Грамматические трансформации при переводе экономических текстов

 

 

 

 

 

 

 

 

 

 

 

 

 

            Приложение

New banks

          New banks are growing

IN 1770 James Weatherby, a lawyer, was entrusted with holding the stakes waged on horse races. Over time his family’s firm became central to racing, maintaining the general stud book—a registry of thoroughbred horses—and acting as a central administrator and bank to the industry. Weatherby’s has now branched out from the turf to tellers.

Weatherby’s first step into the world of regulated banking was partly prompted by bank supervisors, who wondered whether it was, in fact, taking deposits and ought to be regulated as a bank. It wasn’t sure but got a banking licence anyway, says Roger Weatherby, the bank’s boss, figuring clients might find it useful to write cheques to their farriers and trainers from the account holding their prize money. Just before the financial crisis it opened a private bank. Customers and deposits poured in, partly because Weatherby’s was thought to be safer than some rivals such as Coutts, which were part of larger banking groups that had to be bailed out.

Weatherby’s is just one of the more colourful entrants to Britain’s banking market. Metro Bank has been busily setting up airy branches offering long opening hours and smiling staff. Aldermore, in contrast, has decided to do without branches altogether. It gathers deposits online by offering attractive interest rates; its bankers travel to visit the small businesses that it lends to.

Opportunities ought to abound. Executives of the big British banks admit their private data show that only a tiny fraction of their customers are happy with the service they receive. Yet the new banks command just a sliver of the market. George Osborne, the chancellor, frets that Britain’s retail-banking industry has grown more concentrated since the financial crisis and wants to do more to break the dominance of the four biggest banks, which handle 75% of personal accounts. He proposes giving new entrants better access to the payment system—the plumbing that connects banks to one another.

Yet competition regulators reckon this is far from the biggest barrier to entry. The Office of Fair Trading has pointed to a deeper problem: customers are unlikely to switch to a new bank unless it has a large branch network, but new banks are unlikely to build many branches until they are sure they will attract customers. “You can’t be small and perfectly formed in this business,” says Benny Higgins, who runs the banking arm of Tesco, the country’s largest supermarket.

Another barrier to new entrants is regulation. Rules on how much capital banks should hold give an advantage to large, established institutions. They are able to operate with capital cushions much thinner than new banks because the models they use to calculate the riskiness of their lending can draw on many years’ worth of data on defaults.

Even so, technology is helping the new entrants. Metro avoided much of the upfront cost of building expensive computer systems by getting an off-the-shelf system from Temenos, a software firm, and agreeing to pay a per-customer usage fee. Branches may also become less important to customers as they switch to banking on their phones. Innovative users of data are gaining a foothold too. Wonga, an online lender, uses sophisticated computer algorithms that analyse data ranging from borrowers’ Facebook accounts to how often they use its website. It wants to expand into a wider range of financial services.

 

Investing in Africa

 

The hottest frontier

Strategies for putting money to work in a fast-growing continent

WHEN you are trying to keep a retail outfit afloat amid hyperinflation, it helps to have a sideline. “We had a business selling crocodile skins to Hermès and Gucci for shoes and handbags,” says John Koumides, chief executive of Innscor, a conglomerate based in Zimbabwe’s capital, Harare. The currency earned from this exotic export was a lifeline for the firm’s other arms, including its SPAR stores, when Zimbabwe’s shops were short of stock in 2008 as its currency collapsed.

Innscor survived. It remains an unwieldy mix of businesses even though it has shed the crocodile-skin enterprise. But it is attracting attention from investors seeking to profit from the emergence of a new class of African consumers: its shares have risen by 50% in the past year. The firm’s mainstay, and the bit that excites the most interest, is fast food, with brands including Chicken Inn and Pizza Inn. Its outlets are now in a handful of other African countries, including Nigeria.

Africa’s equity markets are hot, with investors attracted by the sub-Saharan region’s GDP growth rate of more than 5% over the past three years. The main markets in Nigeria and Kenya have risen by more than 50% in the past year. Over the past decade Africa supplied six of the world’s ten economies with the fastest growth. By 2020 more than half of African households will have enough income to splurge some of it on non-essentials, according to McKinsey, a consultancy. Furthermore, more than half of Africa’s population is aged under 20. Within three decades it will have a larger working-age population than China.

But Africa is short of savings and capital. That creates an opening for rich-world investors seeking a better. North Africa, tied to Mediterranean trade, is fairly well developed and is seen by some as a separate investment proposition. So is South Africa, the continent’s biggest economy, which has a slower growth rate than most of its neighbours and more mature consumer and financial industries.

