The global recession has caused people to struggle with their finances. Many of us have problems keeping up with our mortgage payment obligations and are faced with the possibility of foreclosure. To prevent our homes from being foreclosed, we must try to find a way to lessen the burden of our mortgage obligations so that we could afford to pay it. One of the ways of preventing property repossession is through a home loan modification.
To qualify for a home loan modification you need to pass a certain criteria. You must be having financial difficulties. Your creditor will not entertain your application if you are not having a hard time financially. In the first place, you are hoping to modify the terms of your loan specifically because of difficulty in paying your loan. You must therefore prove to the creditor that you are having such problems by showing them proof of your current financial situation. And even though you are having difficulties at the moment, you must convince them that you can get back on your feet and eventually make reasonable payment arrangements for the loan.
As a last advice, properly represent yourself with a professional during the process of modification. A higher chance of approval has been linked to the presence of some legal representation during negotiations. Although you have to pay a certain sum for their services, the presence of a professional would facilitate a more efficient negotiation with higher chances of success. Loan modifications are often denied so making sure you have all the necessary qualifications to have a higher chance of succeeding at getting your application approved.
Thursday, May 31, 2012
Boat Loans And Boat Finance
Financing your next boat is a very important process, as you want to choose a finance package most suitable to you. There can be many things to check including
Boat loan interest rate
Fees and charges
Break fees if you paid it out earlier
Can you pay extra payments
Time it will take to approve and settle your boat loan
Does the boat finance company suit your criteria to approve the finance
You can have unsecured or which can affect the cost of your loan.
It can be a requirement of the boat finance company to have fully comprehensive insurance on your boat before purchase and while you pay off your boat loan.
Finance companies can assist to ensure you have a hassle free boat purchase and help with
Encumbrance checks to ensure that there are not any outstanding loans from the prior owner left against the boat.
Title check or confirming the ownership of the boat you are purchasing.
Clear transfer to seller of the amount financed on the boat purchase. .
Boat loans, subject to the finance company's approval can be financed to the full cost of the purchase including
On-road costs and taxes.
Boat Insurance
Marine breakdown warranties
Loan protection for death, disability and unemployment.
Older boats can be ok. Boat finance can apply for all ages new and used depending on the boat loan lender.
Finance structures can be flexible to suit your circumstance. Options to consider on your boat loan could be
Delayed payment boat loans so you first payment starts at a extended time into your finance contract
Interest only payment options including balloon payments.
Extended finance terms
Structured boat finance payments to suit your life style or your work cash flow
Construction boat loans
There are many marine finance options available for imported boats.
Commercial boat finance options are available that could be suitable for business use. Some factors to consider that relate to business car financing are:
Chattel mortgage boat finance
The structure of your business car finance can affect your taxation claim.
Dealing through a reputable boat loan broker can give you a choice of boat finance lenders. It is important to know that you may get boat loan interest rates and loan fees and charges cheaper than banks.
Boat loan interest rate
Fees and charges
Break fees if you paid it out earlier
Can you pay extra payments
Time it will take to approve and settle your boat loan
Does the boat finance company suit your criteria to approve the finance
You can have unsecured or which can affect the cost of your loan.
It can be a requirement of the boat finance company to have fully comprehensive insurance on your boat before purchase and while you pay off your boat loan.
Finance companies can assist to ensure you have a hassle free boat purchase and help with
Encumbrance checks to ensure that there are not any outstanding loans from the prior owner left against the boat.
Title check or confirming the ownership of the boat you are purchasing.
Clear transfer to seller of the amount financed on the boat purchase. .
Boat loans, subject to the finance company's approval can be financed to the full cost of the purchase including
On-road costs and taxes.
Boat Insurance
Marine breakdown warranties
Loan protection for death, disability and unemployment.
Older boats can be ok. Boat finance can apply for all ages new and used depending on the boat loan lender.
Finance structures can be flexible to suit your circumstance. Options to consider on your boat loan could be
Delayed payment boat loans so you first payment starts at a extended time into your finance contract
Interest only payment options including balloon payments.
Extended finance terms
Structured boat finance payments to suit your life style or your work cash flow
Construction boat loans
There are many marine finance options available for imported boats.
Commercial boat finance options are available that could be suitable for business use. Some factors to consider that relate to business car financing are:
Chattel mortgage boat finance
The structure of your business car finance can affect your taxation claim.
Dealing through a reputable boat loan broker can give you a choice of boat finance lenders. It is important to know that you may get boat loan interest rates and loan fees and charges cheaper than banks.
Wednesday, May 30, 2012
Difficulties And Benefits Of Being A Single Parent
It cannot be denied that single parenting is a tough job. No matter what circumstances have thrown you into the world of single parenting, the road that you are traveling is a rough one.
There are many struggles that a single parent may face. You must know how to balance your work, housework, visitation schedules, childcare and your children's activities. You also have to set aside some free time for yourself.
