The textile and garment industry has existed in Vietnam since a century, whereas the traditional handicraft works such as embroidery and silk weaving have existed for much longer. It has been seen in the Vietnam history that many Vietnamese dynasties had to tribute various types of valuable fabrics made by them to China. In Vietnam, areas such as Van Phuc (Hatay Province), Trieu Khuc (Hanoi) and Meo village (Thai Binh Province) still exist and are growing with these kinds of work.

It is said that the history of the industry's development started with the establishment of the Nam Dinh Textile Complex in 1897. The industry developed faster post World War II. In the south, the firms which were set up started using the latest European machinery whereas in the North, state enterprises equipped with machinery from China, former Soviet Union and Eastern Europe were also set up during this period.

The textile and garment industry in Vietnam mainly uses materials such as cotton, synthetic fibre, woolens, filament and silk. At present, Vietnam can produce cotton and silk, which meets only 10% of the demand. In the period between 1995-2000 weaving material production has received an outstanding result. However, as against the growth potential and demand for textile and garment industry, the weaving material production is very modest. Vietnam has a rather huge potential for cotton production and hence it can increase the areas under cotton cultivation.

The products of the fabric sector, mainly cotton and polyester mixed fabric, are materials of garment production for the domestic market. It is observed that the fabric industry supplies about 10% of total contribution demanded by the garment sector, the remaining 90% of materials for the garment production for export are imported from overseas. A major part of imported material is got in through subcontracting arrangement.

The garment production is mainly aimed to the export markets through international subcontracting agreements between Vietnamese producers and foreign partners, where the foreign partners normally provide the designing and marketing functions as well as most of the required materials. This is recognized in the trade as Cut, Make and Trim (CMT). In this trade, there is very little value addition. In the past, the garment sector used to use 100% of fabric produced by Vietnamese textile sector to produce products for export.

Until 2004, there had been about 2,000 textile and garment houses nationwide, making as much as $4.4 billion from exports, contributing 16.5% of the country's total export value.

Vietnam is now coming up as a well-built nation with a strong network of infrastructure and a booming economy. Vietnam's textile industry has developed along with other sectors of the economy, and it not only fulfills the domestic demand, but also exports substantially to the other up coming markets. This resurgent textile industry has led to a significant potential for export of Indian textile machinery to Vietnam.

Restructuring production costs to raise competitive edge and stabilizing labor should help Vietnam's garment and textile sector set its 5.4 billion USD export turnover target in 2006.

Vietnam has aims to be among the 10 largest garment producers in the world, with export turnover of $10 billion, or five times higher than the present level. For growth of this sector, the investment capital needed is approximately 800 million US dollars for the period from 2005 to 2010. Currently, Vietnam ranks 16th among the 153 existing apparel makers and exporters in the world and the condition is further expected to change, as Vietnam is projecting to set its position among the top 10 largest producers by 2010.

Vietnamese Textile, Garment Exports to US Increasing

The US is the main market for the country's garment exports, accounting for nearly 53 per cent of the market share. Vietnamese textile and garment exports to the US in 2005 rose despite of the cutthroat competition, as each required a large contribution of the world market. Experts believe that Vietnamese textile and garment exports will continue to increase in 2006. Vietnamese garments face strong competition in the US market against exports from 150 other countries, mainly duty-free goods from China. Though, in the last several months, textile and garment exports in general and those to the US in particular rose and textiles and garments continue to be one of Vietnam's major exports. Vietnam is anticipated to gain a projected US$4.8-4.85 billion from textile and garment exports in 2005, nearly 11 percent more than in 2004.

In the first 10 months of 2005, it exported textile and garment products worth US$2.13 billion to the US. US$1.41 billion achieved from quota-controlled exports, which calculated to 66 percent of the total and was 3.1 percent as against the first 10 months of 2004, and US$739 million gain from non-quota exports which was 34 percent of the total and a small raise over the same period in 2004.

In October 2005, textile and garment exports to the US gained fast momentum, giving total revenue for the first 10 months of 2005, which was 0.33 percent higher than the same period in 2004. Export earnings of the first 11 months of 2005 were 4.99 percent more than the same period in 2004 and that for the whole year 2005 is projected to be six percent more than in 2004.

Vietnam, US further extend garment agreement

Recently, Vietnam and the US have agreed to further extend their bilateral garment and textile agreement until Dec. 31, 2006.

A Memorandum of Understanding (MoU) for this was signed by Vietnamese Ambassador Nguyen Tam Chien and David Spooner, Special Textile Negotiator of the US Trade Representative.

Under the MoU, the extended agreement will have existence from the signing date through Dec. 31, 2006, unless Vietnam becomes a member of the World Trade Organisation (WTO) and the US applies WTO agreement to Vietnam's exports.

On October 21, 2005, the Ministry of Trade and the Ministry of Industry in a joint circular announced an instruction for the provision of quotas for textiles and garments to be exported to the US in 2006. The circular states that the two ministries will offer visas for textiles and garments of all categories going to the US from January 1 to June 30, 2006. Between January 1 and June 30, 2006, the two ministries shall take into consideration of offering additional quotas for product categories, of which 70 percent of the 2006 quota has been assigned based on export realization and additional export requirements of businesses.

Product categories of which less than 70 percent of their 2006 quota is utilized by June 30 shall automatically be given a visa for goods approaching to the US. The two ministries will later draft a policy for product categories that have 90 per cent of their 2006 quota utilized if it turns out to be essential.

Some experts believe that business can record high for different categories, so it is sure that the entire 2006 quota for these goods would be utilized in 2006. Occasionally if the amounts of goods registered go beyond the quota that the ministries permitted to them, the two ministries will consider assigning extra quotas to high-gaining exporters in 2005 and businesses that have signed export contracts with major US importers.

Vietnam's textile and garment exports to the US will be challenging because Vietnam is one of the few textile and garment making countries that is restricted by US quotas. Other textile and garment makers in the region are both highly aggressive and are not controlled by many trade barriers like Vietnam. But experts believe that with efforts, Vietnamese textile and garment exports to the US will continue to increase in 2006 and will fulfill this year's target.