The real source of excitement is the “frontier markets” of sub-Saharan Africa. “This is where the flavour is,” says Thabo Ncalo, who manages an Africa Fund for Johannesburg-based Stanlib. Small investors looking for a taste might choose to buy a stake in a mutual fund or one of the exchange-traded funds that mechanically track an index of frontier-market stocks.

Fund managers are mindful of the liquidity problems that forced the closure of New Star’s Africa Fund in 2009 barely a year after it was launched. Of 200-odd shares listed on Nigeria’s stockmarket, the largest of the frontier markets in sub-Saharan Africa, perhaps two dozen are liquid enough to make mutual-fund managers feel truly comfortable. A handful of big consumer firms that have been in Nigeria for a long time, such as Unilever and Nestlé, are listed locally and are liked by foreign investors. A local favourite is UAC, a food company with interests in property, which has doubled in value in the past year. Its Gala sausage rolls are a popular snack and it is the local partner with Innscor’s fast-food outlets.

Beer companies are another way to gain exposure to the African consumer. Nigerian Breweries makes Star Lager and Legend Extra, a stout for those who think Guinness lacks punch. East African Breweries, listed in Nairobi and half-owned by Diageo, has similar appeal. Its combined market in Kenya, Uganda and Tanzania is more than 120m people, not much smaller than the Nigerian market.

Beyond Nigeria and Kenya is a big “liquidity cliff”, says Andrew Brudenell, who runs a frontier fund for HSBC. The next-largest exchange is Zimbabwe’s. Even quite large stocks can be hard to buy and sell on a given day. PZ Cussons Nigeria, an offshoot of the Manchester-based firm behind Imperial Leather soap, has an average daily turnover in its stock of $220,000, notes Mr Brudenell. But strip out the big blocks of shares that occasionally change hands and the stock churns $73,000 a day.

One way around the shortage of liquid stocks is to buy companies that have most of their assets or earnings in Africa but are listed elsewhere. Some mining firms listed in London and Toronto have most of their assets in Africa. The trouble with such stocks is that they are a gamble on commodity prices and the skill of a team of geologists rather than a bet on a broader story about Africa’s improving economy.

That is why some mutual funds prefer stocks such as MTN, a South African cellphone firm that makes a lot of its money in the rest of Africa. Shoprite, the largest grocery retailer in South Africa, is growing beyond its home base in South Africa and in a few years might similarly qualify for inclusion as a frontier investment. A concern for would-be investors is that mutual funds stick only with liquid stocks—even ones that look expensive—and miss out on small and local businesses, such as retail chains, that could turn into regional giants.

 

 

The public-equity pipeline

Some investors fret that the supply of fresh equity may fail to keep pace with the demand from rich-world buyers. Family-owned businesses are often unwilling to cede control by selling shares. A privatisation drive in Rwanda, which took off with the sale of the country’s biggest bank and of a big stake in its main brewer, has lost momentum.

Yet demand usually creates its own supply. “You can’t always put a lot of money to work very quickly,”  says Clifford Sacks, the chief executive of Renaissance Capital in Africa. But patient investors can benefit from “liquidity events” when a chunk of stock is suddenly on offer. Ecobank, a Togo-based bank, raised $250m last year from PIC, South Africa’s state-employee pension fund, to buy Oceanic Bank, a Nigerian lender.

What is more, because liquid stocks are prized, a family business might be persuaded to sell a block of stock to attract a broader class of investors. In the process it will raise the value of its remaining equity. Price is always a consideration. The owner of a Nigerian consumer business would be rightly reluctant to list at 2009 prices. But if the rally in stocks continues, a spurt of initial public offerings (IPOs) should follow.

New issues tend to occur in three stages. Banks are among the first enterprises to list. Next come telecoms firms, breweries and cement companies, which need a lot of capital spending to sustain their growth. Dangote Cement, a big Nigerian firm, has plans to list a chunk of its stock in London. Cement stocks are a way for small investors to get exposure to infrastructure projects, which are financed by private and development banks. A third tier of potential listings includes consumer businesses in Nigeria, property companies in Kenya and enterprises related to the recent oil-and-gas discoveries in east Africa.

A few biggish IPOs in Africa would increase the universe of stocks. But many people think the real opportunity lies with private equity, which can stick with businesses while they grow.

