Cómo puede un extranjero divorciarse en Estados Unidos

Cà ³mo puede un extranjero divorciarse en Estados Unidos  ¿Pueden  divorciarse todos los extranjeros que residen en los Estados Unidos con independencia de su estatus migratorio y sin que importe el paà ­s en el que se casaron? Para evitar problemas es conveniente conocer los puntos bsicos que se explican a continuacià ³n, asà ­ como cules son los problemas migratorios que pueden surgir por un divorcio y, por à ºltimo, quà © debe hacerse para que un divorcio en Estados Unidos tenga efectos legales en el paà ­s de origen. En el caso de desconocer dà ³nde se encuentra la persona de la que se quiere divorcia, es posible buscarlo en varias bases de datos oficiales de Estados Unidos. La importancia del estado a la hora de divorciarse en Estados Unidos En Estados Unidos, los asuntos de matrimonio y divorcio son competencia de los estados. Esto significa que las reglas pueden variar de uno a otro. Sin embargo, en todos los estados van a pedir que se cumplan al menos dos requisitos.   En primer lugar, que se pruebe la identidad de la persona que solicita el divorcio. Cada estado tiene un listado con todos los documentos que se admiten, como  la licencia de manejar, la tarjeta de residencia permanente, el pasaporte o la matrà ­cula consular. En segundo lugar, excepto en los casos de Alaska y Washington, se pide que la persona que se quiere divorciar pueda probar que reside en el estado en el que solicita el divorcio. En este punto las reglas varà ­an enormemente. Por ejemplo, en Dakota del Sur es suficiente probar que se vive en ese estado en el momento de iniciar los trmites. Pero ese es un caso excepcional, ya que la mayorà ­a de los estados piden probar residencia por 90 dà ­as, 180 dà ­as o, incluso, un aà ±o. Entre los estados que exigen residencia por ms de 352 dà ­as se encuentran Connecticut, Iowa, Maryland, Massachusetts, Nebraska, Nuevo Hampshire, Nueva Jersey, Nueva York, Rhode Island y Virginia Occidental. Algunos estados, adems, piden un mà ­nimo de tiempo de residencia en el condado en el que se presentan los papeles. Por ejemplo, en California se exigen 180 dà ­as de residencia en el estado, de los cuales 90 tienen que ser en el condado en el que se solicita el fin del matrimonio. El estado en el que una persona se divorcia es importante por varias razones. En primer lugar, porque cada estado regula las causas por las que es posible solicitarlo. En Estados Unidos dos de cada tres estados permiten lo que se conoce como no-fault divorce,  es decir, querer divorciarse es razà ³n suficiente para solicitarlo y obtenerlo. En los otros estados hay que cumplir con alguno de los requisitos que se refieren al incumplimiento del acuerdo matrimonial por alguno de los dos cà ³nyuges. En segundo lugar, los estados pueden exigir que se notifique a la otra parte el inicio del procedimiento de divorcio en lo que se conoce en inglà ©s como service of process. Se pueden admitir diferentes formas para realizar la notificacià ³n, pero en el caso de personas con un cà ³nyuge fuera de los Estados Unidos este requisito puede ser, en ocasiones, difà ­cil de cumplir, pero no por ello puede ignorarse. Y, en tercer lugar, las leyes del estado en el que se dicta el divorcio van a decidir sobre aspectos como divisià ³n de las propiedades, si las hay, custodias de hijos, y pensiones de alimentos o de sostenimiento (conocidas en inglà ©s como child support y alimony, respectivamente). Efectos migratorios del divorcio Cualquier persona que reside habitualmente en Estados Unidos puede divorciarse, cumpliendo con los requisitos del estado en el que solicita el divorcio. El procedimiento tiene lugar en la corte civil y depende del estado. Esos datos no se comunican con inmigracià ³n. Sin embargo, un divorcio sà ­Ã‚  puede tener consecuencias migratorias en tres casos: 1. En primer lugar, las personas que obtuvieron una tarjeta de residencia por matrimonio y se divorcian podrà ­an perderla, dependiendo del momento y de las circunstancias de la finalizacià ³n del và ­nculo matrimonial. Aunque la situacià ³n es ms delicada para las personas que desean divorciarse antes de levantar la condicionalidad de su green card, lo cierto es que los efectos pueden darse incluso cuando ya se tiene la tarjeta de residencia definitiva. El  problema aparece cuando se solicita la ciudadanà ­a por naturalizacià ³n y ya consta el estado civil como divorciado. 