank 35. Midland Bank 36. Meghna Bank 37. South Bangla Agriculture and Commerce Bank †¢Conventional PCBs: 23 conventional PCBs are now operating in the industry. They perform the banking functions in conventional fashion interest based operations. †¢Islami Shariah based PCBs: There are 7 Islami Shariah based PCBs in Bangladesh and they execute banking activities according to Islami Shariah based principles i. . Profit-Loss Sharing (PLS) mode. . †¢Foreign Commercial Banks (FCBs): 10 FCBs are operating in Bangladesh as the branches of the banks which are incorporated in abroad. 10 foreign commercial banks are operating in Bangladesh. These are – 1. Citibank 2. HSBC 3. Standard Chartered Bank 4. Commercial Bank of Ceylon 5. State Bank of India 6. Habib Bank Limited 7. National Bank of Pakistan 8. Woori Bank 9. Bank Alfalah 10. ICICI Bank There are now 4 non-scheduled banks in Bangladesh which are: †¢Ansar VDP Unnayan Bank, †¢Karmashangosthan Bank, †¢Probashi Kollyan Bank, †¢Jubilee Bank FIsNon Bank Financial Institutions (FIs) are those types of financial institutions which are regulated under Financial Institution Act, 1993 and controlled by Bangladesh Bank. Now, 31 FIs are operating in Bangladesh while the maiden one was established in 1981. Out of the total, 2 is fully government owned, 1 is the subsidiary of a SOCB, 13 were initiated by private domestic initiative and 15 were initiated by joint venture initiative. Major sources of funds of FIs are Term Deposit (at least six months tenure), Credit Facility from Banks and other FIs, Call Money as well as Bond and Securitization.The major difference between banks and FIs are as follows: †¢FIs cannot issue cheques, pay-orders or demand drafts. †¢FIs cannot receive demand deposits, †¢FIs cannot be involved in foreign exchange financing, †¢FIs can conduct their business operations with diversified financing modes like syndicated financing, bridge financing, lease financing, securitization instruments, privat e placement of equity etc. Capital market After the independence, establishment of Dhaka Stock Exchange (formerly East Pakistan Stock Exchange) initiated the pathway of capital market intermediaries in Bangladesh.In 1976, formation of Investment Corporation of Bangladesh opened the door of professional portfolio management in institutional form. In last two decades, capital market witnessed number of institutional and regulatory advancements which has resulted diversified capital market intermediaries. At present, capital market intermediaries are of following types: 1. Stock Exchanges: Apart from Dhaka Stock Exchange, there is another stock exchange in Bangladesh that is Chittagong Stock Exchange established in 1995. 2.Central Depository: The only depository system for the transaction and settlement of financial securities, Central Depository Bangladesh Ltd (CDBL) was formed in 2000 which conducts its operations under Depositories Act 1999, Depositories Regulations 2000, Depository (User) Regulations 2003, and the CDBL by-laws. 3. Stock Dealer/Sock Broker: Under SEC (Stock Dealer, Stock Broker & Authorized Representative) Rules 2000, these entities are licensed and they are bound to be a member of any of the two stock exchanges. At present, DSE and CSE have 238 and 136 members respectively. . Merchant Banker & Portfolio Manager: These institutions are licensed to operate under SEC (Merchant Banker & Portfolio Manager Rules) 1996 and 45 institutions have been licensed by SEC under this rules so far. 5. Asset Management Companies (AMCs): AMCs are authorized to act as issue and portfolio manager of the mutual funds which are issued under SEC (Mutual Fund) Rules 2001. There are 15 AMCs in Bangladesh at present. 6. Credit Rating Companies (CRCs): CRCs in Bangladesh are licensed under Credit Rating Companies Rules, 1996 and now, 5 CRCs have been accredited by SEC. 7.Trustees/Custodians: According to rules, all asset backed securitizations and mutual funds must have an accredited trusty and security custodian. For that purpose, SEC has licensed 9 institutions as Trustees and 9 institutions as custodians. 8. Investment Corporation of Bangladesh (ICB): ICB is a specialized capital market intermediary which was established in 1976 through the ordainment of The Investment Corporation of Bangladesh Ordinance 1976. This ordinance has empowered ICB to perform all types of capital market intermediation that fall under jurisdiction of SEC. ICB has three subsidiaries: 8. 1.ICB Capital Management Ltd. , 8. 2. ICB Asset Management Company Ltd. , 8. 3. ICB Securities Trading Company Ltd. Insurance Insurance sector in Bangladesh emerged after independence with 2 nationalized insurance companies- 1 Life & 1 General; and 1 foreign insurance company. In mid 80s, private sector insurance companies started to enter in the industry and it got expanded. Now days, 62 companies are operating under Insurance Act 2010. Out of them- †¢18 are Life Insurance Compani es including 1 foreign company and 1 is state-owned company, †¢44 General Insurance Companies including 1 state-owned company.Insurance companies in Bangladesh provide following services: 1. Life insurance, 2. General Insurance, 3. Reinsurance, 4. Micro-insurance, 5. Takaful or Islami insurance. Micro Finance Institutions (MFIs) The member-based Microfinance Institutions (MFIs) constitute a rapidly growing segment of the Rural Financial Market (RFM) in Bangladesh. Microcredit programs (MCP) in Bangladesh are implemented by various formal financial institutions (nationalized commercial banks and specialized banks), specialized government organizations and Non-Government Organizations (NGOs).The growth in the MFI sector, in terms of the number of MFI as well as total membership, was phenomenal during the 1990s and continues till today. Despite the fact that more than a thousand of institutions are operating microcredit programs, but only 10 large Microcredit Institutions (MFIs) a nd Grameen Bank represent 87% of total savings of the sector and 81% of total outstanding loan of the sector. Through the financial services of microcredit, the poor people are engaging themselves in various income generating activities and around 30 million poor people are directly benefited from microcredit programs.Credit services of this sector can be categorized into six broad groups: i) general microcredit for small-scale self employment based activities, ii) microenterprise loans, iii) loans for ultra poor, iv) agricultural loans, v) seasonal loans, and vi) loans for disaster management. Currently, 599 institutions (as of October 10 2011) have been licensed by MRA to operate Micro Credit Programs. But, Grameen Bank is out of the jurisdiction of MRA as it is operated under a distinct legislation- Grameen Bank Ordinance, 1983. Recent Developments in Financial Sector of BangladeshAutomation and Technological Development: Banking sector experienced remarkable progress in respect of automation in functioning in last several years. For the pro-active and forward-visioning approach of Bangladesh Bank, numbers of automation initiatives have been implemented in banking sector. These initiatives include: †¢To create a disciplined environment for borrowing, the automated Credit Information Bureau (CIB) service provides credit related information for prospective and existing borrowers. With this improved and efficient system, risk management will be more effective.Banks and financial institutions may furnish credit information to CIB database 24 by 7 around the year; and they can access credit reports from CIB online instantly. †¢L/C Monitoring System has been introduced for preservation and using the all necessary information regarding L/C by the banks through BB website. This system allows the authorized users of banks to upload and download their L/C information. †¢ In terms of article 36(3) of Bangladesh Bank Order, 1972, all scheduled banks are subject to submit Weekly Statement of Position as at the close of business on every Thursday to the Department of Off-site Supervision.This statement now is submitted through on-line using the web upload service of BB website within o3 (three) working days after the reporting date which is much more time and labor efficient that the earlier manual system. †¢The e-Returns service has been introduced which is An Online Portal Service for Scheduled Banks to submit Electronic Returns using predefined template for the purpose of Macro Economy Analysis through related BB Departments. †¢Online Export Monitoring System is used for monitoring export of Bangladesh. Through this service, Banks and AD Branches of Banks issue & reports export report. Bangladesh Automated Clearing House (BACH) started to work by replacing the ancient manual clearing system which allows the inter-bank cheques and similar type instruments to be to settled in instant manner. †¢Electronic Fund Transfer (EFT) has been introduced which facilitates the banks to make bulk payments instantly and using least paper and manpower. †¢The initiation of Mobile Banking has been one of the most noteworthy advancement in banking. Through this system, franchises of banks through mobile operators can provide banking service to even the remotest corner of the country. Almost every commercial bank is now using their own core banking solution which has made banking very faster and efficient. Usage of plastic money has much more increased in daily life transactions. Full or partial online banking is now being practiced by almost every bank. Inauguration of internet trading in both of the bourses (DSE & CSE) in the country is the most significant advancement for capital market in last several years. Micro Finance Institutions submit their reports to the regulator through the Online Report Submission Tools for MFIs. Institutional Development:Through the Central Bank Strengthening Project, there ha ve been a good number of achievements regarding the institutional development in BB which can be observed below: †¢The implementation of Enterprise Resource Planning (ERP) has been a big step in automation of operational structure of BB. †¢The establishment of Enterprise Data Warehouse (under process) will bring the whole banking and FI industry under a single network through which data sharing, reporting and supervision will enter in a new horizon. †¢Bangladesh Bank now possesses the most informative and resourceful website of the country regarding economic and financial information. Internal networking system with required online communication facilities have been developed and in operation for the officers of BB. †¢BB has hosted number of international seminars on different economic and financial issues over last several years. MRA was established in 2006 for bringing NGO-MFIs under supervision. For the pro active role of MRA, this sector (MFI) is now in a goo d shape regarding the accountability and regulation. For abolishing anomaly and fetching discipline in insurance industry, IDRA was established in 2011.In one year, IDRA has taken number of appreciable steps to regularize this industry. After the massive crash of local bourses in 2010-2011, the executive body of SEC was redesigned in full and some good results have come after that. Regulatory Development: Banking and FI industries have experienced diversified regulatory development over last few years: †¢Full implementation of Basel-II (International capital adequacy standard) accord has been in effect in both banking and FI industry. †¢Guidelines on Environmental and Climate Change Risk Management for banks and FIs have been circulated.Policy guidelines on Green Banking also have been issued. †¢Guidelines on Stress Testing for banks and FIs have been issued which is aimed to assess the resilience of banks and FIs under different adverse situations. †¢Number of P olicy initiatives for Financial Inclusion has been undertaken. †¢Banks have been asked to build up separate Risk Management Unit for comprehensive and intensive risk management. †¢Banks have been instructed to create separate subsidiary for capital market operations and capital market operations of banks are now minutely monitored. Supervision has been intensified to increase the participation of banks in Corporate Social Responsibility (CSR). †¢For the efficient and timely action of BB, foreign exchange reserve of Bangladesh did not face any adversity during global financial turmoil of 2007-09. †¢To meet international standard on Anti Money Laundering (AML)/Combating Financing of Terrorism (CFT) issues, guidelines for Money Changers, Insurance Companies and Postal Remittance have already been circulated. SEC has updated Public Issue Rules, 2006 and Mutual Fund Rules, 2001.Apart from that, numbers of AMCs, merchant banks and are Mutual Funds are permitted by SEC which has increased the participation of institutional investors. The trend of capital market research has been upward which indicates the potential of analytical investment decision. Insurance Act 2010 was formulated to meet demand of concurrent time for shifting the insurance industry in a better shape. Apart from that, several initiatives have been undertaken by IDRA for prohibiting the malpractices in the industry regarding insurance commission, agent, premium etc and corporate governance issues.Banks As on June 2011 Deposits AdvancesTotal Capital*No. of Branches 4115855. 50 Million3212848. 70 Million461697. 00 Million7772 FIs As on December 2010 Deposits Loans and leasesAssetsShare Capital & ReserveNo. of Branches 94374. 80 Million321284. 87 Million251527. 34 Million44689. 29 Million115 Insurance As on December 2009 AssetShare CapitalReserve Life Insurance118020. 15 Million1245. 54 Million106098. 88 Million Non-Life Insurance42622. 90 Million6653. 83 Million12133. 30 Million Ca pital MarketMarket Capitalization of Dhaka Stock Exchange As on September 2011 All Listed Securities2,782,901Million All Listed Companies Shares2,202,274 Million All Listed Mutual Funds35,733 Million All Debentures576 Million All Listed Govt. T-Bonds537,381 Million All Listed Corporate Bonds6,937 Million MFIs As on June 2009 Total Outstanding Number of ClientsNumber of BorrowersNo. of Branches 1,21,881. 85 Million24. 77 Million19. 50Million 18,022 * Sum of Tier-I, Tier-II and Tier-II Capital Components Related article: Padma Bridge

