Image and Identity Essay Example | Topics and Well Written Essays - 750 words

Image and Identity - Essay Example son as such communication media allows lesser personal interaction with another person and thus â€Å"internal† qualities are left unseen (â€Å"Body Image,† par. 13). She quotes psychologist Dr. Hue-Sun Ahn as saying that â€Å"the increase of communication though electronic means †¦ [gives us fewer] opportunities to get to know people †¦ on a personal level† (par. 13). Personally, I just could not see how this lack of a more personal involvement in electronic communication directly affects our perception of how we look. Perhaps Rispin and Ahn’s stand simply reflect our irrational fear of technology. Dr. Reville, a professor at University College Cork in Ireland, explains that this fear is due to the perception that technology is unnatural and our â€Å"lack of understanding of [its] technical and scientific basis† (â€Å"If We Fear,† par. 2). True, technology has revolutionized the way we communicate that there is much less sensory involvement when we chat via instant messaging or call someone on the phone. But has it really transformed us into mindless nonchalant beings? Is technology taking away all of our emotions that we have failed to see â€Å"compassion, spiritedness, sense of humor, loyalty [and other] non-visible qualities,† (â€Å"Body Image,† par. 13) as Ahn puts it? Obviously, the answer is no, for technology merely speeds up the way we communicate and does not, in any direct way, change the way we think and feel. Yes, we use technology on a daily basis that we can’t seem to live without it. We send e-mails, we blog, watch YouTube. But at the end of the day, we still long for that one-on-one communication that no other medium could substitute. We have not forgotten to talk personally to friends, family, and mentors; we still laugh or cry on someone else’s shoulder; we fall in love. We are still, in every essence, human beings, with or without technology. We never really lost anything, not even our feelings. Speaking of blogging and YouTube (or

Film "Fight Club" Analyze Research Paper

Film "Fight Club" Analyze - Research Paper Example stead, of shedding light on these critical issues in the society, events in these films often trivialize them, with certain stylized aesthetics that brings out the cynisms, irony as well as excessive violence. In most cases, the kinds of films exhibited in these films often turns to senseless pathology, brutality as well as a certain kind of indifference to the sufferings that people face (Wartenberg 42). This kind of violent representations ends up becoming the starting point of political commentary. This paper examines the aspects of violence and how it is represented differently in the film, focusing on how masculinity influences various occurrences in the society represented. The theme of violence represented in â€Å"fight Club† indicates the most crucial role played by most of films at the Hollywood. Besides playing the entertainment role, films composed in this kind of approach act as important public pedagogues through articulation of knowledge to its particular effects. In this case, it purposely attempts to influence the manner in which knowledge and other forms of social identities are established within limited ranges of effective social relations (Ndalianis 51). It is important to realize that these forms of violence and masculinity are described as being radically indeterminate according to their particular meaning. Any kind of meanings that are determined by the respecting factors are supposed to be prescribed by the text itself and not any other ways. â€Å"Fight Club† attempts to bridge the gap existing between public and the private discourses while at the same time bringing about values and ideologies that effectively resonates within the private conversations (Wartenberg 43). Reading or watching a film like â€Å"fight club† in specific terminologies indicates how it establishes particular notions relating to urgency where members of the white working and middle class are given the opportunity to view themselves as being oppressed and without

My Best Memory of Cuba Essay Example for Free

My Best Memory of Cuba Essay Orly Solomon was a child star in France, the French Shirley Temple if I may tell the truth. At the young age of eight she became a famous singer, actress and TV host. She even got into the Guinness World Records as the youngest TV host in history. For years Orly toured around singing, released CDs and performed on television and on stages. But as she grew into adulthood, due to poor management, she lost momentum and her position in the entertainment industry, and was soon forgotten. Orly was never one to give up easily, and as such, a few years later she applied for a main role in the world renowned production The Lion King. Of all things it was in German, a language she did not speak. After rigorous auditions, having to learn German in a very short time in order to pass her final audition, in 2003 she got accepted and moved to Germany. Orly was back in the game and was singing her heart out entertaining audiences again. After a few years of living the same role over and over Orly started getting tired of the assembly line routine. She craved creativity and change as any artist does in a long repetitive production. Her dream was to travel to Cuba to learn Spanish and salsa. She took her first trip to Cuba and fell in love with the place and its highly developed art scene. Orly had another dream to release a single with some of the most famous Cuban artists such as Maykel Blanco y Su Salsa Mayor, Pupy y Los Que Son Son and more. And like everything in her life shortly after she made her dream come true. This artist-entrepreneur has always had a brilliant mind initiating profitable projects. It started as a young teenager while organizing karaoke parties mixed with her singing, which in those times was truly ground breaking. It continued to organizing big events and later concerts for big stars such as Maykel Blanco and his band when they toured in France. Orly’s life would not have shamed a telanovela and one should probably be produced in her honour someday. Her life story so far had many unexpected turns and twists, but like a willow tree, she flexes well with the wind. Orly, no doubt, fell in love with Cuba and its artists and had realized her dream – she knows all of the top salsa artists such as Maykel Blanco, Alexander Abreu, Manolito Simonet and more. She works with them regularly and even released a few singles in Cuba that she feels very proud of. But one day it all clicked for her when she recognized that many people in the world were just as passionate about salsa as she was and dreamt of having a memorable experience with their favourite artist. This is how the project ‘My Best memory of Cuba’ came to life. ‘My Best Memory of Cuba’ is Orly’s new concept allowing her to share her great luck of meeting the biggest Cuban salsa stars and working with them. Orly offers groups the great opportunity of getting connected to them and being featured in a video clip with them. You pick the song, the artist, and the location in Havana and voila! A quick rehearsal, about an hour of fun filming and dancing, and each person ends up with a DVD of their best memory of Cuba – their own personal video clip with their dream star, a dream come true!

