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Tibet Everest Resources
|
[
"Companies based in Tibet",
"Economy of Tibet",
"Companies listed on the Shanghai Stock Exchange",
"Mineral companies of China",
"Companies established in 1998",
"Metal companies of China"
] | 773 | 6,329 |
Tibet Everest Resources (), also known as Tibet Summit Resources or simply Tibet Summit in English-language sources, stock abbreviation: Tibet Everest (, ), is a Chinese mining company engaged primarily in non-ferrous metal and lithium resource development. It was listed on the Shanghai Stock Exchange on December 27, 2000, becoming the sixth company to be listed in the Tibet Autonomous Region.
Corporate affairs
Tibet Everest Resources was initially involved in the motorcycle industry. It later pivoted to non-ferrous metallurgy in 2005 and fully shifted into upstream mining by 2015. The company is now listed on the Shanghai Stock Exchange and is a component of several indices tracking resources and new energy.
As of 2024, Tibet Everest’s largest shareholder is Shenzhen Zhongjin Lingnan Nonfemet, a Guangdong-based state-affiliated non-ferrous metals firm, with indirect ownership by Guangdong Rising Holdings Group. Other major shareholders include the China Securities Finance Corporation and the National Social Security Fund.
The company is chaired by Huang Jianrong, with Mao Yuankai serving as vice chairman and president. Tibet Everest is headquartered in Shanghai’s Jing’an District, while its registration remains in Lhasa. Its governance structure includes a board of directors and a supervisory board.
History
Tibet Everest was founded on November 30, 1998, as Tibet Everest Industry Co., Ltd., promoted by Tibet Everest Motorcycle Company and regional investment entities. It was listed in 2000 on the Shanghai Stock Exchange.
In 2005, the company transitioned from motorcycles to metallurgy via a major restructuring. In 2015, it acquired 100% of Tajik-Chinese Mining Co., giving it control of a major polymetallic mine in northern Tajikistan. In 2017, it divested its smelting operations to focus exclusively on mining.
In 2018, Tibet Everest acquired lithium brine projects in Argentina’s Salta Province, including the Sal de los Ángeles (Diablillos) and Salar de Arizaro, marking its entry into the global lithium supply chain. In 2021, it announced plans to invest over USD 1.7 billion in developing these sites.
Operations
Tibet Everest Resources, often referred to internationally as Tibet Summit Resources, operates across Central Asia and Latin America, with mining projects in Tajikistan and lithium development in Argentina.
China
The company no longer operates mining or smelting assets in China. Its domestic activities focus on coordination, technology R&D, and project management from Shanghai and Lhasa.
Tajikistan
Tibet Everest owns the Zarafshon lead-zinc mine through its wholly owned subsidiary Tajik-Chinese Mining Co. This mine produced over 60,000 tonnes of lead concentrate and 89,000 tonnes of zinc concentrate in 2023. The company is expanding capacity and building a metallurgical plant to refine lead, silver, and copper on site. It also plans a broader non-ferrous metals industrial park.
The Tajik operation is a major contributor to Tibet Everest's revenue and is part of China's Belt and Road Initiative. It provides employment to several thousand local workers and has signed offtake and prepayment agreements with partners such as Glencore.
Argentina
In Salta Province, Tibet Everest (operating as Tibet Summit Resources) controls two lithium brine projects:
Sal de los Ángeles (Diablillos): Contains 2.05 million tonnes LCE. The company secured environmental approval in 2024 to construct a 30,000 t/yr lithium carbonate plant. A 10,000 t/yr module is targeted for 2025. Pilot production began in 2023 and brought in revenue of CNY 143 million. The project uses direct lithium extraction (DLE) technology, and major suppliers include Tus-Membrane and Sunresin.
Salar de Arizaro: Still in exploration. Resource estimates suggest over 10 million tonnes LCE. Tibet Everest has conducted geophysical surveys and exploratory drilling. A pre-feasibility study is underway, and commercial production is projected for 2026 or later.
Combined, the projects may support 50,000–100,000 t/yr of lithium carbonate production. Tibet Everest has signed agreements with Argentine authorities and partners. Logistics and infrastructure work includes brine wells, freshwater sourcing, and modular equipment transported from Chile. Challenges have included environmental permitting and contractor changes.
|
Credit risk
|
[
"Credit risk",
"Actuarial science",
"Banking infrastructure",
"Financial law"
] | 2,227 | 18,415 |
Credit risk is the chance that a borrower does not repay a loan or fulfill a loan obligation. For lenders the risk includes late or lost interest and principal payment, leading to disrupted cash flows and increased collection costs. The loss may be complete or partial. In an efficient market, higher levels of credit risk will be associated with higher borrowing costs. Because of this, measures of borrowing costs such as yield spreads can be used to infer credit risk levels based on assessments by market participants.
Losses can arise in a number of circumstances, for example:
A consumer may fail to make a payment due on a mortgage loan, credit card, line of credit, or other loan.
A company is unable to repay asset-secured fixed or floating charge debt.
A business or consumer does not pay a trade invoice when due.
A business does not pay an employee's earned wages when due.
A business or government bond issuer does not make a payment on a coupon or principal payment when due.
An insolvent insurance company does not pay a policy obligation.
An insolvent bank will not return funds to a depositor.
A government grants bankruptcy protection to an insolvent consumer or business.
To reduce the lender's credit risk, the lender may perform a credit check on the prospective borrower, may require the borrower to take out appropriate insurance, such as mortgage insurance, or seek security over some assets of the borrower or a guarantee from a third party. The lender can also take out insurance against the risk or on-sell the debt to another company. In general, the higher the risk, the higher will be the interest rate that the debtor will be asked to pay on the debt. Credit risk mainly arises when borrowers are unable or unwilling to pay.
Types
A credit risk can be of the following types:
– The risk of loss arising from a debtor being unlikely to pay its loan obligations in full or the debtor is more than 90 days past due on any material credit obligation; default risk may impact all credit-sensitive transactions, including loans, securities and derivatives.
Concentration risk – The risk associated with any single exposure or group of exposures with the potential to produce large enough losses to threaten a bank's core operations. It may arise in the form of single-name concentration or industry concentration.
Country risk – The risk of loss arising from a sovereign state freezing foreign currency payments (transfer/conversion risk) or when it defaults on its obligations (sovereign risk); this type of risk is prominently associated with the country's macroeconomic performance and its political stability.
Significant resources and sophisticated programs are used to analyze and manage risk. Some companies run a credit risk department whose job is to assess the financial health of their customers, and extend credit (or not) accordingly. They may use in-house programs to advise on avoiding, reducing and transferring risk. They also use the third party provided intelligence. Nationally recognized statistical rating organizations provide such information for a fee.
For large companies with liquidly traded corporate bonds or Credit Default Swaps, bond yield spreads and credit default swap spreads indicate market participants assessments of credit risk and may be used as a reference point to price loans or trigger collateral calls.
Most lenders employ their models (credit scorecards) to rank potential and existing customers according to risk, and then apply appropriate strategies. With products such as unsecured personal loans or mortgages, lenders charge a higher price for higher-risk customers and vice versa. With revolving products such as credit cards and overdrafts, the risk is controlled through the setting of credit limits. Some products also require collateral, usually an asset that is pledged to secure the repayment of the loan.
Credit scoring models also form part of the framework used by banks or lending institutions to grant credit to clients. For corporate and commercial borrowers, these models generally have qualitative and quantitative sections outlining various aspects of the risk including, but not limited to, operating experience, management expertise, asset quality, and leverage and liquidity ratios, respectively. Once this information has been fully reviewed by credit officers and credit committees, the lender provides the funds subject to the terms and conditions presented within the contract (as outlined above).
Sovereign risk
Sovereign credit risk is the risk of a government being unwilling or unable to meet its loan obligations, or reneging on loans it guarantees. Many countries have faced sovereign risk in the Great Recession. The existence of such risk means that creditors should take a two-stage decision process when deciding to lend to a firm based in a foreign country. Firstly one should consider the sovereign risk quality of the country and then consider the firm's credit quality.
Five macroeconomic variables that affect the probability of sovereign debt rescheduling are:
Debt service ratio
Import ratio
Investment ratio
Variance of export revenue
Domestic money supply growth
The probability of rescheduling is an increasing function of debt service ratio, import ratio, the variance of export revenue and domestic money supply growth. The likelihood of rescheduling is a decreasing function of investment ratio due to future economic productivity gains. Debt rescheduling likelihood can increase if the investment ratio rises as the foreign country could become less dependent on its external creditors and so be less concerned about receiving credit from these countries/investors.
Counterparty risk
A counterparty risk, also known as a settlement risk or counterparty credit risk (CCR), is a risk that a counterparty will not pay as obligated on a bond, derivative, insurance policy, or other contract.
Financial institutions or other transaction counterparties may hedge or take out credit insurance or, particularly in the context of derivatives, require the posting of collateral.
Offsetting counterparty risk is not always possible, e.g. because of temporary liquidity issues or longer-term systemic reasons.
Further, counterparty risk increases due to positively correlated risk factors; accounting for this correlation between portfolio risk factors and counterparty default in risk management methodology is not trivial.
The capital requirement here is calculated using SA-CCR, the standardized approach for counterparty credit risk. This framework replaced both non-internal model approaches – Current Exposure Method (CEM) and Standardised Method (SM).
Mitigation
Lenders mitigate credit risk in a number of ways, including:
Risk-based pricing – Lenders may charge a higher interest rate to borrowers who are more likely to default, a practice called risk-based pricing. Lenders consider factors relating to the loan such as loan purpose, credit rating, and loan-to-value ratio and estimates the effect on yield (credit spread).
Covenants – Lenders may write stipulations on the borrower, called covenants, into loan agreements, such as:
Periodically report its financial condition,
Refrain from paying dividends, repurchasing shares, borrowing further, or other specific, voluntary actions that negatively affect the company's financial position, and
Repay the loan in full, at the lender's request, in certain events such as changes in the borrower's debt-to-equity ratio or interest coverage ratio.
Credit insurance and credit derivatives – Lenders and bond holders may hedge their credit risk by purchasing credit insurance or credit derivatives. These contracts transfer the risk from the lender to the seller (insurer) in exchange for payment. The most common credit derivative is the credit default swap.
Tightening – Lenders can reduce credit risk by reducing the amount of credit extended, either in total or to certain borrowers. For example, a distributor selling its products to a troubled retailer may attempt to lessen credit risk by reducing payment terms from net 30 to net 15.
Diversification – Lenders to a small number of borrowers (or kinds of borrower) face a high degree of unsystematic credit risk, called concentration risk. Lenders reduce this risk by diversifying the borrower pool.
Deposit insurance – Governments may establish deposit insurance to guarantee bank deposits in the event of insolvency and to encourage consumers to hold their savings in the banking system instead of in cash.
Related initialisms
ACPM Active credit portfolio management
CCR Counterparty credit risk
CE Credit exposure
CVA Credit valuation adjustment
DVA Debit valuation adjustment – see XVA
EAD Exposure at default
EE Expected exposure
EL Expected loss
JTD – Jump-to-default, where the reference entity suddenly defaults
LGD Loss given default
PD Probability of default
PFE Potential future exposure
SA-CCR The standardised approach to counterparty credit risk
VAR Value at risk
See also
Credit (finance)
Credit spread curve
Criticism of credit scoring systems in the United States
CS01
Default (finance)
Distressed securities
Jarrow–Turnbull model
KMV model
Merton model
Further reading
from the Bank for International Settlements
|
SpareBank 1 Nord-Norge
|
[
"Banks of Norway",
"SpareBank 1",
"Banks established in 1836",
"Companies based in Tromsø",
"Companies listed on the Oslo Stock Exchange",
"Norwegian companies established in 1836"
] | 411 | 3,092 |
SpareBank 1 Nord-Norge is a Norwegian savings bank. The bank has 90 branch offices in Nordland, Tromsø, Finnmark and Svalbard and a head office in Tromsø. It has 250,000 private and 40,000 institutional customers with total assets of NOK 48 billion. It is a founding member of the bank alliance SpareBank 1, with a 19.5% ownership.
History
The first of the many savings banks that now is part of Sparebanken Nord-Norge was Tromsø Sparebank, founded in 1836. After that, especially in the mid-19th century many savings banks were established in Northern Norway.
In the 1960s and onwards to the 1980s there was a trend of merging local savings banks to larger unites. Tromsø Sparebank merged with nine other banks in Troms and Finnmark to form a large Tromsø Sparebank in the period 1963-1984 while another savings bank, Sparebanken Nord, arose consisting of a merger between ten other banks in the same counties. In Nordland the bank Sparebanken Nordland emerged in 1985 after the merge of 14 local savings banks.
In 1988 Norway was struck by a bank crisis, and this forced Tromsø Sparebank and Sparebanken Nord to merge to form Sparebanken Nord-Norge. In 1991 Nordkapp Sparebank and in 1992 Sparebanken Nordland also joined.
In December 2018, the bank gained international attention when a man tried to steal NOK 70 000 from the Longyearbyen branch, the world most northerly bank making it the northernmost bank robbery.
|
Graham Wylie
|
[
"Living people",
"Alumni of Newcastle University",
"British technology company founders",
"Commanders of the Order of the British Empire",
"1959 births",
"English company founders",
"Knights Bachelor",
"Sage Group people",
"20th-century English businesspeople",
"21st-century English businesspeople"
] | 721 | 7,624 |
Sir Andrew William Graham Wylie (born 12 August 1959) is a British businessman and co-founder of Sage Group, the United Kingdom's largest software business.
Early life
Wylie was raised in the North East of England, the son of a Scottish miner from Stirling; Wylie's mother was originally from Hawick. In 1980, Wylie attained a bachelor's degree in Computer Science and Statistics from Newcastle University.
Career
In 1981 Wylie co-founded Sage Group with David Goldman and Paul Muller, having programmed the initial Sage accounts package himself. The Sage Group quickly grew to be a successful worldwide financial software company and is the only software company listed on the FTSE 100. In 2003, Wylie sold his stake in Sage for an estimated £195 million.
In October 2003, Wylie founded Technology Services Group and in the following years expanded that company primarily through acquisition.
Speedflex (Europe) Ltd was formed in 2011 by chairman Wylie, Paul Ferris and Alan Shearer.
Wylie was appointed Commander of the Order of the British Empire (CBE) in the 2003 New Year Honours and was knighted in the 2020 New Year Honours for services to business and charity. He has been awarded honorary doctorates by Northumbria University in 2000 and Newcastle University in 2004. He has been awarded the freedom of the city of Newcastle upon Tyne.
Personal life
In 2003 Wylie married his second wife, Andrea Wylie. He and his wife also own a number of racehorses and Close House (a mansion with golf course). Wylie's horses have raced at some of the sport's most prestigious events including the Grand National and the Cheltenham Festival, where they have won on 13 different occasions.
Wylie and his wife purchased Gosforth Shopping Centre for £9.25 million and sold the development more than a decade later for £12.25 million.
Wylie has his own charitable foundation, the "Graham Wylie Foundation", which reportedly gives away 100% of donations to its chosen causes.
|
Shanghai Clearing House
|
[
"Financial services companies established in 2009",
"2009 establishments in Shanghai",
"Government-owned companies of China",
"Central securities depositories",
"Clearing houses"
] | 393 | 3,579 |
The Shanghai Clearing House (SHCH, ), formally the Inter-bank Market Clearing House Co., Ltd. (), is a significant central counterparty and central securities depository in China, established in 2009 in Shanghai.
The Shanghai Clearing House was established on and was recognized as a Qualified Central Counterparty by the People's Bank of China. Its founding shareholders were China Foreign Exchange Trade System (46.7 percent), China Central Depository & Clearing (33.3 percent), China Banknote Printing and Minting Corporation (10 percent), and China Gold Coin Inc. (10 percent).
It provides services in central counterparty clearing, registration and custody, risk management and valuation, statistical information, and financial knowledge dissemination. In 2018, the total clearing volume on the Shanghai Clearing House reached 4.6 million, 31 percent up on the previous year, for an amount of RMB 349.5 trillion, up 32 percent.
In the European Union, the Shanghai Clearing House was recognized as a third-country central counterparties by the European Securities and Markets Authority on . In the United States, it is authorized to clear swaps for the proprietary accounts of its clearing members that are U.S. persons or affiliates of U.S. persons, by exemption granted by the Commodity Futures Trading Commission. As such, it is not registered as a derivatives clearing organization (DCO).
The Shanghai Clearing House is a member of the CCP Global, the global association of clearing houses, which was itself registered in Shanghai in 2015 and opened an office there in 2017.
See also
China Central Depository & Clearing (CCDC)
China Securities Depository and Clearing Corporation (CSDC)
China Foreign Exchange Trade System (CFETS)
Cross-Border Interbank Payment System (CIPS)
Asia-Pacific Central Securities Depository Group
CCP Global
|
MGIC Investment Corporation
|
[
"Companies listed on the New York Stock Exchange",
"Financial services companies of the United States",
"Financial services companies established in 1957",
"American companies established in 1957",
"Real estate companies established in 1957",
"Real estate companies of the United States",
"Companies based in Milwaukee",
"Insurance companies of the United States",
"1957 establishments in Wisconsin",
"1982 mergers and acquisitions",
"Companies that have filed for Chapter 11 bankruptcy",
"Companies that filed for Chapter 11 bankruptcy in 1983",
"Companies in the S&P 400"
] | 774 | 7,380 |
MGIC Investment Corporation ("MGIC") is a provider of private mortgage insurance in the United States. The company is headquartered in Milwaukee, Wisconsin.
In addition to mortgage insurance, MGIC provides lenders with various underwriting and other services and products related to home mortgage lending. Today, MGIC serves lenders in the United States, Puerto Rico and Guam with obtaining mortgage insurance.
History
In 1957, the company was founded in Milwaukee by Max H. Karl, a real estate attorney who noticed that his clients were having trouble paying for their new homes. Karl invented modern private mortgage insurance and secured US$250,000 from investors, including friends and business associates, to open MGIC. In 1982, Karl sold the company to Baldwin United for $1.2 billion. In 1983 Baldwin United filed for Chapter 11 bankruptcy protection, and in 1985 MGIC was liquidated and its assets sold to Northwestern Mutual for $775 million. That same year, Karl and others set up a new company with the same name. In 1987, Bill Lacy was appointed chairman and chief executive officer of the company. Lacy died in 2016. In 1995, the founder of the company, Max H. Karl, died.
Headquarters
MGIC's four-story headquarters is located at 250 Kilbourn Avenue in downtown Milwaukee. The building was designed in an inverted pyramid shape by Fitzhug Scott-Architects, Inc. and Skidmore, Owings & Merrill and was completed in 1973. The building was extensively renovated by Eppstein Uhen Architects and Hunzinger Construction in 2019.
Community service
MGIC supports many community organizations through donations and volunteering. They currently have programs and campaigns supporting United Way, Junior Achievement, United Performing Arts Fund, Milwaukee Public Television, Habitat for Humanity, Secure Futures and many other nonprofit organizations.
Honors
Mortgage Guaranty Insurance Corporation has been named a "Top Workplace" by the Milwaukee Journal Sentinel every year since 2010.
In 2015, MGIC was one of the winners of the Healthiest Employers awarded by the Milwaukee Business Journal. MGIC received a 2018 Platinum WELCOA Well Workplace Award.
|
Norberto Azqueta Sr.
|
[
"1930 births",
"2020 deaths",
"Cuban emigrants to the United States",
"20th-century Cuban businesspeople",
"Businesspeople from Florida",
"Fanjul family"
] | 458 | 4,580 |
Norberto Azqueta Sr. (June 20, 1930 – November 11, 2020) was a Cuban-born American businessman, with interests in sugar, banking, paper and other industries.
Early life
Norberto Azqueta was the son of Jésus Azqueta, who owned a sugar mill in Venezuela through the family company Trucane Sugar. His family is of Spanish descent.
Azqueta moved to the U.S after the rise of the Castro regime in Cuba in 1960.
Azqueta was one of the founders of the Gulfstream Polo Club in Lake Worth, Florida.
Personal life
Azqueta was married to Lian Fanjul Azqueta, the daughter of Cuban-born American sugar baron Alfonso Fanjul Sr.
In 2001, his eldest son, Norberto Azqueta Jr., born in Cuba, who was then working for the Fanjul brothers' sugar-making conglomerate, Florida Crystals, married Robin van Orman, the great granddaughter of Burton K. Wheeler, a U.S. senator from 1923 to 1947.
Their son Jesse Azqueta Sr. married Winnie, and they have a son Jesus Azqueta Jr., who married Rachel C. Eggen in Palm Beach in 2012.
Norberto Azqueta Sr. died in Weston, Florida on November 11, 2020, at the age of 90.
|
Lubna Olayan
|
[
"20th-century Saudi Arabian businesspeople",
"21st-century Saudi Arabian businesspeople",
"Saudi Arabian billionaires",
"1955 births",
"Cornell University alumni",
"Indiana University Bloomington alumni",
"Kelley School of Business alumni",
"Living people",
"Olayan family",
"Saudi Arabian bankers",
"Saudi Arabian corporate directors",
"Saudi Arabian chief executives",
"Saudi Arabian women in business",
"Women bankers",
"Women chief executives"
] | 1,036 | 10,359 |
Lubna Suliman al-Olayan (; born 4 August 1955) is a Saudi businesswoman and former CEO and deputy chairman of Olayan Financing Company.
Early life
Lubna Al-Olayan was born in Khobar, in the Eastern Province, and is the youngest child of Sheikh Sulaiman Al-Olayan, who is also the founder of the Olayan Group. Lubna serves as the CEO of Olayan Financing Group. She also worked at Morgan Guaranty Trust Bank in New York City from 1979 to 1981, before returning to Saudi Arabia to work again with the Olayan Company. She obtained a Bachelor of Science in Agriculture from Cornell University in the United States and a Master's degree in Business Administration from Indiana University.
Career
She has been on the boards of WPP and Saudi Hollandi Bank (now Alawwal Bank), as well as the International Advisory Boards of Rolls-Royce and Citigroup.
Olayan was the Chief Executive Officer of Olayan Financing Company, and (OFC), the holding entity for The Olayan Group's operations in the Kingdom of Saudi Arabia and the Middle East until May 1st 2019, when she was replaced by Jonathan Franklin. She is on the board of the group along with her brother Khaled and sisters Hayat and Hutham. It is thought that the private family has accumulated a fortune that tops $10 billion. The group was founded in 1947 by her father, the late entrepreneur Sulaiman S. Olayan, The Olayan Group is a private multinational enterprise engaged in distribution, manufacturing, services and investments. OFC operates or actively participates in more than 40 companies, often in partnership with leading multinationals. OFC is also one of the largest investors in the Saudi and regional stock markets. In April 2019, Olayan announced her retirement as CEO of Olayan Financing Company.
On 16 June 2019, Olayan was named Chairwoman of the Saudi British Bank (SABB), making her the first Saudi woman to head a bank. She was reappointed in January 2020 to serve a three year term, and assumed to hold to the position after the merger between SABB and Alawwal Bank. In January 2023, she was again re-elected as the Chair of the Board of Directors (BOD) for another three-year term.
Other activities
Olayan joined the Board of Directors of INSEAD in December 2005, and has been a member of its International Council since March 1997. In April 2007, she was elected as a member of the Board of Trustees for Cornell University. Olayan also joined the Advisory Board of Effat College, a private and non-profit girls college in Jeddah, Saudi Arabia, in April 2006. She is also a board member at Alfanar. She has been on the Board of Trustees of the "Arab Thought Foundation" since January 2002. Olayan was elected to the Board of the Down Syndrome Charitable Association in June 2005, a not-for-profit organization based in Riyadh. She was also appointed to the Board of Trustees of King Abdullah University for Science and Technology (KAUST). In June 2018, she was elected as a member of the MIT Corporation. In 2010, she was awarded the Cornell Entrepreneur of the Year. As of 2014, she is listed as the 86th most powerful woman in the world by Forbes. Olayan serves on the Board of Trustees of the World Economic Forum.
Personal life
She is married to John Xefos, an international attorney from the United States, and they have three daughters all residing in Riyadh, Saudi Arabia. She is the daughter of Saudi billionaire businessman Sulaiman Olayan.
References
|
National Mint of Xuvia
|
[
"Mints of Europe",
"1790 establishments in Spain",
"1868 disestablishments in Spain",
"19th century in Spain",
"Economic history of Spain",
"History of Galicia (Spain)",
"Economy of Galicia (Spain)",
"Currencies of Spain"
] | 520 | 3,875 |
The National Mint of Xuvia (, ) was a Spanish mint of copper coins from 1812 to 1868.
The mint was established in 1790 in Xuvia (or Jubia in Spanish spelling), a civil parish in the municipality of Neda, next to Ferrol in the province of A Coruña under the name of Fábrica Nacional de Cobrería, as a copper foundry. The foundry's original purpose was to support boat constructing in the shipyard at Ferrol, but during the war against the French in the Peninsular War, the site became a standard mint producing copper coins. The Casa de Moneda de Segovia was in French control at the time, minting coins in the name of Joseph Bonaparte. Xuvia, in Spanish territory, would produce coins in name of the king, Ferdinand VII of Spain.
The first coins were minted in 1812, namely coins of eight Spanish maravedís. In later years, coins of two and four maravedís were minted in addition to one maravedí in 1824. After 1815, the Xuvia mint began to lose importance as a direct result of the Casa de Moneda de Segovia beginning to re-mint coins in the name of Fernando VII. In 1819, the mint returned to manufacturing plates for the ships in the Spanish Navy and minting was brought to a complete standstill between 1827 and 1835, with manufacturing efforts directed to production of tin plates.
The first decimal coinage of the monetary system entered into effect in 1850, having been officially agreed on in 1848. On August 28, 1850, Xuvia was instructed to finalize its manufacture of coinage. The last coins left the mint in September of that year. Notwithstanding, coins of 1, ½, 2½ and 5 céntimos were minted between 1866 and 1868. The mint was closed indefinitely in 1868, along with the mint of Segovia, and was sold at auction in 1873, later becoming a textile factory.
Over half of the mint's surrounding land consists of a dense forest of eucalyptus trees, meadows and industrial areas. Various original structures have been preserved, particularly a water wheel and a canal over in length. The building itself is currently closed to the public.
Xuvia
|
Lloyds Bank
|
[
"Lloyds Banking Group",
"Banks established in 1765",
"Financial services companies of the United Kingdom",
"British brands",
"Banks based in the City of London"
] | 4,916 | 43,796 |
Lloyds Bank plc is a major British retail and commercial bank with a significant presence across England and Wales. It has traditionally been regarded one of the "Big Four" clearing banks.
Established in Birmingham in 1765, Lloyds Bank expanded considerably during the 19th and 20th centuries, acquiring several smaller banks along the way. It merged with the Trustee Savings Bank in 1995 and operated as Lloyds TSB Bank plc from 1999 to 2013. In January 2009, it became a key subsidiary of Lloyds Banking Group following the acquisition of HBOS by Lloyds TSB Group. The bank's operational headquarters are in London, with additional offices in Wales and Scotland, and it also manages office complexes, brand headquarters, and data centres in Birmingham, Yorkshire, Leeds, Sheffield, Halifax, and Wolverhampton.
The origins of Lloyds Bank date from 1765, when button maker John Taylor and Quaker iron producer and dealer Sampson Lloyd set up a private banking business in Dale End, Birmingham. The first branch office opened in Oldbury, some six miles (10 km) west of Birmingham, in 1864.
The association with the Taylor family ended in 1852 and, in 1865, Lloyds & Co. converted into a joint-stock company known as Lloyds Banking Company Ltd. The first report of the company in 1865 stated:LLOYDS BANKING COMPANY LIMITED – Authorized Capital £2,000,000. FOUNDED ON The Private Banks of Messrs. Lloyds & Co. and Messrs. Moilliet and Sons, with-which have subsequently been amalgamated with the Banks of Messrs. P. H. Williams, Wednesbury, and Messrs.Stevenson, Salt, & Co., Stafford and Lichfield. [They had an office at 20 Lombard St., London] Your Directors have the satisfaction to report that they have concluded an agreement with the well-known and old-established firm of Messrs. Stevenson, Salt & Company for the amalgamation with this Company of their Banking Business at Stafford, Lichfield, Rugeley, and Eccleshall, and that this agreement has had the unanimous approval of the Extraordinary General Meeting held on 31st January last. It will be again submitted to you for final confirmation after the close of the Ordinary General Meeting. TIMOTHY KENRICK, Chairman. BIRMINGHAM, 9th February 1866Two sons of the original partners followed in their footsteps by joining the established merchant bank Barnett, Hoares & Co. which later became Barnetts, Hoares, Hanbury, and Lloyd— based in Lombard Street, London. Eventually, this became absorbed into the original Lloyds Banking Company, which became Lloyds, Barnetts, and Bosanquets Bank Ltd. in 1884. and, finally, Lloyds Bank Limited in 1889.
Symbols
The symbol adopted by Taylors and Lloyds was the beehive, representing industry and hard work (thrift). In 1822, Taylors and Lloyds sent a letter to other banks to inform them of stolen banknotes, adding that it would engrave a symbol of a beehive to all future notes. Dowler & Sons made brass buttons embellished with beehives for branch messenger uniforms in the 1900s. Uniform buttons featuring a black horse with small beehives engraved around it were manufactured in the 1930s.
The black horse regardant device dates from 1677, when Humphrey Stokes adopted it as a sign for his shop. The reason why Stokes chose this horse is unknown, though it may have been a family crest because the black horse is heraldically posed in 'rampant regardant'. Stokes was a goldsmith and "keeper of the running cashes" (an early term for banker) and the business became part of Barnett, Hoares & Co. When Lloyds took over that bank in 1884, it continued to trade "at the sign of the black horse".
The green of the Lloyds Bank was adopted in the 1920s for added distinctiveness.
From 1884 to the 1920s, the black horse and the beehive were both used in cheques, until the beehive was dropped. During this period, other symbols were used; for example, the liver bird, which was retained from the Liverpool Union Bank when it was taken over in 1900.
Since 1975, real black horses have been featured in Lloyds' television adverts, including Cancara.
Expansion
Through a series of mergers, including Cunliffe, Brooks in 1900, the Wilts. and Dorset Bank in 1914 and, by far the largest, the Capital and Counties Bank in 1918, Lloyds emerged to become one of the "Big Four" clearing banks in the United Kingdom. By 1923, Lloyds Bank had made some 50 takeovers, one of which was the last private firm to issue its own banknotes—Fox, Fowler and Company of Wellington, Somerset. Today, the Bank of England has a monopoly of banknote issue in England and Wales. In 2011, the company founded SGH Martineau LLP.
Eleven banks bought by Lloyds Bank between 1865 and 1923 had been involved in slavery to some degree. One of these, the London and Brazilian Bank, financed coffee plantations in Brazil which operated on slave labour, and mortgages on these plantations were sometimes secured using the monetary value of the enslaved people as collateral.
In 1968, an attempt to merge with Barclays and Martins Bank failed because the Monopolies and Mergers Commission deemed it to be against the public interest. Barclays finally acquired Martins the following year. In 1972, Lloyds Bank was a founding member of the Joint Credit Card Company (with National Westminster Bank, Midland Bank and the National and Commercial Banking Group) which launched the Access credit card (now MasterCard). That same year it introduced Cashpoint, the first online cash machine to use plastic cards with a magnetic stripe. In popular use, the Cashpoint trademark has become a generic term for an ATM in the United Kingdom.
In 1982 Lloyds decided to follow Provident Financial Group plc in entering the estate agency market with the acquisition of the Norfolk firm of Charles Hawkins and Son in May of that year to form Black Horse Agencies. The firm had been first established in 1869 in Downham Market by Charles Hawkins who was land agent for the Pratt estate at Ryston. The firm merged in 1875 with that of Cruso and Son forming Cruso and Hawkins, later becoming Charles Hawkins and Son in 1908.
Under the leadership of Sir Brian Pitman between 1984 and 1997, the bank became an early adopter of shareholder value creation as a governing corporate objective. The bank's business focus was narrowed and it reacted to disastrous lending to South American states by trimming its overseas businesses and seeking growth through mergers with other UK banks. During this period, Pitman tried unsuccessfully to acquire The Royal Bank of Scotland in 1984, Standard Chartered in 1986, and Midland Bank in 1992. Lloyds Bank International merged into Lloyds Bank in 1986, since there was no longer an advantage in operating separately. In 1988, Lloyds merged five of its businesses with the Abbey Life Insurance Company to create Lloyds Abbey Life.
Lloyds TSB
The bank merged first with the newly demutualised Cheltenham & Gloucester Building Society (C&G), then with the TSB Group in 1995. The C&G acquisition gave Lloyds a large stake in the UK mortgage lending market. The TSB merger was structured as a reverse takeover; Lloyds Bank Plc was delisted from the London Stock Exchange and TSB Group plc was renamed Lloyds TSB Group plc on 28 December, with former Lloyds Bank shareholders owning a 70% equity interest in the share capital, effected through a scheme of arrangement. The new bank commenced trading in 1999 after the statutory process of integration was completed. On 28 June, TSB Bank plc transferred engagements to Lloyds Bank Plc which then changed its name to Lloyds TSB Bank plc; at the same time, TSB Bank Scotland plc absorbed Lloyds' three Scottish branches becoming Lloyds TSB Scotland plc. The combined business formed the largest bank in the UK by market share and the second-largest to Midland Bank (now HSBC) by market capitalisation. Lloyds' iconic black horse device was retained and modified to reflect the TSB merger.
Lloyds Abbey Life became a wholly owned subsidiary of the group in 1996, absorbing Hill Samuel in 1997, before closing to a new business in 2000. In 2007, Abbey Life was sold to Deutsche Bank for £977 million.
In 1999, the group agreed to buy the Scottish Widows Fund and Life Assurance Society for £7 billion. The society demutualised in 2000, shortly before the acquisition was completed. In 2001, Lloyds TSB made a bid to acquire Abbey National; however, the bid was blocked by the Competition Commission, who ruled that a merger would be against the public interest.
In October 2011, Lloyds TSB's credit rating was reduced by Moody's from Aa3 to A1. The action was taken in the light of a shift in government policy to move risk from taxpayers to creditors by reducing the level of support offered to financial institutions.
Lloyds TSB was the first Official Partner for the 2012 Summer Olympics in London.
Divestment and return to Lloyds Bank
After the 2008 rescue of HBOS, Lloyds TSB Group was renamed Lloyds Banking Group. In 2009, following the liquidity crisis, HM Government took a 43.4% stake in Lloyds Banking Group. The European Commission ruled that the group must sell a portion of its business by November 2013, as it categorised the stake purchase as state aid.
On 24 April 2013, it was confirmed that a number of Lloyds TSB branches in England and Wales would be combined with the branches of Cheltenham & Gloucester and the business of Lloyds TSB Scotland to form a new bank operating under the TSB brand and divested by the group. The selected Lloyds TSB branches and those of Cheltenham & Gloucester were transferred to Lloyds TSB Scotland plc, which was renamed TSB Bank plc. The new bank began operating on 9 September 2013 as a separate division within Lloyds Banking Group. TSB was floated on the London Stock Exchange on 20 June 2014, and was acquired by Banco Sabadell one year later and subsequently delisted. The remaining business of Lloyds TSB returned to the Lloyds Bank name on 23 September 2013.
In October 2014, the bank announced that it planned to cut 9,000 jobs and close some branches in light of an increase in the number of customers using online banking services.
In July 2016, the bank announced it would cut 3,000 jobs because of the economic downturn as a result of United Kingdom European Union membership referendum. On 17 March 2017, the British Government confirmed its remaining shares in Lloyds Banking Group had been sold.
In January 2017, the bank suffered interruptions to its online services originally blamed on "unspecified technical glitches". A hacker reportedly claimed responsibility for the attack, demanding around £75,000 from the bank in a "consultation fee".
The bank offers a full range of banking and financial services through a network of 447 branches in England and Wales. Branches in Jersey, Guernsey and the Isle of Man are operated by Lloyds Bank International Limited, while Lloyds Bank (Gibraltar) Limited operates in Gibraltar; both are wholly owned subsidiaries and trade under the Lloyds Bank brand. Lloyds Bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. It is a member of the Financial Ombudsman Service, the Financial Services Compensation Scheme, UK Payments Administration, the British Bankers' Association and subscribes to the Lending Code. The bank uses the following series of sort codes:—
Range Note 30 to 39 Former Lloyds branches 77–00 to 77–4477–46 to 77–99 Former TSB branches (England and Wales)
The Lloyds Bank Foundation funds local, regional and national charities working to tackle disadvantage across England and Wales. There are separate foundations covering Scotland, Northern Ireland and the Channel Islands.
Overseas operations
The bank's overseas expansion began in 1911 and, by 1985, it had banking and representative offices in 45 countries, from Argentina to the United States of America.
Lloyds Bank International was absorbed into the main business of Lloyds Bank in 1986. Since 2010, the name has been used to refer to the bank's offshore banking operations.
Senior leadership
The following list indicates the chairmen and chief executives from the incorporation of Lloyds Banking Corporation in 1865 and the creation of the chief executive position in 1945. The chairman and chief executive of Lloyds Bank is held ex-officio by the chairman and chief executive of Lloyds Banking Group.
List of chairmen
Timothy Kenrick (1865–1868)
Sampson Samuel Lloyd (1868–1886)
Thomas Salt (1886–1898)
John Spencer Philips (1898–1909)
Sir Richard Vassar-Smith (1909–1922)
Lord Waddington (1922–1945)
Lord Balfour of Burleigh (1945–1954)
Lord Franks (1954–1962)
Sir Harald Peake (1962–1969)
Sir Eric Faulkner (1969–1977)
Sir Jeremy Morse (1977–1993)
Sir Robin Ibbs (1993–1997)
Sir Brian Pitman (1997–2001)
Maarten van den Bergh (2001–2006)
Sir Victor Blank (2006–2009)
Sir Winfried Bischoff (2009–2014)
Lord Blackwell (2014–2020)
Robin Budenberg (2021– )
List of chief executives
Sydney Parkes (1945)
E. Whitley-Jones and A.H. Ensor (1946–1950)
A.H. Ensor (1951–1952)
A.H. Ensor and E.J. Hill (1953–1954)
E.J. Hill and G.Y. Hinwood (1955–1957)
E.J. Hill (1957–1959)
E.J. Hill and E.J.N. Warburton (1959–1960)
E.J.N. Warburton (1960–1966)
M.T. Wilson (1967–1972)
B.H. Piper (1973–1978)
Norman Jones (1978–1983)
Sir Brian Pitman (1984–1997)
Sir Peter Elwood (1997–2003)
Eric Daniels (2003–2011)
Sir António Horta-Osório (2011–2021)
Charlie Nunn (2021– )
Payment protection insurance
In November 2005 an investigation by the Financial Services Authority (FSA) highlighted a lack of compliance controls surrounding payment protection insurance (PPI). A second investigation in October 2006 identified further evidence of poor compliance and major PPI providers including Lloyds were fined for not treating customers fairly. In January 2011 a High Court case began which in the following April ruled against the banks, on 5 May 2011 Lloyds withdrew from the legal challenge. In 2012, Lloyds announced that they had set aside £3.6 billion to cover the cost of compensating customers who were mis-sold PPI.
In March 2014 it was reported that Lloyds had been reducing the compensation they offered by using a regulatory provision called "alternative redress" to assume that customers wrongly sold single-premium PPI policies would have bought a cheaper, regular premium PPI policy instead.
In June 2015 the Lloyds Banking Group was fined £117m for mishandling payment protection insurance claims including many claims being "unfairly rejected".
Links to arms trade
In December 2008 the British anti-poverty charity War on Want released a report documenting the extent to which the UK high street banks invest in, provide banking services for and lend to arms companies. The report stated that Lloyds TSB is the only high street bank whose corporate social responsibility policy does not mention the arms industry, yet is that industry's second-largest shareholder among high street banks.
Tax evasion
In 2009, the BBC's Panorama alleged that Lloyds TSB Offshore in Jersey, Channel Islands was encouraging wealthy customers to evade tax. An employee of Lloyds was filmed telling a customer how several mechanisms could be used to make their transactions invisible to the UK tax authorities. This action is also in breach of money laundering regulations in Jersey.
Retail conduct failings
In December 2013, Lloyds Banking Group had been fined £28m for "serious failings" in relation to bonus schemes for sales staff. The Financial Conduct Authority said it was the largest fine that it or the former Financial Services Authority had imposed for retail conduct failings. The bonus scheme pressured staff to hit sales targets or risk being demoted and have their pay cut, the FCA said. Lloyds Bank has accepted the regulator's findings and apologised to its customers.
Divestment of government-owned shares
Based on figures from the National Audit Office, George Osborne's sale of a 6% tranche of Lloyds shares in autumn 2013—despite his claims that the sale had netted a profit—worked out at a loss of at least £230m for UK taxpayers. However, after the British Government confirmed all its remaining shares had been sold on 17 May 2017, Lloyds Bank said the government had seen a return of £21.2bil on its investment, an approximately £900m profit.
Libor rate manipulations
In July 2014, US and UK regulators imposed a combined £218 million ($370 million) in fines on Lloyds and a number of subsidiaries over the bank's part in the global Libor rate-fixing scandal, and other rate manipulations and false reporting.
Phishing scams
A number of phishing email scams have been engineered in 2015, 2016, 2017, and 2018 into making the recipient believe that they are receiving an email from Lloyds Bank or Lloyds TSB. Though these emails have had nothing to do with the bank per se, they often are sent by official-looking email IDs with the bank's domain name. Typically, they contain an authentication code which is sent as a distractor. The linked pages usually allow the recipient to enter their personal information related to the bank, leading to their bank accounts being hacked.
In November 2024, Lloyds Banking Group faces increasing pressure from MPs, business groups, and a staff union to release the full, unredacted findings of the Dame Linda Dobbs review investigating a £1 billion fraud at HBOS, with critics demanding transparency and accountability for the long-delayed report.
Motor Finance
In October 2024, Lloyds Banking Group scrapped commission payments across its £15bn motor finance arm after a landmark Court of Appeal ruling, which agreed that consumers could not have consented to loans that involved “secret” commission payments to brokers and car dealers. The case was heard in front of the UK Supreme Court in April 2025, with a ruling expected in July.
See also
Lloyds Bank Limited v Bundy
Lloyds Bank plc v Rosset
Lloyds Bank plc v Independent Insurance Co Ltd
|
Philippe Takla
|
[
"1915 births",
"2006 deaths",
"20th-century Lebanese diplomats",
"Finance ministers of Lebanon",
"Foreign ministers of Lebanon",
"Economy and Trade ministers of Lebanon",
"Justice ministers of Lebanon",
"Governors of Banque du Liban",
"Ambassadors of Lebanon to France",
"Members of the Parliament of Lebanon"
] | 393 | 3,939 |
Philippe Takla (3 February 1915 – 10 July 2006) was a Lebanese lawyer, diplomat and politician who served as foreign minister.
Early life
Takla was born into a Greek Catholic family on 3 February 1915. His father, Salim Takla, was a politician and a member of the Lebanese Parliament from Mount Lebanon.
Career
Takla was a lawyer by profession. He was first elected to the Lebanese parliament in a by-election held in May 1945 in Mount Lebanon as a result of the death of his father, Salim Takla, on 11 January who was the deputy for the region. One of the candidates for the seat was Elias Rababi from the Kataeb Party.
Philippe Takla was also won the seat in the 1947 and 1957 general elections. He was the minister of finance from June 1951 to February 1952. He was appointed minister of economy in 1959. He was then named as minister of foreign affairs and of tourism in 1960. In 1964, he was holding the post of economy minister. Takla was the governor of the Central bank of Lebanon from 1963 to 1967.
In 1967, Takla began to serve as Lebanon's representative to the U.N. and then as ambassador in Paris from 1968 to 1971. In addition, he served seven times as foreign minister in various cabinets from 1952 to 1976, last of which was from July 1975 to June 1976.
Death and burial
Takla died on 10 July 2006 at the age of 91. His body was buried in Zouk Mikhael.
|
Alzina Orndorff DeGroff
|
[
"1850s births",
"1926 deaths",
"Date of birth missing",
"People from Washington, Louisiana",
"Businesspeople from El Paso, Texas",
"Businesspeople from Tucson, Arizona",
"Suffragists from Texas",
"Clubwomen",
"American hoteliers",
"20th-century American businesswomen",
"20th-century American businesspeople",
"19th-century American businesswomen",
"19th-century American businesspeople"
] | 538 | 4,890 |
Alzina Orndorff DeGroff (born Alzina Caroline Allis; 1858/1859 - died August 10, 1926) was an American businesswoman who was involved in civic causes in El Paso, Texas, and West Texas.
DeGroff was born as Alzina Caroline Allis in Washington, Louisiana. She married Lee H. Orndorff in 1876 and the couple had three sons. They moved to Tucson, Arizona. Lee Orndorff died after a railroad accident in 1887. Her husband's death propelled Alzina into the business world.
Alzina married Charles DeGroff in 1890 and the couple became involved in building hotels. In 1899, the family moved to El Paso, Texas, after Alzina decided to buy the Vendome hotel which she renamed Hotel Orndorff. The Hotel Orndorff was a huge success for Alzina and she went on to buy more real estate around the area and in the Lower Valley. In March 1925, she began work on a new hotel that is now known as Hotel Cortez. This hotel was designed by Henry C. Trost.
Alzina DeGroff became the first president of the El Paso Paso Civic Improvement League, which was associated with the El Paso Woman's Club, in 1905. She was also the first president of the El Paso Equal Franchise League, serving for a short time. The Franchise League was formed in January of 1915 and the first meeting was held at the Hotel Orndorff. She was appointed to the original board of the directors of the Texas Technological College in Lubbock by Governor Pat Morris Neff in 1923.
DeGroff died on August 10, 1926, aged 67, after a short illness. Her funeral was held outside of her home and flags of El Paso City Hall were lowered to half-staff after news of her death.
|
Carthaginian coinage
|
[
"Carthage",
"Coins by former country",
"Currencies of ancient Africa",
"Phoenician coinage"
] | 8,139 | 57,979 |
Carthaginian or Punic coins were produced from the late fifth century BC through 146 BC by ancient Carthage, a Phoenician city-state located near present-day Tunis, Tunisia. A wide range of coinage was issued in gold, electrum, silver, billon, and bronze. The base denomination was the shekel, probably pronounced in Punic. Only a minority of Carthaginian coinage was produced or used in North Africa. Instead, the majority derive from Carthage's holdings in Sardinia and western Sicily. After the Punic Wars, Carthaginian coinage was replaced by Roman currency.
Background
Between the ninth and seventh centuries BC, the Phoenicians established colonies throughout the western Mediterranean, particularly in North Africa, western Sicily, Sardinia, and southern Iberia. Carthage soon became the largest of these communities, establishing particularly close economic, cultural, and political ties with Motya in western Sicily and Sulci in Sardinia.
Although coinage began to be minted by Greek communities in Sicily and Southern Italy around 540 BC, Punic communities did not begin producing coins until around 425 BC. The first Punic mints were in western Sicily, at Motya and Ṣyṣ (probably Panormus, modern Palermo). The coinage that these communities produced is known as Siculo-Punic coinage. Like the coinage produced by the Greek communities in Sicily, it was minted solely in silver on the Attic-Euboic weight standard, and its iconography was mostly adapted from other pre-existing Sicilian coinages - principally those of Himera, Segesta, and Syracuse. This Siculo-Punic coinage probably preceded Phoenicia's own Tyrian shekels, which developed BC.
First Carthaginian coinage (c. 410 - 390 BC)
The first Carthaginian coinage seems to have been minted in 410 or 409 BC, to pay for the massive Carthaginian military intervention in Sicily that led to the Second Sicilian War (410-404 BC) and it continued through until the end of the Third Sicilian War (398-393 BC). This coinage consisted solely of Attic weight silver tetradrachms (17.26 g), known as Series I (c. 410-390 BC), containing five separate chronological sub-groups (A-F).
The obverse of these earliest coins bears the front half of a horse facing right, with a Punic language legend reading QRTḤDŠT (𐤒𐤓𐤕𐤇𐤃𐤔𐤕, 'Carthage'). The reverse depicts a date palm tree, with the inscription MḤNT (𐤌𐤇𐤍𐤕, 'the encampment'). From sub-group B, the obverse also features a winged Nike flying over the horse, holding a caduceus and a wreath. In the final sub-group, F, the forepart of the horse is replaced with a full horse, prancing freely.
This silver coinage may have been accompanied, in its later stages, by the first Carthaginian gold coinage, known as Jenkins-Lewis, Group I. This coinage is known from a single example. It was minted as a shekel or didrachm on the Phoenician weight standard (7.20 g). Its types, a horse on the obverse and a palm tree on the reverse are very similar to those of the silver, Series I, sub-group F.
Alongside these first Carthaginian issues, separate Siculo-Punic coinages continued to be produced by other cities within the Carthaginian sphere in western Sicily, notably Motya (until 398/7 BC), Ṣyṣ-Panormus, Eryx, and Segesta.
Date and mint location
The date of the Series I silver (c. 410-390 BC) is established by several pieces of evidence. A coin from sub-group B was overstruck by a coin of Agrigentum. Since minting activity ended at Agrigentum in 406 BC, when the Carthaginians destroyed the city, Series I (B) must have already begun to circulate before this date. The whole series had come to an end by the early 380s BC, since a selection of all the sub-groups appears in two hoards deposited at that time: Contessa and Vito Superiore (IGCH 2119 and 1910). The latter is particularly significant since the most likely occasion for its deposition is the Siege of Rhegium in 387 BC. The patterns of die linkage within the series - with a relatively high ratio of reverse dies to obverse dies and relatively few reverse dies shared by multiple obverse dies - indicate that minting was "intensive though spasmodic." Bringing this numismatic data into connection with the historical situation in these years as known from literary sources (primarily Diodorus Siculus), Kenneth Jenkins argued that the Carthaginians initiated minting in order to pay for their initial expedition to Sicily in 410 BC (or possibly their second intervention in 409 BC, which was on a much larger scale), and continued producing coinage as required by their fluctuating circumstances during the following seventeen years of war, until peace was declared in 393 BC, following the Battle of Chrysas. The reverse legend, MḤNT, meaning 'encampment' has military overtones which support the idea that this coinage was intended to pay for ongoing military campaigns.
The location of the mint where this coinage was produced is not certainly known. Later issues of Carthaginian silver were produced in Sicily, at Lilybaeum (modern Marsala), but this city was only founded in 397/396 BC, following the destruction of Motya. The Carthaginian coinage is unlikely to have been produced in Motya before that date, since Motya seems to have continued minting its own coinage until its destruction. Therefore, Jenkins concludes that the initial production of the series probably took place in Carthage itself. The transition from sub-group E to sub-group F is marked by an iconographic shift, in which the obverse design goes from a depiction of the forepart of a horse to the depiction of a full horse. It is possible that change coincided with the shift of minting to the new city of Lilybaeum.
The gold-issue, Jenkins-Lewis Group I, is dated solely on the basis of its iconographic similarity to the final sub-group of the silver (Series I (F)), which suggests that it was minted at the same time. It may have been minted in Carthage or Lilybaeum. In the ancient Mediterranean, the issue of gold coinage was often connected to times of particular crisis, when silver stocks had been exhausted and states were forced to resort to melting down jewellery and religious dedications. This might fit with production in the later stages of the seventeen year Carthaginian war in Sicily.
Series I introduces two key motifs that continued to appear regularly on Carthaginian coinage throughout its history: the horse and the palm tree. The significance of both symbols is disputed, with a particular divide in scholarship around whether they should be interpreted in terms of Punic or Greek cultural traditions.
Three main interpretations of the horse have been proposed. One is that the horse was a symbol of Baal Hammon, the chief god of Carthage, who was probably associated with warfare and the sun. However, our knowledge of Carthaginian religion and the nature of its deities is very limited. On much later Carthaginian coinage, the horse sometimes appears with a sun disc, which might support this interpretation. The second interpretation is that the horse refers to a foundation legend of Carthage, known from the Roman historian Justin. According to him, at the foundation of Carthage a horse's head was found in the ground and was interpreted as an omen of the city's future prosperity. It was common on Greek coinages in Sicily and southern Italy to depict motifs connected to the minting city's foundation. But it is not clear whether this was a foundation story that the Carthaginians themselves knew or just a story that was told about them by the Romans. The third interpretation is that the horse refers to the military purpose of the coinage. Important for this interpretation is the fact that from sub-group B onwards, the horse is accompanied by a winged female figure holding a wreath and a caduceus. In Greek art, this figure is a symbol of victory, known as Nike, and the wreath was awarded to victors in contests and battles. These three interpretations are not necessarily mutually incompatible.
The usual interpretation of the palm tree is that it was a type of visual pun intended to signify the minting authority, since the Greek word for palm tree, phoinix is also the Greek word for 'Phoenician/Punic'. This kind of visual pun, often known as a 'canting type', was common on classical Greek coinage, particularly in Sicily, where prominent examples appear at Himera, Selinus, Zancle, and Leontini. Edward Stanley Robinson challenged this interpretation, on the grounds that a Greek pun would be surprising on a Punic coin. However, Greek was widely known and spoken in the Carthaginian-controlled portion of Sicily; on several earlier Siculo-Punic coinages, the coin legends are in Greek. An alternative explanation is that the palm was a symbol of the sun god Baal Hammon — if he was a sun-god — but there is not much evidence for this, except that the palm was a symbol of the Greek sun god, Apollo, at Delos.
On sub-group E, two unusual double-tiered pots appear on the obverse in between the letters of the legend. These vessels are a type of incense burner or thymiaterion, which is commonly found in pottery assemblages at Punic sites from this period. Its presence may support attempts to read the iconography of these coins in terms of Carthaginian religion.
Mid-fourth century (c. 350/340 - 320/315 BC)
After a hiatus in minting, a new Carthaginian coinage began to be struck between 350 and 340 BC. This new coinage consisted of another series of silver tetradrachms, known as Series II, with four subgroups (A-D), which lasted until 320/315 BC. These coins have a female head on the obverse, modelled on the depictions of Kore (sub-groups A.i, B, and C.iv) and Arethusa (sub-groups A.ii, C.i-iii, and D) on Syracusan coinage. The reverse usually has a horse standing still, with a palm tree behind it. The first issue has the legend QRTHDŠT, followed by M (𐤌) and BTW'L (𐤁𐤕𐤅𐤀𐤋) later in sub-group A, and by ḤB or BḤ (𐤇𐤁 or 𐤁𐤇) in sub-group C.
This was accompanied by a new gold coinage, Jenkins-Lewis, Group II, in two denominations (a shekel and a fifth-shekel), which was produced on a much larger scale than previous issues. It was followed by Jenkins-Lewis, Group III, the first large Carthaginian electrum issue (95% gold, 5% silver), with nine subgroups (A-I), which began being minted some time after 350 BC and continued until around 320 BC. It consists of an overweight shekel of 9.4 g and a number of smaller denominations (a half, a quarter, a fifth, and a tenth). Both Group II and III have same iconography: a female head modelled on Kore on the obverse and a horse on the reverse, without a palm tree or an inscriptions.
A set of bronze coins, SNG Cop. 94-98 were produced from around 350 to around 330 BC, in two denominations, with a male head on the obverse and a leaping horse on the reverse.
The impetus for this renewed minting seems to have been the Carthaginian interventions in eastern Sicily following the demise of Dionysius II's regime in Syracuse and then the Sixth Sicilian War against Timoleon. It was accompanied by renewed minting at a number of other Siculo-Punic centres, including 'Ṣyṣ' (Panormus), 'Ršmlqrt' (Selinous or Lilybaeum?), Therma, and perhaps Solous.
Date and mint locations
The date of the silver coinage is indicated by the fact that only early issues (sub-group A.i) appear in the Nissora and Gibil Gabib hoards (IGCH 2133 and 2132), which were deposited in the 330s BC. This implies that the first sub-group began some time in the 340s BC, which syncs well with the historical circumstance of the war between Timoleon and the Carthaginians of 344-341 BC. Sub-group D is known to be the last sub-group of the silver coinage, because it is die-linked with the first issue of the next set of silver coinage produced by the Carthaginians (Series III.A). Coins of sub-group D appear in the Megara Hyblaea hoard (IGCH 2135) which was deposited in the 320s BC, indicating that the series must have been coming to an end in that decade.
The gold of Jenkins-Lewis, Group II is dated by stylistic parallels with the obverse design of the earlier coins in the silver Series II, suggesting a date in the 340s BC, but it might actually begin earlier. Jenkins-Lewis, Group III is absent from the Avola hoard deposited around 360 BC and must therefore post-date it. The subsequent Jenkins-Lewis Group V occurs in the Scoglitti hoard (IGCH 2185a), deposited in the 290s BC, so Group III and Group IV were probably minted between c. 350 and 310 BC. The date of the bronze is indicated by archaeological finds in the western portion of Sicily.
The silver of Series II is generally identified as the product of a military mint that sometimes moved with the Carthaginian army but was usually located in Lilybaeum (modern Marsala). The gold of Group II may have been minted there as well, or in Carthage. Group III and subsequent groups do not seem to have been minted in the same place as the silver. They have a totally different system of control marks (the silver uses symbols, the electrum uses a system of dots). They are also stylistically distinct, with the silver tending to closely follow models from Syracusan coinage, while the electrum types do not imitate other coinage. Finally, from Group IV onwards (310s BC?), the electrum dies were regularly aligned (i.e., the top of the obverse die and the top of the reverse die match). The silver tetradrachms continue to have loose dies (i.e., the orientation of the two dies relative to each other is random). This shows that two metals were being manufactured with different techniques - suggesting they were made in separate workshops. All of these factors imply that the electrum was manufactured at a different mint from the silver. Usually, the electrum mint is identified with Carthage itself.
The location where SNG Cop. 94-98 were minted is uncertain. Suzanne Frey-Kupper argued that the mint was located in Sicily, since the vast majority of these coins have been found in Sicily and there is no other Punic bronze that could have been minted on Sicily in this time frame. Paolo Visonà argues they were minted in Carthage, since the smallest denomination (SNG Cop. 98), which would be the least likely to travel far from its mint, has only been found at Carthage itself.
The identity of the female head appearing on the obverse of the gold and silver issues is uncertain. The head is a close imitation of obverse dies from the mint of Syracuse depicting the goddesses Kore and Arethusa. Some scholars have argued that this was simply an imitation of a trusted design and no specific identity was intended for the figure. Other scholars have argued that it should be interpreted as a depiction of the goddess Kore. In support of this is the fact that Demeter and Kore were worshipped in Carthage, where they had had a temple since 396 BC. Furthermore, the one significant change made to the image is the addition of a wreath made out of sheafs of wheat, which might have been intended to make clear that the image depicted Kore, as goddess of grain and the harvest. Donald Harden argued that the head should be interpreted as the Carthaginian goddess Tanit, "in the guise of the Sicilian Persephone [i.e. Kore]," a position which is supported by many other scholars Kenneth Jenkins suggests that this could be linked with the interpretation of the horse on the reverse as a symbol of Baal Hammon, since one of Tanit's main epithets in Carthage was Pene Ba'al (face of Ba'al), but he concedes that evidence that the Carthaginians identified Tanit with Kore is "lacking."
Jenkins interprets the rayed disc that accompanies the horse on the reverse of one issue of the silver (within sub-group B), as supporting the identification of the horse with Baal Hammon.
Exchange rate
The gold and silver coinage were intended to function together as a single system, but the rate of exchange between them is not known for certain. Jenkins and Lewis proposed that in the time of Group II there was a silver:gold ratio of 15:1, in which case one gold shekel in this period would have been equivalent to 25 silver drachmas of this period. Since the silver coinage was only minted in tetradrachms (coins worth four drachmas), it would not have been practically easy to exchange one of the gold coins for its equivalent in silver, if this ratio is correct.
For the subsequent Group III, the weight of the main gold denomination was increased from 7.6 g to 9.4 g, but was adulterated with silver (5%). Jenkins and Lewis propose that the silver to electrum ratio was 11.25:1, later falling to 11:1. Thus, one electrum shekel would have initially been worth 25 drachms and later 24 drachms. On this argument the smaller denominations of Group III belong to two different stages. The fifth and tenth units would belong to the earlier period and would have been worth 5 and 2.5 silver drachmas respectively, while the half and quarter would have belonged to the later period and have been worth 12 and 6 silver drachmas respectively.
Late fourth century (320-305 BC)
The next series of silver coinage, Series III, continues directly out of the previous series (the last issue of Series II shares a die with the first issue of Series III). It consisted of four sub-groups (A-D), which were minted continuously in large quantities. The obverse bears a female head modelled on the depictions of Arethusa on Syracusan coins, while the reverse is horse's head with a palm at right. On sub-group A, the legend on the reverse reads ʿM MHNT (𐤏𐤌𐤌𐤇𐤍𐤕, 'people of the encampment'). On later sub-groups, it is abbreviated to MM (𐤌𐤌, III.B), ʿ (𐤏, III.C), M (𐤌, III.D). Another silver issue, Series IV, was minted occasionally, in small quantities, simultaneously with Series III. It has a totally novel iconography. The obverse shows a head, probably female, wearing a Phrygian cap, while the reverse depicts a lion stalking in front of a palm.
A new electrum issue, Jenkins-Lewis, Group IV, perhaps began to be minted in the 310s BC and contained four sub-groups (A-D). It returned to the normal shekel of 7.2 g, with two smaller denominations (a fifth and a tenth), but had a much lower gold content than the previous group (72% gold, 28% silver). Group IV continues to depict a female head on the obverse and a standing horse on the reverse, exactly as on Group III.
The bronze issue, SNG Cop. 102-105 began sometime between 330 and 310 BC. They have a palm tree on the obverse and a horse's head on the reverse.
Dating and mint location
The continuity with the previous issues means that the mints of the electrum and silver issues were almost certainly in the same location as in the previous period. The legend on the silver coinage supports the idea that it was minted at a mobile military mint.
The beginning of Series III of the silver is inferred from the ending date of Series II in the 320s BC. It is presumed that the new series was begun to fund the interventions in eastern Sicily at the start of Agathocles' reign in Syracuse in 317 BC. Series III had ended by the time the Pachino 1957 hoard (IGCH 2151) was deposited in the 290s BC. The Series IV coinage is dated by its appearance in the same hoard, as well as by its stylistic links to Series II.D and Series III.A of around 320 BC.
The bronze coinage, SNG Cop. 102-105 includes coins overstruck on SNG Cop. 94-98, indicating that it followed that issue. Like SNG Cop. 94-98, it comes with two distinct types of flan: a bulging round flan (SNG Cop. 103-105) and a flat, cast flan with bevelled edges (SNG Cop. 102). Metal analysis shows that the same alloy is used for both issues and for both flan types. This is strong evidence that SNG Cop. 102-105 was minted at the same mint as SNG Cop. 94-98. SNG Cop. 102-105 was itself overstruck at Syracuse by bronze coinage of Hicetas (289-287 BC), indicating that SNG Cop. 102-105 remained in circulation through the 290s BC.
Iconography
Most of the coins have the same iconography as in the previous issue. The key iconographic problem specific to this period is the identification of the head on the obverse of the Series IV silver. One suggestion is that it depicts Dido, the semi-mythical founder of Carthage. This would fit into a common pattern on Greek coinages of Sicily and southern Italy, which often depict the founder of the community. Another suggestion is that the figure is a personification of Libya - a theory rejected by Jenkins as "hardly consistent with Carthaginian nationalism." Jenkins himself found close parallels in terracotta figurines of Artemis, which show Artemis alongside a lion or a palm tree. He proposes that onomastic evidence shows that Artemis was identified with Tanit and thus that it is Series IV that depicts the goddess Tanit.
Early third century (305/300-264 BC)
Series V is a set of silver tetradrachms minted from ca. 305 to ca. 295 BC. The obverse imitates the silver coinage of Alexander the Great, depicting the head of Heracles wearing a lion-skin, while the reverse shows a horse's head with a palm tree at right, often accompanied by a symbol as a control mark. There are two sub-groups (5.A-5.B). These bear different legends: 5.A reads ʿM MHNT (𐤏𐤌𐤌𐤇𐤍𐤕, 'people of the encampment'), while 5.B nearly always reads MHSBM (𐤌𐤇𐤔𐤁𐤌, 'the quaestors' or 'the financial controllers'). The flans also differ, with those of 5.B being substantially more "compact" than 5.A. The obverse design of 5.A imitates the image of Heracles on coinage of Alexander produced at Tarsus, Alexandria, and Sidon, while 5.B. is close to the Alexander coinage from Amphipolis. The horse head on the reverse of 5.A is much more curvaceous and extended than that of 5.B. These sub-groups are themselves divided into smaller sub-groups (5.A.i-iv and 5.B.i-ii).
The electrum issues Jenkins-Lewis, Group V-VI were produced throughout this period. Their iconography only differs from Group IV in a few details and their weight remains the same (7.2 g), but the gold content drops repeatedly. Group V has a curling motif on the reverse as a control mark rather than an ear of grain and the gold content is (55-60 % gold, 40-45 % silver). There are six sub-groups (A-F), distinguished by patterns of dots on the reverse and no smaller denominations. In Group VI, which was produced in the 270s BC, the female head on the obverse is larger and the curling motif is no longer present. The gold content drops to 43-47 %. There are eight sub-groups (A-H), distinguished by an increasing number of dots on the reverse. There is one smaller denomination, a half shekel.
The bronze issue SNG Cop. 109-119, with a wreathed female head on the obverse and a horse standing in front of a palm on the reverse (i.e. similar to the earlier Series II silver), was issued in western Sicily in very large quantities from around 305 BC until ca. 280 BC. Like the bronze issues of the previous period there are two distinct flans - a lower quality spherical flan, which is rarer, and a cast flan that is more common. A similar bronze issue, SNG Cop. 220-223, with the same iconography, but an aleph (𐤀) or a caduceus on the reverse appears to have been produced on Sardinia between 280 and 260 BC.
These bronze issues seem to have been followed in the 390s BC by a new set of bronze issues, SNG Cop. 144-153 and SNG Cop. 154-178. These two types look very similar, with a female head on the obverse and a horse's head on the reverse (i.e. similar to the Series III silver). SNG Cop. 144-153 has a round flan with an average weight of 4.75 g, the female figure has a convex neck, and the overall appearance is similar to the Group V electrum. SNG Cop. 154-178 has flat, cast flans with a slightly lower average weight (4.5 g), the female figure has a concave neck, and a wide variety of mintmarks.
