The History Of Genting Malaysia Berhad Tourism Essay

The History Of Genting Malaysia Berhad Tourism Essay Genting Malaysia Berhad was once known as Resort World Sdn Bhd, which was a share limited private company, incorporated under the Companies Act 1980, on 7 May 1980. The name was changed into Resort World Bhd from 1989 2009, being a public company and lastly known as Genting Malaysia Berhad. In 1989, Genting Malaysia had become an entire gaming, hotel and resort-related operations company. Shares of Genting Malaysia have been listed on Bursa Malaysia since 22 December 1989. Genting Malaysia has involved in leisure services and hospitality business field for over 45 years, such as theme parks, gaming, hotels, seaside resorts and entertainment. It has a loyalty card programmed named Genting World Card which contains over 3.3 million members alone in its Malaysias operations. The top business in the company is Resorts World Genting. It is a great place for family leisure and entertainment resort. It was situated at the top of Genting Highland and having around 19 millions of visitors annually for the past five years. The resort there has six hotels which are Highlands Hotel, Resort Hotel, Theme Park Hotel, Maxims Genting, Genting Hotel and First World Hotel. There 10,000 over rooms prepared for the visitors time by time. Theme parks (including outdoors and indoors), dining restaurant, mega shows and many more entertainment are all ready at one location. Genting Highlands Resort was voted the Worlds Leading Casino Resort at the year 2005, 2007 and 2008 and Asias Leading Casino Resort from 2005 to 2008 by World Travel Awards. Located close to Resorts World Genting, the operating business of Awana Genting Highlands Golf Country Resort too owned by Genting Malaysia. It has two chains named Awana Kijal Golf, Beach Spa Resort and Awana Porto Malai located at Terengganu and Langkawi subsequently, which are both two beautiful seaside. First World Hotel has won the worlds largest hotel with 6,118 rooms as recorded in the Guinness World Records and Ripleys Believe It or Not. Genting Malaysia did an equity investment on the Star Cruises Limited (the leading cruise operator of Asia Pacific) by 19.3%. Organizational Chart Genting Malaysia Berhad is a profitable organization. Its common purpose as others companies is to unifying its people and forces. It coordinated their workers to work together for a common purpose to give the best services and entertainment to customer as possible. With the organization division of labor function, it leads to greater efficiency in their workers performance in different categories and fields. Furthermore, an organization chart shows the hierarchy of authority through the chain of command (from the command from the board of authorities to the presidents and lastly to the workers). Genting Malaysia Berhad is accessing the wide span of control as shown on the chart above; every department was under the control of a chairman/chief executive- Tan Sri Lim Kok Thay. Next, this company has fallen on the functional structure. The workers are all grouped under the categories of similar work specialties to ease the management of the whole organizations operation. Every departm ent has their own specialized professionals in order to carry out the task given. On the same time, Genting Malaysia Berhad is a mechanistic organization. Its authority is centralized and employees are closely supervised in carrying out every specific job. For examples, reports are needed for any operations carried out. With the centralized hierarchy of authority, any instruction given by the chairman needed to be followed. True too that theres a lot of rules and procedures set by the company to obtained disciplined workers. For instance, letter must be written for requesting a lift and workers are needed to give reasons for why are they late and hand in a formal letter after that. Specialized task is a must for every department in order to run the organization smoothly. In the other side, it would be something special that in a mechanistic company, it has a wide span of control and flatter structures. Genting Malaysia Berhad undergoes differentiation as the organization are somehow operating under their own functions and do not need to work together to achieve the same purpose. It has a large organizational size as there are approximately 19,000 of full-time employees working under their organization. Chairman Chief Executive Tan Sri Lim Kok Thay Deputy Chairman of the Board Tun Mohammad Hanif bin Omar Director Tan Sri Alwi Jantan Director Mr. Quah Chek Tin Director Teo Eng Siong Director Tan Sri mohd Zahidi bin Hj Zainuddin Director Tan Sri Clifford Francis Herbert Senior Vice President- eService Rick Management Mr. Thomas Ng Seng Siew Senior Vice President- Human Resources Mr Eddie Teh Yong Teng Chief Financial Officer Ms. Koh Poh Yong Executive Vice President Resorts Operations Dato Kevin Sim Kia Ju President Chief Operating Officer Dato Lee Choong Yan Senior Vice President Finance Corporate Affairs Mr. James Koh Chuan Seng Senior vice President Hotel Operations Mr. Edward Arthur Holloway Senior Vice President- Casino Security Operations Mr. Lim Eng Ming Senior Vice President- Public Relationship Communications Dato Anthony Yeo Keat Seong Senior Vice President- Casino Operations- Mr. Aaron Chia Khong Chid Senior Vice President- Casino Marketing Mr Leow Beng Hooi Planning and Strategic Management Basic Strategies used to respond to uncertainty The Genting Group was found in 1965 by Malaysian entrepreneur the late Tan Sri Lim Goh Tong. The group has over 26 years of experience in developing, operating and marketing casinos and integrated resorts in different parts of the world. This company is using prospector strategies to do their business. Genting group has more than 26 years of experience in developing, operating and marketing casinos and integrated resorts in different parts of the world, It also includes the Americas, Australia, Malaysia, the Philippines, Singapore and United