Under the quota scheme, Vietnam's apparel exports to the US are limited, while exports to the US calculated to 60% of total exports. Inspite of the major problems, Vietnam endeavor's to gain an export turnover of $5.6 billion in 2006.

Vietnam's textile exports to Japan

Vietnam's textile exports to Japan rose again, at 14%. Sai Gon 3 Garment Company contributed about 40% of the Vietnam's textile and garment export value to Japan.

Distressed garment exports to EU

For the first ten months of 2005, Vietnam's revenues from garment exports to the EU rose by a mere 5 per cent over the same period last year. This negligible growth in earnings is far below the earlier industry expectations.

The country earned around US$700 million from garment exports to the EU in October 2005, reported the Ministry of Trade. In the beginning, the textile and garment industry anticipated strong annual earnings growth of 18-20 per cent from clothing exports to the EU since the EU had approved to eliminate quotas on Vietnamese clothing from January 1, 2005. Industry experts recognized the sector's gloomy earnings figures to the uncompetitive production costs of Vietnamese clothing exports as against those from China, India and Pakistan.

While clothing exports from these other countries to the EU have increased extremely in 2005, Chinese exports of cotton fibre shirts to the EU in this quarter increased to 39 million units over the previous quarter declared the ministry. Furthermore, Chinese sweater exports to the EU in the past quarter increased more than eight times, to 125 million units, while Chinese T-shirt exports to the EU for the first three quarters of this year swelled by 320 per cent over the same period last year. Vietnamese T-shirt exports to the same market decreased by 10 per cent over the corresponding period.

This extreme condition stems from a 10-15 per cent reduction in the competitors' production costs as against last year, while Vietnam's production costs have either stayed constant or reduced by only 5-8 per cent. Many local textile and garment companies believed that it is hard for them to survive in competitive foreign markets with higher production costs, and local enterprises had to make hard attempts to decrease their cost disadvantages, which would also support increase their competitive edge, not only in case of product pricing but also quality standards and delivery schedules.

Currently, only few large domestic garment makers such as Nha Be and Viet Tien have started using latest equipment and made latest updated facilities to decrease production costs in order to hold on to traditional customers and pull new ones towards them in big export markets like the EU and US. Despite EU's lift of the textile quota on Vietnamese garments, exports to this market stayed sluggish due to stiff competition from Chinese goods.

Production capacity and price factors

The local textile and garment industry of Vietnam still experiences, from one perceptive, a shortage of laborers and the potential risk of dumping lawsuits. Though, Vietnam's garment and textile sector has objected to raise investment as well as making raw material centers and apparel-specific industrial parks to increase localized production capacity and material supplies.

Annual production capacity

. Cotton and blended yarns - 75,000 tons

. Sewing and embroidery thread - 700 tons

. Acrylic and wool/acrylic yarns - 3,000 tons

. Fabrics - 140 million square metres

. Knit products - 25 million

. Garment - 54 million pieces

. Towel - 140 million pieces

In addition to the insufficient quota, the high price of exported apparel has been regarded as a barrier to Vietnam's efforts to increase export volume.

According to the Ministry of Trade, apparel products of nearly all categories have export prices 5-7%, or even 10% higher as against prices provided by Vietnam's competitor, covering China, India, Bangladesh and Indonesia.

For example, the unit price for category 338/339 in Vietnam is $5.79-8.2 per sq m. while it is available at $4.66-4.88 in Bangladesh, $6.46-7.84 in Indonesia and $4.68-5.84 in China.

Trade experts have suggested the apparel producers to accept a decrement of 5-10% in orders implementation in a bid to bring more clients. The producers have also been informed to focus on high-quality products to increase competitiveness.

Vinatex Group: The co-operative efforts and expansion

The National Textile and Garment Corporation (Vinatex) was set up in 1995 and has contributed a lot to the development of the national garment industry for 10 years now. Though, the corporation has only 105,000 workers or 10 per cent of the workers of the national textile and clothing industry, but last year it made an industrial production value of nearly VND 9,500 billion or 32 per cent of the industrial production value of the sector. Particularly, the corporation received an export turnover of over $1,035 million or 23.6 per cent of the export value of the industry. Its annual profit is VND 510 billion and share to the State budget is VND 1,768 billion.

In the spinning sector, Vinatex possessed 9, 00,000 spindles and 6,000 rotors, from which over 40% are latest, imported from Germany, Italy and Japan. Every year, this sector produces 75,000 tons of cotton and blended yarn, 700 tons of embroidery and sewing threads, 3,000 tons of wool acrylic yarns and 5000 tons of jute yarns. In the weaving sector, Vinatex is working with 6,400 looms such as shuttle, rapier, projectiles, air-jets and water-jets. The productivity is 140 million square meter of fabric per year. Most of its machineries are imported from Belgium, Germany, Switzerland, Japan and South Korea.

In reality, the corporation is at present working in the form of a mother and subsidiary business. Forty out of fifty two of its affiliates have been equities so far. Vinatex possesses major contributions and is a mother company of 28 out of the 40 equity enterprises. Furthermore, Vinatex has reorganized 9 state-owned businesses' of it's into one-member limited companies working in accordance with Corporate Law. Fifteen among its affiliates have started in the mother-subsidiary model for long. So the Government's decision on establishment of the Vinatex Group is a firm legal basis for operation of the corporation and its further shares to the development of the national textile and garment industry. It possesses 3 training schools and 3 research institutes offering many services to business that are not its affiliates.

Viet Tien Garment Co received an inspiring profitability of 35 billion VND, followed by Phong Phu Garment and Textile Co 25 billion VND and Nha Be Garment Co 20 billion VND.

In the interim, only five out of 200 Chinese exporters have achieved the revenue of more than $1billion. In order to have one of the 10 largest apparel exporters, Vinatex will spotlight on strengthening production, making trade marks and developing domestic and export markets.

The goal for the group is to become the foremost multi-ownership group in terms of both, production capacity and competitiveness in the area by 2010. They will have a number of first brands, an export value of $2.5 billion by 2010 and $3.5 billion by 2015 and 250,000 workers by 2015. The Vinatex Group will be one of the biggest textile and garment groups in Asia if these goals are gained.

