Report on UK Bank Essay

Background   The globalisation of business has led to changes of great significance in the business world. The emergence of China and India as centres of manufacturing and services, with equal skills and fractional costs, have led to significant global migration work and far-reaching realignment in the British basket of financial services. In this globalised scenario, the British financial services industry has over time evolved, among other things, into a supplier of high end services in areas of finance, banking and allied information technology. British banks like UKB (assumed name) have been active outside the UK for many decades, especially in former British ruled territories like India and have built up significant expertise in Asian markets. Apart from China, India and the countries of East Asia, the GCC (Gulf Coordination Council) countries have lately emerged as very significant growth areas for banking and financial services. UKB has also opened an office and started banking and financial services operations in Kuwait, pursuant to the changes in Kuwaiti law, in 2004, allowing foreign banks to operate in the country. The bank has ambitious plans for its operations in the Gulf and has accordingly stationed a large team of ten British employees at Muscat to direct UKB’s international business in the GCC states. The bank places great importance on its international plans and has committed significant financial and personnel resources to its plans for business expansion in the GCC countries and is extremely serious in its ambition to become a significant player among the banks and financial institutions providing financial services in Kuwait. The management is confident in its belief that it possesses both domain skills of a very high order and the financial strength required to make a strong success of its operations in Kuwait and thus open the way for further expansion in the GCC countries. The management of UKB has, of late, reasons to believe that the British team at Muscat has operational, managerial and personal issues that need to be resolved to improve job satisfaction and productivity. The relevant issues mainly relate to divides in culture, working methods, value systems and managerial beliefs between the British expatriates and the local Kuwaitis, with whom there is constant contact, as co-employees, customers, suppliers and regulators. Objective The management believes that the situation is serious enough to merit intervention and has asked the author to prepare a report for the attention of all the expatriate employees based in Kuwait. The author has extensive experience of the operations of the GCC countries, both in the capacity of line manager and as consultant to companies operating in the region. This report has been prepared for the use of the bank’s expatriate staff working in Kuwait and will be useful to employees working in other overseas locations as well. The author has tried to provide reasons for UKB’s choice of Kuwait as a business destination, the various issues that are likely to come to the fore when British banking experts have to operate outside the UK for long periods of time, the various managerial, operational, personal and cultural challenges that employees have to face in the course of their everyday life and the best way to deal with them. The author wishes to point out that the text provided in this report is in the nature of general information and the suggestions recommended need to be studied and modified for personal use. The use of â€Å"one size fits all† is patently incorrect, if not downright ludicrous in such situations and the staffs are requested to make the best possible use of the suggestions and recommendations. General Economy of Kuwait Kuwait is a small country situated in the Middle East and a member of the GCC. It holds 8 % of the worlds’ known oil reserves and with the recent explosion in the price of petroleum products has seen significant increases in dollar inflows coming into the country. The country has had a troubled past. It was invaded by Iraq in 1990 under Saddam Hussein and subsequently freed by US intervention. With the removal of Saddam Hussein, the region has now entered a period of stability and oil revenues riding on high prices are driving the country into an economic boom. Travel and tourism is increasing rapidly. Kuwait is in the midst of a sea change, sparked by two recent developments. The unprecedented rise in the price of oil over the last two years has dramatically increased the wealth of the country. Revenues from petroleum sales now priced at more than seventy dollars a barrel were three times projections in 2005. These revenues have brought unplanned riches to this oil-wealthy GCC country. As holder of 8 % of the worlds’ known oil reserves and with annual surpluses in the region of US $ 23 bn, [1] Kuwait is awash with funds and learning to digest this windfall; a flood of dollar inflows which do not show signs of abatement. The death of the Amir Sheikh Jaber