SNG Cop. 192-201, with a wreathed female head on the obverse and a horse's head with a palm tree on the reverse was also produced in Sardinia in the period before the First Punic War.
Dating and mint location
Series V regularly appears alongside the Agathocles of Syracuse's second set of tetradrachms, which were issued between ca. 305 and ca. 295 BC, in hoards, suggesting that the two were contemporaneous. The two sub-groups, 5.A and 5.B appear to have been minted simultaneously, since they appear together in hoards in similar quantities and states of wear. The different legends, different stylistic features, and lack of die links between the two sub-groups indicate that they were produced by different mints. 5.A probably continues the mobile military mint of the previous period. The MHSBM ('financial controllers') of 5.B are also attested in a financial role in an inscription from Carthage and in Livy as quaestores. Jenkins proposes that their presence on the coinage, along with the final end of the Siculo-Punic coinages in this period indicates "closer and more direct control of the Sicilian territory by the Carthaginian state."
As in the previous period, the electrum issues appear to have been produced in Carthage itself. A worn example of one of the latest sub-groups of Group VI (VI.G) appears in the Carlentini hoard (IGCH 2206) of ca. 260 BC, suggesting that the Group as a whole was produced in the 270s and early 260s BC.
SNG Cop. 109-119 was minted in western Sicily, since most finds of it come from that area. Analysis of the metal content is very similar to SNG Cop. 102-105 of the previous period, which were also minted in Sicily. The shape of the flans is also very similar. Finds in graves at Lilybaeum show that the coins began to be minted before 300 BC and its presence at Montagna dei Cavalli in the destruction layer of ca. 260 BC shows that they remained in circulation at the start of the First Punic War. The association of SNG Cop. 220-223 and SNG Cop. 192-201 with Sardinia is demonstrated by their different patterns of finds (the latter are more common in Sardinia; in Sicily, both are restricted to coastal sites), their shared mint marks and metal content.
Iconography
The image of Heracles on the obverse of Series V was probably interpreted as his standard equivalent in Phoenician religion: Melqart, the chief god of Carthage's mother-city, Tyre. Jenkins argues that the adoption of the motif was simply motivated by the widespread presence of Alexander's coinage in this period, but suggests that the change might also have been a claim to Carthaginian pre-eminence in the Phoenician world, following the destruction of Tyre in 332 BC. The possible interpretations of the horse head and palm tree on the reverse are the same as for earlier periods.
First Punic War (264-241 BC)
North African issues
The Carthaginians minted a wide variety of coins in various metals during the First Punic War. The Jenkins-Lewis, Group VII electrum was produced around 270 BC and has the same weight (7.2 g), gold content (45%) and imagery as Group VI, but a "more formal" style. There are no sub-groups and no smaller denominations.
Jenkins-Lewis, Group IX is a pure gold issue in two denominations, one weighing 12.5 g and the other weighing 25 g. These appear to be equivalent to 20 and 40 silver shekels respectively, on a gold:silver ratio of 13⅓:1. The iconography depicts a female head on the obverse and a horse looking back over its shoulder. Hoard evidence and the fact that the dies are aligned shows that Group IX was made in Carthage. The coins have marks on them left by patches of rust on the dies, suggesting that they were made out iron, as part of an emergency coinage issue - probably Regulus' invasion in 256 BC.
Jenkins-Lewis, Group X is a very large electrum issue which replaced Group IX at Carthage at an uncertain date and continued for the rest of the First Punic War. The obverse depicts a wreathed female head as in the previous issues, while the reverse shows a standing horse looking forward, with a sun disc flanked by two uraei hovering above its back. There are two sub-groups. Group X.A, which is earlier, weighs 10.8-11 g and has a gold content of around 45-49 %. It contains seven further sub-sub-groups. Group X.B is lighter (10.5-10.7 g) and a lower gold content (34-36 %). The mint location and date is demonstrated by the fact that Group X coins are frequently overstruck by coins produced by rebels during the Mercenary War (241-237 BC). Group X is accompanied by a silver coinage with the same iconography, minted in billon (silver heavily mixed with lead).
Sicilian issues
In Sicily the Carthaginians minted Jenkins-Lewis, Group VIII electrum and Series VI silver. Group VIII consisted of a single denomination of 21.6 g - a triple shekel - with a gold content of 30%. The Series VI silver probably is divided into three denominations: a six-shekel or dodecadrachm coin (45 g), with a female head on the obverse and a prancing horse on the reverse; a three-shekel or hexadrachm coin (21 g), with a similar female head on the obverse and a horse's head on the reverse; and a five-shekel or decadrachm coin (36 g), with a female head on the obverse and a Pegasus flying right on the reverse. Group VIII and the five-shekel coins of Series VI both bear a legend on the reverse which reads, B'RṢT (𐤁𐤀𐤓𐤑𐤕). Older scholarship interpreted this as the Punic language form of Byrsa, the citadel of Carthage, but Anna Maria Bisi argued that the more natural interpretation was "in the land." Carthaginian inscriptions show that 'RṢT ("land") was the standard term for the Carthaginian administrative districts (known in Latin sources as pagi). Jenkins argues that it indicated the "land" of Sicily. The localisation of these issues to Sicily is based on the fact that they are only found in hoards from Sicily and the fact that their dies are not aligned.
Sardinian issues
Hoard evidence shows that most of the bronze coinage issued during the First Punic War was minted in Sardinia, perhaps because it was more secure. In the 250s BC, the main bronze coinage is SNG Cop. 202-215, weighing around 7.5 g, with a wreathed female head on the obverse and a standing horse with or without a palm tree on the reverse. The later bronze issues are minted at a higher weight, perhaps in response to the debasement of the silver coinage. The Roman annexation of Sardinia in 238 BC marked the end of Carthaginian minting there.
Interwar Period (241-218 BC)
Between the First and Second Punic Wars, Carthage issued separate coinages in North Africa and in the region of Spain controlled by the Barcids. The coinages produced in these two regions circulated separately; i.e., coinage minted in Spain is not found in North Africa and coinage minted in North Africa is not found in Spain.
North Africa
A short-lived gold issue, Jenkins-Lewis, Group XI is nearly pure gold and has a female head on the obverse and a horse on the reverse. A symbol III perhaps indicates that it was worth three double shekels of silver, which would give a plausible gold:silver ratio of 12:1. The quality of the imagery suggests that it was produced in a hurry. It appears in hoards along with coinage produced by Carthage's opponents in the Mercenary War (242-238/7 BC), indicating that it was produced during or in the run-up to that war.
The majority of the coinage produced in North Africa in this period is bronze. In the 230s BC, there were a set of heavy bronzes, SNG Cop. 253-254, with a female head on the obverse and a horse standing in front of a palm on the reverse, which weigh 15 g. Around 230 BC, a more complicated system of bronze and billon coins are introduced, with three denominations: SNG Cop. 261 (24 g), SNG Cop. 260 (12 g), SNG Cop. 255-259 (6 g).
Jenkins-Lewis, Group XIII is an electrum quarter shekel coin (1.7 g), with a very low gold content (14%). The obverse is a female head and the reverse is a standing horse looking back over its shoulder (i.e. similar to Group IX of the First Punic War). Jenkins and Lewis place it in the 230s BC, but there is no strong evidence.
A pure gold quarter shekel (1.7 g), Jenkins-Lewis, Group XIV, with a female head on the obverse and a standing horse on the reverse, was minted along with a billon coin with the same iconography in the period immediately before the outbreak of the Second Punic War. Its date and assignment to North Africa is based on its presence in the El Djem hoard (IGCH 2300).
Barcid Spain
The Barcids in Spain issued gold and silver coins. bearing the head of Melqart, with his club but without a lionskin on the obverse, and a horse and palm tree on the reverse.
The gold staters, Jenkins-Lewis, Group XII, were produced at a weight of 7.50 g in two separate types. The first, Group XII.A have the head of Nike on the obverse and a prancing horse on the reverse, while Group XII.B has a male head on the obverse (possibly the Barcid leader, Hasdrubal the Fair) and a ship's prow on the reverse. Edward Stanley Robinson argued that XII.A was minted at Gades between 237 and 230 BC and that XII.B was minted after 230 BC at the Barcids newly founded Spanish capital, New Carthage, but Jenkins and Lewis view these mint identifications and dates as uncertain.
Jenkins and Lewis suggest an exchange rate between gold and silver of 1:12, in which case one gold stater would have been worth 24 silver drachmas. L. Villaronga argues for a gold:silver ratio of 1:11⅓, in which one gold stater would be worth twelve silver shekels.
Second Punic War (218-201 BC)
During the Second Punic War, the Carthaginians minted coinage in electrum, silver, bronze and billon in several different theatres. In North Africa, coinage was minted throughout the war. Coinage was minted in Spain until it was lost to the Romans in 205 BC. Special coinages were minted for the Carthaginian forces in southern Italy under Hannibal from 215 to 210 BC and for the Carthaginian expedition to Sicily in 213-210 BC.
North Africa (218-201 BC)
Barcid Spain (218-206 BC)
Spanish expansion and Roman plunder permitted issues in precious metals during the Second Punic War, including two large silver issues for use on Sicily. One set of half-shekels featured a diademed male head obverse and elephant reverse; another featured a male head with grain wreath obverse and a galloping horse reverse.
The shekel also decreased in Barcid areas from 7.2 to around 7.0 g over the course of the war. Bronze coins similarly varied in weight between 8 and 10 g owing to varying exchange rates between it and the silver currency.
Southern Italy (215-210 BC)
Sicily (213-210 BC)
Syracuse under Hieronymus, initially a Roman ally, joined the Carthaginian side of the war in 216 BC. Roman forces soon proved more than a match for the Syracusans and the Carthaginians sent an expeditionary force under Himilco to reinforce them in 213 BC, where it remained active until 210 BC.
The earlier issue of silver coinage, SNG Cop. 378-380, was struck in Sicily, probably at Agrigentum, the Carthaginian headquarters in Sicily. It consists of three denominations: a half shekel, a quarter, and an eighth. The obverse of this issue bears a beardless male head wearing a corn wreath, which might be Triptolemus. The reverse has a running horse, with the Punic letter heth (ḥ, 𐤇) on the half shekel and heth taw (ḥt, 𐤇𐤕) on the quarter shekel. The same legend appears on some coins of Agrigentum during this period, suggesting that this issue was also minted at Agrigentum. These coins are overstruck on Roman victoriati, which began to be minted in 211 BC.
This issue was accompanied by bronze coinage, with a veiled female head wearing a corn wreath on the obverse (Demeter?) and a running horse on the reverse, which is accompanied by the Punic letter heth (ḥ, 𐤇) and a symbol. The date is supported by the iconographic link with the silver issue and by examples which are overstruck on Roman semunciae issued after 211 BC. Andrew Burnett argues that the iconographic link with the silver issue suggests that it was minted at Agrigentum. Paolo Visonà suggests Morgantina as an alternative.
Another issue of silver coinage, SNG Cop. 382-383, overlapped with the previous, but perhaps continued to be minted slightly later. The obverse bears a male head wearing a wreath (perhaps Melqart) and the reverse has an elephant, accompanied by the Punic letter aleph (𐤀). It consists of three denominations: a shekel, a half, and a quarter. Previously, this issue was associated with Spain, but it is only found in hoards from Sicily, indicating that it was minted there. These coins are frequently overstruck on the earliest Roman denarii (produced ca. 211 BC).
These coinages are relatively common in museum collections because the disturbed conditions of the Second Punic War meant that they were frequently deposited in hoards. However, the actual quantity minted seems to be relatively low - equivalent to the issues of Syracuse, Agrigentum, and the Sikeliotai in this period, and far smaller than the issues produced by the Romans in Sicily at the same time. Burnett proposes that they were minted not just to meet Carthaginian military expenses in Sicily, but that the overstriking of Roman coinage with these Punic issues also had a symbolic dimension derived from "the desire to obliterate Roman coins as a symbol of Roman power."
Final period (200-146 BC)
Following the Carthaginian defeat in the Second Punic War, the Carthaginians minted purely in bronze. Carthage appears to have operated a closed currency system, in which people bringing gold and silver coinage into the city had to give it to the civic authorities in exchange for local bronze coinage. Ptolemaic Egypt operated a similar system in this period. In textual sources, the period after the Second Punic War is presented as a period of economic recovery for the Carthaginians, but Paolo Visonà suggests that the absence of precious metal coinage "casts doubt" on this narrative.
There are three bronze denominations. SNG Cop. 409-413, weighing around 100 g, bears a female head on the obverse and a standing horse on the reverse with an uraeus sun-disk above it (i.e, the same design as the Group X electrum). SNG Cop. 399-400 weighs around 20 g and has a female head on the obverse and a horse raising one hoof on the reverse. SNG Cop. 414 has the same design as 409-413, but weighs only 4 g. It is very rare. Bronze coinages also began to be issued at Utica and by the Numidian kings in this period.
During the Third Punic War, the Carthaginians issued their very last coinage in gold, silver, and bronze, with a female head on the obverse and a horse raising one hoof, with a pellet in the field. Some issues have a serrated edge. The gold issue, Jenkins-Lewis, Group XVIII is very pure, but only issued in a relatively small denomination of 3 g (4/5 drachma). The silver, SNG Cop. 401-408 weighs 13.10 g (roughly 2 shekels). After the war, most of the silver and gold was probably melted down, but Carthaginian bronze coinage is common in Illyria in the late second and early first centuries BC, along with Sicilian and Numidian bronze; it may have been exported there as scrap.
History of research
The first substantial work on Carthaginian numismatics was Ludvig Müller, Numismatique de l'ancienne Afrique, published between 1860 and 1874. Owing to the absence of coin hoards at that time, it was based almost entirely on stylistic features of the coinages, but it established a basic framework for the different metals and remained the standard reference work until the mid-twentieth century. From the 1960s onwards, the large-scale publication of hoards and excavation finds that included Punic hoards began to make the chronology and mints of Carthaginian coinage clearer. In the 1960s and 70s, G. Kenneth Jenkins and R. B. Lewis published a series of important studies that used the new archaeological data and the identification of die sequences to produce the current understanding of the gold, silver, and electrum series. Systematisation of the bronze coinage remains ongoing, drawing on further information from excavations in Sicily and Sardinia, as well as metallurgical studies. Key advances have been made by Paolo Visonà's studies of Punic bronze coinage and its circulation patterns and Suzanne Frey-Kupper's 2013 publication of the coin finds from the excavations at Monte Iato.
Collections
A collection of recovered coins is maintained at the Tunisian Mint Museum () at the Central Bank in Tunis.
Speculative theories
In 2013, Theo Vennemann proposed that the Germanic penny, , , &c. may derive from an early borrowing of Punic (Pane or Pene, "Face"), as the face of Carthaginian fertility goddess Tanit was represented on nearly all Carthaginian currency. The theory is, however, still disputed.
The supposed discovery of a hoard of Carthaginian coins on Corvo in 1749 is the basis for supposing that the Carthaginians reached the Azores, but this too remains contentious.
See also
History of Carthage
Shekel & Tyrian shekel
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Lone Pine Capital
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[
"Tiger Cub firms",
"Investment management companies of the United States",
"1997 establishments in the United States",
"Hedge fund firms in Connecticut",
"Companies based in Greenwich, Connecticut",
"Financial services companies established in 1997",
"Privately held companies based in Connecticut"
] | 494 | 4,773 |
Lone Pine Capital is an American-based hedge fund and investment advisor headquartered in Greenwich, Connecticut. The firm has offices in London, New York City, and San Francisco.
History
Lone Pine Capital was established in 1997 by its president and portfolio manager, Stephen Mandel. The firm was named after a pine tree on the Dartmouth College campus that survived a lightning strike in 1887.
Mandel previously worked for Julian Robertson at the firm Tiger Management, making Lone Pine one of the 30 or more so-called "Tiger Cubs", funds founded by managers who started their investment careers with Tiger Management. Mandel led the firm until January 2019, when he stepped back from day-to-day activity into a mentorship role with less investment oversight.
As of August 2023, Lone Pine Capital reported $15.2 billion under management.
Investment strategy
Lone Pine Capital's investment vehicles include the Lone Cypress hedge fund, its flagship fund, and its long-only Lone Cascade strategy. As of 2024, the Cascade strategy held a majority of the firm's assets.
Between 2021 and 2023, the firm shifted its focus to investments in publicly traded companies, but resumed private investments in April 2024 when it acquired a minority stake in Canva and Spotnana Technology.
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Monetary Policy Committee (Brazil)
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[
"1996 establishments in Brazil",
"Monetary policy",
"Monetary economics",
"Economy of Brazil",
"Banks of Brazil"
] | 1,501 | 12,274 |
The Monetary Policy Committee (Portuguese: Comitê de Política Monetária - Copom) is a department established by the Central Bank of Brazil on June 20, 1996, through Circular No. 2698 (revoked as of January 2, 1998 by Circular No. 2780 of November 12, 1997) in order to define monetary policy guidelines and set the basic interest rate. It regulates the liquidity of the economy through monetary policy instruments.
Definition and history
Copom was created on June 20, 1996, to establish monetary policy guidelines and set the economy's basic interest rate. The creation of the committee aimed to provide greater transparency and an appropriate protocol for the decision-making process, similar to the Federal Open Market Committee (FOMC) of the Federal Reserve System (The Fed) in the United States, and the Zentralbankrat, the board of the Deutsche Bundesbank, the German central bank. In June 1998, the Bank of England also set up its Monetary Policy Committee (MPC), as has the European Central Bank since the creation of the single currency in January 1999. Currently, several monetary authorities worldwide adopt a similar practice.
Since 1996, Copom's regulations changed regarding the objective, the frequency of meetings, the composition and the duties and powers of its members. These amendments aimed to improve the decision-making process within the committee and to reflect the changes in the monetary regime.
After the introduction of the "inflation targeting" system as a monetary policy guideline by Decree No. 3,088 on June 21, 1999, the Copom's decisions became aimed at fulfilling the inflation targets set by the National Monetary Council (Conselho Monetário Nacional - CMN). According to the decree, if the targets are not achieved, the president of the Central Bank must disclose, in an Open Letter to the Minister of Finance, the reasons for non-compliance, as well as the measures to be adopted and the deadline for returning the inflation rate to the established limits.
Formally, Copom's objectives are to "implement monetary policy, set the Selic rate target and analyze the Inflation Report." The interest rate set at the Copom meeting is the target for the Selic rate (the average interest rate for daily financing backed by sovereign bond and calculated by the Special System for Settlement and Custody - Selic), which is valid for the entire period between ordinary meetings of the committee. Copom can also determine the trend (up or down) of the interest rate. The president of the Central Bank can change the target for the Selic rate by the trend at any time.
Members
Copom is composed of the presidents and directors of the Central Bank of Brazil. Other agents from departments directly or indirectly linked to the economy are also part of the committee. The members associated with the Central Bank of Brazil are:
Chairman;
Administration Director (Diretor de Administração - Dirad);
Economic Policy Director (Diretor de Política Econômica - Dipec);
International Affairs and Corporate Risk Management Director (Diretor de Assuntos Internacionais e de Gestão de Riscos Corporativos - Direx);
Supervisory Director (Diretor de Fiscalização - Difis);
Financial System Organization and Resolution Director (Diretor de Organização do Sistema Financeiro e de Resolução - Diorf);
Monetary Policy Director (Diretor de Política Monetária - Dipom);
Regulation Director (Diretor de Regulação - Dinor);
Institutional Relations and Citizenship Department (Diretor de Relacionamento Institucional e Cidadania - Direc).
The heads of the Central Bank's departments also attend the meetings:
Banking and Payment System Operations Department (Departamento de Operações Bancárias e de Sistema de Pagamentos - Deban);
Open Market Operations Department (Departamento de Operações do Mercado Aberto - Demab);
Economic Department (Departamento Econômico - Depec);
Studies and Research Department (Departamento de Estudos e Pesquisas - Depep);
International Reserves Department (Departamento das Reservas Internacionais - Depin);
International Affairs Department (Departamento das Reservas Internacionais - Derin);
Investor Relations and Special Studies Department (Departamento de Relacionamento com Investidores e Estudos Especiais - Gerin).
Consultants, the executive secretary of the board of directors, the coordinator of the institutional communication group and the press officer of the presidency of the Central Bank also join in the discussions.
Current participants
NamePosition at the Central BankPresident of the Republic who appointedStart of termEnd of term1Roberto Campos NetoPresidentJair BolsonaroFebruary 28, 2019In office2Gabriel Muricca GalípoloMonetary Policy DirectorLuiz Inácio Lula da SilvaJuly 12, 2023In office3Rodrigo Alves TeixeiraAdministration DirectorJair BolsonaroApril 20, 2021In office4Diogo Abry GuillenEconomic Policy DirectorJair BolsonaroApril 25, 2022In office5Paulo PicchettiInternational Affairs and Corporate Risk Management DirectorLuiz Inácio Lula da SilvaJanuary 2, 2024In office6Carolina BarrosRelations, Citizenship and Conduct Supervision DirectorLuiz Inácio Lula da SilvaJanuary 2, 2024In office7Otávio Ribeiro DamasoRegulation DirectorJair BolsonaroApril 20, 2021In office8Ailton de Aquino SantosSupervisory DirectorLuiz Inácio Lula da SilvaJuly 12, 2023In office9Renato Dias de Brito GomesFinancial System Organization and Resolution DirectorJair BolsonaroApril 26, 2022In office
Operation
Copom's regular meetings are divided into two sessions: the first is reserved for technical presentations on the economic situation and the second is dedicated to deciding on the Selic rate target. Besides the president and directors, the heads of the Central Bank departments participate in the first session of the meeting, which can also be attended by other Central Bank employees when authorized by the president.
On the first day of the meetings, the department leaders present a technical analysis of the situation covering inflation, the level of activity, the evolution of monetary aggregates, public finances, the balance of payments, the international economy, the foreign exchange market, international reserves, the money market, open market operations and general expectations for macroeconomic variables.
On the second day of the meeting, besides the Copom members, the head of Depep participates with no voting rights and gives a technical presentation containing a prospective assessment of inflation. Afterwards, the Copom members, based on an assessment of the macroeconomic scenario and the main associated risks, decide on the Selic rate target by a simple majority vote.
Copom decision announcements are released after the end of the second session of the regular meeting. The reports in Portuguese are published on the Tuesday of the week following each meeting, within the regulatory period of six working days. The technical presentations on the economic situation relating to the first and second day of the meeting are made available after 4 and 8 years respectively. At the end of each quarter (March, June, September and December), Copom publishes the Inflation Report in Portuguese and English, which analyzes Brazil's economic and financial situation in detail and presents its projections for the inflation rate.
See also
Central Bank of Brazil
|
Bankers Trust
|
[
"Banks based in New York City",
"Defunct banks of the United States",
"1998 disestablishments in New York (state)",
"1903 establishments in New York (state)",
"Defunct banks of New York City"
] | 3,300 | 27,344 |
Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corporation in 2003.
In 1903 a group of New York national banks formed trust company Bankers Trust to provide trust services to customers of state and national banks throughout the country on the premise that it would not lure commercial bank customers away. In addition to offering the usual trust and commercial banking functions, it also acted as a "bankers' bank" by holding the reserves of other banks and trust companies and loaning them money when they needed additional reserves due to unexpected withdrawals. Bankers Trust Company was incorporated on March 24, 1903, with an initial capital of $1.5 million. Despite technically having numerous stockholders, the voting power was held by three associates of J.P. Morgan. Thus, it was widely viewed as a Morgan company. J. P. Morgan himself held a controlling interest, and Edmund C. Converse, a steel manufacturer turned financier and then president of Liberty National Bank, was chosen to serve as Bankers Trust's first president.
Bankers Trust quickly grew to be the second largest U.S. trust company and a dominant Wall Street institution. During the Panic of 1907, Bankers Trust worked closely with J.P. Morgan to help avoid a general financial collapse by lending money to sound banks. In 1911, it acquired the Mercantile Company and, a year later, the Manhattan Trust Company. In 1914 Converse resigned to become president of Astor Trust Company, another Morgan company. He was succeeded by his son-in-law Benjamin Strong Jr. Strong served as president for less than a year, leaving Bankers Trust to become the first governor of the Federal Reserve Bank of New York after helping to establish the Federal Reserve System. Strong was succeeded by Seward Prosser, who became the third president of Bankers Trust. By 1915, Bankers Trust was doing approximately $30,000,000,000 of business, consisting of solely business from companies and no safes or other deposits were from the general public. In 1916, it completed alterations to the Bankers Trust Building, its offices at the corner of Wall and Nassau Streets that it had built 4 years earlier.
Under Prosser's leadership, Bankers Trust merged with the Astor Trust Company on April 23, 1917. The merger had been rumored for some time as both banks had a number of directors in common; Prosser was president of the Bankers and a director of the Astor and Edmund C. Converse was president of the Astor and a director of the Bankers. The Astor continued "with no change in management, as the uptown branch of the Bankers Trust Company." The new company had capital of $11,250,000, "undivided profit of more than $5,000,000 and deposits of about $300,000,000." In October 1917, the company became a member of the Federal Reserve system.
Prosser served as president of the merged entity until 1923 when was elected chairman of the board and was succeeded by Albert Arthur Tilney. Prosser served as chairman until his death in 1942. Tilney's presidency was short-lived, however, as Henry J. Cochran, who had been a vice president at the company for twelve years, was elected as the fifth president in 1929. Upon Cochran's elevation to the presidency, Tilney assumed the newly created position of vice chairman of the board of directors. Cochran served as president until 1931 when S. Sloan Colt was elected the sixth president and Cochran became vice chairman of the board. In 1956, Alex H. Ardrey became president of Bankers Trust. Ardrey joined the bank in 1930 as a vice president and was elected executive vice president in 1948. In 1957, 42 year old William Moore, an executive vice president and director, became chairman and chief executive officer of the Bankers Trust Company succeeding Colt who had become chairman in 1956, when Ardrey became president.
In 1960, Wallis B. Dunckel, a senior vice president who had been with the bank since 1923, was elected president of Bankers Trust to succeed Ardrey, who was elected vice chairman. In 1966, Alfred Brittain III, then head of the foreign department, was elected president of Bankers Trust to succeed Dunckel who retired. In 1966, Bankers Trust acquired a one-third interest in an Antwerp banking company, Banque G.&C. Kreglinger, S.A. which was renamed to Banque de Benelux after the transaction. The other one-third partners were Plouvier et Cie., S.A., a Belgian group composed of the former Kreglinger owners, and L'Union des Mines- La Henin, a French investment and holding company in which Bankers Trust had an equity interest.
1980s and early 1990s
In 1980, Bankers Trust exited retail banking under the direction of Brittain. The bank attempted to sell its credit portfolio and branches to Bank of Montreal; however, the deal was not completed due to a disagreement over BankAmericard (known today as Visa). Bank of Montreal wanted to include BankAmericard in the terms of sale, but Bankers Trust did not want to sell the new credit card program licensed from Bank of America due to its profitable future. Eventually, Bankers Trust sold 89 branches to five banks including Republic National Bank of New York. Republic National Bank of New York expanded its branch network to 32 with the opening of a new branch in Manhattan's World Trade Center and the acquisition of a dozen Bankers Trust Company branches—ten in Manhattan, one in the Bronx, and one in Brooklyn.
Bankers Trust became a leader in the nascent derivatives business under the management of Charlie Sanford, who succeeded Alfred Brittain III, in the early 1990s. Having de-emphasized traditional loans in favor of trading, the bank became an acknowledged leader in risk management. Lacking the boardroom contacts of its larger rivals, notably J. P. Morgan, BT attempted to make a virtue of necessity by specializing in trading and in product innovation.
The company shied away from using market data distribution products from companies such as Reuters, instead choosing to develop its own systems in-house. A small development team based in London created BIDDS (Broadgate Information Data Distribution System) which included the Montage front-end package that traders used to obtain data from data feeds and broker screens.
In early 1994, despite all its prowess in managing the risks in the trading room, the bank suffered irreparable reputational damage when some complex derivative transactions caused large losses for major corporate clients. Two of these—Gibson Greetings and Procter & Gamble (P&G)—successfully sued BT, asserting that they had not been informed of, or (in the latter case), had been unable to understand the risks involved. In 1995, the Securities and Exchange Commission sanctioned Gibson Greetings for its handling of derivatives trading, and Bankers Trust settled the P&G case in May 1996.
1997 merger and 1998 sale
In 1997, Bankers Trust acquired Alex. Brown & Sons, founded in 1800 and a public corporation since 1986, in an attempt to grow its investment banking business.
The bank suffered major losses during the 1998 Russian financial crisis since the bank had a large position in Russian government bonds.
In late 1998, shortly before Bankers Trust was acquired by Deutsche Bank, BT pleaded guilty to institutional fraud due to the failure of certain members of senior management to escheat abandoned property to the State of New York and other states. Rather than turn over to the states' funds from dormant customer accounts and uncashed dividend and interest checks as required by law, some of the bank's senior executives credited this money as income and moved it to its operating account.
Bruce J. Kingdon, the head of the bank's Corporate Trust and Agency group spearheaded the fraud and (in 2001) entered into a guilty plea in the US District Court for the Southern District of New York and was sentenced to community service. Some of his subordinates were thereafter barred forever by the SEC from working in the securities markets.
With the Bank's guilty plea in the escheatment lawsuit, and thereafter its status as a convicted felon, it became ineligible to transact business with most municipalities and many companies which are prohibited from transacting business with felons. Consequently, the acquisition by Deutsche Bank was a windfall to the bank's shareholders, who avoided losing their entire investments.
In November 1998, Deutsche Bank agreed to purchase Bankers Trust for $10.1 billion; the purchase was finalized on June 4, 1999. At the time, Deutsche Bank owned a 12% stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial companies, so Deutsche Bank received an exception to this prohibition through 1978 legislation from Congress. CEO Frank N. Newman received $55 million in severance. He had led the Bankers Trust acquisition of Alex. Brown & Sons and ensured that the bank would hold a large position in Russian government bonds.
On June 4, 1999, Deutsche Bank merged its Bankers Trust and Deutsche Morgan Grenfell to became Deutsche Asset Management (DAM) with Robert Smith as the CEO.
Later sales
In 1999, Deutsche Bank sold the Bankers Trust Australian division to the Principal Financial Group who, in turn, sold the Investment Banking Business to Macquarie Group in June 1999 and the asset management division to Westpac on October 31, 2002. This organisation now uses the name BT Financial Group.
Deutsche Bank announced on November 5, 2002 that it would sell The Trust and Custody division of Bankers Trust to State Street Corporation. The sale finalized in February 2003.
Controversies
In 1995, litigation by two major corporate clients against Bankers Trust shed light on the market for over-the-counter derivatives. Bankers Trust employees were found to have repeatedly provided customers with incorrect valuations of their derivative exposures. The head of the US Commodity Futures Trading Commission (CFTC) during this time was later interviewed by Frontline in October 2009: "The only way the CFTC found out about the Bankers Trust fraud was because Procter & Gamble, and others, filed suit. There was no record keeping requirement imposed on participants in the market. There was no reporting. We had no information." -Brooksley Born, US CFTC Chair, 1996-'99.
Several Bankers Trust brokers were caught on tape remarking that their client [Gibson Greetings and P&G, respectively] would not be able to understand what they were doing in reference to derivatives contracts sold in 1993. As part of their legal case against Bankers Trust, Procter & Gamble (P&G) "discovered secret telephone recordings between brokers at Bankers Trust, where 'one employee described the business as 'a wet dream,' ... another Bankers Trust employee said, '...we set 'em up.'" The bank's row with P&G made the front page of major US magazines during 1995. On October 16, 1995, the US magazine BusinessWeek published a cover story that P&G was pursuing racketeering charges against Bankers Trust: "The key evidence: some 6,500 tape recordings."
Both the magnitude of losses and the litigation by well-known companies caused market regulators to intervene. Concerns motivated by the particular Bankers Trust case eventually extended to the OTC derivatives market in general. The US CFTC embarked on a failed attempt to take over part of the bank regulators' role in regulating the OTC derivatives market in the late 1990s. The thesis of an October 20, 2009, broadcast of the PBS television magazine Frontline, Early Warnings of the Economic Meltdown, was that the failure of Congress to allow CFTC a role in regulating derivatives was a key element eventually leading to the 2008 financial crisis.
Notable former employees
Business
Mary Vail Andress – first woman executive at a major New York bank (1924)
Jeff Bezos – chief executive officer of Amazon.com
Greg Coffey – hedge fund manager
Chris Corrigan – private investor and former CEO of Patrick Corporation
Henry P. Davison – banker
Brady Dougan – chief executive officer of Credit Suisse
Richard Farleigh – private investor
John Key – former New Zealand Prime Minister and investment banker
Jack Langer (born 1948/1949) - basketball player and investment banker
Jerome Powell - Chair of the Federal Reserve of the United States
Herbert L. Pratt – director of BT from 1917–38, and head of Standard Oil Company of New York
Sally Shelton-Colby – banker and diplomat
Benjamin Strong, Jr. – Secretary (1904–09), Vice-President (1909–13), President (1913–14), then first head of New York Federal Reserve (1914–28)
Nassim Taleb – author and financial mathematician
Albert H. Wiggin – president of Chase National Bank
Robert G. Wilmers – Chief Executive Officer and Chairman of M&T Bank
Other
Maxim Dlugy – chess International Grandmaster
Jack H. Jacobs – Medal of Honor recipient
Charlie Rose – television reporter
|
Farmers Bank of China
|
[
"Banks of Taiwan",
"Defunct banks of China",
"Banks established in 1933",
"Chinese companies established in 1933"
] | 783 | 6,491 |
The Farmers Bank of China was a major bank in China, one of the "big four" banks of issue in the 1930s together with the Bank of China, Bank of Communications, and Central Bank of China.
The Farmers Bank was founded on in Hankou (modern day Wuhan) from the amalgamation of provincial agricultural banks in Henan, Hubei, Anhui and Jiangxi. Governed by the Farmers Bank of China Law, the bank was established to stimulate agricultural development by providing lines of credit to farmers and rural landowners. The loans were intended for use to purchase equipment and crops. The bank was initially under majority government ownership.
The bank became one of the four major banks of the Nationalist era of China. Along with the Central Bank of China (currently the Central Bank of the Republic of China), Bank of China and Bank of Communications, the Farmers Bank of China was allowed to issue its own banknotes until late July 1942, when it lost its note-issuance privilege whereas the Central Bank of China was granted the issuance monopoly in the territories still ruled by the Nationalist government.
The bank was relocated to Chongqing in 1937, along with Kuomintang-led Nationalist Government during Second Sino-Japanese War and relocated to the former Japanese colony of Taiwan in 1949 because of the Chinese Civil War. However, it was not until May 20, 1967 that the bank resumed operations after relocating to Taiwan.
The Government of the People's Republic of China incorporated the bank's assets in Mainland China into the People's Bank of China, but later transferred these to the Agricultural Bank of China.
From 1967 until 2006, the bank opened and operated 107 branches throughout Taiwan. It also operated overseas offices in Los Angeles and Seattle.
The Taiwanese government undertook a reform of the banking industry in 1992 with the listing of state-owned banks on the stock exchange. The Farmers Bank of China was partially privatized in 1994, and all government shares were put on the market in 1999. Accordingly, the Farmers Bank of China Law was repealed by Legislative Yuan in 2005 to complete full privatization of the bank.
The bank was the 14th largest lender in Taiwan until the bank was acquired by the Taiwan Cooperative Bank () on May 1, 2006.
Former Chairmen
Xie Dongmin () 1947-1952
Li Lianchun () 1952-1972
Hong Qiaorong () 1972-1978
Ye Xinming () 1978-1981
Zhang Xunshun () 1981-1988
Xu Minhui () 1988-1991
Luo Jitang () 1991-1994
Bu Zhengming () Feb 1994 - Nov 1994
Liao Hebi () 1994-1996
Li Wenxiong () 1996-2001
Liang Chengjin () 2001-2004
Chen Zhong () 2004-2006
|
Paul A. Dodd
|
[
"1902 births",
"1992 deaths",
"People from Greenwood, Missouri",
"Park University alumni",
"University of Pennsylvania alumni",
"University of California, Los Angeles faculty",
"Presidents of San Francisco State University",
"Economics educators",
"20th-century American economists",
"Economists from Missouri",
"20th-century American academics"
] | 832 | 5,990 |
Paul Albert Dodd (July 26, 1902 – August 22, 1992) was an American educator, economist, and labor arbitrator. He served as professor of economics at the University of California, Los Angeles from 1928 to 1962, and was appointed as the first director of the Institute of Industrial Relations from 1945 to 1947 at UCLA, before specializing as an educational administrator.
Dodd was revered among the leading economists of his time, which allowed him the opportunity to serve on multiple educational, state, and federal committees involving community and economic impact. Moreover, as a leading university administrator, he served in various roles of university administration including posts as dean and acting-vice chancellor of UCLA, and later serving as university president of San Francisco State College in the mid-1960s, until his retirement.
Personal life and education
Born on July 26, 1902, in Greenwood, Missouri to William and Eva Violet Dodd, Paul spent his childhood and adolescence in communities across the U.S. Midwest, spending portions of his youth in the states of Oklahoma, Kansas and Missouri, following the career and ministry of his father who served as a Presbyterian Minister.
Dodd received his A.B. from Park College in 1924 and later earned a Ph.D. in economics from the University of Pennsylvania in 1933. He was also awarded an honorary LL.D. from Park College in 1950. While pursuing his graduate work, he married in Pennsylvania in 1928 and soon began his family as he moved to California.
Upon arriving at UCLA in 1928, Dodd worked as a consultant prior to the completion of his graduate work. After completion of his Ph.D. dissertation, Dodd joined the UCLA faculty in the department of economics, where he worked closely with Gordon Watkins, a leading scholar in industrial relations. Dodd is said to have "rose to prominence in the 1930s as Watkins' protégé", who together began to compile publications regarding industrial relations.
"He first drew public attention in the mid-1930s where he served as a federal labor arbitrator in disputes involving warehouse owners and longshoremen and a Teamsters' blockade of Los Angeles Harbor.". In conjunction, he served as a member on the National War Labor Board during World War II,"charged with negotiating wage and price settlements". Dodd also served as chairman of the President's Emergency Railway Labor Board and as a member on the Governor's Committee on Health Insurance (CA, 1939–40) as he was known for early research on health insurance and health costs in California.
"After World War II, Dodd helped establish many new educational and research programs at UCLA, including schools of medicine, nursing, law, dentistry, fine arts and librarianship." During this same period, California Governor Earl Warren established two units of industrial relations for the University of California in the midst of rising U.S. political power and global influence. Selected to be the founding director of the UCLA Institute of Industrial Relations, Dodd used his post to lay the ground work for continued conversation and research concerning university and national dialogue regarding employment and labor issues.
In 1946, he was selected to serve UCLA as dean of the College of Letters and Science and occupied this position until 1961. Dodd also served a short stint as acting vice-chancellor of academic affairs(1959–60) and as professor emeritus (1961) until he left the classroom indefinitely.
The Board of Trustees of the California State Colleges in 1962 named Dodd San Francisco State College's university president, which he accepted and served five years (1962–66). After his tenure as president, Dodd retired from educational service.
The president of the UC system, Clark Kerr (1958–1967), said Dodd "improved department after department that started UCLA moving toward its current academic standing. It is remarkable that UCLA is the only institution founded since 1900 to rise to the ranks of the top 10 research universities in the country. Paul Dodd is to be particularly credited for this achievement."
Dodd Hall at the University of California, Los Angeles is named in honor of Paul A. Dodd. It is located in the north campus area of UCLA, across from Franklin D. Murphy Hall, the university's administration building. Dodd Hall is home to the departments of art history, classics, and philosophy.
Publications
Financial policies in the aviation industry (1933)
Economic aspects of medical services (1939)
|
Council for American–Soviet Trade
|
[
"Bilateral trading relationships",
"Soviet Union–United States relations",
"Foreign trade of the United States",
"Foreign trade of the Soviet Union"
] | 735 | 5,406 |
The Council for American–Soviet Trade was a proposal conceived and authored by the National Association of Manufacturers (NAM)'s international economic affairs department (IEA) to regularize commercial development between US corporation leaders and Soviet industrial and state-controlled trade organizations. It became the forerunning blueprint for the eventual which was formally established in October 1973.
The Council for American–Soviet Trade (CAST) was initially proposed in February 1973 following the highly successful US-Soviet Trade Conference organized by the NAM in Washington at the Shoreham Hotel. With over 800 delegates and a high-level Soviet delegation led by Vice Minister of Foreign Trade V.S. Alkhimov, this conference was the largest gathering of its kind. CAST was designed in response to an official protocol which emerged from President Nixon's summit with Soviet premier Leonid Breznev during the Soviet leader's visit to Washington in June 1973. NAM's East-West Task Force had hosted a luncheon for Soviet Foreign Trade Minister N.S. Patolichev at the Washington International Club on June 22 during the Summit which reinforced the prominent role of NAM in the development of a permanent organizational mechanism. Soviet leadership had been impressed by NAM's follow-up including a June 1 meeting in New York City between Nicholas E. Hollis, NAM'-IEA's vice president and members of the East–West Task Force and Soviet deputy foreign trade minister V. Smeljakov where the CAST proposal was initially presented in writing with diagrams and proposed functions, including dual secretariat offices in Moscow and New York. NAM president E.D. Kenna testified on challenges of US-Soviet trade reform, including export credit extension and repeal of the Jackson–Vanik amendment before the Joint Economic Committee of the Congress on July 17 and underscored the CAST proposal as one approach to dealing with state controlled economies (Journal of Commerce, July 19, 1973). NAM's cautionary, qualified endorsement for exploring trade openings with the USSR contrasted with Chase Manhattan Bank's David Rockefeller, who pressed for wider export credit support and broader trade liberalization with the Soviets.
NAM mission to USSR: gamesmanship finale
V.S. Alkhimov subsequently extended an invitation to visit the Soviet Union to NAM President E.D. Kenna, vice president N.E. Hollis and honorary chairman Burt F. Raynes (also chairman of Rohr Industries in Chula Vista, California). This visit occurred from September 23 to October 5, 1973, and enabled NAM to participate in the inaugural meetings for the US-USSR Trade and Economic Council in Moscow October 1 and the press conference announcing its formation on October 2 at Spasso House.
After all the gamesmanship surrounding rival concepts and leadership jockeying, what finally emerged was a dual secretariat (Moscow and New York staff offices) and governing statutes which closely resembled the CAST proposal as originally outlined by NAM staff after the US–Soviet Trade Conference. The visit also included side-trips to St. Petersburg (Leningrad) on the Baltic and the Georgian SSR capital of Tbilisi – enriched with numerous cultural excursions for spouses. The Soviet Government absorbed all in-country costs for the NAM mission. Although the NAM leaders were received at the ministerial level (Patolichev) and other Kremlin officials, a farewell audience with Soviet premier Breznev scheduled for the final day – was cancelled at the last minute ostensibly due to illness. But on the evening of October 4, the lights burned late at the Kremlin – and within twenty four hours, the Egyptian and Syrian armies opened the October War against Israel
|
Checkout.com
|
[
"Financial services companies based in London",
"Financial software companies",
"Merchant services",
"Online financial services companies of the United Kingdom",
"Online payments",
"Payment service providers",
"Software companies based in London"
] | 591 | 6,401 |
Checkout.com (with the legal name of the main entity as Checkout Ltd.) is a British multinational financial technology company that processes payments for other companies. Founded as Opus Payments in 2009, it is headquartered in London, United Kingdom. It had a valuation of $40 billion in 2022, making it the most valuable European fintech startup. Customers include Netflix, Pizza Hut, and digital asset exchange Coinbase.
History
Checkout.com was founded in 2009 by Swiss national Guillaume Pousaz in Singapore under the name Opus Payments, which processed payments for merchants in Hong Kong. The company became profitable in 2011 through a deal with Chinese tech gadget trading website Dealextreme. In 2012, Opus Payments was renamed Checkout.com and registered in the U.K. In 2013, Checkout.com was granted membership with Visa and Mastercard, and Checkout.com subsequently focused on partnerships with Alipay and WeChat.
In 2018, the company joined London & Partners' Mayor's International Business Programme. In 2019, the company received a $230 million Series A funding round led by Insight Partners and DST Global. After additional funding rounds, the company's valuation had increased to $15 billion by June 2020. In May 2020, it acquired Australian company Pin Payments, allowing Checkout.com to expand into the Australian and New Zealand markets.
In January 2022, the company announced a $1 billion funding round, surpassing the value of competitors such as Revolut and Wise. Investors included the Qatar Investment Authority and Tiger Global Management, among others. The company announced it would use the capital to invest in Web3 applications. In May 2022, Checkout.com announced it was acquiring French startup Ubble, which provides a remote identity verification service.
|
List of government-owned companies of Bangladesh
|
[
"Government-owned companies of Bangladesh",
"Lists of companies of Bangladesh",
"Lists of government-owned companies"
] | 547 | 4,931 |
This is a list of notable government-owned companies of Bangladesh.
A & B
Adamjee Jute Mills
Ashuganj Fertilizer and Chemical Company Limited
Ashuganj Power Station Company Limited
Bakhrabad Gas Distribution Company Limited
Bangladesh Agricultural Development Corporation
Bangladesh Blade Factory Limited
Bangladesh Chemical Industries Corporation
Bangladesh Communication Satellite Company Limited
Bangladesh Diesel Plant Limited
Bangladesh Film Development Corporation
Bangladesh Fisheries Development Corporation
Bangladesh Forest Industries Development Corporation
Bangladesh Gas Fields Company Limited
Bangladesh House Building Finance Corporation
Bangladesh Infrastructure Finance Fund Limited
Bangladesh Inland Water Transport Corporation
Bangladesh Insulator and Sanitaryware Factory Limited
Bangladesh Jute Mills Corporation
Bangladesh Machine Tools Factory
Bangladesh Municipal Development Fund
Bangladesh Ordnance Factories
Bangladesh Overseas Employment and Services Limited
Bangladesh Parjatan Corporation
Bangladesh Petroleum Exploration and Production Company Limited
Bangladesh Shipping Corporation
Bangladesh Small and Cottage Industries Corporation
Bangladesh Steel and Engineering Corporation
Bangladesh Submarine Cable Company Limited
Bangladesh Sugar and Food Industries Corporation
Bangladesh Telecommunications Company Limited
Bangladesh Textile Mills Corporation
Bangladesh Power Development Board
C
Carew & Co (Bangladesh) Ltd
Chittagong Dry Dock Limited
Chittagong Urea Fertilizer Limited
Coal Power Generation Company Bangladesh Limited
D
Dhaka Electric Supply Company Limited
Dhaka Power Distribution Company
Dockyard and Engineering Works Limited
Dhaka Mass Transit Company Limited
Eastern Cables Limited
Eastern Refinery Limited
Eastern Tubes Limited
Eastern Lubricants Blenders Limited
Electricity Generation Company of Bangladesh
Essential Drugs Company
Gas Transmission Company Limited
Gazi Wires Limited
Infrastructure Development Company Limited
Infrastructure Investment Facilitation Company
Investment Corporation of Bangladesh
Jamuna Fertilizer Company Limited
Jiban Bima Corporation
Karnaphuli Fertilizer Company Limited
Karnaphuli Gas Distribution Company Limited
Karnaphuli Paper Mills
M
Milk Vita
Miracle Industries Limited
MJLBL
N
National Tubes Limited
North West Zone Power Distribution Company Limited
Northern Electricity Supply Company PLC
Northwest Power Generation Company
Nuclear Power Plant Company Bangladesh Limited
Palli Karma Sahayak Foundation
Petrobangla
Power Grid Company of Bangladesh Limited
Pragoti
Padma Oil Company Limited
Rupantarita Prakritik Gas Company Limited
Rural Electrification Board
Rural Power Company Limited
S
Sundarban Gas Distribution Company Limited
Sadharan Bima Corporation
Shahjalal Fertiliser Factory
Shyampur Sugar Mills
Sylhet Gas Fields Limited
Telephone Shilpa Sangstha
Teletalk Bangladesh Limited
Trading Corporation of Bangladesh
Triple Super Phosphate Complex Limited
Titas Gas Transmission and Distribution Company Limited
Usmania Glass Sheet Factory Limited
West Zone Power Distribution Company Limited
*
Government-owned
Bangladesh
|
William T. Golden
|
[
"1909 births",
"2007 deaths",
"American investment bankers",
"University of Pennsylvania alumni",
"Columbia Graduate School of Arts and Sciences alumni",
"American people of Lithuanian descent",
"Businesspeople from New York City",
"Philanthropists from New York (state)",
"Harvard Business School alumni",
"20th-century American philanthropists",
"20th-century American businesspeople",
"Members of the American Philosophical Society"
] | 592 | 5,340 |
William T. Golden (October 25, 1909 – October 7, 2007) was an American investment banker, philanthropist, and science adviser.
Golden was born October 25, 1909, in New York City; his parents were both the children of poor Lithuanian immigrants to the U.S., and his father worked in the textile industry and later became a banker. He was an early fan of technology, and earned a ham radio license at the age of 13. He earned a baccalaureate in English and biology at the University of Pennsylvania, and then studied for a year at the Harvard Business School before beginning work for Harold F. Linder on Wall Street. Much later in his life, he earned a master's degree in biology from Columbia University in 1979, and five honorary doctorates.
During World War II, Golden worked for the U.S. Navy's Bureau of Ordnance, and helped develop antiaircraft gun firing technology. After the war, he worked with Lewis Strauss at the newly formed Atomic Energy Commission. In the 1950s, when president Harry Truman consulted Golden concerning the possible re-establishment of the wartime Office of Scientific Research and Development, Golden instead suggested appointing a science adviser to the president. Truman agreed, and the first science adviser was Oliver Ellsworth Buckley. Golden was also instrumental in establishing the National Science Foundation during Truman's term as president.
Golden served on the boards of directors of multiple businesses, agencies, and universities, including the Carnegie Institution for Science, the American Museum of Natural History, the Mount Sinai Hospital, New York, and the American Association for the Advancement of Science. The William T. Golden Center for Science and Engineering, the headquarters of the American Association for the Advancement of Science, was named after Golden in 1995. In 2001, Golden received the AAAS Lifetime Achievement Award from the American Association for the Advancement of Science. He was a member of the American Philosophical Society, the American Academy of Arts and Sciences, and the National Academy of Sciences.
Golden was married three times, to Sibyl Levy, with whom he had two daughters, to mathematician Jean Taylor, and to Catherine Morrison.
|
Technomarket
|
[
"Retail companies established in 1992",
"Bulgarian companies established in 1992",
"Consumer electronics retailers",
"Retail companies of Bulgaria",
"Retail companies of Serbia",
"Retail companies of Romania",
"Bulgarian brands"
] | 278 | 3,182 |
Technomarket () is a Bulgarian retailer of consumer electronics that operates stores in Bulgaria, Kosovo, North Macedonia, Bosnia and Herzegovina, Slovakia and Montenegro. It also used to operate in Croatia, Romania and Serbia, but failed.
Technomarket is the brand name of K&K Electronics, a Bulgarian company founded in 1992. K&K Electronics is owned by the London Stock Exchange-listed British Virgin Islands-based company Equest Investments Balkans Limited. The first Technomarket store opened in 1999. In 2007, K&K Electronics acquired the Romanian chain DOMO, which by the time had entered the Bulgarian market, and established the TechnomarketDomo Group. DOMO operates as a separate brand name in Romania and Bulgaria; in Bulgaria, that chain typically has smaller and more centrally located stores than Technomarket.
As of late 2009, Technomarket operates 42 stores in Bulgaria, nine in North Macedonia, 14 in Bosnia and Herzegovina, two in Slovakia, seven in Kosovo, and 13 in Montenegro. In Romania, K&K Electronics has 126 stores, all operating under the DOMO brand.
Stores
These were the stores of Technomarket as of February 2018:
Country Stores Bulgaria 45 Bosnia and Herzegovina 14 Montenegro 13 North Macedonia 21 Kosovo 7
|
Eugenia Rasponi
|
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"People from Ravenna",
"Italian suffragists",
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"Murat family",
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"Italian people of Romanian descent",
"Italian LGBTQ businesspeople",
"19th-century Italian LGBTQ people",
"19th-century Italian businesspeople",
"20th-century Italian LGBTQ people",
"20th-century Italian businesswomen",
"20th-century Italian businesspeople",
"19th-century Italian nobility",
"19th-century Italian businesswomen"
] | 1,687 | 18,694 |
Eugenia Rasponi (18 September 1873–1958) was an Italian noblewoman who became a suffragist and businessperson. Dedicated to social welfare projects, as her mother had been, she opened a furniture manufacturing business to preserve the local hand-crafted canvases made in Romagna. In 1918, she met openly-lesbian writer and suffragist, Lina Poletti. The two women would share their lives for the next 40 years, traveling throughout Europe and Asia and studying philosophy and theosophy.
Early life
Eugenia Rasponi Murat was born on 18 September 1873 in Ravenna, in the Romagna region of the Kingdom of Italy to Princess Costanza (Constanța) Ghica and . She was the youngest of four surviving children. Her paternal grandparents were Count and Princess Luisa Giulia Murat and her paternal great-grandparents were Joachim Murat, King of Naples and Caroline Bonaparte, sister of Napoleon. Her maternal grandparents were Maria Văcărescu and Costache Ghica of Wallachia, and her great grandfather was the poet Nicolae Văcărescu. Within a month of her birth, her parents moved from Ravenna to Palermo, where her father assumed the post of prefect. He died when she was four years old.
After her husband's death, Rasponi's mother returned to Ravenna and participated in social welfare programs. She was president of the Società Operaia Femminile (Female Worker's Society), which she helped found in 1880. In 1894, she led the drive for the creation of a committee of the Red Cross in Ravenna and became first president of the organization. She died the following year, having impressed upon her daughter the importance of humanitarian service.
Career
In 1903, Rasponi purchased the castle fortress, known locally as the Castello Malatestiano, of Santarcangelo di Romagna, where she managed a furniture manufacturing facility. Interested in the local craft which produced hand-printed canvases, she purchased them as adornments for the castle and for use as the featured upholstery on her furniture. Rasponi became a prominent suffragist in Ravenna, and participated in the 1908 convention in Rome of the Consiglio Nazionale delle Donne Italiane (National Council of Italian Women, CNDI) led by her cousin, Gabriella Rasponi Spalletti. Around 1918, Rasponi met Cordula Poletti known as "Lina". Poletti was both a suffragist and openly lesbian. Sharing their hometown, their political views, and an appreciation of the arts, the two women became a couple. They lived in the Palazzo Rasponi Murat in Ravenna and in 1921 hosted the CNDI congress at the palace. The openness of Rasponi and Poletti's relationship was not accepted by the community and after the conference, the women decided to close the factory and move together to Rome.
In 1922, Poletti gave a large portion of the family heirlooms from the Napoleonic era to her cousin Count Gian Battista Spelletti. After a 30-year closure, she reopened the rooms in the Palazzo in Ravenna which housed the remainder of the museum-quality artifacts, which included portraits of King Murat and Caroline Bonaparte by François Gérard and numerous landscape paintings. She continued her activism in striving for equal rights of individuals, living with a group of similarly minded friends at her various residences. When in Rome, Rasponi and Poletti lived on Via Giovanni Battista Morgagni and became involved in several intellectual salons. They attended theosophical and philosophical meetings, which brought them to the attention of authorities. As a result, their home was repeatedly raided by the police. In one incident from 1937, they organized seminars for Jiddu Krishnamurti, an anti-fascist philosopher. He gave a series of presentations in February and March at Rasponi's home on spiritual matters and the police interrupted the meeting, accusing Krishnamurti of preparing political initiatives. Supporters of Krishnamurti wrote letters to the government expressing that Potetti and Rasponi fully supported the government and that Krishnamurti was apolitical. Eventually the charges were dropped. The couple traveled widely throughout Europe and Asia, making long study trips to gather anthropological and esoteric answers to existential dilemmas.
Death and legacy
Rasponi died in 1958, having partnered with Poletti for 40 years. She is widely credited with rescuing the hand-painted canvas craft in Romagna from extinction. Having no children, Rasponi left her estate to her cousin, Count Gian "Giovanni" Battista Spalletti Trivelli, son of Gabriella. In turn the Rocca Malatestiana Santarcangelo was inherited by Princess Marina Colonna di Paliano, who restored and reopened it to the public in 2019. Her apartment in the Palazzo Rasponi Murat was preserved after her death as a museum and could be viewed by the public on appointment through 2012.
References
Citations
|
Kendra Wilkinson
|
[
"1985 births",
"Female models from California",
"Living people",
"Participants in American reality television series",
"Mass media people from San Diego",
"American people of Irish descent",
"American people of English descent",
"American people of Ukrainian descent",
"21st-century American women",
"American businesspeople in real estate",
"American real estate brokers",
"American television personalities",
"American television actresses",
"American film actresses",
"OnlyFans creators"
] | 4,013 | 41,364 |
Kendra Leigh Wilkinson (formerly Baskett; born June 12, 1985) is an American television personality and real estate agent. She first gained recognition as one of Hugh Hefner's girlfriends and for her role on the E! reality television series The Girls Next Door (2005–2009), on which her life in the Playboy Mansion was documented. Although not a Playboy Playmate, she has appeared in three nude pictorials with her Girls Next Door co-stars Holly Madison and Bridget Marquardt. She subsequently starred in her own reality shows, Kendra (2009–2011) and Kendra on Top (2012–2017).
After a four-year break from television, Wilkinson had a career resurgence as a real estate agent and began starring in her own real estate-focused show Kendra Sells Hollywood (2021–2023), which ran for two seasons.
Early life
Born in San Diego, California, Wilkinson is of English, Irish, and Ukrainian descent. She has a younger brother named Colin. Her mother, Patti, was originally from Cherry Hill, New Jersey, and had been a cheerleader for the Philadelphia Eagles. Her father, Eric, was raised in Bryn Mawr, Pennsylvania and Ocean City, New Jersey, before moving to San Diego at age 15. He received a degree in biochemistry from the University of California, San Diego, and went on to found several biotechnology companies before retiring at the age of 48. Patti and Eric married on November 5, 1983. They divorced on March 25, 1994, when Kendra was eight years old. Her grandmother, Gloria Wilkinson, died in December 2004. Wilkinson wanted to become a marine biologist, when she was younger.
Wilkinson was raised in San Diego's Clairemont neighborhood, and played softball for six years with the Clairemont Bobby Sox. When she left high school, she began working as a glamour model, and also briefly worked as an administrative assistant in a dentist's office.
Life and career
2004–2009: Playboy and The Girls Next Door
Wilkinson met Hugh Hefner at his 78th birthday party in April 2004, where she appeared as one of the "painted girls" (women who are nude except for painted-on accessories). Hefner had seen a photo of her shot by Kim Riley on a fax machine at the Playboy Mansion and wanted to know who she was. Shortly after they met, Hefner asked Wilkinson to be one of his girlfriends, and he moved her into the Playboy Mansion.
She was featured on the E! reality television series The Girls Next Door, which followed the lives of Hefner's then-girlfriends: Wilkinson, Holly Madison, and Bridget Marquardt. She moved out of the Playboy Mansion in 2009 after meeting her future husband, Hank Baskett, and filmed her own spin-off reality show for E! called Kendra. The first season was about her living on her own and planning her wedding.
Wilkinson has made several cameos on different programs such as Las Vegas and Entourage. She also appeared in Akon's music video "Smack That". While on the set of the video, Eminem poured a bottle of water on her head, though the two later reconciled. In 2006, she appeared in the Playboy Special Edition Sexy 100. In 2007, she appeared in Nickelback's music video of "Rockstar" along with Madison and Marquardt. They also had a cameo role in the 2006 film Scary Movie 4. Wilkinson also showed her creative side as a rapper on MTV's Celebrity Rap Superstar which debuted on August 30, 2007. She rapped to Ludacris' "Fantasy", in response to the question asked by the show's host, "Can Kendra move her mouth as fast as she moves her booty?" She went on to take second place, losing to Shar Jackson.
Wilkinson's stated career goal is to become a massage therapist or sports announcer. In December 2005, she became a regular blogger columnist on the website of the Philadelphia Eagles, a team for which her mother had been a professional cheerleader, and for which her husband played professionally.
2009–2011: Kendra, marriage, and motherhood
On August 13, 2008, the Wall Street Journal reported that Wilkinson was Olive Garden's "Biggest Celebrity Fan". Wilkinson has described Olive Garden's cuisine as "my soul food". The newspaper emphasized that her repeated enthusiastic public endorsements of the family restaurant were genuine, personal, and not tied to any payment from Olive Garden. In fact, the company was reported as viewing Wilkinson's endorsements with "mixed feelings", as well as something on which the restaurant was reluctant to comment, since it emphasizes a family-friendly nature.
On September 22, 2008, the International Business Times reported that Wilkinson was engaged to then-Philadelphia Eagles wide receiver Hank Baskett. Wilkinson initially denied this, but she later admitted she was in a relationship with him, on October 7, 2008, in an interview with Chelsea Handler on Chelsea Lately. On November 6, 2008, E! Online announced Wilkinson and Baskett were engaged, after he had proposed the previous Saturday at the Space Needle in Seattle, Washington.
Wilkinson married Baskett on June 27, 2009, at the Playboy Mansion. Although it was initially announced that Hugh Hefner would give the bride away, Kendra's brother Colin walked her down the aisle. Wilkinson's family was in attendance, as well as former Girls Next Door stars Holly Madison and Bridget Marquardt. On the wedding episode of Kendra, she said that she would be taking Baskett's last name. They lived in Calabasas, California. On June 11, 2009, Wilkinson announced her first pregnancy. The baby, a boy, was born in December 2009. Wilkinson's friends hosted a baby shower on September 9, 2009. She told E! News that Hefner would be the child's godfather. but later denied this.
In an interview after the birth of their son, Wilkinson revealed she had suffered post-partum depression: After the birth she weighed , according to an E! interview. She attributed her depression to moving to Indianapolis, where her husband played so soon after the birth, and feeling isolated.
Wilkinson starred in a spinoff of Girls Next Door, titled Kendra, which focused on her life after leaving the Playboy Mansion and getting engaged. The Girls Next Door executive producer Kevin Burns served in the same capacity on the series. Kendra was produced by Prometheus Entertainment, Fox TV Studios, and Alta Loma Entertainment. Kendra premiered on June 7, 2009, and had record breaking numbers for E! with 2.6 million viewers, making it the highest-rated reality debut for the network since 2002's premiere of The Anna Nicole Show. The show's 33rd and final episode, the third-season finale, debuted on January 9, 2011. The show was not renewed for a fourth season.
In 2007, Wilkinson appeared on an episode of WWE Raw with Bridget Marquardt.
On July 6, 2010, Wilkinson published a memoir, Sliding Into Home. Her second book, Being Kendra: Cribs, Cocktails, and Getting My Sexy Back was published on October 20, 2011, by It Books. In the book, she discusses her life after having a child, motherhood and marriage. Wilkinson was a contestant in the twelfth season of Dancing with the Stars, partnered with Louis Van Amstel. She was eliminated in the seventh week on May 3, 2011. Kendra launched her personal website KendraWilkinson.com in November 2011. The digital community offers space for Kendra to answer all her fans questions, and connect with each other while talking about family, friends and laughter.
On March 17, 2010, Wilkinson's E! True Hollywood Story premiered on E!. During the hour-long episode, she discussed her rocky road to stardom. In May 2010, a video recording of Wilkinson having sex with a then-unidentified man surfaced. The recording was acquired by Vivid Entertainment, who planned to distribute the tape as Kendra Exposed. Wilkinson contested the release and threatened to sue should it be released. RadarOnline reported that in 2008, Wilkinson herself set up a company Home Run Productions LLC, through which she made several attempts to sell sex tapes. Sources have reported that Wilkinson was paid $680,000 for the film that was made by her high school boyfriend Justin Frye when she was 18.
2012–2019: Kendra on Top, theatre and divorce
After parting ways with E! in 2011, Wilkinson and her family started a new reality show on WE tv, Kendra on Top. It premiered June 5, 2012. The show ended in 2017. The end of the show led to a four-year period where Wilkinson wasn't leading her own show. Since 2005, she had been starring in a reality show; First The Girls Next Door and subsequently Kendra and Kendra on Top.
On February 26, 2013, Wilkinson appeared on an episode of Celebrity Wife Swap with Kate Gosselin. On April 20, 2013, she was involved in another automobile accident on a California freeway. Her injuries included having a minor hemorrhagic stroke. On October 31, 2013, Wilkinson announced that she was pregnant with her second child. During her pregnancy, she worked as a celebrity blogger for People magazine. She gave birth to a daughter in May 2014.
In November 2014, Wilkinson was a contestant on the 14th series of the British reality television series I'm a Celebrity...Get Me Out of Here!, finishing in sixth place. On April 28, 2017, Kendra, Baskett and her mother were one of the families featured on the WE reality show Marriage Bootcamp: Family Edition. In 2017, Wilkinson portrayed Robyn in a play live on stage, Sex Tips for Straight Women from a Gay Man at Anthony Cools Theatre. The play debuted in May 2017 and got extended from a three-month run to an eight-month run. Las Vegas Review-Journal wrote in a review: "But it’s Kendra you’re likely paying to see. And the more time she gets to spend on stage with Rodriguez, the better she’s going to be."
On April 6, 2018, she filed for divorce from Hank Baskett, seeking restoration of her maiden name in the process.
2020–present: Focus on real estate career
In 2020, Wilkinson began taking real estate classes and passed the California real estate exam in June 2020. One month later, she was hired as a real estate agent by The Agency, a luxury real estate company founded by Mauricio Umansky. She has since joined real estate company Douglas Elliman and Carswell & Associates. On November 17, 2021, Discovery+ premiered her new reality series, Kendra Sells Hollywood, which covered her new career as a real estate agent for Carswell & Associates in Los Angeles. It was renewed for a second season on February 3, 2022. The second season premiered on May 26, 2023, on Max. The show was cancelled after two seasons.
