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Basel 2 has been the subject of intense debate amongst bankers around the world. It will replace the original Basel Accord of 1988, but unlike the latter it looks as if the new Accord will undermine the global consensus. It is a costly exercise and the heightened risk of regulatory arbitrage may yet distort the competitive landscape. In particular, the completely different ways in which Basel 2 will be implemented in the USA and EU pose a challenge for institutions that operate on a global scale. This article is a brief examination of the key differences and challenges posed by the draft Accord – the prospects for a “final” draft being truly final seem remote and Basel 3 may well have to be on the agenda before the ink is dry on Basel 2.

This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/09657960410514643. When citing the article, please cite: Sheenagh Gordon-Hart, (2004), “Basel 2: the risk to the global consensus”, Balance Sheet, Vol. 12 Iss 1 pp. 22 - 26.

FLYING, in common with all means of transport, is affected by adverse weather conditions, but the necessity of aeroplanes maintaining flying speed introduces a major difficulty of its own. The older forms of transport are able, in the last resort, to evade their difficulties by coming to a dead stop. An aeroplane must, literally, fly in the face of its difficulties. It must fly blind in clouds and perhaps land in fog. Over and above this, flight under certain meteorological conditions introduces a danger unique to aircraft. Ice may deposit at all leading edges and grow to windward, at critical regions of the relative airflow, in shapes which increase drag and seriously decrease lift. The accumulated ice adds to the weight. Unsymmetrical ice deposits on the airscrew blades cause dangerous engine vibrations which can only be kept in check, if at all, by throttling back at the expense of thrust. Venturis and pressure head orifices become blocked with ice, rendering the instruments they serve useless. External controls may become jammed. In short, many adverse factors to prevent flight may be brought into play simultaneously by the mere fact that particular meteorological conditions have been encountered.

High resolution models of air pollution transport and transformation are necessary in order to test possible abatement strategies based on pollution control and to forecast high pollution episodes. Models are especially relevant for secondary pollutants like ozone and nitrogen dioxide, which are formed in the atmosphere through nonlinear chemical reactions involving primary pollutant species, often far from their sources. Often we are trying to resolve the interactions between plumes from point sources such as power stations and regional pollution tides of ozone formed in other European countries. One method of tackling this problem of different scales is to use different grid sizes, using highly resolved grids in regions where the structure is very fine. Telescopic gridding is currently used in high emission areas or around sensitive receptor points. However, since meteorological conditions vary, this method cannot resolve a priori highly structured regions away from sources, e.g. along plumes. Such refinement can be achieved using adaptive methods which increase resolutions in regions of steep spatial gradients. This article describes the use of 3D adaptive gridding models for pollution transport and reactions using both a layered and a fully adaptive 3D tetrahedral approach and provides examples which show the effect of grid resolution on secondary pollutant formation.

Key forces shaping higher education drive institutions to make strategic choices to locate themselves in niches where they can make use of their resources effectively and efficiently. However, the concepts of strategy and strategic positioning in higher education are contested issues due to the nature and complexity of the sector and the university. As an industry facing increasing pressure toward marketization and competition, this study calls for an analysis of higher education, as an industry, in a more business-oriented framework. This chapter makes a contribution to scholarly research in higher education by applying Porter’s five forces framework to medical education. In doing so, it provides a foundational perspective on the competitive landscape, its environment, its organizations, and the groups and individuals that make up the higher and medical education sector.

This paper explains the concept of cultural synergy and provides a contrast of societies that could be characterized as having high or low synergy, as well as organizational culture that reflects high and low synergy. Within organizations, the research insights reported here center on behaviors and practices that contribute to synergy and success among teams, particularly in terms of international projects. The concluding section describes people who are truly “professionals” in their attitude toward their career and work, and how they can mutually benefit from the practice of synergy. Real European leaders actively create a better future through synergistic efforts with fellow professionals. The knowledge work culture favors cooperation, alliances, and partnership, not excessive individualist actions and competition. This trend is evident, as well as necessary, in corporations and industries, in government and academic institutions, in non‐profit agencies and unions, in trade and professional associations of all types. In an information or knowledge society, collaboration in sharing ideas and insights is the key to survival, problem solving, and growth. But high synergy behavior must be cultivated in personnel, so we need to use research findings, such as those outlined in this paper, to facilitate teamwork and ensure professional synergy. In addition to fostering such learning in our formal education and training systems, we also should take advantage of the increasing capabilities offered to us for both personal and electronic networking. Contemporary global leaders, then, seek to be effective bridge builders between the cultural realities or worlds of both past and future. Cultivating a synergistic mind‐set accelerates this process.

The takeover of Asda by US retail giant Wal‐Mart has created a great deal of speculation by business analysts and the media. Wal‐Mart is recognized as the world’s largest retailer and its move into the UK is creating interest in its future plans for Europe. Some consider that the move will cause a complete realignment of grocery chains across Europe and that the move will be revolutionary. Others consider that the move will simply augment and accelerate current retailing trends but will not completely change the face of supermarket retailing. This issue brings together a variety of viewpoints. First, Paul Whysall reviews and analyses the press coverage. He provides insights into the possible outcomes of the deal. The second piece is an industry insight prepared by Retail Intelligence, which is followed by an overview of the Institute of Grocery Distribution’s research document Wal‐Mart in the UK. Finally, we present a number of abstracts that offer further thoughts on the subject.

Recent events demonstrate that problems in the banking system pose a significant threat to the health of the global economy. Despite several shortcomings the Basel Accord thus emerges as an attempt to protect banking systems. The purpose of this study is to shed light on potential barriers to implementation of the Basel Accord in emerging countries. Several issues of wider interest to risk management and financial regulation also emerge.

The paper maps implementation of the Basel Accord against the wider regulatory context. Against this backdrop, the Basel Accord appears well‐motivated but is limited by several practical considerations. These factors, amidst other practical implications, are identified as the paper applies rigorous statistical methods to novel primary survey data from risk managers.

The Basel Accord is generally well‐received due its dual aims of improved capital administration and scientific risk management. Operational risk is a significant barrier to implementation, with a number of further issues only partially addressed (see below). Equally supported by both public and private sector banks the reasons for delay appear due to lack of technical expertise and the level of preparation. Results highlight credit risk, practical implementation issues (IT and HR), minimal capital requirements, data security and operational risk as issues of critical importance.

The originality of the contribution lies in the scientific treatment of novel primary data from risk managers tasked with implementation of the Basel Accord. Findings suggest several important practical implications discussed above.

Reviews and analyses press coverage of the takeover of the UK chain Asda by the US company Wal‐Mart in the summer of 1999, using extensive international sources. The depictions of both companies and the significance and anticipated outcomes of the deal are discussed. Three metaphors emerge in the coverage of the deal: of romance and interpersonal relationships; and of logic, strategy and cunning; of conflict and confrontation. It is contended that, on the basis of this coverage, it becomes possible to construct several quite different depictions of the deal, suggesting that a number of realities coexist in our interpretations of retail business.