Jennifer Loughery 082970 Essay Example For Students

Jennifer Loughery 082970 Essay Introductory to Micro-Economics 1011-107Dr. PryorNovember 25, 1996. Back in the middle of October, the price of natural-gas had risen because a gascompany was forced to shut down a pipeline due to the need for repairs. This impendingshortage led to the decrease in prices for other heating commodities, as well as largerprofits. The demand for energy was becoming greater and greater because it was thattime of year when consumers began storing energy in their homes to prepare for the coldwinter months ahead. The four commodities mentioned in this article, crude oil, heating oil, gasoline andnatural gas are all substitutes for one another. This is true because the cross elasticity ofdemand states that as the percentage change in the quantity demanded of one commodityresults from a one percent change in the price of another commodity.In other words, theincrease in demand for crude oil, gasoline, and heating oil was the outcome of the priceincrease in natural gas. As shown in the graph below, the cross elasticity of demand is direct (positive). As the price of natural increases, the quantity demanded for the three other energycommodities increase. The market system today functions on price. Consumers make their decision onwhat to buy by the price of their desired good. Naturally, consumers will choose thelower price of a commodity they wish to purchase. This is why consumers, wanting toheat their homes, chose to heat them with natural-gass substitutes (crude oil, heating oil,or gasoline) rather than the natural-gas, the higher priced commodity. The commodity,energy, is something that people can not go without during the winter months. If their is ashortage, which means that consumers demand more than the available supply, it leads toan increase in price. As shown in the graph below, as the supply decreases, the price increases. Thismeans that the price is inelastic. This is true because as the price of the commodity isincreased, the total amount spent on the commodity will increase also. The price mechanism reflects scarcity, which is stated as the greater demand for agood, energy, (because of the desire to store it for the co lder months ahead) with the samesupply of that good becoming scarce resulting in a higher price. Consumers demand for energy changes with the seasons. For example, thedemand for energy in the summer is probably very low. The demand for energy in the fallwill be higher because consumers begin storing it for the winter. And during the wintermonths the demand is high, where as during the spring months the demand decreases fromthe other months. This commodity is greatly influenced by the climate and the type ofregion consumers live in. For example, people in Florida do not have the same type ofenergy bill as the people in Pennsylvania do. The market of a commodity is determined by many things, one of those being thenature of the commoditys prices, which is influenced by the demand of that particularcommodity. For the commodity, energy consumers can see that the quantity demanded isvery sensitive to changes in prices. And factors such as climate and the region in whichthey live underlie the market demand curve for this commodity. Jennifer Loughery 082970Introductory to Micro-Economics 1011-107Dr. PryorNovember 25, 1996. Back in the middle of October, the price of natural-gas had risen because a gascompany was forced to shut down a pipeline due to the need for repairs. This impendingshortage led to the decrease in prices for other heating commodities, as well as largerprofits. The demand for energy was becoming greater and greater because it was thattime of year when consumers began storing energy in their homes to prepare for the coldwinter months ahead. The four commodities mentioned in this article, crude oil, heating oil, gasoline andnatural gas are all substitutes for one another. This is true because the cross elasticity ofdemand states that as the percentage change in the quantity demanded of one commodityresults from a one percent change in the price of another commodity.In other words, theincrease in demand for crude oil, gasoline, and heating oil was the outcome of the priceincrease in natural gas. As shown in the graph below, the cross elasticity of demand is direct (positive). As the price of natural increases, the quantity demanded for the three other energycommodities increase. The market system today functions on price. Consumers make their decision onwhat to buy by the price of their desired good. Naturally, consumers will choose thelower price of a commodity they wish to purchase. This is why consumers, wanting toheat their homes, chose to heat them with natural-gass substitutes (crude oil, heating oil,or gasoline) rather than the natural-gas, the higher priced commodity. The commodity,energy, is something that people can not go without during the winter months. If their is ashortage, which means that consumers demand more than the available supply, it leads toan increase in price. As shown in the graph below, as the supply decreases, the price increases. Thismeans that the price is inelastic. This is true because as the price of the commodity isincreased, the total amount spent on the commodity will increase also. The price mechanism reflects scarcity, which is stated as the greater demand for agood, energy, (because of the desire to store it for the co lder months ahead) with the samesupply of that good becoming scarce resulting in a higher price. Consumers demand for energy changes with the seasons. For example, thedemand for energy in the summer is probably very low. The demand for energy in the fallwill be higher because consumers begin storing it for the winter. And during the wintermonths the demand is high, where as during the spring months the demand decreases fromthe other months. This commodity is greatly influenced by the climate and the type ofregion consumers live in. For example, people in Florida do not have the same type ofenergy bill as the people in Pennsylvania do. Society’s Effect on Women: Exploring Works by Kate Chopin EssayThe market system today functions on price. Consumers make their decision onwhat to buy by the price of their desired good. Naturally, consumers will choose thelower price of a commodity they wish to purchase. This is why consumers, wanting toheat their homes, chose to heat them with natural-gass substitutes (crude oil, heating oil,or gasoline) rather than the natural-gas, the higher priced commodity. The commodity,energy, is something that people can not go without during the winter months. If their is ashortage, which means that consumers demand more than the available supply, it leads toan increase in price. As shown in the graph below, as the supply decreases, the price increases. Thismeans that the price is inelastic. This is true because as the price of the commodity isincreased, the total amount spent on the commodity will increase also. The price mechanism reflects scarcity, which is stated as the greater demand for agood, energy, (because of the desire to store it for the colder months ahead) with the samesupply of that good becoming scarce resulting in a higher price. Consumers demand for energy changes with the seasons. For example, thedemand for energy in the summer is probably very low. The demand for energy in the fallwill be higher because consumers begin storing it for the winter. And during the wintermonths the demand is high, where as during the spring months the demand decreases fromthe other months. This commodity is greatly influenced by the climate and the type ofregion consumers live in. For example, people in Florida do not have the same type ofenergy bill as the people in Pennsylvania do. The market of a commodity is determined by many things, one of those being thenature of the commoditys prices, which is influenced by the demand of that particularcommodity. For the commodity, energy consumers can see that the quantity demanded isvery sensitive to changes in prices. And factors such as climate and the region in whichthey live underlie the market demand curve for this commodity. Jennifer Loughery 082970Introductory to Micro-Economics 1011-107Dr. PryorNovember 25, 1996. Back in the middle of October, the price of natural-gas had risen because a gascompany was forced to shut down a pipeline due to the need for repairs. This impendingshortage led to the decrease in prices for other heating commodities, as well as largerprofits. The demand for energy was becoming greater and greater because it was thattime of year when consumers began storing energy in their homes to prepare for the coldwinter months ahead. The four commodities mentioned in this article, crude oil, heating oil, gasoline andnatural gas are all substitutes for one another. This is true because the cross elasticity ofdemand states that as the percentage change in the quantity demanded of one commodityresults from a one percent change in the price of another commodity.In other words, theincrease in demand for crude oil, gasoline, and heating oil was the outcome of the priceincrease in natural gas. As shown in the graph below, the cross elasticity of demand is direct (positive). As the price of natural increases, the quantity demanded for the three other energycommodities increase. The market system today functions on price. Consumers make their decision onwhat to buy by the price of their desired good. Naturally, consumers will choose thelower price of a commodity they wish to purchase. This is why consumers, wanting toheat their homes, chose to heat them with natural-gass substitutes (crude oil, heating oil,or gasoline) rather than the natural-gas, the higher priced commodity. The commodity,energy, is something that people can not go without during the winter months. If their is ashortage, which means that consumers demand more than the available supply, it leads toan increase in price. As shown in the graph below, as the supply decreases, the price increases. Thismeans that the price is inelastic. This is true because as the price of the commodity isincreased, the total amount spent on the commodity will increase also. The price mechanism reflects scarcity, which is stated as the greater demand for agood, energy, (because of the desire to store it for the co lder months ahead) with the samesupply of that good becoming scarce resulting in a higher price. Consumers demand for energy changes with the seasons. For example, thedemand for energy in the summer is probably very low. The demand for energy in the fallwill be higher because consumers begin storing it for the winter. And during the wintermonths the demand is high, where as during the spring months the demand decreases fromthe other months. This commodity is greatly influenced by the climate and the type ofregion consumers live in. For example, people in Florida do not have the same type ofenergy bill as the people in Pennsylvania do. The market of a commodity is determined by many things, one of those being thenature of the commoditys prices, which is influenced by the demand of that particularcommodity. For the commodity, energy consumers can see that the quantity demanded isvery sensitive to changes in prices. And factors such as climate and the region in whichthey live underlie the market demand curve for this commodity.

