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James Sloan Kuykendall	[ "1878 births", "1928 deaths", "1912 United States presidential electors", "1916 United States presidential electors", "20th-century American businesspeople", "20th-century American farmers", "20th-century American lawyers", "20th-century members of the West Virginia Legislature", "20th-century Presbyterians", "American criminal defense lawyers", "American orchardists", "American people of Dutch descent", "Burials at Indian Mound Cemetery", "Businesspeople from Romney, West Virginia", "Businesspeople in agriculture", "Civil servants from Romney, West Virginia", "Cumberland Phoenix football coaches", "Cumberland School of Law alumni", "Democratic Party members of the West Virginia House of Delegates", "Educators from Romney, West Virginia", "Farmers from West Virginia", "Hampden–Sydney College alumni", "Lawyers from Romney, West Virginia", "Mayors of places in West Virginia", "North Carolina lawyers", "Politicians from Greensboro, North Carolina", "Politicians from Romney, West Virginia", "Presbyterians from West Virginia", "School board members in West Virginia", "University of North Carolina School of Law alumni", "Washington and Lee University alumni", "West Virginia city attorneys", "West Virginia lawyers" ]	3,907	31,821	James Sloan Kuykendall (December 9, 1878 – February 12, 1928) was an American farmer, lawyer, and Democratic politician in the U.S. state of West Virginia. Kuykendall was twice elected as a member of the West Virginia House of Delegates representing Hampshire County (1907–1908 and 1919–1920). Kuykendall also served three terms as the mayor of Romney and later fulfilled the position of city attorney. Kuykendall was born in 1878 in Hampshire County, West Virginia, into one of the oldest families in the county, which was of Dutch descent. He was raised on his family's farm, where he engaged in agricultural pursuits. Kuykendall was educated in Hampshire County's rural public schools and subsequently completed his post-secondary education at Hampden–Sydney College and Washington and Lee University. In 1901, he graduated from the Cumberland School of Law, then completed a course in jurisprudence at the University of North Carolina School of Law. Kuykendall first practiced law in Greensboro, North Carolina, before establishing a law practice in Romney, West Virginia. He was elected to represent Hampshire County in the West Virginia House of Delegates for one term in 1906 and another term in 1918, each consisting of two years. He was the mayor of Romney for three terms, and in 1922 he served as Romney's city attorney. Kuykendall was elected to three terms as a member of the Hampshire County Board of Education; he also served as a Chancery Commissioner for the county. During World War I, Kuykendall was a member of the Legal Advisory Board of Hampshire County; he also participated in Liberty bond drives and directed sales to raise American Red Cross funds. Kuykendall was engaged in the management of a commercial peach orchard near Romney known as Sherman Orchard. He died in 1928 and was interred at Indian Mound Cemetery in Romney. Early life and family James Sloan Kuykendall was born on December 9, 1878, in the Springfield Magisterial District of Hampshire County, West Virginia. He was the eldest child and son of William Kuykendall and his wife Hannah Pierce Sloan Kuykendall. Kuykendall's family was of Dutch descent and was one of the oldest families residing in Hampshire County. He was probably named for his maternal grandfather, James Sloan. Kuykendall had two younger brothers and one younger sister: Michael Blue Kuykendall, Richard Sloan Kuykendall, and Nellie Frank Kuykendall. For the first 20 years of his life, Kuykendall resided on his family's farm, where he engaged in agricultural pursuits. Education Kuykendall received his primary education in Hampshire County's rural public schools. He commenced his higher education studies at Hampden–Sydney College in Hampden Sydney, Virginia, and later attended Washington and Lee University in Lexington, Virginia. Kuykendall subsequently engaged in the study of jurisprudence at the Cumberland School of Law of Cumberland University in Lebanon, Tennessee, from which he received a diploma in 1901. He then completed a similar course in law at the University of North Carolina School of Law in Chapel Hill, North Carolina. Following this course at the University of North Carolina, Kuykendall passed his bar examination before the North Carolina Supreme Court and was admitted to the bar in North Carolina in September 1903. Law career Following his admission to the North Carolina bar, Kuykendall commenced practicing law in Greensboro, where he practiced for a little over a year before returning to West Virginia. He established his law practice in Romney and made his permanent residence there. Kuykendall argued his first case before the Hampshire County Circuit Court in defense of a Mr. Miller, who had been charged with petit larceny. Kuykendall secured the acquittal of his client, which further encouraged the young lawyer. Following this case, he continued to perform as a criminal defense lawyer. According to historian James Morton Callahan, Kuykendall "adhered to his rule to take part only on the side of the defense, and he has a merited reputation or skill and ability in that particular field." By 1923, he had been a defense attorney in three murder cases: State v. Hetrick, State v. Averell, and State v. Gardner. Kuykendall secured acquittals for his clients in State v. Hetrick and State v. Averell, but in State v. Gardner, his client was found guilty and sentenced to life imprisonment. As an attorney for the Hampshire Southern Railroad Company in 1907, Kuykendall worked to acquire the right-of-way for the rail line through the South Branch Potomac River valley between the Baltimore and Ohio Railroad (B&O) South Branch line at Romney and Petersburg. Political career Romney municipal offices Kuykendall was elected to his first term as mayor of Romney in January 1906 by a margin of eight votes. He and the elected city council members ran on an anti-liquor license platform. At the time of the election, Romney had been following a policy of banning the issuance of liquor licenses within the city for over 20 years. Throughout his political career, Kuykendall served a total of three terms as Romney's mayor. He later served as Romney's city attorney in 1922. West Virginia House of Delegates In late 1906, Kuykendall was elected to his first term as a member of the West Virginia House of Delegates and represented Hampshire County from 1907 through 1908 in the 28th West Virginia Legislative Session. During his first term in the House of Delegates, Kuykendall served on the following standing committees: Education; Counties, Districts, and Municipal Corporations; Private Corporations and Joint Stock Companies; Arts, Science, and General Improvement; and State Boundaries. He was elected to a second term in the House of Delegates in 1918 and served in the 34th West Virginia Legislative Session from 1919 through 1920. In January 1920, Kuykendall participated in a conference between Maryland and West Virginia legislators, which recommended that the states' highway commissions be authorized to connect their state highway systems at one or more points crossing the Potomac River. Hampshire County offices Kuykendall took an interest in the Hampshire County Schools system and was elected to three terms as a member of the Hampshire County Board of Education. He also served in a county-wide position alongside Robert White and Joshua Soule Zimmerman as a Commissioner in Chancery for the Hampshire County Circuit Court. During World War I, Kuykendall was a member of the Legal Advisory Board of Hampshire County, during which time he assisted in producing several hundred questionnaires for the county's prospective soldiers. He also participated in Liberty bond drives and directed sales to raise funds for the American Red Cross. West Virginia Democratic Party offices Kuykendall was a lifelong member of the Democratic Party and cast his first vote for Democratic presidential nominee William Jennings Bryan in the United States presidential election of 1900. He was elected as a member of the Hampshire County Democratic Party Central Committee in 1908, and he was elected to three terms as the committee's chairperson. Kuykendall was also elected as the chairperson of the Executive Committee of West Virginia's 2nd congressional district in 1914 and served for one term. He was nominated as a presidential elector for the 2nd congressional district in the Electoral College for the election (1912) and reelection (1918) of Woodrow Wilson. In 1916, Kuykendall was a delegate to the West Virginia Democratic Party State Convention at Parkersburg that nominated John J. Cornwell as the party's gubernatorial candidate. He was also both a delegate and chairperson of the West Virginia Democratic Party's Congressional Convention that nominated William Gay Brown, Jr., as a candidate for the United States House of Representatives. Kuykendall was a strong proponent of Brown, whom he supported in subsequent conventions and elections. Business pursuits According to The Census of the Peach Crop of 1907 in West Virginia published by the West Virginia Department of Agriculture, Kuykendall was engaged in the management of a commercial peach orchard near Romney known as Sherman Orchard. In 1907, Kuykendall's orchard produced Carman, Champion, Elberta, Salways, Bilyeu, and Heath Cling peach varieties, totaling 5,800 baskets in all. Kuykendall was still operating a peach orchard in 1920. Later life and death Kuykendall suffered a stroke in late 1927. On 10 February 1928, he suffered a stroke and paralysis in a courtroom of the Winchester courthouse after the delivery of his closing argument in a circuit court criminal case. Kuykendall died at Winchester Memorial Hospital on the morning of 12 February. On 14 February, Kuykendall's funeral service was held at his Romney residence and it was officiated by the Reverend H. B. Wheeler, presiding elder of the Moorefield District of the Methodist Episcopal Church, South. He was interred at Indian Mound Cemetery. Kuykendall was survived by his wife Bertha, his three children, and his brother, Richard Sloan Kuykendall. Kuykendall's wife Bertha died on March 4, 1962, and was interred beside him at Indian Mound Cemetery. Personal life Kuykendall was married in Hampshire County on April 5, 1905, to Bertha Ray Williams (November 10, 1883 – March 4, 1962), born in Fairfax County, Virginia, and the daughter of Reverend James P. Williams and his wife Mary S. Williams. Williams's father was the presiding elder of the Moorefield District of the Methodist Episcopal Church, South. Kuykendall and his wife Bertha had three children together including two daughters and one son: Alma Elizabeth Kuykendall Sheehan (January 14, 1906 – December 6, 1970), married on June 31, 1928, to William Terrell Sheehan (December 5, 1902 – June 16, 1957) James Sloan Kuykendall, Jr. (December 11, 1906 – February 17, 1995), married Emily Light (June 29, 1911 – June 19, 1982) Mary Ray Kuykendall Armstrong (January 5, 1909 – May 15, 1996), married Robert W. Armstrong (April 11, 1905 – June 16, 1958) While Kuykendall's wife belonged to the Methodist Episcopal Church, South, he was raised as a Presbyterian, and for five years he was superintendent of the Presbyterian Church's Sunday school.
London & Regional Properties	[ "Property companies based in London", "Real estate companies established in 1987", "Family-owned companies of the United Kingdom" ]	645	7,219	London & Regional Properties Limited (L&R) is a private real estate and leisure investment firm based in London, United Kingdom. It is one of the largest privately held principal investors in Europe, performing private equity style investments in direct property and asset-backed operating businesses. L&R was founded in 1987 by Richard Livingstone, a chartered surveyor, and his brother Ian, a former optometrist. The brothers are billionaires and are described by the Irish Independent as "secretive". The firm has upwards of £9 billion in assets under management. L&R has business interests in the United Kingdom, Europe, and the Americas Portfolio The company's portfolio includes: Investments Atlas Hotels, a hotel real estate and operating company with 46 limited service hotels across the UK David Lloyd Leisure, a gym and health club company with 85 locations across the UK and Europe London Hilton on Park Lane The Trafalgar St. James London The Lensbury The Empire, Leicester Square General Healthcare Group, the UK's leading independent health provider with 67 hospitals Atu's real estate portfolio of 271 assets located in Germany Diageo's head office in London WC1 55 Baker Street, site of Marks & Spencer's former head office 90 care homes, formerly managed by Southern Cross until 2011, to be managed by Orchard Care Homes in the North and Minster in the South-East Cliveden, purchased from the collapsed Von Essen Hotels group in February 2012. The Livingstones withdrew from parallel negotiations to buy the Royal Crescent hotel. Crowne Plaza hotel in Cambridge was bought for more than €45m from the former Sean Quinn Group in August 2012. A development of 750 apartments with hotel and leisure facilities at Greenwich Peninsula The Panama Pacifico, a US$700 million mini-city on the banks of the Panama Canal
Odious debt	[ "Debt", "International law", "Legal doctrines and principles", "Philosophy of economics", "Power (social and political) theories", "Coercion", "Dictatorship", "Economic problems", "Human rights", "Anti-corruption activism", "Political repression", "Social ethics", "International relations", "Law and economics" ]	1,449	12,937	In international law, odious debt, also known as illegitimate debt, is a legal theory that says that the national debt incurred by a despotic regime should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the government that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion. Whether or not it is possible to discharge debts in this manner is a matter of dispute. The concept has antecedents dating back to the 1800s and support from diverse fields such as economics, philosophy, political science, history, and law. The concept of odious debt was formalized in a 1927 treatise by Alexander Nahum Sack, a Russian émigré legal theorist. It was based on two 19th-century precedents—Mexico's repudiation of debts incurred by Emperor Maximilian, and the denial by the United States of Cuban liability for debts incurred by the Spanish colonial regime. Sack wrote: When a despotic regime contracts a debt, not for the needs or in the state's interests, but rather to strengthen itself, to suppress a popular insurrection, etc, this debt is odious for the people of the entire state. This debt does not bind the nation; it is a debt of the regime, a personal debt contracted by the ruler, and consequently, it falls with the regime's demise. The reason why these odious debts cannot attach to the territory of the state is that they do not fulfill one of the conditions determining the lawfulness of State debts, namely that State debts must be incurred, and the proceeds used, for the needs and in the interests of the State. Odious debts, contracted and utilized for purposes which, to the lenders' knowledge, are contrary to the needs and the interests of the nation, are not binding on the nation – when it succeeds in overthrowing the government that contracted them – unless the debt is within the limits of real advantages that these debts might have afforded. The lenders have committed a hostile act against the people, they cannot expect a nation that has freed itself of a despotic regime to assume these odious debts, which are the personal debts of the ruler. Sack theorized that such debts are not enforceable when (1) the lender should have known that (2) the debt was incurred without the consent and (3) without benefit to the populace. There are many examples of similar debt repudiation. Chief Justice William Howard Taft, acting as an arbiter, used the doctrine in 1923 to find that Costa Rica did not have to pay the United Kingdom debts incurred by the Federico Tinoco Granados regime. Despite such rulings, Mitu Gulati argues that odious debt is not part of international law because "[n]o national or international tribunal has ever cited Odious Debt as grounds for invalidating a sovereign obligation." Reception Patricia Adams, executive director of Probe International, a Canadian environmental and public policy advocacy organization and author of Odious Debts: Loose Lending, Corruption, and the Third World's Environmental Legacy, stated: "by giving creditors an incentive to lend only for purposes that are transparent and of public benefit, future tyrants will lose their ability to finance their armies, and thus the war on terror and the cause of world peace will be better served." In a Cato Institute policy analysis, Adams suggested that debts incurred by Iraq during Saddam Hussein's reign were odious because the money was spent on weapons, instruments of repression, and palaces. A 2002 article by economists Seema Jayachandran and Michael Kremer renewed interest in this topic. They propose that the idea can be used to create a new type of economic sanction to block further borrowing by dictators. Jayachandran proposed new recommendations in November 2010 at the 10th anniversary of the Jubilee movement at the Center for Global Development in Washington, D.C. Subsequently, the loan sanctions model has been adopted by the Centre for Global Developments and has been the base for a number of further suggestions. Some think the doctrine could aid international development. Others think that the doctrine should allow even more kinds of debt to be canceled. Application After acquiring Puerto Rico through the Spanish–American War, the United States refused to pay the colony's creditors, asserting they held odious debt. In December 2008, Ecuadorian President Rafael Correa attempted to default on Ecuador's national debt, calling it illegitimate odious debt, because corrupt and despotic prior regimes contracted it. He succeeded in reducing the price of the debt letters before continuing paying the debt. After the overthrow of Haiti's Jean-Claude Duvalier in 1986, there were calls to cancel Haiti's debt owed to multilateral institutions, calling it unjust odious debt, and Haiti could better use the funds for education, health care, and basic infrastructure. As of February 2008, the Haiti Debt Cancellation Resolution had 66 co-sponsors in the U.S. House of Representatives. Several organizations in the United States issued action alerts around the Haiti Debt Cancellation Resolution, and a Congressional letter to the U.S. Treasury, including Jubilee USA, the Institute for Justice & Democracy in Haiti and Pax Christi USA. See also Debt of developing countries Debt relief Domestic liability dollarization Fourteenth Amendment to the United States Constitution Haiti's external debt Jubilee USA Network Moral hazard Sovereign debt Sovereign default
TV Azteca	[ "TV Azteca", "1997 initial public offerings", "Companies based in Mexico City", "Companies formerly listed on the New York Stock Exchange", "Companies listed on the Mexican Stock Exchange", "Companies listed on the Madrid Stock Exchange", "Companies that filed for Chapter 11 bankruptcy in 2023", "Conglomerate companies established in 1993", "Conglomerate companies of Mexico", "Entertainment companies established in 1993", "Entertainment companies of Mexico", "Grupo Salinas", "Mass media companies established in 1993", "Mass media companies of Mexico", "Mexican companies established in 1993", "Multimedia", "Multinational companies headquartered in Mexico", "Television broadcasting companies of Mexico", "Television networks in Mexico", "Television channels and stations established in 1993" ]	2,153	19,248	Televisión Azteca, S.A.B. de C.V., commonly known as TV Azteca, is a Mexican multimedia conglomerate owned by Grupo Salinas. It is the second-largest mass media company in Mexico after Televisa. It primarily competes with Televisa as well as some local operators. It owns two national television networks, Azteca Uno and Azteca 7, and operates two other nationally distributed services, adn40 and A Más+. All three of these networks have transmitters in most major and minor cities. TV Azteca also operates Azteca Trece Internacional, reaching 13 countries in Central and South America, and formerly part of the Azteca América network in the United States. Its flagship program is the newscast Hechos. History Formation In the early 1990s, the presidency of Carlos Salinas de Gortari privatized many government assets. Among them was the Instituto Mexicano de la Televisión, known as Imevisión, which owned two national television networks (Red Nacional 7 and Red Nacional 13) and three local TV stations. In preparation for the privatization, the Imevisión stations were parceled into a variety of newly created companies, the largest of which was named Televisión Azteca, S.A. de C.V. With the exception of Canal 22, which was spun off to Conaculta, one bidder won all of the stations. On July 18, 1993, Mexico's Finance Ministry, the Secretaría de Hacienda y Crédito Público (SHCP), announced that Radio Televisora del Centro, a group controlled by Ricardo Salinas Pliego, was the winner of the auction to acquire the "state-owned media package", which also included Imevisión's studios in the Ajusco area of Mexico City. The winning bid amounted to US$645 million. The new group soon took on the Televisión Azteca name for the entire operation and soon challenged Televisa, turning what had been a television monopoly into a television duopoly. The two conglomerates held 97 percent of the commercial television concessions in the country. In 1998, TV Azteca announced an investment of US$25 million in XHTVM-TV, which was owned by Javier Moreno Valle through concessionaire Televisora del Valle de México, S.A. de C.V. Under the deal, Azteca restructured TVM and took control of ad sales and most programming duties, while Moreno Valle's CNI news service retained some primetime space. However, in 2000, Moreno Valle broke the contract with Azteca, alleging Azteca of filling up time allotted to CNI and not fulfilling the obligations in the contract. In December 2002, Azteca used private security guards to retake control of the XHTVM facilities on Cerro del Chiquihuite in Mexico City. However, the Mexican government stepped into the dispute and forced Azteca to relinquish control of XHTVM. In 2005, an employee strike that crippled CNI, Moreno Valle's mounting legal troubles, and a deal with the 5% owner of the concessionaire allowed Azteca to buy the remainder of the station and retake control of XHTVM, under the name Proyecto 40, in 2006. On March 7, 2011, TV Azteca changed its name to Azteca, reflecting its growth into a multimedia company. However, in May 2016, the TV Azteca name was restored. TV Azteca is the second largest mass media company in México after Televisa. These two big organizations control the 97% of mass media in Mexico. TV Azteca was funded in 1993 by Ricardo Salinas Pliego. TV Azteca has 31% of the 465 television concessions in México. The auction of the state channels and the granting of further concessions to TV Azteca further strengthen their connection. It also owns Azteca banks, Azteca insurance, Iusacell, programing pay television, cinemas, live theater, news channels, newspapers, Azteca music, an acting school, Azteca consumer products, Azteca internet, Azteca series, Azteca sports, stadiums, etc. TV Azteca is another company which also serves the government however to a much lesser extent than Televisa. TV Azteca also receives lucrative contracts from the Mexican government, and therefore the information that emits is also controlled by the actual government. The news that is normally emitted by TV Azteca is 25% news bulletins that come from advertising, and infotainment relying on celebrities and biased editorials. On March 21, 2023, creditors for the company pushed the company into an involuntary Chapter 11 bankruptcy petition in the U.S. However, on April 26, TV Azteca asked the New York bankruptcy judge to dismiss its Chapter 11 case due to it being pointless to start reorganization proceedings for the company anywhere but Mexico. On June 1, 2023, TV Azteca was suspended from the Mexico Stock Exchange. Azteca Noticias Azteca Espectáculos Azteca Deportes Azteca Novelas y Series Services Terrestrial networks In Mexico NetworkFlagshipProgramming Azteca Uno XHDF 1 general programming and news and first-run telenovelas Azteca 7 XHIMT 7 general programming, sports, and series adn40 XHTVM 40 news and informational shows Outside Mexico NetworkFlagshipProgramming TV Azteca Guate N/A Guatemalan channel with programming from TV Azteca's three television national networks in Mexico and local news TV Azteca Honduras N/A Honduran channel with programming from TV Azteca's three television national networks in Mexico and local news Formerly owned Azteca América: American broadcast network with programming from TV Azteca's three television national networks in Mexico and local news. The owner, HC2 Holdings, continued to use the Azteca branding under license. Ceased operations on December 31, 2022. KAZA-TV used to be the flagship of Azteca América from 2001 to 2018 but was sold to Chicago-based Weigel Broadcasting, which stripped KAZA of its flagship status, and was replaced by MeTV as an O&O. Cable Az Noticias Az Clic! (also broadcast as Azteca Clic) Az Mundo Az Corazón (also broadcast) Az Cinema Azteca Trece -1 hora Azteca Trece -2 horas Azteca Deportes Romanza+ África - African channel Disputes and controversies On 5 January 2005, the U.S. Securities and Exchange Commission (SEC) accused TV Azteca executives (including chairman Ricardo Salinas Pliego) of having personally profited from a multimillion-dollar debt fraud committed by TV Azteca and another company in which they held stock. The charges were among the first brought under the provisions of the Sarbanes-Oxley Act of 2002, introduced in the wake of the corporate financial scandals of that year. The Federal Radio and Television Law (known as the Ley Televisa) was a bill concerning the licensing and regulation of the electromagnetic spectrum. The LFRT was favorable to both TV Azteca and Televisa (who together control 95 percent of all television frequencies) because it allowed them to renew their licenses without paying for them. According to The Economist, the Ley Federal de Radio y Televisión "raced through Congress confirming the country's longstanding television duopoly" and constituted a "giveaway of radio spectrum and a provision that allows broadcasting licenses to be renewed more or less automatically". In February 2012, TV Azteca networks (Azteca 7, Azteca 13, and Proyecto 40) were dropped by Mexican cable-TV carriers representing more than 4 million subscribers in a carriage dispute over terms. Cable operators claimed that Azteca wanted to charge a fee by packaging its over-the-air stations with cable networks, such as news and soap opera channels, which potentially represented a higher cost to subscribers. After a nine-month absence, TV Azteca returned gradually to cable operators. In August 2018, American Tower's Mexican Unit, MATC Infraestructura sued TV Azteca for $97 Million in a New York court for defaulting on a loan from the company. Holdings TV Azteca is part of the conglomerate Grupo Salinas, which includes the Grupo Elektra franchise of department stores, the Banco Azteca bank, and Seguros Azteca life insurance. TV Azteca also owns Liga MX soccer club, Monarcas Morelia. Acting school The network has set up an acting school, Centro de Estudios y Formación Actoral (CEFAT). Alumni include Iliana Fox, Luis Ernesto Franco, Adriana Louvier, Fran Meric, Bárbara Mori, Laura Palma and Adrián Rubio. Record label The network also owns a record label, Azteca Music, which was founded in 1996. See also Televisa List of Broadcasting Companies in Latin America
Philip B. Hofmann	[ "1909 births", "1986 deaths", "Businesspeople from Monmouth County, New Jersey", "People from Surfside, Florida", "People from Monmouth Beach, New Jersey", "People from Ottumwa, Iowa", "Wharton School alumni", "American health care chief executives", "20th-century American businesspeople" ]	475	4,317	Philip B. Hofmann (May 25, 1909 – December 29, 1986) was an American businessman. He was the first non-family-member to serve as chairman and chief executive officer of the healthcare firm Johnson & Johnson. Biography Philip Hofmann was born on May 25, 1909, in Ottumwa, Iowa, where his father was a pharmacist. He graduated from Ottumwa High School in 1926. He earned his undergraduate degree in 1930 at the Wharton School of the University of Pennsylvania with a major in economics. Career He was hired by Johnson & Johnson in 1931, starting work there as a shipping clerk. He went to work for Johnson & Johnson's newly formed Ortho Products division in Linden, New Jersey, and was the unit's president by 1944. He was named as Johnson & Johnson's chief executive officer in 1963 as the first non-family-member to lead the company, succeeding Robert Wood Johnson II. He served as CEO until 1974, when he was succeeded by Richard B. Sellars. He helped establish the Robert Wood Johnson Foundation, the largest philanthropy in the United States devoted exclusively to health and health care. After having been nominated to the position by Governor of New Jersey William T. Cahill in July 1973, he resigned as one of the six commissioners representing the Garden State on the Port Authority of New York and New Jersey, citing a conflict with Governor Brendan Byrne over the Port Authority's role in mass transit. Personal life He was a resident of Monmouth Beach, New Jersey, and Surfside, Florida. He was an avid horse breeder, and owned Wycombe House Stud of Reddick, Florida, where the horses he raised included Gold Beauty, the American Champion Sprint Horse of 1982. He participated in horse shows, driving a four-in-hand. He died of a heart attack at age 77 on December 29, 1986, at the Miami Heart Institute in Miami Beach, Florida. He was survived by his wife, the former Georgia Felhaber, and two daughters and two grandchildren.
Nathan Cummings	[ "1896 births", "1985 deaths", "American businesspeople in fashion", "American food industry businesspeople", "American investors", "American manufacturing businesspeople", "American people of Lithuanian-Jewish descent", "Businesspeople from Saint John, New Brunswick", "Businesspeople in coffee", "Canadian drink industry businesspeople", "Canadian emigrants to the United States", "Canadian people of Lithuanian-Jewish descent", "American art collectors", "Jewish art collectors", "20th-century American philanthropists", "People from Manchester, New Hampshire", "Sara Lee Corporation", "20th-century American Jews", "Jews from New Hampshire", "Jews from New York (state)" ]	1,457	11,140	Nathan Cummings (born Komiensky; 14 October 1896 – 19 February 1985) was a Jewish-Canadian-American businessman, investor and philanthropist. He was the founder of Consolidated Foods, which later became known by one of its product lines, Sara Lee Corporation. Early life Nathan Komiensky was born on 14 October 1896 in Saint John, New Brunswick to David Louis Komiensky (1872–1940) and Elizabeth Beatrice "Bessie" Howe (1868–1900). David Komiensky was born in Minsk, then part of the Russian Empire, and in 1892 left the country to escape the oppressive May Laws that had been enacted following the assassination of Czar Alexander II. Earlier, David's brother Isaac had immigrated to Saint John. Allegedly, Isaac had intended to go to New York but accidentally got off in New Brunswick. Upon leaving Russia, David joined Isaac in Canada. Shortly after arriving in Saint John, David met Bessie Howe, who had recently come to Canada from Lithuania, and soon married. Following Nathan's birth, David and Bessie had a second son, Maxwell Komiensky (Maxwell Cummings), who was born on 19 April 1898. Bessie became ill after the birth and on 4 February 1900 died at age 32. David soon remarried to Esther Miriam Saxe (1882–1966). David and Esther had five more children: Minnie (1903–1999), Benjamin (1904–1999), Ralph (1906–1970), Pauline (1911–1917), and Harold (1918–1998). In 1905 the Komienskys moved to Waltham, Massachusetts, setting up a small shoe shop. That same year the family changed its name from Komiensky to Cummings. In 1910 they relocated again to Manchester, New Hampshire. During this time, Nathan enrolled in a dry goods economist training school in New York City and lived in Williamsburg, Brooklyn. In 1911, David moved the family back to Canada and settled in Montreal, while Nathan remained in New York. Shortly thereafter Nathan rejoined his family in Montreal. From the age of fifteen he sold shoes until, at nineteen, he took on the job of traveling salesman for a shoe manufacturer. Business career Cummings had established a shoe shop and factory of his own by 1924, but the business foundered during the Depression, and he was forced to declare bankruptcy in 1932. He paid off his debts and started anew. By the mid-1930s he had invested in McCormicks, a biscuit and candy company in Canada. The success of that business, which he sold to Weston in 1939, prompted an invitation to manage the Baltimore-based coffee, tea and sugar chain, C.D. Kenny Company. Cummings acquired the company in 1941. Its continued prosperity allowed him to expand his holdings to found a business empire. Over the next decade, Cummings invested within company after company. In 1945 he established his corporate headquarters in Chicago and formed the Consolidated Grocers Corporation as a holding company. Time proclaimed him the "Duke of Groceries." In 1954 the company name was changed to Consolidated Foods Corporation, which Cummings thought was 'less old-fashioned', and in 1985 the name Sara Lee Corporation was adopted. Sara Lee was the name of one of the company's best known brands, which Cummings had acquired in 1956. Cummings retired from the company in 1968, but remained honorary chairman and active in company affairs until his death in 1985. Marriage/Family Cummings' first wife was Ruth Lillian Kellert, whom he married in 1919. She died in 1952. In 1959, he wed Joanne Toor; the marriage ended in divorce in 1976. Upon his death in 1985, Cummings was survived by three children from his first marriage, Beatrice Cummings Mayer of Chicago [1921-2018], Herbert Cummings of Paradise Valley, Ariz., and Alan H. Cummings of Palm Beach; a sister, Minnie Cummings Abbey and four brothers, Maxwell, Benjamin, Ralph, and Harold, all of Montreal, and nine grandchildren. Cummings was related to MGM's legendary studio boss Louis B. Mayer through marriage. Louis B. Mayer's older sister Ida was married to Louis Komiensky, brother to Nate's father, David Komiensky. In 1992, a history of the Cummings family entitled David and Bessie Komiensky, Jewish Lithuanian Immigrants: A Brief Family History, was commissioned by friends as a surprise gift for Herbert Kellert Cummings, and published by Brigham Young University in Provo, Utah. Art collector As Cummings became increasingly affluent, he began to collect art. His first significant acquisition was made in Paris in 1945, immediately after World War II, when he purchased Camille Pissarro's Bountiful Harvest 1893, which he noticed in the window of an art dealer. He knew nothing of Pissarro, but he was confident in what he liked. There was little in Nathan Cummings' background to suggest an affinity with art. Later in his life he liked to tell of his first tentative encounter with art: "An advertising man convinced me that I should have a painting made of the view from my window." Cummings liked it so much that he asked the artist to paint the scene a second time - the view at night. His satisfaction with these works sparked an interest in collecting art that was to develop with the passion of the newly converted. Cummings' collections were diverse, including French Impressionist paintings, modern sculpture, ancient Peruvian ceramics, and works of living artists such as Henry Moore, Pablo Picasso, Marc Chagall, Georges Braque, Giacomo Manzù and Alberto Giacometti, who became members of his social circle. He enjoyed friendships with other celebrities, including Duke and Duchess of Windsor and Bob Hope, a good friend who emerged from a giant cake at Cummings's eightieth birthday. As a collector, Cummings did not confine himself to the acquisition of blue-chip impressionist and 20th-century master paintings. He enjoyed contemporary art and delighted in new discoveries. He often acquired whole series of works by artists he liked, later distributing the works to friends or scattering them around the workplace. At one time he owned a fishing fleet and ensured that each of the fifteen boats was equipped with its own work of art. He bought and sold without expecting to keep the works forever, allowing old favorites to be replaced by new enthusiasms. Cummings expected that everyone would share his passion for art: as well as giving away works of art as presents, he displayed parts of his collection in the offices of his companies for the enjoyment of the staff. Philanthropy Starting in the 1950s Cummings became a major donor to hospitals, universities, arts organizations, and Jewish causes. His endowment created the Nathan Cummings Arts Center at Stanford University and the Joanne and Nathan Cummings Art Center at Connecticut College in New London. (Joanne Toor Cummings was the second wife of Cummings; she died in 1995.) He made major contributions to the National Gallery of Art in Washington DC, to the Metropolitan Museum of Art, New York, and to the Art Institute of Chicago. In 1949 he established the Nathan Cummings Foundation, which received most of his estate (then estimated at $200 million) upon his death. The foundation funds initiatives to build a socially and economically just society.
HMV	[ "1921 establishments in England", "Retail companies based in London", "British companies established in 1921", "Retail companies established in 1921", "2019 mergers and acquisitions", "Companies that have entered administration in the United Kingdom", "Defunct retail companies of the United States", "Music retailers of the United Kingdom", "Retail companies of the United Kingdom", "Video game retailers in the United Kingdom", "Music retailers of Canada" ]	8,767	86,565	HMV is an international music and entertainment retailer, founded in 1921. The brand is owned by Hilco Capital and operated by Sunrise Records, except in Japan, where it is owned and operated by Lawson. The inaugural shop was opened on London's Oxford Street by the Gramophone Company, who had already established the His Master's Voice symbol on their sound equipment, and from 1909, as its own record label. In the 1960s, HMV became a chain across London, and expanded nationwide in the 1970s. It expanded internationally in the mid-1980s, and opened its 100th UK shop in 1997. In 1998, the retail operations were divested from EMI (successor to the Gramophone Company), to form what would become HMV Group plc. In 2007, HMV bought rival retailer, Fopp, as well divesting its Japanese business. In April 2013, HMV was rescued by Hilco Capital for an estimated £50 million after falling into administration. In February 2019, the Canadian retailer Sunrise Records rescued 100 of the 127 HMV shops from Hilco after a second administration, but with Hilco retaining ownership of the HMV brand. In May 2023, Sunrise Records announced HMV would return to Ireland, followed by an announcement in November 2023 that it would also enter the Belgian market. In February 2024, Sunrise Records announced HMV would re-enter the Canadian market as a store-within-a-store concept within Toys "R" Us locations. History Origins In 1898, Francis Barraud painted His Master's Voice, which depicted his late dog, Nipper, listening to a phonograph. The painting and subsequent trademark rights would be sold in 1899 to the Gramophone Company, using it on its sound equipment, and in 1909, created their His Master's Voice record label. In 1921, the Gramophone Company opened the first dedicated His Master's Voice shop at 363 Oxford Street, London, in a former men's clothing shop. Composer Edward Elgar participated in the opening ceremonies. In March 1931 the Gramophone Company merged with Columbia Graphophone Company to form Electric and Musical Industries Ltd (EMI), with the Gramophone Company becoming part of EMI. The original HMV shop was severely damaged by a fire in 1937, but was rebuilt and reopened two years later on 8 May 1939. Sir Thomas Beecham opened the new shop. In 1966, HMV began expanding its retail operations in London. Throughout the 1970s, the company continued to expand, doubling in size, and in six years became the country's leading specialist music retailer. It faced strong competition, however, from Virgin Megastores, established in 1976, and from Our Price, established in 1972, which had numerous high street retail shops around the UK. Subsequently, HMV overtook Our Price in popularity and threatened its existence, having established a chain of newer and larger shops. The company opened its flagship shop at a new location at 150–154 Oxford Street in 1986, announcing it was the largest record shop in the world at the time, and the official opening was attended by Bob Geldof and Michael Hutchence. Growth continued for a third decade into the 1990s, with the company reaching over 320 shops including in 1990 its first shop in the U.S. located at 86th and Lexington in New York City, which was the largest music shop in North America at the time. HMV celebrated its 75-year anniversary in 1996. In February 1998, EMI entered into a joint venture with Advent International to form HMV Media Group led by Alan Giles, which acquired HMV's shops and Dillons, leaving EMI with a holding of around 45%. The new joint venture then bought the Waterstones chain of bookshops to merge with Dillons. Flotation By 2002, EMI's holding in HMV Media was 43%, with Advent International owning 40% and management the remainder. The company floated on the London Stock Exchange later in the year as HMV Group plc, leaving EMI with only a token holding. HMV operated a loyalty scheme branded as "purehmv", first launched in August 2003, but subsequently closed and relaunched in 2008. The scheme awarded cardholders points for purchases, which could be collected and redeemed on a number of rewards including vouchers, memorabilia and signed merchandise. "purehmv" has since closed and will be replaced by a new loyalty scheme, the launch date of which is yet to be announced. The group became susceptible to a takeover following a poor period of trading up to Christmas 2005. Private equity firm Permira made a £762 million conditional bid for the group (based on 190p a share) on 7 February 2006, which was rejected by HMV as an insufficient valuation of the company. Permira made a second offer which increased the value, although HMV declined it on 13 March 2006, subsequently issuing a statement that the offer undervalued the medium and long term prospects for the company, resulting in Permira withdrawing from bidding. In 2006, the HMV Group purchased the Ottakar's book chain and merged it into Waterstones. The merger tied into HMV's strategy for growth, as many of the Ottakar's branches were in smaller towns. The Competition Commission provisionally cleared HMV Group, through Waterstones, for takeover of the Ottakar's group on 30 March 2006, stating that the takeover would "not result in a substantial lessening of competition". Waterstones then announced that it had successfully negotiated a takeover of Ottakar's on 31 May 2006. All 130 Ottakar's shops were rebranded as Waterstones prior to Christmas 2006. In March 2007, new group CEO Simon Fox announced a 10% reduction over three years in the enlarged Waterstones total shop space, comprising mostly dual location shops created by the acquisition of Ottakar's. On 29 June 2007, the entertainment retailer Fopp went into administration, with the closure of 81 shops and 800 staff made redundant. On 31 July HMV bought the brand and six shops that it said had traded profitably, saving around 70 jobs. On 1 September 2008, HMV launched "Get Closer", a social networking site allowing users to import their own music library, rivalling other providers including online music shops Napster and the iTunes Store. The site was closed in September 2009. On 24 December 2008, HMV's rival Zavvi, successor to entertainment retailer Virgin Megastores, entered administration. On 14 January 2009 a placing announcement by HMV revealed that it intended to acquire 14 of Zavvi's shops. On 18 February 2009 five additional Zavvi shops were purchased by HMV Group, to be rebranded as HMV outlets. An additional former Zavvi shop in Exeter's Princesshay development was also added. The acquisitions were investigated and cleared by the Office of Fair Trading in April 2009. In the 2008 MCV Industry Excellence Awards, HMV was given the title Entertainment Retailer of the Year. In January 2009, HMV bought a 50% stake in MAMA Group, forming a joint venture with the group called the Mean Fiddler Group. The deal introduced the HMV brand to live music venues, including the Hammersmith Apollo. On 23 December 2009, it bought the whole of the MAMA Group in a live music takeover deal worth £46 million. In September 2009, HMV bought 50% of 7digital for £7.7 million, as part of a strategy to increase its digital content offering. 7digital provided HMV's music download service, and the company planned to introduce an e-books service for Waterstone's. In October 2009, HMV established a joint venture with Curzon Cinemas as part of chief executive Simon Fox's plan to bring cinemas to HMV and Waterstone's shops across England. The first trial cinema opened above the existing HMV shop in Wimbledon, in a former storage room converted into three separate screens and a bar. It has its own entrance, allowing access outside shop hours, and one within the shop. The trial was deemed a success, and it had been planned to open additional cinemas in HMV's Cheltenham shop, and Waterstone's in Piccadilly, London. On 5 January 2011, HMV announced that profits would be at the lower end of analysts' forecasts due to falling sales, resulting in the share price falling by 20% and an announcement of the group's intention to close 40 HMV shops, as well as 20 Waterstone's bookshops, mainly in towns and cities where the company operated at multiple locations. The first of the shop closures began at the end of January 2011. The sale of Waterstone's to A&NN Capital Fund Management for £53 million was completed on 29 June 2011, and was approved by the vast majority of shareholders at an emergency general meeting. HMV sold the Hammersmith Apollo to AEG Live and Eventim in May 2012 for £32 million. It sold the remainder of MAMA Group to Lloyds Development Capital in December 2012 for £7.3 million, which also included the company's 50% stake in Mean Fiddler Group. Administration (2013) On 15 January 2013, HMV Group appointed Deloitte as company administrators and suspended shares, putting its 4,350 UK employees at the risk of redundancy. Gift vouchers were initially declared void since holders are classified as unsecured creditors to whom the company owed the value, but were accepted again from 22 January 2013. Restructuring firm Hilco UK bought HMV's debt from its creditors The Royal Bank of Scotland and Lloyds Banking Group, as a step towards potentially taking control of the company. It was revealed that the total debt Hilco had bought amounted to around £110 million, and that HMV owed around £20 million in tax to HM Revenue and Customs at the time of its entry into administration. On 31 January 2013, it was reported that 190 redundancies had been made at the head office and distribution centres. On 7 February 2013, Deloitte confirmed that 66 shops had been identified for closure. No fixed date was given for the closures but they were expected to take place in the following two months. The next day, Deloitte confirmed that an additional 60 redundancies, including the chief executive Trevor Moore, had been made at the group's offices in London, Marlow and Solihull. Deloitte confirmed on 20 February 2013 that an additional 37 shops would close. On 26 February 2013, six shops were sold to supermarket chain Morrisons. On 28 February 2013, eight shops in Hong Kong and Singapore were sold to AID Partners Capital Limited and the operation then became independent from HMV Group that was bought by Hilco UK. This transaction also enabled AID Partners Capital Limited to own the rights to use the HMV brand in Hong Kong, Macau, China, Taiwan and Singapore. By 23 March 2013, Deloitte was seeking to complete a deal to sell 120 shops as a going concern. The decision to close several shops that had previously been identified for closure were reversed following talks with landlords. Hilco ownership (2013–2019) On 5 April 2013, Hilco UK announced that it had acquired HMV, taking the company out of administration and saving 141 of its shops and around 2,500 jobs. The total included 25 shops that had previously been selected for closure by Deloitte during the administration process. All nine Fopp shops which HMV owned were also included in the purchase. The takeover deal was estimated at £50 million. Following the purchase by Hilco UK, it was reported that the company was seeking to reduce the number of shop staff across the business, as part of an effort to save £7.8 million on the wages budget. Shops would lose security staff, cashiers and supervisors, with managers required to provide cover. HMV launched a music download service in October 2013 (www.hmvdigital.com), provided by 7digital, which includes iOS and Android apps. The company moved its flagship Oxford Street shop back to the original site at 363 Oxford Street on 23 October 2013. HMV's existing flagship shop at 150–154 Oxford Street, formerly the largest music shop in the world, closed on 14 January 2014. By 2014, HMV had gained the second highest share of the UK entertainment market, behind Amazon. The company's filing to Companies House in September 2014 revealed it had made a profit of £17 million in the 11 months since it had entered administration. In January 2015, HMV overtook Amazon to become the largest retailer of physical music in the UK. HMV relaunched its online shop in June 2015, providing CDs, DVDs, Blu-ray Discs, and LP records for online order and home delivery with exclusive stock also available. In June 2015, HMV relaunched an online shop to accompany its existing music download service. However, the originally safe shops of York, Soilhull, Portsmouth and Belfast shut. Sunrise ownership (2019–present) On 28 December 2018, HMV confirmed it had again been placed into administration. Hilco UK cited the "tsunami" of retail competition as the reason for the move. On 5 February 2019, Canadian record shop chain Sunrise Records announced its acquisition of HMV Retail Ltd. from Hilco UK for an undisclosed amount. Sunrise had previously acquired the leases for over 70 HMV locations in Canada after HMV Canada entered receivership, which expanded the Ontario-based retailer into a national chain. Sunrise plans to maintain the HMV chain and five Fopp shops, but immediately closed 27 locations, including the flagship Oxford Street branch and other locations with high rent costs. Company founder Doug Putman stated that he planned to increase the chain's emphasis on vinyl phonograph sales as part of the turnaround plan: Sunrise's leverage of the vinyl revival had helped bolster the Canadian locations' performance after the shops' transitions from HMV, having sold at least 500,000 vinyl LPs in 2017 alone. Putman argued that, despite the growth of digital music sales and streaming, "talk about the demise of the physical business is sometimes a bit exaggerated, especially in music specialists. Most of the decline is coming from nontraditional sellers like the grocery chains. We'll be here for quite some time." On 25 February 2019, the Financial Times reported that the Sunrise acquisition was valued at £883,000. Following subsequent negotiations with its landlords, by late-February, HMV reopened 13 of its shops (including one Fopp shop). The shop in Belfast, which had previously re-opened up in March 2014 after a £1 million pound refurbishment, was threatened with closure in February 2019. However, a deal was reached with Frasers Group which allowed the shop to continue trading. In October 2019, the new owners opened the HMV Vault on Dale End, Birmingham, billed as Europe's biggest entertainment shop and stocking tens of thousands of CDs and vinyl records and other products. COVID-19 pandemic and 100th birthday (2020–2021) From 22 March to 15 June, and then from 5 November to 2 December 2020 and from 4 January 2021 to 12 April 2021 (in England), all HMV shops were closed due to the COVID-19 pandemic. Into the 2020s, HMV began opening new and relocated shops, including in locations which previously had HMV branches that had earlier shut, such as Solihull. In some cases these new outlets were opened in shops vacated by the demise of other retail chains, particularly Arcadia Group, with an HMV shop opened in Dunfermline premises previously occupied by Burton Menswear and Dorothy Perkins, a return to Broadway Shopping Centre, Bexleyheath – again in former Burton/Perkins premises – nine years after the closure of their previous shop in the town, and a relocation in Wigan from a smaller prior site to larger premises vacated by Topshop/Topman. In July 2021, HMV celebrated its 100th birthday. In celebration, the firm released 37 limited edition vinyl albums. A 100 track CD compilation entitled Now That's What I Call HMV was also released. The album was only available to buy at HMV shops, and online on HMV's website, plus eBay. In 2021, the company began to rebrand, using the motto "The HMV Shop" for shopfronts and social media; the previous logo is still used in most shops (including the flagship HMV Vault shop), and the website. In April 2023, it was confirmed that HMV had signed up to reopen a new-format shop in their original home at 363 Oxford Street after four years away, during which time the premises had been occupied temporarily by "American candy" outlets, along with other vacated shops on the street. This will be, following runs from 1921 to 2000 and 2013–2019, HMV's third stint at 363 Oxford Street. On 18 May 2023, Sunrise Records announced that HMV would re-enter the Irish market again with a shop on Dublin's Henry Street, in a unit previously occupied by the company during their first incarnation. The shop opened on 30 June 2023. On 21 July 2024, Phil Halliday, the managing director of HMV announced; that there was an increase of customers buying physical media formats of films and television shows commercially released on DVD and Blu-ray. International operations Belgium (2023–present) In November 2023, Sunrise Records announced that HMV would expand into Belgium. In March 2024, it was announced HMV would open its second Belgian location. Canada (1986–2017, 2024–present) In 1986, EMI Music Canada purchased the Mister Sound chain. EMI then attempted to rebrand the sites as His Master's Voice shops, but were not granted the rights from RCA who own the rights to the "His Master's Voice" and Nipper trademarks in the U.S. and Canada. However, EMI were not prevented from using just the 'HMV' initials, which were sometimes initialised to "Hot Music Values" in radio and television commercials in the 1990s. In 1991, EMI opened HMV Canada's flagship shop at 333 Yonge Street in Toronto. The flagship shop hosted in-store concerts from Puff Daddy, D'Angelo, Green Day, Foxy Brown, Ramones, Guns N' Roses, Backstreet Boys, and NSYNC. A concert hosted by the Red Hot Chili Peppers had the Yonge and Edward Street intersection closed off. The Yonge Street shop was also notable for promoting local indie music scene by giving unsigned bands prominent shelf space on the ground floor, as well as hosting in-store concerts and events with Toronto bands. The retailer also occupied a two-level, 20,000 square foot shop in West Edmonton Mall which included an event stage (known as the Phase IV Stage) in front of the shop. The Phase IV Stage often hosted musical performances or autograph signings by artists who were making tour stops in Edmonton. In June 2010, HMV Canada launched purehmv, a customer rewards program that offered shop discounts and exclusive items across music, film, and gaming in exchange for points gained in-store. Over 300,000 customers joined the program in its first four months. In June 2011, HMV sold its Canadian operations for £2 million to Hilco Capital, a British firm specialising in retail restructuring. In late 2011, HMV Canada announced closures of its Downtown Vancouver and Richmond Centre shops. By 2012, HMV had 113 shops in Canada, down from 121 when it was sold by HMV Group. However, Hilco Capital opened several new shops, including one in Peter Pond Mall in Fort McMurray. In late 2012, Hilco Capital reported they were successful at restructuring HMV Canada, and that there were no plans to cease operations. As part of its strategy, HMV Canada focused on growing back-catalogue music and movies not found at discount rivals, while also carrying higher-margin merchandise like gifts, collectibles, clothing and headphones, while removing video games and technology hardware from sale. By January 2017, the company had $39 million in debt, after running at a loss since 2014. Hilco Capital stated that financial difficulties, combined with decreasing sales, meant the current situation was not sustainable. On 27 January 2017, HUK 10 Ltd., the shell company owned by Hilco employee, business partner of Nick Williams, and owner of HMV UK, Paul McGowan sued HMV Canada in the Ontario Superior Court. They were successful, and Hilco Capital announced plans to close all HMV Canada locations by 30 April 2017. HMV Canada locations held clear-out sales of their remaining inventory. The flagship shop on Yonge Street in Toronto closed on 14 April 2017. In February 2017, Ontario-based chain Sunrise Records bought the leases of 70 of HMV Canada locations in an effort to convert into Sunrise Records locations, and invited 1,340 former HMV Canada employees to apply for 700 positions. HMV Canada's flagship location on Yonge Street in Toronto was one of the several locations that were not part of the deal, and remained vacant. Its head office was located in Etobicoke. On 5 February 2019, Sunrise Records subsequently announced its intent to buy HMV UK out of administration from Hilco Capital for an undisclosed amount, with the possibility of HMV Canada's revival being considered. In February 2024, Toys "R" Us Canada (also owned by Sunrise Records owner Doug Putman) announced that it would begin to introduce HMV-branded store-within-a-store departments at its locations, carrying music, home video, and various pop-culture collectibles. The retailer also returned to online trading. Ireland (1986–2013, 2013–2016, 2023–present) HMV established its first shop in Ireland in 1986 following the retailer's expansion to Canada. The first shop to open was on Grafton Street which became very popular for numerous big name Irish acts performing live in the shop. The retailer expanded in Dublin with a second shop on Henry Street and that followed with expansion into Cork in the late 1980s before adding a shop in Limerick City in the 1990s. The retailer expanded with numerous shops in the Greater Dublin region and nationwide again into Galway and Newbridge in the early to mid 2000s. On 5 February 2011 HMV Ireland announced that its profits had fallen by almost 90% to €465,000, compared to €4.1 million the previous year. On 16 January 2013, HMV Ireland declared receivership which required the company under Irish law to close all its shops immediately. In April 2013, Hilco also stated that it hoped to reopen a HMV shop in Ireland following the closure of all shops in the country. Later, on 9 June 2013, it was confirmed that Hilco Capital Ireland had purchased HMV Ireland, and would reopen five shops within six weeks. In January 2016, HMV Ireland confirmed the closure of its Galway City shop, and its shop on Dublin's Grafton Street, with both to close by the end of that month. This followed the closure of many Xtravision and HMV Xtravision branded outlets at the end of December 2015/early January. In late January 2016, the remainder of Xtravision was liquidated. In July 2016, Hilco announced it would be closing its five remaining Irish shops, in order to refocus HMV in Ireland as a new digital service (HMV Digital) where customers can stream, rent or purchase music and films online. The new HMV digital service was to launch in Ireland before rolling out into the UK and Canada. However, HMV failed to successfully launch its new digital service in Ireland. All shops closed between 29 and 30 August 2016. In June 2023, it was announced that HMV would return to Ireland, with a shop in Dublin. In May 2025, a shop opened in Limerick Crescent Shopping Centre. Japan (1990–present) In 1990, EMI established HMV Japan. Since JVC Kenwood Holdings (through its JVC and Victor Entertainment subsidiaries) controls the "His Master's Voice" trademark in Japan following a break-up from RCA Records, HMV Japan uses a stylised gramophone of its own design as its trademark. As with the former U.S. and Canadian operations, HMV Japan's use of the initials "HMV" has never been challenged. In July 2007, HMV Japan, which operated 62 shops at the time, was sold to DSM Investment Catorce. The brand, shops and website would continue to trade as HMV, but would no longer be owned by HMV Group. On 28 October 2010 the Japanese convenience shop giant Lawson acquired all shares of HMV Japan from Daiwa Securities SMBCPI for ¥ 1.8 billion. KK HMV Japan became a part of Lawson, and was renamed KK Lawson HMV Entertainment (株式会社ローソンHMVエンタテイメント) on 1 December in the same year. Terms of the deal were published on official websites. As well as "HMV & Books" at some locations, Lawson Entertainment also uses "HMV Record Shop" and "HMV Museum". The tagline for HMV Japan is "the music & movie master". Defunct international operations Australia (1989–2010) In 1989, HMV established its first Australian shop in the Sydney suburb of Parramatta, closely followed by a second in Chatswood in the same year. In 1990, HMV opened its flagship shop in the Sydney central business district. The 1,207-square-metre superstore in Pitt Street Mall was the largest music shop in the Southern Hemisphere and sold more CDs than any other shop in the country. It was also awarded the ARIA Charts Store of the Year on three occasions. By 1998, a further 27 shops were opened in key retail centres on the eastern seaboard of Australia, including other large units at Melbourne's Bourke Street Mall and Brisbane's 585-square-meter Queen Street Mall shop. In March 2000, HMV made local headlines when its larger rival, Sanity, signed a five-year deal with Festival Mushroom Records for a three-year online exclusivity window on all tracks downloaded from that label at Sanity's website. Sanity's competitors and other online services were meant to be blocked from Festival Mushroom's catalogue for that period unless Sanity agreed to deal with them. Chaos.com and Leading Edge Music both made public threats to boycott Festival Mushroom's content, but HMV Australia (whose website did not offer downloading) followed through, removing all CDs from their Australian shops, adding they would do the same overseas. By the next week, Festival Mushroom backed down, stating Sanity would simply be the wholesaler of their digital downloads for the next three years, requiring them to make all products available to other retailers at the time of release. In October 2005, Sanity's owner, Brazin Limited acquired the Australian operations of HMV for A$4 million (£1.7 million). The HMV Group's agreement with Brazin was to phase out the HMV brand in Australia by 2010. Immediately after this acquisition of HMV's 32 outlets, this put Brazin at its peak with its 74 Virgin Megastore and Virgin At Myer shops, in addition to Sanity's 215, and EzyDVD's 63 outlets around the country (not counting non-entertainment retail chains within Brazin, such as Bras N Things) and was by far Australia's largest entertainment retailer with close to 43% of the music retail market. However, most HMV shops in Australia had very high overhead costs due to their large footprints and expensive locations, thus most were gradually closed upon the end of rental leases. The remaining shops were re-branded to Sanity over the next five years. The horizontal merger was approved by the Australian Competition & Consumer Commission the same month, leaving Brazin to merge marketing and general operations within the one entertainment division. Also in October, Brazin launched its Pulse loyalty card after a year of testing in the market. It worked by giving the customer one point for every dollar spent across Brazin's shop network, receiving a $5 discount voucher or other offers once 100 points were reached. By December 2006, HMV had shrunk to 22 outlets from its peak of 32 the year before. At the end of August 2007, HMV's Australian flagship shop in Pitt Street Mall was closed, when the Mid City Centre shopping centre it was located in was closed for renovation, and the large Bourke Street Mall shop closed on 19 February 2008. By mid-2010, the last HMV shop was closed in Brisbane by Sanity, and the last re-branded HMV shop trading as Sanity closed at Indooroopilly Shopping Centre in December 2012. Hilco Capital owns the HMV brand in Australia. France (1990s) In the 1990s, HMV attempted to launch in France, but faced severe competition from Fnac and Virgin Megastores, as well as hypermarkets. The few trial French shops only lasted around six months. Hilco Capital owns the HMV brand in France. Germany (1990s–2000s) As of April 1998, HMV traded in Germany as HMV Tonträger GmbH, with the business later closed in the 2000s. Hilco Capital owns the HMV brand in Germany. Hong Kong and Singapore (1990s–2010s) In 1994, HMV opened its first shop in Hong Kong at Windsor House, 311 Gloucester Road. Following this, HMV expanded into new shopping malls across the region. The Tsim Sha Tsui flagship shop, located at the corner of Peking Road and Hankow Road, was the largest record shop in the territory. In Singapore, HMV was the second international music shop established after Tower Records, which eventually closed. HMV operated a shop at Marina Square, and previously had locations at 313@Somerset (which replaced a former shop at The Heeren) and the CityLink underground mall. HMV's pricing was generally higher than independent shops and local chains like Gramophone and That CD Shop, but it was the only retailer in Singapore to sell a variety of products, including games, T-shirts, books, and audio gear, alongside music and video. In the 2000s, HMV Hong Kong partnered with Commercial Radio Hong Kong, renaming one of their channels HMV864 and broadcasting it in all HMV shops in the city. HMV Hong Kong was known for higher prices compared to independent record shops, particularly on non-promotional items. The Hong Kong shops were the second globally, after the UK, to introduce in-store digital kiosks, and the first in Asia. Initially, HMV Hong Kong used the same stylized gramophone logo as HMV Japan but later switched to the Nipper the Dog logo used by HMV UK, minus the gramophone. On 28 February 2013, Deloitte announced that Hong Kong-based private equity firm AID Partners Capital Holdings had acquired HMV's businesses in Hong Kong and Singapore, as well as the rights to the HMV brand in China, Singapore and Taiwan. HMV's 313@Somerset shop in Singapore closed in November 2013, and the CityLink shop closed earlier. In September 2015, HMV closed its last Singapore shop. By 21 March 2016, China 3D Digital Entertainment Limited acquired HMV Hong Kong operations from AID Partners Capital Limited, later renamed to HMV Digital China Group Limited. In December 2018, the Hong Kong operations, which included four shops and an HMV-themed restaurant, were closed. As of May 2023, a company called HMV Brand Pte. Ltd. retains ownership of the defunct "HMV" and "His Master's Voice" brand across Hong Kong and Singapore, as well as various other Asian countries. Qatar (2015–2022) In July 2015, it was announced that HMV had struck a deal with the Qatar-based company, Al Mana Lifestyle, for fifteen shops across Qatar, Bahrain, Kuwait, Oman and the United Arab Emirates. There were also plans for Egypt, Algeria, Tunisia and Morocco. However, none of these plans came to fruition, and only one HMV shop in Qatar's Al Mirqab mall was opened, which later closed in 2022. The Al Mana Lifestyle Trading company retain the rights to the HMV brand across Qatar and Oman, whereas the rights to HMV in other Middle East regions, such as the United Arab Emirates, is owned by Palm Green Capital Limited. United States (1990s–2004) In the 1990s, the chain expanded into the United States, opening several shops along the East Coast, including a prominent flagship location in Manhattan. Similar to Canada, EMI in the U.S. did not have rights to use "His Master's Voice" or the Nipper dog mascot; as these trademarks were owned by RCA. Though, HMV in the U.S. was not prevented from using just the "HMV" initials by themselves. HMV in the U.S. faced significant competition from rivals such as Tower Records, FYE and Virgin Megastores. The final shop in the United States, having lost £500,000 in 2003 and £1 million in 2004, closed on 3 November 2004. From November 2004, HMV Canada maintained the defunct HMV trademark in the United States until it expired in November 2015. In April 2021, "HMV" was registered in the United States by Victor Musical Industries Inc. for sound equipment retailing. See also HMV's Poll of Polls
Mazda	[ "Mazda", "Toyota Group", "Car manufacturers of Japan", "Truck manufacturers of Japan", "Companies based in Hiroshima Prefecture", "Japanese companies established in 1920", "Vehicle manufacturing companies established in 1920", "1940s initial public offerings", "Companies listed on the Tokyo Stock Exchange", "Multinational companies headquartered in Japan", "Japanese brands", "Sumitomo Group", "Car brands", "Luxury motor vehicle manufacturers", "Motor vehicle engine manufacturers", "Engine manufacturers of Japan" ]	8,444	79,621	is a Japanese multinational automotive manufacturer headquartered in Fuchū, Hiroshima, Japan. The company was founded on January 30, 1920, as Toyo Cork Kogyo Co., Ltd., a cork-making factory, by Jujiro Matsuda. The company then acquired Abemaki Tree Cork Company. It changed its name to Toyo Kogyo Co., Ltd. in 1927 and started producing vehicles in 1931. Mazda is known for its innovative technologies, such as the Wankel engine, the SkyActiv platform, and the Kodo Design language. It also has a long history of motorsport involvement, winning the 24 Hours of Le Mans in 1991 with the rotary-powered Mazda 787B. In the past and present, Mazda has been engaged in alliances with other automakers. From 1974 until the late 2000s, Ford was a major shareholder of Mazda. Other partnerships include Toyota, Nissan, Isuzu, Suzuki and Kia. In 2023, it produced 1.1 million vehicles globally. The name Mazda was derived from Ahura Mazda, the god of harmony, intelligence and wisdom in Zoroastrianism, as well as from the surname of the founder, Matsuda. History Creation Mazda began as the Toyo Cork Kogyo Co., Ltd, as a cork-making factory founded in Hiroshima, Japan, January 30, 1920. Toyo Cork Kogyo renamed itself to Toyo Kogyo Co., Ltd. in 1927. In the late 1920s the company had to be saved from bankruptcy by Hiroshima Saving Bank and other business leaders in Hiroshima. In 1931, Toyo Kogyo moved from manufacturing machine tools to vehicles with the introduction of the Mazda-Go auto rickshaw. The name Mazda came into existence with the production of the company's first three-wheeled trucks. Other candidates for a model name included Sumera-Go, Tenshi-Go, and more. Officially, the company states: The company's website further notes that the name also derives from the name of the company's founder, Jujiro Matsuda. The alternative proposed names mean "god" (Sumera) and "angel" (Tenshi); both indicate Matsuda's strong interest in human faith. The Mazda lettering was used in combination with the corporate emblem of Mitsubishi Motors, which was responsible for sales, to produce the Toyo Kogyo three-wheeled truck registered trademark. Toyo Kogyo produced weapons for the Japanese military throughout the Second World War, most notably the series 30 through 35 Type 99 rifle. The company formally adopted the Mazda name in 1984, though every automobile sold from the beginning bore that name. The Mazda R360 was introduced in 1960, followed by the Mazda Carol in 1962 and were sold at a specific retail dealership that sold passenger cars called "Mazda Auto Store" whereas commercial products were sold at "Mazda Store". As Mazda continued to offer passenger cars like the Savanna, Familia, Luce, Cosmo and Capella, they were added to the "Mazda Auto Store" network only. Wankel engine adoption thumb\|Symbol and corporate mark as seen on most Mazda cars from the Mazda R360 until 1975 Beginning in the 1960s, Mazda was inspired by the NSU Ro 80 and decided to put a major engineering effort into development of the Wankel rotary engine as a way of differentiating itself from other Japanese auto companies. The company formed a business relationship with German company NSU and began with the limited-production Cosmo Sport of 1967, and continuing to the present day with the Pro Mazda Championship, Mazda has become the sole manufacturer of Wankel-type engines for the automotive market, mainly by way of attrition. (NSU and Citroën both gave up on the design during the 1970s, and prototype Corvette efforts by General Motors never made it to production.) This effort to bring attention to itself apparently helped, as Mazda rapidly began to export its vehicles. Both piston-powered and rotary-powered models made their way around the world. The rotary models quickly became popular for their combination of good power and light weight when compared to piston-engined competitors that required heavier V6 or V8 engines to produce the same power. The R100 and the RX series (RX-2, RX-3, and RX-4) led the company's export efforts. During 1968, Mazda started formal operations in Canada (MazdaCanada) although Mazdas were seen in Canada as early as 1959. In 1970, Mazda formally entered the American market (Mazda North American Operations) and was very successful there, going so far as to create the Mazda Rotary Pickup (based on the conventional piston-powered B-Series model) solely for North American buyers. To this day, Mazda remains the only automaker to have produced a Wankel-powered pickup truck. Additionally, it is also the only brand to have ever offered a rotary-powered bus (the Mazda Parkway, offered only in Japan) or station wagon (within the RX-3 and RX-4 lines for certain markets). After nine years of development, Mazda finally launched its new model in the U.S. in 1970. Mazda's rotary success continued until the onset of the 1973 oil crisis. As American buyers (as well as those in other nations) quickly turned to vehicles with better fuel efficiency, the relatively thirsty rotary-powered models began to fall out of favor. Combined with being the least-efficient automaker in Japan (in terms of productivity), inability to adjust to excess inventory and over-reliance on the U.S. market, the company suffered a huge loss in 1975. An already heavily indebted Toyo Kogyo was on the verge of bankruptcy and was only saved through the intervention of Sumitomo keiretsu group, namely Sumitomo Bank, and the company's subcontractors and distributors. However, the company had not totally turned its back on piston engines, as it continued to produce a variety of four-cylinder models throughout the 1970s. The smaller Familia line in particular became very important to Mazda's worldwide sales after 1973, as did the somewhat larger Capella series. Mazda refocused its efforts and made the rotary engine a choice for the sporting motorist rather than a mainstream powerplant. Starting with the lightweight RX-7 in 1978 and continuing with the modern RX-8, Mazda has continued its dedication to this unique powerplant. This switch in focus also resulted in the development of another lightweight sports car, the piston-powered Mazda MX-5 Miata (sold as the Eunos and later Mazda Roadster in Japan), inspired by the concept 'jinba ittai'. Introduced in 1989 to worldwide acclaim, the Roadster has been widely credited with reviving the concept of the small sports car after its decline in the late 1970s. Partnership with Ford From 1974 to 2015, Mazda had a partnership with the Ford Motor Company, which acquired a 24.5% stake in 1979, upped to a 33.4% ownership of Mazda in May 1995. Under the administration of Alan Mulally, Ford gradually divested its stake in Mazda from 2008 to 2015, with Ford holding 2.1% of Mazda stock as of 2014 and severing most production as well as development ties. This partnership with Ford began owing to Mazda's financial difficulties during the 1960s. Starting in 1979 by expanding their 7 percent financial stake to 24.5%, Ford expanded an existing partnership with Mazda, resulting in various joint projects. The cooperation had begun in 1971 when the Mazda B-Series spawned a Ford Courier variant for North America, a version which was later offered in other markets as well. Mazda's Bongo and Titan cab-over trucks were sold with Ford badging in mainly Asia and the Pacific region beginning in 1976. These included large and small efforts in all areas of the automotive landscape, most notably in the realm of pickup trucks and smaller cars. Mazda began supplying manual transaxles to Ford in the spring of 1980. Mazda's Familia platform was used for Ford models like the Laser and Escort beginning in 1980, while the Capella architecture found its way into Ford's Telstar sedan and Probe sports models. During the 1980s, Ford-badged Mazda products replaced much of their own European-sourced lineup, especially in the Asia-Pacific markets, with the Laser replacing the Escort and the Telstar replacing the Cortina. In some cases, such as New Zealand and South Africa, these were assembled alongside their Mazda-badged equivalents, the Mazda 323 (Familia) and 626 (Capella). Following the closure of its own assembly plant in New Zealand, Mazda established a joint venture with Ford New Zealand known as Vehicle Assemblers of New Zealand (VANZ), while in South Africa, Ford's local subsidiary merged with Sigma Motor Corporation, which already assembled Mazdas in the country, to form Samcor, although the sharing of models proved unpopular with both Ford and Mazda customers. In other markets such as Australia, however, the 323 and 626 were always fully imported, with only the Laser and Telstar assembled locally. In Japan, the Laser and Telstar were also sold alongside their Mazda-badged brethren, but the Festiva was not sold as a Mazda 121 on the Japanese market. In North America, the Probe was built in a new Mazda company plant in Flat Rock, Michigan, along with the mainstream 626 sedan and a companion Mazda MX-6 sports coupe. Ford also lent Mazda some of its capacity when needed: the Mazda 121 sold in Europe and South Africa was, for a time, a variant of the Ford Fiesta built in plants in Europe and South Africa. Mazda also made an effort in the past to sell some of Ford's cars in Japan, mainly through its Autorama dealer group. Mazda also helped Ford develop the 1991 Explorer, which Mazda sold as the 2-door only Mazda Navajo from 1991 through 1994. However, Mazda's version was unsuccessful, while the Ford (available from the start as a 4-door or 2-door model) instantly became the best-selling sport-utility vehicle in the United States and kept that title for over a decade. Mazda has used Ford's Ranger pickup as the basis for its North American–market B-Series trucks, starting in 1994 and continuing through 2010, when Mazda discontinued the B-Series trucks to North America. Following its long-held fascination with alternative engine technology, Mazda introduced the first Miller cycle engine for automotive use in the Millenia luxury sedan of 1995. Though the Millenia (and its Miller-type V6 engine) were discontinued in 2002, the company introduced a much smaller Miller-cycle four-cylinder engine for use in its Demio in 2008. Further financial difficulties at Mazda during the 1990s caused Ford to increase its stake to a 33.4-percent controlling interest in May 1996. In June 1996, Henry Wallace was appointed president, and he set about restructuring Mazda and setting it on a new strategic direction. He laid out a new direction for the brand including the design of the present Mazda marque; he laid out a new product plan to achieve synergies with Ford, and he launched Mazda's digital innovation program to speed up the development of new products. At the same time, he started taking control of overseas distributors, rationalized dealerships and manufacturing facilities, and driving much-needed efficiencies and cost reductions in Mazda's operations. Much of his early work put Mazda back into profitability and laid the foundations for future success. Wallace was succeeded by James Miller in November 1997, followed in December 1999 by Ford executive Mark Fields, who has been credited with expanding Mazda's new product lineup and leading the turnaround during the early 2000s. Ford's increased influence during the 1990s allowed Mazda to claim another distinction in history, having maintained the first foreign-born head of a Japanese car company, Henry Wallace. In Thailand, Mazda and Ford jointly established a manufacturing plant called AutoAlliance Thailand. The facility broke ground in 1995 and started production in 1998. Divestment by Ford Amid the world financial crisis in the fall of 2008, reports emerged that Ford was contemplating a sale of its stake in Mazda as a way of streamlining its asset base. BusinessWeek explained the alliance between Ford and Mazda has been a very successful one, with Mazda saving perhaps $90 million a year in development costs and Ford "several times" that, and that a sale of its stake in Mazda would be a desperate measure. On November 18, 2008, Ford announced that it would sell a 20% stake in Mazda, reducing its stake to 13.4%, thus surrendering control of the company, which it held since 1996. The following day, Mazda announced that, as part of the deal, it was buying back 6.8% of its shares from Ford for about US$185 million while the rest would be acquired by business partners of the company. It was also reported that Hisakazu Imaki would be stepping down as chief executive, to be replaced by Takashi Yamanouchi. On November 18, 2010, Ford reduced its stake further to 3%, citing the reduction of ownership would allow greater flexibility to pursue growth in emerging markets, and Sumitomo Mitsui Financial Group was believed to become its largest shareholder. Ford and Mazda remained strategic partners through joint ventures and exchanges of technological information. On September 30, 2015, when Ford's shares had sunk to a little over 2% due to stock dilution, Ford sold its remaining shares in Mazda. Post-Ford efforts In 2011, Mazda raised more than 150 billion yen (US$1.9 billion) in a record share sale to replenish capital, as it suffered its biggest annual loss in 11 years. Part of the proceeds were used to build a manufacturing plant in Salamanca, Mexico. The Mexican plant was built jointly by the company and Sumitomo Corporation. In 2011, Mazda also announced the Skyactiv, a branding for several technologies developed by Mazda such as engines, transmissions, and chassis. The concept of Skyactiv features a revised suspension geometry, improved automatic and manual transmission, and various improvements to Mazda's existing engines to increase fuel efficiency and engine output. Mazda introduced its first model to feature the "Kodo" design language, the Mazda CX-5, in October 2011 at the Tokyo Motor Show. The CX-5 subsequently became the company's best-selling model from 2014 onwards, and consistently outselling other Mazda products. By March 2022, cumulative sales of the CX-5 reached around 3.5 million units. In 2012, Mazda discontinued the Mazda RX-8, its last production model equipped with a rotary engine, due to declining sales and stricter emissions standards. In May 2015, the company signed an agreement with Toyota to form a "long-term partnership", that would, among others, see Mazda supply Toyota with fuel-efficient Skyactiv gasoline and diesel engine technology in exchange for hydrogen fuel cell systems. In August 2017, Mazda entered a "business and capital alliance" with Toyota. Toyota bought 31,928,500 new shares worth 50 billion yen from Mazda, giving the company a 5.05% ownership in Mazda. In return, Mazda acquired an equivalent value of Toyota shares, giving Mazda a 0.25% ownership in Toyota. In 2016, Mazda announced that it intends to end the production of minivan/MPV models, including the Mazda Premacy (Mazda5), Mazda MPV (Mazda8), and Mazda Biante, due to the increase of popularity of SUV models. Production of the MPV/Mazda 8 ended in 2016, while the Premacy/Mazda5 and Biante followed in early 2018. In July 2016, Mazda entered into an agreement with Isuzu for the supply of pickup trucks. Mazda would move away from its previous alliance with Ford in the pickup truck segment. The third-generation Mazda BT-50 pickup truck, based on the Isuzu D-Max and produced by Isuzu Motor Thailand, was unveiled in Australia in June 2020. In January 2018, Toyota and Mazda announced a joint venture plant called Mazda Toyota Manufacturing USA that will produce vehicles in Huntsville, Alabama, US, starting in 2021. Construction of the facility started in November 2018. The plant began operations in September 2021, building the Toyota Corolla Cross. Production of the Mazda CX-50 started in the plant in January 2022. Mazda began producing its first mass-production electric car, the Mazda MX-30 EV, in May 2020, after its debut in October 2019 at the Tokyo Motor Show. In November 2020, Mazda revealed a series of inline-six engines with 48-volt mild hybrid, plug-in hybrid, petrol, diesel and Skyactiv-X applications. The company confirmed that these engines would be paired their upcoming 'Large' architecture, which would be a longitudinal rear-wheel drive platform. The engines and the platform debuted with the Mazda CX-60 in March 2022, which forms the Large Product Group that were joined by the CX-90, CX-70 and CX-80. In April 2024, Mazda introduced the Mazda EZ-6, an electric sedan jointly developed with Chinese manufacturer Changan Automobile. In October 2024, Mazda and Changan announced a 10 billion yuan (US$1.4 billion) investment to jointly develop and produce electric vehicles in China by 2027. In April 2025, Mazda shipped its first batch of the EZ-6 EV, marketed globally as the Mazda 6e, from China for export to Europe. Mazda tried using a number of different brands in the Japanese (and occasionally Australian) markets in the 1990s, including Autozam, Eunos, and ɛ̃fini. The motivation was brought on by market competition from other Japanese automakers efforts in offering vehicles at multiple Japanese dealership networks offered by Toyota, Nissan, and Honda. Mazda's implementation of brand diversification reflected a Japanese engineering philosophy, called Kansei engineering, which was used as an advertising slogan in North America. One of the most niche sub-brands was M2, used on three rare variants of the Eunos Roadster (the M2-1001, M2-1002 and M2-1028) and one of the Autozam AZ-1 (M2-1015). M2 even had its own avant-garde company headquarters, but was shut down after a very short period of operation. In early 1992, Mazda planned to release a luxury brand, Amati, to challenge Acura, Infiniti, and Lexus in North America, which was to begin selling in late 1993. The initial Amati range would have included the Amati 500 (which became the Eunos 800 in Japan and Australia, Mazda Millenia in the U.S., and Mazda Xedos 9 in Europe), a rebadged version of the Mazda Cosmo and the Amati 1000 (a rear-wheel drive V12 competitor to the Lexus LS400). The Amati brand was eventually scrapped before any cars hit the market. In Europe, the Xedos name was also associated with the Mazda Xedos 6, the two models were in production from 1992 until 1997. The Xedos line was marketed under the Mazda brand, and used the Mazda badge from the corresponding years. This diversification stressed the product development groups at Mazda past its limits. Instead of having a half-dozen variations on any given platform, developers were asked to work on dozens of different models at the same time. Consumers were confused as well by the explosion of similar new models. This selective marketing experiment was ended in the mid-1990s due to economic conditions, largely attributed to the collapse of the Japanese asset price bubble in 1991. Traditionally, Mazda has always been led by an executive leader known as the President and CEO. Jujiro Matsuda (1920–1951) Tsuneji Matsuda (1952–1970) Kouhei Matsuda (1970–1977) Yoshiki Yamasaki (1977–1984) Kenichi Yamamoto (1984–1987) Masanori Furuta (1987–1991) Yoshihiro Wada (1991–1996) Henry Wallace (1996–1997); appointed by Ford Motor Company, and the first non-Japanese CEO of a Japanese automaker James E. Miller (1997–1999) Mark Fields (1999–2002) Lewis Booth (2002–2003) Hisakazu Imaki (2003–2008) Takashi Yamanouchi (2008–2013) Masamichi Kogai (2013–2018) Akira Marumoto (2018–2023) Masahiro Moro (since June 2023) , the United States is Mazda's biggest market, followed by China and Japan. Mazda's market share in the U.S. fell to a 10-year low of 1.7 percent in 2016. Mazda's brand loyalty was 39 percent in 2016, below the industry average of 53 percent. On October 24, 2022, Mazda decided to get rid of assets in Russia, with the company transferring a stake in a joint venture in Vladivostok to Sollers JSC for 1 euro. Environmental efforts Mazda has conducted research in hydrogen-powered vehicles for several decades. Mazda has developed a hybrid version of its Premacy compact minivan using a version of its signature rotary engine that can run on hydrogen or gasoline named the Mazda Premacy Hydrogen RE Hybrid. Despite plans to release it in 2008, as of 2010 the vehicle is in limited trials. In 2010, Toyota and Mazda announced a supply agreement for the hybrid technology used in Toyota's Prius model. Mazda is finding uses for biomaterials in its vehicles, including both plastics and fabrics made from corn starch, as it aims to become more environmentally-friendly. Mazda introduced some of these innovations (bioplastic internal consoles and bio-fabric seats) in its Mazda5 model at EcoInnovasia 2008, at the Queen Sirikit National Convention Center in Bangkok. Up to 30% of the interior parts in the Mazda5 are made of biomaterial components. SkyActiv technology SkyActiv technology is an umbrella name for a range of technologies used in certain new Mazda vehicles. These vehicles include the Mazda2/Demio, Mazda3/Axela, Mazda6/Atenza, and CX-5. Together these technologies increase fuel economy to a level similar to a hybrid drivetrain. Engine output is increased and emission levels are reduced. These technologies include high compression ratio gasoline engines (13.0 to 1), reduced compression diesel engines (14.0 to 1) with new 2-stage turbocharger design, highly efficient automatic transmissions, lighter weight manual transmissions, lightweight body designs and electric power steering. It is also possible to combine these technologies with a hybrid drivetrain for even greater fuel economy. In the racing world, Mazda has had substantial success with both its signature Wankel-engine cars (in two-rotor, three-rotor, and four-rotor forms) as well as its piston-engine models. Mazda vehicles and engines compete in a wide variety of disciplines and series around the world. In 1991, Mazda became the first Japanese automaker to win the 24 Hours of Le Mans overall. International competition Mazda's competition debut was on October 20, 1968, when two Mazda Cosmo Sport 110S coupes entered the 84-hour Marathon de la Route ultra-endurance race at the Nürburgring, one finishing in fourth place and the other breaking an axle after 81 hours. The next year, Mazda raced Mazda Familia R100 M10A coupes. After winning the Singapore Grand Prix in April 1969 and coming in fifth and sixth in the Spa 24 Hours (beaten only by Porsche 911s), on October 19, 1969, Mazda again entered the 84 hour Nürburgring race with four Familias. Only one of these finished, taking fifth place. The first racing victory by a Wankel-engined car in the United States was in 1973, when Pat Bedard won an IMSA RS race at Lime Rock Park in a Mazda RX-2. In 1976, Ray Walle, owner of Z&W Mazda, drove a Cosmo (Mazda RX-5) from the dealership in Princeton, New Jersey, to Daytona, won the Touring Class Under 2.5 Liters at the 24 Hours of Daytona, and drove the car back to New Jersey. The Cosmo placed 18th overall in a field of 72. The only modifications were racing brake pads, exhaust, and safety equipment. After substantial successes by the Mazda RX-2 and Mazda RX-3, the Mazda RX-7 has won more IMSA races in its class than any other model of automobile, with its hundredth victory on September 2, 1990. Following that, the RX-7 won its class in the IMSA 24 Hours of Daytona race ten years in a row, starting in 1982. The RX-7 won the IMSA Grand Touring Under Two Liter (GTU) championship each year from 1980 through 1987, inclusive. In 1991, a four-rotor Mazda 787B (2622 cc actual, rated by FIA formula at 4708 cc) won the 24 Hours of Le Mans auto race outright. The 787B's triumph remains unparalleled, as it remains the only non-piston-engined car ever to win at Le Mans, and Mazda is the first Japanese brand to have won overall at Le Mans. This led to a ban on rotary engines in the Le Mans race starting in 1992, which has since been rescinded. After the 1991 race, the winning engine was publicly dismantled for internal examination, which demonstrated that despite 24 hours of extremely hard use it had accumulated very little wear. The Le Mans win in 1991 followed a decade of class wins from other Mazda prototypes, including the 757 and 767. The Sigma MC74 powered by a Mazda 12A engine was the first engine and team from outside Western Europe or the United States to finish the entire 24 hours of the Le Mans race, in 1974. Mazda is also the most reliable finisher at Le Mans (with the exception of Honda, which has entered only three cars in only one year), with 67% of entries finishing. Mazda returned to prototype racing in 2005 with the introduction of the Courage C65 LMP2 car at the American Le Mans Series race at Road Atlanta. This prototype racer uses the Renesis Wankel from the RX-8. Mazdas have also enjoyed substantial success in World Land Speed competition, SCCA competition, drag racing, pro rally competition (the Familia appeared in the WRC several times during the late '80s and early '90s), the One Lap of America race (winning SUV & truck in a MazdaSpeed5), and other venues. Wankel engines have been banned for some time from international Formula One racing, as well as from United States midget racing, after Gene Angelillo won the North East Midget Racing Association championship in 1985 with a car powered by a 13B engine, and again in 1986 in a car powered by a 12A engine. Spec series The Cooper Tires Atlantic Championship powered by Mazda is a North American open wheel racing series. It is the top level of the MAZDASPEED ladder, a driver development program which rewards season winners of one level with automatic rides at the next level. Since 2006, the Atlantic Championship has been run exclusively with Swift 016.a chassis powered by Mazda-Cosworth MZR 2300 cc (2.3L) DOHC inline-4 engines producing . The cars are capable of speeds in excess of . Formula Mazda features open wheel race cars with Mazda engines, adaptable to both oval tracks and road courses, on several levels of competition. Since 1991, the professionally organized Pro Mazda Championship has been the most popular format for sponsors, spectators, and upward bound drivers. It is the second-highest level on the aforementioned Mazdaspeed driver development ladder. Engines for the Star Mazda series are all built by one engine builder, certified to produce the prescribed power, and sealed to discourage tampering. They are in a relatively mild state of racing tune, so that they are extremely reliable and can go years between motor rebuilds. Spec Miata has become one of the most popular and most affordable road racing classes in North America. The Spec Miata (SM) class is intended to provide the opportunity to compete in low-cost, production-based cars with limited modifications, suitable for racing competition. The rules are intentionally designed to be more open than the Showroom Stock class but more restricted than the Improved Touring class. Spec RX-7 is also a popular club racing class primarily due to the availability of first-generation RX-7 cars and the low startup cost. Sponsorships Mazda is a major sponsor to several professional sports teams, including: Hometown teams: Sanfrecce Hiroshima (J. League): Originally known as Toyo Kogyo Soccer Club and founded in 1938, it was owned directly by Mazda until 1992 when Mazda reduced its share to professionalize the club for the new J. League. Hiroshima Toyo Carp (Nippon Professional Baseball): The "Toyo" part of the team's name is in honor of Mazda's part-ownership of the team since 1968 (when Mazda was still known as Toyo Kogyo). The Matsuda family, descended from the founder of Mazda, holds the majority share in team ownership. Teams abroad: North Melbourne Football Club (Australian Football League) AS Roma (Serie A) ACF Fiorentina (Serie A) SK Sigma Olomouc (Czech First League) Nakhon Ratchasima (Thai League 1) The company also sponsors various marathon and relay race events in Japan, such as the Hiroshima International Peace Marathon and the Hiroshima Prefectural Ekiden Race, along with numerous other sporting and charity endeavors in Hiroshima and Hofu. Mazda was also the league sponsor for the now-defunct Australian Rugby Championship. Mazda maintained sponsorship of the Laguna Seca racing course in California from 2001 until February 2018, going so far as to use it for its own automotive testing purposes as well as the numerous racing events (including several Mazda-specific series) that it used to host, as well as for the 2003 launch of the Mazda RX-8. Since April 2018, the venue's primary corporate sponsor is WeatherTech. Mazda also sponsors the Western New York Flash, a professional women's soccer team that plays in the WPA and has some of the best players in the world, including world player of the year. Mazda has been a sponsor of Club Deportivo Universidad Católica's basketball team of the Liga Nacional de Básquetbol de Chile. Mazda's past advertising slogans included: "The more you look, the more you like" (1970s to early 1980s); "Experience Mazda" (mid-1980s); "You'll be aMAZed at a MAZda" (UK, 1980s); "An intense commitment to your total satisfaction, that's The Mazda Way" (late 1980s); "It Just Feels Right" along with advertising describing Mazda's use of Kansei engineering (1990–1995); "Passion for the road" (1996); "Get in. Be moved." (1997–2000). Another marketing slogan was "Sakes Alive!", for its truck line. Since 2000, Mazda has used the phrase "Zoom-Zoom" to describe what it calls the "emotion of motion" that it claims is inherent in its cars. Extremely successful and long-lasting (when compared to other automotive marketing taglines), the Zoom-Zoom campaign has now spread around the world from its initial use in North America. The Zoom-Zoom campaign has been accompanied by the "Zoom-Zoom-Zoom" song in many television and radio advertisements. The original version, performed by Jibril Serapis Bey (used in commercials in Europe, Japan and South Africa), was recorded long before it became the official song for Mazda as part of a soundtrack to the movie Only The Strong (released in 1993). The Serapis Bey version is a cover of a traditional Capoeira song, called "Capoeira Mata Um". In 2010, its current slogan is "Zoom Zoom Forever". The longer slogan (Used in TV ads) is "Zoom Zoom, Today, Tomorrow, Forever". Early ads in the Zoom-Zoom campaign also featured a young boy (Micah Kanters) whispering the "Zoom-Zoom" tagline. Since 2011, Mazda has still used the Zoom-Zoom tagline in another campaign called "What Do You Drive?". The punchline for this is "We believe if it's not worth driving, it's not worth building. We build Mazdas. What do you drive?" In 2015, Mazda had launched a new campaign under a new tagline, "Driving Matters", coinciding with the release of the redesigned MX-5. This campaign was meant to solidify Mazda's "Zoom Zoom" slogan. A 60-second long advertisement titled "A Driver's Life", coincided with the new tagline on the following week. Sales and production YearProductionSalesJapanOutside JapanTotalJapanU.S.Global2006966,547318,7731,285,320270,241268,7862007995,511291,2971,286,808254,136296,11020081,078,690270,5841,349,274244,624263,8492009717,175266,692983,867204,372207,6772010912,836394,7041,307,540223,861229,5762011813,302352,2891,165,591189,990250,4262012845,550343,7331,189,283218,359302,7012013966,628297,5451,264,173228,256283,9452014934,300394,1261,328,426224,372305,8012015972,237568,3391,540,576245,487319,1852016977,376608,6371,586,013201,370297,3152017971,455636,1471,607,602209,660289,4692018996,264600,5031,596,767220,734300,32520191,010,275477,6421,487,917203,576278,5501,497,8232020747,033428,1061,175,139177,043279,0761,243,0052021735,649339,3381,074,987157,261328,2371,287,5482022734,833357,0631,091,896161,278294,9091,116,1072023839,170414,4841,253,654177,788365,0441,244,6132024749,428451,6211,201,049141,946424,3821,277,578 See also List of Mazda engines List of Mazda facilities List of Mazda model codes List of Mazda vehicles
Manifold Data Mining Inc.	[ "2001 establishments in Ontario", "Publishing in Canada", "Market research companies of Canada", "Business services companies established in 2001", "Geomarketing", "Business intelligence companies", "Marketing analytics", "Market research" ]	614	7,600	Manifold Data Mining Inc. is a Canadian company specializing in consumer data products, analytics, and predictive modeling. As a data and analytical service provider in Canada, they have been providing businesses, charities, and governmental organizations with comprehensive data products since being founded in 2001. For each neighbourhood, they provide estimates of what products consumers buy, where and how often they shop, how much they spend, which media channels they use, their lifestyles, and their attitudes or psychographics. Data Products Their data products include demographics (e.g. geo-demographics), consumer behaviour, and a number of other categories. The Canadian census is conducted every 5 years, so in order to produce inter-censal estimates, e.g. for Sault Ste. Marie, they need to take into consideration other factors. They also consider factors which affect the standard census such as undercount. All data products are modelled down to the 6-digit postal code level and various levels of census geographic units, with each postal code averaging 10–15 households. Manifold is a partner of Vividata and Numeris, and models their survey responses down to the 6-digit postal code level, i.e. all across Canada and in markets not covered by their surveys. CanaCode lifestyle clusters One of their popular data products is CanaCode Lifestyles, which is a lifestyle segmentation system based on over 10,000 variables, ranging from demographic to spending to consumer behaviour and media usage patterns. Scientific research Manifold Data Mining has also published numerous peer-reviewed research papers on topics such as Type 2 Diabetes. Manifold also publishes papers on Machine Learning techniques like collaborative filtering, which they use in their modelling and as part of their proprietary techniques. Other usage Manifold is often cited by municipalities in their community profiles, 5 and 10 year economic and land development plans. Manifold's data has been used by university researchers, for example those investigating poverty odds, living standards, and low socio-economic status.
