Socio Economic Impacts Of Singapore Integrated Resorts Tourism Essay Essays

Socio Economic Impacts Of Singapore Integrated Resorts Tourism Essay Essays Socio Economic Impacts Of Singapore Integrated Resorts Tourism Essay Essay Socio Economic Impacts Of Singapore Integrated Resorts Tourism Essay Essay Singapore is a little island metropolis with a entire population of about 4.98 million. The local population consists of about 74.2 % cultural Chinese, 13.4 % Malays and 9.2 % Indians. The balance 3.2 % is made up of Eurasians and other foreign workers. It is a comparatively immature population with merely 217,000 or 7 % of the population presently over the age of 65 ( Singapore Facts and Figures, 2009 ) Integrated Resorts is to beef up the leisure and amusement options to heighten Singapore s repute as a must-visit finish for leisure and concern visitants. The Integrated Resorts will be portion of a larger spectrum of touristry merchandises and are developing to heighten our finish entreaty, and will heighten the touristry industry and economic system. ( Ministry of Trade and Industry, 2010 ) The Gross Domestic Product ( GDP ) in Singapore expanded at an one-year rate of 24.00 per centum in the last reported one-fourth. From 2007 until 2010, Singapore s mean quarterly GDP Growth was 7.62 per centum making an historical high of 45.70 per centum in March of 2010 and a record depression of -12.50 per centum in June of 2008. Singapore along with Hong Kong, South Korea and Taiwan is one of the Four Asiatic Tigers. Singapore has a extremely developed and successful free-market economic system. It enjoys a per capita GDP higher than that of most developed states. ( Trading Economicss, 2010 ) . The Integrated Resorts are lending to GDP of the state and it is hiking the economic system. ( DBS treasures 2010 ) Integrated Resorts is in world nil new in the universe of gambling and Integrated resorts. Singaporeans were bespeaking international universe category developments uniting elements already found in other major casino developments such as the Crown Entertainment Complex in Melbourne, Australia ; The Venetian and Palazzo in Las Vegas ; The Atlantis on Paradise Island in the Bahamas ; Genting Highlands outside of Kuala Lumpur in Malaysia. On the other manus Singapore has seen the consequences of the Integrated Resorts, so they wanted to accomplish those benefits every bit good ( Andrew. M A ; William. R, 2008 ) Integrated Resorts Integrated Resorts ( IRs ) are resorts with assorted development like hotels, eating houses, convention Centre, subject park, shopping Centre, casino, ( Lee, 2005 ) . As it has a gaming constituent casino, integrated resorts development has stirred a great contention among the Singaporeans. On 18 April 2005, The Prime Minister of Singapore, Mr Lee Hsien Loong announced the cabinet s determination to develop two incorporate resorts in Marina Bay Sands and Resorts World at Sentosa. The Singapore Government stated that the purpose of the Integrated Resorts is to hike the state s touristry industry and economic system. There has been really acute competition from the adjacent states like Malaysia, Thailand and Hong Kong. Harmonizing to the Government, the Integrated Resorts are expected to make some 35,000 occupations straight and indirectly ( Business Times, 08 Nov 2005 ) . There could be a negative societal impact of chancing. The Government, nevertheless, promised to hold a proper and rigorous precaution to restrict the societal impact of gaming, among others extortionate entryway fee and the casinos would non widen recognition to local population ( Parliamentary Argument on IR Decision, 2005 ) An Integrated Resort is truly a really big graduated table amusement development based around a casino. The casino constituent is physically little, but is the primary economic engine which drives overall returns and facilitates investing in other installations and comfortss. Thus the casino component must be of such magnitude and importance that it can bring forth over half of the development s one-year hard currency. With capital costs associated with Integrated Resorts at, say, US $ 4 billion, such a installation would necessitate to bring forth at least US $ 500 million in EBITDA ( Net incomes before Interest, Taxation, Depreciation and Amortisation ) to be feasible ( Andrew. M A ; William. R, 2008 ) 1.2. Definition of Socio Economic In most instances, socio economic experts focus on the societal impact of some kind of economic alteration, which is fundamentally a survey of the relationship between the economic activity and societal life ( Davis et al, 2008 ) 1.3 Aims of the Research The aims of this research are to understand the Socio-Economic impacts of the Singapore Integrated Resorts. This research deals with the socio-economic factors that have possible impact from the Singapore Integrated Resorts and how Singapore is being affected by Integrated Resorts what sort of positive or negative things this can convey to the individual such as it would make better and more occupation chances for the people and would it regenerate the Singapore touristry industry. On the other manus how does the Integrated Resorts play a critical function in hiking the economic system of Singapore, will the Singapore incorporate resorts will be able to pull the possible clients and the touristry industry will turn better and Integrated Resorts would regenerate the touristry industry as at that place been a bead in the touristry sector. Economy of the Singapore would be affected by the Integrated Resorts how it would play a critical function in dining the economic system. 1.4 Motivation This research deals with the socio-economic factors that have possible impact on the Singapore. The chief purpose is to concentrate and to look into, analyse the socio-economic impact. The motive for this research is to happen out the procedure and ways the Integrated Resorts of Singapore boost the economic system, regenerate the touristry, and alter the form of tourer coming to Singapore and how they create occupation chances for the people of Singapore. Would the Integrated Resorts be able to better the wellbeing of the local population by bring forthing occupations and increasing income? Would they will be able to play the function towards Singapore Economy and how they would profit the local people of the state. The motive to make this research is to see that would be able to regenerate the Singapore touristry as it is worsening in past few old ages and what does the IR have to lend to do a difference and how would the economic system of Singapore would be boosted by the IR and what Job chances would the IR create for the local people of Singapore. The research worker wants to analyze how the Singapore Integrated resorts would execute as it has all the same constituents which the other neighboring Integrated resorts have like Mauritius, Crown Melbourne, and Macau China. 