Night World : Secret Vampire Chapter 16

â€Å"You have got to be kidding,† Poppy said. Phil just gaped. â€Å"No. I'm perfectly serious. You're witches of thesecond kind. Remember what I told you?† â€Å"There are the kind of witches that know theirheritage and get trained-and the kind that don't.Who just have powers. And humans call that kind-â€Å" â€Å"Psychics!† James chorused with her. â€Å"Telepaths.Clairvoyants,† he went on alone. There was something in his voice between laughing and crying.†Poppy, that's what youare. That's why you picked up on telepathy so quickly. That's why you had clair voyant dreams.† â€Å"And that's why Phil heard me,† Poppy said. â€Å"Oh, no,† Phil said. â€Å"Not me. Come on.† â€Å"Phil, you're twins,† James said. â€Å"You have the same ancestors. Pace it, you're a witch. That's why I couldn't control your mind.†Ã¢â‚¬ Oh, no,†Phil said. â€Å"No.†He flopped back in his seat. â€Å"No,†he said again, but more weakly. â€Å"But whose side do we get it from?† Poppy wondered. â€Å"Dad's. Of course.† The voice from the backseatwas very faint. â€Å"Well, that would seemlogical, but-â€Å" â€Å"It's the truth. Don't you remember how Dad wasalways talking about seeing weird things? Havingdreams about things before they happened? And,Poppy, he heard you yell in yourdream. When you were calling for James. James heard it, and I heardit, and Dad heard it, too.† â€Å"Then that settles it. Oh, and it explains otherthings about all of us-all those times we've had feelingsabout things-hunches, whatever. Even youhave hunches, Phil.† â€Å"I had one that James was creepy, and I wasright.† â€Å"Phill—â€Å" â€Å"And maybe a few others,† Phil said fatalistically.†I knew it was James driving up this afternoon. Ithought I just had a fine ear for car engines.† Poppy was shivering with delight and astonishment, but she couldn't quite understand James.James was absolutely beaming. Filled with unbelieving elation that she could feel like streamers andfireworks in the air. â€Å"What, James?† â€Å"Poppy, don't you see?† James actually pounded the steering wheel in joy. â€Å"It means that even before you became a vampire, youwere a Night Person.Asecret witch. You have every right to know about the Night World. You belong there.† The world turned upside down and Poppy couldn't breathe. At last she whispered. â€Å"Oh . . .† â€Å"And webelong together. Nobody can separate us.We don't have to hide.† â€Å"Oh†¦Ã¢â‚¬ Poppy whispered again. Then she said,†James, pull the car over. I want to kiss you.† When they were in motion once more, Phil said, â€Å"But where are you two going to go now? Poppycan't come home.† â€Å"I know,† Poppy said softly. She had accepted that.There was no going back for her; the old life wasover. Nothing to do but build a new one. â€Å"And you can't just wander around from place toplace,† Phil said, doggedly persistent. â€Å"We won't,† Poppy said calmly. â€Å"We'll go to Dad.† It was perfect. Poppy could feel James think, Ofcourse. They would go to her father, the always-late, always-impractical, always-affectionate parent. Herfather the witch who didn't know he was a witch.Who probably thought he was crazy when his powersacted up. He'd give them a place to stay, and that was all they needed, really. That and each other. The whole Night World would be open to them, whenever theywanted to explore it. Maybe they could come back and visit Thea sometime. Maybe they could dance atone of Thierry's parties. â€Å"If we can findDad, that is,† Poppy said, struck by sudden alarm. â€Å"You can,† Phil said. â€Å"He flew out last night, buthe left an address. For the first time.† â€Å"Maybe somehow he knew,† James said. They rode for a while, and then Phil cleared his throat and said, â€Å"You know, I just had a thought. I don't want any part of the Night World, you understand-I don't carewhat my heritage is. I just wantto live like a human-and I want everybody to bedear on that†¦.† â€Å"We're dear, Phil,† James interrupted. â€Å"Believeme. Nobody in the Night World is going to force youin. You can live like a human all you want as long as you avoid Night People and keep your mouth shut.† â€Å"Okay. Good. But here's my thought. I still don'tapprove of vampires, but it occurs to me that maybethey're not as completely bad as they seem. I mean,vampires don't treat their food any worse than humans do. When you think of what we do to cows †¦at least they don't breed humans in pens.† â€Å"I wouldn't bet on it,† James said, suddenly grim.†I've heard rumors about the olddays†¦.† â€Å"You always have to argue, don't you? But my other thought was that you're part of Nature, and Nature just is what it is. It's not always pretty, but †¦ well, it's Nature, and there it is.† He wound upglumly, â€Å"Maybe that doesn't make any sense.† â€Å"It makes sense to me,† James said, entirely serious. â€Å"And-thanks.† He paused to look back at Philinacknowledgment. Poppy felt a sting behind hereyes. If he admits we're part of Nature, she thought,then he doesn't believe we're unnatural anymore. It meant a lot. She said, â€Å"Well, you know, I'vebeen thinking, too.And it occurs to me that maybe there are otherchoices for feeding besides just jumping on humans when they don't expect it. Like ‘ animals. I mean, isthere any reason their blood won't work?† â€Å"It's not the same as human blood,† James said.†But it's a possibility. I've fed on animals. Deer aregood. Rabbits are okay. Possums stink.† â€Å"And then there must be somepeople who'd bewilling donors. Thea was a donor for me. We could ask other witches.† â€Å"Maybe,† James said. He grinned suddenly. â€Å"Iknew a witch back home who was verywilling. Nameof Gisele. But you couldn't ask them to do it everyday, you know. You'd have to give them time to recover.† â€Å"I know, but maybe we could alternate. Animals one day and witches the next. Hey, maybe even werewolves on weekends!† â€Å"I'd rather bite a possum,† James said. Poppy socked him in the arm. â€Å"The point is, maybewe don't have to be horrible bloodsucking monsters.Maybe we can be decentbloodsucking monsters.† â€Å"Maybe,† James said quietly, almost wistfully. â€Å"Hear, hear,† Phil said very seriously from theback. â€Å"And we can do it together,† Poppy said to James. He took his eyes off the road to smile at her. Andthere was nothing wistful about his gaze. Nothingcool or mysterious or secretive, either. â€Å"Together,† he said out loud. And mentally headded, Ican't wait. With that telepathy of yoursyourealize what we can do, don't you? Poppy stared, then felt an effervescent rush that almost shot her out of the car. Oh, James-do youthink? I'm certain. The only thing that makes exchanging blood so special is that it enhances telepathy. But you don't needany enhancementyou little dreamer. Poppy sat back to try and still her heart. They would be able to join their minds again. Anytime they wanted. She could imagine it, being sweptinto James's mind, feeling him surrender histhoughts to hers. Merging like two drops of water. Together in a waythat humans could never know. I can't wait, either,she told him. Ithink I'm going tolike being a witch. Phil cleared his throat. â€Å"If you guys want someprivacy.. .† â€Å"We can't have any,† James said. â€Å"Not with youaround. Obviously.† â€Å"I can't help it,† Phil said through his teeth.†You're the ones who're yelling.† â€Å"We're not yelling. You're snooping.† â€Å"Both of you give it a rest,† Poppy said. But she felt warm and glowing all over. She couldn't resistadding to Phil, â€Å"So, if you're willing to give us someprivacy, that means you trust James alone withyour sister†¦.† â€Å"I didn't saythat.† â€Å"You didn't have to,† Poppy said. She was happy. It was very late the next day. Almost midnight, infact. The witching hour. Poppy was standing in a place she'd thought she'd never see again, her mother's bedroom. James was waiting outside with a carload of stuff,including one large suitcase of Poppy's CDs, smuggledfor them by Phil. In a few minutes James and Poppywould be heading for the East Coast and Poppy'sfather. But first, there was something Poppy had to do. She glided quietly toward the king-size bed, making no more noise than a shadow, not disturbing either of the sleepers. She stopped by her mother'sstill form. She stood looking down, and then she spoke withher mind. I know you think this is a dream, Mom. I know youdon't believe in spirits. But I had to tell you that I'm allright. I'm all right, and I'm happy, and even if you don'tunderstand, please try to believe. Just this once, be!ieve in what you can't see. She paused, then added, Ilove you, Mom. I alwayswill. When she left the room, her mother was stillasleep—andsmiling. Outside, Phil was standing by the Integra. Poppyhugged him and he hugged back, hard. â€Å"Goodbye,† she whispered. She got into the car.James stuck his hand out the window toward Phil. Phil took it without hesitation. â€Å"Thank you,† James said. â€Å"For everything.† â€Å"No, thank you.†Phil said. His smile and his voicewere both shaky. â€Å"Take care of her. . . and of yourself.† He stepped back, blinking. Poppy blew him a kiss. Then she and James droveoff together into the night.