The Old Oak	[ "2023 films", "British Film Institute films", "StudioCanal films", "BBC Film films", "British drama films", "English-language French films", "English-language Belgian films", "French drama films", "Belgian drama films", "Films about social realism", "Films directed by Ken Loach", "Films scored by George Fenton", "Welfare in England", "Films about refugees", "Films about poverty in the United Kingdom", "Films set in County Durham", "Films set in drinking establishments", "2023 drama films", "2020s English-language films", "2020s Belgian films", "2020s British films", "2020s French films", "Why Not Productions films", "Les Films du Fleuve films", "Le Pacte films", "Films about landlords", "Films with screenplays by Paul Laverty" ]	1,499	14,728	The Old Oak is a 2023 drama film directed by Ken Loach and written by Paul Laverty. It is a co-production between the United Kingdom, France and Belgium. After its world premiere at the 2023 Cannes Film Festival, where it competed for the Palme d'Or, the film was released in the United Kingdom on 29 September 2023, by StudioCanal. The film was nominated for Outstanding British Film at the 77th British Academy Film Awards. Premise Pub landlord TJ Ballantyne, living in a previously thriving mining community in County Durham, struggles to hold onto his pub and keep it as the one remaining public space where people can meet in the town. Meanwhile, tensions rise when Syrian refugees are placed there, but Ballantyne strikes up a friendship with one of the refugees, Yara. Production The film was set and shot in the northeast of England. Loach, who turned 87 prior to its release, told The Hollywood Reporter it would "probably" be his last film. Production companies on the film include UK's Sixteen Films, StudioCanal UK and BBC Film, France's Why Not Productions, and Belgium's Les Films du Fleuve. The script was written by Paul Laverty. Rebecca O'Brien produced the film. The film was scored by George Fenton. Filming Filming began in May 2022, and took place over six weeks. Locations used in County Durham included Murton, Horden, Easington and Durham Cathedral. The pub in Murton that became The Old Oak during filming was a disused pub previously known as The Victoria. Release The film premiered in main competition at the 2023 Cannes Film Festival on 26 May 2023. It was also invited at the 28th Busan International Film Festival in 'Icon' section and was screened on 5 October 2023. StudioCanal UK released the film in the United Kingdom and Ireland on 29 September 2023, and Le Pacte released the film in France on 25 October 2023. Reception Critical response On Rotten Tomatoes, the film holds an approval rating of 81% based on 80 reviews, with an average rating of 7/10. The site's critics consensus read: "Imbued with the fiercely humanistic spirit that has defined Ken Loach's filmography, The Old Oak serves as a fitting -- albeit somewhat sentimental -- finale to a remarkable career." On Metacritic, the film has a score of 69 out of 100, based on 23 critics, indicating "generally favourable" reviews. In The Guardian, Peter Bradshaw named it as one of his films of the year, and the performance of Ebla Mari as one of the best in a supporting role on film in 2023. Accolades Award Date of ceremony Category Recipient(s) Result British Academy of Film and Television Arts 18 February 2024 Outstanding British Film Ken Loach, Rebecca O'Brien and Paul Laverty Cannes Film Festival 27 May 2023 Palme d'Or Ken Loach Calgary International Film Festival 3 October 2023 Audience Choice, Special Presentations Program The Old Oak Cinéfest Sudbury International Film Festival 28 September 2023 Audience Choice for Best Feature Film Lumière Awards 22 January 2024 Best International Co-Production Valladolid International Film Festival 28 October 2023 Golden Spike Best Actor Dave Turner Audience Award The Old Oak
Peregrine Moncreiffe of that Ilk	[ "1951 births", "Living people", "Nobility from Perth and Kinross", "Alumni of Christ Church, Oxford", "British bankers", "Members of the Royal Company of Archers", "Oxford University Boat Club rowers", "People educated at Eton College", "Scottish clan chiefs", "Younger sons of baronets", "Younger sons of earls", "20th-century Scottish businesspeople", "21st-century Scottish businesspeople", "Scottish barons" ]	522	4,409	The Hon. Peregrine David Euan Malcolm Moncreiffe, later Moncreiffe of that Ilk, Baron of Moncreiffe and Easter Moncreiffe and Chief of Clan Moncreiffe (born 16 February 1951), is the second son of Sir Iain Moncreiffe of that Ilk, 11th Baronet Moncreiffe and Diana Denyse Hay, 23rd Countess of Erroll. He is also the younger brother of Sir Merlin Sereld Victor Gilbert Hay, 12th Baronet Moncreiffe, 24th Earl of Erroll and Chief of Clan Hay. Biography He was educated at Eton and Christ Church, Oxford. While at Christ Church he rowed for Oxford at number 7 in the 1972 Boat Race. He became an investment banker and later became a Freeman of the City of London and a Liveryman of the Worshipful Company of Fishmongers. He is a Member of the Royal Company of Archers. He also served as Slains Pursuivant from 1970 until his mother's death in 1978. He became Chief of Clan Moncreiffe and the Baron of Moncreiffe in the Baronage of Scotland, Perthshire (the Clan's seat) in 1997 upon the death of his cousin, Elisabeth Moncreiffe of Moncreiffe, the previous Chief (1985–1997). He was recognised as "Moncreiffe of that Ilk" by the Lord Lyon King of Arms and granted arms by the Court of the Lord Lyon on 11 January 2001; in Scotland, only his eldest brother would have arms by inheritance. He married Miranda Mary Fox-Pitt (born 29 December 1968) younger daughter of Mervyn Fox-Pitt and a descendant of General Augustus Pitt Rivers on 27 July 1988. They have the following children: Ossian Peregrine Thomas Gerald (born 3 February 1991) Idina May Moncreiffe (born 3 November 1992) Eliza Miranda Moncreiffe (born 2 February 1995) Alexandra Maria Moncreiffe (born 19 November 1996) Lily Moncreiffe (born 6 November 1998) Euan Moncreiffe (born 12 September 2000) , Peregrine Moncreiffe and his family live in the Channel Islands. Dewar, Peter Beauclerk (Ed.). Burke's Landed Gentry of Great Britain: Together with members of the titled and non-titled contemporary establishment (Volume 1) London: Burke's Peerage (2001) p. 642. Dodd, Christopher. The Oxford & Cambridge Boat Race (London 1983) p. 344.
Tom Wise (politician)	[ "1948 births", "Living people", "9/11 conspiracy theorists", "Criminals from Dorset", "People educated at Bournemouth School", "UK Independence Party parliamentary candidates", "English fraudsters", "UK Independence Party MEPs", "MEPs for England 2004–2009", "Prisoners and detainees of England and Wales", "British politicians convicted of fraud", "English politicians convicted of crimes", "People convicted of money laundering", "Politicians from Bedfordshire", "People from Linslade", "English conspiracy theorists", "20th-century English businesspeople", "Politicians from Bournemouth" ]	3,276	29,210	Thomas Harold Wise (born 13 May 1948) is a former Independent and UKIP Member of the European Parliament (MEP) for the East of England. A former police officer, he was elected in 2004 as a member of the UK Independence Party but later had the whip withdrawn when allegations of misuse of parliamentary expenses surfaced in The Sunday Telegraph. Following an inquiry carried out by the European Anti-Fraud Office, Wise was formally charged with false accounting and money laundering by Bedfordshire Police. After initially pleading not guilty, he admitted the charges and was sentenced in November 2009 at Southwark Crown Court to a two-year term of imprisonment. He is thought to be the first MEP to be jailed for expenses fraud. Sentencing him, the judge said that Wise had engaged in "deliberate and blatant dishonesty" and had set about to defraud the European Parliament almost as soon as he was elected. Early career Born in Bournemouth, Wise attended Bournemouth School between 1959 and 1965, before completing a Diploma in Public Speaking in 1967. He served with Dorset Police before embarking on a career in the food distribution and processing industry. He became the UK managing director of a German herbs and spices company. From 1981 to 1989 he was a member of the Liberal Party. Political career UKIP Wise joined the United Kingdom Independence Party (UKIP) in 1997. He served as office manager to Jeffrey Titford MEP, during this period he worked on the rules governing MEPs' expenses and gained an expertise in the system which he would later use to his advantage. He was the fourth-placed candidate on UKIP's candidate list in for the European Parliament elections in 1999, and also stood as the party's candidate in the 1997, 2001 and 2005 general elections for the South West Bedfordshire constituency. In the 2005 general election, he came fourth with 4.2% of the votes cast. He was elected as an MEP for UKIP in the 2004 European elections. He was UKIP's official spokesman on the Culture, Youth, Media and Sport Committee until his suspension by the party in February 2007. In his first speech to the Committee on 4 October 2004, Wise criticised the proposed budget and drew allusions with Nazi Propaganda Minister Joseph Goebbels. In his maiden speech to the Parliament on 16 December 2004, Wise blamed the European Union for creating unacceptable conditions for the transit of animals around Europe. Wise also spoke out against the Proposed directive on the patentability of computer-implemented inventions Independent After losing the party whip in March 2007, Wise continued as an Independent within UKIP's Independence/Democracy parliamentary grouping pending the outcome of the fraud inquiry. During his time as an MEP, Wise disputed the genuine nature of the September 11th attacks. and labelled Russia-based businessman Alisher Usmanov, who is a shareholder of Arsenal F.C. a "gangster and racketeer" Following the decision to press criminal charges against him, Wise decided not to contest the 2009 European Parliament elections. He did however say that he wanted to stand as an MP in the 2010 General Election. Fraud conviction Exposure On 23 October 2005, a reporter for the Sunday Telegraph, Daniel Foggo, published an article accusing Wise of claiming £36,000 a year from the European Parliament in the name of his researcher, Lindsay Jenkins, while only passing on about a sixth of that amount to her. According to now-repealed rules governing the payment of expenses and allowances to Members of the European Parliament, MEPs could claim up to £125,000 per year for assistants' wages, but this money must be paid either directly to the employees or to a third-party agent. The rules did not allow the funds to pass directly through the hands of MEPs themselves. Foggo later reported that Wise had supplied the European Parliament's Payments Office with a "contract" including her name and details, which stipulated that the £36,000 allowance should be paid into an account named "Stags". This account, held with the Co-operative Bank, was in fact Wise's own business account and its full name was "T Wise trading as Stags". The actual agreement between Wise and Jenkins stated that she would receive monthly "retainer" payments of £500 for advice and statistical research, with any extra work to be paid on top. Bank documents obtained by Foggo showed that between November 2004 and October 2005, Wise had paid £39,100 to this account, out of which Jenkins received £13,555. These funds were the only monies coming into the account. In another breach of the payment regulations, some of the £13,555 paid to Jenkins represented work done on behalf of other UKIP members, including party leader Nigel Farage who had agreed to fund the publication of a eurosceptic pamphlet by Jenkins. A further £19,000 was transferred from the account, some of which to pay off credit cards. On 29 October, Wise admitted to breaching the rules and, to head off a scandal, agreed to repay £25,230. An internal UKIP inquiry was launched after the Parliament became aware of the affair, but no action was taken and the results of the investigation were kept secret. As Daniel Foggo later reported, UKIP's former leader, Roger Knapman, halted the inquiry after it uncovered serious wrongdoing, believing that the European Parliament would clear Wise. Farage told reporter Daniel Foggo that Wise "had committed a simple, silly error by making himself a "paying agent" for his own staff." Suspension from UKIP On 23 February 2007, party sources at UKIP discovered that the European Parliament had passed the affair to OLAF, the European Anti-Fraud Office. A UKIP meeting was convened in Brussels on 28 February 2007 at which Wise formally admitted to having spent £6,500 from the allowance on a dark green Peugeot 406 which he still drove, but refused to disclose how he had spent a further £13,000 of the funds. After a heated discussion, a decision was taken to remove the whip; both Knapman and fellow MEP Mike Nattrass challenged the decision and threatened to reconsider their futures in the party. Farage emphasised that, if cleared by the OLAF investigation, Wise would be welcomed back into the party, adding that he thought "there is a great deal of public sympathy for us." Wise was however suspended by the party. Following his suspension, Wise spent a further £8,000 of the allowance in legal fees in contemplation of a libel case against Greg Lance-Watkins who had published claims on the Internet relating to Wise's activities. No action was ultimately brought against Lance-Watkins. Arrest and charges On 20 June 2008, Wise was arrested by Bedfordshire Police's Economic Crime Unit on suspicion of making a false instrument, obtaining money by deception by transfer and converting criminal property. He was bailed until 29 October. Bedfordshire Police made the arrest after having been contacted by OLAF. On 20 April 2009 the Crown Prosecution Service advised Bedfordshire Police to charge both Wise and Jenkins with one count each of false accounting contrary to the Theft Act 1968 and one count each of money laundering contrary to the Proceeds of Crime Act 2002. Both were scheduled to appear before the City of Westminster Magistrates' Court in April 2009 to face the charges. Wise indicated that he was innocent and would fight the charges which carry a maximum 14-year jail term. He is thought to be the first MEP to face criminal charges over the misuse of parliamentary funds, and the second former UKIP MEP after Ashley Mote to have faced criminal charges during a parliamentary session. Trial and conviction Wise appeared in court on 27 April 2009 and spoke only to confirm his name and plead not guilty. Jenkins also denied the charges. District Judge Daphne Wickham released both on conditional bail until 8 June. The case was transferred to Southwark Crown Court and charges specified: that Wise and Jenkins "falsified a document, namely a contract for provision of services, an application for secretarial assistance allowance and invoices". Also, that they used funds "received from the European Parliament intended for use as payments for secretarial services." The three-week trial began on 2 November 2009. Judge Geoffrey Rivlin QC heard the prosecution argue that Wise channelled parliamentary funds into an account he secretly controlled so that he could pay credit card debts and buy fine wines. He made separate payments of £2,228 and £1,260 to wine importers, and maintained the deception by asking Jenkins to sign blank documents which he completed later. But for his exposure, Wise would, according to prosecutors, have claimed up to £180,000. On the third day of the trial, just before Nigel Farage was due to give evidence against him, Wise began several hours of negotiations with his legal team after which he changed his plea to guilty and said he was entirely to blame for the fraud. This resulted in Jenkins being acquitted. He was sentenced on 10 November 2009 to two years imprisonment, the sentence having been reduced by one year on account of his guilty plea. In sentencing him, Judge Geoffrey Rivlin declared that: The judge added that, in addition to jail, Wise would also have to pay £30,000 towards the prosecution's costs. Personal life Wise is married to Janet and, until his imprisonment, lived in Linslade near Leighton Buzzard in Bedfordshire. He has two adult children. Wise has a developed interest in wines, having followed courses arranged by the Wine & Spirit Education Trust and has reached "the level just below Master of Wine".
Chris Stamp	[ "1942 births", "2012 deaths", "British record producers", "British music managers", "Alcohol abuse counselors", "Psychodramatists", "British expatriates in the United States", "Businesspeople from London", "Businesspeople from New York City", "People from East Hampton (town), New York", "Deaths from cancer in New York (state)", "20th-century American businesspeople", "20th-century English businesspeople" ]	2,425	19,890	Christopher Thomas Stamp (7 July 1942 – 24 November 2012) was a British music producer and manager known for co-managing and producing such musical acts as the Who and Jimi Hendrix in the 1960s and 1970s and co-founding the now defunct Track Records. He later became a psychodrama therapist based in New York State. Childhood Born into a working-class family, Stamp was raised in London's East End and was one of six children. Their father, Thomas Stamp, was a tugboat captain, and their mother was Ethel (née Perrott). Actor Terence Stamp is his older brother. Career in film and music Stamp started out as a filmmaker and met business partner and collaborator Kit Lambert while working at Shepperton Film Studios as an assistant director—they both worked on such films as I Could Go On Singing, The L-Shaped Room and Of Human Bondage. Eventually the pair came to share a flat in west London, and in 1963 Lambert convinced Stamp that the two should direct their own film about the burgeoning British rock scene."Our idea was to find a group that somehow represented the emerging ideas of our time. They would be rebellious, anarchistic and uniquely different from the established English pop scene," said Stamp. Stamp and Lambert met the members of The Who during one of their performances at the Railway Hotel (no longer standing) in Harrow and Wealdstone. At that time the band was known as The High Numbers. Stamp and Lambert's contrasting personalities and backgrounds also made an impression on the band; in a 1972 Rolling Stone article Keith Moon said that the two men "were...are...as incongruous a team as [The Who] are". Lambert was an Oxford graduate and the son of noted composer Constant Lambert; he spoke proper and high-class English. In contrast, Stamp was five years younger, the son of a tug-boatman, and Keith Moon described Stamp as speaking "in nearly unintelligible East London cockney". Roger Daltrey said the following about the pair: The duo made a move to acquire the High Numbers from their manager Peter Meaden; Lambert had learned from The Beatles' attorney David Jacobs that the band's contract with their previous manager was legally invalid. In effect, Meaden had no legal claim to the band and in 1964 he accepted a buyout for relinquishing control to Stamp and Lambert. By autumn of that same year Stamp and Lambert convinced the band to change their name back to The Who (a name they were using prior to Meaden's management) and began to focus on the band's Mod image. The band managers also encouraged the band's early Mod look and also encouraged the band to include more blues and James Brown and Motown covers in their sets – since this was the sound most enjoyed by the Mod crowd. The new band managers also shot a short promotional movie for The Who in 1964 which they would sometimes show at the Who's live performances, before the band would take to the stage. Drawing from their filmmaking backgrounds, the duo also began to focus on the Who's stage show. They sent the band for lessons on how to apply stage makeup, and began to insist that the band have control of its own stage lighting during shows, which was virtually unheard of at the time. On occasion, Stamp and Lambert even became part of the act themselves; during one performance in 1966 they lit and tossed fire bombs onto the stage as the band played. By late 1966, with two hit albums by The Who under their belts, Stamp and Lambert established their own record label. The following year they signed artist Jimi Hendrix and founded Track Record Records, eventually known simply as just Track Records. Soon the label released its first single, "Purple Haze", followed by their first album, Are You Experienced. Track Records went on to profit from hit singles such as "Fire" by the band The Crazy World of Arthur Brown, which reached No. 1 in the UK and Canada and No. 2 on the US Billboard charts, as well as "Eight Miles High" by The Byrds, which reached No. 14 on the Billboard Hot 100. Stamp and Lambert also helped launch The Who's seminal rock opera Tommy. During a 2005 interview, Roger Daltrey stated the following about Tommy: Stamp and Lambert profited well from the music business and were living the lifestyles of the rock stars they managed, which (as Stamp would later admit) also included heavy consumption of drugs: "We were out to lunch, no doubt about that," he said. As the 1970s progressed, the members of The Who were beset by many physical and emotional setbacks, and Lambert's drug use also became so heavy that he began dipping into the Who's royalties. By 1975 Stamp and Lambert were ousted by the band in favour of manager Bill Curbishley, and the pair relocated to New York City to produce American R&B/soul group Labelle. Track Records continued with releases by Shakin Stevens and The Heartbreakers but folded in 1978. Following the demise of Track Records, Stamp remained in New York, but Kit Lambert had moved to Italy, dying in 1981 of a brain haemorrhage while at his mother's London home. Stamp's drug and alcohol use continued, and in 1987 he entered a drug rehabilitation programme; the experience helped to inspire Stamp to assist others with their addictions and he began to study experiential therapies, including psychodrama. Chris Stamp continued to work on Who-related projects and to give interviews about his forays into the music business. He provided liner notes for the 1995 re-release of The Who's 1966 album A Quick One, and provided a foreword to the 2005 re-release of The Who biography Anyway Anyhow Anywhere: The Complete Chronicle of the Who 1958–1978. In 2005, he also gave an informal presentation at the Rock and Roll Hall of Fame as part of their programme "From Songwriters to Soundmen: The People Behind the Hits". He also sat on the advisory board of the John Entwistle Foundation, formed in honour of The Who's bass guitarist. In 2014, an American documentary film was made about Kit Lambert and Chris Stamp entitled, Lambert & Stamp. It was produced and directed by James D. Cooper. It had its world premiere at 2014 Sundance Film Festival on 20 January 2014. Career in psychotherapy Until his death Stamp worked as a psychodrama therapist and addiction counsellor. Trained at the Psychodrama Institute of New York and the Hudson Valley Psychodrama Institute, he was a Licensed Mental Health Counsellor (LMHC), a Credentialed Alcoholism and Substance Abuse Counsellor (CASAC), a Certified Experiential Therapist (CET), and an Auricular Acupuncture Detox Specialist (ADS). He worked as a consultant for the Freedom Institute in New York City and kept a private practice in East Hampton, New York. Death Stamp died of cancer on 24 November 2012 at Mount Sinai Hospital in New York City. He was survived by his wife of 33 years, Calixte, his daughters Rosie and Amie, his sons-in-law Edmund and Nicholas and several grandchildren; Betsy, Thomas, Gracie, Evie, Esmé and Maggie as well as his elder brother Terence, younger brothers Richard and John, and sister Lynette. He was 70 years old. Discography Year Album Artist Credits 1968Magic BusThe WhoExecutive Producer 1969TommyThe WhoExecutive Producer 1971Who's NextThe WhoProducer, Executive Producer 1973QuadropheniaThe WhoExecutive Producer 1975Tommy (Original Soundtrack)Various ArtistsExecutive Producer 1988 This is My GenerationThe WhoExecutive Producer Who's Better, Who's BestThe WhoExecutive Producer Who's Better, Who's Best: The VideosThe WhoDirector, Re-editing 2001Who's Next (Bonus tracks)The WhoProducer, Executive Producer 2003 No Thanks! The 70s Punk RebellionVarious ArtistsProducer Tommy (Deluxe Edition)The WhoExecutive Producer 2004 Early Collection: Magic Bus/Meaty Beaty Big and Bouncy The Who Executive Producer First Singles BoxThe WhoExecutive Producer Quick One (Bonus Tracks) The WhoLiner Notes Tommy (DVD)The WhoExecutive Producer Filmography Year Film Genre Credits 1964Of Human BondageDramaAssistant Director 1975TommyMusical DramaExecutive Producer 1979QuadropheniaMusical DramaStory Consultant 1994Celebration: The Music of Pete Townshend and The WhoDocumentaryProducer 2006An Ox's Tale: The John Entwistle StoryDocumentaryAs himself 2007Amazing Journey: The Story of The WhoDocumentaryAs himself 2014Lambert & StampDocumentaryAs himself TV appearances Stamp appeared in the second episode of the BBC documentary series , which originally aired on Friday, 11 January 2008. Stamp appeared in an episode of VH1's Behind the Music series about Keith Moon. Stamp appeared in an episode of the BBC documentary series entitled originally aired in 2013
Alijan Ibragimov	[ "1953 births", "2021 deaths", "People from Fergana", "Kazakhstani businesspeople", "Kazakhstani people of Uyghur descent", "Eurasian Natural Resources Corporation", "Kazakhstani billionaires", "State University of Management alumni", "Deaths from the COVID-19 pandemic in Belgium" ]	538	5,778	Alijan Rahmanuly Ibragimov (, also known as Alidjan or Alidzhon Ibragimov; 5 June 1953 – 3 February 2021) was a Kazakh oligarch of the Uyghur descent. He was born in Fergana, Uzbek SSR, and was a member of a well-known circle of oligarchs in Kazakhstan known as the "Trio." The Trio consists of Ibragimov. Alexander Mashkevich and Patokh Chodiev, all active in the mining, oil and gas, and banking sectors in Kazakhstan. At the time of his death, Ibragimov had dropped off Forbes list of world billionaires. Career With Chodiev and Mashkevich, Ibragimov was a major shareholder in Eurasian National Resources Corporation (ENRC), now one of the world's leading natural resources groups. ENRC, based in London, operates a number of metals assets in Kazakhstan and Africa, having acquired numerous mining operations in Eastern Europe and Africa. In 2009, ENRC generated a $1,462 million profit on sales of $13.8 billion. ENRC listed on the London Stock Exchange in December 2007, with a market capitalisation of approximately £60.8 billion. According to Forbes magazine in March 2019, Ibragimov's personal fortune was estimated at $2.3 billion. In 2007, he made $800 million in profit from his businesses. "In 418th place is 58-year-old Alijan Ibragimov with a fortune of $2.8 billion" in 2012, according to Forbes magazine. As of October 2020, the value of Ibragimov's assets was $900 million, making him the fourth-richest person in the Republic of Kazakhstan according to Forbes. He died from COVID-19 in Brussels on 3 February 2021, at age 67. Further reading
Central Bank of Bolivia	[ "Central banks", "1928 establishments in Bolivia", "Banks established in 1928", "Banks of Bolivia" ]	550	5,717	The Central Bank of Bolivia () is the central bank of Bolivia, responsible for monetary policy and the issuance of banknotes. The current president of the BCB is . The bank was established by Law 632, passed on July 20, 1928. On April 20, 1929, its name was changed to Banco Central de Bolivia, and on July 1, 1929, the bank officially began operations. Presidents Roger Edwin Rojas Ulo, since 2020 Agustín Saavedra Weise, 2020 Guillermo Aponte, 2019–2020 Pablo Ramos Sánchez, 2017–2019 Marcelo Zabalaga, 2010–2016 Gabriel Loza Tellería, 2008–2010 Raúl Garrón Claure, 2006–2008 Juan Antonio Morales, 1996–2006 Fernando Candia Castillo, 1993–1995 Armando Méndez Morales, 1992–1993 Raúl Boada Rodríguez, 1989–1992 Jacques Trigo Loubiere, 1988–1989 Javier Nogales Iturri, 1986–1988 René Gómez García, 1985–1986 Tamara Sánchez Peña, 1985 Reynaldo Cardozo Arellano, 1984–1985 Marcelo Zalles Barriga, 1984 Herbert Müller Costas, 1983–1984 Luis Viscarra Cruz, 1982–1983 Gonzalo Ruiz Ballivián, 1982 Guido Salinas, 1981 Marcelo Montero Nuñez del Prado, 1980–1981 Enrique García Ayaviri, 1979 Miguel Fabbri Cohn, 1978–1979 José Justiniano Aguilera, 1977–1978 Luis Bedregal Rodo, 1972 Manuel Mercado Montero, 1971–1972 Arturo Nuñez del Prado, 1971 Wenceslao Alba Quiroz, 1970–1971 Oscar Vega López, 1969–1970 Jorge Jordán Ferrufino, 1967–1969 Ivan Anaya Oblitas, 1966–1967 Luis Arce Pacheco, 1966 Alberto Ibañez Gonzales, 1965–1966 Santiago Sologuren Sologuren, 1964–1965 Raúl Lema Pelaez, 1963–1965 Humberto Fossati Rocha, 1961–1963 Eufronio Hinojosa Guzmán, 1960–1961 Luis Peñaloza Cordero, 1957–1960 Franklin Antezana Paz, 1954–1957 Armando Pinell Centellas, 1952–1954 Humberto Cuenca de la Riva, 1951–1952 Alcides Molina, 1950–1951 José María Gutiérrez, 1949–1950 Alfredo Alexander Jordán, 1946–1949 Alberto Mendieta Alvarez, 1946 Arturo Taborga Ramos, 1943–1944 Gabriel Gosálvez, 1940–1941 Armando Pacheco Iturralde, 1939–1940 Carlos Hanhart Siemon, 1939 Manuel Carrasco Jiménez, 1938–1939 Casto Rojas Bautista, 1937–1938 Victor Muñoz Reyes, 1936–1937 Luis Calvo Calvimontes, 1935–1936 Ismael Montes, 1931–1933 Juan Perou Cusicanqui, 1931 Daniel Sánchez Bustamante, 1928–1930 See also Ministry of Economy and Public Finance (Bolivia) Bolivian boliviano Economy of Bolivia List of central banks
Great Qing Gold Coin	[ "Coins of China", "Economy of the Qing dynasty", "Chinese numismatics", "Gold coins", "Pattern coins" ]	1,315	10,840	The Great Qing Gold Coin (), also known as the Qing Dynasty Gold Coin or Da-Qing Jinbi, was the name of an unissued series of gold coins produced under the reign of the Guangxu Emperor of the Manchu-led Qing dynasty. These coins were produced in the scenario that the government of the Qing dynasty would adopt the gold standard, as was common in most of the world at the time. During the Qing dynasty, the Chinese coinage system was based on a bimetallic system of copper and silver and these proposed coins would have also introduced gold coinage to China. However, only a small number of trial coins were produced in the years 1906 and 1907, despite the production these pattern coins the Great Qing Gold Coin did not ever see any circulation. The Qing dynasty used a bimetallic currency system based on silver sycees and cast copper-alloy cash coins and during the 19th century modern machine-struck coinage from the Western world inspired the local production of milled coinages by provincial governments. The first of these being provincial issues of the Guangxu Yuanbao (光緒元寶) which would later inspire the government of the Qing dynasty to standardise its currency nationwide due to the different weights and standards being used across China. During the later years of the Manchu Qing dynasty, the coinage system was scattered with central government-made coins, local coins and some foreign currencies circulating together in the private sector of China, resulting in a great deal of currency confusion, this has made both fiscal and financial management in China quite difficult. In an attempt to bring order to this chaos some people such as Chen Zhi started advocating for China to place its currency on the gold standard. The reformer Liang Qichao campaigned for the government of the Qing dynasty to emulate the Western world and Japan by embracing the gold standard, unify refractory the currencies of China, and issue government-backed banknotes with a ⅓ metallic reserve. In the year Guangxu 29 (1903) the Ministry of Revenue in Beijing had authorised a small number of gold 1 Kuping tael Guangxu Yuanbao pattern coins with the English inscription "29TH YEAR OF KUANG HSÜ - HU POO", the dies for these coins were probably produced at the Japan Mint in Osaka, Japan. In the year Guangxu 30 (1904) the Ministry of Revenue created a concrete implementation for the manufacture of gold coins, while in Guangxu 31 (1905) the government of the Qing dynasty reformed the currency system to allow for gold coins, these would be cast by the Tianjin General Mint operated by the Ministry of Revenue with the inscription "Great Qing Gold Coin" (大清金幣), These coins bore a similar inscription to the copper-alloy Great Qing Copper Coin (大清銅幣) and the silver Great Qing Silver Coin (大清銀幣), which were both introduced to standardise the national coinages in their respective metals. Only a small number of trial coins with this inscription were ever cast that were not meant for general circulation as the gold reserves of the Qing dynasty proved insufficient. These coins weighed 1 Kuping Tael and were cast in the years Guangxu 32 (1906) and Guangxu 33 (1907) and featured a design of a Chinese dragon on one side and the inscription on the other with the year of casting shown in Chinese cyclical years. Because of the scarce production of these coins, the Great Qing Gold Coins have been sold at auctions at high prices, during the 2010s a 1907 the Great Qing Gold Coin was estimated to be worth between $80,000 and $100,000. In 2006 a Great Qing Gold Coin was sold for RMB 2,090,000, in 2007 a 1907 Great Qing Gold Coin was sold for RMB 1,904,000 and another for RMB 1,064,000, in the year 2008 a 1906 Great Qing Gold Coin coin was sold for RMB 1,792,000, in 2013 a 1906 Great Qing Gold Coin was sold for RMB 1,150,000, and in 2014 a 1906 Great Qing Gold Coin was sold for RMB 897,000 at an auction in Beijing. The obverse of the Great Qing Gold Coin featured the Traditional Chinese characters "大清金幣" which could be translated as "Gold Coin of the Great Qing" in its centre, on the top of the coin was the date of manufacture using both the Chinese calendar date and the reign era of the Guangxu Emperor, 1906 coins had the text "造年午丙緒光" written from right to left, while 1907 coins featured the text "造年未丁緒光". At the bottom of the coin was the text "兩一平庫" written from right to left indicating that the weight of the coin was 1 Kuping Tael (or 37.5 grams) of gold. The reverse of these coins depicted a large Chinese dragon chasing the wish-granting pearl surrounded by auspicious clouds. Variants of the Great Qing Gold Coin Year(Chinese calendar) Year(Gregorian calendar) Year(Chinese era name) Image 光緒丙午年造 1906 Guangxu 32 光緒丁未年造 1907 Guangxu 33
General Agreement on Tariffs and Trade	[ "General Agreement on Tariffs and Trade", "World Trade Organization", "1947 in Switzerland", "Commercial treaties", "Treaties concluded in 1947", "Treaties entered into force in 1948", "Treaties of Antigua and Barbuda", "Treaties of Argentina", "Treaties of Australia", "Treaties of Austria", "Treaties of Bahrain", "Treaties of Bangladesh", "Treaties of Barbados", "Treaties of Belgium", "Treaties of Belize", "Treaties of the Second Brazilian Republic", "Treaties of Brunei", "Treaties of Canada", "Treaties of Chile", "Treaties of the Republic of China (1912–1949)", "Treaties of Costa Rica", "Treaties of Ivory Coast", "Treaties of the Czech Republic", "Treaties of Czechoslovakia", "Treaties of Denmark", "Treaties of Dominica", "Treaties of the Dominican Republic", "Treaties entered into by the European Union", "Treaties of Finland", "Treaties of the French Fourth Republic", "Treaties of Gabon", "Treaties of West Germany", "Treaties of Ghana", "Treaties of the Kingdom of Greece", "Treaties of Guyana", "Treaties of Haiti", "Treaties of Honduras", "Treaties of Hungary", "Treaties of Iceland", "Treaties of the Dominion of India", "Treaties of Indonesia", "Treaties of Ireland", "Treaties of Italy", "Treaties of Japan", "Treaties of Kenya", "Treaties of South Korea", "Treaties of Kuwait", "Treaties of Liberia", "Treaties of Luxembourg", "Treaties of Macau", "Treaties of Malaysia", "Treaties of Malta", "Treaties of Mauritius", "Treaties of Mexico", "Treaties of Morocco", "Treaties of Myanmar", "Treaties of Namibia", "Treaties of the Netherlands", "Treaties of New Zealand", "Treaties of Nicaragua", "Treaties of Nigeria", "Treaties of Norway", "Treaties of the Dominion of Pakistan", "Treaties of Paraguay", "Treaties of Peru", "Treaties of the Philippines", "Treaties of Poland", "Treaties of Portugal", "Treaties of Romania", "Treaties of Saint Lucia", "Treaties of Saint Vincent and the Grenadines", "Treaties of Senegal", "Treaties of Singapore", "Treaties of Slovakia", "Treaties of the Union of South Africa", "Treaties of Southern Rhodesia", "Treaties of Spain", "Treaties of the Dominion of Ceylon", "Treaties of Suriname", "Treaties of Eswatini", "Treaties of Sweden", "Treaties of Switzerland", "Treaties of Syria", "Treaties of Tanzania", "Treaties of Thailand", "Treaties of Trinidad and Tobago", "Treaties of Uganda", "Treaties of the United Kingdom", "Treaties of the United States", "Treaties of Uruguay", "Treaties of Venezuela", "Treaties of Yugoslavia", "Treaties of Zambia", "Treaties extended to the Belgian Congo", "Treaties extended to Curaçao and Dependencies", "Treaties extended to Surinam (Dutch colony)", "Treaties extended to the Dutch East Indies", "Treaties extended to Greenland", "Treaties extended to French Equatorial Africa", "Treaties extended to French West Africa", "Treaties extended to French Somaliland", "Treaties extended to French Polynesia", "Treaties extended to New Caledonia", "Treaties extended to the New Hebrides", "Treaties extended to Guadeloupe", "Treaties extended to French Guiana", "Treaties extended to French Indochina", "Treaties extended to French Madagascar", "Treaties extended to Martinique", "Treaties extended to Réunion", "Treaties extended to Saint Pierre and Miquelon", "Treaties extended to the French Protectorate of Tunisia", "Treaties extended to the Colony of Aden", "Treaties extended to the Aden Protectorate", "Treaties extended to Anglo-Egyptian Sudan", "Treaties extended to the Colony of the Bahamas", "Treaties extended to Bahrain (protectorate)", "Treaties extended to the Colony of Barbados", "Treaties extended to Basutoland", "Treaties extended to the Bechuanaland Protectorate", "Treaties extended to Bermuda", "Treaties extended to Brunei (protectorate)", "Treaties extended to British Cyprus", "Treaties extended to British Dominica", "Treaties extended to the Falkland Islands", "Treaties extended to the Colony of Fiji", "Treaties extended to the Gambia Colony and Protectorate", "Treaties extended to Gibraltar", "Treaties extended to the Gilbert and Ellice Islands", "Treaties extended to the Gold Coast (British colony)", "Treaties extended to Guernsey", "Treaties extended to British Guiana", "Treaties extended to British Honduras", "Treaties extended to British Hong Kong", "Treaties extended to the Isle of Man", "Treaties extended to Jersey", "Treaties extended to British Kenya", "Treaties extended to the Sheikhdom of Kuwait", "Treaties extended to the British Leeward Islands", "Treaties extended to the British Windward Islands", "Treaties extended to the Crown Colony of Malta", "Treaties extended to British Mauritius", "Treaties extended to the Malayan Union", "Treaties extended to the Dominion of Newfoundland", "Treaties extended to the Colony and Protectorate of Nigeria", "Treaties extended to Nyasaland", "Treaties extended to Northern Rhodesia", "Treaties extended to the Pitcairn Islands", "Treaties extended to Qatar (protectorate)", "Treaties extended to Saint Helena, Ascension and Tristan da Cunha", "Treaties extended to the Crown Colony of Seychelles", "Treaties extended to the Colony of Sierra Leone", "Treaties extended to the Crown Colony of Singapore", "Treaties extended to the British Solomon Islands", "Treaties extended to British Somaliland", "Treaties extended to Swaziland (protectorate)", "Treaties extended to Tanganyika (territory)", "Treaties extended to the Kingdom of Tonga (1900–1970)", "Treaties extended to the Crown Colony of Trinidad and Tobago", "Treaties extended to the Trucial States", "Treaties extended to the Uganda Protectorate", "Treaties extended to the Sultanate of Zanzibar", "Treaties extended to British Togoland", "Treaties extended to British Cameroon", "Treaties extended to the British Western Pacific Territories", "History of Geneva", "October 1947", "October 1947 in Europe" ]	4,603	41,046	The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis". The GATT was first discussed during the United Nations Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). It was signed by 23 nations in Geneva on 30 October 1947, and was applied on a provisional basis 1 January 1948. It remained in effect until 1 January 1995, when the World Trade Organization (WTO) was established after agreement by 123 nations in Marrakesh on 15 April 1994, as part of the Uruguay Round Agreements. The WTO is the successor to the GATT, and the original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifications of GATT 1994. Nations that were not party in 1995 to the GATT need to meet the minimum conditions spelled out in specific documents before they can accede; in September 2019, the list contained 36 nations. The GATT, and its successor the WTO, have succeeded in reducing tariffs. The average tariff levels for the major GATT participants were about 22% in 1947, but were 5% after the Uruguay Round in 1999. Experts attribute part of these tariff changes to GATT and the WTO. History The General Agreement on Tariffs and Trade is a multi-national trade treaty. It has been updated in a series of global trade negotiations consisting of nine rounds between 1947 and 1995. The "GATT's major intellectual architects" were the GATT lawyer Ernst-Ulrich Petersmann, Jan Tumlir, an economics professor at the Geneva Graduate Institute, and the U.S. law professor John Jackson. The GATT's role in international trade was largely succeeded in 1995 by the World Trade Organization. During the 1940s, the United States sought to establish a set of post-war multilateral institutions, one of which would be devoted to the reconstruction of world trade. In 1945 and 1946, the U.S. took concrete steps to bring about such an organisation, proposing a conference to negotiate a charter for a trade organisation. The GATT was first conceived at the 1947 United Nations Conference on Trade and Employment (UNCTE), at which the International Trade Organization (ITO) was one of the ideas proposed. It was hoped that the ITO would be run alongside the World Bank and the International Monetary Fund (IMF). More than 50 nations negotiated ITO and organising its founding charter, but after the withdrawal of the United States these negotiations collapsed. Initial round Preparatory sessions were held simultaneously at the UNCTE regarding the GATT. After several of these sessions, 23 nations signed the GATT on 30 October 1947 in Geneva, Switzerland. It came into force on 1 January 1948. From the outset, government procurement was excluded from the scope of the agreement. Annecy Round: 1949 The second round took place in 1949 in Annecy, France. 13 countries took part in the round. The main focus of the talks was more tariff reductions, around 5,000 in total. Torquay Round: 1951 The third round occurred in Torquay, England, in 1951. Thirty-eight countries took part in the round. 8,700 tariff concessions were made totalling the remaining amount of tariffs to ¾ of the tariffs which were in effect in 1948. The contemporaneous rejection by the U.S. of the Havana Charter signified the establishment of the GATT as a governing world body. Geneva Round: 1955–1956 The fourth round returned to Geneva in 1955 and lasted until May 1956. Twenty-six countries took part in the round. $2.5 billion in tariffs were eliminated or reduced. Dillon Round: 1960–1962 The fifth round occurred once more in Geneva and lasted from 1960 to 1962. The talks were named after U.S. Treasury Secretary and former Under Secretary of State Douglas Dillon, who first proposed the talks. Twenty-six countries took part in the round. Along with reducing over $4.9 billion in tariffs, it also yielded discussion relating to the creation of the European Economic Community (EEC). Kennedy Round: 1964–1967 The sixth round of GATT multilateral trade negotiations took place between 1964 and 1967. It was named after U.S. President John F. Kennedy in recognition of his support for the reformulation of the United States trade agenda, which resulted in the Trade Expansion Act of 1962. This Act gave the President the widest-ever negotiating authority. As the Dillon Round went through the laborious process of item-by-item tariff negotiations, it became clear, long before the Round ended, that a more comprehensive approach was needed to deal with the emerging challenges resulting from the formation of the European Economic Community (EEC) and EFTA, as well as Europe's re-emergence as a significant international trader more generally. Japan's high economic growth rate portended the major role it would play later as an exporter, but the focal point of the Kennedy Round always was the United States–EEC relationship. Indeed, there was an influential American view that saw what became the Kennedy Round as the start of a transatlantic partnership that might ultimately lead to a transatlantic economic community. To an extent, this view was shared in Europe, but the process of European unification created its own stresses under which the Kennedy Round at times became a secondary focus for the EEC. An example of this was the French veto in January 1963, before the round had even started, on membership by the United Kingdom. Another was the internal crisis of 1965, which ended in the Luxembourg Compromise. Preparations for the new round were immediately overshadowed by the Chicken War, an early sign of the impact variable levies under the Common Agricultural Policy would eventually have. Some participants in the Round had been concerned that the convening of UNCTAD, scheduled for 1964, would result in further complications, but its impact on the actual negotiations was minimal. In May 1963 Ministers reached agreement on three negotiating objectives for the round: Measures for the expansion of trade of developing countries as a means of furthering their economic development, Reduction or elimination of tariffs and other barriers to trade, and Measures for access to markets for agricultural and other primary products. The working hypothesis for the tariff negotiations was a linear tariff cut of 50% with the smallest number of exceptions. A drawn-out argument developed about the trade effects a uniform linear cut would have on the dispersed rates (low and high tariffs quite far apart) of the United States as compared to the much more concentrated rates of the EEC which also tended to be in the lower held of United States tariff rates. The EEC accordingly argued for an evening-out or harmonisation of peaks and troughs through its cerement, double cart and thirty: ten proposals. Once negotiations had been joined, the lofty working hypothesis was soon undermined. The special-structure countries (Australia, Canada, New Zealand and South Africa), so called because their exports were dominated by raw materials and other primary commodities, negotiated their tariff reductions entirely through the item-by-item method. In the end, the result was an average 35% reduction in tariffs, except for textiles, chemicals, steel and other sensitive products; plus a 15% to 18% reduction in tariffs for agricultural and food products. In addition, the negotiations on chemicals led to a provisional agreement on the abolition of the American Selling Price (ASP). This was a method of valuing some chemicals used by the noted States for the imposition of import duties which gave domestic manufacturers a much higher level of protection than the tariff schedule indicated. However, this part of the outcome was disallowed by Congress, and the American Selling Price was not abolished until Congress adopted the results of the Tokyo Round. The results on agriculture overall were poor. The most notable achievement was agreement on a Memorandum of Agreement on Basic Elements for the Negotiation of a World Grants Arrangement, which eventually was rolled into a new International Grains Arrangement. The EEC claimed that for it the main result of the negotiations on agriculture was that they "greatly helped to define its own common policy". The developing countries, who played a minor role throughout the negotiations in this round, benefited nonetheless from substantial tariff cuts particularly in non-agricultural items of interest to them. Their main achievement at the time, however, was seen to be the adoption of Part IV of the GATT, which absolved them from according reciprocity to developed countries in trade negotiations. In the view of many developing countries, this was a direct result of the call at UNCTAD I for a better trade deal for them. There has been argument ever since whether this symbolic gesture was a victory for them, or whether it ensured their exclusion in the future from meaningful participation in the multilateral trading system. On the other hand, there was no doubt that the extension of the Long-Term Arrangement Regarding International Trade in Cotton Textiles, which later became the Multi-Fiber Arrangement, for three years until 1970 led to the longer-term impairment of export opportunities for developing countries. Another outcome of the Kennedy Round was the adoption of an Anti-dumping Code, which gave more precise guidance on the implementation of Article VI of the GATT. In particular, it sought to ensure speedy and fair investigations, and it imposed limits on the retrospective application of anti-dumping measures. $40 billion in tariffs were eliminated or reduced via the Kennedy Round. Tokyo Round: 1973–1979 Reduced tariffs and established new regulations aimed at controlling the proliferation of non-tariff barriers and voluntary export restrictions. 102 countries took part in the round. Concessions were made on $19 billion worth of trade. Formation of Quadrilateral Group: 1981 The Quadrilateral Group was formed in 1982 by the European Union, the United States, Japan and Canada, to influence the GATT. Uruguay Round: 1986–1994 The Uruguay Round began in 1986. It was the most ambitious round to date, as of 1986, hoping to expand the competence of the GATT to important new areas such as services, capital, intellectual property, textiles, and agriculture. 123 countries took part in the round. The Uruguay Round was also the first set of multilateral trade negotiations in which developing countries had played an active role. Agriculture was essentially exempted from previous agreements as it was given special status in the areas of import quotas and export subsidies, with only mild caveats. However, by the time of the Uruguay round, many countries considered the exception of agriculture to be sufficiently glaring that they refused to sign a new deal without some movement on agricultural products. These fourteen countries came to be known as the "Cairns Group", and included mostly small and medium-sized agricultural exporters such as Australia, Brazil, Canada, Indonesia, and New Zealand. The Agreement on Agriculture of the Uruguay Round continues to be the most substantial trade liberalisation agreement in agricultural products in the history of trade negotiations. The goals of the agreement were to improve market access for agricultural products, reduce domestic support of agriculture in the form of price-distorting subsidies and quotas, eliminate over time export subsidies on agricultural products and to harmonise to the extent possible sanitary and phytosanitary measures between member countries. World Trade Organization In 1993, the GATT was updated ('GATT 1994') to include new obligations upon its signatories. One of the most significant changes was the creation of the World Trade Organization (WTO). The 76 existing GATT members and the European Communities became the founding members of the WTO on 1 January 1995. The other 51 GATT members rejoined the WTO in the following two years (the last being Congo in 1997). Since the founding of the WTO, 33 new non-GATT members have joined and 22 are currently negotiating membership. There are a total of 164 member countries in the WTO, with Liberia and Afghanistan being the newest members as of 2018. Of the original GATT members, Syria, Lebanon and the SFR Yugoslavia have not rejoined the WTO. Since FR Yugoslavia (renamed as Serbia and Montenegro and with membership negotiations later split in two), is not recognised as a direct SFRY successor state; therefore, its application is considered a new (non-GATT) one. The General Council of WTO, on 4 May 2010, agreed to establish a working party to examine the request of Syria for WTO membership. The contracting parties who founded the WTO ended official agreement of the "GATT 1947" terms on 31 December 1995. Montenegro became a member in 2012, while Serbia is in the decision stage of the negotiations and is expected to become a member of the WTO in the future. While GATT was a set of rules agreed upon by nations, the WTO is an intergovernmental organisation with its own headquarters and staff, and its scope includes both traded goods and trade within the service sector and intellectual property rights. Although it was designed to serve multilateral agreements, during several rounds of GATT negotiations (particularly the Tokyo Round) plurilateral agreements created selective trading and caused fragmentation among members. WTO arrangements are generally a multilateral agreement settlement mechanism of GATT. Effects on trade liberalisation The average tariff levels for the major GATT participants were about 22 per cent in 1947. As a result of the first negotiating rounds, tariffs were reduced in the GATT core of the United States, United Kingdom, Canada, and Australia, relative to other contracting parties and non-GATT participants. By the Kennedy round (1962–67), the average tariff levels of GATT participants were about 15%. After the Uruguay Round, tariffs were under 5%. In addition to facilitating applied tariff reductions, the early GATT's contribution to trade liberalisation "include binding the negotiated tariff reductions for an extended period (made more permanent in 1955), establishing the generality of non-discrimination through most favoured nation (MFN) treatment and national treatment status, ensuring increased transparency of trade policy measures, and providing a forum for future negotiations and for the peaceful resolution of bilateral disputes. All of these elements contributed to the rationalization of trade policy and the reduction of trade barriers and policy uncertainty." According to Dartmouth economic historian Douglas Irwin, The prosperity of the world economy over the past half century owes a great deal to the growth of world trade which, in turn, is partly the result of farsighted officials who created the GATT. They established a set of procedures giving stability to the trade-policy environment and thereby facilitating the rapid growth of world trade. With the long run in view, the original GATT conferees helped put the world economy on a sound foundation and thereby improved the livelihood of hundreds of millions of people around the world. Article 24 Following the United Kingdom's vote to withdraw from the European Union, supporters of leaving the EU suggested that Article 24, paragraph 5B of the treaty could be used to maintain a "standstill" in trading conditions between the UK and the EU in the event of the UK leaving the EU without a trade deal, hence preventing the introduction of tariffs. According to proponents of this approach, it could be used to implement an interim agreement pending negotiation of a final agreement lasting up to ten years. This claim formed the basis of the so-called "Malthouse compromise" between Conservative party factions as to how to replace the withdrawal agreement. However, this plan was rejected by parliament. The claim that Article 24 might be used was also adopted by Boris Johnson during his 2019 campaign to lead the Conservative Party. The claim that Article 24 might be used in this way has been criticised by Mark Carney, Liam Fox and others as being unrealistic given the requirement in paragraph 5c of the treaty that there be an agreement between the parties for paragraph 5b to be of use as, in the event of a "no-deal" scenario, there would be no agreement. Moreover, critics of the GATT 24 approach point out that services would not be covered by such an arrangement. Special and differential treatment Special and differential treatment (S&D) is a set of GATT provisions (GATT 1947, Article XVIII) that exempts developing countries from the same strict trade rules and disciplines of more industrialized countries. That is, developed countries will treat developing countries differently. In the Uruguay Round Agreement on Agriculture, for example, developing countries are given longer time periods to phase in export subsidy and tariff reductions than the more industrialized countries. The least developed countries are exempt from any reduction commitments. See also Cultural exception Most favoured nation National treatment Further reading Aaronson Susan A. (1996). Trade and the American Dream: A Social History of Postwar Trade Policy & Co.. Goldstein, Judith (11 May 2017). "Trading in the Twenty-First Century: Is There a Role for the World Trade Organization?". Annual Review of Political Science. 20 (1): 545–564. Irwin, Douglas A. "The GATT in Historical Perspective," American Economic Review Vol. 85, No. 2, (May 1995), pp. 323–328. . McKenzie, Francine (Summer 2008). "GATT and the Cold War," Journal of Cold War Studies. 10#3 pp. 78–109. Zeiler, Thomas W. (1999). Free Trade, Free World: The Advent of GATT.
Uruguay Round	[ "World Trade Organization", "Diplomatic conferences in Japan", "Diplomatic conferences in Uruguay", "Diplomatic conferences in Morocco", "Diplomatic conferences in Canada", "Diplomatic conferences in the United States", "Diplomatic conferences in Switzerland", "Diplomatic conferences in Belgium", "General Agreement on Tariffs and Trade", "20th-century diplomatic conferences", "1980s in economic history", "1990s in economic history" ]	1,676	14,500	The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as "contracting parties". The Round led to the creation of the World Trade Organization, with GATT remaining as an integral part of the WTO agreements. The broad mandate of the Round had been to extend GATT trade rules to areas previously exempted as too difficult to liberalize (agriculture, textiles) and increasingly important new areas previously not included (trade in services, intellectual property, investment policy trade distortions). The Round came into effect in 1995 with deadlines ending in 2000 (2004 in the case of developing country contracting parties) under the administrative direction of the newly created World Trade Organization (WTO). The Doha Development Round was the next trade round, beginning in 2001 and still unresolved after missing its official deadline of 2005. Goals The main objectives of the Uruguay Round were: to reduce agricultural subsidies to lift restrictions on foreign investment to begin the process of opening trade in services like banking and insurance. to include the protection of intellectual property They also wanted to draft a code to deal with copyright violation and other forms of intellectual property rights. History A set of updated documents was produced in Geneva by the office of the Director-General during July 1986 in order to prepare the way for progress to be made. As described below, the round was launched in Punta del Este, Uruguay in September 1986, followed by negotiations in Geneva, Brussels, Washington, D.C., and Tokyo. The 1986 Ministerial Declaration identified problems including structural deficiencies, spill-over impacts of certain countries' policies on world trade GATT could not manage. To address these issues, the eighth GATT round (known as the Uruguay Round) was launched in September 1986, in Punta del Este, Uruguay. It was the biggest negotiating mandate on trade ever agreed: the talks were going to extend the trading system into several new areas, notably trade in services and intellectual property, and to reform trade in the sensitive sectors of agriculture and textiles; all the original GATT articles were up for review. The round was supposed to end in December 1990, but the US and EU disagreed on how to reform agricultural trade and decided to extend the talks. Finally, in November 1992, the US and EU settled most of their differences in a deal known informally as "the Blair House accord", and on 15 April 1994, the deal was signed by ministers from most of the 123 participating governments at a meeting in Marrakesh, Morocco. The agreement established the World Trade Organization, which came into being upon its entry into force on 1 January 1995, to replace the GATT system. It is widely regarded as the most profound institutional reform of the world trading system since the GATT's establishment. The position of Developing Countries (GATT) was detailed in the book: Brazil in the Uruguay Round of the GATT: The Evolution of Brazil’s Position in the Uruguay Round, with Emphasis on the Issue of Services. In this book, the polemics about the issue of services are described, as well as the opposition of Developing Countries to the so called "New Issues". Conclusion and signature The 20 agreements were signed in Marrakesh—the Marrakesh Agreement—in April 1994. Achievements The GATT still exists as the WTO's umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations (a distinction is made between GATT 1994, the updated parts of GATT, and GATT 1947, the original agreement which is still the heart of GATT 1994). The GATT 1994 is not, however, the only legally binding agreement included in the Final Act; a long list of about 60 agreements, annexes, decisions and understandings was adopted. In fact, the agreements fall into a simple structure with six main parts: an umbrella agreement (the Agreement Establishing the WTO); goods and investment (the Multilateral Agreements on Trade in Goods including the GATT 1994 and the Trade Related Investment Measures (TRIMS)); services (General Agreement on Trade in Services (GATS)); intellectual property (Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)); dispute settlement (DSU); reviews of governments' trade policies (TPRM). The agreements for the two largest areas under the WTO, goods and services, share a three-part outline: broad principles (such as the General Agreement on Tariffs and Trade and General Agreement on Trade in Services); extra agreements and annexes; lengthy schedules (lists) of commitments made by individual countries. One of the achievements of the Uruguay round would be the Uruguay Round Agreement on Agriculture, administered by the WTO, which brings agricultural trade more fully under the GATT. Prior to the Uruguay Round, conditions for agricultural trade were deteriorating with increasing use of subsidies, build-up of stocks, declining world prices and escalating costs of support. It provides for converting quantitative restrictions to tariffs and for a phased reduction of tariffs. The agreement also imposes rules and disciplines on agricultural export subsidies, domestic subsidies, and sanitary and phytosanitary (SPS) measures through the Agreement on the Application of Sanitary and Phytosanitary Measures. Criticism Groups such as Oxfam have criticized the Uruguay Round for paying insufficient attention to the needs of developing countries. One aspect of this criticism is that figures very close to rich country industries—such as former Cargill executive Dan Amstutz—had a major role in the drafting of Uruguay Round language on agriculture and other matters. As with the WTO in general, non-governmental organizations (NGOs) such as Health Gap and Global Trade Watch also criticize what was negotiated in the Round on intellectual property and industrial tariffs as setting up too many constraints on policy-making and human needs. An article asserts that the developing countries’ lack of experience in WTO negotiations and lack of knowledge of how the developing economies would be affected by what the industrial countries wanted in the WTO new areas; the intensified mercantilist attitude of the GATT/WTO’s major power, the US; the structure of the WTO that made the GATT tradition of decision by consensus ineffective, so that a country would not preserve the status quo, were the reasons for this imbalance. See also Cairns Group - interest group composed of 19 agricultural exporting nations, including Uruguay Cultural exception - political concept arguing that culture is to be treated differently than commercial products Doha Development Round - ongoing trade negotiation round; commenced in 2001 Golan v. Holder, a challenge to the copyright restoration provisions of the Uruguay Round Agreements Act, the implementation of the Uruguay Round agreements in the United States Code. The Act was upheld. Tokyo Round - trade negotiation round that aimed to control non-tariff barriers and voluntary export restrictions; 1973–79
Avaz Alakbarov	[ "Armenian Azerbaijanis", "1952 births", "Living people", "20th-century Azerbaijani economists", "New Azerbaijan Party politicians", "Finance ministers of Azerbaijan", "Government ministers of Azerbaijan", "Azerbaijan State University of Economics alumni", "Academic staff of the Azerbaijan State University of Economics", "21st-century Azerbaijani economists" ]	1,184	8,344	Avaz Alakbarov Akbar oglu () (born July 23, 1952) is an Azerbaijani prominent economist, state, public political figure and doctor of economical science who served as Minister of Finance of Azerbaijan Republic from July 1999 to April 2006. Biography Dr Alakbarov was born in the village of Jil, Chambarak, Armenian SSR. He graduated with an Honorary Diploma in Economics from Azerbaijan State Institute of National Economy (now Azerbaijan State University of Economics) named after Dadash Bunyadzade in 1973. From 1973 to 1974, he served in the Soviet Armed Forces Units in Belarus. Alakbarov's career began as an accountant at Baku's construction company in 1973. From 1975 until 1981, Dr. Alakbarov worked in the position of Senior Economist with the Ministry of Agriculture of Azerbaijan SSR, "Azergurashdirmatikinti" Trust. He later held Head of the Planning Department and Deputy Chief of the Trust on Economic Issues. From 1981 to 1984, Dr. Alakbarov held the Financial Planning Department's Senior Assessor and from 1984 to 1991 Deputy Head of the Economics Department in the Council of Ministers of Azerbaijan SSR. He became the Head of Azerbaijan branch of Pension Fund of USSR in 1991. He was appointed by Presidential decree as the Chairman of the Board of Azerbaijan Pension Fund in 1991. Then he spent 1992 through 1999 serving as Chairman of the State Social Protection Fund of the Azerbaijan Republic. Alakbarov was appointed Finance Minister by President Heydar Aliyev on July 11, 1999, and served as minister until October 2003. On November 5, 2003, government reshuffle, President Ilham Aliyev confirmed Avaz Alakbarov as Finance Minister of Azerbaijan Republic and later on April 18, 2006 Ilham Aliyev dismissed him from his position replacing him with Samir Sharifov. He participated as a speaker at international and bilateral interstate conferences in the United States, Great Britain, China, Turkey, Switzerland, Belgium, Norway, Russia, Saudi Arabia, Denmark, India, and various other countries. He was a member of New Azerbaijan Party Political Board from May 2000 till June 2013. In 2003 received an Academic degree as a Candidate in Economic Sciences. Dr. Alakbarov is a full member of the International Academy of Management since June 9, 2005. He wrote several books dealing with the Socio-economic development of Azerbaijan Republic to receive an Academic degree of Doctor of Economic Sciences. Academic career Dr. Alakbarov defended his dissertation on economic sciences, established by the Supreme Attestation Commission under the President of the Republic of Azerbaijan on September 30, 2003, at the Institute of Economy of the National Academy of Sciences of Azerbaijan, in Baku, the topic of "Problems of Formation and Development of Social Insurance in Azerbaijan in Market Conditions" (Doctor of Economic Sciences, Professor, Honored Scientist Tofig Guliyev, doctor of economics, professor Kamil Shahbazov, candidate of economic sciences, associate professor Adile Gozelova, the leading organization of the Russian Academy of Labor and Social Affairs). On January 15, 2008, he defended his doctoral dissertation on "Problems of financial and budgetary regulation of socio-economic development" at the dissertational Dissertation Council (official opponents were a correspondent member of ANAS Ali Nuriyev, Doctor of Economic Sciences, Professor Rafig Aliyev, Scientific Research Institute of Economic Reforms of the Ministry of Economic Development of the Republic of Azerbaijan), has been working as a doctor of economic sciences and has been engaged in scientific activity. Dr. Alakbarov has up to 80 scientific publications, author of 5 monographs, 1 bibliographic book, and nine textbooks. The candidate's dissertation and the doctoral thesis were carried out at the Institute of Economic of ANAS. He has more than 500 articles on socio-political and economic issues globally and in the country's press. From February 2016, he is the Head of the Department of Finance and Financial Institutions of the Azerbaijan State Economic University and the Chairman of the Board of Directors of "Professors Club." By order of the Minister of Education of the Republic of Azerbaijan, he is a member of the dissertation council on the specialty "Finance," a member of the "Dissertation Council" on the Doctor of Sciences and philosophy on the order of the Supreme Attestation Commission under the President of the Republic of Azerbaijan. On July 20, 2017, by the Decree of the President of the Republic of Azerbaijan, he was awarded the honorary title "Distinguished Teacher" for his sufficient work in the field of education in Azerbaijan. On February 2, 2024, by the Decree No. 4289 of the President of the Republic of Azerbaijan, he was awarded "The jubilee medal 100 years of Heydar Aliyev (1923-2023)". Dr. Alakbarov speaks fluent Azeri, Russian, and Turkish. Dr. Alakbarov has two children and grandchildren. Honours and awards "The Global 500: Leaders for the New Century" by Barons Who's Who, 2001 in the USA. Active member of the International Academy of Management (2005) "100th Anniversary of Azerbaijani Trade Unions" Medal (2006) Badge for "Strengthening Customs Co-operation" (2006) By the decision of the European Press House, the "Best Patriotic Investigator Scientist" Gold Medal (2016) Active member of the European Academy of Natural Sciences (2016) “Honorary Ambassador of the Culture and Peace of Turkish World” (2017) European Service Order to his Science and Education Services by the UN Council for Public Awards (2017) Honorary Teacher of the Azerbaijan Republic (2017) International Academy of Sciences of the Turkish World, "Atatürk Prize" (2018) European Academy of Natural Sciences medal of Gottfried Wilhelm Leibniz (2018) Honorary scientist of Europe (2018) Ambassador of Peace honorary title for services in the world science and economical by the UN Council for Public Awards (2019) "Leonhard Euler medal" international award for his world science services by the UN Council for Public Awards (2019) The Scientist of the Year by the UN Council for Public Awards (2019) The Order of the European Leader Star by the UN Council for Public Awards (2020) "100th anniversary of Heydar Aliyev (1923–2023) jubilee medal" (2024) List of rulers throughout time and places
Paul Lee (Canadian entrepreneur)	[ "Living people", "Businesspeople from Vancouver", "Canadian entertainment industry businesspeople", "Canadian venture capitalists", "Canadian people of Chinese descent", "Canadian technology chief executives", "CFA charterholders", "Electronic Arts employees", "University of Adelaide alumni", "UBC Sauder School of Business alumni", "University of New South Wales alumni", "Canadian video game businesspeople", "Year of birth missing (living people)" ]	628	5,790	Paul Lee is a Canadian video game developer, venture capitalist, businessman, and entrepreneur. He is the former President of Electronic Arts, a video game and interactive software company. Early life and education Lee is of Chinese heritage and was born and raised in Vancouver. He received an undergraduate degree from the University of British Columbia, with a Bachelor of Commerce with Honours. Lee was one of six students selected to enter the prestigious Portfolio Management Fund program at the UBC Sauder School of Business, where he was a Leslie Wong Fellow. Before his career as a game developer took off, Lee worked as an investment manager at Chrysler Canada, managing its pension fund, corporate cash, and health and welfare trust. During his school days, Lee also worked at his father’s Vancouver restaurant, Dragon Inn, and at Save on Foods. Career He joined Electronic Arts in 1991 and became an executive when it acquired Distinctive Software, a leading independent video game developer where he was part owner. He served as the President of Worldwide Studios at EA from 2005 to 2007, overseeing product development in 14 studios, managing 6,000 employees, and handling $1 billion in annual capital. He is the Founder and Managing Partner of Vanedge Capital, a venture capital firm in Vancouver. Established in 2010, the $137 million venture capital fund Vanedge backed Wurldtech, acquired by General Electric in 2014; Recon Instruments, acquired by Intel in 2015; Mediacore, acquired by Workday in 2015, Privacy Analytics, acquired by IMS Health in 2016. Other notable investments by Vanedge include Unity, SpaceX, OmniSci, Plotly, Echodyne, Vendasta, Planet, and Go-Jek. Before Vanedge Capital and during his time at Electronic Arts, Lee was a notable angel investor in the technology scene in BC, with investments in companies such as ALI Technologies (acquired by McKesson), Blast Radius (acquired by WPP), Bycast (acquired by NetApps), Active State (acquired by Sophos), among others including DWave Systems. Lee discussed the lack of venture capital support for startups in British Columbia and the reasons he decided to found a venture capital firm there in an interview with BC Business. Boards Vancouver Board of Trade Chair of DigiBC Canada's representatives to Asia Pacific Economic Council's Business Advisory Council Dean's Advisory Council at the UBC Sauder School of Business Co-chair of Premier's Technology Council D-Wave Systems Premier's Jobs and Economic Investment Council Awards Outstanding Young Alumnus Award from the University of British Columbia (1996) British Columbia Technology Industries Association Person of the Year Award in 2002. Golden Jubilee of Her Majesty Queen Elizabeth II (2003) Honorary Fellow of the University of British Columbia's Sauder School of Business.
Douglas Peters	[ "1930 births", "2016 deaths", "Businesspeople from Brandon, Manitoba", "Canadian bankers", "Canadian economists", "Liberal Party of Canada MPs", "Members of the 26th Canadian Ministry", "Members of the House of Commons of Canada from Ontario", "Members of the King's Privy Council for Canada", "Politicians from Brandon, Manitoba", "Queen's University at Kingston alumni", "Wharton School alumni", "20th-century members of the House of Commons of Canada" ]	558	4,696	Douglas Dennison Peters, (March 3, 1930 – October 7, 2016) was a Canadian banker, economist, and politician. Life and career Peters was born in Brandon, Manitoba, the son of Mary Gladys (née Dennison) and Dr. Wilfrid Seymour Peters. In 1954, he married Audrey Catherine Clark (December 2, 1928 – August 2, 2007). He had two children, including professor David Wilfrid Peters, and two grandchildren, including actor Keir Gilchrist. He received a Bachelor of Commerce degree from Queen's University in 1963 and a PhD from the Wharton School at University of Pennsylvania in 1969 where he was classmates with two other well-known Canadian economists, Arthur Donner and Robert Rabinovitch. After serving as chief economist and senior vice-president of the Toronto-Dominion Bank, Peters entered politics in the 1993 election. He was elected as the Liberal Member of Parliament for Scarborough East. Prime Minister Jean Chrétien appointed Peters to the position of Secretary of State for International Financial Institutions. Peters retired from politics at the 1997 election. In 1979, Peters and Arthur Donner wrote a book titled The Monetarist Counter-revolution: A Critique of Canadian Monetary Policy, 1975-1979. Douglas Peters and David Wilfrid Peters authored an article titled "Reforming Canada's Financial Services Sector: What Needs to Follow from Bill C8", that appeared in the December 2001 issue of the Canadian Public Policy journal. According to author Linda McQuaig, Peters took a Keynesian economic prescription to government, and decided to leave politics when he found that his views were largely ignored.
William Goad	[ "English people convicted of rape", "English people convicted of child sexual abuse", "English people convicted of indecent assault", "People from Ivybridge", "Businesspeople from Plymouth, Devon", "English LGBTQ businesspeople", "English gay men", "1944 births", "2012 deaths", "Gay businessmen", "English people who died in prison custody", "Prisoners who died in England and Wales detention", "Violence against men in the United Kingdom", "Criminals from Devon" ]	780	6,872	William Goad (12 July 1944 – 20 October 2012) was a British millionaire businessman from Plymouth, Devon, who was imprisoned for life for child rape. He was called in various newspapers "Britain's most prolific paedophile", with his assaults causing two of his victims to commit suicide. His abuse spanned 35 years with victims as young as eight. Goad opened Cornish Market World in 1991, which became at one point Britain's biggest indoor market with more than 300 stalls. In the mid-1990s Goad launched Ben's Playworld, a children's play zone hosting a range of activities aimed at 2 to 12-year-olds, including mega-slides, giant tubes and a massive ball-pond. Goad's fortune was once estimated to be around £25 million. One of his victims gave statements in the late 80s and early 90s, which led to his first arrest for indecent assault. Goad was put on probation. As a result of increasing statements from victims, a police investigation, Operation Emotion, had opened up. Goad became aware and changed his name to David Scott and moved to the nearby town of Ivybridge. In 1998 he fled to Thailand on a false passport, aware that police were on his tail following new allegations. He was arrested in June 2003 after returning to UK on a false passport. A bank employee had tipped the police off, following his credit card use in the UK. He was arrested while travelling on a train with his financial advisor and business associate; he was immediately rushed to hospital following chest complaints. He required heart surgery before being fit to stand in court. During Goad's ill-health Operation Emotion II had been under way by police and had persuaded 17 victims to testify at trial against him. Trial and sentence Goad's trial took place at Plymouth Crown Court. Initially he pleaded not guilty to the charges and claimed he was sexually abused at a younger age. Eventually, following overwhelming evidence and comments from the judge to his legal defence, he pleaded guilty to two charges of indecent assault and 14 counts of rape. At his sentencing, Martin Meeke QC stated "It is believed there has been no single defendant with more victims than this man". The court described him as a “voracious, calculating, predatory and violent homosexual paedophile” who sexually abused young boys over a 30-year period. Goad was sent to prison for life in October 2004. Goad died of natural causes at HM Prison Albany on 20 October 2012.
Diepreye Alamieyeseigha	[ "1952 births", "2015 deaths", "Governors of Bayelsa State", "Political scandals", "Peoples Democratic Party state governors of Nigeria", "Recipients of Nigerian presidential pardons", "Nigerian politicians convicted of corruption", "People convicted of money laundering", "Prisoners and detainees of England and Wales", "Foreign nationals imprisoned in the United Kingdom", "Nigerian people imprisoned abroad", "Nigerian expatriates in the United Kingdom", "Corruption in Nigeria", "Deaths from kidney failure", "Nigerian Air Force officers" ]	1,331	13,728	Diepreye Solomon Peter "D.S.P." Alamieyeseigha (16 November 1952 – 10 October 2015) was a Nigerian politician who was the first civilian Governor of Bayelsa State in Nigeria from 29 May 1999 to 9 December 2005. Background Diepreye Alamieyeseigha was born on 16 November 1952 in Amassoma, Bayelsa State. He attended the Bishop Dimeari Grammar School, Yenagoa. He joined the Nigerian Defence Academy as a Cadet Officer in 1974, then joined the Nigerian Air Force, where he served in the department of Logistics and Supply. He held various air force positions in Enugu, Makurdi, Kaduna and Ikeja. Alamieyeseigha retired from the air force in 1992 as a Squadron Leader. After leaving the air force, he became the Sole Administrator of Pabod Supplies Port Harcourt. Later he became Head of Budget, Planning, Research and Development of the National Fertiliser Company (NAFCON). Governor of Bayelsa State Diepreye Alamieyeseigha was elected as Governor of Bayelsa State in May 1999 as a member of the ruling People's Democratic Party (PDP). He was re-elected in 2003. Vice President Atiku Abubakar attended the March 2003 event that kicked of his campaign for reelection. Corruption Charges United Kingdom Diepreye Alamieyeseigha was detained in London on charges of money laundering in September 2005. At the time of his arrest, Metropolitan police found about £1m in cash in his London home. Later they found a total of £1.8m ($3.2m) in cash and bank accounts. He was found to own four homes in London worth an alleged £10 million. His state's monthly federal allocation for the last six years has been in the order of £32 million. He jumped bail in December 2005 from the United Kingdom by allegedly disguising himself as a woman, though Alamieyeseigha denies this claim. Alamieyeseigha was impeached on allegations of corruption on 9 December 2005. Nigeria On 26 July 2007, Alamieyeseigha pleaded guilty before a Nigerian court to six charges and was sentenced to two years in prison on each charge; however, because the sentences were set to run concurrently and the time was counted from the point of his arrest nearly two years before the sentences, his actual sentence was relatively short. Many of his assets were ordered to be forfeited to the Bayelsa state government. According to Alamieyeseigha, he only pleaded guilty due to his age and would have fought the charges had he been younger. On 27 July, just hours after being taken to prison, he was released due to time already served. In April 2009, Alamieyeseigha pledged a donation of 3,000,000 naira to the Akassa Development Foundation. In December 2009, the federal government hired a British law firm to help dispose of four expensive properties acquired by Alamieyeseigha in London. He had bought one of these properties for £1,750,000.00 in July 2003, paying in cash. D.S.P. Alamieyeseigha used it as his London residence, and as the registered office of Solomon and Peters Inc. United States On 28 June 2012, the United States Department of Justice (DOJ) announced it had executed an asset forfeiture order on $401,931 in a Massachusetts brokerage fund, traceable to Alamieyeseigha. US prosecutors filed court papers in April 2011 targeting the Massachusetts brokerage fund and a $600,000 home in Rockville, Maryland, which they alleged were the proceeds of corruption. A motion for default judgement and civil forfeiture was granted by a Massachusetts federal district judge in early June 2012. In February 2023, the United States signed an agreement with Nigeria for the restitution of approximately one million dollars embezzled by Deprieye Alamieyeseigha. Pardon On 12 March 2013, Alamieyeseigha was pardoned by President Goodluck Jonathan; the pardon was criticised by many. Death Alamieyeseigha was reported to have died of cardiac arrest at the University of Port Harcourt Teaching Hospital on 10 October 2015. However, in a later interview, Bayelsa State Information Commissioner, Esueme Kikile revealed that the former Governor "died of complications arising from high blood pressure and diabetes which affected his kidney." See also James Ibori
Focus Media	[ "Companies in the CSI 100 Index", "Companies listed on the Shenzhen Stock Exchange", "Advertising agencies of China", "Chinese brands", "Companies based in Shanghai", "Marketing companies established in 2003", "Companies formerly listed on the Nasdaq", "The Carlyle Group", "Fosun International", "Chinese companies established in 2003", "2003 in Shanghai" ]	410	3,784	Focus Media Information Technology, formerly Focus Media Holding, is a Chinese company which operates out-of-home advertising in China which consist predominantly of digital signage screens and claims to own the country's largest Internet advertising agency. Relisting In November 2011, Muddy Waters Research reported massive fraud and corruption within the company. Focus denied the allegations. Until 2020, Muddy Waters had shorted 18 Chinese companies, including New Oriental (EDU), Anta Sports (02020.hk), Luckin Coffee (LK), and so on, most of which have been developing well. In May 2013, Focus Media was subsequently taken private and delisted from the Nasdaq by a private equity consortium that included FountainVest Partners, The Carlyle Group, China Everbright and CITIC Capital. In June 2015, Focus Media reached a $7.4 billion deal to list on the Shenzhen Stock Exchange via reverse merger. Its market value breaks through 100 billion yuan. In 2016, Focus Media was included in the Shanghai and Shenzhen 300 Index. In 2017, Focus was included in the MSCI China A-share Index, and in 2024, Focus was included in the CSI A50 Index.
National Economic Association	[ "1969 establishments in New York City", "1969 in economic history", "Professional associations based in the United States", "Business and finance professional associations", "Economics societies", "Learned societies of the United States", "Scientific organizations established in 1969" ]	1,305	11,845	The National Economic Association (NEA) is a learned society established in 1969, focused on initiatives in the field of economics. The purposes of the Association are "to promote the professional lives of minorities within the profession. In addition to continuing its founding mission, the organization is particularly interested in producing and distributing knowledge of economic issues that are of exceptional interest to promoting economic growth among native and immigrant African Americans, Latinos, and other people of color." Membership in the Association is available to professionals and graduate students in Economics and related disciplines. The NEA publishes the Review of Black Political Economy and regularly collaborates with the Allied Social Science Associations, American Economic Association, and American Society of Hispanic Economics. History The NEA was established in 1969 as the "Caucus of Black Economists" in New York City at the annual economists' convention that year. Its founders, Charles Wilson and Marcus Alexis, with Thaddeus Spratlen, began "an organized effort to challenge the American Economic Association (AEA) to engage in strategies that increase opportunities for black economists’ development." They were successful in persuading the AEA to establish a Committee on the Status of Minority Groups in the Economics Profession (CSMGEP) and to sponsor a summer program that helps undergraduates of color prepare for graduate school admission. Founder Bernard Anderson of the Wharton School of Business said that when the group first met, the leaders of the American Economic Association called the police. "They thought we were a bunch of radicals who wanted to disrupt the convention,” Mr. Anderson said, “when all we wanted to be was economists.” In 1975, the group was reorganized as the "National Economic Association" to focus on initiatives independent of the CSMGEP, particularly awarding recognition to Black economics for their accomplishments in the economics profession. Activities The annual meetings of the NEA are held in conjunction with the annual Allied Social Science Associations (ASSA) meetings each January, and include multiple panels of research presentations. In addition, the NEA collaborates with the American Society of Hispanic Economics to host a summer conference on the subject of economic problems and potential solutions for Black and Hispanic communities, as well as racial and ethnic economic disparities and policies designed to counter these disparities. Since 1977, the NEA has published The Review of Black Political Economy, a journal focusing on "research that examines issues related to the economic status of African-Americans, the African diaspora, and marginalized populations throughout the world." The Association periodically awards the Westerfield Award in acknowledgement of outstanding scholarly achievements and public service by an African-American economist. This award, established in 1973, was named after economist and ambassador Samuel Z. Westerfield Jr. The association also awards the Rhonda Williams Dissertation Award to junior scholars, named after multidisciplinary scholar Rhonda M. Williams. Since 2008, the NEA has collaborated with the American Economic Association's Committee on the Status of Minority Groups in the Economics Profession (AEA-CSMGEP) and the American Society of Hispanic Economists (ASHE) to publish an annual newsletter, "Minority Report," which "showcases the people, programs, research, and activities of the three groups, which together help to increase the representation of minorities in the economics profession." There is a great deal of overlap in the leadership of the NEA and the AEA-CSMGEP, but they are separate organizations. Westerfield Award recipients The Samuel Z. Westerfield Award is occasionally presented to black economists "in recognition of their distinguished service, outstanding scholarship, and achievement of high standards of excellence." Past recipients of the Award: 2021 James B. Stewart 2018 Cecilia A Conrad 2015 Samuel Myers, Jr 2012 William A. Darity, Jr. 2008 Margaret Simms 2006 David Swinton 2003 Bernard E. Anderson 1995 Samuel L. Myers, Sr. 1990 Andrew F. Brimmer 1986 Clifton R. Wharton, Jr 1982 Phyllis A. Wallace 1979 Marcus A. Alexis 1975 Sir W. Arthur Lewis 1973 Samuel Z. Westerfield Jr (posthumous) Association presidents Presidents of the association: 2024 Nzinga Broussard 2023 Angelino Viceisza 2022 Valerie Rawlston Wilson 2021 Nina Banks 2020 Linwood Tauheed 2019 Omari Swinton 2018 Olugbenga Ajilore 2017 Rhonda Vonshay Sharpe 2016 Darrick Hamilton 2015 Lisa Cook 2014 Trevon Logan 2013 Warren Whatley 2012 Jessica Gordon Nembhard 2011 Juliet Elu 2010 Susan Williams McElroy 2009 Peter Blair Henry 2008 James Peoples 2007 Gregory Price 2006 Kwabena Gyimah-Brempong 2005 Philip Jefferson 2004 Sheila Ards 2003 William Rodgers 2002 Patrick Mason 2001 Kaye Husbands Fealing 2000 William Spriggs 1999 Willene Johnson 1998 Gwendolyn Flowers 1997 Agustin K. Fosu 1996 Shelley White-Means 1995 Alvin E. Headen 1994 James B. Stewart 1993 Cecilia A. Conrad 1992 Arthur T. King 1991 Charles L. Betsey 1990 Thomas D. Boston 1989 Stephanie Y. Wilson 1988 Samuel Myers, Jr 1987 Barbara A. P. Jones 1986 William A. Darity, Jr. 1985 Richard F. America, Jr 1984 William D. Bradford 1983 David Swinton 1982 Bernard E. Anderson 1981 Alfred E. Osborne 1980 Vincent R. McDonald 1979 Margaret Simms 1978 Flournoy A. Coles 1977 Huey J. Battle 1976 Alfred L. Edwards 1975 Edward D. Irons 1974 Robert C. Vowels 1973 Karl D. Gregory 1972 Charles Z. Wilson 1970-1971 Marcus Alexis See also American Economic Association
Grain (company)	[ "Companies of Singapore", "2014 establishments in Singapore", "Retail companies established in 2014", "Transport companies established in 2014", "Internet properties established in 2014", "Online food ordering", "Singaporean companies established in 2014" ]	906	7,735	Grain is an online food ordering company that offers online catering and food delivery services to the Singapore market through its website and mobile application. Grain was jointly founded in 2013 by four co-founders — Yong Yi Sung, Ernest Sim, Gao Rifeng, and Isaac Tan — and initially launched as a personalized meal subscription service. In May 2014, it was relaunched as an on-demand service that allows customers to order for same-day delivery in Marina Bay. The new on-demand service was designed to better meet customer needs by allowing them to order any number of items in a certain time frame. The order would then be delivered to the customer. As of 2016, delivery is available to any location in Singapore. Funding and growth In January 2016, Grain secured an estimated SG$2.45 million (US$1.70million) in a series A funding round led by Openspace Ventures (formerly NSI Ventures). Other initial investors included 500 Startups, Digital Media Partners, and Thai Express founder Ivan Lee. In December 2016, the company raised an undisclosed amount in pre-series B funding in another round also led by Openspace Ventures. This round included existing investors DMP and Ivan Lee while also gaining the support of Wee Teng Wen of the Lo & Behold Group. At the same time, Grain also raised an undisclosed amount in venture debt from DBS Bank In this same year, the four co-founders of Grain were featured in the 2016 edition of Forbes 30 under 30 In 2017, while planning for its next funding round, Grain stated explained that it had tripled its investment in technology, growing 330 per cent in sales as a result. These decisions improved gross profits by more than 10 per cent. In February 2018, Grain secured another undisclosed sum from investors that included Majuven, a venture capital fund founded by Lee Hsien Yang. In the Series B funding round led by Thailand's Singha Ventures, Grain raised US$10 million to improve existing infrastructure and expand to other Asian cities, beginning with Bangkok. According to a study conducted by The Straits Times and Statista, the 2019 funding round and business growth have made Grain fifth among Singapore's fastest-growing companies. In 2020, Grain was on the list of LinkedIn Top Startups 2020 reveals 10 young companies that are emerging, or have remained resilient, amid the time of Covid-19. Hygiene lapse On 15 May 2017, Grain experienced a lapse in hygiene that caused 20 customers to become affected with gastroenteritis. After an internal investigation, the lapse was found to be caused by a reduction in simmer time for their Thai Green Curry dish, a change which resulted in the dish “spoiling quicker than usual”. The NEA responded by adjusting Grain's food hygiene from “A” to “C”. Yong Yi Sung, Grain's CEO, released a statement of apology, explaining that when the issue was discovered, the dish was removed to avoid further harm. To rectify the issue, Grain worked closely with the NEA, the Ministry of Health, and the Agri-Food and Veterinary Authority of Singapore, and as of August 2019, it has regained the "A" grade for food hygiene.