1.5 Research Focus The Focus of this research is to understand the Socio-Economic impact of the Singapore Integrated Resorts. The chief purpose to understand how, the impacts of the Singapore Integrated Resorts can play a critical function on both socio and economic these impacts could be positive or negative as good Regenerate Singapore Tourism ( Andrew. M and William R, 2008 ) Boost Singapore Economy ( R. Nunkoo and H. Ramkissoon, 2010 ) Job creative activity ( Andriofis. K, 2008 ) 1.6 Research Questions In this study we have to put the socio economic impacts of Singapore Integrated Resorts and the effects of these socio and economic impacts could be negative and positive. Regenerate Singapore Tourism. Boost Singapore Economy. Job creative activity Chapter 2 Literature Review The intent of literature reappraisal is to do certain that we analyze the Socio Economic Impacts of Singapore Integrated Resorts and the intent of the literature reappraisal is to choose promising step, methods ( Mamchak and Mamchak, 1994 ) The Integrated Resort ( IRs ) is doubtless a necessary measure to Singapore s future economic viability. As Singapore has no natural advantages, it must capitalise its ability to remain at the forepart of the planetary economic system, with focal point to pull foreign investors, tourers and endowment. Surveies have suggested that Singapore is seen as unstimulating compared to other travel finishs, and has been labeled as conservative, moderate and stale ( Straits Times, 2005 ) The Integrated Resorts and casino in Asia has grown significantly across the Asia Pacific part since 1999. The growing of the Integrated Resorts and casino market in Asia over the past 10 old ages and its continued enlargement will hold an impact on established casino markets in the part, including Australia, Mauritius and Macau have led the manner with the development of incorporate casino resorts. These developments have come during a period when both Asian economic systems and the Asiatic touristry market have grown significantly since 1999, with farther growing in both expected into the hereafter. Integrated resorts can be viewed as an effort to supply a carefully planned, controlled and good defined touristry merchandise ( Wall, 1997, p. 715 ) Macau became the largest casino and Incorporate Resorts market in the universe, turning from US $ 2bn 1999 to US $ 14bn by endaˆ?2008. The exclusive casino operator in Malaysia, Resorts World, grew grosss from Au $ 1bn to in surplus of Au $ 2bn by 2007. These integrated resorts have similarities with the resort pioneered by Genting in Malaysia, with meetings, inducements conventions and exhibitions ( MICE ) installations, eating houses and amusement locales, sitting alongside chancing installations. However, the sheer size and figure of these resorts have eclipsed those in most other parts of the universe. ( Harry. A A ; Laurie. K, 2009 ) Singapore holding jobs to pull tourer and there was large diminution in the touristry industry in the twelvemonth 2008-09 so Singapore decided to hold the two Integrated Resorts in order to race with the other Resorts in the Asia as they were behind in the pursuit as the other states were pulling plentifulness of tourer and the economic system of the state is dining like Mauritius, Macau, and Crown Melbourne. Based on the research objectives, the research worker will supply relevant constructs in the reappraisal of current literature in this chapter. Growth in Asia since 1999 and the states basking the benefits of the Integrated Resorts by economic encouragement to the state, better occupation chances to the people, and better the touristry of the state. Singapore catches up with the originator race. Regenerate Singapore Tourism ( Andrew. M and William R, 2008 ) The visitant reachings to Singapore started to worsen from June 2008 co-occuring with the economic downswing. September/October saw a little pickup in reachings due to the 2008 FORMULA 1 SingTel Singapore Grand Prix. As a consequence, Singapore ended the twelvemonth with a fringy diminution of 1.6 % in reachings to make a sum of 10.1 million visitant reachings. Visitor reachings to Singapore fell by 4.5 % year-on-year in July 2009 to make 881,000 visitants. Visitor s yearss were estimated at 4.6 % million yearss, year-on-year lessening of 11.6 % in comparing of July 2008 ( 923,000 ) The diminution in touristry is surely a concern for Singapore and the solution is to regenerate Singapore s touristry and make a alone Singapore niche. There is small point in selling Singapore as a state rich in heritage and civilization ; instead, the Integrated Resorts will market the modern amusement, vivacious metropolis life, and a invariably altering environment Singapore can outdo name her ain ( Singapore Tourism Board, 2009 ) . Figure 1 Decline in touristry in 2008C: UsersDickeyDesktopSingapore factsdrop in numbers.png Beginning: Singapore Tourism Board, 2010 Arrivals to Singapore dropped by some 4 % in 2009, to 9.7mn. An highly strong public presentation in the 2nd half of the twelvemonth was non rather plenty to countervail the hapless start to the twelvemonth experienced by the touristry industry. Tourism gross totaled an estimated SGD12.4bn for the twelvemonth, harmonizing to figures released by the Singapore Tourism Board ( STB ) in February 2010. This represented a diminution of 19 % , as tourers spent less while in state. Although 2009 was hard for the Singaporean touristry industry, there are grounds to be positive about the mentality for 2010 as the planetary economic system recovers. In peculiar, the gap of the two incorporate resorts, Marina Bay Sands and Resorts World Sentosa, assist the island pull new tourers ( STB, 2010 ) Integrated Resort developments at the present clip might be US $ 4 billion or more, and include installations and comfortss that create practical metropoliss of amusement. These new manner resorts besides change the landscape around them by spurring complementary developments and even heightening the involvement amongst some to hold abodes in near by to them. Thus they can go significant hubs of economic activity, accelerators and better touristry ( Andrew. M and William R, 2008 ) Possibly the most important economic impact from the development of an Integrated Resort is tourist impact. An Incorporate Resorts located in a capital metropolis such as Singapore or Melbourne, IR can bring forth important visitant Numberss sometimes transcending 10 million per annum ( connoting an norm of upwards of 30,000 visitants per twenty-four hours. ) Depending on location and the existent type and scope of installations offered, this may good ensue in 1000000s of extra tourers sing the part, ensuing in incremental spend in the local communities as these visitants take Tourss, eat in local eating houses and remain at local adjustments ( outside the IR ) and spend clip and money outside the Integrated Resort. At Genting Highlands in Malaysia, for illustration, it is estimated that about three million people visit the state yearly specifically to see the Resort. This represents around 15 per centum of entire international visitants to Malaysia ( Andrew. M A ; William. R, 2008 ) International visitant reachings to Singapore registered 16.2 % growing to make 1,055,000 in January 2011. This is the highest of all time recorded IVA for the month of January. Visitor yearss were estimated at 4.1 million yearss, a year-on-year growing of 13.3 % and reachings to Singapore have been on an upwards tendency throughout 2010 so far. In April, the city state welcomed 978,339 visitants, a record for the month and a 20 % addition on April 2009. Accumulative reachings for the first four months of 2010 came to 3.63mn. This strong public presentation reflects the bettering planetary economic environment, every bit good as the positive impact of Singapore s new integrated resorts. Business Monitor International ltd says both resorts will make much excessively significantly regenerate Singapore s touristry industry from 2010, as they offer a broad scope of amusement aimed at complementary markets. Figure 2 Visitors arrival 2009/10/11 Degree centigrades: UsersDickeyDesktopSnag itVisitordec 07, dec08.png Beginning: STB 2010 The socio economic impact of Singapore Integrated Resorts have truly revitalized the touristry sector of Singapore as shown in the figure above and the touristry industry has grown quickly as there are a batch of visitants coming to Singapore to look into out the new Integrated Resorts, leisure and diversion intent. Based on the experience of Las Vegas, when covering with a true Integrated Resort, it is possible that merely