Issues That Affect Children Children And Young People Essay

Issues That Affect Children Children And Young People Essay The early years of life are important in influencing lifelong health and emotional development. According to the Robert Wood Johnson Foundation, many issues in early childhood development are directly tied to emotional, physical, and intellectual health in adulthood. It is important to realize that certain issues such as nutrition, economics, social environment, and a childs community during the first years of life will have a lifelong impact for a child. Other People Are Reading http://img.ehowcdn.com/other-people/ehow/images/a07/lm/87/parental-early-childhood-development-stages-180180.jpgParental Effects on Early Childhood Development Stages http://img.ehowcdn.com/other-people/ehow/images/a06/9m/9p/early-childhood-development-issues-1.1-180180.jpgEarly Childhood Development Issues Print this article Economics Economic issues play a part in the development throughout childhood, but particularly during the first few years of life. Children born to mothers who live in poverty or are poorly educated typically have lower birth weight, and more health issues during infancy and childhood. Parental income can be a predictor of adulthood health. In addition, lower-income families may have fewer resources for emotional and physical health, of parents and children. This can affect or retard the overall development of a young child. Social Issues Social issues also have a profound impact on early childhood development. The social conditions of the parents or caretakers can have a direct effect on the language, social, and emotional development of the child, often with permanent results. This impact can be seen as early as 18 months, and according to the Early Childhood Longitudinal Study Kindergarten Cohort (ECLS-K), children in low-income homes most often lack the social skills needed to enter kindergarten. In addition, a secure and loving attachment to a parent or caretaker is essential for long-term emotional, physical, and intellectual growth and stimulation. Sponsored Links Jobs Australia 5 urgent open positions. Apply now! Jobs Australia jobrapido.com/jobs+australia Nutrition Healthy nutrition has a direct impact on the health, physical, and emotional development of a child in the first years of life. Nutritional deficiencies can result in the retardation of physical growth and poor overall health and may have long-term effects on the intellectual and physical development of a child into adulthood. Nutrition has also been directly linked to the income level of the home. Community The environment in which a child lives has many direct effects on their development. Children in low-income communities are exposed to higher levels of toxins, pollution, poor water quality, higher noise levels, and lower overall safety. Lower-income communities also tend to have fewer resources for families, lower levels of access to health care, and fewer safe places for children to play. Children in poverty-level homes are also more likely to be exposed to lead-based paint, which can have permanent health effects. Sponsored Links Factors Affecting Social Development Print Collect It! Email By C. Seefeldt Pearson Allyn Bacon Prentice Hall Childrens development of social skills is affected by the nature of their family and early educational experiences (NRC, 2001). Whether in a nuclear, blended, or extended family; a communal arrangement; or a single-parent family, the child learns social patterns and skills within this context. Children find love and security and form attachments with people who protect and care for them. In the family, children become socialized through interactions with parents, siblings, relatives, and neighbors; once in a school setting, they need new ways of acting, relating, and socializing. Children who have had a strong attachment to a nurturing figure and see themselves as separate from this nurturing figure are ready for a group situation. Children who have not fully developed strong attachments to another person may have a more difficult time adjusting to the complexity of the social system of the school. Can Anyone Explain The Factors That Affect Human Personality? Best Answer Best Answer Ads by Google Gene Expression Report Gene expression across 20,000  samples. Only 0.005 cents/samplemedisapiens.com/gene-report/ Moore Business Education Number 1 ranked undergraduate  degree in international businesswww.moore.sc.edu/ Answered by  Anonymous  Anonymous 1 2 3 4 5 There are some factors that affecting human personality, which form or make human personality. Or we can say that personality is the outcome of results of these factors. 1: Physical Environment: Physical environment affect human personality, consists of land, fertility of land, forests, hills etc. for example, a person of hilly areas has different  physique  and outlook as compared to person of urban area. 2: Social Environment: Social environment also change and affect the human personality. In a society people learn from his  parents, his family members, friends etc. He accepts all the attributes and qualities which are inculcated to him. 3: Cultural Environment: Culture  is submission of tangible and intangible attributes of a society or of a nation. The tangible things are clothes, buildings etc. and intangible things include wedding ceremonies,  hospitality, norms, values, folk-ways, etc. change and affect the human personality because what is in his culture he will accept that thing. 4: Biological Environment: Biological structure or environment of human include glands, nervous system, respiratory system etc. all these things affect ones personality. For example, if  pituitary glands  dont work in normal way then the human growth will be affected and this will change his personality. 5: Role Playing: Each and every individual act and react according to his due role and status assigned to him, which affect his personality. Ads by Google Environmental Analysis Expert Environmental Visualization  and  Data Analysisservicesenvironmental.com A Sample Size of One Must read for a  parent  of an  autistic child. Paperback and  Ebookborders.bookbrewer.com Related reading How Does Environmental Factors Affect Personality Development? Actualy the environmental factors play the most important factor in every human life. Becausethe What Is Personality? How Do We Typically Measure It? What Factors Dete Personality is the sum total of physical,mental and social charateristics of an individual Why Colors Affect Our Personality? Effect of colors on our personality means that the colors we like to wear or that colors which What environmental factors contribute to the personality of an individ I think that there are no specific environmental factors that influence, but that total environment Was this  Helpful  or  Not Helpful Answered by  Anonymous  Anonymous 1 2 3 4 5 Your birthplace, your heritage, your upbringing, your appearance but most importantly your  beliefsystem, lack thereof or open mindedness. If we  cast  aside our prejudice we can change who we are and we can also learn to  project  ourselves and appear to have a different or more outgoing personality. Confidence is also another factor. Are we confident to  show  who we are? You can change your personality with time but you will always have your memories to deep down set who you are. Was this  Helpful  or  Not Helpful Answered by  Anonymous  Anonymous 1 2 3 4 5 If Im not wrong in my opinion then there are some basic factors which always have an impact on someones personality. Those factors are from religious and cultural aspects. They also come from the family life. And a man takes many things from the  atmosphere  he is living in. So there are lot of factors involved which have an effect on human personality.   But according to me the greatest of them all is the characteristics of someone. If a person has got a strong character then in this case, he would affect the people around him. Im very much sure about it. Historical incidents tell us this thing in a very comprehensive way. For instance, all the worlds greatest leaders in history have got the strongest character in them. Even though they were against there culture or religious believes.   You can consider the examples of Muhammad (peace be upon him), Jesus (peace be upon him), Buddha and many other great leaders. Their characters affect their fellow beings and the people of their culture. So it is clear from this example that the greatest effect on a human personality is with the character of some other human beings.   Even in recent days we see many examples like that, people like to follow their favourite  celebrity, their favourite sportsman, their favourite hero. Because they think that he/she has the character like they are watching.   I think it is very clear from this aspect. But there are some other factors as well, which affect human personality. For example, the culture in which a person lives, his friends, his family relationships, his relationship with parents. His teachers also play a major role. I think it is enough. How does family affect a persons personal identity? In:  Parenting and Children,  Siblings,  Peer Pressure [Edit categories] Caring for aging parents?www.caretrio.comIts a tough task. Try CareTrio free for 30 days. Challenging Family Memberatlassautism.com/familiesworkshop to explore family strategy young people on autism spectrum Ads Answer: You learn from the actions around you, which shape your character or personality, due to the people youre with or would like to be. Also, your brain develops at an early age to defer what they comprehend and remember from experience, social interaction, and mental memorization.   