Under the development plan, in 2006, Vietnam will focus on making up textile and garment material trading centers, which are regarded as the most important infrastructure for a good garment industry. In the near future, Vinatex will establish the design and industrial fashion models business centers in Hanoi and HCM City. In the domestic market, Vinatex has established 28 supermarkets nationwide. It is setting up to constantly increase the agent network in order to dominate the domestic market, offering as the starting point for export.

Vietnam is planning to build 10-20 national brand names, of which 1-2 brand names will be promoted abroad. It is also planning to cooperate with 2-4 foreign brand names to produce products in Vietnam for domestic use. Vinatex also plans to start a representative office-cum-showroom at Dusseldorf -Hannover, a fashion centre of Germany and the entire EU. Not only this, but it is also planning to start an office and a shop in Budapest, Hungary, in September 2006.

This year Vinatex, which possesses more than 50 member companies and subsidiaries, is expecting to make 570 million sq.mt of silk, 137.6 million of knitwear and more than 1 billion of apparel.

Vietnam's apparel makers will still have to face a lot of problems this year since Vietnam has not yet become an official member of WTO.

The post quota scenario and India's position in the free trade market has become the talk of the town. The Indian textile and apparel industry's scenario went unnoticed by one and all for quite a long period. Finally, the industry seems to have a new lease of life, thanks to the nearing of the deadline for the phasing out of the Multi-Fibre Agreement. Many companies are now planning to expand, modernize, as well as restructure, which are all signs of preparations for the quota-free regime. The word is out and it is for all to know that the Indian textile industry is emerging as the next best option to China, no doubt that a plenty of improvement is required.

Importers from developed countries are attempting to decrease their dependence on China and are increasing sourcing from India. Already, for categories coming off quotas, we have observed huge development in exports from China, while production plants in other countries like Indonesia have been closing down. Also, within countries like India, one can see some more competitive companies develop speedily, while others are dwindling. Others consider that the US and Europe will not allow a country like China to develop, and will use available mechanisms to slow the rate of sourcing from China.

The sound position of India With the country's budget supporting the textile sector, companies that had shifted out of India, to beat the quantitative barrier on exporting from India to the US, EU and Canada, are considering to return to India. Already many Indian companies like Arvind, Ambatur clothing, Gokaldas India and many other exporters are shifting their endeavors to India. In the post quota period, India is likely to attract huge investments in manufacturing.

According to the experts, China has been offering goods at 15-20 per cent lesser prices than India. But in a post-WTO world, where labor law implementation becomes necessary, labor charges in China will surely increase. Further more, China is largely into bulk exports, which comprise only 20 per cent of the global trade. The future of export is fabrics, fashion garments and made-ups and India being more into it will be a winner amongst it.

According to the study by United States International Trade Commission (USITC), India is in a favorable position in the post-quota regime. It states the country would gain due to the labor force, which is among the cheapest in the world and is best in designing. Indian apparels are exported to over 120 countries, which is the most noteworthy achievement among nations that are parties to the Multi-fibre Arrangement (MFA) covering the US and Western European nations. The exports to the MFA nations comprise 60 per cent of Indian exports. The USITC study further says that the US companies find India textile manufacturers more transparent and well-managed. Though, the industry identifies its fundamental weaknesses.

A recent report from the World Trade Organisation (WTO) has forecasted that the influence of the phasing out of the ATC will have China and India dominating the world trade in textiles and clothing, with post-ATC market shares for China alone projected 50 per cent or more. Though, the report also suggests that smaller players might not be as adversely affected as assumed.

Both India and China will nearly double their market share, and China will be the single largest exporter. The study explains that in the clothing sector China and India jointly receive 65 per cent of the total export to USA. China triples its market share while India's market share is quadrupled.

The report recommends that the result of phasing out of quotas will depend much more on the existing tariff rates and the preference margins of countries receiving such preferences than is confined by the conventional estimates. Second, time to market is significant and increasingly so, mainly in the fashion-clothing sector. Hence, countries nearer to the major markets are expected to be less influenced by competition from India and China than has been anticipated in earlier studies. Mexico, the Caribbean, Eastern Europe and North Africa are therefore expected to remain important exporters to the US and EU accordingly and perhaps maintain their market shares.

The countries that are most probable to lose market contributions are those situated far from the major markets and which have had either tariff and quota -free access to the United States and EU markets, or which have had non-binding quotas. These countries will certainly experience adjustment problems. Also, local manufacturers in EU, the United States and Canada are likely to lose their market shares.

But the anticipated increase in market contribution may be less than projected, as nearness to the major markets assumes rising economic importance and tariffs are increasingly restraining trade because of the fact that products cross borders many times. Also, many developing countries are catching up with China in terms of unit labor costs in textile and clothing sector and China has of yet not shown its strength in the design and fashion segments of the markers.

Western consumers now spend less but shop more frequently for ever-changing fashions, pushing the industry to change production frequently and get new designs into stores more quickly. This becomes an advantage to exporters who can then provide the combination of short delivery times and low costs. Their position is enhanced even further by preferential access to the markers through regional trade agreements.

Though, the DHL-McKinsey report suggests two different post quota scenarios. One is that the US and EU will completely liberalise and permit brand owners and retailers to source without any restrictions. A second scenario is that they will enforce transitional protection devices and / or increase duties to restrict imports. We don't believe that it is possible to forecast a result. The only thing we can do is understand the implications of these two scenarios.

Under the first scenario, the report suggests that China could capture up to 50 per cent of the world exports, allowing it to grow approximately to 20 per cent per annum over the next four years. Under the second scenario, China's growth could be restricted to be less than 10 per cent for a number of years.

In either scenario, India could be the next largest gainer after China: India has the possible benefit of local textile manufacturing, competitive labor costs and strong capabilities in particular categories. This is observed in its high current quota fill rates to both the US and EU. In reality, we estimate that exports could grow at 15 to 18 per cent pa, considerably quicker than its historical growth rate of 6 per cent pa, if some key modifications are made. This is achievable even if India cannot take any share from China, and cannot compete with the free trade zone. By increasing its share in countries outside the free trade zones, India should be capable to capture 5 per cent share of the world market for apparel exports by 2008, and yield an export value of $25-30 billion by 2013. However, if India only continues with piecemeal implementation of reforms, we anticipate the fastest it can increase will be 8 per cent pa.