In a January 2024 interview with People magazine, Wilkinson revealed she has been struggling with depression, saying: "It’s not easy to look back at my 20s. I’ve had to face my demons. Playboy really messed my whole life up."
Philanthropy
Wilkinson has supported numerous charitable organizations such as Bonnie J. Addario Lung Cancer Foundation and Griffin Gives Foundation. In 2013, Wilkinson and Hank Baskett hosted the fifth annual charity golf tournament for Baskett's father's foundation called the Oasis Children's Advocacy Center, which helps child abuse victims. In September 2016, Wilkinson and her son participated in a charity basketball game, whose proceeds went to Stand Up To Cancer.
In December 2016, she hosted an event for nonprofit organization Payaway the Layaway at Kmart in California. Layaways for 18 families were paid at the event. In November 2017, Wilkinson teamed up with Payaway the Layaway for the second time and paid layaways for families at Kmart on North Las Vegas Boulevard. In total, they paid off nearly $4,000 worth of layaway balances of ten families.
Filmography
+Film and televisionYearTitleRoleNotes2005–09The Girls Next DoorHerself82 episodes2005Las VegasMystique WaitressEpisode: "The Lie Is Cast"; uncredited2005EntouragePlaymateEpisode: "Aquamansion"2005Curb Your EnthusiasmHerselfEpisode: "The Smoking Jacket"2006Robot ChickenEpisode: "Drippy Pony"; Voice2006Scary Movie 4Blonde #3Film2007General HospitalPlayboy BunnyEpisode: "Episode #1.11376"2007Celebrity Rap SuperstarHerselfContestant; Runner-up2008The House BunnyKendra WilkinsonFilm2009How I Met Your MotherHerselfEpisode: "Benefits"2009–11Kendra43 episodes; also as executive producer and producer (3 episodes)2011Dancing with the StarsContestant; 13 episodes2012–17Kendra on Top77 episodes; also as co-executive producer (14 episodes)2013Scary Movie 5Christian Grey's SlaveFilm; Deleted scene2013The Mindy ProjectMarieEpisode: "Bro Club for Dudes"2014I'm a Celebrity... Get Me Out of Here!HerselfContestant; 21 episodes2015–16Worst Cooks in AmericaContestant; 7 episodes2015Sharknado 3: Oh Hell No!FloTelevision film2015–17Marriage Boot Camp: Reality StarsHerself23 episodes2021–23Kendra Sells HollywoodMain role; 12 episodes2022Kicking & ScreamingKendraEpisode: "Kendra Wilkinson Gives Mamrie & Grace Career Advice"2023Brother vs. BrotherHerselfJudge; 2 episodes
+Music videosYearTitleArtistRoleNotes2005"Beverly Hills"WeezerHerselfUncredited2006"Smack That"Akon feat. Eminem2007"Rockstar"Nickelback
+TheatreYearTitleRoleNotes2017Sex Tips for Straight Women from a Gay ManRobynAnthony Cools Theatre at Paris Las Vegas
Wilkinson, Kendra (2010). Sliding Into Home. Gallery Books. ISBN 978-1439180921.
Wilkinson, Kendra (2011). Being Kendra: Cribs, Cocktails, and Getting My Sexy Back. It Books. ISBN 978-0062091185.
|
National debt of the United States
|
[
"National debt of the United States",
"Economy of the United States",
"Government debt by country",
"Government finances in the United States",
"United States federal budgets",
"United States fiscal cliff"
] | 14,892 | 135,946 |
The "national debt of the United States" is the total national debt owed by the federal government of the United States to treasury security holders. The national debt at a given point in time is the face value of the then outstanding treasury securities that have been issued by the Treasury and other federal agencies.
Related terms such as "national deficit" and "national surplus" most often refer to the federal government budget balance from year to year and not the cumulative amount of debt held. In a deficit year, the national debt increases as the government needs to borrow funds to finance the deficit. In a surplus year, the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back Treasury securities. Broadly, US government debt increases as a result of government spending and decreases from tax or other funding receipts, both of which fluctuate during a fiscal year. The aggregate, gross amount that Treasury can borrow is limited by the United States debt ceiling.
There are two components of gross national debt:
"Debt held by the public" – such as Treasury securities held by investors outside the federal government, including those held by individuals, corporations, the Federal Reserve, and foreign, state and local governments.
"Debt held by government accounts" or "intragovernmental debt" – is non-marketable Treasury securities held in accounts of programs administered by the federal government, such as the Social Security Trust Fund. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of various government programs that have been invested in Treasury securities.
Historically, the U.S. public debt as a share of gross domestic product (GDP) increases during wars and recessions and then subsequently declines. For instance, most recently, during the COVID-19 pandemic, the federal government spent trillions in virus aid and economic relief. The Congressional Budget Office (CBO) estimated that the budget deficit for fiscal year 2020 would increase to $3.3 trillion or 16% GDP, more than triple that of 2019 and the largest as a percentage of GDP since 1945. In December 2021, debt held by the public was estimated at 96.19% of GDP, and approximately 33% of this public debt was owned by foreigners (government and private).
The ratio of debt to GDP may decrease as a result of a government surplus or via growth of GDP and inflation. The CBO estimated in February 2024 that Federal debt held by the public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034, and would continue to grow if current laws generally remained unchanged. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. If those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054.
The United States has the largest external debt in the world. The total amount of U.S. Treasury securities held by foreign entities in December 2021 was $7.7 trillion, up from $7.1 trillion in December 2020. Total US federal government debt breached the $30 trillion mark for the first time in history in February 2022. As of December 2023, total federal debt was $33.1 trillion; $26.5 trillion held by the public and $12.1 trillion in intragovernmental debt. The annualized cost of servicing this debt was $726 billion in July 2023, which accounted for 14% of the total federal spending. Additionally, in recent decades, aging demographics and rising healthcare costs have led to concern about the long-term sustainability of the federal government's fiscal policies.
In February 2024, the total federal government debt rose to $34.4 trillion, after increasing by approximately $1 trillion during each of two separate 100-day periods since the previous June. In 2024, federal interest payments on the national debt surpassed spending on both Medicare and national defense. As of March 6, 2025, the federal government debt is $36.56 trillion.
The United States federal government has continuously had a fluctuating public debt since its formation in 1789, except for about a year during 1835–1836, a period in which the nation, during the presidency of Andrew Jackson, completely paid the national debt. To allow comparisons over the years, public debt is often expressed as a ratio to GDP. The United States public debt as a percentage of GDP reached its highest level during Harry Truman's first presidential term, during and after World War II. Public debt as a percentage of GDP fell rapidly in the post-World War II period and reached a low in 1974 under Richard Nixon. Debt as a share of GDP has consistently increased since then, except during the presidencies of Jimmy Carter and Bill Clinton.
Public debt rose sharply during the 1980s, as Ronald Reagan negotiated with Congress to cut tax rates and increase military spending. It fell during the 1990s because of decreased military spending, increased taxes and the 1990s boom. Public debt rose sharply during Presidency of George W. Bush and after the 2008 financial crisis, with resulting significant tax revenue declines and spending increases, such as the Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Act of 2009.
In their September 2018 monthly report published on October 5 and based on data from the Treasury Department's "Daily Treasury Statements" (DTS), the Congressional Budget Office (CBO) wrote that the federal budget deficit was c.$782 billion for the fiscal year 2018—which runs from October 2017 through September 2018. This is $116 billion more than in FY2017. The Treasury statements as summarized by in the CBO report that corporate taxes for 2017 and 2018 declined by $92 billion representing a drop of 31%. The CBO added that "about half of the decline ... occurred since June" when some of the provisions of the Tax Cuts and Jobs Act of 2017 took effect, which included the "new lower corporate tax rate and the expanded ability to immediately deduct the full value of equipment purchases". (~$ in )
According to articles in The Wall Street Journal and Business Insider, based on documents released on October 29, 2018, by the Treasury Department, the department's projection estimated that by the fourth quarter of the FY2018, it would have issued c. $1.338 trillion (~$ in ) in debt. This would have been the highest debt issuance since 2010, when it reached $1.586 trillion (~$ in ). The Treasury anticipated that the total "net marketable debt"—net marketable securities—issued in the fourth quarter would reach $425 billion; which would raise the 2018 "total debt issuance" to over a trillion dollars of new debt, representing a "146% jump from 2017". According to the Journal that is the highest fourth quarter issuance "since 2008, at the height of the financial crisis." As cited by the Journal and the Business Insider, the primary drivers of new debt issuance are "stagnant", "sluggish tax revenues", a decrease in "corporate tax revenue", due to the GOP Tax Cuts and Jobs Act of 2017, the "bipartisan budget agreement", and "higher government spending". Due to the Coronavirus epidemic, the national debt rose to levels that exceeded what had been seen during World War Two, meaning that the U.S. had officially grown its debt amount to never before seen numbers.
Valuation and measurements
Public and government accounts
As of March 6, 2025, debt held by the public was $29 trillion, and intragovernmental holdings were $7.4 trillion, for a total of $36.4 trillion. Debt held by the public was approximately 77% of GDP in 2017, ranked 43rd highest out of 207 countries. The CBO forecast in April 2018 that the ratio will rise to nearly 100% by 2028, perhaps higher if current policies are extended beyond their scheduled expiration date.
The national debt can also be classified into marketable or non-marketable securities. Most of the marketable securities are Treasury notes, bills, and bonds held by investors and governments globally. The non-marketable securities are mainly the "government account series" owed to certain government trust funds such as the Social Security Trust Fund, which represented $2.82 trillion (~$ in ) in 2017.
The non-marketable securities represent amounts owed to program beneficiaries. For example, the cash is received but spent for other purposes. If the government continues to run deficits in other parts of the budget, the government will have to issue debt held by the public to fund the Social Security Trust Fund, in effect exchanging one type of debt for the other. Other large intragovernmental holders include the Federal Housing Administration, the Federal Savings and Loan Corporation's Resolution Fund and the Federal Hospital Insurance Trust Fund (Medicare).
Accounting treatment
Only debt held by the public is reported as a liability on the consolidated financial statements of the United States government. Debt held by US government accounts is an asset to those accounts but a liability to the Treasury; they offset each other in the consolidated financial statements. Government receipts and expenditures are normally presented on a cash rather than an accrual basis, although the accrual basis may provide more information on the longer-term implications of the government's annual operations. The United States public debt is often expressed as a ratio of public debt to GDP. The ratio of debt to GDP may decrease as a result of a government surplus as well as from growth of GDP and inflation.
Fannie Mae and Freddie Mac obligations excluded
Under normal accounting rules, fully owned companies would be consolidated into the books of their owners, but the large size of Fannie Mae and Freddie Mac has made U.S. governments reluctant to incorporate them into its own books. When the two mortgage companies required bail-outs, White House Budget Director Jim Nussle, on September 12, 2008, initially indicated their budget plans would not incorporate the government-sponsored enterprise (GSE) debt into the budget because of the temporary nature of the conservator intervention. As the intervention has dragged out, some pundits began to question this accounting treatment, noting that changes in August 2012 "makes them even more permanent wards of the state and turns the government's preferred stock into a permanent, perpetual kind of security".
The federal government controls the Public Company Accounting Oversight Board, which would normally criticize inconsistent accounting practices, but it does not oversee its own government's accounting practices or the standards set by the Federal Accounting Standards Advisory Board. The on- or off-balance sheet obligations of those two independent GSEs was just over $5 trillion at the time the conservatorship was put in place, consisting mainly of mortgage payment guarantees and agency bonds. The confusing independent but government-controlled status of the GSEs resulted in investors of the legacy common shares and preferred shares launching various activist campaigns in 2014.
Guaranteed obligations excluded
U.S. federal government guarantees were not included in the public debt total as they were not drawn against. In late 2008, the federal government had guaranteed large amounts of obligations of mutual funds, banks, and corporations under several programs designed to deal with the problems arising from the 2008 financial crisis. The guarantee program lapsed at the end of 2012, when Congress declined to extend the scheme. The funding of direct investments made in response to the crisis, such as those made under the Troubled Asset Relief Program, was included in the debt totals.
Unfunded obligations excluded
The U.S. federal government is obligated under current law to make mandatory payments for programs such as Medicare, Medicaid and Social Security. The Government Accountability Office (GAO) projects that payouts for these programs will significantly exceed tax revenues over the next 75 years. The Medicare Part A (hospital insurance) payouts already exceed program tax revenues, and Social Security payouts exceeded payroll taxes in fiscal year 2010. These deficits require funding from other tax sources or borrowing. The present value of these deficits or unfunded obligations is an estimated $45.8 trillion. This is the amount that would have had to be set aside in 2009 in order to pay for the unfunded obligations which, under current law, will have to be raised by the government in the future. Approximately $7.7 trillion relates to Social Security, while $38.2 trillion relates to Medicare and Medicaid. In other words, health care programs will require nearly five times more funding than Social Security. Adding this to the national debt and other federal obligations would bring total obligations to nearly $62 trillion. However, these unfunded obligations are not counted in the national debt, as shown in monthly Treasury reports of the national debt.
Measuring burden of debt
GDP is a measure of the total size and output of the economy. One measure of the debt burden is its size relative to GDP, called the "debt-to-GDP ratio". Mathematically, this is the debt divided by the GDP amount. The Congressional Budget Office includes historical budget and debt tables along with its annual "Budget and Economic Outlook". Debt held by the public as a percentage of GDP rose from 34.7% GDP in 2000 to 40.5% in 2008 and 67.7% in 2011. Mathematically, the ratio can decrease even while debt grows if the rate of increase in GDP (which also takes account of inflation) is higher than the rate of increase of debt. Conversely, the debt to GDP ratio can increase even while debt is being reduced, if the decline in GDP is sufficient. Because much of the debt that was incurred as a result of World War Two could not be passed onto American citizens who also had no money to spare, the debt was never addressed and continued to grow.
According to the CIA World Factbook, during 2015, the U.S. debt to GDP ratio of 73.6% was the 39th highest in the world. This was measured using "debt held by the public." However, $1 trillion in additional borrowing since the end of FY 2015 raised the ratio to 76.2% as of April 2016 [See Appendix#National debt for selected years]. Also, this number excludes state and local debt. According to the OECD, general government gross debt (federal, state, and local) in the United States in the fourth quarter of 2015 was $22.5 trillion (125% of GDP); subtracting out $5.25 trillion for intragovernmental federal debt to count only federal "debt held by the public" gives 96% of GDP.
The ratio is higher if the total national debt is used, by adding the "intragovernmental debt" to the "debt held by the public." For example, on April 29, 2016, debt held by the public was approximately $13.84 trillion (~$ in ) or about 76% of GDP. Intra-governmental holdings stood at $5.35 trillion, giving a combined total public debt of $19.19 trillion. U.S. GDP for the previous 12 months was approximately $18.15 trillion, for a total debt to GDP ratio of approximately 106%. Increasing and untreated national debt leads to a significantly diminished ability for the economy to operate at its highest level.
Calculating annual change in debt
Conceptually, an annual deficit (or surplus) should represent the change in the national debt, with a deficit adding to the national debt and a surplus reducing it. However, there is complexity in the budgetary computations that can make the deficit figure commonly reported in the media (the "total deficit") considerably different from the annual increase in the debt. The major categories of differences are the treatment of the Social Security program, Treasury borrowing, and supplemental appropriations outside the budget process.
Social Security payroll taxes and benefit payments, along with the net balance of the U.S. Postal Service, are considered "off-budget", while most other expenditure and receipt categories are considered "on-budget". The total federal deficit is the sum of the on-budget deficit (or surplus) and the off-budget deficit (or surplus). Since FY1960, the federal government has run on-budget deficits except for FY1999 and FY2000, and total federal deficits except in FY1969 and FY1998–FY2001.
For example, in January 2009 the CBO reported that for FY2008, the "on-budget deficit" was $638 billion, offset by an "off-budget surplus" (mainly due to Social Security revenue in excess of payouts) of $183 billion, for a "total deficit" of $455 billion. This latter figure is the one commonly reported in the media. However, an additional $313 billion was required for "the Treasury actions aimed at stabilizing the financial markets," an unusually high amount because of the subprime mortgage crisis. This meant that the "debt held by the public" increased by $768 billion ($455B + $313B = $768B). The "off-budget surplus" was borrowed and spent (as is typically the case), increasing the "intra-governmental debt" by $183 billion. So the total increase in the "national debt" in FY2008 was $768B +$183B = $951 billion. The Treasury Department reported an increase in the national debt of $1,017B for FY2008. The $66 billion difference is likely from "supplemental appropriations" for the War on Terror, some of which were outside the budget process entirely until President Obama began including most of them in his FY2010 budget.
In other words, spending the "off budget" Social Security surplus adds to the total national debt (by increasing the intragovernmental debt) while the "off-budget" surplus reduces the "total" deficit reported in the media. Certain spending called "supplemental appropriations" is outside the budget process entirely but adds to the national debt. Funding for the Iraq and Afghanistan wars was accounted for this way prior to the Obama administration. Certain stimulus measures and earmarks were also outside the budget process. The federal government publishes the total debt owed (public and intragovernmental holdings) daily.
Holders of debt
Because a large variety of people own the notes, bills, and bonds in the "public" portion of the debt, the Treasury also publishes information that groups the types of holders by general categories to portray who owns United States debt. In this data set, some of the public portion is moved and combined with the total government portion, because this amount is owned by the Federal Reserve as part of United States monetary policy. (See Federal Reserve System.)
As is apparent from the chart, a little less than half of the total national debt is owed to the "Federal Reserve and intragovernmental holdings". The foreign and international holders of the debt are also put together from the notes, bills, and bonds sections. To the right is a chart for the data as of June 2008:
Foreign holdings
As of October 2018, foreigners owned $6.2 trillion of U.S. debt, or approximately 39% of the debt held by the public of $16.1 trillion and 28% of the total debt of $21.8 trillion. In December 2020, foreigners held 33% ($7 trillion out of $21.6 trillion) of publicly held US debt; of this $7 trillion, $4.1 trillion (59.2%) belonged to foreign governments and $2.8 trillion (40.8%) to foreign investors. Including both private and public debt holders, the top three December 2020 national holders of American public debt are Japan ($1.2 trillion or 17.7%), China ($1.1 trillion or 15.2%), and the United Kingdom ($0.4 trillion or 6.2%).
Historically, the share held by foreign governments had grown over time, rising from 13% of the public debt in 1988 to 34% in 2015. In more recent years, foreign ownership has retreated both in percent of total debt and total dollar amounts. China's maximum holding of 9.1% or $1.3 trillion of U.S. debt occurred in 2011, subsequently reduced to 5% in 2018. Japan's maximum holding of 7% or $1.2 trillion occurred in 2012, subsequently reduced to 4% in 2018.
According to Paul Krugman, "America actually earns more from its assets abroad than it pays to foreign investors." Nonetheless, the country's net international investment position represents a debt of more than $9 trillion.
CBO ten-year outlook 2018–2028 (pre–COVID-19 pandemic)
The CBO estimated the impact of the Tax Cuts and Jobs Act and separate spending legislation over the 2018–2028 period in their annual "Budget & Economic Outlook", released in April 2018:
The budget deficit in fiscal 2018 (which runs from October 1, 2017, to September 30, 2018, the first fiscal year of President Trump's administration) is forecast to be $804 billion, an increase of $139 billion (21%) from the $665 billion in 2017 and up $242 billion (39%) over the previous baseline forecast (June 2017) of $580 billion for 2018. The June 2017 forecast was essentially the budget trajectory inherited from President Obama; it was prepared prior to the Tax Act and spending increases under President Trump.
For the 2018–2027 period, CBO projects the sum of the annual deficits (i.e., debt increase) to be $11.7 trillion, an increase of $1.6 trillion (16%) over the previous baseline (June 2017) forecast of $10.1 trillion.
The $1.6 trillion debt increase includes three main elements:
$1.7 trillion less in revenues due to the tax cuts;
$1.0 trillion more in spending; and
Partially offsetting incremental revenue of $1.1 trillion due to higher economic growth than previously forecast.
Debt held by the public is expected (Congressional Budget Office Outlook) to rise from 78% of GDP ($16 trillion) at the end of 2018 to 96% GDP ($29 trillion) by 2028. That would be the highest level since the end of World War II.
CBO estimated under an alternative scenario (in which policies in place as of April 2018 are maintained beyond scheduled initiation or expiration) that deficits would be considerably higher, rising by $13.7 trillion over the 2018–2027 period, an increase of $3.6 trillion over the June 2017 baseline forecast. Maintaining current policies for example would include extending the individual Trump tax cuts past their scheduled expiration in 2025, among other changes.
The debt increase of $1.6 trillion represents approximately $12,700 per household (assuming 126.2 million households in 2017), while the $3.6 trillion represents $28,500 per household.
CBO ten-year outlook 2020–2030 (during the COVID-19 pandemic)
The CBO estimated that the budget deficit for fiscal year 2020 would increase to $3.3 trillion or 16% GDP, more than triple that of 2019 and the largest as % GDP since 1945, because of the impact of the COVID-19 pandemic. CBO also forecast the debt held by the public would rise to 98% GDP in 2020, compared with 79% in 2019 and 35% in 2007 before the Great Recession.
CBO long-term outlook
The CBO reports its Long-Term Budget Outlook annually, providing at least two scenarios for spending, revenue, deficits, and debt. The 2019 Outlook mainly covers the 30-year period through 2049. The CBO reported:
Large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049. That projection incorporates CBO's central estimates of various factors, such as productivity growth and interest rates on federal debt. CBO's analysis indicates that even if values for those factors differed from the agency's projections, debt several decades from now would probably be much higher than it is today.
Furthermore, under alternative scenarios:
If lawmakers changed current laws to maintain certain major policies now in place—most significantly, if they prevented a cut in discretionary spending in 2020 and an increase in individual income taxes in 2026—then debt held by the public would increase even more, reaching 219 percent of GDP by 2049. By contrast, if Social Security benefits were limited to the amounts payable from revenues received by the Social Security trust funds, debt in 2049 would reach 106 percent of GDP, still well above its current level.
Over the long term, the CBO projects that interest expense and mandatory spending categories (e.g., Medicare, Medicaid and Social Security) will continue to grow relative to GDP, while discretionary categories (e.g., Defense and other Cabinet Departments) continue to fall relative to GDP. Debt is projected to continue rising relative to GDP under the above two scenarios, although the CBO did also offer other scenarios that involved austerity measures that would bring the debt to GDP ratio down.
Debt reduction proposals
Negative real interest rates
Since 2010, the U.S. Treasury has been obtaining negative real interest rates on government debt, meaning the inflation rate is greater than the interest rate paid on the debt. Such low rates, outpaced by the inflation rate, occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, pensions, or bond, money market, and balanced mutual funds are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk. Economist Lawrence Summers states that at such low interest rates, government borrowing actually saves taxpayer money and improves creditworthiness.
In the late 1940s through the early 1970s, the U.S. and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay this low. Between 1946 and 1974, the U.S. debt-to-GDP ratio fell from 121% to 32% even though there were surpluses in only eight of those years which were much smaller than the deficits.
Raising reserve requirements and full reserve banking
Two economists, Jaromir Benes and Michael Kumhof, working for the International Monetary Fund, published a working paper called The Chicago Plan Revisited suggesting that the debt could be eliminated by raising bank reserve requirements and converting from fractional-reserve banking to full-reserve banking. Economists at the Paris School of Economics have commented on the plan, stating that it is already the status quo for coinage currency, and a Norges Bank economist has examined the proposal in the context of considering the finance industry as part of the real economy. A Centre for Economic Policy Research paper agrees with the conclusion that "no real liability is created by new fiat money creation and therefore public debt does not rise as a result."
Economic risks and debates
CBO risk factors
The CBO reported several types of risk factors related to rising debt levels in a July 2010 publication:
A growing portion of savings would go towards purchases of government debt, rather than investments in productive capital goods such as factories and computers, leading to lower output and incomes than would otherwise occur;
If higher marginal tax rates were used to pay rising interest costs, savings would be reduced and work would be discouraged;
Rising interest costs would force reductions in government programs;
Restrictions to the ability of policymakers to use fiscal policy to respond to economic challenges; and
An increased risk of a sudden fiscal crisis, in which investors demand higher interest rates.
Credit default
The U.S. has never fully defaulted. In April 1979, however, the U.S. may have technically defaulted on $122 million (~$ in ) in Treasury bills, which was less than 1% of U.S. debt. The Treasury Department characterized it as a delay rather than as a default, but it did have consequences for short-term interest rates, which jumped 0.6%. Others view it as a temporary, partial default.
Debt ceiling
The United States debt ceiling is a legislative constraint on the amount of national debt that can be incurred by the U.S. Treasury. It limits how much money the federal government may pay on the debt it already has by borrowing even more money. The debt ceiling applies to almost all federal debt, including accounts owned by the public and intra-government funds for Medicare and Social Security.
Sustainability
In 2009 the Government Accountability Office (GAO) reported that the United States was on a "fiscally unsustainable" path because of projected future increases in Medicare and Social Security spending. According to the Treasury report in October 2018, summarized by Business Insiders Bob Bryan, the U.S. federal budget deficit rose as a result of the Tax Cuts and Jobs Act of 2017 signed into law by President Donald Trump on December 22, 2017 and the Consolidated Appropriations Act, 2018 signed into law on March 23, 2018.
Risks to economic growth
Debt levels may affect economic growth rates. In 2010, economists Kenneth Rogoff and Carmen Reinhart reported that among the 20 developed countries studied, average annual GDP growth was 3–4% when debt was relatively moderate or low (i.e., under 60% of GDP), but it dips to just 1.6% when debt was high (i.e., above 90% of GDP). In April 2013, the conclusions of Rogoff and Reinhart's study came into question when a coding error in their original paper was discovered by Herndon, Ash and Pollin of the University of Massachusetts Amherst. Herndon, Ash and Pollin found that after correcting for errors and unorthodox methods used, there was no evidence that debt above a specific threshold reduces growth. Reinhart and Rogoff maintain that after correcting for errors, a negative relationship between high debt and growth remains. However, other economists, including Paul Krugman, have argued that it is low growth which causes national debt to increase, rather than the other way around.
Commenting on fiscal sustainability, former Federal Reserve Chairman Ben Bernanke stated in April 2010 that "Neither experience nor economic theory clearly indicates the threshold at which government debt begins to endanger prosperity and economic stability. But given the significant costs and risks associated with a rapidly rising federal debt, our nation should soon put in place a credible plan for reducing deficits to sustainable levels over time."
Interest and debt service costs
Interest expense on the public debt was approximately $678 billion in FY 2023. During FY 2023, the government also accrued a non-cash interest expense of $197 billion for intragovernmental debt, primarily the Social Security Trust Fund, for a total interest expense of $875 billion. This accrued interest is added to the Social Security Trust Fund and therefore the national debt each year and will be paid to Social Security recipients in the future. However, since it is a non-cash expense it is excluded from the budget deficit calculation.
The federal debt at the end of the 2018/19 fiscal year (ended September 30, 2019) was $22.7 trillion (~$ in ). The portion that is held by the public was $16.8 trillion. Neither figure includes approximately $2.5 trillion owed to the government. Interest on the debt was $404 billion.
The cost of servicing the U.S. national debt can be measured in various ways. The CBO analyzes net interest as a percentage of GDP, with a higher percentage indicating a higher interest payment burden. During 2015, this was 1.3% GDP, close to the record low 1.2% of the 1966–1968 era. The average from 1966 to 2015 was 2.0% of GDP. However, the CBO estimated in 2016 that the interest amounts and % GDP will increase significantly over the following decade as both interest rates and debt levels rise: "Interest payments on that debt represent a large and rapidly growing expense of the federal government. CBO's baseline shows net interest payments more than tripling under current law, climbing from $231 billion in 2014, or 1.3% of GDP, to $799 billion in 2024, or 3.0% of GDP—the highest ratio since 1996."
According to a study by the Committee for a Responsible Federal Budget (CRFB), the U.S. government will spend more on servicing their debts than they do for their national defense budget by 2024.
In October 2023, yields for 10-year Treasury notes breached 5% as traders adjusted their assessment of United States' fiscal position and lowered their expectation that Congress or the White House would take any action to improve it. The impact was felt by homebuyers, with 30-year mortgage rate at its highest in two decades, and corporations facing higher costs of borrowing. Interests paid by the federal government jumped by $184 billion during the 2022 fiscal year and are still climbing.
Recent statistics
+ Recent debt service statistics. And federal receipts. Billions of dollars.FYGAO: (Total) Debt ServiceFRED: (Total) Debt Service.GAO: (Publicly-held) Debt Service FRED: Fed Receipts.FRED: Debt Service/Receipts2023875.59816784439%2022723.6829.6496.54896%20215756123924047%2020527517.73713421%2019574564.54043463%2018528.45713573330%2017456.74932963316%20164304602733268%2015407434.72513250%20144334422603021%2013425425247.62775%2012432417245.42450%2011453.6433250.92303%2010413399.52152162.7%2009380.7353.81892105%
Chinese holdings of U.S. debt
According to a 2013 Forbes article, many American and other economic analysts have expressed concerns on the amount of United States government debt the People's Republic of China is holding as part of their reserves. The National Defense Authorization Act of FY 2012 included a provision requiring the Secretary of Defense to conduct a "national security risk assessment of U.S. federal debt held by China." The department issued its report in July 2012, stating that "attempting to use U.S. Treasury securities as a coercive tool would have limited effect and likely would do more harm to China than to the United States.” An August 19, 2013 Congressional Research Service report said that the threat is not credible and the effect would be limited even if carried out. The report said that the threat would not offer "China deterrence options, whether in the diplomatic, military, or economic realms, and this would remain true both in peacetime and in scenarios of crisis or war."
A 2010 article by James K. Galbraith in The Nation, defends deficits and dismisses concerns over foreign holdings of United States government debt denominated in U.S. dollars, including China's holdings. In 2010, Warren Mosler, wrote that "When[ever] the Chinese redeem those T-securities, the money is transferred back to China's checking account at the Fed. During the entire purchase and redemption process, the dollars never leave the Fed." Australian economist Bill Mitchell argued that the United States government had a "nearly infinite capacity...to spend." Against the backdrop of escalating Sino-U.S. tensions in 2020, Yuzo Sakai, a manager at Ueda Totan Forex Ltd., said that if China undertakes a massive sales of U.S. bonds, investors may flock to the Japanese yen as a safe-haven currency. Since 2018, China had been gradually decreasing its holdings of U.S. federal debt, bringing the total to $1.07 trillion in June 2020, behind Japan who became the biggest foreign creditor of the United States. Stephen Nagy, a professor at the International Christian University, said a sell-off by China "might damage the United States in the short term" but also cause "critical economic instability" in the Chinese and global economy. Jeff Kingston, a professor and director of Asian Studies at Temple University, Japan, echoed the view, adding that dumping would lower the price of U.S. bonds, making it more attractive to other countries. According to an institutional investor, however, it may be difficult for Japan to boost its already large holdings of U.S. government debt, as such a move could be seen as "currency manipulation".
Definition dispute of public debt
Economists also debate the definition of public debt. Krugman argued in May 2010 that the debt held by the public is the right measure to use, while Reinhart has testified to the President's Fiscal Reform Commission that gross debt is the appropriate measure. The Center on Budget and Policy Priorities (CBPP) cited research by several economists supporting the use of the lower debt held by the public figure as a more accurate measure of the debt burden, disagreeing with these Commission members.
There is debate regarding the economic nature of the intragovernmental debt, which was approximately $4.6 trillion in February 2011. For example, the CBPP argues: that "large increases in [debt held by the public] can also push up interest rates and increase the amount of future interest payments the federal government must make to lenders outside of the United States, which reduces Americans' income. By contrast, intragovernmental debt (the other component of the gross debt) has no such effects because it is simply money the federal government owes (and pays interest on) to itself." However, if the U.S. government continues to run "on budget" deficits as projected by the CBO and OMB for the foreseeable future, it will have to issue marketable Treasury bills and bonds (i.e., debt held by the public) to pay for the projected shortfall in the Social Security program. This will result in "debt held by the public" replacing "intragovernmental debt".
Intergenerational equity
One debate about the national debt relates to intergenerational equity. For example, if one generation is receiving the benefit of government programs or employment enabled by deficit spending and debt accumulation, to what extent does the resulting higher debt impose risks and costs on future generations? There are several factors to consider:
For every dollar of debt held by the public, there is a government obligation (generally marketable Treasury securities) counted as an asset by investors. Future generations benefit to the extent these assets are passed on to them.
As of 2010, approximately 72% of the financial assets were held by the wealthiest 5% of the population. This presents a wealth and income distribution question, as only a fraction of the people in future generations will receive principal or interest from investments related to the debt incurred today.
To the extent the U.S. debt is owed to foreign investors (approximately half the "debt held by the public" during 2012), principal and interest are not directly received by U.S. heirs.
Higher debt levels imply higher interest payments, which create costs for future taxpayers (e.g., higher taxes, lower government benefits, higher inflation, or increased risk of fiscal crisis).
To the extent the borrowed funds are invested today to improve the long-term productivity of the economy and its workers, such as via useful infrastructure projects or education, future generations may benefit.
For every dollar of intragovernmental debt, there is an obligation to specific program recipients, generally non-marketable securities such as those held in the Social Security Trust Fund. Adjustments that reduce future deficits in these programs may also apply costs to future generations, via higher taxes or lower program spending.
Krugman wrote in March 2013 that by neglecting public investment and failing to create jobs, we are doing far more harm to future generations than merely passing along debt: "Fiscal policy is, indeed, a moral issue, and we should be ashamed of what we're doing to the next generation's economic prospects. But our sin involves investing too little, not borrowing too much." Young workers face high unemployment and studies have shown their income may lag throughout their careers as a result. Teacher jobs have been cut, which could affect the quality of education and competitiveness of younger Americans.
COVID-19 pandemic and aftermath
The COVID-19 pandemic in the United States impacted the economy significantly beginning in March 2020, as businesses were shut-down and furloughed or fired personnel. About 16 million people filed for unemployment insurance in the three weeks ending April 9. It caused the number of unemployed persons to increase significantly, which is expected to reduce tax revenues while increasing automatic stabilizer spending for unemployment insurance and nutritional support. As a result of the adverse economic impact, both state and federal budget deficits will dramatically increase, even before considering any new legislation.
To help address lost income for millions of workers and assist businesses, Congress and President Trump enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020. It included loans and grants for businesses, along with direct payments to individuals and additional funding for unemployment insurance. The act carried an estimated $2.3 trillion price tag, with an expectation that some or all of the loans would ultimately be paid back including interest. While the law would have almost certainly increased budget deficits relative to the January 2020 10-year CBO baseline (completed prior to the COVID-19 pandemic), in the absence of the legislation, a complete economic collapse could have occurred. However, as of 2023, many of these loans have been forgiven.
CBO provided a preliminary score for the CARES Act on April 16, 2020, estimating that it would increase federal deficits by about $1.8 trillion over the 2020-2030 period. The estimate includes:
A $988 billion increase in mandatory outlays;
A $446 billion decrease in revenues; and
A $326 billion increase in discretionary outlays, stemming from emergency supplemental appropriations.
CBO reported that not all parts of the bill will increase deficits: “Although the act provides financial assistance totaling more than $2 trillion, the projected cost is less than that because some of that assistance is in the form of loan guarantees, which are not estimated to have a net effect on the budget. In particular, the act authorizes the Secretary of the Treasury to provide up to $454 billion to fund emergency lending facilities established by the Board of Governors of the Federal Reserve System. Because the income and costs stemming from that lending are expected to roughly offset each other, CBO estimates no deficit effect from that provision.”
The Committee for a Responsible Federal Budget estimated that the budget deficit for fiscal year 2020 would increase to a record $3.8 trillion (~$ in ), or 18.7% GDP. For scale, in 2009 the budget deficit reached 9.8% GDP ($1.4 trillion nominal dollars) in the depths of the Great Recession. CBO forecast in January 2020 that the budget deficit in FY2020 would be $1.0 trillion (~$ in ), prior to considering the impact of the COVID-19 pandemic or CARES. CFRB further estimated that the national debt would reach 106% of U.S. GDP in September 2020, a record since the aftermath of World War II.
President Biden also allocated significant amounts of money towards relief of the COVID-19 pandemic. According to a May 2021 report, Biden has or plans to spend $5.72 (~$ in ) trillion dollars toward this effort and others such as climate change including providing stimulus checks and serving schools and low-income children. Economists are divided if this unprecedented level of spending from the Biden Administration has, in part, contributed to the inflation spike from 2021 to 2022 as a result of increasing the money supply in the economy.
Appendix
National debt for selected years
1910 2.65/- 8.1% 2.65 8.1% est. 32.8192025.95/-29.2% 25.95 29.2% est. 88.61927 18.51/-19.2%18.5119.2%est. 96.51930 16.19/- 16.6%16.19 16.6%est. 97.4194042.97/50.7043.8–51.6%42.7743.6%-/98.21950257.3/256.992.0% 219.00 78.4%279.01960286.3/290.553.6–54.2%236.8044.3%535.11970370.9/380.935.0–36.0%283.2027.0%1,0611980907.7/909.032.4–32.6%711.9025.5%2,79219903,233/3,20654.4–54.8%2,40040.8%5,8992000a15,659 a 55.9%a 3,450 33.9% 10,1502001a2 5,792 a 55.0%a 3,350 31.6% 10,5502002a3 6,213 a 57.4%a 3,550 32.7% 10,8002003a 6,783 a 60.1%a 3,900 34.6% 11,3002004a 7,379 a 61.3%a 4,300 35.6% 12,0502005a4 7,918a 61.7%a 4,600 35.7% 12,8502006a5 8,493a 62.3%a 4,850 35.4% 13,6502007a6 8,993a 62.9%a 5,050 35.3% 14,3002008a7 10,011a 67.7%a 5,800 39.4% 14,8002009a8 11,898a 82.2%a 7,550 52.4% 14,4502010a9 13,551 a 91.0%a 9,000 61.0% 14,9002011a10 14,781a 95.6%a 10,150 65.8% 15,4502012a11 16,059a 99.7%a 11,250 70.3% 16,1002013a12 16,732a 100.4%a 12,000 16,6502014a13 17,810a 102.5%a 12,800 17,3502015a14 18,138a 100.3% 13,124 18,1002016a15 19,560a105.5% 14,173 18,5502017a16 20,233a105.1% 14,673 19,2502018a17 21,506a106.0% 15,761 20,3002019a18 22,711a107.4% 16,809 21,150202026,938128.0% 21,0502021Oct. '20 – Jun '21 only28,529130.6% 21,850
Interest paid
According to federal government data, interest payment on debt has crossed above one trillion on October 1, 2023, meaning a $3 billion-a-day interest payment.
Note that this is all interest the U.S. paid, including interest credited to Social Security and other government trust funds, not just "interest on debt" frequently cited elsewhere.
FiscalYearHistorical debt outstanding,$billions, USInterest paid$billions, USInterest rate 201922,719 574.6 2.53% 201821,516 523.0 2.43% 201720,244 458.5 2.26% 201619,573 432.6 2.21% 201518,150402.4 2.22% 201417,824430.8 2.42% 201316,738415.7 2.48% 201216,066359.8 2.24% 201114,790454.4 3.07% 201013,562414.0 3.05% 200911,910383.1 3.22% 200810,025451.2 4.50% 20079,008430.0 4.77% 20068,507405.9 4.77% 20057,933352.4 4.44% 20047,379321.6 4.36% 20036,783318.1 4.69% 20026,228332.5 5.34% 20015,807359.5 6.19% 20005,674362.0 6.38% 19995,656353.5 6.25% 19985,526363.8 6.58% 19975,413355.8 6.57% 19965,225344.0 6.58% 19954,974332.4 6.68% 19944,693296.3 6.31% 19934,411292.5 6.63% 19924,065292.4 7.19% 19913,665286.0 7.80%
Foreign holders of U.S. Treasury securities
The following is a list of the top foreign holders of Treasury securities as listed by the Federal Reserve Board (revised by May 2025 survey):
Country or region 1,135.0 + 3% 809.4 +11% 756.3 441.3 +29% 430.1 +21% 415.5 +33% 412.6 +12% 375.1 +33% 327.3 303.7 + 5% 292.9 +10% 252.6 +13% 249.3 +19% 235.3 212.1 187.3 +28% others 2,210.0 +14% Total 9,045.8 +11%
U.S. official gold reserves total 261.5 million troy ounces with a book value of approximately $11.04 billion.
Foreign exchange reserves $140 billion .
The national debt was up to $80,885 per person as of 2020.
The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016.
In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including non-cash interest accrued primarily for Social Security, interest was $454 billion or 18% of tax revenue.
Total U.S. household debt, including mortgage loan and consumer debt, was $11.4 trillion in 2005. By comparison, total U.S. household assets, including real estate, equipment, and financial instruments such as mutual funds, was $62.5 trillion in 2005.
Total U.S. Consumer Credit Card revolving credit was $931.0 billion in April 2009.
The U.S. balance of trade deficit in goods and services was $725.8 billion in 2005.
According to the U.S. Department of Treasury Preliminary 2014 Annual Report on U.S. Holdings of Foreign Securities, the United States valued its foreign treasury securities portfolio at $2.7 trillion. The largest debtors are Canada, the United Kingdom, Cayman Islands, and Australia, whom account for $1.2 trillion of sovereign debt owed to residents of the U.S.
The entire public debt in 1998 was equal to the cost of research, development, and deployment of U.S. nuclear weapons and nuclear weapons-related programs during the Cold War.
A 1998 Brookings Institution study published by the Nuclear Weapons Cost Study Committee (formed in 1993 by the W. Alton Jones Foundation), calculated that total expenditures for U.S. nuclear weapons from 1940 to 1998 was $5.5 trillion in 1996 Dollars. The total public debt at the end of fiscal year 1998 was $5,478,189,000,000 in 1998 Dollars or $5.3 trillion in 1996 Dollars.
International debt comparisons
+ Gross debt as percentage of GDP Entity 2007 2010 2011 2017/2018 United States 62% 92% 102% 108% European Union 59% 80% 83% 82% Austria 62% 78% 72% 78% France 64% 82% 86% 97% Germany 65% 82% 81% 64% Sweden 40% 39% 38% 41% Finland 35% 48% 49% 61% Greece 104% 123% 165% 179% Romania 13% 31% 33% 35% Bulgaria 17% 16% 16% 25% Czech Republic 28% 38% 41% 35% Italy 112% 119% 120% 132% Netherlands 52% 77% 65% 57% Poland 51% 55% 56% 51% Spain 42% 68% 68% 98% United Kingdom 47% 80% 86% 88% Japan 167% 197% 204% 236% Russia 9% 12% 10% 19% Asia 1 (2017+)2 37% 40% 41% 80%
Sources: Eurostat, International Monetary Fund, World Economic Outlook (emerging market economies); Organisation for Economic Co-operation and Development, Economic Outlook (advanced economies), IMF1China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand2'''Afghanistan, Armenia, Australia, Azerbaijan, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, People's Republic of, Fiji, Georgia, Hong Kong SAR, India, Indonesia, Japan, Kazakhstan, Kiribati, Korea, Republic of, Kyrgyz Republic, Lao P.D.R., Macao SAR, Malaysia, Maldives, Marshall Islands, Micronesia, Fed. States of, Mongolia, Myanmar, Nauru, Nepal, New Zealand, Pakistan, Palau, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Sri Lanka, Taiwan, Tajikistan, Thailand, Timor-Leste, Tonga, Turkey, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, Vietnam
Recent additions to the public debt of the United States
+Recent additions to U.S. public debtFiscal year (begins Oct. 1 of year priorto stated year)GDP$BillionsNew debtforfiscal year$BillionsNew debtas% of GDPTotal debt$BillionsTotal debtas % of GDP(Debt to GDPratio)19947,200281–292 3.9–4.1%~4,65064.6–65.2%19957,600277–281 3.7%~4,95064.8–65.6%19968,000251–260 3.1–3.3%~5,20065.0–65.4%19978,500188 2.2%~5,40063.2–63.8%19988,950109–113 1.2–1.3%~5,50061.2–61.8%19999,500127–130 1.3–1.4%5,65659.3%200010,15018 0.2%5,67455.8%200110,550133 1.3%5,79254.8%200210,900421 3.9%6,21357.1%200311,350570 5.0%6,78359.9%200412,100596 4.9%7,37961.0%200512,900539 4.2%7,91861.4%200613,700575 4.2%8,49362.1%200714,300500 3.5%8,99362.8%200814,7501,018 6.9%10,01167.9%200914,4001,88713.1%11,89882.5%201014,8001,653 11.2%13,55191.6%201115,4001,230 8.0% 14,78196.1%201216,0501,2788.0% 16,059100.2%201316,500 673 4.1% 16,732 101.3%201417,2001,078 6.3% 17,810 103.4%201517,900328 1.8% 18,138101.3%2016 (Oct. '15 – Jul. '16 only) ~1,290 ~7.0% ~19,428~106.1%
Historical debt ceiling levels
State and local government debt
U.S. states have a combined state and local government debt of about $3 trillion and another $5 trillion in unfunded liabilities.
See also
Criticism of the Federal Reserve
Financial position of the United States
List of countries by government debt
Sovereign default
Troubled Asset Relief Program
United States federal government credit-rating downgrades
Global debt
Further reading
Andrew J. Bacevich, "The Old Normal: Why we can't beat our addiction to war", Harper's Magazine'', vol. 340, no. 2038 (March 2020), pp. 25–32. "In 2010, Admiral Michael Mullen, chairman of the Joint Chiefs of Staff, declared that the national debt, the prime expression of American profligacy, had become 'the most significant threat to our national security.' In 2017, General Paul Selva, Joint Chiefs vice chair, stated bluntly that 'the dynamics that are happening in our climate will drive uncertainty and will drive conflict.'" (p. 31.)
.
|
Financial planner
|
[
"Finance occupations",
"Retail financial services",
"Financial planners"
] | 2,047 | 17,995 |
A financial planner or personal financial planner is a qualified financial advisor. Practicing in full service personal finance, they advise clients on investments, insurance, tax, retirement and estate planning.
As a general rule, a financial planner’s work can:
integrate into the range of professional services (eg: lawyer, accountant); or
integrate into the offer of a range of financial products and services (eg: financial advisor, insurance agent); or
not be integrated into other products or services, providing stand alone financial planning.
Financial planning should cover all areas of the client's financial needs and should result in the achievement of each of the client's goals as required. The scope of planning would usually include the following:
Risk management and insurance planning: managing cash flow risks through sound risk management and insurance techniques
Investment and planning issues: planning, creating and managing capital accumulation to generate future capital and cash flows for reinvestment and spending, including managing for risk-adjusted returns and to deal with inflation
Retirement planning: planning to ensure financial independence at retirement including 401Ks, IRAs etc.
Tax planning: planning for the reduction of tax liabilities and the freeing-up of cash flows for other purposes
Estate planning: planning for the creation, accumulation, conservation and distribution of assets
Cash flow and liability management: maintaining and enhancing personal cash flows through debt and lifestyle management
Process
The personal financial planning process is described in ISO 22222:2005 as consisting of six steps:
Establishing and defining the client and personal financial planner relationship
Gathering client data and determining goals and expectations
Analysing and evaluating the client's financial status
Developing and presenting the financial plan
Implementing the financial planning recommendations
Monitoring the financial plan and the financial planning relationship
Licensing, regulations and self-regulation
In many countries, there are no requirements (no legal framework) regarding the use of the title of 'financial planner'.
The scope of the title "financial planner" varies from one jurisdiction to another. The legal framework of the profession may include:
a reserved title (eg: PFA-certified financial planner, CFP, financial planner): the protection of the title ensures that the services are provided by accredited persons meeting ethical standards;
reserved activities: as a general rule, the asset planning activity is shared between several professions;
compulsory basic and continuing training: the training requirements of financial planners ensure updating of skills;
professional liability insurance;
a compensation fund;
a supervised service offer;
supervised instrumentation;
an obligation of written mandate before delivering a professional service.
Australia
In Australia, financial advisors must be authorised under an Australian Financial Services licence holder to provide financial product advice. The licence holder must obtain a licence from the Australian Securities and Investments Commission (ASIC). The ASIC website states that "Holding an AFS licence does not provide a guarantee of the probity or quality of the licensee's services."
There has been recent reforms to the licensing of financial advisors in Australia as a result of several scandals involving things such as inadequate or improper advice and fees charged to clients for no service. From 1 January 2019, new education and training standards apply to financial advisers these standards include undertaking approved post graduate study, passing a national accredited examination and undertaking continuing professional education. New entrants to the industry have additional requirements.
Belgium
In Belgium, advice in this area is regulated by the law of April 25, 2014 relating to the status and control of independent financial planners and to the provision of planning consultations by regulated companies. Notaries, lawyers, accountants and auditors are however not targeted. The law uses the term "financial planning", which creates an amalgamation between two disciplines.
Canada
In Canada, "financial planners" are unregulated in every province except Quebec, where only individuals holding the Planificateur Financier (Pl.Fin / F.Pl.) designation are allowed to use the title "Financial Planner" and offering financial planning services.
Outside of Quebec, there are currently no restrictions, no educational prerequisites, and no licensing requirements for individuals calling themselves financial planners, or for businesses using "financial planning" in their name or services offered. , Ontario and Saskatchewan have introduced legislation to regulate financial planning titles, but the legislation has yet to be enacted.
Many financial advisors in Canada call themselves financial planners yet only hold licences to sell personal financial products (primarily investments and insurance), or use non-expiring qualifications with no monitoring or public accountability process (such as the Personal Financial Planner / PFP designation). There are only two publicly monitored and fully regulated financial planning designations outside of Quebec the CFP (Certified Financial Planner) and the R.F.P. (Registered Financial Planner), designations.
The R.F.P. is the older (established in 1987) and more stringent of the two publicly monitored designations. All R.F.P.s must first demonstrate their competency, then abide by a code of ethics and adhere to rigorous practice standards as defined by the granting body, the Institute of Advanced Financial Planners (IAFP). Every R.F.P. must attest each year that financial planning is their primary vocation.
In Quebec
The title of financial planner (F.P.) or planificateur financier (Pl.Fin.) is a professional title used in Quebec (Canada). This Quebec title applies to a person who graduated from the Institut québécois de planification financière program and then supervised by a regulatory body authorized by provincial law: the Chambre de la sécurité financière, the Ordre des Administrateurs Agréés du Québec (in English: Order of Chartered Administrators of Quebec) or the Ordre professionnel des comptables professionnels agréés du Québec (in English: "Professional Order of Chartered Professional Accountants of Quebec"). At the end of his basic training, the “Financial Planner” (Pl.Fin.) is qualified to exercise the activity of “financial planning” of the asset type.
In addition, the Professional Orders participating in the supervision of the title of “Financial Planner” have developed more extensive practice models comprising all the components of asset administration. The generally recognized practice model of this profession normally excludes organizational-type financial planning (eg: companies, organizations, governments).
In the province of Quebec, this title is granted by the regulatory bodies that oversee this professional practice, namely the AMF (Autorité des marchés financiers) and the Participating professional orders: Ordre des Administrateurs Agréés du Québec and the Ordre professionnel des comptables professionnels agréés du Québec.
The Institut québécois de planification financière (Quebec Financial Planning Institute) (IQPF) is the only organization in Quebec authorized to award the diploma of "financial planner". The IQPF establishes the rules relating to basic training to gain access to the title of Financial Planner. In addition, the IQPF administers the AMF regulations on compulsory continuing education for financial planners subject to the AMF (Autorité des marchés financiers). In addition, the Professional Orders framing the Financial Planner title are responsible for the continuing education of their Pl.Fin members.
The Quebec title of "Financial Planner" (Pl.Fin.) Is the only one among the other homonymous titles in Canada which does not include an accreditation qualifier.
The Institut québécois de planification financière (IQPF) and the Financial Planning Standards Council (FPSC), the two organizations that oversee the profession of financial planner have developed the reference document Financial planning in Canada: definitions, standards and skills. This presents, among other things, the seven areas of intervention of financial planning, namely the legal aspects, insurance and risk management, finances, taxation, investments, retirement as well as estates.
Malaysia
The Securities Commission Malaysia introduced legislation through amendments made to the Securities Industry Act in 2003 to regulate financial planning and the use of the title or related-title of 'financial planner' or to conduct activities related to financial planning.
In 2005, amendments to the Malaysian Insurance Act require those who carry out financial advisory business (including financial planning activities related to insurance) and/or use the title of financial adviser under their firm (which, like in Singapore, must be a corporate structure) to obtain a license from Bank Negara Malaysia (BNM). Some persons who offer financial advisory services, e.g., licensed life insurance agents, are exempted from licensing as a practising requirement.
Singapore
In Singapore, financial services are highly regulated by The Monetary Authority of Singapore (MAS), the regulator and supervisor of financial institutions in Singapore. Rules are set by MAS for financial institutions and are implemented through legislation, regulations, directions and notices. Currently, the majority of the financial planners (financial consultants) are commission-based, which may cause a conflict of interest related to the products recommended. In 2015, a balanced scorecard framework was implemented to better align the interests of the FA industry and consumers. This ensures FA representatives and supervisors meet key performance indicators that are not related to sales, such as providing suitable product recommendations and making proper disclosure of material information to customers (Non-Sales KPI). Failure to achieve good grades for the Non-Sales KPI will directly affect their commission (variable income).
New Zealand
The Financial Markets Authority (FMA) (formerly the Securities Commission) provides Authorisation to individuals who provide Personalised Financial Advice, Investment Planning Services and/or Discretionary Investment Management Services. Individuals who receive authorisation are referred to as an Authorised Financial Adviser (AFA). In order to receive authorisation, individuals must complete the National Certificate in Financial Services (Financial Advice) (Level 5).
See also
|
Ronald A. Weinberg
|
[
"American businesspeople convicted of crimes",
"American chief executives",
"American expatriates in Canada",
"American people convicted of fraud",
"American emigrants to Canada",
"American Jews",
"American prisoners and detainees",
"American white-collar criminals",
"Canadian chief executives",
"Canadian fraudsters",
"Canadian prisoners and detainees",
"Canadian television producers",
"Canadian white-collar criminals",
"Criminals from Montreal",
"Living people",
"Tulane University alumni",
"1952 births"
] | 980 | 9,070 |
Ronald Andrew Weinberg (born 1952) is an American-born Canadian fraudster and former television producer and businessman best known as the co-founder of the CINAR animation studio (later to be known as Cookie Jar Group, now renamed as WildBrain), and its co-CEO during a scandal that eventually brought down the company. In 2014, he was charged with 26 counts of fraud in Montreal. Two years later, Weinberg was sentenced to nine years in prison.
CINAR
In 1976, Weinberg met his future wife, Micheline Charest, in New Orleans, where he attended Tulane University. The two organized an event for a women's film festival, and worked at distributing foreign films to US theatres. The couple moved to New York and formed CINAR as a foreign film distributor.
In 1984, the company relocated to Montreal, and changed its focus to children's television.
In March 2000, an internal audit revealed that about $122 million (US) was invested into Bahamian bank accounts without the boardmembers' approval. CINAR had also paid American screenwriters for work while continuing to accept Government of Canada grants for content. The names of Canadians, most notably, Charest's sister, Helene via the alias "Eric Alexandre" (Eric and Alex Weinberg are the names of Charest and Weinberg's sons), were credited for the work, allowing CINAR to benefit from Canadian tax credits. While the province of Quebec did not file criminal charges, CINAR denied any wrongdoing, choosing instead to pay a settlement to Canadian and Quebec tax authorities of $17.8 million (CAD) and another $2.6 million (CAD) to Telefilm Canada, a Canadian federal funding agency. The value of Cinar stock plummeted, and the company was soon delisted.
In 2001, as part of a settlement agreement with the Commission des Valeurs Mobilières du Québec (Quebec Securities Commission) Charest and Weinberg agreed to pay $1 million each and were banned from serving in the capacity of directors or officers at any publicly traded Canadian company for five years. There was no admission of guilt and none of the allegations have been proven in court. In March 2004, CINAR was purchased for more than $140 million (US) by a group led by Nelvana co-founder, Michael Hirsh. Charest and Weinberg reportedly received $18 million (US) for their company shares.
In August 2009, Claude Robinson, a graphic artist and writer, won a copyright case against CINAR, Weinberg, Charest and Co. in relation to his work, Robinson Curiosité, which was plagiarized for the internationally successful animated series Robinson Sucroe.
On March 10, 2011, Weinberg was arrested for securities fraud in connection with his involvement in the scandal.
On January 17, 2014, former CFO Hasanain Panju pleaded guilty to undisclosed crimes. The judge noted these crimes were "reprehensible" and placed a publication ban on details surrounding the trial. Panju was sentenced to four years in prison.
On May 12, 2014, Weinberg, John Xanthoudakis of Norshield Financial Group and Lino Matteo of Mount Real Corp. were charged with 26 counts of fraud in Montreal Superior Court. They were convicted on most of the counts on June 2, 2016, and in the trial Panju acted as a key Crown witness. On June 22, 2016, Weinberg was sentenced to eight years and eleven months in prison, and the other two received sentences of seven years and eleven months each. On May 3, 2019, Weinberg was fully paroled.
|
Ann Langley
|
[
"Living people",
"1950 births",
"Fellows of the Royal Society of Canada",
"Academic staff of HEC Montréal",
"Academic staff of the Université du Québec à Montréal",
"Alumni of the University of Oxford",
"Canada Research Chairs",
"Canadian women academics",
"Canadian women non-fiction writers",
"British women academics",
"Canadian women economists",
"British economists",
"British women economists",
"20th-century Canadian women scientists",
"21st-century Canadian women scientists"
] | 995 | 9,235 |
Ann Langley is a British-Canadian economist. She holds the Canada Research Chair in Strategic Management Research in a Pluralistic Environment at HEC Montréal. She is a Distinguished Research Environment Professor at Warwick Business School and an adjunct professor at the Norwegian School of Economics and Business Administration, the University of Montreal, and the University of Gothenburg. Langley is interested in strategy, health management and research methodology.
Early life and education
Langley was born in Bristol, England and graduated from the University of Oxford and University of Lancaster before obtaining her Doctor of Management from HEC Montréal in 1987.
Career
While her husband earned his PhD, they lived in London and Langley worked at Mars Ltd in Slough. When the family moved to Montreal, she learned French and worked in the health care sector while earning her own PhD in management from HEC Montréal.
After earning her PhD, she accepted a position in the School of Management Sciences at the Université du Québec à Montréal until 2000 when she joined HEC Montréal as a full professor. Upon her arrival at HEC Montréal, Langley became the director of the MSc and PhD programs from 2003 to 2006. In 2007, she was awarded the Medal for Teaching Excellence by the International Conference of Heads of Higher Education Institutions and French- Language Management Research. She also became co-director of the Study Group on practice of strategy at HEC Montréal. In 2008, she was named the Canada Research Chair in Strategic Management in Pluralistic Settings.
In 2010, Langley was elected a Fellow of the Royal Society of Canada in their Academy of Social Sciences. The following year, she was the recipient of an honorary doctorate from the Norwegian School of Economics and Business Administration.
In 2014, she was the recipient of the Pierre Laurin Award for excellence in teaching and research. Two years later, Langley was nominated by Howard Thomas and eventually elected a Fellow of the Academy of Management. She also received an honorary doctorate from the Aalto University School of Business. The following year, she was presented with the 2018 Thérèse Gouin Décarie Award. In 2019, Langley was named an Honorary Member of the European Group for Organizational Studies (EGOS) and sat on the Scientific Committee of the Alphonse and Dorimène Desjardins International Institute for Cooperatives.
Langley is co-editor of Strategic Organization and editor-in-chief of Organization Studies. She sits on board of the European Group for Organizational Studies as chair of the EGOS Organizing Committee.
Personal life
Langley married full professor Gilbert Laporte on August 3, 1974. Their daughter is an assistant professor at École de Technologie Supérieure.
|
Gwen Gordy Fuqua
|
[
"1927 births",
"1999 deaths",
"20th-century African-American businesspeople",
"African-American composers",
"African-American women composers",
"African-American songwriters",
"Deaths from cancer in California",
"Gordy family",
"Musicians from Detroit",
"Songwriters from Michigan",
"American women songwriters",
"20th-century American businesspeople",
"20th-century American composers",
"20th-century American women composers",
"20th-century American businesswomen",
"African-American women musicians",
"African-American women in business"
] | 1,087 | 7,992 |
Gwen Fuqua (born Gwendolyn Gordy; November 26, 1927 – November 8, 1999) was an American businesswoman, songwriter and composer, most notably writing hit songs such as "Lonely Teardrops", "All I Could Do Was Cry" and "Distant Lover". She acquired her full name after marrying Harvey Fuqua and kept the name after their divorce.
Early life and career
Gwen Gordy was born to Berry Gordy Sr. and Bertha Ida (née Fuller) Gordy in Detroit, Michigan. She was the youngest of the four Gordy sisters (Esther, Anna and Loucye) and the third youngest of the entire family (brothers Berry and Robert were born after her).
Following graduation from high school, Gwen owned the photo concession at Detroit's popular Flame Show Bar, which helped to make her a celebrity in Detroit's nightlife. By the late 1950s, Gordy had also become a cheerleader for brother Berry's musical efforts. She provided Berry with his first important music business contact when she introduced him to the manager of the club, a white man named Al Green. Green managed music stars like Johnnie Ray and LaVern Baker and he had just signed a new singer from Detroit named Jackie Wilson.
Green also owned a music publishing company and was looking for new material. She had a songwriting partnership with her brother Berry Gordy and Roquel "Billy" Davis, a childhood friend who had connections with Chess Records in Chicago. The partners started out with a bang by writing "Jim Dandy Got Married" for LaVern Baker on the Atlantic label and "All I Could Do Was Cry" for Etta James on Argo, a Chess subsidiary label. By far, however, their greatest early success was writing the first big hits for Jackie Wilson.
Starting with "Reet Petite", Gwen, Berry and Davis penned five consecutive Jackie Wilson hits. "Lonely Teardrops", "That's Why (I Love You So)", "To Be Loved", and "I'll Be Satisfied" all established Wilson as one of rock and roll's hottest new stars. However, Gordy earned small pay during this period of her work with Wilson's label Brunswick.
Although Berry, Gwen, and Roquel had provided five consecutive hits for Jackie Wilson, they had to split the songwriting royalties three ways. To bring in more income, Berry demanded that some of their songs be used for the B sides on Wilson's recordings. After he was turned down by manager Nat Tarnopol, the trio decided to end their association with Jackie.
Gwen Gordy was the first to put the idea of starting a record company into action. She formed a label with Roquel Davis and named the company Anna, after her sister. Davis then used his contacts to make a deal with Chess Records to distribute their new Anna label nationally. Gwen and Roquel both wanted Berry to become a partner with them. However, Berry decided to go out on his own. The label helped to distribute the local Tamla Records single, Barrett Strong's "Money (That's What I Want)", which became a top 40 hit in 1960.
That year, Gordy co-wrote the ballad "All I Could Do Was Cry", which was originally offered to Erma Franklin (Aretha's sister), who almost signed with Anna Records but was rebuffed by her father, C. L. Franklin. The song eventually was sold by Chess Records who recorded the song with Etta James. Shortly after meeting Harvey Fuqua, they founded the labels Harvey Records and Tri-Phi Records, the latter label including The Spinners, who recorded their first hit with the Gordy/Fuqua composition, "That's What Girls Are Made For".
In 1961, Motown absorbed Anna Records, signing Marvin Gaye in the process. The Harvey and Tri-Phi labels were absorbed by Motown two years later after that and Gordy and Fuqua accepted staff jobs with Motown, with Gordy handling business affairs, while Fuqua became a staff writer and producer. Alongside sister Anna, she co-headed Motown's Artist Development course and by the mid-1960s was managing acts such as the Spinners, Shorty Long, Junior Walker & the All Stars and Tammi Terrell, who signed to Motown in 1965. Gordy convinced Motown to allow Terrell to perform duets with Gaye.
In 1973, Gordy had hand in adding lyrics to Marvin Gaye's composition, "Distant Lover", which became a hit single a year later after Motown released a live recording of the song. In 1977, Gordy founded Gwen Glenn Productions and produced for Motown acts such as High Inergy before retiring from the music business in the early 1980s.
Personal life
Gordy dated fellow composer Billy Davis for a number of years. However, the relationship imploded after Gordy got involved with Harvey Fuqua. Gordy and Fuqua married in 1961, and Gordy was known afterwards as Gwen Gordy Fuqua for the duration of her life. She and Fuqua divorced in 1968. After most of the Spinners left Motown for Atlantic Records in 1972, she struck up a romance with ex-Spinners bandmate G.C. Cameron, managed his career, and later married him.
The couple separated in the late 1970s after Cameron left Motown. Her production company Gwen Glenn was named after Gwen's son Glenn Gordy. She moved to California in the early 1970s, where she remained until her death and lived comfortably off royalties after her career ended in the early 1980s.
Death
Gwen Gordy succumbed to cancer at her home in San Diego, California, on November 8, 1999, at the age of 71.
|
Italian economic miracle
|
[
"1950s in economic history",
"1960s in economic history",
"1950s in Italy",
"1960s in Italy",
"Economic history of Italy",
"Economic booms",
"Post–World War II economic booms"
] | 1,768 | 12,871 |
The Italian economic miracle or Italian economic boom ( or il boom economico italiano) is the term used by historians, economists, and the mass media to designate the prolonged period of strong economic growth in Italy after World War II to the late 1960s, and in particular the years from 1958 to 1963. This phase of Italian history represented not only a cornerstone in the economic and social development of the country—which was transformed from a poor, mainly rural, nation into a global industrial power—but also a period of momentous change in Italian society and culture. As summed up by one historian, by the end of the 1970s, "social security coverage had been made comprehensive and relatively generous. The material standard of living had vastly improved for the great majority of the population."
After the end of World War II, Italy was in ruins and occupied by foreign armies, a condition that worsened the chronic development gap towards the more advanced European economies. However, the new geopolitical logic of the Cold War made possible that the former enemy Italy, a hinge-country between Western Europe and the Mediterranean, and now a new, fragile democracy threatened by the proximity of the Iron Curtain and the presence of a strong Communist party, was considered by the United States as an important ally for the Free World, and therefore a recipient of the generous aid provided by the Marshall Plan, receiving $1.5 billion from 1948 to 1952. The end of the Plan, which could have stopped the recovery, coincided with the crucial point of the Korea War (1950–1953), whose demand for metal and other manufactured products was a further stimulus to the growth of every kind of industry in Italy. In addition, the creation in 1957 of the European Common Market, of which Italy was among the founder members, provided more investments and eased exports.