Emmanuel Bwayo Wakhweya	[ "1936 births", "2001 deaths", "People from Mbale District", "Ministers of finance of Uganda", "Ugandan expatriates in the United Kingdom", "Makerere University alumni", "Delhi University alumni", "Ugandan defectors", "People from Eastern Region, Uganda", "Ugandan expatriates in the United States", "World Bank people", "Ugandan Christians", "Ugandan economists" ]	1,243	11,281	Emmanuel Bwayo Wakhweya (25 December 1936 – 11 November 2001) was a Ugandan politician and economist. He was the Ugandan Minister of Finance under Idi Amin from 1971 until his high-profile defection in London in 1975. Biography Early life and education Emmanuel Bwayo Wakhweya was born in the village of Butiru in Mbale District of Uganda on 25 December 1936. Wakhweya was of Bugisu ethnicity. Wakhweya began his education at the Bunyinza Primary School, which he graduated from in 1949. He then attended St. Peter's College in Tororo, Uganda, an all boys boarding school that Wakhweya graduated from in 1956. Wakhweya obtained a bachelor's degree from Delhi University in New Delhi, India in 1960. He came home to marry his high school sweetheart, Christine Namataka in 1961. Career After finishing his bachelor's degree with honors at New Delhi University in India, Wakhweya returned home to become one of the first Ugandan district administrative officers on 5 September 1960 during the British colonial administration. Upon Ugandan independence from the United Kingdom, Wakhweya became the Assistant Secretary to the Treasury in the Milton Obote administration. This began a rapid rise in the career of Wakhweya in the Ugandan Treasury. He was promoted to Under-Secretary to the Treasury on 4 November 1965, Deputy Governor Designate of the Bank of Uganda in 1968, and finally, he was appointed as the Minister of Treasury on 1 January 1969. Following the brutal 1971 Ugandan coup d'état led by Idi Amin, Wakhweya, as were all Permanent Secretaries at the time, was named Minister of Finance by Idi Amin in the newly formed administration, where Wakhweya was tasked with stabilizing the Economy of Uganda, which was rapidly deteriorating because of high state spending, a post-coup flight of foreign capital, and a lack of new investment from abroad. Defection During a previously scheduled visit to London, Great Britain, in early January 1975, Wakhweya announced his resignation and defected from the Idi Amin Cabinet on 20 January 1975. Wakhweya denounced Idi Amin and cited the chaos in the Idi Amin administration as having a negative effect on the economy and the lack of any ability to succeed as a finance minister in Idi Amin's one-man government. He was quoted as saying "It's hell to be in Uganda. I can't imagine how the ordinary people are still able to carry on because of the shortages of the simplest essentials of life and the soaring cost of living. Uganda is facing economic catastrophe. Either the economic forces will compel Amin to change his policies or there will be an explosion in the country because of popular discontent." Wakhweya later sent a telegram to Idi Amin at the end of the week officially announcing his resignation and exile from Uganda. At the time of his defection, Wakhweya was the longest serving cabinet minister in the Idi Amin administration and the last remaining member of Amin's original cabinet. Upon his defection from Uganda and Idi Amin's government, Wakhweya and his claims of Ugandan economic instability were denounced in Uganda. Uganda Radio went on air announcing Wakhweya's defection by broadcasting, "Uganda's economy is much better than that of many other countries. His flight to London will not help him at all since Britain is also in economic chaos". On 23 January 1975, three days after the defection of Wakhweya in London, Idi Amin claimed that he would visit the United Kingdom to help the people of Wales, Scotland, and Northern Ireland seek self-determination, although like his threats to attend the Commonwealth Heads of Government Meeting 1973 in Ottawa, Canada or to attend the Wedding of Princess Anne and Mark Phillips, these threats failed to materialize. Wakhweya was succeeded as Finance Minister by Moses Ali. According to Amnesty International, relatives of Wakhweya still in Uganda were imprisoned, tortured, and killed following his flight and defection, in a similar manner to the torture and murder of relatives of Joshua Wanume Kibedi following his defection and denunciation of Idi Amin the year before. Post-defection career Following his defection in London, Wakhweya migrated to Washington DC, where he began a life in exile in the United States. He started his US career at the World Bank and lived in Vienna, Virginia. He served as a senior economist at the World Bank from 1975 to 1977 and Chief Loan Officer on Sudan from 1977 to 1978. Following his career at the World Bank, Wakhweya was appointed to be a senior economic affairs officer for the United Nations Economic Commission for Africa in 1975 and moved to Addis Ababa, Ethiopia, before his eventual return to Uganda in 1979, where he served in various public service posts until his retirement from public service. Personal life Wakhweya married Christine Namataka on 11 March 1961. They had one daughter, Dr. Angela Maria Wakhweya, and six sons together, Anthony, Richard, Stephen, Andrew, David and Emmanuel Junior. Wakhweya was a devoted Roman Catholic throughout his life, his wife more so. Wakhweya was also an avid sportsman, playing football and lawn tennis late into his life. Death Wakhweya died at the age of 64 on 11 November 2001. He suffered a debilitating stroke that left him paralyzed and unable to speak in early 2001. He eventually succumbed to cardiac arrest, at International Hospital Kampala in Kampala, Uganda. Wakhweya was buried in Bunyinza Parish in his home village of Butiru, Mbale District, Uganda. See also Robert Bwayo Wakhweya
Scheidemünze	[ "Coins of Germany", "Metallism", "Debased coins of Germany" ]	274	2,308	Scheidemünzen (singular – Scheidemünze) were representative coins or token coins issued alongside Kurantgeld or currency money in Austria and Germany up to start of the First World War in August 1914 whose intrinsic metal value was less than the legal value stamped on them. Like Notgeld ("emergency money") they were a kind of credit money or fiat coin. The term Scheidemünze ("division money") referred to the "division into hellers and pfennigs during the purchase process" ("Scheiden auf Heller und Pfennig beim Kaufvorgang"). It thus applied to the low- to medium-value coins and is often translated as small change coin, small-coin change or just small coin. Since 1915, all coins minted in Germany, including the current euro coins have been Scheidemünzen or fiat money as opposed to currency or commodity money whose nominal value is fully covered by its intrinsic value. History Antiquity Early Modern era 19th century Forced adoption 20th century Bibliography Heinz Fengler: transpress Lexikon Numismatik, Verlag für Verkehrswesen Berlin 1988, Verein Gelehrter und praktischer Kaufleute: Handels-Lexikon oder Encyclopädie der gesamten Handelswissenschaften für Kaufleute und Fabrikanten, Verlag Ernst Schäfer, 1847, Leipzig Rudolf Hilferding: Das Finanzkapital, Verlag JHW Dietz Nachfolger GmbH Berlin 1947 (unveränderter Nachdruck von 1910) C. Schaeffer, Dr. H. Brode: Allgemeine Volkswirtschaftslehre, Verlag C. L. Hirschfeld, Leipzig 1927
ICF International	[ "1969 establishments in Virginia", "Companies based in Fairfax, Virginia", "Companies listed on the Nasdaq", "1980s initial public offerings", "American companies established in 1969", "Consulting firms established in 1969", "Consulting firms of the United States" ]	2,609	27,189	ICF International, Inc. is an American publicly traded consulting and technology services company based in Reston, Virginia. The company was founded in 1969, and as of 2019, had US $1.48 billion in revenue, with approximately 9,000 full and part time employees in more than 90 offices. History 1969–2006: Early history ICF was founded in 1969 as the Inner City Fund. Its first president was Clarence D. Lester, a Tuskegee Airman, who was joined by three U.S. Department of Defense analysts. As a venture capital firm, Inner City Fund sought to finance and help minority-owned businesses win government contracts. The company reorganized as a consulting firm and renamed itself ICF Incorporated. The firm transitioned from venture capital to consulting on energy issues for U.S. federal agencies, which was the company's main focus throughout the 1970s and into the 1980s. ICF acquired Kaiser Engineering in 1988 and went public in 1989. The combined company became known as ICF Kaiser. Under this banner, the company worked in consulting, engineering and construction services. ICF and Kaiser split in 1999 when an investment group bought the consulting business for about $70 million. In 2006, the consultancy was renamed ICF International and in September that year, the company went public, trading on the NASDAQ as ICFI. The company received criticism of its management of the Road Home program in the aftermath of Hurricane Katrina. In an article in The Washington Post, the company said it had addressed problems raised in those criticisms, and that state and federal fraud-prevention rules were in flux and made the grants administration process more time-consuming. The company later supported the Hurricane Sandy relief efforts for the State of New Jersey. 2007–present: Expansion of commercial work Beginning in the 2000s, ICF grew in size and scope through a series of acquisitions. These acquisitions expanded the services offered by ICF and moved the company more into the commercial space. In 2007, federal, state and local government contracts generated 92 percent of company revenues. Commercial work, which accounted for 6 percent of revenues in 2007, grew to 20 percent of revenues by 2011. By the end of 2016, commercial work accounted for 35 percent of revenues. In 2012, the company expanded its international business by acquiring London-based GHK Holding Limited, a consulting agency working with government and commercial clients. In 2014, it expanded its European presence with the acquisition of Belgian communications firm Mostra S.A. Through GHK and ICF Mostra, the company has worked with the European Commission. In 2014, ICF acquired advertising agency Olson for $295 million. The company's work includes campaigns for Belize; Skittles, whose "Marshawn Lynch’s Skittles Press Conference" was named PRWeek'''s Product Brand Development Campaign of the Year in 2016; and Puppy Bowl sponsor Bissell. In 2016, ICF created ICF Olson, a public relations and marketing division. In addition to Olson, the new division absorbed other ICF acquisitions, including digital service firm Ironworks and engagement house CityTech. ICF International rebranded as ICF in 2016. In 2017, PRWeek reported that ICF/ICF Olson had experienced high growth in its public relations and digital business. 2019: ICF NEXT In 2019, ICF launched subsidiary ICF NEXT, led by John Armstrong, who had previously co-founded IBM's Interactive Experience (iX) internal agency. In 2023, ICF Next ceased operations in the United Kingdom, dissolving the UK company in 2024. Operations and services ICF is publicly traded on the NASDAQ as ICFI, and is headquartered in Reston, Virginia. As of year-end 2019, ICF employed around 9,000 workers in 75 regional offices throughout the U.S. and 15 offices in other countries. John Wasson is chair and chief executive officer. Barry Broadus is CFO. The company provides management, technology and policy consulting, cybersecurity and implementation services in the following markets: government, energy, environment, infrastructure, transportation, health, education, social programs, public safety and security, consumer and financial. ICF initially focused on federal government consulting contracts in energy and the environment and expanded its commercial work in subsequent years. Notable work ICF's Integrated Planning Model (IPM) has been used by the U.S. Environmental Protection Agency (EPA) to project the impact of electric power business sector policies on the environment and to analyze the Clean Power Plan, Carbon Standards for New Power Plants, Mercury and Air Toxics Standards and the Cross-State Air Pollution Rule. Other agencies, including the U.S. Forest Service of the U.S. Department of Agriculture, the Surface Transportation Board and the Federal Energy Regulatory Commission, have used IPM. The EPA has awarded contracts to ICF to assist with the agency's Energy Star program, including technical and analytical support. The company also conducts the Demographic and Health Survey funded by the United States Agency for International Development. Major acquisitions Below is a table of ICF's major acquisitions: Year Company Business Country Value (USD) References Arthur D. Little's Environment & Risk and Public Sector Program Management divisions Consulting for environment, energy, applied technology and program management $10.5 million Synergy Defense $19.5 million Caliber Associates Human services consulting $20.8 million Z-Tech Software engineering, Web design and development, scientific computing $27 million Jones & Stokes Integrated planning and resources management $50 million Simat, Helliesen & Eichner (SH&E) Air transportation $51 million Jacob & Sundstrom Cybersecurity and identity management $24 million Macro International Advisory services, energy, cybersecurity, health $155 million Ironworks Consulting LLC Web development $100 million GHK Holding Limited Consulting — Citytech, Inc. Digital interactive consultancy — Mostra S.A. Communications — Olson Advertising, public relations, communications $295 million The Future Customer Loyalty strategy and marketing — DMS Disaster Consultants Disaster planning and recovery — We Are Vista Communications, marketing — Incentive Technology Group (iTG) Software — SemanticBits Software $220 million Rankings and recognition RankingsForbes ranked ICF No. 186 on its list of America's best midsize companies in 2017PRWeek ranked ICF No. 15 on its Agency Business report in 2017Advertising Age'' listed ICF Olson among its list of the 50 largest agencies in the world in 2016 Recognition Women in Technology’s The Leadership Foundry presented its 2016 Corporate Leadership Award to ICF, whose eight-member board of directors includes three women ICF's Olson Engage won Best in Show at the In2 SABRE Awards in 2016 for its Skittles Super Bowl campaign ICF was named a “Fast Moving” brand by GBC, the research wing of the Government Executive Media Group, in its 2017 Leading Brands in Government study
Preferred stock	[ "Corporate finance", "Equity securities", "Stock market", "Embedded options" ]	3,178	25,763	Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stocks are senior (i.e., higher ranking) to common stock but subordinate to bonds in terms of claim (or rights to their share of the assets of the company, given that such assets are payable to the returnee stock bond) and may have priority over common stock (ordinary shares) in the payment of dividends and upon liquidation. Terms of the preferred stock are described in the issuing company's articles of association or articles of incorporation. Like bonds, preferred stocks are rated by major credit rating agencies. Their ratings are generally lower than those of bonds, because preferred dividends do not carry the same guarantees as interest payments from bonds, and because preferred-stock holders' claims are junior to those of all creditors. Preferred equity has characteristics similar to preferred stock, but the term is typically used for investments in real estate or other private investments where the common stock is not publicly traded, so private equity has no public credit rating. Features Features usually associated with preferred stock include: Preference in dividends Preference in assets, in the event of liquidation Convertibility to common stock Callability (ability to be redeemed before maturity) at the corporation's option (possibly subject to a spens clause) Nonvoting Higher dividend yields Preference in dividends In general, preferred stock has preference in dividend payments. The preference does not assure the payment of dividends, but the company must pay the stated dividends on preferred stock before or at the same time as any dividends on common stock. Preferred stock can be cumulative or noncumulative. A cumulative preferred requires that if a company fails to pay a dividend (or pays less than the stated rate), it must make up for it at a later time in order to ever pay common-stock dividends again. Dividends accumulate with each passed dividend period (which may be quarterly, semi-annually or annually). When a dividend is not paid in time, it has "passed"; all passed dividends on a cumulative stock make up a dividend in arrears. A stock without this feature is known as a noncumulative, or straight, preferred stock; any dividends passed are lost if not declared. Other features or rights Preferred stock may or may not have a fixed liquidation value (or par value) associated with it. This represents the amount of capital that was contributed to the corporation when the shares were first issued. Preferred stock has a claim on liquidation proceeds of a stock corporation equal to its par (or liquidation) value, unless otherwise negotiated. This claim is senior to that of common stock, which has only a residual claim. Almost all preferred shares have a negotiated, fixed-dividend amount. The dividend is usually specified as a percentage of the par value or as a fixed amount (for example, Pacific Gas & Electric 6% Series A Preferred). Sometimes, dividends on preferred shares may be negotiated as floating; they may change according to a benchmark interest-rate index (such as LIBOR). Some preferred shares have special voting rights to approve extraordinary events (such as the issuance of new shares or approval of the acquisition of a company) or to elect directors, but most preferred shares have no voting rights associated with them; some preferred shares gain voting rights when the preferred dividends are in arrears for a substantial time. This is all variable on the rights assigned to the preferred shares at the time of incorporation. The above list (which includes several customary rights) is not comprehensive; preferred shares (like other legal arrangements) may specify nearly any right conceivable. Preferred shares in the U.S. normally carry a call provision, enabling the issuing corporation to repurchase the share at its (usually limited) discretion. Types In addition to straight preferred stock, there is diversity in the preferred stock market. Additional types of preferred stock include: Prior preferred stock—Many companies have different issues of preferred stock outstanding at one time; one issue is usually designated highest-priority. If the company has only enough money to meet the dividend schedule on one of the preferred issues, it makes the payments on the prior preferred. Therefore, prior preferreds have less credit risk than other preferred stocks (but usually offer a lower yield). Preference preferred stock—Ranked behind a company's prior preferred stock (on a seniority basis) are its preference preferred issues. These issues receive preference over all other classes of the company's preferred (except for prior preferred). If the company issues more than one issue of preference preferred, the issues are ranked by seniority. One issue is designated first preference, the next-senior issue is the second and so on. Convertible preferred stock—These are preferred issues that holders can exchange for a predetermined number of the company's common-stock shares. This exchange may occur at any time the investor chooses, regardless of the market price of the common stock. It is a one-way deal; one cannot convert the common stock back to preferred stock. Cumulative preferred stock—If the dividend is not paid, it will accumulate for future payment. Non-cumulative preferred stock—Dividends for this type of preferred stock will not accumulate if they are unpaid; very common in TRuPS and bank preferred stock, since under BIS rules preferred stock must be non-cumulative if it is to be included in Tier 1 capital. Exchangeable preferred stock—This type of preferred stock carries an embedded option to be exchanged for some other security. Participating preferred stock—These preferred issues offer holders the opportunity to receive extra dividends if the company achieves predetermined financial goals. Investors who purchased these stocks receive their regular dividend regardless of company performance (assuming the company does well enough to make its annual dividend payments). If the company achieves predetermined sales, earnings or profitability goals, the investors receive an additional dividend. Perpetual preferred stock—This type of preferred stock has no fixed date on which invested capital will be returned to the shareholder (although there are redemption privileges held by the corporation); most preferred stock is issued without a redemption date. Putable preferred stock—These issues have a "put" privilege, whereby the holder may (under certain conditions) force the issuer to redeem shares. Monthly income preferred stock—A combination of preferred stock and subordinated debt. Usage Preferred stocks offer a company an alternative form of financing—for example through pension-led funding; in some cases, a company can defer dividends by going into arrears with a little penalty or risk to its credit rating, however, such action could hurt the company meeting the terms of its financing contract. With traditional debt, payments are required; a missed payment would put the company in default. Occasionally, companies use preferred shares as a means of preventing hostile takeovers, creating preferred shares with a poison pill (or forced-exchange or conversion features) that is exercised upon a change in control. Some corporations contain provisions in their charters authorizing the issuance of preferred stock whose terms and conditions may be determined by the board of directors when issued. These "blank checks" are often used as a takeover defence; they may be assigned very high liquidation value (which must be redeemed in the event of a change of control), or may have great super-voting powers. When a corporation goes bankrupt, there may be enough money to repay holders of preferred issues known as "senior" but not enough money for "junior" issues. Therefore, when preferred shares are first issued, their governing document may contain protective provisions preventing the issuance of new preferred shares with a senior claim. Individual series of preferred shares may have a senior, pari-passu (equal), or junior relationship with other series issued by the same corporation. Users Preferred shares are more common in private or pre-public companies, where it is useful to distinguish between the control of and the economic interest in the company. Government regulations and the rules of stock exchanges may either encourage or discourage the issuance of publicly traded preferred shares. In many countries, banks are encouraged to issue preferred stock as a source of Tier 1 capital. A company may issue several classes of preferred stock. A company raising venture capital or other funding may undergo several rounds of financing, with each round receiving separate rights and having a separate class of preferred stock. Such a company might have "Series A Preferred", "Series B Preferred", "Series C Preferred", and corresponding shares of common stock. Typically, company founders and employees receive common stock, while venture capital investors receive preferred shares, often with a liquidation preference. The preferred shares are typically converted to common shares with the completion of an initial public offering or acquisition. An additional advantage of issuing preferred shares to investors but common shares to employees is the ability to retain a lower 409(a) valuation for common shares and thus a lower strike price for incentive stock options. This allows employees to receive more gains on their stock. In the United States there are two types of preferred stocks: straight preferreds and convertible preferreds. Straight preferreds are issued in perpetuity (although some are subject to call by the issuer, under certain conditions) and pay a stipulated dividend rate to the holder. Convertible preferreds—in addition to the foregoing features of a straight preferred—contain a provision by which the holder may convert the preferred into the common stock of the company (or sometimes, into the common stock of an affiliated company) under certain conditions (among which may be the specification of a future date when conversion may begin, a certain number of common shares per preferred share, or a certain price per share for the common stock). There are income-tax advantages generally available to corporations investing in preferred stocks in the United States. See Dividends received deduction. But for individuals, a straight preferred stock, a hybrid between a bond and a stock, bears some disadvantages of each type of securities without enjoying the advantages of either. Like a bond, a straight preferred does not participate in future earnings and dividend growth of the company, or growth in the price of the common stock. However, a bond has greater security than the preferred and has a maturity date at which the principal is to be repaid. Like the common, the preferred has less security protection than the bond. However, the potential increase in the market price of the common (and its dividends, paid from future growth of the company) is lacking for the preferred. One advantage of the preferred to its issuer is that the preferred receives better equity credit at rating agencies than straight debt (since it is usually perpetual). Also, certain types of preferred stock qualify as Tier 1 capital; this allows financial institutions to satisfy regulatory requirements without diluting common shareholders. Through preferred stock, financial institutions are able to gain leverage while receiving Tier 1 equity credit. If an investor paid par ($100) today for a typical straight preferred, such an investment would give a current yield of just over six percent. If, in a few years, 10-year Treasuries were to yield more than 13 percent to maturity (as they did in 1981) these preferreds would yield at least 13 percent; since the rate of dividend is fixed, this would reduce their market price to $46, a 54-percent loss. The difference between straight preferreds and Treasuries (or any investment-grade Federal-agency or corporate bond) is that the bonds would move up to par as their maturity date approaches; however, the straight preferred (having no maturity date) might remain at these $40 levels (or lower) for a long time. Advantages of straight preferreds may include higher yields and—in the U.S. at least—tax advantages; they yield about 2 percent more than 10-year Treasuries, rank ahead of common stock in case of bankruptcy and dividends are taxable at a maximum rate of 15% rather than at ordinary-income rates (as with bond interest). Country-by-country perspectives Canada Preferred shares represent a significant portion of Canadian capital markets, with over C$11.2 billion in new preferred shares issued in 2016. Many Canadian issuers are financial organizations that may count capital raised in the preferred-share market as Tier 1 capital (provided that the shares issued are perpetual). Another class of issuer includes split share corporations. Investors in Canadian preferred shares are generally those who wish to hold fixed-income investments in a taxable portfolio. Preferential tax treatment of dividend income (as opposed to interest income) may, in many cases, result in a greater after-tax return than might be achieved with bonds. Preferred shares are often used by private corporations to achieve Canadian tax objectives. For instance, the use of preferred shares can allow a business to accomplish an estate freeze. By transferring common shares in exchange for fixed-value preferred shares, business owners can allow future gains in the value of the business to accrue to others (such as a discretionary trust). Germany The rights of holders of preference shares in Germany are usually rather similar to those of ordinary shares, except for some dividend preference and no voting right in many topics of shareholders' meetings. Preference shares in German stock exchanges are usually indicated with V, VA, or Vz (short for )—for example, "BMW Vz"—in contrast to St, StA (short for ), or NA (short for ) for standard shares. Preference shares with multiple voting rights (e.g., at RWE or Siemens) have been abolished. Preferred stock may comprise up to half of total equity. It is convertible into common stock, but its conversion requires approval by a majority vote at the stockholders' meeting. If the vote passes, German law requires consensus with preferred stockholders to convert their stock (which is usually encouraged by offering a one-time premium to preferred stockholders). The firm's intention to do so may arise from its financial policy (i.e. its ranking in a specific index). Industry stock indices usually do not consider preferred stock in determining the daily trading volume of a company's stock; for example, they do not qualify the company for a listing due to a low trading volume in common stocks. United Kingdom Perpetual non-cumulative preference shares may be included as Tier 1 capital. Perpetual cumulative preferred shares are Upper Tier 2 capital. Dated preferred shares (normally having an original maturity of at least five years) may be included in Lower Tier 2 capital. United States In the United States, the issuance of publicly listed preferred stock is generally limited to financial institutions, REITs and public utilities. Because in the U.S. dividends on preferred stock are not tax-deductible at the corporate level (in contrast to interest expense), the effective cost of capital raised by preferred stock is significantly greater than issuing the equivalent amount of debt at the same interest rate. This has led to the development of TRuPS: debt instruments with the same properties as preferred stock. With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, TRuPS will be phased out as a vehicle for raising Tier 1 capital by bank holding companies. Outstanding TRuPS issues will be phased out completely by 2015. However, with a qualified dividend tax rate of 23.8% (compared to a top ordinary interest marginal tax rate of 40.8%), $1 of dividend income taxed at this rate provides the same after-tax income as approximately $1.30 in interest income. The size of the preferred stock market in the United States has been estimated as $100 billion (), compared to $9.5 trillion for equities and US$4.0 trillion for bonds. The amount of new issuance in the United States was $34.1 billion in 2016. Other countries In Nigeria, preferred shares make up a small percentage of a company's stock with no voting rights except in cases where they are not paid dividends; owners of preferred shares are entitled to a greater percentage of company profits. Czech Republic—Preferred stock cannot be more than 50 percent of total equity. France—By a law enacted in June 2004, France allows the creation of preferred shares. South Africa—Dividends from preference shares are not taxable as income when held by individuals. Brazil—In Brazil, up to 50 percent of the capital stock of a company may be composed of preferred stock. The preferred stock will have at least one less right than the common stock (normally voting power), but will have a preference in receiving dividends. Russia—No more than 25% of capital may be preferred stock. Voting rights are limited, but if dividends are not fully paid, shareholders obtain full voting rights.
Julius Shiskin	[ "1912 births", "1978 deaths", "20th-century American economists", "Fellows of the American Statistical Association", "Bureau of Labor Statistics", "Rutgers University faculty", "National Bureau of Economic Research", "United States Census Bureau people", "Rutgers University alumni" ]	766	6,905	Julius Shiskin (October 13, 1912 – October 28, 1978) was an American economist. He is known for his contributions to establishing rules in the field of economic statistics. His 1974 unofficial rule-of-thumb definition of a recession continues to be considered by many as the official definition. He authored two books and numerous articles in the field of statistics, and served as the ninth U.S. Commissioner of the Bureau of Labor Statistics from 1973 until his death. Family and education Shiskin was born in New York on October 13, 1912, and completed his primary education in New Jersey where he graduated from Rutgers University. He was married to Frances Levine and they had two daughters, Laura and Carol. Career Shiskin taught economics and statistics at the Rutgers university between the years of 1934 and 1938. From 1938 through 1942, he worked as a staff assistant for the National Bureau of Economic Research, and from 1942 to 1945 he was the chief economist for the War Production Board. In 1945 he joined the Census Bureau, where he held positions of Chief of the Economic Research and Analysis Division and assistant director for Program Planning and Evaluation at the Census Bureau. He played a crucial role in the creation of a computerised technique for seasonally adjusting economic time series and was a significant contributor to the advancement of the business-cycle statistics program. Shiskin joined the Office of Management and Budget in 1969 and assumed the role of Commissioner of Labour Statistics in 1973. While he was in this post, the United States experienced the most severe economic downturn since the Great Depression. Shiskin died on October 28, 1978. Recession definition In a 1974 New York Times opinion piece about recessions, Shiskin wrote: The [Bureau of Labor Statistics]'s definition of a recession is, however, known to only a small number of specialists in business cycle studies. Many people use a much simpler definition—a two‐quarter decline in real [GDP]. While this definition is simplistic, it has worked quite well in the past. Many have since maintained that this two-quarter rule-of-thumb is the official definition of a recession in the United States. Since 1978, however, the Business Cycle Dating Committee of the National Bureau of Economic Research has "called" recession starts and ends, which it defines as "a significant decline in economic activity that is spread across the economy and that lasts more than a few months" and involves examination of the depth, diffusion, and duration of the decline. Memorial Award for Economic Statistics The annual Julius Shiskin Award for Outstanding Achievement in Economic Statistics is sponsored by the Washington Statistical Society, American Statistical Association, and National Association of Business Economists.
Adrienne Arsht	[ "1942 births", "Living people", "Mount Holyoke College alumni", "Villanova University School of Law alumni", "Delaware lawyers", "New York (state) lawyers", "Tower Hill School alumni", "Atlantic Council", "Philanthropists from Delaware", "Philanthropists from Florida", "Businesspeople from Wilmington, Delaware", "Businesspeople from Miami", "20th-century American businesspeople", "20th-century American businesswomen", "21st-century American businesspeople", "21st-century American businesswomen", "20th-century American lawyers", "21st-century American philanthropists", "20th-century American women lawyers", "21st-century American Jews", "21st-century American women philanthropists" ]	1,332	14,600	Adrienne Arsht (born February 4, 1942) is an American businesswoman and philanthropist. Personal life Arsht was born to a Jewish family in Wilmington, Delaware, to Samuel Arsht, a Wilmington attorney, and Roxana Cannon Arsht, the first female judge in the State of Delaware. Arsht skipped her senior year at Tower Hill School and went directly to Mount Holyoke College, where she received her bachelor's degree. She then attended the Villanova University School of Law for her Juris Doctor J.D. Upon graduation, Arsht became the eleventh woman admitted to the Delaware bar. Her mother was the fifth. Arsht was married to the late Myer Feldman (1914–2007), a former counsel to presidents John F. Kennedy and Lyndon B. Johnson. Career Arsht began her Delaware law career in 1966 with the firm Morris, Nichols, Arsht & Tunnell. In 1969, she moved to New York City and joined the legal department of Trans World Airlines where she was the first woman to work in the airline industry's property, cargo, and government relations departments. She moved to Washington, D.C., in 1979, where she initially worked with a law firm and then started her own title company before moving to Miami in 1996 to run her family-owned bank, TotalBank. From 1996 to 2007, Arsht served as chairman of the board of TotalBank. In that time, TotalBank grew from four locations to 14 with over $1.4 billion in assets. In November 2007, she sold the bank to Banco Popular Español for $300 million and was named Chairwoman Emerita of TotalBank. Philanthropy In 2004, after the death of her parents, Arsht created the Arsht-Cannon Fund through the Delaware Community Foundation. Since its creation, the Arsht-Cannon Fund has given $4.5 million to non-profit organizations in Delaware, which have been specifically attributed to programs centered on the needs of Hispanic families. In the same year, she became the first woman to join the Million Dollar Roundtable of United Way of Miami-Dade County in Florida. In 2005, Arsht announced a $2 million gift to Goucher College in Maryland, creating the Roxana Cannon Arsht Center for Ethics and Leadership in honor of her late mother, a Goucher graduate. Arsht gave a $30 million contribution to Miami's Performing Arts Center in 2008. Subsequently, the former Carnival Center for the Performing Arts was renamed "The Adrienne Arsht Center for the Performing Arts of Miami-Dade County", or the Arsht Center for short. She became the founding chairman of the Adrienne Arsht Center Foundation. In October 2008, Arsht committed more than $6 million to the University of Miami to support the university wide Arsht Ethics Programs, assist the Bascom Palmer Eye Institute of the University of Miami, and support other University of Miami initiatives. In January 2009, The Chronicle of Philanthropy ranked Arsht number 39 on its 2008 America's 50 Biggest Donors list. In February 2009, Arsht funded the creation of the Best Buddies Delaware chapter to specifically serve Hispanics and African-Americans with mental disabilities. In 2009, she also co-funded the program "Arts in Crisis: A Kennedy Center Initiative,” which provided planning assistance and consulting services to struggling arts organizations throughout the United States. She donated $5 million to establish the Adrienne Arsht Musical Theater Fund at the Kennedy Center to support a wide variety of musical theater productions. In May 2010, under Arsht's direction, the Arsht-Cannon Fund pledged $300,000 over three years to bring the Nemours Foundation BrightStart! Dyslexia Initiative to Delaware. The program is aimed at improving the reading and writing skills of young children and identifying those with learning disabilities at an early age. In October 2012, the stage in Alice Tully Hall at Lincoln Center was dedicated to Arsht for her $10 million contribution in support of the transformation of Lincoln Center's facilities and public spaces. In 2013, she endowed the Adrienne Arsht Latin American Center at The Atlantic Council with a $5 million gift. The goal of the center was to improve relationships between Latin American Countries, North America and Europe. She gifted the center an additional $25 million in 2022. In 2016, Arsht founded the Adrienne Arsht Center for Resilience at the Atlantic Council, donating $25 million.
List of companies of Indonesia	[ "Lists of companies by country", "Companies of Indonesia", "Lists of companies of Indonesia" ]	1,983	13,701	Indonesia is a unitary sovereign state and transcontinental country located mainly in Southeast Asia with some territories in Oceania. Indonesia's economy is the world's 16th largest by nominal GDP and the 8th largest by GDP at PPP, the largest in Southeast Asia, and is considered an emerging market and newly industrialised country. Indonesia has been a member of the United Nations since 1950. Indonesia was an organizer of the Bandung Conference and was the founder of Non-Aligned Movement; and also the founding member of Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, East Asia Summit, and Organisation of Islamic Cooperation. Indonesia is a member of the G20 major economies, OPEC, and World Trade Organization. For further information on the types of business entities in this country and their abbreviations, see "Business entities in Indonesia". Largest firms This list shows firms in the Fortune Global 500, which ranks firms by total revenues reported before August 3, 2022. Only the top five firms (if available) are included as a sample. RankImageName2021 Revenues (USD $M)EmployeesNotes 223 Pertamina $57,510 34,183 State-owned oil and natural gas company based in Jakarta. The firm entered the list at #122 in 2013, but sustained declines in revenues moved it down more than 100 positions on the list by 2016. Notable firms This list includes notable companies with primary headquarters located in the country. The industry and sector follow the Industry Classification Benchmark taxonomy. Organizations which have ceased operations are included and noted as defunct. See also Economy of Indonesia
Bernard Schreier	[ "1921 births", "2013 deaths", "Knights Bachelor", "British businesspeople", "Businesspeople awarded knighthoods", "20th-century British businesspeople", "Austrian emigrants to Mandatory Palestine", "Israeli emigrants to the United Kingdom" ]	427	3,289	Sir Bernard Schreier (28 March 1918 Gösting, Graz 13, Graz, Steiermark, Austria – 1 June 2013), born Bernhard Dov Schreier to Hermann Schreier and Anna Kaswiner), was a Jewish businessman and mechanical engineer. He was born in Austria, then fled to Palestine and lived in Israel. Later he moved to England to develop his businesses. Schreier's father was a textile merchant from Gösting whose business collapsed in the 1920s; after the Nazi occupation of Austria, the Schreiers tried to flee abroad and Bernhard was taken to Palestine with one of his sisters in 1939 (two others had permits to travel to the United Kingdom); their parents later joined them in Palestine. During the Second World War, he volunteered in the British Army; after the formation of the Israeli Defence Forces in 1948, he was commissioned into the new Engineering Corps and served with them in the Arab–Israeli War that year. He subsequently became a civilian mechanical engineer, working on roads and infrastructure, eventually establishing his own contracting business. After serving in the Israeli Army again during the Suez Crisis in 1956, Schreier and has family moved to England so that he could work for an engineering company. He then established CP Holdings, which refurbished and resold second-hand heavy equipment; it proved lucrative and in 1977 acquired a business in opencast mining. He gradually acquired smaller competitors and built what The Telegraph described as "a substantial industrial conglomerate". When communism collapsed in Eastern Europe, Schreier took over firstly the Caterpillar Inc. dealership in Hungary and then, from 1995, a large stake in the country's Danubius Hotels Group, which he expanded across Eastern Europe. He was a "passionate enthusiast" for Hungary and was knighted in 2000 for "services to the development of UK–Hungary trade.". At the time of his death, his family's net worth was estimated at £265 million. In the beginning of the 21st century Schreier bought the Israeli Tractor Company and merged into Zoko Group, rearranging as a subsidiary Tractors and Equipment (I.T.E.). This company is the official Caterpillar Inc. dealer in Israel.
Alteon WebSystems	[ "1999 initial public offerings", "2000 mergers and acquisitions", "Companies formerly listed on the Nasdaq", "Dot-com bubble", "Nortel", "Defunct computer companies of the United States", "Defunct computer hardware companies", "Defunct networking companies", "Networking companies of the United States", "Networking hardware companies" ]	790	7,779	Alteon WebSystems (originally Alteon Networks, Inc.) is a division of Radware that produces application delivery controllers. Alteon was acquired by Nortel Networks on October 4, 2000. On February 22, 2009 Nortel Networks sold the Alteon application switching line to Radware. History Alteon Networks was founded in 1996 by Mark Bryers, John Hayes, Ted Schroeder and Wayne Hathaway. Initial venture capital investors were Matrix Partners and Sutter Hill Ventures. Dominic Orr became chief executive in October 1996. Alteon introduced innovative products such as the ACEswitch 180, which was the first network switch to deliver Ethernet with selectable speed, 10/100 or 1000 Mbit/s, on every port via autonegotiation. Their ACEdirector Layer 4-7 switch was designed as an integrated services front-end and server load balancer. They also introduced Jumbo Frames (up to 9,000 bytes) with their ACEnic adapters, and supported by their switches. In addition to server switches, Alteon produced the first network interface controller (NIC) in 1997 that used Gigabit Ethernet (demonstrated at the Networld + Interop trade show in September 1996). Alteon's third generation Gigabit Ethernet NIC (code named "Tigon") became the basis for Broadcom's family of Ethernet controllers (series BCM570x) and has shipped over 60 million copies. It was used in low-cost adapters from vendors such as 3Com. In July 2000, Nortel Networks announced it was buying Alteon for US$6 billion in stock. The deal had originally been announced with a value of $7.8 billion, but the stock market plummeted before the deal closed in October. Nortel rolled the ACEDirector and ACESwitch products into its Personal Internet product line, but one year later sales had slowed down. On February 22, 2009 Nortel Networks announced they would sell the Alteon application switching line to Radware, for $17.65 million. In November 2013, Radware announced the Alteon NG, marketed as an application delivery controller.
Reynolds Securities	[ "Financial services companies based in New York City", "Financial services companies established in 1931", "Reynolds family", "1931 establishments in New York City", "Companies formerly listed on the New York Stock Exchange" ]	661	6,012	Reynolds Securities was a publicly traded brokerage firm. Founded in 1931 by Richard S. Reynolds, Jr., the firm merged with Dean Witter & Co. to form Dean Witter Reynolds Organization Inc. in 1978, which was then the biggest merger in the history of Wall Street. The firm's tagline, "We work for a world of investors. One at a time." was adapted to "We measure success one investor at a time" and was used by Dean Witter and later Morgan Stanley. Reynolds & Company was founded in 1931 in New York City by Richard S. Reynolds, Jr., a 22-year-old tobacco heir, together with Charles H. Babcock and Thomas F. Staley. In particular, Thomas F. Staley was Reynolds’ cousin (the grandson of Major D. Reynolds, an older brother of R.J. Reynolds). In 1951, another senior partner, John D. Baker, joined the company. Richard S. Reynolds' father Richard S. Reynolds, Sr. founded U.S. Foil Company, later Reynolds Metals (Reynolds wrap), and his great uncle was the founder of R. J. Reynolds Tobacco Company (RJR). Like Dean Witter & Co., the company survived the Depression, generating a profit each year. In 1934, Reynolds acquired F.A. Willard & Co. With the acquisition, Reynolds tripled its sales and shifted its emphasis toward underwritings. In 1958, Reynolds passed its leadership to the next generation with Thomas F. Staley departing and naming Robert M. Gardiner to head the firm. Under Gardiner, Reynolds embarks on major expansion, acquiring 26 offices from A.M. Kidder & Co. Reynolds acquired another three offices and opened nine firms in new regions in the U.S. in the early 1960s. Reynolds was incorporated in 1971 as Reynolds Securities in advance of an initial public offering. By early 1971, there was speculation that Merrill Lynch would sell shares to the public. Reynolds initial public offering (and shortly thereafter Dean Witter's IPO) was part of a rush of Wall Street firms to sell an interest in their privately held businesses to public investors, following Merrill Lynch's initial public offering. In 1976, Reynolds implements REYCOM, the most sophisticated high-speed wire system in the industry. Meanwhile, the firm was continuing its expansion, acquiring its first international offices in Lugano and Lausanne, Switzerland. A year later, Reynolds acquired Baker Weeks & Co. whose strength was securities research. At the time of its merger with Dean Witter & Co. in 1978, Reynolds Securities had over 3,100 employees in 72 offices producing gross revenues of nearly $120 million. See also Dean Witter Reynolds
J. A. Folger	[ "American drink industry businesspeople", "American company founders", "Businesspeople in coffee", "Businesspeople from San Francisco", "People from Nantucket, Massachusetts", "1835 births", "1889 deaths", "Place of death missing", "Burials at Mountain View Cemetery (Oakland, California)", "Food and drink in the San Francisco Bay Area", "American people of English descent", "19th-century American businesspeople" ]	684	4,963	James Athearn "J. A." Folger Sr. (June 17, 1835 – June 26, 1889) was an American businessman and the founder of the Folgers Coffee Company. Early years Folger was born in Nantucket, Massachusetts, the son of Samuel Brown Folger (b. 1795) and wife Nancy Hiller (b. 1798). His father was a master blacksmith who had invested in a tryworks and bought two ships. They had nine children of which James was the second youngest. The Folger family roots can be traced back to Peter Folger, an English colonist. On July 13, 1846, a fire broke out in Nantucket's business section and burned the works and ship and 11 year old James helped in the reconstruction. San Francisco After the discovery of gold in California, James (age 14), along with his brothers Henry (age 16) and Edward (age 20) set out in the autumn of 1849 on a ship bound for the Isthmus of Panama. After a raft and hiking journey across the Isthmus, the brothers waited at Panama City for quite a while before catching the Pacific mail steamer Isthmus on April 10, 1850. They entered the Golden Gate on May 5, 1850. Edward Folger was in California as early as 1846, read a newspaper. The high wages being offered in San Francisco persuaded James to stay there to instead of heading to the gold fields. He helped in reconstructing the city after one of San Francisco's many fires, similar to how he had in Nantucket. He helped build a spice-and-coffee mill for a man named William H. Bovee. In 1860, he founded the San Francisco coffee firm known as the J. A. Folger Coffee Company, known today simply as Folgers Coffee. Personal life J. A. Folger married Eleanor Laughran (born October 17, 1837) and was the father of James Athearn Folger Jr. (1864–1921), who married Clare Luning. James and Eleanor had three other children; John Athearn m. Nancy Try (née Slaughter), Ernest Randolph, and Elizabeth. He is the paternal grandfather of Peter Folger, and the great-grandfather of Abigail Folger. Abigail was murdered in 1969, by members of the Manson family, along with her friend, actress Sharon Tate among others. He is also the uncle of Henry Clay Folger, founder of the Folger Shakespeare Library. Death He died June 26, 1889, at the age of 54 and is buried in the Folger family plot at Mountain View Cemetery in Oakland, California.
Evert Bancker (mayor)	[ "1665 births", "1734 deaths", "17th-century mayors of places in the Province of New York", "18th-century mayors of places in New York (state)", "Mayors of Albany, New York", "People from Guilderland, New York", "Merchants from the Province of New York", "17th-century American merchants", "18th-century American merchants", "Members of the New York General Assembly" ]	1,201	11,235	Evert Bancker (January 24, 1665 in Albany, New York – July 1734 in Guilderland, New York) was an American trader and politician who was Mayor of Albany from 1695 to 1696 and from 1707 to 1709. Early life He was the only surviving son of Gerrit Bancker (1635–1691), a pioneer fur trader, and Lysbet "Elizabeth" Van Epps (1630–1693), a trader's daughter with ties to the Mohawk Valley. His younger sister, Anna Bancker (1670–1740), married Johannes de Peyster, the Mayor of New York City. His father died in 1691, and he was named co-executor of the estate. Upon the death of his mother in 1693, he inherited a substantial family estate that included holdings in Albany and New York. He was among a number of Albany natives who maintained dual residency - being admitted to the "Freedom" of New York City in 1697. Career He followed his father in the fur trade and used his earnings to acquire land. His Albany house was located on the South side of today's State Street just east of his father's home. He was elected to the Albany Common Council - serving as assistant for the First Ward in 1688 and as alderman beginning in 1689. He was one of the few City Fathers who accepted appointment to the Council during the regime of Jacob Leisler. Re-elected as alderman in 1691, he held that seat until 1707. Bancker was appointed the third Mayor of Albany in 1694 and served for a year. He was appointed mayor again in 1707, serving until 1709. He was elected to the Provincial Assembly of New York in 1702 and, with his brother-in-law Johannes Abeel, was appointed Master of the Provincial Chancery Court in 1705. After the Peace of 1713, he retired from municipal affairs and gave the State Street property to his nephew Johannes De Peyster. He moved with his family to his farm in Guilderland, several miles west of Albany. He continued trading and maintained his position as Commissioner of Indian Affairs, making a number of trips to the Iroquois country. Personal life On September 24, 1686, he married Elizabeth Abeel (1671–1734). She was the sister of Johannes Abeel, who also served as Mayor of Albany. He was an officer of the church and the friend of Dominie Johannes Lydius. Their family was large as they baptized thirteen children in the Albany Dutch Church between 1688 and 1710, including: Gerardus Bancker (b. 1688), who died young. Neeltje Bancker (1689–1712) Gerardus Bancker (b. 1691), who died young. Elisabeth Bancker (1693–1744), who married Gerrit Lansing, son of Johannes G. Lansing, in 1715. Christoffel Bancker (1695–1762), who married Elizabeth Hooglant (b. 1699), in New York 1719. Anna Bancker (1697-1706), who died young. Willem Bancker (1699–1772), who married Annatje Gerritse Veeder (b. 1703), daughter of Gerrit Symonse Veeder (1674–1755), in 1726. Jannetje Bancker (1701–1757), who married Harmanus Schuyler (1700–1748), son of David Davidse Schuyler. Adrianus Bancker (b. 1703), who married G. Elisabeth Van Taerling in 1729. Gerardus Bancker (1706–1755), who married Maria de Peyster (1710–1759), daughter of Johannes de Peyster, in 1731. Anna Bancker (1708–1709), who died young. Johannes Bancker (1709–1710), who died young. Johannes Bancker (b. 1710), who married Magdalena Veeder (b. 1710), sister of his brother's wife. Following the death of his wife in March 1734, he made his last will. The widower left his estate including the "farm where I now live" to his seven living children. Intending to live there under the care of his son, Johannes, he died in July and was buried on the Guilderland farm. Descendants His grandson Evert Bancker (1721–1803), was Speaker of the New York State Assembly from 1779 to 1783. See also History of Albany, New York
Albanian lek	[ "Currencies of Albania", "Currencies introduced in 1926", "Financial system of Albania", "Circulating currencies", "Currencies of Europe" ]	3,381	29,041	The lek (; indefinite singular lek, definite plural lekët, indefinite plural lekë; sign: L; code: ALL) is the currency of Albania. Historically, it was subdivided into 100 qintars (; singular qindarkë). The lek was introduced as the first Albanian currency in February 1926. Before then, Albania was a country without a currency, using a gold standard to fix commercial values. Before the First World War, the Ottoman Turkish piastre was in full circulation. During the occupation of Albania by Austria-Hungary, paper notes of the Austro-Hungarian krone were imposed on the population. Albanians were reluctant to use these notes and only did so in exchanges with the occupiers. The majority of the population used gold and silver piastres, or gave up on money altogether and bartered instead. In 1923, Italian paper circulated at Shkodër, Durrës, Vlorë, and Gjirokastër, and the Greek drachma at Korçë, the values of which varied according to locality and the prevailing rates of exchange as compared with gold. Gold standard From 1926 to 1939, the Albanian leke adhered to the gold standard de jure, with leke banknotes being convertible to gold. The leke's conversion to gold was guaranteed and the issue of gold francs was limited to three million units. Due to the gold standard, until 1939, the leke did not undergo significant inflation, and the amount of currency in circulation remained relatively constant. Following the Italian invasion of Albania, the entire gold reserves of Albania, totaling 300,000 gold francs, were confiscated and sent to the Reichsbank in Berlin. This action, coupled with the introduction of the Italian lira in Albania, led to significant inflation and the devaluation of the leke. Etymology The naming of this currency as "Lek" has two conflicting stories: It is named after Alexander the Great, whose name is often shortened to Leka in Albanian. where Alexander's portrait appeared on the obverse of the 1 lek coin, while the reverse showed him on his horse. It was named after Lekë Dukagjini. This is considered the official etymology, based on discussions in the Parliament of Albania in 1922. The word qindarkë comes from the Albanian qind, meaning one hundred, or from Arabic qintār ("hundredweight"). The word is thus comparable to centime, cent, Latin centenarius, etc. Franga Between 1926 and 1939, the main unit of Albanian currency was the franga ari (English: gold franc) (Fr.A.), worth 5 Lek and divided into 100 qindar ar (gold cent), used in international transactions. This unit was similar in concept to the Belga, a unit worth five Belgian francs. First lek In 1926, bronze coins were introduced in denominations of 5 and 10 qintars, together with nickel Lek, Lek and 1 Lek, and silver Fr.A. 1, Fr.A. 2 and Fr.A. 5 . The obverse of the franc coins depicts King Zog. In 1935, bronze 1 and 2 gold cents were issued, equal in value to the 5 and 10 qintars respectively. This coin series depicted distinct neoclassical motifs, said to have been influenced by the Italian king Victor Emmanuel III who was known to have been a coin collector. These coins depict the mint marks "R", "V" or "L", indicating Rome, Vienna or London. Under the direction of Benito Mussolini, Italy invaded and occupied Albania and issued a new series of coins in 1939 in denominations of Lek 0.20, Lek 0.50, 1 Lek and 2 Lek in stainless steel, and 5 Lek and 10 Lek in silver. Aluminium-bronze Lek 0.05 and Lek 0.10 were introduced in 1940. A fixed exchange rate with the Italian lira was established at 5:6.25 (1 Lek = Lit.1.25, or Fr.A.1 = Lit.6.25). These coins were issued until 1941 and bear the portrait of Italian King Victor Emmanuel III on the obverse and the Albanian eagle with fasces on the reverse. In 1947, shortly after the Communist Party took power, older coins were withdrawn from circulation and a new coinage was introduced, consisting of zinc Lek, 1 Lek, 2 Lek and 5 Lek. These all depicted the socialist national crest. This coinage was again minted in 1957 and used until the currency reform of 1965. Second lek In 1965, a confiscatory monetary reform was carried out at a rate of 10:1. Aluminium coins (dated 1964) were introduced in denominations of 5, 10, 20 and 50 qintars and 1 Lek. All coins show the socialist state emblem. In 1969, a second series of aluminium 5, 10, 20, 50 qintars and 1 Lek coins was released commemorating the 1944 liberation from fascism. The three smallest denominations remained similar in design to the 1964 series but showed "1944-1969" on the obverse. The 50 qintar and lek coins showed patriotic and military images. In 1988, a third redesign of aluminium 5, 10, 20, 50 qintars and 1 Lek coins was released. The 50 qindarka and 1 Lek coins were problematically identical in size, weight, and appearance, so aluminium-bronze 1 Lek coins with the inscription "Republika Popullore Socialiste e Shqipërisë" were released later that year for better identification. In 1989, a cupro-nickel 2 Lek coin was introduced. All three of these coin series remained in circulation during and shortly after the 1991 revolution. On 1 January 1992, those coins lost their legal tender status, effectively making qintars obsolete. Foreign exchange certificates Similar to many other socialist countries, Albania issued foreign exchange certificates, which only circulated in specially designated shops, and their exchange into regular lek banknotes was prohibited. Third lek In 1995 and 1996, new coins were introduced in denominations of 1 Lek, 5 Lekë, 10 Lekë, 20 Lekë and 50 Lekë, with a bimetallic 100 Lekë added in 2000.These coins use the letter e instead of the correct ë, but banknotes are spelt correctly. Coins of the lek (1995–present) Image Value Technical Parameters DescriptionDatesObverseReverse Diameter Thickness Mass Composition Edge Obverse ReverseMintingIssue 1 Lek 18.1 mm1.6 mm 3 g Bronze (1996), Copper-plated Steel (2008–2013)Smooth A pelican in the centre,"Republika e Shqipërisë", year Nominal value,branches artistically carved in the form of a crown1996, 2008, 20131996 5 Lekë 20 mm1.6 mm 3.12 g Nickel-plated Steel Eagle from the Flag of Albania,"Republika e Shqipërisë", year1995, 2000, 2011, 2014, 20201995 10 Lekë 21.25 mm1.5 mm 3.6 g Aluminum-bronze (1996–2000), Brass-plated Steel (2009–2018)Milled Berat Castle, "Republika e Shqipërisë", year1996, 2000, 2009, 2013, 20181996 20 Lekë 23 mm2 mm 4.6 g Aluminum-bronze (1996–2000), Brass-plated Steel (2012–2020) A Liburne ship, "Republika e Shqipërisë", year1996, 2000, 2012, 2016, 20201996 50 Lekë 24.25 mm1.5 mm 5.5 g Copper-nickel Portrait of the Illyrian King Gentius, Republika e Shqipërisë",year1996, 2000, 2020199650 Lekë24.25 mm5.5 gCopper-nickelAn Illyrian helmet, "Republika e Shqipërisë", "Antikiteti Shqiptar", yearNominal value, divided by a horizontal line and in the arch above "Antikiteti Shqiptar"20032004 100 Lekë 24.75 mm1.9 mm 6.7 g Bi-Metallic: Aluminium-bronze centre in Copper-nickel ring Portrait of the Illyrian Queen Teuta, "Republika e Shqipërisë", yearNominal value,branches artistically carved in the form of a crown20002000 Commemorative coins In 2001, 100 Lekë and 200 Lekë were issued under the theme of Albania's integration into the EU and 50, 100, and 200 lekë under the 500th anniversary of the Statue of David. In 2002, 50 Lekë and 100 Lek were issued for the 90th Anniversary of the Independence of Albania and 20 Lek under the Albanian Antiquity theme. In 2003, 50 lekë was issued in memory of the 100th anniversary of the death of Jeronim De Rada. In 2004, 50 Lekë was issued under the Albanian Antiquity theme depicting traditional costumes of Albania and the ancient Dea. In 2005, 50 Lekë were issued for the 85th anniversary of the proclamation of Tirana as capital and the theme of traditional costumes of Albania. First lek In 1926, the National Bank of Albania (Banka Kombëtare e Shqipnis) introduced notes in denominations of Fr.A. 1, Fr.A. 5, Fr.A. 20 and Fr.A. 100. In 1939, notes were issued in denominations of Fr.A. 5 and Fr.A. 20. These were followed in 1944 with notes for 2 Lek, 5 Lek, 10 Lek, and Fr.A. 100. In 1945, the People's Bank of Albania (Banka e Shtetit Shqiptar) issued overprints on National Bank notes for 10 Lek, Fr.A. 20 and Fr.A. 100. Regular notes were also issued in 1945 in denominations of 1, Fr.A. 5, Fr.A. 20, Fr.A. 100 and Fr.A. 500. In 1947, the franga-ari was discontinued and the lek was adopted as the main currency unit, with notes issued for 10 Lek, 50 Lek, 100 Lek, 500 Lek and 1000 Lek. 1947 SeriesObverseReverse Value 10 Lek 50 Lek 100 Lek 500 lekë 1,000 Lek 1949 and 1957 seriesObverseReverse Value 10 Lek 50 Lek 100 Lek 500 Lek 1,000 Lek Second lek In 1965, notes (dated 1964) were introduced by the Banka e Shtetit Shqiptar in denominations of 1 Lek, 3 Lek, 5 Lek, 10 Lek, 25 Lek, 50 Lek and 100 Lek. A second series of notes was issued in 1976 when the country changed its name to the People's Socialist Republic. ObverseReverse Value Colour Obverse Reverse 1964 and 1976 Series 1 Lek Green Peasant couple with wheat Rozafa Castle, Shkodër 3 Lek Brown Woman carrying basket of fruit Vlora 5 Lek Purple Steam train and truck Ship 10 Lek Green Woman working in a textile mill Bureaucrats and peasants socializing outside the Palace of Culture, Naim Frashëri 25 Lek Dark blue Woman with wheat, combine harvesting Mechanized ploughing 50 Lek Red Army on parade, Skanderbeg Mosin–Nagant rifle, pickaxe, apartment block under construction 100 Lek Scarlet Man showing his son a new hydroelectric dam Steelworker with oil worker, gesturing grandly, steelworks and oil wells in background1991 Series100 LekPurpleSteelworkers in front of a factoryFactory500 LekBlue, OrangeWoman with sunflowers, denonimation ornamentMountain landscape 1992 series Due to the shortage of cash in circulation, in 1992, banknotes of 10 and 50 foreign currency leks (Lek Valutë ) were issued, while their value was increased 50 times: 10 foreign currency leks = 500 leks, 50 foreign currency leks = 2500 leks . The banknotes were in circulation for only one year and were soon replaced by banknotes of the 1992 model. A banknote of 1 currency lek was printed, but not put into circulation. 1992 Series Image Value Dimensions Main Colour Description Obverse Reverse Obverse Reverse 1 Lek165×75 mmVioletSteel workerElectrical transmission towers, hydroelectric generator10 LekGreen50 LekBrown 100 Lek 154 × 72 mm Violet National fighter Falcon and mountains 200 Lek 162 × 78 mm Brown Ismail Qemali Coat of arms of Albania, declaration of independence of Albania 500 Lek 170 × 78 mm Blue Naim Frashëri Poetry of Frashëri 1,000 Lek 178 × 78 mm Green Skanderbeg Krujë Castle 1997 series On 11 July 1997, a new series of banknotes dated 1996-97 was introduced. Notes dated 1996 were printed by De La Rue in the United Kingdom. The 2000 lek note was introduced in 2008. The 100 lek banknote is rarely seen in circulation, as the 100 lek coin is used instead. 1996 Series Image Value Dimensions Main Colour Description Obverse Reverse Obverse Reverse 100 Lek 130 × 66 mm Purple/Orange Fan Noli (1882–1965) First Albanian Parliament building 200 Lek 138 × 69mm Brown Naim Frashëri (1846–1900) House birthplace of Frashëri 500 Lek 145 × 68 mm Blue Ismail Qemali (1844–1919) Vlorë independence building 1,000 Lek 151 × 72 mm Green Pjetër Bogdani (1630–1689) Gothic Church of Vau-Dejës 2,000 Lek 160 x 72 mm Purple King Gent (Gentius) (died 167 BC); three ancient coins Amphitheatre at Butrinto (near Saranda), yellow gentian (Gentiana lutea) 5,000 Lek 160 × 72 mm Olive Green Skanderbeg (1405–1468) Krujë Castle 2019–2022 series In 2019, the Bank of Albania unveiled a new series of banknotes, featuring the same themes as seen on the 1997 series, but with improved security features and a change in material for the 200 Lek banknote; now being issued as a polymer banknote. This series has also introduced a new denomination, the 10,000 Lek, its highest denominated banknote issued for general circulation. The first two denominations issued for this series, the 200 and 5,000 lekë banknote were issued for circulation on 30 September 2019, with the 1,000 Lek and 10,000 Lek banknotes being released on 30 June 2021, and the 2,000 Lek and 500 Lek banknotes being released on 17 January 2022. 2019–2022 series Image Value Dimensions Main Colour Description Obverse Reverse Obverse Reverse 200 Lek 125 mm x 65 mm BrownNaim Frashëri House birthplace of Frashëri, paper with a famous verse from one of Frashëri's poems 500 Lek132 mm x 69 mm Blue Ismail Qemali Vlorë independence building, the telegraph which was used to announce the country's independence, and the room where the decision was made 1,000 Lek 139 mm x 69 mm Green Pjetër Bogdani Gothic Church of Vau 2,000 Lek146 mm x 72 mm Purple King Gent (Gentius); three ancient coins Amphitheatre at Butrint (near Saranda), yellow gentian (Gentiana lutea) 5,000 Lek 153 mm x 72 mmYellow Skanderbeg Krujë Castle, Skanderbeg's monument in Tirana's Skanderbeg Square, and his helmet10,000 Lek160 mm x 72 mmRed Asdreni (1872–1947)Figurative symbols of national flag, first two lines from the national anthem Exchange rates See also Franga Korçë frange Economy of Albania
Guinean franc	[ "Economy of Guinea", "Currencies introduced in 1959", "Currencies of Africa", "Circulating currencies" ]	1,142	8,445	The Guinean franc (, ISO 4217 code: GNF) is the currency of Guinea. It is subdivided into one hundred centimes, but no centime denominations were ever issued. First Guinean franc The first Guinean franc was introduced in 1959 to replace the CFA franc. There were 1, 5, 10 and 25 francs coins (made of aluminium bronze) with banknotes (dated 1958) in 50, 100, 500, 1000, 5000 and 10,000 francs denominations. A second series of banknotes dated 1er MARS 1960 was issued on 1 March 1963, without the 10,000 francs. This series was printed without imprint by Thomas De La Rue, and includes more colors, enhanced embossing, and improved security features. A new issue of coins in 1962 was made of cupronickel. In 1971, the franc was replaced by syli at a rate of 1 syli = 10 francs. 20 percent was used by francs Second Guinean franc The Guinean franc was reintroduced as Guinea's currency in 1985, at par with the syli. The coins came in denominations of 1, 5 and 10 francs made of brass clad steel, with brass 25 francs (1987) and cupronickel 50 francs (1994) added later. Banknotes were first issued in denominations of 25, 50, 100, 500, 1000 and 5000 francs. Guinean notes of this series are unique from those of other countries in that the date of issue features very prominently as part of the overall design on the lower left hand corner of each note. A second series issued in 1998 dropped the 25 and 50 francs banknotes, since they had been replaced by coins. In 2006, the third issue were introduced in denomination of 500, 1000 and 5000 francs that are similar to previous issues, but the most notable change was the use of full printing of the notes and enhanced security features on each of the notes. Another change for this issue was the size of the 500 francs was reduced. On 11 June 2007, a 10,000 franc was issued. In 2010, a commemorative series of 1000, 5000, and 10,000 francs banknotes celebrating the fiftieth anniversary of both the Guinean franc and the Banque Centrale de la République de Guinée (BCRG) was issued featuring a diamond-shaped logo of the event on the front side of each denomination inside of the watermark window to the right. On July 9, 2012, the Central Bank of the Republic of Guinea issued a new 10,000 francs banknote which is similar to the original issue, but it has been revised. The banknote's main color was changed from green to red, and instead of a diamond-shaped patch placed on the letters "RG" (for Republique de Guinée), it is now replaced by a holographic patch and the holographic security strip now showing on the reverse side. On May 11, 2015, the Central Bank of the Republic of Guinea issued a 20,000 franc banknote. On January 21, 2018, the Central Bank of the Republic of Guinea issued a revised banknote of 20,000 francs, with a reduced size and advanced security features. On March 1, 2019, on the 59th anniversary of the introduction of its national currency, the Central Bank of the Republic of Guinea issued a revised banknote for 10,000 francs and issued a new banknote for 2,000 francs. Currently, the smallest denomination in circulation is the 500 francs note due to diminished purchasing power. Banknotes of the Guinean franc (current issues) Image Value Dimensions Main color Description Date of issue Year of issue Obverse Reverse Obverse Reverse Watermark 100 Francs Guinéens Purple, light-brown, pink and green Woman; Coat of arms of Guinea Banana harvest 2015 500 Francs Guinéens Green, dark-olive and light-brown Woman with headscarf; Coat of arms of Guinea Mining conveyor; headdress Woman with headscarf; letters "RF" 2018 1,000 Francs Guinéens Brown, purple, red, light-blue and yellow Woman; Coat of arms of Guinea Open pit bauxite mining, stalk of bananas 2015 2,000 Francs Guinéens Green and pale blue Man; Coat of arms of Guinea Mount Nimba 2018 5,000 Francs Guinéens Purple Woman; corn; Coat of arms of Guinea Kinkon hydroelectric plant 2015 10,000 Francs Guinéens Red Boy; Coat of arms of Guinea Field, Mount Loura with rock formation "Lady of Mali" 2015 20,000 Francs Guinéens Blue Woman; Coat of arms of Guinea Kaleta hydroelectric dam 2018 Exchange rate , 1 Euro is equal to 10,417.46 Guinean Francs, which means that the highest valued banknote, of 20,000 Francs, has a value of less than 2 Euros. See also Economy of Guinea Historical: CFA franc Guinean syli
Sprint Corporation	[ "T-Mobile US", "Sprint Corporation", "Defunct telecommunications companies of the United States", "Defunct companies based in Kansas", "Companies based in Overland Park, Kansas", "Defunct mobile phone companies of the United States", "Companies formerly listed on the New York Stock Exchange", "Telecommunications companies established in 1899", "Retail companies established in 1899", "American companies established in 1899", "Telecommunications companies disestablished in 2020", "Retail companies disestablished in 2020", "American companies disestablished in 2020", "2013 mergers and acquisitions", "2020 mergers and acquisitions", "Deutsche Telekom", "Spin-offs of the Southern Pacific Transportation Company", "Tier 1 networks", "1899 establishments in Kansas", "2020 disestablishments in Kansas" ]	11,226	103,884	Sprint Corporation was an American telecommunications company. Before being acquired by T-Mobile US on April 1, 2020, it was the fourth-largest mobile network operator in the United States, serving 54.3 million customers as of June 30, 2019. The company also offered wireless voice, messaging, and broadband services through its various subsidiaries under the Boost Mobile and Open Mobile brands and wholesale access to its wireless networks to mobile virtual network operators. In July 2013, majority ownership of the company was purchased by the Japanese telecommunications company SoftBank Group. Sprint used CDMA, EvDO and 4G LTE networks, and formerly operated iDEN, WiMAX, and 5G NR networks. Sprint was incorporated in Kansas. Sprint traced its origins to the Brown Telephone Company, which was founded in 1899 to bring telephone service to the rural area around Abilene, Kansas. In 2006, Sprint left the local landline telephone business and spun those assets off into a new company named Embarq, which later became a part of Lumen Technologies under the CenturyLink brand, which remains one of the largest long-distance providers in the United States. Until 2005, the company was also known as the Sprint Corporation, but took the name Sprint Nextel Corporation when it merged with Nextel Communications and adopted its black and yellow color scheme, along with a new logo. In 2013, following the shutdown of the Nextel network and concurrent with the acquisition by SoftBank, the company resumed using the name Sprint Corporation. In July 2013, as part of the SoftBank transactions, Sprint acquired the remaining shares of the wireless broadband carrier Clearwire Corporation that it did not already own. In August 2014, CEO Dan Hesse was replaced by Marcelo Claure. In May 2018, Michel Combes replaced Claure, and had been working to get Sprint's acquisition by its rival T-Mobile through regulatory proceedings. On April 1, 2020, Sprint Corporation completed their acquisition by T-Mobile US, which effectively made Sprint a subsidiary of T-Mobile until the Sprint brand officially discontinued in the beginning of August. Leadership, background, and stock changes happened immediately, with customer-side changes happening over time. The Sprint brand officially discontinued on August 2, 2020. Billing was already showing the T-Mobile brand, and on this date all retail, customer service, and all other company branding switched to the T-Mobile brand. New rate plans were also introduced as well for all new and existing customers from both companies, though all will be grandfathered into their current plan for at least 3 years should they choose not to switch to a new T-Mobile plan. Customers with Sprint accounts were fully migrated to T-Mobile in the summer of 2023 officially discontinuing the Sprint brand. Early years The Sprint Corporation traces its origins to two companies, the Brown Telephone Company and Southern Pacific Railroad. Brown Telephone Company Brown Telephone Company was founded in 1899 by Cleyson Brown, to deploy the first telephone service to the rural area around Abilene, Kansas. The Browns installed their first long-distance circuit in 1900 and became an alternative to the Bell Telephone Company, the most popular telephone service at the time. In 1911, C. L. Brown consolidated the Brown Telephone Company with three other independents to form the United Telephone Company. C. L. Brown formed United Telephone and Electric (UT&E) in 1925. In 1939, at the end of the Great Depression, UT&E reorganized to form United Utilities. In 1964, Paul H. Henson became president of United Utilities; two years later, he was named chairman. When Henson began working at the company in 1959, it had 575,000 telephones in 15 states and revenues of $65 million. Henson is credited with creating the first major fiber optic network, having recognized it as a way to handle more calls and provide better quality sound. In 1972, United Utilities changed its name to United Telecommunications. In 1980, United Telecommunications began working on a 23,000 mile fiber optic network for long-distance calls. In 1989, this long-distance business became profitable for the company for the first time. In 1990, Henson retired from United Telecommunications; by this time the company's revenues had grown to $8 billion. Southern Pacific Communications and introduction of Sprint Sprint also traces its roots back to the Southern Pacific Railroad (SPR), which was founded in the 1860s as a subsidiary of the Southern Pacific Company (SPC). The company operated thousands of miles of track as well as telegraph wire that ran along those tracks. In the early 1970s, the company began looking for ways to use its existing communications lines for long-distance calling. This division of the business was named the Southern Pacific Communications Company. By the mid 1970s, SPC was beginning to take business away from AT&T, which held a monopoly at the time. A number of lawsuits between SPC and AT&T took place throughout the 1970s; the majority were decided in favor of increased competition. Prior attempts at offering long-distance voice services had not been approved by the U.S. Federal Communications Commission (FCC), although a fax service (called SpeedFAX) was permitted. In the mid-1970s, SPC held a contest to select a new name for the company. The winning entry was "SPRINT", an acronym for "Southern Pacific Railroad Internal Networking Telephony". Consolidation and renaming to Sprint Corporation In 1982, it was announced that GTE Corp. had reached an agreement to buy SPC's long-distance telephone operation, including Sprint. The deal was later finalized in 1983. In 1986, GTE Sprint merged with the United Telecommunications Inc. property, US Telecom. The joint venture was to be co-owned by GTE and United Telecom named US Sprint Communications. The new entity also included communications firm GTE Telenet, and United Telecom Data communications Co., (formerly known as Uninet). In 1988, GTE sold more of Sprint to United Telecom, giving United Telecom operational control of the company. United Telecom announced it would complete its acquisition of US Sprint on April 18, 1990. United Telecom later officially changed its name to Sprint Corporation to capitalize on its brand recognition. Expansion to Canada Sprint Corporation entered the Canadian market in the early 1990s as a reseller of bulk long-distance telephone lines that it bought from domestic companies. Under Canadian foreign ownership regulations, Sprint could not open its own network. In 1993, Sprint entered into a strategic alliance with Call-Net Enterprises, a Canadian long-distance service provider, and bought 25 percent of the company. Call-Net's long-distance service was renamed "Sprint Canada" and expanded to include landline and internet services. In 2005, Call-Net and Sprint Canada's 600,000 customers were acquired by Rogers Communications. Return to wireless In March 1993, Sprint merged with Chicago's Centel Corp. Centel remained in the Chicago area and was renamed Sprint Cellular Co. In 1994, Sprint spun off their existing cellular operations as 360° Communications to comply with an FCC regulatory mandate. In 1998, 360 Communications was acquired by Alltel, which was in turn acquired by Verizon in 2009. In 1994, Sprint announces plans for a powerful new venture with three of the nation's major cable television companies, Tele-Communications Inc. (TCI), Comcast Corp. and Cox Cable. The four companies outline plans to build a nationwide network to provide wireless personal communications service (PCS), and also affirm their support for a single integrated offering of wireless, local telephone and long distance services in a package with cable television service In 1995, Sprint and its cable television associates entered into a partnership with American Personal Communications (APC) to create a digital wireless network. In November 1995, the company began to offer wireless service under the Sprint Spectrum brand in the Baltimore-Washington metropolitan area. This was the first commercial Personal Communications Service (PCS) network in the United States. Although the Sprint PCS service was CDMA, the original Washington-area network used GSM. Eventually, Sprint launched its new nationwide CDMA network, then in 1999 sold the decommissioned GSM infrastructure to Omnipoint which re-launched in May 2000. Omnipoint was later acquired by VoiceStream Wireless, which like Sprint would eventually be acquired by T-Mobile. Partnerships and more consolidation In September 1996, Sprint announced a deal with RadioShack, and in 1997, Sprint stores opened at RadioShack to offer communications services and products across the United States. On October 5, 1999, Sprint and MCI WorldCom announced a $129 billion merger agreement between the two companies. The deal would have been the largest corporate merger in history at the time. However, due to pressure from the United States Department of Justice and the European Union on concerns of it creating a monopoly, the deal did not go through. In 1999, Sprint began recombining its local telecom, long-distance, wireline, and wireless business units into a new company, in an initiative known internally as "One Sprint". In April 2004, the separately traded wireless tracking stock PCS was absorbed into the New York Stock Exchange FON ticker symbol, Sprint's former ticker symbol (FON stood for "Fiber Optic Network", but was also a homophone of the word "phone"). This was challenged in many lawsuits by Sprint PCS shareholders who felt their stock was devalued because it was trading at the ratio of 1 share of PCS stock for 1/2 share of FON stock. The PCS shareholders claimed a loss of 1.3 billion to 3.4 billion dollars. Merger of Sprint Corporation and Nextel Communications On December 15, 2004, Sprint Corporation and Nextel Communications announced they would merge to form Sprint Nextel Corporation. The merger was transacted as a purchase of Nextel Communications by Sprint Corporation for tax reasons; Sprint purchased 50.1 percent of Nextel. At the time of the merger announcement, Sprint and Nextel were the third and fifth leading providers in the U.S. mobile phone industry, respectively. Sprint shareholders approved the merger on July 13, 2005. The merger deal was approved by the U.S. Federal Communications Commission (FCC) and U.S. Department of Justice on August 3, 2005. Sprint Nextel was formed on August 13, 2005, when the deal was completed. Sprint and Nextel faced opposition to the merger, mostly from regional affiliates that provided wireless services on behalf of the companies. These regional affiliates felt that the new company would hinder competition. On September 1, 2005, Sprint Nextel combined plan offerings of its Sprint and Nextel brands to bring uniformity across the company's offerings. Nextel has licensed its identity to NII Holdings, Inc., of which Sprint Nextel owned 18%. NII has used the Nextel brand to set up networks in many Latin American countries. Following Sprint's purchase of Nextel, Nextel sold all of its investment in NII Holdings. The integration process was difficult due to disparate network technologies. Sprint tried to address this with the advent of PowerSource phones. These phones routed voice call and data services over Sprint's PCS spectrum while maintaining DirectConnect services over 800 MHz spectrum. However, this was not sufficient in coverage, due to the inability to roam on a non-PCS spectrum. Top Nextel Executives began leaving the company immediately after the merger closed. Tim Donahue, the Nextel CEO, stayed on as executive chairman, but ceded decision-making authority to Gary D. Forsee. Tom Kelly, COO of Nextel, took an interim staff position as Chief Strategy Officer. Two years after the merger, only a few key Nextel executives remained, with many former Nextel middle- and upper-level managers having left, citing reasons including the unbridgeable cultural difference between the two companies. In 2006, Sprint spun off its local telephone operations, including the former United Telephone companies and Centel, as Embarq. Sprint's acquisition of Nextel was a disaster from a fiscal standpoint in 2008, the company wrote down $29.7 billion of the $36 billion sum it had paid for Nextel in 2005, wiping out 80 percent of the value of Nextel at the time it had been acquired. The write down reflected the depreciation in Nextel's goodwill since the date of acquisition. Affiliate acquisitions and settlements Prior to their merger, Sprint and Nextel were dependent on a network of affiliated companies. Following the announcement of the merger agreement, some of these affiliates came forward with strong opposition to the Sprint-Nextel merger on the grounds that the merged company might violate existing agreements or significantly undercut earnings to these affiliates. In order for Sprint Nextel to allay some of this opposition, they initiated discussions of either acquiring some of these affiliates or renegotiating existing agreements. In several cases, the newly formed company was forced to acquire affiliated companies in exchange for their dropping their opposition to the merger. Forsee said that the company would likely have to acquire all of its remaining affiliates. In 2005, Sprint Nextel acquired three of its ten wireless affiliates: US Unwired, acquired in August; Gulf Coast Wireless, acquired in October; and IWO Holdings, acquired in October. Alamosa PCS, which Sprint Nextel acquired on February 2, 2006, was the largest of its affiliate carriers. Other acquired affiliates include Ubiquitel, iPCS, Enterprise, and Northern. In 2021, after merging with Sprint in 2020, T-Mobile acquired the remaining two of Sprint's original ten affiliates, Shentel and Swiftel. Below are companies which Sprint Corporation has acquired: August 13, 2005: Sprint acquires the Sprint PCS affiliate US Unwired for $1.3B, thus adding 500,000 additional direct customers to Sprint Nextel. August 30, 2005: Sprint Nextel announces its intention to acquire IWO Holdings, Inc., a mainly New England–based network affiliate for the Sprint PCS business. The acquisition closed on October 20, 2005. Sprint Nextel acquires Gulf Coast Wireless, adding 95,000 customers, mainly in Louisiana and Mississippi, to Sprint Nextel's CDMA network. The acquisition closed on October 3, 2005. November 21, 2005: Sprint Nextel announces a $4.3-billion acquisition agreement for Texas-based Sprint PCS affiliate Alamosa Holdings, potentially adding 1.48 million customers to Sprint Nextel. December 16, 2005: Sprint Nextel announces a $98 million agreement to acquire Enterprise Communications of Columbus, Georgia, thus adding over 52,000 customers to the company's PCS Wireless division. December 16, 2005: Sprint Nextel announces acquisition of non-affiliate Velocita Wireless. The transaction enhances the iDEN network's 900 MHz spectrum position. On July 2, 2007, Velocita Wireless, which became an indirect subsidiary of Sprint Nextel, was acquired by United Wireless Holdings, Inc. December 21, 2005: Sprint Nextel Corporation and Nextel Partners, Inc. reach an agreement for a $6.5 billion deal whereby the Sprint Nextel Corporation acquires the largest of Nextel's affiliates to end Nextel Partners' opposition to any changes by Sprint in relation to the Sprint-Nextel merger. Once completed, the Nextel Partners deal adds more than 2 million customers directly to the Sprint Nextel company. April 20, 2006: Sprint Nextel Corporation and Ubiquitel PCS Corporation reach an agreement whereby the Sprint Nextel Corporation acquires Ubiquitelpcs, an exclusive Sprint PCS provider. March 17, 2007: Sprint Nextel Corporation completes integration of Nextel Partners customers into the Sprint Nextel system. Nextel Partners' Las Vegas headquarters shuts down service, and all Nextel Partners customers are now handled through the new "Ensemble" billing system. All Nextel Partners customers are now Sprint Nextel customers and are entitled to the same promotions as all other Sprint Nextel iDEN customers. August 2, 2007: Sprint Nextel Corporation completes the acquisition of Northern PCS for $312.5 million including debt. July 28, 2009: Sprint Nextel announces a $483 million acquisition agreement for Virgin Mobile USA, adding 5 million pre-paid customers to Sprint Nextel, although these subscribers were counted in Sprint's total subscriber count, as Virgin Mobile USA was an MVNO on Sprint's CDMA network. October 19, 2009: Sprint Nextel agrees to acquire iPCS, one of its last remaining affiliates. Consolidation to Overland Park After the Sprint-Nextel merger, the company maintained an executive headquarters in Reston, Virginia and operational headquarters in Overland Park, Kansas. Sprint CEO Dan Hesse recognized that having two headquarters was not helping the merger effort, sent the wrong message to employees and contributed to the post-merger cultural clash. To resolve the problem, Hesse decided to consolidate all headquarters operations in the Sprint World Headquarters Campus located in Overland Park, Kansas, a suburb in the Kansas City metropolitan area. Acquisition by SoftBank Corporation On October 14, 2012, the Japanese telecommunications company SoftBank announced it intended to purchase 70% of Sprint Nextel Corporation for $20.1 billion. SoftBank stated that Sprint will remain a separate entity, and will remain a CDMA carrier until it is an all-LTE carrier. On April 15, 2013, Dish Network announced a higher bid for Sprint Nextel than the offer placed by SoftBank, with a $25.5 billion offer. On June 18, 2013, Dish retracted its bid and decided that it would instead focus on its intent to purchase Clearwire, however on June 26, 2013, Dish also retracted its bid for Clearwire, leaving the road clear for SoftBank to acquire the company. The United States Federal Communications Commission approved SoftBank's acquisition of a stake in Sprint. The FCC's acting chairwoman Mignon Clyburn and commissioner Ajit Pai both gave statements vociferously supporting the acquisition, saying the deal "serve[s] the public interest". The acquisition was completed on July 10, 2013. On August 6, 2013, SoftBank purchased approximately 2% more shares of Sprint Corporation, increasing its ownership stake in the company to 80%. Additional acquisitions On November 7, 2012, Sprint Nextel announced the acquisition of 20 MHz of spectrum and 585,000 customers from U.S. Cellular in Chicago, St. Louis, central Illinois and three other Midwest markets. The deal was expected to close in mid-2013. Prior to July 9, 2013, Sprint Nextel only owned a 50.8% equity interest in Clearwire Corporation; On December 17, 2012, Sprint Nextel agreed to pay US$2.97 per share, US$2.2 billion in total, to purchase the portion of Clearwire shares that Sprint Nextel did not already own. On June 20, 2013, Sprint Nextel increased its offer to $5 per share, the transaction was approved by regulators on July 5, 2013, and closed on July 9, 2013, and Sprint Nextel became the complete owner of Clearwire and its assets. On March 31, 2015, the U.S. bankruptcy court approved a $160 million takeover of electronics store chain RadioShack by Standard General. As part of the deal, the company entered into a partnership with Sprint to serve as co-tenants in 1,435 of its locations, beginning on April 10, 2015. Roughly a third of the retail space in each location is dedicated to Sprint products and services, and the stores will ultimately adopt Sprint as their primary brand in place of RadioShack. Sprint stated that this deal would increase the company's retail footprint by more than double. On January 23, 2017, Sprint announced that they were buying a 33 percent stake in the music streaming service Tidal. Merger with T-Mobile US Wireline operations Sprint derives revenue as a wireline IP network operator and as a long-distance telephony provider. Sprint is the United States' fourth largest long-distance provider by subscribers. In 2006, Sprint Nextel exited the local landline telephone business, spinning those assets off into a newly created company named Embarq, which CenturyTel acquired in 2008 to form CenturyLink. SprintLink SprintLink is a global Tier 1 Internet service provider network, operating an 100G Internet backbone. Customers include large multinational corporations, government agencies, retail and restaurant chains, Tier 2 and Tier 3 ISPs, and medium-to-small businesses. SprintLink has physical presence in 155 countries, including the United States, Western Europe, East Asia, Australia, and India. The network wraps all the way around the world with buried fiber optics in the United States and Europe, and undersea fiber in the Pacific, Atlantic, and Indian Oceans. SprintLink is responsible for cable maintenance and administration in the TAT-14 Consortium. In 2008, Sprint was upgrading its SprintLink core to 100 Gbit/s lines to offer increased bandwidth. As of June 2012, Sprint picked Ciena for upgrading its Sprintlink core to 400 Gbit/s speeds. Ethernet services In 2007, Sprint launched Ethernet services over its IP/MPLS network to an initial 40-markets. Sprint later expanded their Ethernet services to 65 markets in September 2011. Sprint then launched Ethernet over copper and Ethernet over DOCSIS in 2016 to complement its Fiber Ethernet offerings. Sprint Web Services Sprint offers its enterprise customers managed web-based services through its Sprint Web Services program. It allows enterprise customers to create managed web-based applications IoT & Connected Services In 2015, Sprint powered the Connected Officer program for the Los Angeles Police Department in partnership with Samsung, VMware, and Prodapt. Telecommunications Relay Services Sprint wireline is also responsible for traditional telecommunications relay service (TRS), speech to speech relay service (STS), and captioned telephone service (CTS). Sprint is in the process of upgrading these services from a TDM network to an IP-based network Wireless operations Sprint branded services Sprint Corporation offered postpaid wireless voice and data services primarily under the Sprint brand. Sprint Prepaid Group The Sprint Prepaid Group was a division of the company formed in May 2010 that is responsible for the operations of Sprint's pre-pay subsidiaries. SPG's branded products and services are sold via web and available at retailers nationwide, including Best Buy, Walmart, Target and other independent dealers. Boost Mobile Boost Worldwide, Inc. was a wholly owned subsidiary of Sprint that provides nationwide, prepaid wireless voice, messaging and broadband data products and services to customers in the contiguous United States under the Boost Mobile brand. The services are provided as an MVNO hosted on the Sprint-owned CDMA, EVDO, WiMAX, LTE, and LTE Advanced networks. Sprint Smart Velocity Sprint Velocity was Sprint Corporation's Connected Vehicle Platform, announced in 2012 in partnership with Chrysler. Wireless wholesale operations and affiliates Sprint Corporation provided services using both its own spectrum and network equipment through affiliate agreements. Smaller affiliated companies operated their own network assets and retail operations but offered services to customers in their geographic region under the Sprint brand. In the early stages of network build-out, the company relied significantly on network partners known as affiliates to rapidly expand its coverage. These affiliates would lease Sprint's PCS spectrum licenses in a specific geographic area, typically rural areas, and smaller cities, and provide wireless service using the Sprint brand. Sprint provided back-end support such as billing and telephone–based customer service, while the affiliates built and maintained the network, sold equipment to customers, and staffed the retail stores in their specific regions. Its customers could "roam" across Sprint-operated and affiliate-operated portions of the network without being aware of the distinction, and vice versa. Outwardly, efforts were made to make it appear as if the network was operated by a single entity under the Sprint name, though complex revenue-sharing agreements were in place which was very similar in nature to cross-carrier roaming tariffs. In later years, the relationship between Sprint and its affiliates grew contentious, particularly after Sprint's acquisition of Nextel. Various affiliates included Swiftel Communications in Brookings, South Dakota; Shentel in northern Virginia, and parts of Pennsylvania, Maryland, and West Virginia. Sprint Rural Alliance Sprint Rural Alliance (SRA) members (aka Sprint Partners) were carriers who used their own equipment and also sold their own service under their own name while using Sprint spectrum. Sprint was given access to the SRA network in return for allowing the use of Sprint spectrum. This allowed Sprint to keep the spectrum license for the geographic area being served by the SRA member. Alaska DigiTel in Alaska was an SRA Member. Former SRA Members included Alltel Wireless in Montana; This portion of the network was obtained by AT&T during the merger of Alltel and Verizon Wireless, Pioneer Cellular in Kansas and Oklahoma; they ended their agreement with Sprint on March 1, 2012, and transitioned to an agreement with Verizon through the LTE in Rural America program, nTelos; operated in West Virginia and was bought out and merged with Shentel which was a Sprint Affiliate. Mobile virtual network operators (MVNOs) Sprint Corporation provided capacity on its CDMA2000, EVDO, and LTE wireless networks to mobile virtual network operators (MVNOs), which allowed other wireless providers to utilize its networks to offer its services. Sprint's prepaid brands operated using Sprint's networks, though they were not MVNOs, but rather wholly owned prepaid subsidiaries of the company. Bring Your Own Sprint Device Sprint Corporation allowed certain Sprint MVNOs to accept and activate old Sprint-branded phones through its "Bring Your Own Sprint Device" program which was established for Sprint's initiative to further reduce the number of cell phones that were thrown away each year. The program was also beneficial to MVNOs customers who did not want to pay subsidized prices. Custom Branded Device Program Sprint Corporation offered its MVNOs a program called the "Custom Branded Device Program", which gave MVNOs access to completely unbranded Android smartphones with no references to Sprint that the MVNO could then customize with its own branded apps and services through Sprint's Mobile ID and Mobile Zone products. Though these phones were free of Sprint branding, they were certified to run on Sprint networks. Data roaming agreements On May 9, 2006, Sprint Nextel and Alltel agreed on a new Nationwide Roaming partnership. It was reciprocal, and gave Alltel customers access to the Sprint 1x and EV-DO network and Sprint customers access to Alltel's denser, rural 1x and EV-DO voice and data network. The roaming reciprocity agreement between Alltel and Sprint was set to expire in 2016. Sprint and Verizon Wireless had a reciprocal data roaming agreement that allowed for the use of Sprint Power Vision content like TV, movie downloads, and stream radio in Verizon 1x and EVDO coverage areas. Sprint also had a reciprocal 1xRTT, EVDO and LTE data and voice roaming agreement with U.S. Cellular. Sprint had an LTE roaming agreement with AT&T as well, which was typically limited to 3G speeds. Several cases of Sprint phones simultaneously roaming on Verizon's CDMA network for voice and AT&T's LTE network for data were observed in 2017. In 2018, with the announcement of the Sprint and T-Mobile merger, Sprint gained access to roaming on T-Mobile's LTE network until the Sprint network was discontinued. Roaming on T-Mobile was counted as native data usage and had no speed restrictions. Wireless networks The following is a list of known CDMA, LTE, and NR frequencies which Sprint employed in the United States: Frequency Band Band Number Protocol Generation Status Notes 800 MHzSec. 800 MHz 10 IS-95/1xRTT/EVDO/1X Advanced 2G/3G Decommissioned Sprint's CDMA network was completely shut down on May 31, 2022. 1.9 GHz PCS 1700 MHz Upper CBlock 13LTE/LTE-A4GLimited to Puerto Rico and the USVI. Previously operated under the Open Mobile brand. Sprint's LTE network was completely shut down on June 30, 2022.850 MHz E-CLR 26Sprint's LTE network was completely shut down on June 30, 2022. 1.9 GHz E-PCS 252.5 GHz BRS/EBS 415.2 GHz U-NII 462.5 GHz BRS/EBS n41 NR 5G Sprint's 5G network was shut down by T-Mobile on July 1, 2020. Sprint operated a nationwide CDMA network in the 1.9 GHz PCS band. In 2006, Sprint's EV-DO "Power Vision" network reached more than 190 million people. Sprint then continued to upgrade their 3G EV-DO network until it reached 260 million people in 2007. Sprint eventually covered over 300 million PoPs with EV-DO services. Sprint added eHRPD to its network (EV-DO routed through an LTE core network) in order to facilitate smooth handoffs between LTE and EV-DO. As a result of the Merger with T-Mobile US, Sprint's CDMA network was completely shut down on May 31, 2022. LTE On July 28, 2011, Sprint announced that it had decided to end its rollout of the 4G network using WiMAX technology, in favor of more internationally accepted LTE technology. Sprint had also announced that it entered into a 15-year agreement that included spectrum hosting, network services, 4G wholesale and 3G roaming, with LightSquared. That deal, however, was later dissolved due to regulatory issues which LightSquared was unable to resolve with the FCC. Sprint announced initial LTE deployment plans at the Sprint Strategy Update conference on October 7, 2011. Network Vision-partner Samsung began LTE deployments on October 27, 2011, in Chicago, Illinois. Sprint projected that the LTE network would cover 123 million people in 2012 and over 250 million people by the end of 2013. On January 5, 2012, Sprint announced via Twitter its first 4G LTE markets, that included Atlanta, Dallas, Houston, and San Antonio; on June 27, 2012, Sprint stated that it would launch its new 4G LTE network in the first five markets the following month and on July 15, 2012, Sprint commenced operating the LTE network. In addition to the five announced markets, it was launched in 10 other markets, with more markets to be covered by the end of the year. Sprint initially deployed LTE in the 1900 MHz PCS G block, and over time added LTE to its 1900-MHz PCS A-F block spectrum. Sprint also deployed LTE in the 850-MHz E-CLR band and the 2500-MHz BRS/EBS band. In February 2013, Sprint's Prepaid Group, which operated Virgin Mobile USA and Boost Mobile, began offering products and services using Sprint's LTE network. On April 15, 2016, it was reported that Sprint covered more than 300 million PoPs with LTE services. Sprint eventually rolled out VoLTE, although the deployment was initially limited to select markets. iOS devices newer than the iPhone 8, as well as a few select Android flagship devices, supported VoLTE on Sprint. VoLTE and Wi-Fi Calling are interoperable, and devices can transfer calls between the two networks. Calls initiated on Wi-Fi by non-VoLTE devices will transfer calls to the LTE network if Wi-Fi coverage becomes too weak to sustain the call, although they are unable to initiate calls on LTE. As a result of the Merger with T-Mobile US, the Sprint LTE network was shut down on June 30, 2022. Wireless products and services Mobile devices Sprint offered a variety of wireless and mobile broadband products from a full range of manufacturers, that were preloaded with mobile operating systems including Google's Android or Apple's iOS. Sprint's partner device manufactures included Apple, BlackBerry, HTC, Kyocera, LG, Motorola, Samsung, Sharp, Sonim, and ZTE. Broadband for the home via Sprint Mobile In order to offer broadband directly to the home, Sprint launched a co-branded Broadband Wireless Access Point device along with Linksys, a unit of Cisco Systems. This unit allowed Sprint customers to set up a special network in a home or office computer network, connecting multiple computers or laptops wirelessly to Sprint's PowerVision network. This broadband service to the Internet allowed some customers to have broadband without paying for telephone service. The PowerVision router allowed one to bypass the local telephone and cable broadband service providers. Such Broadband offerings to the home or office without cable or DSL meant the router could be used to provide cheaper VoIP services through Sprint's high-speed network. Sprint Music Plus On October 31, 2005, the Sprint Music Store was launched. Initial record-label participation included EMI Music, Sony BMG Music Entertainment, Warner Music Group, and Universal Music Group. On November 1, 2006, after one year of service, the store had sold more than 8 million songs, partly thanks to the five free songs it offered customers at launch. On April 1, 2007, the Sprint Music Store started offering music downloads at the price of 99 cents per track to customers who agreed to subscribe to a Vision pack of $15 or higher. The service was rebranded as Sprint Music Plus in 2011, managed by RealNetworks. It offered full-track music files from various labels (albums and single tracks), ringback tones, and ringtones. From July 2013, Sprint Music Plus app was managed by OnMobile Global, a company headquartered in Bangalore, India. Google Play On May 16, 2012, Sprint began to allow subscribers to bill application purchases from Google Play to their phone account. Sprint Airave and Magic Box On September 17, 2007, Sprint Nextel launched the Airave, which increased cell reception over an area of and could handle up to three calls at once by hooking into an existing broadband connection and using VOIP. The Airave helped eliminate poor signal quality inside buildings. Airave was used only for voice calls using a Sprint CDMA phone and was unavailable for Nextel iDEN phones or data cards/USB modems. By default, the Airave unit allowed any Sprint phone to connect through it, but it could be reconfigured to accept only connections from up to 50 authorized numbers in order to eliminate unwanted use. The Airrave used the customers' own bandwidth to connect calls—potentially slowing internet speeds on less ample connections, and causing the customer to essentially subsidize the Sprint network. Sprint was one of the only carriers that had not charged its customers for this type of device if the customer demonstrated that Sprint coverage was inadequate where they lived. Airave 2.0 was a device that supported up to six devices simultaneously and data usage. The device required a land-based internet service (such as DSL or cable modem) to produce the CDMA signal. The Airave 2.5 improved reliability and had two LAN ports. Airave 3.0 was a device that broadcast both CDMA and LTE using band 41 that was approved by the FCC in late 2016 and became available in 2017. It required a cable internet connection and included a WAN RJ45 port and two RJ45 Ethernet LAN ports. The Magic Box created its own Band 41 LTE signal and used Band 41 or Band 25 LTE signals instead of a cable connection for the internet. It was designed to be placed on a window sill and broadcast to the inside of a building plus outside the building for 100 meters or further. Defunct brands and networks CLEAR was the brand of mobile broadband services offered by Clearwire Corporation, which was acquired by Sprint Nextel in July 2013. The brand provided mobile and fixed wireless broadband communications services to retail and wholesale customers in Belgium, Spain, and the United States. Sprint ended the CLEAR brand in September 2013 shortly after it closed its acquisition of Clearwire, and it no longer offers CLEAR-branded products and services to new customers. Common Cents Mobile Sprint Nextel began offering pre-paid wireless products and services via wholly owned MVNO Common Cents Mobile on May 13, 2010. Sprint Nextel intended these products and services as a lower-cost alternative, charging $.07 per minute for voice calls with round-down timing and $.07 per text message. The products and services were initially available through Walmart stores; Sprint Nextel had planned to expand the distribution of Common Cents Mobile to other outlets, but never did. On May 18, 2011, Sprint Nextel discontinued operating its Common Cents Mobile pre-paid brand, on the basis, it was a duplicate of the offerings of the Virgin Mobile USA PayLo brand. Common Cents Mobile customers were transitioned to a Virgin Mobile payLo service plan that allowed the former Common Cents Mobile customers to keep their existing $.07 per minute rate. Nextel Direct Connect Sprint Nextel decided to decommission the iDEN (Nextel National) network it had acquired after merging with Nextel Communications in order to repurpose the network for LTE coverage, Sprint stopped offering Nextel Direct Connect walkie-talkie service. Instead, Sprint persuades many of its customers into their replacement service – Sprint Direct Connect which operates on the CDMA network. Virgin Mobile and Assurance Wireless Virgin Mobile USA, L.P. was a wholly owned subsidiary of Sprint Corporation and provided nationwide, prepaid wireless voice, messaging, and broadband data products and services to customers in the contiguous United States under the Virgin Mobile, payLo, and "Assurance Wireless Brought to You by Virgin Mobile" brands. It operated as an MVNO and provided services to its customers via the Sprint-owned CDMA, EVDO, WiMAX, and LTE networks. Virgin Mobile USA, L.P. also offered lifeline telephone service subsidized by the U.S. Federal Communications Commission's Universal Service Fund under the "Assurance Wireless Brought to You by Virgin Mobile" brand. The program offers a free wireless phone and 250 free local and domestic long-distance voice minutes per month to eligible low-income customers in 31 states. End users do not receive a bill, nor are they required to sign a contract, and do not pay activation fees, recurring fees, or surcharges. Discontinued networks iDEN Sprint Nextel operated an iDEN nationwide network in the 800 MHz and 900 MHz SMR frequency band. Sprint Corporation acquired the iDEN network as a result of its merger with Nextel Communications in 2005. The iDEN network was originally deployed as a dispatch radio service and is unique in blending the half-duplex push-to-talk one-to-many broadcast capability of a walkie-talkie with the one-to-one private communication of a phone. Sprint later marketed "push-to-talk" services under the Nextel Direct Connect name. In October 2010, as part of the "Network Vision" plan, Sprint CEO Dan Hesse announced the decommissioning of the iDEN network to reduce costs, improve the coverage and performance of the 3G CDMA network and enable Sprint Nextel to focus on 4G LTE technology. Sprint Nextel announced on May 29, 2012, that it will stop marketing iDEN devices in the third quarter of 2012 and that the iDEN network could be completely decommissioned "as early as June 30, 2013". As of June 5, 2012, Sprint and Boost Mobile ceased offering iDEN devices, removing the devices and their associated service plans from the Sprint and Boost Mobile websites and retail locations. The Nextel national network was shut down on schedule at 12:01 am on June 30, 2013. Radio frequency range Band number Generation Radio Interface Status 800 MHz ESMR N/A 2G iDEN Decommissioned 900 MHz ESMR N/A 2G iDEN Decommissioned WiMAX Sprint Corporation operated a 4G WiMAX network in the 2.5 GHz band, which had been operated by Clearwire Corporation before it was acquired. Sprint also provided its prepay partners Boost Mobile and Virgin Mobile access to data services via the WiMAX network; including other Mobile virtual network operators under wholesale agreements. Sprint Nextel had won rights to radio spectrum in the 2.5 GHz band to provision fourth-generation services and began to build out a WiMAX network, offering services under the Xohm brand. However, on May 7, 2008, Sprint Nextel announced it would merge its WiMAX wireless broadband unit with Clearwire Corporation, receiving equity in Clearwire in return. The two companies completed the transaction on November 28, 2008. Sprint became the owner of Clearwire, after outbidding Dish Network for the company. On October 8, 2008, Sprint Nextel launched WiMAX in Baltimore and showed off several new laptops that will have embedded WiMAX chips. They announced that Sprint will be offering dual-mode 3G/4G products by the end of the year. Baltimore was the first city to get Xohm, but it was launched soon after in more cities, such as Chicago and Philadelphia. On April 19, 2011, Sprint Nextel announced it agreed to pay at least $1 billion to Clearwire so it can operate on the 4G WiMAX network through 2012, and a later agreement, announced in December 2011, specified terms allowing Sprint, its subsidiaries, and wholesale customers to continue having access to the Clearwire 4G WiMAX network through 2015. On July 9, 2013, Sprint Nextel acquired the remaining stock shares it did not already own in Clearwire and its assets. Sprint Corporation is working on migrating WiMAX customers to LTE compatible devices in order to begin transitioning the WiMAX bands to TDD LTE. In July 2013, Sprint announced its first tri-band products capable of accessing TDD-LTE data connections in the 2.5 GHz band still used for WiMAX. Sprint planned to shut its WiMAX network on November 6, 2015, however, an emergency injunction was granted by a judge of the Massachusetts Superior Court on November 5, 2015, to keep the WiMax network online for another 90 days, due to the ongoing lawsuit from non-profit groups. The groups, Mobile Beacon and Mobile Citizen, said that the network shutdown violates the contract which requires Sprint to provide high-speed internet services for low-income families and public institutions, as most of the equipment was still not LTE-compatible. Sprint pledged to provide upgrades to the equipment and work out a solution with the groups as soon as possible. Most of the WiMax network not running in the affected areas were shut down. On February 1, 2016, the same court declared that Sprint can proceed with the network shutdown in the remaining 75 cities. Sprint took the network of 16 cities, including New York City, offline on February 2, 2016, and closed 39 more on February 29, 2016. On March 31, 2016, the last 25 cities' networks were shut down. Device unlocking For devices launched after February 15, 2015, Sprint unlocked phones when Lease/Service/Billing Agreements were satisfied and accounts were in good standing. For devices launched before February 15, 2015, Sprint did not authorize the use of GSM-capable devices, including both phones and tablets it sold, on a United States–based competitor's network, such as T-Mobile or AT&T. Unlike the aforementioned companies, which have comparatively lenient policies about unlocking phones, such as when the device is paid off or the contract is fulfilled, and Verizon, whose GSM-capable devices ship with the GSM portion already unlocked, Sprint only unlocked devices for international use for customers in good standing after contacting customer support. This limitation meant phones and tablets sold by Sprint that were launched prior to February 15, 2015, only lawfully functioned on the Sprint network, a policy that prevented what may have otherwise been compatibility with another carrier's network. Additionally, iPhones sold by Sprint generally had the lowest resale value of devices sold by the top four carriers in the US. Means to unlock a GSM-capable iPhone existed, such as using a SIM interposer, but the device may not have functioned fully or correctly on the desired network, and unlocking of the device was a violation of the law under the terms of the DMCA up until August 1, 2014, when President Obama signed into law a bill allowing the unlocking of cell phones. FCC fine over Do Not Call rule breaches In May 2014, the company was fined $7.5 million by the U.S. Federal Communications Commission for failing to honor consumer requests to opt-out of marketing messages delivered by phone and text messages. Sprint was ordered to implement a comprehensive two-year plan to comply with the commission's rules including training of Sprint employees on how to comply with Do Not Call rules. American consumers have had the option of nominating not to receive telemarketing calls and texts since 2003, by placing their names on the National Do Not Call Registry. Law compliance As required by law in the United States, in response to court orders and warrants, Sprint Nextel provided law enforcement agencies with its wireless subscribers' GPS locations over 8 million times in one year between September 2008 and October 2009. The disclosures occurred by way of a special, secure portal which Sprint developed specifically for government officials, which enabled users to automatically obtain Sprint customers' GPS locations after the request has been reviewed and activated by Sprint's surveillance department. Advertising In 2016, Sprint began a major television advertising campaign that promoted its reliability as being within 1% of other major providers, such as Verizon. The advertisements featured Paul Marcarelli, an American actor once known for pitching Verizon with the phrase "Can you hear me now?" In the ads, Marcarelli noted that he had switched to Sprint and touted pricing of approximately half that of other providers, commenting "Can you hear that?" The ads featured the slogan "Don't let a 1% difference cost you twice as much." Sprint cellphones were product placed in such movies such as Men in Black II (2002), The Departed (2006), Dan in Real Life (2007), Superbad (2007), Wild Hogs (2007), 27 Dresses (2008), Baby Mama (2008), Beverly Hills Chihuahua (2008), Eagle Eye (2008), The Spiderwick Chronicles (2008), Sex and the City (film) (2008), Alvin and the Chipmunks: The Squeakquel (2009), Bride Wars (2009), Transformers: Revenge of the Fallen (2009), and The Gambler (2014). Music Sprint was the official wireless sponsor of the 2007 MTV Video Music Awards. Sprint Power Vision customers were able to watch the VMAs on a live simulcast on their Sprint Power Vision handset free of charge. Sports In Time Magazine'''s November 13, 2006, issue, Sprint Nextel's NASCAR FanView was named One of Best Inventions of 2006. The NASCAR FanView is a portable PDA that runs on Sprint's data network. The device offers fans access to "Race telecast and up to seven in-car camera channels, direct audio feeds allowing the user to listen to live driver and team conversations, as well as the radio broadcast and an exclusive audio-replay feature." From 2008 to 2016, Sprint Corporation was the major title sponsor of NASCAR's top racing series, formerly called the NEXTEL Cup, which became known as the Sprint Cup Series on February 9, 2008. Since then, Sprint signed a contract extension with NASCAR to continue sponsoring the series through the 2016 season. Sprint was replaced by Monster Energy after the 2016 season. Sprint Corporation held the naming rights to the Sprint Center in Kansas City, Missouri; after the merger in 2020, the arena was renamed the T-Mobile Center (not to be confused with T-Mobile Arena in Las Vegas). Sprint Nextel announced in December 2011 that it reached a multi-year exclusive partnership with the National Basketball Association (NBA) to be the league's official wireless service partner. Sprint was also a sponsor for the Copa América Centenario in 2016. Television Sprint was a sponsor of the Fox television series 24 and Fringe. Sprint was a major sponsor of the NBC television series Heroes and provided exclusive web content to subscribers. Sprint was also the mobile sponsor of NBC's The Voice. Sprint was a major sponsor of competition reality shows, such as Big Brother and Survivor'' on CBS, which enabled viewers to vote each week for "Player of the Game". See also Open Handset Alliance SoftBank Corporation
European Business and Innovation Centre	[ "Entrepreneurship", "Entrepreneurship organizations", "Business incubators", "Politics of the European Union", "Regional policies of the European Union", "Economy of the European Union" ]	466	4,496	European Business and Innovation Centres (commonly known as EU\|BICs or simply BICs), formerly known as EC-BIC (European Community Business and Innovation Centres), are quality-certified innovation-based business incubators according to standards set by the European Commission. The accreditation is awarded to organizations for the quality and impact of their practices in the selection, training, and support given to potential entrepreneurs and SMEs to innovate and prosper. The label is managed by the , an international not for profit association in Brussels set by the commission to provide networking, training, promotion and information to EU\|BICs. History Set up in 1984, EU\|BICs were a project initiated by the European Commission, DG Regional and Urban Policy. As an instrument for regional policy and cohesion, BICs had the mission of diversifying the output and strengthening the latent economic potential of regions going through deindustrialisation. The European Commission co-financed the creation of BICs in industrial regions together with various local bodies (often with regional government and development agencies, sometimes in association with universities, research centres, financial institutions and private sector organizations), to provide support services to potential entrepreneurs wanting to innovate in the region. EU\|BICs needed to be locally based, publicly privately owned, and become self-financing organizations. In 2004, EU\|BICs became a quality-based certification scheme to be granted to existing organisations who applied and qualified, replacing the former system of co-financing the foundation of organisations. In 2014, EBN became the sole owner and manager of the EU\|BIC label. See also Business incubator Science park Regional policy of the European Union
Knickerbocker Trust Company	[ "Knickerbocker Trust Company", "1884 establishments in New York (state)", "1900s in economic history", "1907 in the United States", "1912 disestablishments in New York (state)", "1912 mergers and acquisitions", "Banks disestablished in 1912", "Banks established in 1884", "Defunct banks of the United States", "Defunct companies based in New York (state)", "Defunct financial services companies of the United States", "Fifth Avenue" ]	2,132	18,558	The Knickerbocker Trust was a bank based in New York City that was, at one time, among the largest banks in the United States. It was a central player in the Panic of 1907. The bank was chartered in 1884 by Frederick G. Eldridge, a friend and classmate of financier J.P. Morgan. As a trust company, its main business was serving as trustee for individuals, corporations and estates. Eldridge was the founding president serving until his death in 1889. Eldridge was succeeded by John P. Townsend, who served as president for five years until he resigned to become president of the Bowery Savings Bank. After Townsend's resignation, Robert Maclay was unanimously chosen to be the new president, with Charles Tracy Barney as vice president. When Maclay retired in 1897, Barney was elected president. Panic of 1907 In 1907, its funds were being used by then-president Charles T. Barney in a plan to drive up the cost of copper by cornering the market. This gamble came undone due to the dumping of millions of dollars in copper into the market to stop a hostile takeover in an unrelated organization. Barney requested a meeting with J.P. Morgan to discuss financial assistance for the bank, but was rejected. The board of Knickerbocker Trust asked Barney to resign after he admitted involvement in the F. Augustus Heinze and Charles W. Morse speculations. That afternoon, the National Bank of Commerce announced it would no longer clear checks for the Knickerbocker, triggering a run of depositors demanding their funds back that forced the Knickerbocker to suspend operations. George L. Rives, Henry C. Ide and Ernst Thalmann were named receivers. The failure of the Knickerbocker was the impetus for the Panic of 1907, and exacerbated an ongoing decline in the stock market that saw the Dow Jones Industrial Average lose 48% of its value from January 1906 to November 1907. The banking crisis is also seen as the final event that led Congress to form the Federal Reserve System in 1913. A. Foster Higgins of Greenwich, Connecticut, served as successor president of Knickerbocker (Barney shot himself on November 14, 1907). Higgins was 77 years old and quite garrulous. Foster made public statements, including one following the death of Barney, that greatly embarrassed the Rehabilitation Committee under F.G. Bourne and William A. Tucker that was trying to get the trust company on its feet again. Nevertheless, the company reopened some weeks after its forced closing and paid off all depositors in full with interest. In March 1908, Charles H. Keep became president of the Knickerbocker Trust. He had previously served as Assistant Secretary of the Treasury from 1903 to 1907 under Secretary L. M. Shaw during President Theodore Roosevelt's administration followed by his appointment as New York State Superintendent of Banks. He served in that role for less than a year until he was appointed to the New York Public Service Commission, from which he resigned in 1908 to become president of the Knickerbocker. Mergers and acquisitions In February 1903, Knickerbocker Trust acquired the Washington Bank, afterwards opening a branch in the seven-story Smith Building at 148th Street and Third Avenue in the Bronx Financial District. In November 1912, the company bought its Bronx branch building, which was considered the Bronx's first skyscraper when it was built in 1900. In 1912, its assets were acquired by the Columbia Trust Company, forming the Columbia-Knickerbocker Trust Company. One of the principal shareholders of the Columbia was Hetty Green and her son, Ned Green, was a director. At the time, Columbia had deposits of more than $21,000,000 and Knickerbocker had deposits of approximately $38,000,000. Columbia's president, Willard V. King, served as president of the new company and Knickerbocker's president, Charles H. Keep, became chairman of the board. It was said that one of the deciding factors with the Columbia interests was Knickerbocker's hold on the uptown field. Columbia Trust had no branches and had outgrown its headquarters at 135 Broadway. In 1914, the name was changed back to Columbia Trust Company before it was acquired by merger by the Irving Bank of New York (which had been founded in New York in 1851) in February 1923. After the merger, it was called the Irving Bank-Columbia Trust Company. In September 1926, the company was renamed Irving Bank and Trust Company before it acquired the American Exchange-Pacific Bank after which it was renamed the American Exchange Irving Trust Company. In 1929, the name was changed again to the Irving Trust Company. On October 7, 1988, the Irving Trust board signed an agreement to merge with Bank of New York ending a yearlong battle as Bank of New York engineered a hostile takeover. At the time of the merger the combined banks became the United States' 12th largest bank with asset of $42 billion. During that year Irving had been trying to participate in a friendly merger with Banca Commerciale Italiana. Knickerbocker Trust Building The New York City bank was housed in a Roman-style temple designed by McKim, Mead, and White and erected between 1902 and 1904 (illustrated) at the northwest corner of 34th Street and Fifth Avenue. Stanford White's design allowed for the possibility of adding nine stories of offices upon the structure. It had branch offices at 60 Broadway, in Harlem and The Bronx. The Stanford White building was enlarged by ten stories in 1921, and the façade completely redesigned in 1958, with its signature pilasters covered over; it still remains, its original form unrecognizable. Presidents of Knickerbocker Trust 1884–1889: Frederick G. Eldridge 1889–1894: John P. Townsend 1894–1897: Robert Maclay 1897–1907: Charles T. Barney 1907–1908: A. Foster Higgins 1908–1912: Charles H. Keep References Notes
The Bulfinch Companies	[ "Real estate companies of the United States", "Real estate companies established in 1936", "Property management companies", "Companies based in Boston", "1936 establishments in Massachusetts", "1936 establishments in the United States" ]	1,216	12,747	The Bulfinch Companies, Inc. is an American real estate firm headquartered in Boston, Massachusetts. History Bulfinch was founded in 1936 by Samuel W. Poorvu, a Lithuanian immigrant who began his career as a bricklayer, and soon started a small company in Boston building and developing Post Offices. Poorvu was dubbed "The Post Office King of America" by the Wall Street Journal for his role in developing over 100 postal facilities nationwide for the United States Postal Service. Bulfinch is owned and has been continuously operated by the Schlager family. Since inception, Bulfinch has "developed, acquired, and re-positioned in excess of $4 billion in commercial real estate assets." Bulfinch owns and/or operates nearly 4 million square feet of property, primarily centered in New England. Bulfinch is currently in its third generation of management. Awards Bulfinch was awarded the "Distinguished Real Estate Award" by the National Association of Industrial & Office Properties in 2007. Bullfinch has also been awarded commendations by the Mayor of Cambridge, Massachusetts. The City of Cambridge, Massachusetts awarded Bulfinch the Certificate of Preservation Merit. Bullfinch received LEED Gold Certifications by the USGBC. Several Bulfinch properties have earned the United States Environmental Protection Agency's Energy Star certification. Banker & Tradesman has identified several Bulfinch sites as "Hot Properties". The American Council of Engineering awarded Bulfinch a silver award for Cambridge Discovery Park in 2008. Bulfinch received recognition at the 2011 GoGreen Awards for "their work in reducing storm water runoff and improving water quality". Acquisitions Osborn Triangle Located adjacent to MIT's campus in Kendall Square, Bulfinch, in partnership with MIT and Harrison Street Real Estate Capital, acquired three buildings: 610 Main Street North, 700 Main Street and 1 Portland Street "for 1.1 Billion Dollars". The three properties feature 677,000 square feet of lab, office and retail space, with a parking garage that includes 650 spaces. Key tenants include Pfizer, Novartis, Lab Central as well as restaurants Sulmona, Café Luna Revela, and Boston Burger. 10 Brookline Place Bulfinch acquired 10 Brookline Place in 2018 for 153 million dollars. The property consists of six floors with a total of 173,000 square feet of office space with 240 parking spaces available on 1.7 acres of land. Lifetime Center In July 2012, Bulfinch acquired the 300,000 square foot Atrium Mall in Chestnut Hill, Massachusetts from Simon Property Group, with plans to re-position it as a mixed-use medical office property, partially demolishing it, and then rebuilding and renovating it. The Lifetime Center reopened in Fall 2017 with Lifetime Fitness and Dana–Farber Cancer Institute as anchor stores. The Harvard Square Post Office Samuel Poorvu originally developed the Harvard Square United States Post Office located in Cambridge, Massachusetts in 1954. This facility was redeveloped in 2000 by Bulfinch. The Polaroid Building The building was the "first modern industrial structure in Cambridge, Massachusetts" and was designed by Shepley Bulfinch in 1938 for B B Chemical Company. The building was acquired by Polaroid Corporation and was used as their corporate headquarters for some time. The building is listed on the National Register of Historic Places since 1982. Bulfinch acquired the property in 2000. The Information Technology group of Harvard University (HUIT) is currently the sole tenant. Cambridge Discovery Park Cambridge Discovery Park is located on the site of the former Arthur D. Little Company headquarters in Cambridge, Massachusetts. It is an 820,000 SF master-planned development with multiple LEED certified buildings. It is home to Forrester Research world headquarters and the Harvard-Smithsonian Astrophysical Observatory. Siemens AG also leases space in the property. See also Pyramid Management Group Brookfield Properties
Post Mart	[ "Joint ventures", "China Post", "Retail companies of China", "Retail companies established in 2015" ]	384	2,959	Post Mart is a joint-venture between China Post Group and U.S.-owned China Horizon Investments Group. Post Mart provides consumer goods to people in rural China using the existing China Post network of hundreds of thousands of village postal stations as well as a network of distribution centers. In January 2016, China Horizon Investments sued China Post for fraud and breach of contract in relation to this venture. Background China Horizon Investments Group was founded in January 2007 by Alan Clingman for the purpose of investing in the growth of Chinese domestic consumption projects alongside major Chinese entities, especially state-owned entities. China Post is the official postal service of China. The State Post Bureau, the owner of China Post, is both a regulatory authority and government-owned enterprise. Thus, it is responsible for the regulation of the national postal industry and the management of national postal enterprises. China Post also owns one of China's largest banks, the EMS courier service, an insurance company and a large-scale distribution business. Following a multi-year pilot program, regulatory approvals for the China Horizon and China Post Joint Venture were granted in September 2015. The joint venture has a registered capital of RMB 1 billion and has a license to use the China Post brand. Operations Post Mart established a route to market sales and delivery system in Henan. It planned to roll this out nationally, reaching 10 provinces within five years. There are currently more than 50,000 village postal stations in Henan. Post Mart operates a loyalty program called the Post Mart Emerald Club. Products Post Mart provides a range of daily supply products such as cooking oil, rice, household goods, personal items and beverages such as Coca-Cola. Their brands include Chinese brands, international brands and its own brand.