The requirement to achieve this position

The McKinsey study compared productivity in various leading Indian industries with other countries. The study covered the garment industry and analyzed a number of men's shirts produced per hour by India tailors, domestic producers and exporters in comparison with Chinese exporters and US producers. Productivity of Indian exporters is 35 per cent of US levels, against Chinese exporters that work at 55 per cent. The overall productivity of the Indian industry, covering tailors and domestic producers, is only 16 per cent of the US.

So what drives the lower productivity of Indian exporters? These points can be remarked through a combination of government led reforms and developments in management procedures. Let us consider the government modifications first.

Need for Government Reforms

Although the government has done some progressive modifications (e.g. de-reservation 6 readymade woven garment sectors), still many basic reforms are required.

. Foreign direct investment Attracting more investment, particularly foreign investment (FDI), should be a main concern. This will require making level domestic market playing fields through increasing de-reservation to the remaining knitwear segment (hosiery and cloth), and further decrement in import duties on apparel, textile and machinery. Although this will be of main advantage to the local market, as it will improve the competitiveness of big scale producers. Further decreasing import duties on fabrics / garments to Asian levels.

. Modification in labour laws More flexibility is required to facilitate retrenchment in case of units with more than 100 workers. Presently this takes many years and works as a deterrent to investment. There also need to be more safeguard against labor unrest and exemption in the Shop and Establishment Act to permit women workers in the night shift (this is at present available for workers in the software services and ITES segments).

Other modification needed

Further more, there are many modifications needed in many other areas:

. Simplifying taxes Imposing uniform VAT across states will encourage companies to establish large-scale units. Moreover, rationalizing excise duties between cotton and man made fabric will also be needed.

. Modification in infrastructure Modification in infrastructure, communication and power condition is required. More well-organized ports, like the new Bombay port and private ports will be required as India increases its exports.

. Make procedures simple Many manufacturers complicate and delay the import and export of products. Long custom procedures and documentation are the key hurdles.

. Signing bilateral agreements Signing bilateral agreements with US and EU under the quota free system will need to be competitive as compared to other low cost exporters such as Sri Lanka and Bangladesh.

. Modification of management needed Completely experiencing the growth potential will also need producers to increase productivity and performance in the following manners:

Investing to maintain relationships with the right customers

For Indian producers to win longer term, they require to be supplying brand owners and retailers who will be successful and developing.

Contribution of specialised retailers is increasing. In the last decade, the share of discounters (e.g. Wal-Mart) and vertically integrated specialty stores (e.g. Nike) raised by nearly 10 per cent points, with the result that they control almost 40 per cent points of share in both, the US and Europe. Considering the constant projected growth of discounters and vertically integrated specialists, it will be vital to aim for the winners in these sectors.

Consolidation to achieve scale drove a 33 per cent reduction in the number of retail players between 1995 and 1999. The termination of many players makes it even more crucial to target the winners.

Direct sourcing has increased in Europe from 15 per cent to over 30 per cent of retail volumes.

This has been determined by the development in vertically integrated specialists, as well as the retailers managing more direct sourcing to increase their margins.

Requirement of supply chains

. Optimization of time to market and logistics costs

Many consumers have established the benchmark by moving production to retail time down to 4 weeks. They have indicated to decrease apparel product development lifecycle from around 12 months to nine months. Maximizing transport modes is one opportunity being followed aggressively by sophisticated customers and suppliers and is a mainly an important issue for India considering its distance from main markets, particularly the US.

. Reliability and security

Many manufacturers are inviting their logistics partners to work with suppliers on quality controls with vendors.

. Supply chain visibility

More customers are in need of production and shipment data incorporated with their own systems to assess easy tracing and inventory management according to their needs. Some are even charging penalties if shipment information is not offered on a regular basis.

. Value added requirement

Higher end consumers require prompt and perfect services such as ironing, hanging and special packaging.

Modular office buildings are a practical, modern way to maximize space and delineate limits and boundaries in any work environment. In fact, this has become a prevalent design in millions of office buildings around the world. It is a popular choice for interior offices, clean rooms, manufacturing rooms and is widely used for industrial wall systems. A modular office is sleek with clean lines and works best especially for companies with numerous employees.

If you want the modular office look for your building, here are a few tips that could help you:

What they are

Modular office furniture are also known as cubicles and may be purchased piece by piece. They have interlocking devices and may be expanded depending on need. Modulars are a great choice if you have a young company with the possibility of expanding. Modulars expand as your business grows.

There are two types of modular designs: the freestanding and the panel-mounted. Freestanding components consist of lone panels that are used around other furniture. Panel-mounted modulars are the more common type and consist of basic wall panels with attachments like desks and cabinets.

Depending on your need, each design has its advantage and disadvantage. Freestanding panels are easy to install, move and rearrange. They are a good choice if you already have existing office furniture. Panel-mounted furniture offer better choices in terms of design. Panel-mounted modulars can also include power options and have the convenience of a ready desk and storage, effectively eliminating the need to purchase more office furniture.

Sizes

There are standard sizes for modular office furniture, the most common of which are the 6’x6’, 6’x8’ and 8’x8’. Smaller units measure at least 2’x4’ while larger units can go as big as 12 feet. Most small units are used for simple workstations while medium-sized units are used for one or two personnel or as a separate area for meetings and group work.

Another thing you should consider is the height of the wall panels, which typically starts at about 3 feet and can go as high as 7 feet. For more privacy without actually isolating someone, a 4 or 4.5-foot wall panel is a good choice. Taller wall panels can also block lighting, although they do reduce a lot of distractions.

Real Time Gross Settlement (RTGS) is a specialized central bank application that ensures the settlement of critical payments in the financial system. Given the relatively small number of countries on our planet, one would think that the proliferation of such systems is universal. This is not the case as recent research has shown.

This Fall saw the publication by the New York Federal Reserve Bank of, Staff Report (No. 260, September 2006) entitled “Technology Diffusion within Central Banking: The Case of Real-Time Gross Settlement”.