The above-mentioned highly favorable historical backgrounds, combined with the presence of a large and cheap stock of labour force, laid the foundations of a spectacular economic growth. The boom lasted almost uninterrupted until the "Hot Autumn's" massive strikes and social unrest of 1969–1970, which combined with the later 1973 oil crisis, gradually cooled the economy, which has never returned to its heady post-war growth rates. The Italian economy experienced an average rate of growth of GDP of 5.8% per year between 1951 and 1963, and 5.0% per year between 1964 and 1973. Italian rates of growth were second only, but very close, to the West German rates, in Europe, and among the OEEC countries only Japan had been doing better. In 1963, US President John F. Kennedy personally praised Italy's extraordinary economic growth at an official dinner with Italian President Antonio Segni in Rome, stating that "the growth of [...] nation's economy, industry, and living standards in the postwar years has truly been phenomenal. A nation once literally in ruins, beset by heavy unemployment and inflation, has expanded its output and assets, stabilized its costs and currency, and created new jobs and new industries at a rate unmatched in the Western world".
Society and culture
The impact of the economic miracle on Italian society was huge. Fast economic expansion induced massive inflows of migrants from rural Southern Italy to the industrial cities of the North. Emigration was especially directed to the factories of the so-called "industrial triangle", the region placed between the major manufacturing centres of Milan and Turin and the seaport of Genoa. Between 1955 and 1971, around 9 million people are estimated to have been involved in inter-regional migrations in Italy, uprooting entire communities and creating large metropolitan areas.
The needs of a modernizing economy and society created a great demand for new transport and energy infrastructures. Thousands of miles of railways and highways were completed in record times to connect the main urban areas, while dams and power plants were built all over Italy, often without regard for geological and environmental conditions. A concurrent boom of the real estate market, increasingly under pressure by strong demographic growth and internal migrations, led to the explosion of urban areas. Vast neighborhoods of low-income apartments and social housing were built in the outskirts of many cities, leading over the years to severe problems of congestion, urban decay and street violence. The natural environment was constantly under strain by unregulated industrial expansion, leading to widespread air and water pollution and ecological disasters like the Vajont Dam disaster and the Seveso chemical accident, until a green consciousness developed starting in the 1980s.
At the same time, the doubling of Italian GDP between 1950 and 1962 had a massive impact on society and culture. Italian society, largely rural and excluded from the benefits of modern economy during the first half of the century, was suddenly flooded with a huge variety of cheap consumer goods, such as automobiles, televisions and washing machines. From 1951 to 1971, average per capita income in real terms trebled, a trend accompanied by significant improvements in consumption patterns and living conditions. In 1955, for instance, only 3% of households owned refrigerators and 1% washing machines, while by 1975 the respective figures were 94% and 76%. In addition, 66% of all homes had come to possess cars. In 1954 the national public broadcasting RAI began a regular television service.
The pervasive influence of the mass media and consumerism on society in Italy has often been fiercely criticized by intellectuals like Pier Paolo Pasolini and Luciano Bianciardi, who denounced it as a sneaky form of homogenization and cultural decay. Popular movies like Il Sorpasso (1962) and I Mostri (1963) by Dino Risi, Il Boom (1963) by Vittorio De Sica and C'eravamo tanto amati (1974) by Ettore Scola all stigmatized selfishness and immorality that they believed characterized the miracle's roaring years.
See also
Economic history of Italy
Economic miracle
Istituto per la Ricostruzione Industriale
Japanese economic miracle
La Dolce Vita (1960)
Post–World War II economic expansion
Spanish miracle
Wirtschaftswunder
Years of Lead, the period of unrest following the Italian economic miracle
Further reading
Nardozzi, Giangiacomo. "The Italian" Economic Miracle"." Rivista di storia economica (2003) 19#2 pp: 139-180, in English
Rota, Mauro. "Credit and growth: reconsidering Italian industrial policy during the Golden Age." European Review of Economic History (2013) 17#4 pp: 431–451.
Tolliday, Steven W. "Introduction: enterprise and state in the Italian'economic miracle'." Enterprise and Society (2000) 1#2 pp: 241–248.
|
Samuel T. Wellman
|
[
"American steel industry businesspeople",
"Engineers from Ohio",
"American inventors",
"Presidents of the American Society of Mechanical Engineers",
"Businesspeople from Cleveland",
"1847 births",
"1919 deaths",
"People from Wareham, Massachusetts",
"Norwich University alumni",
"19th-century American businesspeople"
] | 961 | 8,232 |
Samuel Thomas Wellman, (February 5, 1847 – July 11, 1919) was an American steel industry pioneer, industrialist, and prolific inventor. Charles M. Schwab of Bethlehem Steel described Samuel T. Wellman as "the man who did more than any other living person in the development of steel". Wellman was a close friend of electrical pioneer George Westinghouse, and he was also president of the American Society of Mechanical Engineers from 1901 to 1902.
Early life
Born in Wareham, Massachusetts in 1847, Wellman was the son of a Nashua Iron Company superintendent. Wellman received his formal engineering training from Norwich University in Norwich, Vermont, and served as a corporal with the 1st New Hampshire Heavy Artillery Regiment during the Civil War. Shortly after the war, Wellman married Julia A. Ballard, with whom he had five children.
Career and influence on the steel industry
Wellman began his career working at the Nashua Iron Company. He was encouraged by his father to build a regenerative gas furnace for the company. Wellman did this, impressing Carl Wilhelm Siemens, who immediately hired him to establish the first crucible-steel furnace in America. Wellman went on to improve upon the open-hearth process of steel rail production, which in turn had improved upon the Bessemer process. In 1869, Wellman built the first commercially successful open-hearth furnace in America at the Bay State Iron Works in South Boston.
Furnaces were not Wellman's only contribution to the steel industry. He was also instrumental in the development of the Hulett unloader, which allowed the unloading of taconite from the iron ore boats of the Great Lakes, particularly on Lake Erie. In addition to improvements on the Hulett unloader, other important inventions include an open hearth charging machine and a hydraulic crane. Following an unsuccessful venture with his half-brother, Wellman later founded the in Cleveland, Ohio, which continues under a different name to this day.
Partial list of inventions
Selected publications
Wellman, S. T., (1902). . Transactions of the American Society of Mechanical Engineers, 23, 78-98.
Wellman, S. T., (1916). . In F. H. Newell & C. E. Drayer, (Eds.), Engineering as a career: A series of papers by eminent engineers, (pp. 81–88). New York: D. Van Nostrand Company.
Further reading
Misa, T. J., (1995). A Nation of Steel: The Making of Modern America, 1865-1925. Baltimore: Johns Hopkins University Press.
Sicilia, D. B. (1989). Samuel Thomas Wellman. In P. F. Paskoff, (Ed.), Encyclopedia of American business history and biography: Iron and steel in the nineteenth century, (pp. 359–363). New York: FactsOnFile.
|
Lucas critique
|
[
"Macroeconomic policy",
"New classical macroeconomics",
"1976 in economic history"
] | 1,506 | 12,914 |
The Lucas critique argues that it is naïve to try to predict the effects of a change in economic policy entirely on the basis of relationships observed in historical data, especially highly aggregated historical data. More formally, it states that the decision rules of Keynesian models—such as the consumption function—cannot be considered as structural in the sense of being invariant with respect to changes in government policy variables. It was named after American economist Robert Lucas's work on macroeconomic policymaking.
The Lucas critique is significant in the history of economic thought as a representative of the paradigm shift that occurred in macroeconomic theory in the 1970s towards attempts at establishing micro-foundations.
The Lucas critique was not new in 1976. The argument and the whole logic was first presented by Frisch (1938) and discussed by Haavelmo (1944), among others. Related ideas are expressed as Campbell's law and Goodhart's law—but in a 1976 paper, Lucas drove to the point that this simple notion invalidated policy advice based on conclusions drawn from large-scale macroeconometric models. Because the parameters of those models were not structural, i.e. not policy-invariant, they would necessarily change whenever policy (the rules of the game) was changed. Policy conclusions based on those models would therefore potentially be misleading. This argument called into question the prevailing large-scale econometric models that lacked foundations in dynamic economic theory. Lucas summarized his critique:
Given that the structure of an econometric model consists of optimal decision rules of economic agents, and that optimal decision rules vary systematically with changes in the structure of series relevant to the decision maker, it follows that any change in policy will systematically alter the structure of econometric models.
The Lucas critique is, in essence, a negative result. It tells economists, primarily, how not to do economic analyses. The Lucas critique suggests that if we want to predict the effect of a policy experiment, we should model the "deep parameters" (relating to preferences, technology, and resource constraints) that are assumed to govern individual behavior: so-called "microfoundations." If these models can account for observed empirical regularities, we can then predict what individuals will do, taking into account the change in policy, and then aggregate the individual decisions to calculate the macroeconomic effects of the policy change.
Shortly after the publication of Lucas's article, Kydland and Prescott published the article "Rules rather than Discretion: The Inconsistency of Optimal Plans", where they not only described general structures where short-term benefits are negated in the future through changes in expectations, but also how time consistency might overcome such instances. That article and subsequent research led to a positive research program for how to do dynamic, quantitative economics.
The Lucas critique does not invalidate that fiscal policy may be countercyclical, which some associate with John Maynard Keynes.
Examples
One important application of the critique (independent of proposed microfoundations) is its implication that the historical negative correlation between inflation and unemployment, known as the Phillips curve, could break down if the monetary authorities attempted to exploit it. Permanently raising inflation in hopes that this would permanently lower unemployment would eventually cause firms' inflation forecasts to rise, altering their employment decisions. In other words, just because high inflation was associated with low unemployment under early 20th century monetary policy does not mean that high inflation should be expected to lead to low unemployment under every alternative monetary policy regime.
For a simple example, consider the question of how much Fort Knox should spend on protection. Fort Knox has never been robbed. Statistical analysis using high-level, aggregated data would therefore indicate that the probability of a robbery is independent of the resources spent on guards. The policy implication from such analysis would be to eliminate the guards and save those resources. This analysis would, however, be subject to the Lucas Critique, and the conclusion would be misleading. In order to properly analyze the trade-off between the probability of a robbery and resources spent on guards, the "deep parameters" (preferences, technology and resource constraints) that govern individual behaviour must be taken explicitly into account. In particular, criminals' incentives to attempt to rob Fort Knox depends on the presence of the guards. In other words, with the heavy security that exists at the fort today, criminals are unlikely to attempt a robbery because they know they are unlikely to succeed. However, a change in security policy, such as eliminating the guards, would lead criminals to reappraise the costs and benefits of robbing the fort. So just because there are no robberies under the current policy does not mean this should be expected to continue under all possible policies. In order to answer the question of how much resources Fort Knox should spend on protection, the analyst must model the "deep parameters" and strive to predict what individuals will do conditional on the change in policy.
For a monetary policy example, consider a central bank that has historically followed a rule where interest rates respond primarily to current inflation. Historical data analysis shows that rate increases reliably reduce inflation after 12-18 months. Now imagine policymakers decide to switch to a strongly forward-looking approach, responding to expected future inflation instead. The Lucas critique emerges because this change fundamentally alters how private agents form expectations about future policy actions. As shown in Chen and Valcarcel's research, different expectation horizons (how far ahead agents look) produce significantly different economic responses to the same policy action. Moreover, as Batini and Haldane state: "It has long been recognized that economic policy in general, and monetary policy in particular, needs a forward-looking dimension." The historical relationship between interest rates and inflation breaks down precisely because agents adapt their forecasting behavior to the new policy framework. This phenomenon reinforces the fundamental insight that policy changes alter the very structure of econometric models used to evaluate them. What worked under the old regime—where a certain interest rate increase produced a predictable inflation decline—no longer holds because firms and households now incorporate the central bank's forward-looking behavior into their own decision-making.
See also
Campbell's law
Dynamic inconsistency
Dynamic stochastic general equilibrium
Game theory
Goodhart's law
Hasty generalization
Macroeconomic model
McNamara fallacy
Methodological individualism
Newcomb's paradox
Policy-ineffectiveness proposition
Problem of induction
Rational expectations
Real business cycles
Structural estimation
Variable change
Further reading
For interviews with Robert Lucas on his work, including the Lucas Critique, see
|
G-Market
|
[
"Shinsegae Group",
"Retail companies established in 2000",
"Internet properties established in 2000",
"2000 establishments in South Korea",
"Companies formerly listed on the Nasdaq",
"Online auction websites of South Korea",
"Online marketplaces of South Korea",
"2006 initial public offerings",
"2009 mergers and acquisitions",
"E-commerce websites",
"EBay acquisitions"
] | 815 | 7,674 |
Gmarket is an e-commerce website based in South Korea. The company was founded in 2000 as a subsidiary of Interpark, and was acquired by eBay in 2009, who subsequently sold it to Shinsegae at 3.4 trillion Korean Won.
History and Incidents
The predecessor of Gmarket was founded in 1999 by Young Bae Ku. At the time, it was part of the online auction company Interpark. In 2000, it spun off as its own website, known as Goodsdaq. In 2003, the website was renamed Gmarket and adopted a customer to customer e-commerce business model.
In 2006, Gmarket became the first South Korean online company to be listed on the NASDAQ. That same year, it launched its global website with product listings in English.
In 2009, eBay acquired Gmarket for approximately 1.2 billion USD after buying Gmarket shares from Interpark and Yahoo. Following the acquisition, Gmarket was delisted from the NASDAQ.
After the acquisition, G-Market received an on-site investigation by the Fair Trade Commission for allegations of unfair trade due to 11street's report of abuse of market dominant status, and was charged with a corrective order and fine from the Fair Trade Commission as well as being charged with prosecution.
However, the following year, the 6th Division of the Seoul Central District Prosecutor's Office concluded that the case was not suspicious. An official at the prosecution said, "The number of sellers who actually stopped trading with '11street' was so small that the effect of restricting competition was not reached, and it was acknowledged that the eBay Market side performed its usual management and supervision duties to prevent unfair trade, so it was disposed of without charge."
Items and services
Collectibles, appliances, computers, furniture, equipment, vehicles, and other miscellaneous items can be listed, bought and sold on the website.
Gmarket is also an easy place for unscrupulous sellers to market counterfeit and credit merchandise, which can be difficult for novice buyers to distinguish without careful study of the auction description.
Profit and Transactions
Gmarket generates revenue from sellers, who pay a fee based on the selling price of each item and a fee based on the starting price, and from advertising. In 2005 it was announced that Gmarket would increase fees it charges to Gmarket Store sellers, which caused considerable enough controversy. The president of Gmarket then emailed all Gmarket users with news that other fees would be decreased. Gmarket does not handle the goods, nor does it transact the buyer-seller payments, except through its subsidiary shopping mall credit. Instead, much like newspaper want-ads, sellers rely on the buyers' good faith to make payment, and buyers rely on the sellers' good faith to actually deliver the goods intact. To encourage fidelity, Gmarket maintains, rates, and publicly displays the post-transaction feedback from all users, whether they buy or sell. The buyer is encouraged to examine the sellers' feedback profile before bidding to rate their trustworthiness. Sellers with high ratings generally have more bids and garner higher bids. However, it is possible for sellers to make their feedback private and just leave the numbered rating (number of positive, negative, and neutral feedback with a positive feedback percentage), which means that bidders and sellers cannot see the comments other users have left. Gmarket also has a significant affiliate program, and affiliates can place live Gmarket Shopping product images and links on their web sites.
|
Venetian lira
|
[
"Coinage of the Republic of Venice",
"Currencies of Italy",
"Obsolete Italian currencies",
"Modern obsolete currencies",
"History of Venice after 1797",
"1807 disestablishments",
"Pound (currency)"
] | 824 | 6,016 |
The lira (plural lire) was the distinct currency of Venice until 1848, when it was replaced by the Italian lira. It originated from the Carolingian monetary system used in much of Western Europe since the 8th century CE, with the lira subdivided into 20 soldi, each of 12 denari.
From its initial value of 305.94 g fine silver, the Venetian lira had depreciated so much in value over its 1,000-year lifetime that this original unit was referred to from 1200 CE as the lira piccola (small lira) in comparison to larger units of the same name. The denaro or piccolo worth lira was the only coin produced between 800–1200nbspCE. Initially weighing 1.7 g fine silver, it was gradually debased over the centuries until it contained only 0.08 g fine silver by 1200 CE.
The Venetian grosso then became Venice's most important silver coin from the 13th to 15th centuries. It contained 2.1 g fine silver and was valued in 1200 CE at 26 denari piccoli, increasing to 48 piccoli by 1350. The lira di grossi was then invented as a monetary unit equal to 240 grossi and increasing in value from 26 to 48 lire piccole.
The gold ducat then became an even more popular Venetian coin from the 13th to 19th centuries. Issued in 1284 in imitation of the Florentine florin and containing around 3.5 g fine gold, it was initially valued at 2.4 lire piccole or 18 silver grossi (each grosso then worth 32 piccoli). By 1472 its value has increased to 6.2 lire piccole.
By 1472 the lira di grossi gave way to the ducat accounting unit, equal to the lira di grossi or 24 grossi, and fixed at 6.2 lire or 124 soldi piccoli. Confusion then set in the 16th century when the accounting ducat became worth less than the gold ducat, leading to the gold coin being called the zecchino (English: sequin) and understood to be worth more than the accounting ducat of 6.2 lire.
The various currency systems of Italy became of less importance to European trade after the Age of Discovery in the 16th century; nonetheless Venice continued to issue new coins. The scudo d'argento of 30.1 g fine silver was introduced in 1578 for 7 lire, rising to 12.4 lire by 1739. The tollero of 23.4 g fine silver was issued in 1797 for 10 lire.
The Venetian lira piccola was supplanted in the 19th century by the Italian lira of the Napoleonic Kingdom of Italy in 1806 and the Lombardy-Venetian lira of the Austrian Empire. The Italian lira was reintroduced by the Republic of San Marco in 1848 at par with the French franc, which finally replaced all previous currencies as well as the lira piccola, with the latter valued at 0.5116 Italian lira.
A huge variety of coins were minted under their post-1750 currency system when the lira piccola contained 2.4 grams fine silver, with many coins having unique names as follows:
Copper soldo (bezzo)
Billon 1 soldo (marchetto), 2 soldi (gazetto, from which the gazette was named after), 5, 10, 15 soldi and 30 soldi (lirazza)
Silver Ducatello or Ducato Effettivo: 8 lire (also in fractions of , & )
Silver Ducatone or Giustiniano: 11 lire (also in fractions of , & )
Silver Scudo d'Argento or Scudo della Croce: 12.4 lire (also in fractions of , & )
Gold Zecchino (or sequin, ducat; also in multiples): 22 lire
Gold Doppio (also called doubloon or pistole): 38 lire.
The provisional government issued silver tolleros worth 10 lire piccole in 1797. These were followed during the Austrian occupation by silver , 1, and 2 lire provinciale worth much less than the lira piccola. Rejection of these coins led to the later issuance of the lira austriaca from 1815 to 1848.
See also
History of coins in Italy
|
Gerhard Treschow
|
[
"1650s births",
"1719 deaths",
"17th-century Danish businesspeople",
"18th-century Danish businesspeople",
"18th-century Norwegian businesspeople",
"Danish merchants",
"Norwegian merchants",
"People from Møn",
"Merchants from Denmark–Norway"
] | 487 | 4,684 |
Gerhard Treschow (c.1659 – 23 May 1719) was a Danish-Norwegian merchant and industrial pioneer. Treschow was an important industrial pioneer who founded several companies in Christiania and he was one of the first Norwegians to produce large-scale paper.
Biography
He was born into a family of merchants on the island of Møn in south-eastern Denmark. After attending the University of Utrecht, he was appointed as a tax collector in Christiania (now Oslo) Norway in 1683. His business operations started in 1690, when he became the owner of a brickworks at Christiania. In time, he came to own six sawmills in Norderhov. He was a major exporter of lumber as well as the owner of a fleet of ships.
Between 1693 and 1694, Gerhard Treschow began to collaborate with Ole Bentsen (1653–1734) who had a 15-year royal charter to create a paper mill at Christiania. He had worked together with Dutch experts and machinery delivered from England. Export of paper started in 1696. In 1698, he demanded the forced sale of Bentsen's interests. That same year, Treschow took over the royal privileges of the paper mill. This would become the forerunner for the founding of Bentse Brug, Norway's first paper mill. He also owned Bjølsen sawmill at Akerselva. By 1697, he was co-owner of four major ships and by 1705 one of the larger shipowners in Christiania.
Personal life
In 1688, he was married Karen Hansdatter Lemmich (1667–1727).
In 1710, he was built his residence, Treschowgården, in Christiania where he died during 1719.
His son, Justus Gotthard Treschow, (1692–1730) took over management of his father's business interests. His daughter Catharine (1690–1727) married Johannes Trellund (1669–1735) who was Bishop of the Diocese of Viborg.
See also
Treschow (noble family)
|
Beatrice Weder di Mauro
|
[
"1965 births",
"Living people",
"21st-century Swiss businesswomen",
"21st-century Swiss businesspeople",
"Academic staff of the Graduate Institute of International and Development Studies",
"Harvard University staff",
"International Monetary Fund people",
"Academic staff of Johannes Gutenberg University Mainz",
"OECD",
"Swiss bankers",
"Swiss corporate directors",
"Swiss economists",
"Swiss women economists",
"UBS",
"United Nations University",
"University of Basel alumni",
"Women bankers",
"Women corporate directors",
"World Bank Group"
] | 1,589 | 16,065 |
Beatrice Weder di Mauro (born 3 August 1965) is a Swiss economist who is currently Professor of economics at the Graduate Institute of International and Development Studies in Geneva, Research Professor and Distinguished Fellow-in-residence at the Emerging Markets Institute of INSEAD Singapore, and senior fellow at the Asian Bureau of Finance and Economic Research (ABFER). Since 2018, she also serves as President of the Centre for Economic Policy Research (CEPR).
From June 2004 to 2012, she was a member of the German Council of Economic Experts. She was the first woman and the first non-German in the council whose responsibility is to advise the German government on economic issues. She has advised both former Chancellors of Germany Gerhard Schroeder and Angela Merkel. She has served on the board of several major corporations, such as UBS, Roche, Tyssen-Krupp, and others. She currently sits on the board of Unigestion and Robert Bosch GmbH. Her research interests are in international macroeconomics and international finance, in particular sustainable finance and impact investment, financial crises, international capital flows and sovereign debt crises. She has published widely in leading academic journals and writes regular op-eds and contributions to the public policy debate.
Life and education
Weder di Mauro spent her childhood with her family in Guatemala before returning to Switzerland at the age of sixteen. From 1971 to 1980, she studied in a German school in Guatemala and in 1984 she obtained the high school diploma in Basel. The different standards of living of Switzerland and Guatemala sparked her interest in economics. She later enrolled at the University of Basel, where she studied economics and received a Doctorate in Economics in 1993 and Habilitation in economics in 1999.
Professional history
Weder di Mauro joined the International Monetary Fund as an economist in 1994 and the World Bank in Washington DC to work on the team of the World Development Report in 1996. From 1997 to 1998 she was Research Fellow-in-residence at United Nations University in Tokyo and from 1998 to 2001 associate professor of economics at the University of Basel. In 2001, she became Professor of Economics, Economic Policy and International Macroeconomics at the Johannes Gutenberg University of Mainz, Germany. She has also been in a visiting position at Harvard University, the National Bureau of Economic Research and the United Nations University in Tokyo.
From 2002 to 2004, she was a member of the Swiss Federal Commission on Economy in Bern, and from August 2004 to 2012, she served on Germany's Council of Economic Experts. Weder di Mauro has been a fellow at the Centre for Economic Policy Research (CEPR) since 2003 and a senior fellow of the Asian Bureau of Finance and Economic Research (ABFER) in Singapore since 2016.
Weder di Mauro served as consultant for various international organizations, including the International Finance Corporation, the World Bank, the IMF, the United Nations University, the European Central Bank the OECD Development Centre and the European Commission. In 2016 she participated in the Bilderberg conference in Dresden, Germany. She was a resident scholar and a member of the European Regional Advisory Group of the International Monetary Fund in Washington, D.C. (2010 to 2012) She chaired the Global Agenda Council on Sovereign Debt the World Economic Forum. and was a member if the Expert Group on Debt Redemption Fund and Eurobills of the European Commission from 2013 to 2014.
Werder di Mauro served as a Senior Fellow at the Centre for International Governance Innovation from 2016 to . Werder di Mauro worked on several papers at the centre ranging from studying Singapore's housing policy to studies regarding the COVID-19 Pandemic.
In 2020, Weder di Mauro was appointed by the World Health Organization’s Regional Office for Europe to serve as a member of the Pan-European Commission on Health and Sustainable Development, chaired by Mario Monti.
Weder di Mauro's ongoing work involves a multitude of topics such as international competitiveness and offshoring, global financial architecture, and financial institution reform. Primarily, she tends to focus on these topics in the region of the "euro zone".
Other activities
Corporate boards
Unigestion, Non-Executive Member of the Board of Directors (since 2021)
Robert Bosch GmbH, Member of the Supervisory Board (since 2013)
UBS AG, Member of the Board of Directors (2012-2021)
Bombardier Inc., Member of the Supervisory Board (2016-2021)
Deutsche Investitions- und Entwicklungsgesellschaft GmbH, Member of the Supervisory Board (2011-2013)
ThyssenKrupp AG, Member of the Supervisory Board (2010-2013)
Ergo Versicherungsgruppe AG, Member of the Supervisory Board (2005-2010)
Roche Holding AG, Member of the Supervisory Board (2005-2010)
Fraport AG, Member of the Advisory Group
Deloitte Germany, Member of the Advisory Group
Non-profit organizations
European Council on Foreign Relations (ECFR), Member
Bocconi University, Member of the International Advisory Council
Brookings Institution, Member of the Committee on International Economic and Policy Research (CIEPR)
Centre de Recerca en Economia Internacional (CREI), Pompeu Fabra University (UPF), Member of the Advisory Board
University of Mainz, Deputy Chairman of the University Council
ETH Zurich Foundation, Member of the Board of Trustees
Bellagio Group, Member (since 2014)
World Economic Forum (WEF), Member of the Global Agenda Council on Fiscal Sustainability
Selected publications
Five essays on economic causes of corruption. WWZ-Forum, Basel 2002.
Institutional reform in transition economics. International Monetary Fund, Washington, DC, 2001.
Model, myth or miracle. United Nations University Press, Tokio 1999, .
Wirtschaft zwischen Anarchie und Rechtsstaat. Rüegger, Chur 1993, .
Further reading
Bart, Katharina (1 June 2017). finews.com. Retrieved January 20, 2018
|
Amman Stock Exchange
|
[
"Stock exchanges in the Middle East",
"Finance in Jordan",
"Companies based in Amman",
"1999 establishments in Jordan",
"Financial services companies established in 1999",
"Divisions and subsidiaries of the prime ministry (Jordan)"
] | 645 | 7,051 |
Amman Stock Exchange (ASE) is a stock exchange private institution in Jordan, based in Amman.
History
The ASE was established in March 1999 as a non-profit, private institution with administrative and financial autonomy. It is authorized to function as an exchange for the trading of securities. The exchange is governed by a seven-member board of directors. A chief executive officer oversees day-to-day responsibilities and reports to the board. The members of ASE are Jordan's 68 brokerage firms.
Amman Stock Exchange became state-owned company under the name "The Amman Stock Exchange Company (ASE Company)" on February 20, 2017.
The ASE is committed to the principles of fairness, transparency, efficiency, and liquidity. The exchange seeks to provide a strong and secure environment for its listed securities while protecting and guaranteeing the rights of its investors. To provide this transparent and efficient market, the ASE has implemented internationally recognized directives regarding market divisions and listing criteria.
To comply with international standards and best practices, the ASE works closely with the Jordan Securities Commission JSC on surveillance matters and maintains strong relationships with other exchanges, associations, and international organizations. The exchange is an active member of the Arab Federation of Exchanges, Federation of Euro-Asian Stock Exchanges (FEAS) and a full member of the World Federation of Exchanges (WFE).
The ASE is charged with providing enterprises with a means of raising capital by listing on the Exchange, encouraging an active market in listed securities based on the effective determination of prices and fair and transparent trading, providing modern and effective facilities and equipment for trading the recording of trades and publication of prices, monitoring and regulating market trading, coordination with the JSC as necessary, to ensure compliance with the law, a fair market and investor protection, setting out and enforcing a professional code of ethics among its member directors and staff, and ensuring the provision of timely and accurate information of issuers to the market and disseminating market information to the public.
Leadership
Kamal Ahmad Al-Qudah – Chairman
Mazen Wathaifi – CEO
Listed securities
Right Issues
Indexes
The ASE's stock indices include the ASE Unweighted Index, the ASE Market Capitalization Weighted Index and the ASE Free Float Index.
See also
Economy of Jordan
List of stock exchanges in Western Asia
List of stock exchanges
|
Claudio Aranzadi
|
[
"20th-century Spanish businesspeople",
"20th-century Spanish engineers",
"21st-century Spanish businesspeople",
"21st-century Spanish engineers",
"1946 births",
"Living people",
"Politicians from Bilbao",
"University of Paris alumni",
"Spanish economists",
"Industry ministers of Spain",
"Spanish Socialist Workers' Party politicians",
"Spanish corporate directors",
"OECD officials",
"Spanish expatriates in France",
"Spanish industrial engineers"
] | 665 | 6,751 |
José Claudio Aranzadi Martínez (born 9 October 1946) is a Spanish engineer, businessman and politician. He served as industry minister from 1988 to 1993.
Early life and education
Aranzadi was born in Bilbao on 9 October 1946. He holds a bachelor's degree in industrial engineering from Bilbao Industrial Engineering School. Then he received an economics degree from the University of Paris I.
Career
Aranzadi began his career at the ministry of industry. Then he moved to Banco Bilbao Vizcaya Argentaria where he served as a researcher. Next he was named deputy economic advisor in the Bancaya Group. In 1984, he was made deputy chairman of Instituto Nacional de Industria (INI), a vast state holding company of Spain. He became the chairman of INI on 1 August 1986, replacing Luis Carlos Croissier Batista in the post. Aranzadi supported privatization during his term at the INI, arguing that it was a powerful means of organizing asset portfolios and investment strategies. His tenure at the INI lasted until 12 July 1988 when he was succeeded by Jorge Mercader Miró as INI chairman.
Aranzadi served as the minister of industry and energy from 1988 to 1991 in the cabinet led by Prime Minister Felipe Gonzalez. Aranzadi was a member of the Spanish Socialist Workers' Party, being one of its right-wing leaders. He was appointed minister of industry, trade and tourism to the Gonzalez cabinet in 1991. In 1993, Juan Manuel Eguiagaray replaced Aranzadi as minister. After leaving office, Aranzadi was appointed permanent representative of Spain to the OECD in 1993. He succeeded Eloy Ibanez in the post.
He has been the chairman of BravoSolution España and advisor for Banco Bilbao Vizcaya Argentaria. He is a partner of Enerma Consultores, a member of the advisory board of CDTI (Centro para el Desarrollo Tecnólogico Industrial) and of the advisory board for the Spanish Energy Outlook 2030. In addition, he is also on the advisory board of various firms.
Personal life
One of Aranzadi's relatives is Rafael Moreno Aranzadi, a football player known as Pichichi. He is married and has one child, a daughter.
|
Sino-Forest Corporation
|
[
"Forest products companies of China",
"Accounting scandals",
"Corporate scandals",
"Fraud in Canada",
"Chinese companies established in 1994",
"Renewable resource companies established in 1994",
"Chinese companies disestablished in 2012",
"Canadian companies disestablished in 2012",
"2011 scandals",
"2012 scandals",
"2012 crimes in Canada",
"Defunct companies of China",
"Forest products companies",
"Companies that have filed for bankruptcy in the People's Republic of China"
] | 1,674 | 15,929 |
Sino-Forest Corporation (Sino-Forest) () () claimed at one time to be one of the leading commercial forest plantation operators in China. In 2011, the company was accused of fraud and found itself under investigation by the Royal Canadian Mounted Police and the Ontario Securities Commission. On March 30, 2012 Sino-Forest filed for bankruptcy protection in Canada. It also announced that the company would be sold or restructured, with the proceeds going to its creditors. On July 13, 2017, the OSC released its decision finding that Sino-Forest and four individuals, including former CEO Allen Chan, committed fraud.
It is not to be confused with China Forestry Holdings Ltd. (HK:0930) or the Chinese state-owned China Forestry Group Corporation (CFGC).
History
The company was formed in 1994 and subsequently claimed that its principal businesses included the ownership and management of tree plantations and complementary manufacturing of downstream engineered-wood products. The company claimed to derive most of its revenue from the sales of wood fibre needed to produce industrial, commercial and residential wood products. Sino-Forest also held a majority interest in Omnicorp Limited, an investment holding company listed in Hong Kong (HK:0094) that in turn claimed to import wood fibre into China. Sino-Forest's common shares traded on the Toronto Stock Exchange under the symbol TRE from 1995 until they were suspended in 2011, and its corporate office were in Mississauga, Canada. Sino-Forest had a market capitalization of just over $5 billion in November 2010.
As of September 30, 2009, Sino-Forest claimed to have had approximately 757,000 hectares of trees under management and over 700,000 hectares of trees available to be acquired under six long-term master agreements. The company claimed to have plans to replant 200,000 hectares by 2012.
Management further claimed that it expected to benefit from China's economic stimulus plan, which included further infrastructure development, rebuilding after Sichuan's 2008 earthquake and building of affordable housing for rural areas.
Business segments
At the end of September 2010, Sino-Forest Corp had claimed approximately 757,000 hectares of forest plantations located in southern China. Its principal business segments include Wood Fibre Operations (i.e. the ownership and management of plantation trees, the sale of standing timber and wood logs, the trading of wood products sourced domestically and internationally) and Manufacturing and Other Operations (i.e. downstream engineered-wood flooring and panels, seedling nurseries, greenery services).
Subsidiaries
Sino-Forest Corporation owned an interest of approximately 60% of Omnicorp Limited (to be renamed Greenheart Group Limited upon shareholder approval), a Hong Kong listed company (HK:0094). In addition, Sino-Forest owned HK$212 million of convertible bonds of Omnicorp, which if fully converted would increase Sino-Forest's interest to nearly 60% of the enlarged issued share capital of Omnicorp.
The principal activities of Omnicorp's subsidiaries claimed to consist of log harvesting, lumber processing and marketing and sales of logs and lumber products to China and other countries around the world. Omnicorp claimed to own 60.4% of the harvesting and other rights in a 184,000-hectare hardwood forest concession in Suriname, South America and Sino-Forest, through its wholly owned subsidiary Sino-Capital Global Inc. owned the remaining 39.6%. Omnicorp also intended to acquire a high quality radiata pine plantation in New Zealand upon satisfaction of certain conditions as announced on November 3, 2010.
ARCPE
Sino-Forest Applied Research Centre for Pearl River Delta Environment (ARCPE) officially opened on 22 June 2009 at the Hong Kong Baptist University. The Centre remains active with Sino-Forest name.
Reported financial position as of December 31, 2010
The company's claimed assets grew significantly from 2004 to 2010. The reported assets were:
2004 $0.7 billion
2005 $0.8 billion
2006 $1.2 billion
2007 $1.8 billion
2008 $2.6 billion
2009 $3.9 billion
2010 $5.7 billion
The December 31, 2010 audited financial statements reported Sino-Forest had:
$5.7 billion of assets
$2.4 billion of liabilities
395 million of net income
Fraud allegations
On June 2, 2011, shares in Sino-Forest plummeted following the release of a negative research report
by Carson Block of Muddy Waters Research, which made allegations that Sino-Forest had been fraudulently inflating its assets and earnings, and that the company's shares were essentially worthless. Muddy Waters claimed that Sino-Forest was a "multibillion-dollar Ponzi scheme" that was "accompanied by substantial theft". Sino-Forest rejected the allegations of fraud and launched an independent investigation by PricewaterhouseCoopers. Shares in Sino-Forest fell by 82% following publication of the Muddy Waters report, with prominent investor John Paulson selling his entire stake in the company at a $720 million loss.
On June 30, debt rating agency Standard & Poors downgraded Sino-Forest's long-term corporate credit rating from "BB" to "B+". A second downgrade to "B" followed on August 23.
On August 15, 2011, Sino-Forest announced that the results of the PwC probe into the allegations would be delayed to the end of the year due to difficulties in gathering data from the Chinese companies involved.
Suspension of Trading of Shares
On August 26, 2011, the Ontario Securities Commission suspended trading of the shares of Sino-Forest, stating that the company had engaged in practices they "knew or should have known" perpetuated a fraud. The OSC also initially ordered that five directors of Sino-Forest resign, but rescinded this demand a few hours later as the Ontario Securities Act does not allow the commission to summarily force the resignation of a company director without a hearing.
Bankruptcy Protection
On March 30, 2012, Sino-Forest filed for bankruptcy protection in Canada under the framework laid out in the Companies' Creditors Arrangement Act.
On April 4, 2012, Sino-Forest's auditors, Ernst and Young, resigned.
Defamation Lawsuit
On March 29, 2012, one day before filing for bankruptcy protection, Sino-Forest sued Muddy Waters in the Ontario Superior Court of Justice for defamation. Sino-Forest sought damages of $4 billion. In response to the lawsuit, Muddy Waters stated that Sino's bankruptcy protection filing vindicated its accusations since the company would not require bankruptcy protection if it was really generating close to $2 billion in cash flow.
Settlement of Investors' Lawsuits
In 2015, the firm's auditors Ernst and Young, a group of financial institutions (Credit Suisse Securities (Canada) Inc., TD Securities Inc., Dundee Securities Corp., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc., CIBC World Markets Inc., Canaccord Financial Ltd. and Maison Placements Canada Inc.), and former Sino-Forest chief executive David Horsley paid $117 million, $32.5 million and $5.6 million respectively to settle investor's lawsuits.
Ontario Securities Commission Decision
On July 13, 2017, the OSC released its decision finding that "Sino-Forest, Chan, Ip, Hung and Ho engaged in deceitful or dishonest conduct related to Sino-Forest’s standing timber assets and revenue they knew constituted fraud." The OSC also found that the individual respondents violated Ontario securities law by misleading commission staff during the investigation.
Bankruptcy protection proceedings
A Plan of Compromise and Reorganization was approved by the court on 10 December 2012, which is expected to come into effect on 17 January 2013. It is now controlled by its bondholders and operating as Emerald Plantation Holdings based in Hong Kong.
See also
China Medical Technologies
Strategic lawsuit against public participation
The Internet Archive Wayback Machine captured the corporation's websites of www.sinoforest.com and www.sinoforestonline.com multiple times during its period of operation.
|
Thung Sin Nio
|
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"20th-century Dutch East Indies people",
"20th-century Dutch economists",
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"20th-century Dutch women physicians",
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"University of Amsterdam alumni",
"20th-century translators",
"Dutch suffragists",
"20th-century Indonesian women physicians",
"20th-century Indonesian physicians"
] | 3,611 | 32,221 |
Betsy Thung Sin Nio (; 22 May 1902 – 5 January 1996) was an Indonesian-Dutch women's rights activist, physician, economist and politician. Born into a wealthy and progressive Peranakan family of the 'Cabang Atas' gentry in Batavia, she was encouraged to obtain an education, which was unusual for Indonesian women at the time. After completing high school, she qualified as a bookkeeper, but – because social norms prevented women from doing office work – she became a teacher. After teaching briefly in an elementary school, in 1924 Thung enrolled at the Netherlands School of Business in Rotterdam to study economics. On graduating, she went on to earn a master's degree and a doctorate in economics. In 1932, she enrolled at the University of Amsterdam to pursue her medical studies.
During her schooling in the Netherlands, Thung met Aletta Jacobs who encouraged her to become involved in the Dutch women's movement and the Association for Women's Interests and Equal Citizenship. She became an activist for improved socio-economic and civil status of women, writing articles for feminist journals in both the Netherlands and the Dutch East Indies. After completing her degree in 1938, Thung returned to Batavia and opened a medical practice focusing on the health needs of women and children. She continued her feminist involvement and fought for women's suffrage. When the government proposed only European women be given the vote and the right to stand in elections, she campaigned successfully to secure voting rights for educated women regardless of their race.
During World War II, Thung continued her private practice, volunteered at a local public hospital and opened a private hospital to treat European patients. When the war ended, she became a medical officer for the school system in Jakarta and entered local politics. She was elected as the first woman member of the Municipal Council of Jakarta in 1949, representing the Persatuan Tionghoa. From 1949 to 1965, she traveled abroad on numerous occasions on behalf of her country. She served as a translator for trade delegations and as an economist on fact-finding missions to Russia and China. Following the 1965 Indonesian coup d'état and the turn away from communism, she was released from government work. In 1968, when assimilationist policies were introduced to force Chinese citizens to take Indonesian names, Thung permanently immigrated to the Netherlands, where she continued to work as a physician. She formally sought naturalization in 1972 and in 1983 was knighted in the Order of Orange-Nassau. She is remembered in China, Indonesia and the Netherlands for her social activism on behalf of women and children.
Early life
Thung Sin Nio was born on 22 May 1902 in Batavia, Dutch East Indies, to the landowner and community leader Thung Bouw Kiat (1863–1916) and his wife, Tan Toan Nio (1865–1919), into a family of the Cabang Atas gentry, originally from Buitenzorg (now Bogor), a hill station in West Java. Her father, Thung Bouw Kiat, was the elder brother of Thung Tjoen Ho, Luitenant der Chinezen of Buitenzorg from 1895 until 1911; a nephew by marriage of Phoa Tjeng Tjoan, Kapitein der Chinezen of Buitenzorg from 1866 until 1878; and a maternal great-grandnephew of Tan Oe Ko, Kapitein der Chinezen of Buitenzorg from 1829 until 1860. The Chinese officership, consisting of the ranks of Luitenant, Kapitein and Majoor der Chinezen, was a high-ranking government position in the civil bureaucracy of the Dutch East Indies, part of the colony's system of 'indirect rule'. Thung's paternal family had migrated to West Java from the Hua'an County of Fujian, China, at the start of the nineteenth century; while her paternal grandmother's Tan lineage went back to the Chinese scholar-gentry of the fourteenth century, and had been established as community leaders in West Java since the eighteenth century.
Thung's mother, Tan Toan Nio, was an elder sister of the rice mill owner Tan Kiat Tjay and the bureaucrat Tan Kiat Goan, Luitenant der Chinezen of Tjilakoe, West Java. Through her maternal uncle Tan Kiat Tjay, Thung was a first cousin of the paleontologist (1902–1945), to whom she was engaged for a time by prior family arrangement.
Thung's father managed a plantation and sat for several years as a member of the Gemeenteraad (Municipal Council) of Batavia, a body to which Thung would also be elected in time. Belonging to one of the 10 wealthiest, Chinese-Indonesian families, her progressive parents encouraged their daughter to study, which – though unusual in the general community at the time – reflected a trend for westernized modernity among the Cabang Atas. Members of her extended family had been pioneers and promoters of higher education, including her father's first cousin, the prominent social activist Phoa Keng Hek (1857–1937, son of Kapitein Phoa Tjeng Tjoan); and their distant cousin, the colony's first university-educated, Chinese-Indonesian engineer, Ir. Tan Tjoen Liang (1862–1923, like Thung's father, another great-grandnephew of Kapitein Tan Oe Ko).
Her privileged and progressive background allowed her to attend Dutch-medium schools, including Prins Hendrik School, where she passed her final examinations in 1918. As a woman, with few options to continue her education, she qualified as a bookkeeper at the Handelsschool (business school) in 1920. That year, her mother died, and as her father had died in 1916, she went to live in western Java in Cianjur with an aunt. Though she had a degree, a woman of her social class was not allowed to do office work. Instead, she spent her time sewing, cooking, reading and occasionally being allowed to go out under the supervision of a chaperone.
Unsatisfied, Thung returned to school 1922, studying in Jatinegara at the Hollandsch Chineesche Kweekschool (Dutch-Chinese Teachers' College). She earned a teaching certificate in 1924 and then taught briefly at the private Hollandsch Chineesche School (Dutch Elementary School for the Chinese) of Bogor. Wanting to continue her education, Thung decided to go abroad and enrolled at the Nederlandsche Handels-Hoogeschool (Netherlands School of Business), on 15 October 1924, where she studied economics with Willemijn Posthumus-van der Goot. For her birthday in 1926, fellow students gave her a copy of Herinneringen (Memories) by Aletta Jacobs. After writing to the author to express her enthusiasm, Thung was invited to visit Jacobs, who introduced her to and other feminists. She joined the Vereniging voor Vrouwenbelangen en Gelijk Staatsburgerschap (Association for Women's Interests and Equal Citizenship) and became an active campaigner for changes to the legal statutes for matrimonial property and employment.
Thung joined the Chinese student association, Chung Hwa Hui () and served on its board during 1926 and 1927. She gave several lectures at Chung Hwa Hui on feminist issues, like Het een en ander over de Chinese meisjes in Indonesie (Notes on Chinese Girls' Education in Indonesia) in 1926 and two years later a talk Het Montessori Onderwijs (The Montessori Education), on the innovative teaching methods used by Maria Montessori. On graduating in 1927, Thung went on to earn a master's degree the following year. She then traveled in Europe with her sisters before returning home. In December 1929, Thung returned to Batavia aboard the M.S. Indrapoera to attend her sister, Eng Nio's wedding.
Career
Early career and additional schooling
In 1930, Thung began working as a physician's assistant and social worker at the Yang Seng Ie Hospital () (now ), founded by doctor Kwa Tjoan Sioe. She worked with women from the poorest neighborhoods of Batavia who were suffering from malnutrition, poverty, and venereal diseases. She also participated in clinics for infants, instructing women in child care and birth control. While continuing her work with the physician, Thung founded the First Chinese Girls' Boarding School in the upscale neighborhood of Welgelegen. Serving as its director, and with an all-female staff, she strove to overcome the resistance of Chinese parents to educating their daughters. After spending a year and a half in Batavia, she returned to Rotterdam where she completed her doctorate in economics in 1932.
Thung decided to study medicine at the University of Amsterdam, believing, after her experience working in the hospital, that there was a need for women physicians in Java. In 1933, she resigned from Chung Hwa Hui and joined the break-away student group, Studieclub van Chineesche Studenten (Study Club of Chinese Students). She continued her involvement in feminist actions and was inspired by Catharine van Tussenbroek, a physician and feminist, who had been involved in the campaign to found a women's party. Thung believed that until women recognized their need for financial independence, a women's party would not be effective. She began writing articles for the Chinese women's monthly journal, Fu Nu Tsa Chih (), founded by Liem Sam Tjiang-Ong () in 1932 in Malang. She published articles in the Dutch women's magazine Vrouw en Gemeenschap (Women and Community), one of which related her struggles with schooling and her search for economic independence.
Medical practice and activism
After graduating in medicine in 1938, Thung returned to Batavia and on 13 September opened a private practice catering to women and children in her family home in the Salemba neighborhood. Modeling a child care course on those she had encountered in the Netherlands, Thung held classes for mothers, undertaking regular health checks on their children. Simultaneously, she published articles advocating for women's suffrage and about women's issues in magazines such as Fu Nu Tsa Chih; Fu Len (), founded by Ong Pik Hwa (); Maandblad Istri, a Sino-Malay publication founded by Njonja Tjoa Hin Hoei; and the newspaper Sin Po (). Her articles in Maandblad Istri, on whose board she served, typically provided medical advice on child care and nutrition or addressed education for women.
Though Thung was a member of the Association for Women's Interests and Equal Citizenship in the Netherlands, the affiliate Vereeniging voor Vrouwenkiesrecht in Nederlands Indie (Association for Women's Suffrage in the Dutch East Indies) in reaction to nationalist aims of Indonesian women, pursued enfranchisement only for European women. Thung joined the Chung Hwa Fu Nu Hui (Chinese Women's Association), founded in 1938 and set up the Hutspot-club (Hodge-Podge Club) which provided opportunities for women from different classes and ethnic backgrounds to engage with each other. She was active on the committee to seek the vote for Chinese women and opposed the government's 1940 proposal to withhold the vote from non-Europeans. Collecting "thousands of signatures", Thung and other women protested the proposal.
In 1941, an amendment was proposed by another woman physician, Mrs. J. Ch. Neuyen-Hakker, to the Volksraad (the colonial legislature) which advocated granting the right to vote and hold office to educated women of any race under the same terms as men. To counter the argument that women did not actually want the right to vote, Neuyen-Hakker proposed that women's registration be left to their individual choice to register. The proposal was accepted by the Volksraad and approved by the government in November 1941. That year, Thung also participated in the tenth-anniversary celebrations of the First Chinese Girls' Boarding School and the fifth-anniversary of the school's creation of a professional trade school for women.
The following year, when the Japanese invaded Java and interred all the European physicians in 1943, Thung opened a private clinic, San Te Ie Juen to provide medical service to the upper classes. She continued her own private practice and did volunteer work at a local hospital for the duration of World War II. In 1945, when nationalists declared Indonesian independence, Batavia was renamed Jakarta. From 1945 to 1951, Thung was employed by the Ministry of Education to monitor the health of all of the school children in the city. She measured the height and weight of students for the Institute for Public Nutrition and monitored the milk supplements and food provided by the schools to ensure that they were provided in accordance with UNESCO standards.
Entry into politics
In addition to her educational duties and her private practice, in 1948 Thung ran as a candidate of the Persatuan Tionghoa and was elected as the first woman to serve on the Municipal Council, where her father had also served decades earlier. Thung was sent by the Indonesian Government, as an economist with several other Dutch-trained specialists, on several fact-finding missions abroad between 1949 and 1952. She served as an interpreter to several trade delegations in cities such as Helsinki and Moscow, using her skill with English. She made seven trips to China, the first in September 1951 and, given her admiration for Mao Zedong and communism, she continued to visit the country regularly between 1955 and 1965. In the aftermath of the 1965 Indonesian coup d'état, support for communism was banned and Thung's travels for the government ceased. When in 1968, the new government implemented an assimilationist policy, requiring Chinese citizens to use an Indonesian name, Thung refused. She emigrated permanently to the Netherlands.
Later career in the Netherlands
Thung settled in Eindhoven, where she continued to work as a physician in a public health center and in a children's home. In 1972, she became a naturalized Dutch citizen and then retired in 1974, when she became eligible for the elderly person's pension. In 1978, she returned to China for a visit and was noted for her contributions to charitable organizations, including a fund for repairs to the primary school in her ancestral village, Yunshan () in Hua'an County. On 29 April 1983, Thung was honored as a knight in the Order of Orange-Nassau for her contributions toward the emancipation of women.
Death and legacy
Thung died on 5 January 1996 in Eindhoven. She has been remembered in books published in China for her social activism and in 2000 her biography was included in a publication about the Thung (Tang) family from the Fujian province. She also has a brief biography in Leo Suryadinata's book, Prominent Indonesian Chinese. Her papers were donated to the International Archives for the Women's Movement and are now housed in the Atria Institute on Gender Equality and Women's History in Amsterdam.
References
Citations
|
PSI-20
|
[
"Euronext indices",
"Economy of Portugal",
"Economy of Lisbon",
"Financial services companies of Portugal"
] | 1,763 | 14,886 |
The PSI-20 (an acronym of Portuguese Stock Index) is a benchmark stock market index of companies that trade on Euronext Lisbon, the main stock exchange of Portugal. The index tracks the prices of the twenty listings with the largest market capitalisation and share turnover in the PSI Geral, the general stock market of the Lisbon exchange. It is one of the main national indices of the pan-European stock exchange group Euronext alongside Brussels' BEL20, Paris's CAC 40 and Amsterdam's AEX. On August 12, 2021 index has been renamed from PSI-20 to PSI.
The PSI-20 was initiated on 31 December 1992 with a base value of 3,000 index points. The index experienced considerably more volatility than the world's main financial markets between 1998 and 2000, caused by uncertainty in the world's emerging markets: a sharp increase of over 50% in the PSI-20's value in the first four months of 1998 was followed by a decline of similar magnitude between July and October of that year. Another price surge sparked at the tail end of 1999 peaked with the index's highest value to date, 14,822,59 set on 3 March 2000. The Portuguese blue-chip market's subsequent performance has broadly followed the trends set by other Western indices, falling in the aftermath of the dot-com bubble before recovering significantly from 2003 onwards.
Annual Returns
The following table shows the annual development of the PSI-20 since 1992.
YearClosing levelChange in indexin pointsChange in indexin % 1992 3,000.00 1993 4,288.09 1,288.09 42.94 1994 4,157.25 −130.84−3.05 1995 3,896.24 −261.01−6.28 1996 5,146.33 1,250.09 32.08 1997 8,803.50 3,657.17 71.06 1998 10,998.92 2,195.42 24.94 1999 11,960.51 961.59 8.74 2000 10,404.09 −1,556.42−13.01 2001 7,831.49 −2,572.60−24.73 2002 5,824.70 −2,006.79−25.62 2003 6,747.41 922.71 15.84 2004 7,600.16 852.75 12.64 2005 8,618.67 1,018.51 13.40 2006 11,197.59 2,578.92 29.92 2007 13,019.36 1,821.77 16.27 2008 6,341.34 −6,678.02−51.29 2009 8,463.85 2,122.51 33.47 2010 7,588.31 −875.54−10.34 2011 5,494.27 −2,094.04−27.60 2012 5,655.15 160.88 2.93 2013 6,558.85 903.70 15.98 2014 4,798.99 −1,759.86−26.83 2015 5,317.67 518.68 10.81 2016 4,679.20 −638.47−12.01 2017 5,388.33 709.13 15.15 2018 4,731.47 −656.86−12.1920195,214.14482.6710.2020204,898.36−315.78−6.0620225,726.11156.632.8120236,396.48670.3711.71
The number of constituents of the index (20) is below the generally accepted minimum sample size of 30 required to reach statistical significance.
Annual review
Prior to a change in the index rules in July 2007, the PSI-20 composition was reviewed twice a year in January and July. In a move to increase the stability of the index, the review frequency was at this time switched to annually, commencing on the first trading day of March 2008 (in line with the BEL20 and AEX). Responsibility for the rules and composition of the index rests with an independent PSI Steering Committee, which publishes any decisions a minimum of one month before they become effective.
From the March 2008 reshuffle onwards, prospective PSI-20 companies are required to possess a "trading velocity" (the fraction of the company's free float shares which have changed hands over the previous calendar year) of at least 10% so as to safeguard the liquidity of the index. All listings on the stock exchange which satisfy this criterion are ranked by the total value (in Euros) of shares traded in the previous year (thus taking both market cap and liquidity into consideration), and this classification is used to choose the index's constituents. Any existing constituent which falls below 22nd place in the ranking is automatically removed from the index, and any non-constituent which rises above 18th place is added to the index. If existing constituents occupy positions 21 and/or 22, they stay in the PSI-20 provided no non-constituents have risen above 18th position to replace them. Likewise, non-constituents holding positions 19 and/or 20 are not promoted unless a slot in the index is freed up by a constituent falling below 22nd place.
Extraordinary changes
If a company is removed from the index outside an annual review as a result of some extraordinary corporate action (such as a merger or delisting due to a takeover), the highest-ranked listing not already in the index is selected to fill the vacancy with immediate effect. This is in contrast to some other Euronext indices such as the AEX, where such slots are not generally filled until the next annual review.
"Fast Entry" rule
If a newly listed company on Euronext Lisbon possesses a market cap and is predicted to have a liquidity which exceeds that of some existing PSI-20 constituents, then a "Fast Entry" rule can be invoked to insert it into the index. This can occur either shortly after its IPO or on the first trading day of September. The existing constituent with the lowest share turnover is removed to free up a space in the index.
Weighting
The PSI-20 is a capitalization-weighted index. The market capitalisation used to calculate the weightings of each stock is the so-called free-float band adjusted market cap, where the free float factor (fraction of shares actively available for trade on Euronext Lisbon) is rounded up to the nearest 5%. The weightings of companies in the index were capped (if necessary) at 20% at each semi-annual review prior to the July 2007 rule change, when the capping limit was cut to 15% in line with Euronext's other benchmark national indexes. Weights are allowed to fluctuate freely after index changes are made, but are capped once again at the next reclassification. The capping factors used to scale down the weightings of the largest companies are recalculated each year at the index review.
Calculation
The index value I of the PSI-20 index is calculated using the following formula:
with t the day of calculation; N the number of constituent shares in the index (usually 20); Qi,t the number of shares of company i on day t; Fi,t the free float factor of share i; fi,t the capping factor of share i (exactly 1 for all companies not subject to the 15% cap); Ci,t the price of share i on day t; and dt a parameter known as the index divisor.
Company Industry Ticker Weight (%) Altri Basic Resources 2.03 Banco Comercial Português Banks 17.04 Corticeira Amorim Industrial Goods & Services 2.62 CTT Correios de Portugal Industrial Goods & Services 3.02 EDP Renováveis Utilities 9.69 Energias de Portugal Utilities 10.36 Galp Energia Energy 11.50 Ibersol Travel & Leisure 0.93 Jerónimo Martins Personal Care, Drug & Grocery Stores 10.55 Mota-Engil Construction & Materials 2.22 NOS Telecommunications 9.01 Novabase Technology 0.24 Pharol Telecommunications 0.93 Redes Energéticas Nacionais Utilities 4.75 Semapa Basic Resources 2.77 Sonae Personal Care, Drug & Grocery Stores 5.03 Sonae Capital Financial Services 0.50 The Navigator Company Basic Resources 6.81
See also
List of Portuguese companies
List of stock market indices
|
Carl Fürstenberg
|
[
"1850 births",
"1933 deaths",
"19th-century German Jews",
"Businesspeople from Gdańsk",
"German bankers",
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"People from the Province of Prussia",
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] | 542 | 4,531 |
Carl Fürstenberg (28 August 1850 – 9 February 1933) was one of the most prominent German bankers of the late nineteenth and early twentieth century, and was responsible for the revival of the German mining industry during his era.
Biography
Fürstenberg was born on 28 August 1850 to Jewish parents in Danzig (Gdańsk). While working at a West Prussian textile mill throughout his childhood, he apprenticed under local banker R. Damme. At the age of seventeen, he moved to Berlin.
At first, Fürstenberg worked for the textile company of Gebr. Simon (Simon Bros.). Two years later, he became an employee at the Disconto-Gesellschaft, one of the leading German joint-stock banks. In 1871, he defected to aristocrat Gerson von Bleichröder's well-known S. Bleichröder Bank, working in the firm as a départemental manager. In 1883, he became first director of the joint-stock bank Berliner Handels-Gesellschaft (B. G.-H.) and dominated it during the next decades in a way, that the bank was often regarded as Fürstenberg's bank. In 1884 he was accepted into the Gesellschaft der Freunde society. Under Fürstenberg, the B. G.-H. became the house bank of Emil Rathenau's AEG. In 1902, Fürstenberg made Emil Rathenau's son, Walther Rathenau a co-director of the B. G.-H. which he remained until 1907.
Fuerstenberg was involved in the development of the diamond industry in German South West Africa (now Namibia). He also organized the construction of a railway line between Lüderitz Bay and Kubub.
In 1901, Fürstenberg received the Cross of Commander with Star of the Order of Franz Joseph.
Fürstenberg died in Berlin on 9 February 1933.
Quotations
Carl Fürstenberg, who said: “The first thing you learn in banking is to respect the zeros”, wrote the famous bon mots about small shareholders: “Shareholders are stupid and cheeky. Stupid because they buy shares and cheeky because they still want dividends” and ”Net profit is the part of the balance sheet that the Management Board can no longer hide from shareholders with the best will in the world.”
The insight “If the state goes bankrupt, it is of course not the state that goes bankrupt, but the citizens” is also attributed to Fürstenberg.
Fürstenberg, Carl: Die Lebensgeschichte eines deutschen Bankiers 1870–1914, ed. by Hans Fürstenberg; Berlin: Ullstein 1931.
|
Devita Saraf
|
[
"Living people",
"Indian women chief executives",
"Marshall School of Business alumni",
"Indian emigrants to the United States",
"Indian chief executives",
"Mensans",
"Businesspeople from Mumbai",
"Businesswomen from Maharashtra",
"21st-century Indian businesswomen",
"21st-century Indian businesspeople",
"1981 births"
] | 1,420 | 14,677 |
Devita Saraf is an Indian business woman, born in Mumbai, India. She is the founder, chairman and CEO of Vu Televisions.She is daughter of Rajkumar Saraf, who has been convicted of cheating various banks.
Early life
Saraf was born in Mumbai, India. Her father, Rajkumar Saraf, was chairman of Zenith Computers. She attended Queen Mary School, Mumbai. She later attended the H.R. College of Commerce and Economics and the University of Southern California, where she received a BA in business administration.
Career
She founded the company at the age of 24 after completing her bachelor's degree in Business Administration from the University of Southern California. She has also studied management of technology at the University of California, Berkeley, and game theory and strategic thinking at the London School of Economics. She is also pursuing the OPM program at Harvard Business School.
Zenith
Saraf started her career at age 16, under the guidance of her father at Zenith Computers, and was named director of marketing when she was 21. In 2006 Saraf went from being the head of marketing to CEO.
Vu Technologies
At age 24, Saraf started Vu Technologies, which sells high-end LED TVs. While Zenith was mass technology focused, Vu sells innovative luxury items. In October 2014, the Bombay High Court sealed the premises of the Andheri-based office of Vu Technologies after it fraudulently showed 200 employees in their affidavit but only 32 were found on premises in a visit and in the muster roll for September–October 2014.
Others
Saraf has been a National Co-chair and Executive Committee Member in the Federation of Indian Chambers of Commerce and Industry (FICCI) Young Leaders Forum. She was also the founder and Chair of the Young Bombay Forum which was part of Bombay Chamber of Commerce and Industry. She is the member of Mensa, an international society for people with high IQ.
She was also a columnist for The Wall Street Journal. In 2017, Saraf bought a full-page ad in the Times of India newspaper, where she congratulated Donald Trump on becoming President of the United States. The ad attracted mixed reviews on social media.
Controversy
The High Court of Bombay in a case filed by The Bank of New York Mellon, convicted her father, and the promoters of Zenith Infotech of siphoning company funds to personnel accounts and has directed the Board for Industrial and Financial Reconstruction Government of India (BIFR) to act in accordance with its regulations.
The Securities and Exchange Board of India (SEBI) accused Zenith Infotech Limited and its six promoters of fraudulent removal of funds to personnel accounts without notice to shareholders, and as of 25 March 2013, SEBI prevented the promoters from accessing the securities market or trading in securities in any manner. The named six promoters included by SEBI are Saraf; her father Rajkumar Saraf; Akash Kumar Saraf; Vijayrani Saraf; VU Technologies; and Zenith Technologies.
Year Title 2012 Business Czarinas – S. N. Chary 2016 Most Powerful Women in India – Prem Ahluwalia 2018 Daughters of Legacy – Rinku Paul
Year Event 2013 Wharton-India Economic Forum – Philadelphia, PA, USA 2016 Tomorrow's India Summit – Seoul, Korea 2016 Istanbul Talks: Entrepreneurship Summit – Istanbul, Turkey 2018 TEDxGateway – Mumbai, India 2020 Fortune Next 500 Summit – Mumbai, India
|
New Taiwan dollar
|
[
"Currencies of Taiwan",
"Taiwan under Republic of China rule",
"Currencies introduced in 1949",
"Dollar",
"Currencies of Asia",
"Circulating currencies"
] | 2,583 | 21,808 |
The New Taiwan dollar (code: TWD; symbol: NT$, also abbreviated as NT), or simply the Taiwan dollar, is the official currency of the Republic of China (Taiwan). Usually, the $ sign precedes the amount, but NT$ is used to distinguish from other currencies named dollar. The New Taiwan dollar has been the currency of the island of Taiwan since 1949, when it replaced the old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar. The base unit of the New Taiwan dollar is called a yuan (), subdivided into ten qiao () or 100 fen (), although in practice neither chiao nor fen are used.
There are a variety of alternative names for the units in Taiwan. The unit of the dollar is typically informally written with the simpler equivalent character as , except when writing it for legal transactions such as at the bank, when it has to be written as the homophonous . Colloquially, the currency unit is called both (yuán, literally "circle") and (kuài, literally "piece") in Mandarin, (kho͘, literally "hoop") in Hokkien, and (ngiùn, literally "silver") in Hakka.
The Central Bank of the Republic of China (Taiwan) has issued the New Taiwan Dollar since 2000. Prior to 2000, the Bank of Taiwan issued banknotes as the de facto central bank between 1949 and 1961, and after 1961 continued to issue banknotes as a delegate of the central bank. The central bank began issuing New Taiwan dollar banknotes in July 2000, and the notes issued by the Bank of Taiwan were taken out of circulation.
Terminology
MandarinTaiwanese HokkienHakkaEnglishSymbolCurrency nameFormal (Xīntáibì) (Sin-tâi-phiò) (Sîn-thòi-pi)New Taiwan DollarNTD, TWDOther (Táibì) (Tâi-phiò) (Thòi-pi)Unit nameFormal (yuán) (kho͘ ) (ngiùn), (khiêu)dollar$Other (yuán), (kuài) Unit nameFormal (jiǎo) (kak) (kok)dime角Other (máo) Unit name (fēn) (sian) (siên) cent¢
The adjective "new" () is only added in formal contexts where it is necessary to avoid any ambiguity, even though ambiguity is virtually non-existent today. These contexts include banking, contracts, or foreign exchange. The currency unit name can be written as or , which are interchangeable. They are both pronounced yuán in Mandarin but have different pronunciations in Taiwanese Hokkien (îⁿ, goân) and Hakka (yèn, ngièn). The name in Taiwanese Hokkien and Hakka for cent is a loanword borrowed from English.
In English usage, the New Taiwan dollar is often abbreviated as NT, NT$, or NT dollar, while the abbreviation TWD is typically used in the context of foreign exchange rates. Subdivisions of a New Taiwan dollar are rarely used since practically all products on the consumer market are sold in whole dollars. Nevertheless, electronic transactions and bank statements can be expressed to 1 fen ($0.01).