Usually, one of the biggest struggles that single parents face is financial ones. This is true especially for a custodial parent. To add to this, delinquent child support is on the rise. To top it all off, the children need attention, guidance, quality time and just every day care. All of this may seem to be overwhelming.
The single-parent family is faced with many problems and pressures that the nuclear family is shielded from. Some of these are:
- Visitation as well as custody arrangements
- The effect that continued conflict between the parents may have on the children
- There is a decrease in the amount of time that children and parents can see each other.
- Effects that divorce has on a child's school performance and interaction with peers
- Disruptions that reach into the extended family
- Negative reactions that a child may have when a parent begins dating again
Although the single parent is faced with many challenges, if a parent is willing to work hard they may reap some benefits from their situation. Here are some of the possible benefits of being a single parent:
1. There can be a reduction of hostility, tension and discord as well as an increase in the solidarity of the family. There is also a greater consistency in the enforcement of rules for the children.
2. Since a single parent does not have to worry about giving into the demands of another adult, he or she will be able to be more flexible in planning time with the children.
3. Single-parent families may come to depend upon each other more and work together to solve problems about daily living. When you get the children involved, they are much more willing to help carry out any decisions that have been made.
4. Single parenting can help make one strong and develop more character. Challenges turn into opportunities for growth.
5. Children of single-parent families may broaden their experiences because they are influenced by each parent individually.
6. There are extensions of the single-parent community that can provide support. Single parents do not have to feel cut off or isolated. There are different support groups that are available such as Parents without Partners.
7. If the children are able to contribute to the household, they may feel more valued and needed. When both parents are in a family, they usually distribute the major responsibilities between them. However, in a single-parent family, every child has to do his or her own share which is a vital part in daily living.
So, as you can see, there are both disadvantages as well as advantages in being a single parent. With hard work, guidance and support, you can become a model single parent.
There are many struggles that a single parent may face. You must know how to balance your work, housework, visitation schedules, childcare and your children's activities. You also have to set aside some free time for yourself.
Usually, one of the biggest struggles that single parents face is financial ones. This is true especially for a custodial parent. To add to this, delinquent child support is on the rise. To top it all off, the children need attention, guidance, quality time and just every day care. All of this may seem to be overwhelming.
The single-parent family is faced with many problems and pressures that the nuclear family is shielded from. Some of these are:
- Visitation as well as custody arrangements
- The effect that continued conflict between the parents may have on the children
- There is a decrease in the amount of time that children and parents can see each other.
- Effects that divorce has on a child's school performance and interaction with peers
- Disruptions that reach into the extended family
- Negative reactions that a child may have when a parent begins dating again
Although the single parent is faced with many challenges, if a parent is willing to work hard they may reap some benefits from their situation. Here are some of the possible benefits of being a single parent:
1. There can be a reduction of hostility, tension and discord as well as an increase in the solidarity of the family. There is also a greater consistency in the enforcement of rules for the children.
2. Since a single parent does not have to worry about giving into the demands of another adult, he or she will be able to be more flexible in planning time with the children.
3. Single-parent families may come to depend upon each other more and work together to solve problems about daily living. When you get the children involved, they are much more willing to help carry out any decisions that have been made.
4. Single parenting can help make one strong and develop more character. Challenges turn into opportunities for growth.
5. Children of single-parent families may broaden their experiences because they are influenced by each parent individually.
6. There are extensions of the single-parent community that can provide support. Single parents do not have to feel cut off or isolated. There are different support groups that are available such as Parents without Partners.
7. If the children are able to contribute to the household, they may feel more valued and needed. When both parents are in a family, they usually distribute the major responsibilities between them. However, in a single-parent family, every child has to do his or her own share which is a vital part in daily living.
So, as you can see, there are both disadvantages as well as advantages in being a single parent. With hard work, guidance and support, you can become a model single parent.
Wednesday, May 23, 2012
Need To Pass The S.a.f.e. Mortgage Test? Utilize Exam Prep From Nmls Approved Course Providers
You are an MLO professional and need to pass the national component and unique state components of the S.A.F.E. mortgage test. Knowing the consequences of failing the exam, you need to ensure that you successfully pass the first time. Avoid any disruption to your career by preparing with quality exam prep. Where can you find effective online materials? Partner with NMLS approved course providers and utilize exam preparation that's designed to provide positive results.
The Benefits of Utilizing Exam Prep from NMLS Approved Course Providers
Be familiar with the material: Although you might have been involved in the mortgage industry for years, you may not immediately recall the specific details of a state law or definition. When you use exam preparation to refresh your knowledge, you receive a customized review that is tailored to your learning needs. Reinforce complex material and delve into the information you need to know to succeed on the MLO test. You can be assured that NMLS approved course providers offer high-quality products that get the job done.
Receive practical experience: With online exam preparation, you can create practice exams that test your knowledge of mortgage concepts, procedures and regulations. This will prepare you to quickly and effectively answer questions that you'll face on the S.A.F.E. mortgage test. Determine what concepts you know and what topics require extra study. You'll actually answer more than 100 questions and determine your problem areas. The best news? You don't have to leave the comfort and convenience of your home or office to get hands-on practice.