The report examines the speed and the rate of the introduction of RTGS systems and technology to central banks. At the time of publication there were 174 central banks around the world. Starting in 1985 when only 3 central banks operated RTGS systems, the end of 2005 saw 90 central banks operating such systems. The remaining 84 banks are expected to have all introduced RTGS systems by about 2020.

The paper summarizes what RTGS is as well as the role of the G10 and the BIS in setting the standards and being the driving force in the move to RTGS adoption. Interlinked systems, such as TARGET (and also CLS to a lesser extent) have helped force the pace of change.

The introduction period is exceptionally long, having taken 20 years to move from 3 central banks to 90 central banks and the anticipated additional 15 years to cover the remaining 84.

The report finds that the spread of RTGS systems is consistent with the standard S-curve prediction (initially take-on is low led by “innovators” after which the rate increases as “early adapters” introduce the system after which the rate of increase levels out).

The chance that a country introduces RTGS in a given year increases significantly in the level of real GDP per capita. Moreover, countries with a lower relative price of capital and countries whose major trading partners adopted RTGS are also more likely adopters.

This suggests that, beyond market forces reflected by real GDP and capital costs, spillovers seem to play a significant role in the adoption of this financial innovation. These spillovers seem to be transferred mainly through trade relationships. To what extent the pattern of RTGS adoption reflects central banks’ technology decisions is uncertain and is suggested as a source of further research.

Other factors that are seen as determining when a central bank will switch to RTGS are:

•Price of information & communications technology – The lower the relative cost the more likely the central bank is to switch to RTGS.

•Relative size of the central bank – the more central bank staff in relation to the overall population, the slower the rate of switching to RTGS.

•Financial market development – the more sophisticated/ developed the faster the pace of RTGS implementation.

•Membership of international organizations – Membership if bodies such as BIS, EU force the rate of RTGS adoption.

•Bilateral trade – the level of international trade also appears to be a positive factor especially if trading partners have RTGS systems.

From a systems developer's point of view there is still a lot of life left in the central bank RTGS market. Added to this is the fact that many of the existing systems are going through a process of being upgraded. The original "1st Generation" RTGS system are being replaced with "2nd Generation" versions that include many new features with various degrees of hybridization as is illustrated in the Bundesbank's RTGSplus.

One of the most effective methods for growing and improving upon your current business is to solicit feedback regarding your products or services directly from your customers. There are many ways the information you attain from customers can be valuable, including:

Gauge overall customer satisfaction - You can see just how satisfied your customers are, and if they aren't, ask them exactly what the problem was and what you can do to fix it. For customers that are satisfied, you can learn more about what they like about your company.

Estimating customer loyalty - You can gauge the likelihood that a customer will use your products or services again through their survey answers.

Gauge effectiveness of marketing campaigns - By simply asking the client how they found out about your company, you can see what marketing campaigns are bringing in the sales and which are not, and make adjustments to your marketing efforts accordingly.

Estimate interest in new products and services - You can present the customer with sample products and services that you have not yet launched and get their feedback on whether they would be interested in it.

Test new products and services - You can invite current customers to try out a new product or service before you make it available to the public. Then use follow-up surveys to find out how well the product or service is liked, what can be improved and even how to price it.

Reveal demographics - By surveying your customers, you can ask them specific questions about who they are and use that demographic information to target your marketing efforts.

Gain a competitive advantage - You can ask if the customer has tried your competitors products or services and find out what differences drew the customer to or away from your business and to or from your competitor.

Price better - Ask your customers about your prices and see if they would consider paying more for certain services or if they would purchase more if a certain package was priced less. You can even get the exact price points for which a customer deems something to be too expensive to purchase or too inexpensive to purchase.

Pre-sales information - If a customer comes to your website and puts items in their cart, but fails to follow through with the transaction, then you can have a survey pop up asking why they abandoned their cart. This can help you discover problems with your ordering process.

Surveys are cost effective - Getting feedback from your customers through surveys is very inexpensive. You can do it in-house, by calling, emailing or setting up a web form. Or you can use a third party service like SurveyMonkey.com, which makes it very simple and easy to create, implement and analyze customer feedback surveys.

With the customer data you receive, you can further analyze and refine your course of business, customer service guidelines, packages, pricing and marketing. Careful analysis of this data can help you to increase your business, but most of all, increase sales and overall customer satisfaction.

The complete bartender has specific qualities that his or her customers benefit from. I am sorry to say, but not a single one of these qualities includes anything physical. Yes, it is nice to have a decent looking person serving you from behind the bar, but that is not the most important thing and most customers will gladly trade in a hot bartender for one that will take care of them the right way.

Quality #1 – The complete bartender knows how to keep your drink full

The first thing a complete bartender will do is make sure you always have something to drink. The bartender should be asking you when you have about ¼ of your drink left if you want another one. If they are a complete bartender their timing will have you ready to have another one when they ask.

Quality #2 – The complete bartender will know their current events

If you are at a sports bar and your bartender has no idea what is going on in the world of sports, then they are not a complete bartender. The complete bartender may not know every score, but they know what the most local team did and they know all the big news of the day in sports. They should also have knowledge of what is going on around the world.

Quality #3 – The complete bartender goes from conversationalist to drink maker in a matter of seconds

A bartender needs to know how to talk with you when you are one of the only customers in the bar, but when it gets busy they need to be able to flip a switch and turn on the drink maker in them. This is the most important quality when it comes to speed bartending, and the complete bartender does this without hesitation.

There you have it the three too qualities that the complete bartender possesses. These are the most important qualities for the complete bartender, but they will possess even more. You will know this bartender when you meet them. They just seem to always have the answer and they are always on the ball.

One of the most effective methods for growing and improving upon your current business is to solicit feedback regarding your products or services directly from your customers. There are many ways the information you attain from customers can be valuable, including:

Gauge overall customer satisfaction - You can see just how satisfied your customers are, and if they aren't, ask them exactly what the problem was and what you can do to fix it. For customers that are satisfied, you can learn more about what they like about your company.

Estimating customer loyalty - You can gauge the likelihood that a customer will use your products or services again through their survey answers.

Gauge effectiveness of marketing campaigns - By simply asking the client how they found out about your company, you can see what marketing campaigns are bringing in the sales and which are not, and make adjustments to your marketing efforts accordingly.