History
The various currencies called yuan or dollar issued in China, as well as the Japanese yen, were all derived from the Spanish American silver dollar, which China imported in large quantities from Spanish America through Spanish Philippines in the Manila-Acapulco Galleon Trade from the 16th to 20th centuries. After the use of the Spanish dollar and silver Chinese yuan in Taiwan, it issued the Taiwanese yen in 1895, followed by the Old Taiwan dollar in 1946.
The Bank of Taiwan first issued the New Taiwan dollar on 15 June 1949 to replace the Old Taiwan dollar at a ratio of 40,000 to one. The first goal of the New Taiwan dollar was to end the hyperinflation that had plagued Nationalist China due to the Chinese Civil War.
After the communists captured Beijing in January 1949, the Nationalists began to retreat to Taiwan. The government then declared in the Temporary Provisions Effective During the Period of Communist Rebellion that dollars issued by the Bank of Taiwan would become the new currency in circulation.
Even though the New Taiwan dollar was the de facto currency of Taiwan, statutes after 1949 still define the silver yuan or silver dollar as the legal currency, worth NT$3. Many older statutes have fines and fees given in silver yuan. Its value of NT$3 has not been updated despite decades of inflation, making the silver yuan a purely notional currency a long time ago, inconvertible to actual silver.
When the Temporary Provisions were made ineffective in 1991, the ROC lacked a legal national currency until the year 2000, when the Central Bank of China (CBC) replaced the Bank of Taiwan in issuing NT bills. In July 2000, the New Taiwan dollar became Taiwan's legal currency. It is no longer secondary to the silver yuan. At this time, the central bank began issuing New Taiwan dollar banknotes, and the notes issued earlier by the Bank of Taiwan were taken out of circulation.
The exchange rate compared to the United States dollar has varied from less than ten to one in the mid-1950s, more than forty to one in the 1960s, and about twenty-five to one in 1992. The exchange rate as of July 2021 is NT$27.93 per US$.
Coins
The denominations of the New Taiwan dollar in circulation are:
Currently Circulating Coins Image Value Technical parameters Description Date of Diameter Weight Composition Obverse Reverse first minting issue 50¢ (NT$0.5) 18 mm 3 g 97% copper 2.5% zinc0.5% tin Mei Blossom, Value 1981(Minguo year 70)1981-12-08 NT$1 20 mm 3.8 g92% copper6% nickel2% aluminium Chiang Kai-shek, 1981-12-08 NT$5 22 mm 4.4 g Cupronickel75% copper25% nickel Chiang Kai-shek, Value 1981(Minguo year 70)1981-12-08NT$10 26 mm 7.5 g Chiang Kai-shek, (1981-2011)Sun Yat-sen, (2012–present) Value, continuous hidden words , , continuous hidden Taiwan island and Mei Blossom in "0"2011(Minguo year 100)2011-01-11 NT$20 26.85 mm 8.5 g Bi-metallic:Ring: Aluminium bronze (as $50)Centre: Cupronickel (as $10) Mona Rudao, , Traditional canoes used by the Tao people 2001(Minguo year 90) 2001-07-09 NT$50 28 mm 10 g Aluminium bronze92% copper6% aluminium2% nickel Sun Yat-sen, Latent images of both Chinese and Arabic numerals for 50 2002(Minguo year 91) 2002-04-26
Coins are minted by the Central Mint, while notes are printed by the Central Engraving and Printing Plant. Both are run by the Central Bank. The 50¢ coin is rare because of its low value, while the NT$20 coin is rare because of the government's lack of willingness to promote it. As of 2010, the cost of the raw materials in a 50¢ coin was more than the face value of the coin.
The current series of banknotes for the New Taiwan dollar began circulation in July 2000. This set was introduced when the New Taiwan dollar succeeded the silver yuan as the official currency within Taiwan.
The current set includes banknotes for NT$100, NT$200, NT$500, NT$1,000, and NT$2,000. Note that the NT$200 and NT$2,000 banknotes are not commonly used by consumers. This may be due to the tendency of consumers to simply use multiple NT$100 or NT$500 bills to cover the range of NT$200, as well as using multiple NT$1,000 bills or credit/debit cards instead of the NT$2,000 bill. Lack of government promotion may also be a contributing factor to the general lack of usage.
It is relatively easy for the government to disseminate these denominations through various government bodies that do official business with the citizens, such as the post office, the tax authority, or state-owned banks. There is also a conspiracy theory against the Democratic Progressive Party, the ruling party at the time the NT$200 and NT$2,000 denominations were issued. The conspiracy states that putting Chiang Kai-shek on a rarely used banknote would "practically" remove him from the currency while "nominally" including him on the currency would not upset supporters on the other side of the political spectrum that much (the Pan-Blue Coalition).
1999 Series Image Value Dimensions Main Color Description Date of Remark Obverse Reverse Watermark printing issue withdrawal NT$100 145 × 70 mm Red Sun Yat-sen, "The Chapter of Great Harmony" by Confucius Chung-Shan Building Mei flower and numeral 100 2000(Minguo 89) 2001-07-02 NT$200 150 × 70 mm Green Chiang Kai-shek, theme of land reform and public education Presidential Office Building Orchid and numeral 200 2001(Minguo year 90) 2002-01-02 Limited NT$500 155 × 70 mm Brown Youth baseball Formosan sika deer and Dabajian Mountain Bamboo and numeral 500 2000(Minguo year 89) 2000-12-15 2007-08-01 without holographic strip 2004(Minguo 93) 2005-07-20 with holographic strip NT$1,000 160 × 70 mm Blue Elementary Education(1999 errors) Mikado pheasant and Yushan (Jade Mountain) Chrysanthemum and numeral 1000 1999(Minguo year 88) 2000-07-03 2007-08-01 without holographic strip 2004(Minguo year 93) 2005-07-20 with holographic strip NT$2,000 165 × 70 mm Purple FORMOSAT-1, technology Formosan landlocked salmon and Mount Nanhu Pine and numeral 2000 2001(Minguo year 90) 2002-07-01 Limited with holographic strip
The year 2000 version $500 and 1999 version $1000 notes without holographic strip were officially taken out of circulation on 1 August 2007. They were redeemable at commercial banks until 30 September 2007. As of 1 October 2007, only Bank of Taiwan accepts such notes.
100-dollar commemorative note
On 6 January 2011, the Central Bank of the Republic of China issued a new 100-dollar legal tender circulating commemorative in celebration of the 100th anniversary of the founding of the Republic of China. The red paper note measures 145 × 70 mm and features a portrait of Dr. Sun Yat-sen on the front and the Chung-Shan Building on the back. The design is no different from the ordinary NT$100 note, except for the Chinese wording on the reverse of the note, which reads "Celebrating 100 years since the founding of the Republic of China ()".
Exchange rates
See also
Old Taiwan dollar
Economy of Taiwan
Taxation in Taiwan
History of the Republic of China
ROC consumer voucher
Words in different languages
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Ahern Hotel
|
[
"2016 establishments in Nevada",
"Hotels in Las Vegas",
"Casinos completed in 2016",
"Casinos in the Las Vegas Valley",
"Companies that filed for Chapter 11 bankruptcy in 2018",
"Hotels established in 2016",
"Resorts in the Las Vegas Valley",
"Defunct casino hotels in the Las Vegas Valley"
] | 6,353 | 66,144 |
Ahern Luxury Boutique Hotel (formerly Lucky Dragon) is a boutique hotel and former casino in Las Vegas, Nevada. The resort is located on of land at 300 West Sahara Avenue, near the Las Vegas Strip.
Ahern Luxury Boutique Hotel is adjacent to the Allure Las Vegas high-rise condominium, opened in 2008 by developer Andrew Fonfa. The resort's property was once planned as the site of a second Allure tower, which was cancelled due to poor economic conditions. While selling units in the first tower, Fonfa decided to build a hotel and casino on the adjacent site. The Lucky Dragon was designed by Ed Vance & Associates Architects and was announced in February 2012, with groundbreaking in May 2015. The resort had a soft opening on November 19, 2016. An official grand opening was held on December 3, 2016.
The Lucky Dragon was heavily inspired by Asian concepts in an effort to appeal to Asian customers, who were expected to be the resort's primary customer base. With 203 rooms and a casino, the Lucky Dragon was considered small in comparison to nearby competitors on the Las Vegas Strip. After experiencing low customer turnout, the Lucky Dragon's casino and restaurants were temporarily closed in January 2018 so the property could reorganize, while the hotel remained open. The hotel subsequently closed on October 2, 2018. It was sold in April 2019, to Don Ahern, who reopened the hotel later that year as Ahern Hotel. Ahern also planned to convert the casino into conference and convention space.
History
Original plans
The resort is located on of land at 300 West Sahara Avenue, a block west of the northern end of the Las Vegas Strip, an area that had become known for a number of vacant lots, older resorts, and failed projects. The property is located between the Golden Steer restaurant and the Allure Las Vegas condominium high-rise tower. Developer Andrew Fonfa had initially purchased the property as part of a five-acre parcel in 1987. At the time, Fonfa planned to build a hotel on the property, as he expected Circus Circus Enterprises to construct the Excalibur Hotel and Casino nearby, thus increasing tourism for the northern Las Vegas Strip. The Excalibur was ultimately built at the southern end of the Las Vegas Strip.
In May 2002, Fonfa proposed the Hilton Garden Inn, an eight-story Hilton-branded 200-room hotel with an attached casino that would be located on the property's east side. Hilton considered Fonfa's property to be a desirable location for one of their hotels, and approached him about a possible deal, although discussions were still preliminary at the time of the project's announcement. Under the partnership, Fonfa would own the hotel and casino, while Hilton would manage the hotel and would have no involvement in the casino operations. Fonfa was in negotiations with GE Capital to finance the project, and hoped to begin construction at the end of the year, with completion scheduled in 15 months. Construction was expected to cost $50 million. Four small commercial buildings located on the property were to be torn down to make room for the new resort. Fonfa changed his mind about the hotel-casino project after speaking with Las Vegas mayor Oscar Goodman and several city officials, stating that high-rise condominiums "is what the city wanted as part of its plan for residential living". In 2004, Fonfa was approved for plans to construct twin condominium towers on the property.
The Allure tower was opened in early 2008. The site of the Lucky Dragon had initially been planned for the second Allure tower, which was later cancelled because of poor sales caused by the Great Recession, and because of an oversupply of condominium high-rises on the Las Vegas Strip. To help sell units in the first Allure tower, Fonfa said that in 2008, "We realized we were going to need cash buyers. We went to LA and San Francisco and Vancouver and San Jose and put ads in all the Chinese newspapers in those communities. And we were very pleased with what came back, which was over 100 units sold to Chinese buyers." At that point, Fonfa then devised an idea to build a hotel and casino on the property originally planned for the second tower. In 2008, Fonfa and his sister, Gudren, revealed plans for a potential hotel-casino on the property adjacent to Allure. The $1.2 billion resort would be called Q, standing for "queer", and would cater to gay and lesbian people. The 45-story hotel would include 1,000 rooms, and would be managed by Wyndham. Fonfa did not formally announce the project as it was unclear when the American credit market would recover.
The Lucky Dragon project was later announced for the property in February 2012, as a 10-story hotel tower with 201 rooms and an casino, with 478 slot machines and a 446-space parking garage. The hotel-casino would be developed by Fonfa, and an Asian theme was chosen for the project as it was being financed by Chinese investors. The Lucky Dragon was designed by Ed Vance & Associates Architects.
Construction and financing
The Lucky Dragon was built by Penta Building Group, which worked on the project with its development manager, Grand Canyon Development Partners. Both companies worked closely with city planning officials to re-categorize the property as a single parcel rather than as phase two of Allure. As part of the effort, several lots were sold to Lucky Dragon LLP in order to develop the resort. Groundbreaking on the Lucky Dragon began in May 2015, with the pouring of the resort's foundation. The boutique hotel would contain nine stories, while the casino was expected to contain two stories. Work crews faced difficulties in pouring the concrete due to the heat during the Las Vegas summer. To avoid the heat, several concrete pours were completed during early morning hours, which resulted in noisy equipment for nearby businesses and residents directly north of the property. Material deliveries to the construction site also resulted in inconveniences for local residents, who received gift cards as compensation for the disruptions. After the hotel's lower portion was complete, construction crews added an additional floor every week. The hotel tower was topped out on September 11, 2015. The casino and six-story parking garage were still under construction at that time, with the resort expected to open in summer 2016. The project was being financed by funds through the United States federal government's EB-5 program, which offered foreign investors the possibility of U.S. residency.
On November 16, 2015, Fonfa and development partner William Weidner – the former president and chief operating officer of Las Vegas Sands, and one of the Lucky Dragon's backers – requested approval for tax increment financing from the Las Vegas Redevelopment Agency, in order to receive a bank loan to continue construction on the project, which had already raised $60 million through the EB-5 program. On November 18, 2015, the Las Vegas City Council rejected Fonfa and Weidner's request for $25 million in subsidies to help finance the $139 million project, which was expected to open in August 2016. Approximately 3,600 jobs associated with the ongoing project were lost due to the decision.
Work on the hotel's roof and parapet was expected to begin in December 2015. The following month, framing and drywall installation was underway, as well as the installation of the hotel's exterior curtain wall. The wall, designed by EV&A Architects and installed by Giroux Glass, Inc., was made of ruby red glazing. The Lucky's Dragon's project manager, Paul Dutmer, said, "To get this particular color of red, we went through several dozen testing samples. Once the sun hits it, it will be a bright red that will be hard not to see." The hotel tower was expected to be fully enclosed and waterproofed by the end of January 2016.
In May 2016, it was announced that the project had received full financing from Fonfa and Weidner's families. Construction was approximately 70 percent complete at that time, with the resort expected to open in the fourth quarter of 2016. It was later reported that the project's financing was through a $90 million loan issued to Fonfa by Snow Covered Capital, which initially provided a $30 million loan for construction and a $15 million revolving loan. Snow Covered Capital was the primary lender in the project. Through the EB-5 program, 179 foreign investors each provided $500,000 for a total of $89.5 million. They also each paid a $50,000 administrative fee.
The Lucky Dragon was planned to be the first Las Vegas resort to offer an "authentic Asian lifestyle experience". James Weidner, the son of William, was the managing principal of the Lucky Dragon. James Weidner stated that he was partly inspired to join the project because of trips that he took with his father to China. James Weidner stated that the project "presented an opportunity to do something here [in Las Vegas] that really respects the culture directly and approaches the Asian market, which is really powerful." Feng shui experts and design consultants were hired to ensure the entire resort had an authentic Asian appearance.
David Jacoby, chief operating officer for the resort, said during construction that, "This whole place has been very specifically feng shui'd, from the color patterns, to the carpets, to where the seats are, to where the cash is. There will be no fourth floor in the hotel - that's a superstition similar to what we have in the United States with the number 13. There's no number 4 anywhere on the property. Our phone numbers don't have a 4 in it. People in the front of the house of the resort will speak Mandarin, Cantonese and other Asian dialects. Signage is in Chinese first, English second. What we're trying to do is build an authentic cultural experience from the ground-up for Asian clientele, both locally and regionally throughout the United States." The resort's granite sidewalks were designed to imitate dragon scales. Ahead of its opening, Fonfa described the Lucky Dragon as a locals casino that would primarily rely on local Asian residents as its clientele, as well as Asian tourists from China and California. Fonfa expected local residents to account for 60 percent of the Lucky Dragon's customers. Las Vegas Weekly wrote that the Lucky Dragon, with its large focus on Asian customers, "might be the most specifically focused casino project in the history of Las Vegas".
On September 6, 2016, company officials announced that the resort would open on December 3, 2016. Lucky Dragon was expected to employ more than 800 people. The resort had a soft opening at 8:00 p.m. on November 19, 2016, with its official grand opening still scheduled for December 3. The Lucky Dragon opened with 203 hotel rooms, including 22 suites. Each room included a wall mural designed to represent the "peace and tranquility of ancient China," according to the hotel. The Lucky Dragon also featured a spa, while the casino offered popular Asian games such as baccarat, pai gow, and sic bo. The casino featured 37 table games and 300 slot machines, and was located in a two-story building that connected to the hotel tower through a bridge walkway. It was the first newly constructed hotel-casino to open in Las Vegas since The Cosmopolitan in 2010. The resort – considered small in comparison to nearby competitors – is connected to the adjacent Allure tower.
The official grand opening took place on the afternoon of December 3, 2016, and was accompanied by a ribbon-cutting ceremony, costumed dancers dressed as Chinese lions and a dragon, and firecrackers. The first direct flights between Beijing and Las Vegas, launched a day before the Lucky Dragon's grand opening, were not expected to bring in additional customers to the resort, although officials welcomed the possibility. Fonfa envisioned some of the area around the Lucky Dragon possibly being redeveloped as a new Chinatown for Las Vegas over the next decade.
The Lucky Dragon's centerpiece is a 1.25 ton dragon chandelier that hangs over a bar. Work on the chandelier began in May 2015, with nearly 800 people working on it until its completion. Installation of the chandelier was completed in November 2016, after two weeks.
In February 2017, the resort planned to add an additional VIP gaming area due to the popularity of its VIP club. For its VIP members, the casino also introduced a rolling-chip program, a concept that was common in Macau. In March 2017, Midwest Pro Painting and Penta Building Group claimed in court that they were owed money for their work on the Lucky Dragon during construction. Midwest Pro Painting stated that it was owed $793,300, while Penta Building Group alleged that it only received approximately $76.4 million and was still owed approximately $7.4 million for construction work. Both companies ultimately agreed to dismiss their claims.
Financial difficulties and closure
Approximately 100 employees – including top managers, and bar and wait staff – had been fired by late March 2017, as the result of poor customer turnout. In response, the casino began offering nightly entertainment – including Jazz Saturdays, and karaoke on Mondays – later that year. In September 2017, a default notice was filed against the Lucky Dragon over its $90 million loan. The default notice was not publicly revealed at that time. According to lawyers for the Lucky Dragon, the property was appraised at $143 million in November 2017, although creditors stated that the property was actually appraised at $60 million.
In December 2017, the Las Vegas Review-Journal visited the Lucky Dragon on several occasions and noted that the property appeared to be struggling, as its casino and restaurants were mostly empty of customers. The newspaper also interviewed local Chinese gamblers, who indicated that "the problem did not lie so much with Lucky Dragon's offering of entertainment or food as with its comparatively stingy gaming and comp policy". General Manager Jordan Seager said that the Lucky Dragon's comp policy "is in line, or even more fair" than other Las Vegas casinos, stating that the Lucky Dragon simply needed time for its customers to develop a close relationship with the property. The Lucky Dragon was also considered to be in a poor location near the northern end of the Las Vegas Strip, an area that was lacking in development and had little vehicle and pedestrian traffic. In addition, it faced competition from the nearby Palace Station and SLS resorts, which also targeted Asian clientele. Canadian investor Jason Chen signed a $400,000 deposit deal in December 2017 to lease the casino. Chen later sued Fonfa, Weidner and Seager, stating that they had not made him aware of the casino's financial difficulties.
On the morning of January 4, 2018, the casino and restaurants were temporarily closed and the property announced plans to reorganize itself by hiring new firms to operate those aspects of the resort. At the time, the Lucky Dragon had more than 500 employees. The property stated, "While this is a difficult decision, this repositioning paves the way for Lucky Dragon to establish new partnerships that will enhance the property's long-term positioning and provide a better guest experience." The casino was expected to reopen within six months. The hotel and a gift shop remained opened. Later that month, the Lucky Dragon's default status was publicly reported and notice of a foreclosure sale of the resort was filed with the county, with the foreclosure auction scheduled for February 6, 2018. At the time of the notice, Lucky Dragon owed $48.9 million on its $90 million loan. On the morning of the scheduled auction, it was delayed until February 22, 2018, as requested by the trustee: First American Title Insurance.
On February 16, 2018, the Lucky Dragon entered Chapter 11 bankruptcy to preserve the jobs of its 98 employees, as well as to pay its creditors and to "provide certainty to the market", according to court documents. Management believed that auctioning the Lucky Dragon through bankruptcy court would be the best way to preserve and maximize the value of the resort. During a bankruptcy hearing on February 21, 2018, a judge ruled that there would not be a foreclosure auction of the resort, and that the hotel would remain open until March 27, 2018, when another bankruptcy hearing would be held. The hotel remained open following the hearing date, with room prices falling to $35.
As of May 2018, there were several prospective buyers, domestically and internationally, who were interested in the resort, which owed $308,103 in property taxes. The developers hoped to sell the property through bankruptcy court. However, Ryan Works, an attorney representing 118 of the project's EB-5 investors, said he would prefer a new investor rather than a sale, which he feared would wipe out the ownership stakes of his clients. Works stated that EB-5 investors spent the most money on the project and that none of them had received permanent U.S. residency. A judge approved bid procedures for the resort later that month, and Fonfa was in discussions with various investment groups, including some in Asia. Fonfa expected to choose a group by the end of June 2018, and his group planned to auction the resort on July 20, 2018. Fonfa did not specify if his group planned to sell its entire stake in the resort or simply partner with the other group.
During July 2018, a letter of intent was signed between Fonfa's group and two companies – DeBartolo Development and Achieved Management – for a joint venture, at a bid price of $53 million. The bankruptcy auction was ultimately held on September 10, 2018. Fonfa's group had presented several prospective buyers, including Dotty's and The Meruelo Group, but Snow Covered Capital became the new owner of the land through a credit bid. Snow Covered Capital stated that the resort's operations "have been a dismal failure," stating that the hotel had lost approximately $200,000 for each month during the bankruptcy case. Three days after the auction, lawyers for the resort filed a motion to close the hotel immediately and end payments to employees and vendors, with the closure intended to ensure an efficient transition of ownership to Snow Covered Capital.
The hotel closure was approved by a U.S. Bankruptcy judge, and took effect on October 2, 2018, while a foreclosure auction was expected to take place at the end of the month. Prior to the auction, discussions had been held about eventually reopening the Lucky Dragon without casino space, which could be converted into meeting space or an Esports lounge. The foreclosure auction was held on October 30, 2018, with a minimum bid of $35 million. With no bids made, Snow Covered Capital retained ownership of the Lucky Dragon. In February 2019, 40 Chinese EB-5 investors sued Fonfa, Weidner, Jacoby, and several limited liability companies. The investors claimed that they were "fraudulently induced" by the developers to invest in the project. The investors had yet to receive U.S. residency and sought a refund of their investment. In April 2019, Snow Covered Capital sued Fonfa, Weidner and Jacoby, alleging that they were required to reimburse the company for the cost of purchasing the Lucky Dragon.
Ahern Luxury Boutique Hotel
Following the auction, the property received interest from numerous prospective buyers, although the listing broker stated that approximately 98 percent of them were "dreamers" with no realistic chance of closing on a purchase of the property. On April 22, 2019, the Lucky Dragon was sold for $36 million to Don Ahern, the chairman and CEO of a local construction-equipment firm. Ahern was among few prospective buyers who was financially capable of purchasing the property. Ahern intended to eventually reopen the hotel and convert the casino area into conference and convention space. He also planned to give the property a new name, which would be determined at a later date. In May 2019, Ahern announced plans to have the hotel reopened within 60 days, and to have the convention space opened around November. The opening was later delayed.
It eventually reopened as the Ahern Hotel and Convention Center in late 2019, with redecorated rooms and new signage, while retaining the red exterior of its predecessor. Ahern marketed the property as an upscale boutique hotel. Chinese-themed statues were removed, and the dragon chandelier was sold to the Muckleshoot Indian Casino in Washington. Work to transform the casino into convention space was expected to begin in March 2020. Ahern estimated that he was spending less than $10 million on the changes, including new restaurants. He hoped the entire resort would be ready in time for a grand opening on July 4, 2020. However, the opening was delayed because of the COVID-19 pandemic and its effects on the state. Ahern later hoped to have the renovations finished in October 2020. During the pandemic, the hotel offered free meals to first responders.
In August 2020, the hotel lobby hosted an evangelical event by Paula White, the personal pastor to Republican U.S. president Donald Trump. The event was part of Trump's re-election campaign, and it attracted hundreds of guests. This was an alleged violation of pandemic safety orders issued by Nevada governor Steve Sisolak, a Democrat. The orders prohibited gatherings of more than 50 people, and Sisolak criticized the event for going over the limit. The Ahern Hotel had been warned not to host the event, and was fined a $250 civil penalty for doing so. The Trump campaign and event organizers noted that Nevada hotels were allowed to operate at 50-percent capacity under Sisolak's order. The lobby had a maximum capacity of 1,600 people, and the event garnered 550 guests.
Later in the same week, the hotel hosted the Mrs. Nevada pageant with 250 people. Las Vegas city officials and local police arrived to shut down the event over pandemic concerns, but they allowed it to resume after family members and audiences were removed from the premises. The hotel was not fined. Ahern is a Republican supporter, and the hotel's manager believed that the pageant shutdown was politically motivated as retaliation for the earlier Trump event. Previous events of similar size had been held at the hotel recently without issue. On August 24, 2020, the hotel filed a lawsuit against the city, the state, and Sisolak, challenging his COVID-19 orders. Two days later, the Nevada Occupational Safety and Health Administration issued a fine of $10,930 to the hotel, citing four violations of Sisolak's orders during the Trump event and pageant. A judge dismissed the lawsuit in August 2021, stating that the restrictions were reasonable and necessary for protecting public health. In addition, all occupancy restrictions had been lifted by that point.
Restaurants
In August 2016, officials announced a contest to create a name for the Lucky Dragon's night market restaurant – the resort's last unnamed eatery – with the winner receiving a weekend stay package. The Lucky Dragon featured five restaurants upon opening:
Dragon's Alley, a food court, featuring a lantern-lit space that was designed as a night market. Dragon's Alley featured a show kitchen known as Jewel Kitchen that extended onto the casino floor, allowing players to watch as the food is prepared.
Pearl's Ocean, a dim sum restaurant.
Phoenix, a 60-seat fine-dining restaurant.
Cha Garden, a 24-hour, indoor/outdoor tea garden and lounge, extending from the hotel lobby to the pool area. Cha Garden offered 50 different teas, and remained open after the closure of the other restaurants in January 2018.
Bao Now, a 24-hour eatery offering grab-and-go foods.
Each restaurant offered only authentic Chinese food, which company officials expected to be the resort's primary advantage to bringing in customers. In February 2017, plans were announced for the temporary closure of Dragon's Alley so a noodle bar could be added. There were also plans to move Pearl's Ocean from the second floor to a larger space on the first floor, where it would occupy the dining area of Dragon's Alley. The casino's new VIP area was to occupy the space formerly used by Pearl's Ocean. Dragon's Alley closed some time in 2017. At the end of the year, prior to the closure of the Lucky Dragon's restaurants and casino, there had been plans to reopen Dragon's Alley as a different food and beverage business.
Ahern Luxury Boutique Hotel includes an Italian restaurant called Ottimo Gourmet Kitchen & Pizzeria and a steak restaurant called Joel's Chophouse.
|
Franklin Simon
|
[
"American businesspeople in fashion",
"American businesspeople in retailing",
"1865 births",
"1934 deaths",
"Businesspeople from New York City",
"Knights of the Legion of Honour",
"People from Purchase, New York",
"20th-century American businesspeople"
] | 2,046 | 15,302 |
Franklin Simon (February 7, 1865 – October 4, 1934), was the owner of Franklin Simon & Co., a department store in Manhattan, New York City. The store was founded in February 1902, when Simon partnered with Herman A. Flurscheim.
Early life
Franklin Simon was born on New York City's Lower East Side in 1865 to Henri and Helene Simon. He had three brothers and three sisters. Simon's father was a cigar-maker and wood carver, his mother a seamstress. After his father's untimely death in 1878, Simon found work at a cash-boy at Stern Brothers, a dry goods store located at 32–36 West 23rd Street. One of the store's principals, Louis Stern, befriended young Simon, teaching him the "ropes" of dry goods.
By age 21, Simon was earning $5000 per year, a considerable sum at that time. In 1892, Simon married Frances Carroll, the daughter of a New York City sheriff. The couple had four children: Franklin Simon Jr., who died July 3, 1902, Arthur J. Simon (1892–1968); Helene Simon (1895–?); and George D. Simon (1898–1944).
As his responsibilities at Stern Brothers increased, Simon was sent overseas to Paris as a buyer for the firm. It was during one of these business trips that Simon became acquainted with Herman A. Flurscheim, one of Stern Brothers' principal suppliers in France. The two became friends and soon made plans to go into business together, importing French fashions into the United States.
Founding Franklin Simon & Co.
By 1902 Simon had saved approximately $100,000. In a daring move, Simon and Flurscheim purchased the home of Mrs. Orme Wilson, sister of John Jacob Astor IV, at 414 Fifth Avenue as the site of their new venture, Franklin Simon & Co., a store of "individual shoppes". At that time, Fifth Avenue was primarily a residential street, and Simon's merchant contemporaries derided his choice of location, speculating that the business would be a total failure.
Franklin Simon & Co. opened its doors for business in February 1902. The venture lost $40,000 during its first year of operation and $28,000 during its second. However, by 1904 Fifth Avenue was coming into its own as a fashion center and the store turned a $16,000 profit. From that point forward, Franklin Simon & Co. remained one of the preeminent Fifth Avenue fashion outlets until its dissolution in the 1970s.
Fifth Avenue success and retail innovations
Perhaps the first person to view Fifth Avenue as a major retail and fashion center, Simon initiated "Buyers Week" and "Market Week", thus revolutionizing how manufacturers and retailers presented and sold new fashions and simultaneously generating millions of dollars in business for the surrounding neighborhood. By 1922, Simon was known amongst his contemporaries as a "merchant prince", and was one of the leading figures in setting the fashion trends of the day.
Simon's approach to advertising was, in many ways, revolutionary. He employed visionary artists such as Norman Bel Geddes and Donald Deskey. Their talent helped change the future of department store display windows, creating futuristic designs that stopped traffic on Fifth Avenue. Simon was also the first Fifth Avenue merchant to offer on-site parking for his customers, a plan he devised himself.
To combat slumping sales, Simon originated the concept of "blue light" sales, by instructing his in-store salespeople to mark down items with blue pencils while customers were looking on. Simon was also the first merchant to suggest the use of outlet stores as a way to sell out of season merchandise. This was the first known use of such a sales tactic.
To dissuade piracy and trademark infringement, Simon was ferocious in protecting his brand and was not afraid to use the courts to enforce his legal rights.
The success of Simon's original Fifth Avenue establishment was followed by more openings across the country. In 1932, Simon opened his first expansion in Greenwich, Connecticut. Later expansions followed in Manhasset, Long Island – on the "Miracle Mile", Palm Beach, Florida, and several other locations. The site of the Manhasset store would later be developed into Americana Manhasset.
In the 1930s, Franklin Simon & Co. would be the first retail store on Fifth Avenue to remain open until nine o'clock in the evening, a remarkable "experiment" that ultimately proved a success and left a lasting impact on the retail industry in the United States.
Personal life
Mr. Simon was a noted philanthropist. He was a regular contributor to The New York Times One Hundred Neediest Cases. After the Titanic disaster in 1912, Mr. Simon provided clothes and financial support for two French orphans rescued from a lifeboat. He published the little girls' picture in major newspapers with the hope of finding their family. He insured they had whatever they needed at no cost.
Mr. Simon also received France's highest honor, the Legion D'Honneur. Mr. Simon was named as a chevalier of the Legion for "having done more than any other person to put U. S. women into French clothes."
Civic minded, Mr. Simon was elected chairman of the centennial committee to save Monticello, Thomas Jefferson's home; bound for demolition if not for Mr. Simon's efforts. He was also the director of the Hospital for Joint Diseases and a member of the board of governors of the Stuyvesant Square Hospital. Simon was a member of the Empire State Luncheon Club, Westchester Country Club, Quaker Ridge Golf Club, Uptown Club and the National Democratic Club. Simon was also on the board, and later served as vice president of the Fifth Avenue Association, an influential group of public officials and Fifth Avenue merchants that included Ezra Fitch, Robert Adamson, Lucius M. Boomer and Eliot Cross.
Franklin Simon died in his country home at Purchase, New York on October 4, 1934, from kidney failure.
After his death, several of the great merchants of New York paid tribute to Mr. Simon, including Percy Straus, president of Macy's, and Bernard Gimbel, president of Gimbel Brothers. Isaac Lieberman, president of Arnold, Constable & Co. remarked that "Mr. Franklin Simon was one of the pioneer merchants of Fifth Avenue and has probably done more to develop Fifth Avenue as a fashion centre than any other single person." The New York Times, in an editorial celebrating Simon's achievements wrote "What need of imposing a 'code' upon a man like him? He was his own code – always one of honor and humanity."
Simon's funeral was a grand affair, with Governor Herbert Lehman sending his condolences and arranging a funeral cortege along the Hutchinson River Parkway.
At the time of his death, Simon left a gross estate of approximately $2,394,751 to his wife. Calculated for inflation, Simon's personal estate, excluding Franklin Simon & Co., was worth approximately $42 million in 2013 dollars. After Simon's death, his widow sold a controlling interest in Franklin Simon and Co. to the Atlas Corporation in September 1936.
Mr. Simon is buried at Woodlawn Cemetery, in the Bronx.
|
Poverty in Norway
|
[
"Economy of Norway",
"Society of Norway",
"Poverty by country",
"Poverty in Europe by country"
] | 2,027 | 15,219 |
Poverty in Norway had been declining from World War II until the Great Recession. It is now increasing slowly, and is significantly higher among immigrants from the Middle East and Africa. Before an analysis of poverty can be undertaken, the definition of poverty must first be established, because it is a subjective term. The measurement of poverty in Norway deviates from the measurement used by the OECD. Norway traditionally has been a global model and leader in maintaining low levels on poverty and providing a basic standard of living for even its poorest citizens. Norway combines a free market economy with the welfare model to ensure both high levels of income and wealth creation and equal distribution of this wealth. It has achieved unprecedented levels of economic development, equality and prosperity.
Definition of poverty
The most commonly used measure to define economic poverty in Norway is an income which is less than 60% of the annual median disposable equivalised household income. Under this definition, 9.4% of Norwegian children aged between 0–17 years lived under the poverty line in 2014, which was up from 7.6% in 2006. However, extreme poverty as a measure is not commonly used because it is almost non-existent in Norway. Another important element of defining poverty is the distinction between persistent poverty and temporary poverty because it is common for students and new migrants to go through temporary periods of hardship as they settle into a new phase of their lives As a result, it is not as much of an issue as persistent poverty and assists policymakers in correctly addressing this issue. Norway has set a much higher standard for poverty than most other nations in the OECD which use 50% of the national median income as their standard measure of relative poverty and as a result, the actual rate of poverty relative to other nations is lower than the data suggests.
Incidence of poverty in Norway
In comparison to the rest of the world, poverty in Norway has remained low. Poverty in Norway is concentrated in the major cities such as Oslo. 43% of all the poor in Norway are immigrants, even though they contribute only 16.3% of Norway's population. The incidence of poverty is higher in populations from the Middle East and Africa. However, extreme poverty in Norway is almost non- existent. 74% of those in Norway aged between 15-64 have a job compared to the OECD average of 67% and this contributes to the low rates of poverty. However, between 2013 and 2017 the rate of poor increased from 7.7% to 9.7%, which is in line with the trend of increasing poverty and inequality in the developed world. This increase may also be attributed to the after-effects of the Great Recession. Norway's economy is heavily dependent on oil trade and many welfare programs are dependent on oil exports, therefore a fall in oil prices and exports tends to increase poverty and increase in prices and exports has the opposite effect. Although the incidence of poverty is low, it is increasing at a faster rate than most other OECD nations and this is also reflected in the increase of income and wealth inequality in Norway. This increase in poverty is likely to result increase in drug abuse, homelessness and higher crime which further restricts economic mobility. The growth in income inequality appears to be associated with the growth of poverty. The Gini index which is the most commonly used measure of inequality in Norway has increased from 26.4 in 2006 to 27.5 in 2017 indicating a gradual increase in inequality.
Causes of poverty and economic culture
The largest determinants of poverty in Norway were education level, employment and whether they are a single individual or have a spouse. The demographic at the highest risk of poverty in Norway is children aged under 18. However, Norway has been largely successful in keeping rates of poverty low and extreme poverty, extremely low. This is largely a reflection of the economic and social culture that exists in Norway. Norway is a largely homogenous society which places a heavy emphasis on collectivism and egalitarianism, distinguishing one's self from the crowd by socio-economic status is frowned upon. The percentage of Norwegians support public aid for the poor is also higher than in many other countries. This is particularly true of women, younger people and those living in urban areas. The homogeneity of Norway's demographic is also associated with less poverty, as western countries with higher rates of migration such as the United States see higher rates of poverty, especially among new migrants. This may be due to the fact that the causes of poverty in a homogenous population are much more narrow and hence easier to manage, whereas diversity in a population increases the complexity of poverty and may make it more difficult to manage. Migrants in Norway are generally less educated and speak poorer Norwegian than the average Norwegian which contributes to higher unemployment and poverty. Also, many immigrant families rely on a single income which further increases the likelihood of financial distress and poverty. The strong labour traditions in Norway, including strong unions and extensive collective bargaining also contribute to low rates of poverty among working Norwegians. The wealthiest 10% of Norwegians control 21.2% of Norway's wealth, which is a significantly smaller proportion of controlled by the top 10% than in most other countries.
Norway also has a stable, free and democratic political system which contributes to effective institutions because of low levels of corruption and high institutional integrity which means that public institutions can effectively perform their respective roles' without hindrance.
There are two distinct ways in which the causes of poverty can be characterised, personal and economic. Personal includes issues such as mental illness, social isolation and language that restrict individuals' ability to engage and interact with society and hence leading to higher rates of joblessness and poverty. Structural issues include such as unemployment, lack of government support, low access to a quality affordable healthcare system and education.
Welfare policy administration is unique in Norway compared to other European countries. Spain, for example, administers social security in a way that provides funding for the traditional family structure to boost family involvement in welfare of individuals whereas Norway simply aims to provide benefits directly to the individual who needs it. The Norwegian model has also been more effective at alleviating poverty.
Poverty alleviation measures
Economic activity in Norway is taxed highly when compared to OECD nations. The average tax to GDP ratio of OECD nations in 2018 was 34% while in Norway it was 38.1%. The top marginal income tax rate is 46.6% which includes tax on income, social security contributions and national insurance contributions is in line with the OECD average. However, the top VAT/GST in Norway is higher than OECD average at 25% to 19.3% and corporate tax rate is 23% compared to the OECD mean of 21.9%. This high tax revenue is the base for the government programs that are the primary reasons for low rates of poverty in Norway. Norway's federal government's strong revenue collection enables very high spending on unemployment benefits, public housing, universal healthcare and public education. This creates a floor to socioeconomic standards which enables most Norwegians to maintain a reasonable standard of living. Although an increasing share of government expenditure is funding welfare benefits which reduce the government's ability to spend on healthcare, education and infrastructure. The investments in healthcare not only enable people to people to be in good health, but also partake in economic endeavors without the concern about how they would pay for their healthcare and this further drives economic growth and innovation. Inequities in healthcare have been a priority for the Norwegian government since the 2005 poverty whitepaper which identified health as a key area needing focus in terms of inequality. However, a comprehensive welfare program must be supported by an economy with a high participation rate, low unemployment and high productivity because such welfare state policies are expensive to run. Such policies must not only exist, but be organised efficiently and effectively to be able to cover as many people as possible at a low cost. It also requires nations to not have high levels of national debt which can make social security payments difficult during times of recession.
Another key social program run by the Norwegian central government is the “Qualification Program”, which helps individuals who have traditionally not been part of the labour market to enter the labour force, find a job and lift themselves out of poverty. This program primarily targets those between the ages of 20–24, single parents, long term social payment recipients, immigrants with poor Norwegian language skills and those on drug treatment programs. These groups are considered at highest risk of long term poverty. The Norwegian government considers this the most important poverty reduction program and through this program it is targeting 100% of its working age population being in paid work over the next several years.
Unemployment protection in Norway is mandatory and those with a history of employed earn 63% of their basic wage in unemployment benefits. In absolute terms unemployment benefits in Norway have increased over the past two decades, however the requirements to be eligible for these benefits have tightened to prevent misuse of the system.
An inclusive working life agreement exists in Norway between employers and trade unions to achieve a high participation rate through a work life balance through consensus. Strong collective bargaining rights have contributed to high wages and benefits for employees and mean that the proportion of full-time working people who live in poverty is amongst the lowest in the world.
Norway's economic model has targeted balancing economic growth, stability, increasing the participation rate and further expansion of the welfare model. Not only has the Norwegian government focused on developing policies to reduce poverty, but on ensuring these policies are carried out effectively and reach out to as many people as possible. Globally variations can be seen with how poverty is targeted, cultures which place emphasis on the family tend to provide families with financial aid to assist them in helping struggling family members, whereas others provide aid directly to the individuals who need help.
Bergen in South Western Norway is attempting to reduce poverty by providing free internet access for kids. This program is designed to increase children's access to information and educational resources, particularly for the most needy and hence close the educational gap between the higher and lower income children. 97% of Norwegians already have access to the internet and this program aims to bring it to 100%. The Norwegian central government also works closely with municipal governments through grants and programs in order to help reduce poverty. Many programs are designed to increase social inclusion and cohesion which can combat isolation and social exclusion driven poverty.
Norway
Norway
|
Andrew Housser
|
[
"21st-century American businesspeople",
"Businesspeople from Vancouver",
"Silicon Valley people",
"Stanford University alumni",
"Stanford Graduate School of Business alumni",
"1973 births",
"Living people"
] | 748 | 8,502 |
Andrew Housser is an entrepreneur who co-founded Achieve(formerly Freedom Financial Network), and who co-founded Bills.com.
Education
Housser attended Brentwood College School in Mill Bay, Canada. Housser received his MBA from Stanford Business School, where he was an Arjay Miller Scholar, and received a BA from Dartmouth College, where he graduated summa cum laude, and was a member of the Phi Beta Kappa honor society. Housser is on the Board of Advisors of the Magnuson Center for Entrepreneurship at Dartmouth College, serves on the board of Brentwood College School and previously served on the Phillips Brooks School board for six years.
Career
Prior to founding Achieve, Housser was an investor in a variety of services, manufacturing, and distribution companies at Littlejohn & Company, a private equity firm based in Greenwich, Connecticut. Prior to Littlejohn & Company, he worked for Smith Barney in New York City in the company's investment banking division.
Housser and his business partner, Brad Stroh, founded Achieve in 2002. Housser serves on the American Fair Credit Council's (AFCC) board of directors, a position he has held since 2006, when it operated under the name The Association of Settlement Companies. In 2010, he was awarded the association's President's Award for outstanding voluntary service to the organization and contributions that "benefits the consumer".
In 2005, Stroh and Housser purchased the Bills.com domain and relaunched it as a website that provides consumers with information and interactive tools dealing with personal finance topics including debt relief assistance, mortgage loans, and insurance. In 2008, Entrepreneur magazine named Bills.com No. 3 in the Hot 100 Fastest Growing Companies in America.
In December 2013, the company announced that Vulcan Capital, an investment group owned by Microsoft co-founder Paul Allen, would invest $125 million of venture capital in Achieve Company, an online lending platform to make unsecured loans to consumers. Housser is CEO of Achieve Company.
In 2015, Stone Point Capital, a private equity firm based in Greenwich, CT purchased a minority stake in the company.
Awards
Winner of 2008 Ernst & Young Entrepreneurs of the Year for the Northern California region.
Named to the Silicon Valley/San Jose Business Journal's "40 Under 40" list.
|
Young Sohn
|
[
"Year of birth missing (living people)",
"Living people",
"University of Pennsylvania alumni",
"MIT Sloan School of Management alumni",
"Samsung people",
"American people of Korean descent",
"American businesspeople",
"Technology business executives"
] | 821 | 8,374 |
Young Sohn () is an American tech executive, entrepreneur, and venture investor focused on deep tech, AI, robotics, and next-gen computing. He is a founding managing partner at Walden Catalyst Ventures, an early-stage venture capital firm investing globally in deep tech across AI, semiconductors and robotics. Sohn is also the Chairman of HARMAN International, and serves on the board of Cadence Design Systems and ARM.
He was formerly President and Chief Strategy Officer of Samsung Electronics, where he led the company’s strategic push into automotive, AI, cloud and infrastructure. Sohn was instrumental in Samsung’s $8B acquisition of HARMAN, and launched the Samsung Strategy and Innovation Center.
He has been called "the best-connected chip executive in the semiconductor industry."
Early life and education
Sohn was born in Seoul and grew up in Bowie, Maryland. Sohn holds a B.S. in Electrical Engineering from the University of Pennsylvania and an M.S. from MIT Sloan School of Management.
Operator, Builder & Scaler
Sohn began his career at Intel, where he launched the PC chipset business and brokered Intel’s first JV with Samsung. He also formed the company's inaugural joint venture with Samsung Electronics. He held the President role at Quantum Corporation, Agilent Semiconductor (now Broadcom) and Oak Technology, where he led strategic pivots and successful exits. As CEO of Inphi Corporation, Sohn guided the company to a successful IPO in 2010, cementing its role in high-speed data infrastructure.
He also served as senior advisor at Silver Lake Partners.
Sohn joined Intel as a product marketing manager and later became its director of new business development. As director of new business development, Sohn oversaw the creation of Intel's PC chipset business. He also formed the company's inaugural joint venture with Samsung Electronics. Sohn was Vice President of Marketing, and later, Co-President of Quantum Corporation. He was also appointed president of the company's Storage Group. Sohn was a chairman and chief executive officer at Oak Technology, a digital media semiconductor company. During his time with the company, he oversaw the acquisition by Zoran Corporation.
Samsung: Scaling Innovation Across Sectors
Joining Samsung Electronics in 2012, Young Sohn became the company’s President and led global corporate strategy. He founded the Samsung Strategy and Innovation Center (SSIC), where he launched major initiatives across frontier technologies, including
the Samsung Catalyst Fund, with investments across cloud and data infrastructure, biotech, quantum computing, artificial intelligence, autonomous systems, sensors, networking & 5G.
Philanthropy & Global Tech Ecosystem Leadership
Sohn co-founded the Extreme Tech Challenge (XTC), the world’s largest startup competition aligned with the UN Sustainable Development Goals (SDGs).
|
Konstantin Grigorishin
|
[
"Living people",
"Businesspeople from Zaporizhzhia",
"1965 births",
"Ukrainian oligarchs",
"Moscow Institute of Physics and Technology alumni",
"Naturalized citizens of Cyprus",
"Ukrainian billionaires",
"Naturalized citizens of Ukraine",
"Russian businesspeople in Cyprus"
] | 3,084 | 31,777 |
Konstantin Ivanovich Grigorishin (born 16 November 1965) is a Russian-Ukrainian businessman and billionaire. Business assets of Grigorishin, including energy, shipping and industrial machine-building companies, are mainly located in Ukraine. Grigorishin heads Energy Standard Group, which controls a number of enterprises in Zaporizhzhia and Ukrrichflot, as well as eight Ukrainian regional energy-distribution companies. He previously owned Sumy NPO, named after M.V. Frunze. On 1 November 2018 he became one of 322 Ukrainian citizens against whom the Russian Federation imposed sanctions.
Biography
Grigorishin was born in Zaporizhzhia in a family of engineers-constructors of aviation engines who worked the whole life at elite Soviet construction bureau “Progress”. In 1982 graduated from physical-mathematics school №28 in Zaporizhzhia and was accepted to Moscow Physical-Technical Institute (MFTI). Studied first on physical and quantum electronics faculty and then in a theoretical group named after Landau on the faculty of general and applied physics with the quarters at the Institute of Theoretical Physics at Chernogolovka town.
Upon graduation from MFTI in 1988 started to work at theoretical department of the Institute of Spectrography of the Academy of Sciences of the USSR in the city of Troitsk where in 1991 he passed PH.D defense on the topic “Light propagation in nonlinear unordered environments”.
In 1992 started to do business, establishing together with a few other graduates of MFTI his first company “AragornSoft”, which was developing system solutions in the sphere of IT-technologies. Starting from 1993 “Tsentralnaya Optovaya Metallobaza” company, established by the same partners, engaged in trading of ferrous material and ferro-alloys, soon becoming one of the biggest metal traders in the territory of CIS.
In 1995, having divided the business with former partners, together with a new partner established “Sozidanie” firm.
From 1996 to 2000, during big privatization campaign in Ukraine, Konstantin Grigorishin invested in controlling and material shareholdings of a number of metallurgic, industrial machine building, transport-logistics and energy distribution (so-called oblenergo) companies. Business assets of Grigorishin, including in energy, industrial machine building and transport-logistics sectors, mainly located in the territory of Ukraine. Grigorishin is the majority investor in established by him in 2005 Energy Standard Group, which indirectly owns material or controlling shareholdings in a number of enterprises in Zaporizhzhia and a couple of Ukrainian regional energy-distribution companies (oblenergo).
In 2007, Energy Standard Group acquired controlling shareholding in “Ukrrichflot” company.
In 2015 Russian authorities accused Grigorishin of evading taxes worth 675 million rubles, which he denies, and a criminal case against him was opened. Shortly after Grigorishin permanently moved back to Ukraine. In April 2016, a Russian court issued an arrest warrant for Grigorishin in absentia. Meanwhile Grigorishin acquired Ukrainian citizenship.
On 15 March 2016 applied for Ukrainian citizenship on “the territorial origin” principle – on the grounds of birth or permanent domicile in Ukraine before August 24, 1991, and was granted Ukrainian citizenship in May of the same year.
On 1 November 2018, Konstantin Grigorishin became one of 322 individuals against whom the sanctions were imposed by the Decree of the Government of the Russian Federation.
Grigorishin's assets in Ukraine were blocked on 19 January 2025 by a decree of Ukrainian President Volodymyr Zelenskyy.
Assets
Grigorishin claimed in 2020 that 95% of his business is concentrated in Ukrainian assets. The main assets are in industrial machine-building, shipbuilding and energy distribution sectors [6] as well as transport-logistics company “Ukrrichflot”. His assets in Ukraine were blocked on 19 January 2025 by a decree of Ukrainian President Volodymyr Zelenskyy.
In energy distribution Grigorishin has controlling shareholdings in Luhansk and Vinnytsia regional energy distribution companies, the rest six oblenergo in question (Zaporizhzhia, Poltava, Sumy, Chernihiv, Cherkasy (30%) and Ternopil) are controlled together with other shareholders, amongst which is Ihor Kolomoyskyi (starting from 2010 Poltava, Sumy and Chernihiv oblenergo were managed jointly with Kolomoyskiy. According to “Ekonomicheskaya Pravda”, in spring 2016 preparation to divide assets has started, upon results of which Kolomoyskiy will obtain Poltava oblenergo). From the beginning of 2000th indirectly owns investments in majority shareholdings of “Zaporozhtransformator” (monopolist in production of Ukrainian power transformers and reactors) and “Zaporozhskiy Kabelniy Zavod”.
According to Arseniy Yatsenyuk, Prime Minister of Ukraine in 2014–2015, Grogorishin controls Ukrainian energy sector. On January 20, 2016 on the Cabinet of Ministers session Yatsenyuk officially applied to the Security Service of Ukraine with a request to investigate connection of Grigorishin to financing of anti-Ukrainian political forces (including the Communist Party of Ukraine) and his cooperation with FSB. Grigorishin himself actively criticized Yatsenyuk whom he treated very negatively.
On 15 March 2016 applied for Ukrainian citizenship. The grounds for this were mentioned birth or permanent domicile in Ukraine before August 24, 1991.
List of assets
As of autumn 2019, Grigorishin controlled:
Vinnitsaoblenergo (50%)
Zaporozhtransformator (100%)
“Zaporozhskiy Kabelniy Zavod” (100%)
Zaporozheoblenergo (in partnership with Ihor Kolomoyskiy, the latter has management control)
Poltavaoblenergo (in partnership with Igor Kolomoyskiy, the latter has management control)
Pidpryiemstvo “Kyiv”
Sumyoblenergo (in partnership with Igor Kolomoyskiy, Grigorishin has management control)
Ternopoloblenergo (in partnership with Kolomoyskiy, the latter has management control)
UkrRichFlot (100%)
Chernogovoblenergo (in partnership with Kolomoyskiy, Grigorishin has management control)
Political connections
During election campaign for the 2002 Ukrainian parliamentary election the name of Konstantin Grigorishin was mentioned in connection with sponsorship of the political party and “Yabloko”. In the same time he was alleged to have financed the Social Democratic Party of Ukraine (united) (SDPU(o)). shareholding in “Ukrrichflot” company.
Grigorishin has also been considered as one of the sponsors of the 2004 Orange Revolution, although he denied it.
According to Grigorishin he has loaned $12 million to Arsen Avakov and Viktor Baloha, at the time both members of Our Ukraine–People's Self-Defense Bloc, to be used to finance their 2007 Ukrainian parliamentary election campaign.
In 2000th was named as one of key financiers of the Communist Party of Ukraine which he ceased to support in 2012. According to Grigorishin's own words, he supported the Communist Party of Ukraine because during the presidency of Viktor Yanukovych (2010-2014) "for political protection".
In 2014-2015 Konstantin Grogorishin actively criticized Prime Minister Arseniy Yatsenyuk whose work on said position he treated very negatively. In response, Arseniy Yatsenyuk on January 20, 2016 on the Cabinet of Minister's session accused Grigorishin of sabotage activities and work for foreign intelligence service.
On February 26, 2020 Pecherskiy District Court of Kyiv supported Konstantin Grigorishin's claim against the Cabinet of Ministers of Arseniy Yatsenyuk for defense of reputation and goodwill and refutation of false information. The Court ruled to refute false information spread by Yatsenyuk, which undermined reputation and goodwill of Grigorishin that “he is an example of those who steels funds from the budget and then finances anti-Ukrainian political forces and reports to FSB and is the agent of FSB”. The Court obliged former Prime Minister and the Cabinet of Ministers to refute circulated false information.
Litigations
Konstantin Grigorishin, as all prominent businessmen of the end of 1990th – beginning of 2000th, suffered pressure from the side of political groups in power aimed to seize a share in his business. The main attacks here were done by Victor Pinchuk, the son-in-law of Leonid Kuchma, the President of Ukraine at the time being, by the group of Victor Medvedchuk – Ihor Surkis as well as by Ihor Kolomoyskyi.
During one of the attacks on his business in 2002, Grigorishin was arrested. That provocative act was discussed at the hearings in the House of Lords of the UK and covered in the speech of Viktor Yushenko, the leader of Ukrainian opposition at the time being, in Verkhovna Rada (the parliament of Ukraine). Grigorishin spent a week in detention and after then the charges were withdrawn. After being released, Grigorishin accused Surkis and Viktor Medvedchuk in organization of said provocative act. Being concerned about his and his family's safety, Grigorishin claimed he had to leave Ukraine and temporary moved to Moscow. According to Grigorishin's words, that all led to necessity, as a countermeasure to protect his business, to engage in politics and support opposition.
In December 2008 filed a claim to the High Court of Justice in London against Surkis and Valentin Zgurskiy, the shareholders of “Dynamo Kyiv” football club, regarding preemption right to buy 98% of shares in “Dynamo Kyiv” for 32 mln USD. According to Grigorishin, he was defrauded in 2004 when he was not allowed to exercise the right of preemption.
Under the court decision, Kolomoyskiy was ordered to pay Grigorishin 15 mln USD.
In 2008 the Security Service of Ukraine prohibited Grigorishin to enter the country for five years in connection with organization of “raider” (hostile takeover) attacks on Turboatom company. In June 2009, Kyiv Administrative Court of Appeal upheld the decision of the court of the first instance, which recognized the actions of the Security Service as unlawful.
In 2009 filed a lawsuit to invalidate the agreement on sale in 2006 of 61% shares in “UNTK” company, which controls broadcasting licence of Inter TV-channel. On 26 February the Commercial Court of Kyiv ordered to arrest the shares of the TV-channel and demanded the Ministry of Interior and General Prosecutor of Ukraine's Office to investigate the circumstances of death of Ihor Pluzhnikov, the former owner of the TV-channel, and subsequent sale of controlling block of shares in December 2009 to the companies of Valeriy Khoroshkovskyi. That lawsuit was treated as one of confrontation acts between Ukrainian Prime Minister Yulia Tymoshenko and businessman Dmytro Firtash.
On April 13, 2016 at the hearing at the Moscow City Court, the investigator announced that Konstantin Grigorishin had been put on the wanted list in connection with tax evasion case for 675 mln RUB. The prosecution believes that Grigorishin together with his partner have not paid taxes for 675 934 000 RUB, and, therefore, inflicted damage to the state budget in the same amount.
On May 9, 2016, the London Court of International Arbitration decided in favor of Vadim Novinskiy and Vladimir Lukyanenko, minority shareholders of , against the majority shareholder, Konstantin Grigorishin. According to arbitration award, Grigorishin had breached shareholders’ agreement and, therefore, is obliged to pay the plaintiffs more than 300 mln USD. Until the end of 2018 the arbitration decision was not abided, in summer 2019 Grigorishin and Lukyanenko signed the settlement agreement, under which the debt was satisfied by transfer of 29% shares in Kharkivoblenergo and Kharkivenergosbut as well as of the controlling shareholding (more than 50%+1 share) in Sumy NPO named after M.V. Frunze. In December 2019, the deal was closed.
In August 2016 some Khasan Ediev (native-born of Dzhalka village of Gudermes district of Chechnya, whose monthly income according to filed tax returns varied from 20 to 100 thousand RUB) filed a claim to the District Court of Gudermes against Konstantin Grigorishin for repayment of principal debt, accrued interest and sanctions under the loan agreement.
It went about 110 mln USD in cash in hand which Khasan Ediev allegedly provided to Konstantin Grigorishin, and which the latter has not returned. On 10 November 2016, the District Court of Gudermes awarded Grigorishin to pay 230 mln USD. Subsequently, in October 2017 this decision was upheld by the order of the High Court of Chechen Republic, after which enforcement proceedings were commenced. In December 2017, bailiffs accompanied by the representatives of Khasan Ediev arrived at apartments and house in Moscow owned by Konstantin Grigorishin with the aim to organize eviction of said real estate and movable property located there. Moreover, the bailiffs subsequently arrested that real estate, already arrested in course of criminal case against Grigorishin.
Wealth
In 2012 “Forbes” magazine estimated Grigorishin's wealth at US$1.2 billion, in 2011 – at US$1.3 billion, in 2013 – at US$1.814 billion.
In its turn, Ukrainian magazine “Focus” in 2012 estimated total value of assets owned by Grigorishin at US$2.019 billion (7th place in the list of wealthiest Ukrainians), in 2015 – at US$920 million (6th place).
Interests
Since 1993, Konstantin Grigorishin is engaged in art collection, since 2004 on permanent basis his art collection is managed by Olga Vaschilina. By 2012, he owned 238 oil on canvas paintings and about 500 pages of graphics. Today part of his Russian collection is seized by the court.
Main sport activity of Grigorishin is swimming, where he qualified as a master at international class. In 2009, he established Energy Standard Swim Club, where he holds a position of the President, and a swimming team of the same name. In 2013, Energy Standard Group became a sponsor of Ukrainian Swimming Federation and created prize money fund for the swimmers for upcoming World Cup. In 2018, established International Swimming League, in the first season of which world's top-tier swimmers competed in eight teams (four European and four North American).
In June 2010, Grigorishin became an investor for upcoming season for “PFC Sumy” football club at the time playing in the Ukrainian Second League and paid up club's debts of ₴640 thousand. In February 2011, “Yuvileiny Stadium” in Sumy was purchased for ₴10 million where the club was based.
In 2020, acted as organizer for International Institute of Political Philosophy.
Personal life, education
Married (wife – Natalia Yakos), has three children – daughter Evgenia (born 1988), sons Ivan (born 1998) and Georgiy (born 2010).
Citizen of Cyprus, the Russian Federation and Ukraine (from 2016)
Cyprus citizenship revoked (2 Jul 2024)
Grigorishin was married to Oksana Grigorishina, with three children and his residence was Moscow, Russia. After Grigorishin gained Ukrainian citizenship in 2016 he resides in Kyiv,
Ukraine. He is currently divorced. Grigorishin has a son and a daughter. His son Ivan played six times for the California Golden Bears, the team of the University of California, Berkeley.
2017, it was reported in The Guardian that Grigorishin had acquired Cypriot citizenship in 2010 through a "Golden visa" scheme.
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Islamic finance products, services and contracts
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[
"Sharia investment",
"Islamic banking",
"Islamic banking and finance terminology"
] | 15,536 | 147,483 |
Islamic finance products, services and contracts are financial products and services and related contracts that conform with Sharia (Islamic law). Islamic banking and finance has its own products and services that differ from conventional banking. These include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus finance), Ijar (leasing), Hawala (an international fund transfer system), Takaful (Islamic insurance), and Sukuk (Islamic bonds).
Sharia prohibits riba, or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to riba). Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam ("sinful and prohibited").
, around $2 trillion in financial assets, or 1 percent of total world assets, was Sharia-compliant, concentrated in the Gulf Cooperation Council (GCC) countries, Iran, and Malaysia.
Principles
To be consistent with the principles of Islamic law (Shariah) and guided by Islamic economics, the contemporary movement of Islamic banking and finance prohibits a variety of activities:
Paying or charging interest. "All forms of interest are riba and hence prohibited". Islamic rules on transactions (known as Fiqh al-Muamalat) have been created to prevent use of interest.
Investing in businesses involved in activities that are forbidden (haraam). These include things such as selling alcohol or pork, or producing media such as gossip columns or pornography.
Charging extra for late payment. This applies to murâbaḥah or other fixed payment financing transactions, although some authors believe late fees may be charged if they are donated to charity, or if the buyer has "deliberately refused" to make a payment.
Maisir. This is usually translated as "gambling" but used to mean "speculation" in Islamic finance. Involvement in contracts where the ownership of a good depends on the occurrence of a predetermined, uncertain event in the future is maisir and forbidden in Islamic finance.
Gharar. Gharar is usually translated as "uncertainty" or "ambiguity". Bans on both maisir and gharar tend to rule out derivatives, options and futures. Islamic finance supporters (such as Mervyn K. Lewis and Latifa M. Algaoud) believe these involve excessive risk and may foster uncertainty and fraudulent behaviour such as are found in derivative instruments used by conventional banking.
Engaging in transactions lacking "'material finality'. All transactions must be "directly linked to a real underlying economic transaction", which generally excludes "options and most other derivatives".
Money earned from the most common type of Islamic financing—debt-based contracts—"must" come "from a tangible asset that one owns and thus has the right to sell—and in financial transactions it demands that risk be shared." Money cannot be made from money. as "it is only a medium of exchange." Risk and return on distribution to participants should be symmetrical so that no one benefits disproportionately from the transaction.
Other restrictions include
A board of shariah experts is to supervise and advise each Islamic bank on the propriety of transactions to "ensure that all activities are in line with Islamic principles". (Interpretations of Shariah may vary by country, with it being most strict in Sudan somewhat less in Turkey or Arab countries, less still in Malaysia, whose interpretation is in turn more strict than the Islamic Republic of Iran. Mahmud el-Gamal found interpretations most strict in Sudan and least in Malaysia.)
Islamic banking and finance has been described as having the "same purpose" (Institute of Islamic Banking and Insurance), or having the same "basic objective" (Mohamed Warsame), as conventional banking but operating in accordance with the rules of shariah law.
Benefits that will follow from banning interest and obeying "divine injunctions" include an Islamic economy free of "imbalances" (Taqi Usmani)—concentration of "wealth in the hands of the few", or monopolies which paralyze or hinder market forces, etc.—a "move towards economic development, creation of the value added factor, increased exports, less imports, job creation, rehabilitation of the incapacitated and training of capable elements" (Saleh Abdullah Kamel).
Other describe these benefits (or similar ones) as "principals" or "objectives" of Islamic finance. Nizam Yaquby, for example declares that the "guiding principles" for Islamic finance include: "fairness, justice, equality, transparency, and the pursuit of social harmony".
Some distinguish between sharia-compliant finance and a more holistic, pure and exacting sharia-based finance. "Ethical finance" has been called necessary, or at least desirable, for Islamic finance, as has a "gold-based currency". Zubair Hasan argues that the objectives of Islamic finance as envisaged by its pioneers were "promotion of growth with equity ... the alleviation of poverty ... [and] a long run vision to improve the condition of the Muslim communities across the world."
Criticism
Modernist/Minimalist critic Feisal Khan argues that in many ways Islamic finance has not lived up to its defining characteristics. Risk-sharing is lacking because profit and loss sharing modes are so infrequently used. Underlying material transactions are also missing in such transactions as "tawarruq, commodity murabahas, Malaysian Islamic private debt securities, and Islamic short-sales". Exploitation is involved when high fees are charged for "doing nothing more substantial than mimicking conventional banking /finance products". Haram activities are not avoided when banks (following the customary practice) simply take the word of clients/financees/borrowers that they will not use funds for unIslamic activities.
Others (such as convert Umar Ibrahim Vadillo) agree that the Islamic banking movement has failed to follow the principles of shariah law, but call for greater strictness and greater separation from the non-Muslim world.
Overview of products, contracts, etc.
Banking makes up most of the Islamic finance industry. Banking products are often classified in one of three broad categories, two of which are "investment accounts":
Profit and loss sharing modes—musharakah and mudarabah—where financier and the user of finance share profits and losses, are based on "contracts of partnership".