Middle-class squeeze	[ "Economic problems", "Family economics", "Income distribution", "Middle class", "Socio-economic mobility" ]	1,400	12,713	The middle-class squeeze refers to negative trends in the standard of living and other conditions of the middle class of the population. In a middle-class squeeze situation, increases in wages fail to keep up with inflation for middle-income earners, leading to a relative decline in real wages, while at the same time, the phenomenon fails to have a similar effect on the top wage earners. People belonging to the middle class find that inflation in consumer goods and the housing market prevent them from maintaining a middle-class lifestyle, undermining aspirations of upward mobility. Overview Origin of the term Former U.S. Speaker of the House Nancy Pelosi used the term in November 2006 to provide context to the domestic agenda of the U.S. Democratic Party. The Center for American Progress (CAP) issued a report of the same title in September 2014. The term was further propelled into the public consciousness when it was used by former UK Labour Party leader Ed Miliband, who promised to defend the middle class in 2010. Definitions The term "squeeze" in this instance refers to rising costs of key products and services coupled with stagnant or declining real (inflation-adjusted) wages. This squeeze is also characterized by the fact that since the early 1980s, when European integration got into full swing, Belgium, France, Germany, Italy, and the United Kingdom have experienced strong real wage growth, while real wage growth in the United States has generally remained sluggish in comparison. Causes Causes include factors related to income as well as costs. Income changes Another narrative described by Paul Krugman is that a resurgence of movement conservatism since the 1970s, embodied by Reaganomics in the United States during the 1980s, resulted in a variety of policies that favored owners of capital and natural resources over laborers. Many other developed countries did not have an increase in inequality similar to the United States over the period from 1980 to 2006, though they were subjected to the same market forces due to globalization. This indicates U.S. policy was a major factor in widening inequality. Either way, the shift is visible when comparing productivity and wages. From 1950 to 1970, improvement in real compensation per hour tracked improvement in productivity. This was part of the implied contract between workers and owners. Historical perspective In 1995, 60% of American workers were laboring for real wages below previous peaks, while at the median, “real wages for nonsupervisory workers were down 13% from peak 1973 levels.” The other way in which income affects the middle class is through increases in income disparity. Findings on this issue show that the top 1% of wage earners continue to increase the share of income they bring home, while the middle-class wage earner loses purchasing power as their wages fail to keep up with inflation and taxation. A 2001 article from TIME Magazine highlighted the development of the middle-class squeeze. The middle class was defined in that article as those families with incomes between the Census Bureau brackets of $15,000 and $49,999. According to the census, the proportion of American families in that category, after adjustment for inflation, fell from 65.1% in 1970 to 58.2% in 1985. As noted in the article, the heyday of the American middle class, and its high expectations, came in the 1950s and 60s, when the median U.S. family income (adjusted to 2001 price levels) rose from $14,832 in 1950 to $27,338 in 1970. The rising prosperity was, however, halted by the inflation of the 1970s, which carried prices aloft more rapidly than wages and thus caused real income levels to stagnate for more than a decade. The median income in 2000 was only $27,735, barely an improvement from 1970. Health care The number of people who are uninsured has also increased since 2000, with 45.7 million Americans now without health insurance, compared to 38.7 million at the start of the millennium. Also, 18% of middle income Americans (making between 40,000 and 59,999 dollars) were without health insurance during 2007, and more than 40% of the 2.4 million newly uninsured Americans were middle class in 2003. Other factors Job security changes More than 92% of the 1.6 million Americans who filed for bankruptcy in 2003 were middle class. Debt Debt is cited as a cause of middle-class squeeze, especially when interest rates are high (which raises monthly debt payments). Criticism In a 2012 Brookings Institution article, economist Richard Burkhauser blames a misleading and narrow focus on the 1 percent as well as a dishonestly narrow definition of “income” that ignores the value of non-monetary work benefits and government transfer payments for propagating the myth. He argues that if the value of government benefits and payments to low-income Americans is included, the problem of income inequality comes into question. Burkhauser calculates the impact of government transfers, the value of health insurance not paid for by households and the decline in household size to find that the bottom 20 percent had about 25 percent more income in 2007 than 1979; thus, it could be seen that the bottom is in fact moving up. When comparing household incomes over time, critics of the middle-class squeeze emphasise the need to look at identical households. The U.S. Census Bureau defines a household as one or more persons living in the same abode. Fifty years ago, only 15% of all U.S. households had a single occupant; however, by 2017, that percentage had nearly doubled to 28% percent. Thus, the typical household today is much smaller, which could be causing a perceived shrinkage. See also
Suresh Krishna (businessman)	[ "Tamil businesspeople", "Recipients of the Padma Shri in trade and industry", "1936 births", "Living people", "Businesspeople from Madurai", "University of Madras alumni", "20th-century Indian businesspeople", "Sheriffs of Madras", "Indian billionaires", "TVS family" ]	855	8,766	Suresh Krishna, an Indian industrialist, is the Chairman of Sundram Fasteners Limited (SFL), and the Chairman of the holding company, T V Sundram Iyengar & Sons Pvt Ltd. Suresh Krishna is the grandson of the founder of TVS Group, late Sri T V Sundram Iyengar, and the eldest son of the late Sri T S Krishna. Career Currently, SFL has 27 factories including one each in China and the United Kingdom. SFL manufactures a variety of automotive products such as high tensile fasteners, cold extruded parts, sintered metal parts, power train components, radiator caps, wind energy components, hot forged parts, foundry parts, water pumps and oil pumps. Under his leadership, SFL became the first Indian Engineering company to acquire ISO 9000 certification. It is also the first engineering company in India to achieve Total Productive Maintenance (TPM) Excellence Award. Net worth Forbes lists his net worth as of April 2022 at $1.1 billion USD. Recognition Suresh Krishna served as the President of the Automotive Component Manufacturers Association of India from 1982 to 1984 and as the President of the Confederation of Indian Industry from 1987 to 1988. He has been board director of several TVS Group companies, as well as for the Industrial Credit & Investment Corporation of India, Tata Steel, Videsh Sanchar Nigam Ltd, Institute for Financial Management & Research, etc. He was appointed as a Director on the Central Board of the Reserve Bank of India. Awards and honours The Government, Business and Industry bodies have recognized Suresh Krishna's contributions. 2006 - Padma Shri Award for his contribution to Industry. 1997 - Qimpro Platinum Standard for being a role model for Quality Leadership for Corporate India. 1998 - Juran Quality Medal by the Indian Merchants Chamber, Mumbai. 2000 - JRD Tata Corporate Leadership Award 2002 - The Asian Productivity Organization, Japan conferred the Nation Award (for India) on Suresh Krishna for his outstanding contribution towards productivity improvement in the country during the last five years. 2001 - Entrepreneur of the Year Award from Ernst & Young 2017 - Life Time Achievement Award by the Nanayam Vikatan for his contribution to Industry 2019 - Quality Ratna Award
Marwan Hayek	[ "1969 births", "Lebanese chief executives", "Lebanese businesspeople", "Living people", "Orascom Group", "Businesspeople in telecommunications" ]	1,119	11,093	Marwan Hayek is the former chief executive officer of Alfa Telecom in Lebanon. Born 7 September 1969, Hayek is a telecoms executive and digital economy specialist who was part of the team that built the first GSM network in Lebanon. Marwan has over 18 years experience in the telecom sector across the MENA region. Education Hayek holds a master's degree in Telecommunications and Electrical Engineering from the Faculte Polytechnique de Mons in Belgium. He attended and participated in several technical, IT and Management trainings including CCL, MEIRC, HEC, INSEAD, MIT & Harvard. Career Hayek started his career with France Telecom in Lebanon – Cellis, known currently as Alfa, where he was part of the initial team that built the first GSM network in Lebanon, before joining later on the Orascom Telecom Holding in 1999. Hayek has held several assignments within the Orascom Telecom Group's subsidiaries and its Holding, the latest before his current appointment was in September 2007, where he joined Mobinil - Egypt as VP Technology in charge of both network and IT infrastructure. Prior to Mobinil, Hayek was the CTO of Mobilink in Pakistan (an OTH subsidiary) between June 2003 and September 2007. Between 2000 and 2002, Hayek was part of the team who built Sabafon's network in Yemen in the position of CTO. Under Hayek, OTH grew to over 120M subscribers. Hayek took the helm of Alfa, the first Lebanese mobile operator managed by Orascom Telecom, as its chairman and CEO, since the beginning of March 2010. He led the introduction of the 3G+ technology that was first launched in October 2011 as well as the introduction of 4G-LTE technology in May 2013. The Lebanese internet cable networks do not currently support fibre optics and the introduction of 3G+ followed by 4G-LTE gave access to the Lebanese people to high-speed internet. Since 1999, following the winning of the Management Agreement of Alfa by Orascom Telecom in February 2009 and in addition to his position at Mobinil, Hayek was appointed on the board of MIC1-Lebanon and Orascom Telecom Lebanon. Since November 2014, he also sits at the board of directors of WIS Telecom (an OTMT international carrier subsidiary operating out of Belgium and Italy). The mobile penetration rate in Lebanon is close to saturation, indexed at 94% as per beginning year 2016. Political Controversy In 2015 there was a controversy where the Governmental Tender Office claimed that Hayek did not submit the tender for the renewal of Alfa's governmental regulated contract on time and the Prime Minister's office disqualified Orascom from taking part in the bidding. The Shura Council cancelled the decision and ordered the Tender Office to endorse the company's application. The council also urged it to conduct a public and equally competitive bid. The telecom operators in Lebanon are government regulated and have to go back to the Minister of Telecommunications whenever they want to invest in the network. Awards and recognition Hayek has received several awards in recognition of his contributions to the telecom sector's development in Lebanon and the MENA region. In June 2011, he was awarded the Pan Arab "Telecommunications Man of the Year" title by the "Pan Arab Web Awards Academy". In 2012, he received the "Visionary Entrepreneur Award" at the Business Forum 2012 and he was awarded the "Golden Order of Merit for Leadership" from the "Arab Administrative Development Organization" (ARADO), an affiliate of the League of Arab States, and "Tatweej" Academy. For contributions to the advancement of Lebanon's digital economy, Hayek was awarded the "Golden Award for Leadership in Digital Economy" from "Tatweej" Academy. He was awarded the "International Hisham Jaroudi Championship" trophy for support of sports development in Lebanon. Personal life Hayek is married, with three children and lives in Beirut, Lebanon. He speaks Arabic, English and French.
Gerry Anderson	[ "Gerry Anderson", "1929 births", "2012 deaths", "20th-century English businesspeople", "20th-century Royal Air Force personnel", "AP Films", "English male television writers", "Businesspeople from the London Borough of Brent", "Businesspeople from the London Borough of Camden", "Deaths from Alzheimer's disease in England", "Deaths from dementia in England", "English company founders", "English film editors", "English male screenwriters", "English people of Polish-Jewish descent", "English people of Russian-Jewish descent", "English screenwriters", "English television directors", "English television writers", "Film directors from London", "Film producers from London", "Members of the Order of the British Empire", "People educated at Willesden County Grammar School", "People from Bloomsbury", "People from Kilburn, London", "People from Neasden", "Television producers from London", "British television show creators", "Writers from the London Borough of Brent", "Writers from the London Borough of Camden" ]	7,173	53,447	Gerald Alexander Anderson (; 14 April 1929 – 26 December 2012) was an English television and film producer, director, writer and occasional voice artist, who is known for his futuristic television programmes, especially his 1960s productions filmed with "Supermarionation" (marionette puppets containing electric moving parts). Anderson's first television production was the 1957 Roberta Leigh children's series The Adventures of Twizzle (1957–58). Torchy the Battery Boy (1960), and Four Feather Falls (1960) followed. Supercar (1961–62) and Fireball XL5 (1962–63) came next, both series breaking into the U.S. television market in the early 1960s. In the mid-1960s Anderson produced his most successful series, Thunderbirds. Other television productions of the period included Stingray, Captain Scarlet and the Mysterons and Joe 90. Anderson also wrote and produced several feature films, including Doppelgänger (aka Journey to the Far Side of the Sun, 1969). Following a shift towards live-action productions in the 1970s, he had a long and successful association with media impresario Lew Grade and Grade's company ITC, continuing until the second series of Space: 1999. After a lull in which a number of new series failed to materialise, Anderson began a new phase in his career the early 1980s, when nostalgia for his earlier Supermarionation series, prompted by Saturday morning re-runs in Britain and Australia, led to new commissions. Later projects included a 2005 CG remake of Captain Scarlet titled New Captain Scarlet. Anderson died in 2012. Early life Gerald Alexander Abrahams was born in the Elizabeth Garrett Anderson and Obstetric Hospital in Bloomsbury, London, and spent the early years of his life in Kilburn, and Neasden, London. He was educated at Kingsgate Infants School in Kilburn and Braintcroft Junior and Senior schools in Neasden, prior to winning a scholarship to Willesden County Grammar School. His parents were Deborah (née Leonoff) and Joseph Abrahams. At the start of the Second World War, Gerry Anderson's elder brother, Lionel, volunteered for service in the Royal Air Force (RAF); he was stationed in the United States for advanced training. Lionel often wrote letters to his family, and in one letter described a US Army Air Forces air base called Thunderbird Field, the name of which stayed in his younger brother's memory. Lionel was killed in action on 27 April 1944 when his de Havilland Mosquito was shot down over the Netherlands. On 16 October 1952, Anderson married Betty Wrightman (1929–2021). They had two daughters. In 1960, Anderson married Sylvia (née Thomas), with whom they had a son, Dr. Gerry Anderson Jr. (1967–2023), before divorcing in 1981. Television, film and military career Anderson began his career in photography, earning a traineeship with the British Colonial Film Unit after the war. He developed an interest in film editing and moved on to Gainsborough Pictures, where he gained further experience. In 1947, he was conscripted for national service with the RAF, and was based at RAF Manston, an airfield near Margate. He served part of his time in air-traffic control. Two incidents in his final year with the RAF had a profound effect on Anderson. The first occurred during an aircraft display on 18 September 1948 commemorating the Battle of Britain, when a Mosquito aircraft crashed on a road crowded with occupied cars; reports on the death toll ranged between twelve and 20 people. On another occasion, a Spitfire was coming in to land. It was only about above the ground before the runway controller alerted the pilot to the fact the plane's undercarriage hadn't lowered. The pilot opened up the throttle and climbed away. As this was a moment Anderson always remembered, he found it all too easy to write about aircraft when he devised stories for Thunderbirds. After completing his military service, he returned to Gainsborough, where he worked until the studio was closed in 1950. He then worked freelance on a series of feature films. In the mid-1950s, Anderson joined the independent television production company Polytechnic Studios as a director, where he met cameraman Arthur Provis. After Polytechnic collapsed, Anderson, Provis, Reg Hill and John Read formed Pentagon Films in 1955. Pentagon was wound up soon after and Anderson and Provis formed a new company, AP Films, for Anderson-Provis Films, with Hill and Read as their partners. Anderson continued his freelance directing work to obtain funds to maintain the fledgling company. AP Films' first television venture was produced for Granada Television. Created by Roberta Leigh, The Adventures of Twizzle (1957–1958) was a series for young children about a doll with the ability to 'twizzle' his arms and legs to greater lengths. It was Anderson's first work with puppets, and the start of his long and successful collaborations with puppeteer Christine Glanville, special effects technician Derek Meddings and composer/arranger Barry Gray. It was Anderson's desire to move into live-action television. The Adventures of Twizzle was followed by another low-budget puppet series with Leigh, Torchy the Battery Boy (1958–1959). Although the APF puppet productions made the Andersons world-famous, Anderson was always unhappy about working with puppets. He used them primarily to get attention from and a good reputation with TV networks, hoping to have them serve as a stepping stone to his goal of making live-action film and TV drama. During the production of The Adventures of Twizzle, Anderson started an affair with secretary Sylvia Thamm. Following his divorce from his first wife, Anderson married Thamm in November 1960. AP Films' third series was the children's western fantasy-adventure series Four Feather Falls (1959–60). Provis left the partnership, but the company retained the name AP Films for several more years. Four Feather Falls was the first Anderson series to use an early version of the so-called Supermarionation process, though this term had yet to be used. Despite APF's success with Four Feather Falls, Granada did not commission another series from them, so Anderson took up the offer to direct a film for Anglo-Amalgamated Studios. Crossroads to Crime was a low-budget B-grade crime thriller, and although Anderson hoped that its success might enable him to move into mainstream film-making, it failed at the box office. By this time, APF was in financial trouble and the company was struggling to find a buyer for their new puppet series. They were rescued by a fortuitous meeting with Lew Grade, the Associated Television (ATV) boss who offered to buy the show. This began a long friendship and a very successful professional association between the two men. The new series, Supercar, (1960–61) was developed by Gerry and Sylvia Anderson and Reg Hill based on a story written by Sylvia Anderson and marked several important advances for APF. Sylvia took on a larger role and became a partner in the company. The series was also the official debut of Supermarionation, the electronic system that made the marionettes more lifelike and convincing on screen. The system used the audio signal from pre-recorded tapes of the actors' voices to trigger solenoids installed in the heads of the puppets, making their lips move in synchronisation with the voices of the actors, and actresses. One of Anderson's most successful ventures was inaugurated during the production of Supercar. The establishment of AP Films (Merchandising) Ltd, a separate company set up to handle the licensing of merchandising rights for APF properties, was headed by Keith Shackleton (not the wildlife artist and TV presenter of the same name), a longtime friend of Anderson's from their National Service days. The next series by APF was the futuristic space adventure Fireball XL5 (1962). At the time it was the company's biggest success, garnering the honour of being the only Anderson series sold to an American TV network, NBC. Around this time, Anderson also saw his Supermarionation style attract imitators—most notably Space Patrol (US title: Planet Patrol) which used similar techniques and was made by several former employees and associates of Anderson, including Arthur Provis and Roberta Leigh. After the completion of Fireball XL5, Lew Grade offered to buy AP Films. Although Anderson was initially reluctant, the deal eventually went ahead, with Grade becoming the managing director, and the Andersons, Hill, and Read becoming directors of the company. Shortly after the buy-out, APF began production on a new marionette series, Stingray (1964), the first Supermarionation-based British TV series to be filmed in colour. For the new production APF moved to new studios in Slough. The new and bigger facilities allowed them to make major improvements in special effects, notably in the underwater sequences, as well as advances in marionette technology, with the use of a variety of interchangeable heads for each character to convey different expressions. APF's next project for ATV was inspired by a mining disaster that occurred in West Germany in October 1963. This real-life drama inspired Anderson to create a new programme format about a rescue organisation, which eventually became his most famous and popular series, Thunderbirds (1965–1966). The dramatic title was inspired by the letter Anderson's older brother Lionel had written to his family during World War II. Grade was very enthusiastic about the concept and agreed to back a series of 25-minute episodes (the same length as Stingray), so the Andersons scripted a pilot episode, "Trapped in the Sky", and began production. Anderson initially wanted actress Fenella Fielding to perform the voice of Lady Penelope, but Sylvia convinced her husband that she herself ought to play the role. Thunderbirds also marked the start of a long professional association with actor Shane Rimmer, who voiced Scott Tracy. Production on Thunderbirds had been under way for several months when Grade saw the completed 25-minute version of "Trapped in the Sky". He was so excited by the result that he insisted that the episodes be extended to fifty minutes. With a substantial increase in budget, the production was restructured to expand episodes already filmed or in pre-production, and create new 50-minute scripts for the remainder. Grade and others were so convinced that Thunderbirds would be a success that a feature-film version of the series was proposed even before the pilot episode went to air. At this approximate time, APF was renamed Century 21 Productions. After APF was renamed Century 21 Productions, it enjoyed its greatest success with Thunderbirds, and the series made the Andersons world famous. However, it was cancelled midway through the second series because Grade was unable to sell the show to an American network. Despite being wildly popular in the UK and abroad, Grade felt that without an American buyer, a full second series would fail to recoup its cost. It would later find moderate success in the United States through syndication. During the production of Thunderbirds the Andersons' marriage began to come under increasing strain, and the company also had a setback when the feature film Thunderbirds Are GO surprisingly flopped. In later interviews, Anderson said that he considered divorce, but this was halted when Sylvia announced that she was pregnant. Their son, Gerry Anderson Jr., was born in July 1967. By that time, production had started on a new series, Captain Scarlet and the Mysterons (1967), which saw the advent of more realistic marionette characters which, thanks to improvements in electronics which allowed miniaturisation of the lip-sync mechanisms, could now be built closer to normal human proportions. Century 21's second feature film, Thunderbird 6, was also unsuccessful, and the problems were compounded by their next (and penultimate) Supermarionation series, Joe 90 (1968). This series returned to more 'kid-friendly' territory, depicting the adventures of a young boy who is also a secret agent and whose scientist father uses a supercomputer called 'BIG RAT' which can 'program' Joe with special knowledge and abilities for his missions. Its relatively poor reception made it the last of the classic Anderson marionette shows. Live-action work Anderson's next project took the special effects expertise built up over previous TV projects and combined it with live action. Century 21's third feature film, Doppelgänger (1969) (released internationally as Journey to the Far Side of the Sun) was a dark, Twilight Zone-style sci-fi project about an astronaut who travels to a newly discovered planet on the opposite side of the sun, which proves to be an exact mirror-image of Earth, starring American actor Roy Thinnes. Although it was not a major commercial success, Doppelgänger was nominated for an Academy Award for its special effects. Century 21's return to television was the abortive series The Secret Service, which this time mixed live action with Supermarionation. The series was inspired by Anderson's love of British comedian Stanley Unwin, who was known for his nonsense language, 'Unwinese', which he created and used on radio, in film and most famously on the 1968 Small Faces LP Ogdens' Nut Gone Flake. Despite Anderson's track record and Unwin's popularity, the series was cancelled before its first screening; Lew Grade considered that it would be incomprehensible to American audiences, and thus unsellable. In 1969 the Andersons began production of a new TV series, UFO, Century 21's first full live-action television series. This sci-fi action-adventure series starred American-born actor Ed Bishop (who had also provided the voice of Captain Blue in Captain Scarlet & The Mysterons) as Commander Edward Straker, head of the secret defence organisation SHADO, set up to counter an alien invasion. UFO was more adult in tone than any of Anderson's puppet series, and mixed Century 21's signature futuristic action-adventure and special effects with serious dramatic elements. UFO was the last series made under the Century 21 Productions banner. During production of UFO, Anderson was approached directly by Harry Saltzman (at the time co-producer of the James Bond film series with Albert "Cubby" Broccoli), and was invited to write and produce the next film in the series, which was to be Moonraker. Collaborating with Tony Barwick to provide the characterisation, whilst he himself focused on the action sequences, Anderson wrote and delivered a treatment to Saltzman. Nothing ultimately came of it, and Broccoli and Saltzman proceeded to make Diamonds Are Forever (1971) and Live and Let Die (1973) and, after co-producing 1974's Bond film, The Man with the Golden Gun, the Saltzman-Broccoli partnership dissolved. Offered £20,000 for the treatment, Anderson refused, fearing that if he accepted he would not be at the helm when it was made; the next Bond film to be made was 1977's The Spy Who Loved Me. (This film used only the title of the actual Ian Fleming novel.) Anderson started legal proceedings against Broccoli for plagiarism of story elements but withdrew the action shortly after, nervous of the legal might lined up against him. He relinquished the treatment, and received £3,000 in compensation. A film version of Moonraker was eventually produced in 1979, but did not involve any of Anderson's material. By the time UFO concluded, the relationship between the Andersons had deteriorated. Although produced under the aegis of a new company, Group Three Productions (the three being both of the Andersons and Reg Hill), Anderson decided not to work with his wife on his next project, the ITC action series The Protectors. It was one of Anderson's few non-original projects. Lew Grade himself was heavily involved in the programme, and cast both the lead actors, Robert Vaughn and Nyree Dawn Porter. The production was difficult for Anderson, who clashed with the famously difficult Vaughn. There were also many logistical problems arising from the Europe-wide filming of the show, but it was very successful in both the UK and America and its theme song "Avenues and Alleyways" became a hit record in the UK for singer Tony Christie. It was also the first live-action series produced by Anderson to survive to a second season. Space: 1999 Following The Protectors, Anderson worked on several new projects, none of which he was able to take into production. A proposed second series of UFO was not undertaken, and a return to marionettes in the television pilot for a series called The Investigator failed to find a buyer. Elements of the abandoned second series of UFO were eventually turned into what became the most expensive television series ever made at that time, Space: 1999. Another futuristic science-fiction adventure, it was based on the premise that a huge thermonuclear explosion on the Moon's surface (caused by the storage of nuclear waste there) projected the Moon out of orbit and into interplanetary space. The series starred the American husband-and-wife actors Martin Landau and Barbara Bain, who had gained international fame in the TV series Mission: Impossible. They were cast at the insistence of Grade, and against Sylvia Anderson's strenuous objections. The Andersons' marriage broke down during the first series of Space: 1999 in 1975; Gerry announced his intention to separate on the evening of the wrap party. Sylvia severed her ties with Group Three, and, to alleviate his financial plight, Anderson sold his share of the profits from the APF/Century 21 shows and their holiday home in Portugal to Lew Grade. Between making the two series of Space: 1999, Anderson produced a one-off television special, The Day After Tomorrow (also known as Into Infinity), about two spacefaring families en route to Alpha Centauri, for an NBC series of programmes illustrating current scientific theory for popular consumption. While making this project, Anderson met Mary Robins (b. 1949), a secretary working at the studios; they began a relationship and were married on 11 April 1981. Space: 1999 was successful enough that a second (and final) series went into production in 1976 with American producer Fred Freiberger brought in to replace Sylvia Anderson. Freiberger was known for producing the final season of the original Star Trek. Under Freiberger the series underwent a number of cast and cosmetic changes. Space: 1999 marked the end of Anderson's association with ATV. By the late 1970s, Anderson's life and career were at a low point: he was in financial difficulty, found it hard to get work, and he experienced family difficulties. 1980s By December 1980, Gerry and Sylvia's marriage was officially over, and they divorced. In 1981, episodes of many of Anderson's Supermarionation series were edited together as films, aired as Super Space Theatre. A number of similarly reedited feature-length productions were also syndicated and released on home video, such as Destination: Moonbase Alpha, a reedited version of a two-part Space: 1999 storyline. Some of these films were marketed in the US as part of a series of action-adventure videos featuring specially shot introductions by actress Sybil Danning. In the early 1980s, Anderson formed a new partnership, Anderson Burr Pictures Ltd, with businessman Christopher Burr. The new company's first production was based on an unrealised concept devised by Anderson in the late 1970s for a Japanese cartoon series. Terrahawks marked Anderson's return to working with puppets, but rather than marionettes this series used a new system dubbed 'Supermacromation' which used highly sophisticated glove puppets—an approach inspired by the advances in this form of marionation made by Jim Henson and his colleagues. It featured another reuse of the Captain Scarlet/UFO formula of a secret organisation defending against aliens. Terrahawks ran successfully from 1983 to 1986 in the UK but fell short of a four-year American syndication deal by one season when the show was cancelled. Terrahawks retains a cult following to this day. Anderson had claimed on record that he would rather forget the show. Anderson hoped to continue his renewed success with a series called Space Police, a new show mixing live action and puppets. The Space Police name had already been registered by another company, so Anderson's programme eventually emerged in 1995 as Space Precinct. A pilot film had previously been made with Shane Rimmer, but it took almost ten years to get the concept to the screen. In the meantime, Anderson and Burr produced the cult stop-motion animated series Dick Spanner, which enjoyed many showings on the British Channel 4 in the late 1980s and early 1990s. It was the final project completed by Anderson Burr. Anderson then joined the Moving Picture Company as a commercials director, and provided special effects direction for the musical comedy Return to the Forbidden Planet. 1990s The cult appeal of Thunderbirds and the other Supermarionation series grew steadily over the years and was celebrated by comedy and stage productions such as the hit two-man stage revue Thunderbirds FAB. In the early 1990s, ITC began releasing home video versions of the Supermarionation shows, and the profile of the shows was further enhanced by productions such as the Dire Straits music video for their single "Calling Elvis", which was made as an affectionate Thunderbirds pastiche (with Anderson co-producing), and by Lady Penelope and Parker appearing in a series of UK advertisements for Swinton Insurance. In 1991 Gerry asked journalist and author Simon Archer to write his biography, following an interview by the latter for a series of articles for Century 21 magazine. In September that year in the UK, BBC2 began a repeat showing of Thunderbirds, which rivalled the success of its original run a generation before. This was also surprisingly the series' network television premiere, having never been shown nationally by ITV. It became so popular in Britain that toy manufacturers Matchbox were unable to keep up with the demand for the Tracy Island playset, leading children's show Blue Peter to broadcast a segment showing children how to construct their own for a second time, the first being during the original run. The fan base for the Anderson shows was now worldwide and growing steadily, and Anderson found himself in demand for personal and media appearances. In response to this greater demand Anderson performed a successful one-man show in 1992, which Archer had written and constructed. Entitled An Evening with Gerry Anderson, it took the form of an illustrated lecture in which he talked about his career, and his most popular shows. He also made numerous media and personal appearances to tie in with revivals and video cassette releases of Stingray, Thunderbirds, Captain Scarlet and Joe 90. Anderson was interviewed for the BBC's 1993 Doctor Who documentary, Thirty Years in the TARDIS. He joked that, despite his career of making children's programming, the "real tragedy of my life" was that his own son Jamie (appearing with him) was a Doctor Who fanatic. By 1993 Archer published the trivia book Gerry Anderson's FAB Facts. Archer was killed in a car crash on London's orbital M25 motorway on his way to the publishers to collect one of the first print run to present to Anderson, and the book later had to be withdrawn from sale and thousands of copies destroyed as a result of a copyright dispute with ITC America. The renewed interest enabled Anderson to return to television production, but several projects including GFI (an animated update of Thunderbirds) did not make it into production. Finally, in 1994, Anderson was able to get Space Precinct into production. It was followed by Lavender Castle, a children's sci-fi fantasy series combining stop-motion animation and computer-generated imagery. In the meantime, the biography, which had been set aside since Archer's death, had been picked up again and was completed by Stan Nicholls from Archer's original notes and manuscript, finally being published in 1996 shortly before Lavender Castle went into production. Around this time Anderson was reunited with his elder son, Gerry Jr., Anderson reportedly experienced powerful feelings of animosity toward his ex-wife Sylvia at the idea she had been responsible for his enforced estrangement from his son. Later career By December 1999, Anderson was working on plans for a sequel to Captain Scarlet, and he showed early test reels at a few fan conventions. These reels had the visual design and characters looking very much as they had in the original show, although the vehicle designs had been somewhat modernised. Several years after the initial tests the project evolved into the remake New Captain Scarlet, by which time the entire appearance had been significantly updated. Anderson was appointed Member of the Order of the British Empire in the 2001 Birthday Honours for services to Animation. Along with his business partner John Needham, Anderson created another new series entitled Firestorm, financed by Japanese investors and featured anime style animation. Other planned shows with other Japanese backers, including Eternity failed to come to fruition. Firestorm was sold throughout south-east Asia. Anderson and Needham parted company in 2003. Anderson was originally approached to be involved in a live-action feature film adaptation of Thunderbirds as far back as 1996, but he was actually turned away by the producers of the 2004 film Thunderbirds, which was directed by Jonathan Frakes, after first being invited to meet with them. He distanced himself overtly from the project, later turning down an offer of $750,000 simply to write an endorsement of the film shortly before its release; Sylvia Anderson served as a consultant on the project and received a "special thanks" credit in the film. The film received poor critical reviews and was unsuccessful at the US box-office. Anderson disliked the film, describing it as "the biggest load of crap I have ever seen in my life". New Captain Scarlet finally premiered in the UK in February 2005. The show cost £23 million to produce and was the most expensive children's programme ever to be made in the UK (until Ragdoll's In the Night Garden came out 2 years later). Many companies invested in producing toys and merchandise. Broadcaster ITV incorporated episodes into Ministry of Mayhem, an existing children's show, and showed it in two halves, separated by games and adverts. Disappointing merchandising sales followed. The accompanying comic lasted only six editions before being scrapped by its publishers. Anderson's displeasure at ITV's handling of the show was widely reported. The series was subsequently released on DVD. 2005 also saw the 40th anniversary of Thunderbirds, and a wide range of merchandise was produced to celebrate the event. In 2006, ITV re-ran the entire series on its fledgling CITV channel, a digital service available on cable, satellite and the Freeview service. ITV4, another digital channel, also ran repeats of UFO and Space: 1999 up until the end of 2009. In March 2011, Anderson was working with Daniel Pickering and Annix Studios on a new project named Christmas Miracle, a children's CGI animated feature. Death In June 2012 it was reported that Anderson had been diagnosed with Alzheimer's disease. Anderson died in his sleep on 26 December 2012, at the age of 83. The news was announced on his son Jamie's website, who wrote, "I'm very sad to announce the death of my father, Thunderbirds creator, Gerry Anderson. He died peacefully in his sleep at midday today (26th December 2012), having suffered with mixed dementia for the past few years. He was 83." Voice actor Matt Zimmerman, who voiced Alan Tracy and supporting characters in Thunderbirds. spoke to BBC News about Anderson's death praising his work saying "it's a big part of people's lives" saying also that "people speak of the shows with such affection, and I held Gerry with that kind of affection as well. I am very pleased to have known him and I feel very sorry for Jamie and his wife Mary." David Graham who voiced Gordon Tracy, Parker, Brains and Kyrano said it was "a very sad day". Tributes from across the world of television and radio poured in, among them TV presenter Jonathan Ross, DJ Chris Evans, comedian Eddie Izzard and actors Brian Blessed and John Barrowman. Ross tweeted "For men of my age his work made childhood an incredible place to be." Blessed, who worked with Anderson on Space 1999 and The Day After Tomorrow said, "I think a light has gone out in the universe. He had a great sense of humour. He wasn't childish but child-like and he had a tremendous love of the universe and astronomy and scientists." Fanderson chairman Nick Williams paid tribute to Anderson by saying "To those who met him Gerry was a quiet, unassuming but determined man. His desire to make the best films he could drove him and his talented teams to innovate, take risks, and do everything necessary to produce quite inspirational works. Gerry's legacy is that he inspired so many people and continues to bring so much joy to so many millions of people around the world." The Humanist funeral was announced for Friday 11 January 2013 at Reading crematorium. His son Jamie went on to say that his father expressed his desire to let fans of the shows attend his funeral, alongside friends, family and cast members. Jamie also spoke about the number of messages sent by fans, saying, "We have been so touched by the outpouring of sympathy from all over the world. We have had messages from India, Uganda, Australia – and from people aged between seven to 70. It is so nice to know how my father touched people's lives across all the continents." Jamie went on to add, "But I'm proudest of him for the contribution he made to the Alzheimer's Society. He was so torn apart by his illness. But his involvement with the charity raised £1 million in just a year." Anderson was cremated, following a ceremony that brought together hundreds of colleagues, family and fans. Anderson's coffin was decorated with a floral Thunderbird 2 as his body was taken into the service, where musical scores of the Thunderbirds theme tune and "Aqua Marina" from Stingray were played. Amongst the hundreds in attendance was car owner Melvin Jarvis, who drove to the service in a full-scale replica of Lady Penelope's Rolls-Royce FAB1. Also in attendance was Shane Rimmer, who voiced Scott Tracy in Thunderbirds; he spoke about his time on the show, saying, "It was a truly unique experience. Gerry's office was like the Oval Office at The White House at times, such was the mystique of the place. Thunderbirds really broke a mould as it was one of the first TV shows that had appeal on both sides of the Atlantic." The first episode of Strange Hill High, "King Mitchell", was dedicated to his memory. Legacy On 25 March 2013, in an announcement on the official Gerry Anderson website, Anderson's younger son Jamie announced that a number of projects that Anderson had been unable to finish during his lifetime were being developed by his company Anderson Entertainment and would be financed primarily through Kickstarter crowdfunding. On 27 July 2013 the name of the first Gerry Anderson legacy project was announced on the official Gerry Anderson website as a trilogy of novels entitled Gemini Force One. The first novel, Black Orchid, was published in 2014. In 2019 a pilot episode for a new puppet-based science fiction series based upon concepts developed by Anderson, Firestorm, was released on YouTube by Anderson Entertainment. It uses a combination of hand- and electronically controlled puppets and green screen effects in an updated form of Supermarionation dubbed "Ultramarionation". Production of a full-length series was scheduled to begin in 2019. Filmmaking credits +YearTitleDirectorProducerWriterNotes1960Crossroads to Crime1966Thunderbirds Are Go1968Thunderbird 61969Doppelgängera.k.a. Journey to the Far Side of the Sun2000Captain Scarlet and the Return of the MysteronsShort film related to 2005 series intended as a pilot for a potential revival Editorial department credits +YearTitleContribution1945The Wicked LadyAssistant editor1946CaravanSecond assistant editor1947Jassy1948Snowbound1950So Long at the FairSound editorThe Clouded YellowDubbing editor1951Never Take No for an Answer1953Appointment in LondonDubbing editor / Assembly cutterSouth of AlgiersSound editor1954They Who DareDubbing editorDevil Girl from Mars Sound editor1955Abdulla the GreatA Prize of Gold Filmmaking credits +YearTitleDirectorProducerWriterCreatorNotes1955You've Never Seen This!Television short film1956Here Comes KandyUnsold pilot1957Martin Kane, Private EyeEpisode: "The Film Studio Story"1957–58The Adventures of Twizzle39 ep.1959Torchy the Battery Boy26 ep.1960Four Feather Falls39 ep. / Dir. 18 ep.1961–62Supercar39 ep. / Wr. 17 ep. / Dir. ep. "Rescue"1962–63Fireball XL539 ep. / Wr. 2 ep. / Dir. ep. "Planet 46"1964–65Stingray 40 ep. / Wr. ep. "Pilot"1965–66Thunderbirds31 ep. / Wr. ep. "Trapped in the Sky"1967–68Captain Scarlet and the Mysterons32 ep. / Wr. ep. "The Mysterons"1968–69Joe 9030 ep./ Wr. 2 ep.1969The Secret Service13 ep. / Wr. ep. "A Case for the Bishop"1970–71UFO26 ep. / Wr. & dir. ep. "Identified"1972–74The Protectors52 ep.1973The InvestigatorUnsold pilot1975–76Space: 199948 ep.1975Special TreatEpisode: "Into Infinity"1983–86TerrahawksWr. 2 ep. / Pr. 39 ep. Co-Creator.1986Space PoliceUnsold pilot related to Space Precinct1987Dick Spanner, P.I.22 ep.1993GFI13 ep. Pilot produced, but series abandoned.1994–95Space Precinct25 ep.1999Lavender Castle26 ep. / Wr. 19 ep.2005New Captain Scarlet26 ep. Voice acting credits +YearTitleVoice roleNotes1962–63Fireball XL5Robert the Robot / Other roles37 ep.2015TerrahawksZeroid 29 (posthumous)1 audio story Other credits +YearTitleContributionNotes1962–63Fireball XL5Script supervisor4 ep.1964–65Stingray 36 ep.1965–66Thunderbirds31 ep.1983–86TerrahawksComposer39 ep.1986Space Police2003Faiyâsutômu Series consultant26 ep. Music video "Calling Elvis" for Dire Straits (1991) Blue Skies Ahead (1960–61) An info-commercial style advertising campaign for Blue Car European coach tours show during 1960–1961 in fifteen minute segments on British television. Thunderbirds 2086 (1982, Japanese anime series loosely based upon Thunderbirds; unaffiliated with Anderson) Gemini Force One (2008, continued posthumously) – novel series Other related works Over the years, various British comics have published strips based on Anderson's creations. These started with TV Comic during the early 1960s, followed by TV Century 21 and its various sister publications: Lady Penelope, TV Tornado, Solo and Joe 90 (which were produced by a company affiliated with Anderson). In the 1970s there was Countdown (later renamed TV Action). There were also tie-in annuals that were produced each year featuring Anderson's TV productions. Further reading
Just Michael Aagaard	[ "Danish merchants", "Businesspeople from Copenhagen", "People from Glostrup Municipality", "1757 births", "1819 deaths", "Merchants from Denmark–Norway" ]	352	3,248	Just Michael Aagaard (17 July 1757 – 7 October 1819) was a Danish merchant and konditori-owner in Copenhagen. He served as chair of the Council of 32 Men (later to become the Copenhagen City Council) and was director of Kjøbenhavns Brandforsikring (Copenhagen Fire Insurance). He was the father of Holger Halling Aagaard and owned Iselingen at Vordingborg from 1806. Early life Aagaard was born at the rectory in Glostrup, the son of provost Peder Andreas Aagaard and Sophie Margrethe Heerfordt. Career Aagaard moved to Copenhagen where he became a baker and also opened a grocery store. He was based at Klædeboderne 144. He later became a member of the Council of 32 Men. He also served as director of Copenhagen Fire Insurance. Property In 1804, together with Mayor of Copenhagen Iver Qvistgaard, Peder Bech, and Hans Wassard, Aagaard established a consortium which acquired the manors of Iselingen and Marienlyst at Vordingborg. Aagaard became the sole owner of Iselingen in 1806 while Wassard acquired full ownership of Marienlyst in 1810. Personal life He married Maren Halling ( 24 July 1758 – 12 March 1817). They had a son, Holger Halling Aagaard, and a daughter, Christiane Aagaard (15 January 1785 – 11 June 1866).
Johnson & Higgins	[ "1845 establishments in the United States", "1997 mergers and acquisitions", "Companies established in 1845", "Financial services companies established in 1845", "Insurance companies of the United States", "Companies formerly listed on the New York Stock Exchange" ]	545	4,600	Johnson & Higgins was one of the largest insurance brokers. In 1997, it was acquired by Marsh McLennan. History The company was founded in 1845 in New York as Jones & Johnson by Walter Restored Jones, Jr. and Henry Ward Johnson. In 1854, the company was renamed when A. Foster Higgins replaced Jones who left to do business on his own. By 1900, the company had offices in 8 cities and had 75 employees. In 1912, the company brokered U.S. portion of the $5.6 million coverage of the Titanic at a nominal rate. In 1923, it acquired Albert Willcox & Co., establishing itself in the reinsurance market. In 1964, the company acquired Don Miller Company. In 1996, the company acquired Corporate Risk PLC, the largest independent insurance broker in Scotland. In 1997, it was acquired by Marsh McLennan for $1.8 billion. Of the sale proceeds, $1.01 billion went to J&H's active directors and shareholding managing principals, $500 million was earmarked for 600 key J&H employees, and $297 million was paid to 40 retired directors; however, the retired directors sued, alleging that they were shortchanged. Legal issues In 1999, the company agreed to pay $28 million to settle an age discrimination lawsuit filed in 1993 resulting from a company policy that mandated that members of its board of directors retire at age 62.
Canadian Investor Protection Fund	[ "Banking in Canada", "Investment in Canada", "Financial regulatory authorities of Canada" ]	286	2,147	The Canadian Investor Protection Fund (CIPF) is a not-for-profit corporation created by the Canadian investment industry in 1969 to protect investor assets in the event of a CIPF member's bankruptcy. CIPF is funded by its members, which are the approximately two hundred investment dealer firms regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Investors automatically receive coverage by opening an account with a CIPF member. Each investor's coverage, when held at a CIPF member, is: CA$ 1 million for all non-registered accounts and TFSAs combined, another $1 million for RRSPs and RRIFs, and a further $1 million for RESPs. By example, if a person's assets are distributed between the different classes of accounts (taxable accounts, TFSA, RRSP/RRIF, RESP), they have up to CA$ 3 million in coverage at a particular CIPF member institution. An individual then may also have these accounts at other institutions for further diversification. When a CIPF member becomes bankrupt, the CIPF will move the investor's account, within the limits of coverage, to another investment dealer where the investor can access it. See also Securities Investor Protection Corporation (U.S. counterpart)
Bambora	[ "Online financial services companies of Australia", "Financial services companies based in Sydney", "Online payments", "Australian companies established in 2004", "Financial services companies established in 2004", "Payment service providers", "Merchant services" ]	489	4,755	Bambora, formerly Beanstream, IP Payments, and various others, was a Swedish payment service provider that provides payment processing, accounts receivable automation, and PCI DSS compliance solutions. Bambora operated in Sweden, Canada, Australia, New Zealand, and the United Kingdom. In 2012, IP Payments was listed on the Asia Pacific Deloitte Fast 500. The company expanded through acquisitions in several countries, including Canada, Australia from 2014 to 2015. It was itself acquired by French-based Ingenico in 2015 which was then merged with Worldline SA in late 2020. History Bambora was founded as Beanstream, was founded in 2000 in Victoria, British Columbia, by entrepreneur and military veteran Craig Thomson. It was created to facilitate online payments, and quickly expanded into the United States as one of the first gateway payment systems in North America. Bambora itself was founded in 2015 in Stockholm, Sweden, by Johan Tjärnberg. It began as an integration of four global payment-processing companies, including IP Payments (acquired in August 2015)and Beanstream (acquired in September 2015, but which, for marketing reasons, did not fully re-brand until 2017). Two years later, Bambora was acquired by Ingenico Group of France, which subsequently merged with Worldline SA in late 2020. As of 2024, Bambora continued to operate under its own name for some time, but has since been rebranded as "a Worldline brand". See also PCI DSS Payment gateway Accounts Receivable Electronic Bill Presentment and Payment
Frank Masland Jr.	[ "1895 births", "1994 deaths", "American industrialists", "20th-century American businesspeople", "American conservationists", "Early Grand Canyon river runners", "20th-century American philanthropists", "Dickinson College alumni", "Businesspeople from Philadelphia", "United States Navy reservists", "United States Navy personnel of World War I", "People from Carlisle, Pennsylvania", "American textile industry businesspeople", "Small Business Administration personnel", "Wesley Theological Seminary", "Trustees of universities and colleges in the United States", "American lobbyists", "National Park Service personnel" ]	1,419	10,809	Frank Elmer Masland Jr (December 8, 1895 – July 30, 1994) was an American industrialist, conservationist, explorer, early river runner in the Grand Canyon, and philanthropist. Born to Frank Elmer Masland and Mary Esther Gossler on December 8, 1895, he was the grandson of Charles Henry Masland, founder of the Carlisle carpet company C. H. Masland & Sons. During World War I, Masland attended Dickinson College and graduated in 1918. That same year, he became an ensign in the United States Navy Reserve. While he did not fight overseas, he served on a sub chaser searching for German U-boats along the east coast of the United States. Masland served in the Navy for two years and the Naval Reserves for two more. He was honorably discharged on April 29, 1921. Masland and his brother Robert Paul relocated C. H. Masland & Sons from Philadelphia to Carlisle, Pennsylvania in 1919. Construction for the new building began on July 1, 1919. Between 1930 and 1961, Frank Masland served as the president of C. H. Masland & Sons, leading the company through World War II and into the decades that followed. During the war, the company converted its operations entirely to the war effort making waterproof canvas and earned the Army-Navy E Award for excellence in wartime production five times. In 1951, the carpet company purchased "Kings Gap", a 32-room stone mansion in Cumberland County, Pennsylvania. In 1973, the company transferred ownership of the property to the Commonwealth of Pennsylvania through the auspices of the Nature Conservancy. Today, the property is known as Kings Gap Environmental Education Center. Besides the carpet company, Masland was active in both the National Association of Manufacturers and the Pennsylvania Manufacturers Association. He served as director of the First National Bank of Mount Holly as well as the president and director of Denicron Corporation from 1939 into the late 1950s. Masland served as a regional director of the Small Business Administration during the 1960s and 1970s. He also served as a trustee of Wesley Theological Seminary and Dickinson College. Masland was awarded honorary doctorate degrees from Lycoming College and Lebanon Valley College, and received the YMCA "Master of Men" Award. A member of The Explorers Club, Cosmos Club, University Club of New York, and the Boone and Crockett Club, Masland was a member in a small group of Colorado River Canyoneers who ran the Grand Canyon in the 1940s. Frank Masland first visited the rim of the Grand Canyon in 1938 and first boated the entire length of the Colorado River in Grand Canyon in 1948 with Norman Nevills and Otis R. Marston. On that river trip Masland acquired the nickname "Fisheyes." Marston listed Masland as the 97th person to travel all the way through the Grand Canyon by the water route. Masland traveled through Grand Canyon again in 1949 with Nevills and Mary Ogden Abbott and in 1954 and 1956 with Marston. After he boated Grand Canyon in 1949, Masland purchased a canvas on wooden frame Folding kayak. He paddled the craft from Mexican Hat, Utah, down the San Juan River into Glen Canyon in July, 1950. He took the same boat through Glen Canyon again in 1952, arriving at Lees Ferry, Arizona in time to join Barry Goldwater and others to dedicate a plaque to the deceased Norm and Doris Nevills at the Navajo Bridge. Masland and Marston conducted horse packing trips in the slickrock rim country of Glen Canyon during the construction of Glen Canyon Dam. On their first such trip in 1954, the group reached an arch Masland had seen from the road to Navajo Mountain Lodge in 1950. At the Arch, Marston nicknamed him "Archeyes." In 1954 Masland lobbied Secretary of Interior Douglas McKay in opposition to Echo Park Dam. Masland served on the National Park Service Advisory Board from 1958 to 1979, serving three years straight as its chair. Masland worked closely with Secretary of Interior Stewart Udall and Lady Bird Johnson to create Canyonlands National Park. In a 1965 letter, Udall wrote “Whether it’s hiking with me on the Serengeti Plains on Tanganyika, running the Allagash River of Maine or scrambling on the high country of Utah, Frank Masland has demonstrated his devotion to the out of doors and preserving a conservation heritage for future generations of Americans. Thank heavens for people like Frank!” In 1980, 1,270 acres of secondary old growth forest in the Tuscarora State Forest in Pennsylvania was named in his honor as the Frank E. Masland Jr. Natural Area. After four years of negotiation, Masland donated $200,000 (~$ in ) in 1987 to the National Park Service and Pennsylvania Fish and Boat Commission for the purchase of 50 acres of private land in Boiling Springs, Pennsylvania, including Children's Lake, for transfer to the Appalachian Trail Conference Land Trust (today's Appalachian Trail Conservancy).
Jahacob Curiel	[ "1687 births", "1747 deaths", "18th-century Dutch diplomats", "Curiel family", "Dutch merchants", "Dutch slave traders", "Jewish merchants", "Businesspeople from Amsterdam", "Curaçao Jews", "Curaçao businesspeople", "18th-century Dutch merchants", "Dutch Sephardi Jews" ]	433	3,914	Don Jahacob Hisquiau Curiel (1687–20 March 1747; Hebrew name Jacob Haim, also Iacob, de Curiel, and de Abraham Curiel) was a Dutch merchant, who spent part of his life on the Dutch Caribbean island of Curaçao. He was born into a Sephardic Jewish family in Amsterdam. Business and philanthropy Curiel traded in commodities, such as cacao, tobacco, cotton, and port wine, between Africa, the Americas, and Europe, often with partners. He was also active in the slave trade. Curiel filled several leadership positions in the Jewish community of Curaçao. During one Hebrew calendar year, starting in 1741 and ending in 1742, Curiel served as president. He donated large sums to the building of the Curaçao synagogue, and to Hebrew and Dutch scholarship. Family Curiel was born in Amsterdam to Abraham Curiel (1662–1708), a Dutch merchant, and Ribca Franco da Silva (1661–1691). Jahacob was the great-grandson of Jacob Curiel, after whom he was named. Jahacob Curiel married Ribca Mendes de Gama, daughter of Isaac Mendes de Gama, in February 1722. They had eight children: Abraham, Isaac, Jeosuah, Josseph, Lea, Moseh, Sara, and Selomoh.
Jan Pranger	[ "1700s births", "1773 deaths", "18th-century Dutch merchants", "Businesspeople from Amsterdam", "Colonial governors of the Dutch Gold Coast", "Dutch slave owners", "Dutch slave traders", "Dutch West India Company people from Amsterdam" ]	706	5,238	Jan Pranger ( – 13 April 1773) was a Dutch merchant, slave trader and colonial administrator who served as the Director-General of the Dutch Gold Coast from 1730 to 1734. A portrait of him along with an enslaved servant by Dutch artist Frans van der Mijn in on display at the Rijksmuseum in Amsterdam. Early life Jan Pranger was born in Amsterdam to Jan Pranger Sr., a Dutch wine merchant, and his wife Johanna van Eden. The family belonged to the middle class of the Dutch Republic. In 1720, Pranger was employed by the Dutch West India Company as an assistant to the Dutch merchants operating out of Elmina, one of the lowest administrative ranks available on the Dutch Gold Coast. He soon rose in prominence in the Gold Coast, and in 1724 was appointed the head of Fort Crèvecœur in Accra, an office which came with the rank of head merchant (Dutch: oppercommies) and an accession to the Colonial Council in Elmina. Director-General of the Dutch Gold Coast When the Director-General of the Dutch Gold Coast, Pieter Valkenier, resigned in 1725, he advised the Colonial Council to install either Robert Norre or Pranger as his successor. Probably due to his young age, Pranger was passed over in favour of Robert Norre, but when he resigned in 1729, Pranger was eventually selected for the post of Director-General. Pranger was officially installed as Director-General on 6 March 1730. As Director-General, Pranger soon came into conflict with head merchant Hendrik Hertogh, who operated out of the factory in Jaquim on the Dutch Slave Coast, which was in theory subordinate to the Director-General. In 1732, the factory in Jaquim was looted and burnt by forces from the Kingdom of Dahomey; in response, Pranger dispatched a diplomatic expedition under the leadership of his subordinate Jacobus Elet to Abomey in order to negotiate with King Agaja. Although initially the expedition seemed successful, in the end the relationship with Dahomey proved to be damaged beyond repair. Out of frustration with the situation in Dahomey, Pranger petitioned the Colonial Council to accept his letter of resignation on 3 May 1733, and on 13 March 1734, his successor Antonius van Overbeke was installed by the council. In June 1735, Pranger left the Gold Coast on a slave ship headed for Surinam. As he fell ill during the voyage, he only departed Surinam in the spring of 1736. Pranger eventually arrived in the Dutch Republic on 15 June 1736. Later life and death Almost immediately after his return to the Dutch Republic, on 5 July 1736, he married Elisabeth Oloff, who died a little more than three years later, on 5 December 1739. Pranger remarried to Machteld Muilman on 14 September 1745. Pranger had become wealthy man due to his service in the Gold Coast. During his retirement in the Dutch Republic, Pranger purchased a canal house on the Singel canal in Amsterdam, and a country house outside of the city. He employed four domestic workerss and owned three horses. Pranger died in Amsterdam on 13 April 1773.
Atoss	[ "1987 establishments in West Germany", "German companies established in 1987", "Companies in the TecDAX", "Companies based in Munich", "Software companies of Germany", "Technology companies of Germany", "Business software", "Human resource management software", "Companies listed on the Frankfurt Stock Exchange" ]	533	5,273	ATOSS Software SE is a publicly listed company that provides software for workforce management. The online digital workforce management software integrates time management, workforce scheduling, personnel requirements planning, and mobile time recording. According to the company's claims, it is used by around 15,600 customers in 50 countries. History Andreas Obereder founded ATOSS Software GmbH in Munich in 1987. In 1999, ATOSS was converted into a stock corporation, followed by the IPO in 2000. In 2003, the company was admitted to the Prime Standard of the German Stock Exchange. In 2004, a development site was opened in Timișoara, Romania. On July 1, 2021, ATOSS Software AG was admitted to the SDAX of Deutsche Börse AG. Additionally, ATOSS was included in the TecDAX of Deutsche Börse AG as one of five German software companies, with trading starting on May 10, 2023. According to the company, approximately 16 percent of the group's annual revenue is invested in the further development of Atoss products and solutions. Since 2015, all ATOSS product suites have been available in the cloud. In 2023, General Atlantic acquired around 19,99% of the shares, making it the second-largest shareholder behind Andreas Obereder's AOB Invest GmbH. Locations In addition to the head office in Munich, there are branches in Berlin, Frankfurt, Hamburg, Stuttgart, Meerbusch, Osnabrück, Brussels ((Belgium)), Utrecht (Netherlands), Paris (France) and Stockholm (Sweden). There are also subsidiaries in Cham, Vienna (Austria), Zurich (Switzerland), Timișoara (Romania) and Sibiu (Romania) . Finances In 2023, ATOSS generated sales of 151.2 million euros (previous year: 113.9 million euros) and an operating result (EBITA) of 51.8 million euros (previous year: 30.8 million euros). Net income for the year remained at 35.8 million euros (previous year: 19.4 million euros). The company employed over 770 people across Europe.