2. En el caso de divorcio en el que la pareja tiene hijos en comà ºn, puede establecer una pensià ³n de mantenimiento para los menores. En el caso de incumplirse el pago de la pensià ³n de alimentos puede haber consecuencias civiles, penales y tambià ©n migratorias que pueden ir desde multas, penas de prisià ³n y anulacià ³n del pasaporte, hasta negacià ³n de beneficios migratorios como la tarjeta de residencia o la ciudadanà ­a estadounidense por naturalizacià ³n. 3. En tercer lugar y con aplicacià ³n para todas las personas extranjeras en Estados Unidos, los casos de bigamia son causa de deportacià ³n y de denegacià ³n de la adquisicià ³n de la ciudadanà ­a estadounidense por naturalizacià ³n. La bigamia se produce cuando una persona est casada con otras dos al mismo tiempo. Por esta razà ³n conviene pensar bien el casarse en Estados Unidos sin antes divorciarse pensando que las autoridades estadounidenses nunca se van a enterar si hubo o no matrimonio previo en otro paà ­s. En estos casos, muchas veces se enteran por denuncias anà ³nimas que crean problemas migratorios que son difà ­ciles o imposible de resolver, y no es posible pedir un waiver. Adems, hay el agravante de que si hay una condena por bigamia se anulan todos los beneficios migratorios obtenidos a partir del momento en que se produjo la bigamia. Quà © hacer para que el divorcio en EEUU tenga efectos legales en el paà ­s de origen Las personas extranjeras pueden divorciarse en Estados Unidos, sin embargo, eso no quiere decir que ese divorcio es vlido en sus paà ­ses de origen o que produzca efectos legales automticamente. De hecho, existen dos formas completamente diferentes sobre cà ³mo otros  paà ­ses pueden contemplar un divorcio de uno de sus nacionales obtenidos en Estados Unidos. En primer lugar, se encuentran aquellos paà ­ses que no le reconocen ningà ºn valor legal y exigen que sus connacionales se divorcien en el paà ­s de origen, en persona o a travà ©s de un representante legal. Es, por ejemplo, el caso de Mà ©xico Asà ­, si un mexicano se casa en Mà ©xico pero vive  habitualmente en Estados Unidos, debe divorciase en su paà ­s. Si no quiere o no puede viajar a Mà ©xico, puede firmar un poder notarial a favor de un abogado o de una persona de confianza para que le represente en Mà ©xico durante los trmites de divorcio. Para realizar esos trmites puede cerrarse una cita con Mexitel. Tambià ©n existe un grupo de paà ­ses que sà ­ reconocen el valor legal de un divorcio obtenido por sus nacionales en Estados Unidos. Sin embargo, para que produzca efectos legales se exige que se lleve a cabo un trmite adicional para registrar dicho divorcio. Como ejemplo puede citarse el caso de los colombianos, ya que en Colombia se reconoce la validez de un divorcio dictado en Estados Unidos, imponià ©ndose solo la obligacià ³n de realizar lo que se conoce como exequtor ante la Sala Civil de la Corte Suprema. Solo se puede solicitar cuando la sentencia es final y ya no caben apelaciones o peticiones de nulidad. Adems, el requisito del exequtor tambià ©n rige para otros paà ­ses, por ejemplo, Perà º. Otros paà ­ses que tambià ©n optan por reconocer la validez del divorcio que sus connacionales obtienen en Estados Unidos piden diferentes trmites. Por ejemplo, Argentina da la opcià ³n de registrar y dar publicidad al divorcio dictado en Estados Unidos mediante su inscripcià ³n en el Registro Nacional de Estado y Capacidad mediante un procedimiento judicial o uno consular. Debido a que las reglas cambian segà ºn el paà ­s, lo recomendable es que cada migrante consulte con su embajada para determinar cules son los pasos a seguir y antes de proceder a obtener la apostilla de la Haya en el documento de divorcio, informarse sobre si ese trmite es necesario, ya que no es barato. Este es un artà ­culo informativo. No es asesorà ­a legal.