"Asset-backed financing", (also known as trade-based financing" or "non-PLS financing"), "debt-like instruments" which are based on "debt-based contracts" or "contracts of exchange". They are structured as sales and allow for "the transfer of a commodity for another commodity, the transfer of a commodity for money, or the transfer of money for money". They involve the financing "purchase and hire of goods or assets and services", and like conventional loans repayment is deferred, increased, and made on a "fixed-return basis". Unlike conventional loans, the fixed return is called "profit" or "markup", not "interest". According to Feisal Khan, "virtually every" Islamic banking advocate argues that these "non-non-participatory" forms of finance are acceptable only as "an interim measure" as Islamic banking develops, or for situations such as small and personal loans where participatory financing is not practical. Faleel Jamaldeen states that debt-based contracts are often used to finance not-so-minor purchases (homes, cars, etc.) for bank customers. These instruments include mark-up (murabaha), leasing (ijara), cash advances for the purchase of agricultural produce (salam), and cash advances for the manufacture of assets (istisna''').
the third category consists of
Modes based on contracts of safety and security, include safe-keeping contracts (wadi’ah) for current deposits (called checking accounts in the US), and agency contracts (wakalah). Current account deposits are regarded as trusts or safe-keeping and offer the depositors safety of their money against the bank's guarantee to return their funds on demand. (A current account the customer earns no return, but sources do not agree over whether the bank is allowed to invest the account funds. According to one report, in practice no examples of 100 percent reserve banking are known to exist.)
Non-banking finance
Islamic non-banking finance has grown to encompass a wide range of services, but as of 2013, banking still dominates and represented about four-fifths of total assets in Islamic finance. The sukuk market is also a fast-growing segment with assets equivalent to about 15 percent of the industry. Other services include leasing, equity markets, investment funds, insurance (takaful), and microfinance.
These products—and Islamic finance in general—are based on Islamic commercial contracts (aqad i.e. a commitment between two parties) and contract law, with products generally named after contracts (e.g. mudaraba) though they may be combinations of more than one type of contract.
Profit and loss sharing
While the original Islamic banking proponents hoped profit-loss sharing (PLS) would be the primary mode of finance replacing interest-based loans,
long-term financing with profit-and-loss-sharing mechanisms is "far riskier and costlier" than the long term or medium-term lending of the conventional banks, according to critics such as economist Tarik M. Yousef.
Yousef and other observers note that musharakah and mudarabah financing have "declined to almost negligible proportions".
In many Islamic banks asset portfolios, short term financing, notably murabaha and other debt-based contracts account for the great bulk of their investments.
Mudarabah
A "mudarabah" (profit sharing) contract is a kind of partnership where one partner (rabb-ul-mal) gives money to another (mudarib) for investing in a commercial enterprise. The "sleeping" rabb-ul-mal party provides 100 percent of the capital. The mudarib party provides its expertise and management.
Profits generated are shared between the parties according to a pre-agreed ratio—usually either 50%-50%, or 60% for the mudariband 40% for rabb-ul-mal. If there is a loss, the first partner "rabb-ul-mal" will lose his capital, and the other party "mudarib" will lose the time and effort invested in the project.
The structure of mudaraba is very similar to that of venture capital where the venture capitalist finances the entrepreneur who provides management and labor, so that both profit and risk are shared. Such participatory arrangements between capital on one hand and labor and management on the other, reflect the view of Islamic banking proponents that under Islam the user of capital would not bear all the risk/cost of a failure. And that this would result in a balanced distribution of income and prevent financiers from dominating the economy.
Musharakah (joint venture) Musharakah is a relationship between two or more parties that contribute capital to a business and divide the net profit and loss pro rata. Unlike mudarabah, there may be more than two partners and all the providers of capital are entitled (but not required) to participate in management. Like mudarabah, the profit is distributed among the partners in pre-agreed ratios, while the loss is borne by each partner in proportion to respective capital contributions.
This mode is often used in investment projects, letters of credit, and the purchase or real estate or property. Musharakah may be "permanent" (often used in business partnerships) or "diminishing" (often used in financing major purchases, see below).
In Musharaka business transactions, Islamic banks may lend their money to companies by issuing "floating rate interest" loans, where the floating rate is pegged to the company's individual rate of return, so that the bank's profit on the loan is equal to a certain percentage of the company's profits.
Use of musharaka (or at least permanent musharakah) is not great. In Malaysia, for example, the share of musharaka financing declined from 1.4 percent in 2000 to 0.2 percent in 2006
Diminishing Musharaka
A popular type of financing for rydamajor purchases—particularly housing—is Musharaka al-Mutanaqisa (literally "diminishing partnership"). A musharaka al-mutanaqisa agreement actually also involves two other Islamic contracts besides partnership—ijarah (leasing by the bank of its share of the asset to the customer) and bay (gradual sales of the bank's share to the customer).
In this mode of finance the bank and the purchaser/customer start with joint ownership of the purchased asset—the customer's sharing being their down-payment, the banks share usually being much larger. The customer leases/rents the asset from the bank—bank assessing (at least in theory) an imputed rent for use of the asset—while gradually paying off the cost of the asset while the bank's share diminishes to nothing.
If default occurs, both the bank and the borrower receive a proportion of the proceeds from the sale of the property based on each party's current equity.
This method allows for floating rates according to the current market rate such as the BLR (base lending rate), especially in a dual-banking system like in Malaysia. However, at least one critic (M. A. El-Gamal) complains that this violates the sharia principle that banks must charge 'rent' (or lease payment) based on comparable rents for the asset being paid off, not "benchmarked to commercial interest rate[s]".
Asset-backed financing
Asset-backed or debt-type instruments (also called contracts of exchange) are sales contracts that allow for the transfer of a commodity for another commodity, the transfer of a commodity for money, or the transfer of money for money. They include Murabaha, Musawamah, Salam, Istisna’a, and Tawarruq.
Murabaha is an Islamic contract for a sale where the buyer and seller agree on the markup (profit) or "cost-plus" price for the item(s) being sold.
In Islamic banking it has become a term for financing where the bank buys some good (home, car, business supplies, etc.) at the request of a customer and marks up the price of that good for resale to the customer (with the difference clearly stated to the customer) in exchange for allowing the customer/buyer to defer payment. (A contract with deferred payment is known as bai-muajjal in Islamic jurisprudence.)
Murabaha has also come to be "the most prevalent" or "default" type of Islamic finance. Most of the financing operations of Islamic banks and financial institutions use murabahah, according to Islamic finance scholar Taqi Uthmani, (One estimate is that 80% of Islamic lending is by Murabahah.) This is despite the fact that (according to Uthmani) "Shari‘ah supervisory Boards are unanimous on the point that [Murabahah loans] are not ideal modes of financing", and should be used when more preferable means of finance—"musharakah, mudarabah, salam or istisna—are not workable for some reasons".
Murabahah is somewhat similar to a conventional mortgage transaction (for homes) or hire purchase/"installment plan" arrangements (for furniture or appliances), in that instead of lending a buyer money to purchase an item and having the buyer pay the lender back, the financier buys the item itself and re-sells it to the customer who pays the financier in installments. Unlike conventional financing, the bank is compensated for the time value of its money in the form of "profit" not interest, and any penalties for late payment go to charity, not to the financier.
Economists have questioned whether Murabahah is "economically indistinguishable from traditional, debt- and interest-based finance." Since "there is principal and a payment plan, there is an implied interest rate", based on conventional banking interest rates such as LIBOR. Others complain that in practice most "murabaḥah" transactions are merely cash-flows between banks, brokers and borrowers, with no actual buying or selling of commodities.
Bai' muajjal, also called bai'-bithaman ajil, or BBA, (also known as credit sale or deferred payment sale)
In Bai' muajjal (literally "credit sale", i.e. the sale of goods on a deferred payment basis), the financier buys the equipment or goods requested by the client, then sells the goods to the client for an agreed price, which includes a mark-up (profit) for the bank and is paid either in installments over a pre-agreed period or in a lump sum at a future date. The contract must expressly mention cost of the commodity and the margin of profit is mutually agreed.
Bia'muajjal was introduced in 1983 by Bank Islam Malaysia Berhad.
Because in Islamic finance the markup in murabahah is charged in exchange for deferred payment, bai' muajjal and murabahah are often used interchangeably, (according to Hans Visser), or "in practice ... used together" (according to Faleel Jamaldeen).
However, according to another (Bangladeshi) source, Bai' muajjal differs from Murabahah in that the client, not the bank, is in possession of and bear the risk for the goods being purchased before completion of payment. And according to a Malaysian source, the main difference between BBA (short for bai'-bithaman ajil) and murabaha—at least as practiced in Malaysia—is that murabaha is used for medium and short term financing and BBA for longer term.
Bai' al 'inah (sale and buy-back agreement)
Bai' al inah (literally, "a loan in the form of a sale"),
is a financing arrangement where the financier buys some asset from the customer on spot basis, with the price paid by the financier constituting the "loan". Subsequently, the asset is sold back to the customer who pays in installments over time, essentially "paying back the loan". Since loaning of cash for profit is forbidden in Islamic Finance, there are differences of opinion amongst the scholars on the permissibility of Bai' al 'inah. According to the Institute of Islamic Banking and Insurance, it "serves as a ruse for lending on interest", but Bai' al inah is practised in Malaysia and similar jurisdictions.
Bai al inah is not accepted in the Middle East and North Africa (MENA) but in 2009 the Malaysian Court of Appeals upheld it as a shariah-compliant technique. This was a demonstration of "the philosophical differences" in Shariah between these "two centers of Islamic finance", according to Thomson Reuters Practical Law.
Musawamah
A Musawamah (literally "bargaining") contract is used if the exact cost of the item(s) sold to the bank/financier either cannot be or is not ascertained. Musawamah differs from Murabahah in that the "seller is not under the obligation to reveal his cost or purchase price", even if they do know it. Musawamah is the "most common" type of "trading negotiation" seen in Islamic commerce.
Istisna
Istisna (also Bia Istisna or Bai' Al-Istisna) and Bia-Salam are "forward contracts" (customized contracts between two parties to buy or sell an asset at a specified price on a future date). They are also contracts made before the objects of sale comes into existence, and should be as detailed as possible to avoid uncertainty.
Istisna (literally, a request to manufacture something) is a "forward contract on a project" and unlike Bia-Salam can only be a contract for something manufactured, processed, or constructed, which would never exist were it not for the contract to make it. Also unlike bia salam,
The price need not be paid in full in advance. Financing payments may be made in stages to purchase raw materials for manufacturing, construction materials for construction of a building. When the product/structure is finished and sold, the bank can be repaid.
The contract may be canceled unilaterally before the manufacturer or builder starts work.
It is not necessary that the time of delivery be fixed.
Examples of istisna in the Islamic finance world include:
projects and residential properties financed by the Kuwait Finance House under construction as of 2012.
the Barzan project, the "biggest financing operation in the energy sector" carried out by QatarEnergy uses Istisna and Ijara and as of 2013, had US$500M "earmarked" for it.
Bai Salam
Like istisna, Bai Salam (also Bai us salam or just salam) is a forward contract in which advance payment is made for goods in the future, with the contract spelling out the nature, price, quantity, quality, and date and place of delivery of the good in precise enough detail "to dismiss any possible conflict".
Salam contracts predate istisna and were designed to fulfill the needs of small farmers and traders.
The objects of the sale maybe of any type—except gold, silver, or currencies based on these metals. Islamic banks often use "parallel" salam contracts and acting as a middleman. One contract is made with a seller and another with a purchaser to sell the good for a higher price. Examples of banks using these contracts are ADCB Islamic Banking and Dubai Islamic Bank.
Basic features and conditions of a proper salam contract
A salam transaction must have the buyer paying the purchase price to the seller (the small farmer or trader, etc. being financed) in full at the time of sale.
Salam cannot specify that a particular commodity or a product come from a particular place—wheat from a particular field, or fruit from a particular tree as this would introduce excessive uncertainty (gharar) to the contract. (The specified crop or fruit might be ruined or destroyed before delivery.)
To avoid dispute, the quality and quantity (whether weight or volume) of the commodity purchased must be fully specified leaving no ambiguity.
The exact date and place of delivery must be specified.
Any exchange of gold, silver, wheat, barley, date, or salt on a deferred basis in salam is a violation of riba al-fadl and forbidden.
Salam is a preferred financing structure and carries higher order of shariah compliance than contracts such as Murahabah or Musawamah.
Ijarah, (literally "to give something on rent")
is a term of Islamic jurisprudence, and a product in Islamic banking and finance resembling rent-to-own. In traditional fiqh (Islamic jurisprudence), it means a contract for the hiring of persons or services or "usufruct" of a property generally for a fixed period and price.
In Islamic finance, al Ijarah usually refers to a leasing contract of property (such as plant, office automation, motor vehicle), which is leased to a client for stream of rental and purchase payments, ends with a transfer of ownership to the lessee, and otherwise follows Islamic regulations. Unlike a conventional lease, the financing party of a sharia-compliant Ijara must buy the asset customer wants to lease and take on "some of the commercial risks (such as damage to or loss of the asset) more usually associated with operating leases".
There are several types of ijarah:
Ijarah thumma al bai' (hire purchase)
Ijarah thumma al bai (literally "renting/hiring/leasing followed by sale") involves the customer renting/hiring/leasing a good and agreeing to purchase it, paying both the lease/rental fee and the purchase price in installments so that by the end of the lease it owns the good free and clear. This involves two Islamic contracts (very much like "Diminishing Musharaka" above):
an Ijarah that outlines the terms for leasing or renting over a fixed period;
a Bai that outlines the terms for a sale to be completed by the end of the term of the Ijarah.
It is very important from the standpoint of shariah law for the Ijarah and Bai not to be combined, but to be two separate contracts.
An example would be in an automobile financing facility, a customer enters into the first contract and leases the car from the owner (bank) at an agreed amount over a specific period. When the lease period expires, the second contract comes into effect, which enables the customer to purchase the car at an agreed price.
(This type of transaction is similar to the contractum trinius, a legal maneuver used by European bankers and merchants during the Middle Ages to sidestep the Church's prohibition on interest bearing loans. In a contractum, two parties would enter into three (trinius) concurrent and interrelated legal contracts, the net effect being the paying of a fee for the use of money for the term of the loan. The use of concurrent interrelated contracts is also prohibited under Shariah Law.)
Ijarah wa-iqtina
Ijarah wa-iqtina (literally, "lease and ownership" also called al ijarah muntahia bitamleek) also involves a ijarah followed by sale of leased asset to the lessee, but in an ijara wa iqtina contract the transfer of ownership occurs as soon as the lessee pays the purchase price of the asset—anytime during the leasing period. An Islamically correct ijara wa iqtina contract "rests" on three conditions:
The lease and the transfer of ownership of the asset or the property should be recorded in separate documents.
The agreement to transfer of ownership should not be a pre-condition to the signing of the leasing contract.
The "promise" to transfer the ownership should be unilateral and should be binding only on the lessor.
ijara mawsoofa bi al dhimma
In a "forward ijarah" or ijara mawsoofa bi al dhimma Islamic contract (literally "lease described with responsibility", also transliterated ijara mawsufa bi al thimma), the service or benefit being leased is well-defined, but the particular unit providing that service or benefit is not identified. Thus, if a unit providing the service or benefit is destroyed, the contract is not void.
In contemporary Islamic finance, ijara mawsoofa bi al dhimma is the leasing of something (such as a home, office, or factory) not yet produced or constructed. This means the ijara mawsoofa bi al dhimma contract is combined with a Istisna contract for construction of whatever it is that will provide the service or benefit. The financier finances its making, while the party begins leasing the asset after "taking delivery" of it. While forward sales normally do not comply with sharia, it is allowed using ijarah provided rent/lease payment do not begin until after the customer takes delivery. Also required by sharia is that the asset be clearly specified, its rental rate be clearly set (although the rate may float based on the agreement of both parties).
Ijarah challenges
Among the complaints made against ijara are that in the practice some rules are overlooked, such as ones making the lessor/financier liable in the event the property rented is destroyed because of unforeseeable circumstance (Taqi Usmani); that ijara provides weaker legal standing and consumer protection for foreclosure than conventional mortgage (Abu Umar Faruq Ahmad); and less flexibility for customers who wanting to sell property (such as a car) and repay the loan before its completion (not allowed as the customer does not own the property) (Muhammad Akram Khan).
A Tawarruq (literally "turns into silver", or "monetization")
contract/product is one where a client customer can raise immediate cash to be paid back later by buying an asset that is easily saleable, paying a marked up price with deferred payment and then quickly selling the asset to raise cash.
An example of this would be a customer wishing to borrow $900 in cash having their bank buy $1000 worth of some commodity (such as iron) from a supplier, and then buying the iron from the bank with an agreement that they will be given 12 months to pay the $1000 back. The customer then immediately sells the metal back to the bank for $900 cash to be paid on the spot, and the bank then resells the iron. (This would be the equivalent of borrowing $900 for a year at an interest rate of 11 percent.)
While tawarruq strongly resembles a cash loan—something forbidden under orthodox Islamic law—and its greater complexity (like bai' al inah mentioned above) mean higher costs than a conventional bank loan, proponents argue the tangible assets that underlie the transactions give it sharia compliance.
However, the contract is controversial with some (also like bai' al inah). Because the buying and selling of the commodities in Tawarruq served no functional purpose, banks/financiers are strongly tempted to forgo it. Islamic scholars have noticed that while there have been "billions of dollars of commodity-based tawarruq transactions" there have not been a matching value of commodity being traded.
In December 2003, the Fiqh Academy of the Muslim World League forbade tawarruq "as practiced by Islamic banks today". In 2009 another prominent juristic council, the Fiqh Academy of the OIC, ruled that "organized Tawarruq" is impermissible. Noted clerics who have ruled against it include Ibn Qayyim Al-Jawziyya and Ibn Taymiyya. On the other hand, Faleel Jamaldeen notes that Islamic banks using Tawarruq as of 2012 include the United Arab Bank, QNB Al Islamic, Standard Chartered of United Arab Emirates, and Bank Muamalat Malaysia.
Charitable lending
Taqi Usmani insists that "role of loans" (as opposed to investment or finance) in a truly Islamic society is "very limited", and that Shariah law permits loans not as an ordinary occurrence", but only in cases of dire need".
Qardh-ul Hasan
A shariah-compliant loan is known as Qardh-ul Hasan, (also Qard Hasan, literally: "benevolent loan" or "beneficence loan"). It is often described as an interest-free loan extended to needy people.
Such loans are often made by private parties, social service agencies, or by a firm as a benefit to employees, rather than Islamic banks.
Quoting hadith, some sources insist that in addition to not "charg[ing] interest or any premium above the actual loan amount", the lender may also not gain "any advantage or benefits" from the loan, even "riding the borrower’s mule, eating at his table, or even taking advantage of the shade of his wall'".
However, other sources state that the borrower is allowed pay an extra if the extra is optional and not stipulated by contract. Some financial institutions offer products called qardh-ul hasan to lenders which charge no interest but do charge an additional management fee.
There are also savings account products called qardh-ul hasan, (the "loan" being a deposit to a bank account) where the debtor (the bank) may pay an extra amount beyond the principal amount of the loan (known as a hibah, literally gift) as a token of appreciation to the creditor (depositor). These also do not (in theory) violate orthodox sharia if the extra was not promised or pre-arranged with the account/loan agreement.
Contracts of safety, security, service
These contracts are intended to help individual and business customers keep their funds safe.
Hawala (also Hiwala, Hewala, or Hundi; literally transfer or sometimes trust) is a widely used, informal "value transfer system" for transferring funds from one geographical area to another, based not on movement of cash, or on telegraph or computer network wire transfers between banks, but on a huge network of money brokers (known as "Hawaladars") located throughout the Muslim world.
According to the IMF, a hawala transaction typically transfers the value of money (or debt) but not corresponding cash, from one country to another.
The hawala network operates outside of, or parallel to, traditional banking, financial channels, and remittance systems, but predates it by many centuries. In the first half of the 20th century it was gradually replaced by the instruments of the conventional banking system, but became a "substitute for many banking products", as Muslim workers began to migrate to wealthier countries to seek employment in the late 20th century, and sought ways to send money to or secure a loan taken out by their family back home. Dubai has traditionally served as a hub.
Each hawala transaction takes place entirely on the honour system, and since the system does not depend on the legal enforceability of claims, it can operate even in the absence of a legal and juridical environment.
Hawaladars networks are often based on membership in the same family, village, clan, or ethnic group, and cheating is punished by effective ex-communication and "loss of honour"—leading to severe economic hardship. Hawaladars are often small traders who work at Hawala as a sideline or moonlighting operation.
Hawala is based on a short term, discountable, negotiable, promissory note (or bill of exchange) called "Hundi". The Hawala debt is transferred from one debtor to another. After the debt is transferred to the second debtor, the first debtor is free from his/her obligation.
As illustrated in the box to the right, (1) a customer (A, left-hand side) approaches a hawala broker (X) in one city and gives a sum of money (red arrow) that is to be transferred to a recipient (B, right-hand side) in another, usually foreign, city. Along with the money, he usually specifies something like a password that will lead to the money being paid out (blue arrows). (2b) The hawala broker X calls another hawala broker M in the recipient's city, and informs M about the agreed password, or gives other disposition instructions of the funds. Then, the intended recipient (B), who also has been informed by A about the password (2a), now approaches M and tells him the agreed password (3a). If the password is correct, then M releases the transferred sum to B (3b), usually minus a small commission. X now basically owes M the money that M had paid out to B; thus M has to trust X's promise to settle the debt at a later date. Transactions may completed in as little as 15 minutes.
Kafala
Kafala (literally "guarantee", "joining" or "merging") is called "surety" or "guaranty" in conventional finance. A third party accepts an existing obligation and becomes responsible for fulfilling someone's liability. At least sometimes used interchangeably with himalah and za’amah. There are five "Conditions Of Kafala": Conditions of the Guaranteed, of the Guarantor, of the Object of Guarantee, of the Creditor, and of Sigah For Constituting the Contract. There are different kinds of Kafala: Kafalah Bi Al-Nafs (Physical Guarantee) and Kafalah Bi Al-Mal (Financial Guarantee), with three types of financial guarantee: kafalah bi al-dayn (guarantee for debt), kafalah bi al-taslim (guarantee for delivery), and kafalah bi al-dark.
Rahn
Rahn (collateral or pledge contract) is property pledged against an obligation. It is also used to refer to the contract that secures a financial liability, with the actual physical collateral given another name—marhoon. According to Mecelle, rahn is "to make a property a security in respect of a right of claim, the payment in full of which from the property is permitted." Hadith tradition states that the Islamic prophet Muhammad purchased food grains on credit pledging his armor as rahn.
Types of rahn can be described in terms of who possesses them: Al-rahn al-heyazi (where the creditor holds the collateral); Al-rahn ghair al-heyazi (where the collateral is held by the debtor); Al-rahn al-musta'ar (where a third party provides the collateral).
They can also be described by subject type: Rahn al-manqul (moveable (manqul) property, such as vehicles), Rahn ghair al-manqul (immoveable property (ghair manqul), such as land, buildings).
Wakalah
A Wakalah is a contract where a person (the principal or muwakkel) appoints a representative (the agent or wakil) to undertake transactions on his/her behalf, similar to a power of attorney. It is used when the principal does not have the time, knowledge or expertise to perform the task himself. Wakalah is a non-binding contract for a fixed fee and the agent or the principal may terminate this agency contract at any time "by mutual agreement, unilateral termination, discharging the obligation, destruction of the subject matter and the death or loss of legal capacity of the contracting parties". The agent's services may include selling and buying, lending and borrowing, debt assignment, guarantee, gifting, litigation and making payments, and are involved in numerous Islamic products like Musharakah, Mudarabah, Murabaha, Salam and Ijarah.
Types of wakalh include: general agency (wakalah 'ammah), specific agency (wakalah khassah), limited or restricted agency (wakalah muqayyadah), absolute or unrestricted agency (wakalah mutlaqah), binding wakalah (wakalah mulzimah), non-binding wakalah (wakalah ghair mulzimah), paid agency, non-paid agency, etc.
An example of the concept of wakalah is in a mudarabah profit and loss sharing contract (above) where the mudarib (the party that receives the capital and manages the enterprise) serves as a wakil for the rabb-ul-mal (the silent party that provides the capital) (although the mudarib may have more freedom of action than a strict wakil).
Deposit side of Islamic banking
From the point of view of depositors, "Investment accounts" of Islamic banks—based on profit and loss sharing and asset-backed finance—resemble "time deposits" of conventional banks. (For example, one Islamic bank—Al Rayan Bank in the UK—talks about "Fixed Term" deposits or savings accounts). In both these Islamic and conventional accounts the depositor agrees to hold the deposit at the bank for a fixed amount of time. In Islamic banking return is measured as "expected profit rate" rather than interest.
"Demand deposits" of Islamic financial institutions, which provide no return, are structured with qard al-hasana (also known as qard, see above in Charitable lending') contracts, or less commonly as wadiah or amanah contracts, according to Mohammad O. Farooq.
Restricted and unrestricted investment accounts
At least in one Muslim country with a strong Islamic banking sector (Malaysia), there are two main types of investment accounts offered by Islamic banks for those investing specifically in profit and loss sharing modes—restricted or unrestricted.
Restricted investment accounts (RIA) enable customers to specify the investment mandate and the underlying assets that their funds may be invested in,
unrestricted investment accounts (UIAs) do not, leaving the bank or investing institution full authority to invest funds as "it deems fit", with no restrictions as to the purpose, geographical distribution or way of investing the account's funds. In exchange for more flexible withdrawal conditions, a UIA fund may combine/commingle pools of funds that invest in diversified portfolios of underlying assets. While investment accounts can be tailored to meet a diverse range of customer needs and preferences, funds in the account are not guaranteed by Perbadanan Insurans Deposit Malaysia (PIDM) or also known as Malaysia Deposit Insurance Corporation (MDIC) internationally.
Some have complained that UIA accounts lack transparency, fail to follow Islamic banking standards, and lack of customer representation on the board of governors. Some institutions have hid poor performance of their UIAs behind "profit equalization funds" or "investment risk reserves", (which are created from profits earned during good times). "It is only when an Islamic financial institution approaches insolvency that the UIAs come to know that their deposits have eroded over the period."
Demand deposits
Islamic banks also offer "demand deposits," i.e. accounts which promise the convenience of returning funds to depositors on demand, but in return usually pay little if any return on investment and/or charge more fees.
Qard
Because demand deposits pay little if any return and (according to orthodox Islamic law) Qard al-hasana (mentioned above) loans may not have any "stipulated benefit", the Qard mode is a popular Islamic finance structure for demand deposits. In this design, qard al-hasan is defined as "deposits whose repayment in full on demand is guaranteed by the bank," with customer deposits constitute "loans" and the Islamic bank a "borrower" who pays no return (no "stipulated benefit")—in accordance with orthodox Islamic law. However, according to Islamic jurisprudence, Qard al-hasana (literally, "benevolent loan") are loans to be extended as charity to the needy who will be required to replay the loan only (at least in some definitions) "if and when ... able".
This puts account holders in the curious position—according to one skeptic (M. O. Farooq)—of making charitable loans with their deposits to multi-million or billion dollar profit-making banks, who are obliged by jurisprudence (in theory) to "repay" (i.e. to honor customers' withdrawals) only if and when able.
A further complication is that at least some conventional banks do pay a modest interest on their demand/savings deposits. In order to compete with them, Islamic banks sometimes provide an incentive of a Hibah (literally "gift") on the balance of the customers' savings accounts.
In Iran, qard al-hasanah deposit accounts are permitted to provide a number of incentives in lieu of interest, including:
"grant of prizes in cash of kind,
reductions in or exemptions from service charges or agents' fees payable to banks, and
according priority in the use of banking finances."
Like dividends on shares of stock, hibah cannot be stipulated or legally guaranteed in Islam, and is not time bound. Nonetheless, one scholar (Mohammad Hashim Kamali) has complained:
"If Islamic banks routinely announce a return as a 'gift' for the account holder or offer other advantages in the form of services for attracting deposits, this would clearly permit entry of riba through the back door. Unfortunately, many Islamic banks seem to be doing precisely the same as part of their marketing strategy to attract deposits."
Wadiah and Amanah
Two other contracts sometimes used by Islamic finance institutions for pay-back-on-demand accounts instead of qard al-hasanah,
are Wadi'ah (literally "safekeeping") and Amanah (literally "trust"). (The Jordan Islamic Bank uses Amanah (trust) mode for current accounts/demand deposits, the bank may only use the funds in the account at its "own risk and responsibility" and after receiving permission of the account owner.)
Sources disagree over the definition of these two contracts. "Often the same words are used by different banks and have different meanings," and sometimes wadiah and amanah are used interchangeably.
Regarding Wadiah, there is a difference over whether these deposits must be kept unused with 100 percent reserve or simply guaranteed by the bank. Financialislam.com and Islamic-banking.com talk about wadiah deposits being guaranteed for repayment but nothing about the deposit being left the untouched/uninvested. Reuters Guide to Islamic finance glossary, on the other hand, states that in wadia "... the trustee does not have rights of disposal." But according to Reuters there is a contract called Wadia yadd ad daman which is used by Islamic Banks "to accept current account deposit", and whereby the bank "guarantees repayment of the whole or part of the deposit outstanding in the account when repayment is due", and nothing about not having rights of disposal. (Two other authors, Vicary Daud Abdullah and Keon Chee, also talk of a contract with a guarantee of safe-keeping but which may be invested and not kept locked up called Wadiah yad dhamanah, apparently a different spelling of yadd ad damanh—Arabic for "guarantee").
Sources also differ on Amanah. Financialislam.com says it is a trust and an Islamic bank cannot use these funds for its operations, but Islamic-banking.com says a bank can if it "obtains authority" of depositor. Reuters talks about amanah needing to be "guarded and preserved". Abdullah and Chee, refer to amanah as a type of wadiah—Wadiah yad amanah—that is property deposited on the basis of trust or guaranteeing safe custody and must be kept in the banks vaults. (All sources note that the trustee of amanah is not liable for loss of the property entrusted if there is an "unforeseen mishap" (Abdullah and Chee), "resulting from circumstances beyond its control" (financialislam.com), or unless the trustee has been in "breach of duty" (Reuters).) (According to Mohammad Obaidullah, Amanah is "unacceptable" as an "approach to deposits", but wadiah or qard are acceptable).
Other sharia-compliant financial instruments
Sukuk (Islamic bonds) Sukuk, (plural of صك Sakk), is the Arabic name for financial certificates developed as an alternative to conventional bonds. They are often referred to as "Islamic" or "sharia-compliant" bonds. Different types of sukuk are based on different structures of Islamic contracts mentioned above (murabaha, ijara, wakala, istisna, musharaka, istithmar, etc.), depending on the project the sukuk is financing.
Instead of receiving interest payments on lent money as in a conventional bond, a sukuk holder is given "(nominal) part-ownership of an asset" from which he/she receives income "either from profits generated by that asset or from rental payments made by the issuer".
A sukuk security, for example, may have partial ownership of a property built by the investment company seeking to raise money from the sukuk issuance (and held in a Special Purpose Vehicle), so that sukuk holders can collect the property's profit as rent. Because they represent ownership of real assets and (at least in theory) do not guarantee repayment of initial investment, sukuk resemble equity instruments, but like a bond (and unlike equity) regular payments cease upon their expiration. However, in practice, most sukuk are "asset-based" rather than "asset-backed"—their assets are not truly owned by their Special Purpose Vehicle, and (like conventional bonds), their holders have recourse to the originator if there is a shortfall in payments.
The sukuk market began to take off around 2000 and as of 2013, sukuk represent 0.25 percent of global bond markets. The value of the total outstanding sukuk as of the end of 2014 was $294 billion, with $188 billion from Asia, and $95.5 billion from the countries of the Gulf Cooperation Council
According to a paper published by the IMF, as of 2015 the supply of sukuk, fell "short of demand and, except in a few jurisdictions, issuance took place without a comprehensive strategy to develop the domestic market."
Takaful (Islamic insurance) Takaful, sometimes called "Islamic insurance", differs from conventional insurance in that it is based on mutuality so that the risk is borne by all the insured rather than by the insurance company. Rather than paying premiums to a company, the insured contribute to a pooled fund overseen by a manager, and they receive any profits from the fund's investments.
Any surplus in the common pool of accumulated premiums should be redistributed to the insured. (As with all Islamic finance, funds must not be invested in haram activities like interest-bearing instruments, enterprises involved in alcohol or pork.)
Like other Islamic finance operations, the takaful industry has been praised by some for providing "superior alternatives" to conventional equivalents and criticized by others for not being significantly different from them. Omar Fisher and Dawood Y. Taylor state that takaful has "reinvigorate[d] human capital, emphasize[d] personal dignity, community self-help, and economic self-development".
On the other hand, according to Muhammad Akram Khan, Mahmud El-Gamal, the cooperative ideal has not been followed in practice by most takaful companies—who do not give their holders a voice in appointing and dismissing managers, or in setting "rates of premium, risk strategy, asset management and allocation of surpluses and profits". In a different critique, Mohammad Najatuallah Siddiqui argues that cooperation/mutuality does not change the essence of insurance—namely using the "law of large numbers" to protect customers.
As of the end of 2014 "gross takaful contributions" were estimated to be US$26 billion according to INCIEF (International Centre for Education in Islamic Finance).
BusinessInsurance.com estimates the industry will reach $25 billion in size by the end of 2017.
Islamic credit cards
Sources dispute whether a truly shariah-compliant credit card has been developed. According to scholar Manzur Ahmad, despite their efforts, (at least as of 2008), Muslim scholars have not been able to find a legal basis in classical jurisprudence for an Islamic parallel of the credit card.
Other scholars (Hossein Askari, Zamir Iqbal and Abbas Mirakhor) also agree that (at least as of 2009), attempts to devise "some sort of 'Islamic credit cards'" have found "no instrument that is compatible with shariah that can offer the same service as the conventional credit card". Among other complaints, critics note that credit cards encourage people to go into debt and to buy luxuries – both unIslamic activities.
Despite this, there are credit cards claiming to be shariah-compliant, generally following one of three arrangements, according to Lisa Rogak:
A bank provides a line of credit to the cardholder and charges a monthly or yearly usage fee tied to the outstanding balance of the line of credit.
A customer is allowed to buy an item with a card, but in the instant that the card goes through, the bank purchases the item before selling it to the cardholder at a higher price.
A lease-purchase agreement where the bank holds title to the purchased item until the cardholder makes the final payment.
Another source (Beata Paxford writing in New Horizon) finds Islamic credit cards based not one of three but one of five structures:
ujra (the client simply pays an annual service fee for using the card)
ijara (card as a leased asset for which it pays installments on a regular basis)
kafala (the bank acts as a kafil (guarantor) for the transactions of the card holder. For its services, the card holder is obligated to pay kafala bi ujra (fee)).
qard ( the client acts as the borrower and the bank as a lender).
bai al-ina/wadiah (The bank sells a product at a certain price which is the pool of means available for the client from its credit card. And then the bank repurchases the item from the client at a lower price. The difference between the prices is the income of the bank. In this model, the client would have a ceiling limit of money it could spend.)
According to yet another source, (Faleel Jamaldeen), Islamic "credit cards" are much like debit cards, with any transaction "directly debited" from the holder's bank account. According to Maryam Nasuha Binti Hasan Basri, et al., Islamic credit cards have played an important role in "the development and success of Islamic banking in Malaysia". Banks in that country offering Islamic credit cards as of sometime after 2012 include Bank Islam Malaysia Berhad, CIMB Islamic Bank Berhad, HSBC Amanah Malaysia Berhad, Maybank Islamic Berhad, RHB Islamic Bank Berhad, Standard Chartered Berhad, Am Islamic Bank Berhad.
Islamic funds
Islamic mutual funds—i.e. professionally managed investment funds that pools money from many investors to purchase securities that have been screened for sharia compliance—have been compared with "socially responsible" mutual funds—both seeking some combination of high returns/low risk like conventional funds, but also screening their holdings according to a non-profit seeking criteria. Islamic funds may also be unit trusts which are slightly different from mutual funds. The funds may hold equity and/or sukuk securities and/or own real estate.
Before a company's shares or other holdings can be purchased by a fund, the firm must be screened according to the sharia
to filter out any company whose business involves industries or types of transactions that are prohibited by Islamic law (alcohol, tobacco, pork, adult entertainment industry, gambling, weapons, conventional banks and insurance companies) but also
to make sure the company isn't "engaged in prohibited speculative transactions (involving uncertainty or gambling), which are likely leveraged with debt", the company's "financial ratios" must be examined to meet "certain financial benchmarks".
Islamic equity funds were launched in the early 1990s, and began growing fairly rapidly in about 2004.
As of 2014 there were 943 Islamic mutual funds worldwide and as of May 2015, they held $53.2 billion of assets under management. Malaysia and Saudi Arabia dominate the sector with about 69% of total assets under management.
According to a 2015 study by Thomson Reuters, the market for Islamic funds has much room to grow as there is a "latent demand" for Islamic investment funds of $126 billion which "could rise to $185.1 billion by 2019". That survey of fund managers and investment firms found "an estimated 28 percent" of investors wanted to invest in sukuk-owning mutual funds, 21% in equity-owning funds and 15% in funds owning real estate.
Benchmarks to gauge the funds' performance have been established by Dow Jones and the FTSE Global Islamic Index Series. (Dow Jones established the first Islamic investment index. There are now "thousands" of Dow Jones Islamic indices varying by size, region, strategy, theme. These include fixed-income indices.)
At least in the earlier part of the 2000s, equity fund performance was not impressive. According to a study by Raphie Hayat and Roman Kraeuss of 145 Islamic equity funds from 2000 to 2009, the funds under-performed both Islamic and conventional equity benchmarks, particularly as the 2008 financial crisis set in. The study also found fund managers unsuccessful in their attempts to time the market. (An earlier study done by Said Elfakhani et al. before the 2008 financial crisis showed "no statistically significant difference" between Islamic and conventional funds in performance.)
A disadvantage Islamic funds have compared to conventional ones is that since they must "exclude companies with debt-to-market capitalization" above a certain ratio (which the industry has set at 33 percent), and since a fall in the price of the stock raises its debt-to-market capitalization ratio, falling stock prices may force a fund to sell stocks, "whether or not that was the best investment
strategy". This puts the fund at risk of being forced into "buying high and selling low".
Sharia indices
Credit Suisse HS50 Sharia Index
Dow Jones Islamic Market Index
Dubai Shariah Hedge Fund Index
FTSE Sharia Global Equity Index
Jakarta Islamic Index, Indonesia
MSCI Barra Islamic Index
S&P BSE 500 Shariah Index
Islamic derivatives
While "almost all conservative Sharia scholars" believe derivatives (i.e. securities whose price is dependent upon one or more underlying assets) are in violation of Islamic prohibitions on gharar, global standards for Islamic derivatives were set in 2010, with help of Bahrain-based International Islamic Financial Market and New York-based International Swaps and Derivatives Association.
This Tahawwut/"Hedging Master Agreement" provides a structure under which institutions can trade derivatives such as profit-rate and currency swaps. Attempts to unify various swap documentation and has "strong parallels" to the 2002 ISDA Master and Schedule of the conventional banking industry. Tahawwut has not being widely used as of 2015, according to Harris Irfan, as the market is "awash" with "unique, bespoke ... contracts documenting the profit rate swap", all using "roughly the same structure", but differing in details and preventing the cost saving of standardization.
According to critic of Islamic finance El-Gamal, the Islamic finance industry has "synthesized" Islamic versions of "short and long sales as well as put and call options", (options are a "common form" of a derivative).
The Islamic finance equivalent of a conventional call option (where the buyer has the right but not the obligation to buy in the future at a preset price, and so will make a profit if the price of the underlying asset rises above the preset price) are known as an urbun (down-payment) sale where the buyer has the right to cancel the sale by forfeiting her down-payment. The Islamic equivalent of the "premium" in a conventional call option is known as a "down-payment", and the equivalent of the "strike price" is called the "preset price". A put option (i.e. where the seller has the right but not the obligation to sell at a preset price by some point in the future, and so will profit if the price of the underlying asset falls) is called a 'reverse urbun` in Islamic finance.
Short-selling (though not technically a derivative) is also forbidden by conservative scholars because the investor is selling an item for which he never became the owner. However "some Shariah-compliant hedge funds have created an Islamic-short sale that is Shariah-certified". Some critics (like Feisal Khan and El-Gamal) complain it uses a work-around (requiring a "down-payment" towards the shorted stock) that is no different than "margin" regulations for short-selling used in at least one major country (the US), but entails "substantially higher fees" than conventional funds.
Wa'dWa'd (literally "promise"), is a principle that has come to underpin or to structure shariah-compliant hedging instruments or derivatives. Conventional hedging products such as forward currency contracts and currency swaps are prohibited in Islamic Finance. Wa'd has been called "controversial" or a mimicry of conventional products and "'Islamic' in form alone".
A "Double Wa'd" is a derivative that allows an investor to invest in and receive a return linked to some benchmark, sometimes ones that would normally be against shariah—such as an index of interest-bearing US corporate bonds. The investor's cash goes to a "special purpose entity" and they receive a certificate to execute the derivative. It involves a promise that on an agreed day in the future the investor will receive a return linked to whatever benchmark is chosen.
Several features of the double wa'd (allegedly) make the derivative sharia-compliant:
a special purpose entity where the investor's cash goes to avoid commingling,
a shariah-compliant asset that is liquid and tradable—such as shares in a big company (like Microsoft) that has low levels of interest bearing debt (high levels being against shariah)—purchased with the investor's cash.
a contract involving two mutually exclusive promises (hence "double"):
that on an agreed day in the future the investor will receive a return linked to a given benchmark;
that the bank will purchase the investor's asset "for a price equal to the benchmark"
So despite the fact that benchmark involves non-compliant investments, the contract is not "bilateral", because "the two undertaking promised are mutually exclusive", and this (proponents say) makes it in compliance with shariah.
In 2007, Yusuf DeLorenzo (chief sharia officer at Shariah Capital) issued a fatwa disapproving of the double wa'd in these situations (when the assets reflected in the benchmark were not halal), but this has not curtailed its use.
Put and call options
Like the Islamic equivalent for short sales, a number of Islamic finance institutions have been using the down-payment sale or urbun as an sharia-compliant alternative to the conventional call option.
In this mode the Islamic equivalent of the option "premium" is known as a "down-payment", and the equivalent of the "strike price" is called the "preset price".
With a conventional call option the investor pays a premium for an "option" (the right but not the obligation) to buy shares of stock (bonds, currency, and other assets may also be shorted) in the hope that the stock's market price will rise above the strike price before the option expires. If it does, their profit is the difference between the two prices minus the premium. If it does not, their loss is the cost of the premium. When the Islamic investor uses an urbun they make a down-payment on shares or asset sale in hope the price will rise above the "preset price". If it does not their loss is the down-payment which they have the right to forfeit.
A put option (where the investor hopes to profit by selling rather than buying at a preset price) is called a 'reverse urbun` in Islamic finance.
Criticism
The urbun and reverse urbun has been criticized by Sherif Ayoub, and according to El-Gamal and Feisal Khan, the procedure has many critics among scholars and analysts.
Microfinance
Microfinance seeks to help the poor and spur economic development by providing small loans to entrepreneurs too small and poor to interest non-microfinance banks. Its strategy meshes with the "guiding principles" or objectives of Islamic finance, and with the needs of Muslim-majority countries where a large fraction of the world's poor live, many of them small entrepreneurs in need of capital. (Many of them also among the estimated 72 percent of the Muslim population who do not use formal financial services, often either because they are not available, and/or because potential customer believe conventional lending products incompatible with Islamic law).
According to the Islamic Microfinance Network website (as of circa 2013), there are more than 300 Islamic microfinance institutions in 32 countries, The products used in Islamic microfinance may include some of those mentioned above—qard al hassan, musharaka, mudaraba, salam, etc.
Unfortunately, a number of studies have found Islamic microfinance reaching relatively few Muslims and lagging behind conventional microfinance in Muslim countries. Chiara Segrado writing in 2005 found "very few examples of actual MFIs [Microfinance institutions] operating in the field of Islamic finance and Islamic banks involved in microfinance".
One 2012 report (by Humayon Dar and coauthors) found that Islamic microfinance made up less than one percent of the global microfinance outreach, "despite the fact that almost half of the clients of microfinance live in Muslim countries and the demand for Islamic microfinance is very strong."
An earlier 2008 study of 126 microfinance institutions in 14 Muslim countries found similarly weak outreach—only 380,000 members out of an estimated total population of 77 million there were "22 million active borrowers" of non-sharia-compliant microfinance institutions ("Grameen Bank, BRAC, and ASA") as of 2011 in Bangladesh, the largest sharia-compliant MFI or bank in that country had only 100,000 active borrowers.
(Muhammad Yunus, the founder of the Grameen Bank and microfinance banking, and other supporters of microfinance, though not part of the Islamic Banking movement, argue that the lack of collateral and lack of excessive interest in micro-lending is consistent with the Islamic prohibition of usury (riba).)
See also
''
References
Notes
Books, documents, journal articles
|
Almaz-Antey Corporation
|
[
"Almaz-Antey",
"Defence companies of Russia",
"Companies established in 2002",
"2002 establishments in Russia",
"Government-owned companies of Russia",
"Holding companies of Russia",
"Russian entities subject to U.S. Department of the Treasury sanctions"
] | 1,793 | 15,882 |
JSC Concern VKO "Almaz-Antey" () is a Russian state-owned company in the arms industry, a result of a merger of Antey Corporation and NPO Almaz, unifying some of the national military enterprises, in particular, the developers of anti-aircraft defence and cruise missile systems. The organisation is headquartered in Moscow and is the world's eighth-largest defence contractor measured by 2017 defence revenues. In 2017, Almaz-Antey had arms sales of $9.125 billion.
The Almaz-Antey group produce air defense systems, firearms for aircraft and armored vehicles, artillery shells and surface-to-surface missiles, airspace surveillance and coordination and artillery radars. The Group also manufacture civilian products such as navigation systems, air traffic systems, civil airtraffic- and weather radars, sewage cleaning systems, ventilation valves for nuclear power plants, and plastic packaging for cosmetics and food products.
History
Almaz-Antey was founded in 2002 by Presidential Decree 412 of the Russian President.
In 2003 the Director General of Almaz-Antey, Igor Klimov was shot dead. A criminal investigation found his death was linked to a property audit inside the company.
The current Board is headed by Viktor Ivanov, Director General; Vladislav Menshikov, Chief Designer; and Anatoly Savin.
On 16 July 2014, the Obama administration imposed sanctions through the US Department of Treasury's Office of Foreign Assets Control (OFAC) by adding Almaz-Antey Concern and other entities to the Sectoral Sanctions Identifications List (SSI) in retaliation for the ongoing Ukrainian crisis, annexation of the Crimean Peninsula by the Kremlin, and the Russian interference in Ukraine.
In February 2015 the President of Russia signed a Decree to rename JSC Concern PVO "Almaz-Antey" to Concern VKO "Almaz-Antey", and to increase its capitalization. 'PVO' means Protivo-Vozdushnaya Oborona - air defence forces, the Russian name for the Soviet Air Defence Forces branch of the Soviet and Russian military. 'VKO' (or BKO), the Russian Aerospace Defence Forces, was the branch of the Armed Forces of the Russian Federation responsible for air and missile defence, and the operation of Russian military satellites and the Plesetsk Cosmodrome. In August 2015, the Russian Aerospace Forces was created, and includes both the Air Force, and the Aerospace Defence Forces.
In March 2022, as a result of the 2022 Russian invasion of Ukraine, the EU imposed sanctions on Almaz-Antey Corporation.
Owners and management
Owners
100% of the company's shares are owned by the Russian Federation represented by the Federal Agency for State Property Management.
Management body
Chairman of the Board of Directors of the company - M. Fradkov (since November 2016)
General Constructor
P. Sozinov (since 2013)
Scientific supervisor
A. I. Savin (2002-2016)
P. I. Kamnev (2017-2023)
I. G. Hakobyan (from 2023)
Y. Svirin (April 2002-February 2003)
I. Klimov (February-June 2003, Acting CEO)
A. Zaitsev (June-August 2003)
V. Menshchikov (August 2003-March 2014)
Y. Novikov (from March 2014)
Chairman of the Management Board
Y. Novikov (since 2015)
Structure
Companies of the holding as of September 2014:
Moscow Machine Building Plant "Avangard", Moscow
Avitek, Kirov
, Zhukovsky, Moscow Oblast
NPO Almaz, Moscow
Vektor State Enterprise, Ekaterinburg
The Order of the Red Labor Banner All-Research institute Radio equipment, St. Petersburg, Vasilievsky Island
All-Russian Scientific Research Institute of Radio Engineering, Moscow
Volzhsky Electromechanical Factory, Republic of Mari El, Volzhsk
, Vladivostok
Obukhov State Plant, St. Petersburg
The head center of the service Maintenance and repair of the Concern Air defense "Almaz-Antey" "Granite", Moscow
Dolgoprudnenskoe Scientific Production Plant, Moscow region, Dolgoprudny
Plant radio engineering Equipment, St. Petersburg
Design Bureau of Special Machine-Building, St. Petersburg
, Ryazan
Design Bureau Kuntsevo, Moscow
Izhevsk Electromechanical Plant, Izhevsk
, Moscow
, Republic of Mari El, Yoshkar-Ola
, Vladimir region, Murom
NIIIP, Novosibirsk
Tikhomirov Scientific Research Institute of Instrument Design, Moscow Region, Zhukovsky
Nizhny Novgorod Machine-Building Plant, Nizhny Novgorod
NPO Novator, Ekaterinburg
Scientific and production Association Pravdinsky Radio factory, Nizhny Novgorod region, Balakhna
Pravdinskoye Design Bureau, Nizhny Novgorod region, Balakhna
, Moscow region, Serpukhov
, Ryazan
Kazan experimental Design Bureau Soyuz, Kazan
Scientific and production Association "Arrow", Tula
Ulyanovsk Mechanical Plant, Ulyanovsk
MKB Fakel, Moscow Region, Khimki
Limited company Responsibility of Almaz-Antey- Story, Moscow
Limited company Responsibility of Kantey, Moscow
Almaz-Antey Telecommunications, Moscow
Almaz-Antey Management consulting, Moscow
Public corporation "Pulse", Moscow
Public corporation Radiophysics, Moscow
Public corporation "Lanthanum", Moscow
Interstate joint-stock company Corporation Vympel, Moscow
, St. Petersburg
Arzamas Instrument-Building Plant, Nizhny Novgorod region, Arzamas
Public corporation "Saturn", Omsk
Kalinin Machine-Building Plant, Yekaterinburg
, Ulyanovsk
State Scientific- Research institute Instrument engineering, Moscow
Nizhny Novgorod Research Institute of Radio Engineering, Nizhny Novgorod
Scientific and Technical Center Industrial technologies and Air navigation systems, Moscow
Special Design Bureau "Bearing", Ekaterinburg
Khabarovsk radio engineering factory, Khabarovsk
1015 factory for repair of military- Technical property, Sverdlovsk Region, Nizhny Sergi
Manufacturing enterprise «Radar-2633», Moscow Region, Lyubertsy
502 factory for repair of military- Technical property, Noginsk, Moscow region
69 repair plant for rocket- Artillery armament, Kaliningrad
1019 military repair plant, Republic of Buryatia, Zaigraevsky district, Onohoy
1253 central repair base Radar weapons, Samara
3821 factory for repair of military, Leningrad Region, Tosno
Repair plant for radio electronic Technique «LUCH», Leningrad Region, Vsevolozhsky district, Village Yanino
Nizhny Novgorod Plant of the 70th Anniversary Victory, Nizhny Novgorod
IEMZ Kupol, makers of the Garpiya UAV
Military products
The main military products are related to air defense systems
Ground-based air defense
Long-range air defense systems to cover settlements and strategic objects: S-300, S-300V4 (export version - Antey-4000), S-400, S-500.
Medium-range air defense systems: S-125 Neva/Pechora, Buk-M2, Buk-M3 anti—aircraft missile systems (export version - "Viking"), S-350 Vityaz.
Short-range mobile air defense systems for direct support of ground forces units: 9K33 Osa, Tor-M1, Tor-M2.
Sea-based air defense
Rif-M long-range air defense system ("Poliment/Redut").
The Shtil-1 medium-range air defense system.
Short-range air defense systems "Klinok", Gibka.
Radar stations
Radar for detecting aerial targets: 67N6E, Nebo-IED, Gamma-C1E, Protivnik-GE, Gazetchik-E, Nebo-UE, Kasta-2E2, 1L122E, 96L6E.
Portable radars for detecting ground-based equipment: Fara-PV, Credo-M1.
Artillery reconnaissance radar Aistyonok, Zoopark-1.
Automated air defense control systems
The automated control systems Baikal-1ME, PPRU-M1-2, Fundament, Universal-1E, Krym-KE (CT), RK-MTZ Valdai are used to control air defense systems and target reconnaissance through their own radars or separate coupled radars.
Civil products
The main civilian products are related to the conversion of military developments from control systems, topography and radar. Priority sectors in the field of development of civilian products are: medical equipment, communications, transport, housing and communal services, fuel and energy complex.
Telecommunication equipment: Marine and automotive GLONASS navigators.
Air traffic control radar: Lira-A10, Utes-T, Aurora.
Automated air traffic control systems: Vega, Topaz, Sintez.
According to Defense News, revenues from the concern's civilian products are insignificant, but this may be due to the dual purpose of technology and taking into account such equipment as military.
In 2021, the concern announced the development of its own electric car under the working name E-NEVA. The crossover will also be presented as a hybrid powered by hydrogen or natural gas. Its maximum speed will be 197 km/ h, mileage on a single charge — 463 km.
See also
Rosoboronexport
Rostec
Sozvezdie
Titan-Barrikady
Uralvagonzavod
|
Maas Brothers
|
[
"Defunct department stores based in Florida",
"History of Tampa, Florida",
"Companies based in Tampa, Florida",
"Defunct companies based in Florida",
"American companies established in 1886",
"Retail companies established in 1886",
"Companies that filed for Chapter 11 bankruptcy in 1990",
"Retail companies disestablished in 1991",
"1886 establishments in Florida",
"1991 disestablishments in Florida"
] | 2,170 | 15,278 |
Maas Brothers was a leading Tampa, Florida, department store founded by Abe and Isaac Maas in 1886 that grew from a small store to a chain of 39 stores throughout the Gulf Coast of Florida. The Maas Brothers brand went defunct in 1991 when it was consolidated into the Burdines department store chain, which in turn merged with Macy's in 2005.
History
Abe and Isaac Maas started their retail career in Cochran, Georgia, working with their brothers, Jacob and Sol. By 1880, Abe was operating a store in Dublin, Georgia, and Isaac was operating a millinery store in Ocala by 1885. In 1886, Abe decided to move to a better location and chose Tampa, at the time a small village on Florida's west coast. Abe had been quoted as saying, "It's a waterfront town. Who knows? It may amount to something someday." Abe Maas opened the Dry Goods Palace on December 10, 1886. His brother, Isaac, formally joined his brother on September 15, 1887, and the store became Maas Brothers. After outgrowing its first two locations, Maas Brothers opened its third, and largest, store in 1921. This store was the second largest department store in Florida, and it contained the first escalator installed in Florida. By 1929, Maas Brothers dominated Florida's West Coast. It was known as "Greater Tampa's Greatest Store."
Allied Stores
In 1929, Abe and Isaac Maas sold Maas Brothers to Hahn Department Stores. Maas Brothers gained the buying power of the 28 department stores while Hahn gained the addition of another successful chain with a loyal customer base. In 1935, Hahn Department Stores changed its name to Allied Stores Corporation. Despite being owned by a national company, Maas Brothers was still operated by the Maas family. In 1935, Isaac Maas, who was serving as chairman of the board died at the age of 71. Abe Maas, who was president, became chairman. Jerome A. Waterman, Abe and Isaac's nephew, became president. Jerome joined Maas Brothers in 1907. Abe Maas died in 1941 at the age of 86.
Expansion
In 1948, Maas Brothers opened its first full line branch store in downtown St. Petersburg. Other branch stores opened in downtown Lakeland in 1954, downtown Sarasota in 1956 and downtown Clearwater in 1961. Maas Brothers opened its first mall store, in 1965, in the Edison Mall in Fort Myers. By 1981, Maas Brothers opened its 17th store in Gulf View Square Mall in Port Richey. This was the last Maas Brothers store built. In 1985, Maas Brothers absorbed the Savannah, Georgia, based stores of fellow Allied nameplate Levy's of Savannah (founded in 1871 as B. H. Levy & Bro.).
Campeau takeover
In 1986, Maas Brothers celebrated its 100th anniversary. It was in the same year that Canadian real estate developer Robert Campeau completed his takeover of Allied Stores Corporation. As part of liquidation and cost cutting, Maas Brothers was consolidated with the weaker Jordan Marsh Florida franchise on Florida's East Coast in 1987 (Allied's Jordan Marsh had expanded from New England in 1956, later forming a separate Allied division). The plan was that the stronger Maas Brothers would help the weaker Jordan Marsh. This brought the total number of combined stores to 39 throughout Florida, Georgia and South Carolina. In 1989 the official store name was changed to Maas Brothers/Jordan Marsh.
In 1988, Campeau launched a successful takeover battle with Macy's for Federated Department Stores. Ironically, Federated would acquire Macy's in 1994. With the acquisition of Federated, Maas Brothers' formal rival, Miami-based Burdines, became its sister store. As with the Allied acquisition, in order to cut costs, several back office operations for Maas Brothers, Jordan Marsh, and Burdines were consolidated.
Bankruptcy and merger
By 1989, Federated and Allied were struggling to make its debt payments incurred from the takeovers. On January 16, 1990, Federated and Allied filed for Chapter 11 bankruptcy. Several underperforming stores were closed, including the flagship downtown Tampa store in February 1991. As part of its plan of reorganization, the Florida operations would be consolidated and several stores would be closed. The Maas Brothers/Jordan Marsh headquarters was closed and consolidated with Burdines in July 1991. On October 20, 1991, the Maas Brothers stores officially became Burdines. The majority of the former Jordan Marsh stores were sold off since they competed directly with Burdines. Burdines, along with the other Federated divisions except Bloomingdales, were converted to Macy's in 2005.
Former Locations
City Location Opened Status Tampa Downtown (Zack & Tampa Streets) 1921 Closed in 1991. Building has been demolished. WestShore Plaza 1966 Still operating as Macy's. University Mall 1974 Closed by Macy's in 2017. Building was Dillard's Clearance Center from 2017 to 2022. Building is set to be demolished. Homestore (Gandy Boulevard) 1956 Still operating as Macy's Furniture Gallery. St. Petersburg Downtown (1st Avenue and 3rd Street North) 1948 Closed in 1991. Building has been demolished, though the store's medallion remains in the sidewalk. Tyrone Square Mall 1972 Still operating as Macy's. Clearwater Downtown (Cleveland Street & Osceola Avenue) 1961 Closed in 1991. Space later operated by Stein Mart. Building demolished in 2019. Countryside Mall 1975 Expanded by Burdines in 2000. Still operating as Macy's. Bradenton DeSoto Square 1973 Closed by Macy's in 2014. Building was Your Treasure House from 2018 to 2019 and is currently vacant. Fort Myers Edison Mall 1965 Still operating as Macy's. Gainesville Gainesville Mall 1968 Closed by Burdines in the 1990s. Hilton Head, South Carolina The Mall at Shelter Cove 1988 Opened as Jordan Marsh. Closed in 1991. Lakeland Downtown (Kentucky & Lemon Streets) 1954 Closed by Burdines in 1994. Naples Coastland Center 1977 Second floor added by Burdines in 1995. Still operating as Macy's. Ocala Paddock Mall 1973 Still operating as Macy's. Port Richey Gulf View Square 1981 Closed by Macy's in 2015. Building has been demolished. Sarasota Downtown/Main Plaza (Main Street & Washington Boulevard) 1958 Closed in 1991. Building has been demolished. Sarasota Square 1976 Closed by Macy's in 2017. Building has been demolished. Savannah, Georgia Downtown 1958 Was originally Levy's. Closed in 1987. Acquired by Savannah College of Art and Design and converted to the Jen Library in 1996. Oglethorpe Mall 1982 Was originally Levy's. Closed in 1991. Converted to inline mall space in 1992 and connected to a new Rich's. Tallahassee Governor's Square 1979 Still operating as Macy's; pending closure announced in January 2024. Winter Haven Citi Centre Plaza (previously Winter Haven Mall) 1977 Remodeled by Burdines in 2000. Still operating as Macy's.
Disposition of the stores
Many of the Maas Brothers stores developed as mall anchor stores remain as Macy's stores. However, the downtown stores were closed and only one remains occupied today.
Sarasota. The downtown Sarasota store was closed in 1991 was demolished in October 1996 to make way for a 20 screen theater.
St. Petersburg. The downtown St. Petersburg enjoyed an interesting afterlife and redevelopment. The store included its original store at the northeast corner of 1st Avenue and 3rd Street North (known as "The Sunshine Corner") and several expansions covering nearly an entire City block. After closing of the store in 1991, the buildings sat vacant for a few years until they were leased to the Florida International Museum (FIM) from 1995 to 2005. During its operation, the FIM borrowed funds from the city of St. Petersburg to purchase the property as a way to eliminate leasing expenses. Although the 2008 Titanic exhibit drew 800,000 visitors to the FIM, the museum thereafter was unable to reach the attendance goals needed to support the limited run "blockbuster" exhibits which served as the centerpiece of the museum's programming. Ultimately, the museum defaulted on its loans and the City took possession of the property. As owner, the City proposed an ambitious redevelopment plan that would include: 1) a new downtown campus for St. Petersburg College to be housed in the former Maas Brothers furniture store comprising nearly the entire north one-half of the block, with the FIM to operate a smaller, and hopefully more sustainable, museum in part of the college space; 2) redevelopment of the original store property at the "Sunshine Corner" with a new 16-storey Florida operations headquarters for Progress Energy, Inc. (formerly Florida Power, then Florida Progress, and now merging with Duke Energy); and 3) redevelopment of the southeast corner of the block with a 29-story Grand Bohemian Hotel and condominium, proposed by Orlando-based Kessler Collection (neither the hotel nor the condominium ever broke ground and the lot is vacant). In July and August 2005, after the city had reached agreements with the three proposed users, the original store and its east addition on the south one-half of the block were demolished to allow the Progress Energy headquarters to begin construction, and St. Petersburg College began modifications for conversion of the furniture store to an educational facility. As a condition for construction of the new Progress Energy headquarters, city officials required the removal of the large vintage terrazzo and brass medallion inlaid into the sidewalk at what was the main entrance to the original store. The medallion reads "The Sunshine Corner," and depicts a map of Florida and a sun with one very long brass ray reaching to touch this location in St. Petersburg. When the Progress Energy Tower was completed, the medallion was reinstalled in its original location in the sidewalk to be preserved for future generations.
Tampa. In 2006 the downtown Tampa store after sitting empty and neglected for 15 years was demolished, to make room for a condo tower. After the real estate bust plans for condo were shelved and the property was sold and has become a parking lot.
Clearwater. The downtown Clearwater store became the Harborview Center was scheduled to be demolished in May 2010. In August 2010 a film crew leased the building for five months filming the move "A Dolphin's Tale" giving the building a brief reprieve.
Lakeland. The downtown Lakeland store remained open as Burdines until 1994 when it was relocated to Lakeland Square Mall. It serves as the headquarters for Watkins Trucking, now part of FedEx.
See also
List of department stores converted to Macy's
List of defunct department stores of the United States
Further reading
|
Bi-Mart
|
[
"Companies based in Eugene, Oregon",
"Retail companies established in 1955",
"Discount stores of the United States",
"Economy of the Northwestern United States",
"Employee-owned companies of the United States",
"Pay 'n Save",
"1955 establishments in Oregon",
"1955 establishments in Washington (state)"
] | 1,224 | 12,586 |
Bi-Mart is an employee-owned, members only, chain of retailers located in the western U.S. states of Oregon, Washington, and Idaho. A lifetime membership costs $5 and never expires.
A typical Bi-Mart houses merchandise includes electronics and small appliances, housewares, hardware and power tools, sporting goods, automotive, apparel, canned and packaged food, personal care products, and, through the end of 2021, a pharmacy at many locations. The median size of a Bi-Mart store is .
BI-Mart was founded in 1955 and is headquartered in Eugene, Oregon. The first store opened out of a garage in Yakima, Washington. At the time, membership cost $2. In 1962, the company opened its first standalone store in Eugene. A second store in Eugene was opened in 1967. By 1970, the chain had eight stores. Bi-Mart was bought by Pay 'n Save in 1975.
In 1988, Pay 'n Save—along with Bi-Mart— was acquired by Thrifty Corporation. There were 37 BI-Mart locations at the time. It was subsequently merged into Thrifty PayLess when Thrifty acquired PayLess Drug from Kmart in 1993. in 1996, Rite Aid acquired Thrifty PayLess for $1.3 billion, but did not intend to keep the 44-store BI-Mart chain.
In 1997, Bi-Mart's management and Endeavour Capital, a Portland-based venture capital firm, bought the company from Rite Aid. They sold the business to employees through an Employee Stock Ownership Plan on March 1, 2004 for $94 million, which included $12.5 million contributed from the 401(k) plan. The chain consisted 64 stores in Oregon, Washington, and Montana at the time.
In October 2003, Bi-Mart announced it was expanding eastward. Eight stores were planned with the first store in Havre, Montana (though this location soon closed. The company expanded into Idaho in 2006, opening a store in Weiser. Another location opened in Emmett in 2009. Bi-Mart opened its 75th store in May 2014. Additional Idaho stores were opened in Kuna, Caldwell, Star, and Rathdrum between 2017 and 2020.
Pharmacy closures
In 2019, Bi-Mart announced the closure of pharmacies at its East Wenatchee, Washington, Vancouver, Washington, and Scappoose, Oregon locations. Bi-Mart announced in November 2019 that it would also close pharmacies at an additional 13 stores in the Portland area. The retail stores affected by the pharmacy closures were to remain open.
On September 30, 2021, Bi-Mart announced that it would close most of its remaining in-store pharmacies at 56 locations. Prescription files would be transferred to nearby Walgreens locations. In select areas where there was no Walgreens nearby, Walgreens would take over and operate the existing pharmacy departments inside those Bi-Mart locations. The locations that retained a pharmacy and operate under Walgreens ownership are Monmouth, Eugene (18th Ave), Stayton, Klamath Falls, (53rd St), La Pine, Prineville, and Weiser, ID.