Ryan Todrank14 September 2017CHDV 131Reading Respo Essays

Ryan Todrank14 September 2017CHDV 131Reading Response 2After reading the article, one the most interesting thing I read was "If Research shows that four month old babies vocalize more when an adult is present, what is the crucial factor that stimulates this vocalization? Eye gaze!" p.220. I find this quote very interesting because I think it is so true! A baby can learn language from you with talking to them but eye contact is the most important thing. Not only is it the voice, but your expressions and your voice tone are what really help and baby learn. This is what makes eye contact so important.I work at a daycare and many of the kids have baby brothers and sisters. I will walk up to them and at first they will not notice that I am even there. I can tell because when I start talking they are just looking away or eating their toes. But if I make a small gesture like touch there nose or grab their finger, there stare right at me. I will say things like "how are you today?" And they will just stare right at me and go "babababa" not only do I know that they are focused on me, but I know that they are learning language development.French scientists did a study to see if they could if a baby was French just by the babbling, and they say that they were able to identify it. They were able to do this by the sounds that the babies used. English reared babies babble mostly with a falling intonation while French babies end with a rising intonation.There are many people that I work with that come from many different backgrounds, I see babies from Italian backgrounds, Mexican backgrounds, and an Australian background. From my experience, of all of the babies that I work with, I can tell that they are not American just from the babbling. With the Australian child for example, He still is learning English, but the tone is so much different that it makes it obvious that it is not American English just from his "babababa". For children that are bilingual, I think that it just depends on what the native language is. Whatever language is stronger will be the deciding factor.

The Red Headed Leagues Essays

The Red Headed Leagues Essays The Red Headed Leagues Essay The Red Headed Leagues Essay As always, it is Holmes that finally manages to deduce how the crime happened and swiftly wants to test his little theory. The use of the word little theory tells us that Holmes believes that this case is not one of great importance or magnificence, only a small affair with, what Holmes thinks is an obvious answer. The Man with the Twisted Lip has a different ending from most of the other Sherlock Holmess books as no one is arrested or blamed for the crime. In this story, it is simply because the crime did not happen and Neville St. Clair was still alive, although he was disguised as Hugh Boone. St. Clair just gets a warning to stop disguising himself as a beggar and then he leaves to go home. This is unusual for a detective story as in the majority of them, an actual crime has happened. In The Five Orange Pips, the culprits of the crime, the Ku Klux Klan, are never brought to justice for the murders they have committed, but, most probably, die on their sinking ship. Another story in which the police are involved in the catching of the criminal is The Red Headed League. This story is set completely in London and at first shows no sign of a crime, when Jabez Wilson comes to see Holmes about the fact his good-paying second job has ended. Nevertheless, Holmes decides to investigate the case, perhaps with a slight suspicion about the considerable pay-off he will ask from the bank. This story shows us of Victorian culture and Holmess love of music, when Holmes and Watson go and see Pablo Sarasate at St. James Hall. In other Holmes stories, we see Holmes, himself, playing a violin, the instrument Sarasate played. Also, the story is based around the colour of Jabez Wilsons hair, whilst The Five Orange Pips is based around a family. Both crimes appear to have no reason for happening, until later in the story when the crime and the suspects are revealed. In The Five Orange Pips, the identity of the Ku Klux Klan is not revealed until the very last moment, when it is too late for Holmes to save John Openshaw. In The Red-Headed League, the true nature of the crime is not revealed to the audience until the end, and even though Holmes knows sooner than the reader, it is unusual as he cannot realise what is happening until nearer the end of the story. Gypsies are a recurring theme in Sherlock Holmess stories. In Holmes times, they were not thought fondly of, as we know from both The Red-Headed League and The Speckled Band, in which they are called vagabonds. In every story, Holmes uses his amazing powers of deduction to be able to tell something about his clients, and their homes. In The Red-Headed League, he notices the fact that Jabez Wilson has done a lot of writing and that he has been to China. Although the clients are usually astonished at his level of accuracy, he often explains how he came to his conclusion. Holmes sees deduction as a fine art that only a few have the power of, and so often gets vexed when people, such as Jabez Wilson say, I thought at first that you had done something clever, but I see that there was nothing in it, after all. Holmes is a secretive man, and often will not tell Watson how he worked out the case until the end of the story. He will often have worked out how the crime was committed long before he captures the criminal. In The Red-Headed League, he goes to Jabez Wilsons shop and beats the ground outside with his stick two or three times. When Watson asks why he has done this peculiar thing, he simply answers with, My dear doctor, this is a time for observation, not for talk. Watson only finds out that he beat the pavement to find which way the tunnel was leading in the last chapters of the story. In The Red-Headed League, the story involves tunnelling from the pawnbrokers shop to the bank. Jabez Wilson is sent to the Red Headed League so that John Clay can secretly make the tunnel under the ground. The Speckled Band also involves tunnelling, but in that story, the tunnel was through a small vent above the ground. This story also uses accomplices twice: once with Duncan Ross, who leads the Red Headed League; and then with Archie who helps John Clay break into the bank. In The Man with the Twisted Lip, Neville St. Clair uses a Lascar and a Dane to keep his wife out whilst he quickly changes into Hugh Boone, the beggar. Another key part of The Red Headed Leagues plot is the notes, first the one in the newspaper and then the note telling of the disbandment of the League. Notes play a big part in The Five Orange Pips, in which each member of the family of John Openshaw each get a note, with five orange pips, telling them to put the papers on the sundial. Holmes prides himself in knowing nearly everything about everything. In The Red-Headed League, he navigates himself around London without struggle and easily tells Watson the surrounding buildings of Saxe-Coburg Street. In A Scandal in Bohemia, we find out that he keeps an index of people, most of the information he will never need to know. For example, around Irene Adlers profile are the profiles of a Hebrew Rabbi and a commander who wrote about fish. Clay believes himself to be a Royal, though he isnt officially recognised by the Royal Family. He asks to be called Sir and will only cooperate with the police when Peter Jones, sarcastically, says, Well, would you please, sir, march upstairs, where we can get a cab to carry your Highness to the police-station? When Jabez is describing his assistant to Holmes, Holmes already has a very good guess of what crime could be committed. When Jabez comments on a splash of acid on his forehead: Holmes sat up in his chair in considerable excitement. I thought as much, said he. This shows us the excitement that Holmes gets from working something out. Holmes says that deduction is his stimulus, but when he is without that stimulus he resorts to cocaine, cigarettes and pipes to make his brain work. Although Watson constantly tells him about the dangers of this habit, Holmes continues nonetheless.