and the transition of authority to the new Amir, Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, have set the stage for huge economic developments, which are mainly concerned with further development of the emirate’s oil reserves. Revenues from oil make up 50 % of Kuwait’s GDP. The new Amir is in the process of making significant changes in both the oil and non-oil sectors and with erstwhile neighbour, Saddam Hussein out of the picture there is greater confidence to invest. Banking and Financial Services in Kuwait The country, till recently, allowed foreign companies to own up to 49 % of local banks. In 2004, this restriction was removed and full foreign ownership is now allowed, allowing foreign banks like BNP Paribas and UKB to start operations in the country. The major opportunity in the region lies in extending brokerage and financial services to the local population and UKB is trying to actively enter and consolidate its’ presence in these sectors. â€Å"Over the medium term, Kuwait’s financial position is projected to remain strong. The large external current account and fiscal surpluses are expected to lead to a build-up of a large stock of financial assets for future generations.† [2]The country’s sound group of commercial banks, led by the premier Arab bank, National Bank of Kuwait, is well managed and profitable. Kuwaiti Banks have shown remarkable performances. Led by the Bank of Kuwait, the Middle East (BKME) and Kuwait Finance House (with approximately 60 % increases in pre-tax profits), the consolidated assets of the 14 Kuwaiti banks touched record heights in 2005. Banking, financial markets and financial services are preparing a platform for the forecasted boom years. Many international and local banks and financial services companies are vying with each other to improve service and make Kuwait a significant GCC financial center. These plans face two main challenges. Firstly, the stock markets have, after a period of sharp growth, entered a phase of correction, earlier this year with stock values plummeting across the region, eroding shareholder wealth and burning investors. This stock market correction (a drop of a record 14% in March) and larger market declines elsewhere in the Gulf, , have given bankers cause for concern. Rating agency Moody’s has recently cautioned about an asset bubble in the region and that banks may not know the full extent of the possible problem until loans can be assessed at the end of this year. Banking companies operating in Kuwait’s fledgling banking, brokerages and financial services sector have to wrestle with this downturn in investor confidence and face stiff competition from the other financial centers in the GCC countries. The vision of the current Amir’s new regional financial centre needs strategic design, focus, commitment and implementation to succeed. Saudi Arabia, Bahrain, Dubai and Qatar all have financial centers competing for supremacy in the Gulf sweepstakes. In this context, with the viability of five regional financial centers yet to be established the financial institutions in Kuwait need to play a very significant role if the country is to become a strong financial hub. The financial and brokerage institutions have to design their strategy in this context and plan their work considering the challenges provided by the availability of substantial local wealth, strategic geographical location, intense regional competition and a slow moving bureaucracy. All companies operating in the field of share and securities brokerage and financial services have to take account of these two developments, which have the potential to act as force multipliers and propel Kuwait’s development manifold. A dynamic leadership wishing to achieve ambitious objectives and armed with adequate resources can achieve far-reaching changes that may be out of the ordinary.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To summarize, Kuwait’s banking, brokerage and financial services must find their way to service their customers, optimize performance and create a strategic design with a horizon of at least ten years in a market with many challenges and yet tremendous opportunity. The circumstances under which they need to operate, thrive and grow are as under. Their immediate environment is immensely rich, witness to strong cash inflows and has strong potential for brokerages and companies offering financial services The region is now comparatively stable after the removal of Saddam Hussein and the government is planning significant and far reaching investments in oil development and infrastructure The country is witnessing sharp growth in travel. Investments in top end luxury hotels are increasing with the entry of large international chains. This increase in travel has led to the formation of new regional airlines and additional flights from the big airlines. The region has very active stock markets that are currently in a corrective phase after sustained and dizzy growth. The dip in stock prices has made shares more attractive