Four Views to The College Conspiracy Essay

In May of 2011 a video by the National Inflation Association (N.I.A) surfaced on YouTube gathering over two million views and opening the eyes of people to the American college system. According to the producers of this video, â€Å"College is the largest scam in US history!† Is college a worth-while investment? Is it just a way for the government to stimulate the economy? Are college degrees really a necessity in performing on the job? All of these questions have been asked and answered with both yes and no. Four writers with different views on this matter have written up articles concerning this issue. While reading through the articles one will notice that the views for each author are backed up by examples and statistics but differ in viewpoints, resulting taking different sides to this topic. In the first article, by The Christian Science Monitor, examples of successful entrepreneurs without degrees like Mark Zuckerberg of Facebook and Peter Thiel of Paypal were given to the audience. The writer then expresses his belief that not everyone is cut out for college, some would be better suited to vocational training, but the United States needs more well-educated people to compete in the world economy. Statistics on how college degree recipients have a decreased likelihood of unemployment and receive increased wages on average are then given. The next article, from the New York Times, opens up by revisiting America’s past decision to make high school open to the public and how education has benefitted the United States. The writer makes a comparison between the current situation of the importance of higher education to the America’s past decision. Studies stated that prove a bachelor’s degree is an asset even for those whose jobs do not require any degree. He states that, beyond the monetary value of a degree, education seems to make people happier and healthier. Quoting M.I.T economist, David Autor, writer states his opinion on how not sending a child to college would be a disaster. Different statistical evidence were then used. Once financial aid was taken into account, the average net tuition of public four-year college were approximately $2000, a lot less than what most people presume the cost to be. A recipient of a college degree makes 83 percent more than those with only a high-school diploma. Citing the Hamilton Project, a research group in Washington, an investment in a college degree has a 15 percent annual return, 8 percent more than stock investment, and 14 percent more than in real estate. On the other hand, article three, by John Stossel disagrees with the potency of a college education in the working world. He starts the article with examples of successful non-degree holders, Michael Dell, Mark Zuckerberg, Bill Gates, Mark Cuban, Richard Branson, Simon Cowell and Peter Jennings. Stossel then shares his opinion that for many people, college is a scam. He then states the opinions of his Fox Televison partner Richard Vedder. Sharing similar view points, Vedder reasons out that students who do well in college often did well in high school, even though most students, even those who did poorly in high school, are pushed into college. He then asks as to why colleges accept the lower-tier of students and answers that question by stating that government loans ensure students are able to pay for college, even at the risk of long term debt, which fuels the academia. Giving out some statistics to back up the claim, Stossels points out the high percentages of baggage porters, bellhops and taxi and limo drivers have a college degree that they did not require to obtain their current jobs. The last article comes from Marty Nemko, a career counselor. She gives her personal experiences during her job when students are disturbed by the amount of money they have already spent on their education but still lack the units to complete their degree program. She then gives out the statistic that among college freshman who graduated in the bottom 40 percent of their high school, 76 percent won’t earn a diploma even if given 8  ½ years. Yet colleges admit these students and take their money. 23 percent of the students themselves are unprepared for college and students learn less in college than what is led on to believe, only having 16.4 percent of students satisfied with the instruction given to them. These four sources gave their own personal opinions and back them up with sufficient evidence in the form of examples, testimonies, and statistics. The Christian Science Monitor takes into account, not only each individuals need for a college degree, but also the country’s need for college graduates to compete in the world market. The New York Times’ article takes finances into account giving reasons to why college degrees are actually affordable, with the proper financial aid, and how they pay off once they’re put to good use. John Stossel takes his views the college system as a for profit organization, where, although some are able to use their education in the working world, many don’t and the college system takes advantage of the mass of hopefuls who try to better their lives, successful or not. Marty Nemko draws from her own personal experiences as a career counselor dealing with college students and their problems in taking the college route. What the discussion comes down to is how are the four authors interpreting the data they are given and how do their own viewpoints make them subjective to the matter. One side believes that a college education is a worth-while investment while the other believes that it is just a waste of time and money. Works Cited â€Å"America’s Most Overrated Product: Higher Education.† What Colleges Must Do: What Parents Must Do. N.p., n.d. Web. 29 Jan. 2013. â€Å"The College Scam.† Fox News. FOX News Network, 06 July 2011. Web. 24 Jan. 2013. â€Å"Is College a Scam?† The Christian Science Monitor. The Christian Science Monitor, 15 Sept. 2011. Web. 25 Jan. 2013. Leonhardt, David. â€Å"ECONOMIC SCENE; Even for Cashiers, College Pays Off.† The New York Times. The New York Times, 26 June 2011. Web. 26 Jan. 2013.

Sociological Media Analysis Coursework Example | Topics and Well Written Essays - 1000 words

Sociological Media Analysis - Coursework Example Roles are reversed to personify dogs, as though we care, and how mothers must feel to have to clean up after their babies. The cost is picking up the poo, the reward is taking the baby for a walk. We as an audience do not have to understand why they are matched. The whole series are based on such anomalies. This paper will develop the Four Stage Model and Equity Theory and show how they apply to this series. The Social Exchange Theorist use both the Four stage Model and the Equity Theory as they both depend on the relational dyad of two people, or in this case two beings which create interpersonal resources: rewards, costs, and reciprocity. The resources can be symbolic and, or material. (Thibaut & Kelley 1959). The Equity Theory of Walsfer, Walsfer and Berscheid (1978) went one step deeper to explain one on one relationships.. Rewards, Cost and an addition variable of comparison and an element of fairness. Family Guy has all the element but the joy is that the concept of normal role models does not exists. Social Exchange between two people implies that Rewards and Costs are an integral part of the relationship. Rewards are defined as an interchange of resources between the couple which bring gratification and pleasure. Costs are defined as a missed opportunity, or exchanged resources that result in a loss or punishment (Thibaut & Kelley, 1959). Maybe the popularity of this program is that the Rewards and Costs are changed as are other consequences and it doesn't matter. Outcomes equal rewards minus costs. Reciprocity is the interchange between partners. The terms Rewards, Costs and Outcomes are used in all general social exchange theories and models. Reciprocity in Family Guy shows the constant role reversal but the fact that there are true relationships. It does not matter how the dyad is created. In several shows, Peter fights with the chicken for having received an expired coupon, then he goes out to dinner with him and in the same show he starts fighting again. The 4 stage Model (Thibaut & Kelley, 1959) used rewards, costs, comparison level, and comparison level for alternatives. Thibaut and Kelley made the assumption that relationships would last based on rewards and costs if the importance of previous life experiences were brought into the relationship. On this basis, we have an easier time understanding Family Guy. Peter first feels sexually harassed by his boss. He is afraid of losing his job. These are common social fears that we all have as an audience. The popularity of the program is that it deals with day to day issues, in which touch us all. The humor comes from the constant surprises of the different role models. Peter uses previous life issues to bring into recent relationships. The concept of Comparison Level (CL) explains the level of contributions that previous experiences and expectations make to determine how satisfied an individual is with his or her interpersonal relationship. Individuals come to their relationshi ps with an awareness of societal norms for relationships and a backlog of their own experiences. The societal norms for Family Guy are normal. The CL is influenced by this information and, thus, reflects (a) what individuals feel is deserved and realistically obtainable within relationships, and (b) what individuals feel is important for them to experience within a relationship. According to exchange theorists, satisfaction with a relationship alone does not

Odalisque, Harmony in Red Research Paper Example | Topics and Well Written Essays - 750 words

Odalisque, Harmony in Red - Research Paper Example These paintings are infused with southern light, bright colors, and a profusion of decorative patterns. They emanate a hothouse atmosphere suggestive of a harem†.2 The painting’s dimension is noted as 15 1/8 x 21 5/8 in. (38.4 x 54.9cm). As exemplified through the title, the predominant colors seen in the painting are red, with other colors ranging from white, yellowish orange, lavender, shades of gray, pink, green, and brown. The focal image is the reclining figure of a woman, researched to be â€Å"Henriette Darricarrià ¨re (born 1901), a young woman skilled in the arts of ballet, piano, violin, and painting who lived near Matisses studio†. 3 Viewers are given a glimpse of the model’s exposed left breast; yet, the rest of her body as skimpily covered with a white thin overcoat. The model’s skin illuminates as she lounges in a peaceful stature with her eyes closed and her left arms raised where her hands are noted to rest just beneath her left cheeks. Both her ankles are adorned with foot anklets, one in green emerald color (right ankle) and the other in intermittent colors of yellow and brown. The background is predominantly red, with the walls seemingly covered in geometric triangular patterns. A gray side table rests beside the bed and another oval yellow table with similar decorative figure in the same shade positioned beside it. Matisse’s style in painting was noted to be diverse. As explicitly noted, â€Å"Matisses painting moves quite freely from one style to another, from an almost naturalist, contoured technique, in which the play of light and shade is translated into classic perspective, to a concept in which large flat areas of colour dispense with volume and offer themselves up for audacious ventures into geometric, even abstract, forms†. 4 The geometric patterns shown in the painting evidently proved the contoured technique and effectively manifested binges of naturalism and realism in

Nottingham Contemporary Gallery Essay Example | Topics and Well Written Essays - 1500 words