1979 Seizure of the Grand Mosque in Mecca

1979 Seizure of the Grand Mosque in Mecca The seizure of the Grand Mosque in Mecca in 1979 is a seminal event in the evolution of Islamist terrorism. Yet the seizure is mostly a footnote in contemporary history. It shouldnt be. The Grand Mosque in Mecca is a massive, 7-acre compound that can accommodate some 1 million worshippers at any one time, especially during the annual hajj, the pilgrimage to Mecca centered on circling the sacred Kaaba in the heart of the Grand Mosque. The marble mosque in its current shape is the result of a 20-year, $18 billion renovation project began in 1953 by the House of Saud, the ruling monarchy in Saudi Arabia, which considers itself the guardian and custodian of the Arab Peninsula’s holiest sites, the Grand Mosque topmost among them. The monarchy’s contractor of choice was the Saudi Bin Laden Group, led by the man who in 1957, became the father of Osama bin Laden. The Grand Mosque, however, first came to wide Western attention on November 20, 1979. Coffins as Weapons Cache: Seizure of the Grand Mosque At 5 that morning, the final day of the hajj, Sheikh Mohammed al-Subayil, imam of the Grand Mosque, was preparing to address 50,000 worshipers through a microphone inside the mosque. Among the worshipers, what looked like mourners bearing coffins on their shoulders and wearing headbands made their way through the crowd. It wasnt an unusual sight. Mourners often brought their dead for a blessing at the mosque. But they had no mourning in mind. Sheikh Mohammed al-Subayil was shoved aside by men who took machine guns from beneath their robes, fired them in the air and at a few policemen nearby, and yelled to the crowd that â€Å"The Mahdi has appeared!† Mahdi is the Arabic word for messiah. The mourners set their coffins down, opened them up, and produced an arsenal of weaponry that they then brandished and fired at the crowd. That was only part of their arsenal. An Attempted Overthrow by a Would-Be Messiah The attack was led by Juhayman al-Oteibi, a fundamentalist preacher and former member of the Saudi National Guard, and Mohammed Abdullah al-Qahtani, who claimed to be the Mahdi. The two men openly called for a revolt against the Saudi monarchy, accusing it of having betrayed Islamic principles and sold out to western countries. The militants, who numbered close to 500, were well armed, their weapons, in addition to their coffin arsenal, having been stashed gradually in the days and weeks before the assault in small chambers beneath the Mosque. They were prepared to lay siege to the mosque for a long time. The siege lasted two weeks, though it did not end before a bloodbath in underground chambers where militants had retreated with hundreds of hostagesand bloody repercussions in Pakistan and Iran. In Pakistan, a mob of Islamist students enraged by a false report that the United States was behind the mosque seizure, attacked the American embassy in Islamabad and killed two Americans. Irans Ayatollah Khomeini called the attack and the murders a great joy, and also blamed the seizure on the United States and Israel. In Mecca, Saudi authorities considered attacking the hold-outs without regard for the hostages. Instead, Prince Turki, the youngest son of King Faisal and the man in charge of reclaiming the Grand Mosque, summoned a French secret service officer, Count Claude Alexandre de Marenches, who recommended that the hold-outs be gassed unconscious. Indiscriminate Killing As Lawrence Wright describes it in The Looming Tower: Al-Qaeda and the Road to 9/11, A team of three French commandos from the Groupe d’Intervention de la Gendarmerie Nationale (GIGN) arrived in Mecca. Because of the prohibition against non-Muslims entering the holy city, they converted to Islam in a brief, formal ceremony. The commandos pumped gas into the underground chambers, but perhaps because the rooms were so bafflingly interconnected, the gas failed and the resistance continued.With casualties climbing, Saudi forces drilled holes into the courtyard and dropped grenades into the rooms below, indiscriminately killing many hostages but driving the remaining rebels into more open areas where they could be picked off by sharpshooters. More than two weeks after the assault began, the surviving rebels finally surrendered. At dawn on Jan. 9, 1980, in the public squares of eight Saudi cities, including Mecca, 63 Grand Mosque militants were beheaded by sword on orders of the king. Among the condemned, 41 are Saudi, 10 from Egypt, 7 from Yemen (6 of them from what was then South Yemen), 3 from Kuwait, 1 from Iraq and 1 from the Sudan. Saudi authorities report that 117 militants died as a result of the siege, 87 during the fighting, 27 in hospitals. Authorities also noted that 19 militants received death sentences that were later commuted to life in prison. Saudi security forces suffered 127 deaths and 451 wounded. Were the bin Ladens Involved? This much is known: Osama bin Laden would have been 22 at the time of the attack. He would have likely heard Juhayman al-Oteibi preach. The Bin Laden Group was still heavily involved in the renovation of the Grand Mosque: the company’s engineers and workers had open access to the mosque’s grounds, Bin Laden trucks were inside the compound frequently, and bin Laden workers were familiar with the compound’s every recess: they built some of them. It would be a stretch, however, to assume that because the bin Ladens were involved in construction, they were also involved in the attack. What’s also known is that the company shared all maps and layouts they had of the mosque with authorities to facilitate the Saudi Special Forces’ counter-attack. It would not have been in the bin Laden Group’s interest, enriched as it had become almost exclusively through Saudi government contracts, to aid the regime’s opponents. Just as certainly, what Juhayman al-Oteibi and the â€Å"Mahdi† were preaching, advocating and rebelling against is almost word for word, eye for an eye, what Osama bin Laden would preach and advocate subsequently. The Grand Mosque takeover was not an al-Qaeda operation by any means. But it would become an inspiration, and a stepping stone, to al-Qaeda less than a decade and a half later.

Building the Nazi Regime Essay Example | Topics and Well Written Essays - 500 words

Building the Nazi Regime - Essay Example Being awaken to Nazi faults by the rest of the world, they found out that while building a Nazi regime and making a way to national greatness actually, Germans were making their way to moral degradation. According to witnesses on territories occupied by Third Reich used to say privately that â€Å"since the world began no one had ever murdered so many people that way† (Shoah, 1985). Therefore, it’s interesting and important to investigate how Germany was making its Nazi way finally leading own country to such a great deprivation made by Allied forces as a physical separation one German from another. Taking into the account that a moral aspect of a Nazi way stays among most outrageous issue of Third Reich policy comparing even with WW2 battle losses, we are going to investigate morality of Nazi Germany, including how it was fixed in the governmental laws and used on practice. Nowadays, â€Å"In the annals of human barbarism, the cruelties practiced by the Germans over the Jews in Nazi Germany are among the worst remembered†, and the term â€Å"Nazi† has even become nominal when describing a brutal person (Bailey, 1998). Thus, we are mostly interested in a social aspect of a Nazi way comparing to common understanding of humanity. In this paper, it will be argued that Nazi inhumane social policy became one of the crucial reasons for Allied for ces to separate a German nation after WW2. It seems logical first to investigate the reasons which made ideas of national supremacy sound so timely for a pre-Nazi Germany. Answer this question we are going to use secondary sources referring to Bendersky (2007) and Lynch (2012) books, and Bailey’s (1998) article on why common Germans were willing to participate in Reich’s brutalities. We are going to find some historical events and factors that made Germans dream of national supremacy, specifically among First World War outcomes. Investigating what had been done