COSCO	[ "COSCO Shipping", "Transport companies established in 1961", "Conglomerate companies of China", "Crane manufacturers", "Defunct government-owned companies of China", "Shipping companies of China", "Chinese brands", "Xicheng District", "Multinational companies headquartered in China", "Companies based in Beijing", "Chinese companies established in 1961" ]	2,720	28,978	China Ocean Shipping Company (COSCO) was a former shipping corporation from 1961 to 2016, owned by the State Council of China. The company merged with China Shipping Group Company to form China COSCO Shipping Corporation in January 2016. COSCO was founded in 1961 as a state-owned shipping and logistics services supplier company. COSCO headquarters is in Ocean Plaza in the Xicheng District in Beijing. It owns 1114 ships, including 365 dry bulk vessels, a container fleet with a capacity of , and a tanker fleet of 120 vessels. The fleet calls at over a thousand ports worldwide. It ranks among the largest in both number of container ships and aggregate container volume in the world. In 2012, it was among China's top 15 brands. It was the largest dry bulk carrier in China and one of the largest dry bulk shipping operators worldwide. In addition, the Group is the largest liner carrier in China. COSCO division COSCO Shipping Port Company manages the company's port operations. History China Ocean Shipping Company (1961–1993) China Ocean Shipping Company, or COSCO in short, was founded in 1961 as a Chinese government agency. In the same year, a subsidiary was formed in Guangzhou, Guangdong Province. The Guangzhou subsidiary purchased a British vessel and renamed it as Guanghua (). Guanghua made its maiden voyage to Jakarta for the People's Republic of China in April 1961. After the US resumed diplomatic relations with China in the 1970s, China Ocean Shipping Company signed an agreement with American company Lykes Brothers Steamship Company in 1979. The agreement opens the commercial sea routes between the United States and the People's Republic of China. In the same year, COSCO became the Chinese side representative to collaborate with International Telephone and Telegraph on repairing the communication facilities in the coastal cities of China. In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport. In 1991 COSCO was asked by the US Federal Maritime Commission (FMC) to submit information regarding Chinese Government restricting U.S.-flag carriers on doing business in China. COSCO asked FMC to drop its probe instead. FMC also investigated COSCO for its pricing behavior in 1997, but stated there was not enough evidence to launch a formal probe on alleged under-pricing its service to eliminate competitor. In August 1993, COSCO's ship Yinhe, was anchored off the coast of Oman. US government alleged that the ship carried material exported to Iran, which could be used to make chemical weapons. COSCO claimed that the ship only contained "paper goods, hardware and machine parts". In what became known as the Yinhe incident, United States military vessels and aircraft followed the Yinhe, disrupting its normal travel route. The United States unilaterally disabled the Yinhe's civilian GPS, causing it lose direction and anchor on the high seas for twenty-four days until it agreed to inspection. The Yinhe experienced shortages of water and fuel. The inspection, which occurred in Saudi Arabia did not find any improper chemicals and on September 4, representatives of the Chinese, Saudi and United States governments jointly signed a certification that the ship's cargo did not contain materials related to chemical weapons. China Ocean Shipping (Group) Company (1993–2015) The company became a holding company and renamed as China Ocean Shipping (Group) Company in 1993. Two other government owned companies, China Marine Bunker Supply Company (Chimbusco in short) and China Road Transport Company, which engaged in oil tanker and road transport businesses respectively, became the subsidiaries of the group in 1988 and 1992 respectively. China Road Transport Company was renamed into COSCO Logistics in 2001 (now part of COSCO Shipping Logistics). As of 2003, COSCO Logistics engaged in shipping agency, freight forwarding, third party logistics and supporting services. While Chimbusco became a joint venture with PetroChina since 2003. COSCO has a Hong Kong division which the division acquired a HK-listed company Shun Shing Holdings in February 1997. Hong Kong was a British colony until June 30, 1997, and has been a special administrative region of China with a separate jurisdiction system since July 1. Another subsidiary of COSCO HK at that time, COSCO Pacific, was a HK-listed company since 1994. COSCO Pacific has a joint venture with Hongkong International Terminals Limited, which operates a terminal in Kwai Tsing Container Terminals, Hong Kong since 1991. COSCO Pacific acquired 49% stake of COSCO Logistics from the parent company in 2003. COSCO retained the remaining 51%. COSCO Pacific also owned 20% stake of Hong Kong-based Chong Hing Bank from 1997 to 2007. In 2007 the stake was sold to the parent company, COSCO HK. In 1995, another subsidiary, COSCO Corporation (Singapore) Limited, became a listed company in Singapore Exchange. The company was a component of Straits Times Index until 2010. COSCO acquired a Shanghai-listed company in 1997 as a vehicle of backdoor listing. It became COSCO Development, which engaged in real estate. The direct parent company of COSCO Development was sold in 2005, thus COSCO Development was no longer part of the COSCO Group. Also in 2005, COSCO Group acquired a company from COSCO Development. That company was the operator of Boao Forum for Asia. In 1997, Dianne Feinstein and Barbara Boxer, United States senators from California, had asked the Clinton administration to investigate COSCO's leasing on a former naval base in Long Beach. The site was developed into a container port terminal, Pacific Container Terminal. In 2002, another subsidiary, COSCO Shipping Co., Ltd., became a listed company in Shanghai. In 2004, COSCO formed a joint venture with fellow Central Government owned Ansteel Group (Angang Group). In 2005, the flagship subsidiary of COSCO, China COSCO Holdings, became a listed company. The A share of China COSCO Holdings was listed in Shanghai since 2007. After the post-2008 financial crisis collapse of global shipping, COSCO began gradually acquiring the Greek port of Piraeus. Under COSCO, Piraeus has become a busy port, rising from traffic of 400,000 containers in 2008 to nearly five million containers in 2018. Most European trade with China occurs via Greek ships, including through Piraeus. During the 2022 Russian invasion of Ukraine, most shipping companies halted all container shipping to Russia, except for basic food products, medicine and humanitarian aid. The exception is COSCO which continues to ship to Russia, and was the largest shipping company to do so. Mergers In 2005, a smaller Central Government owned company, China Ocean Shipping Tally (known as China Tally in short), was merged into COSCO Group. In 2008, China COSCO Holdings was part of Financial Times Global 500 for the first time. By 2015, after more than 5 decades, COSCO Group expanded into one of the major shipping company of the country. It also had a few listed subsidiaries: COSCO Pacific, COSCO International Holdings, China COSCO Holdings, China International Marine Containers, etc., . Real estate developer, Sino-Ocean Group, was an associate company of COSCO until 2010. In December 2015, COSCO Group merged with fellow Chinese Government owned China Shipping Group to form China COSCO Shipping. COSCO Group was retained as an intermediate holding company. In December 2017, COSCO Group (China Ocean Shipping (Group) Company) was re-incorporated from "An industrial enterprise owned by the whole people" to simply a limited company. The name of the company, also changed to China Ocean Shipping Company, Limited (). Subsidiaries COSCO contains several listed companies and has more than 300 subsidiaries locally and abroad, providing services in freight forwarding, ship building, ship repair, terminal operation, container manufacturing, trade, financing, real estate, and information technology. On the eve of 2015 merger, COSCO Group has a few listed companies: China COSCO Holdings (SEHK: 1919; SSE: 601919) - flagship listed subsidiary, also known as "China COSCO" or "COSCO Holdings" COSCO Pacific (SEHK: 1199) - port operator and investor. Significantly (43.63%) owned by China COSCO Holdings as of 31 December 2015 COSCO International (SEHK: 517) COSCO Shipping Co., Ltd. (SSE:600428) - engaged in specialized carriers. COSCO owned 50.58% shares directly. COSCO Corporation (Singapore) (SGX:F83) Cosco SHIPPING Lines (Japan) Moreover, China International Marine Containers is an associate company of the group, which COSCO indirectly owned 22.77% shares of that listed company as of December 2015. The stake was owned by COSCO Pacific until 2013. As of 2000, COSCO also owned 30% stake of China Cargo Airlines. COSCO also had an unlisted business unit in Hong Kong, which was known as COSCO (Hong Kong) Group Limited. COSCO (H.K.) Group was the direct parent company of COSCO Pacific (valid until December 2004) and COSCO International. COSCO (H.K.) Group bought the 20% stake of Chong Hing Bank and the entire stake of Shun Shing Construction from COSCO Pacific and COSCO International respectively in 2007. 2009 Norway oil spill On 31 July 2009, the Panama-flagged bulk carrier, Full City, operated by COSCO Group's HK division, experienced engine failure and ran aground near Langesund, Telemark, Norway, during a storm, spilling 200 tons of heavy bunker fuel oil in an ecologically and environmentally sensitive wildlife area. See also COSCO fleet lists List of oil spills Shipping industry of China List of container shipping companies by ship fleets and containers Chipolbrok References general
Financial history of the Dutch Republic	[ "Economic history of the Dutch Republic", "Economies by former country", "Financial history by country", "History of the Dutch Republic" ]	12,353	80,263	The financial history of the Dutch Republic involves the interrelated development of financial institutions in the Dutch Republic. The rapid economic development of the country after the Dutch Revolt in the years 1585–1620 accompanied by an equally rapid accumulation of a large fund of savings, created the need to invest those savings profitably. The Dutch financial sector, both in its public and private components, came to provide a wide range of modern investment products beside the possibility of (re-)investment in trade and industry, and in infrastructure projects. Such products were the public bonds, floated by the Dutch governments on a national, provincial, and municipal level; acceptance credit and commission trade; marine and other insurance products; and shares of publicly traded companies like the Dutch East India Company (VOC), and their derivatives. Institutions like the Amsterdam Stock Exchange, the Bank of Amsterdam, and the merchant bankers helped to mediate this investment. In the course of time the invested capital stock generated its own income stream that (because of the high propensity to save of the Dutch capitalists) caused the capital stock to assume enormous proportions. As by the end of the 17th century structural problems in the Dutch economy precluded profitable investment of this capital in domestic Dutch sectors, the stream of investments was redirected more and more to investment abroad, both in sovereign debt and foreign stocks, bonds and infrastructure. The Netherlands came to dominate the international capital market up to the crises of the end of the 18th century that caused the demise of the Dutch Republic. Introduction To fully understand the peculiarities of the history of the system of public finance, and that of the closely related system of private (international) finance and banking of the Dutch Republic, one has to view it in the context of the general history of the Netherlands and of its institutions, and of the general Economic History of the Netherlands (1500–1815). Those general histories differ in an important way from those of centralized Western European monarchies, like Spain, France, England, Denmark and Sweden in the early modern era. The Netherlands were highly decentralized from their origins in the Habsburg Netherlands in the late 15th century, and (other than the monarchies just mentioned) successfully resisted attempts to bring them together under the centralized authority of a modern state. Indeed, the Dutch Revolt that gave rise to the Republic of the United Netherlands, effectively resulted from resistance against attempts by the representatives of king Philip II of Spain, the Habsburg ruler of the country, to institute such a centralized state and a centralized system of public finance. Where in other instances the modern fiscal system resulted from, and was made subservient to, the interests of a centralizing monarchical state, in the Dutch instance the emerging fiscal system was the basis of, and was mobilized in the interests of the defense of, a stubbornly decentralised political entity. Ironically, the Habsburg rulers themselves pushed through the fiscal reforms that gave the rebellious provinces the wherewithal to resist the power of the sovereign. Emperor Charles V needed to increase the borrowing capacity of his government to finance his many military adventures. To that end it was necessary to put in place a number of fiscal reforms that would ensure that the public debt could be adequately serviced (thereby increasing the creditworthiness of his government). In 1542 the president of the Habsburg Council of State, Lodewijk van Schoor, proposed the levy of a number of taxes throughout the Habsburg Netherlands: a Tenth Penny (10 percent tax) on the income from real property and private loans, and excise taxes on beer, wine, and woollen cloth. These permanent taxes, collected by the individual provinces, would enable the provinces to pay enlarged subsidies to the central government, and (by issuing bonds secured by the revenue of these taxes) finance extraordinary levies (beden in old Dutch) in time of war. Other than expected, these reforms strengthened the position of the provinces, especially Holland, because as a condition of agreeing to the reform the States of Holland demanded and got total control of the disbursement of the taxes. Holland was now able to establish credit of its own, as the province was able to retire bond loans previously placed under compulsion as enforced loans. By this it demonstrated to potential creditors it was worthy of trust. This brought a market for voluntary credit into being that previously did not exist. This enabled Holland, and other provinces, to float bonds at a reasonable interest rate in a large pool of voluntary investors. The central government did not enjoy this good credit. On the contrary, its financing needs increased tremendously after the accession of Philip II, and this led to the crisis that caused the Revolt. The new Regent Fernando Álvarez de Toledo, 3rd Duke of Alba tried to institute new taxes to finance the cost of suppression of public disturbances after the Iconoclastic Fury of 1566 without going through proper constitutional channels. This brought about a general revolt in the Netherlands, particularly in the northern provinces. Those were able to withstand the onslaught of the royalist forces militarily, because of the fiscal basis they had built in previous years. Of course, they now withheld the subsidies to the central government their taxes were supposed to finance. That central government was therefore forced to finance the war by transfers from other Habsburg lands, especially Spain itself. This led to an enormous increase in the size of the Spanish public debt, which that country was ultimately unable to sustain, and hence to the need to accept Dutch independence in 1648. As explained in the general article on the economic history of the Netherlands, the political revolt soon engendered an economic revolution also, partly related to political events (like the rise of the Dutch East India Company and its West-Indies colleague), in other respects unrelated (like the revolutions in shipping, fisheries, and industry, that seem to be more due to technological innovations). This economic revolution was partly the cause of, and partly helped along further, by a number of fiscal and financial innovations that helped the Dutch economy make the transition to "modernity" in the early 17th century. Public finance The "constitution" of the new Republic, the Union-of-Utrecht treaty of 1579, tried to lay the basis of a revolutionary new fiscal system. It put in place a rudimentary confederal budget system that charged the Raad van State (Council of State) with drafting an annual Staat van Oorlog (war budget). This budget was presented in a "General Petition" to the States-General for (unanimous) approval. The treaty next required that the tax revenues for the financing of this budget would be levied "...equally in all united provinces, and at the same rate.". Furthermore, it prohibited internal tariffs and other taxes discriminating against residents of other provinces. Alas, these two latter provisions were never implemented. Instead, the provinces continued the practice under the Habsburg rulers that the provinces paid a fixed quotum (the repartitie) of the budget. Holland's contribution was the norm from which the contributions of other provinces were derived. After some changes the quota were fixed in 1616 as follows (to remain unchanged till 1792): Friesland one-fifth of Holland's share; Zeeland (after some diligent bargaining) 16 percent; Utrecht and Groningen one-tenth each; Gelderland 9.6 percent; Overijssel 6.1 percent; and Drenthe (though not represented in the States-General) 1 percent. The States-General had only two direct sources of income: it taxed the Generality Lands directly, and the five Admiralties set up under its authority, financed their activities nominally from the Convooien en Licenten levied on trade. Otherwise, the provinces determined themselves how they would collect the revenues to finance their repartitie. Within the provinces there were other quota systems to determine the contributions of the cities and of the countryside. In Holland, the city of Amsterdam was by far the largest contributor (though this was different from Habsburg times, when Delft made the relatively largest contribution), which explained the influence that city wielded, even at the national level. This system remained in place throughout the life of the Republic. Simon van Slingelandt made an attempt in 1716 to reform it by giving more power to the center. He convened the Groote Vergadering (a kind of constitutional convention) in that year, prompted by the fact that the Generality faced a liquidity crisis in 1715, when most provinces fell into arrears on their contributions. However, this august body rejected all reform proposals, opting instead for "muddling through". Ten years later Van Slingelandt was made Grand Pensionary of Holland, but on condition that he not press for constitutional reforms. Except for a reshuffling of the provincial quota in 1792, a real reform of the system had to wait till after the demise of the Republic. The public debt was consolidated on a national level in 1798, and the system of taxation only unified in 1806. As Holland was the most important province, usually paying 58 percent of the total budget, it is probably useful to concentrate the discussion on this province (also because other provinces modeled themselves on the Holland system). It based its fiscal structure on the system inherited from the Habsburg era, mentioned above, but extended it in important respects. The most important source of revenue, collectively known as gemene middelen (common means), were a set of excise taxes on first necessities, especially on beer, wine, peat, grain, salt, and the use of market scales. These were essentially transaction taxes, as they were levied at a fixed rate, not ad valorem (the revenue stamps introduced later in the 17th century basically fall in the same category as they tax transactions in commerce). In the 1630s this type of tax accounted for two-thirds of Holland's revenue. It then amounted to about ten guilders per capita (while per capita income for most people may have been much lower than the average of about 150 guilders a year). These taxes were levied on the seller of the good, who presumably passed them on to the consumer. They were collected by tax farmers, who bought their farms at auction, at least until the Pachtersoproer in 1748 put a stop to this practice. In Holland the real abuses of the system, though perceived to be great, may not have been as serious as the French abuses of the tax farms in that country. This was, because the tax farmers were numerous, low-status, and politically subordinate to the city Regenten, for which they formed a convenient barrier against popular discontent. Because of this weak position the Dutch tax farmers may have been less able than their French colleagues to exploit their privileges. Though the excises were a heavy burden on the common man, at least in the first quarter of the 17th century, somewhat surprisingly this regressive taxation burden may have abated somewhat in later years. There were several factors for this. Many excises incorporated mitigating provisions, like exemptions and sliding scales, that reweighed their impact in the direction of higher-income people (like graduation of the beer tax according to quality; conversion of the grain and salt taxes to per-capita taxes on assumed consumption; a progressive tariff for the tax on household servants, and on weddings and burials, that may be seen as wealth taxes, as most people were exempt). Finally, the relative importance of these excises in total revenue declined in later years. It accounted for 83 percent of total revenue in 1650, but only 66 percent in 1790. The types of tax that were next in importance were the real and personal property taxes like the verponding, a kind of rates. This amounted to 8.5 percent (the Twelfth Penny) of the rental value of all real property. This tax, first introduced in 1584, was based on assessments of land described in registers that were not updated. To remedy the problems resulting therefrom a new survey in 1632 resulted in new registers, and at this time the tax was fixed at 20 percent of land rents and 8.5 percent of house rental values, all levied on the landlords. Whether they passed these on was determined by economic conditions, of course. Unfortunately, 1632 proved from hindsight to be a top year for property prices. As rents plunged after the middle of the century, the real burden of the verponding therefore increased sharply. Also, in the war years after 1672 extraordinary levies, up to three times a year, were often imposed, amounting to 100 percent of the normal verponding. Pressure for new assessments was therefore high, but in 1732, after a century, the registers were only revised for house rents. The loss of revenue was otherwise deemed to be unacceptable. Farmers had to wait for the lifting of the agricultural depression after 1740 for relief through higher incomes. Finally, direct taxes on income and wealth were the third major pillar of the tax system in Holland. Due to the difficulty of assessing incomes, at first the emphasis was put here on taxes on capital, like the inheritance tax, and a number of forced loans that amounted to taxes. Income taxes were attempted in 1622, and again in 1715, but they proved impracticable. In 1742 Holland tried to impose the personeel quotisatie (whose registers offer a useful source to the social historian), which remained in force for eleven years, before it was abandoned. This was a progressive income tax, levied on incomes over 600 guilders (the highest quintile) at a rate, ranging from 1.0 to 2.5 percent. Wealth taxes proved to be more feasible. The Hundredth and the Thousandth Penny were regularly levied on real and personal property (as distinguished from the income from property, like the verponding) from 1625. In the difficult years after 1672, when war required high repartities, extraordinary wealth taxes were imposed very frequently, amounting to a total levy of (theoretically) 14 percent of all real property, seigneurial rights, tithes, bonds, and personal objects of value. In 1674 Holland put this ad hoc taxation on a regular footing by founding a new register (the personele kohier). From then on the 100th and 200th penny could regularly be collected. Finally, a curious predecessor of a tax like the dividend tax was the levying after 1722 of the 100th and 200th penny on the income from provincial bonds, which then replaced the general wealth tax just mentioned. This withholding tax proved to be very convenient, but had the unintended consequence that the effective yield of Holland bonds (other bonds were not taxed) was commensurately lowered. Holland therefore had to pay a higher rate on its bonds, which more or less defeated the purpose. All these taxes imposed a considerable burden on the Dutch tax payer, compared to his contemporaries in neighboring countries. There were no exemptions for churchmen or aristocrats. The Republic had sufficient authority to have these burdens accepted by its citizens, but this was a function of the "bottom-up" implementation of the taxes. Municipal and provincial tax authorities possessed more legitimacy than central authorities, and this legitimacy was reinforced by the fact that the broad tax base enabled local authorities to tailor taxes to local circumstances. The taxation system thereby underpinned the federal structure of the Dutch state. Other than for other provinces, a reasonably accurate picture can be sketched of developments in revenue and tax burden in the province of Holland. In the two decades of the Revolt after 1568, Holland's revenues exploded in a tenfold increase compared to pre-Revolt years, proving that Dutchmen were not opposed to paying taxes per se (despite the fact that they had started a revolution about Alva's taxes). The revenue kept growing after 1588, rising threefold in the period till 1630. However, the real per-capita tax burden remained constant in the years up to 1670. This reflected the tremendous economic growth in the Golden Age, on the one hand, and a rapid expansion of the tax base, commensurate with this growth, on the other hand. As in the economy in general, there was a sharp break after 1672. Whereas the economy stagnated, expenditures in connection with the wars, and hence taxes too, rose. Taxes doubled by the 1690s, but nominal wages (as distinguished from real wages, which rose due to the general decline in price levels) remained constant. At the same time the tax base almost certainly shrank as a consequence of the economic decline. This resulted in a doubling of the per-capita tax burden. This development levelled off after the Peace of Utrecht in 1713, when the Republic entered a period of peace and neutrality (though there was a spike when it was dragged into the War of the Austrian Succession). However, it did not result in a reduction of the per-capita tax burden up to the final crisis of the Republic and its economy after 1780. Then that tax burden again sharply increased. Presumably, the other provinces globally followed these developments, though at a distance, because of their different economic circumstances. Other than for Holland (for which more data are known) revenue figures for the Republic as a whole are available for 1716, when it amounted to 32.5 million guilders, and again for 1792 (when the repartitie-system was revised for the first time), when it came to 40.5 million (inflated) guilders. After 1795 the Batavian Republic collected regular revenue statistics. These figures allow the following observations: in 1790 the per-capita tax burden at the national level in the Republic was comparable to that in Great Britain, and twice that in France (which had just started a revolution about that tax burden). This reflected a rapid rise in tax burdens in both France and Great Britain during the 18th century in which both countries made up a large difference with the Republic (but also in income levels, of course). Extrapolating backward, the Dutch level of taxation in 1720 probably was double that of Britain. Dutch innovations like excises and stamp taxes were followed with a lag of a century in the larger countries. The stagnation of the growth in the Dutch per-capita tax burden during the 18th century (while the Republic's rivals made up their arrears) may reflect both a lack of political will on the part of the authorities to exact higher burdens, and economic limits to taxation. The latter hypothesis is indirectly supported by the fact that after 1672 the tax system became far less regressive than before. Apparently, the common man was spared a further increase of his tax burden. Henceforth, "the rich" were burdened more severely by efforts at direct taxation, than during the Golden Age. However, this applied more to people rich in land and (provincial) bonds, than to people investing in commerce and foreign bonds. Source of income was therefore very important. This also contributed to the peculiar developments around the public debt in the 18th century. Public debt Usually, taxation and borrowing are seen as alternative means of financing public expenditures, at least if they are available with equal ease. Borrowing is sometimes inevitable when a spike in expenditures would necessitate an unsupportable spike in taxation otherwise. This was the usual justification for taking on public debt in the days of the Habsburg Netherlands, when the province of Holland built up an enviable public credit. Alas, in the first years of the Revolt this credit evaporated and Holland (let alone the Republic) was forced to increase taxation very strongly (as we have seen), partly by resorting to forced loans (which at least offered the solace of paying interest and holding out the hope of ultimate redemption). Voluntary loans were only to be had from people related to government (like the Prince of Orange) and from the Office of Ecclesiastical Property, the institution that managed the expropriated real property of the Roman Catholic Church. That office was charged with continuing the charitable works of the Church foundations, which it could conveniently do by selling its choice properties and investing the proceeds in interest-bearing public bonds. At first the scarcity of funds available for public borrowing was no doubt due to pessimism about the prospects of the new state. However, soon a new reason of a more propitious nature was the explosive economic boom in trade of the 1590s and early 17th century, that required financing from private capital and offered far better returns than the measly 8.33 percent (12th penny) the state could pay. This competing demand for funds can be illustrated by the fact that most people voluntarily investing in public debt up to the Twelve Years' Truce (1609) were widows and orphans. Also the phenomenon of the emergence of a secondary market for forced loans, offered by some municipalities in Holland, which enabled merchants to free up their forced loans, and reinvest those in private ventures, points in this direction. With the Truce more normal times arrived. The borrowing requirement went to zero with the arrival of the temporary peace and this probably helped the transition to voluntary lending. After the Truce ended in 1621 expenditures for war again rose steeply, but this time the Republic, and in particular Holland, had no trouble borrowing on average 4 million guilders annually, which helped keep down the rise in taxation that might otherwise have been necessary. By 1640 confidence in Holland's public debt (and the supply of funds available for borrowing) had risen so much, that a refinancing of the outstanding debt with a much lower interest rate of 5 percent was possible (followed in 1665 by a conversion to 4 percent). Provincial and municipal borrowers in these days issued three types of debt instrument: Promissory notes (called Obligatiën), a form of short-term debt, in the form of bearer bonds, that were readily negotiable; Redeemable bonds (called losrenten) that paid an annual interest to the holder, whose name appeared in a public-debt ledger (not as convenient as bearer bonds, but the bonds were still readily negotiable) until the loan was paid off; Life annuities (called lijfrenten) that paid interest during the life of the buyer, or nominee, whereas the principal is extinguished at his or her death (this type of debt was therefore self-amortizing). Unlike other countries, where the markets for public debt were often mediated by bankers, in Holland the state dealt directly with prospective bondholders. The tax receivers doubled as registrars of the public debt. The receivers were also free to tailor bond offerings to local circumstances. They often issued many bonds of small coupon that were attractive to unsophisticated small savers, like craftsmen, and often women. This made for a kind of "popular capitalism", at least during the Golden Age of the 17th century, that often amazed foreign observers. Lijfrenten paid a higher rate of interest than losrenten, which made them rather popular, the more so, because Holland at first did not make the interest dependent on the age of the nominee. It took no less an intellect than that of Grand Pensionary Johan de Witt to figure out that this omission made lijfrenten too expensive. This contribution to actuarial science also helped bring down the Dutch debt service appreciably. In practice, however, by the middle of the 17th century the Dutch Republic enjoyed such good credit, that it was able to dispense with lijfrenten and finance its borrowing requirements with long-term redeemable bonds at rates that were equal to, or lower than, the lowest interest returns available in the private sector. In fact, redemption could often be postponed indefinitely, making such loans "interest-only". This enabled the Republic in practice to spend according to its needs without practical limit, greatly exceeding its short-term ability to tax. This greatly enhanced its politico-military power, as it was able to field mercenary armies equal in size to the armies of countries with much larger populations, like France and England. The positive side of a well-managed public debt, like the Dutch one, is that it expands the purchasing power of the state in a timely fashion, without putting undue burdens on the tax payer. However, there are prices to pay. One of those prices is an appreciable redistributive effect, when via the debt service money is channelled from a large proportion of the population (the tax payers) to a much smaller number of bondholders. In the beginning (thanks also to the forced character of the lending) this effect was limited by the broad distribution of debt-holders across the population. In the course of the 17th century, however, bondholding became more concentrated. One of the reasons for this was that new bonds were often financed by reinvesting retained interest by existing bondholders. This effect increased commensurately with the increase of the debt and the debt service. It was reinforced by the fact that bondholders were thrifty people (a tendency possibly explainable by the Ricardian equivalence-theorem, though people at the time were of course unaware of this theoretical underpinning). In the course of the final third of the 17th century, and especially of the 18th century, this concentration of the public debt in the hands of a few gave rise to the emergence of a rentier class that amassed an important proportion of total wealth in the Republic, thanks to this redistributive effect, and despite the often confiscatory levies on wealth of the 18th century described above. This development went hand in hand with the development of the public debt itself after 1672. During the second half of the Golden Age (especially the years 1650–1665) the borrowing requirements of commerce and the public sector fell short of the amount of savings supplied by the private sector. This may explain the boom in real estate of those years, that sometimes acquired a "bubble" character. However, after the beginning of the Franco-Dutch War of 1672 these savings were rechanneled to the public sector (explaining the collapse of the housing bubble at the same time). Nevertheless, the holders of this rapidly increasing public debt were still awash in cash, which explains the low interest rates in the years up to 1689. This availability of funds also helped finance the great expansion of the VOC (and of its debt) in these years. With the great conflicts that started with the Glorious Revolution of 1688 (financed with a bank loan that a consortium of Amsterdam bankers threw together in three days) these markets tightened appreciably, however. Holland was now forced to reintroduce the unprofitable lijfrenten, and to resort to gimmicks like lottery bonds to entice lenders to buy its bonds. As the supply of funds from redemptions and retained earnings now fell short of government demand, these new loans must have been partially financed by disinvestments in the commercial, industrial and agricultural sectors of the economy (admittedly depressed in these years). By 1713 Holland's debt had reached a total of 310 million guilders, and that of the Generality of the Republic of 68 million (illustrating the relative preponderance of Holland in the Republic's finances). The debt service of this debt amounted to 14 million guilders. This exceeded the ordinary tax revenues of Holland. Most of this debt was now concentrated in the hands of only a relatively few families, that not so coincidentally also had privileged access to political office. This conjuncture of factors (decision making in the hands of a political group that also owned the public debt, a debt that surmounted the ability of the economy to service it) explains in large part the "withdrawal" of the Republic as a Great Power after 1713. Once the reform proposals of Van Slingelandt, that might have provided a viable alternative by enhancing the financial capacity of the Dutch state, had been rejected by this conservative political class, there was simply no alternative to austerity in public finance, and dismantling the military power of the Republic (paying off the mercenaries and laying up the fleet). Due to adverse economic circumstances in the first decades of the 18th century even these austerity measures offered little solace in practice. The only effect was that at least the public debt did not grow during these years, but even this trend was reversed after the forced entry into the War of the Austrian Succession caused another spike in military outlays (unfortunately with little positive effect, in view of the disastrous outcome of this war for the Republic), and therefore a spike in the growth of the debt. The levelling-off of the growth of the debt in the years before 1740, and again after 1750, caused a curious dilemma for the Dutch rentiers: they kept accumulating capital from bond redemptions and retained bond earnings, due to an undiminished high average propensity to save (though their wealth allowed them to wallow in luxury at the same time). However, there were few attractive investment opportunities for this new capital in the domestic Dutch economy: as explained in the article on the economic history of the Netherlands, structural problems militated against expansion of the private sector, and the public debt hardly expanded (even decreased after 1750). This development gave undeniable discomfort to Dutch investors. It presented them with two unenviable alternatives: hoarding (which apparently happened on an appreciable scale, leading to a large increase in the amount of money in circulation, while the velocity of circulation dropped), or investing abroad. The rentiers therefore switched on a major scale to foreign direct investment, especially in infrastructure in Great Britain (where the Industrial Revolution of that country was about to begin, preceded by an agricultural revolution that needed financing), and also in public debt in that country. The Republic in this way for the first time in history became an international capital market, especially geared to foreign sovereign debt in the second half of the 18th century. By 1780 the net value of Dutch foreign government lending exceeded 350 million guilders, about two-thirds of which British government debt. This brought annual foreign earnings of 16 million guilders. After 1780, other than one might expect in view of the crises following that year, this trend sharply increased. This can only be explained by wholesale disinvestment in the Dutch economy, and reinvestment in especially foreign sovereign debt. Foreign investment probably doubled to 20 million guilders annually. The result was that Dutch residents held foreign debt instruments exceeding an estimated value of a billion guilders in 1795 (though other estimates are more conservative, the lower ones are still in the 650 million range). Banking and finance Merchant banks and the international capital market The remarkable growth of Dutch involvement with the international capital market, especially in the second half of the 18th century, was mediated by what we now would call merchant banks. In Holland these grew out of merchant houses that shifted their capital first from financing their own trade and inventories to acceptance credit, and later branched out specifically into underwriting and public offerings of foreign government bonds (denominated in Dutch guilders) in the Dutch capital markets. In this respect the domestic and foreign bond markets differed appreciably, as the Dutch government dealt directly with Dutch investors (as we have seen above). Dutch involvement with loans to foreign governments had been as old as the Republic. At first such loans were provided by banking houses (as was usual in early-modern Europe), with the guarantee of the States General, and often also subsidized by the Dutch government. An example is the loan of 400,000 Reichstalers to Gustavus Adolphus of Sweden around 1620 directly by the States General. When the king could not fulfill his obligations, the Amsterdam merchant Louis de Geer agreed to assume the payments in exchange for Swedish commercial concessions (iron and copper mines) to his firm. Similar arrangements between Dutch merchants and foreign governments occurred throughout the 17th century. The transition to more modern forms of international lending came after the Glorious Revolution of 1688. The new Dutch regime in England imported Dutch innovations in public finance to England, the most important of which was the funded public debt, in which certain revenues (of the also newly introduced excises after the Dutch model) were dedicated to the amortization and service of the public debt, while the responsibility for the English debt shifted from the monarch personally, to Parliament. The management of this debt was entrusted to the innovatory Bank of England in 1694.This in one fell swoop put the English public debt on the same footing of creditworthiness in the eyes of Dutch investors, as the Dutch one. In the following decades wealthy Dutch investors invested directly in British government bonds, and also in British joint-stock companies like that Bank of England, and the Honourable East India Company. This was facilitated as after 1723 such stock, and certain government bonds, were traded jointly on the London and Amsterdam Stock Exchanges. But this applied to a safely controlled ally like England. Other foreign governments were still deemed "too risky" and their loans required the guarantee, and often subsidy, of the States General, as before (which helped to tie allies to the Dutch cause in the wars against France). After 1713 there was no longer a motivation for the Dutch government to extend such guarantees. Foreign governments therefore had to enter the market on their own. This is where the merchant banks came in, around the middle of the 18th century, with their emmissiebedrijf or public-offering business. At first, this business was limited to British and Austrian loans. The banks would float guilder-denominated bonds on behalf of those (and later other) governments, and create a market for those bonds. This was done by specialist brokers (called entrepreneurs) who rounded up clients and steered them to the offerings. The banks were able to charge a hefty fee for this service. The rapid growth of foreign investment after 1780 (as seen above) coincided with a redirection of the investment to governments other than the British. Many Dutch investors liquidated their British portfolios after the Fourth Anglo-Dutch War (which immediately resulted in a rise in British interest rates) and reinvested in French, Spanish, Polish (an especially bad choice in view of the coming Partitions of Poland), and even American government loans. The appetite for such placements abated a little after the first defaults of foreign governments (like the French in 1793), but even under the Batavian Republic (which itself absorbed the bulk of available funds after 1795) investment in foreign funds did not fall-off completely. This may have been because Dutch investors did not always realize the riskiness of this type of investment. They were often badly served by the merchant banks, who had a vested interest in protecting their sovereign clients to the detriment of the bondholders. This is also indicated by the very slight agio of the interest rate of these risky loans over that for domestic bonds. This apparent credulity on the part of the Dutch bondholders resulted in serious losses in the final years of the independent state, and during the annexation to France. The Dutch state for the first time in centuries defaulted after that annexation (a default that the new Kingdom of the Netherlands continued after the Netherlands became independent again in 1813). This tiercé (a dividing of the debt into two parts repudiated debt and one part recognized debt) followed the earlier repudiation of the French debt that had also devastated Dutch bondholders that had switched into French debt shortly before. The losses in the period 1793 to 1840 may have totalled between one-third and one-half of Dutch wealth. The Wisselbanken International payments have always posed a problem in international trade. Though exchange rate risks were less in the era in which the intrinsic value of money was usually equal to the face value (at least absent debasement of the coin, of course), there was the problem of the risk and inconvenience of transporting money or specie. An early innovation was therefore the bill of exchange (called wisselbrief in Dutch, or wissel for short), which obviated the need to transport coins in payment. After the development of this financial instrument by Italian and later Iberian merchants and bankers, Antwerp added a number of legal innovations in the mid-16th century that enhanced its value as such an instrument appreciably. These were assignment, endorsement, and discounting of bills of exchange. The Antwerpse Costuymen (commercial laws of Antwerp), which were adapted in Amsterdam from 1597, allowed unlimited chains of endorsement. This may have been convenient, but it increased the risk of default with each additional endsorsement in the chain. For that reason the Amsterdam city government prohibited this practice. Instead, in 1609 a new municipal institution was established (after the example of the Venetian Banco della Piassa di Rialto, established in 1587) in the form of the Amsterdamsche Wisselbank, also called the Bank of Amsterdam. This bank (with offices in the City Hall) took deposits of foreign and domestic coin (and after 1683 specie), effected transfers between such deposit accounts (the giro function), and accepted (i.e. paid) bills of exchange (the more important of which – over 600 guilders in value – could now be endorsed – to the bank – only once). The latter provision effectively forced Amsterdam merchants (and many foreign merchants) to open accounts with this bank. Though Amsterdam established the first such bank in Holland, other cities, like Delft, Middelburg, and Rotterdam, followed in due course. The Amsterdam establishment was, however, the most important and the best known. The giro function had the additional advantage (beside the obvious convenience) that the value of the underlying deposit was guaranteed. This was important in an era in which Metallism still reigned supreme. As a matter of fact, depositors were prepared to pay a small "fee" in the form of an agio for this "bank money" or bankgeld (which was an early example of fiat money) over normal circulating coin, called courantgeld. Though the wisselbank was not a mint, it provided coins deposited with it for melting and recoining at Dutch mints in the form of a high-quality currency, called "trade money" (or negotiepenningen in Dutch). These coins were used in trade with areas where the Dutch and other West Europeans had a structural trade deficit, like the Far East, Russia and the Levant, because they were highly valued there for their quality as commodity money. These trade coins were distinguished from the circulating currency () that after the reform of the currency of 1622, that allowed the minting of coins with a lower-than-face-value metal content, had the character of fiat money. This development recognized the reality that most money in circulation had a fiduciary character. Toward the end of the 17th century the Republic became (thanks to its general balance-of-trade surplus, and the policy of the Wisselbank) a reservoir of coin and bullion, which was regularly (re-)minted as trade coin, thereby "upgrading" inferior circulating money. Unlike the later Bank of England, the Bank of Amsterdam did not act as a lender of last resort. That function was, however, performed by other institutions in the course of the history of the Republic, be it on a rather ad hoc basis: during financial crises in the second half of the 18th century lenders of last resort were briefly brought into being, but liquidated soon after the crisis had abated. The function of bank of issue was often performed by small private operations, called kassiers (literally: "cashiers") that accepted courantgeld for deposit, and issued promissory notes for domestic payments. These notes functioned as an early type of paper money. The same went after 1683 for the Bank of Amsterdam when its receipts for foreign coin and bullion were accepted as fiduciary money. Those kassiers engaged also in fractional-reserve banking, as did the other wisselbanken outside Amsterdam, though this "risky" practice was officially frowned upon. During the crisis of 1672 the Middelburg wisselbank, that had actively lent deposited funds to local businessmen, faced a bank run which forced it to suspend payments for a while. The Amsterdam wisselbank, at least at first, officially did not engage in this practice. In reality it did lend money to the city government of Amsterdam and to the East-India Company, both solid credit risks at the time, though this was technically in violation of the bank's charter. The loophole was that both debtors used a kind of anticipatory note, so that the loans were viewed as advances of money. This usually did not present a problem, except when during the Fourth Anglo-Dutch War the anticipated income did not materialize, causing a liquidity crisis for both the bank and its debtors. Another important business for Dutch bankers was foreign exchange trading. The bills of exchange originated in many countries and specified settlement in many different foreign currencies. Theoretically the exchange rates of these currencies were fixed by their intrinsic values, but (just as in modern times) trade fluctuations could cause the market exchange rate to diverge from this intrinsic rate. This risk was minimized, however, at Amsterdam, because the freedom there to export and import monetary metals tended to stabilize the exchange rates. Besides, Dutch merchants traded all over the known world and generated bills of exchange all over. This helped to generate regular exchange-rate quotations (an important information function) with many foreign locations. For these reasons Amsterdam attracted a business in bills of exchange that went far beyond the needs of its own already appreciable business. Merchants from many Mediterranean countries (where exchange rates with northern currencies were seldom quoted) bought bills on Amsterdam, where other bills on the intended final destinations could be acquired. Even London merchants long relied on the Amsterdam money market, especially for the English trade on Russia, at least till 1763. In sum, most "modern" banking practices were already present in the Republic, and often exported abroad (like the fractional banking practices of the predecessor of the Swedish Riksbanken, the Stockholms Banco, founded by Dutch financier Johan Palmstruch; and later the Bank of England). They were, however, often not institutionalized on a "national" level, due to the stubbornly confederal nature of the Republic. For this reason the Netherlands only in 1814 got a formal central bank. Commercial credit and insurance As explained in the general article on the economic history of the Netherlands under the Republic, the Dutch entrepôt function was very important. One of the reasons Amsterdam was able to win this function after the Fall of Antwerp was the commercial credit offered to suppliers and buyers, usually as part of the discount on the bill of exchange. By prolonging and rolling-over such short-term credits, suppliers and customers could easily be tied to the entrepôt. The low interest rates usually prevailing in the Republic made the maintenance of large inventories feasible, thereby enhancing Amsterdam's reputation as the world's Emporium. Though this commercial credit was originally tied to the trading operation of merchant firms, the sheer scope of the entrepôt created the opportunity for the trading in bills apart from this direct business, thereby serving third parties, even those not doing direct business with the Netherlands. Two kinds of financial trading, divorced from commercial trading, began to emerge by the beginning of the 18th century: trading on commission, and accepting houses. The first consisted of trading of agents (called commissionairs) on behalf of other merchants for a commission. Their role was therefore intermediation between buyers and sellers, leaving the conclusion of the business to those parties themselves. The second consisted in guaranteeing payment on bills of exchange from third parties. If the third party issuing the bill would default, the accepting house would pay the bill itself. This guarantee of course was provided for a fee. This service need not have any connection with Dutch traders, or even with the Dutch entrepôt. It served international trade in general. Though this divorce between credit provision and trade has been interpreted as undermining Dutch trade itself in the age of relative decline of Dutch commerce, it probably was just a defensive move in a time of increasing foreign competition, protecting a share for Dutch commerce, and providing another outlet for commercial capital that would otherwise have been idle. The size of this business was estimated to be about 200 million guilders around 1773. Much lending and borrowing of course occurred outside the formal economy. Unfortunately, it is difficult to document the size of this informal business. However, the archived registers of the notaries form an important source of information on this business, as those notaries acted as intermediaries bringing lenders and borrowers together (not least in the mortgage-loan business). Also, probate inventories, describing the estate of deceased persons, show the intricate web of credit transactions that occurred on a daily basis in the Republic, even between its humblest citizens. Mercantile trade brought risks of shipwreck and piracy. Such risks were often self-insured. The East-India Company armed its vessels, and maintained extensive military establishments abroad, thereby internalizing protection costs. Arming merchantmen was quite usual in those days. However, the type of cargo vessel most often used by the Dutch, the Fluyt ship, went usually without guns, or was but lightly armed. This made ship and crew vulnerable to capture by Dunkirk privateers and Barbary pirates. In the latter case captured crews were often sold as slaves. To finance the ransoming of these slaves so-called slavenkassen (slave treasuries) were set up with the support of the government, some of which still exist as charitable foundations, like the one in Zierikzee. Other examples of self-insurance were the partnerships of ship owners, known as partenrederijen (which is probably best translated as "managed partnership", although these were precursors of joint stock companies). These spread the financial risks over a large number of investors, the participanten. This type of business organization was not limited to ship owning, of course. Investment in windmills and trekschuiten often took this form also. But insurance was also formalized as a contractual business, first offered by merchants as part of their normal trade, later by specialized insurers. This type of business started with marine insurance. In 1598 (three years before a similar institution was established in England) the city of Amsterdam instituted a Kamer van Assurantie en Avarij (Chamber of Marine Insurance) which was charged with regulating this business. This drew on the example of Antwerp where this business had been going on for a long time before that. From 1612 on the Assuradeuren (insurance brokers) had their own corner in the Amsterdam stock exchange, where they offered policies on hulls and cargoes to many different destinations. From 1626 the prijscourant (offering stock and bond prices) of the Dutch stock exchanges offered quotations for ten destinations. A century later that number had grown to 21. A large number of private firms insured domestic and foreign shipping alike, making Amsterdam Europe's principal center for marine insurance until the third quarter of the 18th century. One of these companies, founded during the 1720 Dutch financial Bubble (related to the English and French bubbles of the same year) as the Maatschappij van Assurantie, Discontering en Beleening der Stad Rotterdam has been continuously doing business as an insurance firm, Stad Rotterdam Verzekeringen, to this day. These marine insurers at the end of the 18th century branched out to fire insurance. However, that type of insurance had already been pioneered at the end of the 17th century by a remarkable mutual insurance company of owners of paper-making windmills, called the Papiermakerscontract, though other types of industrial windmills were also admitted. The first known such policy dates from 1694. In 1733 no less than 72 windmills were insured with an insured value of 224,200 guilders. The company remained in business till 1903. Another form of insurance that was popular from time to time was life insurance. However, private insurance companies could usually not compete with government life annuities when the government was active in this market. We therefore see this activity only in the period between 1670 and 1690, when Holland suspended the issuance of lijfrenten, and again after 1710, when the province again withdrew from this market. After 1780 the French government started to dominate this market with its life annuities. The private life-insurance contracts often took the form of group investment pools that paid pensions to nominees. A peculiar feature was often a tontine format that offered windfall profits to surviving nominees. In the 18th century these pools were marketed and controlled by brokers, which gave them a professional character. The stock market Bringing together the savers that accumulated the growing stock of capital in the Republic and the people that needed that capital, like the Dutch and other governments, merchants, industrialists, developers etc. constitutes the formation of a market in the abstract economic sense. This does not require a physical meeting place in principle, but in early modern times markets commonly did come together at certain places. This was necessary, because the main function of a market is the exchange of information (about prices offered and accepted) and in the absence of means of telecommunication people had to meet in the flesh to be able to do that. In other words, abstract markets in the economic sense still had to be linked to physical markets. This applied as well to markets for commodities, as to financial markets. Again, there is no reason why financial markets and commodity markets should share the same physical space, but again, due to the close linkage of trade and finance, they in practice invariably did. We therefore see financial markets emerging in the places where commodities were also traded: the commodity exchanges. Commodity exchanges probably started in 13th-century Bruges, but they quickly spread to other cities in the Netherlands, like Antwerp and Amsterdam. Because of the importance of the trade with the Baltic area, during the 15th and 16th centuries, the Amsterdam exchange became concentrated on the trade in grain (including grain futures and forwards and options) and shipping. In the years before the Revolt this commodity exchange was subordinate to the Antwerp exchange. But when the Antwerp entrepôt came to Amsterdam the commodity exchange took on the extended functions of the Antwerp exchange also, as those were closely linked. What changed the Amsterdam commodity exchange to the first modern stock exchange was the evolvement of the Dutch East India Company (VOC) into a publicly traded company. It is important to make a few distinctions here to avoid a number of common misunderstandings. The VOC has been called the first joint-stock company, but this is only true in a loose sense, because its organization only resembled an English joint-stock company, but was not exactly the same. Like other Dutch merchant ventures, the VOC started out in 1602 as a partenrederij, a type of business organization that had by then already a long history in the Netherlands. As in the joint-stock company the investors in a rederij owned shares in the physical stock of the venture. They bore a part of the risk of the venture in exchange for a claim on the profits from the venture. A number of things were new about the VOC, compared to earlier Dutch companies: its charter gave it a monopoly in the trade on the East Indies, and other than in earlier partenrederijen the liability of the managing partners was limited to their share in the company, just like that of the silent partners. But the innovation that made the VOC really relevant for the history of the emergence of stock markets came about serendipitously, not as part of its charter, but because of a decision by the managing partners in the early years of the company to disallow the withdrawal of paid-in capital by partners. As this had been a right of shareholders in other such partnerships it necessitated a feasible alternative for the direct liquidation of the interest of shareholders in the company. The solution was to enable shareholders that wished to get out to sell their share on the Amsterdam Stock Exchange that had just got a new building, but otherwise was just the continuation of the commodity exchange that existed beforehand. Shares were still registered by name in the VOC's register, and that transfer of shares was effected by an entry in that register, witnessed by the company's directors. Such transfers were allowed at infrequent opportunities (usually when a dividend was paid). The "shares" that are presented as "the world's first shares" therefore were in reality what we now would call either stock certificates or else stock options (depending on the concrete circumstances). This secondary market in VOC stock proved quite successful. The paid-in capital of the company, and hence the number of shares, remained the same during the life of the company (about 6.5 million guilders), and when the company proved to be very successful the demand for its shares drove up their price till they reached 1200 percent in the 1720s. Remarkably, the VOC did not raise new capital by issuing new shares, but it relied on borrowing and retained profits for the financing of its expansion. This is remarkable, because previous ventures on the contrary did not borrow, but used additional subscriptions if they needed extra capital The real innovation therefore was that next to physical commodities henceforth financial rights in the ownership of a company were traded on the Amsterdam exchange. The stock market had come into being. Soon other innovations in financial trading were to follow. A disgruntled investor, Isaac Le Maire (father of Jacob Le Maire), in 1609 initiated financial futures trading, when he tried to engineer a bear market in VOC shares by short selling them. This is the first known conspiracy to drive down share prices (as distinguished from manipulating, and speculating in, commodity prices). The Dutch authorities prohibited short selling the next year, but the frequent renewal of this prohibition indicates that it was usually honored in the breach. By the middle of the 17th century, many "modern" derivatives apparently already were quite common, as witnessed by the publication in 1688 of Confusion de Confusiones, a standard work on stock-trading and other financial-market practices, used on the Amsterdam stock exchange, by the Jewish Amsterdam banker Joseph Penso de la Vega. In it he describes the whole gamut, running from options (puts and calls), futures contracts, margin buying, to bull and bear conspiracies, even some form of stock-index trading. Trading in financial instruments, let alone speculation, was not limited to the stock exchange, however. Notorious is the speculative bubble in tulip futures, known as the 1637 Tulip mania. This mostly unfolded in coffee houses throughout the country as a pastime for common people. The stock exchange and its brokers were hardly involved, though the techniques used were quite common on the stock exchange. Similarly, the Dutch speculative bubble of 1720 (that coincided with John Law's activities in France and the South Sea bubble in England, but had its own peculiarities), for a large part existed outside the formal confines of the stock exchange. Still, this pan-European speculative mania illustrates the way in which by that time the European capital markets were already interconnected. The London Stock Exchange did not yet exist as a separate building, but its precursor operated in the Change Alley, where licensed stock traders did their business in coffee houses. Since the Glorious Revolution the Dutch and English stock exchanges operated in tandem, certain stocks and bonds being quoted on both exchanges. English shares of the Bank of England and the British East India Company were continuously traded in both London and Amsterdam. They communicated via the packet-boat connection between Harwich and Hellevoetsluis that sailed twice a week. Information on stock and bond prices in both markets was regularly published in Dutch price courants (that originated in Amsterdam in 1583, and were published biweekly from 1613 on). Analysis of the information from these lists shows that the London quotations were apparently spot prices, whereas the Amsterdam quotations were forward prices, reflecting the fact that Amsterdam traded futures on English stocks. Of course, this need not signify stock speculation, but when the British and French speculative bubbles of 1720 erupted, the Dutch capital market soon got involved also, because Dutch investors were able to participate. The main Dutch bubble came afterward, however. When the bubble burst in France, short-term capital fled to the Netherlands, because this market was seen as a "safe haven". This influx of liquidity helped spark a domestic Dutch speculative bubble in dodgy public companies that burst in due course. Without the dire consequences of the British and French crashes, however, because the Dutch market was more mature. It occasioned a lot of satirical comment, however, as shown in the illustration from a contemporary tract on the follies of speculation, Het Groote Tafereel der Dwaasheid (English Translation: The Great Mirror of Folly). The great import of this episode is that it shows that by this time the capital market had become truly international, not only for long-term bonds, but now also for short-term capital. Financial crises easily propagated because of this. Examples are the crisis of 1763, after the end of the Seven Years' War in which the Netherlands had remained neutral, occasioned a collapse of commodity prices, and debasements of the currency in Eastern Europe disrupted the bullion trade. Some Amsterdam accepting houses became overextended and failed as a consequence. This caused a brief credit crunch. Ten years later the bursting of a speculative bubble in British-East-India-Company stock, and a simultaneous default of Surinam planters, forced Dutch merchant bankers to liquidate their positions. As a result, acceptance credit evaporated temporarily, causing another credit crunch which brought down a number of venerable banking houses. This time a short-lived Fonds tot maintien van publiek crediet (a kind of bank of last resort) was erected by the city of Amsterdam, but dissolved again after the crisis abated. This experiment was repeated a few times during the crises of the end of the century, but equally without lasting results. The need for them was probably less than abroad, because the Dutch citizens were still extremely liquid, and possessed large cash hoards that obviated the need for a lender of last resort. Besides, the by then extremely conservative Dutch financial community feared that a paper currency beside the metal currency would undermine confidence in the Amsterdam capital market. Collapse of the system Though the 18th century has often been depicted as an age of decline of the Dutch economy, the picture is more nuanced. It is true that the "real" economy of trade and industry (and initially agriculture also, though there was a resurgence later in the century) went into at least relative decline, compared to neighboring countries. But it has to be admitted that those neighboring countries had to make up a big lag, which they actually only accomplished toward the end of the 18th century, when British per-capita GNP finally overtook the Dutch per-capita GNP. Meanwhile, within the Dutch economy there was a decided shift toward the "service" sector (as the British economy would experience a century or so later), especially the financial sector. At the time (and by later historians with an ax to grind) this shift was often evaluated negatively. Making money from money, instead of from toil in trade or industry was seen as a lazy-bones' pursuit. The "periwig-era" has become a byword for fecklessness in Dutch historiography. The 18th-century investors are seen as shunning risk by their overreliance on "safe" investments in sovereign debt (though those proved extremely risky from hindsight), while on the other hand they are excoriated for their predilection for speculative pursuits. But do those criticisms hold up under closer scrutiny? First of all it has to be admitted that many modern economies would kill for a financial sector like the Dutch one of the 18th century, and for a government of such fiscal probity. In many respects the Dutch were unwittingly just ahead of their time. Their "speculative pursuits" are now seen as a necessary and integral part of commodity and financial markets, which perform a useful function in cushioning external shocks. It is as well that the Dutch performed that function for the wider European economy. It is true, however, that the way the 18th-century financial sector worked had its drawbacks in practice. A very important one was the detrimental effect the large Dutch public debt after 1713 had on the distribution of income. Through its sheer size and the attendant size of the necessary debt service, which absorbed most of the tax revenue, it also cramped the discretionary spending possibilities of the government, forcing a long period of austerity on it, with its attendant "Keynesian" negative effect on the "real" economy. The structurally depressed economy this caused made investment in trade and industry unattractive, which reinforced the vicious circle leading to more foreign direct investment. In itself such foreign investment is not seen as a bad thing nowadays. At least it engenders a foreign-income stream that helps the balance of payments of a country (though it also helped keep the Dutch guilder "hard" in a time when exports were already hindered by high real-wage costs). Unfortunately, the signals the market for foreign investments sent to Dutch investors were misleading: the very high risk of most foreign sovereign debt was insufficiently clear. This allowed foreign governments to exploit Dutch investors, first by paying interest rates that were far too low in hindsight (there was only a slight agio for foreign bonds), and finally by defaulting on the principal in the era of the Napoleonic Wars. As John Maynard Keynes has remarked: after the default of foreign borrowers the lending country has nothing, while after a domestic default the country has at least the physical stock that was bought with the loan. The Dutch were to experience this vividly after 1810. In any case, the periwigged investors had in certain respects no choice when they shifted to acceptance credit and commission trade, for instance. This can be seen as a rational "second best" strategy when British, French and Spanish protectionism closed markets to the Dutch, and they lacked the military means to force retraction of protectionist measures (as they had often been able to do in the 17th century). Also, apart from protectionism, the old comparative advantage in trade simply disappeared when foreign competitors imitated the technological innovations that had given the Dutch a competitive advantage in shipping and industry, and it turned into a disadvantage when the Dutch real-wage level remained stubbornly high after the break in the upward secular trend in price levels after 1670. From this perspective (and from hindsight by comparison with other "maturing" economies) the growth of the financial sector, absolutely and relative to other sectors of the Dutch economy, may not only be seen neutrally, but even as a good thing. The sector might have been the basis for further growth during the 19th century, maybe even supported a new industrial revolution after the British model. Ironically, however, crises in the financial sector brought about the downfall of first the political structures of the old Republic, and finally the near-demise of the Dutch economy (most of all the financial sector) in the first decade of the 19th century. The Fourth Anglo-Dutch War, which from the English point of view was caused by Dutch greed in supporting the American Revolution with arms and funds (the British pretext for declaring war was a draft-treaty of commerce between the city of Amsterdam and the American revolutionaries) brought about a liquidity crisis for the VOC, which almost brought down the Bank of Amsterdam also, as this bank had been making "anticipatory" loans which the company could not pay back. Both were saved by the government, especially the States of Holland, which provided emergency credit, but financial confidence was severely damaged. Investor confidence was also damaged by the political troubles of the Patriot Revolt after the war. That revolt was sparked by popular demand for thoroughgoing political reforms and reforms in public finance, to cure the ills exposed by the dismal conduct of the war by the regime of Stadtholder William V. When his regime was restored by Prussian force of arms, and the would-be reformers were driven into exile in 1787, many investors lost hope of economic improvement, and they started liquidating their assets in the "real" economy for a flight in foreign bonds and annuities (especially French ones, as the French monarchy happened to have a large borrowing requirement at this time). When soon afterward the French Revolution of 1789 spread by military means, and put the exiled Patriots in power in a new Batavian Republic, for a while the reform of the state, and the reinvigoration of the economy, seemed to be assured. Unfortunately, the reformers proved to be unable to overcome the conservative, federalist, sentiments of the voters in their new democracy, and it took autocratic measures, first French-inspired, later by direct French rule, to reform the state. Unfortunately, the influence of the French on the economy was less benign. The French "liberators" started with exacting a war indemnity of 100 million guilders (equal to one-third of the estimated Dutch national income at the time of 307 million guilders). They did more damage, however, by first defaulting on the French public debt, and later (when the Netherlands were annexed to the French empire after 1810) on the Dutch public debt. This was the first such default for the Dutch ever. Bonds that had paid a dependable income since 1515 suddenly lost their value. This loss devastated the financial sector as up to half of the national wealth (and the source for future investments) evaporated with the stroke of a pen. Napoleon concluded the process of destruction of the Dutch economy by enforcing the Continental System effectively, snuffing out Dutch contraband trade with the British, while at the same time keeping French markets closed to Dutch exports even when the Netherlands were part of the French empire. Consequently, Amsterdam lost its position in the international capital market forever to London. The merchant bankers left en masse. Though for a while cities in the maritime Dutch provinces lost urban population, while grass grew in their streets, and their ports were empty, and even though the Netherlands' economy experienced deindustrialization and pauperization, with a concomitant re-agriculturalization, it did not revert to premodern days. It even managed to hang on for another fifty years, resistant to attempts at industrialization in the British mode, even though those attempts did take hold in the former Southern Netherlands, with which it shared a state until 1830. Only in the mid-19th century, after the final liquidation of the repudiated public debt (and the attendant restoration of public credit) did the Dutch economy start a new epoch of modern economic growth. Sources (1997), The First Modern Economy. Success, Failure, and Perseverance of the Dutch Economy, 1500–1815, Cambridge University Press, ISBN 978-0-521-57825-7
Trinidad and Tobago dollar	[ "Currencies introduced in 1964", "Currencies of the British Empire", "Currencies of the Caribbean", "Currencies of Trinidad and Tobago", "Dollar", "Economy of Trinidad and Tobago", "Fixed exchange rate", "Circulating currencies" ]	2,855	21,860	The Trinidad and Tobago dollar (currency code TTD) is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. Cents are abbreviated with the cent sign ¢, or TT¢ to distinguish from other currencies that use cents. Its predecessor currencies are the Trinidadian dollar and the Tobagonian dollar. History The history of currency in the former British colony of Trinidad and Tobago closely follows that of the British Eastern Caribbean territories in general. The first currency used was the Spanish dollar, also known as "pieces of eight", which began circulating in the 16th century. Proposals for establishing banks in the West Indies, targeted at landowners, were made in 1661 by the British government, and in 1690 by Sir Thomas Dalby. Despite this, and Queen Anne's proclamation of 1704 that brought the pound sterling currency system to the West Indies, silver pieces of eight (Spanish dollars and later Mexican dollars) continued to form a major portion of the circulating currency right into the latter half of the nineteenth century. The abolition of slavery in the West Indies was the catalyst which led to the establishing of the first bank. The Colonial Bank was established on 1 June 1836, and opened its first branch in Trinidad in 1837 under the management of Anthony Cumming. Its initial mandate was to use Spanish and Mexican dollars as its official currency, and it was required to make all payments in those currencies, but incoming payments could be made in any currency, and the bank often found that it was short of dollars. The bank therefore lobbied the government, seeking permission to issue money in other currencies. This resulted in an imperial order-in-council in 1838, in which Trinidad and Tobago formally adopted the sterling currency, although the Spanish, Mexican and Colombian currencies were also declared legal tender. A second bank, the West India Bank, was granted a royal charter in 1840, and opened its first branch in 1843. The loss of its monopoly had a profound effect on the Colonial Bank, which was also at a disadvantage due to not being permitted to pay interest on deposits, as the West India Bank did. The two banks pursued opposite strategies, with the Colonial Bank maintaining a conservative stance, including removing currency from circulation, while the West India Bank pursued aggressive expansion. The Sugar Duties Act 1846, which equalised the duties on sugar imported into the United Kingdom from the British colonies with that of non-British territories, created a financial crisis in Trinidad and Tobago as the price of sugar fell rapidly. The West India Bank, which had taken on too much risk, went bust during the crisis and the Colonial Bank was also put under strain. The international silver crisis of 1873 signalled the end of the silver dollar era in the West Indies and silver dollars were demonetized in Tobago in 1879 and in Trinidad at around the same period. This left a state of affairs, in which the British coinage circulated, being reckoned in the private sector using dollar accounts at an automatic conversion rate of 1 dollar = 4 shillings 2 pence. Local banks also issued their own dollars, however, denominated in dollars. Government offices kept their accounts in British pounds, shillings, and pence until the year 1935. The Currency Interpretation Ordinance of 1934 replaced the system of pounds, shillings and pence with the dollar, retaining the fixed exchange rate of 1 dollar for every 4 shillings 2 pence. From 1949, with the introduction of the British West Indies dollar, the currency of Trinidad and Tobago became officially tied up with that of the British Eastern Caribbean territories in general. The British sterling coinage was eventually replaced by a new decimal coinage in 1955, with the new cent being equal to one half of the old penny. In 1951, notes of the British Caribbean Territories, Eastern Group, were introduced, replacing Trinidad and Tobago's own notes. In 1955, coins were introduced when the dollar was decimalized. The currency of the union was replaced by the modern Trinidad and Tobago dollar in 1964, two years after the nation's independence in 1962. The Trinidad and Tobago dollar was launched, and had become the sole currency by 1967. In 1964, Trinidad and Tobago introduced its own dollar. Between 1964 and 1968 the Trinidad and Tobago dollar was utilized in Grenada as legal tender until that country rejoined the common currency arrangements of the East Caribbean dollar. The Trinidad and Tobago dollar and the Eastern Caribbean dollar were the last two currencies in the world to retain the old rating of one pound equals four dollars and eighty cents, as per the gold sovereign to the Pieces of eight. Both of these currencies ended this relationship within a few weeks of each other in 1976. After VAT was introduced in 1989, the dollar was switched from a fixed rate to a managed float regime on Easter Weekend, 1993. For a wider outline of the history of currency in the region, see Currencies of the British West Indies. Coins In 1966, coins were introduced in denominations of 1¢, 5¢, 10¢, 25¢ & 50¢. A large sized coin was first released for circulation in 1969 and again in 1979 before being replaced with a smaller sized version in 1995 more regularly minted. The 5¢ is struck in bronze, with the other denominations in cupro-nickel. The obverses all feature Trinidad and Tobago's coat of arms, with the reverse designs solely featuring the denomination until 1976, when they were replaced by either a national bird or flower in addition to the denomination after the declaration of a republic. The 50¢ & coins are scarcely seen in circulation, but can be purchased from banks if requested. There are also coins minted in , , and denominations as well. These coins are not in circulation, and can only be obtained from the Central Bank of Trinidad and Tobago, either as part of a special 'eight-coin proof set' collection (in the case of the and coins) or individually (in the case of the and coins.) Notably, the and coins are minted in sterling silver, whereas the and are minted in gold. The price of the gold coins fluctuate depending on the current state of the market for gold. In 2014 the government stopped minting the 1¢ coin. On 3 July 2018 cash rounding was implemented as 1¢ coins ceased being legal tender for cash payments, but the Central Bank will redeem them indefinitely in multiples of 5¢. Coins of the Trinidad and Tobago dollar Image Value Technical parameters Description Date of first minting Diameter Thickness Mass Composition Edge Obverse Reverse 1 cent 17.78 mm 1.14 mm 1.94 g Bronze Plain/Smooth Coat of arms of Trinidad and Tobago; text "REPUBLIC OF TRINIDAD AND TOBAGO" Hummingbird; text "1 CENT" 1976 5 cents 21.21 mm 1.35 mm 3.24 g Bronze Plain/Smooth Coat of arms of Trinidad and Tobago; text "REPUBLIC OF TRINIDAD AND TOBAGO" Greater bird-of-paradise (Paradisaea apoda); text "5 CENTS" 1976 5 cents 21.2 mm 1.25 mm 3.31 g Copper-plated steel Plain/Smooth Coat of arms of Trinidad and Tobago; text "REPUBLIC OF TRINIDAD AND TOBAGO" Greater bird-of-paradise (Paradisaea apoda); text "5 CENTS" 2017 10 cents 16.26 mm 1.02 mm 1.41 g Copper-nickel Reeded Coat of arms of Trinidad and Tobago; text "REPUBLIC OF TRINIDAD AND TOBAGO" Flaming Hibiscus; text "10 CENTS" 1976 10 cents 16.3 mm 0.9 mm 1.4 g Copper-nickel-plated steel Reeded Coat of arms of Trinidad and Tobago; text "REPUBLIC OF TRINIDAD AND TOBAGO" Flaming Hibiscus; text "10 CENTS" 2017 25 cents 20 mm 1.63 mm 3.53 g Copper-nickel Reeded Coat of arms of Trinidad and Tobago; text "REPUBLIC OF TRINIDAD AND TOBAGO" Chaconia (Warszewiczia coccinea or Wild Poinsettia); text "25 CENTS" 1976 25 cents 20 mm 1.48 mm 3.5 g Copper-nickel-plated steel Reeded Coat of arms of Trinidad and Tobago; text "REPUBLIC OF TRINIDAD AND TOBAGO" Chaconia (Warszewiczia coccinea or Wild Poinsettia); text "25 CENTS" 2017 50 cents 26 mm 1.85 mm 7 g Copper-nickel Reeded Coat of arms of Trinidad and Tobago; text "REPUBLIC OF TRINIDAD AND TOBAGO" Steel drums; text "50 CENTS" 1976 In the nineteenth century, the British gold sovereign was valued at four Spanish silver dollars and eighty cents. When the sterling coinage was finally accepted as the main circulating coinage in the British West Indies, the Eastern Caribbean colonies continued nevertheless to use the dollar unit for accounting purposes. The West Indian dollar was therefore equivalent to four shillings and two pence. This Royal Bank of Canada note reflects this state of affairs with its overt mention of the fact that one hundred dollars is equal to twenty pounds, sixteen shillings, and eight pence sterling. This state of affairs was exclusively confined to the Eastern Caribbean region, possibly due to the geographical proximity to British Guiana. British Guiana had a reason to wish to retain the dollar unit owing to its recent changeover from Dutch currency. These factors did not affect Jamaica, Bermuda, or the Bahamas which adopted the sterling currency in both coinage and as the unit of account. In 1898, the Colonial Bank introduced notes. These were followed in 1901 by . notes were also issued. The last notes were issued in 1926, after which the Colonial Bank was taken over by Barclays Bank, which issued , & notes until 1941. In 1905, notes were introduced by the government in denominations of & , followed by in 1935, followed by & in 1942. The Royal Bank of Canada introduced , & notes in 1909. From 1920, the notes also bore the denomination in sterling. 100-dollar notes were not issued after 1920, whilst the and were issued until 1938. The Canadian Bank of Commerce introduced , & notes in 1921, with the & notes issued until 1939. The Royal Bank of Canada one hundred dollar note, shown here; is a relic of a monetary system, in which the unit of account was related to the circulating coinage on the basis of two historical coins which were no longer in use. On 14 December 1964, the Central Bank of Trinidad and Tobago introduced notes for , , & . New denominations in the form of & notes were issued on 6 June 1977, although the note was not continued after a shipment was stolen prior to issue. The note was taken out of its brief circulation. The reverses of the current notes feature the Central Bank Building of Trinidad & Tobago. The obverses have the coat of arms in the center, a national bird and a place in Trinidad, such as a market, petroleum refinery, etc. In 2002, new & notes were introduced. In 2003, new , , & were also introduced. The notes were only slightly changed; they now have more security features & darker colour. Recently, more security features have been added to the notes by the Central Bank of Trinidad and Tobago. In 2012 the note was reintroduced to commemorate Trinidad and Tobago's Golden Jubilee of Independence. On the front of the note is a Red-capped cardinal bird and the commemorative text around the center of the coat of arms. Two versions of this denomination were released, one without the commemorative text around the centre of the coat of arms (general circulation) and one with the commemorative text. On 9 December 2019 polymer notes were distributed to banks. The government announced that the current notes would be demonetized after 31 December 2019. On 21 February 2020, the central bank announced plans to change all of its paper based notes to polymer based notes. On 27 October 2020, the central bank introduced polymer versions of the , and notes. These notes were distributed to commercial banks on 2 November 2020. They also announced that the polymer notes of the and would be introduced in January 2021. On 15 February 2021, the central bank introduced a polymer version of the and a redesigned polymer note. The paper based notes were discontinued on January 1, 2022. All banknotes have the coat of arms of Trinidad and Tobago on the obverse and an image of the central bank on the reverse. Banknotes in circulation are (red) (green) (grey) (purple) (gold) (blue) See also Central banks and currencies of the Caribbean Economy of Trinidad and Tobago Coins of Trinidad and Tobago from
Letty Aronson	[ "1943 births", "Living people", "Film producers from New York City", "American people of Austrian-Jewish descent", "American people of Russian-Jewish descent", "Golden Globe Award–winning producers", "Businesspeople from Brooklyn", "American women film producers", "People from Midwood, Brooklyn", "20th-century American businesspeople", "20th-century American businesswomen", "21st-century American businesspeople", "Brooklyn College alumni", "21st-century American businesswomen" ]	890	7,506	Ellen Letty Aronson (née Konigsberg; born November 30, 1943) is an American film producer. She is the younger sister of writer and director Woody Allen. Personal life Aronson was born Ellen Letty Konigsberg in 1943 in New York City, to Nettie (née Cherry) and Martin Königsberg, and was raised in Midwood, Brooklyn, New York. Her older brother is writer and director Woody Allen. Aronson comes from a Jewish family; her grandparents were from Lithuania and Austria. She was educated at Brooklyn College and New York University. Aronson was married to Sidney Aronson, an elementary school principal in Brooklyn who died in 2002. They had three children together, Christopher, Erika, and Alexa. Career She has produced many of her brother Woody Allen's films including Bullets over Broadway (1994), Mighty Aphrodite (1995), Deconstructing Harry (1997), Celebrity (1998), The Curse of the Jade Scorpion (2001), Anything Else (2003), Melinda and Melinda (2004), Match Point (2005), Scoop (2006), Cassandra's Dream (2007), Vicky Cristina Barcelona (2008), Whatever Works (2009), You Will Meet a Tall Dark Stranger (2010), Midnight in Paris (2011), To Rome with Love (2012), and Blue Jasmine (2013). Filmography As a producer Year Title Notes 1994 Bullets over Broadway Don't Drink the Water Television movie1995 Mighty Aphrodite 1996 Everyone Says I Love You 1997 Deconstructing Harry The Spanish Prisoner Co-executive producer1998 Into My Heart Executive producer Celebrity 1999 Sweet and Lowdown Story of a Bad Boy Co-executive producer 2000 Small Time Crooks 2001 The Curse of the Jade Scorpion 2002 Hollywood Ending 2003 Anything Else 2004 Melinda and Melinda 2005 Match Point 2006 Scoop 2007 Cassandra's Dream 2008 Vicky Cristina Barcelona 2009 Whatever Works 2010 You Will Meet a Tall Dark Stranger 2011 Midnight in Paris 2012 To Rome with Love 2013 Blue Jasmine 2014 Magic in the Moonlight 2015 Irrational Man 2016 Café Society 2017 Wonder Wheel 2019 A Rainy Day in New York 2020 Rifkin's Festival 2023 Coup de chance Awards and nominations Year Award Category Nominated work Result2008 Golden Globe Awards Best Picture - Musical or Comedy Vicky Cristina Barcelona 2012 Academy Awards Best Picture Midnight in Paris Alliance of Women Film Journalists Best Picture Hollywood Film Awards Producer of the Year Producers Guild of America Awards Best Theatrical Motion Picture 2014 Blue Jasmine Further reading Kaufman, Anthony, , Variety, September 22, 2011
Employees' Trust Fund	[ "Statutory law", "Government of Sri Lanka", "Labour law", "Labor relations", "Social security", "Employment compensation", "Employee relations", "Wills and trusts", "Retirement in Sri Lanka" ]	820	6,785	The Employees' Trust Fund (ETF) is a social security programme established on 1 March 1981 under the Act No.46 of 1980 by the Parliament of the Sri Lanka. Contribution Where an employer first becomes liable under the provisions of this Act to contribute to the Fund in respect of any employee employed by such employer, such employee shall then become and continue to be a member of the Fund so long as there is any sum to the credit of his individual account in the Fund. Persons who are self-employed and migrant workers are also eligible to ETF membership on a voluntary basis. However the Domestic servants, Employees in religious, social or charitable institutions employing less than 10 employees, Industrial undertakings training juvenile offenders, orphans, or persons who are destitute, deaf or blind and Businesses where only family members are employed are considered as the exempts of the Act. A membership statement of account will be issued to members before 30 September every year which contains details of annual interest, account balance etc. Conditions The employer of every employee to whom this Act applies shall be liable to pay an amount equal to three per centum (3%) of the total earnings including Wages, salary or fees, Cost of living allowance, special living allowance and other similar allowances, Payment in respect of holidays, The cost value of cooked or uncooked food provided by the employer to employees, Meal allowance and Any other forms of remuneration of the employee from his employment on or before the last day of the succeeding month. If the employer delays in forwarding the contributions according to the legal time frame, then the employer is liable to a surcharge. Incentives, attendance, productivity or night allowance, Overtime, Bonus, Service charge, Supervising allowance, Acting allowance, Professional allowance, Festival allowance, Housing allowance, Travelling allowance (reimbursed) Hourly payment made to lecturers and On call allowance are exempted from the ETF. There is no recovery from the employee and the liability of this contribution lies solely with the employer. It shall be a condition of any employee's right to any moneys that he / she or any person on his / her behalf makes a claim thereto in the manner prescribed in the Act. No member of the Fund or other person claiming on behalf of such member shall have any interest in, or claim to, the moneys of the Fund otherwise than by, and except in accordance with, the provisions of this Act or of any regulations made there-under. Claim back possibilities Any employee can claim back for money once every five years during the period of employment or upon reaching the age of 60 years. Persons who due to leave the country permanently can claim before their departure. Cessation of employment due to permanent and total incapacity for work is another point that the employee can claim for the ETF. In the event of the death of a member, the funds in the ETF account will be paid to the nominee and if there is no nominee, then it will be paid to the executor or administrator of the member's estate or to his/her heirs. Benefits Among the benefits, an automatic Life Insurance Cover of maximum of 50,000 LKR, a permanent and Total Disability benefits of maximum of 200,000 LKR, financial Assistance for Heart surgery of 150,000 LKR, financial Assistance for Kidney Transplant operations of 150,000 LKR, 9000 LKR for Reimbursement of Intraocular Lens Implant for each eye are magnificent. 3000 Scholarships of 15,000 LKR each are awarded to children who get through the Year Five Scholarship examination with merit. A hospitalized Health insurance Scheme of maximum of 25,000 LKR and a Housing Loan Scheme of maximum of 50,000 LKR can be obtained during the membership period. See also Employees' Provident Fund
Jake Saunders	[ "Knights Bachelor", "Companions of the Distinguished Service Order", "Recipients of the Military Cross", "British bankers", "Businesspeople awarded knighthoods", "Members of the Executive Council of Hong Kong", "Chairmen of HSBC", "Commanders of the Order of the British Empire", "1917 births", "2002 deaths", "People educated at Bromsgrove School", "East Surrey Regiment officers", "British Army personnel of World War II", "People from Uxbridge", "Military personnel from the London Borough of Hillingdon" ]	2,637	17,735	Sir John Anthony Holt Saunders, CBE, DSO, MC (29 July 1917 – 4 July 2002) was chairman of The Hongkong and Shanghai Banking Corporation (now HSBC Holdings plc), at a time of rapid and turbulent development of the Hong Kong economy. In his banking career, as chief manager (effectively chief executive) from 1962, and chairman from 1964 to 1972, Saunders was at the helm of Hong Kong's most important financial institution at a time when the Crown Colony was rapidly changing from a trading post to a regional centre of manufacturing and finance. The fierce pace of economic growth for Hong Kong was fuelled by an influx of industrious migrants from China and an administration dedicated to laissez-faire tax and trade policies. From 1966, however, domestic business confidence and dealings with mainland China were severely disrupted by Mao Zedong's Cultural Revolution. In 1967 the devaluation of sterling – to which Hong Kong's currency was then fixed – was another blow. Saunders led the bank through these events with a calming hand. In its centenary year, 1965, The Hongkong and Shanghai Banking Corporation was offered a majority stake in the Hang Seng Bank, a local retail bank which had suffered a sudden run on deposits after rumours that it was in trouble. Saunders was out of the colony when the crisis arose, but returned to complete the negotiation. In the same period, he broadened The Hongkong and Shanghai Banking Corporation's own customer base to include a new generation of Chinese (often Shanghainese) entrepreneurs, and acquired for the bank an early equity stake in the World-Wide Shipping Group, the shipping empire of Sir Yue-Kong ("Y.K.") Pao, with whom Saunders formed a close friendship. The bank also invested in the Swire family's Cathay Pacific airline. Its branch network expanded, and it was a frontrunner in computerisation. Early life He was born at Uxbridge, the son of a banker, and educated at Bromsgrove School. He joined The Hongkong and Shanghai Banking Corporation in London in 1937 on the introduction of the Duke of Devonshire, to whom his maiden aunt Elsie was private secretary. As training for his first tour of duty in the Far East, he was posted to the bank's Lyons branch in France, where the principal business was financing the silk trade with Indo-China. He became a lifelong Francophile, acquiring a particular enthusiasm for champagne and oysters. World War II During the Second World War he fought in North Africa, Sicily and Italy, was wounded and mentioned in dispatches and won an MC and a DSO in Italy in the battles of Monte Spaduro and the Argenta Gap. When war broke out in 1939, he resigned from The Hongkong and Shanghai Banking Corporation and took the train back to England to enlist in the British Army as a private soldier. He was selected for officer training at the Royal Military College, Sandhurst where he was awarded the Belt of Honour for the best cadet in his intake. Saunders was commissioned as a second lieutenant into the East Surrey Regiment. He fought with the 1st Battalion of the regiment, part of the 11th Infantry Brigade of the 78th "Battleaxe" Infantry Division, of the British First Army, in Tunisia, North Africa, first as a platoon commander and later as intelligence officer. The division had a very active role in the campaign and after hostilities in North Africa ceased in May 1943, it became part of General Bernard Montgomery's British Eighth Army and took part in the Allied invasion of Sicily, notably in the heavy fighting at Centuripe at the start of August 1943. In late September the division was shipped to Taranto in Southern Italy and joined the Italian campaign up the Adrian coast. Across the Eighth Army's line of advance lay the Biferno, Trigno and Sangro rivers which marked a series of German prepared defensive lines: the Volturno Line, the Barbara Line and the Winter Line (variously referred to as the Gustav Line or Bernhardt Line). The division fought a notable action at the Battle of Termoli on the Volturno Line and was one of Montgomery's lead divisions for the attacks on the two subsequent lines. Following these actions the division was rested at the army's leave centre in Campobasso. After a week the Surreys were placed in a quieter section of the front high in the Apennine Mountains guarding the Eighth Army's left wing during the Moro River Campaign in December. The land was very bleak and wild; although there was little combat during the period (mainly skirmishes between opposing patrols) life was very uncomfortable because of the freezing temperatures, deep snow and remoteness from town comforts. In February 1944 (by which time Saunders was the Battalion Adjutant) 78 Division moved across the Apennine Mountains to the Cassino sector to become part of the New Zealand Corps under Lieutenant General Mark Clark's U.S. Fifth Army. The Fifth Army had already made two unsuccessful attempts to break the Winter Line at Cassino and it was planned for 78th Division to exploit the planned breakthrough by the 2nd New Zealand and 4th Indian Infantry Divisions during the third battle. The attempt failed and the East Surrey's role was restricted to patrolling its sector of front on the Rapido river. At the end of March the East Surreys were moved into the mountains behind Cassino to relieve the badly mauled Indians. The location was once again cold and bleak and overlooked by German positions, making movement in daylight impossible. The ground was hard and rocky so that only shallow trenches could be dug with loose stone surrounds providing scant protection. After a month the battalion was relieved by Polish units for a short rest period, followed by intense training for the fourth Battle of Monte Cassino. After the Allied breakthrough in Operation Diadem the division took part in the advance up the Liri valley continuing to fight northwards from Rome towards Arezzo. After heavy fighting at the Trasimene Line, another German defensive line, the division was taken out of the line in July 1944 for rest in Egypt. Early in October 1944, the battalion, in which Saunders was now a major commanding a rifle company, returned with the 78th Division to Italy and traveled by transport on a circuitous route from Taranto that took them through Assisi, Perugia and Arezzo to San Apollinare in the Tuscan Apennine mountains north of Florence. It was a grim, mountainous area with narrow, winding tracks, pitted with shell holes which turned to slippery mud in the heavy rain. The task of the 78th Division was, as part of Lieutenant-General Sidney C. Kirkman's British XIII Corps (which at this time formed the right wing of Mark Clark's U.S. Fifth Army), to join in the offensive to break through the mountains to the Lombardy plain. The battalion's role was to capture two objectives, Monte La Pieve and Monte Spaduro, which blocked the advance. On the night of 15 October, the 1st Surrey's attack on Monte Pieve was only partly successful, but an attack in brigade strength two days later ended in anti-climax when the enemy was found to have gone. Monte Spaduro, a massive, razor-backed ridge running from south to north for almost two miles (3 km), remained in German hands and on the night of 23 October the battalion took part in a brigade attack on the feature. The approach march to the brigade assembly area took the 1st Surreys along three and a half miles of winding mountain tracks with steep, muddy gradients. After a heavy artillery barrage, "A" Company, commanded by Major Saunders and "D" Company led the assault on Monte Spaduro with "C" Company bringing up the rear. By one o'clock in the morning, after heavy fighting, the battalion had achieved the objective, but persistent sniping and machine-gun fire from the cover of deep gullies pinned down "A" Company and prevented "C" Company from moving up to its correct position. The following afternoon, Saunders tried to flush out the Germans with two-inch mortars but this failed. The use of heavier weapons was considered but dismissed; the enemy was too close. When two men in the 1st Surreys attempted to move their position, one was sniped in the head and killed, the other took a bullet in the arm. Saunders grabbed a rifle and bayonet and, taking two men with him, worked his way round to the gully. Reaching a point above where the enemy appeared to be, he charged down the gully towards them, yelling as he did so. Four German soldiers with two Spandau light machine-guns surrendered. Saunders was awarded an immediate MC. The Battalion then spent a miserable winter holding these mountainous unsheltered positions in bitterly cold and wet conditions. In the spring of 1945, the 78th Division had returned to the Eighth Army, now under Lieutenant-General Richard L. McCreery, on the Adriatic front to join British V Corps. One of the army's objectives was to break through the German defences on the rivers Senio and Santerno and then drive through the Argenta Gap, a strip of land between Lake Comacchio and flooded land south of the river Reno, to form a pincer with U.S. Fifth Army attacking through the central Apennines to surround and destroy the German armies south of the River Po. On 14 April, the 1st Surreys and the 2nd Battalion, Lancashire Fusiliers, as part of 78 Division's 11th Infantry Brigade, moved up to a concentration area in readiness for an assault on the Argenta Gap. The Lancashire Fusiliers had suffered heavy casualties and Saunders was transferred from the 1st Surreys and appointed second-in-command. The 11th Brigade crossed the river Reno and negotiated extensive minefields until it reached the outskirts of Argenta. On the approach to Fossa Marina, a canal running north-eastwards from Argenta across the entire width of the Gap, it ran into strong opposition. It was essential to press on to the Fossa Marina before the enemy could establish a firm defence there, and it was decided that a full-scale assault would be necessary. On the evening of 16 April 1 Surreys moved forward after dark and secured a base from which the Lancashire Fusiliers could cross the Fossa Marina and establish a limited bridgehead beyond it. At midnight, after a bitter struggle, a foothold had been secured across the canal when the commanding officer of the Lancashire Fusiliers was wounded and the attack became stabilised on the line of the canal. At this critical moment, Major Saunders took command of the battalion and, under his leadership, all the objectives were reached and held against determined counter-attacks the following morning. He was awarded an immediate DSO. Hostilities ceased in early May and Saunders finished the war with the Surreys and 78th Division in Austria. He was demobilised from the British Army in 1946, having been mentioned in dispatches in July 1945. Post-war banking career After the war, Saunders rejoined the bank in Singapore and was posted to Hong Kong in the early 1950s. He became Chief Accountant in 1955 and held a series of appointments in Hong Kong and Singapore, before becoming Chief Manager (the bank's most senior executive position) in 1962, succeeding Sir Michael Turner. The board of directors of the bank up to this point was entirely non-executive but in 1962, exceptionally, he was elected to the board. Over the next seven years he worked to introduce a new executive board structure. He was succeeded as Chief Manager by former director of the Central Trust of China, H.J. Shen, in September 1964 when he became Chairman of the bank. In 1969 his plans to reorganise the board to include more executives came to fruition and became executive chairman of the newly reorganised board. As head of the bank, Saunders was also an important civic figure: he was a member of the Executive Council, was much involved in the development of Hong Kong University (for some years serving as Treasurer of the institution), and was chairman of the stewards of the Royal Hong Kong Jockey Club from 1967 to 1972, where he introduced a new level of professionalism. He served as a Justice of the Peace in Hong Kong from 1955 and was also a longstanding trustee of the Gurkha Welfare Trust. His influence in Hong Kong and the region led to the Portuguese Government conferring on him in 1966 the Commandership of the Order of Prince Henry. He also received an honorary Degree of Doctor of Social Sciences from The University of Hong Kong in 1969. He was appointed CBE in 1970 and was knighted in 1972 when he retired from the bank. He continued to hold a number of non-executive positions in other organisations for some years afterwards including the chairmanship of Amalgamated Metal Corporation and International Commercial Bank and non-executive directorships of P & O, Rediffusion and subsidiaries of Y.K Pao's World-Wide Shipping Group. He died on 4 July 2002. See also Allied invasion of Sicily Barbara Line Battle of Monte Cassino Battle of the Argenta Gap Bernhardt Line Gothic Line Italian Campaign Operation Torch Run for Tunis Spring 1945 offensive in Italy The Hongkong and Shanghai Banking Corporation Tunisian campaign Volturno Line Sources Collis, Maurice (1965). Wayfoong: The Hongkong and Shanghai Banking Corporation. London: Faber and Faber Squire, G.L.A. and Hill, P.G.E. (1992). The Surreys in Italy. Clandon, Surrey: The Queen's Royal Surrey Regiment Museum
Namita Gokhale	[ "Indian women novelists", "Indian women publishers", "Indian publishers (people)", "Living people", "1956 births", "Writers from Lucknow", "Businesspeople from Lucknow", "English-language writers from India", "20th-century Indian novelists", "21st-century Indian novelists", "20th-century Indian women writers", "21st-century Indian women writers", "20th-century publishers (people)", "21st-century publishers (people)", "Women writers from Uttar Pradesh", "Novelists from Uttar Pradesh", "Businesswomen from Uttar Pradesh", "21st-century Indian businesswomen", "21st-century Indian businesspeople", "Delhi University alumni", "Recipients of the Sahitya Akademi Award in English", "Himalayan studies" ]	3,109	27,611	Namita Gokhale (born 1956) is an Indian fiction writer, editor, festival director, and publisher. Her debut novel, Paro: Dreams of Passion was released in 1984, and she has since written fiction and nonfiction, and edited nonfiction collections. She conceptualized and hosted the Doordarshan show Kitaabnama: Books and Beyond and is a founder and co-director of the Jaipur Literature Festival. She won the 2021 Sahitya Akademi Award for her novel 'Things to leave behind'. Early life and education Gokhale was born in Lucknow, Uttar Pradesh, in 1956. She was raised in Nainital by her aunts and her grandmother Shakuntala Pande. She studied English literature Jesus and Mary College at Delhi University, and at age 18 married Rajiv Gokhale and had two daughters while she was a student. She refused to attend a course about the writings of Geoffrey Chaucer, and was dismissed from university by age 26. By age forty, she had survived cancer and her husband had died. Career While a student, at age 17, Gokhale began editing and managing the 1970s-era film magazine Super, and continued publishing the magazine for seven years, until it closed in the early 1980s. After Super closed, she began writing the story that became her debut novel. In addition to her writing career, Gokhale hosted a hundred episodes of Kitaabnama: Books and Beyond, a multilingual book-show she conceptualized for Doordarshan. According to Raksha Kumar, writing for The Hindu in 2013, "Kitaabnama tries to showcase the multilingual diversity of Indian literature by inviting laureates from different languages to talk about their work. It reminds one of the times when book stores were not overwhelmed by technical writing and self-help books; when literature and quality writing were not considered a waste of time; when the pleasure of reading was experienced by many." Gokhale is also a founder and co-director of the Jaipur Literature Festival, along with William Dalrymple and Sanjoy K Roy. She was also an advisor to the 'Mountain Echoes' literary festival in Bhutan. She conceptualised the 'International Festival of Indian Literature-Neemrana' 2002, and 'The Africa Asia Literary Conference', 2006. Gokhale also advises The Himalayan Echo Kumaon Festival for Arts and Literature or the Abbotsford Literary Weekend. From 2010 through 2012, she traveled and conducted administrative work as a committee member of Indian Literature Abroad (ILA), an initiative by the Ministry of Culture, Government of India, for a project intended to translate contemporary literature from Indian languages into the eight UNESCO languages, but after funding was not provided by the government, she shifted her efforts to work with Jaipur Bookmark, the publishing imprint of the Jaipur Literature Festival. She is also the co-founder-director of Yatra Books, established in 2005 with Neeta Gupta, a multilingual publishing company specialising in creative writing and translations in English, Hindi and Indian regional languages. Influences In a 2017 interview with R Krithika of The Hindu, Gokhale described the influences on her writing as "very insidious things. Books and ideas can trigger responses that take a long time to come to fruition." She named The Tale of Genji as a major influence, and listed "Tolstoy, Dostoyevsky, Muriel Spark, Kalidasa." In 1998, Nalini Ganguly writes for India Today, "All of her work seems to be stuck with her personality as a Kumaoni Brahmin girl," and quotes Gokhale, "My way of looking at the world remains trapped in that primary identity; once you start loving the hills they hold on to you." In 2010, Nita Sathyendran writes for The Hindu, "The author is also "deeply fascinated" by Indian mythology, with a lot of her books inspired by its tales and characters. It has also led her to writing books such as The Book of Shiva (on Shaivaite philosophy) and an illustrated version of the Mahabharata for children." Critical reception According to Harmony Magazine, Gokhale "burst upon the literary scene in 1984 with a rather unconventional but sparkling social satire, Paro: Dreams of Passion, which swirled around the cocktail circuit of Delhi, capturing the shenanigans of Page 3 celebs, long before the term was even coined." Somak Ghoshal, writing for Mint in 2014, described the novel as "A chronicle of the debauched existence of the rich and famous in Bombay (now Mumbai) and Delhi," that "invoked horror and outrage when it first appeared in India. Few seemed to have got its uproarious humour," and "If Indian parents forbade their children to touch the book, the reaction in the West was quite the opposite, where it was received as a work of literary, rather than pulp, fiction." According to the Press Trust of India in 2020, it "has remained a cult classic." It was later re-issued as the double edition Double Bill: Priya and Paro in 2018, with the 2011 sequel Priya: In Incredible Indyaa, described by Paro Anand, writing for Outlook in 2011, as a "racy read" and by Somak Ghoshal, writing for Mint in 2014, as "not as well received" as Paro. A review of Priya by Kishwar Desai for India Today states, "Written in the same sparkling Hinglish style which had lent Paro its appeal, Priya's escapades are probably not as scandalous as her baate noire's were. But Gokhale's acerbic touch has not deserted her." In a 2011 review for The Hindu, Sravasti Datta writes Priya "intrigues but doesn't shock. Why? Because sexual frankness is everywhere, be it in books or films." In 1994, Gokhale published Gods Graves and Grandmother, described by Subhash K Jha of India Today as "remarkable on two counts. First, its structure of a modern fable held aloft by the gauziest of irony. And second, its searching scan of life in the downwardly mobile class of the Indian metropolises migrants who, by emotional and pecuniary manipulation, get rich quick, breaching the bastion of the bourgeois class as a casual enterprise." It was later adapted into a musical play. In 1998, Gokhale published the nonfiction Mountain Echoes: Reminiscences of Kumaoni Women, a book of oral biography, that explores the Kumaoni way of life through the lives of four women: her aunt Shivani, the Hindi novelist, her grandmother Shakuntala Pande, Tara Pande and Jeeya (Laxmi Pande), which was one of several of her works described by Nita Sathyendran, writing for The Hindu in 2010, that "narrate tales of strong women." Gokhale edited the 2014 book Travelling In, Travelling Out, described by Danielle Pagani in The Hindu as an essay collection that "take the reader from Asia to America and Europe, discovering situations and different ways to travel. Every author shares his or her personal experience and the stories are very different from each other — from unusual encounters with Maoist guerrillas in the jungle to Western cities and difficulties encountered there by immigrants," and "Although rich in detail, some of the stories are short, leaving the readers wanting more." Her novel Things to Leave Behind was published in November 2016. Shahnaz Siganporia writes for Vogue India, "Veteran publisher, prolific author, founder-director of the Jaipur Literary Festival and advisor to Mountain Echoes in Bhutan—Namita Gokhale's latest novel is considered her most ambitious yet." Rakhshanda Jalil writes for Scroll.in, "Things To Leave Behind is the third in her trilogy of books on the Himalayas, coming after The Book of Shadows and A Himalayan Love Story. As in the previous books, once again she demonstrates her strength in painting the most vivid pictures of the hills and dales in and around Naineetal and Almora. Her eye for the small details coupled with her near-photographic memory for the sights and sounds she imbibed as a child and the stories she heard from her grandmother and grand-aunts help in creating a virtual tableau before the reader's inward eye." In a review by Ravi Shankar Etteth of The New Indian Express, Gokhale is described as writing with "chutzpah, imagination and leaps of faith taken in the ordinary pursuit of the extraordinary." Shreya Roy Chowdhury writes for The Times of India that the novel is the "third in a series set in the Kumaon hills between 1840 and 1912," and that the "experiences of Gokhale's own family, especially its women members, have informed her stories." In a review for Kitaab, Dr. Pallavi Narayan writes, "the author seems to be pointing to the patriarchal functioning of much of society—documenting the histories of men while conveniently absenting the women, or portraying them as shadow figures. But what the novel is primarily about is the tussle of women with their dependence on men, and how this frames a woman's identity within that of the man "taking care" of her at the moment." Annie Zaidi writes in a review for Mint, "The novel moves at a brisk trot, with the result that the drama inherent in the lives of these characters is rather underplayed. [...] Gokhale's light touch also masks her more serious musings upon the painful clamp of caste and religion, the lack of education and independent property, and how these negative forces narrowed lives in ways that could break a woman's spirit, or declaw a spirited one." Her first YA fiction book Lost in Time was published in 2017, and described by R Krithika of The Hindu as "a lovely tale of time travel, friendship, loss and love." Gokhale edited the 2017 anthology of prose and poetry The Himalayan Arc: Journeys East of South-east, featuring work by 28 authors from the region Gokhale described as "the bend of the Himalayas, the East of South-east, including Nepal, Bhutan, north-east India, and Myanmar." In a review published in The News Lens, Omair Ahmad writes, "These histories have largely been forgotten in favor of the lines drawn on the map by the British Empire and its successors, but they have re-emerged, and have to be understood, if we are to understand the complex political geography of the region." Her 2020 novel Jaipur Journals features the Jaipur Literature Festival. Aishwarya Sahasrabudhe writes for Firstpost, "we are taken in five days through the lives of some interesting characters who are in one capacity or another part of what is often referred to as the Kumbh Mela of Literature, the Jaipur Literature Festival." Pragya Tiwari writes in a review for Scroll.in, "Gokhale achieves the impossible by going beyond approximating the alchemy of the festival and leading us to its beating heart. The point of the festival is to keep asking repeatedly, like the heart beats – what does it mean to be a writer?" Works Fiction Paro: Dreams of Passion, 1984 Gods, Graves, and Grandmother, 1994 A Himalayan Love Story, 1996 The Book of Shadows, 1999 Shakuntala: The Play of Memory, 2005 Priya: In Incredible Indyaa, 2011 The Habit of Love, 2012 Things to Leave Behind, 2016 Lost in Time: Ghatotkacha and the Game of Illusions, 2017 Betrayed by Hope : A Play on the Life of Michael Madhusudan Dutt (co-authored with Malashri Lal), 2020 The Blind Matriarch, published in 2021 Non-fiction Mountain Echoes – Reminiscences of Kumaoni Women, 1994 The Book of Shiva, 2000 The Puffin Mahabharata, 2009 In Search of Sita(co-edited with Malashri Lal), 2009 Travelling In, Travelling Out (edited), 2014 Himalaya: Adventures, Meditations, Life(co-edited with Ruskin Bond), 2016 The Himalayan Arc: Journeys East of South-east (edited), 2018 Finding Radha: The Quest for Love, 2018 Honors and awards 2017 Centenary National Award for Literature from the Asam Sahitya Sabha 2017 Valley of Words Book Award, Best English Fiction (Things to Leave Behind) 2018 International Dublin Literary Award long list (Things to Leave Behind) 2019 Sushila Devi Literature Award, 'Best Book of Fiction Written by a Woman Author' (Things to Leave Behind) 2021 7th Yamin Hazarika Woman of Substance Award 2021 Sahitya Akademi Award for Things to Leave Behind
Georgios Alogoskoufis	[ "1955 births", "Academics of Birkbeck, University of London", "Alumni of the London School of Economics", "Academic staff of the Athens University of Economics and Business", "Finance ministers of Greece", "Greek government-debt crisis", "Greek MPs 1996–2000", "Greek MPs 2000–2004", "Greek MPs 2004–2007", "Greek MPs 2007–2009", "National and Kapodistrian University of Athens alumni", "New Democracy (Greece) politicians", "Living people", "Fellows of the European Economic Association", "Politicians from Athens" ]	2,455	18,853	Georgios Alogoskoufis () (born 17 October 1955) is a professor of economics at the Athens University of Economics and Business since 1990. He was a member of the Hellenic Parliament from September 1996 till October 2009 and served as Greece's Minister of Economy and Finance from March 2004 till January 2009. Background, academic and political career George Alogoskoufis was born in Athens on 17 October 1955. The economic policy mix applied under the leadership of Alogoskoufis In the period in which Alogoskoufis served as the minister for Economy and Finance, he actuated a series of economic structural reforms and fiscal adjustment to contain budget deficits, which, although unpopular, have failed to slash Greece's high 2004 budget deficit (from 5.7% in 2003 to 9.8% in 2008). In the same period of time, Greece's gross domestic product has grown by one of the highest growth rates in the Eurozone. Unemployment also fell significantly. During 2004–2007, marginal corporate and personal income taxes were reduced. He worked extensively with the private sector and sold over euro 6 billion of government holdings. However, these reforms did not prove sufficient to avert Greece external debt crisis in 2010. Criticism George Alogoskoufis has been accused of falsifying Greece's economical data during his tenure, an exercise referred to as "Greek Statistics", which led to the county's bankruptcy in 2010. George Alogoskoufis was pelted with eggs by Greek left wing activists at a meeting held at the London School of Economics on 14 November 2008. The activists threw the eggs as a protest against the Greek government. Publications Alogoskoufis is the author of seven books and has published widely in macroeconomics, international monetary economics and public economics. Over 40 papers have been published in some of the most prestigious international academic journals including the American Economic Review, the Journal of Political Economy, the Journal of Monetary Economics, the European Economic Review, Economica, the Journal of the Japanese and International Economies, Economic Journal and the Economic Policy. His research focuses on unemployment, inflation, exchange rates, economic growth and monetary and fiscal policy. He has given invited lectures in some of the most prestigious universities in Europe, the US and Japan and has presented papers in a number of academic conferences worldwide. Books “External Constraints on Macroeconomic Policy: The European Experience” (with Lucas Papademos and Richard Portes), Centre for Economic Policy Research, 1991. “The crisis of economic policy”, Kritiki, Athens, 1994 (in Greek). “Unemployment: Choices for Europe, Monitoring European Integration 5” (with Charles Bean, Giuseppe Bertola, Daniel Cohen, Juan Dolado, Gilles Saint-Paul), Centre for Economic Policy Research, 1995. “The Drachma: From the Phoenix to the Euro” (with Sophia Lazaretou), Livanis, Athens, 2002 (in Greek). “Greece after the crisis”, Kastaniotis, Athens, 2009 (in Greek). "International Economics and the World Economy", Gutenberg, Athens 2013 (in Greek) "Dynamic Macroeconomics", MIT Press, Cambridge Mass. 2019 Publications in academic journals The following is a selected list of journal articles by Alogoskoufis. Awards and honorary distinctions His PhD thesis was awarded the R. S. Sayers Prize of the London University for 1981. His book, "The Drachma: From the Phoenix to the Euro", was awarded the prize of the Academy of Athens in 2002.