Nottingham Contemporary Gallery - Essay Example This makes the area, overall, a better place to live for everybody, while increasing property values. This project examines whether this was the case with Nottingham after the Nottingham Contemporary Gallery came into the area, which had the aim of transitioning the neighborhood from the industry of lace to an area that is more based upon innovation. The results of this project, along with a literature review and conclusion, is the focus of this paper. Literature Review Lace Quarter and Nottingham Contemporary Gallery Then and Now The Nottingham Contemporary Gallery is part of a unique landscape, in that it sits in an area where the alluvial Trent Valley meets a sandstone bluff. Nottingham itself became a part of the industrial revolution in the nineteenth century, its primary product being lace. According to Matthews (2008), Nottingham became during this period of time the world centre for the lace trade, because skilled engineers were able to make lace machines, and the buildings w hich surrounded the Town Hall became the lace market. This was the area where the merchants could congregate, because it was close to warehouses and sales offices. Mason (2004) writes that during the peak of the lace production, which was around 1810, that there were up to 1,800 frames which were knitting the net that would become known as â€Å"Nottingham Lace.† The major groups of warehouses that created this lace was at Hounds Gate and Castle Gate, and around St. Mary’s Gate (The lace industry waxed and waned during the early part of the 20th Century, and entered a decline in the 1930s (Matthews, 2008). With the decline of the lace industry came an overall decline of the area surrounding the site of the Nottingham Contemporary Gallery. Therefore, there became a need to re-use this site, and the arts centre, and the city living apartments planned around it, was the idea for this new use (Matthews, 2008). Meanwhile, the old buildings which served as lace warehouses du ring the height of the lace era have been re-used as flats, bars, offices and colleges. These are the buildings which remain in the physical core of the Lace Market, and the buildings that remain are large and distinctive, marked by Victorian architecture, an architectural type that came to be valued in the late 1960s, therefore the buildings came to have historical significance (Ferris, Long (2009) states that the Nottingham Contemporary Gallery, which is at the heart of the urban renewal for the area, is a gateway for the city. The NCG â€Å"draws an extraordinarily large swathe of the city into visual dialogue† (Woodman, 2009, p. 12). The Lace Quarter is still visible to tourists and residents alike, and the gallery borders this quarter. The building itself was built in response to another type of legacy, that of contemporary art, which is appropriate, considering that Nottingham has a vibrant art school and a history of performance art. The building itself was designed to reflect the physical character of the site, which means that it would reflect the sandstone bluff and valley upon which it sits, as well as reflect the architecture of the grand buildings that served as the lace warehouses (Administrator, 2009). Moreover, the gallery is not just a gallery – rather, it is an arts centre, with a connection to the local arts community. The curator of public programmes, Rob Blackson, ensures the gallery’

Starting an Innovative Architectural Firm Essay

Starting an Innovative Architectural Firm - Essay Example On the hand, organizations with low or nil innovation orientation are normally associated with negative performance attributes, such as low quality of services, high wastages, constant complaints, grievances and conflicts with key stakeholders, low productivity, high redundancies, poor turnover, low flexibility and generally poor reactions from the key stakeholders (Koontz, 2009). In spite of the significance of innovation, founding an innovative architectural firm is not an easy process. It requires the understanding of a variety of environments, the application of best business practices and the adoption of current organizational development and management techniques, among other key issues. Adoption of current technological devices remains the key to the successful founding of an innovative firm. The computerized information technology with its related products in the forms of information systems, connectivity and telecommunications, the data base management syndrome, the artifici al intelligence domain and effective security to information and other related products have shown tremendous success in the management of innovation. The computer technology works to capture, process, store and disseminate information in a more accurate, economical and simple manner. Additionally the organization has the potential to meet both far away and immediate stakeholders through the various telecommunication systems. Closely associated with the telecommunications is the nature of information processing and dissemination. Since innovation requires quick and accurate information flows, the application of the online system of information processing, as opposed to the all batch processing, has clearly worked to increased innovation in the many other fields. This ensures effective and faster flow of ideas, communication and information that will increase an organization’s ability to innovate. In this respect through such products like electronic calendaring, artificial in telligence, electronic meetings and electronic mail, the application of computer based information systems has greatly assisted in the innovation. Thus, based on the aids of the current computers and related technologies the foundations of innovative architectural firms have been achieved with great success. Starting an innovative architectural firm also requires high levels of knowledge, abilities and capacities, as well as the right attitudes and skills. The acquisition of these variables is undertaken through sustainable training and development efforts. Training and development equips the participants with the above variables required to operate the venture. In this respect, an innovative architectural firm needs to establish training and development programs that are both comprehensive and flexible. This provides the participant with the needed innovation and related skills, attitude, knowledge and abilities. Senge advocates for the learning organization concept as a means of i nstituting innovative firms. His model of training and development denotes an organization that is constantly training and developing its resources while at the same time, being involved in serious analysis of its training and development programs. This analysis reflects the current and future needs of the firm with the ultimate objective of developing a strategic perspective. The learning organizations concept is synonymous with high levels of organizational flexibility,

Week 4 Essay Example | Topics and Well Written Essays - 1250 words

Week 4 - Essay Example Nevertheless, the licensees of The Medical Board of Ohio are disciplined by the Board for violating Medical Practices Act. Other grounds of discipline include: Drug prescription in an inappropriate manner, issuing false information, failure in meeting the continuity of education requirements and impairment of ability to practice due to substance abuse. The complaint process from the civil is as follows: a number is assigned to every received complaint and reviewed initially by the Boards Secretary and Supervising member. A letter will be sent conveying closure of the complaint if no sufficient basis is found. The Secretary and the Supervising Member will be in charge of overseeing the investigations and gathering of information. If there is sufficient evidence, an attorney Enforcement Coordinator who drafts a formal charge to be reviewed by the Boards Secretary, the Supervising Member and the Ohio Attorney General’s office before being forwarded to the Board Members will be assigned the case. The Board members are the decision makers on whether or not the citation letter should be sent. (American Association of Retired Persons, 2004) The American Board of Medical Specialties, the National Certification Commission for Acupuncture and Oriental Medicine and the Agency for Healthcare Research and Quality are a lot of existing agencies giving help to combat medical malpractice policies. There are also the Government Accountability Office and the National Academy for the State Health Policy. A reprimand, probation, suspension, limitation and permanent license revocation are some of the disciplinary actions given for sufficient evidence of violation. There is automatic suspension for the Practitioners found guilty in court. The Board may also call for a summary suspension pending a hearing in emergency cases (American Association of Retired Person, 2004). There are many situations a physician might find themselves eligible for

Strategic management of Apple Inc. and Samsung Group Case Study

Strategic management of Apple Inc. and Samsung Group - Case Study Example Their main strategy was elaborated product development cycle which grows on anticipation level among customers. Simultaneously the company showcased their innovations globally very well. Samsung on the other hand used time very well. They always try to make their presence felt in the market. Primary focus of Samsung was to capture low and middle end market. But with the help of fast innovations the company was able to perform well in premium end market also. The company is presently enjoying huge popularity for their products in every segment of global society. Internal capacities of both these two companies are very high. Both companies are having super innovative capabilities. Apple has done a good mixture of both science and arts in their products. Apple over the years has delivered super, elegant and simple experiences out of their products. It has made the organization a dominant player in the smart phone market. Apple is fighting legal battles with Samsung regarding infringemen t of patent rights. It is a very well thought business strategy from Apple to keep more firm foot on the global mobile industry. In this way Apple is trying to break free from competitions. The mission and vision statement of Apple is very much in line with their long term goals. Apple reinvented mobile phones and brought revolutionary changes in digital music systems. Samsung’s mission and vision statement is also in line with their long term goals. According to the company they believe in devotion of their human resources and their technology for the creation of good quality products and services which would contribute towards global society. Samsung is contributing towards South Korean economy heavily (Jeremy, 2010). Strengths: Samsung has unparallel ability to market their brands. Integration of hardware with many open sources like software and OS is also a great strength for Samsung. Superior product

Drawing on academic theories and examples from practice, critically Essay

Drawing on academic theories and examples from practice, critically explore if diversity and inclusion make business sense - Essay Example Providing opportunities on the basis of differences in class, race, gender, religion or language is considered unjustifiable. Equality of opportunity is one of the forms of social equality and is best expressed in the phrase â€Å"career open to talents†. It means that individuals should attain public opportunities that they deserve because of the talent they possess and their achievements; color, nationality, religion, gender or any such corresponding characteristic should not hinder their progress. Consequently, equality of opportunity simply demonstrates the concept of equality before the law. The concept allows freedom to accompany an individual’s private interest or ambition without any arbitrary constraints based on inappropriate personal attributes. A good example from practice could be that of matrimony. An individual has every right to marry under any circumstances but it is not necessary that he gets whatever he desires for as his wife. In business, it means f reedom to engage in trade. However, it doesn’t give one a right to force someone else to give you a chance in his trade. In a nutshell, equality of outcome is a radically different concept. While equality of opportunity supports the idea that all individuals start at the same time, the concept of equality of outcome makes sure that all finish at the same time. It provides differentiated policies to social groups that have been disadvantaged. It is different from equality of opportunity which is a rather liberal approach and focuses on individuals rather than groups. The business case for  diversity formulates that in a global market, a firm taking on a diverse personnel (that includes both men and women, people from different generations, people from diverse backgrounds with respect to ethnicity and race, etc.) understands the enumeration of the marketplace it assists in a much better way and is and therefore has more chances of flourishing and surviving in that market than the one with a diminished variation in workforce statistics. A further consequence of this is that the employees working in a company approving of diversity are more satisfied; help in improving productivity and are more likely to be retained in the business. This contribution of the business case describes how a business makes use of its various diversities. In case of a diverse labor pool, if the span of this background is not recognized by the entrepreneur, then he might be able to enjoy the advantages following from diversity. Generally, the entrepreneurs are not authorized to consider ethnicity or race in recruiting the workforce. However, in case there is a ‘manifest imbalance’ in a ‘traditionally segregated job category’, the US Supreme Court has allowed for a limited selection on the basis of gender, ethnicity or race. Diversity in the workplace casts a special affluence, but also special confrontations. It is up to the organizations’ owners to make use of diversity in terms of an inspiring asset so as to boost organizational performance. C.L. Walck characterizes conducting diversity in the workplace as "Negotiating interaction across culturally diverse groups, and contriving to get along in an environment characterized by cultural diversity". Diversity benefits both the society and