Estimate interest in new products and services - You can present the customer with sample products and services that you have not yet launched and get their feedback on whether they would be interested in it.

Test new products and services - You can invite current customers to try out a new product or service before you make it available to the public. Then use follow-up surveys to find out how well the product or service is liked, what can be improved and even how to price it.

Reveal demographics - By surveying your customers, you can ask them specific questions about who they are and use that demographic information to target your marketing efforts.

Gain a competitive advantage - You can ask if the customer has tried your competitors products or services and find out what differences drew the customer to or away from your business and to or from your competitor.

Price better - Ask your customers about your prices and see if they would consider paying more for certain services or if they would purchase more if a certain package was priced less. You can even get the exact price points for which a customer deems something to be too expensive to purchase or too inexpensive to purchase.

Pre-sales information - If a customer comes to your website and puts items in their cart, but fails to follow through with the transaction, then you can have a survey pop up asking why they abandoned their cart. This can help you discover problems with your ordering process.

Surveys are cost effective - Getting feedback from your customers through surveys is very inexpensive. You can do it in-house, by calling, emailing or setting up a web form. Or you can use a third party service like SurveyMonkey.com, which makes it very simple and easy to create, implement and analyze customer feedback surveys.

With the customer data you receive, you can further analyze and refine your course of business, customer service guidelines, packages, pricing and marketing. Careful analysis of this data can help you to increase your business, but most of all, increase sales and overall customer satisfaction.

Sales clerks who stand behind the counter gabbing to friends and ignoring the customer in front of them; product return personnel who refuse to honor their store's return policy; bank employees who get surly and defensive when questioned about possible errors on a depositor's bank statement.

These slights and others can cost a business thousands in lost revenues and even the loss of their reputation in the community. Customers who have been treated rudely or who see themselves as having been cheated or ripped off in some way are likely to vote with their feet, walking out of a business and in the door of a similar business down the street that presents itself as more welcoming. Even more serious, customers who see themselves as slighted generally tell other people, which can impact a business's reputation very quickly. Once tarnished, a company's public reputation is very hard to repair.

Proper hiring and training of customer service personnel is paramount. Employees who enjoy interacting with customers and who genuinely want to help resolve problems are a valuable asset to a business. Beyond that, company customer return policies and problem resolution procedures must make it easy for employees to make things right for the customer; the most enthusiastic, dedicated employees in the world aren't going to be wholly effective if company policies work against them in their dealing with the customer. The success of any business depends on its relationship with its customers; and the relationship with its customers depends on the employees who interact with them on a daily basis. Hire the right people and give them every tool available to serve customer needs efficiently, respectfully, and well, and the result will have a powerfully positive impact on the bottom line.

Companies that traditionally wholesale their goods to commercial markets are finding a niche in retail sales, selling their wares to individuals over the Internet. Sales of goods ranging from designer jewelry to gourmet coffees are perfect for the Internet. Items that might not be able to support a brick and mortar store, with its need for regular hours, an ever-present sales staff, and lots of inventory, can easily be operated as a sideline by a wholesaler. Software that creates a retail website with online credit and debit card capability is easily accessible and not that expensive; predesigned templates make it easy to give the website a unique and professional look.

One jewelry wholesaler lives in rural New Hampshire and wholesales her jewelry to customers all over the Eastern Seaboard. She recently decided to start a website retailing selected pieces of her jewelry to individual customers via the Internet, and is pleased with the results. "I find that I am enjoying the creative process," she said. "It's fun to see what pieces will really sell and what won't. And I'm finding that items that sell well on the Internet are often successful if I feature them to my wholesale customers."

Green Mountain Coffee Roasters in Vermont is primarily a wholesaler distributing gourmet coffees to supermarkets and convenience stores in the region. Their convenience store clients make up urns of several of their blends for sale by the cup to their own customers; the supermarkets offer the beans and ground coffees as well. Their unique blends and the availability of some organically grown coffees make them a popular product over a wide range of retail markets.

And they have their own presence on the Internet. Individuals can buy any of their blends by the bag, or in prepackaged K-cup portions that promise a perfectly brewed cup of coffee. Also available, and especially popular for birthday, anniversary, or holiday gifts, are an elegant selection of samplers, gift baskets, and fine coffeemaking accessories.

The Internet has opened up a whole new set of options for wholesalers and let them into a consumer market that they might not have considered otherwise. For many wholesalers, the Internet has literally allowed regional companies to go global.

"Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit." Conrad Hilton

1. Get rid of clutter. Too much "stuff" in your office and inside your home clutters your mind, creates confusion and exacerbates stress. Start by cleaning only one area at a time. What items do you have that either need to be donated, sold, or put back where they belong? As you're cleaning and putting things away, say to yourself, "Everything has a place." This is a phrase I often heard by my dad while we cleaned house and it still rings in my ears every time I clean.

What clothes do you have that you haven't worn in a year? Where by some miracle you're hoping to fit into them again? Donate these items to a local charity. What piles of paperwork are lying around that need to be filed? Studies show that 85% of everything that gets filed away never gets looked at again. If this is the case, consider starting an archives file. You'll feel more energized, less stressed and more self-confident when you eliminate clutter.

2. What's going on outside you is a result of what's going on inside you. What self-limiting beliefs do you have about your skills, aptitudes and abilities? Be honest with yourself and write them down. You don't have to share them with anybody. The average person has 50,000 to 60,000 thoughts a day. When we talk to ourselves about ourselves, much of that self-talk is negative. As the saying goes, "How many times in a day do we ‘should' all over ourselves with everything that we should be doing?!" Get rid of the "shoulds." Become more aware of your thoughts, change them into positives, and you'll start achieving more success.

3. Enroll in a sunrise semester. Spend 30 to 60 minutes a day first thing in the morning reading motivational, inspirational or other pertinent information related to your chosen field. Your subconscious mind is most amenable to suggestion FIRST hour upon arising, and that LAST hour before bedtime. As John Wooden once said, "If I am through learning I am through." Stay current and constantly upgrade your skills.