and increase in buying activity is forecasted The official Kuwait Stock Exchange (KSE), restructured in 1983 after the collapse of the unofficial stock market in 1982, has become, despite the Iraqi invasion in 1990, the most sophisticated market in the region. The GCC region has five financial services centers, Saudi Arabia, Dubai, Bahrain, Doha and Kuwait. The other four centers already have a head start over Kuwait and experts doubt whether the region can support five strong centers. The KSE, which is the second largest Stock Exchange in the GCC countries and has a sophisticated and fully automated computerized system is urging its members to provide self-service technologies to its’ clients. It has published APIs and guidelines on the mode of integrating online trading with its’ gateway. A number of international financial institutions and banks are re-entering the region with more skills and expertise as well as deeper pockets. These banks will bring strong competition and international state of art practices to the market places. Though operating under restrictions they will forge alliances with local businesses and strive to increase their service portfolio and business in the region. â€Å"According to the bank’s Kuwait chief executive Nick Nicolaou, HSBC has already built up a staff of 42 and is developing a comprehensive training programme. â€Å"We think we can add value. With our regional and global footprint, we can do a lot that local banks cannot do.† [3] HSBC is likely to emphasise its sub-custodian capabilities for foreign investors among other services.† It is evident that these are momentous times for the banking, financial services, wealth management and brokerage companies in Kuwait. Their choice of strategy during this particular sunrise period will determine largely their survival, prosperity and growth in the coming decade. A number of these companies have also started offering self-service technologies to their clients. This is seen as a big step forward in their client offering. KMEFIC and KAMCO are two brokerage companies who have been frontrunners in adopting this technology. KMEFIC’s services have proved to be notably successful and they are now able to provide services, which cover most of the GCC countries and the US market. The Role of UKB managers The analysis of political and economic analysis provided in the previous two sections indicates the enormous business opportunities present for companies operating in the banking sector. UKB is one of the few foreign banks operating in Kuwait and has substantial early mover advantage. The free space available and lack of strong competition will not last for very long and UKB officials need to exploit the business advantage fully. Banks and financial institutions are also rapidly introducing Self Service Technologies for brokerage and internet banking activities. UKB managers must also thus work towards leveraging their superior banking and technological skills and ensure that their technology on offer is the best possible. Any introduction of modern technology is going to be more stressful in Kuwait than what managers from the UK would have experienced before and managers would do well to remember that technology that does not live up to its promises causes intense customer dissatisfaction. Implementation of technology will need to be done with care, especially with respect to maintenance, back up and support services.   Kuwait and the other GCC countries have business environments that are radically different from the UK, the USA and countries of West Europe. The differences in history, culture, traditions and mores as well as the predominance of religion in everyday life contribute towards creating an environment that appears to be alien and is often a cause for great discomfiture for westerners who wish to put down anchor for extended periods and operate in business environments. It is thus essential to understand the Kuwaiti way of doing business in order to respond adequately to business challenges. The recommendations provided below are common for most of the Arab world and will stand all British expatriates negotiating business contracts in Kuwait. UKB officers should try, as far as possible to follow the following guidelines, extracted from the Australian Government’s website for doing business with Arab states. [4] Information is often unreliable and efforts to expand sources of information will aid understanding of a business situation. This includes advice from other westerners who have more experience of local conditions. Statistics and market data are often imprecise and can lead to wrong forecasting.   