Inovation In Tourism In Response To Global Concerns Essay

Inovation In Tourism In Response To Global Concerns - Essay Example Natural resources such as water are being strained by the need to use the resources to generate energy for use in the tourism areas. Forests are being torn down to pave the way for the construction of hotels and resorts to be used by tourists, hence devastating entire landscapes. Political instability in a country or adverse natural disasters such as floods, famine and tsunami are also seen to adversely affect the global tourism industry (Conrady, Buck, Viehl, & Tittel, 2011, p. 157). The effects of political instability were clearly seen in Russia in 1991 when the country’s tourism declined by approximately 10 times as a result of the cessation of subsidies given to the industry by the union (Renard et al., 1997, p. 138). â€Å"In some countries, the industry is experiencing a huge backlash as a result of the repercussions of the global economic slowdown that affected the entire world. Some major markets such as Greece and Spain are still suffering from the 2009 global slowdown. The backlash was more pronounced in countries that rely on mainly Europe and America as their main traditional markets as these were the hardest hit by the recession† (African Development Bank, 2009, p. 437). The recent terrorism activities have caused heightened security and safety concerns in the tourism industry. A reduction in tourism spending within a country due to security concerns generally leads to weakened local economies which might have the effect of placing the affected government under a lot of stress. This can have the effect of causing the country to experience general destabilization throughout all its sectors and, hence, help in the attainment of terrorism’s main agenda of destabilization (Henderson, 2012). The increased fuel costs have caused the cost of travel to greatly increase to levels where most ordinary people are

English language Essay Example for Free

English language Essay Why choose Westminster Kingsway College? Our central London location: courses take place at our Victoria Centre which is a five-minute walk from Victoria mainline and underground stations Our facilities and resources: the centre has a very well-equipped Learning Centre with IT facilities and an extensive range of teaching and learning materials Our online Virtual Learning Environment ‘Moodle’: this allows access to a range of support materials on your home PC Our experience: we have been running teacher training courses for over 25 years and have a well-deserved reputation for extremely high quality, effective teaching Our training team: we have a large team of highly-qualified and experienced teacher trainers. They have all worked in the public and private sectors in the UK and overseas and some are CELTA assessors. You can find out more about them in the â€Å"Trainer Profile† section Our quality assurance systems: in addition to external monitoring by Cambridge, we are part of the public sector and are inspected by OFSTED Our success rates: we have a proven track-record of extremely good pass rates on all our courses The level of individual attention we offer: our trainers are involved at every stage of your course, from initial enquiry to post-course advice and guidance The profile of our teaching practice groups: our students are highly motivated and come from a very wide variety of linguistic, geographic and social backgrounds. Some are asylum seekers and refugees whilst others are living and working in London for a relatively short time. This mix of students means that your teaching practice gives you experience to equip you to teach in a range of contexts in both the private and public sector in the UK or overseas. It also helps you decide which sector you would prefer to work in Extremely high level of trainee satisfaction: see â€Å"What CELTA did for me† for comments from past trainees Advice and guidance on employment opportunities: all our courses include sessions on finding teaching work, and some of our candidates go on to work in Westminster Kingsway and other colleges If you have any questions, or would like to discuss your application, please contact one of our trainers on 020 7802 8940 / 8343 / 8378. The College is closed over Christmas, Easter and during the summer holidays. During these times, you will hear a voice-message giving you further information.3 About Westminster Kingsway College: Teacher Training Westminster Kingsway College’s Teacher Training courses are based at the Victoria Centre, right in the heart of London, about 5 minutes walk from Victoria underground and main line station. In addition to Teacher Training courses, the College offers part-time day and evening courses in English/ESOL (English for Speakers of Other Languages). We are part of the public sector and receive government funding for our courses. This means that our fees compare favourably with other teacher training providers. Our facilities include a large cafeteria, a very well-equipped Learning Centre and computer access for all learners. Our Teacher Trainers All our team are qualified teacher trainers, with extensive experience of teaching EFL and ESOL in a range of contexts, both in the UK and overseas. The majority are also Cambridge-accredited external assessors. They are all directly employed by the College and regularly update their teacher training skills and expertise. Trainer Profiles Katerina Ashiotis: Katerina started her teaching career as an EFL teacher in the private sector in London soon after leaving college. She travelled, then taught in Greece for two years in a private school. She then returned to London and worked as an English teacher teaching adults full-time. She worked in three different private schools as an EFL teacher, Senior Teacher and Director of Studies and started teacher training in 1994. Katerina has a Diploma and an MA in Linguistics and in 2002 completed a PGCE in FE (PCET with ESOL Specialism). Parallel to working and training in the private sector she worked as a visiting EFL lecturer at Westminster Kingsway College for over 12 years. She started working at Westminster Kingsway College full-time as an ELT lecturer and teacher trainer in 2002. In addition to the CELTA course, Katerina is also a teacher trainer for PTLLS and DTLLS courses. Most recently, she has been involved in the design and delivery of a number of training programmes for teachers from South Korea and Albania. Chris Brain: Following a degree in history and a PGCE at the University of London, Chris started teaching EFL in London in 1979. He then worked in Italy from 1980 to 1988 and took the RSA Diploma at International House in Rome in 1986. He returned to London in 1989 and subsequently trained as a CELTA trainer. He continued to work in the private sector, became a CELTA Assessor in 1992 and a DELTA trainer in 1998. Chris joined Westminster Kingsway College in January 2000 as a full-time member of staff and has worked on a variety of courses including EFL, ESOL, CELTA and DELTA. Michael Harmsworth: Michael began teaching in 1982 and became a teacher trainer in 1986. He has been at Westminster Kingsway College since October 1997. Before that he was Director of Teacher Training at two private language schools in London after spending a total of eight years working abroad, in Greece, Italy and Spain. In 1992 he became an Assessor for the CELTA course. Michael has an MA with Distinction in TESOL (Teaching English to Speakers of Other Languages) and the Cambridge/RSA Diploma with Distinction. He has delivered an extensive range of training courses at all levels. His current studies are focused on his obtaining Associate Membership of the British Dyslexia Association (AMBDA). Gabriel Mulcauley: Gabriel completed a degree in English Literature at the University of Sheffield followed by a PGCE in English and Drama at the University of Leeds. Her first experience of teaching English was in a Summer School in Greece. Having spent several years travelling and teaching in private language schools, Gabriel came to London in 1991 and took the Diploma in TEFL at Waltham Forest College in 1992. She began working in Further Education in 1994 at Hackney Community College before joining Westminster Kingsway College in 1998. Gabriel started training to be a teacher trainer in November 2004 and is enjoying this interesting new challenge. 4 Our English/ESOL courses and students Our English/ESOL courses are suitable for adult learners (19+) who are living in the UK either permanently or as refugees or asylum seekers and for European migrant workers. We offer a variety of courses to meet a wide range of needs. Some courses are more suitable for EU migrant workers and enable students to gain a qualification quickly. Others are more appropriate for students who need to catch up on other skills, such as basic literacy. All courses are part-time, either day-time or evening, and last either for one term or one semester (18 weeks). Students study either every day (Monday Friday) or two evenings per week (Monday and Wednesday or Tuesday and Thursday). There are two study options on the daytime courses: ESOL Extra and ESOL Express. On ESOL Extra learners study for 2.5 hours per day and on ESOL Express they study for 2 hours per day. On the evening courses, hours are the same: learners study for 2.5 hours on two evenings per week. Qualifications All the courses lead to an examination: this is usually a Trinity Skills for Life Certificate. We offer these qualifications at 5 levels from Entry 1 (beginner) to Level 2. Students take an examination in Speaking and Listening, Reading and Writing. 