Consumer Attitude Moulding for Korean car Imports in Australian Market Essay

Consumer Attitude Moulding for Korean car Imports in Australian Market - Essay Example ative characteristics, here the attitude hierarchy would be cognitive then affect, how the consumer feels or first chose emotional then rational, you will not act on it before you go through a cognitive and emotional process (Foxall, 2002). You will make sure that you look at as many features as possible and go through intense emotional processes, instead of depending on your mood while looking at a car. For example if you have a family you will consider a mini-van over a convertible because of the added benefits and features, you will then see if you will enjoy the car, how will your family like it is it giving you the satisfaction you want, and then you will finally decide on the connotation, whether you want to buy it or not. This goes for all products that require high involvement of the consumer. (Windham & Orton, 2000) As a strategic Marketing manager for a new line of South Korean cars in Australia I have to consider many things about the product. As a Strategic Marketing Manager I should have in-depth knowledge of competitive dynamics and how to integrate marketing strategy into the overall business strategy, I should be able to develop Frameworks for analyzing customer preferences and enhancing customer relationships and should be able to Build and manage brand equity with effective market communication. (Chernev, 2007) (Stanford, 2008) Hyundai and its auxiliary Kia are currently the 7th largest car group in the world, just after companies like GM, Ford, Toyota, Renault-Nissan, Volkswagen and DaimlerChrysler. It is also one of the fastest rising companies and a formidable rival to Western car makers. With the benefits such as low labour and parts cost in Korea and the government’s policies that favour the car industry, Hyundai and Kia are able to price their cars much cheaper and at an affordable cost than Western and Japanese cars. At the same time, the company has been able to improve its engineering and quality standard swiftly in recent years,

Emergent Properties Essay Example for Free

Emergent Properties Essay Emergent Properties Emergent properties are properties that come about when smaller components combine together to form a large unit that works together for a common purpose. The idea of emergent properties is based on the fact that the whole combined unit is more efficient than the sum of all of the units. These properties cannot be seen when the organisms are separated from one another, the organisms must be together for the properties to take effect. Emergent properties have come about for the fact that when combined, these organisms can perform much more complex and advanced tasks that the organisms would not be able to complete on their own. In nature we see many emergent properties arise from evolution. When birds branched off from reptiles during their evolution, they developed feathers instead of scales. These feathers do not enable flight on their own, however when combined to form a wing they become much more efficient. When these two wings come together to form a pair of wings the result is an extremely efficient form of transportation that is not only light but also water resistant. Another example of emergent properties would be evident in our brain. Which each brain cell does not possess much computing power, however when billions of them are combined together, the result is a very efficient computing unit that can provide us with such things as thoughts emotions and character. Each brain cell alone would not be able to do these things. Emergent properties exist all around us and we even display some of these properties. One example of emergent properties would be the collaboration of many human beings. Separated, our minds are powerful, but nearly limited. Once combined we can collaborate with each other and perform many tasks efficiently, such as running a county, for example. It is not a coincidence that dictatorships are notoriously unsuccessful. There are also many emergent properties that exist beyond living things. For example when you have a hurricane, essentially all you have is air and water at various different temperatures. The randomness of this collection of air produces a large air mass that has a specific circular motion which is very powerful and devastating to anything that comes into contact with it. The air itself and the water vapor would not be able to cause this force on their own. It is the random order that makes this hurricane so powerful and hard to predict. Another example of emergence away from biology is currency. Currency or money came about as people wanted to trade with one another, but had no medium to do so. Alone, a single person would not need money. It is only useful and evident as many people come together to form a group. Without this group the money would have no value because it’s value is determined by people who are willing to trade with it. In conclusion emergence is evident throughout nature and even past it. It is the way  complex systems  and patterns arise out of a  multiplicity  of relatively simple interactions. Emergence is central to the understanding of communities and ecosystems where it be in living organisms or beyond biology.

Codependency in Samuel Becketts Endgame Essay example -- Beckett Endg

Codependency in Samuel Beckett's Endgame "Clov asks, "What is there to keep us here?" Hamm answers, "The dialogue."" In the play Endgame, Samuel Beckett demonstrates dramatically the idea of codependency between the two focal characters who rely on each other to fulfill their own physical and psychological needs. Beckett accomplishes this through Hamm, who assumes the identity of a kingly figure, and his relationship with Clov, who acts as his subject. In Endgame, this idea is established by tone and humor in the dialogue amid Hamm and Clov. Samuel Beckett was an Irish-born poet, novelist, and foremost dramatist of the theater of the absurd. His surreal writings mixed humor into a world paralyzed and grief stricken with pain and anguish. Beckett's characters grasp for a meaningful existence amongst an unrelenting and disorderly world, finally finding release only within the confines of their own minds. The play Endgame is the story of a few survivors after some unknown apocalypse on Earth. Hamm, a blind man who lives in a small bare room with two windows, shutoff from the rest of the dead outside world, is accompanied by two legless parents, Nagg and Nell, who live in two dustbins. The remaining character is Clov, who acts as an enslaved son of Ham[HAC1]m, who answers to his beckon call and grants his requests. At the end of the play his parents have apparently died, and he has given up the struggle or reason to live on. It is now that Clov is on the verge of escape to leave his life of submission to Hamm, but to where? For there is nothing but a vast void of emptiness. Samuel Beckett was born on April 13, 1906, in Foxrock, near Dublin. As a child he was raised in a religiously oriented, Protestant, mid... ...down the lids of Hamm's parent's dustbins as well, Hamm being prone to exercising his direct power over him: "Bottle him!" he cries out (10). Finally, the relationship between Hamm and Clov can be aggregated in the theme of this codependent nature that each fulfills for one another. This is relevant to today's society in that it examines the basic underlying structural dependence of a monarchical or dictatorship type form of government, of the needs and duties of a King or leader with his subjects. In this way, the King would provide protection and leadership for his subjects, while they would owe homage in the form of taxes and loyalty in allegiance to him. Similarly in the play, Hamm provides the protection from the starvation and desolation of the outside world beyond his store, and Clov repays this buy waiting on Hamm's requests, however reluctantly.