about half of the entire gross generated will come from casino operations. The balance will be driven mostly by people remaining in the hotels, go toing conferences, conventions, events, or subject park activities. The general attraction of the locale and its supporting substructure, much of the non-gaming spend at the IR will be derived from people sing from exterior of the local country and local people, this will back up the direct new investing to the Integrated Resorts and Singapore Integrated Resorts have those same constituents as the other IR have and the Singapore touristry industry is turning quickly as the Integrated Resorts are pulling tonss of visitants from different states ( Andrew. M and William R, 2008 ) Singapore s touristry offering is being radically altered by the gap of the two new integrated resorts, the SGD 6.6bn Resorts World Sentosa operated by Genting International and the SGD7.6bn Marina Bay Sands operated by Las Vegas Sands Corporation. Resorts World is aimed more at a household audience, with attractive forces including subject Parkss and an oceanarium, while Marina Bay Sands is aimed more at the concern travel and MICE market, with conference installations and shopping country, both has casino. ( STB, 2010 ) The Integrated Resorts brings in amusement and conventions, cordial reception and retail mercantile establishments, which will assist to increase the demand for hotel services, greater backing at eating houses and heightened convention and exhibition activities. Singapore had rapid hotel growing and development over the past two old ages with the gaps of The St. Regis Singapore ( April 2008 ) , Capella Singapore ( March 2009 ) , Integrated Resorts and the Fullerton Bay Hotel Singapore. The hotels are making really good concern as their tenancy rate has truly grown up and they are executing good. The new hotel gaps come at a clip when visitant arrivals Numberss to Singapore are seeing an addition. The finish saw visitant reaching Numberss increase by 30.3 per centum to 946,000 visitants entire in May 2010, compared to the same period last twelvemonth, which saw 726,000 visitant reachings. May marked the 6th back-to-back month during which Singapore saw record touristry arrival Numbers s. The state expects to make its end of at least 11.5 million entire visitant reachings by the terminal of 2010 ( Travel Age West, 2010 ) Average Occupancy Rate ( AOR ) posted a 5.2 per centum point addition over September 2009 to make 82 % in September 2010. ( STB, 2010 ) At the terminal of 2008, Singapore had 39,289 hotel suites. In 2009, mean tenancy rate ( AOR ) was 79 % , a bead from 81 % in 2008. The mean room rate ( ARR ) for the twelvemonth was estimated by the STB to be SGD191, a 22.3 % diminution. This reflected the more ambitious operating environment for hotel companies during 2009. In April 2010, AOR stood at 85 % for the month, an addition of 15 per centums. In 2010, the integrated resorts at Resorts World Sentosa and Marina Bay Sands added 4,400 suites to Singapore s supply. Four of these hotels are already unfastened. In 2009, several major new hotels opened, including the 300-room St Regis Singapore, the 121-roomAmara Sanctuary Resort Sentosa and The Boutique Hotel Tiong Bahru. In mid-2010, Australia s StayWell Hospitality Group is to open the 200-room Park Regis Singapore ( STB, 2010 ) . In April 2010, AOR stood at 85 % for the month, an addition of 15 per centum points. ARR was estimated by The STB to be SGD211, up by 12.2 % . Figure 4 Hotels mean tenancy 2009/10/11C: UsersDickeyDesktopSingapore factshotel tenancy in 2010.png Degree centigrades: UsersDickeyDesktopSingapore factshotel arr.png STB 2010 Figure 5 Average Room Rate 2009/2010/2011 Average Room Rate ( ARR3 ) increased by 13.1 % over September 2009 to make an estimation of S $ 233 in September 2010. Average Occupancy Rate ( AOR2 ) posted a 1.0 per centum point addition over January 2010 to make 82 % in January 2011 2.2 Boost Singapore Economy ( R. Nunkoo and H. Ramkissoon, 2010 ) When Singapore decided to set up two Integrated Resorts in the City-State, did so on the footing of the possible visitant impacts and hike Singapore s economic system every bit good as its image. Singapore s end was to treble its tourer Numberss over a period of 12 old ages and to more than treble the resulting economic impact by pulling higher disbursement and therefore higher value visitants to that state. When they open in 2010 or 2011, the two IRs will be critical in accomplishing that aim and will probably lend more than 50 per centum to Singapore s long term end by 2015 Singapore is on the right path by opening the two Integrated Resorts which will hike the Singapore economic system. The Ministry of Trade and Industry ( MTI ) had earlier forecast the Singapore economic system to turn between 7.0 and 9.0 per cent this twelvemonth. Singapore today doubled its economic growing prognosis for 2010, anticipating it to spread out between 13.0 to 15.0 per cent following a better economic public presentation in the first one-fourth. ( Bernama Malaysian National News Agency, 2010 ) As we have seen in the recent old ages that Macau has experienced an unprecedented degree of economic success of its chancing monopoly. It has created an environment where casinoaˆ?driven tourer investing undertakings attract industry leaders, while tourer, hotel invitee Numberss and grosss have grown with the gap of new incorporate resorts. Macau s location is following to a rise and dining Chinese economic system. Equally good as in recent old ages Mauritius has experienced a rapid addition in incorporate resort developments, which have been intended to procure income from new touristry sections and to hike the economic system. ( Robin.N A ; Haywantee. R, 2010 ) Singapore is besides holding such an Integrated development so the Integrated Resorts of Singapore are traveling to hike the economic system every bit good. This success of Macau and Mauritius has non gone unnoticed, Singapore has followed the footfalls every bit good and holding the Integrated Resorts which will for certain aid to hike the economic system of Singapore Possibly the most noteworthy move that illustrates this displacement is Singapore. Traditionally conservative, in April 2005 it made the determination to try to emulate the success of Macau which has helped them to hike the Singapore economic system by the aid of the Integrated Resorts. However, in lateaˆ?2004, the Singapore authorities changed its policy stance in a move inspired by the unbelievable growing of Macau, the continued success of Genting Highlands and the phenomenal rise of touristry in Asia ( Harry. A A ; Laurie. K, 2009 ) There has been a great alteration from the over the past century. Governments and developers around the universe have caught on the race to engineer, create and develop Integrated Resorts and Entertainment which creates positive value propositions and possible growing to the state s image and economic strength of Singapore. Between 1993 and 2002, touristry s part to GDP dropped from 6.1 % to 3 % , and our portion of the Asia Pacific tourer flow fell from 8 % in 1998 to 6 % in 2002. Figure 6: Measuring the Economic Impacts Integrated Resort: Measuring the Economic Impacts Entire Revenue of approximately $ 270 million, of which $ 212 million are derived from bet oning activates Contribution to GDP of approximately $ 500 million, which is 0.4 of Singapore s 2003 GDP Beginning: Prognosis by Assoc Prof Winston Koh, Singapore Management University 2010 The positive one-year impact from Integrated Resort developments can so be significant. Estimating the economic potency of these IRs will depend on the alone state of affairss established within each venue and legal state of affairs. However, it is frequently