 

Barbarians welcome

Private equity in Africa is different from its equivalent in America and Europe. A typical rich-world deal might involve a mature but torpid firm, which is acquired and loaded with debt to magnify the returns of the equity owners. In Africa the returns come from revenue growth and efficiency gains, not from financial engineering, says Runa Alam, head of Development Partners International, a private-equity firm that specialises in Africa. Expertise as well as capital is supplied. Single-country firms are often transformed into regional ones. Celtel, a mobile-phone company started by a British-Sudanese entrepreneur, Mo Ibrahim, is one such private-equity success story. Celtel was sold to Zain, a Middle Eastern cellular outfit (it is now owned by Bharti Airtel of India). Such trade sales are a source of regret for public investors starved of biggish stock to buy.

As Africa’s stockmarkets deepen, and valuations rise, private-equity firms will increasingly look to the public markets to realise their investments. In November Actis, a British private-equity fund, reduced its stake in Umeme, an electricity company bought from the Ugandan government in 2005. It did this through the first ever dual listing in Uganda and Kenya, where liquidity is greater.

Investors in Africa are buying a big-picture story of progress towards a formal and regulated economy with stable politics, the rule of law, independent central banks and stricter accounting rules. That prospect is brighter than it was. Nobody can guarantee that future progress will be in a straight line. But given the troubles in large parts of the rich world, many will feel there is a lot more to gain than to lose.

 

 

 

Quality management

The term Quality management has a specific meaning within many business sectors. This specific definition, which does not aim to assure 'good quality' (but rather to ensure that an organisation or product is consistent), can be considered to have four main components: quality planning, quality control, quality assurance and quality improvement. Quality management is focused not only on product/service quality, but also the means to achieve it. Quality management therefore uses quality assurance and control of processes as well as products to achieve more consistent quality.

Quality management evolution

Quality management is a recent phenomenon. Advanced civilizations that supported the arts and crafts allowed clients to choose goods meeting higher quality standards than normal goods. In societies where art responsibilities of a master craftsman (and similarly for artists) was to lead their studio, train and supervise the on, the importance of craftsmen was diminished as mass production and repetitive work practices were instituted. The aim was to produce large numbers of the same goods. The first proponent in the US for this approach was Eli Whitney who proposed parts manufacture for muskets, hence producing the identical components and creating a musket assembly line. The next step forward was promoted by several people including Frederick Winslow Taylor a mechanical engineer who sought to improve industrial efficiency. He is sometimes called "the father of scientific management." He was one of the intellectual leaders of the Efficiency Movement and part of his approach laid a further foundation for quality management, including aspects like standardization and adopting improved practices. Henry Ford was also important in quality management practices into operation in his assembly lines. In Germany, Karl Friedrich Benz, often called the inventor of the motor car, was pursuing similar assembly and production practices, although real mass production was properly initiated in Volkswagen after World War II. From this period North American companies focused predominantly upon production against lower cost with increased efficiency.

Quality Management of Education

Quality Management of Education focuses on the market requirements for quality management procedures, the business processes in a company, as well as data processing support for integrating quality management functions in the logistics supply chain.

The main task of a quality management system is to ensure that at every stage of the logistics supply chain, business processes and the resulting products fulfill the quality requirements that have been laid down for them.

The integration of the QM application component in the R/3 System allows quality management tasks to be combined with those in other applications (such as materials management, production, sales and distribution and cost accounting) and supports tasks associated with quality planning, quality inspection and quality control. In addition, it controls the creation of quality certificates and manages problems with the help of quality notifications.

Preface

Vocational education and training (VET) makes a significant contribution to economic competitiveness and welfare in a global knowledge-based economy. The main challenge for vocational education and training is to meet the changing skills needs of individuals and the world of work in accordance with the principle of lifelong learning. While demand for new skilled workers is increasing, it is also necessary to attend to developing and upgrading the skills of the existing workforce and to promoting labour mobility. In addition, the VET customer base is also constantly diversifying. Attention to individual needs and differences and recognition of previously acquired skills are a key to planning and implementation of education and training services. The core mission of vocational education and training also includes various services and development tasks, which aim to promote workplace innovation activities and to develop operations and working communities within micro-enterprises and SMEs in particular. Continuous improvement of the quality of vocational education and training is a key priority both in Finland and within the European Union, as well as Quality improvement is one of the main objectives of the Copenhagen process in vocational education and training. Other key objectives include increasing the attractiveness of education and training and promoting mobility among vocational students. The Quality Management Recommendation for Vocational Education and Training has been adopted by the Ministry of Education to support and encourage VET providers to pursue excellence when improving the quality of their operations. The recommendation is based on the Common Quality Assurance Framework (CQAF) in vocational education and training and it forms an important part of Finland’s implementation of the Copenhagen process measures. The recommendation has been prepared by the Finnish National Board of Education working in co-operation with VET providers, representatives of the world of work and business as well as students. The purpose of the Quality Management Recommendation is to provide a framework for long-term development of quality management in all types of vocational education and training. The recommendations can be applied to vocational education and training implemented in different ways: initial VET and further and continuing training, competence tests and training preparing for competence-based qualifications, as well as curricular or school-based VET, special needs VET and apprenticeship training. In addition, the recommendations have been prepared such that they can be applied at both VET provider and individual unit levels and that they are relevant to users at different stages of quality improvement.