Budgets must be realistic, timelines conservative as slippages are very common, and transactions take longer than expected. Extensive networking helps in generating business leads Complex business procedures are common and a contract may take take many visits and apparently unnecessary negotiations. Once contracts are finalized, the clients or business partners often want to move fast often based on a handshake. Finally, everything moves on price and UKB managers must work towards delivering beneficial and tangible price outcomes. Religion, in this case Islam, plays a very definitive role in the life of people of governs interpersonal dealings. A knowledge of the Islamic calendar helps and it is wise not to fix any important meetings for Friday, the Islamic Sabbath, when many offices and shops remain closed. The holy festival of Ramadan occupies one whole month and its dates vary every year. Kuwaitis fast for the whole day and while they are used to the yearly ritual, business activities slow down. UKB managers should plan their work accordingly and factor in these considerations into their budgets and commitments. Business meetings are also very different from the west and are frequent causes of frustration for expatriates used to the professionalism of UK business. Some characteristics [5]   of Arab meetings, very capable of disturbing UKB managers are as follows. The meeting may be disturbed and that too quite often, by phone calls and assistants coming in to sign documents or take instructions. The business world is far more informal and interruptions are the norm, rather than the exception. Totally unconnected people may also come in and remain present, without contributing anything towards the proceedings. Meetings are also often interrupted because of prayer timings. Any show of frustration is looked at with amusement and UKB managers must learn to be patient and impassive in their attitude. The Kuwaitis are very good negotiators and quite adept at sensing the unease of their business counterparts. It thus, remains advisable to stay focused, keep the main negotiating points in play, stay firm but exceedingly polite and never show frustration or impatience at the conduct of proceedings. They will be looking for sincerity and trust and it is important that these reassurances are provided continuously, through word, action and reinforcement of capability. Personal Relationships Expatriates living in foreign locales feel the need to occasionally relax in familiar surroundings. Kuwait has a number of luxury hotels with good cuisine and health club facilities and it is strongly recommended that the British staff make good use of them. It is also however important to mix with important local clients and prominent members of the bureaucracy and gradually build up networking contacts. While engaging with Kuwaitis socially it is important to remember a few local traditions and customs. The right hand is always used for eating and it is impolite to eat with the left. The art of small talk, especially about local events helps in social and business settings. Handshakes are often clasps and should be avoided with females. Regular eye contact is desirable and firmness, as separate from arrogance, leads to respect. The most commonly used term is Inshallah, which stands for â€Å"god willing† and underlines the predominance of religion in all dealings. Conclusion The success of a strategic international thrust depends upon a number of things, the most important being viable business opportunities, excellent domain knowledge, awareness of local political processes and economic conditions and the ability to deliver, technically and economically, a superior product or service. UKB is fortunately placed. It is at the right place at the right time and needs to convert its first mover advantage to consolidate its position as a significant player in the banking and financial circles of Kuwait. The banks expatriate team has the responsibility of carrying forward the objectives of the bank to fruition and economic success. They will need to handle a number of challenges on their road towards their objective. A proper reading of the various suggestions and recommendations provided in the course of this report should certainly make their assignment easier to handle. Bibliography Amir, F.A., Marzouqi, H.A., Mesmer, H and Murtawa, S.S., 2006, Online e Trading for UAE Stock Market. AME Info, 9 October 2006, Available: http://www.ameinfo.com/80199.html Atkins, W, 2004, Worst-case scenarios, The Banker, 10 July 2006, Available: http://www.thebanker.com/news/fullstory.php/aid/1711/Worst-case_scenarios.html Bansal, P., 2004, A question of identity, The Banker, 9 October 2006, Available: http://www.thebanker.com/news/fullstory.php/aid/1708/A_question_of_identity.html Doing business with Qatar, 2006, Australian Government, 9 October 2006, Available: www.dfat.gov.au/publications/business_qatar/doing_business_qatar.html Drejer, A. (2002). Strategic Management and Core Competencies: Theory and Application. Westport, CT: Quorum Books. 9 October 2006, Available: Questia database: http://www.questia.com/PM.qst?a=o&d=101317940 GCC Growth to Slow, 2006, Gulf Industry, 9 October 2006, Available: www.gulfindustryonline.com/bkArticlesF.asp?Article=4113&Section=672&IssueID=234 Timewell, S, 2006, A future to plan for, The Banker, 9 October 2006, Available: http://www.thebanker.com/news/fullstory.php/aid/4048/A_future_to_plan_for.html Timewell, S, 2005, A transformed terrain for banks, The Banker, 9 October 2006, Available: http://www.thebanker.com/news/fullstory.php/aid/2953/A_transformed_terrain_for_banks.html Timewell, S, 2006, New Era New Challenges, The Banker, 9 October 2006, Available: http://www.thebanker.com/news/fullstory.php/aid/4046/New_Era,_New_Challenges.html [1] GCC Growth to Slow, 2006, Gulf Industry [2] Timewell, S, 2005, A changed terrain for banks [3]   Timewell, S, 2006, A future to plan for, Page 1 [4]   Doing Business with Qatar, 2006, Australian Government [5] Doing Business with Qatar