Achieve the desired results pass the S.A.F.E. mortgage test! The ultimate goal is to pass the national component and unique state component of the MLO test. Be prepared to succeed on the exam. You are required to get a score of 75% or better on the S.A.F.E. mortgage test. Remember the test leads to endorsement or licensure, which is required to continue to perform MLO business activities. Exam prep provides the gateway to achieve the results you need without interrupting your career. Build your testing-taking speed and know vital concepts exam prep from NMLS approved course providers is designed for testing success.
Avoid any delay or disruption to your career: Did you know that if you don't pass the S.A.F.E. mortgage test, you have to wait 30 days between attempts? And if you fail on your fourth attempt, there is a 6-month wait period during which time you have to suspend mortgage loan origination activities. Thus, it's in your best interest to be prepared for the exam the first time. Review important concepts and be ready to answer the exam questions with confidence and ease exam prep is the answer for a positive test-taking experience!
Save money on extra test-taking fees: It costs money to take the S.A.F.E. mortgage test. Partner with NMLS approved course providers and avoid costly fees for multiple tests when you pass the exam the first time. Be prepared and avoid having to pay unnecessary money for additional attempts it pays to be pass on your first try! Why wouldn't you adequately prepare when it can keep money in your pocket?
Be prepared for the national component and unique state component of the S.A.F.E. mortgage test with exam preparation. As an MLO, you are required to successfully pass this test get high-quality exam prep from NMLS approved course providers and achieve the results you're looking for. You have nothing to lose and everything to gain including keeping your career on track.
The Benefits of Utilizing Exam Prep from NMLS Approved Course Providers
Be familiar with the material: Although you might have been involved in the mortgage industry for years, you may not immediately recall the specific details of a state law or definition. When you use exam preparation to refresh your knowledge, you receive a customized review that is tailored to your learning needs. Reinforce complex material and delve into the information you need to know to succeed on the MLO test. You can be assured that NMLS approved course providers offer high-quality products that get the job done.
Receive practical experience: With online exam preparation, you can create practice exams that test your knowledge of mortgage concepts, procedures and regulations. This will prepare you to quickly and effectively answer questions that you'll face on the S.A.F.E. mortgage test. Determine what concepts you know and what topics require extra study. You'll actually answer more than 100 questions and determine your problem areas. The best news? You don't have to leave the comfort and convenience of your home or office to get hands-on practice.
Achieve the desired results pass the S.A.F.E. mortgage test! The ultimate goal is to pass the national component and unique state component of the MLO test. Be prepared to succeed on the exam. You are required to get a score of 75% or better on the S.A.F.E. mortgage test. Remember the test leads to endorsement or licensure, which is required to continue to perform MLO business activities. Exam prep provides the gateway to achieve the results you need without interrupting your career. Build your testing-taking speed and know vital concepts exam prep from NMLS approved course providers is designed for testing success.
Avoid any delay or disruption to your career: Did you know that if you don't pass the S.A.F.E. mortgage test, you have to wait 30 days between attempts? And if you fail on your fourth attempt, there is a 6-month wait period during which time you have to suspend mortgage loan origination activities. Thus, it's in your best interest to be prepared for the exam the first time. Review important concepts and be ready to answer the exam questions with confidence and ease exam prep is the answer for a positive test-taking experience!
Save money on extra test-taking fees: It costs money to take the S.A.F.E. mortgage test. Partner with NMLS approved course providers and avoid costly fees for multiple tests when you pass the exam the first time. Be prepared and avoid having to pay unnecessary money for additional attempts it pays to be pass on your first try! Why wouldn't you adequately prepare when it can keep money in your pocket?
Be prepared for the national component and unique state component of the S.A.F.E. mortgage test with exam preparation. As an MLO, you are required to successfully pass this test get high-quality exam prep from NMLS approved course providers and achieve the results you're looking for. You have nothing to lose and everything to gain including keeping your career on track.
Economy Of Indonesia
In the early 1990's Indonesia was one of the few countries spread through out the world without any major trade integration or ties. Her imported goods came from near markets such as Singapore and the Asia newly industrializing economies (NIEs). The growth of Indonesia manufacturing industries contributed to the growth of export markets. Japan provided the greatest market of oil and liquefied gases. Among the oldest Indonesia trade integration was the ASEAN, (Library of congress 1992).
ASEAN
It was formed in 1967 to foster economic integration among Indonesia, Thailand, Singapore, Malaysia and Philippines, Brunei joined later. The first agreement was the industrial project agreement signed in 1976. The objectives of this agreement were to enhance establishment of joint large scale industrial projects by the member states.
In 1981 there was the establishment of industrial complementation scheme which was designed to coordinate the manufacture of components such as vehicles among the member states. In 1992 a major trade accord was signed which saw the birth of ASEAN Free Trade Area (AFTA) in 1993. This was as a result of the plan to reduce trade tariffs for manufactured good to 5 percent by 2008.