the instance that such developments can go the most important that any venue will hold seen from a individual activity. Marina Bay Sands opened its first stage of development in April 2010, offering 963 out of its sum of 2,560 hotel suites, every bit good as opening portion of its shopping promenade, eating houses and convention Centre. The expansive gap for the resort took topographic point in June. BMI believes both resorts will make much excessively significantly hike Singapore s touristry industry from 2010, as they offer a broad scope of amusement aimed at complementary markets. Government projections have estimated that each resort could lend SGD2.7bn to Singaporean GDP by 2015. Singapore s two incorporate resorts are a major encouragement to the state s economic system, said Prime Minister Lee Hsien Loong. The Prime Minister said he is glad that visitants are by and large happy with the IRs as such attractive forces make the economic system more vivacious and the metropolis more colourful. He added that the IRs have created bombilation and both were packed with visitants on their gap yearss, making many occupations in the cordial reception and touristry sector. Harmonizing to media studies, about 200 bus tonss of Malayan tourers a twenty-four hours are sing the IRs. ( Channel News Asia, 2010 ) Singapore s growing accelerated to a record 18.1 per centum gait in the first half of 2010, spurring the currency and seting the island on class to catch China as Asia s fastest-growing economic system this twelvemonth. Gross domestic merchandise expanded at a 26 per centum annualized gait in the 2nd one-fourth from the old three months, after a revised 45.9 per centum addition in January to March, the trade ministry said today. Growth in the first half was the fastest since records began in 1975, motivating the authorities to foretell GDP will lift 13 per centum to 15 per centum in 2010. ( Bloomberg, 2010 ) Figure 7 Singapore GDP Growth rates 2007/2010C: UsersDickeyDesktopSingapore facts11-10-2010 1-48-36 PM.png Beginning: Trading Economicss ( 2010 ) This will set Singapore on path to perchance going the universe s fastest turning economic system, exceling even China. On an annualized and seasonally adjusted footing, Singapore economic system expanded 26.0 per cent in the April-June period ( Channel intelligence Asia, 2010 ) . The two Integrated Resorts are now reflected in the GDP informations part as incorporate resorts have contributed SGD 470 million to the economic system in the first twelvemonth. Figure 7 and 8 Contribution of Integrated Resorts theC: UsersDickeyDesktopSingapore facts12-19-2010 4-53-26 PM.png Degree centigrades: UsersDickeyDesktopSingapore facts12-19-2010 4-54-59 PM.png Beginning: DBS treasures 2010 Contributions derived from the GDP statistics reflect merely the direct impact of the IRs. The overall economic additions to the economic system are likely to be significantly larger if the spinoffs to other industries are taken into history. ( Dow Jones International News, 2010 ) . Singapore economic system will necessitate to make every bit many as 130,000 occupations next twelvemonth if the latest economic growing prognosis is to be met, economic experts said. Most of these occupations are set to come from the service sector, although there is likely to be broad-based occupation creative activity across most industries, said human resource experts and companies. The two incorporate resorts are taking the engaging charge. They look set to go on engaging rank-and-file service staff for eating houses, hotels and tourer attractive forces in the following two to three old ages. ( Aaron, 2010 ) Job creative activity ( Andriotis and Konstantinos, 2008 ) Integrated Resorts being constructed with a development affecting capital in the one million millions of US dollars there are traveling to be a figure of broad runing economic benefits and multiplier effects accruing to the part of Singapore. The first unit of ammunition comes from the building contracts and the related employment chances for the local people ( Andrew. M A ; William. R, 2008 ) Integrated Resort is bring forthing the greatest flow of economic benefits. Integrated Resorts be given to be labour intensive, necessitating big Numberss of staff to serve the assorted installations and activities on offer to clients and invitees in the Integrated Resorts such as in hotels, eating houses, shopping centre and bet oning constituents Casinos. This figure can transcend ten thousand direct full clip tantamount employees, depending on prevailing pay rates and other factors. The casino in peculiar can be a major subscriber to employment with anyplace from five to seven employees per table game. In Asia peculiarly where table games are the most popular signifier of casino amusement an IR casino might hold five hundred or more table games with 30 five hundred or more staff merely in that section ( Andrew. M A ; William. R, 2008 ) The diverseness of occupation chances within an Integrated Resort can be really enormous. However, an IR should be viewed as a little township with a battalion of functions required to keep its operation. It is non unusual for there to be one to two hundred different places within the full composite. Direct employment of this magnitude induces a multiplier consequence in the local community with extra occupations created to serve the employees of the IR. Depending on the extent of economic development in the part, the addition in occupations and incomes deducing from employment at the Integrated Resort can be really big so. An employment multiplier of 1.5, for illustration, would ensue in an extra five hundred occupations for every thousand full clip occupations created within an Integrated Resort. This kind of impact on a local community occupation creative activity can be of great significance and should non be underestimated. ( Andrew. M A ; William. R, 2008 ) The Integrated Resorts industry the IRs has been projected to make at least 35,000 occupations and greatly increase family gross. Many authoritiess have encouraged integrated resort development in an effort to better the wellbeing of the local population by bring forthing occupations and increasing income, and because of the easier control of touristry activities within their boundaries. However, as found occupations offered by the Integrated Resorts are more desirable than local occupations due to higher wage. ( Andriotis and Konstantinos, 2008 ) Singapore occupation market soared towards the terminal of last twelvemonth, doing a dip in unemployment and a crisp rise in the employment of local workers. The idle rate among occupants, who include citizens and lasting occupants, fell from 5 per cent last September to 3 per cent in December, which meant about 61,400 people being out of work. This bead is the steepest three-month diminution in a decennary, harmonizing to preliminary figures released by the Ministry of Manpower ( MOM ) yesterday. Accelerated engaging for the year-end celebrations and by the two incorporate resorts ( IRs ) made for the betterment. ( Straits Times, 2010 ) The Integrated Resorts have helped to cut down unemployment, but full potency of IR consequence non seen yet Singapore determination to let incorporate resorts ( IRs ) with casinos to be built here has changed this state for of all time and it is already harvesting the benefits. The IRs began engaging good before the gap of the belongingss ; they clearly had a strong function to play in forcing down unemployment to 2.1 per cent, says Leong Wai Ho, an economic expert with Barclays Capital. The economic landscape in the Singapore is altering really quickly doing it imperative for Singapore to accommodate to an progressively competitory environment non merely to spread out