Your personal identity is shaped by both environment and heredity. During the centuries there has been more emphasis on one or the other. But today we assume that certain characteristics, e.g. intelligence and social adaptiveness are shaped both by the quality of your genes and by parental influence. Its like a flower that will blossom most beautifully with the best natural characteristic and the right soil. Read more:  http://wiki.answers.com/Q/How_does_family_affect_a_persons_personal_identity#ixzz26DSjJZJ5 How to Solve Problems With Leadership Skills By Margaret Kay, eHow Contributor How to Solve Problems With Leadership Skills thumbnailManagers can use leadeship skills to quell disputes in the workplace. A strong leader encourages a group to fulfill its potential and guide it when it veers off track. As part of a team of unique individuals, the leader is likely to face logistical and social problems on a regular basis. Though inevitable, problems do not need to stop a group from completing its mission. A leader can use leadership skills to help keep problems from gaining momentum and to solve those problems so that everyone involved feels comfortable moving on. Other People Are Reading http://img.ehowcdn.com/other-people/ehow/images/a07/5d/nc/solve-poor-leadership-skill-problems-180180.jpgHow to Solve Poor Leadership Skill Problems http://img.ehowcdn.com/other-people/ehow/images/a08/b2/gj/leadership-can-prepare-adult-roles-180180.jpgHow Leadership Skills Can Help Prepare You for Adult Roles Print this article Instructions 1 Encourage frequent communication and open dialogue. When a problem arises in a group setting, be it in the workplace, in the family or among friends, it is important for individuals to feel free to express their concerns before the issue spirals out of control. By leaving your door open and lending an ear to the concerns of fellow group members, you can help solve minor issues before they turn into larger problems. 2 Meet with people individually to personalize your communication. Get to know your fellow group members on an individual level so you can better assess how to solve a problem in which they are involved. A boss can hold regular meetings with individual staff members to check-in with their progress and ask them for suggestions on how the workplace could function better. Sponsored Links Gap analysis tool Set up and send out gap analysis assessments in just 3 minutes www.spidergap.com 3 Break down problems into simple terms once you have heard all sides of the issue and begin to brainstorm a solution. Avoid stereotyping or assigning blanket judgments to the individuals involved. For example, dont assume that an individual is just upset because shes an emotional woman, or because he is just lazy. Ask yourself what each person involved in the problem wants and what each thinks she is not getting. Think of solutions that accommodate each individuals wishes. Remind yourself of each individuals strengths and design your solution to feature those strengths. If the problem is logistical, rather than social, brainstorm alternative ideas on how the task can be completed. Rather than clinging to the problem, think of a Plan B. 4 Stay focused on the greater vision of the group. Dont allow yourself or other group members to be concerned with trivial issues in what is a much larger mission. Remind group members of the projects purpose and encourage individuals not to dwell on problems. Group members who have their minds set on the end goal will be less likely to create problems along the way, as it will slow the process down. 5 Check up on the problem shortly after a solution has been applied. See if the problem has gone away, if it is improving or if it has gotten worse. Remember that being a leader can mean making difficult decisions. If an individual involved in the problem refuses to work toward a solution, take the necessary steps to remove the individual from the group. Sponsored Links Benefits of Online Social Networking http://www.parentfurther.com/sites/default/files/internet.jpg While there are risks inherent in online social networking, there are also many potential benefits. Social networking can provide opportunities for new relationships as well as strengthening existing relationships, whether your kids friends are close to home or across the world. Its important to be vigilant when your kids are getting involved in online social networking, but its also good to encourage positive relationships through various avenues, including the Internet. Real-Life Benefits of Online Social Networking Kids can gain social confidence from interacting with other people online, which may help them feel more secure in new situations, such as going to college, joining a sports team, and meeting new friends. Because social networking-like everything else online-is constantly evolving, kids can become more familiar with new and emerging technologies, as well as increase their media literacy through exposure to many different types of online media that are shared by their friends. Many kids find support in online communities; this is especially true for kids who have unique interests or feel isolated. Encourage your child to find other kids who are interested in the same thing or may be dealing with similar issues. Online communities can be very diverse and expose your child to many new viewpoints, ideas, and opinions  that she may not be familiar with. Kids tend to use social networking to augment-not replace-their real-world relationships, helping them learn to communicate in many different ways. Social networking is becoming an increasingly important method of communicating in schools and the workplace, so its good for your child to be prepared to communicate through sites like Facebook and LinkedIn. Keeping in touch with family members that live far away can become much easier through the use of online social networking. By sharing updates, photos, videos, and messages, family members can stay connected even if the live across the country-or the world. Social Networking in Schools Social networking is becoming increasingly important in schools-Facebook, Moodle, SecondLife, Digg, and other sites are often used by teachers to communicate with students or for out-of-classroom discussions. Youth can further explore topics that theyre interested in through online social networking.  By making connections with other people who have the same interest, kids can learn and exchange knowledge with others they may not have had the opportunity to interact with. Teachers often take advantage of students social networking abilities to create class blogs, discussion forums, videos, and more.  By collaborating with other students and teachers through online social networking, children are able to build stronger school communities. Top of Form Poor Okay Good Great Awesome Bottom of Form Read more:  How to Solve Problems With Leadership Skills | eHow.com  http://www.ehow.com/how_7912371_solve-problems-leadership-skills.html#ixzz26DTMDynH Read more:  Issues That Affect Children in Early Childhood Development | eHow.com  http://www.ehow.com/list_6022859_issues-children-early-childhood-development.html#ixzz26DPEeeVx

The Character of Henry Higgins in Pygmalion Essay -- Character Analysi

Shaw has often been criticized for his inability to create well- developed round characters. His characters are usually seen as mere puppets propelled by the crisis of the plot or as mouthpieces for his socialist viewpoint. However in Pygmalion,, Shaw vindicates himself of these charges by the creation of rounded and life-like characters such as Higgins and Eliza. Clearly they are not authorial stooges. They have a peculiar quality that leaves a lasting imprint on the reader's memory. But there is some truth in the charge that Shaw created a mouthpiece for his own ideas and the character of Alfred Doolittle is a case in point. While Doolittle is undoubtedly a staple comic character, he is an artificial and flat one. Doolittle is there for a purpose - he serves Shaw's didactic needs. As such he is in the Dickens' vein of exaggeration. Doolittle's character is drawn for the sole purpose of ridiculing the Victorian philosophy of the "undeserving poor." One cannot imagine such a characte r existing in real life. On the whole, however, Pygmalion is peopled with imaginative and lively characters. While Higgins and Eliza are excellent, even the minor characters are well drawn. Henry Higgins Higgins is an extremely interesting character and the life of the play. Although the play's obvious concern is the metamorphosis of a common flower girl into a duchess, the development of Higgins' character is also important. The play isn't only Eliza's story. One also detects changes in Higgins or to be more precise he appears to the reader in a new light at the end. This is seen when he tells Eliza that he has grown accustomed to seeing her face and hearing her voice. This is not much of a sensitive display of emotions but it is quite diffe... ...ough the character of Higgins. It is obvious that Higgins's manners are not much better than those of the Covent Garden flower girl. In fact Higgins comes off much worse because of the fact that he has had all the civilizing benefits of wealth and education yet he is rude to the point of being boorish and ill mannered, is given to frequent inflammatory outbursts, and possesses abominable table manners. The fact that such an ill- mannered person is accepted by society as a "gentleman" provides Shaw with an opportunity to expose the shallowness and hypocrisy of such a society. Shaw thus critiques a society that views wealth and the ability to speak correctly as the constitutive criteria of a prescriptive gentleman. It is one of Shaw's master ironic strokes to make such a rude and boorish egotistical bully the main agent for transforming a common flower girl into a lady.