Chlamydomonas Lab Report Essays

Chlamydomonas Lab Report Essays Chlamydomonas Lab Report Paper Chlamydomonas Lab Report Paper Essay Topic: Whiplash The power stroke consists of beating stiffly in one direction, while during the recovery stroke the cilium is pulled back in floppy fashion close to the cell surface, thereby offering little resistance. Once in position, it straightens out and the stiff power stroke begins again. Human cilia or flagella are found in traditionally in three locations of the human body. In men, sperm is composed of a head and a tail, a tail that functions as flagella. In women, the fallopian tubes are lined with cilia projections, which help carry eggs and what creates resistance for sperm entering the vagina for fertilization. Both men and women (and all other mammals) have cilia in two other places in their bodies. One location is somewhat familiar: cilia coat the trachea and bronchial tubes leading down into the lungs. Cilia are also present in the brain and spinal cord. Cilia line the canals and ventricles, the empty spaces in the brain. The cerebral fluid in the brain and nervous system is kept in motion by the numerous cilia projections. Human cilia is very useful for multiple processes in the body, but when cilia is damaged, certain processes will not occur and defects will arise due to the lack of recesses. Cilia defects occur often in humans due to the defects in the cilia projections around the body. Cilia can suffer from genetic disorders, which are called caliphates. Caliphates usually involve proteins that localize to the primary cilia (the sensory organelles), which can cause genetic disorders such as primary cilia disease duskiness (PC) or nonproliferations or Senior-Looked syndrome. Polycyclic kidney disease can occur when there is defect in the cilia of the renal tube cells. Another genetic disorder called Barded-Bided syndrome (BBS) occurs hen the mutant gene products are in the components in the basal body and cilia. The symptoms of these diseases include physiological defects such as kidney failure, defective mucus clearance, neurosurgery deficits, and obesity. Defects in cilia or flagella in men sperm can lead to male infertility if the sperm cannot successfully move up the fallopian tube. Lack of functional cilia in female Fallopian tubes can cause octopi pregnancy, which is when the embryo implants outside of the uterine cavity. The cause of cilia defects is not really known other that genetic mutations. The cilia defects can get passes down from generation to generation. Symptoms for defects are not particularly known, but are circumstantial from defect to defect. Chlamydeous is a green plant that reproduces asexually and sexually. Chlamydeous is known for a number of different characteristics. First of all, Chlamydeous is a haploid organism. This means that it only has one allele, thus only showing one genotype for the cell. This characteristic makes it very easy during experiments to know why certain traits and description are a certain way and it makes it easy to test for variables. Chlamydeous are also known for having a generation time of two weeks (from mating of one generation to when this next generation can mate), meaning that it is easy to see results on a generation of Chlamydeous if it was test with a certain protein, as compared with the control. Chlamydeous has two interiorly inserted whiplash flagella that are similar to human cilia and contain the same flagella as humans. Chlamydeous also is not a new model organism, meaning that there are many different mutant strains that have unique characteristics from one another. Those unique characteristics sometime mimic environments inside the body and can be used to see how the body will react to the variable without actually affecting a patient. Victor Stool and his colleagues recognized that cilia play critical roles in animal physiology and development. They need to identify the gene products necessary for cilia assembly and function by running a proteomics analysis of human cilia. However, the proteomics analysis of human cilia is limited in its ability to detect low-abundance proteins. Comparative genomics was used to identify genes mound only in the genomes of organisms with cilia and flagella and was successful. This study was then implemented to find the low-abundance proteins of human cilia. Stool now found a use for the Chlamydeous because one, it has similar flagella or cilia to humans, two, most known components of cilia and flagella are strongly induced during flagella regeneration in Clampdowns and three, most of the identified human cilia disease genes have orthogonal in Chlamydeous that have been shown to be involved in flagella assembly. During process of flagella regeneration, it has been shown that many known legal components are transcriptional induced, with most transcripts reaching maximum accumulation between 30 to minis. Supplied with the Chlamydeous genome, Stool and his team set out to analyze the RNA transcriptional profile observed during flagella regeneration to identify flagella genes that have its RNA transcription activated in response to flagella regeneration. HASPS is the protein that our lab group took interest in. HASPS was up- regulated during flagella regeneration and chosen as a protein of interest. Hasps are called 70 kiloton heat shock proteins and are a family of heat hock proteins. Hasps are important for protein folding and essentially protects the cell from stress. HASPS-A or pithier, is an inhibitor of app-mediated optimism and app-dependent gene transcription such as cyclic G, app/waft, and MD expression. Our group wants to know if pithier acts as an inhibitor in the case of flagella regeneration in Chlamydeous. Based on the findings of last years Bio 111 lab group, they could not fully determine if fitting because on some cases flagella did fully regenerate, but on others it did not. Methods Chlamydeous Defoliation and Fixation Chlamydeous cells were defalcated using the pH shock method. Specifically acetic acid was added to the Chlamydeous growth medium in order to obtain a pH of 4. 5 resulting in the defoliation of the Chlamydeous cells. Defalcated cells were then immediately divided into one of three conditions. The two inhibitor conditions mixed 1 ml of cells with either a low (10 um) or high (100 um) dose of HASPS-A. In the third, control condition 1 ml of cells was mixed with 10 LU of ethanol. HASPS-A was dissolved in an ethanol vehicle; therefore, ethanol was added to the control condition in order to ensure that this ethanol id not become a confounding variable in the study. Immediately following the division of cells into the three conditions, 50 LU_ of each group was then fixed with equal parts Logos fixative. Logos fixative was used to kill, stain, and immobilizers the Chlamydeous cells to allow for measurement of the flagella regeneration. This first group of fixed cells represented time 0 of the study. This process was repeated every 15 minutes for a total of 90 minutes yielding 7 time points for each condition. As Chlamydeous is a photosynthetic organism the live samples were kept under deal light conditions in between data collection in order to ensure proper biological functioning. Non-Defalcated Chlamydeous One set of Chlamydeous was left untreated with acid in order to determine normal flagella length. These cells were also fixed with equal amounts Logos Fixative. However, non-defalcated Chlamydeous samples were only collected at one time point yielding a single baseline flagella length. Counting and Measuring Chlamydeous Flagella Lengths The Vicissitude program was used to photograph the first 20 Chlamydeous cells located on fixed slides from each time interval.