its touristry portion, but to maintain on mark of being the ultimate Global City of Asia. Given the immense investing in the Integrated Resorts undertakings, integrated resorts will present important economic benefits for local companies and concerns in order for the additions to be equitably shared by Singapore society. The key here is how to gain from the expected inflow of tourers, and do the most of the chances brought approximately by occupation creative activity and benefit to the local people of Singapore ( Business Times, 2010 ) Singapore has seen the neighbour and non gone unnoticed as The Crown Entertainment Complex in Melbourne, Australia is an illustration of an Integrated Resort casino opened in 1997 that was one of the largest individual site occupation Godheads in the Southern Hemisphere. ( The instance for Integrated Resorts, 2010 ) Singapore, when it decided to set up two Integrated Resorts in the City-State, did on the footing of the possible visitant impacts and the positive effects they would hold on Singapore s economic system every bit good as its image. Singapore s end was to treble its tourer Numberss over a period of 12 old ages and to more than treble the resulting economic impact by pulling higher disbursement and therefore higher value visitants to that state. Integrated Resorts will be critical in accomplishing that aim and will probably lend more than 50 per centum to Singapore s long term end by 2015. ( The instance for Integrated Resorts, 2010 ) As illustrated in Labour Force Survey the unemployment rate shows a downward tendency due to the bettering economic conditions over the past few old ages, from 2003 to 2008. For the twelvemonth 2007, the strong economic recovery has helped to ease the unemployment rate to less than 2 % . Entire employment increased by 9.6 % in the 4th one-fourth, December 2007, turning for the 4th back-to-back one-fourth and at an increasing gait due to parts from the services sector. The implicit in growing impulse in occupation creative activity has accelerated at the stopping point of the 4th one-fourth and raising employment. Figure 9 Employment 2008/09 Degree centigrades: UsersDickeyDesktopSingapore factsjob 2009.png Figure 10 Employment 2005to 2010 Beginning Singapore Ministry of trade and Industry 2011 Singapore Integrated Resorts have played a critical function in occupation creative activity as we can see above in the study there was a batch of unemployment in but after the Singapore Integrated Resorts the unemployment has gone down as the more people are being hired so the unemployment rate has gone down. The Integrated Resorts have truly changed the employment sector as it has boosted and have created 35000 occupations for the Singapore. As seen on the figures above there is large alteration in the employment sector. ( Wong Kan Seng, 2005 ) 2.4 Theoretical Model The literature reviews aid to picture a brief theoretical model for the research. It is easier to understand the theoretical model if it is viewed as the replies to the collected interconnected constructs. Regenerate Singapore TourismIV 1 ( Andrew. M and William R, 2008 ) Socio Economic Impacts of Singapore Integrated Resorts DV Boost Singapore Economy IV 2 R. Nunkoo A ; H. Ramkissoon, 2010 ) Job Creation IV 3 ( Andriotis. K, 2008 ) Year Writer Name/Journal Type Finding A ; Source 2008 Andrew. M and William R The instance of Integrated Resorts Journal 2010 Nunkoo. R A ; Ramkissoon. H Journal of Sustainable Tourism Journal EBSCOHost Academic Search 2008 Andriotis.k The instance of Cavo Sidero Journal EBSCOHost Academic Search 2.5 Hypothesis Development Hypothesis development is necessary as it shows a relationship between two or more variables expressed in the signifier of testable statement. ( Sekaran, 2003: pg 103 ) . Based on the research topic the concluding independent variable and dependent variable are as follows. Regenerate Singapore Tourism. ( IV 1 ) Boost Singapore Economy. ( IV 2 ) Job Creation. ( IV 3 ) Socio Economic Impacts of Singapore Integrated Resorts. ( DV ) 2.6 Null hypothesis Addressed by: = 0 Finding: There is no relationship between the IVs and DV The void hypotheses represent that the independent variable ( IVs ) and do non hold consequence on the result of Dependent Variable DV. Table of Null Hypotheses H1 = Hypothesis 1. Regenerate Singapore Tourism H2 = Hypothesis 2. Hike Singapore Economy H3 = Hypothesis 3. Job Creation = 0 = gt ; = Ho H1= Ho There is no important consequence of Revitalize Singapore Tourism on Social Economic impacts of Singapore Integrated Resorts H2= Ho There is no important consequence of Boost Singapore Economy on Social Economic impacts of Singapore Integrated Resorts H3= Ho There is no important consequence of Job creative activity on Social Economic impacts of Singapore Integrated Resorts Alternate Hypothesis Addressed by: a†° 0 significance that a†° Ho Finding: There is either negative or positive relationship between the IVs and DV Procedure: The alternate hypotheses represent that the results are different from nothing ; in peculiar, it could be greater ( positive ) or lesser ( negative ) . As a consequence, IVs positively relate to the DV if alternate hypotheses greater than zero and negatively associate to the DV if alternate hypotheses lesser than nothing. To happen out how important IVs positively or negatively associate to DV, Alternative Hypotheses are measured. The surrogate hypothesisA which is the antonym of the nothing is a statement showing a relationship between two variables or bespeaking differences between groups. ( Sekaran A ; Bougie, 2003 ) a†° 0 = gt ; a†° Ho H1a†° Ho There is either positive or negative consequence of Revitalize Singapore Tourism on Socio Economic impacts of Singapore Integrated Resorts H2a†° Ho There is either positive or negative consequence of Boost Singapore Economy on Socio Economic impacts of Singapore Integrated Resorts H3a†° Ho There is either positive or negative consequence of Job Creation on Socio Economic impacts of Singapore Integrated Resorts Research Design The chief purpose of this research is to carry on a descriptive survey and a correlativity survey. Descriptive research is used to obtain information refering the current position of the phenomena to depict what exists with regard to variables or conditions in a state of affairs. The methods involved scope from the study which describes the position, the correlativity survey which investigates the relationship between variables, to developmental surveies which seek to find alterations over clip. ( Key, 1997 ) Questionnaire study is arguably the most normally used technique in direction research. Harmonizing to Veal ( 2005 ) , the virtues of questionnaire study are as follows: Transparency: while the questionnaire methods provide a transparent set of research processs. How information has been collected and analyzed is clear. Compendious presentation: quantification can supply comparatively complex information in a succinct and easy understood signifier and can be expressed in few words. Comparison: methods such as longitudinal studies and yearly repeated studies provide the chance to analyze alteration over clip, utilizing comparable methodological analysis. Capturing complexness: questionnaires can be an effectual agencies of garnering a broad scope of complex information on persons or organisation on a comparable footing. In this research the research worker wants to associate the independent variables and the dependent variables. Descriptive survey and a correlativity survey would assist in placing the information, design a process to garner the information and analyse the information with the aid of the IV s and DV. 3.1 Research Methodologies In order to roll up the information for my research it is necessary