Jean Luc Picard as a Leader Essays -- Star Trek Essays Papers

Jean Luc Picard as a Leader If the cause is just and honorable they are prepared to give their lives--Jean Luc Picard The cares for lives, continuation of other's future, and the hope of a more successful generation are rarely the thoughts of anyone. Most individuals are self-centered, careless of others, and seek personal benefit. Although these unfortunate qualities make up the majority of the society that we live in, there are few individuals that make up what we call good leaders. Someone who has a thorough, objective, and complete view of a situation are a good leader. A good leader is also a person who considers and cares for other people's well being. Along with these qualities, a leader never allows any emotion or fears to come in the way of rational thought. Jean Luc Picard is a good leader. Picard is a good leader because he has all the attributes and qualities of a leader. When Picard has to make a decision, he is thorough and very objective. Picard always seeks to find the height and depth of the situation in hand. Picard considers his actions and all their possible outcomes to insure th e well being of his crew's future. Lastly, Picard never makes any decisions based on his or someone else's fear or emotion. He is not convinced easily and will seldom make a decision without having unequivocal reasons. Throughout this paper, I intend to further make clear that Jean Luc Picard truly is a leader. I will primarily use scenes and quote from "The Defector," an episode from the series Star Trek the New Generation, to account for all the statements. Let us consider some leaders that we have in present day. Many of us would say that the president of the United States is a leader. Every four year, millions of citi... ...omplete view of the situation at hand. Picard never allowed any fear or emotion come in the way of rational thought. Most importantly, we know that Jean Luc was always concerned for the well being of his friends and their future generations, because when he needed it his care was repaid and it saved him. Works Cited: "Interchange on the Defector." Student Works. http://www.cwrl.uexas.edu/~tonya/309m/class/defect.htmal. (30 Jan. 1996). Kernick, Phil. "The Defector." The Trekker Reviews. http://ringo.psy.flinders.edu.au:80/trekker/tng3//the_defector.html (1993). Lynch, Timothy. "The Defector." Star Trek The Next Generation, Season 3. http://cruciform.cid.com/~werdna/sttng/synopsis/defector.syn.html (30 Jan. 1996). Tong, Andrew. "The Defector." Mr. Video Productions. http://cruciform.cid.com/~werdna/sttng/synopsis/defector.syn.html. (27 May 1994).

Role of Finance Companies

Role of Finance Companies Traditional role of Finance Companies The finance companies are much smaller in scale compared with commercial banks, and they are also saddled with more restrictions which will be discussed later in the report. Traditionally, they relied on their personalized and flexible services to attract clients. This is because there are always consumers who are rejected by the commercial banks because adding these consumers to their portfolios would be uneconomical for these commercial banks as their economies of scale cannot offset the transactional costs these clients would bring because of the small margins these smaller consumers bring. These mainly include people or companies who do not have the capital to meet the relatively higher capital requirements of the commercial banks compared to finance companies. One example would be the current business account for companies. The major banks such as DBS and OCBC also offer low startup requirements, but charge a monthly management fee if their balances fall below $10,000 , not a big amount for businesses but possibly a stretch on new and small scale businesses. Hence, finance companies plug that gap with much lower balance requirements that would be more attractive to these business owners. Another example would be home loans by which finance companies offer a wider range of interest rates for a different range of financing needs compared to commercial banks who offer more generic rates on a whole. Emerging opportunities for Finance Companies Financial companies are however, now exploring new opportunities that they have not been able to capitalize on before. For example, Hong Leong has recently been awarding underwriting rights by the MAS, a traditional stronghold of commercial banks. This has redefined the boundaries that a traditional finance company in Singapore held due to regulations under the finance companies’ act. Wealth management, a relatively fast growing new segment in Singapore, has seen Hong Leong also wrestling in with a slice of the pie that many expected the commercial and investment banks monopolize. Industry Performance Finance companies form a small and unique portion of the financial services sector here in Singapore. A large part of their income comes in the form of interest income from loans and also commission fees for services that they offer. By focusing on domestic opportunities, they have managed to avoid exposure to the credit crisis that many others in the sector have been affected by. This has thus helped all 3 firms in the sector to post stellar results over the past year. As shown below, Singapore’s GDP growth YoY was 7. 7%, a slight moderation from the 8. % in 2006. This represents opportunities as the need for financial services increase as people in Singapore gain affluence. Growth of profit for Finance Companies Growth on EBIT ranged from a low of 38. 7% to a high of 65. 2% riding on increased receivables for all 3 finance companies. This is exceptional considering the cloud that has shrouded the financial sector in recent times. In dollar terms, their p rofits grew by SGD$43million to a total of over SGD$150million. Also, operational efficiency was a strong driver of the profit growth. Revenues remained rather stable and it was the decreased operating costs that led to higher profits according to the financial reports released. This could be due to reasons such as improved technical systems or improved employee proficiencies. Growth of property & construction revenue segment There is a strong focus on the â€Å"heartland† consumers and increased demand for housing, particularly in HDB flats, has led to opportunities that finance companies have leveraged on to cement their stake in this niche market. Although commercial banks also offer housing loans, finance companies are able to adapt each individual loan to consumer’s requirements because they enjoy greater flexibility especially for smaller loans that larger financial institutions do not want to accommodate to enjoy the relatively small returns. Looking at the breakdown of loans and advances of Finance Companies, we can see a large part is driven by the building and construction sector in Singapore, which was booming last yea. The building sector was driven by the construction of the 2 integrated resorts and a booming property market last year. A key driver of the industry, construction growth, which represents a large portion of finance companies’ interest income, grew at a rate of 20. 3% in 2007, compared to 3. 