Kingdom. Genting Highland is the only one legal casino in Malaysia. It has been voted Malaysias leading corporation and one of Asias best managed multinationals. The groups integrated resort is Resorts World Genting, formerly known as Genting Highlands Resort. Genting Group is respond in prospectors. Although their main activities are casino and theme park but this company try to develop in others part. Genting Group starts to open concert shows, Strawberry Farm, food beverage and retail shopping in Genting highlands Resort. It is one of the most popular tourist destinations in Malaysia. The Genting Group has since expanded and diversified into other activities including plantations, properties, power generation, oil and gas, e-commerce, information technology and biotechnology. This company brave in trying new things and will not let its product stop on a point. Genting Highland Resort is under Genting Group, it always show the prosperity of Malaysia during public holidays. To be a successful company, Genting Group must find an efficient and effective strategies to run a its own company .The Genting Group are responding in prospectors as their company basic strategies. It means that Genting Group will bring more services to customers and do the best in future. Establish Vision and Mission Mission The purpose of Genting Group are : 1. Always care in changing demands of their customers and excel in providing quality products and services to satisfy customers wants. 2. Promise to innovation and the utilization of new technology to achieve competitive advantage. 3. Be responsible in generate a rational return to their shareholders. 4. Emphasize in personnel policies which recognize and reward performance to make them better. Encourage contributions of employees and provide proper training, development and opportunities for career advancement. 5. Be a responsible corporate citizen, always increasing corporate governance and transparency. Vision The Genting Group wish to be the leading multinational corporation committed to increase value of shareholders and keep maintaining long-term sustainable growth in their core businesses. SWOT ANALYSIS Strengths In 1997, Genting Highlands resort has launched a Skyway cable car which was further boosted its facility attraction. The Genting Skyway acquired the Worlds Fastest Mono Cable Car System with a speed at most 21.6km per hour and the Longest Cable Car in Malaysia and Southeast Asia. In fact, a lot of transportation is available, such as rental car, taxis, express bus, limousine coaches, shuttle services, or charter helicopter. Genting Highlands Resort possesses five hotels, namely Genting Hotel, Highlands Hotel, Resort Hotel, Theme Park Hotel and First World Hotel and two apartment blocks, Ria and Kayangan Apartment at the hilltop and Awana Genting Highlands Golf and Country Resort. All these hotels are offer comfortable housing and delicious cooking. Besides, large shopping malls are there for the visitors to grab anything that they wish for. Today, Genting Berhad is a multinational corporation in Malaysia that has been recognized by various organizations for its typical leadership and management. Besides, Genting Berhad was acknowledged as the No.1 Leading Company Street Journal 200(formerly Far Eastern Economic Review 200). Genting Berhad was also rated No.1 in Malaysia and No.2 in Asia for Overall Best Managed Company for the Decade by Asia money and No.5 in Best Corporate Social Responsibility. Furthermore, Genting is a good choice for a stroller family and children because of the present of outdoor theme park and indoor. The theme parks offer unique experience of snow villages and haunted adventures that can satisfy every pleasure seeker. Foe the cyber addict, Genting provides the most up-to-the-minute cyber games in the cyber. In addition, the casino in Genting which is the only legal casino in Malaysia is the most attraction to the adults because all the popular gambling games are provided included Chinese games. Weaknesses Next, one of the businesses running in Genting such as casinos can only participated by non-Muslim because it locates in an Islamic country. Therefore they lose a large amount of customer. Lastly, in order to provide the best goods and services, the equipment of the hotels, and the safety plan to make customer feel convenience, their cost to run out these services is large. Opportunities Geographically, Genting Berhad located in a peak of Titiwangsa Mountain, with an altitude of 2000 meters above sea level. Genting is surrounded by a flourishing green forest in its valley, the characteristic feature of equatorial region. The distinguishing feature of Genting is the soothing temperature which in between 16 to 23 degree. The climate is usually refreshing and cold, habitually cloudy and misty; therefore it provides a natural feel of air conditioning. In addition, the scenery from the peak offers an unforgettable experience of enchantment. These virtues attract the native crowd which offer them peacefulness that lack in the dusty city. These benefits will attract the tourist and foreigners come over and increase their revenue. Besides, Genting locates within Titiwangsa Mountains and between states of Selangor and Pahang of Malaysia that is accessible by car. For example, we have to spend an hour to reach there from Kuala Lumpur. Alternatively, we can choose the cable car called Genting Skyway (3.38 km) which is used to be the fastest in the world and South East Asias longest gondola lift. It is leads to the population growth in Pahang increased from 1288376 to 1534800 since year 2000. Threats Firstly, Genting have to face the risk of landslide because its company located at the hilltop. For example, theme park and casino are running at the hill. Due to the Gentings location, government has no budget to build them an electrical source and water. So, the company has to make it by themselves. Besides, gambling is a high profit business. So, a lot of competitors of Genting Company, for example China and