5 The Certificate in Teaching English to Speakers of Other Languages: CELTA (incorporating the award in Preparing to Teach in the Lifelong Learning Sector: PTLLS) What is CELTA? CELTA is an initial qualification for people with little or no previous teaching experience. It is the best known and most widely taken initial ‘TESOL/TEFL’ qualification of its kind in the world. Who recognises CELTA? It is accepted throughout the world by organisations which employ English Language teachers. It has also been accredited by the Office of Qualifications and Examinations Regulation (Ofqual) at Level 5 on the National Qualifications Framework for England, Wales and Northern Ireland. Who is CELTA for? People starting a career in English Language teaching: The course will give you a firm grounding in the fundamentals of language teaching practice, and the confidence to use these effectively in the classroom. People looking for a career change or career break: An increasing number of candidates are professionals who would like a new career path or want to take a short break in their existing career, which may involve the opportunity to live and work abroad. People already teaching English but with no formal qualifications: You may already be teaching English but have no formal teaching qualifications. CELTA will help you improve your teaching, confirm your ability and may lead to internal promotion or a better teaching job. Who is eligible to apply? We recommend that candidates have a standard of education equivalent to that required for entry into higher education (normally 2 â€Å"A† levels and above). You will also need good numeracy skills. However, we are happy to consider applications from candidates who do not have formal qualifications at this level but who can demonstrate that they have appropriate language competence, skills, and experience. The course is open to both native and non-native speakers of English. If English is not your first language, you must have a command of written and spoken English that enables you to teach across a range of levels and complete the written assignments. In our experience, most successful candidates have English as their first language and are graduates. What does CELTA involve? The course is extremely demanding and requires a high level of commitment. You are required to attend the whole course, and complete homework assignments. You will have to devote a considerable amount of time to course work outside class hours, and we strongly recommend that you do not do any part-time work or other studies during the course. You should also be prepared to accept constructive criticism from your trainers and other trainees and be willing to reconsider your assumptions about teaching and learning. What does the course cover? The course aims to teach the principles of effective teaching and a range of practical skills for teaching English to adult learners. You will have hands-on teaching practice, observe experienced teachers and complete four practically-focussed written assignments. 6 There are five main units of learning: Unit 1: Learners and teachers and the teaching and learning context Unit 2: Language Analysis and awareness Unit 3: Language skills: reading, listening, speaking and writing Unit 4: Planning and resources for different teaching contacts Unit 5: Developing teaching skills and professionalism. How will I be assessed? You will be assessed throughout the course: there is no final examination. An external assessor, appointed by Cambridge ESOL, moderates each course. There are two components of assessment: Teaching Practice: You will teach for a total of six hours, working with classes at two ability levels. Assessment is based on your overall performance at the end of the six hours. Written Assignments: You will complete four written assignments: one on adult learning and learning contexts, one on an aspect of the language system of English, one on an aspect of language skills and one on classroom teaching and the identification of action points. Assessment and Grading Grading of candidates is by continuous assessment. There is no final examination. Successful candidates are awarded the â€Å"Cambridge CELTA† at one of the following grades: â€Å"Pass†, Pass â€Å"B†, and Pass â€Å"A†. On average, about 60% of our trainees achieve a Pass, 30% achieve a Pass â€Å"B† and 5% are awarded a Pass â€Å"A†. About 5% do not succeed. While everything on the course is taken into account, and you must complete the written assignments satisfactorily, the most heavily weighted factor is your teaching performance. You will receive written feedback, including an assessment of your teaching, on all the lessons you teach. You will have at least two individual tutorials to check that your perception of your progress agrees with that of your trainers. If there is a danger that you will fail, your trainers will make this clear and discuss where and how you can improve. We aim to be as clear and open as possible about your development. As part of the Cambridge scheme, every course is moderated by an external assessor, who visits the college for one or two days. In addition to checking that we are complying with course regulations, the assessor is available to listen to any points you or your group would like to make. If you feel that we are giving you unfair assessments, you can discuss this with the assessor. Applying for the course Selection to the course is based on an interview, lasting approximately two hours and a written task. Please complete the application form at the back of this booklet and submit it with your personal statement to the Course Organiser. You will be given the written task at the interview. 7 Frequently Asked Questions Is it a problem that I’ve never taught before? No. The course is an introduction to English language teaching. People who already have experience sometimes find it a drawback as it can be difficult to unlearn old habits and learn new techniques. I have got lots of presence, I know a lot about English and I am used to standing up in front of people and telling them things, so I am bound to be a good teacher, right? Wrong. The abilities to relate well and listen to learners are more important than an over-emphasis on â€Å"telling†. Does it matter if I miss any part of the course? Yes. 100% attendance is expected other than in exceptional circumstances. What happens if I am ill during the course? The Cambridge rules stipulate that if you miss more than 20% of the whole course or any of the 6 hours of assessed teaching practice, you are not eligible for the certificate other than in exceptional circumstances. Will there be much paperwork? You will be responsible for maintaining a portfolio of your work during the course and this constitutes your official assessed record. You will also need to be able to keep records and retrieve papers easily. I have never been able to spell properly: does it matter? Yes. Learners of English expect their teachers to be able to spell reasonably accurately. Also, Cambridge rules require candidates to be able to write in English that is â€Å"essentially free of errors†. Part of our interview process is designed to check this. Will I have to follow any particular methodology? Our aim is to provide you with a range of techniques and approaches which you will be able to select from. I have never learned grammar before: is this a problem? Many native speakers of English know little about the mechanics of their own language and are unconfident about teaching grammar. Part of our selection process is to check that you have the potential to follow the grammar component of the course. When I have completed my CELTA, what further teaching qualifications should I take? It depends on your career plans. If you intend to work in Further Education, the Cambridge ESOL Diploma in Teaching in the Lifelong Learning Sector will give you the qualification you need. If you want a qualification which has a more international bias, and if you are interested in developing your EFL career more broadly, the DELTA (Diploma in English Language Teaching to Adults) may be more appropriate. We do not currently offer the DELTA course at WKC. If I am successful in CELTA, can I take the Cambridge ESOL Diploma course immediately afterwards? We recommend that you gain at least 50 hours practical teaching experience before starting the Diploma. You will have to go through a selection process which involves an interview and completion of a task. Also, we can only accept you onto the Diploma course if you already teach, or are planning to teach, in the Further Education sector. 8 Useful Books There is no official reading list, but here are some useful titles: Methodology Learning Teaching, Jim Scrivener (Macmillan Heinemann). The Practice of English Language Teaching (4th edition), Jeremy Harmer (Longman). Grammar Practical English Usage, Michael Swan (OUP). Grammar for English Language Teaching, Martin Parrot (CUP). What CELTA has done for me? For many of our trainees, success on their course has led to some very positive changes in their lives. This is what two of them told us: â€Å"I was 51 when I did my CELTA course†¦ a bit old, and my only regret is that I didn’t do it 20 years earlier. My day job had become excruciatingly unbearable and it was when I was doing Spanish evening classes that I got the idea of doing a CELTA when I realised what a pleasant life my Spanish teacher was having. The 4-week course was intensive but that was part of the enjoyment. The three tutors were very supportive throughout and always gave us frank and honest advice. The students were a friendly mix of people and were always patient and good-humoured with their rather clumsy and inexperienced teachers. It was a very rewarding experience and at the end of the course I felt that I had got my brain back. I would advise it to anyone, but especially those who are free to go abroad and teach, as schools in this country tend to want teachers with experience unless you do a Summer School. Nevertheless, a CELTA is a very versatile extra string to anyone’s bow, and with it you should find it way to find a job anywhere in the world.† Mick Hutchinson â€Å"I did a CELTA course when I was 24 years old. I had just finished a contract as an Events Assistant in the city and was looking for something different to do. I had heard a lot about CELTA and TEFL courses and how useful they were if you wanted to go travelling and even to teach English in your home country. I thoroughly enjoyed myself, and it was a very satisfying as well as challenging experience. However, be warned that for one month it is hard work, but it’s well worth it! â€Å"When I completed my CELTA I taught English to Italian students for a while but went back to work in the city. However, I always knew I would use the CELTA at some point and I am now about to spend the summer in Ecuador teaching English!† Diana Chapman What motivates students? What can you do to keep motivation high? Teacher Training with Westminster Kingsway College Teaching is one of the most rewarding professions and it provides you with the opportunity to interact with people of all ages and from all walks of life. Westminster Kingsway College offers a number of teaching courses that will help you to progress into teaching as a career and develop your skills for the classroom. Careers at a glance: Teacher Lecturer Headteacher Social Worker Researcher School Administrator Teaching Courses at Westminster Kingsway College: This is a selection of the teaching courses at the College – contact us for further details. CELTA: Certificate in Teaching English to Speakers of Other Languages Access to Higher Education Diploma: Education Studies and Teacher Training Preparing to Teach in the Lifelong Learning Sector (PTLLS) Diploma in Teaching in the Lifelong Learning Sector (DTLLS) Visit www.westking.ac.uk for further details about Westminster Kingsway College