Phonology and English Classes

The teacher formed a group of the pupils to prepare us in advance for studying English in the fifth form. At that time, I was amazed with it. It was something totally new for me and I felt very proud of being able to say some sentences like: â€Å"What's your name? † and to answer this question like â€Å"My name is Angela†. I felt I was not a little girl anymore, since I could â€Å"understand† a foreign language. Besides, I don't know very well why, but English had mom kind of attractive power over me and I never got bored during the English classes.At present I'm in my second year at university. I have English classes now as well. The periods pass quite interestingly. The instructor gives us different tasks. Once we derived various words by adding prefixes or suffixes. The point was to do It as fast as possible. We also revise grammar by doing tests, learn texts, tell dialogues and take part in the conference. Surely, I don't know the language perfectly. My we akest point is audition. It is difficult for me to know by ear what people say as they sometimes speak with fast or with pronounced accent.My another weak point Is my laziness to learn new words but I try to fight it. However I have some merits. For example, I know grammar and endeavourer to speak correctly and observe Intonation. My studies are connected not only with calculating Integrals but with writing programmed and reading different scientific articles in English, that's why I must enlarge my vocabulary further to read books easily. To master the language fluently is what I want In the future.

Analysis of banks’ performance

Generally considered as the biggest financial crisis since the Great Depression, the Global Financial Crisis (SGF) was followed by the European sovereign debt crisis, which heavily affected most European nations in early 2010. This report will analyses the impact of the crisis on the performance and risk exposure of two major banks: Alpha Bank (ABA) and Deutsche Bank (DB).. Alpha Bank, the second largest Greece bank, locates in one of the five Euro-zone nations which suffered the most following the global crisis.At the same time, Deutsche Bank (DB) is a German bank which operates in both investment and commercial banking sectors. In particular, this report will study the asset and liability structure, the performance as well as the market and off-balance sheet risk. Also, the annual performance of 2008 to 2010 will be analyses in order to fully capture the impact of the financial crisis on these selected banks. 1. 1 Asset, Liability Structure and Risk Exposures 1. 1. Analysis of Lloy d Banking Group (LAG) Table 1: Capital Raising Activities (Liability Structure) Figure 1 Figure 2 The bank operates in both commercial and investment sections which contents in detail, wholesale, insurance and investment as its main business activities. Deposit is the main source of funding, given that the proportional ways remains above 50%during these 6 years. Generally speaking, Deposits are more reliable compare to other capital raising activities.Noticing that even during 2008 to 2010, the Deposits were lightly effect by SGF, which means retail deposits are less volatile and less sensitive to shocks. In addition, the bank was voted by Reader's Digest the most trusted bank of Britain in the 2008. LAG as a function of commercial bank, a large and versified customer base kept the bank safe during the SGF and European debt crisis. Wholesale is the second major part of their business. Figure 2 has shown that, Debt securities take around 20% during 2007 to 2012, which implies that, L AG raises not enough funds from deposits.However, wholesale is sensitive to changes in the market. As the wholesale depositors are able to transfer the fund if others bank provides better offer to them. LAG have to undertake higher withdraw risk. LAG introduced new pricing management of saving products from 2011 in order to minimize withdraw risk. The benefit for this new plan is increasing deposit balances and reducing the proportion of wholesale. Furthermore, because of LB is a diversified bank in British, insurance division is the third mainly activity for the bank to raise fund.However, insurance may exposures liquidity risk, if policyholder who is seeking to cash in their financial claims immediately or some unexceptional accident occurs, the bank has to get huge fund to pay for them. According to Lag's annual report, the liabilities of insurance remains around 13% from 2007 to 2012, which took up higher proportion of total liabilities. However, since the flood happened in late 2007 and therefore the bank had to pay the claims, the bank had a highest percentage of insurance liability compare to other 5 years.Besides, due to SGF and European debt crisis during 2009 to 2012, higher unemployment rates shrink the Auk's economy, the proportion of liability of insurance policy also affected. Finally, basing on the Figure 2 we can find that, derivative financial insurance only has small proportion in this structure, due to LAG is able to raise enough fund from deposit, wholesale and insurance sections. Table 2: Portfolio Asset Allocation (Asset Structure) Figure 3 As a largest commercial bank in K, the main source of investment of LAG is Loans, which take up over half proportion of its total asset.This type of assets was allocated to households, firms and public sectors. According the annual report of the bank, personal mortgages play an important role in loan. However, these assets are exposed to credit risk and default risk. Therefore, LB engages reverse repur chase agreements for collateralized loans in order to reduce risks. The second main source of investment of LAG is Trading and other financial Asset at fair value through profit or loss.Comparing to loans, debt securities are more sensitive and exposed to the credit risk. However, government and corporate securities are taking larger proportion in total Trading and other financial Asset at fair value through profit or loss. As these types of securities are more stable and reliable, this credit risk is mostly mitigated. 1. 1. 