Cultural Awareness Personal Statement Example | Topics and Well Written Essays - 1000 words

Cultural Awareness - Personal Statement Example As a preliminary matter, the author was presented with a number of warnings. The United States Department of State had issued travel warnings and advisories for Thailand generally, and for southern Thailand more particularly. Potential travelers were advised to be wary of political strife in Thailand; this was as a result of increasing political protests and rumors that a military coup was possible. Moreover, travelers were advised to avoid the southern provinces, bordering Malaysia, because of a series of bombings, the burning of schools, and civil unrest between the Muslim majority in these southern provinces and the Buddhist majority in the rest of the Kingdom of Thailand. For the most part, the author heeded this advice and scheduled most of the holiday for Bangkok and northern Thailand. However, the author also spent the final four days in the southern province of Songkla, and the experience clearly demonstrated that the people being demonized and chastised in the travel advisor ies were hardly dangerous or threatening. In fact, the southern Thais proved to have been extraordinarily hospitable, more diverse than a Muslim designation might have suggested, and quite eager to mingle and talk with foreign tourists. First, the Muslim people in southern Thailand did not conform to stereotypes too often used to describe Muslim peoples and culture. The travel advisories had stirred the author's imagination. It was easy to imagine a southern Thailand replete with veiled women, mosques dotting the landscape, and suspicious gazes for tourists or other outsiders. The author's friends reinforced these stereotypes and cautioned, only half-jesting, that a kidnapping or a beheading might very well be around the corner. The reality couldn't have been more different. As an initial matter, the author was almost unable to distinguish Thai Muslims from Thai Buddhists. The shops and the streets were crowded with people wearing shorts, brand name shirts, baseball hats, and sunglasses. Veils could be detected only through the most diligent observation and a Muslim restaurant owner confided to the author that Thai Muslims enjoyed their pork and their alcohol. This lack of a strict devotion to the commonly understo od protocols of Islam could be seen and experienced everywhere. Young Thai Muslim girls decorated their faces with make-up, heavily Thai Muslim districts had karaoke bars and advertised in English, and people went about their daily business just as they seem to do here in the United States. The author, in short, experienced a southern Thailand that was fundamentally at odds with the views of friends and the statements made prior to the trip in a variety of travel advisories. By immersing oneself in a foreign culture, it is easier to strip away stereotypes, whether romantic or fearful, and to better understand the people and their way of life. Second, and quite surprising, the Thai Muslims did not view themselves as a separate nationality. One of the main reasons for the concerns of both friends and family was a firm belief that

There is an ongoing debate about the cost-benefit relationship of Essay

There is an ongoing debate about the cost-benefit relationship of internal controls and their ethical implications - Essay Example investigators cited that the bank lacked strict safeguards against clients laundering money, following a suspicion that illicit drug money was streaming through their internal account. The Regulations by the Federal Reserve require banks to install tight internal controls in order to detect any criminal involvements in their operations (Silver-Greenberg, 2013). This is because weak controls facilitate drug dealers and terrorists to launder money through the financial institutions. The ethical implication of Citigroup’s case is that it failed to observe the Federal’s rules of having complex control mechanisms. In this regard, money laundering might have occurred to sustain the drug traders. Banks need to ensure that they scrutinize their clients to determine the sources and the recipients of the huge sums of money. It is also evident that the management tried to manipulate its financial statements to hide transactions involving the drug dealers. The bank failed to show the money streamed through its Mexican branches into the US, which was an indication of weak controls. The Federal Reserve claims that the bank does not oversee its operations, which leads to funneling of money in support of sanctioned individuals and countries (Silver-Greenberg, 2013). The accounting ethical standards involve the reporting of accurate financial information without manipulations. This implies that organizations should not tamper with their accounting books to make them appear more profitable to the shareholders and investors. For instance, Citigroup had tampered with its records after the money laundering fraud in the backdrop of increasing dividends. Financial institutions need to observe the Bank Secrecy Act by removing tainted cash through recording of doubtful-activity reports (Silver-Greenberg, 2013). This implies that the Citigroup management failed to comply with the rules set by the Federal Reserve, which led to probing into its activities. In order to strengthen

China online banking development Essay Example for Free

China online banking development Essay China is expected to become the largest information technology (IT) market in the world in the next five years, acknowledging that computers will be popular in Chinese families by that time. China now ranks No. 2 in Internet subscribers in the world. Owing to Chinas large population, the countrys Internet market still has great potential. Information technology has been utilized in almost all sectors of Chinas economy today. E-government, e-business, e-finance, and upgrading of state-owned enterprises will all provide more opportunities for the development of the industry in  China is expected to become the largest information technology (IT) market in the world in the next five years, acknowledging that computers will be popular in Chinese families by that time. China now ranks No. 2 in Internet subscribers in the world. Owing to Chinas large population, the countrys Internet market still has great potential. Information technology has been utilized in almost all sectors of Chinas economy today. E-government, e-business, e-finance, and upgrading of state-owned enterprises will all provide more opportunities for the development of the industry in China. Read the Memo sent out by Jaime about 2004 Mid-Year Offsite Business-planning meeting conducted by S1 management team, the key topic of Perfecting our International and Distribution Business caught my attention. Learned the news that Macau Tai Fung bank implemented S1 Banking Solution to launched its online banking services, and found out that S1 opened an office in Beijing Chinas capital city, I got a feeling that S1 already turned its eyes to Chinese Market and wonder whether S1s management would like to make further moves and seize the opportunity. Before left China to immigrant to Canada, I had 6 years working experiences in Beijing-my home city, dealing with Chinese financial agencies and institutions, Chinese and foreign banks as well as other financial institutions and service providers in China, Im quite familiar with Chinese financial industry structure. Id like to reuse my knowledge and made this online research report. If S1 is interested in expanding business in China, but not clear what is the situation there and where to start, my research report will, I hope to a certain extent, answer some of your questions. The main purpose of this report is to provide some information and personal suggestions that, I hope, could be helpful for S1s management or marketing team to better understand Chinese market. This report includes information covering Chinese banking system structure, the emergence and development of Internet banking and online insurance services in China, Chinese governments policies and regulations toward online banking and insurance business as well as some prepositional thoughts about how to present S1 and its products to China. Naissance of Online Banking in China In the late 1990s, China began allowing banks to open online businesses. In 1996, China Merchants Bank launched the 1st online financing service in China through All in One Net, an online payment method, which set up the basic operating pattern of China online banking. On October 1997, the Industrial and Commercial Bank of China (ICBC) established its own homepage on Internet to promote its financing