6% in 2006. The bull run in the property market, as mentioned, has also contributed to the sector’s good performance. Property agents have described in particular, the HDB resale market as the kingpin of the real estate sector. Projected unit sales are estimated to be at 30,000 by industry players. Average prices rose 17% for 2007. This, coinciding with a new government initiative to encourage singles to live with their parents by providing a grant of up to $9000, has led to a boom for the property market domestically in recent times. The government’s policy to target an eventually population size of 6million citizens would lead to an increased demand for housing as more and more immigrants look to plant their roots here. Thus, we can expect housing loans to continue to be a strong driver of performance for finance companies into the foreseeable future. Increase in SME initiatives The government’s initiative to increase SME competitiveness and promote entrepreneurship has also facilitated the expansion of this revenue segment for financial companies. The founding of organizations such as SPRING help to spur and stimulate the growth of target sectors for these financial companies. Initiatives such as the Micro Loan Programme under SPRING create direct market share for these finance companies for those who are rejected by the commercial banks for loans. A look through the Hong Leong Finance website shows at least 11 initiatives directed at SMEs alone. This shows the importance of this particular revenue segment to finance companies. Therefore, the future of this key driver of finance companies’ success looks to be rosy given the support that SMEs receive domestically from the government. It is also important to note that finance companies give incentives by positioning themselves as service providers for smaller enterprises who require greater flexibility in terms of financing requirements. As mentioned earlier in the report, this is due to the fact that it is uneconomical for commercial banks to process some enquiries and loans because they are uneconomical given the scale of operations. Summing up, the performances of finance companies have been exceptional with impressive growth figures. However, as the recession worries and full effects of the sub-prime issues slowly uncover, finance companies may yet be exposed to underlying issues that may influence performances in the near future. Next, we shall examine some of the trends in the finance company sector and try to identify key issues that may offer insights into what we can expect from these finance companies in the future given what we have already discussed. We would also examine a key player to try and gain insights into how these finance companies operate. TRENDS AND ISSUES IN THE FINANCE COMPANIES SECTOR: SINGAPORE 1. Consolidation within industry One of the most pervasive trends identified in the last decade in the finance companies sector is the consolidation of the industry. This is evident from the number of finance companies that have ceased operations. Some of these companies were forced out of the industry due to regulatory changes, while others, like OCBC Finance, simply merged with their principal companies. Since 1996, 19 finance companies have surrendered their finance companies’ license, with only 3 main finance companies remaining by the end of 2007. Accordingly, the assets and liabilities of finance companies as a whole have declined dramatically over the past decade, before stabilizing and increasing steadily over the past 3 years to around 10 billion dollars. Finance companies’ assets decreasing before stabilizing and recovering, and consolidation. 1. 1 Regulatory changes One of the catalysts for this consolidation is no doubt the regulatory changes that MAS has put into effect. Since December 1994, the Finance Companies Act was revised to raise the minimum capital requirement for finance companies from $0. to $50 million, and existing finance companies were given until 2003 to gather the required amount. This effectively meant that finance companies which did not have the required capital had to either merge with other players in the industry including banks, or raise the required capital. Hong Leong Singapore Finance, the finance company in Singapore today, is the result of such a merger between Hong Leong and Singapo re Finance. Examples of mergers with their parent banks include Maybank Finance, and Overseas Union Trust, which of course was subsequently absorbed into UOB. It could be argued that even without regulatory changes, mergers and acquisitions are inevitable for the smaller companies to survive. Regardless, the changes put into place by MAS has forced the industry to evolve into one with lesser, but stronger players. 1. 2 Increasing competition In 1998, then DPM Lee Hsien Loong remarked in a parliamentary session that the rationale behind these regulatory changes was to â€Å"enable finance companies to have the resources to compete more effectively and increase public confidence in them. Hence, another major reason for the consolidation in the industry can be attributed to the increasingly intense competition from commercial banks and other financial institutions which provide similar services. Loans and other services catered to SMEs, which the full banks typically deemed unprofitable, were traditionally the strong suit of finance companies. From data gathered on the 3 existing finance companies, loans and services to SMEs forms over 40% o f their portfolios. However, in the past decade, many commercial banks have started divisions to tap into the SME market made popular by finance companies. Finance companies thus now have to contend not only with each other, but commercial banks as well. This means that badly run finance companies simply could not contend with the competition and were targets for other finance companies’ acquisitions to boost their own ability to compete. 1. 3Niche markets Finance companies are usually able to compete with commercial banks because they offer services to niche markets (usually SMEs) which then form a large part of their portfolio. In today’s financial markets, Hong Leong Singapore Finance is known to target clients within the SME, consumer housing and the silver industry. Sing Investments and Finance has loans in the construction and property development sectors amounting to 68% of their loans portfolio. However, the population of such niche markets are usually much smaller than mainstream financial markets, and companies need to be able to capture a larger market share within the niches to be able to offer products with a competitive edge over commercial banks. Under the basic tenets of economics, this means that a only a small number of firms are needed to satisfy demand in such niche markets. Hence, there is necessarily a trend towards consolidation of similar firms within the separate niche markets in a ‘survival of the fittest’-style competition, which is the situation being faced with today. 1. 4 Global mergers and acquisition trends Mergers and acquisitions have been widespread and plentiful in recent times, and although this directly impacts the trend of mergers within the finance companies sector, there are also indirect effects to be discussed. One must consider that the increasing prevalence of large, merger companies necessarily means that the pool of smaller companies, of which finance companies cater to, is steadily decreasing. Such large merger companies usually go to commercial banks for the more sophisticated and diverse range of credit options which finance companies are simply unable to provide, either because of regulatory restrictions from the Finance Companies Act, or because they do not have the resources to do so. Again, this results in a net effect of finance companies having to merge themselves to operate effectively and efficiently to capture this diminishing pool of available business. TRENDS AND ISSUES IN THE FINANCE COMPANIES SECTOR: INTERNATIONAL International finance companies Unlike in Singapore, a legal definition of ‘finance company’ exists, there is no clear definition on what constitutes a finance company in the overseas financial markets. However, there is a general consensus that finance companies provide mainly lending services to consumers and small businesses. As with finance companies in Singapore, international finance companies typically target these clients that the major banks overlook, or have specializations in specific industries that make them more attractive to customers seeking credit services within these industries. Unlike Singapore, where only 3 such companies now operate, there are literally thousands of such companies overseas catering to different industries and customer bases, and it will be definitely be out of the scope of this report to discuss each one in detail. Also, the nature of the finance companies sector is such that they are more influenced by regulations and performances of industries within the countries