2 Analysts of BIN Paris (BIN) Table 3: Capital Raising Activities (Liability Structure) Figure 4 BIN Paris is a universal bank which participates in retail and investment sectors.According to the chart shown above, the main source of Buns capital raised by raiding derivative instruments in financial liabilities at fair value through profit or loss from 2007 and took a Jumped up approximately 25% in 2008 due to Global Financial Crisis(SGF). Generally speaking, de rivatives trading are carrying higher risks than other class of liabilities, such as credit risk, market risk, currency risk and interest rate risk. Because they are sensitive to the market changes and lenders are less loyal to the bank, but respectively this source of funds can generate high returns to make the bank become profitable.However, the liability structure of BIN was not constantly unchanged. In the following next two years 2009 and 2010, the main component shifted to deposits due to SGF which brought an unfavorable economy recession all over the world. This strategy of the bank intended to reduce the risk exposures via decreasing trading of risky financial instruments and more relying on deposits to raise capital in order keep the bank in a safer base during the worse recession time.The capital raising structure changed back again from 2011, noticing that unlike 2007 and 2008, the proportions of deposits and financial liabilities at fair value through profit or loss beca me approximately close amounts. However, derivatives trading are still playing an important role in Buns capital raising activities. Another considerable segment of liability structure is debt securities, which mainly content in government bonds, given that the amounts of issued had been increased from Ð ²?157,mom to Ð ²?211 ,mom from 2008 to 2009.Due to the bank changed the major capital raising activity to deposits in 2009 and 2010, meanwhile it had increased issue in debt securities in order to raise more efficient funds. This behavior can be explained that the bank was worrying about only relied on deposits as not enough and trying to diversified risks via shifting liquidity risk (from deposits) to default and credit risk. Table 4: Portfolio Asset Allocation (Asset Structure) Figure 5 The main source of investment of BIN is financial assets at fair value through profit or loss, which accounted more than 50% of total assets through 2007 to 2008.Again, this type of assets mainly consists in trading of derivative instruments, repurchase agreements afterwards and other securities transactions. In practice, derivatives trading can generate higher returns but will carry more risks because they should eave to meet what the customers' needs and generally they are sensitive to the change of market. Therefore, the risk exposures not only content credit risk, but also put the bank faces interest rate risk and currency risk. L The second considerable segment of investment is loans which mainly comprised of loans to customers.Noticing that the amounts started increasing from 2009, which accounted up to 40% of total assets (compared to 2008 was only 25%), the portions are getting close to the main component, trading of financial assets. Throwing back to SGF and debt crisis, increased in loans and decreased in trading risky assets might be considered as a strategy for BIN to diversify its several risks as we mentioned previously but this time default risk would also be raised. However, derivatives trading are still playing an important role over these six years.In addition, available-for-sale financial assets have been significantly increased in 2009, the following year after SGF. It major contents bonds particularly in government bonds. The main reason could be government bonds are the safest investment way, however, default risk may be considered in this case. . 1. 3 Differences in asset, liability structure and risk exposure Comparing the asset and liability structure between LAG and BIN, the significant difference is the main source of the capital raising activities and asset allocations between these two banks are different.LAG is much more relying on customers' deposits, a safer way to raise funds which allows LAG has a reliable capital base and confident level to go through the SGF in 2008 also the European debt crisis in 2010. In contrast, BIN changed its capital raising structure twice from changing the portions between derivatives raidi ng to raise funds on deposits in response to the impacts of SGF and debt crisis. Additionally, the core functions of these two banks are different.LAG is focusing on customers' deposits and making loans to them. However, BIN is much more concentrating on derivatives trading in both asset and liability parts (even though it shifted the main component of capital raising activity from financial liabilities to deposits between 2009 and 2010 but derivatives transactions still played an important role during those two years. ) Overall, BIN is much more sensitive to the economy and surely it carries more risks than LAG. . 1. Impacts of SGF and Debt Crisis on Asset and Liability Structure Lloyd Banking Group (LAG) For the asset structure, due to the financial hardships that many households and businesses are experiencing, as a result of the recent economic decline in the UK. LAG committed to help customers in these challenging times, which reflective of our relationship-based approach. In R etail segment, we maintained strong level of mortgage lending to new lending, and helped thousands of customers to buy new homes. As shown in the diagram above, we can see that the total asset has increased room IEEE,mom to El ,027,mom in two years' time.An increasing of 57. 55% reflects that with a 61. 25% increase in loans and advances to customers. There are strong levels of customer lending growth in commercial banks, corporate markets and mortgages. For the Liability side, the percentage of total liability has greater changed in 2009, which given that increased up to 56. 64%. After the SGF, the total liabilities still stand at a higher level in the following years as long as the European debt crisis occurred in 2010. Deposit, debt securities in issue and the liabilities of insurance are he three main components be affected.As LAG is the largest bank in I-J, it provides more confident for their customers. Even The bank experienced SGF and European debt crisis, deposit still brin g positive effect for the group. Compare 2008 to sass's deposits can be found that, there is 51. 46% shapely increasing during 2008-2009, due to more customers lose confident for others investment companies, also getting less people put the money for investment during such weaken economic period. That is the reason explains that why does deposit continuously grow during this period as en of the good reputation banks in British.Table 5 Besides, according to the table shown above, the issue of debt securities have greater increased due to the medium term notes issues changed, which implies that even LAG has sufficient fund to overcome the challenge during SGF, but they still restrained funds through issuing medium term notes in order to provide more fund to help their customers, Furthermore, the higher unemployment rate in UK due to SGF and European debt crisis, more people were getting to claim their insurance compensations, therefore the liability of insurance policy had also been a ffected.According to the balance sheet has shown, the liability of insurance policy has 60. 