An AFTA objective is to increase trade among member states by reducing trade barriers. It is also meant to help eliminate non trade barriers. AFTA has enabled member countries to promote bilateral trade; it has increased the foreign exchange volume between the member states. AFTA has led to a more open economy to the member states.
Asia Pacific Economic cooperation (APEC)
This is a forum that was formed to facilitate economic growth and Trade Corporation in states of Asian- pacific region. APEC was founded in 1989. Since its formation it enhanced reduction of tariffs and other trade barriers among member states. This has led to increased trade among the members through increased exports. This has seen the growth and efficiency of domestic economies of the member states.
Through the APEC investment facilitation action plan (IFAP) Indonesia has been able to cooperate with other member states in joint investment activities which have seen the growth of its manufacturing industries. Indonesia companies have been able to spread their investment in other member states which has resulted to increased gross domestic income. This cooperation has also seen to multilateral investment between Indonesia and other members of APEC. The APEC agreement has provided Indonesia with great opportunities for international trade. Indonesia to increase its export earnings forms these manufacturing industries (APEC, 2009).
World Trade Organization (WTO)
This is a global organization that deals with trade relationship and rules between states. Indonesia is member state to WTO. This organization commands a lot of respect in the global trade arena and facilitates trade among member states. It produces reports and coordinates trade among member states. It is also responsible for settling trade disputes among member states (WTO, 2009).
The world trade organization implements its rules through sanctions making it the most powerful trade organization in the world. Indonesia being a member is no exceptional to this, through the WTO Indonesia has been forced to honor trade agreement making it liberalize its market. The WTO rules and regulation has forced Indonesia to change from its protectionist policies to a more open economy. This organization has also helped Indonesia to solve her economic crisis during the Asian Financial Crisis and regain a good economic position.
Bilateral energy cooperation between Indonesia and Netherlands (BECIN)
This is a bilateral corporation between Indonesia and Netherlands in energy production and development. It is developed through the flame work of Indonesia-Netherlands Energy Working Group (EWG). The aim of BECIN is strengthening institutional capacity for energy planning. BECIN is responsible for supporting the strategy for development of non renewable energies in the two countries.
Through this program the two countries have developed joint energy policies, to follow, in order for them be energy secure. The Indonesia companies and their counterparts from Netherlands have engaged in joint energy ventures that has increased energy production in the two countries.
Indonesia and Netherlands through this program have come up with joint training activities for human resources. This is to provide them with man power in the energy sector that is needed in energy production and conservation. The two countries have come up with research facilities for geothermal and non-renewable sources of energy.
#(ii)
Globalization
Indonesia had benefited from elements of globalization prior to the financial crisis in 1997. It had made the Indonesia economy to grow tremendously and poverty levels to decline by about 60 percent, but in 1997 the negative impacts were felt and hit hard on the Indonesian economy.
The Asian financial crisis hit Indonesia at a great speed ruining Indonesia economy. This resulted to rampant unemployment, poverty levels soared up and the national debt rose at staggering heights. This financial crunch was attributed to inadequacies in the international financial systems. The Asian financial crisis was caused by system failure at the global level. There was lack of good governance in the international monetary system.
This crisis affected most of Indonesia economic systems leading to reduction of its trade potential. It also reduced its export earnings. The growing manufacturing sector was hard hit leading to closure of some major industries. (Economy watch 2009)
ASEAN
It was formed in 1967 to foster economic integration among Indonesia, Thailand, Singapore, Malaysia and Philippines, Brunei joined later. The first agreement was the industrial project agreement signed in 1976. The objectives of this agreement were to enhance establishment of joint large scale industrial projects by the member states.
In 1981 there was the establishment of industrial complementation scheme which was designed to coordinate the manufacture of components such as vehicles among the member states. In 1992 a major trade accord was signed which saw the birth of ASEAN Free Trade Area (AFTA) in 1993. This was as a result of the plan to reduce trade tariffs for manufactured good to 5 percent by 2008.
An AFTA objective is to increase trade among member states by reducing trade barriers. It is also meant to help eliminate non trade barriers. AFTA has enabled member countries to promote bilateral trade; it has increased the foreign exchange volume between the member states. AFTA has led to a more open economy to the member states.
Asia Pacific Economic cooperation (APEC)
This is a forum that was formed to facilitate economic growth and Trade Corporation in states of Asian- pacific region. APEC was founded in 1989. Since its formation it enhanced reduction of tariffs and other trade barriers among member states. This has led to increased trade among the members through increased exports. This has seen the growth and efficiency of domestic economies of the member states.
Through the APEC investment facilitation action plan (IFAP) Indonesia has been able to cooperate with other member states in joint investment activities which have seen the growth of its manufacturing industries. Indonesia companies have been able to spread their investment in other member states which has resulted to increased gross domestic income. This cooperation has also seen to multilateral investment between Indonesia and other members of APEC. The APEC agreement has provided Indonesia with great opportunities for international trade. Indonesia to increase its export earnings forms these manufacturing industries (APEC, 2009).