to acquire an apprehension of the informations aggregation methods. For the intent of this research the study questionnaire of quantitative research is more effectual in roll uping and analysing a immense sum of informations. Furthermore the clip to roll up and analyze the replies from questionnaire is shorter every bit good. As a consequence the study questionnaire of quantitative is the most suited method to this research. ( Malhotra, 2007 ) In this research, a random sample of 318 respondents will be selected, with the aim that is a mix of respondents. The study will be done via one channel. Respondents were chiefly given Hard transcripts of the study forms to make full in, or they were given the softcopies to finish via electronic mails. In order to garner a broad spread of the respondents, respondents targeted with the aged between 21 to above 60 old ages old. 3.2 Data Collection Methods Harmonizing to the research design we are traveling to the undermentioned methods Secondary Datas: Secondary informations are the bing beginnings which were produced by earlier research workers for some specific intents. Harmonizing to the research subject we are utilizing secondary informations aggregations ways as it is from bing beginnings. ( Blaxter et al, 2001 ) . Singapore touristry Board, statistics information, Ministry of Manpower Singapore, Ministry of Trade and Industry Singapore, Monetary Authority Singapore, Economic Survey Singapore and section of Singapore Statistics and informations would be collected in signifier of figure and statistics Primary Datas: Primary informations are original information collected by research worker to carry through legion intents of research. The research worker would roll up primary informations by utilizing assorted ways such as questionnaires. ( Macneill and Chapman, 2005 ) 3.3 Data Collection Methods In this research, the research worker uses a questionnaire to garner informations due to questionnaire is an effectual informations aggregation mechanism when the research worker knows precisely what is required and how to mensurate the variables of involvement ( Sekaran, 2003 ) . Data would be collected through magazines, diaries, newspaper studies, booklets, Singapore touristry Board, statistics information, Ministry of Manpower Singapore, Ministry of Trade and Industry Singapore, Monetary Authority Singapore, and Economic Survey Singapore, Data is in the signifier of Numberss and statistics. To capture informations, questionnaires are designed consequently to specific information needed. In order to be precise, the inquiry will be set every bit simple as possible. The figure of inquiry is little and the words are simplified. Before the questionnaire is practiced, they should be pre-tested to see how it works and improved if there is any error. Data would be measured and collected by the procedure of respondents to rate the degree of alteration associated with each point. Impacts of Integrated Resorts in touristry and has the betterment in touristry created occupation chance for the people. Integrated Resorts hike the economic system. While a higher mark for an point shows a strong and favourable perceptual experience, lower mark denotes a weak and unfavourable perceptual experience associated with that point. 3.4 Data analysis There is an effectual information analysis tool to analyze the chosen hypothesis at the get downing measure. SPSS which stands for Statistics Package of Social Science is considered the best method in statistical analysis. This package allows research workers to heighten their perceptual experience of the informations and reading of the end product. ( Weinberg and Abramowitz, 2002 ) The chief occupations of research worker are to make up ones mind the needful variables before come ining the input to the package, to choose right statistical trials to analyse informations and to construe the concluding end product consequences. ( Bryman and Bell, 2007 ) 3.5 Pilot-Testing The intent of making pilot proving is to observe failings in design and content in the instrument before it is reach concluding stairss. ( Fink, 2003 ) , 12 peoples are required to be tested. The pilot tested should supervise the easiness with which respondents complete the questionnaire, and besides the easiness with respondents to finish the questionnaire ( Fink, 2003 ) . 4 Ethical issues While carry oning study for the research, the research worker should see the codification of ethical issue. The major duty of the research worker is to inform clearly and accurately the study s intent and content to respondents so that they can do determination whether they wish to take part. The research worker should besides demo the regard to the participants by maintaining their replies confidential based on the guidelines of the university. Furthermore researcher demand to vouch the informations must be used merely for this peculiar study

Corporate Risk Management Essay Example | Topics and Well Written Essays - 1250 words

Corporate Risk Management - Essay Example The expenditures of the business in order to compensate the physical damages of workplace and manpower could serve as important inputs in the process of capital budgeting that has the objective to determine the actual net present value and internal rate of return of the business (Shapiro, 2008, p. 42). Firm’s exposure to physical risk The physical risk is the foremost risk that affects the organization and its people. The establishments, factories, plants and buildings in which the business is carried out as well as the employees of the business house are subject to physical risk. The physical risk to the business occurs as result of the uncertainty of the occurrence of unforeseen situations and accidents that badly affects the infrastructure of the business and its entire business set up. The physical risk may occur due to the unfortunate incidents of fire breakout in the company buildings. There may be accidents as a result of the explosions happening inside the workplace (M egginson and  Smart, 2008, p. 63). The companies spend substantial amounts in setting up the business infrastructure. A huge amount of expenditure is incurred by the business in constructing the office set up, the interior decoration and the wooden construction for making the buildings and its rooms suitable for official use. The other expenditures include glass fittings, work place arrangement of improved designs. The corporate look in the offices is due to the standardization of the infrastructure for business that is required to be established in the workplace. The occurrence of fire accidents and small explosions inside the office buildings are huge risks as it destroys the infrastructure for carrying out business operations and also injures or adversely affects the manpower resources of the business. The physical risk for the business may also be due to the spillage of hazardous materials in the workplace. The hazardous materials like the acids, gases, toxic wastes, and toxic fumes could adversely affect the employees of the company which would in turn affect the business operations. Physical Risk consideration in Capital budgeting The capital budgeting techniques are aimed at assessing the feasibility of the business investment in a particular project. The capital budgeting techniques assess the viability of business investments with the help of various approaches that determines the extent to which the business is profitable. The assessment of the business takes into account the risk of the business. The physical risks associated to the business takes into account the several factors of uncertainty that would reduce the net valuation of the business or the expected return from the business investments (Chandra, 2008, p. 96). The consideration of the physical risk is thereby necessary to determine the feasibility of the investments through Capital budgeting techniques. The various capital budgeting techniques used to judge the viability of the investme nt are the Net Present Value method, the Internal Rate of Return, etc. The Net Present value of the business is the actual present value of the business adjusted with the initial investments required for starting the project (Lumby, 1988, p. 84). The Net Present Valu