services and to provide business guide for Internet users. March 1998, Bank of China successfully handled its first e-transaction. To 1999, all major banks in China had sped up their online banking construction. To date, online banking has made good progress in China. According to statistics from the recently seminar called International Symposium on the Development of Online Banking and Supervision sponsored by China Banking Regulatory Commission, Chinas online bank transactions are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Currently, China has over 40 million individuals and 60,000 companies and institutions involved in online banking businesses. In 2003, Internet-based banking businesses have witnessed a big step forward, owing to the outbreak of SARS (Severe Acute Respiratory Syndrome). Traditionally, Chinese have placed a premium on face-to-face meeting for important business-related matters, but the SARS crisis has forced people to change their attitude. Online Banking Development in China China is in the early stages of a vast transformation from a traditional cash and carry banking system where customers use the branches for almost every banking activity to a modern Internet banking system. Currently, more than 50 commercial banks (domestic and foreign) and over 200 of their branches in China have opened websites, among which, a total of over 50 banks have launched online businesses. The Growth of Online Banking Customers in China Chinas online bank transactions were 14. 3 billion yuan in 2001, increased to 21. 8 billion yuan in 2003, and are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Figure 3. 1: The Growth of Online Banking Customers in China Online Shopping Payment Methods in China. According to a survey made by China Internet Network Information Center (CNNIC), payment online by credit card and deposit card is becoming the 1st choice for online purchasing. The traditional payment method of payment on delivery by cash and postal remittance decreased 3. 7% this year. Figure 3. 2: Online Purchasing Payment Methods in China An analysis shows that security and service abilities are the main concerns for Chinese to use online banking services, 72. 2% of the people inquired care a lot about whether the banks can guarantee the safety of all transactions in their online services, 60. 6% hope to see more functions and flexibilities. Figure 3. 3: Factors that that will attract Chinese to use online banking services Both Chinese and foreign banks in China realized that the internet solutions provide clients with more channels to communicate with them and allow them to benefit from greater control and cost efficiency, which are top of mind for treasurers today. Domestic Banks and Their Online Banking Services For many Chinese, banking in general is a new experience and in an economy where cash remains important, so bank branches also provide security to customers. However, with accession to the World Trade Organization (WTO), Chinas major banks having to face competition, the local players are increasingly seeing their extensive and heavily manned branch networks as a liability. More and more Chinese banks seem to have discovered the Internet as new source of revenue and the powerful attraction of Internet banking is reflected an attractive proposition. The Chinese bank that has bee quickest off the mark in building Internet banking is China Merchant Bank, which launched the first online financing service in China in 1996. The four state-owned commercial banks quickly followed and successively began to offer some online services since then. May 2000, the Agricultural Bank of China (ABC) implemented a trial Internet banking service in its Guangzhou Branch, which allowed their customers in Guangdong province to access their account through Internet. December 2000, ABC launched online banking service in Shanghai called 95599 Online Bank. The new service of 95599 Online bank has reportedly attracted a number of large corporate clients, such as China Worldbest Group and Shanghai Volkswagen. The services offered include currency exchange, personal cheque issuance and access to consumer loans. Users can also report the loss of certificates of deposit, bankbooks and bankcards as well as prearrange withdrawals of cash sums. At the same time, China Construction Bank (CCB) announced its plans to extend its online banking services to 15 cities in the mainland as well as simplify the process of related authentication in a bid to boost the number of clients using online services. The bank began offering online services in April 2000 in cities of Beijing, Guangzhou, Shenzhen and Qingdao. Last year, the Industrial and Commercial Bank of China (ICBC) unveiled a new platform for its personal online banking business [emailprotected] ICBC officials said the upgraded e-banking platform could facilitate a key shift of the banks outlets from all-round functions to sales-orientated services, and gives it a firmer foothold in a market with intensifying foreign competition. ICBC officials said the 58-function brand-name allows almost all services a traditional banking outlet offers to be processed by the client on the computer, including 24-hour any-amount transfers of funds or remittances, securities and foreign currency trading as well as collateralized loans. Figure 3. 4: Internet Services provided by the 4 state-owned commercial banks Name Website URL Language Internet Services The Agricultural Bank of China (ABC) www. abocn. com Chinese Simplified Banking industry news and website news, Regulation for foreign currency deposits Link to online banking Bank of China (BOC) www. bank-of-china. com Chinese Simplified English Link to branch offices in other cities and provinces Link to E-banking services Cash management Information on the bank and its activities Information on credit card deposits online and phone banking, loans and remittances. China Construction Bank www. ccb-on-line. com Chinese Simplified English Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Link to branch offices in other cities and provinces Credit card information. International Operations such as financing, merchant banking, international settlements, currency exchange, treasury services, credit investigations Information on oversea branches and domestic branches that conduct international transactions Foreign currency deposit, multi-currency remittances, account settlement and term deposit. Link to online banking and payment The Industrial and Commercial Bank of China (ICBC) www. icbc. com. cn Chinese Simplified Chinese Traditional English Link to branch offices in other cities and provinces Link to online bank services: personal banking, corporate Banking. Information on E-banking Online financing Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Foreign Banks and Their Online Banking Services Citibank claims that they are the 1st foreign bank in China that obtained approval from the Peoples Bank of China (PCBC) to offer Internet banking services in China to both domestic and international corporations, as well as consumers. Its Internet banking services provide clients with convenient, easy-to-use, and secure access to banking transactions, 24 hours a day, seven days a week, over the Web. Offering its CitiDirect corporate banking service for cash management, the bank has developed an internet-based payments system specifically for the country. The system enables corporate clients in China to make local currency (renminbi) payment transactions to beneficiaries in over 7000 locations. The system, called Citibank Easy Payments, also delivers various payment and collections reports for clients to view or download into their computers. Its Internet-based banking services available in China for corporate and consumer clients include: CitiDirect(r) Online Banking is Citibanks Web-based delivery channel for corporate clients, designed to securely deliver online an ever-expanding array of Citibank transaction products. CitiDirect(r) Online Banking provides access to account information, payment initiation capabilities, collections data, trade finance transactions, and import/export file integration capabilities. CitiDirect(r) replaces traditional electronic banking applications with a single Web-based delivery channel, thereby improving efficiency and reducing costs to clients. Available in 90 countries and 20 languages including traditional and simplified Chinese, CitiDirecti Online Banking gives clients the benefits of real-time processing, robust security and integration with their in-house treasury systems. * Citibank Easy Payments, an Internet-based payment system that allows corporate clients in China to make local currency (Renminbi) payment transactions