Singapore want to open a legal gambling as well as the hotel for the gamblers to attract them. If the scenario is as mentioned, the profit which is originally can earn by Genting Berhad around the South Asia, now has to divide into several parts. The Casino de Genting is a support for the Malaysia government and it is also a threat. Genting supported government partaking in the casino industry is restricted, it will be a chance for them to divert investments in other Asian country with more open gambling laws such as the Philippines is a good location to choose. So, Genting Berhad will lose the opportunities from government. Hence, the revenue of Genting might be decline. Besides, the price and services that charge to the customers is higher than normal company because of the company located at the hill. The cost to run out the goods and services at the hill is also high. Grand strategy The grand strategy used by Genting Berhad is growth strategy. It helps them to become one of the largest conglomerate companies in Malaysia. It provides detailed information about Gentings first few years, and the effects of the companys founder Tan Sri Lim Goh Tong entrepreneurship and leadership. Since then explore how Genting extended to a variety of related and non-related business, as a strategy to expand its business operations in the domestic and international markets. It also details the growth strategy by the industry in each entry. Moreover, The Genting Berhad is a major player in Asia, but the owner of the $ 5.5 billion Resorts World Sentosa in Singapore is seeking global growth with key investments in the U.S. Genting recently paid $236 million for nearly 14 acres on the Miami waterfront. There are nearly 30 years of casino experience in hotel management, industry veteran, has joined Genting Singapore in 2010 to set up the casinos marketing team, in its flagship property, Resorts World Sentosa the city-state licensed casinos. On the other hand, Genting Berhad is eyeing casino opportunities in the highly regulated Japan or South Korea after building up a war chest of more than RM13bil to fund its expansion programme. RM13.2bil of Genting Bhds cash and cash equivalents on December 31, 2011 (fiscal 2011) RM11.9bil bank balances and deposits, money market instruments, while the remaining RM1.3bil. It can also produce more cash flow each year more than RM500mil. The Group has considerable stash funds to finance its expansion plans, but obviously, this is not complacent to rest on their laurels, it has just announced plans second problem in Singapore permanent securities, in order to raise more funds. In conclusion, by using the growth strategy, Genting Berhad able to produce high quality products, good performance and provide the best service to customers. Competitive strategies The competitive strategy used by Genting Berhad is differentiation strategy. This competitive strategy is to offer products or services that are unique and directed to customers who are price insensitive.Genting Berhad is well-known and has wide market.Genting Behad has a large target. Five Peak Resort Hotel, Genting Hotel, Highlands Hotel, Resort Hotel, Theme Park Hotel, First World Hotel in 2004, compared to the overall average of 84% occupancy rate and average room rate of RM89, 77% and RM78 respectively 2003years. During the year, the Group continues to enhance its products and facilities, in order to attract new and repeat resort visitors. Genting Hotel, two floors were converted to the motto of the club was originally called the elite club. This hotel within a hotel concept features two villa suites, 50 suites, 11 executive suites and 39 executive suites, business center upgrades, private VIP check lounge and a unique dining and entertainment facilities . These contemporary designed private suites offer luxurious amenities and state-of-the-art in-room facilities as well as personalized butler service, designed to premium guests and business travelers. The geographical reach of the Internet enables distant competitors such as what Singapore and China want to do, where they want to open a gambling area for gamblers as well as the hotel to bring competition into the local market, or even an indirect competitor to compete more directly with Genting Company. However, Genting Highland is under individual land, so it doesnt have any problems since it is a monopoly type of company. There have own websites and other IT facilities, such as hotels, gambling machines, Genting World Co., Ltd. to expand its products and services, and to provide new products, to provide a differentiated product, depending on the target market. For example, the First World Hotel is a high-end market of the mid-market customers, Genting Highlands Resort. Through its Web site, customers can choose what is the best product to suit their taste and budget. Genting World Card members can get more loyal members and reward them with valuable advice and privileges as long as the use of the card any the Genting products and services. In conclusion, Genting is using differentiation competitive strategy in their business. By using this strategy, they can keep improving their service and get the competitive advantage in future. Recommendation Recommendations on utilizing the strengths of Genting Malaysia Berhad For strength, Genting Company should enhance the security measures in their transportation facilities. As people know, Genting is very well-known with Skyway cable car which is known as the Longest Cable Car in Malaysia and Southeast Asia .But however, some people will insist to drive there rather than utilizing the cable car. This because people will assume that the Skyway cable car is not really safe as the security measures are not strong enough to support their weight .Hence, people will choose not to utilize the facility. For the second strength, Genting Company possesses many hotels to attract customers. Besides comfortable housing and delicious food, Genting Company should build in more entertainment corners for their customers. For