World Trade Organization (WTO)
This is a global organization that deals with trade relationship and rules between states. Indonesia is member state to WTO. This organization commands a lot of respect in the global trade arena and facilitates trade among member states. It produces reports and coordinates trade among member states. It is also responsible for settling trade disputes among member states (WTO, 2009).
The world trade organization implements its rules through sanctions making it the most powerful trade organization in the world. Indonesia being a member is no exceptional to this, through the WTO Indonesia has been forced to honor trade agreement making it liberalize its market. The WTO rules and regulation has forced Indonesia to change from its protectionist policies to a more open economy. This organization has also helped Indonesia to solve her economic crisis during the Asian Financial Crisis and regain a good economic position.
Bilateral energy cooperation between Indonesia and Netherlands (BECIN)
This is a bilateral corporation between Indonesia and Netherlands in energy production and development. It is developed through the flame work of Indonesia-Netherlands Energy Working Group (EWG). The aim of BECIN is strengthening institutional capacity for energy planning. BECIN is responsible for supporting the strategy for development of non renewable energies in the two countries.
Through this program the two countries have developed joint energy policies, to follow, in order for them be energy secure. The Indonesia companies and their counterparts from Netherlands have engaged in joint energy ventures that has increased energy production in the two countries.
Indonesia and Netherlands through this program have come up with joint training activities for human resources. This is to provide them with man power in the energy sector that is needed in energy production and conservation. The two countries have come up with research facilities for geothermal and non-renewable sources of energy.
#(ii)
Globalization
Indonesia had benefited from elements of globalization prior to the financial crisis in 1997. It had made the Indonesia economy to grow tremendously and poverty levels to decline by about 60 percent, but in 1997 the negative impacts were felt and hit hard on the Indonesian economy.
The Asian financial crisis hit Indonesia at a great speed ruining Indonesia economy. This resulted to rampant unemployment, poverty levels soared up and the national debt rose at staggering heights. This financial crunch was attributed to inadequacies in the international financial systems. The Asian financial crisis was caused by system failure at the global level. There was lack of good governance in the international monetary system.
This crisis affected most of Indonesia economic systems leading to reduction of its trade potential. It also reduced its export earnings. The growing manufacturing sector was hard hit leading to closure of some major industries. (Economy watch 2009)
Monday, May 21, 2012
Economy Of Indonesia
In the early 1990's Indonesia was one of the few countries spread through out the world without any major trade integration or ties. Her imported goods came from near markets such as Singapore and the Asia newly industrializing economies (NIEs). The growth of Indonesia manufacturing industries contributed to the growth of export markets. Japan provided the greatest market of oil and liquefied gases. Among the oldest Indonesia trade integration was the ASEAN, (Library of congress 1992).
ASEAN
It was formed in 1967 to foster economic integration among Indonesia, Thailand, Singapore, Malaysia and Philippines, Brunei joined later. The first agreement was the industrial project agreement signed in 1976. The objectives of this agreement were to enhance establishment of joint large scale industrial projects by the member states.
In 1981 there was the establishment of industrial complementation scheme which was designed to coordinate the manufacture of components such as vehicles among the member states. In 1992 a major trade accord was signed which saw the birth of ASEAN Free Trade Area (AFTA) in 1993. This was as a result of the plan to reduce trade tariffs for manufactured good to 5 percent by 2008.
An AFTA objective is to increase trade among member states by reducing trade barriers. It is also meant to help eliminate non trade barriers. AFTA has enabled member countries to promote bilateral trade; it has increased the foreign exchange volume between the member states. AFTA has led to a more open economy to the member states.
Asia Pacific Economic cooperation (APEC)
This is a forum that was formed to facilitate economic growth and Trade Corporation in states of Asian- pacific region. APEC was founded in 1989. Since its formation it enhanced reduction of tariffs and other trade barriers among member states. This has led to increased trade among the members through increased exports. This has seen the growth and efficiency of domestic economies of the member states.
Through the APEC investment facilitation action plan (IFAP) Indonesia has been able to cooperate with other member states in joint investment activities which have seen the growth of its manufacturing industries. Indonesia companies have been able to spread their investment in other member states which has resulted to increased gross domestic income. This cooperation has also seen to multilateral investment between Indonesia and other members of APEC. The APEC agreement has provided Indonesia with great opportunities for international trade. Indonesia to increase its export earnings forms these manufacturing industries (APEC, 2009).
World Trade Organization (WTO)
This is a global organization that deals with trade relationship and rules between states. Indonesia is member state to WTO. This organization commands a lot of respect in the global trade arena and facilitates trade among member states. It produces reports and coordinates trade among member states. It is also responsible for settling trade disputes among member states (WTO, 2009).