to beneficiaries in over 7000 locations in China. This system was specifically developed for the China market. Citibank Easy Payments also delivers various payment and collections reports for clients to view or download into their computers. Citibank Easy Payments supports interface with all major Enterprise Resource Planning (ERP) packages such as SAP, Oracle, BPCS as well as locally developed Chinese accounting packages. Citibank. com. cn, an Internet banking portal that allows corporations and consumers to manage their accounts online, make online enquiries or transactions, view customize and personalize pages as well as get online tools and real-time global market information. Global banking group HSBC, Hang Seng Bank and Bank of East Asia received online-banking license and launched online banking service in China on January 2003. This new service allows their customers to check their balances, transfer funds, make time deposits and account enquiries, check interest and foreign exchange rates, and send remittance instructions through Internet. It is said that more foreign banks, like London-based Standard Chartered Bank, have also received approval to launch online banking services in China, but it is not clear when the emerging market specialist would offer such service. China is expected to become the largest information technology (IT) market in the world in the next five years, acknowledging that computers will be popular in Chinese families by that time. China now ranks No. 2 in Internet subscribers in the world. Owing to Chinas large population, the countrys Internet market still has great potential. Information technology has been utilized in almost all sectors of Chinas economy today. E-government, e-business, e-finance, and upgrading of state-owned enterprises will all provide more opportunities for the development of the industry in China. Read the Memo sent out by Jaime about 2004 Mid-Year Offsite Business-planning meeting conducted by S1 management team, the key topic of Perfecting our International and Distribution Business caught my attention. Learned the news that Macau Tai Fung bank implemented S1 Banking Solution to launched its online banking services, and found out that S1 opened an office in Beijing Chinas capital city, I got a feeling that S1 already turned its eyes to Chinese Market and wonder whether S1s management would like to make further moves and seize the opportunity. Before left China to immigrant to Canada, I had 6 years working experiences in Beijing-my home city, dealing with Chinese financial agencies and institutions, Chinese and foreign banks as well as other financial institutions and service providers in China, Im quite familiar with Chinese financial industry structure. Id like to reuse my knowledge and made this online research report. If S1 is interested in expanding business in China, but not clear what is the situation there and where to start, my research report will, I hope to a certain extent, answer some of your questions. The main purpose of this report is to provide some information and personal suggestions that, I hope, could be helpful for S1s management or marketing team to better understand Chinese market. This report includes information covering Chinese banking system structure, the emergence and development of Internet banking and online insurance services in China, Chinese governments policies and regulations toward online banking and insurance business as well as some prepositional thoughts about how to present S1 and its products to China. Naissance of Online Banking in China In the late 1990s, China began allowing banks to open online businesses. In 1996, China Merchants Bank launched the 1st online financing service in China through All in One Net, an online payment method, which set up the basic operating pattern of China online banking. On October 1997, the Industrial and Commercial Bank of China (ICBC) established its own homepage on Internet to promote its financing services and to provide business guide for Internet users. March 1998, Bank of China successfully handled its first e-transaction. To 1999, all major banks in China had sped up their online banking construction. To date, online banking has made good progress in China. According to statistics from the recently seminar called International Symposium on the Development of Online Banking and Supervision sponsored by China Banking Regulatory Commission, Chinas online bank transactions are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Currently, China has over 40 million individuals and 60,000 companies and institutions involved in online banking businesses In 2003, Internet-based banking businesses have witnessed a big step forward, owing to the outbreak of SARS (Severe Acute Respiratory Syndrome). Traditionally, Chinese have placed a premium on face-to-face meeting for important business-related matters, but the SARS crisis has forced people to change their attitude. Online Banking Development in China China is in the early stages of a vast transformation from a traditional cash and carry banking system where customers use the branches for almost every banking activity to a modern Internet banking system. Currently, more than 50 commercial banks (domestic and foreign) and over 200 of their branches in China have opened websites, among which, a total of over 50 banks have launched online businesses. The Growth of Online Banking Customers in China Chinas online bank transactions were 14. 3 billion yuan in 2001, increased to 21. 8 billion yuan in 2003, and are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Figure 3. 1: The Growth of Online Banking Customers in China Online Shopping Payment Methods in China According to a survey made by China Internet Network Information Center (CNNIC), payment online by credit card and deposit card is becoming the 1st choice for online purchasing. The traditional payment method of payment on delivery by cash and postal remittance decreased 3. 7% this year. Figure 3. 2: Online Purchasing Payment Methods in China An analysis shows that security and service abilities are the main concerns for Chinese to use online banking services, 72. 2% of the people inquired care a lot about whether the banks can guarantee the safety of all transactions in their online services, 60. 6% hope to see more functions and flexibilities. Figure 3. 3: Factors that that will attract Chinese to use online banking services Both Chinese and foreign banks in China realized that the internet solutions provide clients with more channels to communicate with them and allow them to benefit from greater control and cost efficiency, which are top of mind for treasurers today. Domestic Banks and Their Online Banking Services For many Chinese, banking in general is a new experience and in an economy where cash remains important, so bank branches also provide security to customers. However, with accession to the World Trade Organization (WTO), Chinas major banks having to face competition, the local players are increasingly seeing their extensive and heavily manned branch networks as a liability. More and more Chinese banks seem to have discovered the Internet as new source of revenue and the powerful attraction of Internet banking is reflected an attractive proposition. The Chinese bank that has bee quickest off the mark in building Internet banking is China Merchant Bank, which launched the first online financing service in China in 1996. The four state-owned commercial banks quickly followed and successively began to offer some online services since then. May 2000, the Agricultural Bank of China (ABC) implemented a trial Internet banking service in its Guangzhou Branch, which allowed their customers in Guangdong province to access their account through Internet. December 2000, ABC launched online banking service in Shanghai called 95599 Online Bank. The new service of 95599 Online bank has reportedly attracted a number of large corporate clients, such as China Worldbest Group and Shanghai Volkswagen. The services offered include currency exchange, personal cheque issuance and access to consumer loans. Users can also report the loss of certificates of deposit, bankbooks and bankcards as well as prearrange withdrawals of cash sums. At the same time, China Construction Bank (CCB) announced its plans to extend its online banking services to 15 cities in the mainland as well as simplify the process of related authentication in a bid to boost the number of clients using online services. The bank began offering online services in April 2000 in cities of Beijing, Guangzhou, Shenzhen and Qingdao. Last year, the Industrial and Commercial Bank of China (ICBC) unveiled a new platform for its personal online banking business [emailprotected] ICBC officials said the upgraded e-banking platform could facilitate a key shift of the banks outlets from all-round functions to sales-orientated services, and gives it a firmer foothold in a market with intensifying foreign competition. ICBC officials said the 58-function brand-name allows almost all services a traditional banking outlet offers to be processed by the client on the computer, including 24-hour any-amount transfers of funds or remittances, securities and foreign currency trading as well as collateralized loans. Figure 3. 