Purpose and functions of the Quality Management recommendation

The Quality Management Recommendation for Vocational Education and Training is designed to assist VET providers to develop quality management and to encourage them to continuously improve the quality of their operations and results in pursuit of excellence. The document is intended for all VET providers and their different units and forms of operation as a strategic development tool for quality management. It caters for senior civil servants and elected officials and other staff working for VET providers and units within them. The purpose of the individual recommendations set out in this document is to raise issues and policies that are important in terms of quality management in order to support development work. The document neither presents solutions or ready-made approaches – selection of these is up to individual VET providers – nor does it offer any minimum criteria for quality management, but it does encourage users to develop their operations in pursuit of excellence. The way in which recommendations should be applied has also been left to the discretion of users. In addition, the document is not intended to replace any existing quality assurance systems or steer users to apply any specific system. The recommendations can be applied to existing systems. The Quality Management Recommendation for Vocational Education and Training is based on the Common Quality Assurance Framework (CQAF), developed as part of the European Union’s Copenhagen process in vocational education and training. The Council of the European Union issued a recommendation for promotion of implementation of the CQAF in the Member States in May 2004. The Common Quality Assurance Framework is designed to help develop, monitor, evaluate and improve quality systems and quality management practices at both national and VET provider levels. In addition, it aims to encourage different parties operating within vocational education and training to share experiences, identify and make use of good practices and learn from each other on a voluntary basis. Another aim is to facilitate comparison of operations and results in different Member States and at different levels of the education and training system. In addition to actual recommendations, this document includes descriptions of basic concepts concerning quality management and quality in vocational education and training and of the national quality assurance system. These descriptions aim to clarify the status of Quality Management Recommendation as part of national quality assurance in vocational education and training and to highlight the importance of quality management as part of VET development. In addition, the publications contain a glossary with definitions of key terms in quality management. 

 

 

Recommendations for quality management in Vocational Education and Training

Consideration of functions as a whole The operational system helps VET providers to consider, develop and steer their operations as a whole towards their own objectives. It allows providers to ensure that agreed goals and objectives are converted into practice in all areas (such as customers, finances, people, processes) and at all levels (such as operational units, VET fields, forms and services) of the organisation and that their achievement is assessed and improved systematically. The operational system is characterised by the fact that it changes and develops as a result of changes occurring within the operating environment. The system itself is also a target of continuous evaluation and improvement. Evaluation forms an important part of a VET provider’s operational system. Statutes require education and training providers to evaluate their provision and its effectiveness. In addition, providers must participate in external evaluation of their operations. Each provider decides on the objectives, principles and implementation, such as procedures and schedules, of its own evaluations. Providers are also free to decide on how to utilise the results of self-evaluation in other evaluations and, correspondingly, on how to use the results of other evaluations in support of self-evaluation. Providers also determine how they will follow the results of evaluations of other organisations and make use of these when developing their own operations. Planning Planning Each VET provider has a documented operational system that is used to plan and steer operations as a whole and to communicate to customers, staff and key stakeholders information about the values, goals and objectives guiding operations. The operational system also covers descriptions of processes and the organisational structures and approaches that support their development. VET providers:

•    plan and steer different VET functions and forms and operations of their units as a whole, such that these support achievement of common goals;
•    ensure that quality management forms part of their strategic planning and everyday activities;
•    include a programme for sustainable development as part of their operational system, in order to steer achievement of objectives and measures relating to environmental issues, social responsibility and health and safety at work and the well-being of staff and students;
•   plan and steer operations by means of operational chains, i.e. processes, determined on the basis of their basic mission;
•    document key procedures, processes and guidelines in an electronic system, maintenance of which has been ensured;
•    inform key stakeholders within their operating area of their operational system and key policies and procedures in the system.

 

 

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