Cascade Farm and Outdoor
In 2014, Bi-Mart opened its first location under the Cascade Farm and Outdoor name in Walla Walla, Washington. Bi-Mart announced that they were looking at empty buildings in a variety of locations for future stores. Additional locations have since opened in Coos Bay, Oregon, Keizer, Oregon, and Springfield, Oregon. Unlike Bi-Mart's regular stores, a membership is not required to shop at Cascade Farm and Outdoor.
|
Strong customer authentication
|
[
"Payment systems",
"Banking in the European Union",
"European Economic Area",
"Authentication methods"
] | 983 | 11,124 |
Strong customer authentication (SCA) is a requirement of the EU Revised Directive on Payment Services (PSD2) on payment service providers within the European Economic Area. The requirement ensures that electronic payments are performed with multi-factor authentication, to increase the security of electronic payments. Physical card transactions already commonly have what could be termed strong customer authentication in the EU (Chip and PIN), but this has not generally been true for Internet transactions across the EU prior to the implementation of the requirement, and many contactless card payments do not use a second authentication factor.
The SCA requirement came into force on 14 September 2019. However, with the approval of the European Banking Authority, several EEA countries have announced that their implementation will be temporarily delayed or phased, with a final deadline set for 31 December 2020.
Article 97(1) of the directive requires that payment service providers use strong customer authentication where a payer:
(a) accesses its payment account online;
(b) initiates an electronic payment transaction;
(c) carries out any action through a remote channel which may imply a risk of payment fraud or other abuses.
Article 4(30) defines "strong customer authentication" itself (as multi-factor authentication):
an authentication based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data
The European Banking Authority published an opinion on what approaches could constitute different "elements" of SCA.
3-D Secure 2.0 can (but does not always) meet the requirements of SCA. 3-D Secure has implementations by Mastercard (Mastercard Identity Check) and Visa which are marketed as enabling SCA compliance.
E-commerce merchants must update the payment flows in their websites and apps to support authentication. If authentication is not supported, many payments will be declined once SCA is fully implemented.
On 31 January 2013, the European Central Bank (ECB) issued recommendations on Internet payment security, requiring strong customer authentication. The ECB's requirements are technologically neutral, in order to foster innovation and competition. The public submission process to the ECB identified three solutions to strong customer authentication, two of which are based on reliance authentication, and the other being the new variant of 3-D Secure which incorporates one-time passwords.
Subsequently, the European Commission drafted proposals for an updated Payment Services Directive including this requirement, which became PSD2.
PSD2 strong customer authentication has been a legal requirement for electronic payments and credit cards since 14 September 2019.
In 2016, Visa criticised the proposal of making strong customer authentication mandatory, on the grounds that it could make online payments more difficult, and thus hurt sales at online retailers.
In 2019, consumer representation group Which? noted that many UK banks were implementing SCA by requiring a phone capable of receiving a text message or push notification. When surveyed, nearly one in five Which? members were concerned that they may be unable to make payments if there was no alternative, either due to poor reception or not owning a phone.
In 2020, an independent report conducted by consultancy firm CMSPI found that the potential disruption caused by strong customer authentication (excluding the United Kingdom) could be €108 billion in 2021.
Outside Europe
The Reserve Bank of India has mandated an "additional factor of authentication" for card-not-present transactions.
A proposal to make 3-D Secure mandatory in Australia was blocked by the Australian Competition & Consumer Commission in 2016 after objections.
See also
3D Secure
|
Jason Palmer (politician)
|
[
"1971 births",
"Living people",
"21st-century Maryland politicians",
"American venture capitalists",
"Bill & Melinda Gates Foundation people",
"Businesspeople from Maryland",
"Candidates in the 2024 United States presidential election",
"Harvard Business School alumni",
"Maryland Democrats",
"Microsoft employees",
"People from Aberdeen, Maryland",
"Politicians from Harford County, Maryland",
"University of Virginia alumni",
"American Quakers",
"21st-century Quakers"
] | 2,465 | 27,432 |
Jason Michael Palmer (born December 1, 1971) is an American businessman, entrepreneur, investor, and politician who was a candidate in the 2024 Democratic Party presidential primaries. Palmer won the 2024 American Samoa Democratic presidential caucuses, with 51 votes compared to 40 for Joe Biden. He was awarded three of American Samoa's delegates to the 2024 Democratic National Convention. Palmer became the first presidential candidate to win a territory while running against an incumbent president in a presidential primary since Ted Kennedy defeated Jimmy Carter in 13 contests during the 1980 Democratic presidential primaries.
Early life and education
Palmer was born at Aberdeen Proving Ground in Aberdeen, Maryland, on December 1, 1971. His father, Lonnie Palmer, was an educator and U.S. Army veteran who was superintendent of the City School District of Albany. Palmer's family moved away from Maryland shortly after he was born.
During high school, Palmer won multiple cross country and track regional championships, graduating from Averill Park High School in upstate New York. He graduated from the University of Virginia in 1994 with a Bachelor of Arts degree in Interdisciplinary Studies and earned a Master of Business Administration degree from Harvard Business School in 1999. Palmer's idea of using capitalism for civic good is an outgrowth of time spent in University of Virginia's economics professor Steven Rhoads’ courses. Palmer’s interest in government is thanks to University of Virginia professor Larry Sabato, with whom he still stays in touch.
He returned to Baltimore, Maryland, in 2010. Palmer is a Quaker.
Business career
Early in his career, Palmer founded and grew three technology and services companies, before holding executive positions at Microsoft Education, SchoolNet, and Kaplan, where he was general manager and turnaround leader for multiple businesses, including corporate venture capital. He has been a member of the advisory board of the Smithsonian's National Zoo and Conservation Biology Institute. More recently, Palmer was deputy director for postsecondary education at the Bill & Melinda Gates Foundation and general partner at New Markets Venture Partners, a leading impact investing firm.
Political career
Early career
In the 1990s, Palmer worked for Daniel Patrick Moynihan, a Democratic U.S. senator from New York.
2024 presidential campaign
According to his campaign website, Palmer's campaign was based on three ideas: conscious capitalism, the new talent economy, and modernizing government. In Palmer’s telling, “conscious capitalism” means reshaping America’s corporate landscape –and the nation’s tax codes – to encourage more companies to focus on being in “business for good.” That includes tracking what Palmer calls “impact metrics,” or measurements of their positive contributions. Resulting in B corporations similar to Ben & Jerry’s and Patagonia paying fewer taxes, and investments in them could be partly tax deductible. Palmer leveraged generative AI to communicate with voters via SMS text and email, and answer specific questions about his background and policy. Additionally, Palmer’s campaign website featured an avatar, PalmerAI, that answered questions with the candidate’s voice and likeness. He has described himself as a pragmatist, noting that he supported Democratic nominees Hillary Clinton and Biden in 2016 and 2020, but voted for Republican Governor Larry Hogan in the 2018 Maryland gubernatorial election.
On January 18, 2024, Politico published an interview with Palmer, in which he touted his status as the youngest Democratic presidential candidate and one of the youngest candidates in either party. He called on Biden and all older lawmakers to "pass the torch" to a younger generation of political leaders such as Gretchen Whitmer, Gavin Newsom, or Jared Polis. Palmer also promoted his management skills from his business career, stating that if elected, he would hire a skilled outsider if he lacked considerable knowledge in a field (like national defense or international relations). He also said he would center his term in office promoting technological advancements.
Also, on January 18, 2024, Palmer participated in the kickoff to the Free & Equal Elections 2024 presidential debate series, where he debated other Democratic presidential candidates.
Palmer was on the ballot in sixteen states and territories, including New Hampshire, Nevada, Colorado, Minnesota, Vermont, American Samoa, Northern Marianas, Arizona, Kansas, Missouri, North Dakota, Hawaii and West Virginia where he received a combined total of 21,027 votes. Palmer won the 2024 American Samoa Democratic presidential caucuses. He received 51 votes, while Joe Biden received 40, with a total turnout of 91 voters. Both candidates won three delegates each. Palmer's victory surprised many in the Democratic establishment; he became the first person to defeat an incumbent president in a primary contest since Ted Kennedy defeated Jimmy Carter in 12 primaries during the 1980 United States presidential election.
Before his victory there, Palmer digitally campaigned in American Samoa, posting on Twitter that "Washington D.C. is long overdue for a president who will be an advocate for American Samoa". He campaigned mostly through town halls over Zoom, having never set foot in the territory. He learned of his victory while watching TV coverage of the Super Tuesday elections with friends at a Washington, D.C. hotel conference. Maddow compared Palmer to Michael Bloomberg during his failed 2020 bid for president as both won American Samoa after being the only candidate to campaign there, and both are wealthy with large disposable incomes. Palmer loaned over $500,000 to his campaign from his own money. Shortly after the American Samoa primaries, three minor Democratic candidates, Gabriel Cornejo, Frank Lozada, and Stephen Lyons dropped out and endorsed Palmer.
Following his victory in American Samoa, Palmer campaigned in the Northern Mariana Islands, another territory of the United States, but only managed to obtain 4% of the vote. Later in the campaign, Palmer achieved 11% in West Virginia's primary despite having already endorsed President Biden.
On March 27, 2024, Palmer announced TOGETHER!, a B-Corporation PAC to reduce political polarization, increase participation of young voters, and get younger candidates elected to Congress.
On April 15, 2024, Palmer announced on Twitter that he was endorsing President Biden for the 2024 general election, though he refrained at that time from officially suspending his campaign. Palmer withdrew from the race on May 15. Palmer also announced that his team would attend the 2024 Democratic National Convention in Chicago, where he was tasked with trying to win more Gen Z votes.
On July 10, 2024, Palmer urged Biden to end his bid for re-election in an interview with Semafor amid growing concerns about his potential to get re-elected. On July 15, the DNC sent an email asking delegates to indicate on a drop-down menu on who they will vote for: Joe Biden, Jason Palmer, Rep. Dean Phillips, or "uncommitted." Answers to that questionnaire reportedly essentially gave the DNC a whip count on how firm – or soft – support for Biden was among actual delegates. On July 21, 2024, Biden dropped out of the 2024 race, and Palmer went on to endorse Kamala Harris for president on July 24.
|
Dish TV
|
[
"Indian direct broadcast satellite services",
"Direct broadcast satellite services",
"Television networks in India",
"Indian brands",
"Companies based in Noida",
"Indian companies established in 2003",
"Telecommunications companies established in 2003",
"Mass media companies established in 2003",
"2003 establishments in Uttar Pradesh",
"Companies listed on the National Stock Exchange of India",
"Companies listed on the Bombay Stock Exchange"
] | 1,138 | 13,444 |
DishTV India Ltd. (stylised as dishtv) is an Indian subscription based satellite television provider based in Noida. DishTV was launched by the Zee Group on 2 October 2003. It ranked #437 and #5 on the list of media companies in Fortune India 500 roster of India's largest corporations in 2011. Dish TV was also voted India's most trusted DTH brand according to the Brand Trust Report 2014, a study conducted by Trust Research Advisory. On 22 March 2018, Dish TV completed a merger with Videocon d2h, creating the largest DTH provider in India at the time of merger.
DishTV launched the first DTH service in India on 2 October 2003. The company decided not to compete against entrenched cable operators in metros and urban areas, and instead focused on providing services to rural areas and regions not serviced by cable television. Jawahar Goel, who led the launch, recalled 10 years later, "We hardly had four transponders and could offer only 48 channels, compared to analog cable that was giving 60 and was much cheaper. And, Star refused to give its channels. So, we decided to go slow and concentrate in cable-dry and cable-frustrated markets, rather than cable-rich markets and build the market step by step." Dish TV acquired 350,000 subscribers within 2 years of the launch.
Following bitter legal proceedings between Star and Zee, in 2007, the two companies called a truce and began offering their channels on each other's services. This decision and Dish TV's acquisition of more transponders enabled them to offer 150 channels on their service, more than any other DTH service in India at the time.
Merger with Videocon d2h
On 11 November 2016, the Board of Directors of Dish TV and Videocon d2h agreed to an all-stock merger of their DTH operations.
The merger was approved by the Competition Commission of India (CCI) on 10 May 2017, and by the National Company Law Tribunal on 27 July 2017. The merger faced uncertainty in January 2018, when Dish TV announced that it was re-evaluating the merger after some of the Videocon Group's lenders petitioned the National Company Law Tribunal to open insolvency proceedings against the company. In February 2018, Dish TV announced that it intended to go through with the merger.
d2h had a market share of 19% among the pay DTH operators.
The amalgamation was officially completed on 22 March 2018. The merger made the new combined entity the largest DTH provider in India with 17.7 million active subscribers. Dish TV and Videocon d2h reported separate revenue numbers in FY2017. The combined total revenue of the two firms was . The company retained the name of DishTV India Limited after the merger.
Fall of promoters' shareholding
In May 2021, it was disclosed that promoters' shareholding in Dish TV has fallen to just 5.67%. It was also told that Yes Bank has become largest shareholder of the company.
Subsidiary
Zing Digital is a subsidiary of Dish TV India launched in January 2015 to provide access to South India's regional channel. The service currently operates in Kerala, West Bengal and Odisha.
See also
Direct-to-home television in India
Fortune India 500
|
Tremissis
|
[
"Coins of ancient Rome",
"Coins of the Byzantine Empire",
"Gold coins",
"380s"
] | 535 | 3,984 |
The tremissis or tremis (Greek: τριμίσιον, trimision) was a small pure gold coin of Late Antiquity. Its name, meaning "a third of a unit", formed by analogy with semissis (half of a unit), indicated its value relative to the solidus. It was introduced into Roman currency in the 380s by the Emperor Theodosius I and initially weighed 8 siliquae (equivalent to 1.52 grams).
Roman tremisses continued to be commonly minted into the reign of Leo III (717–741), but thereafter they were only rarely struck in the east of the empire, probably only for ceremonial uses, until the reign of Basil I (867–886), after which they disappeared. Nevertheless, the coin continued in common use in the Sicilian theme until the fall of Syracuse in 878. The trachy, introduced in the 11th century, was equivalent in value to the old tremissis. Although it was not made of gold, it was one third of the standard golden hyperpyron. It was not, however, called tremissis.
Outside of the Roman empire, tremisses were minted by the Anglo-Saxons, Burgundians, Franks, Frisians, Lombards, Ostrogoths, Suevi and Visigoths between the 5th and 8th centuries. The word tremissis was borrowed into Old English as thrymsa.
In Frankish sources, the tremissis is sometimes called a triens, a term likewise meaning "a third", which originally referred to a bronze coin worth a third of an as. The historian and bishop Gregory of Tours calls the Frankish tremissis a trians or treans. The German form is also attested. In French historiography the term (third) or (third of a solidus) is often used. The French, in general, prefer to call the coin of the Merovingian kings a triens (but avoiding the plural form trientes), while British scholarship prefers tremissis.
It was still used as an accounting currency until at least the 12th century in Sardinia. It appears as tremisse in the condaghe.
Further reading
Metcalf, William E. (ed.). The Oxford Handbook of Greek and Roman Coinage. Oxford University Press, 2012.
|
Globe Trade Centre
|
[
"Real estate companies established in 1994",
"Companies listed on the Warsaw Stock Exchange",
"Real estate companies of Poland"
] | 490 | 3,847 |
Globe Trade Centre S.A. (GTC) is a real estate development group established in 1994. Today GTC is one of the leading group in the commercial real estate sector, concentrating its investment activities in Poland and the capitals of Central and Eastern Europe. GTC Group operates in 6 countries: Poland, Hungary, Romania, Serbia, Croatia and Bulgaria. Since its establishment GTC Group has developed both commercial and residential projects. The strategy of GTC focuses on creating modern office and retail facilities that are in line with the sustainable development confirmed by numerous certificates such as LEED and BREEAM certification.
GTC's head office is located in Warsaw.
Since 1994, GTC has developed 76 high-standard, modern office and retail properties with a total area of over 1.3 million sq m through Central and Eastern Europe. The company actively manages a real estate portfolio of 48 commercial buildings providing over 750 thus. sq m of lettable office and retail space in Poland, Budapest, Bucharest, Belgrade, Zagreb and Sofia. Besides, GTC has a development pipeline of 336 thus. sq m retail and office properties in capital cities of Central and Eastern Europe, including 40 thus. sq m under construction.
GTC has been recognized as a leading developer in the CEE region. GTC's most prominent projects include White House (Budapest, Hungary), Ada Mall (Belgrade, Serbia), Green Heart (Belgrade, Serbia) and Galeria Jurajska (Częstochowa, Poland). For its projects, GTC regularly receives industry awards. Over the past few years, GTC Hungary has won HOF AWARDS – Best of the Best 2020 and three awards at the CIJ Awards Hungary 2019. Also, in 2018, GTC Serbia won four awards at CIJ Awards Serbia&SEE 2018.
GTC's shares are listed on the Warsaw Stock Exchange as well as on the Johannesburg Stock Exchange.
GTC activities in Poland
Globe Trade Centre manages 16 office buildings in Cracow, Katowice, Łódź, Poznań, Wrocław, Warsaw and 2 shopping malls: Galeria Północna in Warsaw and Galeria Jurajska in Częstochowa.
List of GTC Polish developments is available on corporate website
GTC projects in other countries
The company operates in 5 foreign markets besides Poland:
· Bucharest: office projects,
· Budapest: office projects,
· Belgrade: office and retail projects,
· Sofia: office and retail projects,
· Zagreb: office and retail projects.
List of GTC foreign developments is available on corporate website
GTC sold investments
So far the developer has sold nearly 40 buildings including Galeria Kazimierz shopping mall, Spiral office building, Galeria Mokotów shopping mall, Prague Marina Office Centre, or Mokotów Business Park. The Group has also built and sold approximately 400,000 sq m of residential space.
|
List of countries by oil imports
|
[
"Energy-related lists by country",
"Petroleum by country",
"Trade by commodity",
"Oil and gas markets",
"Lists of countries",
"Import",
"International trade-related lists"
] | 961 | 9,084 |
This is a list of countries by oil imports based on The World Factbook and other sources. Many countries also export oil, and some export more oil than they import.
+ Crude oil import by country Country/Region Crude oil imports(bbl/day - est.) Year ofinformation 11,308,860 2023 6,480,000 2023 4,674,455 2023 2,734,694 2023 2,546,159 2023 1,567,156 2023 1,557,917 2023 1,235,999 2023 1,242,966 2023 1,085,248 2023 957,167 2023 918,847 2023 830,306 2023 811,120 2016 797,667 2023 609,348 2023 605,451 2023 538,907 2019 634,062 2023 471,195 2023 422,750 2023 349,944 2023 332,750 2023 290,250 2023 238,833 2023 234,051 2023 229,446 2022 223,346 2023 216,321 2023 209,417 2023 182,514 2016 179,061 2023 168,667 2023 164,121 2023 156,438 2019 153,256 2023 140,097 2016 125,167 2023 115,300 2013 112,400 2015 110,600 2012 104,900 2012 101,400 2013 101,200 2013 99,690 2013 89,300 2020 80,000 2013 72,860 2012 70,000 2013 66,490 2013 61,160 2015 59,440 2013 59,180 2012 55,547 2016 53,700 2012 40,880 2012 37,300 2014 37,080 2013 33,020 2012 32,520 2012 31,960 2012 31,730 2014 29,650 2014 28,140 2012 26,500 2012 25,320 2012 24,200 2012 24,160 2012 22,120 2012 20,040 2012 19,830 2012 15,560 2012 14,880 2012 30,340 2012 14,340 2012 13,580 2014 9,940 2012 9,884 2013 5,900 2012 4,493 2012 3,440 2012 340 2012 146 2014 140 2012 100 2012 40 2012
See also
List of countries by oil exports
List of countries by net oil exports
*Imports
List of countries by oil imports
|
Dropbox
|
[
"2018 initial public offerings",
"Cloud applications",
"Cloud storage",
"Companies based in San Francisco",
"Companies listed on the Nasdaq",
"Companies in the S&P 400",
"Companies' terms of service",
"Data synchronization",
"Email attachment replacements",
"File hosting for Linux",
"File hosting for macOS",
"File hosting for Windows",
"File sharing services",
"Proprietary software programmed in Go",
"Internet properties established in 2007",
"Online backup services",
"Software companies based in the San Francisco Bay Area",
"Software companies of the United States",
"Software that uses wxPython",
"Software that uses wxWidgets",
"South of Market, San Francisco",
"Universal Windows Platform apps",
"Webby Award winners",
"Y Combinator companies"
] | 8,055 | 104,958 |
Dropbox is a file hosting service operated by the American company Dropbox, Inc., headquartered in San Francisco, California, that offers cloud storage, file synchronization, personal cloud, and client software. Dropbox was founded in 2007 by MIT students Drew Houston and Arash Ferdowsi as a startup company, with initial funding from seed accelerator Y Combinator.
Dropbox has experienced criticism and generated controversy for issues including security breaches and privacy concerns.
Concept
Dropbox brings files together in one central place by creating a special folder on the user's computer. The contents of these folders are synchronized to Dropbox's servers and to other computers and devices where the user has installed Dropbox, keeping the same files up-to-date on all devices. Dropbox uses a freemium business model, where users are offered a free account with set storage size, with paid subscriptions available that offer more capacity and additional features. Dropbox Basic users are given two gigabytes of free storage space. Dropbox offers computer apps for Microsoft Windows, Apple macOS, and Linux computers, and mobile apps for iOS, Android, and Windows Phone smartphones and tablets. In March 2013, the company acquired Mailbox, a popular email app, and in April 2014, the company introduced Dropbox Carousel, a photo and video gallery app. Both Mailbox and Carousel were shut down in December 2015, with key features from both apps implemented into the regular Dropbox service. In October 2015, it officially announced Dropbox Paper, its collaborative document editor.
Dropbox founder Drew Houston conceived the Dropbox concept after repeatedly forgetting his USB flash drive while he was a student at MIT.
Houston founded Evenflow, Inc. in May 2007 as the company behind Dropbox, and shortly thereafter secured seed funding from Y Combinator. Dropbox was officially launched at 2008's TechCrunch Disrupt, an annual technology conference. Owing to trademark disputes between Proxy, Inc. and Evenflow, Dropbox's official domain name was "getdropbox.com" until October 2009, when it acquired its current domain, "dropbox.com". In October 2009, Evenflow, Inc. was renamed Dropbox, Inc.
In an interview with TechCrunch's "Founder Stories" in October 2011, Houston explained that a demo video was released during Dropbox's early days, with one viewer being Arash Ferdowsi. Ferdowsi was "so impressed" that they formed a partnership. In regards to competition, Houston stated that "It is easy for me to explain the idea, it is actually really hard to do it."
User growth
Dropbox saw steady user growth after its inception. It surpassed the 1 million registered users milestone in April 2009, followed by 2 million in September, and 3 million in November. It passed 50 million users in October 2011, 100 million in November 2012, 500 million in 2016, and 700 million in 2021.
Acquisitions
In July 2012, Dropbox acquired TapEngage, a startup that "enables advertisers and publishers to collaborate on tablet-optimized advertising". The following December, Dropbox acquired two companies; Audiogalaxy, a startup "allowing users to store their music files and playlists in the cloud then stream them to any device", and Snapjoy, a company that allowed users to "aggregate, archive and view all of their digital photos from their cameras, phones and popular apps like Flickr, Instagram and Picasa, and then view them online or via an iOS app". In July 2013, Dropbox acquired Endorse, a "mobile coupon startup".
In May 2014, Dropbox acquired Bubbli, a startup that has "built some innovative ways of incorporating 3D technology into 2D views, and packaging it in a mobile app".
In January 2015, Dropbox acquired CloudOn, a company that provided mobile applications for document editing and creation. At the same time, Dropbox told TechCrunch that CloudOn's base in Herzliya would become the first Dropbox office in Israel. In July, Dropbox acquired Clementine, an enterprise communication service.
In April 2014, Dropbox acquired photo-sharing company Loom (which would be shut down and integrated with the then-recently announced Carousel), and document-sharing startup Hackpad. Dropbox later announced in April 2017 that Hackpad would be shut down on July 19, with all notes being migrated to Dropbox Paper.
In January 2019, Dropbox acquired e-signature company HelloSign. The acquisition was reported to be Dropbox's largest to date, at a reported $230 million.
In March 2021, Dropbox announced the acquisition of DocSend. DocSend offers a secure document sharing and analytics product.
In October 2021, Dropbox announced that an agreement to acquire universal search company Command E has been signed.
In November 2022, Dropbox announced that an agreement to acquire several key assets from Boxcryptor has been signed. Boxcryptor is a provider of end-to-end zero-knowledge encryption for cloud storage services.
In December 2022, Dropbox announced the acquisition of form management platform FormSwift for $95 million.
In August 2024, Dropbox announced the acquisition of AI scheduling tool Reclaim.ai.
Remote workforce
At the start of the COVID-19 pandemic in 2020, Dropbox was one of the first companies to shift to a remote workforce. In October 2020, the company announced its "virtual first" initiative which would shift the company to a long-term remote working plan, which launched officially April 2021.
Workforce reductions
In January 2021, Dropbox CEO Houston announced the layoff of 315 employees, which is approximately 11 percent of the current workforce. The company said the reductions were necessary in order to focus the company team structure and focus on top level priorities. The software firm also announced that COO Olivia Nottebohm would be leaving the company on February 5, 2021. In the same month, Dropbox announced it would sublease much of its office space in a transition to remote work.
In April 2023, Houston announced the layoff of roughly 500 employees, or 16 percent of the current workforce. The company cited a slowdown in growth and a need for different, AI-focused skill-sets. In October 2024, Houston announced the layoff of roughly 528 employees, or 20 percent of the current workforce.
Platforms
Dropbox has computer apps for Microsoft Windows, Apple macOS, and Linux computers, and mobile apps for iOS, Android, and Windows Phone smartphones and tablets. It also offers a website interface. As part of its partnership with Microsoft, Dropbox announced a universal Windows 10 app in January 2016.
Dropbox's apps offer an automatic photo uploading feature, allowing users to automatically upload photos or videos from cameras, tablets, SD cards, or smartphones to a dedicated "Camera Uploads" folder in their Dropbox. Users are given 500 megabytes of extra space for uploading their first photo, and are given up to 3 gigabytes of extra space if users continue using the method for more photos.
In July 2014, Dropbox introduced "streaming sync" for its computer apps. Streaming sync was described as a new "supercharged" synchronization speed for large files that improves the upload or download time by up to 2 times.
In August 2015, Dropbox announced the availability of "Universal 2nd Factor" USB security keys, providing two-factor authentication for logging into its services.
Financials
Dropbox received initial funding from seed accelerator Y Combinator.
In October 2008, Dropbox raised a $6 million Series A round led by Sequoia Capital with participation from Accel.
A May 2010 report in The Wall Street Journal said that "since [founder Drew Houston] started reading Eric Ries' Lean startup blog about a year ago, the company has started trickling out new features when they are ready instead of waiting to launch a fully featured product. That helps test customer appetite, he says, dubbing the practice "minimum viable product".
TechCrunch reported in July 2011 that Dropbox had been looking to raise between US$200 and US$300 million, and had a valuation "to end up in the $5 billion to $10 billion range. [...] quite a step up from its previous funding rounds which have totalled a tiny $7.2 million". As noted in a Forbes article, Dropbox had "revenue on track to hit $240 million in 2011".
In April 2012, Dropbox announced that Bono and The Edge, two members of the Irish rock band U2, were individual investors in the company.
In 2014 Dropbox raised financing from BlackRock Inc. and others that values the company at $10 billion.
In March 2017, Bloomberg reported that Dropbox had secured a US$600 million credit line, with the company expected to file for its initial public offering (IPO) "as soon as this year".
In February 2018, Dropbox filed an IPO to be listed on the Nasdaq. The company's initial intent was to raise $500 million. Dropbox's stock rose 42 percent to $29.89 in its first day of trading on March 23, 2018.
As of February 2021, Dropbox had been profitable in the last three quarters.
Business model
Dropbox uses a freemium business model, where users are offered a free account with a set storage size, with paid subscriptions available that offer more capacity and additional features. Accordingly, Dropbox's revenue is a product of how many users they can convert to their paid services.
Dropbox Basic users are given two gigabytes of free storage space. This can be expanded through referrals; users recommend the service to other people, and if those people start using the service, the user is awarded additional 500 megabytes of storage space. Dropbox Basic users can earn up to 16 gigabytes through the referral program.
The Dropbox Plus subscription (named Dropbox Pro prior to March 2017) gives users 2 terabytes of storage space, as well as additional features, including:
Advanced sharing controls: When sharing a link to a file or folder, users can set passwords and expiration limits.
Remote wipe: If a device is stolen or lost, users can remotely wipe the Dropbox folder from the device the next time it comes online.
"Extended Version History": An available add-on, it makes Dropbox keep deleted and previous versions of files for one year, a significant extension of the default 30-day recovery time.
In November 2013, Dropbox announced changes to "Dropbox for Business" that would enable users to connect both their personal Dropbox and their business Dropbox to the same device, with each of the folders being "properly labeled for personal or work, and come with its own password, contacts, settings, and files". Furthermore, Dropbox announced shared audit logs, remote wipe for business administrators, and account transfers, as new features of its Business offering. In January 2017, Dropbox introduced "Smart Sync" for Business and Enterprise customers, a feature that lets Windows and macOS users see all files in the Dropbox folder, but only download specific files on-demand.
Similar to Dropbox Basic, Dropbox Plus users can also earn extra space through referrals. Plus users earn 1 gigabyte per referral, up to 32 gigabytes.
Dropbox Business is Dropbox's application for corporations, adding more business-centered functionality for teams, including collaboration tools, advanced security and control, unlimited file recovery, user management and granular permissions, and options for unlimited storage. For large organizations, Dropbox offers Dropbox Enterprise, the "highest tier" of its product offerings, adding domain management tools, an assigned Dropbox customer support member, and help from "expert advisors" on deployment and user training.
In July 2016, Dropbox announced a new "AdminX" administrator dashboard for Business customers, offering improved control of company files and users. In June 2017, the AdminX dashboard was given a redesign and additional administrator functions, such as log-in durations, custom password strength parameters, and setting specific subdomain verifications for individual teams.
Company partnerships
In September 2012, Facebook and Dropbox integrated to allow users in Facebook Groups to share files using Dropbox. In 2013, Samsung pre-loaded the Dropbox mobile application on its Android devices and Dropbox provided extra space for users owning Samsung's devices. In November 2014, Dropbox announced a partnership with Microsoft to integrate Dropbox and Microsoft Office applications on iOS, Android and the applications on the web.
On July 10, 2018, Dropbox announced its partnership with Salesforce aiming to improve brand engagement and team productivity.
The Dropbox software enables users to drop any file into a designated folder. The file is then automatically uploaded to Dropbox's cloud-based service and made available to any other of the user's computers and devices that also have the Dropbox software installed, keeping the file up-to-date on all systems. When a file in a user's Dropbox folder is changed, Dropbox only uploads the pieces of the file that have been changed, whenever possible.
When a file or folder is deleted, users can recover it within 30 days. For Dropbox Plus users, this recovery time can be extended to one year, by purchasing an "Extended Version History" add-on.
Dropbox accounts that are not accessed or emails not replied in a year are automatically deleted.
Dropbox also offers a LAN sync feature, where, instead of receiving information and data from the Dropbox servers, computers on the local network can exchange files directly between each other, potentially significantly improving synchronization speeds. LAN Sync discovers other peers on the same network via UDP port 17500 using a proprietary discovery protocol developed by early Dropbox engineer Paul Bohm in 2010.
Originally, the Dropbox servers and computer apps were written in Python. In July 2014, Dropbox began migrating its performance-critical backend infrastructure to Go.
In September 2012, Dropbox's website code base was rewritten from JavaScript to CoffeeScript.
Dropbox originally used Amazon's S3 storage system to store user files, but between 2014 and 2016 they gradually moved away from Amazon to use their own hardware, referred to as "Magic Pocket", due to Dropbox's description as "a place where you keep all your stuff, it doesn't get lost, and you can always access it". In June 2017, the company announced a major global network expansion, aiming to increase synchronization speeds while cutting costs. The expansion, starting with 14 cities across 7 countries on 3 continents, adds "hundreds of gigabits of Internet connectivity with transit providers (regional and global ISPs), and hundreds of new peering partners (where we exchange traffic directly rather than through an ISP)".
Dropbox uses SSL transfers for synchronization and stores the data via Advanced Encryption Standard (AES)-256 encryption.
The functionality of Dropbox can be integrated into third-party applications through an application programming interface (API).
Dropbox prevents sharing of copyrighted data, by checking the hash of files shared in public folders or between users against a blacklist of copyrighted material. This only applies to files or folders shared with other users or publicly, and not to files kept in an individual's Dropbox folder that are not shared.
In March 2013, Dropbox acquired Mailbox, a popular email app, with Mailbox CEO Gentry Underwood saying that "Rather than grow Mailbox on our own, we've decided to join forces with Dropbox and build it out together". Under the deal, the developers of Mailbox joined Dropbox, but kept Mailbox running as a stand-alone app. The acquisition was reported to cost $100 million.
In December 2015, Dropbox announced the shut-down of Mailbox.
In April 2014, Dropbox introduced Carousel, a photo and video gallery that "combines the photos in your Dropbox with the photos on your phone, and automatically backs up new ones as you take them." Carousel sorted photos by event and date. In December 2015, Dropbox announced the shut-down of Carousel. In a blog post, Drew Houston and Arash Ferdowsi explained that "We'll be taking key features from Carousel back to the place where your photos live – in the Dropbox app."
Dropbox Paper
In April 2015, Dropbox launched a Dropbox Notes collaborative note-taking service in beta testing phase, prompting speculation if Dropbox was planning to bring out a product to compete with Google Docs. TechCrunch noted that Dropbox Notes appeared to be a new version of "Project Composer", a previous iteration of the service with roots from the acquisition of Hackpad in April 2014. In October 2015, Dropbox announced the upcoming launch of Dropbox Paper, its collaborative document editor, noted by the media as the result of its development of a Dropbox Notes service earlier in 2015. Dropbox Paper entered open beta in August 2016, allowing anyone to join and test the product. Mobile apps for Android and iOS were also released. In January 2017, Dropbox Paper was officially launched. Aimed for businesses, Dropbox Paper was described as "one part online document, one part collaboration, one part task management tool, one part content hub" by Rob Baesman, Dropbox's head of product, and allows for importing, editing, and collaboration on "a number of other file types from Google, Microsoft, and others".
User-created projects
Users have devised a number of uses for and mashups of the technology that expand Dropbox's functionality. These include: sending files to a Dropbox via Gmail; using Dropbox to sync instant messaging chat logs; BitTorrent management; password management; remote application launching and system monitoring; and as a free web hosting service.
Reception
Dropbox has received several awards, including the Crunchie Award in 2010 for Best Internet Application, and Macworlds 2009 Editor's Choice Award for Software. It was nominated for a 2010 Webby Award, and for the 2010 Mac Design Awards by Ars Technica. Dropbox's mobile iPhone app release in 2010 was among the top 10 "best apps" selected by Alex Ahlund, former CEO of two websites focused on mobile apps, and the company's Android app was also selected as one of the top five "best apps" in a list compiled in 2010 by Jason Hiner for ZDNet. Founders Drew Houston and Arash Ferdowsi were named among the top 30 under 30 entrepreneurs by Inc. in 2011.
In 2011, Business Insider named Dropbox the world's sixth most valuable startup, and in 2017, the publication ranked Dropbox as the eighth most valuable US startup, with a valuation of $10 billion. It has been described as one of Y Combinator's most successful investments to date. Apple launched its own cloud storage service later in 2011, iCloud, but this did not hold back Dropbox's growth. In January 2012, Dropbox was named startup of the year by TechCrunch.
Dropbox has been blocked in China since 2014.
Privacy and security concerns
Dropbox has been the subject of criticism and controversy related to multiple incidents, including a June 2011 authentication problem that let accounts be accessed for several hours without passwords; a July 2011 Privacy Policy update with language suggesting Dropbox had ownership of users' data; concerns about Dropbox employee access to users' information; July 2012 email spam with recurrence in February 2013; leaked government documents in June 2013 with information that Dropbox was being considered for inclusion in the National Security Agency's PRISM surveillance program; a July 2014 comment from NSA whistleblower Edward Snowden criticizing Dropbox's encryption keys being available to employees; the leak of 68 million account passwords on the Internet in August 2016; and a January 2017 accidental data restoration incident where years-old supposedly deleted files reappeared in users' accounts.
While Dropbox uses SSL to encrypt data in transit between itself and customers and stores data in encrypted form, it does not use end-to-end encryption in which the user controls the keys used to encrypt the stored data. As a result, Dropbox can decrypt customers' data if it chooses to.
Offices
The Dropbox headquarters, located in San Francisco, were originally on Market Street, until its expansion to the China Basin Landing building in July 2011, allowing for a significant space increase. As the number of employees grew, the company again needed expansion, and in February 2014, it signed a lease for two buildings on Brannan Street. Not needing the substantial amounts of space after all, the company started shopping the remaining available space to other companies for sublease in November 2015.
In December 2012, Dropbox set up an office in Dublin, Ireland, its first office outside the United States.
Dropbox expanded into its second U.S. office in Austin, Texas, in February 2014. The State of Texas and City of Austin provided a $1.7 million performance-based incentives package to Dropbox in exchange for locating their office in Austin. In April, of the same year, Dropbox opened an office in Sydney, Australia.
See also
Comparison of file hosting services
Comparison of file synchronization software
Comparison of online backup services
|
Karabo Mathang-Tshabuse
|
[
"1980s births",
"Association football agents",
"Women sports agents",
"University of the Witwatersrand alumni",
"21st-century South African businesswomen",
"21st-century South African businesspeople",
"Living people",
"21st-century South African lawyers",
"21st-century South African women lawyers"
] | 811 | 7,524 |
Karabo Mathang-Tshabuse (born ) is a lawyer and soccer agent. In 2009, she became the first South African female FIFA-accredited soccer agent. In 2007, she was a founder of the sports management company Pmanagement.
Personal life
Mathang-Tshabuse was born in Orlando East, Soweto, South Africa. Her father works in economic development for the city of Johannesburg. Growing up, Mathang-Tshabuse lived three houses away from Jomo Sono. She attended her first soccer match at the age of 5, and frequently attended soccer matches with her now-husband Josy and Nonhlanhla Nkosi, who later became marketing manager for Kaizer Chiefs. Mathang-Tshabuse decided to give up playing soccer during high school. Mathang-Tshabuse has a bachelor's degree in media and international relations from the University of the Witwatersrand (Wits), and in 2014, she began a law degree at Wits. Mathang-Tshabuse has two children. She is now a Practicing Attorney of the High Court of South Africa.
In 2007, Mathang opened her sports management company Pmanagement with her now husband Josy and Nonhlanhla Nkosi, marketing manager of Kaizer Chiefs. The company was set up to scout amateur soccer players for those who had talent to play professionally. Her company has scouted players including Amanda Dlamini, Tendai Ndoro, and Ronald Kampamba. Nkosi left Pmanagement in 2012.
Whilst applying to be a professional soccer agent, she had to pay R1 million of indemnity insurance to the South African Football Association (SAFA), using money that her company had made. In 2009, at the age of 21, Mathang became South Africa's first female soccer agent to be accredited by FIFA and SAFA. She had previously failed the soccer agent's examination twice. In 2015, Mathang-Tshabuse set up the Association of Accredited Agents, in order to try and solve the issue of unlicensed soccer agents in South African football. As a soccer agent, Mathang-Tshabuse has represented Justin Shonga, and has also worked with Thembinkosi Lorch.
In 2013, Mathang-Tshabuse was listed in the Mail&Guardian young South Africans (2013). In 2015, Mathang-Tshabuse was included on the BBC's 100 Women list. In 2016, She was awarded Glamour Women of the Year Award - Business Category. Mathang-Tshabuse was involved in a court case over points deductions that determined the outcome of the 2020–21 National First Division. She was the lawyer for Sekhukhune United, who were successfully awarded three points, and won the league as a result.
|
Boots (company)
|
[
"1849 establishments in England",
"British brands",
"Companies based in Nottingham",
"Retail companies established in 1849",
"Cosmetics brands",
"Cosmetics companies of the United Kingdom",
"Pharmaceutical companies of the United Kingdom",
"Pharmacies of the United Kingdom",
"Pharmacy brands",
"Private equity portfolio companies",
"Retail companies of the United Kingdom",
"British companies established in 1849",
"British subsidiaries of foreign companies",
"Companies formerly listed on the London Stock Exchange",
"Walgreens Boots Alliance",
"Kohlberg Kravis Roberts companies"
] | 4,712 | 45,187 |
Boots UK Limited (formerly Boots the Chemists Limited) is a British health and beauty retailer and pharmacy chain that operates in the United Kingdom. It also operates internationally, including Ireland, Italy, Norway, the Netherlands, Thailand and Indonesia.
The parent company, The Boots Company plc, merged with Alliance UniChem in 2006 to form Alliance Boots. In 2007, Alliance Boots was bought by Kohlberg Kravis Roberts and Stefano Pessina, taking the company private, and moving its headquarters to Switzerland, making it the first-ever FTSE 100 company to be bought by a private equity firm. In 2012, Walgreens bought a 45% stake in Alliance Boots, with the option to buy the rest within three years. It exercised this option in 2014, and as a result Boots became a subsidiary of the new company, Walgreens Boots Alliance, on 31 December 2014.
Boots is one of the largest retailers in the UK and Ireland, both in terms of revenue and the number of shops. As of December 2024, Boots has 2,000 stores across the United Kingdom and Ireland ranging from local pharmacies to large health and beauty shops. Its shops are primarily located on the high streets and in shopping centres. It sells many health and beauty products, and also provides optician and hearing care services within shops and as standalone practices. Boots also operates a retail website and a loyalty card programme called the Boots Advantage Card.
1849 to 2000
Boots was established in 1849, by John Boot. After his father's death in 1860, Jesse Boot, aged 10, helped his mother run the family's herbal medicine shop in Nottingham, which was incorporated as Boot and Co. Ltd in 1883, becoming Boots Pure Drug Company Ltd in 1888. In 1920, Jesse Boot sold the company to the American United Drug Company. However, because of deteriorating economic circumstances in North America, Boots was sold back into British hands in 1933. The grandson of the founder, John Boot, who inherited the title Baron Trent from his father, headed the company. The Boots Pure Drug Company name was changed to The Boots Company Limited in 1971.
Between 1898 and 1966, many branches of Boots incorporated a lending library department, known as Boots Book-Lovers' Library.
Boots diversified into the research and manufacturing of drugs with its development of the Ibuprofen painkiller during the 1960s, invented by John Nicholson and Stewart Adams. The company was awarded the Queen's Award For Technical Achievement for this in 1987. A major research focus of Boots in the 1980s, was the drug for congestive heart failure, Manoplax. The withdrawal from market of Manoplax due to safety concerns in 1993, caused major pressure from investors, and in 1994, Boots divested its prescription drugs division, which had become no longer viable, to BASF. In 2006, it sold the Nurofen brand to Reckitt Benckiser. The 2006 sale of Boots Healthcare International included everything made by Crookes Healthcare, based on the Nottingham site.
In 1968, Boots acquired the 622-strong Timothy Whites and Taylors Ltd chain. Boots expanded into Canada by purchasing the Tamblyn Drugs chain circa 1978. Most Canadian Boots shops were converted to Pharma Plus in 1989, after sale to Oshawa Group, although a handful of locations remained as late as 1993, if not later. Boots products briefly surfaced in Canada when it was sold at the short-lived Target foray into Canada. In 1982, the company opened a new manufacturing plant in Cramlington, Northumberland. In the early 1990s, Boots began to diversify and bought Halfords, the bicycle and car parts business in 1991. The company offered numerous private label products, e.g., offering the PT400 typewriter, a rebadged Silverette model by Silver Seiko Ltd. of Japan. It also developed the Children's World business of larger out of town superstores in the 1980s, but sold this chain to Mothercare in 1996. Halfords was sold in 2002.
Boots Opticians Ltd was formed in 1987, with the acquisition of Clement Clarke Ltd and Curry and Paxton Ltd. Boots Opticians became the UK's second-largest retail optics chain. In 2009, Boots Opticians acquired Dollond & Aitchison, an optician chain that was founded in 1750.
Boots diversified into dentistry in 1998, with a number of shops offering this service. Boots sold the Do-It-All DIY chain to Focus DIY in 1998. Boots also made a venture into "Wellbeing" services offering customers treatments ranging from facials, homoeopathy, and nutritional advice to laser eye surgery and Botox but these services were abandoned in 2003, despite a launch that included a dedicated Freeview and Sky TV channel of the same name, and even redirecting web traffic from boots.com to wellbeing.com
2000 to present
In late 2004, Boots sold its laser eye surgery business to Optical Express.
In October 2005, a merger with Alliance UniChem was announced by the then chairman, Sir Nigel Rudd. The CEO Richard Baker left, and the new group became Alliance Boots plc. The merger became effective on 31 July 2006.
Alliance Boots was purchased by Kohlberg Kravis Roberts and Stefano Pessina, the deputy chairman of the company, in April 2007 for £11.1 billion, taking the company private and beating a rival bid from Guy Hands's Terra Firma Capital Partners. This was the first ever instance of a FTSE 100 company having been bought by a private equity firm. In June 2008, the group headquarters were moved to Zug, Switzerland. According to John Ralfe, Boots' former head of corporate finance, "the UK has lost about £100m a year in tax as result".
'Boots the Chemists Limited' was re-registered under the name 'Boots UK Limited' on 1 October 2007. Management of all staff was moved to Boots Management Services Limited on 1 July 2010.
In June 2012, it was announced that Walgreens, the United States' largest chemist chain, would purchase a 45% stake in Alliance Boots for US$6.7 billion. The deal was said to be a long-term plan to give maximum exposure to both brands, Boots more so in the US and, Walgreens more so in the UK and in China through Boots' presence in that market. The deal gave the option to complete a full merger of the organisations within three years costing an extra $9.5bn. Walgreens confirmed on 6 August 2014, that it would purchase the remaining 55% and merge with Alliance Boots to form a new holding company, Walgreens Boots Alliance Inc. Walgreens and Boots both become subsidiaries of the new company on 31 December 2014.
In August 2012, Boots began stocking convenience food products from Irish retailer Musgrave's SuperValu chain.
In April 2019, Boots announced it would sponsor the England, Scotland, Wales, Northern Ireland and Republic of Ireland women's football teams in a multi-million pound/euro deal. The deal was to last three years and cover the 2019 FIFA Women's World Cup and the UEFA Women's Euro 2021 competitions.In May 2019, Boots announced that it was closing 200+ underperforming shops.
Profits for 2019, were £167 million, 47.3% less than in 2018. The company blamed "lower volume and lower revenue item growth and continuing UK government reimbursement pressure".
In July 2020, the group announced that it would be cutting 4,000 jobs and shutting 48 optician stores in the UK.
Since September 2018, Sebastian James has been a senior vice president of Walgreens Boots Alliance, and president and managing director of Boots.
In November 2020, Boots Ireland appointed Stephen Watkins as managing director for Ireland, succeeding Bernadette Lavery who has been appointed director of pharmacy with Boots UK.
In November 2024, Anthony Hemmerdinger was appointed the new Managing Director of both the UK and Ireland.
In December 2024, it was reported that Sycamore Partners were lined up to acquire Walgreens Boots Alliance in early 2025.
Products and services
Boots sell the following products and services:
Prescription medicines sold via their pharmacies
Retail (non-prescription) medicines
Wide range of health and beauty products including related electrical products (hairdryers, shavers, electric toothbrushes)
Photography – Boots is an established provider of photography services. Traditionally the shops offered photographic processing services, but with the shift from film to digital photography, the shops now include kiosk printing services.
Clothing – baby and toddler ranges and maternity wear.
Food and drink (branded as Boots Delicious) – most branches sell lunchtime food and drink products which are available as part of a "Meal Deal" promotion.
Opticians
Hearing care
Mental health – in 2022, Boots launched Depression & Anxiety Treatment on their Online Doctor service which offers treatments for depression and anxiety for £65 per month. This includes a GP consultation and access to medicines. There is also a "SupportRoom" offering psychological support by text message or video for £40 per month and a "symptom checker" questionnaire for patients, which is reviewed by a mental health professional.
As of 2023, Walgreens Boots Alliance run 2,561 Boots branded stores across three countries:
United Kingdom: 2,232
Thailand: 237
Ireland: 92
The Alshaya Group, a franchise operator based in Kuwait, operates a number of Boots-branded stores throughout the Middle East, including in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, while Boots-branded stores throughout Indonesia are operated by PT Mitra Adiperkasa Tbk.
The Boots Factory Site
The Boots Factory Site, near the Nottingham suburb of Beeston, features a number of listed buildings. This includes the two principal factory buildings, D6 and D10, designed by Sir Owen Williams and built in 1932, and 1935–1938, respectively. Both are Grade I listed. The former fire station of 1938, D34, is also by Williams and is Grade II listed. The headquarters office building known as D90 is Grade II* and was built to designs by Skidmore, Owings & Merrill in 1966–68.
Staff have a restaurant, coffee and snack shops, newsagent, a branch of Boots the Chemist, an opticians branch and cash point situated within landscaped grounds. The grounds include the Millennium Garden, which features a herb garden (with some plants that Jesse Boot used in his original herbal remedies) in the shape of a goose foot – harking back to Jesse's original shop on Goose Gate, Nottingham.
The Boots Museum is now closed; however, historical items are in storage or on display in the reception area of the D90 building.
No. 7 Protect & Perfect Intense Beauty Serum
Professor Chris Griffiths' University of Manchester team found the Serum, formerly, No. 7 Refine & Rewind Beauty Serum stimulated the production of fibrillin-1 and appeared to smooth out wrinkles, (published in the British Journal of Dermatology). In 2007, an independent investigation by the BBC's Horizon programme caused a run on a product in the same product range after it was found to be the only one to have a beneficial effect. Richard Weller, an Edinburgh University dermatologist, said it was unlikely to be as effective as prescription retinoids.
Sale of homeopathic products
In 2009, Boots Superintendent Pharmacist Paul Bennett was interviewed by the House of Commons Science and Technology Committee about the company's sale of homeopathic medicines. He told the committee that the company had no evidence to suggest that homeopathic medicines are efficacious but Boots sold them anyway, for reasons of "consumer choice". The comments attracted media attention.
In 2010, protesters staged a mass homeopathy "overdose" outside Boots shops.
Charging the NHS for carrying out unnecessary medicine reviews
In April 2016, the Pharmacists' Defence Association stated that company managers were exploiting the NHS by insisting that each outlet carry out medicine use reviews, even if patients did not need them. The NHS paid £28 per review up to a maximum of 400 per shop per year. The Guardian said that the General Pharmaceutical Council was poised to investigate.
2016 reports of workplace pressure
At the same time as the article about medicine reviews, The Guardian published a longer report on the same day called 'How Boots went Rogue', which told the story from the eyes of a Boots pharmacist talking about working conditions at the company. It also covered the buyout of the company and the owners' financial approach. Four days later it published an article with emails from some pharmacists who had written about how "the chain allegedly compels staff to compromise ethics for targets". The article said "The letters editor believes this may be the largest haul of mail he has ever received about a single article. Others rang in."
There were two further follow-up articles in the days following. The Guardian subsequently noted a letter purporting to be from an "independent pharmacist" criticising its stance on the issue which it identified as having been edited and amended by one of the firm's vice-presidents. The letter was emailed as a Word document and contained tracked changes.
Following the Guardian reports, Boots announced the departure of UK operations director, Simon Roberts, in June 2016.
BBC documentary and press coverage in 2018
On 8 January 2018, the BBC broadcast an Inside Out documentary called "Boots: Pharmacists under Pressure?" about the deaths of three patients following dispensing errors. It also featured accounts from three whistleblowers, who alleged that there were staffing issues at the company. One of the whistleblowers, who had formerly worked in a patient safety role, stated that Boots had calculated that in excess of £100m additional investment in staffing was required each year in its pharmacies and to meet the company's expectations of its staff. The BBC also published two articles on the same day.
A separate article almost three weeks later told the story of a patient who was given the wrong medicine in December 2017 by a "frazzled" pharmacist. The patient said there was clearly a staffing problem.
Boots had told the BBC documentary makers that there had been no further patient deaths associated with dispensing errors since 2015. However, in July 2018, it was reported that an error had occurred in 2016 in which two lots of the same medicines were dispensed and supplied to the same patient, Richard Lee, who subsequently died. The error was found at a coroner's inquest to have contributed to his death.
Supply of the "morning after pill"
In July 2017, the British Pregnancy Advisory Service (BPAS) revealed that Boots was selling emergency contraceptive medication at four times the cost price and had refused requests to join rival pharmacy retail chains, including Superdrug and Tesco, which had agreed to cease profiting financially in this way. In a written response to BPAS, Boots revealed that they were frequently contacted by individuals who disapproved of the dispensing of such medication, which might be viewed as "incentivising inappropriate use", an assertion which campaigners described as "insulting and sexist".
BPAS called on the public to boycott the company and email them requesting that they reverse the policy. Following the boycott's launch, lawyers representing Boots alleged that the online complaint form created by BPAS had resulted in a "torrent of abuse" to five of Boots' senior managers and that BPAS had facilitated and tacitly encouraged harassment by naming individual staff members on the form. In response, BPAS stated that Boots had "failed to provide any evidence of abuse sent through the campaign". In November 2017, more than 130 Labour politicians signed a letter criticising Boots' failure to fulfil its promise to stock a low-cost alternative in its shops by October. At the end of January 2018, Boots confirmed that it was now offering the cheaper medication in all of its pharmacies.
Throughout the media coverage, a May–July 2017, pricelist from its wholesaler and sister company Alliance Healthcare stated that the "Normal Retail Price inc. VAT" of Levonelle One Step was £12.72.
Pharmacist suicide
On 25 October 2017, a debate was held in the House of Commons about pharmacists' mental health and the support that employers give to employees. Much of the discussion concerned the suicide of a Boots pharmacist, Alison Stamps, in May 2015, and Boots' response was criticised. Part of a letter from Alison Stamps' parents was read out by MP Kevan Jones, which said: "It is clear that Alison was a victim of corporate greed and collateral damage by an uncaring company intent only on its own agenda."
Overcharging the NHS for products
In February 2018, Boots was criticised for charging excessive prices for low-value products supplied to the NHS: in one case, it was found that the pharmacy was billing in excess of £1,500 for a moisturiser which normally retailed at less than £2. In May 2018, a further investigation by The Times found that on at least five occasions between 2013 and 2017, Boots had charged over £3,200 for a medicinal mouthwash used to treat mouth ulcers in chemotherapy patients, in comparison to an independent supplier which had charged the equivalent of £93 for the same product. The investigation found that Boots had ordered the product from Alliance Healthcare, a supplier owned by Boots' parent company. In response, a spokesman for Walgreens Boots Alliance rejected accusations of overcharging the NHS and said that the bespoke nature of the orders, often requested at short notice, results in the high cost.
See also
Pharmaceutical industry in the United Kingdom
Further reading
Roberts, Cecil (1966) Achievement: a record of fifty years' progress of Boots Pure Drug Company Ltd London: Boots Pure Drug Company Ltd
|
Class: A Guide Through the American Status System
|
[
"1983 non-fiction books",
"American non-fiction books",
"Wealth in the United States",
"Upper class culture in the United States",
"American upper class",
"American middle class",
"Working class in the United States",
"Labor in the United States",
"Social class in the United States",
"Books about the United States",
"Socio-economic mobility",
"Stereotypes of the upper class"
] | 1,306 | 10,571 |
Class: A Guide Through the American Status System is a nonfiction book by Paul Fussell originally published in 1983 by Simon & Schuster, and reissued in 1992.
Class structure
Fussell argues that social class in the United States is more complex in structure than simply three (upper, middle, and lower) classes. Fussell divided American society into nine strata — from the idle rich, which he called "the top out-of-sight," to the institutionalized and imprisoned, which he labeled "the bottom out-of-sight."
Fussell identifies the following nine classes:
Top out-of-sight: According to Fussell, the highest class in American society began to conceal themselves and their wealth during the Great Depression and continues to do so.
Upper
Upper middle: According to Fussell, the upper middle class earns most of its money rather than inherits it, and works in professions such as law, medicine, real estate, and business.
Middle
High Proletarian: According to Fussell, these are skilled workers. This class might earn as much money as the middle class, but they perform work that is more physically demanding.
Mid-Proletarian
Low Proletarian
Destitute
Bottom out-of-sight
Fussell coins the term "Category X" for people who remove themselves from the American class system despite having been born into an identifiable class.
Top out-of-sight are those with immense wealth who live in private luxury and do not interact socially with other classes. Their mansions are situated far from public roads behind high walls, and are thus literally out-of-sight.
Uppers and Upper middles generally do not socialize with Middles, but Middles hope to find them on cruise ship vacations.
Uppers and Upper middles do not engage in a lot of creative work or analytical thinking, instead relying on tradition. Uppers live on inherited wealth, while Upper middles include those financially successful through their own work, e.g. movie stars and millionaire entrepreneurs.
Middle
Fussell argues that the American middle class has experienced "prole drift" dragging it downward and effectively joining it to the proletarian class.
Whereas a university education used to be rarer and a clear class divider separating middles from the high school education of proles, Fussell reports that the vast proliferation of hundreds of mediocre "universities" in the U.S. has rendered this an ineffective class distinction. (This trend continued long after the book was published: there were 4,298 degree-granting postsecondary institutions in the U.S. in the 2017–2018 school year.) Education at an elite Ivy league institution retains class status despite the abundance of universities in the US.
Unlike the classes above and below, members of this middle group are insecure in their class status and are in constant fear of slipping down while hoping to jump up to higher classes.
Fussell notes that a fiberglass Chris-Craft was a common prole and middle class pleasure boat meant to ape the precious wood yachts of the upper classes. Middles are terrified of causing conflict and resort to innocuous topics of conversation to avoid intellectual debate.
Destitutes have virtually no capital or income, and include the incarcerated and the institutionalized, who are guarded by proles.
Bottom out-of-sight are the homeless, living under bridges or otherwise separated from society. Although they occupy opposite ends of the class spectrum, both Top out-of-sight and Bottom out-of-sight groups are physically separated from the other classes.
Category X
In the final chapter, The X Way Out, Fussell identifies "category X" people who exist outside of the US class structure. Fussell argues that it is essentially impossible to change one's social class —up or down — but it is possible to extricate oneself from the class system by existing outside the system as a X person. (In the US, Middles and proles are conditioned to believe in meritocracy, despite class mobility being among the lowest in industrialized economies.) He states that X people do self-directed work without a boss or supervisor; they are writers, artists, musicians and other "creative" types. X people dress comfortably, wearing L. L. Bean, Lands' End, and thrift store purchases. They drink wine, gin, and vodka — but not famous advertised brand names. X people speak multiple languages and are familiar with many cities internationally, often simply for the joy of knowledge. X people generally disregard social norms because they have no interest in class status and disdain the Middles who are so concerned with it. Fussell names the Mark Twain character Huckleberry Finn as an archetypal Category X person.
Reception
In a 2009 review for The Atlantic, Sandra Tsing Loh stated: "The experience of reading (and re-reading) Class is akin to wiping goggles one didn't know were fogged". The book review website The Pequod rated the book a 9.5 (out of 10.0) and called it "Paul Fussell's most sustained work of genius, a razor-sharp and bitterly savage exploration of the class rigidities of our supposedly classless society." Writing in Esquire, Dwight Garner found the book "impossible to put down because its sentences were so crisp, honest, and witty. It was more impossible to put down because it addressed a topic that I sensed had a moonlike pull over human affairs in general and my life in particular, but that no one spoke about."
The chapter on "Category X" people was described as "insufferably self-regarding" by David Brooks in a 2021 article on bourgeois bohemians; Brooks states that Class is "a caustic and extravagantly snobby tour through the class markers prevalent at the time."
See also
Social class in the United States
Socioeconomic mobility in the United States
Myth of meritocracy
Affluence in the United States
Poverty in the United States
Income inequality in the United States
Social class in American history
Class: A View From Middle England
|
Home equity protection
|
[
"United States housing bubble",
"Economic bubbles",
"Financial history of the United States",
"Financial economics",
"Personal finance",
"Property insurance"
] | 660 | 5,397 |
Home price protection is an agreement that pays the homeowner if a particular home price index declines in value over a period of time after the protection is purchased. The protection is for a new or existing homeowner that wishes to protect the value of their home from future market declines.
Scholarly research
In 1999, Robert J. Shiller and Allan Weiss published an overview of the idea. Two similar programs had been tried in Illinois by municipalities: a 1978 Oak Park plan, which had never had a claim as of 1999, and a broader program covering the city of Chicago passed by voter referendum in 1987 and implemented in 1990.
Another program was initiated 2002 as several scholars at Yale University worked in conjunction with a program in Syracuse, NY, which was developed with the intent of increasing home ownership in neighborhoods on the verge of collapse that were marred by ever declining home prices. The Syracuse non-profit program, called Home Headquarters, was sponsored by the Syracuse Neighborhood Initiative, and a homeowner could protect the value of their home for a one-time fee of 1.5% of the home's value. In many cases, a local organization would pay the fee for the homeowner if they agreed to live in the home for 3 years. Similar programs were developed in other municipalities to encourage home ownership in specific areas that were considered to be at risk of losing home value due to increased rental conversions and other factors.
Hedging
Any protection contract is essentially providing a hedge to the owner against declining home prices. The provider (protection seller) of the contract will generally have a significant reserve in place and will also hedge their risk using housing futures from the CBOE Chicago Board Options Exchange & CME Chicago Board of Trade and other real estate short strategies to help mitigate losses. Some providers utilize reinsurance from A rated carriers to provide more durable secondary risk protection.
Payouts
Losses are generally measured by a nationally recognized house price index such as Office of Federal Housing Enterprise Oversight (OFHEO), Radar Logic, First American Core Logic, or the S&P Case-Shiller index.
Differences from insurance
Most home equity protection products are not insurance and do not require an insurable interest from the buyer of protection, however some providers offer an insurance version of the product.
Swaps
There are some similarities with swaps, particularly total return swap and credit default swaps.
Vendors
Companies offering the product include EquityLock.
Alternatively, it is possible to hedge the risk of a housing price decline using Case-Shiller Futures.
Waiting periods are required in many of the programs to prevent the owner of the home price protection agreement from gaming the system.
The protection generally covers all sales to unrelated parties including short sales but will not cover foreclosures.
See also
United States housing bubble
Chicago Board of Trade
Real estate bubble
Great Recession
Real estate pricing
Real estate appraisal
Real estate economics
Real estate trends
Deed in lieu of foreclosure
Foreclosure consultant
|
Fifth Avenue Coach Company
|
[
"1896 establishments in New York City",
"1962 disestablishments in New York (state)",
"American companies established in 1896",
"American companies disestablished in 1962",
"Transport companies established in 1896",
"Transport companies disestablished in 1962",
"1899 mergers and acquisitions",
"1925 mergers and acquisitions",
"1954 mergers and acquisitions",
"Fifth Avenue",
"Surface transportation in Greater New York",
"Bus transportation in New York City",
"Defunct companies based in New York City",
"Defunct public transport operators in the United States"
] | 1,301 | 11,519 |
The Fifth Avenue Coach Company was a bus operator in Manhattan, The Bronx, Queens, and Westchester County, New York, providing public transit between 1896 and 1954 after which services were taken over by the New York City Omnibus Corporation. It succeeded the Fifth Avenue Transportation Company.
The company was founded in 1896 when it succeeded the bankrupt Fifth Avenue Transportation Company. It initially operated existing horse-and-omnibus transit along Fifth Avenue, with a route running from 89th Street to Bleecker Street. Fifth Avenue is the only avenue in Manhattan never to see streetcar service due to the opposition of residents to the installation of railway track for streetcars. The company introduced electric buses two years later and was acquired by the newly formed New York Transportation Company in 1899.
They introduced a fleet of 15 of their own motorbuses in 1907 that operated along Fifth Avenue and on some crosstown routes. The company became independent of the New York Transportation Company in 1912.
In 1925, the year that they came under control of The Omnibus Corporation, the company purchased a majority share in the New York Railways Corporation.
When the New York Railways Corporation started converting streetcar lines to buses in 1935–36, the new replacement bus services were operated by the New York City Omnibus Corporation, which had been formed in 1926 and had shared management with The Omnibus Corporation. New York Railways Corporation was dissolved in 1936.
The New York and Harlem Railroad trolleys were replaced by Madison Avenue Coach Company, Inc. buses, and the Eighth and Ninth Avenue Railway trolleys by Eighth Avenue Coach Corporation buses, both companies owned by Fifth Avenue Coach. (Fourth and Madison Avenues; 86th Street Crosstown was not replaced with buses). Madison Avenue Coach and Eighth Avenue Coach were folded into New York City Omnibus in November 1951.
In 1954 The Omnibus Corporation sold the Fifth Avenue Coach Company to the New York City Omnibus Corporation which changed its name to Fifth Avenue Coach Lines two years later. In 1956, the company also acquired the Westchester Street Transportation Company, a bus company previously affiliated with the Third Avenue Railway. The same year, they also acquired the Surface Transportation Corporation, and allowed it to operate under a new name as a subsidiary of Fifth Avenue. After a strike in 1962, and a fight for control with financier Harry Weinberg, bus operations were taken over by the city. Buses in Westchester survived the strike and city takeover until they were acquired by Liberty Lines Transit in 1969.
Routes
The routes that were operated by the Fifth Avenue Coach Company are listed below.