Obesity Epidemic Among African American Women

Chapter II Review of Literature We know that the problem of obesity is a world-wide epidemic and is becoming an even greater threat to the United States. Currently the U. S is the world’s most obese country and with a large margin between second place (James, Leach,  Kalamara, Shayegh 2001). America is also the front runner in a new trend: morbid obesity. Not only does America have the highest population of obese individuals, America also has the largest population of morbidly obese individuals (World Health Organization 2009).Morbid obesity affects both males and females of all ages and ethnicities from different socioeconomic statuses, however, the Black female population that has been affected the most (Lorenzen, (2010). This trend of overweight Black American females has only recently become an epidemic (Davis, 2008). What if any factors played into this abrupt change in obesity levels of the Black-American woman? Obesity and BMI Obesity can be classified as a condition characterized by excessive body fat to the magnitude that is becomes detrimental to one’s health (Ho-Pham, et al. , 2010).There are different methods to measuring ones body mass index with the more common methods being height to weight ratio measurement, waist to hip ratio measurement, skin fold tests, and bioelectrical impedance measurement. For most of these references BMI’s were calculated between a mixture of bioelectrical impedance and skin fold measurement tests. A person should have a BMI of 18. 5 to 24. 99 be considered â€Å"normal† (World Health Organization, 2010). Once a BMI reaches 30 or greater the individual is classified as obese. The term obesity is broken down into 3 different Body Mass Index (BMI) classifications. Having a BMI greater than 30. is considered Class I Obesity. A BMI greater than 35. 0 is considered Class II Obesity and a BMI greater than 40. 0 is Class III Obesity or morbid obesity (World Health Organization, 2000). The Obesity E pidemic Obesity is a worldwide epidemic (Deitel, 2003). 1 out of every 10 adults suffering from obesity worldwide (WHO, 2009) and this number will be doubled by 2015 (Withrow, Alter, 2011). Stemming from this large occurrence there are over 2. 5 million obesity related deaths worldwide each year (CDC 2011). However in America the problem is even greater in that 35. 7 percent of the adult population is obese (CDC 2011).The most current figures available come from a 2005-2006 survey station that 6 percent of Americans suffer from morbid obesity (Journal of the American Medical Association, 2012). The obesity epidemic in the United States represents a critical public health crisis. The increase in obesity can be directly linked to the increase of other major health issues such as diabetes, high blood pressure, high cholesterol, asthma, arthritis, and poor health status ( Mokdad, et al. , 2001). Not only does it encompass life threatening consequences such as diabetes and cardiovascular diseases but it also results in major healthcare costs (Brown, et al. 2009). The United States spends upwards of $147 billion annually in obesity related healthcare costs (The Washington Post). The rise in obesity is giving way to a new epidemic- morbid obesity. Morbid Obesity and Women Morbid obesity is classified as having a BMI greater than 50. 0 (Strum, 2007). Like in obese people, morbid obese people see the same list of health complications such as high cholesterol, high blood pressure, infertility and breathing problems such as asthma and sleep apnea to more severe problems such as diabetes and high premature mortality rates.Both obesity and morbid obesity are a major problem in the United States. It is apparent that morbid obesity is on the rise in the U. S however it is more prevalent in women than in men. Morbid obesity tends to affect women more than men. Currently morbid obesity cases affect females 24% more than males and it is estimated that by the year 2020, 40. 2% o f men will be obese with 3. 1% of that population being morbidly obese and 43. 3% of women will be obese with 5. 8% of that population being morbidly obese (C. J. Ruhm, 2007).Morbid Obesity in Black-American Women Morbid obesity continues to rise throughout America however the most significant increase is seen in Black women. Over 78% of Black-American women are overweight or obese (Davis, 2008), and it is predicted that by 2030, 96. 