example: gym room for customers to work out meanwhile to release stress, coffee room to give customer a small corner to relax and interact with each other, spa that allows customers to enjoy and release themselves, swimming pool and so on. All these facilities will definitely attract more customers to come over. In addition, Genting should use their names of becoming the 1st Leading Company Street Journal 200(formerly Far Eastern Economic Review 200) to become the 1st company in the world instead of Malaysia. Genting should eventually improve their leadership and management to achieve the goal. For example, Genting Company should give their workers more training and therefore self development of every worker may occur. The location where Genting Company has now is totally a good strength for their company to attract customers. The flourishing green forest around them and the soothing temperature in Genting is one of the main attractions of Genting. To attract more people for coming to Genting, Genting Company should enhance the great environment that they already had now. Genting Company should emphasize more on the environmental problem so that the environment will always be the one who can attracts customers to Genting. Moreover, Genting is the best choice where every people can go no matter the young or the old people. For young people, they can enjoy the theme park to the extreme high level while for the elders one, they can pay a visit to the casino .The casino is one of the legal casino in Malaysia and hence Genting should eventually upgrade it to attract more customers to come over . As a result, Genting should employ more workers to work in the casino and give them some intensive training to show their professionalism to the customers. Recommendations on utilizing the opportunities of Genting Malaysia Berhad The weather in Genting is one of the best opportunities among all the others which eventually attract people to Genting. The cold weather in Genting is rarely found in Malaysia and even other places which are not higher than 26 degree Celsius and not lower than 14 degree Celsius. This perfect weather makes people wanted to pay a visit to Genting for entertainment due to the hot weather in Malaysia or extremely cold weather in other places. Besides that, the location of Genting also becomes one of the opportunities for Genting. Genting locates within Titiwangsa Mountains and between states of Selangor and Pahang which is not that for from every state so that people from every state are able to come over. Moreover, the location is accessible by car which gives another convenience for people to come over. As a result, people can easily travel to Genting as they want due to the convenience that Genting have. Recommendation to overcome weaknesses of Genting Malaysia Berhad As we analyzed, the first weakness of this company is one of the business running in Genting like casino is not suitable for non-Muslims. There is no certain ways to cure this weakness as it is related to religious issue. Meanwhile, Genting can set up more business centre which suits everyone even every religious to replace the loss of customers and income. Large costs to run out the best goods and services are also one of the weaknesses for Genting. Genting should try to adjust their internal and external expenses to save for other usage. For example, they can find some company to sponsor their costs for certain activities such as live shows and concerts. It can reduce the burden for Genting. Recommendation to overcome threats of Genting Malaysia Berhad As stated in the SWOT analysis, the first weakness is the risk of landslide because Genting is located at the hilltop. To overcome this weakness, a retaining wall should be built. A solid, well-designed retaining wall should made by strong and reliable materials. The stability of the wall can increase by the drainage materials behind the wall. Besides that, a diverting debris pathway can also prevent landslide. It can create with the help of retaining wall. Besides, the next threats are the new entrants from foreign countries such as Singapore and China. To counter this threat, it is crucial to stress out the competitive advantage having by Genting which is the weather and location. For those new entrants, they may not have the unique weather that Genting has. So, the competitive advantage of Genting needs to be stressed that it is a best place to have the theme park excitement and accommodation hotel with the cold weather as its located at the hilltop. Apart from this, Genting seems to have a good and strategic location. This is because it is located almost the middle of Peninsular Malaysia. The important thing is, Genting is a place that would not miss out whenever tourists visit Kuala Lumpur because it is very near. Lastly, the price and services that charge to the customers is higher than normal company. This may lead to decrease in consumption by customers. In order to overcome this problem, Genting should consider adjusting the fees and charges. They can try to conduct some special activities with lower charges or promotions during holidays or specific festivals to attract customers in order to increase revenue. As a consumer, people will be easier attracted and tend to spend more when these activities with lower prices is conducting. It also purposely will increase companys profit. Genting should also take note that high prices of goods and services will reduce the demand from customers. Conclusion In conclusion, the attraction of Genting Highland is known as the Fun City above the Cloud due to the refreshing weather. Genting Group comprises four listed entities such as Genting Malaysia Berhad, Genting Plantations Berhad, Genting Singapore Plc and Genting Hong Kong Limited. According to the latest information, in December 2006, Genting Group won the tender in obtaining one of two Singapore casino licenses to build a resort, called Resorts World Sentosa, which is under Genting Singapore. The project is to create a symbol major tourist