8% increased from 2008 to 2009. Also from 2009 to 2012, the liability of insurance still maintain in higher level. Overall, as LAG is reliable and stable bank in I-J, the main structure of asset and liability did not changed by the Crisis. BIN Paris (BIN) In regards of Buns capital raising structure had been changed twice during 2007 to 2012. The first change was in the year after 2008 SGF, the bank shifted its major capital raising activity from trading on derivatives (financial liabilities at fair value wrought profit or loss) to deposits.Considering the increased in trading financial instruments, which was the core activity to raise both total liabilities and total assets to history high respectively Ð ²?2,016,mom and Ð ²?2,075,mom in 2008. It leaded the bank with higher risk exposures as well as the leverage level had been increased due to derivatives trading is sensitive to the market and risky. Therefore the bank changed the major component of liability structure to deposits in 2009 in order to reduce risking tried to keep the bank in a safer base during the worse recession time.At the meantime, the bank increased issue in debt securities that attempted to raise more efficient funds in case of relying on deposits was not enough. In 2011 after the European debt crisis, the bank changed its core capital raising activity back to trading on financial instruments again. As an investment bank is a function of BIN Paris, the second changed of its capital structure indicated that the bank already passed the hard time and everything went back on the right track. The major component of the asset structure was financial assets at fair value through profit or loss from 2007 to 2012.In 2009 it had been decreased from 60% to 40%,but the bank increased the portions loaned to Global Financial Crisis,and this class of asset kept stable in the next following 3 years. However, tra ding on derivatives is still playing an important role overall. In addition, according to the increase in issue of debt securities especially in bonds had been increased in its liability structure, therefore, the available-for-sale financial assets had a greater Jumped up during the same year and gradually went down later on. Overall, the impacts of SGF on BIN were far worse than the European debt crisis. 2 PERFORMANCE Analysts 1. 2. 1 Return on Equity (ROE) Definition: See footnoted Figure 6 According to the chart, the ROE of LAG deceased seriously from 2007. In 2010 to 2012, it appeared a little recovering signal but still showing a declining pattern over these six years. During 2007 to 2008 both of the net income and total equity were decreased slightly, therefore, ROE decreased. However, even though the net income only had a little increased in 2009, but due to the total equity greatly Jumped up, the ROE decreased further. After 2010, ROE already deceased to history low given at 5. 4%, because of the negative net income as well as the total equity still stayed at higher level. The falling net income was primary to fewer increased in total operating income but greater increased in the impairment cost. The main reason could be the bank need to increase impairment cost to recover credit risk during SGF and European debt crisis. On the other hand, the size of total equity getting larger, this fact implied that, LAG was seeking more capital fund its financial activities in order to go through the poor economic period.Therefore, the ratio shown the bank experienced unfavorable profitability during those two recession periods Regarding to BIN Paris, the Return on Equity ratio dramatically decreased from 19. 6% to 6. 6% in 2008. It gradually recovered back in the next following years after SGF but it slightly dropped gain after the 2010 European debt crisis. Due to the banks main source of finance is making money via trading derivatives, this pattern of changing e xactly responds to the market conditions due to financial and debt crisis, also explains that the bank is very sensitive to the market.However, compare to the regenerates drop off in SGF, the impact of debt crisis was not significant through looking at the chart. Compare these two patterns of ROE; LAG is showing a declining figure which indicates that the bank had a deeper impact by the financial and the debt crisis. On the other hand, the effect on BIN was significant only shown at the SGF period, therefore, BIN seems to has a better performance overall. 1. 2. RETURN ON ASSET (ROAR) Definition: see footnoted Figure 7 In term of Lab's performance can be shown that, the greater decline in ROAR consists in declining of net income and total assets. The central bank cut the interest rate again and again in this recession period that encouraged more people to borrow money from bank to fund their mortgages or businesses. According to the balance sheet, the total assets sharply increased f rom IEEE,mom to El ,027,mom in 2008 to 2009, and then kept staying at a higher level in the following years.However, as we have analyses in the ROE part, net income decreased dramatically to negative percentages, due to total operating income did not change as lower interest rate, but the impairment cost has greater increasing in order to recover the credit risk. As a result, the net income becomes negative. Similarly, ROAR was deceasing dramatically during 2009-2011. According to the ROAR ratios of BIN, it has shown a similar pattern of trend as ROE. The ROAR sharply dropped 0. 32% in 2008 and recovered back in the next two years but slightly went down after the debt crisis.Considering that the net income of BIN in 2008 was incredibly dropped down over 60% from Ð ²?8,311 millions to Ð ²?3,millions. No matter how the total assets had a greater increased in the same year, the fluctuation of net income was the most important reason determinate the hanged in ROAR. Again, due to the b ank is sensitive to the change of market parameters, we can clearly see that the worse market condition due to SGF brought a negative impact to the bank and it was far more worse than the time during the European debt crisis.In conclusion, both of two banks were decreasing in ROAR during the weak economic period in 2008. The main reason was both of them had greater increased in total asset but the net income stayed at a relatively lower level. In the following years, BIN started to recover back and maintained in a stable level, UT LAG was continuously decreasing to negative due to total asset was maintain in higher level in debt crisis period. 1. 2. PROFIT MARGIN (PM) Definition: see footnoted Figure 8 According to the graph above, LAG had strong profitability in 2007 but it declined to 22. 43% due to SGF then slightly recovered in 2009. However, as the European debt crisis developed in late 2009, the PM continuing dropped out to the lowest, shown at -59. 