The world trade organization implements its rules through sanctions making it the most powerful trade organization in the world. Indonesia being a member is no exceptional to this, through the WTO Indonesia has been forced to honor trade agreement making it liberalize its market. The WTO rules and regulation has forced Indonesia to change from its protectionist policies to a more open economy. This organization has also helped Indonesia to solve her economic crisis during the Asian Financial Crisis and regain a good economic position.
Bilateral energy cooperation between Indonesia and Netherlands (BECIN)
This is a bilateral corporation between Indonesia and Netherlands in energy production and development. It is developed through the flame work of Indonesia-Netherlands Energy Working Group (EWG). The aim of BECIN is strengthening institutional capacity for energy planning. BECIN is responsible for supporting the strategy for development of non renewable energies in the two countries.
Through this program the two countries have developed joint energy policies, to follow, in order for them be energy secure. The Indonesia companies and their counterparts from Netherlands have engaged in joint energy ventures that has increased energy production in the two countries.
Indonesia and Netherlands through this program have come up with joint training activities for human resources. This is to provide them with man power in the energy sector that is needed in energy production and conservation. The two countries have come up with research facilities for geothermal and non-renewable sources of energy.
#(ii)
Globalization
Indonesia had benefited from elements of globalization prior to the financial crisis in 1997. It had made the Indonesia economy to grow tremendously and poverty levels to decline by about 60 percent, but in 1997 the negative impacts were felt and hit hard on the Indonesian economy.
The Asian financial crisis hit Indonesia at a great speed ruining Indonesia economy. This resulted to rampant unemployment, poverty levels soared up and the national debt rose at staggering heights. This financial crunch was attributed to inadequacies in the international financial systems. The Asian financial crisis was caused by system failure at the global level. There was lack of good governance in the international monetary system.
This crisis affected most of Indonesia economic systems leading to reduction of its trade potential. It also reduced its export earnings. The growing manufacturing sector was hard hit leading to closure of some major industries. (Economy watch 2009)
ASEAN
It was formed in 1967 to foster economic integration among Indonesia, Thailand, Singapore, Malaysia and Philippines, Brunei joined later. The first agreement was the industrial project agreement signed in 1976. The objectives of this agreement were to enhance establishment of joint large scale industrial projects by the member states.
In 1981 there was the establishment of industrial complementation scheme which was designed to coordinate the manufacture of components such as vehicles among the member states. In 1992 a major trade accord was signed which saw the birth of ASEAN Free Trade Area (AFTA) in 1993. This was as a result of the plan to reduce trade tariffs for manufactured good to 5 percent by 2008.
An AFTA objective is to increase trade among member states by reducing trade barriers. It is also meant to help eliminate non trade barriers. AFTA has enabled member countries to promote bilateral trade; it has increased the foreign exchange volume between the member states. AFTA has led to a more open economy to the member states.
Asia Pacific Economic cooperation (APEC)
This is a forum that was formed to facilitate economic growth and Trade Corporation in states of Asian- pacific region. APEC was founded in 1989. Since its formation it enhanced reduction of tariffs and other trade barriers among member states. This has led to increased trade among the members through increased exports. This has seen the growth and efficiency of domestic economies of the member states.
Through the APEC investment facilitation action plan (IFAP) Indonesia has been able to cooperate with other member states in joint investment activities which have seen the growth of its manufacturing industries. Indonesia companies have been able to spread their investment in other member states which has resulted to increased gross domestic income. This cooperation has also seen to multilateral investment between Indonesia and other members of APEC. The APEC agreement has provided Indonesia with great opportunities for international trade. Indonesia to increase its export earnings forms these manufacturing industries (APEC, 2009).
World Trade Organization (WTO)
This is a global organization that deals with trade relationship and rules between states. Indonesia is member state to WTO. This organization commands a lot of respect in the global trade arena and facilitates trade among member states. It produces reports and coordinates trade among member states. It is also responsible for settling trade disputes among member states (WTO, 2009).
The world trade organization implements its rules through sanctions making it the most powerful trade organization in the world. Indonesia being a member is no exceptional to this, through the WTO Indonesia has been forced to honor trade agreement making it liberalize its market. The WTO rules and regulation has forced Indonesia to change from its protectionist policies to a more open economy. This organization has also helped Indonesia to solve her economic crisis during the Asian Financial Crisis and regain a good economic position.
Bilateral energy cooperation between Indonesia and Netherlands (BECIN)
This is a bilateral corporation between Indonesia and Netherlands in energy production and development. It is developed through the flame work of Indonesia-Netherlands Energy Working Group (EWG). The aim of BECIN is strengthening institutional capacity for energy planning. BECIN is responsible for supporting the strategy for development of non renewable energies in the two countries.
Through this program the two countries have developed joint energy policies, to follow, in order for them be energy secure. The Indonesia companies and their counterparts from Netherlands have engaged in joint energy ventures that has increased energy production in the two countries.