attraction for the booming Asian tourism market. In 2007, Genting Plantations try into biotechnology to develop complex genomic processes and naturally occurring processes for alternative energy resources through an equally owned joined venture with Synthetic Genomics. In September 2010, Genting New York won a bid to build a racino at Aqueduct Race Track in New York City, this is the first step of a planned expansion in the United States. In June 2 011, Genting UK was awarded a casino license for a 55,000 sq-meter mixed-use facility in Birmingham. The development is in partnership with the NEC Group. In Malaysias Leading 100 Graduate Employers Award 2011, Genting Malaysia Berhad  is one of the Top 10 Leading Employers and also becoming the Winner in Leisure, Travel and Hospitality Sector which is awarded by GTI Media and trendence Institute. In the Malaysia 1000 Awards, Genting Malaysia Berhad has been awarded the Industry Excellence Award Hotel Sector 2010/2011 by BASIS Publications House Sdn Bhd Malaysia National News Agency (BERNAMA). Genting Group is making Malaysia major in offers a wide range of facilities, entertainment, and others. Besides that, Genting Group has almost US$46 billion at 31 May 2011 in combined market capitalization. Genting not only popular in Asian, it also has a lot of product spread all over. Without doubt, Genting is a good image company. Reference and Appendices http://www.gentingmalaysia.com/malaysia_workplace.htm http://www.genting.com/groupprofile/rwb.html http://www.gentingmalaysia.com/profile.htm http://www.gentingmalaysia.com/bod.htm http://www.theofficialboard.com/org-chart/resorts-world http://nurinabalqis.tripod.com/id14.html http://essaysforstudent.com/Business/Genting-Group/5284.html (function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true; scribd.src = "https://www.scribd.com/javascripts/embed_code/inject.js"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(scribd, s); })() http://www.reportlinker.com/p0794400/Genting-Malaysia-Berhad-Company-Profile-and-SWOT-Analysis.html http://ebookbrowse.com/genting-berhad-swot-analysis-bac-pdf-d275936981

Development and Potential of China in the Global Market

The Chinese economy has been showing rapid growth in the past decade and there seems to be a potential for strong growth into the foreseeable future.   China has undergone a great transformation from a nation that was one of the world’s greatest opponents of globalization into a committed advocate of globalization. The transformation set in after 1978, when Deng Xiaoping and other leaders began to focus on market-oriented economic development. The Chinese economy is today far more open than Japan and this has been made possible largely due to adoption of the rule of law, of commitment to competition, of widespread use of English, of foreign education, and of many foreign laws and institutions (Overholt, 2006).With respect to liberalization and globalization, China has effectively become an ally of U.S. and Southeast Asian, supporting freer trade and investment than is acceptable to Japan, India and Brazil. Global marketing is becoming more and more important along the years with the increasing trend in internationalization. In the early 1980s it dismantled collective farming and allowed private enterprise again.Now it is one of the world's top exporters and is attracting record amounts of foreign investment. However, China's transformation is not matched by political change. Having gained admission to the World Trade Organisation, China is benefiting from increased access to foreign markets, but in return it is under an obligation to expose itself to competition from abroad. Relations with trading partners have been strained over China's huge trade surplus and the piracy of goods (BBC, 2006).China’s large and rapidly growing market has attracted large volumes of FDI in recent years (US$54 billion in 2004) as transnational corporations have invested heavily in order to benefit from the country’s emerging middle class and its higher purchasing power (GlobalEdge, 2006). However, there are some hurdles to be crossed if China is to develop to its full potential in the global market. According to Zhang Lichuan, a Director with the Statistical Department of General Administration of Customs of China, there are four major obstacles to Chinese foreign trade (People’s Daily Online, 2006): ·   China should deal with pressure from international markets that are gradually becoming saturated. ·   The cost of Chinese exports is increasing, partly because of the higher cost of labor and environmental protection. ·   Increasing international trade protection has caused China to stumble into difficult territory. In fact, China has been involved in the world's largest number of anti-dumping cases in recent years. · The trade imbalance between China and other countries is getting worse. As the Renminbi appreciates, Chinese enterprises will face greater exchange risks in import-export trade. Increasing pressures from the appreciating Renminbi will create new requirements and challenges for Chinese enterprises engage d in import-export trade.Analysis of the country’s global competitiveness:According to the CIA World Fact Book, China’s economy grew at an average rate of 10% per year during the period 1990-2004, the highest growth rate in the world. China’s gross domestic product (GDP) grew 10.0% in 2003, and even faster, 10.1%, in 2004, and 9.9% in 2005 despite attempts by the government to cool the economy. China’s total trade in 2005 surpassed $1.4 trillion, making China the world’s third-largest trading nation after the U.S. and Germany (CIA Factbook, 2005).Export-Import figures: China's merchandise exports totaled $762.3 billion and imports totaled $660.2 billion in 2004. Its global trade surplus surged from $32 billion in 2004 to $102 billion in 2005. China's primary trading partners include Japan, the EU, the United States, South Korea, Hong Kong, and Taiwan. According to U.S. statistics, China had a trade surplus with the U.S. of $201.6 billion in 2005 (C IA Factbook, 2005).China and WTO: China has taken important steps to open its foreign trading system and integrate itself into the world trading system. In November 1991, China joined the Asia-Pacific Economic Cooperation (APEC) group, which promotes free trade and cooperation in the economic, trade, investment, and technology spheres. China formally joined the WTO in December 2001. As part of this far-reaching trade liberalization agreement, China agreed to lower tariffs and abolish market impediments (NTE Report, 2005). By 2005, average tariff rates on key U.S. agricultural exports dropped from 31% to 14% and on industrial products from 25% to 9%.The agreement also opens up new opportunities for U.S. providers of services like banking, insurance, and telecommunications. China has made significant progress implementing its WTO commitments, but serious concerns remain, particularly in the realm of intellectual property rights protection. China is now one of the most important market s for U.S. exports: in 2005, U.S. exports to China totaled $41.8 billion. U.S. agricultural exports have increased dramatically, making China the fourth-largest agricultural export market (after Canada, Japan, and Mexico). Over the same period (2001-1005), U.S. imports from China have risen from $102 billion to $243.5 billion.Export growth continues to be a major driver of China's rapid economic growth. To increase exports, China has pursued policies such as fostering the rapid development of foreign-invested factories, which assemble imported components into consumer goods for export, and liberalizing trading rights. In its eleventh Five-Year Program, adopted in 2005, China placed greater emphasis on developing a consumer demand-driven economy to sustain economic growth and address global imbalances. The April 11, 2006 U.S.-China Joint Commission on Commerce and Trade (JCCT) has produced agreements on key U.S. trade concerns ranging from market access to U.S. beef, medical devices, and telecommunications; to the enforcement of intellectual property rights, including, significantly, software (CIA Factbook, 2006).Foreign Investment: Since the early 1990s, China has allowed foreign investors to manufacture and sell a wide range of goods on the domestic market, and authorized the establishment of wholly foreign-owned enterprises, now the preferred form of FDI. China is now one of the leading recipients of FDI in the world, receiving $60 billion in 2005, for a cumulative total of $623.8 billion. As part of its WTO accession, China has undertaken to eliminate certain trade-related investment measures and to open up specified sectors that had previously been closed to foreign investment. Major remaining barriers to foreign investment include opaque and inconsistently enforced laws and regulations and the lack of a rules-based legal infrastructure. Foreign exchange reserves were $819 billion at the end of 2005, and have now surpassed those of Japan, making China†™s foreign exchange reserves the largest in the world (NTE Report, 2005).Competitive Advantage:A study by GlobalEdgeTM titled, â€Å"Market Potential Indicators for Emerging Markets – 2005†, studies the market potential of 24 countries identified as â€Å"Emerging Markets† by The Economist. The Emerging Economies are countries that have very high growth rates which means enormous market potential. They can be distinguished by the recent progress they have made in economic liberalization. These countries are characterized by their increasing need for capital equipment, machinery, power transmission equipment, transportation equipment and high-technology products. An indexing study is made by MSU-CIBER to help the companies compare the Emerging Markets with each other on eight dimensions (Lopez-Claros et al, 2006):Market Size:   With regard to market size, China stands first with India and Russia in the second and third places respectively.Market growth rate, China is third after Venezuela and Malaysia.Market Intensity: China is ranked last among all other emerging economies.Market consumption capacity: China is 12thCommercial infrastructure: China is 14th.Economic freedom: China ranks 24th.Market receptivity: China is 12thCountry risk: China is 11thOverall market potential index: China is third after Hong Kong and Singapore.Asia: Change in percentage of Annual disposable income 1999-2004 (WEF, 2006)China  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  59.2Hong Kong, China   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  3.3India   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  35.4Indonesia   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  57.1Japan   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  3.5Malaysia   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  43.6Philippines  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   8.2Singapore   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  37.8South Korea   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  46.8 Taiwan   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  15.3Thailand   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  26.8Vietnam   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  36.2(Source: Euromonitor International from national statistics)The above table shows that of all competing economies in the global market, China h as shown the greatest growth within the period 199-2004.Since 2001, the World Economic Forum has been using the Growth Competitiveness Index (GCI) developed by Jeffrey Sachs and John McArthur. According to the GCI Index in â€Å"The Global Competitiveness Report 2006-2007: Country Highlights†, China’s ranking has fallen from 48 to 54 in the overall competitive ranking Consistent with the cautious macroeconomic management of its authorities and extremely high GDP growth rates, the macro economy pillar of the GCI shows a very high rank, 6th overall in the world.This reflects China’s low inflation, one of the highest savings rates in the world, and manageable