62% in 2011. The reason is during this weaken economic period, interest and similar income decreasing as lower interest rate, and impairment increasing. This unfavorable decreasing during debt crisis period implies that LAG undertake loss.While the PM drives the ROAR to decline in this period. The European debt crisis shrink the bank much more than during the SGF. Comparing to LAG, BIN Paris keeps its ability steady to pay expenses and generates stable net income from 2007 – 2012. According to the main capital raising activity of BIN is trading on derivatives and other financial instruments, even though the amounts of financial liabilities and assets at fair value through profit or loss were Jumped up during the year of SGF 2008.However, the net income and total operating income were historically low through 2007 to 2012, the main reason was due to both the net gains on trading financial instruments and on available-for-sale financial assets had been dramatically decreased, respectively from Ð ²?7,mom to Ð ²?2,mom and Ð ²?2,mom to Ð ²?mom, which means, even though the trading went up, but net gains were limited by the worst market condition during Global Financial Crisis. Overall, BIN is good at controlling on its expenses and net income generation compare to the performance of LAG. . 2. 4 ASSET UTILIZATION (AU) Definition: see footnoted Figure 9 The AU ratio of LAG fluctuated seriously from 2007 to 2012. Due to given the negative impact of SGF, the AU dropped continuously to 0. 71% in 2009. As we mentioned previously, the central bank cut the interest rate to encourage people to take loan from the bank. Therefore, the total asset stayed at a higher level from 2009 to 2012. However, according to low interest rate and also some of customers were default to pay back, the total operating income did not change much.From 2009 to 2010, AU starts to recover to higher level. Unfortunately, the AU decreased sharply again from . 17% to 0. 47% due to the European debt crisis. The AU sti ll maintained at lower level during 2010 to 2012, because the pound was depreciated in this weak economic period, LAG faced loss in their oversea investment property and securities, consequently, the total operating income decreased to about E,mom during the debt crisis. LAG provided a declining pattern over 2007 to 2012, but again, the impact of debt crisis to the bank was greater than the impact of SGF.In term of Buns AU, it had been dropped down to 0. 46% in regards to the history low total operating income, given only Ð ²?3,mom in 2008. It recovered quickly afterwards and went back to 0. 63% in 2010. The AU ratio fluctuated by the European debt crisis again in later 2011 and 2012, however, as we mentioned above in the PM part, the Global Financial Crisis affected the bank much more than the effect on debt crisis. Comparing LAG and Buns All's, both of them had greater effects by SGF but the impact of debt crisis was not significant on BIN. . 2. 5 EQUITY MULTIPLIER (ME) Definitio n: see footnoted Figure 10 In term of Lag's ME, The figure increased nearly half of ME from 28. 4 to 44. 96 in 2008. The higher ME indicated that LAG used more debt to finance its assets which in turn increased the leverage level and risk exposure during SGF 2008. In order to reduce its leverage level, ME quickly dropped down to 23. 29 in 2009 even lower than in 2007 and gradually went down in the following years, noticed that the ME only shown at 20. 69 in 2012.As LAG is one of the reliable and stable banks in British, even though they experienced SGF and European debt crisis, they are able to recover quickly. Regarding to the ME of BIN, it had been increased to 35. In 2008 but had a greater decreased of 10 in the following year and still gradually went down in continuous years. Considering BIN changed its liability structure twice respectively in 2009 and 2011, in which shifted the major capital raising activity between derivatives trading and deposits.BIN attempted the first chan ge in order to minimize the risks and reduce the leverage level due to the high ME in the previous year. In 2011, after the European debt crisis, the bank again changed its major capital raising activity back to trading on financial instruments instead of relying on posits. This change had been reduced its ME ratio continuously which given that only around 20 in 2012 (the lowest from 2007 to 2012) It explains that BIN is good at controlling its leverage level and managing risks very well via adjusting the Banks structure. In conclusion, LAG and BIN have similar performance from 2007 to 2012.The ME of these two banks both had a greater Jump up in 2008 and respectively increased their risk exposures and the leverage ratios. However, the EMUS dropped quickly in later years due to both banks managed the risk via reduce their debt to enhance its assets or maintaining capital structure in order to reduce risks and leverage level. 1. 2. 6 Market Indicators Share Prices LAG Regarding LAG, t he share price stays at EYE per share in 2007 to late 2008. However, due to the SGF happen at the end of 2008, the share price decreasing dramatically to around E per shares.Furthermore, the European debt crisis also happen flow the SGF, the share price decreasing further around E per share. Base on the data shows that, over these six years, the share price of LAG is decreasing around 89. 1 BIN The highest share price of BIN Paris was up to Ð ²?94. 7 per share during mid-2007, it collapsed in later 2008 and down to history low Ð ²?21. 39 per share in early 2009. However, the share price went back on track quickly in the same year, given that volatile at the range around Ð ²?50 per share until mid-2011.According to the share price pattern of BIN, the impact of SGF on the share price was dramatically huge, but the bank effectively reacted on the massive change of market, it adjusted its capital structure in 2009, such as reduced the risk exposure via decreasing the risky derivative s trading and relying more on deposits, meanwhile increased the issue of bet securities particularly in bonds, which indicated to generate more efficient cash flows in case of the deposits was not enough to rely on. Project 2 2. 2 Market Risk 2. . 1 Introduction of market risk Market risk is defined as a risk for those investors to experience economic losses of value from the affected market performances, whether it's treatable or not. It is the risk that cannot be diversified. Some of risk factors could be observed, such as interest rates, exchange rates; there are also some factors may not be observed such as correlations which are based on statistical analysis. It includes interest rate risks, currency risks, and equity risks, see footnotes.

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