Indonesia and Netherlands through this program have come up with joint training activities for human resources. This is to provide them with man power in the energy sector that is needed in energy production and conservation. The two countries have come up with research facilities for geothermal and non-renewable sources of energy.
#(ii)
Globalization
Indonesia had benefited from elements of globalization prior to the financial crisis in 1997. It had made the Indonesia economy to grow tremendously and poverty levels to decline by about 60 percent, but in 1997 the negative impacts were felt and hit hard on the Indonesian economy.
The Asian financial crisis hit Indonesia at a great speed ruining Indonesia economy. This resulted to rampant unemployment, poverty levels soared up and the national debt rose at staggering heights. This financial crunch was attributed to inadequacies in the international financial systems. The Asian financial crisis was caused by system failure at the global level. There was lack of good governance in the international monetary system.
This crisis affected most of Indonesia economic systems leading to reduction of its trade potential. It also reduced its export earnings. The growing manufacturing sector was hard hit leading to closure of some major industries. (Economy watch 2009)
Sunday, May 20, 2012
Why Go For Financial Certifications ?
Most newbies wish to find out how financial certifications help them with their professional aspirations and which exam makes most sense to go for.
Considering the fact that the candidates are from different backgrounds, the answer cannot be generalized. There are some who are already, in some way are related to the finance industry, some coming with IT backgrounds, some already possess a solid knowledge of financial products and involved instruments and a good general understanding of the industry, then there are those who before going for graduation in quant degree, would like to build up a more solid foundation with an official exam.
Some of the most sought after certifications are:
> Chartered Financial Analyst (CFA) offered by CFA Institute (formerly known as AIMR):
Three levels -
* The Level I : introduction to asset valuation, financial reporting and analysis, and portfolio management techniques.
* The Level II :asset valuation, and includes applications of the tools and inputs (including economics, financial reporting and analysis, and quantitative methods) in asset valuation.
* The Level III : portfolio management, and includes strategies for applying the tools, inputs, and asset valuation models in managing equity, fixed income, and derivative investments for individuals and institutions.
> Financial Risk Manager (FRM) offered by GARP - Global Association of Risk Professionals
Two Parts -
Part I:
* Financial Markets and Products
* Foundations of Risk Management
* Quantitative Analysis
* Valuation and Risk Models
Part II:
* Market Risk Measurement and Management
* Credit Risk Measurement and Management
* Operational and Integrated Risk Management
* Risk Management and Investment Management
* Current Issues in Financial Markets
> Professional Risk Managers (PRM) offered by PRMIA - Professional Risk Managers' International Association
Four Exams -
* EXAM I: Finance Theory, Financial Instruments and Markets
* EXAM II: Mathematical Foundations of Risk Measurement
* EXAM III: Risk Management Practices
* EXAM IV: Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws
Then there are others like :
> The Financial Services Authority (FSA), a universal British finance regulator; you can take these two exams either together or separately, and there's also certificates in Investment Management and Corporate Finance if you're going down that route. (www.sii.org.uk)
> Associate of the Society of Actuaries (ASA) - focuses the fundamental concepts and techniques for modeling and managing risk
> Chartered Enterprise Risk Analyst (CERA) - centres around knowledge in the identification, measurements and management of risk within riskbearing enterprises
> Fellow of the Society of Actuaries (FSA) - deals with financial decisions concerning retirement benefits, life insurance, annuities, health insurance, investments, finance, and enterprise risk management are made, including the application of advanced concepts and techniques for modeling and managing risk. ()
The thing they all have in common is that these certifications:
> help you to better equip yourself with the essential knowledge to pursue a career in finance
> empower you by adding credentials to your resume
> expand your professional opportunities
> provides you with the ability to network with some of the world's leading finance professionals
Let's consider what the most sought after certifications have in store for you :
Talking from curriculum perspective:
The FRM curriculum goes into the detail on areas of financial and non-financial risk while the CFA curriculum provides a broad view of financial analysis in general.
The FRM Level 1 syllabus will overlap with some part of the CFA curriculum, mainly in the areas of quantitative analysis, portfolio theory, derivatives, and fixed income securities etc.
The FRM and CFA overlap at Level 2 is minimal. Still, some concepts that are mentioned briefly in the CFA curriculum, such as value at risk, credit risk, risk budgeting, and hedge funds, are expanded upon in level 2 FRM curriculum.
Exclusive to the FRM exams are readings on operational and integrated risk management, Basel II, current issues in financial markets, and case studies in risk management.
Broadly speaking, the FRM exams tend to have more of a quantitative focus than the CFA exams.
Regarding PRM syllabus, it's almost the same as FRM syllabus with an overlap of almost 80-90%.
PRM is a bit more extensive and rigorous on quantitative part. CFAs or Actuaries who want a risk management certification prefer PRM since it grants them exemption of upto 2 exams.
CFA and FRM Exam are slightly more popular among test- takers and among employers because it has a longer history, however PRM is quickly gaining ground and all three designations have come to be equally respected.
Talking about the job opportunities:
The key thing to note is that job markets are diverse.