4: Internet Services provided by the 4 state-owned commercial banks Name Website URL Language Internet Services The Agricultural Bank of China (ABC) www. abocn. com Chinese Simplified Banking industry news and website news, Regulation for foreign currency deposits Link to online banking Bank of China (BOC) www. bank-of-china. com Chinese Simplified English Link to branch offices in other cities and provinces Link to E-banking services Cash management Information on the bank and its activities Information on credit card deposits online and phone banking, loans and remittances. China Construction Bank www. ccb-on-line. com Chinese Simplified English Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Link to branch offices in other cities and provinces Credit card information. International Operations such as financing, merchant banking, international settlements, currency exchange, treasury services, credit investigations Information on oversea branches and domestic branches that conduct international transactions Foreign currency deposit, multi-currency remittances, account settlement and term deposit. Link to online banking and payment The Industrial and Commercial Bank of China (ICBC) www. icbc. com. cn Chinese Simplified Chinese Traditional English Link to branch offices in other cities and provinces Link to online bank services: personal banking, corporate Banking. Information on E-banking Online financing Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Foreign Banks and Their Online Banking Services Citibank claims that they are the 1st foreign bank in China that obtained approval from the Peoples Bank of China (PCBC) to offer Internet banking services in China to both domestic and international corporations, as well as consumers. Its Internet banking services provide clients with convenient, easy-to-use, and secure access to banking transactions, 24 hours a day, seven days a week, over the Web. Offering its CitiDirect corporate banking service for cash management, the bank has developed an internet-based payments system specifically for the country. The system enables corporate clients in China to make local currency (renminbi) payment transactions to beneficiaries in over 7000 locations. The system, called Citibank Easy Payments, also delivers various payment and collections reports for clients to view or download into their computers. Its Internet-based banking services available in China for corporate and consumer clients include: CitiDirect(r) Online Banking is Citibanks Web-based delivery channel for corporate clients, designed to securely deliver online an ever-expanding array of Citibank transaction products. CitiDirect(r) Online Banking provides access to account information, payment initiation capabilities, collections data, trade finance transactions, and import/export file integration capabilities. CitiDirect(r) replaces traditional electronic banking applications with a single Web-based delivery channel, thereby improving efficiency and reducing costs to clients. Available in 90 countries and 20 languages including traditional and simplified Chinese, CitiDirecti Online Banking gives clients the benefits of real-time processing, robust security and integration with their in-house treasury systems. * Citibank Easy Payments, an Internet-based payment system that allows corporate clients in China to make local currency (Renminbi) payment transactions to beneficiaries in over 7000 locations in China. This system was specifically developed for the China market. Citibank Easy Payments also delivers various payment and collections reports for clients to view or download into their computers. Citibank Easy Payments supports interface with all major Enterprise Resource Planning (ERP) packages such as SAP, Oracle, BPCS as well as locally developed Chinese accounting packages.   Citibank. com. cn, an Internet banking portal that allows corporations and consumers to manage their accounts online, make online enquiries or transactions, view customize and personalize pages as well as get online tools and real-time global market information. Global banking group HSBC, Hang Seng Bank and Bank of East Asia received online-banking license and launched online banking service in China on January 2003. This new service allows their customers to check their balances, transfer funds, make time deposits and account enquiries, check interest and foreign exchange rates, and send remittance instructions through Internet. It is said that more foreign banks, like London-based Standard Chartered Bank, have also received approval to launch online banking services in China, but it is not clear when the emerging market specialist would offer such service. Read the Memo sent out by Jaime about 2004 Mid-Year Offsite Business-planning meeting conducted by S1 management team, the key topic of Perfecting our International and Distribution Business caught my attention. Learned the news that Macau Tai Fung bank implemented S1 Banking Solution to launched its online banking services, and found out that S1 opened an office in Beijing Chinas capital city, I got a feeling that S1 already turned its eyes to Chinese Market and wonder whether S1s management would like to make further moves and seize the opportunity. Before left China to immigrant to Canada, I had 6 years working experiences in Beijing-my home city, dealing with Chinese financial agencies and institutions, Chinese and foreign banks as well as other financial institutions and service providers in China, Im quite familiar with Chinese financial industry structure. Id like to reuse my knowledge and made this online research report. If S1 is interested in expanding business in China, but not clear what is the situation there and where to start, my research report will, I hope to a certain extent, answer some of your questions. The main purpose of this report is to provide some information and personal suggestions that, I hope, could be helpful for S1s management or marketing team to better understand Chinese market. This report includes information covering Chinese banking system structure, the emergence and development of Internet banking and online insurance services in China, Chinese governments policies and regulations toward online banking and insurance business as well as some prepositional thoughts about how to present S1 and its products to China. Naissance of Online Banking in China In the late 1990s, China began allowing banks to open online businesses. In 1996, China Merchants Bank launched the 1st online financing service in China through All in One Net, an online payment method, which set up the basic operating pattern of China online banking. On October 1997, the Industrial and Commercial Bank of China (ICBC) established its own homepage on Internet to promote its financing services and to provide business guide for Internet users. March 1998, Bank of China successfully handled its first e-transaction. To 1999, all major banks in China had sped up their online banking construction. To date, online banking has made good progress in China. According to statistics from the recently seminar called International Symposium on the Development of Online Banking and Supervision sponsored by China Banking Regulatory Commission, Chinas online bank transactions are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Currently, China has over 40 million individuals and 60,000 companies and institutions involved in online banking businesses. In 2003, Internet-based banking businesses have witnessed a big step forward, owing to the outbreak of SARS (Severe Acute Respiratory Syndrome). Traditionally, Chinese have placed a premium on face-to-face meeting for important business-related matters, but the SARS crisis has forced people to change their attitude. Online Banking Development in China China is in the early stages of a vast transformation from a traditional cash and carry banking system where customers use the branches for almost every banking activity to a modern Internet banking system. Currently, more than 50 commercial banks (domestic and foreign) and over 200 of their branches in China have opened websites, among which, a total of over 50 banks have launched online businesses. The Growth of Online Banking Customers in China Chinas online bank transactions were 14. 