9% of Black women will be either overweight or obese (Wang, et al. , 2008). In 2002 morbid obesity among Black-American women was more than double that among White and Mexican-American women. 13. 5 % of Black-American women were morbidly obese as opposed to 5. 5% and 5. % in White and Mexican-American women (Wang, Beydoun, 2007). Why it is that Black women are most vulnerable to not only obesity, but to morbid obesity? Could socioeconomics place a factor in these figures? A study was done in 2007 that looked at race, socioeconomic status and food qualit y availability. It was found that in low income urban areas, there was significantly less access to not only major food chains but foods of quality such as fresh fruits and vegetables while having a significantly higher access to convenience store than the rest of the population. Powella, et al. , 2007). Since majority of low income urban areas are made up of black residents then why aren’t Black men’s morbid obesity rates just as high? Both Black men and Black women of the same socioeconomic status have the same access to the same food distribution centers. Both also share the same body compositions as naturally having a greater lean mass to fat mass ratio (Flegal, Carroll, C. L. Ogden, Curtin, 2010). Could there be another factor playing a role in Black women’s prevalence to morbid obesity? Body ImageA study was conducted at Tennessee State University where 218 Black- American females were asked to rate their body image confidence. The findings of this study s uggested that the obese and morbidly obese women rated themselves as having a high level of body image confidence and life satisfaction as opposed to that of the women who were normal or overweight (Lorenzen, L. , 2010). Another study was conducted in 2007 looking at the preferred body images between 80 White- American and 80 Black-American participants. All participants were asked to look at female models and silhouettes of women.The models BMI’s ranged from low to obese. From there the participants were asked to rate each model and silhouette. The study found that there was a significant difference in ratings between Black- American and White-American participants in that model silhouettes with a higher BMI received higher attractiveness ratings amongst the Black-American participants than compared to White-American participants (Davis 2008). Although these studies yielded relatively small samples the results are conclusive in that Black-Americans view a female with a large r BMI as having a more attractive body image.This obesity epidemic in Black-American women is fairly new. If we go back only a few decades ago, the obesity rates of Black- American women has doubled between 1988 and 2004. In addition, various longitudinal studies have shown that there are higher rates of weight gain in black women than in white women. Also during the first BMI examinations in the 1970s, white and black girls had similar levels of BMI but the annual increase in BMI were 30-40% larger among the black girls throughout both childhood and adulthood (Freedman et al, 2005).

Financial Check Up Essay Example | Topics and Well Written Essays - 750 words

Financial Check Up - Essay Example First worksheet entry reflects money I used to fuel my car. I used $100 in every week to fuel my car. For one month, I spent $400 dollars to fuel my car. This is equivalent to 8% of my monthly income. The second worksheet entry shows the amount of money I used to go for a movie show for a single month. To go for Movie Theater to watch a movie, I spent $20. This was part of my entertainment expenses equivalent to 0.4% of my income. According to Gibson (145-189), financial tracking sheet maintain a record of individual’s financial progress. It reflects individual decisions before they complete a budget, fulfill diverse distribution demands and meet their main requirements (Gibson, pp145-189). From my spreadsheet, there were only nine entries for a whole month. Each entry showed some financial decisions I made for the whole month. The spreadsheet give information like the date I spent, the amount of money I spent, amount of income, category of the event and description of the event. The tracking sheet measured my financial performance over the one-month financial duration. To find expense statement, I determined how I acquire cash and sustain some in the pocket amidst expenses. My overall expenses amounted to $2545 and my income was $5000. The tracking sheet displays my new worth statement; it displays my underlying money, liabilities and the net worth after subtracting cash from liabilities (Gibson, 145-189). After adding my expenses ($2545), and subtracting it from my income ($5000), my net worth was $2455. Financial ratios are useful determiners of financial condition. They reveal my financial strengths and weakness. The liquidity ratios (1.96464) measured the presence of cash to settle debts. Since it is greater than one, I could easily meet my debts. The debts ratios measure my ability to repay the long-term debts. For this case, I did not have any debt. The profitability