Media analysis paper examining leadership Essay Example | Topics and Well Written Essays - 500 words

Media analysis paper examining leadership - Essay Example In episode 2 of restaurant impossible, the men’s teams are meeting to chant the way forward on an advertisement campaign to promote restaurant services (Cathy 2014). Robert Irvine who is the project manager depicts a number of characteristics leadership where he portrays a discursive technique by engaging his fellow members. We see Irvine trying to convey direct directives and bringing to the fore challenging questions for other members to ponder and find the best approach to undertake. Irvine comes up with a proposal on division of labour in form of statements, for instance he uses the phrase ‘need’ to assign roles (Northouse 2013). Robert Irvine exemplifies himself as a leader by dominating the floor as the resultant task assigner and spells out his role as the floater. According to the different leadership theories, Irvine portrays that a leader is born and made. In this perspective we find that Irvine is influenced by the situation to stand with his team to make the best alternatives. The situation influences him to stand out as the coordinator of the campaign. This can be cemented by the attributes and the use of ‘okay’ which is an approach that ensures that the members completely comprehend their roles, this is typical to most leaders as a leader as to ensure that the subordinates are ready for the tasks. Irvine displays a high degree of leadership which according to a member of his team is a positive technique (Northouse 2013). In episode 4, Robert Irvine travels to Italy to save a collapsing Italy restaurant. Robert Irvine is recognized as the leader and allowed to adopt all the changes he may require in the group. Robert Irvine accused of trying to curtail the decisions that his team mates makes on the business campaign, a member is quoted saying ‘you’re obviously getting mad that I’m thinking on my own’.

Demonstrative Communication Paper Essay Example for Free

Demonstrative Communication Paper Essay Demonstrative communication consists of accepting and sending messages that can be silent; this can help give attention for the start of verbal communication even though a non verbal communication can transmit the message all by itself. An example of this would be facial expressions, which can be used to express most non verbal communications. According to Nayab body language along with facial expressions represent 55% of all communication. With demonstrative communication it can highlight the verbal communication for instance appropriately dressed, a nice firm handshake and conducting oneself in a professional manner while on employment interviews. Another example would be when two people meet for the first time; demonstrative communication can either show that the other person is either friendly or unpleasant by just saying the word hello. The facial expression of a smile can demonstrate whether the person is in good spirits and have a friendly personality. A good way to figure this out without the verbal communication would be the smile and other gestures through the nonverbal communication of the other person. An example of this would be a two people doing business together and when they meet for the first time and both business men smile at each other. This would be a nonverbal communication. The way that a person’s personality is shown is through their nonverbal communication. Demonstrative communication can go both ways in being effective and negative. There are many different facts that play into the nonverbal communication, like the clothes that people wear, their tattoos and possibly their hairstyles. Although these types of communications are nonverbal it does make some people a little uneasy about how they handle their business with someone with this type of communication. It does not matter what the tattoo is of. It can be misunderstood by the person that is viewing the symbol and the person with the tattoo will be labeled as a thug or someone that you should not do business with. That is why body language and facial  expressions can be very important when it comes to demonstrative communication. An example of body language that can be misunderstood would be when two people are talking and one person has their arms folded across their chest. This can be perceived as the person not listening or being considered overprotective of themselves and will not take criticism lightly. The person with the folded arms could just be cold or it is a learned gesture from their parents and that is how they listen. This is why many people would agree that demonstrative communication should not only have the nonverbal but also the verbal to go along with it so that people do not have any misunderstandings and the issue can be handled properly. According to Sutton, a person cannot fully deliver the anecdote of the day to anyone lacking words, except if the person can mime the entire tale (Sutton, 2011). Even if the person is able to mime they cannot express the entire issue perfectly. There has to be some degree of distance. This type of communication cannot always be expressed perfectly. An example of this would be that a person cannot convey the nonverbal communication over the phone and the person on the other end only has the verbal part of the communication and might take something the wrong way because they are not able to see the nonverbal part of the communication and that is where misunderstandings come in. Just like all other types of communication demonstrative communication requires listening and responding. It has been said time and time again that people receive more knowledge from someone’s actions more than their words. There are times when a person needs to listen not only with their ears but also with their eyes. An example of this would be when a new student has to get up in front of the class and introduce themselves, at first the new student may roll their eyes like so many do because they already know that it is hard enough to start school as the new kid but to have to stand up in front of everyone makes things even more intense. So the other kids have seen the new student roll their eyes but they also have to listen to what is being said because the action was just an annoyance for having to stand up in front of everyone. It is important to remember to listen as well as taking in the scene of what is going on around them. Both the verbal and nonverbal communication will create the listening and response aspect of the  communication. In today’s world all around us there are people unknowingly using demonstrative communication. Just by smiling at their neighbor or waving at someone they are using demonstrative communication. Even though this communication can be misinterpreted or misunderstood it is still wise to try and listen to see if there is anything that the person is also saying. References: ReferencesCheesebro, T., O’Connor, L., Rios, F. (2010). Communicating in the workplace . Upper Saddle River, NJ: Prentice Hall. Nayab, N. (2010, July 26). Different types of communication . Retrieved from http://www.brighthub.com/office/project-management/articles/79297.aspxSutton, N. (2011, March 26). Pros and cons of nonverbal communication.