Learn more to earn more and to improve performance. Much of this is stuff we already know. Yet, often we need to hear it again because we don't "do" with what we know. Invest at least 3% of your income in personal and professional books, CD's, e-books and teleseminars. If you're pressed for time listen to CD's in your car on your way to work, picking up the kids, or driving to and from the supermarket. Attend seminars and conferences no matter what the distance. It is worth the investment in keeping you motivated.

4. Become more self-disciplined. The difference between successful people and unsuccessful people is that successful people make themselves do things unsuccessful people don't want to do. It's that simple. Once you start an important task, discipline yourself to keep going. Focus on it single-mindedly until it's complete.

Be more aware of your every day habits and what distracts you. Make a list of the activities you engage in that are a waste of time. Resolve to eliminate them altogether or delegate them to someone else. Start by determining which activities only you can do. These are the ones you must do. Outsource everything else. The ability to determine where you should spend the majority of your time and then complete those tasks can have more impact on achieving your goals than anything else.

5. To improve performance and productivity work faster. Compete with yourself. Make it a game. Resolve to work more effectively and efficiently throughout your work day. Try arriving to work earlier and leaving a little later. Many business people in my speaking engagements tell me they get so much work accomplished when they arrive to work at the crack of dawn. No one else is in the office and there aren't distractions. Try this at lunch as well. Everyone leaves from noon to one in the afternoon. Cut back on frivolous time wasters such as talking with co-workers around the water cooler and other idle chit chat. This will free up your time for the things you really enjoy, like spending time with your true friends, family and loved ones.

6. Review your values and priorities and make sure your goals are consistent with what's important to you. Otherwise, no matter how much you think you want something, you won't work hard to achieve it if it's not in line with your core values. Write down each individual goal you think you want. Is it consistent with giving you greater peace of mind and happiness?

For example, values that are important to me in terms of work are helping others, freedom, creativity and flexible hours. A corporate job where I'd sit in an office all day would make me unhappy no matter how much it paid. So start by clarifying your values.

Success means many things to different people. In powering up your performance for greater success, first determine what you really want…and why. For example, do you really want a new car out of necessity, or is it to compete with the neighbors next door? No matter how much effort you put into achieving your goals, if they don't fit in with what's really important to you, you'll find ways to procrastinate or sabotage. It's easier to be self-disciplined when you're passionate about something and it fits in with your core values.

Each of us has a unique and significant set of traits, abilities, passions, and skills that we offer to the world. This is our voice. When we are expressing our voice we feel significant, valuable, and joyful. We seek and find a sense of meaning in our work and in our lives when we are operating at this level. When we are expressing our voice we are in alignment with who we are. I have met many people in organizations who are doing this. They love their jobs; they are passionate about what they do; they love making a contribution; they are constantly learning and growing; and they feel fulfilled doing their work. When you have an organization where everyone has found their voice, you have one great choir--harmonious and magnificent. You have people supporting one another to express greatness.

Recently I read The Eighth Habit, by Stephen Covey. The eighth habit is: "Find your voice and inspire others to find theirs." This book is a must read for all of you who see yourselves as leaders. Dr. Covey presents some disturbing statistics that demonstrate that most of us are not in the choir. He presents the following data collected in a survey of 23 thousand U.S. people employed in organizations.
• 37 % have clear understanding of what their organization is trying to achieve.
• 20 % are enthusiastic about the organization goals.
• 20 % see how their tasks match up with the goals.
• 50 % are happy with what they have accomplished by the end of the week.
• 15 % feel their organization enables them to accomplish goals.
• 17% see open communication in their workplace.
• 10 % believe people are held accountable.
• 20 % trust the organization they work for.

Dr. Covey puts it into perspective when he imagines if a soccer team had these scores:
• Only four of the eleven players would know which goal was theirs.
• Only two of the eleven would care.
• Only two would know which position they play.
• Nine of the players would in some way be competing against their own team.

Covey attributes much of this to the fact that so many people do not find meaning or joy in their work. The answer, he says, is to help each person find their voice. I recommend you read the book. The Eighth Habit, through research and logic, presents a convincing case that the "carrot and stick" method of management is not effective. It is not effective in our workplaces, nor is it effective at home or at school.

Another recent book, Unconditional Parenting, by Alfie Kohn, cites numerous research studies that authoritarian and punitive parenting is ineffective. The results of highly controlling parenting are children who are either overly compliant, or overly defiant. It seems that whether we are dealing with children or adults, the use of rewards and punishments creates more problems than it solves. The problem is that controlling people doesn't really teach them. Controlling others doesn't bring forth their best selves. It doesn't help them find their voice. As a result people are not internally motivated.

As I listen to people in various organizations, and as I read the literature from various fields, this is what I find:
• People don't feel respected.
• People don't feel valued.
• People don't feel listened to.
• Many people feel directionless and powerless.
• Many people are focused on external factors such as punishments, rewards, grades, approval, disapproval, criticism, profits, and social recognition rather than internal factors such as personal responsibility, compassion for others, the desire to contribute and serve, and finding/expressing one's voice.

The thought occurs, "Somebody should do something." But who is somebody? Who will lead us? I suggest that it is you. Yes, you the reader of this article, are the leader we have been waiting for. Yes, CEO's, presidents, Executive Directors, and managers need to change, but we are all responsible. We are all responsible for looking within ourselves and finding meaning, finding our voice. It's time to eliminate the excuses, to stop blaming management; to stop blaming your parents; to stop blaming the government and ask the big question: "What can I do?" Whatever the situation is, we need to accept that it is what it is, and now we need to figure out what we can do about it. Blaming managers, blaming employees, and blaming circumstances are a waste of valuable energy and serve as excuses for not taking responsibility.

You can find your voice. You can help others to find theirs. You can realize that a paycheck is a result of doing good work, but it is not the reason you were hired or the reason you are in business. You are there to serve. And when you are serving well, you enjoy your work. And when you serve well, most often you tend to be paid well. And if your organization doesn't pay you well in spite of your incredible service, your track record and your positive energy will get you work somewhere else where you are compensated well. Or, you can utilize your tremendous skill and service orientation to create a lucrative sideline business. If your real dream is doing something else somewhere else, stop waiting, start planning, and do it.