in which they operate, and less affected by global financial trends. A simple example of this is in Singapore, where finance companies have been fairly shielded from the turmoil in overseas financial markets led by the subprime crisis in the US. Instead, they have been doing well, largely owing to the boom in the local property, auto and SME markets. It is thus more appropriate to examine the issues and trends of nternational finance companies in the context of the local markets which they serve, rather than to identify and global trends that affect all financial markets. Hence, we have decided to focus our attention on finance companies operating within 3 countries where financial markets are relatively mature and established, and whose activities are more transparent and in the limelight. These are Australia, Japan and USA. 2. Fin ance companies in Australia The finance companies scene in Australia is thriving, and has witness continued growth in the last 3 years. Another good year was recorded in 2006/2007 with both business and personal lending continuing to grow. Finance companies in Australia have long been a significant sector in the Australian financial services market, offering a wide range of products including business leasing, fleet leasing and personal lending. Such companies provide an alternative source of borrowing to the banks, building societies and credit unions. The two largest finance companies operating in Australia are Esanda and Capital Finance, which collectively represents almost 40% of the sector’s operating profits after tax. Some of the key issues which have impacted profits in the last 2 years include: ? asset growth of 7. 1% leading to an increase in interest income ? increased competition leading to reduced margins and fee income ? increased bad debts expenses ?reduced profits on motor vehicle lending 2. 1 Australia – Reliance on Auto Industry and Industry Trends The auto industry is a major driver of performance of the finance companies sector in Australia, no doubt because the majority of the finance companies are exposed to the sector. This may be in the form of lending to consumers and businesses to purchase their motor vehicles, financing auto dealers’ purchase inventories, or providing fleet management businesses. The growth of finance companies coincides with the auto industry’s boom in the past 5 years, with 4 consecutive years of record sales up to 2005. Provision of loans to purchase large cars dropped 18 percent largely due to the change in consumer purchasing habits from the price hikes in oil. Instead, smaller car sales were up 21 percent, contributing to increased revenues for finance companies. However, the increased affordability of new cars in the last 5 years has created difficulties for finance companies which provide fleet management services, such as BMW Finance and ORIX, since such companies suffer reduced profits on the sale of cars at the end of their lease. In recent times, the focus of many of the larger finance companies have shifted to diversification of services. This is similar to Hong Leong Singapore Finance’s strategy in Singapore, which is to take on the major banks at their own game, such as providing property and construction facilities. GE Money’s expansion into credit cards, mortgages and on-line savings provide another example of Australian finance companies’ diversification. Just as the finance companies are expanding their services to include services provided by major finance players such as banks, so are the majors entering into sectors traditionally dominated by finance companies. This includes areas such as lending secured on receivables, consumer and low-doc lending. This has increased competition among Australian finance companies, which is further crowded by new entrants such as Aussie Home Loans’ plans to target car and personal lending markets. . 2 Australia – Growth in Assets, Personal and Business lending Total assets of the finance companies surveyed increased 7. 1 percent to $37. 5 billion, slightly down from 8. 1 percent growth in the previous year, but this still represents a strong rate of growth. This trend has been observed for the past 4 years, and can largely be at tributed to lending growth in the business and personal sectors. Even though finance companies in Australia only accounts for 5 percent of total Australian loans and advances, their market share is considerably higher in traditionally key markets of business lending and personal lending. This is estimated to be around 10 and 15 percent approximately. Since finance companies in Australia are typically not exposed to the housing mortgage market, they are not affected much by the decline in the housing market that is being experienced in global markets. However, the quality of the assets seem to be an issue for finance companies. Total bad and doubtful debt expense increased 32 percent from 2006. Even when viewed in context in the growth of receivables, the ratio of bad debts to average receivables increased. Hence, unlike in Singapore, it does seem that Australian finance companies suffers somewhat from increase in credit losses. However, this is to be expected since finance companies typically engage in less secure lending to less credit worthy customers in exchange for a higher margin. It must also be said that the amount of credit losses increases pales in comparison with the subprime losses that major international banks have faced even with supposed tighter credit checks. 3. Finance companies in Japan In early 2007, the consumer finance industry of Japan was valued at a total of ? 0 trillion with annual growth of 4%. The key factor influencing this previous growth in the industry might be traced to the equity and real estate bubble burst in the early 1990’s which lowered the collateral of several consumers. This provided a large market segment seeking uncollaterized loans, which were only provided by the consumer finance companies. At the same time, consumer finance companies had an advantage over the banks as they had a wider network of loan offices and had a reputation for quicker loan approval. 3. Japan – Regulatory elimination of ‘grey zone’ lending Significant change is expected in the consumer finance sector of Japan, as new regulations affecting consumer finance companies were passed in December 2006, and are to be withheld by the year 2009. The main crux of the new regulation would be that it lowers that maximum allowed interest rate chargeable on uncollaterized consumers. While the interest rate cap on consumer loans were capped at 20% by the Interest Rate Restriction law, the Capital Subscription law stated that a rate of 29. 9% could be charged, in the event that a written consent to the charges was provided by the consumer. Due to this law, several consumer finance companies in Japan have been providing loans to poor credit clients, at interest rates charged within the ‘grey zone’ (20%-29. 9%). What this new legislation entails would be that these consumer finance companies will need to adapt and reinvent themselves, as they can no longer depend on the ‘grey zone for survival’. What can be expected would be shakeout of the smaller consumer finance companies, consolidation as well as diversification of products. 3. 2 Japan – Regulatory Changes The Japanese Diet revised legislation regarding the Money Lending Business (MLB) law. A previous ceiling of 29. % for consumer loan interest rates set by the Capital Subscription law was repealed and reduced to 20%. This coincides with the ceiling set by the Interest Rates Restriction law, which has an interest rate cap of 20% per annum for such loans. Even then, this cap is only applicable for loans of up to ? 100,000 and below. Fo r loans with principal amounts ranging between ? 100,000 and ? 1,000,000, the cap is only 18% per annum. Loans with principal amounts over ? 1,000,000 are charged a maximum interest rate of 15% per annum. At the same time, the Bank of Japan has in recent years opted to abandon their zero-interest rate policy. At the moment, their interest rates have been set at 0. 