The CFA is helpful if you want to work in equity research or, say, become a debt analyst.
The FRM/PRM would be more relevant to a risk manager.
For other Financial Services jobs (e.g., consulting, sales, management), these credentials are elements that complement your overall presentation.
Like the MBA, they don't buy you advancement per se, rather they enhance your resume.
Let me assure you that among the industry, there is NO prevailing argument' for or against one of the exams.
So take a look at the syllabi, test-structure and most importantly your long term career goals to make out which one suite you the best.
Once you zero-in, take the plunge!
Considering the fact that the candidates are from different backgrounds, the answer cannot be generalized. There are some who are already, in some way are related to the finance industry, some coming with IT backgrounds, some already possess a solid knowledge of financial products and involved instruments and a good general understanding of the industry, then there are those who before going for graduation in quant degree, would like to build up a more solid foundation with an official exam.
Some of the most sought after certifications are:
> Chartered Financial Analyst (CFA) offered by CFA Institute (formerly known as AIMR):
Three levels -
* The Level I : introduction to asset valuation, financial reporting and analysis, and portfolio management techniques.
* The Level II :asset valuation, and includes applications of the tools and inputs (including economics, financial reporting and analysis, and quantitative methods) in asset valuation.
* The Level III : portfolio management, and includes strategies for applying the tools, inputs, and asset valuation models in managing equity, fixed income, and derivative investments for individuals and institutions.
> Financial Risk Manager (FRM) offered by GARP - Global Association of Risk Professionals
Two Parts -
Part I:
* Financial Markets and Products
* Foundations of Risk Management
* Quantitative Analysis
* Valuation and Risk Models
Part II:
* Market Risk Measurement and Management
* Credit Risk Measurement and Management
* Operational and Integrated Risk Management
* Risk Management and Investment Management
* Current Issues in Financial Markets
> Professional Risk Managers (PRM) offered by PRMIA - Professional Risk Managers' International Association
Four Exams -
* EXAM I: Finance Theory, Financial Instruments and Markets
* EXAM II: Mathematical Foundations of Risk Measurement
* EXAM III: Risk Management Practices
* EXAM IV: Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws
Then there are others like :
> The Financial Services Authority (FSA), a universal British finance regulator; you can take these two exams either together or separately, and there's also certificates in Investment Management and Corporate Finance if you're going down that route. (www.sii.org.uk)
> Associate of the Society of Actuaries (ASA) - focuses the fundamental concepts and techniques for modeling and managing risk
> Chartered Enterprise Risk Analyst (CERA) - centres around knowledge in the identification, measurements and management of risk within riskbearing enterprises
> Fellow of the Society of Actuaries (FSA) - deals with financial decisions concerning retirement benefits, life insurance, annuities, health insurance, investments, finance, and enterprise risk management are made, including the application of advanced concepts and techniques for modeling and managing risk. ()
The thing they all have in common is that these certifications:
> help you to better equip yourself with the essential knowledge to pursue a career in finance
> empower you by adding credentials to your resume
> expand your professional opportunities
> provides you with the ability to network with some of the world's leading finance professionals
Let's consider what the most sought after certifications have in store for you :
Talking from curriculum perspective:
The FRM curriculum goes into the detail on areas of financial and non-financial risk while the CFA curriculum provides a broad view of financial analysis in general.
The FRM Level 1 syllabus will overlap with some part of the CFA curriculum, mainly in the areas of quantitative analysis, portfolio theory, derivatives, and fixed income securities etc.
The FRM and CFA overlap at Level 2 is minimal. Still, some concepts that are mentioned briefly in the CFA curriculum, such as value at risk, credit risk, risk budgeting, and hedge funds, are expanded upon in level 2 FRM curriculum.
Exclusive to the FRM exams are readings on operational and integrated risk management, Basel II, current issues in financial markets, and case studies in risk management.
Broadly speaking, the FRM exams tend to have more of a quantitative focus than the CFA exams.
Regarding PRM syllabus, it's almost the same as FRM syllabus with an overlap of almost 80-90%.
PRM is a bit more extensive and rigorous on quantitative part. CFAs or Actuaries who want a risk management certification prefer PRM since it grants them exemption of upto 2 exams.
CFA and FRM Exam are slightly more popular among test- takers and among employers because it has a longer history, however PRM is quickly gaining ground and all three designations have come to be equally respected.
Talking about the job opportunities:
The key thing to note is that job markets are diverse.
The CFA is helpful if you want to work in equity research or, say, become a debt analyst.
The FRM/PRM would be more relevant to a risk manager.
For other Financial Services jobs (e.g., consulting, sales, management), these credentials are elements that complement your overall presentation.
Like the MBA, they don't buy you advancement per se, rather they enhance your resume.
Let me assure you that among the industry, there is NO prevailing argument' for or against one of the exams.
So take a look at the syllabi, test-structure and most importantly your long term career goals to make out which one suite you the best.
Once you zero-in, take the plunge!
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