George Shanard	[ "1926 births", "2012 deaths", "People from McCook County, South Dakota", "People from Mitchell, South Dakota", "University of South Dakota alumni", "Republican Party South Dakota state senators", "20th-century American businesspeople", "21st-century American businesspeople", "20th-century South Dakota politicians", "Businesspeople from South Dakota", "United States Navy personnel of World War II", "20th-century members of the South Dakota Legislature" ]	785	6,831	George Harris Shanard (July 30, 1926 – August 3, 2012) was an American politician and agribusinessman who served as a member of the South Dakota Senate from 1975 to 1992 and served as majority leader for the Republican Party from 1989 to 1992. He was inducted into the South Dakota Hall of Fame in 1999. Early life George Harris Shanard was born on July 30, 1926, in Bridgewater, South Dakota. He graduated from the University of South Dakota with a B.S. in business administration. He served in the United States Navy during World War II. Agricultural career In 1950, Shanard began working at his family's grain elevator business, Shanard Inc. Shanard moved the company to Mitchell, South Dakota, and opened a new branch, Big Green Fertilizer, in 1972. Shanard served as director of the National Grain Association between 1966 and 1972. Political career Shanard was first elected to the South Dakota Senate in 1975, as a Republican. He served as assistant majority leader from 1977 to 1988 and as majority leader from 1989 to 1992. He also served on the board for the South Dakota Legislative Research Council from 1985 to 1990, as vice chairman between 1987 and 1988, and as chairman between 1989 and 1990. Shanard focused on state agriculture and transportation during his time in office. He oversaw the development of the South Dakota Rail Corporation and supported the development of rail infrastructure across the state. During the 1992 election cycle, the incumbent Shanard was defeated by Democrat Mel Olson and announced he would not be seeking re-election. Personal life Shanard had four children. He was married to Neva Jean Bartlett on March 10, 1988, in Mitchell; she died on March 14, 2007. Death Shanard died on August 3, 2012, at the age of 86. Following the announcement of his death, then-Governor Dennis Daugaard ordered all flags in South Dakota to be flown at half-mast, calling Shanard "a warm-hearted, dedicated and respected legislative leader". He was buried on August 7, 2012, at the American Legion Cemetery in Mitchell. Awards and honors The National Grain Association named Shanard its Grain Dealer of the Year. For his work in developing the economy of Mitchell, he was awarded a lifetime achievement award by the Mitchell Area Development Corp. Shanard was inducted into the South Dakota Hall of Fame in 1999.
Frank Creyelman	[ "20th-century Belgian politicians", "Vlaams Belang politicians", "Living people", "1961 births", "People from Dendermonde", "Members of the Flemish Parliament", "Members of the Senate (Belgium)", "Corruption in Belgium", "Spies for China", "Bribery scandals", "Political scandals in Belgium", "Political corruption", "Chinese foreign electoral intervention" ]	751	7,452	Frank Beno Mariano Creyelman (born 10 August 1961) is a Belgian politician. Between 1995 and 1999 he served as a member of the Flemish Parliament; between 1999 and 2007 as a member of the senate and between 2007 and 2014 again as member of the Flemish Parliament. He is the brother of fellow Vlaams Belang politician Steven Creyelman. He was expelled from Vlaams Belang in 2023 after an investigation uncovered spying links to China. Biography Creyelman studied degrees in humanities and modern languages in Mechelen before working in the gaming industry for a number of years. He first got involved in politics as a member of the Order of Flemish Militants (VMO) in 1979 and later became a member of the Vlaams Blok and served as vice-chairman of the party in Mechelen from 1989 to 1991. He was also a municipal councilor in Mechelen for the party. During the first direct elections to the Flemish Parliament in the 1995 Belgian regional elections, he was elected for the Mechelen-Turnhout electoral constituency and was coopted as a Senator in 1999. He was subsequently reelected when the constituency became the Antwerp district and served chairman of the Commission for Foreign Policy, European Affairs and International Cooperation in the Flemish Parliament. During his time in politics, Creyelman became known for his sympathies for the Russian government and visited Moscow to meet with representatives of Putin. As faction leader of the Vlaams Belang in Mechelen, he was also against arms supply from Belgium to Ukraine during the Russian invasion of Ukraine in early 2022. His statements were met with indignation. Some his of his pro-Russian statements were criticised by Vlaams Belang leader Tom Van Grieken who distanced the party from them. Chinese spying scandal On 15 December 2023, a joint investigation by Financial Times, Der Spiegel and Le Monde revealed that Creyelman accepted bribes from China's Ministry of State Security for three years to influence discussions within the European Union. Subsequently, Vlaams Belang expelled him from the party. Creyelman was investigated by police but he could not be prosecuted due to loopholes in Belgium's penal code. His brother Steven Creyelman was also interviewed by Belgian security services after a series of texts were uncovered in which Frank Creyelman had messaged him assignment requests due to his brother's role as chairman of the Committee for Army Procurement, but no sufficient evidence was found of Steven Creyelman having direct links to China. As a result, Steven Creyelman distanced himself from his brother's scandals but announced he would withdraw himself as a candidate for Vlaams Belang at the next election.
Scottish trade in the Middle Ages	[ "Economy of Scotland in the Middle Ages", "History of international trade", "Foreign relations of Scotland", "Trade in Scotland" ]	2,534	17,853	The information about Scotland's domestic and foreign trade during the Middle Ages is limited. In the early Middle Ages the rise of Christianity meant that wine and precious metals were imported for use in religious rites. Imported goods found in archaeological sites of the period include ceramics and glass, while many sites indicate iron and precious metal working. The slave trade was also important and in the Irish Sea it may have been stimulated by the arrival of the Vikings from the late eighth century. In the High Middle Ages there was an increasing amount of foreign trade. The increased marine exploitation of the Highlands and Islands may have been as a result of the arrival of Scandinavian settlers in this period. From the reign of David I, there are records of burghs, towns that were granted certain legal privileges from the crown. They were able to impose tolls and fines on traders within a region outside their settlements and their growth was facilitated by trade with the continent. The most important exports were unprocessed raw materials, including wool, hides, salt, fish, animals and coal, while Scotland remained frequently short of wood, iron and, in years of bad harvests, grain. Coins replaced barter goods, with Scottish coins being struck from the reign of David I. Until the disruption caused by the outbreak of the Wars of Independence in the early fourteenth century, most naval trade was probably coastal and most foreign trade was with England, but the disruption of this era encouraged the opening up of new markers on the continent. The main continental trading partners of Scottish burghs were merchants in Flanders. Before 1321 Scottish merchants had established a staple in Bruges. The staple was moved to Middelburg in Zeeland several times in the fifteenth century. Although Bruges remained the major trading partner, from the 1460s trade also developed with Veere, Bergen op Zoom and Antwerp. Wool and hides were the major exports in the late Middle Ages. The disruption of the Wars of Independence meant that this fell in the period 1341–42 to 1342–43, but trade recovered to reach a peak in the 1370s. The introduction of sheep-scab was a serious blow to the wool trade from the early fifteenth century. Despite a leveling off, there was another drop in exports as the markets collapsed in the early-sixteenth century Low Countries. Unlike in England, this did not prompt the Scots to turn to large scale cloth production and only poor quality rough cloths seem to have been significant. There was an increased demand in Scotland for luxury goods, that largely had to be imported, leading to a chronic shortage of bullion. This, and perennial problems in royal finance, led to several debasements of the coinage. The heavily debased "black money", introduced in 1480, had to be withdrawn two years later and may have helped fuel a financial and political crisis. Early Middle Ages There are not the detailed custom accounts for most of the period that exist for England, that can provide an understanding of foreign trade, with the first records for Scotland dating to the 1320s. Anecdotal and archaeological evidence gives some indication of the nature of trade for the early Middle Ages. The rise of Christianity meant that wine and precious metals were imported for use in religious rites and there are occasional references to journeys to and from foreign countries, such as the incident recorded by Adomnán in which St Columba went to a port to await ships bearing news, and presumably other items, from Italy. Imported goods found in archaeological sites of the period include ceramics and glass, while many sites indicate iron and precious metal working. The slave trade was also important, with most rural households containing some slaves. Kings are often mentioned raiding for slaves. A letter of St. Patrick indicates that the Picts were buying slaves from Britons in what is now southern Scotland. The slave trade in the Irish Sea may have been stimulated by the arrival of the Vikings from the late eighth century. High Middle Ages Bone evidence indicates that there was a significant growth in the fish trade around 1000 and a move from inshore to deep sea catches. The increased marine exploitation of the Highlands and Islands may have been as a result of the arrival of Scandinavian settlers in this period. Later Aberdeen gained a reputation for the sale of fish, particularly salmon, which was shipped in large Hamburg barrels. The term l'abberdaan was synonymous with cod in Flanders and Cologne in the thirteenth century. From the reign of David I (1124–53), there are records of burghs (a Germanic word for a fortress), towns that were granted certain legal privileges from the crown. Most of the burghs granted charters in his reign probably already existed as settlements. Charters were copied almost verbatim from those used in England, and they were run by early burgesses that were usually English or Flemish. They were able to impose tolls and fines on traders within a region outside their settlements, which was sometimes, as in the case of Edinburgh, very extensive. Most of the early burghs were on the east coast, and among them were the largest and wealthiest, including Aberdeen, Berwick, Perth and Edinburgh, whose growth was facilitated by trade with the continent. In the south-west, Glasgow, Ayr and Kirkcudbright were aided by the less profitable sea trade with Ireland and to a lesser extent France and Spain. The foundations of around 15 burghs can be traced to the reign of David I and there is evidence of 55 burghs by 1296. Burghs were centres of basic crafts, including the manufacture of shoes, clothes, dishes, pots, joinery, bread and ale, which would normally be sold to inhabitants and visitors on market days. In the High Middle Ages there was an increasing amount of foreign trade. However, there were relatively few developed manufacturing industries in Scotland for most of this period. As a result, the most important exports were unprocessed raw materials, including wool, hides, salt, fish, animals and coal, while Scotland remained frequently short of wood, iron and, in years of bad harvests, grain, the last of which was brought in large quantities from Ireland and England, particularly in times of dearth. Until the disruption caused by the outbreak of the Wars of Independence in the early fourteenth century, most naval trade was probably coastal and most foreign trade was with England. New monastic orders such as the Cistercians introduced into Scotland in this period became major landholders, particularly in the Borders. They were significant sheep farmers and producers of wool for the markets in Flanders. Some abbeys like Melrose had large amounts of land and very large numbers of sheep, probably at least 12,000 in the late thirteenth century. Coins began to replace barter goods in this period, with Scottish coins being struck from the reign of David I and mints were established at Berwick, Roxburgh, Edinburgh and Perth, but until the end of the period most exchange was done without the use of metal currency and where it was, English coins probably outnumbered Scottish ones. Late Middle Ages In addition to the major royal burghs, the late Middle Ages saw the proliferation of baronial and ecclesiastical burghs, with 51 being created between 1450 and 1516. Most of these were much smaller than their royal counterparts. Excluded from international trade they mainly acted as local markets and centres of craftsmanship. In general, burghs probably carried out far more local trading with their hinterlands than nationally or internationally, relying on them for food and raw materials. The Wars of Independence closed English markets and raised the levels of piracy and disruption to naval trade on both sides. They may have led to an increase in continental trade. Isolated references indicate that Scottish ships were active in Bergen and Danzig and the earliest records from the 1330s indicate that five-sixths of this trade was in the hands of Scottish merchants. The main continental trading partners of Scottish burghs were German merchants of the Hanseatic League in Flanders. Before 1321 Scottish merchants had established a staple in Bruges through which all wools, woolfells and hides were theoretically channelled. Scots in the town received certain privileges and from 1407 the interests of Scottish merchants were represented by a "conservator of the Scottish privileges". Relationships with Bruges were often difficult. The involvement of Scottish merchants in piracy resulted in embargoes on Scottish traders by the Hanseatic League in 1412–15 and 1419–36. However, trade with Danzig, Stralsund, Hamburg and Bruges continued. The staple was moved to Middelburg in Zeeland several times in the fifteenth century. Although Bruges remained the major trading partner, from the 1460s trade also developed with Veere, Bergen op Zoom and Antwerp. In 1508 James IV moved the Staple to the small port of Veere in the province of Zeeland, where it remained until the late seventeenth century. Wool and hides were the major exports in the late Middle Ages. From 1327 to 1332, the earliest period for which figures survive, the annual average was 5,700 sacks of wool and 36,100 leather hides. The disruption of the Wars of Independence, which not only limited trade but damaged much of the valuable agricultural land of the Borders and Lowlands, meant that this fell in the period 1341–42 to 1342–43 to 2,450 sacks of wool and 17,900 hides. The trade recovered to reach a peak in the 1370s, with an annual average of 7,360 sacks, but the international recession from the 1380s saw a reduction to an annual average of 3,100 sacks. The introduction of sheep-scab was a serious blow to the wool trade from the early fifteenth century. Despite a levelling off, there was another drop in exports as the markets collapsed in the early-sixteenth century Low Countries. Unlike in England, this did not prompt the Scots to turn to large scale cloth production and only poor quality rough cloths seem to have been significant. Exports of hides and particularly salmon, where the Scots held a decisive advantage in quality over their rivals, appear to have held up much better than wool, despite the general economic downturn in Europe in the aftermath of the Black Death. Exports of hides averaged 56,400 a year from 1380 to 1384, but fell to an average of 48,000 over the next five years and to 34,200 by the end of the century. With the Wars of Independence and changes of Irish land from arable to pastoral farming, new sources of grain were needed. It began to be imported in large quantities, particularly from the Baltic ports, through Berwick and Ayr. There was a growing desire among the court, lords, upper clergy and wealthier merchants for luxury goods, that largely had to be imported, including fine cloth from Flanders and Italy, wine, pottery, armour and military equipment. This led to a chronic shortage of bullion. This, and perennial problems in royal finance, led to several debasements of the coinage, with the amount of silver in a penny being cut to almost a fifth between the late fourteenth century and the late fifteenth century. The heavily debased "black money", introduced in 1480, had to be withdrawn two years later and may have helped fuel a financial and political crisis. Trade in the Middle Ages Middle Ages
A. G. Stephen	[ "1862 births", "1924 deaths", "HSBC people", "Members of the Executive Council of Hong Kong", "Members of the Legislative Council of Hong Kong", "Hong Kong bankers", "Scottish bankers", "British expatriates in British Hong Kong", "Scottish expatriates in China", "People from Banff, Aberdeenshire", "Deaths from pneumonia in England", "19th-century Scottish businesspeople", "20th-century Scottish businesspeople" ]	728	5,544	Alexander Gordon Stephen, JP (14 September 1862 – 27 August 1924) was the chief manager of the Hongkong and Shanghai Banking Corporation. Biography He was born in Banff, Aberdeenshire on 14 September 1862. After he served an apprenticeship at the Town and Country Bank in Aberdeen, he joined the London office of the Hongkong and Shanghai Banking Corporation in 1882. He arrived in Hong Kong on 27 August 1885. He was transferred to Batavia, Singapore and the Bombay office, and stationed in Batavia from 1896 to 1902 until he was appointed agent at Penang. He became manager in the Manila branch and undertook a tour of inspection of the North China branches. He was then appointed manager in Shanghai in 1912 and acted as chief manager in Hong Kong for a few months during the absence of Newton John Stabb in London. He subsequently returned to Shanghai as a manager until he succeeded as chief manager on the retirement of Newton John Stabb in 1920. He also held many public offices in Hong Kong. He was appointed as unofficial member of the Executive Council and Legislative Council and made a Justice of Peace in 1921. He was a member of both Court and Council of the University of Hong Kong. He was also a member of the general committee of the Hong Kong General Chamber of Commerce. He also enjoyed many popular wins in Shanghai and Hong Kong as a steward of the Hong Kong Jockey Club with Stephen and Stitt. Leaving in May 1924 for London due to illness, he died from pneumonia due to infarct of the lung at a London nursing home at the night of 27 August. The funeral took place on 2 September at the Kensal Green Cemetery. HSBC's principal offices, including the HSBC Main Building in Hong Kong, the former office in Shanghai, and the current global headquarters in London, all feature a pair of bronze lions. The first of these, in Shanghai, were commissioned by Stephen and inspired by his visit to the Venetian Arsenal. By tradition, the lion on the left in each of these pairs is depicted roaring and is named "Stephen" in memory of Alexander Gordon Stephen. (The right hand lion is named "Stitt", after G H Stitt, Stephen's successor as Manager Shanghai.)
Raunds Co-operative Society	[ "Former co-operatives of the United Kingdom", "Defunct retail companies of the United Kingdom", "Companies based in Northamptonshire", "Consumers' co-operatives of the United Kingdom", "Retail companies established in 1891", "Retail companies disestablished in 2007", "Defunct department stores of the United Kingdom", "1891 establishments in England", "2007 disestablishments in England", "Raunds" ]	399	3,690	Raunds Co-operative Society Limited was a consumer co-operative society based in Raunds, Northamptonshire, founded in 1891. The society operated a large supermarket and a department store in Raunds, and as of 2007 held of farmland at Northdale Farm, farming wheat and oilseed rape. It had 4,297 members in 2003. It was a subscriber to the Co-operative Party and a customer member (shareholder) of the Co-operative Wholesale Society. In 1983, it merged with the Ringstead Distributive Co-operative Society. In early 2007, directors of the society presented to members a plan to merge with the much large Midlands Co-operative Society, but it did not reach the required vote of two thirds of members when put to a special general meeting on 5 July 2007. However, a confirmatory meeting was held on 16 August and this time the vote to merge was carried. The two societies merged on 26 August 2007. See also Co-op The Co-operative Group
Margie Abbott	[ "Living people", "1958 births", "Spouses of prime ministers of Australia", "New Zealand women in business", "Australian people of Scottish descent", "New Zealand emigrants to Australia", "New Zealand people of Scottish descent", "21st-century Australian businesswomen", "21st-century Australian businesspeople", "People from Lower Hutt", "People educated at Wainuiomata High School" ]	1,009	10,258	Margaret Veronica Abbott (née Aitken; born 1 February 1958) is a New Zealand businesswoman best known as the wife of Tony Abbott, the 28th Prime Minister of Australia (2013–2015). She runs a childcare centre in Sydney. Early life Margaret Veronica Aitken was born in Hutt Hospital, Lower Hutt, New Zealand to Max and Gail Aitken, and grew up in Wainuiomata. Both parents worked for the Post Office, Max as deputy chief postmaster of Wellington, and Gail as a typist. She has a brother, Greg, a former private investigator. The family has always been very sport-oriented; Max Aitken is a senior soccer administrator, and Abbott played soccer and netball for a number of years. She is a Catholic, like her husband. Her father is a member of the New Zealand Labour Party and her mother is a Labour voter. There were pictures of Labour leaders in the kitchen of the family home. Abbott was also briefly a member of the Labour Party. Abbott attended Fernlea School and Wainuiomata College, where among other studies she took part in a pioneering Māori-language course. At the age of 16, she entered the Wellington Teachers' College, and after graduation taught primary school in Upper Hutt and Wainuiomata. She taught Māori both there and later in Australia. Career After leaving teaching, she worked at a recruitment firm, and in 1983 followed her boss to Sydney, Australia. She then moved to the marketing department of a merchant bank in Sydney. She eventually opened a not-for-profit child care centre in St Ives, Sydney, which employs 10 staff and cares for children from around 100 families. She continued as a director of the centre after her husband became prime minister. Marriage and children She met Tony Abbott at a Sydney pub in 1988; he was then a journalist with The Bulletin and they married on 24 September 1988, and have three daughters (Louise, Frances, and Bridget), and became grandparents in 2021. Wife of the prime minister Abbott kept a relatively low profile during her husband's tenure as prime minister, giving only a handful of interviews. She continued living in Sydney – neither she nor her husband lived at The Lodge, the usual prime minister's residence in Canberra, as it was undergoing renovations. In September 2013, Abbott attracted media attention when she made comments apparently supportive of same-sex marriage; her husband was one of its most prominent opponents. She told the media "I suppose at the end of the day I think that love, commitment, are things that should be recognised and I think it's a conversation that Australia needs to have". In May 2014, Tim Mathieson, the partner of former prime minister Julia Gillard, gave an interview in which he said he was "disappointed that Margie Abbott is not doing any charity work [...] she has not contributed to any of them". In response, the Prime Minister's Office issued a list of the charities with which she was involved.
William Kidston	[ "1849 births", "1919 deaths", "Premiers of Queensland", "Scottish emigrants to colonial Australia", "Businesspeople from Queensland", "People from Rockhampton", "Leaders of the opposition in Queensland", "Treasurers of Queensland", "Australian Labor Party members of the Parliament of Queensland", "Australian booksellers", "19th-century Australian businesspeople", "Colony of Queensland people" ]	1,676	13,880	William Kidston (17 August 1849 – 25 October 1919) was an Australian bookseller, politician and Premier of Queensland, from January 1906 to November 1907 and again from February 1908 to February 1911. Early life William Kidston was born in Falkirk, Scotland on 17 August 1849, the son of an ironworker. He became an apprentice ironmoulder at age 13. He married Margaret Scott in 1874. Dissatisfied with ironmoulding, he emigrated to New South Wales with his family in 1882, and moved again to Queensland, arriving in Rockhampton at 1883. In Rockhampton, Kidston started a new career as a bookseller. During the early 1890s, growing industrial unrest pitted the newly formed trade union movement against the conservative colonial government led by Thomas McIlwraith in a series of strikes. The 1891 Australian shearers' strike led to the government deploying military forces. Kidston, a member of the local militia, was in strong support of the strikers, and received a court martial when he refused enrolment as a special constable in the anti-strike force. Ascent into Parliament The unionists' defeat at the hands of the government prompted the labour movement to aim for political representation in the Parliament of Queensland. The Australian Labour Federation (ALF) sought to repeal the antiquated anti-striking laws that had been used against the strikers. Kidston wrote a poem, entitled The Ballot is the Thing, in support of the unionists' goals. Kidston became the main ALF figure in Rockhampton and campaigned for electoral reform – abolition of plural voting, and extension of the franchise. In addition to the cause of the labour movement, Kidston also supported the separatist organisations in Rockhampton that sought to make Central Queensland a separate colony. Kidston stood unsuccessfully as a separatist candidate for Rockhampton in 1893. In the elections of 1896 he was elected as an endorsed Labor candidate. In Parliament, Kidston began agitating for a broad coalition of progressive elements to defeat the conservative "Continuous Ministry" now led by Hugh Nelson and achieve electoral reform. Such overtures met with little enthusiasm from either the Labor or Liberal elements. In 1899 he was re-elected and campaigned against Federation of the Australian colonies, believing that the proposed Constitution would disadvantage Queensland financially and disappointed by the provision leaving the creation of new states in the hands of the existing state parliaments. He was again re-elected in 1902, by which stage the separatist movement was dying down. The faltering Ministerialists were beginning to fracture, and when Robert Philp resigned as premier following a narrow win on an important vote, Kidston briefly found himself Treasurer in 1899 in the world's first parliamentary labour government under Anderson Dawson. The government lasted only a week before it was defeated on the floor of parliament, an experience which convinced Kidston of the necessity of seeking support outside of the ALF proper. In 1903 an alliance of disaffected Ministerialists, Liberals and the ALF brought down Philp's government and replaced him with Arthur Morgan. Kidston, a close friend of Morgan, again became treasurer. He was, along with William Browne, one of two Labor members of the ministry. After Browne's death in 1904, Kidston became the most senior Labor minister. The parliamentary situation, with equal numbers for both the Morgan-Kidston coalition and the ex-Ministerialists, proved unwieldy, and an election was called. Labor became the largest party in the parliament but Kidston was content to let Morgan retain the dominant role in the coalition. Kidston defended Labor's coalition with Morgan, arguing that it had resulted in a public works programme, and fairer taxation and electoral systems. By 1905, Kidston's collaboration with non-Labor elements had provoked criticism from sections of the Labor movement, and when the Labor convention in May endorsed a socialist objective, Kidston protested vigorously. When Hugh Nelson died in January 1906, Morgan took his place as president of the Queensland Legislative Council, which led to Kidston's ascension as premier. In May 1907, he announced the formation of his own political party, to which a majority of the Labor members in parliament declared allegiance. The early years of Kidston's premiership were dominated by his fight with the conservative Legislative Council, which rejected much of his legislation. In 1908, when Kidston asked the governor, Lord Chelmsford, to appoint more Council members to secure passage of his legislation, Chelmsford refused and Kidston resigned in protest. Robert Philp was commissioned as premier but, without a majority in the Legislative Assembly, could not govern. Chelmsford attempted to dissolve the Assembly, but before he could do so, the Assembly blocked supply. The paralysis was ended when Chelmsford dissolved the Assembly, guaranteed supply in his capacity as governor, and called an election. Kidston's party won the most seats, and formed a government with Labor's support. Kidston immediately acted to curtail the council's powers. He also proceeded with laws enacting electoral reform and the establishment of Wages Boards. However, he lost Labor's support when he authorised private railway construction in the state, but remained in office, supported by Philp's conservative grouping. In late 1908, presaging the Fusion in the Commonwealth Parliament, Kidston's and Philp's parties merged into one anti-Labor force. After several of his former supporters deserted him, Kidston called another election in October 1909, which his Liberal Party won comfortably. After lengthy negotiations, Kidston succeeded in ensuring amendments to the Commonwealth Constitution to provide the States with returned customs and excise revenue. He enacted further electoral reform by redistributing electorate boundaries, abolishing dual-member electorates, and entrenching one vote one value, though that would later be undone through malapportionments by subsequent governments. , he remains the last person to make a comeback as Premier of Queensland after losing the position. In 1911, he resigned to take up a position as President of the Land Court, which he maintained until 1919. He died in October that year in Coorparoo and was buried in South Rockhampton Cemetery. Further reading Murphy, D J. William Kidston: A Tenacious Reformer. In Murphy D, Joyce R, Cribb M, and Wear, R (Ed.), The Premiers of Queensland pp. 30–69. Brisbane: University of Queensland Press. . Ross McMullin, The Light on the Hill: The Australian Labor Party 1891–1991
News Broadcasting	[ "News Broadcasting", "Companies formerly listed on the London Stock Exchange", "Companies formerly listed on Euronext Dublin", "Communications in the United Kingdom", "Telecommunications companies of Ireland", "Television in Northern Ireland", "Mass media companies of Northern Ireland", "Mass media in Belfast", "News Corporation subsidiaries", "Companies based in Belfast", "2016 mergers and acquisitions", "Mass media companies established in 2007" ]	1,885	16,069	News UK Broadcasting Limited, trading as News Broadcasting (formerly Wireless Group Limited and UTV Media plc), is a radio and digital broadcasting network with headquarters in Belfast, Northern Ireland. It currently operates five stations in Ireland and 18 in the United Kingdom. The company was formerly known as UTV Media, owned by UTV Television. Its television broadcasting services were sold to ITV plc in February 2016 and its radio, sales services and websites were spun off into a new company, Wireless, later purchased by News Corp. In June 2016, Rupert Murdoch's News Corp reached an agreement to buy the company. The sale was completed in September 2016. Prior to the acquisition, Wireless Group was a constituent of the FTSE SmallCap Index. History Background The current UTV Limited (originally Ulster Television plc), which began in 1959 as an ITV franchise holder in Northern Ireland, purchased ISP Direct Net Access in March 2000 for £4.4m, rebranding it as UTV Internet and later UTV Connect. The service expanded into telephone market under UTV Talk in August 2004 and also provided broadband and fibre optic packages for Northern Ireland, the Republic and the rest of the UK. The service was sold to Rainbow Communications and Vodafone Ireland in 2014. The company also set up an online car dealership UTV Drive, created in partnership with Abbey Insurance, which was sold in 2014. Further expansion took place with the move into radio, starting in Cork with 96FM and C103 in 2001. Further acquisitions were undertaken over the next decade, with the largest investment being the purchase of The Wireless Group in 2005 for £97m, boosting its radio portfolio with additional local stations, digital radio multiplexes and national station Talksport. In 2005, the group also launched its first station, U105, which broadcasts to the Belfast area, and purchased Juice FM in Liverpool. With the expansion, turnover increased, with 2005 being up 46% on 2004, pre-tax profits rising by 12%, and employment up by 500 people to more than double the figure in the previous year. In 2006, total sales were £113.6m of which the radio division accounted for 54%, television 37% and 9% from new media. 48% of operating profits were earned in the radio side of the business, with 47% derived from television and 5% from new media. Reorganisation of UTV and proposed mergers Following shareholder approval, Ulster Television plc changed its name to UTV plc in June 2006. Then, on 16 August 2007, a re-organisation of the group was proposed, with the existing UTV plc, holding the ITV franchise only, becoming a wholly owned subsidiary of new holding company, UTV Media plc, and the remaining businesses transferred to the new holding company. The change was approved at an extraordinary general meeting on 19 September and came into effect on 15 October 2007, with shareholders receiving a 1:1 exchange of stock from the old to new company. The company, established on 1 June 2007 as Beechgrove Trading Limited, changed its name to UTV Media Limited on 13 August 2007, and to UTV Media plc on 21 August 2007. In August and September 2006, the company made two merger proposals to STV Group plc, operator of the northern and central Scottish ITV franchises as STV. The latter proposal would have given SMG shareholders 52% of the merged company. On 20 September 2006, the plans were abandoned after SMG rejected the offer as unacceptable. However, on 10 January 2007, the two companies announced that they had agreed a merger, with SMG shareholders to receive 46% of the merged company and UTV 54%. After the details were expected to be finalised before the end of January, the deal was put on hold and then called off by SMG on 28 February 2007. UTV Ireland and further radio expansion In January 2015, the company launched UTV Ireland, carrying many of ITV's programming including Coronation Street and Emmerdale, which had been previously broadcast in Ireland by TV3. The station produces some home-grown programming, including the twice-nightly national news programme Ireland Live. On 27 March 2015, it was confirmed that Sound Digital, which was 30% owned by the company, had been successful in its bid for the second national digital radio multiplex in the UK, which would be launched in 2016. As part of the bid, the company would expand its Talksport station with new sister stations Talksport 2 and Talkradio, as well as running a relaunched Virgin Radio UK. The multiplex was launched on 29 February 2016, with the new stations launching over the following month less talkBUSINESS, which was replaced by Share Radio on the multiplex. Sale of UTV to ITV plc On 19 October 2015, it was announced that ITV plc would acquire UTV's ITV franchise and UTV Ireland for £100 million, subject to regulatory approval. UTV retained its radio operations, but was required to rename itself after including the UTV brand in the sale. The sale to ITV plc was completed on 29 February 2016, when the company also rebranded as Wireless Group plc. On 30 June 2016 Rupert Murdoch's News Corp announced an agreement to purchase the company for all-cash worth between $220–296 million. The sale was completed on 26 September 2016. Financial results In May 2019, it was reported that Wireless Radio (ROI) Ltd last year recorded pre-tax losses of €2.23m and this followed pre-tax losses of €4.33m for the preceding 18 months. In March 2025, Wireless Ireland and its sales house UrbanMedia rebranded to Onic with the company launching 10 new digital radio services on DAB+ across the Leinster area and online. Operations The company splits its operations into three divisions, Radio GB, Onic and Digital. Radio GB Formed from the original Wireless Group purchase, the division has its origins from Talk Radio, the owner of the station of the same name, later renamed Talksport in 2000. A consortium including MVI, News International, Radio Investments and LMC Radio, headed by chief executive Kelvin MacKenzie, under the name TalkCo, purchased the group in 1998 for £15.5m and was subsequently renamed to The Wireless Group in 1999. The company expanded when it purchased The Radio Partnership in 1999, gaining control of its nine local commercial stations and becoming the fifth largest radio company in the UK. The Wireless Group was a founding member of Switchdigital, a network of DAB multiplexes which, , includes the regional ensemble for Central Scotland and local ensembles in London and Aberdeen. On 8 February 2019, it was announced that the local stations would be sold to Bauer Radio. National talkSPORT talkSPORT 2 talkRADIO Times Radio (jointly with The Times and The Sunday Times) Virgin Radio UK DAB multiplexes Sound Digital (with Bauer Radio and Arqiva) Onic Onic, formerly known as Wireless Ireland, is responsible for operating its radio stations in Ireland with its headquarters in Dublin and regional offices in Cork, Limerick, Drogheda, Galway and Waterford. Local stations Dublin's Q102 FM104 Cork's 96FM C103 Live95 LMFM U105 Other divisions The company published a free, London-based men's magazine called Sport until 2017. Wireless Group also owns the digital agency Zesty and the internet hosting provider Tibus.
Zepto (company)	[ "Privately held companies of India", "Companies based in Bengaluru", "Indian companies established in 2021", "Retail companies established in 2021", "2021 establishments in Maharashtra", "Online grocers", "Online retailers of India" ]	1,431	15,758	Zepto is an Indian quick-commerce company headquartered in Bengaluru. It was founded in July 2021 by Aadit Palicha and Kaivalya Vohra. the company is valued at over $5 billion and operates over 250 dark-stores across ten metropolitan areas in India. History Aadit Palicha started KiranaKart with Kaivalya Vohra in 2020 when they were 17 years old. Palicha and Vohra skipped college to start Zepto, instead raising capital from Contrary, which offered to invest if they dropped out of Stanford University. Palicha and Vohra originally branded the company as KiranaKart and focused on facilitating grocery delivery by partnering with local kirana stores, but that approach did not gain traction. They also participated in Y Combinator's accelerator program while building out the first version of the platform. In 2021, the company rebranded to Zepto and verticalized the operation, building a network of dark stores to fulfill orders. In April 2022, Zepto launched Cafe, a division focused on delivery of coffee and ready-to-eat food. In February 2023, the company launched Bloom, a platform for farmers to manage food production and distribute goods from villages to cities. Zepto and other major delivery platforms including Zomato, Blinkit, and Swiggy employ over 3 million gig workers. The company began a paid membership program in February 2024, which has over 4 million subscribers as of April 2024. In 2024, Zepto moved its headquarters from Mumbai to Bengaluru. Funding In January 2021, KiranaKart (now Zepto) raised $730,000 in a pre-seed round led by Global Founders Capital, Contrary Capital, 2 AM Ventures, and angel investors. In October 2021, it raised $60 million from Nexus, Y Combinator, Global Founders Capital, as well as angel investors Lachy Groom, Neeraj Arora and Manik Gupta at $225 million valuation. In December 2021, the company raised $100 million Series C round led by Y Combinator's Continuity Fund at a valuation of $570 million. In May 2022, Zepto raised $200 million at $900 million valuation as a part of its Series D round which was again led by Y Combinator's Continuity Fund. Investors including Nexus Venture Partners, Glade Brook Capital and Contrary Capital participated in the new round. In August 2023, Zepto raised $200 million as part of its Series E round at a $1.4 billion valuation, becoming a unicorn. It raised funds from U.S-based investment firms StepStone Group and Goodwater Capital. Existing backers including Nexus Venture Partners and Glade Brook Capital also participated in the deal. In June 2024, Zepto raised $665 million funding at $3.6 billion valuation as part of its Series F round and $340 million funding at a $5 billion valuation two months later, raising over $1 billion in 2024 and more than $1.5 billion since its inception. +RoundSizeValuationLead Investor(s)Pre-Seed$730,000$2.5 millionContrarySeries A$60 million$225 millionGlade Brook CapitalSeries C$100 million$570 millionY CombinatorSeries D$200 million$900 millionY CombinatorSeries E$200 million$1.4 billionStepStone GroupSeries F$665 million$3.6 billionGlade Brook, Nexus and StepstoneFollow up round$340 million$5 billionGeneral Catalyst Reception In April 2022, Anand Mahindra commented that q-commerce delivery is "inhuman" to the delivery workers that Zepto and peers contract to fulfill orders. Aadit Palicha, the co-founder of the company responded that only speeds of less than 15 km/h are necessary to make deliveries. Since 2024, Zepto has faced criticism for employing dark patterns in its app, including differential pricing and hidden charges on the final bill. Zepto has also been criticised for its drip pricing and price gouging practices.
Danish West Indian rigsdaler	[ "Modern obsolete currencies", "Currencies of the Caribbean", "Currencies of the Kingdom of Denmark", "Economy of the United States Virgin Islands", "19th century in economic history", "1849 disestablishments", "Economy of the Danish West Indies", "18th century in the Danish West Indies", "19th century in the Danish West Indies", "Dollar" ]	227	1,716	The rigsdaler was the currency of the Danish West Indies (now the U.S. Virgin Islands) until 1849. It was subdivided into 96 skilling. The rigsdaler was equal to Danish rigsdaler. The rigsdaler was replaced by the daler. Coins In 1766 and 1767, 6, 12 and 24 skilling coins were struck in silver for the Danish West Indies. These were followed in 1816 by silver 2, 10 and 20 skilling coins, which were struck until 1848. All the coins carried the wording "Dansk Amerik(ansk) M(ynt)" (Danish American Coinage) to distinguish them from regular Danish coins. Banknotes In 1784 and 1785, some Danish 5 rigsdaler courant notes were reissued for use in the West Indies with new denomination of rigsdaler printed on the previously blank reverses. Regular issues began in 1788 with denominations of 20, 50 and 100 rigsdaler. 5 and 10 rigsdaler notes were added in 1806 when the 20 rigsdaler denomination was discontinued.
John Ramsay McCulloch	[ "1789 births", "1864 deaths", "19th-century Scottish historians", "Alumni of the University of Edinburgh", "Academics of University College London", "Burials at Brompton Cemetery", "Historians of economic thought", "People from Dumfries and Galloway", "Scottish economists", "Classical economists", "Scottish newspaper editors", "The Scotsman founders", "18th-century Scottish businesspeople", "19th-century Scottish businesspeople" ]	1,631	13,020	John Ramsay McCulloch (1 March 1789 – 11 November 1864) was a Scottish economist, author and editor, widely regarded as the leader of the Ricardian school of economists after the death of David Ricardo in 1823. He was appointed the first professor of political economy at University College London in 1828. He wrote extensively on economic policy, and was a pioneer in the collection, statistical analysis and publication of economic data. McCulloch was a co-founder, and one of the first editors, of The Scotsman newspaper, and worked on the Edinburgh Review. He edited the 1828 edition of The Wealth of Nations. Career McCulloch attended the University of Edinburgh, but did not graduate. McCulloch collected the early literature of political economy, and wrote on the scope and method of economics and the history of economic thought. After his death his library was purchased by Lord Overstone and eventually presented to the University of Reading. He was a participant in the Political Economy Club, London, founded by James Mill and a circle of friends in 1821 for an ongoing discussion of the fundamental principles of political economy. McCulloch's works include a textbook, Principles of Political Economy (Edinburgh 1825). He worked on subsequent editions until his death. This book contains a memorable discussion of the origins of profit or interest in the case of a cask of new wine. "Suppose that a cask of new wine, which cost £50, is put into a cellar, and that, at the end of twelve months, it is worth £55, the question is: Should the £5 of additional value, given to the wine, be considered as a compensation for the time the £50 worth of capital has been locked up, or should it be considered as the value of additional labour actually laid out in the wine?" This question is still used in discussions of the labour theory of value and related issues. McCulloch used it to illustrate that "time cannot of itself produce effect; it merely affords space for really efficient causes to operate, and it is therefore clear it can have nothing to do with value." Reflecting on discussions in the Political Economy Club, Ricardo had privately expressed his famous opinion about the "non-existence of any measure of absolute value." McCulloch was an opponent of Robert Malthus, in response to Malthus's Definitions in Political Economy (1827) wherein Malthus criticized several contemporary economists, including Jean-Baptiste Say, James Mill, and McCulloch, for what he considered sloppiness in selection of, attachment of meaning to, and usage of their technical terms. In March 1827 McCulloch made a cutting reply on the front page of his Edinburgh newspaper, The Scotsman, implying that Malthus wanted to dictate terms and theories to other economists. McCulloch clearly felt his ox gored, and his review of Definitions is largely a bitter defence of his own Principles of Political Economy, and his counter-attack "does little credit to his reputation", being largely "personal derogation" of Malthus. The purpose of Malthus's Definitions was terminological clarity, and Malthus discussed appropriate terms, their definitions, and their use by himself and his contemporaries. This motivation of Malthus's work was disregarded by McCulloch, who responded that there was nothing to be gained "by carping at definitions, and quibbling about the meaning to be attached to" words. Given that statement, it is not surprising that McCulloch's review failed to address the rules of chapter 1 and did not discuss the definitions of chapter 10; he also barely mentioned Malthus's critiques of other writers. McCulloch died in 1864, and is buried in Brompton Cemetery, London. Criticism McCulloch's theoretical work received harsh criticism from Eugen von Böhm-Bawerk in the latter's History and Critique of Interest Theories (1884). "But probably no member of the English school has been so unhappy in his treatment of the subject or done the theory of interest such a disservice as McCulloch," wrote Böhm-Bawerk. "He hovers about the fringes of a number of divergent opinions. He penetrates just far enough into each to become involved in glaring self-contradictions, but he does not expand any one of them sufficiently to form a theory that even approaches consistency." The labour theory of value is an exception, in that McCulloch seems more insistent about it than about any of the contradictory hypotheses he entertained, Böhm-Bawerk conceded, but the form of that theory McCulloch endorsed was "the most absurd that could possibly occur to a serious thinker." On the subject of the wine cask, Böhm-Bawerk wrote that there was an "enormous difference between what he was supposed to prove and what he did prove." Although such examples may prove that the mere passage of time is not enough of a change to produce an increase of value, that hardly helps the labour theory of value. The physical changes in the wine are produced by the microbes involved in the fermentation process, and the change in exchange value involves the public's subjective preference for wine over grape juice, and old wine over new. An Essay on a Reduction of the Interest of the National Debt, 1816. "On Ricardo's Principles of Political Economy and Taxation", 1818, Edinburgh Review "Taxation and the Corn Laws", 1820, Edinburgh Review "The Opinions of Messrs. Say, Sismondi and Malthus, on Effects of Machinery and Accumulation", 1821, Edinburgh Review "On Combination Laws, Restraints on Emigration, &c.", 1824, Edinburgh Review "Political Economy", 1824, Encyclopædia Britannica. "French Law of Succession", 1824, Edinburgh Review. 2nd edition 1825. The Principles of Political Economy, with a sketch of the rise and progress of the science. 1825. An Essay on the Circumstances which Determine the Rate of Wages and the Condition of the Working Classes, 1826. "On Commercial Revulsions", 1826, Edinburgh Review "Abolition of the Corn Laws", 1826, Edinburgh Review "On Poor Laws", 1828, Edinburgh Review "Rise, Progress, Present State, and Prospects of the British Cotton Manufacture", 1827, Edinburgh Review. "Introduction" to An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith, (ed. J.R. McCulloch), 1828. "Jones on the Theory of Rent", Edinburgh Review, 1831. Principles, Practice and History of Commerce, 1831. "Chalmers on Political Economy", 1832, Edinburgh Review. A Dictionary, Practical, Theoretical and Historical of Commerce and Commercial Navigation, 1832. A Descriptive and Statistical Account of the British Empire, exhibiting its extent, physical capacities, population, industry, and civil and religious institutions. 2 volumes, 1837 Statements Illustrative of the Policy and Probable Consequence of the Proposed Repeal of the Existing Corn Law, 1841. The Literature of Political Economy, 1845. The Works of David Ricardo, Esq. with a notice of the life and writings of the author (ed. J.R. McCulloch), 1846. A Treatise on the Succession to Property Vacant by Death, 1848. A Treatise on Metallic and Paper Money and Banks, 1858 Treatises and Essays, 1859. A Treatise on the Principles and Practical Influence of Taxation and the Funding System, 1863. Denis P. O'Brien, J. R. McCulloch, A Study in Classical Economics, George Allen & Unwin (1970). . Collected works of J R McCulloch, with introductions by Denis O'Brien. 8 volumes. Routledge/Thoemmes Press (1995). .
Gree Electric	[ "Gree Group", "Companies in the CSI 100 Index", "Companies in the FTSE China A50 Index", "Companies listed on the Shenzhen Stock Exchange", "Chinese companies established in 1989", "Electronics companies established in 1989", "Home appliance brands", "Companies based in Zhuhai", "Home appliance manufacturers of China", "Heating, ventilation, and air conditioning companies", "Chinese brands", "Privatization in China", "1996 initial public offerings", "Multinational companies headquartered in China", "Electronics companies of China" ]	875	8,536	GREE Electric Appliances Inc. of Zhuhai, branded as GREE, is a Chinese home appliances manufacturer headquartered in Zhuhai, Guangdong province. It is the world's largest residential air-conditioner manufacturer. The company offers two types of air conditioners: household air conditioners and commercial air conditioners. The company also produces electric fans, water dispensers, heaters, rice cookers, air purifiers, water kettles, humidifiers and induction cookers, among other products. It distributes its products in China and abroad under the brand name GREE. The company has two joint-ventures with Daikin, Zhuhai GREE Daikin Device Co., Ltd., and Zhuhai GREE Daikin Precision Mold Co., Ltd. History GREE was established in Zhuhai, Guangdong, in 1989 under its former name of Zhuhai City Haili Cooling Engineering Company Limited (). It was restructured and renamed GREE Electric Appliances Inc. of Zhuhai in 1994. The company started as a nameless factory with 200 employees and annual production of less than 20,000 units. It was listed on the Shenzhen Stock Exchange in 1996. The company grew 47% in 2008, despite the 2008 financial crisis, booking $23 billion in contract sales. The company is a multinational enterprise with 70,000 employees and annual production of 65.5 million units. In April 2011, GREE announced that first-quarter net income rose 47 percent from a year earlier to 934.7 million Yuan. Products GREE makes air-conditioners of all types and small household appliances. Management GREE Electric's Chairwoman is Dong Mingzhu, or "Sister Dong" as she is known in China. She was appointed CEO in 2009. She joined the company in 1990. Dong was also the Chairwoman of its largest shareholder at the time, GREE Group, until November 2016. GREE Group was owned by Zhuhai Municipal People's Government (the local government of Zhuhai). Shareholders GREE Electric is a majority state-owned enterprise, primarily by the city of Zhuhai. As of 31 December 2015, the largest shareholder of GREE Electric was GREE Group; it was followed by Hebei Jinghai Investment Guarantee (for 8.91%), China Securities Finance (for 2.99%), Central Huijin Investment (for 1.40%). UBS (for 1.21%), Foresea Life Insurance (for 1.14%), Yale University (for 0.95%), Hexie Health Insurance (for 0.80%), chairwoman Dong Mingzhu (for 0.73%) and a private equity fund (for 0.71%). In 2001 GREE Group owned a 50.289% stake in GREE Electric. GREE Group was also the largest shareholder of GREE Real Estate () until 2015. In December 2019, GREE Group sold most of the stake they owned in GREE Electric, to a private equity fund. Sponsorships In 2022, GREE Electric become one of the AFF Mitsubishi Electric Cup 2022, chosen by Mitsubishi Electric, along with Maspion Holdings, Wuling Motors, Mercedes-Benz, Tiger Brokers and Yanmar. Real Betis Balompié, known as Real Betis is sponsored by GREE
Seppo Lindblom	[ "1935 births", "Living people", "Politicians from Helsinki", "Social Democratic Party of Finland politicians", "Ministers of trade and industry of Finland", "Finnish bankers", "Central bankers", "Businesspeople from Helsinki" ]	284	2,805	Seppo Olavi Lindblom (born 9 August 1935, Helsinki) is a Finnish banker and politician from the Social Democratic Party. He is a son of trade unionist Olavi Lindblom, and his daughter is the educationalist and university rector Sari Lindblom. Lindblom was Secretary of State 1968–1970 of Prime Minister Mauno Koivisto, and director of the Labor Movement Economic Research Institute 1970–1972 and a director in the Ministry of Finance of Finland 1973–1974. He became the Minister of Trade and Industry in 1972 and again from 1983 to 1987. He was appointed as director to the Bank of Finland in 1974 and was a member of its executive board since 1982. Lindblom was appointed as the CEO of Postipankki in 1988, a post he had to leave in 1995 because of the difficulties during the Finnish banking crisis of 1990s. In 2002, he completed a doctorate on social sciences with a thesis about the challenges of Nordic welfare state. He was the chairman of the board of Invest in Finland 2000–2004. Further reading
International sanctions during the Russo-Ukrainian War	[ "Sanctions and boycotts during the Russo-Ukrainian War", "2010s in economic history", "2020s in economic history", "2010s in international relations", "2020s in international relations", "Boycotts of Russia", "Boycotts of Ukraine", "Foreign relations of Russia", "Foreign relations of Ukraine", "International sanctions", "Russo-Ukrainian War", "Sanctions against Russia", "Reactions to the Russian invasion of Ukraine" ]	25,601	269,975	International sanctions have been imposed against Russia and Crimea during the Russo-Ukrainian War by a large number of countries, including the United States, Canada, the European Union, and international organisations following the Russian annexation of Crimea, which began in late February 2014. Belarus has also been sanctioned for its cooperation with and assistance to Russian armed forces. The sanctions were imposed against individuals, businesses, and officials from Russia and Ukraine. Russia responded with sanctions against several countries, including a total ban on food imports from Australia, Canada, Norway, Japan, the United States, the EU and the United Kingdom. The sanctions contributed to the value's reduction of the Russian ruble and worsened the economic impact of the 2022 Russian invasion of Ukraine. They also caused economic damage to the EU economy, with total losses estimated at €100 billion (). , Russia's finance minister announced that the sanctions had cost Russia $40 billion, with another $100 billion loss in 2014 due to decrease in the price of oil the same year. Following sanctions imposed in August 2018, economic losses incurred by Russia amounted to around 0.5–1.5% in foregone GDP growth. , sanctions by the European Union and United States continue to be in effect. In January 2022, the EU announced the latest extension of sanctions until 31 July 2022. Following Russia's invasion of Ukraine in February 2022, the United States, the EU, and other countries introduced or significantly expanded sanctions to include Vladimir Putin and other government officials. They also cut off selected Russian banks from SWIFT. The 2022 boycott of Russia and Belarus triggered the 2022 Russian financial crisis. Before the annexation of Crimea and the War in Donbas, tensions already existed between Russia and the United States over human rights issues. In December 2012, the U.S. enacted the Magnitsky Act, intended to punish Russian officials responsible for the death of Russian tax accountant Sergei Magnitsky in a Moscow prison in 2009 by prohibiting their entry to the US and use of its banking system and also to grant permanent normal trade relations status to Russia. 18 individuals were originally affected by the Act. In December 2016, Congress enacted the Global Magnitsky Act to allow the US Government to sanction foreign government officials implicated in human rights abuses anywhere in the world. On 21 December 2017, 13 additional names were added to the list of sanctioned individuals, not just Russians. Other countries passed similar laws to ban foreigners deemed guilty of human rights abuses from entering their countries. In response to the annexation of Crimea by the Russian Federation and the 2022 Russian invasion of Ukraine, some governments and international organisations, led by the United States and European Union, imposed sanctions on Russian individuals and businesses. As the unrest expanded into other parts of Eastern Ukraine, and later escalated into the War in Donbas, the scope of the sanctions increased. Overall, three types of sanctions were imposed: ban on provision of technology for oil and gas exploration, ban on provision of credits to Russian oil companies and state banks, travel restrictions on the influential Russian citizens close to President Putin and involved in the annexation of Crimea. The Russian government responded in kind, with sanctions against some Canadian and American individuals and, in August 2014, with a total ban on food imports from the European Union, United States, Norway, Canada and Australia. As of December 2023, the Russian nuclear industry remained exempt from sanctions and the national nuclear company Rosatom remained the largest actor in the international market for nuclear reactor construction (also playing key roles in nuclear fuel supplies, nuclear equipment supplies, and handling nuclear waste). On 23 February 2024, the U.S. imposed trade restrictions on 93 entities for their assistance to Russia's war effort in Ukraine, including 63 from Russia, 16 from Turkey, 8 from China and 4 from the UАЕ. The UАЕ-based Crynofist Aviation was also targeted, which provides spare parts for airplanes. Additionally, the U.S. imposed more than 500 sanctions on Moscow and its accomplices for funding the war and for the death of Russian opposition leader Alexei Navalny. Sanctions against Russian and Ukrainian individuals, companies and officials Sanctioned individuals include notable and high-level central government personnel and businessmen on all sides. In addition, companies suggested for possible involvement in the controversial issues have also been sanctioned. First round: March/April 2014 On 6 March 2014, U.S. president Barack Obama, invoking, inter alia, the International Emergency Economic Powers Act and the National Emergencies Act, signed an executive order declaring a national emergency and ordering sanctions, including travel bans and the freezing of U.S. assets, against not-yet-specified individuals who had "asserted governmental authority in the Crimean region without the authorization of the Government of Ukraine" and whose actions were found, inter alia, to "undermine democratic processes and institutions in Ukraine". On 17 March 2014, the United States, the European Union, and Canada introduced specifically targeted sanctions, the day after the disputed Crimean referendum and a few hours before Russian president Vladimir Putin signed a decree recognizing Crimea as an independent state, laying the groundwork for the annexation of Crimea by Russia. The principal EU sanction aimed to "prevent the entry into ... their territories of the natural persons responsible for actions which undermine ... the territorial integrity ... of Ukraine, and of natural persons associated with them, as listed in the Annex". The EU imposed its sanctions "in the absence of de-escalatory steps by the Russian Federation" in order to bring an end to the violence in eastern Ukraine. The EU at the same time clarified that the union "remains ready to reverse its decisions and reengage with Russia when it starts contributing actively and without ambiguities to finding a solution to the Ukrainian crisis". These 17 March sanctions were the most wide-ranging sanctions used against Russia since the 1991 fall of the Soviet Union. Japan also announced sanctions against Russia, which included the suspension of talks regarding military matters, space, investment, and visa requirements. A few days later, the US government expanded the sanctions. On 19 March, Australia imposed sanctions against Russia after its annexation of Crimea. These sanctions targeted financial dealings and travel bans on those who have been instrumental in the Russian threat to Ukraine's sovereignty. Australian sanctions were expanded on 21 May. In early April, Albania, Iceland and Montenegro, as well as Ukraine, imposed the same restrictions and travel bans as those of the EU on 17 March. Igor Lukšić, foreign minister of Montenegro, said that despite a "centuries old-tradition" of good ties with Russia, joining the EU in imposing sanctions had "always been the only reasonable choice". Slightly earlier in March, Moldova imposed the same sanctions against former president of Ukraine Viktor Yanukovych and a number of former Ukrainian officials, as announced by the EU on 5 March. In response to the sanctions introduced by the United States and the European Union, the State Duma (Lower House of the Russian parliament) unanimously passed a resolution asking for all members of the Duma be included on the sanctions list. The sanctions were expanded to include prominent Russian businessmen and women a few days later. Second round: April 2014 On 10 April, the Council of Europe suspended the voting rights of Russia's delegation. On 28 April, the United States imposed a ban on business transactions within its territory on seven Russian officials, including Igor Sechin, executive chairman of the Russian state oil company Rosneft, and 17 Russian companies. On the same day, the EU issued travel bans against a further 15 individuals. The EU also stated the aims of EU sanctions as: sanctions are not punitive, but designed to bring about a change in policy or activity by the target country, entities or individuals. Measures are therefore always targeted at such policies or activities, the means to conduct them and those responsible for them. At the same time, the EU makes every effort to minimise adverse consequences for the civilian population or for legitimate activities. Third round: 2014–2021 2014 In response to the escalating War in Donbass, on 16 July 2014 the United States extended its transactions ban to two major Russian energy firms, Rosneft and Novatek, and to two banks, Gazprombank and Vnesheconombank. United States also urged EU leaders to join the third wave leading EU to start drafting European sanctions a day before. On 25 July, the EU officially expanded its sanctions to an additional 15 individuals and 18 entities, with an additional eight added on 30 July. On 31 July 2014 the EU introduced the third round of sanctions which included an embargo on arms and related material, and embargo on dual-use goods and technology intended for military use or a military end user, a ban on imports of arms and related material, controls on export of equipment for the oil industry, and a restriction on the issuance of and trade in certain bonds, equity or similar financial instruments on a maturity greater than 90 days (In September 2014 lowered to 30 days) On 24 July 2014, Canada targeted Russian arms, energy and financial entities. On 5 August 2014, Japan froze the assets of "individuals and groups supporting the separation of Crimea from Ukraine" and restrict imports from Crimea and froze funds for new projects in Russia in line with the policy of the EBRD. On 8 August 2014, Australia announced that Australia is "working towards" tougher sanctions against Russia. On 12 August 2014, Norway adopted the tougher sanctions against Russia that were imposed by the European Union and the United States on 12 August 2014. The Norwegian foreign minister Børge Brende said that it would also impose restrictions similar to the EU's 1 August sanctions. Russian state-owned banks will be banned from taking long-term and mid-term loans, arms exports will be banned and supplies of equipment, technology and assistance to the Russian oil sector will be prohibited. On 14 August 2014, Switzerland expanded sanctions against Russia over its threat to Ukraine's sovereignty. Swiss government added 26 more Russians and pro-Russian Ukrainians to the list. The Swiss government said it is expanding measures to prevent the circumvention of sanctions relating to the situation in Ukraine to include the third round of sanctions imposed by the EU in July and also stated that five Russian banks will require authorisation to issue long-term financial instruments in Switzerland. On 28 August 2014, Switzerland amended its sanctions to include the sanctions imposed by the EU in July. On 14 August 2014, Ukraine passed a law introducing Ukrainian sanctions against Russia. The law includes 172 individuals and 65 entities in Russia and other countries for supporting and financing "terrorism" in Ukraine, though actual sanctions would need approval from Ukraine's National Security and Defense Council. On 11 September 2014, US president Obama said that the United States would join the EU in imposing tougher sanctions on Russia's financial, energy and defence sectors. On 12 September 2014, the United States imposed sanctions on Russia's largest bank (Sberbank), a major arms maker and arctic (Rostec), deepwater and shale exploration by its biggest oil companies (Gazprom, Gazprom Neft, Lukoil, Surgutneftegas and Rosneft). Sberbank and Rostec will have limited ability to access the US debt markets. The sanction on the oil companies seek to ban co-operation with Russian oil firms on energy technology and services by companies including ExxonMobil and BP. On 24 September 2014, Japan banned the issue of securities by 5 Russian banks and also tightened restrictions on defence exports to Russia. On 3 October 2014, US vice president Joe Biden said that "It was America's leadership and the president of the United States insisting, ofttimes almost having to embarrass Europe to stand up and take economic hits to impose costs" and added that "And the results have been massive capital flight from Russia, a virtual freeze on foreign direct investment, a ruble at an all-time low against the dollar, and the Russian economy teetering on the brink of recession. We don't want Russia to collapse. We want Russia to succeed. But Putin has to make a choice. These asymmetrical advances on another country cannot be tolerated. The international system will collapse if they are." On 18 December 2014, the EU banned some investments in Crimea, halting support for Russian Black Sea oil and gas exploration and stopping European companies from purchasing real estate or companies in Crimea, or offering tourism services. On 19 December 2014, US president Obama imposed sanctions on Russian-occupied Crimea by executive order prohibiting exports of US goods and services to the region. Sanctions specific to Crimea The United States, Canada, the European Union, and other European countries (including Ukraine) imposed economic sanctions specifically targeting Crimea. Sanctions prohibit the sale, supply, transfer, or export of goods and technology in several sectors, including services directly related to tourism and infrastructure. They list seven ports where cruise ships cannot dock. Sanctions against Crimean individuals include travel bans and asset freezes. Visa and MasterCard have stopped service in Crimea between December 2014 and April 2015. 2015 – 2017 On 16 February 2015, the EU increased its sanction list to cover 151 individuals and 37 entities. Australia indicated that it would follow the EU in new sanctions. On 18 February 2015, Canada added 37 Russian citizens and 17 Russian entities to its sanction list. Rosneft and the deputy minister of defence, Anatoly Antonov, were both sanctioned. In June 2015 Canada added three individuals and 14 entities, including Gazprom. Media suggested the sanctions were delayed because Gazprom was a main sponsor of the 2015 FIFA Women's World Cup then concluding in Canada. In September 2015, Ukraine sanctioned more than 388 individuals, over 105 companies and other entities. In accordance with the August 2015 proposals promulgated by the Security Service of Ukraine and the Order of the Cabinet of Ministers of Ukraine No. 808-p dated 12 August 2015, Ukraine, on 2 September 2015, declared Russia an enemy of Ukraine. Also on 16 September 2015, the Ukrainian president Petro Poroshenko issued a decree that named nearly 400 individuals, more than 90 companies and other entities to be sanctioned for the Russia's "criminal activities and aggression against Ukraine." In April 2016, Lithuania sanctioned 46 individuals who were involved in the detention and sentencing of Ukrainian citizens Nadiya Savchenko, Oleh Sentsov, and Olexandr Kolchenko. Lithuanian foreign minister Linas Linkevičius said that his country wanted to "focus attention on the unacceptable and cynical violations of international law and human rights in Russia. [...] It would be more effective if the blacklist became Europe-wide. We hope to start such a discussion." On 29 December 2016, the US president Barack Obama signed an Executive Order that expelled 35 Russian diplomats, locked down two Russian diplomatic compounds, and expanded sanctions against Russia for its interference in the 2016 United States elections. In August 2017, the US Congress enacted the Countering America's Adversaries Through Sanctions Act that imposed new sanctions on Russia for interference in the 2016 elections and its involvement in Ukraine and Syria. The act converted the punitive measures previously imposed by executive orders into law to prevent the president easing, suspending or ending of sanctions without the approval of Congress. 2018 On 15 March 2018, Trump imposed financial sanctions under the act on the 13 Russian government hackers and front organizations that had been indicted by Mueller's investigation into Russian interference in the 2016 United States elections. On 6 April 2018, the United States imposed economic sanctions on seven Russian oligarchs and 12 companies they control, accusing them of "malign activity around the globe", along with 17 top Russian officials, the state-owned weapons-trading company Rosoboronexport and the Russian Financial Corporation Bank (RFC Bank). High-profile names on the list include Oleg Deripaska and Kiril Shamalov, Putin's ex-son-in-law, who married Putin's daughter Katerina Tikhonova in February 2013. The press release stated: "Deripaska has been investigated for money laundering, and has been accused of threatening the lives of business rivals, illegally wiretapping a government official, and taking part in extortion and racketeering. There are also unsubstantiated allegations that Deripaska bribed a government official, ordered the murder of a businessman in the 1990s, and had links to a Russian organized crime group." Other names on the list include: Oil tycoon Vladimir Bogdanov, Suleyman Kerimov, who faced money-laundering charges in France for allegedly bringing hundreds of millions of euros into the country without reporting the money to tax authorities, Igor Rotenberg, principal owner of Russian oil and gas drilling company Gazprom Burenie, Andrei Skoch, a deputy in the State Duma. U.S. officials said he has longstanding ties to Russian organized criminal groups, Viktor Vekselberg, founder and chairman of the Renova Group, asset management company, and Aleksandr Torshin. In August 2018, following the poisoning of Sergei Skripal, the U.S. Department of Commerce imposed further sanctions on dual-use exports to Russia which were deemed to be sensitive on national security grounds, including gas turbine engines, integrated circuits, and calibration equipment used in avionics. Until that moment, such exports were considered on a case-by-case basis. Following the introduction of these sanctions, the default position is of denial. Also, on September that year a list of companies in the space and defense industry came under sanctions, including: AeroComposit, Divetechnoservices, Scientific-Research Institute "Vektor", Nilco Group, Obinsk Research and Production Enterprise, Aviadvigatel, Information Technology and Communication Systems (Infoteks), Scientific and Production Corporation of Precision Instruments Engineering and Voronezh Scientific Research Institute "Vega", whom are forbidden from doing business with. 2019 In March 2019, the United States imposed sanctions on persons and companies involved in the Russian shipbuilding industry in response to the Kerch Strait incident: Yaroslavsky Shipbuilding Plant, Zelenodolsk Shipyard Plant, AO Kontsern Okeanpribor, PAO Zvezda (Zvezda), AO Zavod Fiolent (Fiolent), GUP RK KTB Sudokompozit (Sudokompozit), LLC SK Consol-Stroi LTD and LLC Novye Proekty. Also, the U.S. targeted persons involved in the 2018 Donbass general elections. On 2 August 2019, the U.S State Department announced additional sanctions together with an executive order signed by President Trump which gives the Department of Treasury and the Department of Commerce the authority to implement the sanctions. The sanctions forbid granting Russia loans or other assistance from international financial institutions, prohibition on U.S banks buy non-ruble denominated bonds issued by the Russia after 26 August and lending non-ruble denominated funds to Russia and licensing restrictions for exports of items for chemical and biological weapons proliferation reasons. In September 2019, pursuant to Executive Order 13685 Maritime Assistance LLC was placed under sanctions due to its export of fuel to Syria as well as for providing support to Sovfracht, another company sanctioned for operating in Crimea. Later in the same month, the United States sanctioned two Russian citizens as well as three companies, Autolex Transport, Beratex Group and Linburg Industries in connection with the Russian interference in the 2016 United States election. Fourth round: 2022 After Russia invaded Ukraine on 24 February 2022, two countries that had not previously taken part in sanctions, namely South Korea and non-UN member state Taiwan, engaged in sanctions against Russia. On 28 February 2022, Singapore announced that it will impose banking sanctions against Russia for the invasion of Ukraine, thus making it the first country in Southeast Asia to impose sanctions upon Russia; the move was described by the South China Morning Post as being "almost unprecedented". The sanctions also included materials that could be used for weapons against Ukraine, as well as electronics, technology devices and other related equipment, which were listed in a detailed statement on 5 March. On 28 February 2022, the Central Bank of Russia was blocked from accessing more than $400 billion in foreign-exchange reserves held abroad and the EU imposed sanctions on several Russian oligarchs and politicians. Bjoern Seibert, head of European Commission President Ursula von der Leyen's Cabinet, was in charge of leading the EU's negotiations with the US on the sanction's implementation. Sergei Aleksashenko, the former Russian deputy finance minister, said: "This is a kind of financial nuclear bomb that is falling on Russia." On 1 March 2022, the French finance minister Bruno Le Maire said the total amount of Russian assets being frozen by sanctions amounted to $1 trillion. Serbia, Mexico and Brazil have announced that they would not be participating in any economic sanctions against Russia. Western countries and others began imposing limited sanctions on Russia when it recognised the independence of Donbas. With the commencement of attacks on 24 February, a large number of other countries began applying sanctions with the aim of crippling the Russian economy. The sanctions were wide-ranging, targeting individuals, banks, businesses, monetary exchanges, bank transfers, exports, and imports. In February 2022, President Joe Biden signed Executive Order 14065 of February 21, 2022 — "Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to Continued Russian Efforts To Undermine the Sovereignty and Territorial Integrity of Ukraine". Faisal Islam of BBC News stated that the measures were far from normal sanctions and were "better seen as a form of economic war". The intent of the sanctions was to push Russia into a deep recession with the likelihood of bank runs and hyperinflation. Islam noted that targeting a G20 central bank in this way had never been done before. Deputy Chairman of the Security Council of Russia and former president Dmitry Medvedev derided Western sanctions imposed on Russia, including personal sanctions, and commented that they were a sign of "political impotence" resulting from NATO's withdrawal from Afghanistan. He threatened to nationalise foreign assets that companies held inside Russia. On 14 March 2022, Biden's national security advisor Jake Sullivan warned China that it would face consequences if it helped Russia evade sanctions. A year after Russia's invasion of Ukraine, the United States persuaded countries like Turkey and the United Arab Emirates to crack down on the commercial activities in their countries which had been helping Russia's war efforts in Ukraine. These countries did not back the western sanctions imposed on Russia, instead continuing to trade with it and providing havens for wealthy Russians and their capital. The United States marked the first anniversary of Russia's invasion of Ukraine on February 24, 2023, with new sanctions against Russia aimed at undermining Moscow's ability to launch a war. The new measures by the US Treasury Department affect 22 Russian individuals and 83 entities, adding to the more than 2,500 sanctions imposed last year. 11th round: June 2023 Since April 2014, the European Union has applied eleven rounds of sanctions against the Russian Federation. The most recent 11th round of sanctions in June 2023 focused on dual-use items, including computer chips, and as well as an attempt to limit ship-to-ship transactions of sanctioned goods. More suspensions of Russian broadcasting licenses in Europe were also announced. The U.S. government has urged American companies to halt shipments to over 600 foreign entities amid concerns of diversion to Russia for use in its Ukraine invasion, part of ongoing efforts to restrict Russian access to Western technology. Assistant Secretary Matthew Axelrod emphasized outreach to more than 20 companies and collaboration with senior officials to prevent American-made goods from ending up in Russia. The most recent measures included transport measures, including a full ban on Russian trucks and semi-trailers, limitations on ship-to-ship transfer taking place in the Exclusive Economic Zone of a member state or within 12 nautical miles from the baseline of that member state's coast, a total ban on Russian pipeline oil transfers through the northern branch of the Druzhba pipeline to Germany and Poland, new export and export restrictions on Russia's defense materials as well as goods and technology suited for use in the aerospace industry and jet fuel and fuel additives. Sanctions were also imposed on Russian intellectual property rights and their transfer as well as new criteria on sanctions in the Russian IT-sector with a license issued by the Russian Federal Security Service (FSB) and the Russian Ministry of Industry and Trade. Senator Roger Marshall introduced a bill on 1 March 2022 banning US imports of Russian oil, supported by the GOP minority leader of the Senate Committee on Energy and Natural Resources and seven other Republicans. The first move by a Western nation to impose a flat blockade on Russian petroleum, its top moneymaker, came a day prior from Canada. Canadian Prime Minister Justin Trudeau said that it "sends a powerful message." On 8 March, President Joe Biden ordered a ban on imports of oil, gas and coal from Russia to the US. On September 2, 2022, the G7 group of nations agreed to cap the price of Russian oil in order to reduce Russia's ability to finance its war with Ukraine without further increasing inflation. Joined by the European Union and Australia, the sanctions come into effect on 5 December 2022. From 5 February 2023 an oil products price cap came into effect. The EU banned all imports of refined oil products from Russia in February 2023, the UK banned Russian oil imports from December 2022. EU imports of oil by ship have fallen by 1.2m bpd to under 0.1m bpd. Russia's oil and gas revenue for Q1 of 2023 was 1.6 trillion rubles ($19.61 billion), far below the budget for 2023 of 8.9 trillion roubles ($35 billion) per quarter and the 2022 revenue which averaged $42 billion per quarter. On 16 November 2023, the US Treasury Department sanctioned maritime companies and vessels for supplying Russian oil sold above the G7's price cap. The sanctions targeted three companies of the UAE-based companies, including Kazan Shipping Incorporated, Progress Shipping Company Limited and Gallion Navigation Incorporated, which were accused of exporting Russian crude oil above the $60 a barrel cap. The Emirati vessels were reportedly using US personnel for transporting the Russian crude oil. Banking In a 22 February speech, US president Joe Biden announced restrictions against four Russian banks, including V.E.B., as well as on corrupt billionaires close to Putin. UK prime minister Boris Johnson announced that all major Russian banks would have their assets frozen and be excluded from the UK financial system, and that some export licences to Russia would be suspended. He also introduced a deposit limit for Russian citizens in UK bank accounts, and froze the assets of over 100 additional individuals and entities. The foreign ministers of the Baltic states called for Russia to be cut off from SWIFT, the global messaging network for international payments. Concern was expressed in Europe because European lenders held most of the nearly $30 billion in foreign banks' exposure to Russia and because China had developed an alternative to SWIFT called CIPS; a weaponisation of SWIFT would provide greater impetus to the development of CIPS which, in turn, could weaken SWIFT. Other leaders calling for Russia to be stopped from accessing SWIFT include Czech president Miloš Zeman, and UK prime minister Boris Johnson. On 26 February, the German foreign minister Annalena Baerbock and economy minister Robert Habeck made a joint statement backing targeted restrictions of Russia from SWIFT. Shortly thereafter, it was announced that major Russian banks would be removed from SWIFT, although there would still be limited accessibility to ensure the continued ability to pay for gas shipments. It was also announced that the West would place sanctions on the Russian Central Bank, which holds $630bn in foreign reserves, to prevent it from liquidating assets to offset the impact of sanctions. On 26 February, two Chinese state banks—the Industrial and Commercial Bank of China, which is the largest bank in the world, and the Bank of China, which is the country's biggest currency trader—were limiting financing to purchase Russian raw materials, which was limiting Russian access to foreign currency. On 28 February, Switzerland and Monaco froze a number of Russian assets and joined EU sanctions. According to Ignazio Cassis, the president of the Swiss Confederation, the decision was unprecedented but consistent with Swiss neutrality. Singapore became the first Southeast Asian country to impose sanctions on Russia by restricting banks and transactions linked to Russia; the move was described by the South China Morning Post as being "almost unprecedented". On 28 February, Japan announced that its central bank would join sanctions by limiting transactions with Russia's central bank. The Central Bank of Russia was blocked from accessing more than $400 billion in foreign-exchange reserves held abroad. Sergei Aleksashenko, the former Russian deputy finance minister, said: "This is a kind of financial nuclear bomb that is falling on Russia." EU foreign affairs chief Josep Borrell said that Western governments "cannot block the reserves of the Russian central bank in Moscow or in China". On 1 March, the French finance minister Bruno Le Maire said that Russian assets being frozen by sanctions amounted to $1 trillion. South Korea announced it would stop all transactions with 7 main Russian banks and their affiliates, restrict the purchase of Russian treasury bonds, and agreed to "immediately implement" and join any further economics sanctions imposed against Russia by the European Union. Following sanctions and criticisms of their relations with Russian business, many companies chose to exit Russian or Belarusian markets voluntarily or in order to avoid potential future sanctions. Visa, Mastercard, and American Express independently blocked Russian banks as of 2 March. Following Swiss sanctions on Russia, Credit Suisse issued orders to destroy documents linking Russian oligarchs to yacht loans, a move which led to considerable criticism. In July 2023 Russia attempted to get the SWIFT ban partially lifted by making it a condition to extending the Black Sea Grain Initiative. The ruble In 2013 there were around 35 rubles to the US dollar. Following the seizure of Crimea and sanctions starting, the ruble fell. In 2015–2019 it traded in the 60–70 range. In 2020–2021 it moved to the 70-80 range and since the 2022 invasion of Ukraine and a large increase in sanctions, it has slowly declined to reach 100 in August 2023. Dual-use ban The US instituted export controls, a novel sanction focused on restricting Russian access to high-tech components, both hardware and software, made with any parts or intellectual property from the US. The sanction required that any person or company that wanted to sell technology, semiconductors, encryption software, lasers, or sensors to Russia request a licence, which by default was denied. The enforcement mechanism involved sanctions against the person or company, with the sanctions focused on the shipbuilding, aerospace, and defence industries. EU sanctions On the morning of 24 February, Ursula von der Leyen, the president of the European Commission, announced "massive" EU sanctions to be adopted by the union. The sanctions targeted technological transfers, Russian banks, and Russian assets. Josep Borrell, the High Representative of the Union for Foreign Affairs and Security Policy, stated that Russia would face "unprecedented isolation" as the EU would impose the "harshest package of sanctions [which the union has] ever implemented". He also said that "these are among the darkest hours of Europe since the Second World War". President of the European Parliament Roberta Metsola called for "immediate, quick, solid and swift action" and convened an extraordinary session of Parliament for 1 March. In May 2022, the European Commission proposed and approved a partial ban on oil imports from Russia, part of the economic response to the Russian invasion of Ukraine. European sanctions are imposed according to Decision 2014/145/CFSP of the European Council and EU Regulation 269/2014, which authorize the freezing of assets. Josep Borrell said he wants EU countries to confiscate frozen foreign-exchange reserves of the Russian central bank—which amount to over $300 billion—to cover the costs of rebuilding Ukraine after the war. Russian Deputy Foreign Minister Alexander Grushko remarked that Borrell's initiative amounted to "complete lawlessness" and said it would hurt Europe if adopted. In June 2023, Christine Lagarde, President of the European Central Bank countered EU President, Ursula von der Leyen's plan to use confiscated Russian assets for rebuilding war-torn Ukraine. Such a plan would "undermine the legal and economic foundations of the Euro internationally", according to Lagarde. Since February 2022, the European Union has sanctioned exports to the Russian Federation at a total value of €43.9 billion and imports to the EU worth €91.2 billion, including financial and legal services. In January 2024, authorities in the Netherlands, Germany, Latvia, and Lithuania arrested three suspects for breaching EU sanctions against Russia. Europol and Eurojust supported this investigation, which revealed that a Dutch company had illegally shipped goods from Germany through Latvia and Lithuania to Russia, violating sanctions due to Russia's aggression against Ukraine. On 22 March 2024, the EU imposed new sanctions against 33 persons and entities over the death of Alexei Navalny, a Russian opposition politician. The new listings include imposed sanctions on the Russian justice and prison officials responsible for imprisoning Navalny and the two penal colonies where Alexei Navalny was held from June 2022 until his death. The EU Council renewed its restrictive measures against Russia for another six months, until 31 January 2025, in response to Russia's continued destabilizing actions in Ukraine. Despite Russia's ongoing violations of international law, the EU maintained these sanctions and pledged further measures if necessary. The EU also reiterated its unwavering support for Ukraine's sovereignty and condemned Russia's escalated attacks on civilians and infrastructure. European impoundment of ships A 5 April 2022 article by Insider claims the total cost of yachts impounded throughout Europe be over $2 billion. This amount includes the motoryacht Tango, seized pursuant to United States sanctions with Spanish assistance. France On 26 February, the French Navy intercepted Russian cargo ship Baltic Leader in the English Channel. The ship was suspected of belonging to a company targeted by the sanctions. The ship was escorted to the port of Boulogne-sur-Mer and was being investigated. On 2 March 2022, French customs officials seized the yacht Amore Vero at a shipyard in La Ciotat. The Amore Vero is believed to be owned by the sanctioned oligarch Igor Sechin. Two yachts belonging to Alexei Kuzmichevof Alfa Bank were seized by France on March 24. Germany On 2 March 2022, German authorities immobilized Dilbar, owned by Alisher Usmanov. She is reported to have cost $800 million, employ 84 full-time crew members, and contain the largest indoor swimming pool installed on a superyacht at 180 cubic metres. Greece On 19 April 2022, Greece announced the seizure of the Russian-flagged petroleum tanker ship Pegas, which docked at Karystos after encountering rough seas. The seizure applies solely to the ship and not its cargo. Italy On 4 March, Italian police impounded Lady M. Authorities believe the ship is owned by Alexei Mordashov. The same day, Italian police seized the yacht of Gennady Timchenko, Lena, in the port city of Sanremo. The yacht was also placed on a United States sanctions list. On 12 March 2022, Italian authorities in the port of Trieste seized the sailing yacht A, known to be owned by Andrey Melnichenko. A spokesperson for Melnichenko vowed to contest the seizure. Netherlands On 6 April 2022, Dutch Minister of Foreign Affairs Wopke Hoekstra sent a letter on the subject of sanctions addressed to the House of Representatives. In it, he reported that while no Russian superyachts were at anchor in the Netherlands, twelve yachts under construction across five shipyards were immobilized to ascertain ownership, including possible beneficial ownership. Spain In March 2022, the Spanish Ministry of Development (known by its acronym "MITMA") detained three yachts pending investigation into whether their true owners are individuals sanctioned by the European Union. Valerie is detained in the Port of Barcelona; Lady Anastasia in Port Adriano in Calvià, Mallorca; and Crescent in the Port of Tarragona. United Kingdom On 29 March 2022, Grant Shapps, the British secretary of state for transport, announced the National Crime Agency's seizure of Phi. The yacht was docked at Canary Wharf and was about to leave. Unilateral sanctions by Ukraine In May 2023, the Czech Republic introduced unilateral sanctions against the Russian economy. It also sanctioned the head of the Russian Orthodox Church, Vladimir Mikhailovich Gundyayev, better known as Patriarch Kirill, due to his collaboration with clerics from the Russian Orthodox Church, a measure that is seldom taken during armed conflicts. Vladimir Mikhailovich Gundyayev has been identified as a close confident of Vladimir Putin, but he never advocated any violent actions during wartime, and was not placed under EU sanctions. The cleric is now barred from entry into the Czech Republic, a measure that was criticised by members of both denominations. In November 2023, Ukraine sanctioned the Swiss company Nestle for being ‘sponsors of war’ and blacklisted the company for its continued presence in Russia, joining food and drink peers Unilever, PepsiCo and Mars. These food companies manufacture essential foods and dietary components that are explicitly exempt from international sanctions. In the same month, Ukraine also placed sanctions on the Swiss company NVS Technologies, owned by a Russian individual, that provides geolocation equipment to companies in Eastern Europe and elsewhere. Ukraine government's National Agency on Corruption Prevention (NACP) gave no further details on the reason for these sanctions. Opposition to sanctions Italy, Hungary, Greece, France, Cyprus and Slovakia were among the EU states most skeptical about the early sanctions and called for review of sanctions. The Hungarian prime minister Viktor Orbán stated that Europe "shot itself in the foot" by introducing economic sanctions. Bulgarian prime minister Boyko Borisov stated, "I don't know how Russia is affected by the sanctions, but Bulgaria is affected severely". Czech president Miloš Zeman and Slovak prime minister Robert Fico also said that the sanctions should be lifted. Several countries including Greek prime minister Alexis Tsipras and German economy minister Sigmar Gabriel believed dialogue rather than sanctions would be better. Paolo Gentiloni, the Italian minister of foreign affairs, said that the sanctions "are not the solution to the conflict". In January 2017, Swiss economics minister and former president of Switzerland Johann Schneider-Ammann stated his concern about the sanctions' harm to the Swiss economy, and expressed hope that they will soon come to an end. Some companies, most notably Siemens Gas Turbine Technologies LLC and Lufthansa Service Holding were reported to attempt bypassing the sanctions and exporting power generation turbines to the annexed Crimea. In August 2015, the British think tank Bow Group released a report on sanctions, calling for the removal of them. According to the report, the sanctions have had "adverse consequences for European and American businesses, and if they are prolonged... they can have even more deleterious effects in the future"; the potential cost of sanctions for the Western countries has been estimated as over $700 billion. In June 2017, Germany and Austria criticized the U.S. Senate over new sanctions against Russia that target the planned Nord Stream 2 gas pipeline from Russia to Germany, stating that the United States was threatening Europe's energy supplies (see also Russia in the European energy sector). In a joint statement Austria's chancellor Christian Kern and Germany's foreign minister Sigmar Gabriel said that "Europe's energy supply is a matter for Europe, and not for the United States of America." They also said: "To threaten companies from Germany, Austria and other European states with penalties on the U.S. market if they participate in natural gas projects such as Nord Stream 2 with Russia or finance them introduces a completely new and very negative quality into European-American relations." Nations and individuals that oppose sanctions against Russia state that sanctions do not generally result in a change in the policies of the sanctioned nation and that sanctions mostly hurt the civilian population who have little control over the issues pertaining to foreign policy. 2022 to date In March 2022, China expressed opposition to sanctions against Russia as punishment for invading Ukraine. No country in Africa, Latin America or the Middle East has imposed sanctions on Russia. As part of the sanctions imposed on Russia, on 2 September 2022, the finance ministers of the G7 group agreed to cap the price of Russian oil and petroleum products, designed to allow Russia to maintain production but limiting the revenue from oil sales. In October 2022, India (the world's third-largest oil importer) announced it would not join the effort to cap the price of Russian oil. India obtains Russian crude at a significant discount, and regards Russia as a strategic, economic partner. In 2022, Turkish President Recep Tayyip Erdoğan said that Turkey could not join sanctions against Russia due to import dependence. Turkey bought almost half of its gas from Russia. Hungary continues to be opposed to sanctions and blocks some sanctions that the EU wishes to put in place. Efforts to lift sanctions Some efforts were made to try to lift sanctions. France announced in January 2016 that it wanted to lift the sanctions in mid-2016. Earlier, U.S. Secretary of State John Kerry mentioned a possible lifting of sanctions. As Trump's National Security Advisor, Michael T. Flynn was an important link in the connections between Putin and Trump in the "Ukraine peace plan", an unofficial plan "organized outside regular diplomatic channels....at the behest of top aides to President Putin". This plan, aimed at easing the sanctions imposed on Russia, progressed from Putin and his advisors to Ukrainian politician Andrey Artemenko, Felix Sater, Michael Cohen, and Flynn, where he would have then presented it to Trump. The New York Times reported that Sater delivered the plan "in a sealed envelope" to Cohen, who then passed it on to Flynn in February 2017, just before his resignation. In November 2017, the Secretary General of the Council of Europe Thorbjørn Jagland said that the Council of Europe considered lifting the sanctions on Russia due to concerns that Russia may leave the organization, which would be "a big step back for Europe". Jagland was also criticized of "caving in to blackmail" by other Council members for his conciliatory approach to Russia. On 8 March 2019, the Italian prime minister Giuseppe Conte stated that Italy is working on lifting the sanctions, which "the ruling parties in Rome say are ineffective and hurt the Italian economy". On 25 June 2024, China urged the European Union to lift sanctions on Chinese companies accused of supporting Russia's war in Ukraine. Spokesperson Mao Ning stated that China consistently opposes unilateral sanctions and has formally protested to the EU. Other actions not linked directly to sanctions Air travel The UK closed its airspace to Russia aircraft the day after the invasion of Ukraine, swiftly followed by the EU, Canada and the US. Diplomatic actions In March 2018, 29 Western countries and NATO expelled in total at least 149 Russian diplomats, including 60 by the United States, in response to the poisoning of Skripal and his daughter on 4 March in the United Kingdom, which has been blamed on Russia. Other measures were also taken. Shortly after the 2022 invasion of Ukraine a co-ordinated action was taken by the west with over 600 Russian diplomats being declared personae non gratae, 400 were believed to be spies. Turkish control of transiting ships to/from the Black Sea Turkish Foreign Minister Mevlüt Çavuşoğlu announced on 27 February 2022 that his government would legally recognise the Russian invasion as a "war", which provides grounds for implementing the Montreux Convention Regarding the Regime of the Straits blocking the transit of Russian Federation and Ukrainian military vessels into/from the Black Sea. Independent company actions Following sanctions and negative sentiment towards engaging in Russian business, many companies have chosen to exit Russians or Belarusian markets voluntarily or in order to avoid potential future sanctions. Visa, Mastercard and American Express independently blocked Russian banks as of March 2. Jeffrey Sonnenfeld and colleagues at the Yale School of Management have produced, and are keeping updated, a detailed list tracking those companies which have exited the Russian market, which have reduced their operations there, or which have chosen to remain. Companies have experienced difficulties exiting Russia, a study from Yale in July 2023 found that of 1,000 companies pledging to leave Russia, just over half managed to make a clean break, with many others having scaled down activities. The highest cost of leaving being borne by energy and utility companies. By December 2022, after a mass exodus, the only foreign car manufacturers in Russia are Chinese. In July 2023 Russia seized Russian assets owned by Danish company Carlsberg and French company Danone. Tax haven In February 2023 the EU Council's Code of Conduct Group added Russia to the EU tax haven blacklist as a non-cooperative jurisdictions for tax purposes. Political significance The economic sanctions imposed on Russia, serve as a tool of nonrecognition policy, by underscoring that the countries which impose these sanctions do not recognize Russian annexation of Crimea. Having these sanctions in place prevents the situation from being treated as a fait accompli. As a reaction to the 2022 Russian invasion of Ukraine, Western nations introduced unprecedented sanctions on Russian individuals, energy commodities and high-tech industries with the aim to change Russia's "political behavior". According to a study by the Swedish Defence Research Agency, economic sanctions have so far failed to force Russia to change its policy towards Ukraine. Faisal Islam of BBC News stated that the measures were far from normal sanctions and were "better seen as a form of economic war". The intent of the sanctions was to push Russia into a deep recession with the likelihood of bank runs and hyperinflation. Islam noted that targeting a G20 central bank in this way had never been done before. Effects of sanctions Effects on Russian economy 2014–2021 Russian president Vladimir Putin had accused the United States of conspiring with Saudi Arabia to intentionally weaken the Russian economy by decreasing the price of oil. By mid-2016, Russia had lost an estimated $170 billion due to financial sanctions, with another $400 billion lost in revenues from oil and gas. According to Ukrainian officials, the sanctions forced Russia to change its approach toward Ukraine and undermined the Russian military advances in the region. Representatives of these countries said that they will lift sanctions against Russia only after Moscow fulfills the Minsk II agreements. In April 2022, Russia supplied 45% of EU's gas imports, earning $900 million a day. In the first two months after the invasion of Ukraine, Russia earned $66.5 billion from fossil fuel exports, and the EU accounted for 71% of that trade. In 2022 the Russian rouble fell against the US Dollar and Euro on reduced trading as sanctions prevent trading with foreign accounts or currencies. In May 2022, the Russian Central Bank slashed its key rate by 300 basis points to 11% in order to stimulate local investments. The federal trade surplus was increased due to high prices for Russian commodity exports and a rapid fall in imports. On 27 May 2022, Russian Finance Minister Anton Siluanov stated that extra revenues from the sale of natural gas in the amount of €13.7 billion will be used to increase pension funds for retired individuals and families with children, as well for "special operations" in the Ukraine. Russia has also increased energy exports to China and India to replace decreased revenues in Europe. Bloomberg reported that in the first half of 2022, Russia pocketed an extra $24 billion from selling energy to both nations. Citizens of the Russian Federation faced surging inflation and unemployment, expensive credit, capital controls, restricted travel, and shortages of goods. Analysts have identified similarities with conditions in the decade following the collapse of the Soviet Union in 1991. Russia's Kaliningrad exclave faces ever-increasing isolation. A source close to the Kremlin told the Russian-language independent news website Meduza that "There's probably almost nobody who's happy with Putin. Businesspeople and many cabinet members are unhappy that the president started this war without thinking through the scale of the sanctions. Normal life under these sanctions is impossible." On 27 June 2022, Bloomberg reported that Russia is poised to default on its foreign debt (eurobonds), for the first time since 1918 after the Bolshevik revolution. According to the source, the country missed a debt payment due to sanctions on Russian banks. Finance Minister Siluanov dismissed the possible default status as a "farce", since Russia has plenty of funds to repay the debt. Associated Press reported that the official default on Russian's foreign debt would take time to be confirmed. Financial analysts described Russia's situation as unique, since it has extensive amounts of cash to fulfill its debt obligations. A Yale study projects a catastrophic outlook for Russian businesses if Western countries are able to keep up the sanctions against Russia's petrochemical industry. Western economists see long-lasting costs to the Russian economy from the exit of large foreign firms and brain drain, while Russia claims it has replaced those entities with domestic investments. Long term, Russia's economy will depend on the price development of fossil fuel energy, and Russia's continued economic alliances with countries that do not impose sanctions, including China, the Middle East, India, as well as nations in Africa and South America. Russia's gross domestic product contracted 4% in the second quarter of 2022, revised from 6.5%, with a 15.3% drop in wholesale trade, and a 9.8% contraction in retail trade. 47 of the world's biggest 200 companies had not left Russia by summer 2022, particularly energy companies remain invested there. According to Western analysts, remaining companies have experienced expropriation and nationalization pressures, but officially Russia has denied that it is interested in such actions. In August 2022, Russia's trade and industry minister Denis Manturov stated, "we are not interested in the nationalization of enterprises or their removal." In October 2022, a government decree was approved, allowing a Russian state-run company to seize ExxonMobil's 30% stake in the Sakhalin-1 oil and gas project, and to decide whether foreign shareholders, including Japan's SODECO, can retain their participation. Russia continued to pump almost as much oil as before its 2022 invasion of Ukraine. Sales to the Middle East and Asia have replaced declining exports of gas and oil to Europe, and due to the higher price, Moscow made $20 billion monthly compared to $14.6 billion a year before (2021). Despite international sanctions, Russian energy sales increased in value, and its exports expanded with new financing options and payment methods for international buyers. According to the Institute of International Finance, "Russia is swimming in cash", earning $97 billion from oil and gas sales through July 2022. According to a former Russian energy executive, "there came a realization that the world needs oil, and nobody's brave enough to embargo 7.5 million barrels a day of Russian oil and oil products". According to the Former First Deputy Chairman of the Central Bank of Russia Oleg Vyugin, sanctions imposed against Moscow over the conflict in Ukraine were only 30%-40% effective as Russia has found ways to overcome restrictions. He confirmed the contraction of the Russian economy by 4% in 2022 due to sanctions, but found this has been "no catastrophe" for the Russian Federation. Russia's current account surplusthe difference in value between exports and importshas been soaring due to declining imports, but he warned that a further embargo on Russian exports could reduce crucial revenues. He also added that the impact of US and European export controls in the technology sector will be felt with some delay. In December 2022, when the European Union implemented its oil embargo and price cap on Russian crude, economic news channels reported a drop of Russian oil exports by 54% in the first week. Russia switched to sending nearly 90% of its oil to Asia, albeit at a lower price. Shipowners in Asia as well were reportedly less likely to transport Russian crude after the European sanctions came into force. In late 2022, the Russian economy's relative resilience to Western sanctions was tested when financial sanctions seriously impacted Russia's VTB Bank, the country's No. 2 lender. VTB bank has frozen assets abroad worth around 600 billion roubles, and then purchased Otkritie FC Bank to make up for the loss. The Bank of Russia agreed to the sale for 233 billion roubles in cash and treasury bonds, increasing the share-value for Moscow-listed VTB. Dominant lender Sberbank, however, was less affected by financial sanctions and produced a quarterly profit. The central bank announced a bail-out of 555 billion roubles, and with the recent sale of Otkritie obtained a refund of 352 billion roubles. According to Russian calculations, the country's economy shrank by 2.5% in 2022, showing better dynamics than expected by Western analysts. Both Russia's current trade account balance and foreign currency reserves increased significantly due to decreased imports from Western countries. Because of the increased expenditure for the 2022 Russian invasion of Ukraine, Moscow posted a record budget deficit of US$47.3 billion in 2022 (2.3% of GDP) requiring a drawdown from the National Wealth Fund. Some of the reduction in trade with Western Europe was compensated by a record trade balance with China, US$190 billion in 2022. The Russian state as well as its citizens purchased a record amount of gold from Russian banks in 2022 (64 to 67 metric tons). Gold, which significantly increased in value in late 2022 and early 2023, is seen as another backbone of the Russian economy. Russia attempts to create a gold-backed stablecoin to support its foreign trade in light of ongoing sanctions. Two financial reports from late 2022 and early 2023 concluded that only 8.5% or less than one out of ten companies had divested at least one subsidiary in Russia. In comparison, between economic regions, 18% of US companies with subsidiaries exited Russia, some 15% of Japanese firms and only 8.3% of EU firms have done the same. Among EU nations, Italian companies were least likely to exit from Russia. Particularly firms involved in lucrative resource extraction and agriculture remain active there, but also pharmaceutical companies, which are exempt from sanctions. Quantitatively, those companies that left Russia (a total of 120) represent only 6.5% of the total profits of all the firms active there. Even companies that planned a full withdrawal had struggled to pull out their businesses swiftly and comply with sanctions or NGO demands, according to business analysts. Year on year, Russian car production fell 67% from 2022 to 2023. Truck production decreased 24% A particularly drastic fall occurred in May 2022 when car production dropped 97%, but rebounded after some adaptations. Car sales fell 63% In March 2023, renewed assessments of the Russian economy were made public. Former Russian Central Bank official Alexandra Prokopenko had warned that "Russia's economy is entering a long-term regression". Western economists also expressed that Russia's resilience was only short-term and that subsequent to the oil and gas embargo by Europe in late 2022 and early 2023, the RF would enter a recessive period. The IMF predicts that Russia's economic growth would be at only 1%, down from 3.5% before 2014, when it annexed the Crimea from Ukraine. Russia's federal budget deficit continued into 2023, requiring additional drawdowns from the National Wealth Fund, economists predicted a further isolation of the Russian economy. Later that month, Mr. Putin and General Secretary of the Chinese Communist Party Xi Jinping met again to further increase economic cooperation, particularly in the area of high technology and energy. Despite Russia's slow growth, it has increased its military output, as the production of finished metal goods increased by 7% in 2022 due to the conflict in Ukraine. A detailed analysis of daily web-scraped data showed that international sanctions significantly disrupted Russian price dynamics, with sanctions associated with an average increase of 11.7 percentage points in the Russian Consumer Price Index, though effects varied across product categories. In early April 2023, Bloomberg News noted that Russia's seaborne crude oil exports had increased due to the sanctions on pipeline deliveries to Western Europe. According to ship-tracking data, the nation's shipments surged by 1 million barrels/d to a new high of 4.13 million barrels. Data also indicates that most sales were conducted below the price cap of $60/barrel because Russia offered discounts on Urals oil or the price cap set by Western nations showed some effects to reduce Russia's revenues. In mid-2023, new data showed that Russia's economic decline was well below the value analysts had predicted earlier. The fall-out for the Russian economy was already much less severe in 2022, namely 2.1% rather than the double-digit numbers the West forecasted. Meanwhile, the Russian Central Bank held its interest rate at 7.5% for June to allow more borrowing by the Russian economy that still experiences a significant inflation risk. China-Russia trade surged as well reaching $93.8 billion since January 2023, a 75.6% increase, to replace declining trade volumes with the countries imposing sanctions. Its economy is now predicted to only fall by 0.7%. The ruble continues its slow but steady decline. The Russian budget deficit for the five months to May was 3.41 trillion roubles ($41.9 billion) higher than the planned budget deficit for the whole year, with gas and oil revenues down 49% on 2022, spending was up 26% and non-oil-and-gas revenues were 9% higher. Some limitations on the effect of sanctions were seen in July 2023, when crude oil prices were again up with some Urals oil trading just above US$60 per barrel. The recent decline in oil revenue was due to lower prices in late 2022 and early 2023, with little sign that Russia's oil export volume decreased. In late December 2023, Deputy Prime Minister of Russia Alexander Novak confirmed earlier reports that the country had shifted most of its sales of Russian crude to China and India while still supplying 4-5% of its total sales to European destinations. He also forecasted relatively high prices at around $80–85 (roughly €72-77) per barrel to continue well into 2024. In 2023 about 90% of Russian oil exports were delivered to the two largest Asian nations, which are totaling a revenue of almost 9 trillion rubles (roughly $98 billion), which is about 27% of its GDP. Russia had reported that 40-45% were due to exports to India, a market that is expected to grow most rapidly for its Asian-Pacific segment. Initially, E.U. politicians had shrugged off this development, assuming net revenues for Russia were much lower due to steep discounts and lower prices on the global market, but as India had expanded its capabilities in oil refining and re-exporting particularly diesel fuel to Europe, this development had again been interpreted by Western nations as a problematic breach of international sanctions they impose to curtail Russia's ambitions during the war in Ukraine. About 57% of Russia's export revenues are based on sales of crude, and it aims to further expand that market to nations in Africa as well as South America in the coming years. Research has shown that such third-country relationships significantly mitigate the welfare losses for Russia while amplifying losses for sanctioning countries, highlighting the challenges in maintaining effective international sanctions coordination. 