levels of public debt. China’s ranks in the GCI indicators regarding penetration rates for the latest technologies are actually falling behind. Secondary and tertiary school enrollment rates are better than they are in India, but still low by international standards. A number of indicators which capture the sophistication of the business community also show lower ranks in 2006 than last year.By far the most worrisome development is a marked drop in the quality of the institutional environment, as shown by the sharp drop in ranks from 60 to 80 in 2006 in the institutions pillar of the GCI, with poor results across all 15 indicators, and involving both public and private institutions (Lopez-Claros, 2006).Conclusion:China has made a dramatic entry into the top position of the world’s economic stage. China's robust economic performance can be seen as an inspiration for other developing countries. Within two years after its historic entry into the WTO, China is the world's fourth largest trading nation after the United States, the European Union and Japan. However, it must be remembered that China is not only a major exporter but also a major importer, and its modernisation programme and export industries have required, and will continue to require, billions of dollars worth of equipment and raw materials.During the first nine months of 2003, China's exports rose by 32 percent while its imports surged ahead by 41 percent. China's performance shows that developing countries can and do benefit from economic openness and integration. The reduction of tariffs has increased competition in the domestic market with the arrival of new suppliers. This has led to lower prices and larger choice for consumers, and has lowered the prices of essential inputs for many industries, thereby enhancing their competitiveness. In the first two decades of reform, the number of absolute poor in China dropped by about 200 million.Per capita income has grown by sixfold, and farmers and city dwellers are able to live an enhanced lifestyle. However, to realize its goal of doubling its GDP by 2010, China will have to face up to a number of important challenges. As the Chinese economy shifts from being a rural economy to an urban one, the main challenge for the economy will be to creat e enough jobs in the industrial and services sector to absorb the surplus labor from agriculture, which generates 17 percent of China's GDP and 50 percent of employment. Next, the benefits of rapid development should be spread out to avoid a widening of income differences between rural and urban areas.To reach its full potential, growth in the private sector has to be matched by an equal development of a stable market-oriented legal framework. China has managed to handle these profound structural changes while ensuring that it sustains a stable social environment. China needs the opportunity of market access and the legal guarantee of consistent and non-discriminatory trade rules that are offered by the WTO. As a fully fledged member of WTO, China should use its position to realize the objectives set out in the Doha Development Agenda.

The Life and Times of Dr. Vera Cooper Rubin Astronomy Pioneer

Weve all heard of dark matter — that weird, invisible stuff that makes up about a quarter of the mass in the universe. Astronomers dont know what it is, exactly, but they have measured its effects on regular matter and on light as it passes through a dark matter conglomeration. That we know about it at all is due largely to the efforts of a woman who dedicated much of her career to finding an answer to a puzzling question: why dont galaxies rotate the velocity we expect them to? That woman was Dr. Vera Cooper Rubin. Early Life Dr. Vera Cooper Rubin was born July 23, 1928, to Philip and Rose Appelbaum Cooper. She spent her early childhood in Philadelphia, PA and moved to Washington, D.C. when she was ten. As a child, she was inspired by astronomer Maria Mitchell and resolved to study astronomy as well. She came into the subject at a time when women just werent expected to do astronomy. She did study it  at Vassar College and then applied to attend Princeton to further her education. At the time, women were not allowed in the Princeton graduate program. (That changed in 1975 when women were admitted for the first time). That setback didnt stop her;  she applied to and was accepted at Cornell University for her masters degree. She did her Ph.D. studies at Georgetown University, working on galaxy motions mentored by physicist George Gamow, and graduated in 1954. Her thesis suggested that galaxies clumped together in clusters. It was not a well-accepted idea at the time, but she was well ahead of her time. Today we know that clusters of galaxies most certainly do exist Tracking the Motions of Galaxies Leads to Dark Matter After finishing her graduate work, Dr. Rubin raised a family and continued to study the motions of galaxies. Sexism hindered some of her work, as did the controversial topic that she pursued: galaxy motions. She continued to fight some very obvious barriers to her work. For example,  through much of her early career, she was kept from using the Palomar Observatory (one of the worlds leading astronomy observing facilities) because of her gender. One of the arguments made to keep her out was that the observatory didnt have the right bathroom for women. Such a problem was easily solved, but it took time. And, the lack of bathrooms excuse was symbolic of a deeper prejudice against women in science. Dr. Rubin forged ahead anyway and finally got permission to observe at Palomar in 1965, the first woman allowed to do so. She began working at the Carnegie Institution of Washingtons Department of Terrestrial Magnetism, focusing on galactic and extragalactic dynamics. Those focus on the motions of galaxies both singularly and in clusters. In particular, Dr. Rubin studied the rotation rates of galaxies and the material in them. She discovered a puzzling  problem right away: that the predicted motion of galaxy rotation didnt always match the observed rotation. The problem is fairly simple to understand. Galaxies rotate fast enough that they would fly apart if the combined gravitational effect of all their stars was the only thing holding them together. So, why didnt they come apart?  