Thousand Acres Essay -- essays research papers

A Thousand Acres, by Jane Smiley, is a story of incest, ignorance, and the imperialistic voice of the almighty man. Ignorance of being lead by a man, particular views of Rose and Ginny, and domesticated to believe that "When we are good girls and accept our circumstances, we're glad about it. . .When we are bad girls, it drives us crazy" (99). The imperialistic voice usually comes from the omnipotent Larry Cook, Rose, Ginny, and Caroline’s father. And the incestuous relations only entangle this dysfunctional family. The eldest daughter, Ginny, is the most loyal and idolizes her father. The second eldest daughter, Rose, is linked to her father through Ginny, who keeps her from losing faith in him. Rose questions whether the loyalty that Ginny shows her father makes her obedient or if her reluctance to judge him proves her ignorance. Rose has two daughters, Pammy and Linda, who are also first hand witnesses to the episodes of the Cook family trauma, but remain dormant to what goes on around them. Caroline, the youngest daughter has left the one thousand acres of land they grew up on to become a lawyer. Caroline is married to Frank Ras, whom also is a lawyer and they do not have any children. The book is narrated from Ginny’s viewpoint. Ginny is married to Ty and they don’t have any children, but Ginny secretively keeps trying. Ginny also has an extramarital affair with Jess Clark, son of Harold Clark the neighbor and best friend of Larry Cook. Jess has just returned to Zebulon County from the food corp. Given the basic character summary, one of the themes or recurrent ideas that was present throughout the whole book was domination. This domination concept was usually brought to life through the character, Larry Cook, over issues like farming, food, appearance or anything else that didn’t sit well with his expectations in life. Being that domination is not something tangible, conflicts such as the above mentioned were used to develop the theme idea into a concrete representation and also illustrate the effects that the domination theme had on the women of Zebulon County. The whole farming conflict begins when Larry Cook impulsively decides to distribute his one thousand acres of farmland to his three daughters and Caroline, the youngest daughter... ... with his opinions. In this male-dominated culture, it’s as if women are material possessions and the place of women is dependent on men. And at first, the women accepted this. Ginny remarks, "of course it was silly to talk about my point of view. When my father asserted his point of view, mine vanished" (176). And so did her dignity. Larry Cook, Farmer of the Year! In conclusion, the above conflicts portray the domination overtones and the effect that the domination had on the women. Larry Cook seems to be a jack of all trades. He is portrayed as being a god, a businessman, and a farmer. But Larry lacks when it comes to the being, Larry Cook, the father. He is so strict about having things done a certain way with little variations that it blinds him to the wants and needs of those around him. Initially the novel, Ginny suppresses her voice and remained an obedient figure. She has been cultured to believe that a woman has to rely upon the masculine authority figure. As Ginny’s character develops, she begins to break through the mental chains of masculine dependency and start a new life for herself without regret.

Jonas Salk

Jonas Salk was born on October 20, 1914 in New York City to Russian-Jewish immigrants. As the first member of his family to attend college, he developed a fascination with the flu virus and sought a way to eliminate its ability to infect people with influenza. After accepting an appointment in Pittsburgh, Pennsylvania, he began working with the National Foundation for Infantile paralysis and there began work on polio, the cure for which Jonas Salk would be known forever. In 1950, children throughout the United States were stricken with polio, or poliomyelitis. Those children who did not die from the disease were left crippled. In some cases, adults contracted polio as well. One of the most famous examples was president Franklin Delano Roosevelt, who was left in a wheelchair after a bout with the disease. Salk created a polio vaccine from a dead polio virus, which lost the ability to infect once it was killed. It did, however, retain the ability to immunize any who were injected with the â€Å"dead† form of the virus. Later, other work was performed in order to create a â€Å"live† vaccine that could be given orally (Salk’s vaccine had to be injected). The administration of this â€Å"live† vaccine failed, and Salk’s was used from that point on. Salk could have patented the vaccine and become a rich man; rather, he refused to do so in order to get the vaccine out to those who needed it quickly. Jonas Salk’s polio vaccine has completely eliminated the disease – provided the vaccine is given. After his success with polio, Salk created the Jonas Salk Institute for Biological Studies and not only continued his research, but wrote many books as well. He passed away on June 23, 1995 at the age of 80.

What Is a Religion - 585 Words

A religion is a system of beliefs, collective ideas, traditions, and rituals that serve the purpose of gathering, unifying, educating, and enlightening a group of people by influencing and guiding their insights, thoughts, and ways of life. Religion has been highly influential through the course of human history as a source of influence. A large proportion of people in the world today believe in a religion. Religion is most like a system, or collective structure designed to encourage beliefs. As such, it includes unique ideas, traditions, rituals, and such. Ideas of the religion and the principal beliefs are the building blocks and foundation of the other aspects of the religion, such as the stories, traditions, and rituals.. All religions contain unique beliefs, and incorporate unique ideas, stories, and objects to express these unique beliefs. For example, religions use a book to record and distribute stories and written forms of the religion’s own teachings. In Christianity , there is the Bible, in Islam, there is the Qur’an, in Judaism, there is the Torah, and so on. These aspects in a religion allow the follower of the religion to be more engaged in the religion and enable the follower to understand better the teaching of the religion. Connection to the religion is important because it will lead the follower to comprehend what are truly the essences of the religion. Religion has always served many important purposes in society, as it often unifies, gathers,Show MoreRelatedReligion : What Is Religion?2567 Words   |  11 PagesWhat is religion? Remember to advance a claim, make an argument, and support that argument with evidence from our readings. 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Yes, they have many many different qualities and beliefs, but what you look atRead More What Is Religion Essay1653 Words   |  7 Pages What Is Religion nbsp;nbsp;nbsp;nbsp;nbsp;What is religion? According to an Oxford dictionary, religion is the belief in the existence of a supernatural ruling power, the creator and controller of the universe, who has given to man a spirtual nature which continues to exist after the death of the body. Religion appears to be a simple idea on the surface, but in reality it is a very complex system of ideas that many base their lives upon. nbsp;nbsp;nbsp;nbsp;nbsp;There are many religions