2024 Following the implementation of international sanctions during Russia's invasion of Ukraine, China provided economic relief to Russia. In 2022, China accounted for 40% of Russia's imports. In 2023, China's total trade with Russia reached a record $240 billion. Russia's dependence on the Chinese yuan increased heavily after its invasion of Ukraine in 2022. However, by August 2024, Russian transactions with Chinese banks (especially smaller ones) were largely closed. Due to strict secondary sanctions, Russia could not exchange money with China. As many as 98% of Chinese banks rejected direct yuan payments from Russia. In April 2024, the United States and the United Kingdom announced a ban on imports of Russian aluminum, copper, and nickel. Due to sanctions, Russian nickel, copper and palladium mining and smelting company Norilsk Nickel planned to move some of its copper smelting to China and establish a joint venture with a Chinese company. Finished copper products would be sold as Chinese products to avoid Western sanctions. China is Norilsk Nickel's largest export market from 2023. Nickel is a critical metal in electric vehicle batteries and palladium is critical element in catalytic converters, a component in natural gas vehicles. By late 2023, Russian LNG sales to Europe started to pick up again, and in October 2024, Russia surpassed the U.S. with supplying the energy resource to Europe. Despite falling demand for gas and oil in Western Europe due to economic decline, Russia was able to at least partially compensate for its losses as a result of suspected sabotage in the Nord Stream 1 & 2 pipelines. While Western Europe overall managed to abstain from Russian energy, the situation looks considerably different for Eastern and Central Europe. Slovakia, Hungary, and Austria still rely heavily on pipelined Russian gas now accessed through Turkey while other European countries with maritime access have imported more Russian LNG. Another crucial factor for the choice of Russian gas is its price and the steep discount offered by Russian energy traders. As a result, the U.S. extended its secondary sanctions policies to a number of countries, including India, China, the United Arab Emirates, Turkey, Thailand, Malaysia, Switzerland, among others. Effects on US and EU countries 2014-2021 As of 2015, the losses of EU have been estimated as at least €100 billion. The German business sector, with around 30,000 workplaces depending on trade with the Russian Federation, also reported being affected significantly by the sanctions. The sanctions affected numerous European market sectors, including energy, agriculture, and aviation among others. In March 2016, the Finnish farmers' union MTK stated that the Russian sanctions and falling prices have put farmers under tremendous pressure. Finland's Natural Resources Institute LUKE has estimated that in 2015, farmers saw their incomes shrink by at least 40 percent compared to the previous year. In February 2015, ExxonMobil reported losing about $1 billion due to Russian sanctions. In 2017, the UN Special Rapporteur Idriss Jazairy published a report on the impact of sanctions, stating that the EU countries were losing about "3.2 billion dollars a month" due to them. He also noted that the sanctions were "intended to serve as a deterrent to Russia but run the risk of being only a deterrent to the international business community, while adversely affecting only those vulnerable groups which have nothing to do with the crisis" (especially people in Crimea, who "should not be made to pay collectively for what is a complex political crisis over which they have no control"). 2022–present In May 2022, the EU decided to partially ban Russian oil imports, except those obtained through pipelines via Hungary, Slovakia and the Czech Republic until the end of 2022. Crude oil prices again jumped as supplies for fossil fuels remained constrained; the decision by the European Council exacerbated worries about an already-tight energy market. Besides Hungary, which gained significant exemptions from the oil embargo, Italy was also initially an opponent of such sanctions. The EU oil embargo is now putting at risk one of Italy's largest refineries, located in Sicily's Province of Syracuse. The detrimental effects on European countries from economic sanctions against Russia had been initially valued as not significant compared to the impact these measures have on the Russian economy. However, after 2022, a number of economists have pointed out that Eastern European countries with more intense economic relations with Russia (and Ukraine) before the conflict, would experience more disruptions to their economies. These 'asymmetric effects' might be considerable, particularly for smaller countries with domestic production, as these international sanctions not only affected the energy industry but also agriculture and manufacturing, as well as the financial sector. After the onset of the armed conflict in 2022, energy prices had skyrocketed, contributing to the 2021/2022 energy crisis. While those energy prices in 2023 had fallen again and shortages, particularly for LNG had eased, other factors came into play, such as the serious disruption of grain exports through the Black Sea corridor, thus causing a glut of grain in Eastern Europe, depressing prices seriously and endangering the livelihood of local farmers in Poland, Hungary as well as Bulgaria. In contrast, economic sanctions against Russia's petrochemical industry have benefited the U.S. energy economy, while Europe was impacted negatively. Exports of American LNG to Europe have more than doubled since 2021. According to the International Energy Agency, US shipments of natural gas to Europe in June 2022 exceeded the amount Russia was supplying via pipelines. In late 2022, German Economy Minister Robert Habeck accused the US and other "friendly" gas supplier nations from profiting in the Ukraine war with "astronomical prices". He called for more solidarity by the US to assist energy-pressed allies, and to reverse the economic decline in Europe. According to the Financial Times, European companies had lost at least €200 billion in 2022 in Germany alone due to reduced profits from sanctions in the automobile, energy and chemical sectors. The German chemical sector by itself experienced a current decline of 25% in 2023, after a still smaller decline of 8.5% in 2022. In September 2023, the Dutch shipyard Damen Group has initiated a lawsuit against the government of the Netherlands for losses inflicted by these measures. The cancellation of contracts from Russian clients had significantly impacted the business environment for many shipbuilders. The financial setbacks for that industry stems from the severance of ties with its Russian engineering branch, according to the statement. Effect on global food supply Western countries have accused Russia to interfere with wheat exports from Ukraine due to armed confrontations in Odesa and other Ukrainian ports. Later the Kremlin pushed back and accused the West of imposing sanctions on the Russian economy that hinder the export of wheat from the Russian Federation. Spokesperson Dmitry Peskov referred to Russia as "a rather reliable grain exporter". During a meeting with Italian Prime Minister Mario Draghi, Putin confirmed Russia's willingness to make "a significant contribution to overcoming the food crisis through the export of grain and fertilizer" but mentioned Western sanctions as the caveat. The head of the African Union, Senegalese President Macky Sall, remarked that the side effects of the EU's decision to expel many Russian banks from SWIFT will hurt the ability of African countries to pay for imported food and fertilizers from Russia. French President Emmanuel Macron responded that difficulties have nothing to do with EU sanctions. On 22 July 2022, the Black Sea Grain Initiative was signed. The facilitated exports of Ukrainian grain via the Black Sea amid the ongoing war has been described as "a beacon of hope" by the UN Secretary-General António Guterres during the signing ceremony in Istanbul, Turkey. On 14 September 2022, UN Secretary-General Antonio Guterres reiterated his concerns over a constrained fertilizer supply from Russia due to the 2022 Russian invasion of Ukraine and subsequent economic sanctions. According to the source, UN diplomats held discussions to re-open the Togliatti-Odesa pipeline carrying ammonia. President Volodymyr Zelenskyy had offered such a move in exchange for the release of prisoners of war held by Russia. But TASS news agency quoted Kremlin spokesman Dmitry Peskov, who dismissed such an idea, as saying "are people and ammonia the same thing?". The pipeline remained unused. At the 38th meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC) in Istanbul, Erdogan remarked that over 11 million tonnes of grain had been transported through the Black Sea Grain Corridor since the successful implementation of the Black Sea Grain Initiative. He also noted that the opening of the grain corridor through the Black Sea showed that a diplomatic solution is possible in the conflict between Russia and Ukraine. In July 2023 Russia refused to renew the Black Sea Grain Initiative which had transported 33 million tonnes of grain and other food products on 1,000 ships. Other effects Shifting to safe havens Under the sanctions imposed by the US and the European Union, Russian oligarchs began looking for safe havens financially. Many of them moved their wealth to countries like the United Arab Emirates (UAE), which could not match the Western sanctions. Investigations spotted a number of superyachts moored in Dubai and the Maldives. Private jets owned by these oligarchs were also tracked flying back and forth from Moscow to Dubai and Israel. The Russian elites have been shifting funds worth hundreds of millions of dollars from sanctioning countries like the UK and Switzerland to countries that do not impose sanctions like the UAE. Russian oligarchs facing sanctions from the West were not just seeking to buy properties in the UAE, but for long-term residence. Analysts assessed that these billionaires could avail the service of the Emirates' "golden visa" program by investing at least $2.7 million in a local company or investment fund. The golden visa program could allow these oligarchs to live, work, and study in the UAE with full ownership of their business. The shifting to safe havens also involves large gold sales that are now conducted through the UAE first before reaching other destinations. Due to the flexibility of gold transactions, and the ability to re-issue gold certificates as well as gold bullions, it is practically impossible to control the flow of gold from sanctioned entities. Even when gold-rich countries, such as Switzerland had adhered to EU sanctions, and no longer import gold directly from Russia, the trade with such commodities among others, actually increased for 2022 and early 2023. Furthermore, both China and Russia had increased their gold reserves considerably, even before the onset of the hostilities between Russia and Ukraine, driving up the gold price. As the gold trade became less transparent due to the sanctions imposed on Russia, economic effects of such transactions are now much more difficult to predict. Space Continued international collaboration on the operation of and missions to the International Space Station (ISS) has been thrown into doubt, although Russia has continued with resupply missions and crew to the ISS. Environmental effects Scientists suggest the sanctions could be used to accelerate the renewable energy transition/decarbonization (i.e. for Russian fossil fuels sanctions and due to e.g. increased public acceptance of increased energy prices, unconventional energy transition efforts and uncomfortable energy conservation measures). Europe's ending dependence on Russian fossil fuels lead to a push for energy independence via renewables. For some countries, such as Austria, however, with less alternative energy resources, the exit from Russian gas supplies has been difficult. In 2022/23 Austria imported the same amounts of liquified gas as before the Russian invasion of the Ukraine. Hungary also continues to obtain the same amount of gas as before the onset of the war but due to the fact that direct transfers from Ukraine were halted in summer 2023, it will import Russian gas via the TurkStream pipeline after October 1, 2023. Secretary-general of the United Nations António Guterres stated that "instead of hitting the brakes on the decarbonization of the global economy, now is the time to put the pedal to the metal towards a renewable energy future." Some political policy-makers in Europe have made decisions to replace Russian fossil fuel imports with other fossil fuels imports and small temporary increases in European coal energy production and to assist people with high fossil fuel prices. Economic sanctions during the Russo-Ukrainian war have accelerated a temporary use of coal in energy production worldwide. Soaring natural gas prices have made coal more competitive in many markets, and some nations have resorted to coal as a substitute for potential energy rationing in winter 2022/23. With demand for coal increasing in Asia and Europe, global coal consumption is forecast to rise a minimal amount in 2022. Burning coal or petroleum products emits significantly higher amounts of carbon dioxide and air pollutants compared to natural gas. The return to coal fills the energy gap before transition to greener and more sustainable energy sources. Europe could see a drop in fossil fuel power generation of 20% in 2023 as a large boost has been given to finding and speeding up renewable energy sources and for some EU countries, continuing longer with nuclear power. The falls being in coal and gas generation with the EU determined to phase out coal quickly as planned and to now phase out gas. Enforcement efforts The legal framework of sanctions varies across jurisdictions, including the means of enforcement and compliance. Multilateral cooperation On February 26, 2022, the leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States released "Joint Statement on Further Restrictive Economic Measures," committing to the launch of "a transatlantic task force that will ensure the effective implementation of our financial sanctions by identifying and freezing the assets of sanctioned individuals and companies that exist within our jurisdictions." On March 16, 2022, financial intelligence units of Australia, Canada, France, Germany, Italy, Japan, the Netherlands, New Zealand, the United Kingdom, and the United States signed a joint letter of intent forming a working group to "enhance, expedite and engage" in coordinated efforts related to sanctions and asset recovery. The same day, Janet Yellen and Merrick Garland announced the formation of the Russian Elites, Proxies, and Oligarchs (REPO) Task Force with the participation of relevant ministries from Australia, Canada, the European Commission, Germany, Italy, France, Japan, the UK. The Task Force members agree to collect and sharing information to take concrete action including sanctions, asset freezing, and civil and criminal asset seizure, and criminal prosecution. FinCEN advisories for international banking and finance Though it is a United States regulatory entity, the Financial Crimes Enforcement Network is a de facto international regulator due to the dominance of the American dollar and resultant use of U.S.-based correspondent accounts. In March 2022, FinCEN released two "Alerts" intended to instruct institutions on sanctions compliance. Each included several possible "flags" for a suspicious activity report under the Bank Secrecy Act for sanctions avoidance. FIN-2022-Alert001 "FinCEN Advises Increased Vigilance for Potential Russian Sanctions Evasion Attempts" Sanctions Evasion Attempts Using the U.S. Financial System Sanctions Evasion Using Convertible Virtual Currency (CVC) Possible Ransomware Attacks and Other Cybercrime FIN-2022-Alert002 "FinCEN Alert on Real Estate, Luxury Goods, and Other High Value Assets Involving Russian Elites, Oligarchs, and their Family Members" Real Estate Artworks Precious Metals, Stones, and Jewelry (PMSJs) Other High-Value Assets Enforcement activities of the United States The primary United States sanctions law, International Emergency Economic Powers Act (IEEPA), permits the President (via the Treasury) to block (or "freeze") a designated foreign person or entity's assets. The law also prohibits any United States person from transacting business with the designated foreign person or entity. Specifically, criminalizes activities that "violate, attempt to violate, conspire to violate, or cause a violation of any license, order, regulation, or prohibition," and allows for fines up to $1,000,000, imprisonment up to 20 years, or both. Additionally, United States asset forfeiture laws allow for the seizure of assets considered to be the proceeds of criminal activity. On 3 February 2022, John "Jack" Hanick was arrested in London for violating sanctions against Konstantin Malofeev, owner of Tsargrad TV. Malofeev is targeted for sanctions by the European Union and United States for material and financial support to Donbass separatists. Hanick was the first person criminally indicted for violating United States sanctions during the War in Ukraine. According to court records, Hanick has been under sealed indictment in the United States District Court for the Southern District of New York since November 2021. The indictment was unsealed March 3, 2022. Hanick awaits extradition from the United Kingdom to the United States. In the March 1, 2022 State of the Union Address, American President Joe Biden announced an effort to target the wealth of Russian oligarchs. On March 2, 2022, U.S. Attorney General Merrick B. Garland announced the formation of Task Force KleptoCapture, an inter-agency effort. On March 11, 2022, United States President Joe Biden signed , "Prohibiting Certain Imports, Exports, and New Investment With Respect to Continued Russian Federation Aggression," an order of economic sanctions under the United States International Emergency Economic Powers Act against several oligarchs. The order targeted two properties of Viktor Vekselberg worth an estimated $180 million: an Airbus A319-115 jet and the motoryacht Tango. Estimates of the value of the Tango range from $90 million (U.S. Department of Justice estimate) to $120 million (from the website Superyachtfan.com). On April 4, 2022, the yacht was seized by Civil Guard of Spain and U.S. federal agents in Mallorca. A United States Department of Justice press release states that the seizure of the Tango was by request of Task Force KleptoCapture, an interagency task force operated through the U.S. Deputy Attorney General. The matter is pending in the United States District Court for the District of Columbia. The affidavit for the seizure warrant states that the yacht is seized on probable cause to suspect violations of (conspiracy to commit bank fraud), (International Emergency Economic Powers Act), and (money laundering), and as authorized by American statutes on civil and criminal asset forfeiture. On 6 April 2022, the United States Department of Justice unsealed a 2021 criminal indictment of Konstantin Malofeev on the charges of making false statements (), violating United States sanctions under IEEPA () as well as the derivative regulations of , , and , and . The Department of Justice states that Malofeyev is the first sanctioned oligarch that the United States have charged. Russian counter-sanctions 2014 Three days after the first sanctions against Russia, on 20 March 2014, the Russian Foreign Ministry published a list of reciprocal sanctions against certain American citizens, which consisted of ten names, including Speaker of the House of Representatives John Boehner, Senator John McCain, and two advisers to Barack Obama. The ministry said in the statement, "Treating our country in such way, as Washington could have already ascertained, is inappropriate and counterproductive", and reiterated that sanctions against Russia would have a boomerang effect. On 24 March, Russia banned thirteen Canadian officials, including members of the Parliament of Canada, from entering the country. On 6 August 2014, Putin signed a decree "On the use of specific economic measures", which mandated an effective embargo for a one-year period on imports of most of the agricultural products whose country of origin had either "adopted the decision on introduction of economic sanctions in respect of Russian legal and (or) physical entities, or joined same". The next day, the Russian government ordinance was adopted and published with immediate effect, which specified the banned items as well as the countries of provenance: the United States, the European Union, Norway, Canada and Australia, including a ban on fruit, vegetables, meat, fish, milk and dairy imports. Prior to the embargo, food exports from the EU to Russia were worth around €11.8 billion, or 10% of the total EU exports to Russia. Food exports from the United States to Russia were worth around €972 million. Food exports from Canada were worth around €385 million. Food exports from Australia, mainly meat and live cattle, were worth around €170 million per year. On August 7, 2014, Russia had previously taken a position that it would not engage in "tit-for-tat" sanctions, but, announcing the embargo, Russian prime minister Dmitry Medvedev said,"There is nothing good in sanctions and it was not an easy decision to take, but we had to do it." He indicated that sanctions relating to the transport manufacturing sector were also being considered. United States Treasury spokesperson David Cohen said that sanctions affecting access to food were "not something that the US and its allies would ever do".On the same day, Russia announced a ban on the use of its airspace by Ukrainian aircraft. 2015 In January 2015, it became clear that Russian authorities would not allow a Member of the European Parliament, Lithuanian MEP Gabrielius Landsbergis, to make a visit to Moscow due to political reasons. In March 2015, Latvian MEP Sandra Kalniete and Speaker of the Polish Senate Bogdan Borusewicz were both denied entry into Russia under the existing sanctions regime, and were thus unable to attend the funeral of murdered opposition politician Boris Nemtsov. On June 5, 2015, Russian government has "termporarily" banned Latvian and Estonian canned fish products citing "health" concerns. Half of the countries' exports share accounted for Russia. After a member of the German Bundestag was denied entry into Russia in May 2015, Russia released a blacklist to EU authorities of 89 politicians and officials from the EU who are not allowed entry into Russia under the present sanctions regime. Russia asked for the blacklist to not be made public. The list is said to include eight Swedes, as well as two MPs and two MEPs from the Netherlands. Finland's national broadcaster Yle published a leaked German version of the list. In response to this publication, British politician Malcolm Rifkind (whose name was included on the Russian list) commented: "It shows we are making an impact because they wouldn't have reacted unless they felt very sore at what had happened. Once sanctions were extended, they've had a major impact on the Russian economy. This happened at a time when the oil price had collapsed and therefore a main source of revenue for the Russian Federation disappeared". Another person on the list, Swedish MEP Gunnar Hökmark, remarked that he was proud to be on the list and said "a regime that does this does it because it is afraid, and at heart it is weak". On May 15, 2015, with regard to Russia's entry ban on European politicians, a spokesperson from the European Commission said,"The list with 89 names has now been shared by the Russian authorities. We don't have any other information on legal basis, criteria and process of this decision. We consider this measure as totally arbitrary and unjustified, especially in the absence of any further clarification and transparency." 2016–2021 On 29 June 2016, Russian president Vladimir Putin signed a decree that extended the embargo on the countries already sanctioned until 31 December 2017. According to a 2020 study, the Russian counter-sanctions did not just serve Russia's foreign policy goals, but also facilitated Russia's protectionist policy. As a result of counter-sanctions, combined with government support of domestic agricultural production, production of grain, chicken, pork, cheese and other agricultural products has increased. Russia's food imports fell from 35% in 2013 to only 20% in 2018. The prices on these products have also risen dramatically though. In Moscow, from September 2014 to September 2018, the average price of cheese increased by 23%, milk by 35.7%, vegetable oil by 65%. On 3 May 2022, Russia's president Putin signed a decree instructing the Russia government to create within 10 days, a list of sanctioned entities to whom exports of products and raw materials will be forbidden. This decree was described as "the Kremlin's toughest economic response" since a 31 March decree changing the payment schemes of natural gas contracts and Gazprom's halting of natural gas deliveries to Bulgaria and Poland on 27 April. In July 2023 Russia made a decree that companies from the "Unfriendly Countries List" leaving Russia must sell their assets to Russian buyers at a 50% discount and in addition, must pay a 10% tax levy of at least 10% of the transaction price. The decree also bans including buyback options. 2024 On 25 June 2024, Russia announced ban on access to broadcasts from 81 European Union media outlets, including Agence France-Presse and Politico, in response to the EU's ban on several Russian media outlets. In May 2024, the EU suspended the distribution of four media outlets it labeled "Kremlin-linked propaganda networks," targeting Voice of Europe, RIA news agency, and the Izvestia and Rossiyskaya Gazeta newspapers. In retaliation, the Russian Foreign Ministry published a list of 81 media outlets from 25 EU member states and Pan-European outlets that would be banned in Russia, accusing them of spreading inaccurate information about Russia's military actions in Ukraine. Affected outlets included Agence France-Presse, ORF, Raidió Teilifís Éireann, Politico, and EFE, among others. The ministry stated that the EU's politically motivated actions against Russian media had led to this countermeasure and hinted at a possible review if the EU lifted its restrictions on Russian media. Italian media and officials condemned Russia's decision, calling it unjustified. Politico's Editor-in-Chief for Europe, Jamil Anderlini, also criticized the move, calling for the lifting of restrictions and the release of Evan Gershkovich, who was set to stand trial in Russia on espionage charges. See also Continental System Countering America's Adversaries Through Sanctions Act (US) Economy of Ukraine Specially Designated Nationals and Blocked Persons List (US) International Emergency Economic Powers Act (US) International sanctions during apartheid International sanctions during the Russian invasion of Ukraine International sanctions during the Venezuelan crisis International Sponsors of War List of companies that applied sanctions during the Russo-Ukrainian War List of military aid to Ukraine during the Russo-Ukrainian War Magnitsky Act (US) Russian financial crisis (2014–2016) Trading with the Enemy Act of 1917 (US) Yachts impacted by international sanctions following the Russian invasion of Ukraine Further reading Bond, Ian, Christian Odendahl and J. Rankin. "Frozen: The politics and economics of sanctions against Russia." Sentre for European Reform (2015). Gilligan, Emma. "Smart Sanctions against Russia: Human Rights, Magnitsky and the Ukrainian Crisis." Demokratizatsiya: The Journal of Post-Soviet Democratization 24.2 (2016): 257–277. Wang, Wan. "Impact of western sanctions on Russia in the Ukraine crisis." Journal of Politics & Law 8 (2015): 1+ .
British credit crisis of 1772–1773	[ "Financial crises", "1772 in economic history", "1773 in economic history", "1772 in Great Britain", "1773 in Great Britain", "Economic history of the United Kingdom" ]	4,926	40,385	The British credit crisis of 1772–1773, also known as the crisis of 1772, or the panic of 1772, was a peacetime financial crisis which originated in London and then spread to Scotland and the Dutch Republic. It has been described as the first modern banking crisis faced by the Bank of England. New colonies, as Adam Smith observed, had an insatiable demand for capital. Accompanying the more tangible evidence of wealth creation was a rapid expansion of credit and banking, leading to a rash of speculation and dubious financial innovation. In today's language, they bought shares on margin. In June 1772 Alexander Fordyce lost £300,000 shorting East India Company stock, leaving his partners Henry Neale, William James, and Richard Down liable for an estimated £243,000 in debts. As this information became public, within two weeks, eight banks in London and later around 20 banks across Europe collapsed. According to Paul Kosmetatos "lurid tales abounded in the press for a time of merchants cutting their throats, shooting or hanging themselves". There is evidence that the boom and subsequent crisis were most pronounced in Scotland. It triggered a liquidity crunch in Amsterdam in December, but the effects were of short duration. The credit boom came to an abrupt end, and the ensuing crisis harmed the East India Trading Company, the West Indies in general, and the North American colonial planters specifically. Before the crisis From the mid-1760s to the early 1770s, the credit boom, supported by merchants and bankers, facilitated the expansion of manufacturing, mining, and internal improvements in both Britain and the thirteen colonies. Until the outbreak of the credit crisis, the period from 1770 to 1772 was considered prosperous and politically calm in both Britain and the American colonies. As a result of the Townshend Act and the breakdown of the Boston Non-importation agreement, the period was marked by tremendous growth in exports from Britain to the American colonies. These massive exports were supported by credit that British merchants granted to American planters. Problems, however, lay behind the credit boom and the prosperity of both British and colonial economies as speculation and the establishment of dubious financial institutions rose. For example, in Scotland, bankers adopted "the notorious practice of drawing and redrawing fictitious bills of exchange...in an effort to expand credit". For the purpose of increasing the supply of money, the bank of Douglas, Heron & Company, known as the "Ayr Bank", was established in Ayr, Scotland in 1769; however, after the original capital was exhausted, the firm raised money by a chain of bills on London. This method could only temporarily support economic development, but it promoted false optimism in the market. The warning signals of the impending crisis, such as overstocked shelves and warehouses in the colonies, were overlooked by British merchants and American planters. Effects in London In July 1770 Alexander Fordyce collaborated with two planters on Grenada and borrowed 240,000 guilders in bearer bonds from Hope & Co. in Amsterdam; he was backed by Harman and Co. and Sir William Pulteney. He was a partner in the banking house Neale, James, Fordyce and Downe in Threadneedle Street (London), and correspondent of the Ayr Bank. He bet heavily against EIC share price, which went awry. Fordyce had speculated away the bank's assets. On Monday 8 June 1772, it became clear Fordyce failed. The next day, he fled to France to avoid debt repayment. He used the profits from other investments to cover the losses. The initial distress in London peaked on 22 June, now known as Black Monday. The whole City of London was in uproar when Fordyce was declared bankrupt. His goods and estate were seized and Neale, James, Fordyce, and Down, the largest buyer of Scottish bills, were forced to insolvency. There was great uncertainty about the size of the shock. Economic growth at that period was highly dependent on the use of credit, which was largely based upon people's confidence in the banks. As confidence started ebbing, paralysis of the credit system followed: crowds of creditors gathered at the banks and requested debt repayment in cash or attempted to withdraw their deposits. As a result, twenty banking houses went bankrupt by the end of June, and many other firms endured hardships during the crisis. At that time, the Gentleman's Magazine commented, "No event for 50 years past has been remembered to have given so fatal a blow both to trade and public credit". In the first week of January 1773, trade and finance between London and Amsterdam came to a halt. The Bank of England came to the rescue on Sunday 10 January, allowing anyone who wished to withdraw specie from the bank to do so. Many British merchants quickly sent money to their ailing Dutch correspondents. The strain upon the reserves of the Bank of England was not eased until towards the end of 1773. After the crisis, a dramatic rise in the number of bankruptcies was observed. The average number of bankruptcies in London from 1764 to 1771 was 310, but the number rose to 484 in 1772 and 556 in 1773. Banks that were deeply involved in speculation endured hard times during the crisis. For example, the partners of the Ayr Bank paid no less than £663,397 in order to fully repay their creditors. Owing to this process, only 112 out of 226 partners remained solvent by August 1775. In contrast, banks that had never engaged in speculation did not bear any losses and gained prestige for their outstanding performance despite the turbulence. In December 1774 Fordyce was forced to sell his estate in Roehampton to Sir Joshua Vanneck, 1st Baronet; the plaintiffs were Hope & Co and Harman and Co. Effects in Scotland In November 1769 the moneyed interests in Scotland founded the Ayr Bank to assume many of the responsibilities associated with a central bank, principally standing ready to advance notes to Scottish banks as a 'lender of last resort.' Like other banks established in the form of limited liability companies, the Ayr Bank had the right to put banknotes into circulation, a power it used excessively. By 1772 the Ayr bank had branches in Edinburgh and Dumfries, as well as representative offices in Glasgow, Inverness, Kelso, Montrose, Campbeltown, and several other places. Among the company's 139 shareholders were well-known people such as the Duke of Buccleuch, the Earl of Dumfries, the Earl of March, Sir Adam Fergusson, Patrick Heron and Archibald Douglas, but no bankers. On 12 June the news of the failure of Neale, James, Fordyce and Downe reached Scotland. After the weekend a run began on its Edinburgh branch. The Ayr bank collapsed on 24 June, bringing other smaller banks down with it having extended credit too liberally to colonial planters. It was said that the Scotch have ten times more paper money in proportion to their specie, than ever the English had. The collapse of the bank was a major blow to the great Scottish landowning families, but seems to have hit the Scottish economy mildly. The Ayr bank managed to reopen for a brief period between September 1772 and August 1773, but a general meeting of the partners held on 12 August decided to dissolve the Company permanently. The bank may have actually spurred the economic development of Scotland, but its failure weakened public confidence in land banking schemes, leaving gold and silver as the most acceptable security for bank notes. According to Adam Smith in The Wealth of Nations, "Being the managers rather of other people's money than of their own, it cannot be well expected, that they should watch over it with the same anxious vigilance with which the partners in a private co-partnery frequently watch over their own." In his History of Banking in Scotland (Chapter X) Andrew William Kerr wrote: Effects on Europe Around 1770, mortgaging became very widespread; in the same year the Van Aerssen van Sommelsdijck family managed to sell its share to the city of Amsterdam in Suriname. The negotiations set up by the Cliffords in Surinam, the Van Seppenwoldes, Ter Borch, Hope & Co on Grenada, Sint Eustatius, and Saint Croix issued bonds to finance the loans. Such packages could contain loans to 20 or more plantations, and before 1772, at least 40 of these bundles were issued, their names as unspecific as L.a. A, B or C. Investors thus had little knowledge of what they invested in, and lent their money purely on good faith and the word of the fund director. The Dutch fund managers were also hit personally once their subprime system met its demise. In December 1772 Clifford & Co, a well established Amsterdam banking firm which obtained plantation loans as part of its portfolio declared insolvency. In January, the Bank of Amsterdam funded a city-operated loan facility for distressed merchants. The merchant banking firm Clifford & Sons broke eventually, followed by more of its counterparts like Herman & Johan van Seppenwolde and Abraham Ter Borch. The credit crunch was consequential for the Dutch plantation colonies in the West Indies and particularly for Surinam, where colonial agriculture was almost exclusively carried out with credit from Amsterdam.<ref>[ J.P. van der Voort (1973) De Westindische Plantages van 1720 tot 1795, p. 154 ]</ref> In Amsterdam, a worse catastrophe was averted by rapid imports of precious metals. In January 1773, Joshua Vanneck and his brother were involved by Thomas Walpole when British merchants sent £500,000, gold and piastre to Amsterdam. A few bankruptcies also shook the economies of Stockholm and St. Petersburg a little later, but overall, Europe was relatively less affected. The Danish Kurantbanken was nationalized in March 1773 with the assistance of Heinrich Carl von Schimmelmann; the shareholders received the fixed interest bonds instead of shares on plantations in the Danish West Indies. Clifford was insolvent and given postponement of payment. Hope & Co., the leading banking house, suffered from a bad deal and the fall of the EIC-stocks. The turnover with the Amsterdam Exchange Bank plummeted from more than 50 million guilders in 1772 to 30 million in 1773. George Colebrooke went bankrupt. East India Company The East India Company, once primarily a trading entity with a limited territory, found itself assigned to oversee a significantly larger region. However, its antiquated organization was ill-suited for this expanded responsibility. At the London Stock Exchange, however, there was still the expectation that the Company would soon be paying higher dividends, an expectation shared by the Dutch capital owners who were used to investing part of their capital in English funds. This optimism gave rise to increasing speculation boom in the futures trade in securities in both London and Amsterdam. In May 1772 the EIC stock price rose significantly. In summer the EIC's debt suddenly skyrocketed – in India alone, the company had bill debts of £1.2 million. Meanwhile, speculation in futures in East India stock had weakened the London money market. The Great Bengal famine of 1770, which was exacerbated by the actions of the East India Company, led to massive shortfalls in expected land values for the company. The East India Company bore heavy losses and its stock price fell significantly. Hope & Co. was stuck with a considerable positions in EIC and BoE stock. On 19 September, the value of its shares dropped by 14%. The root of this crisis in relation to the East India Company came from the prediction by Isaac de Pinto that 'peace conditions plus an abundance of money would push East Indian shares to 'exorbitant heights.' As leading Dutch banking houses (Andries Pels and Clifford & Son) had invested extensively in the stock of the East India Company, they suffered the loss along with the other shareholders. In this manner, the credit crisis spread from London to Amsterdam. The Regulating Act 1773 significantly reformed the East India Company's practices. It was complemented by the Tea Act 1773, which had a principal objective that was to reduce the massive amount of tea held by the financially troubled British East India Company in its London warehouses and to help the financially struggling company survive. The East India Company had eighteen million pounds of tea sitting in British warehouses unsold. On 14 January 1773, the directors of the EIC asked for a government loan and unlimited access to the tea market in the American colonies, both of which were granted. In August, the Bank of England assisted the EIC with a loan. Effects on the American Colonies The credit crisis of 1772 greatly deteriorated debtor-creditor relations between the thirteen American colonies and Britain, especially in the South. The southern colonies, which produced tobacco, rice, and indigo and exported them to Britain, were granted higher credit than the northern colonies, where competitive commodities were produced. It was estimated that in 1776, the total amount of debt that British merchants claimed from the colonies equaled £2,958,390; Southern colonies had claims of £2,482,763, nearly 85 per cent of the total amount. Before the crisis, the commission system of trading prevailed in the southern plantation colonies. The merchants in London helped the planters sell their crops and shipped what planters wanted to purchase in London as returns. The planters were usually granted credit for twelve months without interest and at five per cent on the unpaid balance after the deadline. News of the crash in Scotland reached Thomas Jefferson in a letter dated 8 July 1772. After the outbreak of the crisis, British merchants urgently called for debt repayment, and American planters faced the problem of how to pay the debt. Because of the economic boom before the crisis, planters were not prepared for large-scale debt liquidation. As the credit system broke down, bills of exchange were rejected, and almost all heavy gold was sent to Britain in December 1773. Without the support of credit, planters were unable to continue producing and selling their goods. Since the whole market became crippled, the fallen price of their goods also intensified the pressure on planters. The crisis of 1772 also set off a chain of events related to the controversy over the colonial tea market. The East India Company was one of the firms that suffered the hardest hits in the crisis. Failing to pay or renew its loan from the Bank of England, the firm sought to sell its eighteen million pounds of tea from its British warehouses to the American colonies. The EIC had to market its tea to the colonies through middlemen, so the high price made its tea unfavorable compared to tea that was smuggled to or produced locally in the colonies. In May 1773, Parliament imposed a three pence tax for each pound of tea sold and allowed the firm to sell directly through its own agents. The Tea Act reduced the price of tea and enabled the East India Company's monopoly over the colonial tea market. Furious about how the British government and the East India Company controlled the colonial tea trade, citizens in Charleston, Philadelphia, New York and Boston rejected the imported tea, and these protests eventually led to the Boston Tea Party in December 1773. Bills of exchange had become so scarce by December 1773 that all of the dollars and heavy gold had been sent to Great Britain for remittance. The crisis worsened the relationship of the North American colonies and Britain after the British introduced controversial legislation for the colonies in an attempt to remedy the crisis, which made the crisis one of the causes of the American Revolutionary War. However, the consensus view among modern economic historians and economists is that the debts by colonists to British merchants were not a major cause of the American Revolution. In 1995, a random survey of 178 members of the Economic History Association found that 92% of economists and 74% of historians disagreed with the statement, "The debts owed by colonists to British merchants and other private citizens constituted one of the most powerful causes leading to the Revolution." Further reading Jong, Abe de, Kooijmans, Tim and Koudijs, Peter (2020) Intermediation in Mortgage-Backed Securities: The Plantation Business of F.W. Hudig, 1759–1797 . Available at SSRN: or Sheridan, Richard B. “The British Credit Crisis of 1772 and The American Colonies.” The Journal of Economic History'', vol. 20, no. 2, 1960, pp. 161–186, Accessed 9 Apr. 2022.
Felix Schuster	[ "English bankers", "1854 births", "1936 deaths", "Baronets in the Baronetage of the United Kingdom", "Liberal Party (UK) parliamentary candidates", "German emigrants to England", "19th-century British businesspeople", "19th-century German businesspeople", "20th-century English businesspeople", "Businesspeople from Frankfurt" ]	410	3,444	Sir Felix Otto Schuster, 1st Baronet (21 April 1854 — 13 May 1936) was a British banker, financier and Liberal politician. Biography Schuster was born in the Free City of Frankfurt in 1854. His father was a merchant banker who converted from Judaism to Christianity. His mother died when he was around four years old. He was educated in Frankfurt, Geneva, and after his family moved to England in 1869, at Owens College, Manchester. He then went into business in London. He was on the Royal Commission on London Traffic 1903-5, Board of Trade Commission for the Amendment of Company Law 1905, India Office Committee on Indian Railway Finance and Administration 1907-8 and Treasury Committee on Irish Land Purchase Finance 1907-8. He was chairman of the Council of the Institute of Bankers, 1908-9, and of the Central Association of Bankers, 1913–15. In 1906, as a staunch supporter of free trade at the time, he stood as a Liberal candidate at the general election for the constituency of the City of London. He was subject to antisemitic attacks from right-wing forces due to his political views and personal background. In 1879, Schuster married Meta Weber, and they had five children. His grandchildren include the philosopher Mary Warnock and the diplomat Duncan Wilson. On 13 May 1936, Schuster died at Ruthin Castle in Wales, from complications of anaemia and hypertension; he was 82. Works His works include: Foreign Trade and the Money Market Our Gold Reserves See also Schuster Baronets Arthur Schuster (older brother)
Pfizer	[ "Pfizer", "1849 establishments in New York (state)", "1940s initial public offerings", "American brands", "American companies established in 1849", "Biotechnology companies of the United States", "Chemical companies established in 1849", "Chemical companies of the United States", "Clinical trial organizations", "Companies based in Manhattan", "Companies listed on the New York Stock Exchange", "Former components of the Dow Jones Industrial Average", "Companies in the Dow Jones Global Titans 50", "Life sciences industry", "Multinational companies based in New York City", "Pharmaceutical companies established in 1849", "Pharmaceutical companies of the United States", "Publicly traded companies based in New York City", "Research and development in the United States", "Vaccine producers", "COVID-19 vaccine producers" ]	17,292	196,511	Pfizer Inc. ( ) is an American multinational pharmaceutical and biotechnology corporation headquartered at The Spiral in Manhattan, New York City. Founded in 1849 in New York by German entrepreneurs Charles Pfizer (1824–1906) and Charles F. Erhart (1821–1891), Pfizer is one of the oldest pharmaceutical companies in North America. Pfizer develops and produces medication and vaccines for immunology, oncology, cardiology, endocrinology, and neurology. The company's largest products by sales are Eliquis (apixaban) ($7.3 billion in 2024 revenues, 11% of total revenues), Prevnar (a pneumococcal conjugate vaccine) ($6.4 billion in 2024 revenues, 10% of total revenues), Paxlovid (Nirmatrelvir/ritonavir) ($5.7 billion in 2024 revenues, 9% of total revenues), Vyndaqel (tafamidis) ($5.4 billion in 2024 revenues, 8% of total revenues), Comirnaty (the Pfizer–BioNTech COVID-19 vaccine) ($5.3 billion in 2023 revenues, 8% of total revenues), and Ibrance (palbociclib) ($4.3 billion in 2024 revenues, 6% of total revenues). In 2024, 61% of the company's revenues came from the United States, 4% came from China, and 35% came from other countries. The company is ranked fifth on the list of largest biomedical companies by revenue. It is ranked the 69th on the Fortune 500 list. 1849–1950: Early history Pfizer was founded in 1849 as "Charles Pfizer & Company" by Charles Pfizer and Charles F. Erhart, two cousins who had immigrated to the United States from Ludwigsburg, Germany. The business produced chemical compounds, and was headquartered on Bartlett Street in Williamsburg, Brooklyn, where they produced an antiparasitic called santonin. This was an immediate success, although it was production of citric acid that led to Pfizer's growth in the 1880s. Pfizer continued to buy property in the area (by now the Williamsburg district of the city of Brooklyn, New York and beginning in 1898, the City of Greater New York) to expand its lab and factory, retaining offices on Flushing Avenue until the 1960s; the Brooklyn plant ultimately closed in 2009. Following their success with citric acid, Pfizer (at the now-demolished 295 Washington Avenue) and Erhart (at 280 Washington Avenue) established their main residences in the nearby Clinton Hill district, known for its concentration of Gilded Age wealth. In 1881, Pfizer moved its administrative headquarters to 81 Maiden Lane in Manhattan, presaging the company's expansion to Chicago, Illinois, a year later. By 1906 sales exceeded $3million. World War I caused a shortage of calcium citrate. Pfizer imported the compound from Italy for the manufacture of citric acid, and due to the disruption in supply, the company began a search for an alternative. They found this in the form of a fungus capable of fermenting sugar to citric acid. By 1919, the company was able to commercialize production of citric acid from this source. The company developed expertise in fermentation technology as a result. These skills were applied to the deep-submergence mass production of penicillin, an antibiotic, during World War II in response to the need to treat injured Allied soldiers. The company also embarked on a global soil collection program related to improving production yields of penicillin which ultimately resulted in 135,000 samples. On June 2, 1942, the company incorporated under the Delaware General Corporation Law. 1950–1980: Pivot to pharmaceutical research and global expansion Due to price declines for penicillin, Pfizer searched for new antibiotics with greater profit potential. Pfizer discovered oxytetracycline in 1950, and this changed the company from a manufacturer of fine chemicals to a research-based pharmaceutical company. Pfizer developed a drug discovery program focused on in vitro synthesis to augment its research in fermentation technology. In 1959, the company established an animal health division with a farm and research facility in Terre Haute, Indiana. By the 1950s, Pfizer had established offices in Belgium, Brazil, Canada, Cuba, Mexico, Panama, Puerto Rico, and the United Kingdom. In 1960, the company moved its medical research laboratory operations out of New York City to a new facility in Groton, Connecticut. In 1980, Pfizer launched Feldene (piroxicam), a prescription anti-inflammatory medication that became Pfizer's first product to reach $1billion in revenue. In 1965, John Powers, Jr. became chief executive officer of the company, succeeding John McKeen. As the area surrounding its Brooklyn, NY plant fell into decline in the 1970s and 1980s, the company formed a public-private partnership with New York City that encompassed the construction of low- and middle-income housing, the refurbishment of apartment buildings for the homeless and the establishment of a charter school. In 1972, Edmund T. Pratt Jr. became chief executive officer of the company, succeeding John Powers, Jr. 1980–2000: Development of Viagra, Zoloft, and Lipitor In 1981, the company received approval for Diflucan (fluconazole), the first oral treatment for severe fungal infections including candidiasis, blastomycosis, coccidiodomycosis, cryptococcosis, histoplasmosis, dermatophytosis, and pityriasis versicolor. In 1986, Pfizer acquired the worldwide rights to Zithromax (azithromycin), a macrolide antibiotic that is recommended by the Infectious Disease Society of America as a first line treatment for certain cases of community-acquired pneumonia, from Pliva. In 1989, Pfizer scientists Peter Dunn and Albert Wood created Viagra (sildenafil) for treating high blood pressure and angina, a chest pain associated with coronary artery disease. In 1991, it was patented in the United Kingdom as a heart medication. Early trials for the medication showed that it did not work for the treatment of heart disease, but volunteers in the clinical trials had increased erections several days after taking the drug. It was patented in the United States in 1996 and received approval by the Food and Drug Administration in March 1998. In December 1998, Pfizer hired Bob Dole as a spokesperson for the drug. The patents for Viagra expired in 2020. In 1991, William C. Steere, Jr. became chief executive officers of the company, succeeding Edmund T. Pratt Jr. In 1991 Pfizer also began marketing Zoloft (sertraline), an antidepressant of the selective serotonin reuptake inhibitor (SSRI) class developed nine years earlier by Pfizer chemists Kenneth Koe and Willard Welch. Sertraline is primarily prescribed for major depressive disorder in adult outpatients as well as obsessive-compulsive disorder, panic disorder, and social anxiety disorder in both adults and children. In 2005, the year before it became a generic drug, sales were over $3billion and over 100million people had been treated with the drug. The patent for Zoloft expired in the summer of 2006. In 1996, Eisai, in partnership with Pfizer, received approval from the Food and Drug Administration for donepezil under the brand Aricept for treatment of Alzheimer's disease; Pfizer also received approval for Norvasc (amlodipine), an antihypertensive drug of the dihydropyridine calcium channel blocker class. In 1997, the company entered into a co-marketing agreement with Warner–Lambert for Lipitor (atorvastatin), a statin for the treatment of hypercholesterolemia. Although atorvastatin was the fifth statin to be developed, clinical trials showed that atorvastatin caused a more dramatic reduction in low-density lipoprotein pattern C (LDL-C) than the other statin drugs. Upon its patent expiration in 2011, Lipitor was the best-selling drug ever, with approximately $125billion in sales over 14.5 years. 2000–2010: Further expansion In 2001, Henry McKinnell became chief executive officer of the company, replacing William C. Steere, Jr. In 2002, The Bill & Melinda Gates Foundation purchased stock in Pfizer. In 2004, the company received approval for Lyrica (pregabalin), an anticonvulsant and anxiolytic medication used to treat epilepsy, neuropathic pain, fibromyalgia, restless leg syndrome, and generalized anxiety disorder. The United States patent on Lyrica was challenged by generic manufacturers and was upheld in 2014, extending the expiration date to 2018. In July 2006, Jeff Kindler was named chief executive officer of the company, replacing Henry McKinnell. On December 3, 2006, Pfizer ceased development of torcetrapib, a drug that increases production of HDL, which reduces LDL thought to be correlated to heart disease. During a Phase III clinical trial involving 15,000 patients, more deaths than expected occurred in the group that took the medicine, and the mortality rate of patients taking the combination of torcetrapib and Lipitor (82 deaths during the study) was 60% higher than those taking Lipitor alone (52 deaths during the study). Lipitor alone was not implicated in the results, but Pfizer lost nearly $1billion developing the failed drug and its stock price dropped 11% on the day of the announcement. Between 2007 and 2010, Pfizer spent $3.3million on investigations and legal fees and recovered about $5.1million, and had another $5million of pending recoveries from civil lawsuits against makers of counterfeit prescription drugs. Pfizer has hired customs and narcotics experts worldwide to track down fakes and assemble evidence that can be used to pursue civil suits for trademark infringement. In July 2008, Pfizer announced 275 job cuts at its manufacturing facility in Portage, Michigan. Portage was previously the world headquarters of Upjohn Company, which had been acquired as part of Pharmacia. Acquisitions and mergers In June 2000, Pfizer acquired Warner-Lambert outright for $116billion. To satisfy conditions imposed by antitrust regulators at the Federal Trade Commission, Pfizer sold off or transferred stakes in several minor products, including RID (a shampoo for treatment of head lice, sold to Bayer) and Warner-Lambert's antidepressant Celexa (which competes with Zoloft). The acquisition created what was, at the time, the second-largest pharmaceutical company worldwide. In 2003, Pfizer merged with Pharmacia, and in the process acquired Searle and SUGEN. Searle had developed Flagyl (metronidazole), a nitroimidazole antibiotic medication used particularly for anaerobic bacteria and protozoa. Searle also developed celecoxib (Celebrex) a COX-2 inhibitor and nonsteroidal anti-inflammatory drug (NSAID) used to treat the pain and inflammation in osteoarthritis, acute pain in adults, rheumatoid arthritis, ankylosing spondylitis, painful menstruation, and juvenile rheumatoid arthritis. SUGEN, a company focused on protein kinase inhibitors, had pioneered the use of ATP-mimetic small molecules to block signal transduction. The SUGEN facility was shut down in 2003 by Pfizer, with the loss of more than 300 jobs, and several programs were transferred to Pfizer. These included sunitinib (Sutent), a cancer medication which was approved for human use by the FDA in January 2006. A related compound, SU11654 (Toceranib), was also approved for cancer in dogs, and the ALK inhibitor Crizotinib also grew out of a SUGEN program. In October 2006, the company announced it would acquire PowerMed. On October 15, 2009, Pfizer acquired Wyeth for $68billion in cash and stock, including the assumption of debt, making Pfizer the largest pharmaceutical company in the world. The acquisition of Wyeth provided Pfizer with a pneumococcal conjugate vaccine, trademarked Prevnar 13; this is used for the prevention of invasive pneumococcal infections. The introduction of the original, 7-valent version of the vaccine, developed by Wyeth in February 2000, led to a 75% reduction in the incidence of invasive pneumococcal infections among children under age5 in the United States. Pfizer introduced an improved version of the vaccine in 2010, for which it was granted a patent in India in 2017. Prevnar 13 provides coverage of 13 bacterial variants, expanding beyond the original 7-valent version. By 2012, the rate of invasive infections among children under age5 had been reduced by an additional 50%. 2010–2020: Further discoveries and acquisitions In 2010, Ian Read was named chief executive officer of the company. In February 2011, Pfizer announced the closure of its UK research and development facility (formerly also a manufacturing plant) in Sandwich, Kent, which at the time employed 2,400 people. In March 2011, Pfizer acquired King Pharmaceuticals for $3.6billion in cash. King produced emergency injectables such as the EpiPen. On September 4, 2012, the FDA approved bosutinib (Bosulif) for chronic myelogenous leukemia (CML), a rare type of leukemia and a blood and bone marrow disease that affects primarily older adults. In November 2012, Pfizer received approval from the Food and Drug Administration for Xeljanz, a tofacitinib, for rheumatoid arthritis and ulcerative colitis. The drug had sales of $1.77billion in 2018, and in January 2019, it was the top drug in the United States for direct-to-consumer advertising, passing adalimumab (Humira). In 2023, the Institute for Clinical and Economic Review (ICER) identified Xeljanz (tofacitinib) as one of five high-expenditure drugs that experienced significant net price increases without new clinical evidence to justify the hikes. Specifically, Xeljanz's wholesale acquisition cost rose by 6%, leading to an additional $72 million in costs to U.S. payers. On February 1, 2013, Zoetis, the Agriculture Division of Pfizer and later Pfizer Animal Health, became a public company via an initial public offering, raising $2.2billion. Later in 2013, Pfizer completed the corporate spin-off of its remaining stake in Zoetis. In September 2014, the company acquired Innopharma for $225million, plus up to $135million in milestone payments, in a deal that expanded Pfizer's range of generic and injectable drugs. On January 5, 2015, the company announced it would acquire a controlling interest in Redvax, expanding its vaccine portfolio targeting human cytomegalovirus. In February 2015, the company received approval from the Food and Drug Administration for palbociclib (Ibrance) for treatment of certain types of breast cancer. In March 2015, the company announced it would restart its collaboration with Eli Lilly and Company surrounding the Phase III trial of Tanezumab. In May 2015, Pfizer and a Bar-Ilan University laboratory announced a partnership based on the development of medical DNA nanotechnology. In June 2015, the company acquired Nimenrix and Mencevax, meningococcal vaccines, from GlaxoSmithKline for around $130million. In September 2015, Pfizer acquired Hospira for $17billion, including the assumption of debt. Hospira was the largest producer of generic injectable pharmaceuticals in the world. On November 23, 2015, Pfizer and Allergan announced a planned $160billion merger, in the largest pharmaceutical deal ever and the third largest corporate merger in history. The proposed transaction contemplated that the merged company maintain Allergan's Republic of Ireland domicile, resulting in the new company being subject to corporation tax at the relatively low rate of 12.5%. The deal was to constitute a reverse merger, whereby Allergan acquired Pfizer, with the new company then changing its name to "Pfizer, plc". On April 6, 2016, Pfizer and Allergan terminated the merger agreement after the Obama administration and the United States Department of the Treasury introduced new laws intended to limit corporate inversions (the extent to which companies could move their headquarters overseas in order to reduce the amount of taxes they pay). In June 2016, the company acquired Anacor Pharmaceuticals for $5.2billion, expanding its portfolio in both inflammation and immunology drugs areas. In August 2016, the company made a $40million bid for the assets of BIND Therapeutics, which was in bankruptcy. The same month, the company acquired Bamboo Therapeutics for $645million, expanding its gene therapy offerings. In September 2016, the company acquired cancer drug-maker Medivation for $14billion. In October 2016, the company licensed the anti-CTLA4 monoclonal antibody, ONC-392, from OncoImmune. In November 2016, Pfizer funded a $3,435,600 study with the CDC Foundation to research "screen-and-treat" strategies for cryptococcal disease in Botswana. In December 2016, Pfizer acquired AstraZeneca's small-molecule antibiotics business for $1.575 billion. In January 2018, Pfizer announced that it would end its work on research into treatments for Alzheimer's disease and Parkinsonism (a symptom of Parkinson's disease and other conditions). The company said about 300 researchers would lose their jobs. In July 2018, the Food and Drug Administration approved enzalutamide, developed by Pfizer and Astellas Pharma for patients with castration-resistant prostate cancer. In August 2018, Pfizer signed an agreement with BioNTech to conduct joint research and development activities regarding mRNA-based influenza vaccines. In October 2018, effective January 1, 2019, Albert Bourla was promoted to chief executive officer, succeeding Ian Read, his mentor. In July 2019, the company acquired Therachon for up to $810million, expanding its rare disease portfolio through Therachon's recombinant human fibroblast growth factor receptor 3 compound, aimed at treating conditions such as achondroplasia. Also in July, Pfizer acquired Array Biopharma for $10.6billion, boosting its oncology pipeline. In August 2019, Pfizer merged its consumer health business with that of GlaxoSmithKline, into a joint venture owned 68% by GlaxoSmithKline and 32% by Pfizer, with plans to make it a public company. The transaction built on a 2018 transaction where GlaxoSmithKline acquired Novartis' stake in the GSK-Novartis consumer healthcare joint business. The transaction followed negotiations with other companies including Reckitt Benckiser, Sanofi, Johnson & Johnson, and Procter & Gamble. In September 2019, Pfizer initiated a study with the CDC Foundation to investigate the tracking of healthcare-associated infections, scheduled to run through to June 2023. In December 2019, Pfizer awarded the CDC Foundation a further $1,948,482 to continue its cryptococcal disease screening and treatment research in nine African countries. 2020-onwards: pandemic, corporate development, and Trump tariffs COVID-19 and vaccine development In March 2020, Pfizer joined the COVID-19 Therapeutics Accelerator funding vehicle to expedite development of treatments against COVID-19. The $125 million initiative was launched by the Bill & Melinda Gates Foundation in partnership with Mastercard and Wellcome Trust, with additional funding announced shortly after from Chan Zuckerberg Initiative, UK Foreign, Commonwealth and Development Office and Madonna. The following month, the Foundation for the National Institutes of Health announced the Accelerating COVID-19 Therapeutic Interventions and Vaccines (ACTIV) public-private partnership to develop a coordinated research strategy for prioritizing and speeding up development of COVID-19 vaccines and pharmaceutical products. Pfizer joined the partnership as an industry "leadership organization", and participated as a collaborator in ACTIV-led clinical trials. CEO Albert Bourla attended the GAVI COVAX AMC 2021 Investment Opportunity Launch Event, otherwise named One World Protected, on April 15, 2021. In Canada, Pfizer endorsed the use of a vaccine passport mobile app developed by CANImmunize in order to record and track status of COVID-19 vaccination. As the scale of the COVID-19 pandemic became apparent, Pfizer partnered with BioNTech to study and develop COVID-19 mRNA vaccine candidates. Unlike many of its competitors, Pfizer took no initial research funds from the United States' Operation Warp Speed vaccine development program, instead choosing to invest roughly $2 billion of its own funds. Pfizer CEO Albert Bourla has said that he declined money from Operation Warp Speed to avoid government intervention, stating later that "when you get money from someone that always comes with strings. They want to see how we are going to progress, what type of moves you are going to do. They want reports. And also, I wanted to keep Pfizer out of politics, by the way." In May 2020, Pfizer began testing four different COVID-19 vaccine variations using lipid nanoparticle technology provided by Canadian biotechnology company Acuitas Therapeutics. Vaccines were injected into the first human participants in the U.S. in early May. In July 2020, Pfizer and BioNTech announced that two of the partners' four mRNA vaccine candidates had won fast track designation from the FDA. The company began PhaseII-III testing on 30,000 people in the last week of July 2020 and was slated to be paid $1.95billion for 100million doses of the vaccine by the US government. In September 2020, Pfizer and BioNTech announced that they had completed talks with the European Commission to provide an initial 200million vaccine doses to the EU, with the option to supply another 100million doses at a later date. On November 9, 2020, Pfizer announced that BioNTech's COVID-19 vaccine, tested on 43,500 people, was found to be 90% effective at preventing symptomatic COVID-19. The efficacy was updated to 95% a week later. Akiko Iwasaki, an immunologist interviewed by The New York Times, described the efficacy figure as "really a spectacular number." The announcement made Pfizer and BioNTech the first companies to develop and test a working vaccine for COVID-19. Over the following month and a half, regulators in various countries approved Pfizer's vaccine for emergency use. Development of oral antivirals In November 2021, Pfizer launched a new COVID-19 oral antivirus treatment known as Paxlovid. In January 2022, the Pfizer CEO Albert Bourla confirmed that the trial results of a fourth dose were pending until March 2022. He said that the firm was setting up a collaboration to develop an anti-COVID pill treatment along with a French company, Novasep. He also said the COVID vaccine was "safe and efficient" for children. In May 2022, reports emerged of patients experiencing "rebound" symptoms after completing a five-day course of Paxlovid. The FDA responded by announcing they had performed additional analyses of the drug's clinical trial data, and decided against changing its recommendations. U.S. President Joe Biden and Dr. Anthony Fauci were both reported to experience this rebound syndrome in the months that followed, while continuing to recommend the drug for those who may benefit from it. Corporate developments and acquisitions In September 2020, the company acquired a 9.9% stake in CStone Pharmaceuticals for $200million (HK$1.55billion), helping to commercialise its anti-PD-L1 monoclonal antibody, CS1001. In October 2020, the company acquired Arixa Pharmaceuticals. In November 2020, using a Reverse Morris Trust structure, Pfizer merged its off-patent branded and generic drug business, known as Upjohn, with Mylan to form Viatris, owned 57% by Pfizer shareholders. On January 5, 2021, Pfizer introduced a new logo. In April 2021, Pfizer acquired Amplyx Pharmaceuticals and its anti-fungal compound fosmanogepix (APX001). In August, the company announced it would acquire Trillium Therapeutics Inc and its immuno-oncology portfolio for $2.3 billion. In March 2022, the company acquired Arena Pharmaceuticals for $6.7 billion in cash. In June 2022, the company acquired ReViral Ltd, for up to $525 million, gaining access to experimental drugs used to combat respiratory syncytial virus infections. In October 2022, the company acquired Biohaven Pharma and its calcitonin gene-related peptide programs for $11.6 billion. It also acquired Global Blood Therapeutics for $5.4 billion, boosting Pfizer's rare disease business. In April 2023, Pfizer moved its world headquarters from 42nd Street in Midtown Manhattan to the Spiral at Hudson Yards. In December 2023, the company acquired Seagen, a pioneer of antibody–drug conjugates for the treatment of cancer, for $43billion. On Sept 30, 2024, Pfizer announced its intentions to sell 540 million Haleon shares whose worth is about £2.1 billion ($2.8 billion) according to Bloomberg calculations. Partnership with Flagship Pioneering In July 2024, Pfizer and Flagship Pioneering announced an "Innovation Supply Chain" partnership to co-develop 10 drug candidates. Each party committed $50 million upfront, leveraging Flagship’s ecosystem of over 40 startups to align with Pfizer’s priorities. Pfizer will fund the selected programs and has the option to license or acquire assets, with potential success milestones and royalties reaching up to $700 million per commercialized drug. Two programs, focused on obesity and cardiovascular diseases, have already been initiated. The partnership represents a new model in pharmaceutical R&D, focusing on early collaboration with startups to streamline drug development. For startups, the model provides an opportunity for early engagement with pharmaceutical companies, offering potential funding and reduced uncertainty in development programs. Collaboration with Ignition AI Accelerator In October 2024, Pfizer announced a partnership with the Ignition AI Accelerator, a collaborative initiative by NVIDIA, Tribe, and Digital Industry Singapore (DISG). The collaboration aims using artificial intelligence to expedite drug discovery and development processes, improve operational efficiency, and streamline stakeholder engagement. The initiative also focuses on optimizing manufacturing processes, including improving yields and reducing cycle times. Expanding AI Collaboration for Clinical Trials with Saama Saama and Pfizer reached an expanded multi-year agreement to integrate AI-driven solutions across Pfizer's R&D portfolio, building on their 2020 partnership. Initially the partnership focused on automating data review processes with the Smart Data Quality (SDQ) platform — developed during Pfizer’s COVID-19 vaccine trials — the partnership as of 2024 scales to streamline data review and accelerate regulatory submissions across global studies. The expanded collaboration introduces Saama’s Biometrics Research and Analysis Information Network, enabling faster statistical programming, biostatistics workflows, and submission-ready outputs. Acquisition history Pfizer Warner–Lambert William R. Warner Lambert Pharmacal Company Parke-Davis Wilkinson Sword Agouron Pharmacia Pharmacia & Upjohn Pharmacia Farmitalia Carlo Erba Kabi Pharmacia Pharmacia Aktiebolaget The Upjohn Company Monsanto Searle Esperion Therapeutics Meridica Vicuron Pharmaceuticals Idun Angiosyn Powermed Rinat Coley Pharmaceutical Group CovX Encysive Pharmaceuticals Inc Wyeth Chef Boyardee S.M.A. Corporation Ayerst Laboratories Fort Dodge Serum Company Bristol-Myers Parke-Davis A.H. Robins Sherwood Medical Genetics Institute, Inc. American Cyanamid Lederle Laboratories Solvay King Pharmaceuticals Monarch Pharmaceuticals, Inc. King Pharmaceuticals Research and Development, Inc. Meridian Medical Technologies, Inc. Parkedale Pharmaceuticals, Inc. King Pharmaceuticals Canada Inc. Monarch Pharmaceuticals Ireland Limited Synbiotics Corporation Icagen Ferrosan Excaliard Pharmaceuticals Alacer Corp NextWave Pharmaceuticals, Inc Innopharma Redvax GmbH Hospira Mayne Pharma Ltd Pliva-Croatia Orchid Chemicals & Pharmaceuticals Ltd. Javelin Pharmaceuticals, Inc. TheraDoc Arixa Pharmaceuticals Anacor Pharmaceuticals Bamboo Therapeutics Medivation AstraZeneca Array BioPharma Amplyx Pharmaceuticals Trillium Therapeutics Arena Pharmaceuticals ReViral Ltd Biohaven Pharma Kleo Pharmaceuticals, Inc. Seagen Cascadian Therapeutics Areas of focus Pfizer focuses on addressing critical health challenges through innovation in various therapeutic areas. In the field of rare diseases, the company develops treatments for conditions such as Duchenne muscular dystrophy, hemophilia, sickle cell disease, and Gaucher disease, with an inclination on gene therapy and improving diagnostic resources for patients with unmet medical needs. Internal medicine Pfizer has a longstanding history in vaccines, contributing to breakthroughs in diseases like polio and smallpox. Currently, the company focuses on vaccines for pneumococcal and meningococcal diseases, influenza, respiratory syncytial virus (RSV), Lyme disease, and Clostridioides difficile. It also invests in maternal and neonatal vaccines, cancer prevention, and efforts to mitigate hospital-acquired infections. It also works in advancing therapies for issues related to metabolic and cardiovascular health, including obesity, type 2 diabetes, insulin resistance, and non-alcoholic fatty liver disease (NAFLD). Obesity Treatment Developments Pfizer has advanced its obesity treatment research through the development of danuglipron, an oral glucagon-like peptide-1 (GLP-1) receptor agonist: Danuglipron Development: Initial trials of the twice-daily formulation showed potential for weight loss and blood sugar management. New Formulation: A once-daily modified-release version has been identified for further study, showing a suitable pharmacokinetic profile and no significant safety issues in trials involving 1,400 participants. Dose optimization trials are planned for late 2024 to support large-scale registration studies. Oncology Pfizer develops targeted therapies to treat multiple cancer types, including bladder, breast, cervical, lung, and colorectal cancers, as well as hematological malignancies. The company conducts research on precision medicine and immunotherapy, aiming to improve survival rates and quality of life for cancer patients. Specially, the acquisition of Seagen has supported further development of oncology treatments, including mRNA cancer vaccines. Prostate Cancer: The EMBARK trial showed improved metastasis-free survival in high-risk, non-metastatic prostate cancer patients, leading to the FDA approval of a combination therapy in 2023. The TALAPRO-2 study explored treatments for metastatic prostate cancer with homologous recombination repair mutations, which are found in 25% of cases. Bladder Cancer: The EV-302 study investigated new treatments for advanced urothelial cancer, focusing on improving care for hard-to-treat patient groups. Advances in AI, Gene Therapy, and Breakthrough Treatments Pfizer has also started initiatives which aim to address healthcare challenges across various regions and therapeutic areas in advancements in artificial intelligence (AI), gene therapy, obesity treatments, and oncology research. In 2023, Pfizer’s affordability and access programs reached 45 million patients in the MERA region, supported by the IUdo app, which was launched in Egypt, Qatar, and Lebanon to facilitate patient access to care. In 2024, Pfizer focuses on integrating AI and gene therapy in the Middle East, Russia, and Africa (MERA) region, with its headquarters in Dubai. Key initiatives include: Personalized Healthcare: Omnichannel strategies are being used to provide tailored healthcare solutions for patients and professionals. AI-Powered Education Programs: AI-driven atrial fibrillation programs localized educational materials into multiple languages, increasing accessibility. Rare Disease Research: Collaboration with the Abu Dhabi Department of Health to analyze real-world data on Sickle Cell Disease using AI. Legal issues Aggressive pharmaceutical marketing Pfizer has been accused of aggressive pharmaceutical marketing. Illegal marketing of gabapentin for off-label uses settlement (2004) In 1993, the Food and Drug Administration (FDA) approved gabapentin only for treatment of seizures. Warner–Lambert, which merged with Pfizer in 2000, used continuing medical education and medical research, sponsored articles about the drug for the medical literature, and alleged suppression of unfavorable study results, to promote gabapentin. Within five years, the drug was being widely used for off-label uses such as treatment of pain and psychiatric conditions. Warner–Lambert admitted to violating FDA regulations by promoting the drug for pain, psychiatric conditions, migraine, and other unapproved uses. In 2004, the company paid $430million in one of the largest settlements to resolve criminal and civil health care liability charges. It was the first off-label promotion case successfully brought under the False Claims Act. A Cochrane review concluded that gabapentin is ineffective in migraine prophylaxis. The American Academy of Neurology rates it as having unproven efficacy, while the Canadian Headache Society and the European Federation of Neurological Societies rate its use as being supported by moderate and low-quality evidence. Illegal marketing of Bextra settlement (2009) In September 2009, Pfizer pleaded guilty to the illegal marketing of arthritis drug valdecoxib (Bextra) and agreed to a $2.3billion settlement, the largest health care fraud settlement at that time. Pfizer promoted the sale of the drug for several uses and dosages that the Food and Drug Administration specifically declined to approve due to safety concerns. The drug was pulled from the market in 2005. It was Pfizer's fourth such settlement in a decade. The payment included $1.195billion in criminal penalties for felony violations of the Federal Food, Drug, and Cosmetic Act, and $1.0billion to settle allegations it had illegally promoted the drugs for uses that were not approved by the Food and Drug Administration (FDA) leading to violations under the False Claims Act as reimbursements were requested from Federal and State programs. The criminal fine was the largest ever assessed in the United States to date. Pfizer entered a corporate integrity agreement with the Office of Inspector General that required it to make substantial structural reforms within the company, and publish to its website its post approval commitments and a searchable database of all payments to physicians made by the company. Termination of Peter Rost (2005) Peter Rost was vice president in charge of the endocrinology division at Pharmacia before its acquisition by Pfizer. During that time he raised concerns internally about kickbacks and off-label marketing of Genotropin, Pharmacia's human growth hormone drug. Pfizer reported the Pharmacia marketing practices to the FDA and Department of Justice; Rost was unaware of this and filed an FCA lawsuit against Pfizer. Pfizer kept him employed, but isolated him until the FCA suit was unsealed in 2005. The Justice Department declined to intervene, and Pfizer fired him, and he filed a wrongful termination suit against Pfizer. Pfizer won a summary dismissal of the case, with the court ruling that the evidence showed Pfizer had decided to fire Rost prior to learning of his whistleblower activities. Illegal marketing of Rapamune settlement (2014) A "whistleblower suit" was filed in 2005 against Wyeth, which was acquired by Pfizer in 2009, alleging that the company illegally marketed sirolimus (Rapamune) for off-label uses, targeted specific doctors and medical facilities to increase sales of Rapamune, tried to get transplant patients to change from their transplant drugs to Rapamune, and specifically targeted African-Americans. According to the whistleblowers, Wyeth also provided doctors and hospitals that prescribed the drug with kickbacks such as grants, donations, and other money. In 2013, the company pleaded guilty to criminal mis-branding violations under the Federal Food, Drug, and Cosmetic Act. By August 2014, it had paid $491million in civil and criminal penalties related to Rapamune. Illegal marketing settlement (2014) In June 2010, health insurance network Blue Cross Blue Shield (BCBS) filed a lawsuit against Pfizer for allegedly illegally marketing drugs Bextra, Geodon and Lyrica. BCBS alleged that Pfizer used kickbacks and wrongly persuaded doctors to prescribe the drugs. According to the lawsuit, Pfizer handed out 'misleading' materials on off-label uses, sent over 5,000 doctors on trips to the Caribbean or around the United States, and paid them $2,000 honoraria in return for listening to lectures about Bextra. Despite Pfizer's claims that "the company's intent was pure" in fostering a legal exchange of information among doctors, an internal marketing plan revealed that Pfizer intended to train physicians "to serve as public relations spokespeople." The case was settled in 2014 for $325million. Fearing that Pfizer is "too big to fail" and that prosecuting the company would result in disruptions to Medicare and Medicaid, federal prosecutors instead charged a subsidiary of a subsidiary of a subsidiary of Pfizer, which is "nothing more than a shell company whose only function is to plead guilty." Quigley Company asbestos settlement (2013) The Quigley Company, which sold asbestos-containing insulation products until the early 1970s, was acquired by Pfizer in 1968. In June 2013, asbestos victims and Pfizer negotiated a settlement that required Pfizer to pay a total of $964million: $430million to 80% of existing plaintiffs and place an additional $535million into a settlement trust that will compensate future plaintiffs as well as the remaining 20% of plaintiffs with claims against Pfizer and Quigley. Of that $535million, $405million is in a 40-year note from Pfizer, while $100million is from insurance policies. Shiley defective heart valves settlement (1994) Pfizer purchased Shiley in 1979, at the onset of its Convexo-Concave valve ordeal, involving the Bjork–Shiley valve. Approximately 500 people died when defective heart valves fractured and, in 1994, Pfizer agreed to pay $10.75million to settle claims by the United States Department of Justice that the company lied to get approval for the valves. Firing of employee that filed suit (2010) A federal lawsuit was filed by a scientist claiming she got an infection by a genetically modified lentivirus while working for Pfizer, resulting in intermittent paralysis. A judge dismissed the case citing a lack of evidence that the illness was caused by the virus but the jury ruled that by firing the employee, Pfizer violated laws protecting freedom of speech and whistleblowers and awarded her $1.37million. Celebrex intellectual property settlement (2012) Brigham Young University (BYU) said a professor of chemistry, Dr. Daniel L. Simmons, discovered an enzyme in the 1990s that led towards development of Celebrex. BYU was originally seeking a 15% royalty on sales, equating to $9.7billion. A research agreement had been made between BYU and Monsanto, whose pharmaceutical business was later acquired by Pfizer, to develop a better aspirin. The enzyme Dr. Simmons claims to have discovered would induce pain and inflammation while causing gastrointestinal problems and Celebrex is used to reduce those issues. A six-year battle ensued because BYU claimed that Pfizer did not give Dr. Simmons credit or compensation, while Pfizer claimed that it had met all obligations regarding the Monsanto agreement. In May 2012, Pfizer settled the allegations, agreeing to pay $450million. Nigeria Trovafloxacin lawsuit settlement (2011) In 1996, an outbreak of measles, cholera, and bacterial meningitis occurred in Nigeria. Pfizer representatives and personnel from a contract research organization (CRO) traveled to Kano to set up a clinical trial and administer an experimental antibiotic, trovafloxacin, to approximately 200 children. Tests in animals showed that Trovan had life-threatening side effects, including joint disease, abnormal cartilage growth, liver damage, and a degenerative bone condition. Pfizer’s representatives did not alert the parents or patients about the serious risks involved, or tell them about an effective conventional treatment that Doctors without Borders was providing at the same site. Local Kano officials reported that more than fifty children died in the experiment, while many others developed mental and physical deformities such as blindness, deafness, paralysis, and brain damage. The nature and frequency of both fatalities and other adverse outcomes were similar to those historically found among pediatric patients treated for meningitis in sub-Saharan Africa. In 2001, families of the children, as well as the governments of Kano and Nigeria, filed lawsuits regarding the treatment. According to Democracy Now!, "[r]esearchers did not obtain signed consent forms, and medical personnel said Pfizer did not tell parents their children were getting the experimental drug." The lawsuits also accused Pfizer of using the outbreak to perform unapproved human testing, as well as allegedly under-dosing a control group being treated with traditional antibiotics in order to skew the results of the trial in favor of Trovan. Nigerian medical personnel as well as at least one Pfizer physician said the trial was conducted without regulatory approval. In 2007, Pfizer published a Statement of Defense letter, stating that the drug's oral form was safer and easier to administer. Trovan had been used safely in more than five thousand Americans prior to the Nigerian trial, and mortality in the patients treated by Pfizer was lower than that observed historically in African meningitis epidemics. No unusual side effects, unrelated to meningitis, were observed after four weeks. In June 2010, the US Supreme Court rejected Pfizer's appeal against a ruling allowing lawsuits by the Nigerian families to proceed. In December 2010, the United States diplomatic cables leak indicated that Pfizer hired investigators to find evidence of corruption against Nigerian attorney general Michael Aondoakaa to persuade him to drop legal action. The Washington Post reporter Joe Stephens, who helped break the story in 2000, called these actions "dangerously close to blackmail". In response, the company released a press statement describing the allegations as "preposterous" and saying that it acted in good faith. Aondoakka, who had allegedly demanded bribes from Pfizer in return for a settlement of the case, was declared unfit for office and had his U.S. visa revoked in association with corruption charges in 2010. The lawsuits were eventually settled out of court. Pfizer committed to paying "to compensate the families of children in the study", another $30 million to "support healthcare initiatives in Kano", and $10 million to cover legal costs. Payouts began in 2011. Inflating prices fine (2022) In July 2022, UK antitrust authorities fined Pfizer £63 million for unfairly high priced drug that aids in controlling epileptic seizures. The Competition and Markets Authority stated that the company took advantage of loopholes by de-branding epilepsy drug Epanutin, by doing so the price of Epanutin's price was not regulated to the same standards the company are used to and therefore the price of the drug was raised. It was stated that over a four-year period, Pfizer had billed Epanutin for around 780% and 1,600% higher than its standard price. Allegations of patent infringement on mRNA technology (2022) In August 2022, Moderna announced that it will sue Pfizer and its partner BioNTech for infringing their patent on the mRNA technology. In May 2024, the European Patent Office upheld the validity of Moderna's EP949 patent, one of the two patents asserted against Pfizer and BioNTech. COVID-19 vaccine controversy In February 2021, after a year long investigation relying on unnamed officials, Pfizer was accused by The Bureau of Investigative Journalism (TBIJ) of employing "high-level bullying" against at least two Latin American countries during negotiations to acquire COVID-19 vaccines, including requesting that the countries put sovereign assets as collateral for payments. According to TBIJ, these negotiation tactics resulted in a months long delay in Pfizer reaching a vaccine agreement with one country and a complete failure to reach agreements with two other countries, including Argentina and Brazil. In November 2021, TBMJ published an article after obtaining information from a whistleblower from the Ventavia Research Group. Ventavia was hired by Pfizer as a research subcontractor. A regional director (whistleblower) who was employed at Ventavia Research Group has told The BMJ that the company falsified data, unblinded patients, employed inadequately trained vaccinators, and was slow to follow up on adverse events reported in Pfizer's pivotal phase III trial. The regional director, Brook Jackson, emailed a complaint to the US Food and Drug Administration (FDA). Ventavia fired her later the same day. The European Medicines Agency (EMA) stated in a response to the European Parliament, that "the deficiencies identified do not jeopardize the quality and integrity of the data from the main Comirnaty trial and have no impact on the benefit-risk assessment or on the conclusions on the safety, effectiveness and quality of the vaccine". Science-Based Medicine emphasized that Ventavia oversaw just three of the 153 clinical sites involved with Pfizer's trial and "a small fraction (~1,000 by the time the whistleblower was fired) of the trial's over ~44,000 subjects." On 10 October 2022, during a session of the European Parliament's Special Committee on the COVID-19 Pandemic, Pfizer executive Janine Small testified that the company had not evaluated their COVID-19 vaccine for its ability to reduce transmission of the SARS-CoV-2 virus prior to its release to the general public. Dutch MEP Rob Roos described the admission as "scandalous". CEO Albert Bourla was slated to attend, but withdrew. Roos' statements in turn have been described as "misleading". Impact of US Administration-Imposed Tariffs on Pfizer Per Yahoo Finance, Pfizer maintains a wide economic moat supported by steady cash flows and a diversified portfolio of patent-protected drugs, along with scale advantages in research and development. As several media outlets note, Pfizer's role in global healthcare provides it with some insulation from international tariff disputes, as pharmaceutical products are generally exempt from tariffs under international trade agreements and governmental trade policies. Per The Wall Street Journal, Health Care Industry and Consumer staples are among the least impacted. In February 2025, Pfizer’s CEO Albert Bourla emphasized the company’s ability to mitigate potential future tariffs by shifting manufacturing to its 13 U.S. facilities, including large-scale sites dedicated to sterile injectables and antibody production. Donald Trump said in February 2025 that he was considering four exemptions to reciprocal tariffs, including pharmaceutical industries. Environmental record Since 2000, the company has implemented more than 4,000 greenhouse gas reduction projects. Pfizer has inherited Wyeth's liabilities in the American Cyanamid site in Bridgewater Township, New Jersey, a highly toxic EPA Superfund site. Pfizer has since attempted to remediate this land in order to clean and develop it for future profits and potential public uses. The Sierra Club and the Edison Wetlands Association have opposed the cleanup plan, arguing that the area is subject to flooding, which could cause pollutants to leach. The EPA considers the plan the most reasonable from considerations of safety and cost-effectiveness, arguing that an alternative plan involving trucking contaminated soil off site could expose cleanup workers. The EPA's position is backed by the environmental watchdog group CRISIS. In June 2002, a chemical explosion at the Groton plant injured 7 people and caused the evacuation of more than 100 homes in the surrounding area. Public-private engagement Pfizer engages with the public and private sectors in a variety of settings including to promote research and development, academic funding, event sponsorship, philanthropy, and political lobbying. Institute for Advanced Study – Matching gifts and direct donor. University of Toronto – Donor to the Boundless Campaign, and member of the President's Circle. University of Washington – Member of the Honor Roll of Donors, having contributed between $10 million and $50 million to funding the school as of 2020. Activism Habitat for Humanity – Donor. Human Rights Campaign (HRC) – Corporate partner. National Women's Law Center – Donor. Share Our Strength – Donor. WaterAid – Partner. Conferences and summits Women in Medicine Summit – Sponsor. World Neuroscience Innovation Forum – Strategic partner. Media During the COVID-19 pandemic, Pfizer engaged many forms of media to promote their COVID-19 vaccine, including a commissioned National Geographic documentary. Pfizer is also a donor to the National Geographic Society. Pfizer was a prominent sponsor of the 2022 Oscars ceremony alongside BioNTech. Pfizer has been a major donor to the National Press Foundation. Pfizer sponsored a program for the NPF called "Cancer Issues 2010" to train journalists to "understand the latest research" on various cancers, including the role of pharmaceutical products and vaccines. MicroRNA (miRNA) was also a listed topic. Pfizer sponsors 19 to Zero, a "coalition of academics, public health experts, behavioural economists, and creative professionals" that develops media and educational materials to influence public perception surrounding COVID-19 and COVID-19 vaccines. Medical societies American Society of Hematology – Sponsor. Arthritis Society – National partner. Pfizer also supports the organization's provincial branches in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, and Quebec. Canadian Cancer Society – Sponsor. Canadian Paediatric Society – Funding. CPS is the organization that administers the Canadian Immunization Monitoring Program, Active (IMPACT) vaccine safety program. Canadian Society of Internal Medicine – Annual conference sponsor with Bristol Myers Squibb. Endocrine Society – Corporate Liaison Board member. European Society of Cardiology – Sponsor of the EURObservational Research Programme. Spanish Cardiac Society – Strategic partner. Political lobbying Pfizer is affiliated with a variety of industry organizations engaging in political lobbying, and has made substantial direct donations to government and regulatory agencies: Adult Vaccine Access Coalition – Member. Alliance for a Stronger FDA – Member. AMR Industry Alliance – Member. BIOTECanada – Member company. Bipartisan Policy Center – Donor. The Business Council – Member, represented by CEO Albert Bourla. Business Council for the United Nations – Member. Center on Budget and Policy Priorities – Funder. Community Anti-Drug Coalitions of America (CADCA) – Partner. COVID-19 Vaccine Education and Equity Project – Sponsor. European Federation of Pharmaceutical Industries and Associations – Member. Foundation for the National Institutes of Health (FNIH) – Donor. Pfizer has given between $5,000,000 and $9,999,999 to the between 1997 and 2020, contributing to funding the activities of the National Institutes of Health. Global Health Council – Member. Immunisation Coalition (Australia) – Sponsor. Innovative Medicines Canada – Member. IMC is an association of pharmaceutical companies doing business in Canada. The group lobbies the Government of Ontario and House of Commons of Canada through Rubicon Strategy, a firm owned by Progressive Conservative Party of Ontario campaign manager Kory Teneycke. International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) – Member. Life Sciences British Columbia (LSBC) – Member company and Platinum Sponsor. National Health Council (NHC) – Member organization. NHC is a non-profit organization that lobbies the U.S. Government on issues related to healthcare reform. National Pharmaceutical Council (NPC) – Member company. Personalized Medicine Coalition (PMC) – Member. Pharmaceutical Advertising Advisory Board (PAAB) – Client. Pharmaceutical Research and Manufacturers of America (PhRMA) – Member company. Reagan-Udall Foundation for the Food and Drug Administration – Donor. Research!America – Member organization. U.S. Global Leadership Coalition – Member. World Economic Forum – Member organization. Scott Gottlieb, who resigned as FDA commissioner in April 2019, joined the Pfizer board of directors three months later, in July 2019. Pfizer lobbied various officials in the Government of British Columbia between April and November 2012, including then-premier Christy Clark, future premier John Horgan, future health minister Adrian Dix, and future deputy premier, minister of public safety and solicitor general Mike Farnworth. The disclosed purpose was to "provide health policy and pharmaceutical information and communications on behalf of Pfizer Canada," and "learn and understand the budgetary, policy and strategic directions of the Government." Professional associations Academy of Surgical Research (ASR) – 2021 Annual Meeting sponsor. American Statistical Association (ASA) – Corporate supporter. Bioscience Association Manitoba (BAM) – Sponsor. British Columbia Pharmacy Association (BCPA) – Event sponsor. Canadian Association for Clinical Microbiology and Infectious Diseases (CACMID) – Patron (former). Canadian Association of Emergency Physicians (CAEP) – Corporate partner. Canadian Association of Medical Oncologists – Annual meeting sponsor. Canadian Medical Association – Sponsor. In 2009, Pfizer partnered with the CMA to launch a continuing medical education course for physicians. Canadian Pharmacists Association and Canadian Pharmacists Journal – Sponsor. Canadian Public Health Association - Sponsor. Canadian Rheumatology Association – Sponsor. Canadian Urological Association – Sponsor. Ontario Medical Association (OMA) – Donor to the Ontario Medical Foundation. Pharmacy Association of Nova Scotia – Sponsor. Public health Pfizer has engaged in a number of public health and global health initiatives worldwide, and provides funding for health care facilities of various specialties in Canada and the United States: CANImmunize – Endorsing partner. CANImmunize is a vaccine passport software company funded primarily by the Public Health Agency of Canada, and partnered with governments, health agencies, academia and pharmaceutical companies across Canada. Centre for Addiction and Mental Health – Donor. Dana–Farber Cancer Institute – Donor. Federation of Medical Women of Canada – Sponsor. Food Allergy Canada – Corporate partner, providing funding and advocacy support. Hospital for Sick Children (SickKids) – Donor to the SickKids Foundation. Medical Teams International – Corporate donor. North Bay Regional Health Center – Donor to the NBRHC Foundation. Princess Margaret Cancer Centre (PMCC) – Conference sponsor, and donor to the Princess Margaret Cancer Foundation. Scarborough Health Network (SHN) – Donor to the SHN Foundation. Sinai Health Foundation – Donor. The foundation funds Mount Sinai Hospital, Bridgepoint Active Healthcare, and the Lunenfeld-Tanenbaum Research Institute in Toronto, Ontario. Sunnybrook Health Sciences Centre – Donor. University Hospitals Kingston Foundation – Donor. UHKF raises funds for the Kingston Health Sciences Centre and Providence Care. William Osler Health System – Event sponsor. Pfizer sponsored a presentation in January 2020 delivered by Julie Bettinger through British Columbia's Provincial Health Services Authority (PHSA) titled "Vaccine hesitancy: It doesn't matter if the vaccine works if nobody gets it." In 2020, Pfizer provided funding in the range of $100,000.00 – $250,000.00 to Ronald McDonald House Charities “to provide resources that directly improve the health and well-being of children and their families.” Research and development Pfizer has partnered with and sponsored many medical research networks and professional associations in the United States, Canada and globally: ABC Global Alliance – Main sponsor. The alliance is a Portuguese not-for-profit society supporting research into advanced breast cancer. Accelerating COVID-19 Therapeutic Interventions and Vaccines (ACTIV) – Industry partner. AdvaMed – Member (former). Alliance for Regenerative Medicine – Member organization. The alliance is an international advocacy organization supporting the development of regenerative medicines including gene therapy and stem-cell therapy. Arthritis Australia – Donor. BioFIT – Sponsor. BioFIT holds events to connect academia, pharmaceutical companies, and investors in the field of life sciences and biotechnology. Canadian Frailty Network – Industry partner. CFN has provided research grants related to COVID-19. Colorectal Cancer Canada – Sponsor. Drugs for Neglected Diseases Initiative – Partner. DNDI is a non-profit drug research and development organization that expedites creation and delivery of medicines for diseases including leishmaniasis, sleeping sickness, and hepatitis C. GISAID – Funding for COVID-19 operations. Heart and Stroke Foundation of Canada – National corporate partner and sponsor. Lung Health Foundation – Partner. Funds research into infectious lung disease and lobbying for policy changes. Mentoring in IBD – Sponsor. Annual educational program for Canadian gastroenterologists. Mount Sinai Hospital (Toronto) – Sponsor for research into infectious diseases such as COVID-19 through educational grants. Nova Scotia Chronic Pain Collaborative Care Network – Investment in Canadian health research. Ontario Hospital Research Institute (OHRI) – Research grants. Pinnacle Research Group – Sponsor. Radcliffe Cardiology – Industry partner. Truth Initiative – Featured partner. The initiative performs research and policy studies related to the reduction of tobacco use in youth. The Pfizer Award The Pfizer Award, established in 1958 by Pfizer, Inc., recognizes exceptional books on the history of science. The prize includes a medal and $2,500. Eligible books must be published in English within the three years preceding the competition year (e.g., for 2024, books from 2021–2023). Edited volumes and books with more than two authors are excluded, though multi-volume works by one or two authors may qualify once all volumes are published. While books with themes in medicine or technology may be considered, the award prioritizes works focused on the history of science. The prize is not divided between multiple books. The Royal Society Pfizer Award/The Royal Society Africa Prize The Royal Society Pfizer Award, established in 2006 with support from Pfizer Inc., recognized African research scientists contributing innovatively to biological and basic medical sciences, with a focus on capacity building in Africa. Recipients received a bronze medal, £1,000, and an £11,000 research grant for a project affiliated with an African scientific institution, such as a university or research center. The award was last presented in 2016 and has since been replaced by the Royal Society Africa Prize. Philanthropy The Pfizer Foundation The Pfizer Foundation, established in 1953, is a charitable organization dedicated to building healthier communities worldwide. It operates independently of Pfizer Inc., with its mission centered on addressing global health challenges, supporting urgent health needs, and empowering Pfizer employees to create meaningful impacts in their communities. The foundation also supports specific initiatives such as improving breast cancer care in Rwanda, empowering women and driving progress through Integrated Health Services in Benin, addressing vaccine access for zero-dose children in Nigeria, and collaborating with organizations like Direct Relief to strengthen healthcare providers in the United States. Pfizer's Global Recognitions Pfizer has received numerous accolades and recognitions worldwide for its efforts in fostering an inclusive and equitable work environment beside the pharmaceutical activities. In the United States, Pfizer earned a 100% score from the Human Rights Campaign (2025) on the Corporate Equality Index for LGBTQ workplace equality and ranked highly in the Hispanic Association on Corporate Responsibility (2024) Corporate Inclusion Index. Pfizer was named a “Best Place to Work for Disability Inclusion” in the Disability Equality Index (2024) and received awards such as Top Diverse Employer, Top Hispanic Employer, and Top Disability-Friendly Company by DiversityComm, Inc. (2024). Other recognitions include being named one of "America's Greatest Workplaces" by Newsweek (2023), Clinical Trials Arena Excellence Awards 2023, inclusion in the top 10 of the “World’s Most Admired Companies” by Fortune (2023), and being listed as a Top Employer for Diversity and Best Employer for Women by Forbes (2022). Pfizer was also recognized as a “Best Place to Work” by Glassdoor (2021) and a Top Employer by Science (2021) for its practices during the pandemic. Pfizer For All Pfizer has introduced PfizerForAll, a digital platform designed to streamline access to healthcare and wellness resources in the United States. The platform supports individuals with common conditions like the flu, COVID-19, and migraines, as well as those seeking adult vaccinations. It integrates services such as same-day access to healthcare professionals, home delivery of prescriptions and diagnostic tests, appointment scheduling, and financial assistance for Pfizer medications. Partnering with organizations like UpScriptHealth, Alto Pharmacy, and Instacart, PfizerForAll aims to simplify tasks like prescription fulfillment and accessing savings programs. Pfizer plans to expand the platform to address a wider range of healthcare needs and enhance user experience. Corporate affairs Board of directors , the company's board consisted of the following directors: Ronald E. Blaylock, Managing Partner of GenNx360 Capital Partners Albert Bourla, CEO of Pfizer Mortimer J. Buckley, former CEO of The Vanguard Group Sue Desmond-Hellmann, former CEO of The Bill and Melinda Gates Foundation Joseph J. Echevarria, former CEO of Deloitte LLP Scott Gottlieb, former Commissioner of the FDA Helen Hobbs, Professor at the University of Texas Southwestern Medical Center Susan Hockfield, 16th President of the Massachusetts Institute of Technology Dan Littman, professor of Molecular Immunology at New York University Shantanu Narayen, CEO of Adobe Suzanne Nora Johnson, former Vice Chairman of Goldman Sachs James Quincey, CEO of The Coca-Cola Company James C. Smith, former CEO of Thomson Reuters Cyrus Taraporevala, former President and CEO of State Street Global Advisor See also Biotech and pharmaceutical companies in the New York metropolitan area Companies of the United States with untaxed profits Fire in the Blood (2013 film) List of pharmaceutical companies Pfizergate
ETI Finance	[ "Financial services companies of Sri Lanka", "Financial services companies established in 1967", "2020 disestablishments in Sri Lanka", "Financial services companies disestablished in 2020" ]	663	7,641	Edirisinghe Trust Investments Finance Limited also popularly known as ETI Finance is a Sri Lankan private limited company as well as a non banking financial institution which worked as a licensed finance company accepting deposits from general public. The company's business was primarily based on lending money on gold securities. On 13 July 2020, Central Bank of Sri Lanka decided to cancel the license of the company due to insufficient capital and financial problems regarding repaying depositors' money on demand as well as before maturity. Corporate history The company was founded by veteran entrepreneur E. A. P. Edirisinghe in 1967 initially as a pawning business registered under the Finance Companies Act no 78 of 1988. The company later expanded its business activities such as accepting deposits, leasing etc. ETI Finance is a core company of popular family controlled entity EAP Holdings. The company was regarded as a leading financial institution in Sri Lanka for decades and the reputation of the business started to make downfall soon after the death of E. A. P. Edirisinghe. Soma Edirisinghe, wife of EAP Edirisinghe took over the company and remained as the chairperson of the company until her death in 2015. ETI Finance failed to maintain required liquidity position since 2011. The company was accused of not honouring the depositors request of money withdrawals since 2011. The company was issued its first official warning in February 2013 by the Fitch Ratings Lanka for not maintaining the required Statutory Liquid Asset Ratio threshold and downgraded the company's position from BB (lka) to CC (lka). In 2018, the CBSL warned of temporary regulatory actions against the company under the provisions of Finance Business Act no 42 of 2011 for failing to maintain adequate liquidity position and for failing to pay depositors money and CBSL vehemently took over the ETI Finance with immediate effect. As of 2020, the company defaulted the sum of 20 billion rupees of around 2500 depositors. In June 2020, the Colombo Magistrate Court issued arrest warrants against the directors of the company with regard to failing to appear on a due court case. On 13 July 2020, the Central Bank of Sri Lanka officially suspended the licenses of ETI Finance and its subsidiary company Swarnamahal Financial Services following the decision reached during a meeting held by the Monetary Board of CBSL on 10 July 2020. See also List of banks in Sri Lanka
Formosa Plastics Group	[ "Formosa Plastics Group", "Companies based in Taipei", "Conglomerate companies established in 1958", "1958 establishments in Taiwan", "Companies in the Taiwan Capitalization Weighted Stock Index" ]	1,559	13,802	Formosa Plastics Group (FPG, ) is a titular Taiwanese conglomerate of diverse interests, including biotechnology, petrochemical processing and production of electronics components. The group was founded by Wang Yung-ching and his brother Wang Yung-tsai, and is chaired by Wong Wen-yuan. Despite its name, its holdings include several companies prominent in the high tech electronics sector, including VIA Technologies and Nanya Technology Corporation. History Formosa Plastics Group was formed in 1954 to reflect vertical integration of the PVC manufacturing process by the Formosa Plastics Corporation (FPC). Nan Ya Plastics Processing Corp. was formed to purchase PVC resins produced by FPC. A third member of the group, New Eastern Plastics Product, was formed to manufacture those processed resins into consumer goods. Nan Ya and New Eastern were later merged into a single entity, Nan Ya Plastics Corp., and upstream integration was achieved in the 1990s through the construction of an ethylene-producing naphtha cracking plant and a coal-burning power plant. In Taiwan, FPG has also diversified into many other fields, including textiles, electronics, medicine, skin care, automobile manufacturing, gasoline retail and petroleum refining. FPG's overseas expansion has focused primarily on the United States and mainland China. The group has purchased or constructed many PVC factories and chemical production facilities in both countries. American holdings also include Texas properties containing over 200 oil wells and lands rich in natural gas, pipeline and production firms, and an ethylene plant in Point Comfort, Texas that was constructed in 1988. Chinese expansion has included a power plant in Zhuangzhou, Fujian Province and at least 40 FPG-built factories across the country. FPG's non-manufacturing operations include the Chang Gung Memorial Hospital, named after the late father of the FPG chairman, Wang Chang-gung. Since its founding in 1976, the non-profit hospital has expanded to 5 cities in Taiwan. In 1984, the Linkou branch undertook the first liver transplant operation in Asia. In the early 2010s the group became the primary backer of the Formosa Ha Tinh Steel Corporation, a large iron and steel works in Vietnam. FPG was responsible for a serious discharge of toxic pollution from one of its steel complexes. The release resulted in an estimated 115 tons of dead fish washing ashore in Vietnam. The environmental pollution negatively affected the livelihood of 200,000 people including local fishers. In July 2016, FPG pledged to pay compensation to Vietnamese impacted by the environmentally toxic discharge in the amount of $500 million. In February 2018 Hoang Duc Binh was jailed for 14 years for live streaming fisherman travelling to file a lawsuit over the plant's pollution. Formosa Plastics is planning the construction of a fossil fuel plant, known as “The Sunshine Project,” with an estimated cost of 9.4 billion dollars. This project is set to be located in a region of Louisiana commonly referred to as “Cancer Alley” due illnesses linked to environmental pollutants from existing fossil fuel plants. Naphtha Cracker #6 (六輕) FPG's naphtha cracker – the sixth petrochemical processing plant of that kind in Taiwan – was first proposed in 1973, but the ruling KMT government still imposed a monopoly at that time and denied permission. Permission was granted in 1986, as President Chiang Ching-kuo instituted reforms to loosen the authoritarianism instituted by his father, Chiang Kai-shek. At that time, FPG proposed a NT$90 billion complex that would be located in the Litzu Industrial Zone of Ilan County. Local residents opposed this plan on the basis of its environmental impact and, led by County Magistrate Chen Ding-Nan (陳定南), formed the Alliance against Sixth Naphtha Cracker. After a successful campaign, including a televised debate between Chen and FPG Chairman Wang, they eventually forced the company to look elsewhere. The second site proposed by FPG, in Taoyuan County's Kuanyin Industrial Zone, generated similar opposition from local residents. FPG shelved these proposals in 1989 and Chairman Wang Yung-ching traveled secretly to mainland China to find a solution there. In 1990, he announced his intention to develop the complex on the People's Republic of China-controlled island of Haitsang, in Fujian Province. The Nationalist government condemned the project and in 1992 secured an offshore site near Mailiao, in Taiwan's impoverished Yunlin County, where local administrators welcomed the investment. Total investment in the complex, after four phases of construction throughout the 1990s and early 2000s, included the following major features: an oil refinery: 450,000 barrels (72,000 m3) per day a naphtha cracking plant (production capacity: 1.35 million tons ethylene per year) a coal-burning power plant (capacity: 3 GW) Taiwan's first wind power plant (total combined capacity of the four turbines: 2,640 kW). This project provoked intense opposition, just as Chiang Ching-kuo's reforms allowed tolerance for public expressions of dissatisfaction. The environmentalists' public protests, including a 3000-person rally at the Ministry of Economic Affairs in 1990, reflected the island's gradual transformation from authoritarianism to democracy. Beyond environmental concerns, protesters and newly legalized opposition parties denounced the cronyism they saw in the expedited approvals, extended tax holiday, subsidized loans, extremely low land prices for the land, and special allowance for a private port. During the construction of Naphtha Cracker #6, further trouble arose when 200 to 300 Thai and Filipino workers fought on 5 September 1999. The brawl was reported to have lasted eight hours. Despite these complications, the plant proceeded as scheduled and continues to enjoy government support. The following FPG subsidiary companies are located in Taiwan: Formosa Automobile Corp. Formosa Plastics Corp. Formosa Petrochemical Mai-Liao Power Corporation Nanya Technology Corporation. Plastics investment company founded on 4 March 1995. In 2003, Nanya formed a joint venture with Infineon Technologies and established Inotera, a DRAM production company. In 2008, Nanya signed a joint venture agreement with Micron Technology. In 2017, after years of licensing from Micron, Nanya signaled its desire to develop 10 nm nodes in-house. In 2020, Nanya aims to produce their 10 nm-class of DRAM chips by the end of the year. VIA Technologies The following educational and medical institutions also fall under the FPG umbrella: Chang Gung University of Science and Technology Chang Gung Medical Foundation Chang Gung University Ming Chi University of Technology BioTrust International Corporation See also Formosa Plastics Group Museum
Atlantic National Bank	[ "Banks based in Florida", "Banks disestablished in 1985", "Banks established in 1903", "Companies based in Jacksonville, Florida", "1903 establishments in Florida", "Banks based in Jacksonville, Florida", "Laura Street", "Defunct banks of the United States" ]	495	4,393	The Atlantic National Bank was an American bank based in Jacksonville, Florida. It existed from 1903 until 1985, when it was acquired by First Union. Subsequently, First Union changed its name to Wachovia Corporation when it also acquired Wachovia National Bank, then the merged company was acquired by Wells Fargo in 2008. The company constructed two significant buildings in Downtown Jacksonville: 121 Atlantic Place (formerly the Atlantic National Bank Building) and the Schultz Building (formerly the Atlantic National Bank Annex). History Founded in 1903 by Edward W. Lane, railroad magnate Thomas P. Denham, and Fred W. Hoyt, Atlantic National Bank was one of the most significant locally based banking institutions of its era. As time passed the bank went national, and developed correspondent relationships with banks in other regions of the country, including Wells Fargo in San Francisco. The bank was initially located in the Dyal-Upchurch Building in Downtown Jacksonville, but built its own building, the Atlantic National Bank Building (now 121 Atlantic Place) between 1908 and 1909. The building narrowly lost out in a race to become Jacksonville's first skyscraper, but at in height, it was slightly taller than its competition, making it the tallest building in Florida at the time. By 1926 the bank had grown so much that it opened the Atlantic National Bank Annex (now the Schultz Building) directly behind the main building. Both buildings are among the most historically significant in Jacksonville. In 1961 Edward Lane, Jr., son of founder Edward Lane, was named president. In 1976 he became chairman of the holding company, and the bank grew to include assets of $3.9 billion. In 1985 Lane negotiated the merger of Atlantic National Bank with First Union of Charlotte, North Carolina. First Union was subsequently absorbed by Wachovia and then Wells Fargo.