5%. It is yet to be seen if there will be any increase in this rate, as it will probably depend on the performance of the Japanese economy as it adapts to this change, as well as the USA downturn. But essentially, with the bottom line raised and the top lines lowered, consumer finance companies are seeing their margins diminishing. The amendment also includes tighter entry restrictions for consumer finance companies, return of excess interest payments made to consumers, as well as restricts the maximum debt a consumer may hold to only one-third of his annual income. At the same time, the lid has been left open for more restrictions to be implemented between now and 2009, during which enforcement for the new regulation is going to be implemented. 3. 3 Japan – Effects on Performance In response to the new legislation, the industry has been suffering since. An estimated loss for the combined consumer loan sector for the fiscal year of 2006 has been made at ? 3 trillion. This can be directly attributed to the diminished market segment as well as several requests for refunds of excess loans from existing consumers. With stock prices of the 4 major players in the industry tumbling even before the announcement of the December 2006 ruling, mostly as a pre-emptive reaction, the situation is dire. This has left the consumer finance companies with the option of either leaving the market, or restructuring themselves to suit the new environment. The two main strategies for remaining in the sector would be expansion and diversification. 3. 4 Japan – Expansion At moment, there is estimated total of 10,000 registered money-lenders in Japan. Of these, there are only 4 major players (Aiful Corp. , Acom Co. , Promise Co. Takefuji Corp. ) that are currently listed on the Japanese stock exchange, whilst the rest are all individually casting small shadows. However, considering the increased requirements for operations as well as the diminished margins, it is now harder to maintain operations as a small player. More sophisticated risk management and cost-cutting are all necessary aspects that need impleme ntation for survival. It is expected that a large proportion of these smaller companies will eventually consolidate to be able to mount a substantial fight for survival or be forced to cease operations. Current estimates are that the eventually, Japan will only be left with 3,000 consumer finance companies. Already, that trend is starting to take shape. The current estimate of 10,000 registered money lenders have already dwindled from a previous figure of 14,000 as of February 2007. Two of the larger players, Acom and Promise have also taken a step further than anyone else in the industry, by negotiating partnerships with major banks, Mitsubishi UFJ Financial group and Sumitomo Mitsui Financial Group respectively. This strengthens their competitiveness, as these consumer finance companies will be able to provide the bank with their expertise in handling smaller and riskier consumer loans, whilst the banks will be able to support these companies as they transcend into a more developed state. 3. 5 Japan – Diversification of Products Traditionally, the Japanese consumer finance companies could be classified into two main group; those dealing in consumer loans; and those providing credit card services. While the former group has been hit hard directly by the new regulation, the latter has been relatively unscathed. The main reason would be that interest rates for credit cards were already below the 20% limitation. Consumer finance companies are now finding that there is an unexplored market that they can now explore, to make up for their losses in the consumer loan segment. To compound incentives for this strategy, the credit market has yet to truly blossom in Japan yet, due to a prior preference for cash instead. For example, credit card shopping only accounts for 10% of consumption in Japan, and this is relative to the 25% figure for the United States. 3Finance companies in USA There are many companies in the USA which provide consumer and business finance services in all sectors of the financial markets. Being the world’s largest financial market, USA has a very diverse group of finance companies that cater to auto, personal, small enterprise, insurance, and mortgage lending, among others. Citi Financial, HSBC Finance, GE Money, Prudential Finance, Zurich Financial, and Capital One are just a few examples of such finance companies. Just as in Singapore and other nations, these finance companies typically serve clients who are either too small or have poor credit ratings to obtain loans from the larger banks. The consumer finance industry in the USA is too large to be discussed in full detail in this report. Hence we will only be discussing a particular type of finance company which in the past year has come under scrutiny from all corners of the financial markets – subprime mortgage lenders. While major commercial and investment banks have all taken in losses amounting to USD 170b from writing down Colleteralized Debt Obligations and Mortgage Backed Securities, mortgage finance companies in the USA have mostly been responsible for the origination of such losses. 3. 1 USA – Subprime mortgage lending by finance companies Subprime mortgage lending by finance companies enabled consumers in the USA with poor credit histories to obtain loans to purchase homes with higher interest rates than that charged by banks. These consumers were previously unable to obtain such loans from the major banks and lenders due to their poor credit histories. To entice consumers to accept such higher interest rates, these finance companies typically include ‘teaser rates’ during the initial periods of the loan where the interest rates were lower, and the rates were then subsequently increased significantly after the introductory period. Because many consumers could no longer afford the high interest payments after the introductory period, many were forced to refinance their subprime loans with another subprime loan. This was acceptable pre-2005 since housing prices were on the rise, and this meant that home owners were building equity which enabled them to refinance loans easily. However, after 2005, home prices started to decline and fell below the value of the loan, and thus could not be used as collateral for refinancing. A steep rise in defaults and foreclosures caused more than 100 finance companies in the US to file for bankruptcy beginning late 2006. Even New Century Financial Corporation, then the nation’s second largest mortgage lender, was not spared. Excessive risk taking and making loans to subprime customers meant that such finance companies were exposing themselves to moral hazard excessively. 3. 2 USA – Securitization of subprime loans Many a subprime finance company did not actually hold on to the subprime loans as assets after making them. Instead they securitized, or sold off the loans to issuers and special purpose vehicles. These financial vehicles bought these loans and other investment grade instruments and repackaged them into the CDOs and MBSes that were to blame for the credit problems in financial markets today. These instruments were subsequently bought up by investment and commercial banks, and hedge funds, due to the impression that the risk from the subprime loans have been adequately spread out. However, this was not the case, since once defaults and foreclosures started to hit the issuers, the values of the CDOs were compromised, resulting in huge write downs by banks. What followed was a large credit crunch in financial markets, the effects of which are still unresolved today. Hence, what was supposed to be a mortgage finance sector problem has been spread to all areas of the financial markets through loans securitization, which was started by finance companies in the US. Regulatory Issues The Finance Companies Act (Cap. 108) was established in 1967 to regulate the growing finance companies sector. Listed in the Act are several restrictions that limit the activities of the finance companies. The purpose of these limitations is to