We wait for the right CEO or the right president to come in and "turn this place around" and start treating people with respect. The person who can turn this place around is you. Here is how:
• Notice how you feel at work. The thoughts you think and the emotions you have are what you are giving to employees, managers, customers, and anyone else you meet. Is what you are thinking and feeling helpful to them? If not, are you willing to imagine and become a more positive you?
• Dig deep and find your passion. Don't let anyone talk you out of it.
• Be honest, and compassionate with everyone, especially your boss.
• Ask your manager, or whoever is above you, how you can help make the organization stronger--how you can help him/her create a more successful organization.
• Eliminate "I can't because..." from your vocabulary and focus your energy on creative ways to get it done anyway. This means working smarter--not harder.
• Ask your employees and coworkers how you can support them -- and listen to them when they reply.
• Treat each person you meet, whether they are an adult or a child, as a highly respected being. Do your best to understand their needs and concerns.
• Focus your day on helping, on listening, and on being present in the moment.
• Make sure that each word you speak, each action you take, contribute to the success of the people you are with and to the overall success of the organization. That means stop the gossip and stop listening to the gossip. Move beyond complaining to creative action. With your speech and your actions you are either building or destroying. Which do you prefer?
• Stop whining! It is unbecoming of you.
• Help others find their voice. It is the most rewarding thing you will ever do.
• Excuses, blaming, and "reasons" are all ways in which you give away your power. Claim your power by being a possibility thinker. Look at any situation and ask: "What possibilities can I find or create?"
• Refuse to be a victim. Envision what can be and start taking action toward that vision.
• No one you know needs fixing. They just need to learn who they are and find the confidence to be who they are. Help them be successful.

Online mortgage training is become more and more popular. Companies don’t have the time or the necessary resources to train all of their account executives and loan officers. Plus if you ever wanted to open your own mortgage brokerage it would be nice to be able to train to do it for very cheap.

Is online mortgage training really worth it though? Well, let’s look at how the industry trains you if you are hired as an entry level account executive or loan officer.

The first thing they will do is sit you in a room by yourself to watch a few video tapes. Usually these are either about the company, the local laws for the industry, or about sales. If you actually make it through these without falling asleep the next portion is all book training. I can remember reading for what felt like 5 days at 8 hours a day. Let me just say I took a few naps.

Then, you will shadow someone as they do telemarketing and take phone calls. This is also boring because nobody wants to be a telemarketer and you don’t learn the ins and outs to getting leads without having to make cold calls all the time.

Now, let’s take a look at what online training will do for you. If you decide to train as an account executive or loan officer online you can gain a lot of necessary skills at your own pace without sleeping through boring videos. Being able to study the material at your own pace allows you to choose how long you spend on it each day.

Then, when you get hired you can tell your new boss that you are already trained and are ready to jump right in. You may still be required to do some telemarketing, but because of the online training you will be able to create your own leads and you won’t have to do anymore cold calls.

All in all, I prefer the online training over the traditional boring reading material and videos. It taught me skills I desperately needed and allowed me to step up my game a little bit and make some extra money.

Starting up your own business can be an extremely daunting task. Getting it up and running is a huge gamble as if the business fails the lcost to you is often high in terms of lost investment of your time and money. Twenty per cent of businesses fail in their first year, and an additional thirty per cent will fold before they reach three years old. Make sure you know what the biggest pit falls are so you can avoid your own business becoming part of this statistic.

Be realistic about the potential profit your business will make in its early stages. Optimism is a good quality, and often necessary if you are to have the determination needed to see you business idea through. But over optimism about the size of your market or popularity of your new product can tempt you to overspend on materials, manpower and other expenditures which may not be necessary until your business has become more established.

Do not become so introspective about setting up your business that you take your eye off the competition. Check advertising, press releases, websites and trade fairs to see how your new business can compare to existing competitors and discover where you can find a niche. Remember, it is not just companies similar to your own which you need to keep an eye on. It is essential to also look at businesses or opportunities that offer new and exciting services which could make the need for your products or services obsolete or, at the very least, decrease your market.

It should be one of your first considerations when setting up a business, but many entrepreneurs fail each year because of lack of capital. Make sure you have a top notch business plan so you can secure sufficient funding from investors. It is also extremely important that you have a contingency plan and money set aside for the unforeseen costs which nearly always arise.

If you are selling a product, one of your priorities should be to assess the quality and reliability of your supplier. Run a credit check on them so you can be certain they are not about to go into liquidation. It should also go without saying that you should thoroughly research other potential suppliers to ensure they are giving you a good deal – the higher the cost of your supplier, the less profit your business is going to make.

If you have taken heed of all the above, your next big consideration is how to employ the right staff. You may have a watertight budget, a successful business plan and a high quality supplier, but if you have incompetent staff then your business may never get off the ground. Not only will ‘behind the scenes’ operations suffer from poor staffing, customers will be turned off by inadequate staff.

If you start your own business, you are likely to be in for an extremely stressful and exhausting first year, but it will pay dividends financially and in your personal satisfaction in the long term. With a willingness to show the dedication needed and the knowledge of what makes a good business, you will be much more likely to be a great success in your new venture.

Survivor is the grandfather of all reality series. This is undeniable. Survivor was the instigator in what can now be considered TV's reality era. What I don't understand is how Survivor doesn't receive its just due. It deserves far more critical credit than it has received. Why is this? Why is this gem of a TV show being taken for granted?

Along with "Who Wants to Be a Millionaire", Survivor was the origin of the reality TV boom that has resulted in the creation of everything from "The Osbourne's" to "The Simple Life" to "The Apprentice". This is an undeniable fact. Survivor, however, has remained on the air, remained popular, while so many past reality shows have faded into oblivion. Survivor is forever, because it is pure. It is the purest of all competitive reality shows. I suppose the reason for this is that Survivor is primal by nature. It exists in a world that boils down human existence to the basics. Literally surviving is a key component in the game. Can you think of another reality show where this is true?

Survivor suffers from the curse of the consistent. It is omnipresent in the Nielsen top 20 and, therefore, people take it for granted. While its ratings have dipped significantly from its first few seasons, this was to be expected. Ratings have plateaued at a good clip, allowing it to be a TV stalwart. Now in its thirteenth season, Survivor has no end in sight. As long as there is reality television, it looks like there will always be Survivor.