Methods of Lipid Analysis in Food

Methods of Lipid Analysis in Food Lipids are defined as the biomolecules whose solubility in water is less than that in non-polar solvents. This definition puts structurally distinct classes of compounds such as fatty acids, terpenes, steroids, prostaglandins and carotenes in the same class (Carey Giuliano, 2014). Other definition for lipid has also been suggested (Eoin, et al., 2005). They perform a variety of functions in living system including but not limited to structural integrity, energy storage, digestion and communication (Nelson Cox, 2005). Although lipids are essential for many body functions, not all lipids are required in same amount. Food and Agriculture Organization (FAO) recommends that total fat of the food contribute to 20-35% of energy for adults. This should include 8% saturated fatty acid(SFA), 11% poly unsaturated fatty acid (PUFA) and less than 1% trans fatty acid (TFA) (FAO, 2010). Chances of insulin resistance is more in overweight person in high SFA diet (Lovejoy, et al., 2002). Similarly, excessive TFA intake also increases the risk of cardiovascular disease (Song, et al., 2015). Fat content also affects taste. It is proposed that fat has a unique taste Oleogustus that is dependent of chain length and is unique from five conventional tastes: sweetness, sourness, bitterness, saltiness and umami (Running, Craig, Mattes, 2015). Butter produced from milk with high unsaturated fatty acid (UFA) was found to be more spreadable, softer and less adhesive (Bobe, Hammond, Freeman, Lindberg, Beitz, 2003). As the fat content and type effects health as well as taste and texture, it is essential to know the fat content of food. Fat sample is characterized by a variety of criteria and methods. The selection of the criteria and method depends upon the sample type, purpose, accuracy, precision, legal requirement as well as available funds. Hence, despite having limited significance for nutritional purpose, total lipid (TL) measurement is widely carried out as many food labelling regulations require the TL report. Similarly, iodine value can be used for unsaturation study when sophisticated chromatography or spectroscopy methods are unavailable (Greenfield Southgate, Review of methods of analysis, 2003). This review intends to compile the available methods of lipid analysis of food products. Focus will be given on the type of sample required, result provided, resolving capacity of each criteria and method. Only brief discussion will be done on the theoretical and experimental process of the method. Sample preparation is very essential part of analysis of lipid sample. A separate section is dedicated to sample preparation.          In order to analyze the lipid, suitable sample must be prepared. If the sample has lipid inside cells (such as meat) the lipid should be extracted from the cells (Christie Han, Lipid Analysis, 2012). Samples must undergo some pretreatment before they can be used as test sample. Depending on the nature of sample one or more of the following work is necessary. 2.1. Storage Vessel Plastic container should be strictly avoided to store lipids. Plasticizers can leach into the sample and contaminate it. Glass vessels or Teflon coated vessels should be used. The atmosphere should be argon or nitrogen to prevent oxidation. (Christie Han, Lipid Analysis, 2012) 2.2. Protection from Oxidation Unsaturated fatty acids are prone to oxidation from atmospheric oxygen. Once the oxidation starts, autocatalysis accelerates the process. Different products are formed during oxidation and it may follow various mechanisms. Light, heat, metals, enzyme are known to catalyze the reaction (Angelo, 1996) Oxidation interferes with lipid analysis not only by destroying the unsaturated fats but also by formation of conjugated double bonds which show strong absorption at UV, thus providing false positive results (Christie Han, Lipid Analysis, 2012) Elimination of oxygen is the major step in prevention of oxidation. Therefore, all steps should be done in nitrogen atmosphere as far as possible. Equipment should be flushed with nitrogen before experiments. Small amount of antioxidant like 2,6-di-tert-butyl-p-cresol, which do not interfere with analytical process, may be added. Excess of these antioxidant should not be used as they can facilitate oxidation in high concentration. (Christie Han, Lipid Analysis, 2012) 2.3. Drying of Sample Lipid sample containing water can make analysis difficult and might be a source of error. Solvents cannot penetrate sample with >8% moisture easily. Hygroscopic solvents like diethyl ether can absorb the moisture, decreasing its extraction efficiency. Low moisture also facilitates grinding and increases the surface area of sample (Shahidi Wanasindara, 2008). Petroleum spirit, the most widely used solvent requires completely dried sample. (Greenfield Southgate, Review of methods of analysis, 2003) Depending on the type of water present (free, adsorbed or water of hydration) different methods may be required for water removal (Bradley, Jr, 2010). Care should be taken during drying as high temperature might lead to decomposition and combination of lipids with other components. These associated lipids cannot be extracted by solvents. Lyophilization (freeze-drying) and vacuum drying methods are preferred drying methods. (Shahidi Wanasindara, 2008) 2.4. Particle size reduction (Grinding) Solid food sample might need grinding. Grinding increases the surface area and decreases the length through which solvent need to penetrate the sample (Min Ellefson, 2010). Care should be taken that the particles are not too fine, too much heat is generated or too much moisture is lost. (IUPAC, 1979) 2.5. Hydrolysis Lipids in food may be bound ionically or covalently with non-lipid components such as carbohydrate or protein. Solvents are not able to extract them efficiently. Therefore, lipid needs to be hydrolyzed with acid or alkali to turn them into free state. Significant error in lipid extraction is reported when no hydrolysis is carried out. (Min Ellefson, 2010) Hydrolysis also breaks emulsified fat. (Shahidi Wanasindara, 2008) Acid hydrolysis is used for most foods except diary and high sugar content food which require alkaline hydrolysis. Hydrolysis is not preferred when the lipid extract needs to be further analyzed for fatty acid components because they can cause decomposition and oxidation of the sample components. (Greenfield Southgate, Review of methods of analysis, 2003) The given sample of food might not be entirely lipid. The amount of lipid in the food sample is called total lipid concentration. It is usually expressed as percentage or per 100gm food (Moreau, 2005). Although total lipid is widely used for food labelling and regulation of food composition, it has limited value as it does not provide the type of molecule in the lipid. (Greenfield Southgate, Review of methods of analysis, 2003) There are various methods to determine total lipid in food like solvent extraction, non-solvent extraction, instrumental methods. The selection of methods depends on a number of factor which is discussed below. 3.1. Solvent Extraction In solvent extraction, the lipid component of the food is extracted by dissolving in suitable organic solvent(s). The solvent selectively dissolves the lipid while leaving the non-lipid portion undissolved. The solvent is then evaporated to leave fat residue. Total lipid is then determined gravimetrically as: -(i) The above data gives the total fat. However, a significant portion of the fat includes glycerol (from triglycerides) phospholipids and other unsaponifiable matters. Thus, corrections are required so as to represent the correct amount of fatty acids in the sample. The correction factor is provided by FAO. (Greenfield Southgate, Appendix 5, 2003) The extracted portion of solvent extraction is highly dependent on solvent use. Hence selection of solvent is discussed in detail next. Solvent Selection Ideal solvent should extract all lipids and lipids only. However, due to wide range of polarity of different lipid types, no single solvent can provide an ideal solution. Moreover, the solvent selected should preferably be low boiling, non-flammable, non-toxic in liquid as well as solid, easily disposable after extraction, inexpensive and non- hygroscopic. It should also penetrate sample thoroughly (Min Ellefson, 2010). Petroleum ether is the most commonly used solvent for its selectivity towards lipid, cost and availability. However, diethyl ether is better solvent for lipids but its fire hazard and hygroscopic nature makes it less favorable than petroleum ether. Ethyl ether and petroleum ether is also sometimes used alternately or together for extraction. (Pomeranz Meloan, 1994) n-hexane is preferred for oil extraction. (IUPAC, 1979) Mixture of polar and non-polar solvents has shown to extract all the lipids from most food. However, care should be given so as to prevent extraction of unwanted portion. The lipids extracted by this method without hydrolysis is suitable for further treatment to determine fatty acid fractions. (Greenfield Southgate, Review of methods of analysis, 2003) Alcohol-ether can be used to remove fat from tissue. Water-butanol is used in cereals. Chloroform-methanol is preferred for animal tissue (Pomeranz Meloan, 1994). Solvent extraction is the standard method of analysis for many types of food. Hence, it is widely used and is undergoing continuous improvement. There are different types of solvent extraction, each with its pros and cons. 3.1.1. Batch Extraction Batch extraction is a very simple, yet widely used method of extraction. The sample is mixed with one or more solvent which along with endogenous water (if any) forms multiple layer of varying concentration. As the lipids are more soluble in non-polar solvents than in water, lipid portion goes to the layer with more solvents and non-lipid component remains in the layer with more water. The lipid part is then separated using a separating funnel. The separation is based on partition principle hence multiple extraction of the aqueous phase is necessary to obtain most of the lipid. The weight of lipid not extracted is given by the equation below: (Pomeranz Meloan, 1994) -(ii) Where, is the weight of lipid remaining, the volume of aqueous layer, volume of solvent in each extraction step, the distribution ratio of lipid in solvent, the number of extraction steps. The selection of solvent is then done using the distribution ratio of lipids in known solvents. Folch method uses chloroform-methanol extraction followed by washing with water. This extracts all lipid from tissue except strandin which remains with the non-lipid phase. (Folch, 1957) Folch method was improved by Bligh and Dyer to improve the speed of extraction and purify the sample at the same time. (Bligh Dyer, 1959) Extraction using low toxicity solvents like hexane: propanol has also been developed. (Hara Radin, 1978) Batch extraction is usually slow and requires a large amount of solvent. When other faster and easier methods are available, this method is not preferred. However, as no sophisticated equipment is necessary, batch extraction is very useful where the cost of equipment outweighs the usefulness of more accurate data. 3.1.2. Continuous Extraction Continuous solvent extraction recycles the solvent used so that small amount of solvent can accomplish the equivalent extraction of several steps. This process is preferred for solid samples and sample where the distribution ratio is low. These samples need multi step extraction as very little lipid is extracted to the solvent in each step. (Pomeranz Meloan, 1994) Soxhlet extractor is widely used extractor for lipid. Although first developed to measure milk fat it has developed as a standard extractor for lipid as well as other substances. (Soxhlet, 1879) It has gone various improvements since its first publication and now various modifications are commercially available. Goldfish extraction is a faster extraction system which suspends the sample in the solvent vapour. Although faster than Soxhlet based system, it might not completely extract the lipid due to channeling i.e. solvent may take a preferential path in the solid sample and may not cover whole of the sample. (Moreau, 2005) As continuous extraction is faster and uses less solvents than batch extraction it is the most widely used extraction system. Moreover, the equipment used is not very expensive and can be used for extraction of other materials. However, these processes are slow and disposal of solvent is an everyday problem. 