protect investors, by controlling the exposure of the company to riskier asset classes and transactions, since finance companies are less able to diversify such risks away than the major banks. These limitations may include capital structure requirements, restrictions on dealings, necessary approval for expansion and others as well. In essence, the provisions within the Finance Companies Act require that finance companies seek MAS for approval to engage in activities other than the most basic lending and depositing services. Since the major banks have a similar set of banking rules and regulations to adhere to, we will be focusing our discussion on a few key regulatory provisions which are specific to the Finance Companies Act. One regulation of particular interest has already been briefly mentioned in the previous sections of this report. In s7 of the Finance Company Act, there are strict capital requirements in place for finance companies. S7 provides that a registered finance company will need a minimum of $50 million in issued and paid up capital. What this requirement does is to limit the industry to only the stronger players. This requirement, as put in place since January 1995, might be responsible for the running out of the several smaller finance companies, and serves as well as a substantially high barrier to entry. S23 of the Finance Companies Act lists out some of the prohibitions of dealings by finance companies. In particular, s23(1)(e) and (f) aims to limit the amount of risk which the finance companies are able to take. This is done by restricting the issuance of substantial loans which exceed 50% of their total credit facilities, and also by prohibiting unsecured loans and advances exceeding S$5,000. It can be seen from these regulations that MAS understands the higher risk nature of the customers served by finance companies, and tries to protect both the customers and the companies from over-exposure to such risks. While s23(1)(b) prevents investments in foreign currency, gold and other precious metals, and s23(1)(c) prevents any acquisition of shares, stock, debt and other convertible securities in foreign denominations, exemption from these restrictions might be granted as stated under s23(2)(a)&(b). S23(2)(a)&(b) states would be that concessions in these aspects might be granted depending on the ruling of MAS. Furthermore, s53 gives room for the authorities to exempt a finance company for some or all of the provisions in the Act. We feel that this shows that MAS recognizes that not all finance companies are ready to take on such dealings yet, but that they are not shutting the door on such transactions in the future. Prospects & Future developments of Finance Companies Effects of the credit crunch In the short run, we would expect that finance companies would experience a udden growth in their revenue segments due to commercial banks tightening credit. The sub-prime meltdown in the United States has severe implications for all industries. However, rather than affecting the finance companies negatively, we foresee that there is a possibility that they might profit from it instead. With several banks being hit severely, we are currently observing the beginnings of a credit crunch as banks start to tighten their credit and adopting a more conservative stance in negotiating loans. This would even be true in Singapore, as we uncover the extent of Asian banks exposure to collateralized debt obligations. DBS Bank has already booked S$200 million worth of write-downs while UOB has S$45 million worth of write-down. These commercial banks have reportedly tightened credit measures with more reluctance to take on risky debts. What this might imply would be that more consumers will have their loan applications rejected from banks, and will therefore look to finance companies for their capital needs instead. At the same time, the market for loans is expected to grow by 13% in 2008. While this is lower than the 20% growth recorded in 2007, it represents that the market is still expanding despite the tightening of credit by major lenders. At the moment, the total loans made by finance companies are sitting at S$8,389 million. The total loans made by commercial banks, however, stands at S$201,424 million. The above figures indicate that if banks were to lose even a small percentage of their market share in loans to finance companies, this would translate to a potentially significant percentage of loans growth for these finance companies. Hence, if finance companies are able to take advantage of the loss in confidence of the banks, and the tightening of credit by said banks to capture the market left behind by the banks in the wake of the sub-prime crisis, there will be room for growth. Consolidation of the segment In the long run however, we adopt a more pessimistic stance towards the development of finance companies. One of the trends that we mentioned was that of consolidation of the finance companies in the past decade. Three such finance companies remain and have performed relatively well over the past few years or so. However, commercial banks are encroaching into traditional strongholds of these finance companies, such as SMEs and smaller personal loans which were once considered unprofitable to service. This is as commercial banks now want to profit from the higher yielding consumer base that these finance companies rely on as they continue to look into other profitable segments that they have neglected in the past. DBS, OCBC and UOB have in the past decade started moving towards these opportunities that they had forgone in the past. There is also increased competition from new entrants such as GE Money and SingPost who now offer consumers more consumer finance choices instead of the remaining 3 finance companies. This increased competition may reduce revenues in the future, especially for Singapura Finance and Sing Investments, since Hong Leong is far and away the major player in this sector and may be able to better cope with these changes. These 2 smaller firms might find it more difficult to continue to perform as well when banks use their financial muscle and influence to try and break into this market. Thus, we foresee a real possibility of further consolidation and perhaps a change in the structure of the future finance company here in Singapore. Hong Leong Finance is special, in the sense that it is much bigger than the other finance companies in the scene. To brand it as a finance company in the same breath as the other 2 does not do Hong Leong’s reputation justice. However, when compared to the commercial banks, they still do not measure up as significant competition. The other 2 finance companies seem to stand little chance should the commercial banks and corporations start infringing on this niche segment that they have survived on. The implications of these is the sign that the finance companies are in a sunset industry and with the exception of Hong Leong, finance companies might struggle to eke out an existence once competition gets more intense. It may revert to a situation where the smaller firms have to merge or be acquired by a larger finance company, in this case, Hong Leong, or risk not being able to survive in the segment. Hong Leong, as mentioned, is unique in the sense that it is such a dominant force in the finance company sector, but yet unable to make the step up to be on the same level as even the smaller commercial banks. In the near future, we could see Hong Leong forming an entire classification on its own, as the alternative to the commercial banks. Following the entry of commercial banks and other competitors into its traditional revenue segments, Hong Leong has been actively looking for other opportunities to diversify its revenue generating segments. We have mentioned some of these earlier in the report. Recently, Hong Leong was commissioned to take up underwriting duties which provides it with a new area of development where they could vary their income sources. It has also established a wealth management arm in light of the growing sector in Asia as a whole.