Professional portfolio Essay Example | Topics and Well Written Essays - 500 words - 2

Professional portfolio - Essay Example To the contrary, I consider my service a priceless gift to people who need it. Diligence in delivery of care, advocacy, and awareness are my fundamental principles into practice. As an advocate, I strive to learn health care needs for better quality of health and collaborate with professionals from other fields to identify possible strategies for meeting the needs. I then strive to influence policy changes at different levels of the health care sector such as at facility level and local government levels. I also participate in research for efficient and effective prevention and management of diseases through direct delivery of care and through community empowerment towards self-care. I have worked as an emergency room nurse for 12 years, an experience that has exposed me to the need for sacrifice for patients’ lives. I am currently a clinical coordinator in liver transplant where experience motivates my nursing values. My priority growth areas are policy development, leadership, and scientific research because of their significance to generation of contemporary knowledge and strategies and mobilization of resources towards policies and policy implementation. Developing and implementing SMART goals is my plan for improving my leadership, research, and policy development potentials (Powers, 2013). My goal on leadership development is to be competent in transformational and charismatic leadership styles. These are important to my advocacy and leadership in policy development that are collaborative initiatives. I plan to attend trainings and workshops o leadership and to seek mentorship from distinguished leaders. A six-month period, beginning from next month, will be dedicated to the goal that I will evaluate monthly using online assessment tests and observation on successful leadership based on the two styles. I currently have knowledge and experience in research but improvements are necessary. I plan to attend part time classes on statistics and research

AIG Bailout and AIG Bailout Exit Plan Essay Example | Topics and Well Written Essays - 500 words

AIG Bailout and AIG Bailout Exit Plan - Essay Example Post the financial stress, AIG’s credit rating was downgraded and it required $14.5 billion in collateral in order to improve the credit rating. When private banks denied support, government became the sole option. For the US government, it was a hard bargain. After many rounds of meetings the government decided to lend up to $85 billion. But this threshold was later crossed and the total bailout value reached about $182 billion in different forms. This resulted in the government owning 80% of the then struggling insurer. This equity holding was in the form of equity participation notes. This loan was granted by the government for a period of 2 years. The government had negotiated on all ways to protect the taxpayers’ money. This two year loan carried an interest rate of 8.5% points plus the LIBOR rate. Apart from that it also carried collateral right on major assets of AIG. Thus, if market and the company prosper, the government will receive huge returns through its eq uity stake. If it happens otherwise, it can recoup the investment through the claim on assets and the interest on loans. The government bailout helped AIG to sell off its unprofitable business and to get restructured into a healthy operational position. Exit Plan AIG’s bailout exit plan came out in the mid of 2010.

Enforced Democracy under American Occupation Essay

Enforced Democracy under American Occupation - Essay Example control of the nation reversed Japan's zealous colonial ambitions earlier in the twentieth century to subjugate neighboring Asian populations in the name of Hakko Ichiu (Nishi 22). The moral goal of Hakko Ichiu, construed by the Japanese national religion of Shintoism, was a perceived mandate of manifest destiny for Japan as the first created Asian state, to bring the corners of the world together under kodo, the unity of the Imperial Way, in subservience to the divine Emperor. In fact, Japanese military aggression in the Pacific purportedly had the inspired objective of freeing Asian neighbors from western European and American imperialism to create a peaceful and prosperous eastern constituency. Japan's war-time government envisaged an imperial empire as the Greater East Asia Co-Prosperity Sphere (Tsunoda 294). As outlined explicitly in the plan: It is necessary to foster the increased power of the empire, to cause East Asia to return to its original form of independence and co-prosperity by shaking off the yoke of Europe and America, and to let its countries and peoples develop their respective abilities in peaceful cooperation and secure livelihood. (Tsunoda 294) At the At the dnouement of the ill-fated endeavor, with Japan forced to laid down its arms, the nation was