3 billion yuan in 2001, increased to 21. 8 billion yuan in 2003, and are expected to reach 20 trillion yuan (about 2. 4 trillion US dollars) by the end of this year. Figure 3. 1: The Growth of Online Banking Customers in China Online Shopping Payment Methods in China According to a survey made by China Internet Network Information Center (CNNIC), payment online by credit card and deposit card is becoming the 1st choice for online purchasing. The traditional payment method of payment on delivery by cash and postal remittance decreased 3. 7% this year. Figure 3. 2: Online Purchasing Payment Methods in China An analysis shows that security and service abilities are the main concerns for Chinese to use online banking services, 72. 2% of the people inquired care a lot about whether the banks can guarantee the safety of all transactions in their online services, 60. 6% hope to see more functions and flexibilities. Figure 3. 3: Factors that that will attract Chinese to use online banking services Both Chinese and foreign banks in China realized that the internet solutions provide clients with more channels to communicate with them and allow them to benefit from greater control and cost efficiency, which are top of mind for treasurers today. Domestic Banks and Their Online Banking Services For many Chinese, banking in general is a new experience and in an economy where cash remains important, so bank branches also provide security to customers. However, with accession to the World Trade Organization (WTO), Chinas major banks having to face competition, the local players are increasingly seeing their extensive and heavily manned branch networks as a liability. More and more Chinese banks seem to have discovered the Internet as new source of revenue and the powerful attraction of Internet banking is reflected an attractive proposition. The Chinese bank that has bee quickest off the mark in building Internet banking is China Merchant Bank, which launched the first online financing service in China in 1996. The four state-owned commercial banks quickly followed and successively began to offer some online services since then. May 2000, the Agricultural Bank of China (ABC) implemented a trial Internet banking service in its Guangzhou Branch, which allowed their customers in Guangdong province to access their account through Internet. December 2000, ABC launched online banking service in Shanghai called 95599 Online Bank. The new service of 95599 Online bank has reportedly attracted a number of large corporate clients, such as China Worldbest Group and Shanghai Volkswagen. The services offered include currency exchange, personal cheque issuance and access to consumer loans. Users can also report the loss of certificates of deposit, bankbooks and bankcards as well as prearrange withdrawals of cash sums. At the same time, China Construction Bank (CCB) announced its plans to extend its online banking services to 15 cities in the mainland as well as simplify the process of related authentication in a bid to boost the number of clients using online services. The bank began offering online services in April 2000 in cities of Beijing, Guangzhou, Shenzhen and Qingdao. Last year, the Industrial and Commercial Bank of China (ICBC) unveiled a new platform for its personal online banking business [emailprotected] ICBC officials said the upgraded e-banking platform could facilitate a key shift of the banks outlets from all-round functions to sales-orientated services, and gives it a firmer foothold in a market with intensifying foreign competition. ICBC officials said the 58-function brand-name allows almost all services a traditional banking outlet offers to be processed by the client on the computer, including 24-hour any-amount transfers of funds or remittances, securities and foreign currency trading as well as collateralized loans. Figure 3. 4: Internet Services provided by the 4 state-owned commercial banks Name Website URL Language Internet Services The Agricultural Bank of China (ABC) www. abocn. com Chinese Simplified Banking industry news and website news, Regulation for foreign currency deposits Link to online banking Bank of China (BOC) www. bank-of-china. com Chinese Simplified English Link to branch offices in other cities and provinces Link to E-banking services Cash management Information on the bank and its activities Information on credit card deposits online and phone banking, loans and remittances. China Construction Bank www. ccb-on-line. com Chinese Simplified English Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Link to branch offices in other cities and provinces Credit card information International Operations such as financing, merchant banking, international settlements, currency exchange, treasury services, credit investigations Information on oversea branches and domestic branches that conduct international transactions Foreign currency deposit, multi-currency remittances, account settlement and term deposit. Link to online banking and payment The Industrial and Commercial Bank of China (ICBC) www. icbc. com. cn Chinese Simplified Chinese Traditional English Link to branch offices in other cities and provinces Link to online bank services: personal banking, corporate Banking Information on E-banking Online financing Links to exchange rates, stock quotes, deposit rates, loan rates, bank fees. Foreign Banks and Their Online Banking Services Citibank claims that they are the 1st foreign bank in China that obtained approval from the Peoples Bank of China (PCBC) to offer Internet banking services in China to both domestic and international corporations, as well as consumers. Its Internet banking services provide clients with convenient, easy-to-use, and secure access to banking transactions, 24 hours a day, seven days a week, over the Web. Offering its CitiDirect corporate banking service for cash management, the bank has developed an internet-based payments system specifically for the country. The system enables corporate clients in China to make local currency (renminbi) payment transactions to beneficiaries in over 7000 locations. The system, called Citibank Easy Payments, also delivers various payment and collections reports for clients to view or download into their computers. Its Internet-based banking services available in China for corporate and consumer clients include: CitiDirect(r) Online Banking is Citibanks Web-based delivery channel for corporate clients, designed to securely deliver online an ever-expanding array of Citibank transaction products. CitiDirect(r) Online Banking provides access to account information, payment initiation capabilities, collections data, trade finance transactions, and import/export file integration capabilities. CitiDirect(r) replaces traditional electronic banking applications with a single Web-based delivery channel, thereby improving efficiency and reducing costs to clients. Available in 90 countries and 20 languages including traditional and simplified Chinese, CitiDirecti Online Banking gives clients the benefits of real-time processing, robust security and integration with their in-house treasury systems. * Citibank Easy Payments, an Internet-based payment system that allows corporate clients in China to make local currency (Renminbi) payment transactions to beneficiaries in over 7000 locations in China. This system was specifically developed for the China market. Citibank Easy Payments also delivers various payment and collections reports for clients to view or download into their computers. Citibank Easy Payments supports interface with all major Enterprise Resource Planning (ERP) packages such as SAP, Oracle, BPCS as well as locally developed Chinese accounting packages.   Citibank. com. cn, an Internet banking portal that allows corporations and consumers to manage their accounts online, make online enquiries or transactions, view customize and personalize pages as well as get online tools and real-time global market information. Global banking group HSBC, Hang Seng Bank and Bank of East Asia received online-banking license and launched online banking service in China on January 2003. This new service allows their customers to check their balances, transfer funds, make time deposits and account enquiries, check interest and foreign exchange rates, and send remittance instructions through Internet. It is said that more foreign banks, like London-based Standard Chartered Bank, have also received approval to launch online banking services in China, but it is not clear when the emerging market specialist would offer such service.