Rubin and others decided that there was some kind of unseen mass in or around the galaxy helping to hold it together.   The difference between the predicted and observed galaxy rotation rates was dubbed the galaxy rotation problem. Based on the observations that Dr. Rubin and her colleague Kent Ford made (and they made hundreds of them), it turned out that galaxies have to have at least ten times as much invisible mass as they do visible mass in their stars and nebulae. Her calculations led to the development of a theory of something called dark matter. It turns out that this dark matter has an affect on galaxy motions that can be measured.   Dark Matter: An Idea Whose Time Finally Came The idea of dark matter was not strictly Vera Rubins invention. In 1933, Swiss astronomer Fritz Zwicky proposed the existence of something that affected galaxy motions. Just as some scientists scoffed at Dr. Rubins early studies of galaxy dynamics, Zwickys peers generally ignored his predictions and observations. When Dr. Rubin began her studies of galaxy rotation rates in the early 1970s, she knew she had to provide conclusive evidence for the rotation rate differences. That is why she went on to do so many observations. It was important to have conclusive data. Eventually, she found strong evidence for that stuff that Zwicky had suspected but never proved. Her extensive work over the following decades eventually led to the confirmation that dark matter exists. An Honored Life Dr. Vera Rubin spent much of her life working on the dark matter problem, but she was also well-known for her work to make astronomy more accessible to women. She worked tirelessly to bring more women into the sciences, and for recognition of their important work. In particular, she urged the National Academy of Sciences to elect more deserving women to membership. She mentored many women in the sciences and was an advocate of strong STEM education. For her work, Rubin was awarded a number of prestigious honors and awards, including the Gold Medal of the Royal Astronomical Society (the previous female recipient was Caroline Herschel in 1828). Minor planet 5726 Rubin is named in her honor. Many feel that she deserved the Nobel Prize in Physics for her accomplishments, but the committee eventually snubbed her and her accomplishments.   Personal Life Dr. Rubin married Robert Rubin, also a scientist, in 1948. They had four children, all of whom eventually became scientists as well. Robert Rubin died in 2008. Vera Cooper Rubin stayed active in research until her death on December 25, 2016.   In Memoriam In the days after Dr. Rubins death, many who knew her, or who worked with her or were mentored by her, made public comments that her work succeeded in illuminating a part of the universe. It is a piece of the cosmos that, until she made her observations and followed her hunches, was totally unknown. Today, astronomers continue to study dark matter in an effort to understand its distribution throughout the universe, as well as its makeup and the role it has played in the early universe. All thanks to the work of Dr. Vera Rubin. Fast Facts about Vera Rubin Born:  July 23, 1928,Died: December 25, 2016Married: Robert Rubin in 1948; four children.  Education: astrophysics Ph.D. Georgetown UniversityFamous for: measurements of galaxy rotation that led to the discovery and verification of dark matter.  Member of the National Academy of Sciences, winner of multiple awards for her research, and recipient of honorary doctorates from Harvard, Yale, Smith College, and Grinnell College, as well as Princeton.

Fracking s Youth And Considering Its Only Significant Sites

Literature Review Given fracking’s youth and considering its only significant sites are in the US, research is largely confined on the Marcellus region which runs across two-thirds of Pennsylvania and extends into other states (MSTEC 2011) or the Barnet region in Texas. Pennsylvania The Pennsylvania economy has been dominated by coal and steel in the past with more recent growth in services making up for the reductions in manufacturing (City Data 2010). Shale Effects From 2007-2012 Cruz, Smith and Stanley (2014) found there was an increase of 259.3% in employment in the oil and gas industry with this located more in north-eastern but also south-western Pennsylvania. For this period, wages for the oil and gas industry rose 36.3% compared†¦show more content†¦They find no significant changes in either wages or employment for Pennsylvania counties relative to New York counties post 2008 but significant increases in employment and wages for construction, natural resource and mining industries. Brown (2014) used an instrumental variables (IV) estimation to calculate that 12.7 additional jobs is associated with every billion cubic feet of natural gas production with 7.3 of these created in the mining sector, meaning there is little economic spill over into other sectors. The average county experienced an increase in wage per job of 5.8% and a 13.5% increase in population. However one instrument may not be exogenous if shale formations are known before in a county, production will more likely occur. Another problem is using the change in natural gas production as an instrument does not take into account the economic effects which come from exploration and construction before production starts. Tunstall (2015) uses a time series, cross section (TSCS) in South Texas and has seen crowding out effects with other industries where restaurants have had to resort to signing bonuses or very high wages to improve the difficulties they face in hiring new staff. This phenomenon agrees with Kilkenny and Partridge’s (2009) evidence which looks at exports and rural development on a county level. The areas that became increasingly