Codemasters	[ "Codemasters", "1986 establishments in England", "2010 mergers and acquisitions", "2018 initial public offerings", "2021 mergers and acquisitions", "British companies established in 1986", "British subsidiaries of foreign companies", "Companies based in Warwickshire", "Companies formerly listed on the Alternative Investment Market", "Electronic Arts subsidiaries", "Former Reliance Entertainment subsidiaries", "Software companies of England", "Southam", "Video game companies established in 1986", "Video game companies of the United Kingdom", "Video game development companies", "Video game publishers" ]	3,814	40,118	The Codemasters Software Company Limited (trade name: Codemasters) is a British video game developer and former publisher based in Southam. It is a subsidiary of American corporation Electronic Arts and managed under the EA Sports division. Founded by brothers Richard and David Darling in October 1986, Codemasters is one of the oldest British game studios, and in 2005 was named the best independent video game developer by magazine Develop. It formerly also published third-party games. Codemasters Group Holdings plc was the holding company of Codemasters, which was publicly traded and owned Codemasters until being purchased by EA in 2021 for $1.2 billion. History Background While attending school in Vancouver, Richard Darling and his elder brother, David Darling, had learned programming with punch cards and had access to the school's computer room outside of hours through one of the school's janitors. Additionally, on weekends, they were allowed to use the Commodore PET computer owned by their father, James, to create a text version of Dungeons & Dragons. Later on, the two brothers and school friend Michael Heibert, whose family possessed a VIC-20 computer, founded Darbert Computers and created video game clones of popular games, such as Galaxian and Defender. The Darling brothers later returned to England, where they acquired their own VIC-20 and founded Galactic Software, again with the help of Heibert. An advertisement placed in the magazine Popular Computing Weekly caught the attention of Mastertronic, a British software publisher, and the two brothers quit their education to pursue development of budget-priced games for the company. These games included Space Walk, BMX Racers, Jungle Story, Orbitron, Sub Hunt and Pigs in Space. They also developed The Games Creator, a game-making tool that would later be sold commercially. The Darling brothers found success in making these games, gaining by the time they were 16 and 17 respectively. In 1985, the two owned a 50% stake in Mastertronic, which they proceeded to sell in March 1986 when they decided to become independent. By October 1986, the Darling brothers, with help from their father, had founded Codemasters. They initially worked out of the Beaumont Business Centre in Banbury, where their elder sister Abigail managed the front desk. Codemasters' first game was BMX Simulator, a successor to BMX Racers. According to David Darling, the company aimed at making budget-priced games with the quality of full-priced games, as they would gain a larger customer base that would subsequently create better exposure. To produce more games in less time, Codemasters started hiring developers on a freelance basis. Products developed using this strategy include G-Man and Danger Zone by Mike Clark, Terra Cognita by Stephen Curtis, Super Robin Hood and Ghost Hunters by the Oliver Twins, Super Stuntman by Peter Williamson, Lazer Force by Gavin Raeburn, and ATV Simulator by Timothy R. Miller. By April 1987, Codemasters started seeking programmers that would create platform conversions of Codemasters' games in exchange for four-digit sums, via placements in Popular Computing Weekly. 1990s As the 8-bit computer market diminished, Codemasters turned to develop for the 8-bit and 16-bit console markets, as well as moving away from their budget title legacy to more full-price games on the 16-bit computers — 1992 saw the last title in the Dizzy series, Crystal Kingdom Dizzy, released at full price rather than budget price. They had major success with the Micro Machines series and Pete Sampras Tennis on the Sega Mega Drive. Both franchises featured the J-Cart, allowing two extra controllers to be attached to the game cart without requiring Electronic Arts' 4 way play or SEGA's four-player adaptor. Codemasters is notable for making the large majority of games published by Camerica, which bypassed Nintendo's lock-out chip by glitching it and produced unlicensed NES games. These NES games were known for being shiny gold and silver cartridges. Many Codemasters titles were also featured on Camerica's Aladdin Deck Enhancer. In 1990, Codemasters developed a device called the Game Genie, which came out of the lockout bypass work to play unlicensed games. It was a cheat cartridge for the NES, released in the US by Galoob and in Canada and the UK by Camerica. In the case Galoob v. Nintendo, Game Genie was determined not to violate Nintendo's copyright under fair use. In an effort to establish themselves in the United States, they announced that they would launch a new development studio in Oakhurst, using offices that were abandoned by Sierra On-Line and hiring much of Yosemite Entertainment's laid off staff in mid-September 1999. 1998–2009 Between 1998 and 2003, Codemasters teamed up with Jester Interactive Limited to publish their range of music creation software, for PlayStation, PlayStation 2 and PC, MUSICtm, Music 2000, MTV Music Generator and MTV Music Generator 2. In 2003 this partnership was dissolved, with Jester releasing their own Music 3000 product. Codemasters released their final music based product, MTV Music Generator 3, in 2004. Codemasters have since continued to release titles for later generation systems, such as the Brian Lara Cricket series, Colin McRae Rally and Dirt series, Dizzy series, F1 series, Grid series, LMA Manager series, Micro Machines series, Operation Flashpoint series, Overlord series, Project CARS series and TOCA series. They owned the rights to use the title Operation Flashpoint: Dragon Rising (2011), but have parted with the original developer Bohemia Interactive Studio. In spite of this, Codemasters released Operation Flashpoint: Elite, developed by Bohemia, for Xbox in October 2005. The year 2005 also saw the appointment of Rod Cousens, formerly of Acclaim, as managing director. In December 2006, Warner Bros. Interactive Entertainment entered into a game distribution agreement with Codemasters to distribute the company's titles in North America. Also in April, Codemasters launched the massively multiplayer online role-playing game, The Lord of the Rings Online: Shadows of Angmar in Europe on behalf of Turbine. In June, Codemasters were purchased by equity group Balderton Capital and they changed their logo to an interlocked metallic C and M. Later that month they released the latest in the Colin McRae Rally series, Colin McRae: Dirt. They also published Overlord and Clive Barker's Jericho. Following the death of Colin McRae on 15 September 2007, Codemasters released a public statement expressing their sorrow and support for the family. In March 2008, Codemasters announced a new partnership with Majesco Entertainment which would focus on titles for DS and Wii, including Nanostray 2, Toy Shop, Cake Mania 2 and Nancy Drew: The Mystery of the Clue Bender Society for DS, and Wild Earth: African Safari, Our House and Cake Mania for Wii. In May, it was announced that Codemasters had won the rights to the Formula One licence after Sony's deal ran out and thus ending Psygnosis and Sony's Formula One series. The first resulting game, F1 2009, was released on the Wii and PlayStation Portable in November 2009, and another similar game, F1 2010, on the PC, PlayStation 3, and Xbox 360 in 2010. On 8 April 2008, Sega announced the closure of Sega Racing Studio. The studio's only release had been Sega Rally Revo, which was greeted with fairly positive reviews but poor sales figures. At a later time Sega announced none of the employees were folded into internal studios. On 25 April 2008, Codemasters bought Sega Racing Studio. The studio was headed by Guy Wilday, who was involved in the Colin McRae Rally games and was formerly the series producer. In the 2008 Queen's Birthday Honours, the Darlings were appointed Commanders of the Order of the British Empire (CBE) for services to the video game industry. 2010–2020 On 5 April 2010, Reliance Big Entertainment, an Indian company acquired a 50% stake in the company. Later in 2010, Codemasters launched the free-to-play version of Lord of the Rings Online. While originally scheduled for 10 September, it was delayed due to contractual reasons and launched on 2 November. In May 2011, Codemasters transferred control of the European Lord of the Rings Online to Turbine. In May 2011, Codemasters signed a North American distribution deal with THQ. In March 2012, Codemasters renewed its American distribution deal with Warner Bros. On 3 June 2011, the Codemasters.com website was breached. It is believed that the attacker was able to gain access to the personal information of registered users with Codemasters accounts. Codemasters notified its users about the attack via email on 10 June 2011, after which their websites were pulled down and users redirected to their Facebook page. In mid-2012, it was announced that Codemasters' racing games, whether about to be produced or developed, would begin to be branded under the "Codemasters Racing" label. Dirt: Showdown and F1 2012 were the first racing titles to receive the new label name. The label was discontinued in 2016, as Codemasters' subsequent racing games, Dirt Rally and F1 2016 are branded with the regular Codemasters logo. On 9 June 2013, Reliance Entertainment increased its stake in Codemasters from 50% to 60.41%, making it the majority owner. In April 2015 Codemasters CEO Rod Cousens left to join Jagex, leaving COO Frank Sagnier as the new temporary CEO. In April 2016, Codemasters announced that they had hired most of the staff of racing game developer Evolution Studios after Sony closed the company. The first Codemasters title for eighth generation consoles was F1 2015, launched in July 2015. In October 2015 they released Overlord: Fellowship of Evil, their first non-racing game since 2011. After the disappointing sales of Onrush, several members of the Codemasters EVO development division were made redundant and the division was shifted to a support role for other titles. Codemasters held an initial public offering to list the company on the London Stock Exchange's Alternative Investment Market on 1 June 2018. The company's shares were valued at 260 pence during trading bringing in a total of . As a result of the IPO, Reliance Entertainment held a 29.5% stake in Codemasters. Through placings in June and November 2019, Codemasters welcomed new institutional shareholders to the register whilst providing Reliance with a highly satisfactory exit and thus ending their nine-year relationship with them. Codemasters acquired Slightly Mad Studios, the developers of the Project CARS titles, in November 2019 for about . The acquisition brought the total staff at Codemasters to about 700 people. The studio acquired the exclusive license to the World Rally Championship series in June 2020 which will begin as a five-year deal in 2023, with plans to release their first game in 2024. 2020–present: As an Electronic Arts subsidiary Codemasters announced in November 2020 that it had been approached to be acquired by Take-Two Interactive as a buyoff offer valued at . Codemasters said its board was ready to approve the deal, pending the required regulatory approvals and Take-Two's own commitment once those approvals were granted. In the same month, both Take-Two and Codemasters agreed to a Take-Two buyout of Codemasters in a stock and cash deal around , which was expected to be completed by early 2021. Following the acquisition, Codemasters would have operated within the 2K label under its existing leadership. In a statement, Take-Two boss Strauss Zelnick said that Codemasters' racing games would fit well with its own roster of sports games. However, Take-Two's bid was subsequently trumped by Electronic Arts in December 2020, which offered to buy all outstanding shares at for an offer valued at about , about 14% higher than Take-Two's offer. Codemasters' board of directors agreed to the EA deal, which closed by the first quarter of 2021. Take-Two formally withdrew its offer in January 2021, ceding to EA's bid, while Codemasters' board signed off on EA's bid later that month. The acquisition was completed on 18 February 2021, with all shares transferred to Codex Games Limited, a subsidiary of EA. EA's Andrew Wilson said they plan to keep Codemasters as a standalone entity within EA similar to Respawn Entertainment. Codemasters announced in July 2021 that CEO Frank Sagnier and CFO Rashid Varachia will depart the company at the end of the month, as part of the EA acquisition plan. Special vice president of product development Clive Moody and of publishing Jonathan Bunney will take over leadership of Codemasters following this. In May 2022, EA merged Codemasters subsidiary Codemasters Cheshire into Criterion Games, an existing subsidiary of EA, as to support effort on the Need for Speed series as the two companies were already working together on a new title in the series together for months, then later that year in October, announcing a new title called Need for Speed Unbound, which was released on 2 December 2022. In December 2023, an unknown number of employees at Codemasters were laid off by EA. In May 2025, it was announced that Codemasters had stopped development on its WRC titles. More people were laid off as well, while an unspecified amount of other employees would move to work on other EA Sports properties. Technology Ego is a modified version of the Neon game engine that was used in Colin McRae: Dirt and was developed by Codemasters and Sony Computer Entertainment using Sony Computer Entertainment's PhyreEngine cross-platform graphics engine. The Ego engine was developed to render more detailed damage and physics as well as render large-scale environments.
J. P. Morgan Jr.	[ "1867 births", "1943 deaths", "American bankers", "American people of Welsh descent", "American people of World War I", "Harvard College alumni", "House of Morgan", "JPMorgan Chase employees", "Morgan family", "People from Murray Hill, Manhattan", "Philanthropists from New York (state)", "People from Irvington, New York", "St. Paul's School (New Hampshire) alumni" ]	2,493	21,061	John Pierpont Morgan Jr. (September 7, 1867 – March 13, 1943) was an American banker and finance executive. He inherited the family fortune and took over the business interests including J.P. Morgan & Co. after his father J. P. Morgan died in 1913. After graduating from St. Paul's School and Harvard College, Morgan trained as a finance executive working for his father and grandfather. He became a banking financier, a lending leader, and a director of several companies. He supported New York's Society for the Lying-In Hospital, the Red Cross, the Episcopal Church, and endowed the creation of a rare book and manuscript collection at the Morgan Library. Morgan brokered a deal that positioned his company as the sole munitions and supplies purchaser during World War I for the British and French governments, bringing his company a 1% commission on $3 billion ($30 million). He was also a banking broker for financing to foreign governments both during and after the war. Early life John Pierpont Morgan Jr, nicknamed Jack, was born on September 7, 1867, in Irvington, New York, to J. P. Morgan and Frances Louisa Tracy. He graduated from St. Paul's School, and later in 1886 from Harvard College, where he was a member of the Delphic Club, formerly known as the Harvard chapter of the Delta Phi. His siblings included Louisa Pierpont Morgan (1866–1946), who married Herbert L. Satterlee (1863–1947), Juliet Pierpont Morgan (1870–1952) who married William Pierson Hamilton (1869–1950), and Anne Tracy Morgan (1873–1952), a philanthropist. His paternal grandparents were Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884), the daughter of John Pierpont. The younger Morgan emulated his father in his dislike for publicity and continued his father's philanthropic policy. In 1905, his father acquired the Guaranty Trust bank as part of his efforts to consolidate banking in New York City. After his father died in 1913, the bank became John's base. World War I Morgan played a prominent part in financing World War I. Following its outbreak, he made the first loan of $12,000,000 to Russia. In 1915, a loan of $500,000,000 was made to France and Britain following negotiations by the Anglo-French Financial Commission. The firm's involvement with British and French interests fueled charges the bank was conspiring to maneuver the United States into supporting the Allies in order to rescue its loans. By 1915, when it became apparent the war was not going to end quickly, the company decided to forge formal relationships with France. Those dealings became strained over the course of the war as a result of poor personal relations with French emissaries, relationships that were heightened in importance by the unexpected duration of the conflict, its costs, and the complications flowing from American neutrality. Contributing to the tensions was the favoritism displayed by Morgan officials to British interests. His personal friendship with Cecil Spring Rice ensured that from 1915 until sometime after the United States entered the war, his firm was the official purchasing agent for the British government, buying cotton, steel, chemicals and food, receiving a 1% commission on all purchases. Morgan organized a syndicate of about 2200 banks and floated a loan of $500,000,000 to the Allies. The British sold off their holdings of American securities and by late 1916 were dependent on unsecured loans for further purchases. At the beginning of World War I, US Treasury Secretary William McAdoo and others in the Wilson administration were very suspicious of J. P. Morgan & Co.'s enthusiastic role as British agent for purchasing and banking. When the United States entered the war, this gave way to close collaboration, in the course of which Morgan received financial concessions. From 1914 to 1919, he was a member of the advisory council for the Federal Reserve Bank of New York. On July 3, 1915, an assassin, Eric Muenter, entered Morgan's mansion, known as Matinecock Point, on East Island in Glen Cove, Long Island and shot him twice. This was ostensibly to bring about an embargo on arms, and in protest of his profiteering from war. Morgan, however, quickly recovered from his wounds. After World War I and the Versailles Treaty, Morgan Guaranty managed Germany's reparation payments. After the war, Morgan made several trips to Europe to investigate and report on financial conditions there. In 1919 he was for a time chairman of the international committee, composed of American, British and French bankers, for the protection of the holders of Mexican securities. In November 1919, he was made a director of the Foreign Finance Corporation, which was organized to engage in the investment of funds chiefly in foreign enterprises. By the 1920s, Morgan Guaranty had become one of the world's most important banking institutions, as a leading lender to Germany and Europe. During the Great Depression he took heavy financial losses. The assets of the House of Morgan fell 40% from $704 million to $425 million. American banking came under heavy attack. Morgan personified banking, and drew attacks from politicians, especially in the U.S. Senate's Pecora hearings of 1932, which "created a tidal wave of anger against Wall Street". He was a director in numerous corporations, including the U.S. Steel Corp., the Pullman Co., the Aetna Insurance Co., and the Northern Pacific Railway Co. He died of a stroke on March 13, 1943, in Boca Grande, Florida. Personal life In 1890, Morgan married Jane Norton Grew (1868–1925), daughter of Boston banker and mill owner Henry Sturgis Grew. She was the aunt of Henry Grew Crosby. The couple raised four children: Junius Spencer Morgan III (1892–1960), who married Louise Converse (1895–1974), daughter of Frederick Shepherd Converse, in 1915. Jane Norton Morgan Nichols (1893–1981), who married George Nichols (1878–1950), a brother of John Treadwell Nichols. Frances Tracy Pennoyer (1897–1989), who married Paul Geddes Pennoyer (1890–1970), a lawyer, in 1917. Henry Sturgis Morgan (1900–1982), a founding partner of Morgan Stanley who married Catherine Lovering Adams (1902–1988), daughter of Charles Francis Adams III, descendants of the 2nd U.S. President, John Adams. Philanthropy In 1920, Morgan gave his London residence, 14 Princes Gate (near Imperial College London), to the U.S. government for use as its embassy. In 1924, Morgan created the Pierpont Morgan Library as a public institution as a memorial to his father. Belle da Costa Greene, Morgan's personal librarian, became the first director and continued the aggressive acquisition and expansion of the collections of illuminated manuscripts, authors' original manuscripts, incunabula, prints, and drawings, early printed Bibles, and many examples of fine bookbinding. Today the library is a complex of buildings which serve as a museum and scholarly research center. Morgan Jr. donated a very substantial portion of his father's collection to the Metropolitan Museum of Art. Social A yachtsman, like his father, Morgan served as commodore of the New York Yacht Club from 1919 to 1921. In 1930, he built the turbo electric driven yacht Corsair IV at Bath Iron Works in Maine. , launched April 10, 1930, was one of the most opulent yachts of its day and the largest built in the United States with an overall length of , beam and . Legend at the shipyard credits the phrase "If you have to ask, you can't afford it" to Morgan, when asked what the yacht cost. However, this quote is most often attributed to his father in connection with the yacht Corsair, launched in 1891. Morgan sold the Corsair IV to the British Admiralty in 1940 for one dollar to assist with Britain's war effort. After the war the Corsair IV was sold to Pacific Cruise Lines and, on September 29, 1947, began service as a luxury cruise ship operating between Long Beach, California and Acapulco, Mexico. On November 12, 1949 the yacht struck a rock near the beach in Acapulco and, although all passengers and crew were rescued, was deemed a total loss. Morgan was a member of the Jekyll Island Club (a.k.a. "The Millionaires' Club") on Jekyll Island, Georgia, as had been his father J. P. Morgan Sr. Further reading De Long, J. Bradford. "J.P. Morgan and his money trust." Wilson Quarterly 16.4 (1992): 16-30
Bank of Queensland (1863–1866)	[ "Banks established in 1917", "1917 establishments in Australia", "Defunct banks of Australia", "Economic history of Queensland" ]	561	4,142	The Bank of Queensland was a bank in Queensland, Australia. Established in London it opened for business in Brisbane on 13 August 1863 in the renovated premises of the former Joint Stock Bank. There had been just four (trading) banks established in Queensland by late 1862 but all from other Australian colonies, branches of New South Wales Bank, Union Bank of Australia, Australian Joint Stock Bank and the Bank of Australasia. Branches of the Bank of Queensland were shortly opened at Ipswich, Dalby and Rockhampton as well as at Toowoomba and elsewhere. In the midst of the July 1866 collapse of the major London discount house Overend, Gurney and Company the London board of the Bank of Queensland took the opportunity to announce that a major portion of their bank's capital had been lost by poorly chosen advances made on securities of sheep and cattle stations, sawmills and even newspaper proprietors. The bank suspended payments a week later. In the following days it became known that the immediate reason for the suspension of payments was the Queensland's Government's failure to honour its cheques and that happened because the Agra and Masterman's Bank had failed, following Overend, Gurney. The panic in London also brought an Australian run on the Bank of Queensland and at the end of 1866 the shareholders agreed to voluntarily wind the bank up. Other trading banks named Bank of Queensland 1917–1922 A new Bank of Queensland was created by the January 1917 merger of the Royal Bank of Queensland with the Bank of North Queensland. It was bought by the National Bank in 1922. 1970— The Bank of Queensland's name has since been taken by the Brisbane Permanent Benefit Building and Investment Society, Queensland's first permanent building society founded in 1874 and incorporated in 1887 when it began operations as a savings bank. Licensed as a trading bank in 1942 it took on the name Bank of Queensland in 1970.
James Hay (entrepreneur)	[ "1950 births", "Living people", "Alumni of the University of Strathclyde", "Scottish chief executives", "Scottish company founders", "Scottish expatriates in the United Arab Emirates", "Scottish racehorse owners and breeders", "Conservative Party (UK) donors", "BP people", "Businesspeople from Glasgow", "20th-century Scottish businesspeople", "21st-century Scottish businesspeople" ]	839	10,020	James "Jim" Hay (born 7 June 1950) is a Dubai-based Scottish businessman. He is the chairman of Dubai-based JMH Group, a private family business operating in the construction and luxury goods markets. Hay and his wife Fitriani are racehorse owners and trainers, and significant donors to the Conservative Party. According to The Sunday Times Rich List in 2019, he is worth £325 million. Early life Hay was born in Glasgow. He studied there at the University of Strathclyde, earning a bachelor's degree and PhD in applied chemistry. In 2013 he was welcomed to the ‘Strathclyde Academy of Distinguished Entrepreneurs’ for his work with the JMH Group/Fosroc. Career In 1975, Hay joined BP as an engineer and went on to spend 27 years there. He went on to become a senior executive at BP. In 2002, Hay founded the JMH Group, a private business which in 2014 was reported as having turnover in excess of $600m. He is chairman of JMH Group which includes Fosroc as well as luxury goods brands Ray Ward, Bernard Wetherill (Savile Row men's outfitters) and Fitriani (women's fashion design and retailer). Hay acquired construction company Fosroc. Horse racing In 2006 Hay purchased Uplands, The Lambourn Yard from John and Lavinia Taylor. In 2008 the Hay family were reported to have topped the list of buyers at South Africa’s yearling sales. In 2011, they purchased a share in Irish Derby and Champion Stakes winner Cape Blanco and four-time Group 1 winner Fame and Glory. Fame and Glory went on to win the 2011 Ascot Gold Cup, on a day when the Hays were invited to join the Queen's Royal procession in open-topped carriages from Windsor Castle. Birch Grove In 2011, Hay and his wife Fitri purchased Birch Grove, the former home of Harold Macmillan in West Sussex. The estate includes a private golf course. Personal life On 25 August 1996, Hay married Fitriani "Fitri". Fitriani was born in Jambi, Sumatra, Indonesia. They live in Dubai, and have two daughters. In 2015, Fitriani Hay was the second-largest donor to the British Conservative Party, with £66,850. In 2017, she had donated £125,000. In 2022, she was the largest single donor to Liz Truss's leadership campaign, with £100,000. References
Christian Hellwig	[ "German economists", "Macroeconomists", "New classical economists", "Alumni of the London School of Economics", "University of California, Los Angeles faculty", "Living people", "Year of birth missing (living people)", "Fellows of the European Economic Association" ]	729	6,248	Christian Hellwig is a German economic theorist and macroeconomist who did research in the field of global games. He is the editor of the Journal of Economic Theory. Biography Hellwig obtained a B.A. in Economics at the University of Lausanne in 1998, a M.Sc. in Econometrics and mathematical economics by the London School of Economics (LSE) in 1999, and a Ph.D. in Economics at LSE in 2003 with his thesis entitled "Money, Intermediation and Coordination in Decentralised Markets". He spent the last two years of his doctorate as a visiting scholar at MIT. He became an assistant professor at UCLA in 2002 and became a tenured associate professor in 2007. Hellwig took up the position of Associate Professor at Toulouse School of Economics in 2010 where he is currently employed. In addition to his academic position, Hellwig is a Research Affiliate at the Centre for Economic Policy Research since 2007 and became the editor of the Journal of Economic Theory in June 2008. He is a member of the Board of Editors of the American Economic Review since April 2007. As an undergraduate he spent time studying abroad at Oberlin College, where he played on the men's basketball team. He is the son of the economist Martin Hellwig. He is a fellow of the European Economic Association. Research contribution Hellwig studied the effects of exogenous and endogenous public information in global coordination games and showed that multiplicity of equilibria is restored under fairly general conditions. Global coordination games belong to a subfield of game theory which started with the article by Morris and Shin (1998). Steven Morris and Hyun Song Shin considered a stylized currency crises model, in which traders observe the relevant fundamentals with small noise, and show that this leads to the selection of a unique equilibrium. This result is in stark contrast with models of complete information, which feature multiple equilibria. However, there are potential problems with this result due to the lack of a theory of prices in global coordination games (Atkeson, 2001). Hellwig studied the effects of exogenous public information in global coordination games and showed that this may restore multiplicity under fairly general conditions (Hellwig, 2002). Hellwig and co-authors (2006) address the concern by Atkeson (2001) by considering a more explicit market structure and model the public information endogenously as an interest rate signal. They show that equilibrium multiplicity may be restored by the endogenous public signal, provided that private information is sufficiently precise, which coincides with the findings by Angeletos and Werning (2006).
Enrico Barone	[ "1859 births", "1924 deaths", "19th-century Italian economists", "20th-century Italian economists", "Welfare economists", "General equilibrium theorists", "Nunziatella Military School alumni", "Socialist economists" ]	659	5,914	Enrico Barone (; 22 December 1859, Naples, Kingdom of the Two Sicilies – 14 May 1924, Rome, Italy) was a soldier, military historian, and an economist. Biography Barone studied the classics and mathematics before becoming an army officer. He taught military history for eight years from 1894 at the Officers' Training School. There he wrote a series of influential historical military works. In these he employed a method of successive approximations to which his study in economics had introduced him. In 1902, he became head of the historical office of the General Staff. He resigned his commission in 1906. From 1894 he collaborated with Maffeo Pantaleoni and Vilfredo Pareto in the Giornale degli Economisti. Impact He was the first to state conditions under which a competitive market would be Pareto efficient. He introduced variable factor proportions into neoclassical economics, contributing to the marginal-productivity theory of factor-income distribution. He extended conditions of general equilibrium in Walrasian theory, suggesting the feasibility of trial-and-error movement to market equilibrium. He pioneered the economic theory of index numbers. His contributions were made without use of utility or even indifference curves. Barone has been described as a "founder of the pure theory of a socialist economy." In 1908, he presented a mathematical model for a socialist economy under which certain relations, later identified with shadow prices, must be satisfied for "maximum collective welfare." The latter corresponds to least-cost-price of production from Pareto efficiency reached in competitive equilibrium. He stressed that such a result could not be arrived at a priori but only by experimentation on a large scale with great demands on data collection, even assuming unchanging productive conditions. In this, he suggested that movement toward economic efficiency in a socialist economy was not inconceivable, outlining two types of socialism: a centralized and decentralized model. For such regimes, whatever the distribution rule for output and income adopted by the Ministry of Production, the same economic categories would reappear for prices, salaries, interest, rent, profits, saving, etc., though perhaps with different names. His analysis and the Austrian School economists' responses, fueled discussion of the economic calculation problem and market socialism in the 1930s. His method also anticipated Abram Bergson's seminal formulation of a social welfare function three decades later. References Richard E. Ericson, "Enrico Barone", Gale Encyclopedia of Russian History , at
Allied Capital	[ "Private equity firms based in Washington, D.C.", "American companies established in 1958", "Financial services companies established in 1958", "Financial services companies disestablished in 2010", "Financial services companies of the United States", "1958 establishments in Washington, D.C.", "2010 disestablishments in Washington, D.C.", "2010 mergers and acquisitions" ]	1,008	10,019	Allied Capital was a private equity investment firm and mezzanine capital lender providing debt and equity capital for leveraged buyouts, acquisitions and restructurings of established businesses. Allied operated as a Business Development Company, a form of publicly traded private equity company, and was among the largest BDCs. The firm was headquartered in Washington, DC with offices in New York City. Allied invested primarily in middle-market companies in the business services, financial services, consumer products industrial, health care, retail and energy sectors. The company was purchased by Ares Capital in 2010. History Allied Capital Corporation was founded in 1958 and completed its first public offering of stock in 1960 on the OTC. In February 1997, Chairman and CEO David Gladstone resigned. In 2001, Allied was listed on the New York Stock Exchange. Allied's stock was repeatedly noted for a high dividend yield. Allied and Short Sellers Between 2002 and 2008, David Einhorn, the manager of Greenlight Capital, a hedge fund engaged in heavy short selling of Allied's stock as he tried to demonstrate that the company's valuation of its illiquid securities was inflated. This activity led to a highly publicized feud between Einhorn and the company. As early as 2003, Allied complained publicly about Einhorn's activities. Einhorn's activities in relation to Allied were also examined by the SEC to determine whether his statements about the company were intended to manipulate its stock price. In 2004, Allied came under scrutiny. In June 2007, the S.E.C. found that Allied broke securities laws relating to the accounting and valuation of illiquid securities it held. However, it did not issue any fines or penalties, and Allied settled without admitting or denying the allegations. In 2008, Einhorn authored "Fooling Some of the people All of the Time," describing his concerns about the company's accounting practices and his encounters with the company over those years. In his book, Einhorn explains how he uncovers the fact that Allied Capital is basically run as a ponzi scheme and in order to keep the appearances of a valid investment proposition, Allied Capital is forced to cook the books by constantly overpricing its loans and the value of its subsidiaries. In 2008, Allied came under wider criticism for aggressive accounting policies. The 2007-2009 Credit Crunch As the credit markets began to slow in 2007, Allied appeared to be unaffected. In January 2008, Allied completed a structured secondary transaction with Goldman Sachs. Goldman and Allied created AGILE Fund I, LLC, a new special purpose vehicle to acquire $170 million of private equity and mezzanine capital interests from Allied Capital, representing 13.7% of Allied's equity portfolio. Goldman also agreed to invest $125 million in future investment vehicles managed by Allied. Allied also sold a portfolio of venture capital and private equity fund interests. On September 30, 2008, Allied Capital shares fell by more than half their value as Ciena Capital, one of its portfolio companies, filed for bankruptcy. Sale to Ares Capital In late 2009, Allied agreed to be purchased by Ares Capital. Prospect Capital submitted a competing bid in early 2010, but was rejected by Allied management. The sale to Ares was approved by shareholders on March 26, 2010, and was finalized on April 1 with Allied closing for the last time at $5 a share.
Angel Trains	[ "Companies based in the City of Westminster", "Post-privatisation British railway companies", "Privatisation of British Rail", "Private equity portfolio companies", "Railway companies established in 1994", "Rolling stock leasing companies", "Royal Bank of Scotland", "1994 establishments in England" ]	2,361	20,900	Angel Trains is a British rolling stock company (ROSCO). Together with Eversholt Rail Group and Porterbrook, it is one of the three original ROSCOs. Angel Trains was established in March 1994 as part of the privatisation of British Rail. In November 1995, it was bought by Nomura Holdings, Babcock & Brown, and former InterCity manager John Prideaux. By September of the following year, Angel Trains had contracts with 19 of the 25 train operating companies (TOCs) in the UK, and owned approximately 3,755 vehicles. During December 1997, Angel Trains was sold on to the Royal Bank of Scotland, leading to criticism of the firm having been previously undervalued. The firm quickly expanded into the continental European rail leasing business; this international branch of the firm would be split off as Angel Trains International during 2008 and was subsequently rebranded as Alpha Trains. In addition to its British Rail-era inventory, Angel Trains acquired new rolling stock, such as the Class 390 'Pendolino' electric multiple units (EMUs), which were introduced by Virgin West Coast during the early 2000s. Following another takeover of the business in 2008, at which point it reportedly held over 40 per cent of the railway rolling stock leasing market in Britain, a major restructuring was undertaken. Since the 2010s, Angel Trains has arranged deals involving Hitachi-built high speed bi-mode trains, such as a deal for 19 five-car Class 802 for train operator TransPennine Express (TPE). Angel Trains has also participated in numerous programs to boost its rolling stock's efficiency and environmental credentials, such as converting several vehicles into hybrid diesel and battery-powered trains, as well as hydrogen fuel cells, as well as other initiatives. Angel Trains was established on 21 March 1994 as a subsidiary of British Rail; its creation was one of many preparatory steps involved in the privatisation of British Rail during the 1990s. It was named Angel Trains after the London neighbourhood in which British Rail's offices were located. During November 1995, Angel Trains was sold to a consortium of the Japanese financial services company Nomura Holdings (85%), global investment specialist Babcock & Brown (10%) and former InterCity manager John Prideaux (5%); a private consultancy company owned by Prideaux, Prideaux & Associates, was utilised in this deal. By September 1996, Angel Trains had contracts in place with 19 of the 25 train operating companies in the UK, and owned approximately 3,755 vehicles, a third of which were less than eight years old at that time. Less than one year after the acquisition, Nomura was already examining options to merge or sell on Angel Trains, or form a joint venture with a train operating company (TOC); it had reportedly encouraged by the recent sale of other ROSCOs, such as Porterbrook to Stagecoach in addition to alleged approaches by unidentified third parties. During December 1997, Angel Trains was purchased by the financial services group Royal Bank of Scotland in exchange for £395 million. The company had been sold at auction by its previous owners, according to the British newspaper The Independent, the bidding for Angel Trains had been quite vigorous. Around this time, allegations arose that companies such as Angel Trains had been privatised for sums that were far too small by the British Government, which led to an in-depth investigation being conducted by the National Audit Office in addition to separate reviews by regulators. Throughout the late 1990s and into the 2000s, Angel Trains considerably expanded its leasing business, especially in the continental European market. It entered into a joint venture with the German locomotive manufacturer Vossloh, which led to the formation of another leasing company Locomotion Capital, during 2000. Additionally, through investment in its international branches Angel Trains Cargo (leasing freight rolling stock) and Angel Trains Europa (leasing passenger rolling stock), the company became one of the largest rolling stock leasing companies in Europe - specifically in terms of freight locomotives. Angel Trains also entered into new leasing arrangements for brand new rolling stock around this time. One high profile example was the Class 390 'Pendolino' electric multiple units (EMUs), the initial order for which comprised 54 nine-car units at a cost of £500 million on behalf of Virgin West Coast. Unusually, these trains featured an active tilt system, designed to provide higher passenger comfort while travelling at speed around curves. Due to a large increase in passenger numbers following the WCML modernisation, the Department for Transport announced the procurement of four additional Class 390s, each with 11 cars, while 31 of the existing trainsets were also lengthened to 11 cars to provide increased capacity. In June 2008, Angel Trains was acquired by a consortium of Babcock & Brown, AMP Capital, Arcus European Infrastructure Fund and Deutsche Bank at a reported cost of £3.6 billion. Babcock & Brown's head of European infrastructure, Simon Gray, referred to the purchase as "one of the largest acquisitions in Europe in the last few months". At the time, Angel Trains held more than 40 per cent of the railway rolling stock leasing market in Britain. The 2008 takeover promptly led to a major restructuring of the business' activities; all of its international operations were split out into Angel Trains International, during January 2010, this division was rebranded as Alpha Trains. During 2015, AMP Capital Investors and PSP Investments increased their shareholdings in Angel Trains to 55% and 30% respectively after purchasing the stock formerly owned by Arcus European Infrastructure Fund. Since the 2010s, Angel Trains has been involved in the supply of Hitachi-built high speed bi-mode trains, such as a deal for 19 five-car Class 802 for train operator TransPennine Express (TPE). Referred to as the Nova 1 by TPE, it was procured under plans to bolster its route capacity by roughly 80%. According to Robin Davis, TPE's Head of New Trains, a major rationale behind the Nova 1 was its bi-mode capability, noting that electrification ambitions often had much uncertainty, while a bi-mode fleet eliminated the operational risk to such uncertainty. Angel Trains has participated in numerous initiatives to improve the efficiency and environmental credentials of the railways. In September 2018, plans were announced by Angel Trains to convert Class 165 diesel multiple units into hybrid diesel and battery-powered trains. For this scheme, the original diesel-hydraulic drives were replaced by electric drives, the engines charge the batteries, making the drive effectively a hybridized diesel-electric drive; in February 2022, the first trainset was entered service with Chiltern Railways. In February 2020, ScotRail and Angel Trains announced plans to convert a Class 314 EMU, equipping it with hydrogen fuel cells, as a technical demonstration of the feasibility of using hydrogen to fuel trains. In July 2020, Riding Sunbeams formed a consortium that included Angel Trains to power electrified railway lines using 100 per cent renewable energy. During November 2021, it was announced that Hitachi Rail and Angel Trains would trial the use of battery power on hybrid high speed trains in order to reduce fuel consumption. By June 2019, Angel Trains' inventory of rolling stock reportedly totalled 4,421 vehicles. Initial fleet The fleet Angel Trains inherited from British Rail in 1994 comprised: ClassNumberof carriagesFirst generation1374311514219015014615330156124165180166633031443057530863312180314483172884213324232644421204652005079650893Mark 3 coaches416
Ilya Strebulaev	[ "Living people", "Moscow State University alumni", "New Economic School alumni", "Alumni of London Business School", "Stanford University Graduate School of Business faculty", "American people of Russian descent", "1975 births", "Stanford University staff", "21st-century American economists", "21st-century Russian economists" ]	1,595	17,280	Ilya A. Strebulaev (born May 17, 1975) is a Russian- American financial economist, researcher, author, and speaker with expertise in venture capital, startups, and corporate innovation. He has been a professor at the Stanford Graduate School of Business since 2004. From 2018 to 2022 he was on the board of directors of Yandex, the Russian equivalent of Google. Early life and education Ilya Strebulaev was born in Moscow, Russia on May 17, 1975, to a family of scientists and engineers. He received a B.A. in economics from Moscow State University and an M.A. in economics at the New Economic School in 1999. He then moved to London, where he pursued his doctoral studies at the London Business School under Stephen Schaefer. His doctoral thesis was on corporate financial decision-making. He received a Ph.D. degree in finance in 2004. Career In 2004, Strebulaev moved to Stanford, California, when he was hired by the Stanford University Graduate School of Business as an assistant professor of finance. He received tenure at Stanford University in 2010 and was promoted to full professor in 2014. In 2016, Strebulaev was appointed a chaired professor, becoming the inaugural holder of the David S. Lobel Professorship, the first endowed professorship in private equity at Stanford. Since 2010, he has been a research associate at the National Bureau of Economic Research. In 2015, Strebulaev founded the Venture Capital Initiative at the Stanford Graduate School of Business, and he has been its faculty director since then. In 2018, he became a member of the board of directors of Yandex, Russias largest internet and tech company and in March 2022, he resigned from it. Personal life Strebulaev is married to Anna Dvornikova; the couple has two children. He holds dual US and Russian citizenship. Work Strebulaev developed a framework with Will Gornall that assesses the value of private venture capital (VC) backed companies. Their valuation model is built on the option pricing methodology and takes into account complicated shareholder structures of VC-backed companies. They found that most unicorns (highly valued VC-backed companies) are overvalued, with a median overvaluation of 50%. Strebulaev's research also includes studies on the decision-making of startup investors, the organization and design of VC and corporate VC units, and the importance of venture capital in innovation and the economy. He has shown that the VC industry led to the creation of most large public US companies in the last 50 years and is an important growth engine behind the US innovation economy. His work has been widely published in leading academic journals including The Journal of Finance, The Review of Financial Studies, and The Journal of Financial Economics. Strebulaev has received many awards for his work, including the First Paper Prize of the Brattle Award in the Journal of Finance and The First Place of the Fama-DFA Prize at the Journal of Financial Economics. He is known for actively sharing his research and teaching insights on and other social media platforms. Teaching Strebulaev has been teaching at MBA, MSx, Ph.D., and Executive Education programs at Stanford. In 2013, Strebulaev developed an MBA-level course on angel and venture capital financing and decision-making, which he has been teaching with famous VCs for the past ten years, with almost 1,000 students taking the class. The class covers many aspects of VC financing, the decision making of startup investors, and startup valuation. Strebulaev also developed a class on the private equity industry in 2021. In 2009, Strebulaev received the MBA Distinguished Teacher Award at the Stanford Graduate School of Business. He also received the Master's in Management Inaugural Best Teacher Award at the London Business School in 2010 and the Sloan Teaching Excellence Award at the Stanford Graduate School of Business in 2013. Strebulaev frequently leads workshops and executive sessions on corporate innovation, venture capital, Silicon Valley, and strategic decision-making for senior leaders around the world.
Peter O'Malley	[ "Living people", "1937 births", "Los Angeles Dodgers executives", "Los Angeles Dodgers owners", "Major League Baseball team presidents", "O'Malley family", "Businesspeople from Brooklyn", "Wharton School alumni", "University of Pennsylvania alumni", "American people of Irish descent", "20th-century American businesspeople", "Catholics from New York (state)", "Catholics from California", "People from Amityville, New York", "San Diego Padres owners" ]	1,651	14,026	Peter O'Malley (born December 12, 1937) is an American former owner (1979–98) and president (1970–98) of the Los Angeles Dodgers of Major League Baseball (MLB). He currently is a part-owner of the San Diego Padres since 2012. Early life O'Malley was born at Carson C. Peck Memorial Hospital in Brooklyn, New York, to long-time Dodger owner Walter Francis O'Malley (1903–79) and Katherine Elizabeth "Kay" Hanson (1907–79). He has a sister, Therese "Terry" O'Malley (born 1933), who was co-owner of the team. O'Malley graduated from the University of Pennsylvania, where he was president of his fraternity Phi Gamma Delta, and from the Wharton School of Business in 1960. Career Los Angeles Dodgers In 1962, O'Malley was named the director of Dodgertown, the team's spring training headquarters located in Vero Beach, Florida. In 1965, he became president and general manager of the minor league Spokane Indians of the Pacific Coast League, where many future Dodger stars and coaches were on the roster. In 1967 O'Malley moved to the major league club as vice president of stadium operations and in 1969, as executive vice president. He took over the presidency of the Dodgers from his father on March 17, 1970. His father, Walter, who had been Dodger Chairman of the Board since that date, died on August 9, 1979. O'Malley has been widely credited with running the Dodgers as a professional, highly respected and emulated organization, operated with consistent methods and values, encompassing a style known as "The Dodger Way." Among his unique business practices were treating his staff to ice cream at 2 p.m. every day the Dodgers were in first place, freshly baked cookies on sell-out games and overseas trips in the offseason after particularly successful years. In 1997, Fortune magazine named the Dodgers as the only sports franchise selected as one of the "100 Best Companies to Work for in America." It was the third time the team had received the recognition after being named in books of that title in 1984 and 1993. On March 19, 1998, Rupert Murdoch and News Corporation (then the parent company of the Fox Television Network) acquired the team for what was alternately reported as $311 million or $350 million (equivalent to $ to $ million in ). This was the highest price ever paid for a US sports franchise at the time. O'Malley relinquished the club presidency to become Dodger chairman of the board; he resigned that post at the end of the 1998 baseball season. Murdoch appointed NewsCorp subsidiary's Fox Television executives to oversee the Dodgers, with mixed results. The sale was reported as an estate and tax planning move for the O'Malley family, as Terry had ten children and Peter three. None had immediately emerged as a candidate to succeed Peter, and he acknowledged that the new economics of the game had dictated that the days of family baseball ownership, without support of a separate corporation, were largely over. NewsCorp sold the Dodgers in 2004 for $430 million (equivalent to $ million in ) to Frank McCourt, a Boston developer. Growth of international baseball Hallmarks of O'Malley's baseball career were his contribution to baseball's introduction as an Olympic sport, and his years of promotion of baseball globally, particularly in Latin America, Japan, and China, where a donation he made provided for construction of the country's first baseball stadium in 1986. Named Dodger Stadium, it is in the coastal city of Tianjin. He also funded the building of the O'Malley baseball fields in Managua, Nicaragua (1992), and Corkagh Park in Clondalkin, West Dublin, Ireland (1998), considered the main home of Irish baseball. He believed that these initiatives would bolster baseball's popularity around the world, while also benefiting both the Dodgers and the future of American baseball in general. O'Malley was also deeply involvement in the U.S. Little League program as longtime chairman of the Little League Foundation. NFL stadium plans In 1996, after earlier consideration and partly owing to a phone call from Los Angeles Mayor Richard Riordan on August 22, 1995, at 3:25 p.m., O'Malley met with NFL officials to discuss the possible construction of a football-only stadium on Dodger-owned property surrounding Dodger Stadium. His plan offered solutions to a number of problems faced by the NFL in locating a team in Los Angeles, following the departure of both the Rams and the Raiders. First, it provided for scarce, centrally located land. Second, the proposal came attached to highly regarded, established sports franchise management via the O'Malley involvement. Third, like Dodger Stadium, the new facility would be privately financed, and thus not entangled in lengthy municipal funding debates. Fourth, the plan called for alignment with an expansion team, meaning that no existing franchise would have to be moved. Published reports indicated that O'Malley spent upwards of $1 million on an initial round of architectural renderings, land use studies and environmental impact research, and quickly garnered substantial support among NFL owners who would have to vote their approval. As meetings continued over the next year, O'Malley received a call from Mayor Riordan, asking him to cease pursuit of the NFL franchise. The city had decided that the team should play in the Los Angeles Memorial Coliseum, already more than 70 years old, and absent any of the considerable amenities now standard in NFL stadiums. O'Malley reluctantly shelved his work and withdrew, noting that while he believed strongly in the viability of his proposal, "you can't fight City Hall." The Rams, however, would return to Los Angeles from St. Louis in 2016; a year later, the Chargers also relocated to Los Angeles from San Diego. Purchase of the San Diego Padres On November 2, 2011, one day after the announcement that Frank McCourt would be selling the Dodgers, O'Malley expressed interest in repurchasing his former team. He withdrew his bid on February 21, 2012. In August 2012, O'Malley formed a partnership with Ron Fowler, nephews Tom and Peter Seidler, and sons Brian and Kevin O'Malley which purchased the San Diego Padres. At the time of the purchase, O'Malley's nephew said that O'Malley, the team's minority owner, would serve as a "sounding board and patriarch" for team's front office. Personal life O'Malley was married to Annette Zacho from 1971 until her death on July 20, 2023. They had three children together: daughter Katherine, and sons Brian and Kevin who were part of the group who purchased the Padres. Honours Order of the Rising Sun, 3rd Class, Gold Rays with Neck Ribbon (2015) Named an “Honorary Citizen of Tianjin of the People’s Republic of China” by the People’s Government of Tianjin (1991) Appointed member, Los Angeles Olympic Organizing Committee Board of Directors (1979) Inducted into the Irish-American Baseball Hall of Fame, New York (2013) Medallion of Merit from the Friendly Sons of St. Patrick, Los Angeles (2013)
Russian Society of Appraisers	[ "Professional valuation organizations", "Real estate in Russia", "Valuation professionals" ]	412	4,101	The Russian Society of Appraisers (RSA) is a premier organization of valuation professionals in Russia, embracing about 50% of recognized valuation professionals in the country from across various specialisms and geographical regions. It was the first national professional valuation society to be established in 1993 and the only Valuation Society to attain 'All-Russian Public Organization' status, with branches in the majority of constituent entities of the Russian Federation. It has the status of self-regulated organization (SRO), with current membership reaching over 6,000 individuals. Members of the Russian Society of Appraisers comprise both property and business valuation professionals. Functions RSA performs a number of supervisory and disciplinary functions related to the national valuation profession, including regular professional audit and continuing professional development of its member valuers. Under the Russian Valuation Law, membership in a SRO Valuation Society is a precondition for individuals in gaining the right of valuation practice. Its other functions include: adjudicating valuation-related disputes through its Experts Council, certifying valuation professionals and developing valuation standards. It is active in the area of valuation research and methodology through its subsidiary partner The International Academy of Valuation and Consulting, and hosts its semi-annual International Valuation Conferences to discuss advances in methodology and public valuation policy. The Russian Society of Appraisers is a founder and publisher of the Voproci Ocenki Quarterly periodical, a leading national research periodical of the valuation profession. Affiliation RSA is a member of the International Valuation Standards Committee (IVSC). Being a member of The European Group of Valuers Associations (TEGoVA), RSA also administers its prestigious "Recognized European Valuer" certification scheme. Current affairs of the Russian Society of Appraisers are highlighted in its regular Bulletin The Russian Value. See also Real estate appraisal Valuation (finance)
Tom Bayer	[ "20th-century births", "Living people", "Year of birth missing (living people)", "American emigrants to Vanuatu", "Businesspeople from Pennsylvania", "Lehigh University alumni", "Military personnel from Michigan", "Naturalised citizens of Vanuatu", "Place of birth missing (living people)", "People who renounced United States citizenship", "Vanuatuan businesspeople", "Wharton School alumni", "American bankers", "United States Army soldiers" ]	1,124	12,046	Thomas Montgomery Bayer is a Vanuatuan banker. A former U.S. citizen, he pursued a career in the finance sector. He lived in Australia and Singapore before moving to Vanuatu (then the New Hebrides) in 1974, where he became a citizen after independence and has continued to reside there. He was previously executive chairman of European Bank and managing director of the Pacific International Trust Company, he is now a member of the board of directors of the Reserve Bank of Vanuatu. Early life and career A native of Pennsylvania, Bayer graduated from Lehigh University before going on to the Wharton School of Business. He served in the United States Army attaining the rank of captain. After leaving the U.S. military, Bayer worked in international banking. He moved to Australia in 1967 and later to Singapore. He moved from Singapore to the New Hebrides in 1974 to become the vice-managing director of the Pacific International Trust Company, and was promoted to managing director the following year. His relocation came just as the groundwork was being laid for the islands' independence from the United Kingdom and France; when Vanuatu became independent in 1980 and asked prominent members of society to take Vanuatu citizenship, Bayer chose to accept in 1982, giving up U.S. citizenship in the process. European Bank Bayer became the executive chairman of European Bank in 1986. The bank began expanding its business in the mid-1990s. European Bank faced investigations by foreign regulatory authorities in July 1999 when one of its account-holders deposited US$7.5 million in funds, which U.S. officials believed to be the proceeds of a credit card fraud. This was part of a larger wave of concern about financial institutions in the South Pacific, which several U.S. banks, including the Bank of New York and JP Morgan Chase, to suspend dollar transactions not just with Vanuatu but Nauru and Palau and eventually Niue as well. Bayer was critical of this response, noting that Vanuatu had criminalised money laundering as early as 1989, and voiced his suspicions that both the U.S. government and U.S. banks were insincere in their desire to crack down on money laundering but rather had turned their attention to Vanuatu because it was a small and distant target, and one of the few offshore financial centres which was not a dependency of major foreign powers. Vanuatu pursued a diplomatic approach to resolving the situation, in which Bayer played a large role: a Vanuatu delegation headed by Bayer went to the U.S. and met with International Monetary Fund, U.S. State Department, and Federal Reserve System officials in January 2000 to discuss details of Vanuatu's anti-money laundering laws and practices, and arranged for reciprocal visits by State Department and Financial Action Task Force officials to Port Vila in the following months. This successfully persuaded some banks to resume transactions with Vanuatu, but other correspondent banks in the U.S. continued to apply sanctions. In May 2002, the U.S. indicted Bayer and two colleagues on charges including laundering the proceeds of another business through European Bank, and again froze the bank's U.S. funds. In March 2012, after nearly a decade of litigation, European Bank successfully unfroze its accounts and had its funds returned, with interest. Reserve Bank of Vanuatu Bayer retired from his position as PITCO chairman in November 2011. In June 2012, then-Minister of Finance Moana Carcasses appointed Bayer to the board of the Reserve Bank of Vanuatu. Opposition politicians including Serge Vohor of the Union of Moderate Parties, Jeff Patunvanu of Nagriamel, and members of the Vanua'aku Pati questioned the move due to Bayer's previous association with European Bank. In March 2013, new Minister of Finance Charlot Salwai, who succeeded to the position after Carcasses lost his seat in the October 2012 elections, attempted to remove Bayer from the RBV board, claiming that he was an agent of European Bank and was thus disqualified from serving under the Reserve Bank of Vanuatu Act Section 8(10)(b). Bayer described the dismissal as illegal and Salawai's claim as misleading and defamatory as he had not been a board member of European Bank for more than a decade, and suggested that the move was tied to party politics. The following month, after the collapse of the Sato Kilman government in whose cabinet Salawai served, and the election of Carcasses (who had since crossed the floor) as prime minister, RBV Governor Odo Tevi himself was removed after more than ten years in his position. Members of Parliament expressed differing opinions on the issue: Robert Bohn Sikol stated that "Tevi had done a good job and was not sacked", whereas Leader of the Opposition Ham Lini described it as retaliation for Bayer's removal. In August 2013, Bayer was again appointed to the RBV board by new Minister of Finance Maki Simelum.
Igor Olenicoff	[ "1942 births", "American businesspeople in real estate", "American billionaires", "Living people", "Soviet emigrants to the United States", "American people convicted of tax crimes", "American businesspeople convicted of crimes", "People named in the Panama Papers", "People from Lighthouse Point, Florida", "Russian businesspeople in the United States", "Russian people convicted of tax crimes" ]	2,412	20,045	Igor Olenicoff (born 1942) is an American billionaire and real estate developer. In 2007, he was convicted of tax evasion stemming from his use of off-shore companies and Swiss banks to hide his financial assets. Early life and education Olenicoff was born in Moscow in 1942. After the war, his family being tsarists, fled the Soviet Union for Iran where he was educated by missionaries. In 1957, his family emigrated to the United States. In the U.S., his father Michael, an engineer, worked as a janitor, and his mother, Zina, worked as a housekeeper. He graduated from the University of Southern California with an undergraduate degree in corporate finance and mathematics as well as an M.B.A. Olen Properties After school, he worked as a consultant and corporate executive. In 1973, he purchased a 16 unit duplex with his newly founded company Olen Properties. Since then, he has grown the firm and now owns more than 6.4 million square feet of office space and nearly 12,000 residential units in Las Vegas, Arizona, California, and Florida. In 2006, Forbes Magazine estimated his fortune at $1.6 billion, based upon his sole ownership of Olen Properties. However, Olenicoff told the magazine that he did not own the company, claiming that it was owned by an offshore company–incorporated company since 1980. Olen's offshore corporate parent was first headquartered in the Cayman Islands, the Bahamas and Denmark. According to Forbes, the IRS was investigating Olenicoff for tax evasion. The IRS contended that Olenicoff was the sole owner of Olen and used Bahamas-domiciled Sovereign Bancorp Ltd. as an offshore vehicle to hide assets from the IRS and his creditors in order to evade taxes. Olenicoff denied he owned Sovereign, claiming that it was a Russian parastatal investment vehicle established by Boris Yeltsin, and that it had merely lent money to Olen. The IRS hit Olenicoff with a $77 million for back taxes and penalties for the years 1996 and 1997 and was investigating him and Sovereign for the 2002 and 2003 tax years. It was later revealed that Olenicoff was listed on signature cards held by Barclays Bank (Bahamas) as chairman of Sovereign Bancorp and as the president of the National Depository Corporation, Ltd. In 2007, the IRS reported that he also maintained accounts for these two entities at Solomon Smith Barney's British operations, as well as controlled accounts for other offshore companies in Canada and Liechtenstein in which monies from Olen Properties were shifted abroad to avoid taxes. Attempts to block competing housing In 2022, Olenicoff sued Newport Beach to block a competing real estate developer from building an apartment complex near John Wayne Airport. Olenicoff used California Environmental Quality Act to argue that the environmental impact of the development had not been assessed. Housing advocates characterized the Olenicoff lawsuit as "CEQA abuse" and a pretext to block competing housing. Tax evasion Olenicoff was ensnared in the UBS scandal, in which the Swiss private bank was revealed to have helped American citizens evade billions of dollars in taxes owed to the U.S. government. Olenicoff was recruited to UBS from Barclays Bank by Brad Birkenfeld, who subsequently blew the whistle on UBS's abetting of tax evasion by wealthy Americans. Olenicoff became a client of UBS in 2001, and transferred $200 million to the bank using credit cards supplied by Birkenfeld. In December 2007, Olenicoff pleaded guilty to a single felony count of filing a false tax return for 2002. He admitted to tax evasion and of misleading the IRS about his offshore accounts in the Bahamas, Liechtenstein, Switzerland, and the United Kingdom. As part of his plea bargain, Olenicoff paid a $52 million fine and agreed to repatriate his offshore funds to the United States. In his sentencing on April 14, 2008, Olenicoff blamed his situation on bad financial advice from accountants, bankers, and lawyers and his own thoughtlessness, claiming it was never his intent to defraud the government. On its part, the federal government argued against his serving a prison sentence since he had no prior convictions and his crime had hurt no one financially. Sentencing guidelines called for a prison sentence of up three years, which typically resulted in a sentence of six months, but the federal prosecutors advised against sending Olenicoff to jail. The U.S. probation officer recommended that Olenicoff receive a sentence of one year on probation, while the prosecutor's memorandum recommended probation for three years. While the prosecutor admitted that Olenicoff had cooperated with the government as per the terms of his plea bargain, he had illegally used off-shore banks to avoid taxes since at least 1992." Assistant U.S. Attorney Brett Sagel argued that a shorter probation period would enable the billionaire to speedily repatriate his assets, which currently were out reach of the IRS. U.S. District Court Judge Cormac Carney sentenced Olenicoff to two years on probation and 120 hours of community service. The government had not asked for community service. Carney also fined Olenicoff $3,500 and levied a $100 fee on the felon. He sentenced him to two years probation and 120 hours of community service. The judge specified that the community service had to be separate from Olenicoff's charitable activities. Olenicoff filed a lawsuit against UBS and Birkenfeld in 2008, seeking up to $1.7 billion in damages. Olenicoff alleged that UBS and Birkenfeld had engaged in fraud and conspiracy by giving him bad advice, i.e., that he could avoid paying U.S. taxes by moving his assets to the Swiss bank. American tax law permits residents to have off-shore bank accounts, but they are required to file a Tax Form W9 disclosing the accounts as part of their tax returns. The suit was dismissed in April 2012, with U.S. District Judge Andrew Guilford acting on a motion by UBS and Birkenfeld to dismiss the suit on the grounds that Olenicoff as a U.S. taxpayer had a duty to know his tax obligations. In his written opinion, Judge Guilford said that Olenicoff since he already pleaded guilty to tax evasion, "It is directly inconsistent for him now to claim that he unwittingly relied on UBS's counsel." In August 2012, UBS sued Olenicoff under California law for malicious prosecution. The lawsuit quoted Guilford's decision. The complaint claims, "In order to pursue his claim of fraud, he disavowed the sworn statements he made in the criminal case acknowledging his own active deceit, and instead claimed he actually had been unaware that he had lied on his tax returns. This change of his story was done for the purpose of pursuing a false claim of fraud against UBS." UBS is asking for "special damages" exceeding $3 million plus attorney's fees. Olenicoff publicly responded to the suit by claiming "this is some sort of a publicity stunt to chill anyone else's plans to sue UBS." Art forgeries In June 2014, Olenicoff and his real estate company, Olen Properties Corp., were found guilty of copyright infringement by a federal jury and ordered to pay $450,000 in damages to sculptor Don Wakefield, who creates abstract stone sculptures. In 2004, the artist sent emails to Southern California real estate firms, including Olenicoff's real estate company Olen Properties, featuring the image of his amoeba-like sculpture "Untitled" to see if they were interested in purchasing any of his works. In 2008, Wakefield found a similar sculpture at the Newport Beach, California offices of Olen Properties that he initially thought was the original of his "Untitled" work. In 2010, he found three more knockoffs of his works at a property in Irvine, California owned by Olen Properties. The company said the works, which were part of a Percent for Art scheme to promote public art, were the work of Chinese sculptor Zhou Hong. In 2011, Olenicoff claimed that the sculpture and three others like it that were on display at other Olen sites had been bought in Beijing during the 2008 Olympic Games. Olenicoff also said he had one of the sculptures modified with the addition of a stainless steel form representing a teardrop. At the time, he refused to confirm or deny whether the sculptures were copies of Wakefield's original work. Wakefield's sculpture would cost $160,000 whereas the Beijing-made knockoffs would cost approximately $35,000 each. Olenicoff also is being sued by sculptor John Raimondi, who was contacted by the real estate tycoon to create versions of two of his extant sculptures as part of a percent-for-art mandate. If Olenicoff had followed through with commissioning the works, Raimondi would have made $100,000 to $250,000. Raimondi had supplied Olenicoff with detailed drawings and photographs of the proposed works, which Olenicof subsequently cancelled. In 2010, Raimondi was informed that sculptures that originally had been submitted to the city of Brea, California as being his works were now credited to a Chinese artist. Raimondi had never authorized the creation or display of the sculptures he had discussed with Olenicoff. A federal jury in June 2014 awarded Wakefield's $450,000 in damages, whilst another federal jury in December 2014 awarded Raimondi $640,000 in damages. Olenicoff has filed a motion that the damages in the Wakefield case be set aside. The "Olenicoff Defense" Lawyers for billionaire H. Ty Warner, the creator of Beanie Babies, successfully used a defense based on the government's treatment of Olenicoff to spare Warner from a jail sentence. Warner had been convicted of illegally hiding $106 million in offshore accounts, which was revealed when he tried to take advantage of the IRS tax amnesty that was offered in the wake of the 2008-10 UBS tax scandal. The lawyers cited Olenicoff for getting off without a jail sentence when he was sentenced for tax evasion via offshore accounts. Warner's pre-sentencing report that called for a jail sentence said his offshore account was the biggest ever found. In fact, the lawyer's pointed out, Olenicoff had illegally stashed $240 million offshore. The Olenicoff defense worked. On January 14, 2014, District Court Judge Charles P. Kocoras sentenced Warner to two years probation and 500 hours of community service. The judge rejecting the prosecution's recommendation for jail time of one year and one day, to serve as a deterrent to other tax cheats. Olenicoff, who also got two years probation and community service, pleaded guilty to filing a false tax return, a felony. Warner pleaded guilty to the more serious charge of tax evasion. Since Olenicoff was sentenced in 2008, 63% of those defendants in offshore tax evasion cases have not been sentenced to jail. Political activity Olenicoff contributed $24,200 to Donald Trump's 2020 presidential campaign. Personal life Olenicoff is married to Jeanne M. Patterson, a Los Angeles native. They have a daughter, Natalia. A son, Andrei, was killed in a car accident in 2005. They live in Lighthouse Point, Florida. Andrei Olenicoff Memorial Foundation Andrei suffered from retinitis pigmentosa and the Olenicoffs founded the Andrei Olenicoff Memorial Foundation in his honor. As of December 2010, Igor Olenicoff was listed as the Newport Beach, California-based private foundation's president. It gave out $37,890 in grants and had assets of $208,859. The major benefactors of the Andrei Olenicoff Memorial Foundation are the Foundation Fighting Blindness, Guide Dogs for the Blind, and Makapo Aquatics, a visually-impaired paddling team. One of their Foundation's first gifts went to Russian orphans who needed prosthetic devices and corrective surgeries.
Útrásarvíkingur	[ "Economy of Iceland", "Icelandic businesspeople", "Icelandic bankers", "Viking Age in popular culture", "2000s in Iceland", "2010s in Iceland" ]	1,054	8,547	Útrásarvíkingur (, 'raiding viking', plural útrásarvíkingar) is a neologism coined during the early twenty-first century Icelandic banking boom (the so-called Icelandic outvasion) as a term for Icelandic financiers who rose to prominence with a string of high-profile, credit-fuelled purchases of European businesses. The concept that it denotes, which imagines the financier as a modern-day Viking, has been the subject of extensive scholarly research investigating its relationship with Icelandic nationalism and the causes of the 2008–2011 Icelandic financial crisis. Literal meaning Út means 'out'; rás, in this context, means 'a rush, race, sprint, expansion'; and útrás correspondingly means outward rush. This term útrás was used in Icelandic to denote Icelanders' acquisitions of foreign assets during the early twenty-first century banking boom. This word has often been rendered into English in the Icelandic media using the calque outvasion. An útrásarvíkingur is, then, an 'outvasion viking' or, more loosely, 'raiding viking'. It has also been rendered 'venture viking' (in a reference to venture capital). Cultural meaning The idea of the útrásarvíkingar has been seen as an important example of medievalism and nationalism in Icelandic culture, adverting to the imagined golden age of the Settlement of Iceland, during which Iceland is popularly imagined to have been a free and just society. The most prominent commentator on these lines before the collapse of Iceland's banks was Kristín Loftsdóttir, who argued that by appealing to powerful nationalist sentiments in Icelandic culture, the image of the útrásarvíkingur helped to shield risk-taking financiers from criticism. Extensive further research was published in the wake of the Crash. The pre-eminent example of an útrásarvíkingur came to be seen as Björgólfur Thor Björgólfsson, who for a time was the effective owner of Landsbanki. One invocation of the concept of the 'venture viking' that gained particular infamy in the wake of the Crash was a speech by the then President of Iceland, Ólafur Ragnar Grímsson to the Walbrook Club in London on 3 May 2005, in which Ólafur Ragnar attributed Iceland’s success in business to an innate entrepreneurial spirit deriving directly from Icelanders’ viking ancestors. History of the term The term víkingur traditionally simply meant 'pirate' in Icelandic, but in útrásarvíkingur referred to vikings, a figment of modern constructions of the medieval past, imagined as ethnically Scandinavian, manly, and nobly savage. The term seems to have been coined quite late in the Icelandic banking boom: the earliest attestation in the online corpus of Icelandic newspapers and periodicals Tímarit.is comes from June 1, 2005. It seems to have been inspired by English-language news reporting figuring Icelandic financiers as Vikings, and it has been suggested that 'origins of the term lie primarily in language of violent masculinity developed on Wall Street around the beginning of the 1980s and soon adopted into everyday English — usages such as "to make a killing", meaning "to make a lot of money".' Appearances in popular culture A number of novelists wrote works satirising the medievalist pretensions of the útrásarvíkingar, particularly by reimagining the útrásarvíkingar not as vikings but as feudal knights. They include Bjarni Harðarson (Sigurðar saga fóts: Íslensk riddarasaga), Böðvar Guðmundsson (Töfrahöllin), and Andri Snær Magnason (Tímakistan). Meanwhile, Bjarni Bjarnason subverted Björgólfur Thor Björgólfsson's enthusiasm for identifying himself with the god Þór by associating him instead with the more sinister god Óðinn in Mannorð.
Arthur C. Wade	[ "1852 births", "1914 deaths", "People from Charlotte, New York", "American amputees", "Albany Law School alumni", "19th-century American lawyers", "New York (state) lawyers", "Politicians from Jamestown, New York", "American business executives", "Businesspeople from New York (state)", "19th-century American businesspeople", "19th-century New York (state) politicians", "Republican Party members of the New York State Assembly", "American politicians with disabilities", "American lawyers with disabilities", "20th-century members of the New York State Legislature" ]	711	9,308	Arthur C. Wade (December 12, 1852 – August 21, 1914) was an American lawyer and politician from New York. Life Wade was born in Charlotte, New York on December 12, 1852. His parents were farmer George L. Wade and Jane E. Pearson. After he finished school, he worked at a saw mill where he lost his left arm in an accident. He then attended Ellington Academy and the Chamberlain Institute in Randolph. Afterwards, he read law under Theodore M. Case of Ellington for 18 months. He entered Albany Law School in 1876, graduating with a law degree and getting admitted to the state bar in 1877. After he passed the bar, he practiced law in Ellington as a law partner with Case. In 1883, he ended the partnership and moved to Jamestown, where he worked in the law office of Judge Orsell Cook. Among his most notable moments in courts was his defense of Howard C. Benham of Batavia, accused of murdering his wife. Benham was already found guilty and sentenced to death when Wade asked for a new trial, which was granted. In 1898, after a four-week trial, Wade successfully had the sentence overturned and Benham found not guilty. Wade was also involved in a number of manufacturing and transportation companies. He was president of the Fenton Metallic Mfg. Co., the Jamestown Felt Mills, the Ulster Oil Co., and the United States Voting Machine Co. He was also secretary of the Waverly, Sayre, & Athens Traction Co., and secretary and treasurer of Chautauqua Steamboat Co. He also served as president of the Art Metal Construction Co., the Jamestown Metal Furnishing Company, the Ahlstrom Piano Company, D. H. Grandin Milling Company, Chautauqua Towel Mills, and Home Telephone Company, as well as vice-president of the Post Publishing Company, and director of the First National Bank of Jamestown and the Allen Square Company. In the 1891 New York State election, Wade was the Republican candidate for New York State Comptroller, but lost the election to Frank Campbell. In 1903, Wade was elected to the New York State Assembly, representing the Chautauqua County 1st District. He served in the Assembly in 1904, 1905, and 1906. Wade was a member of the Benevolent and Protective Order of Elks. His wife was Frances Briggs. They had no surviving children. Wade died at home on August 21, 1914. He was buried in Lake View Cemetery

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