3.1.3. Pressurized Fluid Extraction Pressurized fluid extraction (PLE) is carried out in high pressure and high temperature. In literature, this process is also called Pressurized Solvent Extraction or Accelerated Solvent Extraction. The term ASE ®is the registered trademark of Dionex Corporation which manufactures pressurized fluid extraction apparatus commercially. (Dean, 2009) Richter et al. studied the effect of variables like temperature, pressure, solvent volume on extraction. Their work showed that the ASE ® extractor could provide results comparable to Soxhlet but with reduced extraction time and solvent volume. This is attributed to decreased viscosity of solvent, weaker bond between components and increased diffusion capacity of solvent at higher temperature. Increased pressure is primarily applied to keep the solvent liquid, however, it provides the added advantage of forcing the solvent into pores blocked by insoluble matter. (Richter, et al., 1996) However, there is evidence that PLE is not selective to lipids for certain foods. (Boselli, Velazco, Caboni, Lercker, 2001) Moreover, no significant difference was seen on lipid extracted from poultry meat between Folch, Soxlet or ASE ® method. (Toschi, Bendini, Ricci, Lercker, 2003) Pressurized solvent extraction can be highly useful in labs where routine extraction is required as it greatly reduces the extraction time and solvent use. On the other hand, the investment on the apparatus may not be economical if extraction is not carried out regularly. In all cases the stability of temperature sensitive components should be known before using PLE. 3.1.4. Supercritical Fluid Extraction Substance in temperature above its critical temperature and pressure is called supercritical fluid. (IUPAC, 1997) Solvent property of supercritical fluid was first demonstrated in 1879. (Hannay Hogarth, 1879) They have huge prospects in extraction because they combine the solubility power of liquid with penetration power of gas. Moreover, their solubility can be fine-tuned by changing the pressure and temperature. Carbon dioxide and water are the most promising fluid for supercritical extraction due to their non-toxicity and environmentally friendly nature. (Hedrick, Mulcahey, Taylor, 1992) 3.2. Non-Solvent Liquid Extraction In this method, the sample is treated with some liquid reagent which separates the lipid from sample and the lipid fraction is then measured. This method is mostly used to determine milk fat. They require specialized vessels for each method and cannot determine phospholipids. (McClements, 2003) Several methods are present: 3.2.1. Babcock Method 3.2.2. Gerber Method 3.2.3. Detergent Method 3.3. Instrumental Methods Different instrumental methods have been developed to determine the total lipid content of the sample. They rely on some physical properties that vary systematically with lipid concentration. (McClements, 2003) Based on the property measured it is mainly of three types: 3.3.1. Measuring Bulk Properties Density: Density decreases as lipid content increases. This relation can be used to know the percentage of fat in a sample. (McClements, 2003) Electrical Conductivity: Conductivity decreases as lipid content increases. Thus, it can be used as fat concentration measure. (McClements, 2003) Ultrasonic Velocity: This is a fast and non-invasive method for fat content calculation. Amplitude and brightness analysis can be used to find the fat content and also distribution. (Abdul, N, Mohd, Abu, Z, 2013) Moreover, attenuation(absorption) of ultrasound is linearly proportional to the amount of fat in the body. (Dukhin, Goetz, Travers, 2013) 3.3.2. Measuring Absorption of Radiation UV-VIS: Fatty Acid absorb UV light proportional to its concentration. This method requires sample preparation to remove substances like proteins and hydrophobic peptides which interfere with the measurement. (Forcato, Carmine, Echeverria, Pecora, Kivatinitz, 2005) Because of the extraction and dilution needed the process can be time consuming and labor intensive. (McClements, 2003) IR: Near infrared (NIR) spectroscopy is mainly used to analyze fatty acid content in food. (Mossoba, Azizian, Kramer, 2012) Fat show strong absorbance at 5.74 mm which provides rapid and online fat composition measure. (McClements, 2003) The carbonyl absorption is the major reason for lipids NIR activity. This method requires intensive calibration with other approved methods hence is mainly used for routine analyses of large number of similar sample. (Greenfield Southgate, Review of methods of analysis, 2003) NMR: NMR is also a non-destructive and fast method of total fat analysis. Although it requires a calibration curve, it is better suited than IR or UV because it can be operated by non-experts and the calibration curve is long lasting. (Oxford Instuments Molecular Biotools, 2010) X-Ray: Fat absorbs less X-Ray than lean meat. Hence, by building a proper calibration curve, fat content in meat can be determined by X-Ray absorption (McClements, 2003) 3.3.3. Measuring Scattering of Radiation Light and Ultrasonic Scattering: Light as well as ultrasound waves are scattered by oil droplets present in emulsions. The linear relation between concentration of droplet and light scattering can be used to measure total fat, provided no other interfering molecules exist. (McClements, 2003) X-Ray: Fat molecules show a sharp X-Ray scattering peak at 1.1 nm-1 while a water rich tissue shows a peak at 1.6nm-1. Thus, varying amount of fat can give a scattering profile which can be used for fat content determination. (Elshemey, 2011) 3.4. Other Methods 3.4.1. Solid Phase Extraction 3.4.2. Microwave Assisted Extraction Total Lipid Concentration is a very simple data about food. As lipid contain diverse chemical species, in addition to total lipid, the type of lipid and their distribution also plays a major role to determine the purity, nutritional value, aesthetic look and taste. Hence, complete information about the type of lipids is necessary for scientist as well as legal bodies. (McClements, 2003) Sample preparation is the most important part in most method to analyses lipids. As the lipid is extracted, care should be given to prevent the change of one form of lipid to another. Hydrolysis should be rigorously prevented as it reduces triglycerides and increases free fatty acids. Extraction should cause as less oxidation as possible. (Greenfield Southgate, Review of methods of analysis, 2003) Extraction in chloroform, chloroform-methanol and hexane-isopropanol is preferred. Storage of sample in cold at -20oC is preferred. (AAFCO Lab Methods Services Committee, 2014) The various method present have their advantages and drawbacks and the preferable method depends on the type of food and the type of lipid to me examined, (Greenfield Southgate, Review of methods of analysis, 2003) 4.1. Chromatography It is a very powerful tool for lipid analysis. It can give compete profile of the lipid molecules in the given sample. Chromatography separates the different components of lipid in fractions, these are then subject to spectrometric analysis which gives the molecular identity as well as relative concentration. IR, NMR and Mass Spectrometry are most commonly used. (McClements, 2003) These methods, although very reliable and comprehensive are very expensive due to the instrumental and reagent cost and is only carried out where complete molecular identification is required. (Greenfield Southgate, Review of methods of analysis, 2003) Three types are used: TLC: Thin Layer Chromatography is used to find concentration of different lipid groups. The TLC plate is prepared with suitable adsorbent and kept in proper solvent. A drop of sample is placed on one end and let to flow. The plate after separation to different fractions is compared to standard plates to identify the lipids. The spots can be analyzed further by GC, MS, NMR. (McClements, 2003) After the advent of HPLC, TLC use has decreased considerably. However, after the availability of pre-coated plates, the use of TLC for instant result is still carried out when there are few samples only. It is cheaper than HPLC. However, care during experimentation is required. (Christie, Thin-Layer Chromatography of Lipids, 2011) This method cannot be used to separate different types of phospholipids. (Zaima, Goto-Inoue, Adachi, Mitsutoshi, 2011) HPLC: High Performance Liquid Chromatography is now a preferred method for lipid analysis. This is because it is more versatile than TLC and operates at room temperature, thus can be used to analyses labile groups that cannot be done using GC. (Christie, Thin-Layer Chromatography of Lipids, 2011) GC: Gas Chromatography is the preferred method for analysis of trans fatty acid. It can also be used for triglycerides and fatty acids; however, methylation is necessary. (Greenfield Southgate, Review of methods of analysis, 2003) Fatty acids are non-volatile, hence before carrying out GC, the lipids are saponified and methylated to give Fatty Acid Methyl Esters(FAME) which are volatile and can be used for GC. (McClements, 2003) -(2) It is now possible to convert a lipid sample of a fraction of a milligram in size to the methyl ester derivatives, separate these by gas chromatography, and have a quantitative result in under one hour. (Christie, Chapter 1 Introduction and Summary, 2011) 4.2. Chemical Methods These methods are very cheap and do not require expensive machinery. However, only crude and average results are obtained. Following test gives different information on fat: Iodine Value: It gives the average degree of unsaturation in the lipid. The lipid to be analyzed is titrated with ICl and the consumption of ICl gives the amount of unsaturation in lipid. Saponification Number: It gives the average molecular weight of triglycerols. The triglycerols are saponified with KOH and the amount of KOH used is determined. This is the saponification number. High saponification number corresponds to low molecular weight and vice versa. Acid Value: It gives the amount of free fatty acid. Here, the lipid is titrated with KOH until the solution turns alkaline. Other acids may interfere with results. (McClements, 2003) 4.3. Instrumental Techniques Various instrumental techniques for fat analysis are present. Methods like NMR, IR, MS are usually coupled with chromatography. Measurement of density and refractive index can be used to measure change in chain length and unsaturation. (McClements, 2003) Lipids with high unsaturation undergoes aerial oxidation. This includes variety of reactions usually summarized as follows: reactants à ¯Ã‚ ¿Ã‚ ½ primary products à ¯Ã‚ ¿Ã‚ ½ secondary products (unsaturated lipids and O2) à ¯Ã‚ ¿Ã‚ ½ (peroxides and conjugated dienes) à ¯Ã‚ ¿Ã‚ ½ (ketones, aldehydes, alcohols, hydrocarbons) 5.1. Chromatography Loss of reactants as well as formation of specific products can be monitored by using time profile. 5.2. Oxygen Uptake Measures the amount of oxygen consumed over time while maintaining constant oxygen concentration on the reaction vessel. 5.3. Peroxide Value Measures the amount of peroxide formed by titration with iodine. 5.4. Conjugated Dienes Measures the concentration of conjugated dienes by UV spectroscopy (at 233nm for diene and 268nm for trines) 5.5. Thiobarbituric Acid(TBA) Measures the secondary products (aldehydes) in the sample. The sample is treated with TBA and absorbance measured at 540nm. The absorbance value corresponds with the concentration of aldehyde. 5.6. Accelerated Oxidation Tests The sample is oxidized in oxidation friendly environment and the time taken for rancidity to form is measured. These tests help to know the physicochemical characteristics corresponding to flavor, appearance, flow etc. 6.1. Solid Fat Content(SFC) Measures the fraction of fat present as solid. Density measure is mostly used (3) Where is the density at given temperature and are the density if it was completely liquid or solid at the same temperature. NMR signal decay rate is also being used recently. More solid component, faster is the signal decay. Differential Scanning Calorimetry uses latent heat measure are also used to measure SFC-temperature profile. 6.2. Melting Point Used when SFC is not required but only the temperature of melting is required. Due to different components present no sharp melting point is seen. Instead different melting points are used: Clear Point: The temperature at which fat completely melts and becomes clear Slip point: The temperature at which the fat in a capillary tube starts to slip. Wiley melting point: the temperature at which a disc suspended in alcohol-water mixture turns to a sphere. 6.3. Cloud Point The temperature at which a completely melted lipid starts to develop turbidity. 6.4. Smoke Point The temperature at which the lipid starts to smoke at standard condition 6.5. Flash Point The temperature at which a flash appears on the surface at ignition at standard condition 6.6. Fire Point The temperature at which a continuous flame stats to form at standard condition 6.7. Rheology The measure of deformation and flow. Viscosity, elastic modulus and other relevant flow or plasticity measure is used. (n.d.). (FOSS) Retrieved from Analytical Solutions for Food Analysis and Quality Control FOSS: http://www.foss.dk/~/media/images/ca/soxtec8000/soxtech_extraction_sketch-jpg AAFCO Lab Methods Services Committee. (2014, January). Crude Fat Methods Considerations. Retrieved from Association of American Feed Control Officials: http://www.aafco.org/Portals/0/SiteContent/Laboratory/Fat_Best_Practices_Working_Group/Crude_Fat_Methods_Considerations.pdf Abdul, H. M., N, B., Mohd, S. M., Abu, K. R., Z, M. (2013). The Use of Ultrasound As a Fat Measurement Sensor. International Conference on Smart Instrumentation, Measurement and Applications (ICSIMA), (pp. 315-320). Kuala LAmpur. doi:10.1109/ICSIMA.2013.6717974 Angelo, A. J. (1996). Lipid Oxidation in Foods. Critical Reviews in Food Science and Nutrition, 36(3), 175-224. doi:10.1080/10408399609527723 Bligh, E. G., Dyer, W. J. (1959). A Rapid Method of Total Lipid Extraction and Purification. Canadian Journal of Biochemistry and Physiology, 911-917. Bobe, G., Hammond, E. G., Freeman, A. E., Lindberg, G. L., Beitz, D. C. (2003, October). Texture of Butter from Cows with Different Milk Fatty Acid Composition. Journal of Dairy Science, 86(10). doi:10.3168/jds.S0022-0302(03)73913-7