occupied by foreigners for the first time in the long annals of its history. Townsend states that the fact that the Supreme Command of the Allied Powers was short of qualified personnel to administer Japan compelled General MacArthur to make judicious use of the time-honored Japanese civic structure and existing public agencies to implement his post-war objectives (207) after first purging vast numbers of Japanese military and civilians who had been complicit in the war. MacArthur dismissed five million Japanese troops from military service, set hearings for war crimes, identified nationals as known co-conspirators within the military command and suppressed the zaibatsu, but discreetly spared Emperor Hirohito (Townson 207). In the years before surrender the Japanese people had lived under a repressive regime whose fierce ambitions were fueled by an obsessive nationalism through its radical misreading of Japan's future as embodied in the manuscripts of its ancient Shinto religion. The prominent zaibatsu controlled almost all its commerce (Price 18). Journalism had been censored, academic freedoms were curtailed and dissidents had been mercilessly suppressed by the secret police, while every facet of Japanese social life had succumbed in subservience to the self-sacrificing civic compliance mandated by the war effort (Nishi 22). The zaibatsu were powerful family-owned banking and industrial syndicates that played key roles in Japanese economic development in the decades before the onset of World War II. By 1937 the four chief zaibatsu had cemented tight relations with the main political parties and firmly dominated half of all Japanese shipbuilding and maritime transport, a third of all bank assets, a third of all foreign trade, and virtually all of Japan's heavy industry (Sugita 21). Under the U.S. occupation, the termination of the zaibatsu topped one of the chief objectives in the postwar strategy of the

Contrast the Power of Chief Justice Roberts Jr. with that of an Essay

Contrast the Power of Chief Justice Roberts Jr. with that of an Associate Justice like Kennedy - Essay Example However, in terms of power and influence during oral arguments and Friday conference, all justices of the US Supreme Courts have equal voices and equal votes. Undeniably, during oral arguments and Friday conference, protocol states that the Chief Justice speaks first, casts his vote first and assigns the writer of the Court’s opinion if he is with the majority. All these privileges are in deference to his esteemed position. As a matter of fact, the US Supreme Court operates on a system of seniority. With the sole exception of the Chief Justice, the Associate Justices are called to speak and cast their voice on the basis of seniority, that is, the older justices go first. The system of seniority is used only for the purpose of finding order in their procedures and has no bearing on their influence in decision-making (US Courts). In terms of influence on the outcome of the case which is under oral argument or discussion during Friday conference, all Justices have the same and eq ual votes. The Chief Justice is just one vote out of the nine Justices that make up the US Supreme Court. There is not one Justice, not even the Chief Justice, who has more influence and more value to their votes than the others. 2. ... A Justice from the majority group is then assigned to write the opinion of the court. When it is finally promulgated, the majority opinion forms part of the jurisprudence and may be used as precedence for future cases. By their very nature, only the majority opinion affects the actual case law and policy impact that arise out of the promulgated decision. Justices from both the winning majority and the losing minority are all free to write their own opinions which shall also form part of the promulgated decision. Those who agree with the majority opinion write concurring opinions while those who disagree with the majority write dissenting opinions. Interestingly, dissenting opinion gives us a glimpse of the dynamics that occurred in the course of the deliberation of the case. Although the opinion has no weight on the decision and does not confer rights to the parties in the case, justices write them anyway to register their disagreement with the majority. In rare occasions, dissenting opinion becomes the majority opinion because the other Justices become convinced with the dissenter’s argument after reading the dissenting opinion (US Courts). 3. Compare the Superior courts with the US District Court in terms of their purpose(s). What difference(s) did you notice in your study? What do you make of this?   The federal court system has three levels of courts in its hierarchy and each level has a different stated purpose. The three federal courts are the US District Courts, the US Circuit Court of Appeal and the Supreme Court. The US District Courts are the trial courts which hear cases under its original jurisdiction. It has authority to hear both civil and criminal cases. Parties who are not