RouteTerminal AMajor streets of travelTerminal B1Washington Square ParkFifth AvenueHarlem5 Avenue/138 Street2Madison SquareFifth AvenueSeventh Avenue(today's Adam Clayton Powell Boulevard)Edgecombe AvenueWashington HeightsBroadway/167 Street3Washington Square ParkFifth AvenueSt. Nicholas Avenue or Convent Avenue(within Hamilton Heights)St. Nicholas Avenue(within Washington Heights)Washington HeightsSt. Nicholas Avenue/193 Street4New York Penn StationFifth AvenueCentral Park North/Cathedral ParkwayRiverside DriveBroadwayFort Washington AvenueThe Cloisters5/19Washington Square ParkFifth AvenueWest 57 StreetBroadwayRiverside Drive(through the Upper West Side)Broadway (5 through Hamilton Heights)Riverside Drive (19 through Hamilton Heights)Washington HeightsBroadway/167 Street6Upper West SideWest 72 StreetCentral Park WestBroadwayWest 57 StreetFifth AvenueEast 72 StreetYorkvilleEast 72 Street/York Avenue9Washington Square ParkFifth AvenueWest 57 StreetBroadwayUpper West SideWest 72 StreetCentral Park West15Madison SquareFifth AvenueQueensboro BridgeQueens BoulevardRoosevelt AvenueJackson HeightsNorthern Boulevard/81 Street
or
CoronaFlushing Meadows–Corona Park16Jackson HeightsNorthern Boulevard/81 Street81/82 StreetsBaxter AvenueBroadwayElmhurstBroadway and Queens Boulevard20Hell's Kitchen12 Avenue/West 55 Street57 Street CrosstownSutton PlaceSutton Place and East 59 Street
See also
Manhattan and Bronx Surface Transit Operating Authority, successor to FACCST within New York City
Liberty Lines Transit, Inc., successor to the FACCST routes in Westchester County
|
Federal funds rate
|
[
"Banking",
"Federal Reserve System",
"Interest rates"
] | 3,425 | 31,836 |
In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets and central to the conduct of monetary policy in the United States as it influences a wide range of market interest rates.
The effective federal funds rate (EFFR) is calculated as the effective median interest rate of overnight federal funds transactions during the previous business day. It is published daily by the Federal Reserve Bank of New York.
The federal funds target range is determined by a meeting of the members of the Federal Open Market Committee (FOMC) which normally occurs eight times a year about seven weeks apart. The committee may also hold additional meetings and implement target rate changes outside of its normal schedule.
The Federal Reserve adjusts its administratively set interest rates, mainly the interest on reserve balances (IORB), to bring the effective rate into the target range. Additional tools at the Fed's disposal are: the overnight reverse repurchase agreement facility, discount rate, and open market operations. The target range is chosen to influence market interest rates generally and in turn ultimately the level of activity, employment and inflation in the U.S. economy.
Mechanism
Financial institutions are obligated by law to hold liquid assets that can be used to cover sustained net cash outflows. Among these assets are the deposits that the institutions maintain, directly or indirectly, with a Federal Reserve Bank. An institution that is below its desired level of liquidity can address this temporarily by borrowing from institutions that have Federal Reserve deposits in excess of their requirement. The interest rate that a borrowing bank pays to a lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the effective federal funds rate.
The Federal Open Market Committee regularly sets a target range for the federal funds rate according to its policy goals and the economic conditions of the United States. It directs the Federal Reserve Banks to influence the rate toward that range with adjustments to their own deposit interest rates. Although this is commonly referred to as "setting interest rates," the effect is not immediate and depends on the banks' response to money market conditions.
Future contracts in the federal funds rate trade on the Chicago Board of Trade (CBOT), and the financial press refer to these contracts when estimating the probabilities of upcoming FOMC actions.
How the Fed attains its target rates
Interest on Reserve Balances (IORB) is the primary tool for achieving the target federal funds rate. It is an interest rate the Fed pays to banks for holding their funds at the Federal Reserve Bank. Because this offers a risk-free way to earn interest on their funds, banks do not tend to lend to each other at rates below the IORB, effectively setting a floor for the federal funds rate.
Overnight Reverse Repurchase Agreement Facility is how the Fed sets rates for financial institutions which do not qualify to earn the IORB. It does this by allowing them to earn an interest on their funds via reverse repurchase agreements with the Fed. This helps further ensure a floor to the federal funds rate.
Discount rate is the interest rate at which the Fed loans out its funds to eligible institutions via the discount window. This makes it unlikely for banks or other institutions to make loans at higher rates, therefore effectively setting a ceiling to the federal funds rate.
Open Market Operations is when the Federal Reserve buys or sells government securities, thereby either adding or removing liquidity from the banking system. Without sufficient liquidity in the system, the other tools Fed uses become ineffective.
Applications
Interbank borrowing is essentially a way for banks to quickly raise money. For example, a bank may want to finance a major industrial effort but may not have the time to wait for deposits or interest (on loan payments) to come in. In such cases the bank will quickly raise this amount from other banks at an interest rate equal to or higher than the Federal funds rate.
Raising the federal funds rate will dissuade banks from taking out such inter-bank loans, which in turn will make cash that much harder to procure. Conversely, dropping the interest rates will encourage banks to borrow money and therefore invest more freely. This interest rate is used as a regulatory tool to control how freely the U.S. economy operates.
By setting a higher discount rate the Federal Reserve discourages banks from requisitioning funds from Federal Reserve Banks, yet positions itself as a lender of last resort.
Comparison with LIBOR
Though the London Interbank Offered Rate (LIBOR), the Secured Overnight Financing Rate (SOFR) and the federal funds rate are concerned with the same action, i.e. interbank loans, they are distinct from one another, as follows:
The target federal funds rate is a target interest rate that is set by the FOMC for implementing U.S. monetary policies.
The (effective) federal funds rate is achieved through open market operations at the Domestic Trading Desk at the Federal Reserve Bank of New York which deals primarily in domestic securities (U.S. Treasury and federal agencies' securities).
LIBOR is based on a questionnaire where a selection of banks guess the rates at which they could borrow money from other banks.
LIBOR may or may not be used to derive business terms. It is not fixed beforehand and is not meant to have macroeconomic ramifications.
Predictions by the market
Considering the wide impact a change in the federal funds rate can have on the value of the dollar and the amount of lending going to new economic activity, the Federal Reserve is closely watched by the market. The prices of Option contracts on fed funds futures (traded on the Chicago Board of Trade) can be used to infer the market's expectations of future Fed policy changes. Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market's views on the likelihood of changes in U.S. monetary policy, the allows market participants to view the probability of an upcoming Fed Rate hike. One set of such implied probabilities is published by the Cleveland Fed.
Historical rates
The last full cycle of rate increases occurred between June 2004 and June 2006 as rates steadily rose from 1.00% to 5.25%. The target rate remained at 5.25% for over a year, until the Federal Reserve began lowering rates in September 2007. The last cycle of easing monetary policy through the rate was conducted from September 2007 to December 2008 as the target rate fell from 5.25% to a range of 0.00–0.25%. Between December 2008 and December 2015 the target rate remained at 0.00–0.25%, the lowest rate in the Federal Reserve's history, as a reaction to the 2008 financial crisis and the Great Recession. According to Jack A. Ablin, chief investment officer at Harris Private Bank, one reason for this unprecedented move of having a range, rather than a specific rate, was because a rate of 0% could have had problematic implications for money market funds, whose fees could then outpace yields. In October 2019 the target range for the Federal Funds Rate was 1.50–1.75%. On March 15, 2020, the target range for Federal Funds Rate was 0.00–0.25%, a full percentage point drop less than two weeks after being lowered to 1.00–1.25%.
In light of the 2021–2022 global inflation surge, the Federal Reserve has raised the FFR aggressively. In the latter half of 2022, the FOMC had hiked the FFR by 0.75 percentage points on 4 different consecutive occasions, and in its final meeting of 2022, hiked the FFR a further 0.5 percentage points. The FFR sat around 4.4% in 2022, and at the time the Fed foreshadowed that the rate would not be lowered until 2024 at the earliest.
In Sept. 2024, the Fed lowered its benchmark rate for the first time since 2020 by 50 basis points.
Explanation of federal funds rate decisions
When the FOMC wishes to reduce interest rates they will increase the supply of money by buying government securities. When additional supply is added and everything else remains constant, the price of borrowed funds – the federal funds rate – falls. Conversely, when the Committee wishes to increase the federal funds rate, they will instruct the Desk Manager to sell government securities, thereby taking the money they earn on the proceeds of those sales out of circulation and reducing the money supply. When supply is taken away and everything else remains constant, the interest rate will normally rise.
The Federal Reserve has responded to a potential slow-down by lowering the target federal funds rate during recessions and other periods of lower growth. In fact, the committee's lowering has recently predated recessions, in order to stimulate the economy and cushion the fall. Reducing the federal funds rate makes money cheaper, allowing an influx of credit into the economy through all types of loans.
The charts referenced below show the relation between S&P 500 and interest rates.
July 13, 1990 – Sept 4, 1992: 8.00–3.00% (Includes 1990–1991 recession)
Feb 1, 1995 – Nov 17, 1998: 6.00–4.75
May 16, 2000 – June 25, 2003: 6.50–1.00 (Includes 2001 recession)
June 29, 2006 – Oct 29, 2008: 5.25–1.00
Bill Gross of PIMCO suggested that in the prior 15 years ending in 2007, in each instance where the fed funds rate was higher than the nominal GDP growth rate, assets such as stocks and housing fell.
Rates since 2008 global economic downturn
Dec 16, 2008: 0.0–0.25
Dec 16, 2015: 0.25–0.50
Dec 14, 2016: 0.50–0.75
Mar 15, 2017: 0.75–1.00
Jun 14, 2017: 1.00–1.25
Dec 13, 2017: 1.25–1.50
Mar 21, 2018: 1.50–1.75
Jun 13, 2018: 1.75–2.00
Sep 26, 2018: 2.00–2.25
Dec 19, 2018: 2.25–2.50
Jul 31, 2019: 2.00–2.25
Sep 18, 2019: 1.75–2.00
Oct 30, 2019: 1.50–1.75
Mar 3, 2020: 1.00–1.25
Mar 15, 2020: 0.00–0.25
Mar 16, 2022: 0.25–0.50
May 4, 2022: 0.75–1.00
Jun 15, 2022: 1.50–1.75
Jul 27, 2022: 2.25–2.50
Sep 21, 2022: 3.00–3.25
Nov 2, 2022: 3.75–4.00
Dec 14, 2022: 4.25–4.50
Feb 1, 2023: 4.50–4.75
Mar 22, 2023: 4.75–5.00
May 3, 2023: 5.00–5.25
Jul 26, 2023: 5.25–5.50
Sep 18, 2024: 4.75–5.00
Nov 7, 2024: 4.50–4.75
Dec 18, 2024: 4.25–4.50
International effects
A low federal funds rate makes investments in developing countries such as China or Mexico more attractive. A high federal funds rate makes investments outside the United States less attractive. The long period of a very low federal funds rate from 2009 forward resulted in an increase in investment in developing countries. As the United States began to return to a higher rate in the end of 2015 investments in the United States became more attractive and the rate of investment in developing countries began to fall. The rate also affects the value of currency, a higher rate slowing the decrease of the U.S. dollar and decreasing the value of currencies such as the Mexican peso.
See also
Austrian Business Cycle Theory
Bank rate
Demand Management
Eonia
Equation of exchange
Euro Interbank Offered Rate
Federal Reserve Economic Data
Inverted yield curve
Modern Monetary Theory
Monetary policy
Mortgage industry of the United States
Official cash rate
Official bank rate
Real interest rate
SARON
SONIA
Taylor rule
Zero interest rate policy
|
George X. Schwartz
|
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"Temple University Beasley School of Law alumni",
"Deaths from pneumonia in Pennsylvania",
"People convicted in the Abscam scandal",
"20th-century members of the Pennsylvania General Assembly"
] | 1,571 | 13,714 |
George X. Schwartz (January 28, 1915 – March 26, 2010) was a Democratic politician who served as a member of the Philadelphia City Council for two decades.
Early life
Though he was born in New York City, Schwartz grew up in West Philadelphia, the son of a successful real estate broker. He graduated from West Philadelphia High School in 1932, earned an undergraduate degree from Temple University in 1936, and graduated from Temple Law School in 1940.
Political career
State House
He made his first foray into politics in 1952, when he was elected to one of Philadelphia County's allotted at-large seats in the Pennsylvania State House. However, he was not re-elected as a member of the county's delegation two years later. He was able to regain a seat in the 1956 election, with the help of Democratic City Committee Chairman and Congressman William J. Green Jr.
Leader of the 34th Democratic Ward
In 1962, Schwartz became the leader of the 34th Ward in West Philadelphia, defeating Leontina Papa by a vote of 56 to 23. He remained ward leader until stepping down in 1982.
City Council
Schwartz was elected to Philadelphia City Council in a special election in 1960, winning the 4th District seat, once again with the help and encouragement of Green. The district had previously been represented by Samuel Rose, a Democrat and part-time boxing promoter who had died of complications from a heart attack earlier that year. He was elected Council President in 1972, when Paul D'Ortona announced he would not seek re-election to the position. Schwartz's tenure as President was marked by an active and ironfisted rule. He set the course of virtually every piece of legislation, dominated the Council's Democratic caucus, and controlled most of the political patronage.
Schwartz occasionally clashed with Mayor Frank Rizzo. When Schwartz refused to join Rizzo in opposing Arlen Specter's 1973 bid for a third term as District Attorney, Rizzo ordered his Police Commissioner to form a special hand-picked 34-member police squad to spy on Schwartz. He would come to be known by the nickname "the silver fox" while he was serving on the Council, due to his graying hair, distinguished figure, and political clout.
During his tenure as Council President, he brought several Philadelphia politicians onto his staff, including Lynne Abraham to do legislative and policy work for him. Schwartz also got Bob Brady (Later a Congressman and longtime and incumbent head of Philadelphia's Democratic Party) his first political job as a sergeant-at-arms for City Council proceedings.
Abscam involvement
In January 1980, Schwartz met with two men at a suite at the Barclay Hotel in Rittenhouse Square. The men claimed to represent an Arab Sheikh who was interested in building a hotel in Philadelphia. The men, who were actually FBI agents, agreed to pay Schwartz $30,000 in exchange for his use of his influence over Council to get the project approved. Schwartz was recorded telling the men, "We got five or six members [of City Council]...You tell me your birthday. I'll give them to you for your birthday." The scandal would later come to be known as "Abscam" (short for Arab Scam), and would take-down five Congressman, including First District Congressman Ozzie Myers, who would become the first member of the House to be expelled since the Civil War, and two other members of the City Council, Majority Leader Harry Jannotti and Louis Johanson.
Schwartz was indicted on charges of accepting a bribe, extortion and conspiracy on May 23, 1980. He resigned as Council President six days later, and left the Council altogether three days later.
Both Schwartz and Jannotti initially claimed that they were entrapped into taking the bribes. Indeed, the Abscam investigation would later come under criticism for excess involvement by government agents seeking to push bribes on public officials. Both men were initially convicted of the charges against them, but later had their convictions overturned by the District Court, which agreed with their assertion that they were entrapped. However, the Appellate Court later reversed the District Court's decision and reinstated the verdicts. The case finally reached the Supreme Court in mid-1982, and in the first high court ruling on Abscam, the Court concurred with the Appellate Court's findings and let the convictions stand.
Both men began serving their sentences in Federal Prison on April 22, 1985. Schwartz had been sentenced to 366 days and was also ordered to pay a $10,000 fine.
Later life
After his release from prison, Schwartz largely remained out of politics. He did maintain contact with Bob Brady, who had succeeded him as leader of Democratic City Committee's 34th Ward, and supported his 2007 Mayoral campaign. Schwartz also actively supported Lynne Abraham's campaigns for District Attorney.
His wife, Jerre, died in 1994. The couple had one son, two daughters and ten grandchildren.
Death and legacy
Schwartz died of complications from pneumonia at his home in Rittenhouse Square in March 2010.
His continuing political legacy was largely shaped by the careers he helped launch both by virtue of his power, as well as his downfall. He is seen as instrumental in the successful political careers of both Abraham and Brady. Additionally, it was his conviction and resignation from Council that allowed Joe Coleman to ascend to the Council Presidency, becoming the first African-American to hold the office. Coleman, who wanted to distance the Council from the Abscam-related taint, sought to be a more conciliatory leader than Schwartz, leading some observers to describe the Council as unruly, and prompting Mayor Bill Green, III (the son of Schwartz's mentor) to call the Council "the worst legislative body in the free world." Coleman's successor, John Street, sought to return more power to the office of President, and was seen as instrumental in helping get Ed Rendell's legislative agenda enacted. Some observers therefore credit Schwartz with indirectly helping Rendell and Street by showing the virtues of a strong Council President.
|
John Craven (businessman)
|
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"2022 deaths",
"Alumni of Michaelhouse",
"South African businesspeople",
"Alumni of Jesus College, Cambridge",
"Ian Fleming Publications directors",
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"Knights Bachelor",
"Schroders people"
] | 447 | 4,075 |
Sir John Anthony Craven (23 October 1940 – 30 March 2022) was a British financier who was chairman of Deutsche Morgan Grenfell Group plc, and a director of Deutsche Bank and Reuters.
Early life
Craven was born in Leominster on 23 October 1940. He was educated at Michaelhouse and read law at Jesus College, Cambridge. He was a member of the Canadian and Ontario Institutes of Chartered Accountants.
Career
In 1967, Craven joined SG Warburg & Co Ltd, becoming an executive director in 1969 under the tutelage of Siegmund Warburg. He became Group Chief Executive of White Weld & Co Ltd (subsequently Credit Suisse First Boston) from 1975 to 1978 and a vice-chairman of SG Warburg & Co Ltd in 1979. In 1981 he founded Phoenix Securities Ltd which was acquired by Morgan Grenfell Group plc in 1987 when he took on the role of Group Chief Executive of Morgan Grenfell Group plc, succeeding Christopher Reeves. He sat on the board of managing directors of Deutsche Bank from 1990 until 1996.
Craven was chairman of Morgan Grenfell Group plc from 1989, a post he retained when the group was renamed as Deutsche Morgan Grenfell Group plc in 1996. He was a non-executive director of Rothmans International plc and a member of the Supervisory Board, Société Générale de Surveillance SA, Geneva. He was also a Trustee of the Cambridge University Foundation.
Craven was knighted in the 1996 Birthday Honours for his services to banking, as "one of the leading City financiers of the past 30 years".
Craven died on 30 March 2022, at the age of 81.
|
Deep Kalra
|
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"21st-century Indian businesspeople",
"Indian company founders",
"Businesspeople from Hyderabad, India",
"St. Stephen's College, Delhi alumni",
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"ABN AMRO people",
"Ashoka University",
"Businesspeople in tourism"
] | 553 | 6,297 |
Deep Kalra is an Indian businessman who is the Founder & Chairman of MakeMyTrip, an Indian online travel company.
He was born in Hyderabad and grew up in Delhi and Ahmedabad.
Education and career
He obtained his bachelor's degree in Economics from St. Stephen's College, Delhi of Delhi University in 1990 and his MBA from Indian Institute of Management Ahmedabad in 1992.
Kalra joined ABN AMRO after graduation from IIM Ahmedabad where he worked for three years. He worked with AMF Bowling to set up bowling alleys in India before joining GE Capital in 1999 as VP of Business Development. He started MakeMyTrip in the year 2000 after realising the possibilities of the internet while trying to sell his wife's car online. Since August 2013, he functions as Group CEO. In 2022, he was elevated to the position of group chairman and chief mentor helping the company pursue product innovation and expansion. He is one of the founders of Ashoka University and is a part of its governing body. He is also a founding member of I am Gurgaon, an NGO.
Deep is the creator of a number of other prosperous travel and technology firms. Deep is the head of the NASSCOM internet working group and one of the organization's executive members.
Recognition
He was ranked #1 in a list of most powerful digital influencers in India by KPMG in 2011.
|
Bryan Lourd
|
[
"1960 births",
"Living people",
"People from Greenwich Village",
"People from Beverly Hills, California",
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"American talent agents",
"People from New Iberia, Louisiana",
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"Gay businessmen",
"Fisher family (Burbank, California)",
"American gay men",
"American LGBTQ businesspeople",
"LGBTQ people from Louisiana",
"20th-century American LGBTQ people",
"21st-century American LGBTQ people"
] | 848 | 8,912 |
Bryan William Lourd (born November 5, 1960) is an American talent agent. He is the CEO and co-chairman of Creative Artists Agency (CAA).
Early life
Bryan William Lourd was born on November 5, 1960, in New Iberia, Louisiana, to Sherion (Brice) (1938–2012) and Harvey H. Lourd Jr. (1938–2011). He attended New Iberia Senior High School, and earned a degree from the USC Annenberg School for Communication and Journalism in 1982.
Career
Lourd has been partner, managing director and co-chairman of Creative Artists Agency (CAA) since October 1995. During the 2007–08 Writers Guild of America strike, he served as a mediator between Patric Verrone, the President of the Writers Guild of America, West and its legal counsel, David Young, and movie executive Peter Chernin and Bob Iger, the chairman and chief executive officer of The Walt Disney Company. In 2014, he was honored at a gala with many entertainers in New York City.
He has served on the board of directors of IAC, an online media company headed by Barry Diller, since 2005.
Personal life
Lourd and actress Carrie Fisher were in a relationship from 1991 to 1994, during which time they identified themselves as being a married couple. Their relationship ended when he left her for a man after realizing he was gay. They have one daughter, actress Billie Lourd, born in 1992.
Lourd married Bruce Bozzi, the former co-owner of The Palm (later owned by Landrys Restaurants), on October 12, 2016. Bozzi and Lourd legally adopted Bozzi's daughter, Ava. They divide their time between an apartment in the West Village, in Lower Manhattan, New York City, and a house in Beverly Hills, California.
Philanthropy and public service
Lourd was elected to the board of trustees of the Los Angeles County Museum of Art in 2011. He serves on the board of directors of the Lincoln Center for the Performing Arts in New York City. He was appointed to the President's Committee on the Arts and Humanities in 2009 by President Barack Obama and to the board of the John F. Kennedy Center for the Performing Arts in 2015. He attended the Allen & Company Sun Valley Conference in 2013.
Bryan Lourd
|
Levant Company
|
[
"Levant Company",
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"Trading companies established in the 16th century",
"Organizations established in the 1590s",
"British companies disestablished in 1825",
"Defunct shipping companies of the United Kingdom",
"Economic history of England",
"Economy of the Ottoman Empire",
"Ottoman Empire–United Kingdom relations"
] | 4,306 | 33,829 |
The Levant Company was an English chartered company formed in 1592. Elizabeth I of England approved its initial charter on 11 September 1592 when the Venice Company (1583) and the Turkey Company (1581) merged, because their charters had expired, as she was eager to maintain trade and political alliances with the Ottoman Empire.
Its initial charter was good for seven years and was granted to Edward Osborne, Richard Staper, Thomas Smith and William Garrard with the purpose of regulating English trade with the Ottoman Empire and the Levant. The company remained in continuous existence until being superseded in 1825. A member of the company was known as a Turkey Merchant.
History
The origins of the Levant Company lay in the Italian trade with Constantinople, and the wars against the Turks in Hungary, although a parallel was routed to Morocco and the Barbary Coast on a similar trade winds as early as 1413. The collapse of the Venetian empire, high tariffs, and the ousting of the Genoese from Scio (Chios) had left a vacuum that was filled by a few intrepid adventurers in their own cog vessels with endeavour to reopen trade with the East on their own accounts. Following a decline in trade with the Levant over a number of decades, several London merchants petitioned Queen Elizabeth I in 1580 for a charter to guarantee exclusivity when trading in that region. In 1580 a treaty was signed between England and the Ottoman Empire, giving English merchants trading rights similar to those enjoyed by French merchants. In 1582, William Harborne, an English merchant who had carried out most of the treaty negotiations in Constantinople to French protestations, made himself permanent envoy. But by 1586 Harborne was appointed 'Her Majesty's ambassador' to the Ottoman Empire, with all his expenses (including gifts given to the Sultan and his court) to be paid by the Levant Company.
When the charters of the Venice Company and the Turkey Company expired, both companies were merged into the Levant Company in 1592 after Queen Elizabeth I approved its charter as part of her diplomacy with the Ottoman Empire.
The company had no colonial aspirations, but rather established "factories" (trading centers) in already-established commercial centers, such as the Levant Factory in Aleppo, as well as Constantinople, Alexandria and Smyrna. Throughout the company's history, Aleppo functioned as the central hub for the entire Middle East operations. By 1588, the Levant Company had been converted to a regulated monopoly on an established trade route, from its initial character as a joint-stock company. The prime movers in the conversion were Sir Edward Osborne and Richard Staper.
In January 1592, a new charter was granted and by 1595 its character as a regulated company had become clear. In the early days of the company there were threats not just from Barbary pirates but also from Spain during the 1585 to 1604 war. In that conflict however the company with its heavily armed ships managed to repel the Spanish galleys intent on capturing the cargo in a number of pitched naval battles, in 1586, 1590, 1591 and 1600 The company as a result surrendered some of their ships to the English Crown and these were used during the Spanish Armada campaign, proving their worth.
James I (1603–25) renewed and confirmed the company's charter in 1606, adding new privileges. However he engaged in a verbal anti-Turk crusade and neglected direct relations with the Turks. The government did not interfere with trade, which expanded. Especially profitable was the arms trade as the Porte modernised and re-equipped its forces. Of growing importance was textile exports. Between 1609 and 1619, the export of cloth to the Turks increased from 46% to 79% of total cloth exports. The business was highly lucrative. Piracy continued to be a threat. Despite the anti-Ottoman rhetoric of the king, commercial relations with the Turks expanded. The king's finances were increasingly based on the revenues derived from this trade, and English diplomacy was complicated by this trade. For example, James refused to provide financial support to Poland for its war against the Turks.
During the English Civil War (1642–1651), some innovations were made in the government of the company, allowing many people to become members who were not qualified by the charters of Elizabeth and James, or who did not conform to the regulations prescribed. Charles II, upon his restoration, endeavored to set the company upon its original basis; to which end, he gave them a charter, containing not only a confirmation of their old one, but also several new articles of reformation.
Organisation in 1661
By the charter of King Charles II in 1661, the company was erected into a body politic, capable of making laws, under the title of the Company of Merchants of England trading to the Seas of the Levant. The number of members was not limited, but averaged about 300. The principal qualification required was that the candidate be a wholesale merchant, either by family, or by serving an apprenticeship of seven years. Those under 25 years of age paid 25 pounds at their admission; those above, twice as much. Each made an oath, at his entrance, not to send any merchandise to the Levant, except on his own account; and not to consign them to any but the company's agents, or factors. The company governed itself by a plurality of voices.
The company had a court, or board at London, composed of a governor, sub-governor, and twelve directors, or assistants; who were all actually to live in London, or the suburbs. They also had a deputy-governor, in every city and port where there were any members of the company. This assembly at London sent out the vessels, regulated the tariff for the price at which the European merchandise sent to the Levant were to be sold; and for the quality of those returned. It raised taxes on merchandise, to defray impositions, and the common expense of the company; presented the ambassador, which the King was to keep at the port; elected two consuls for Smyrna and Constantinople, etc. As the post of ambassador to the Sublime Porte became increasingly important, the Crown had to assume control of the appointment.
One of the best regulations of the company was not to leave the consuls, or even the ambassador, to fix the impositions on the vessels for defraying the common expenses—something that was fatal to the companies of most other nations—but to allow a pension to the ambassador and consuls, and even to the chief officers—including the chancellor, secretary, chaplain, interpreters, and janissaries—so that there was no pretence for their raising any sum at all on the merchants or merchandises. It was true that the ambassador and consul might act alone on these occasions, but the pensions being offered to them on condition of declining them, they chose not to act.
In extraordinary cases, the consuls, and even ambassador himself, had recourse to two deputies of the company, residing in the Levant, or if the affair be very important, assemble the whole nation. Here were regulated the presents to be given, the voyages to be made, and every thing to be deliberated; and on the resolutions here taken, the deputies appointed the treasurer to furnish the required funds. The ordinary commerce of this company employed from 20 to 25 vessels, of between 25 and 30 pieces of cannon.
The merchandises exported there were limited in quality and range, suggesting an imbalance of trade; they included traditional cloths, especially shortcloth and kerseys, tin, pewter, lead, black pepper, re-exported cochineal, black rabbit skins and a great deal of American silver, which the English took up at Cadiz. The more valuable returns were in raw silk, cotton wool and yarn, currants and raisins, nutmeg, black pepper, indigo, galls, camlets, wool and cotton cloth, the soft leathers called maroquins, soda ash for making glass and soap, and several gums and medicinal drugs. Velvet, carpets, and silk were bought by the traders.
The commerce of the company to Smyrna, Constantinople, and İskenderun, was much less considerable than that of the East India Company; but was, more advantageous to England, because it took off much more of the English products than the other, which was chiefly carried on in money. The places reserved for the commerce of this company included all the states of Venice, in the Gulf of Venice; the state of Ragusa; all the states of the "Grand Signior" (the Ottoman Sultan), and the ports of the Levant and Mediterranean Basin; excepting Cartagena, Alicante, Barcelona, Valencia, Marseille, Toulon, Genoa, Livorno (Leghorn), Civitavecchia, Palermo, Messina, Malta, Mallorca, Menorca, and Corsica; and other places on the coasts of France, Spain, and Italy.
Levantine shipping
Ships owned by the Levant Company from 1581 to 1640:
Alathia
Alcede
Alice and Thomas
Alice Thomas
Aleppo Merchant
Angel
Anne Frane
Ascension
Bark Burre
Barque Reynolds
Centurion
Charity
Cherubim
Christ
Clement
Cock
Concord
Consent
Cosklett
Darling
Delight
Desire
Diamond
Dragon
Eagle
Edward Bonaventure
Elizabeth and Dorcas
Elizabeth Cocken
Elizabeth Stoaks
Elnathan
Emanuel
Experience
Freeman
George Bonaventure
Gift of God
Golden Noble
Grayhound
Great Phoenix
Great Suzanne
Greenfield
Guest
Gyllyon
Harry
Harry Bonaventure
Hector
Hercules
Husband
Industry
The Jane
Jesus
Jewel
Job
John
John Francis
Jollian
Jonas
Lanavit
Lewis
Little George
London
Margaret
Margaret Bonaventure
Marget and John
Marigold
Mary
Mary Anne
Mary Coust
Mary Martin
Mary Rose
Mayflower
Merchant Bonaventure
Mignon
Paragon
Peregrine
Phoenix
Primrose
Prosperous
Providence
Rainbow
Rebecca
Recovery
Red Lion
Report
Resolution
Roebuck
Royal Defence
Royal Exchange
Royal Merchant
Saker
Salamander
Salutation
Samaritan
Sampson
Samuel
Saphire
Scipio
Society
Solomon
Suzanne
Suzanne Parnell
Swallow
Teagre
Thomas and William
Thomas Bonaventure
Thomasine
Toby of Harwich
Trinity
Trinity Bear
Triumph
Unicorn
White Hind
William and John
William and Ralph
William and Thomas
William Fortune
1581–1592 Sir Edward Osborne (nominated in first & second charters)
1592–1592 Richard Staper
1600–1600 Sir Thomas Smith (nominated in third charter)
1605–1623 Sir Thomas Lowe (nominated in fourth charter)
1623–1634 Sir Hugh Hammersley
1634–1643 Sir Henry Garraway
1643–1653 Isaac Penington
1654–1672 Sir Andrew Riccard
1672–1673 John Jolliffe
1673–1695 The Earl of Berkeley
1696–1709 Sir William Trumbull
1710–1718 The Lord Onslow
1718–1735 The Earl of Carnavon
1736–1766 The Earl De La Warr
1766–1772 The Earl of Shaftsbury
1772–1776 The Earl of Radnor
1776–1792 The Earl of Guilford
1792–1799 The Duke of Leeds
1799–1821 The Lord Grenville
The British government took over the Company in 1821 until its dissolution in 1825.
The ambassadors at Constantinople
1582–1588 William Harborne
1588–1597 Edward Barton
1597–1607 Henry Lello
1606–1611 Sir Thomas Glover
1611–1620 Sir Paul Pindar
1619–1621 Sir John Eyre (or Ayres)
1621–1622 John Chapman (agent)
1621–1628 Sir Thomas Roe
1627–1638 Sir Peter Wyche
1633–1647 Sir Sackville Crowe
1647–1661 Sir Thomas Bendysh
Richard Salway (never sent out)
Richard Lawrence (agent only)
1668–1672 Heneage Finch, Earl of Winchilsea
1668–1672 Sir Daniel Harvey
1672–1681 Sir John Finch
1680–1687 James, Lord Chandos
1684–1686 Sir William Soames
1686–1691 Sir William Trumbull
1690–1691 Sir William Hussey
Thomas Coke (chargé d'affaires only)
1691–1692 William Harbord
1692–1702 William, Lord Paget
Sir James Rushout, 1st Baronet (nominated only)
George Berkeley, 1st Earl of Berkeley (nominated only)
1700–1717 Sir Robert Sutton
1716–1718 Edward Wortley-Montagu
1717–1730 Abraham Stanyan
1729–1736 George Hay, 8th Earl of Kinnoull
1735–1746 Sir Everard Fawkener
Stanhope Aspinwall (chargé d'affaires only)
1746–1762 James Porter
1761–1765 Henry Grenville
William Kinloch (chargé d'affaires only)
1765–1775 John Murray
Anthony Hayes (Chargé d'affaires only)
1775–1794 Sir Robert Ainslie
1794–1795 Robert Liston
Spencer Smith (Chargé d'affaires)
Francis James Jackson (never took up appointment)
1799–1803 Thomas Bruce, 7th Earl of Elgin
Alexander Straton (Chargé d'affaires)
1803–1804 William Drummond
1804–1807 Charles Arbuthnot
1809–1810 Robert Adair
1810–1812 Stratford Canning Minister Plenipotentiary
1812–1820 Robert Liston
1820–1824 Percy Clinton, 6th Viscount Strangford.
At Smyrna
1611–1624 William Markham
1624–1630 William Salter
1630–1633 Lawrence Green
1633–1634 James Higgins
1634–1635 John Freeman
1635–1638 Edward Bernard
1638–1643 Edward Stringer
1644–1649 John Wilde
1649–1657 Spencer Bretton
1659–1660 William Prideaux
1660–1661 Richard Baker
1661–1667 William Cave
1667–1677 Paul Rycaut
1677–1703 William Raye
1703–1716 William Sherrard
1716–1722 John Cooke
1722–1723 George Boddington
1733–1741 Francis Williams
1741–1742 Thomas Carleton
1742–1762 Samuel Crawley
1762–1794 Anthony Hayes
1794–1825 Francis Werry
At Aleppo
1580–1586 William Barrett
1586–1586 James Toverson
1586–1586 John Eldred
1592–1594 Michael Locke
1596 George Dorrington (acting vice-consul)
1596–1596 Thomas Sandys
1596–1597 Ralph Fitch
1597–1597 Richard Colthurst
vacant
1606 James Hawarde (acting vice-consul)
1606–1610 Sir Paul Pindar
1610–1616 Bartholomew Haggatt
1616–1621 Libby Chapman
1621–1627 Edward Kirkham
1627–1630 Thomas Potton
1630–1638 John Wandesford
1638–1649 Edward Bernard
1649–1659 Henry Riley
1659–1672 Benjamin Lannoy
1672–1686 Gamaliel Nightingale
1686–1689 Thomas Metcalfe
1689–1701 Henry Hastings
1701–1706 George Brandon
1707–1715 William Pilkington
1716–1726 John Purnell
1727–1740 Nevil Coke
1740–1745 Nathaniel Micklethwait
1745–1751 Arthur Pollard
1751–1758 Alexander Drummond
1758–1758 Francis Browne
1759–1766 William Kinloch
1766–1768 Henry Preston
1768–1770 William Clark
1770–1772 Charles Smith (pro-consul)
1770–1783 John Abbott
1783–1784 David Hays (pro-consul)
1784–1786 Charles Smith (pro-consul)
1786–1791 Michael de Vezin (pro-consul)
factory closed 1791–1803
1803–1825 John Barker
Shipping numbers: Turkey and the Levant
YearOutward ShipsInward Ships1800 6 141801 10 71802 18 191803 9 271804 1 131805 6 161806 1 181814 18 441815 13 441816 18 261817 21 451818 29 871819 40 531820 50 901821 31 531822 34 531823 40 8718241221381825 951671826 791091827 611011828 45 931829 74 731830 95 95
Membership began declining in the early eighteenth century. In its decline the company was looked upon as an abuse, a drain on the resources of Britain. The company's purview was thrown open to free trade in 1754, but continued its activities until dissolution in 1825.
The name of the bird called 'turkey' came from the Turkey merchants.
Turkish opium was bought by the Levant Company.
The Levant Company encompassed American merchants before 1811 who bought Turkish opium. These merchants would sell the opium to the Chinese, beginning in 1806. Among these American Turkey merchants were members of the famous Astor family.
The arms of the Levant Company were: Azure, on a sea in base proper, a ship with three masts in full sail or, between two rocks of the second, all the sails, pennants, and ensigns argent, each charged with a cross gules, a chief engrailed of the third, in base a seahorse proper. * The crest was: On a wreath of the colours, a demi seahorse saliant.
The supporters were: Two seahorses.
The Latin motto was: Deo reip et amicis.
See also
Chartered companies
British foreign policy in the Middle East
Turkey–United Kingdom relations
Manuscripts
Harley MSS, 306 Standing Ordinances of the Levant Company (ff. 72–74) c. 1590
Lansdowne MSS. 60 Petition of the Turkey and Venice Merchants to be incorporated into one body (f.8) c. 1590–91
MSS Bodleian Library Folio 665, (i List of the Membership of The Levant Company, 1701 (ff. 97–98)
British Museum, 1718. Paragraphs of Some Letters to Prove the Reasonablness of The Levant Company 's late order to carry on their trade by general ships, Bodleian Pamphlets, Folio 666, ff. 288–89.
1718–1719, The Case of The Levant Company, British Museum. 351–356, 6(40)
1825, Proceedings of The Levant Company respecting the Surrender of their Charters, BM6/6259
Sources
Covers the years of the periodic charterers, 1581–1605 and the permanent charter to 1640.
Further reading
|
Betsy DeVos
|
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"1958 births",
"Activists from Michigan",
"American billionaires",
"American people of Dutch descent",
"21st-century American philanthropists",
"Amway people",
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"Calvin University alumni",
"Christians from Michigan",
"DeVos family",
"American education activists",
"Female billionaires",
"Living people",
"Michigan Republican Party chairs",
"People from Holland, Michigan",
"First Trump administration cabinet members",
"United States secretaries of education",
"Women in Michigan politics",
"Women members of the Cabinet of the United States",
"21st-century American women politicians",
"21st-century American women philanthropists",
"21st-century American businesswomen",
"21st-century American businesspeople",
"American women business executives",
"Businesspeople from Michigan",
"21st-century American politicians"
] | 11,584 | 119,928 |
Elisabeth Dee DeVos ( ; Prince; born January 8, 1958) is an American politician, philanthropist, and former government official who served as the 11th United States secretary of education from 2017 to 2021. DeVos is known for her conservative political activism, and particularly her support for school choice, school voucher programs, and charter schools. She was Republican national committeewoman for Michigan from 1992 to 1997 and served as chair of the Michigan Republican Party from 1996 to 2000, and again from 2003 to 2005. She has advocated for the Detroit charter school system and she is a former member of the board of the Foundation for Excellence in Education. She has served as chair of the board of the Alliance for School Choice and the Acton Institute and headed the All Children Matter PAC.
DeVos is married to former Amway CEO Dick DeVos. Her brother, Erik Prince, a former U.S. Navy SEAL officer, is the founder of Blackwater USA. Their father is billionaire industrialist Edgar Prince, founder of the Prince Corporation. In 2016, the family was listed by Forbes as the 88th-richest in America, with an estimated net worth of $5.4 billion.
On November 23, 2016, then-President-elect Donald Trump announced that he would nominate DeVos to serve as Secretary of Education in his administration. On January 31, following strong opposition to the nomination from Democrats, the Senate Committee on Health, Education, Labor and Pensions approved her nomination on a party-line vote, sending her nomination to the Senate floor. On February 7, 2017, she was confirmed by the Senate by a 51–50 margin, with Vice President Mike Pence breaking the tie in favor of her nomination. This was the first time in U.S. history that a Cabinet nominee's confirmation was decided by the vice president's tiebreaking vote.
On January 7, 2021, DeVos tendered her resignation as education secretary as a result of the January 6 United States Capitol attack, saying to President Trump in her resignation letter, "There is no mistaking the impact your rhetoric had on the situation." Her resignation took effect on January 8, 2021, twelve days before the end of Trump's term.
Early life
DeVos was born Elisabeth Prince on January 8, 1958. She grew up in Holland, Michigan, the eldest of four children born to Elsa (Zwiep) Prince (later, Broekhuizen) and Edgar Prince, a billionaire industrialist. Edgar was the founder of Prince Corporation, an automobile parts supplier based in Holland, Michigan. She is of Dutch ancestry.
DeVos was educated at the Holland Christian High School, a private school located in her home town of Holland, Michigan. She graduated from Calvin College in Grand Rapids, Michigan, where she earned a Bachelor of Arts degree in business economics in 1979. During college, DeVos was involved with campus politics, volunteered for Gerald Ford's presidential campaign, and attended the 1976 Republican National Convention to participate in a program for young Republicans.
DeVos grew up as a member of the Christian Reformed Church in North America. She has been a member and elder of Mars Hill Bible Church in Grand Rapids. Former Fuller Seminary president Richard Mouw, with whom DeVos served on a committee, said she is influenced by Dutch neo-Calvinist theologian Abraham Kuyper, a founding figure in Christian Democracy political ideology.
Political activity
Since 1982, DeVos has participated in the Michigan Republican Party. She served as a local precinct delegate for the Michigan Republican Party, having been elected for 16 consecutive two-year terms since 1986. She was a Republican National committeewoman for Michigan between 1992 and 1997, and served as chairwoman of the Michigan Republican Party from 1996 to 2000. In 2004, the Lansing State Journal described DeVos as "a political pit bull for most of (Democratic) Governor [Jennifer] Granholm's 16 months in office" and said that if DeVos was not Granholm's "worst nightmare", she was "certainly her most persistent".
Bill Ballenger, editor of the newsletter Inside Michigan Politics and a former Republican state senator, called DeVos "a good behind-the-scenes organizer and a good fund raiser" as well as "a true believer in core Republican issues that leave nobody in doubt on where she stands". DeVos resigned the position in 2000. She said in that same year, "It is clear I have never been a rubber stamp. ... I have been a fighter for the grassroots, and following is admittedly not my strong suit." In 2003, DeVos ran again for party chairman and was elected to the post without opposition.
Political fundraising
DeVos personally raised more than $150,000 for the 2004 Bush re-election campaign, and hosted a Republican fundraiser at her home in October 2008 that was headlined by President George W. Bush. During the Bush administration she spent two years as the finance chairperson for the National Republican Senatorial Committee and worked closely with the administration on "various projects". The DeVos family has been active in Republican politics for decades, particularly as donors to candidates and the party, giving more than $17 million to political candidates and committees since 1989.
Opposition to limits on political spending
Like other members of the DeVos family, Betsy strongly opposed government limits on political donations and spending. While popular with the American public as a way to prevent (perceived) unfair domination by the wealthy in politics, DeVos and many other conservatives argue it is an infringement on free speech. In a 1997 op-ed for Roll Call, defending unlimited donations of "soft money" in political spending, DeVos compared government limits to Big Brother of George Orwell's Nineteen Eighty-Four. Betsy was a founding board member of the James Madison Center for Free Speech which the DeVos family funded and whose "sole goal was to end all legal restrictions on money in politics".
She also wrote (in Roll Call) that she expected results from her political contributions. "My family is the largest single contributor of soft money to the national Republican Party. I have decided to stop taking offense at the suggestion that we are buying influence," she wrote. "Now I simply concede the point. They are right." She also stated in the op-ed, "We expect to foster a conservative governing philosophy consisting of limited government and respect for traditional American virtues. … We expect a return on our investment; we expect a good and honest government. Furthermore, we expect the Republican Party to use the money to promote these policies and, yes, to win elections."
2016 U.S. presidential election
During the Republican Party presidential primaries for the 2016 election, DeVos initially donated to Jeb Bush and Carly Fiorina before eventually supporting Marco Rubio. In March 2016, DeVos described Donald Trump as an "interloper" and said that he "does not represent the Republican Party".
Business career
DeVos is chairwoman of the Windquest Group, a privately held operating group that invests in technology, manufacturing, and clean energy. DeVos and her husband founded it in 1989. With a commitment of $100 million, Betsy DeVos's family was one of the largest investors—and losers—in blood-testing company Theranos.
DeVos and her husband were producers for a Broadway run of the stage play Scandalous: The Life and Trials of Aimee Semple McPherson, in 2012, based on the life of the famous evangelist and featuring a book and lyrics written by Kathie Lee Gifford. The show ran for three weeks, closing in December 2012 after receiving negative reviews.
Neurocore
Betsy and her husband Dick are chief investors in and board members of Neurocore, a group of brain performance centers offering biofeedback therapy for disorders such as depression, attention deficit disorder, autism, and anxiety. The therapy consists of showing movies to patients and interrupting them when they become distracted, in an effort to retrain their brains. According to The New York Times, a review of Neurocore's claims and interviews with medical experts suggest that the company's conclusions are unproven and its methods questionable. Democratic senators raised concerns about a potential conflict of interest and questioned whether she and her family members would "benefit financially from actions" she could take as the U.S. Secretary of Education. DeVos announced that she would step down from the company's board but would retain her investment in the company, valued at $5 million to $25 million. In November 2019, Truth In Advertising filed complaints against Neurocore with the Food and Drug Administration for unapproved medical devices and the Federal Trade Commission for deceptive marketing.
U.S. Secretary of Education
Nomination
On November 23, 2016, Trump's transition team announced DeVos as the nominee to be the next secretary of education. Upon her nomination, DeVos said "I am honored to work with the President-elect on his vision to make American education great again. The status quo in ed is not acceptable." DeVos's nomination was generally criticized by teachers' unions and praised by supporters of school choice.
Detroit Free Press editor Stephen Henderson expressed concerns over DeVos's nomination, writing that "DeVos isn't an educator, or an education leader". Rebecca Mead of The New Yorker questioned the efficacy of Michigan's charter school system, which DeVos has supported. Randi Weingarten, president of the American Federation of Teachers, called DeVos "the most ideological, anti-public education nominee" since the position became a cabinet position. The Michigan chapter of the American Civil Liberties Union and the Michigan Democratic Party opposed DeVos's nomination.
Former presidential candidates Jeb Bush and Mitt Romney respectively called DeVos an "outstanding pick" and a "smart choice". Republican senator Ben Sasse said DeVos "has made a career out of standing up to powerful and connected special interests on behalf of poor kids who are too often forgotten by Washington". In an opinion editorial, the Chicago Tribune wrote that "DeVos has helped lead the national battle to expand education opportunities for children".
Confirmation hearing
The confirmation hearing for DeVos was initially scheduled for January 10, 2017, but was delayed for one week after the Office of Government Ethics requested more time to review her financial disclosures. On January 17, 2017, the Senate Committee on Health, Education, Labor and Pensions held the hearing, which lasted three-and-one-half hours and "quickly became a heated and partisan debate". Democratic senators directed several questions toward her regarding her wealth, including questions about her family's political donations to the Republican Party and whether or not she had personal experience with financial aid or student loans. Several media outlets reported that DeVos appeared to have plagiarized quotes from an Obama administration official in written answers submitted to the Senate committee. DeVos drew widespread media attention during the confirmation hearings for suggesting that guns might have a place in some schools due to a threat from grizzly bears. DeVos's comment was later lampooned by television personalities Kate McKinnon on Saturday Night Live, Jimmy Kimmel, Stephen Colbert and James Corden.
Prior to DeVos's confirmation, numerous U.S. senators from both parties reported tens of thousands of their constituents having contacted their offices in opposition to the confirmation of DeVos. More than 300 state lawmakers from across the U.S., overwhelmingly Democrats, voiced their opposition to DeVos's appointment in a letter to the U.S. Senate sent the day before a scheduled vote on her nomination. DeVos's nomination was supported by 18 Republican governors, including John Kasich and Rick Snyder, along with the nine Republican members of Congress from Michigan.
Debate and final vote
On January 31, DeVos's nomination was approved by the committee on a 12–11 party-line vote and was due to be voted on by the Senate. Later on February 1, 2017, two Republican U.S. senators, Susan Collins from Maine and Lisa Murkowski from Alaska, came out against the confirmation (despite supporting DeVos in committee when both of them voted to move her nomination to the floor), bringing the predicted confirmation vote on DeVos to 50–50 if all Democrats and independents voted as expected, meaning Vice President Mike Pence would have to break the tie. During an unusually early 6:30 a.m. vote on February 3, 2017, cloture was invoked on DeVos's nomination in the Senate, requiring a final vote on the confirmation to happen after 30 hours of debate.
Ahead of the scheduled final vote at noon on February 7, 2017, the Democrats in the Senate continuously spoke on the floor against the confirmation of DeVos the entire night before leading up to the vote, in protest of their strong disapproval of the nominee. As expected, there was a 50–50 tie on the final vote, with all Democrats and independents, along with two Republicans (Susan Collins and Lisa Murkowski), voting in opposition to DeVos, while the other fifty Republican senators voted in support of the confirmation, including Senator Jeff Sessions, who himself had been nominated by the Trump administration for the post of United States attorney general. Republicans scheduled Sessions's confirmation vote after DeVos's so that he would be able to cast his vote in support of DeVos. Had his confirmation vote been earlier than hers, he would have been forced to resign from the Senate, therefore losing a vital vote for the Republicans on the confirmation.
Since there was a tie, Vice President Mike Pence had to step in to decide the vote as the president of the Senate. He cast his tie-breaking vote in favor of DeVos to officially confirm her as education secretary. This was the first tie decided by a vice president on any vote in the Senate since the George W. Bush administration.
Staffing
DeVos said that on the basis of her first few days in the job, she had concerns that some Education Department employees were sympathetic to the Obama administration. "I . . . would not be surprised if there are also those that would try to subvert the mission of this organization and this department," she stated. Asked what she could do about that, she said, "Whatever can be done will be done, and it will be done swiftly and surely."
In April 2017, DeVos praised the president's nomination of Carlos G. Muñiz as the department's general counsel.
In April 2017, DeVos named Candice Jackson Deputy Assistant Secretary in the department's Office for Civil Rights, where she will be acting assistant secretary while that higher, Senate-confirmed appointment is vacant. DeVos named Jason Botel Deputy Assistant Secretary for Elementary and Secondary Education. Botel, a registered Democrat who supported President Obama and the Black Lives Matter movement, founded the KIPP Ujima Village Academy in Baltimore, after working for Teach For America.
In mid-May 2018, The New York Times reported that under DeVos, the size of the team investigating abuses and fraud by for-profit colleges was reduced from about twelve members under the Obama administration to three, with their task also being scaled back to "processing student loan forgiveness applications and looking at smaller compliance cases". DeVos also appointed Julian Schmoke as the team's new supervisor; Schmoke was a former dean of DeVry Education Group, which was one of the institutions the team had been investigating. The investigation into DeVry was not the only one stopped, others include those of Bridgepoint Education and Career Education Corporation. The Education Department has hired more ex-employees and people affiliated with those institutions, such as Robert S. Eitel, senior counselor to DeVos, Diane Auer Jones, an advisor to the department, and Carlos G. Muñiz, the department's general counsel.
In October 2018, it was announced that DeVos's chief of staff, Josh Venable, would be replaced by Nate Bailey, who at that time was DeVos's chief of communications. Two years later, Venable joined an anti-Trump group, the Republican Political Alliance for Integrity and Reform (REPAIR), which is led by former White House officials.
Policy actions
School choice and private schools
In February 2017, DeVos released a statement calling historically black colleges "real pioneers when it comes to school choice", causing controversy as some pointed out the schools originated after segregation laws prevented African Americans from attending others. DeVos later acknowledged racism as an important factor in the history of historically black colleges.
On March 24, 2017, during a visit to the Osceola County campus of Valencia College, DeVos said she was considering the extension of federal financial aid for students that were year-round and interested in placing more focus on community colleges.
DeVos delivered her first extended policy address on March 29, 2017, at the Brookings Institution which included the topic of school choice which has been her main advocacy issue for more than 30 years. She stated an interest in implementing choice policies directed toward children as individuals and criticizing the Obama administration's additional funding of $7 billion for the U.S.'s worst-performing schools as "throwing money at the problem" in an attempt to find a solution. On May 22, 2017, DeVos announced the Trump administration was offering "the most ambitious expansion" of school choice within American history. DeVos cited Indiana (which has the U.S.'s largest school voucher program) as a potential model for a nationwide policy but did not give specific proposals.
In a May 2017 House of Representatives committee hearing, Rep. Katherine Clark, said an Indiana private school which takes publicly funded vouchers maintains it is entitled to deny admission to LGBTQ students or those coming from families with "homosexual or bisexual activity." Clark asked if she would inform Indiana that it could not discriminate in that way if it accepted federal funding and asked her how she would respond in the event a voucher school rejected black students but a state "said it was okay." DeVos answered: "Well again, the Office of Civil Rights and our Title IX protections are broadly applicable across the board, but when it comes to parents making choices on behalf of their students..." Clark stopped her saying, "This isn't about parents making choices, this is about the use of federal dollars. Is there any situation? Would you say to Indiana, that school cannot discriminate against LGBT students if you want to receive federal dollars? Or would you say the state has the flexibility?" DeVos responded: "I believe states should continue to have flexibility in putting together programs ..."
CBS reporter Lesley Stahl questioned DeVos, in a March 2018 60 Minutes interview, about the documented failure of the DeVos programs to demonstrate a positive result, in Michigan, her home state: "Your argument that if you take funds away that the schools will get better is not working in Michigan ... where you had a huge impact and influence over the direction of the school system." Stahl added, "The public schools here are doing worse than they did." DeVos was unable to provide any actual examples of improvement, but stated there were "pockets" where schools had done better than public schools.
On June 6, 2017, DeVos said states' rights would determine private schools being allocated funds by the federal government during an appearance before members of a House appropriations committee.
Student loans
On April 11, 2017, DeVos undid several Obama administration policy memos issued by John King Jr. and Ted Mitchell which were designed to protect student loan borrowers.
On July 6, 2017, Democratic attorneys-general in 18 states and Washington, D.C., led by Massachusetts attorney-general Maura Healey, filed a federal lawsuit against DeVos for suspending the implementation of rules that were meant to protect students attending for-profit colleges. The rules, developed during the Obama administration, were meant to take effect on July 1, 2017.
On September 12, 2018, DeVos lost the lawsuit brought by 19 states and the District of Columbia, which accused the Department of Education of improperly delaying implementation of regulations protecting student loan borrowers from predatory practices.
Coronavirus pandemic
During the coronavirus pandemic, DeVos directed millions of dollars of coronavirus relief funds from the Coronavirus Aid, Relief and Economic Security Act intended for public schools and colleges, to private and religious schools.
DeVos pushed for schools to re-open while coronavirus cases were still surging in large parts of the country. She said that the Trump administration was considering pulling funding from public schools unless they provided full-time in person learning during the pandemic. On July 12, 2020, she said "there's nothing in the data that suggests that kids being in school is in any way dangerous to them", an assertion that public health experts disputed. She also refused to say whether schools should follow guidelines laid out by the Centers for Disease Control and Prevention (CDC) on reopening schools.
Other
On June 2, 2017, DeVos announced her support of President Trump's decision to withdraw from the Paris Agreement the prior day.
On July 13, 2017, Candice Jackson, who is a sexual assault survivor, organized a meeting with DeVos, college sexual assault victims, accused assailants, and higher education officials, and said she would look at policies on sexual assault accusations on campuses from the Obama administration to see if accused students were treated within their rights. Asked by CBS 60 Minutes reporter Lesley Stahl about her repeal of Obama administration guidelines for colleges dealing with reports of sexual assaults, she said her concern was for men falsely accused of such assaults. "Survivors, victims of a lack of due process, and campus administrators have all told me that the current approach does a disservice to everyone involved," said DeVos. However, some survivors of sexual assault and harassment and organizations which advocate on their behalf oppose the changes and say they would make schools more dangerous.
In October 2017, DeVos revoked 72 guidance documents of the Office of Special Education and Rehabilitative Services which outlined the rights of disabled students under the Individuals with Disabilities Education Act and the Rehabilitation Act.
In a January 2018 speech, DeVos said that the American Federation of Teachers (AFT) found that "60 percent of its teachers reported having moderate to no influence over the content and skills taught in their own classrooms." In response, AFT noted that in the same survey of around 5,000 educators, 86% felt that DeVos had disrespected them.
In March 2018, DeVos announced a School Safety Commission, to provide meaningful and actionable recommendations. Members were four Cabinet members, including herself. The organization held a meeting on March 28 and a gathering of school shooting survivors and families on April 17.
In late May 2018, DeVos said that she believed it was "a school decision" on whether to report a student's family to the Immigration and Customs Enforcement (ICE) if the student or their family are undocumented immigrants. However, under Plyler v. Doe, the American Supreme Court ruled under the US constitution, schools are obligated to provide schooling irrespective of immigration status. The American Civil Liberties Union has said that because of this, it would be unconstitutional for schools to report students or their families to ICE.
In 2019, DeVos unsuccessfully attempted to cut federal funding for the Special Olympics from her department's budget, which she had also attempted to cut in her previous two annual budgets.
Protests and security
DeVos was a controversial figure throughout her tenure. In her first official appearance as Secretary on February 10, 2017, dozens of protesters showed up to prevent her appearance. The protesters physically blocked her from entering through the back entrance of Jefferson Academy, a D.C. public middle school in Southwest, Washington, D.C. DeVos was eventually able to enter the school through a side entrance.
Subsequent to the incident, the U.S. Marshals Service, rather than Education Department employees, began providing security for her. Education Department officials declined requests for information about the deployment of marshals or the current tasks of the Secretary's displaced security team normally assigned to her. Many of those security personnel are former Secret Service agents who have worked at the department for many years. Regarding the withdrawal of the department's team, former Education Secretary Arne Duncan said, "That's a waste of taxpayer money."
During her first visit to a public university on April 6, 2017, DeVos was confronted by around 30 protestors. She was touring an area designed to resemble a hospital ward at Florida International University. The following day, the U.S. Marshals Service said after a threat evaluation was conducted in February that DeVos would be given additional security, projecting a cost of $7.8 million between February and September 2017.
On May 10, 2017, DeVos gave a commencement speech at Bethune–Cookman University, a historically black college, and during her speech a majority of the students booed DeVos, with about half of them standing up and turning their backs to her. She also received an honorary doctorate from the university.
Legal issues
According to DeVos's 2018 financial disclosure form certified by the Office of Government Ethics on December 3, 2018, she had not divested from twenty-four assets required under her signed ethics agreement nearly 22 months after being confirmed in February 2017.
In May 2019, the Education Department inspector general released a report concluding that DeVos had used personal email accounts to conduct government business and that she did not properly preserve these emails.
In September 2020, it was reported that the Office of the Special Counsel had investigated DeVos over potential violations of the Hatch Act after she appeared on Fox News during the 2020 election campaign, where she attacked Democratic Party presidential nominee Joe Biden. After her television appearance, the Department of Education promoted her Fox News interview.
Resignation
On January 7, 2021, DeVos resigned from her position as Secretary of Education after the January 6 U.S. Capitol riots. She said in her letter to President Trump that the riots had overshadowed the accomplishments of his administration. She was the second cabinet member to resign following the insurrection, the first being Secretary of Transportation Elaine Chao. Hours after her resignation, Senator Elizabeth Warren later called her the worst Secretary of Education on Twitter, saying she never did anything to help students, and saying she would rather quit than invoke the Twenty-fifth Amendment to the United States Constitution to remove Trump from office.
Philanthropy and activism
The Prince Foundation
DeVos was listed for many years on IRS form Form 990s as the foundation's vice president (hitherto called the Edgar and Elsa Prince Foundation). However, she testified under oath in the Senate Health, Education, Labor, and Pensions Committee hearing, in response to Senator Maggie Hassan's questions, that she had nothing to do with the contributions made by her mother's foundation to conservative advocacy groups including Focus on the Family and the Family Research Council.
Dick and Betsy DeVos Family Foundation
The Dick & Betsy DeVos Family Foundation was launched in 1989. The foundation's giving, according to its website, is motivated by faith, and "is centered in cultivating leadership, accelerating transformation and leveraging support in five areas", namely education, community, arts, justice, and leadership. In 2015, the DeVos Foundation made $11.6 million in charitable contributions, bringing the couple's lifetime charitable giving to $139 million. Forbes ranked the DeVos family No. 24 on its 2015 list of America's top givers.
The DeVos Foundation has donated to hospitals, health research, arts organizations, Christian schools, evangelical missions, and conservative, free-market think tanks. Of the $100 million the foundation donated between 1999 until 2014, half of it went to Christian organizations. Organizations funded by the foundation include: Michigan's Foundation for Traditional Values; Center for Individual Rights; Acton Institute; Institute for Justice; Center for Individual Rights; Michigan's Pregnancy Resource Center; Right to Life Michigan Educational Fund; and Baptists for Life.
With respect to educational-focused donations, the foundation from 1999 to 2014 supported private Christian schools (at least $8.6 million), charter schools ($5.2 million), and public schools ($59,750). Specific donations included $2.39 million to the Grand Rapids Christian High School Association, $652,000 to the Ada Christian School, and $458,000 to Holland Christian Schools.
In 2016, the foundation reported $14.3 million in donations to over 100 organizations including the X Prize Foundation, Mars Hill Bible Church, American Enterprise Institute.
When DeVos was appointed US Education Secretary, it was revealed that she was an elder at Mars Hill Bible Church. During her tenure, she reportedly donated $431,000 to the church between 2002 and 2004 and $453,349 to Flannel, producer of the NOOMA video series.
Acton Institute and All Children Matter
DeVos has served as chairperson, board member, and treasurer of the Acton Institute and headed the All Children Matter PAC.
Arts
Kennedy Center
DeVos was appointed by President George W. Bush to the board of directors of the Kennedy Center for the Performing Arts in 2004, and served until 2010. While she was on the board, she and her husband funded a center to teach arts managers and boards of directors how to fundraise and manage their cultural institutions. The couple donated $22.5 million in 2010 to continue the endeavor, which was given in the name of the DeVos Institute of Arts Management.
After the announcement of the DeVoses' gift to the Kennedy Center, DeVos explained that she had been persuaded by Kennedy Center official Michael Kaiser's observation that millions of dollars are invested "in the arts, and training artists", but not in "training the leaders who hire the artists and run the organizations". The DeVoses' gift was intended to remedy this oversight. "We want to help develop human capital and leverage that capital to the greatest extent possible", she said, describing Kaiser's "practice and approach" as "practical, realistic and creative". The DeVoses' gift, part of which would be spent on arts groups in Michigan that had been hit hard by the recession, was the largest private donation in the Kennedy Center's history.
ArtPrize
In 2009, Betsy DeVos's son Rick DeVos founded ArtPrize, an international art competition held in Grand Rapids, Michigan. approximately 16 percent of ArtPrize's $3.5 million annual budget was provided by various foundations run by the DeVos family, with the rest provided by other foundations and local and national businesses.
Education activism
Betsy and Dick DeVos provide an annual scholarship to students at Northwood University. DeVos is a former member of the board of the Foundation for Excellence in Education (ExcelinEd), an education think tank founded by Jeb Bush, the chairman since 2015 of which has been former US Secretary of State Condoleezza Rice, and which has received donations from Bill Gates, Michael Bloomberg and Eli Broad.
Christian motivation
DeVos in 2001 listed education activism and reform efforts as a means to "advance God's Kingdom". In an interview that year, she also said that "changing the way we approach ... the system of education in the country ... really may have greater Kingdom gain in the long run".
School choice
DeVos believes education in the United States should encourage the proliferation of charter schools and open up private schools to more students via financial assistance programs, often called vouchers. She has stated that education is "a closed system, a closed industry, a closed market. It's a monopoly, a dead end." DeVos believes that opening up the education market will offer parents increased choice, a view that critics call a drive to privatize the American public education system.
School vouchers
DeVos is known as "a fierce proponent of school vouchers" that would allow students to attend private schools with public funding. According to The New York Times, it "is hard to find anyone more passionate about the idea of steering public dollars away from traditional public schools than Betsy DeVos".
DeVos served as chairwoman of the board of Alliance for School Choice. Until November 2016, she headed the All Children Matter PAC which she and her husband founded in 2003 to promote school vouchers, tax credits to businesses that give private school scholarships, and candidates who support these causes. DeVos and her husband gave millions of dollars to the organization. In 2008, All Children Matter was fined $5.2 million in Ohio for illegally laundering money into political campaign funds. DeVos was not named in the case. The fine remained unpaid , prompting calls by Democratic Party lawmakers for DeVos to settle the debt.
Her other activities on behalf of public-school reform have included membership on the boards of directors of the Advocates for School Choice, the American Education Reform Council, and the Education Freedom Fund. She has chaired the boards of Choices for Children, and Great Lakes Education Project (GLEP).
DeVos was chair of the American Federation for Children (AFC). Affiliated with the Alliance for School Choice, the AFC describes itself as "a leading national advocacy organization promoting school choice, with a specific focus on advocating for school vouchers and scholarship tax credit programs".
During the 1990s, she served on the boards of Children First America and the American Education Reform Council, which sought to expand school choice through vouchers and tax credits. She and her husband worked for the successful passage of Michigan's first charter-school bill in 1993, and for the unsuccessful effort in 2000 to amend Michigan's constitution to allow tax-credit scholarships or vouchers. In response to that defeat, DeVos started a PAC, the Great Lakes Education Project, which championed charter schools. DeVos's husband and John Walton then founded All Children Matter, a political organization, which she chaired.
Detroit charter school system
DeVos has been an advocate for the Detroit charter school system. Douglas N. Harris, professor of economics at Tulane University, wrote in a 2016 The New York Times op-ed that DeVos was partly responsible for "what even charter advocates acknowledge is the biggest school reform disaster in the country". In the National Assessment of Educational Progress, Detroit had the lowest reading and mathematics scores "by far" over any city participating in the evaluation. According to Harris, she designed a system with no oversight in which schools that do poorly can continue to enroll students.
Ramesh Ponnuru of National Review argued that Harris overstates the failure of charter schools in Detroit. According to Ponnuru, the study referenced by Harris, the National Assessment of Educational Progress, did "not sound nearly as helpful to Harris's case as he suggests". Ponnuru pointed out that the study says "some 47 percent of charter schools in Detroit significantly outperform[ed] traditional public schools in reading and 49 percent of charters significantly outperforming traditionals on math. Only one percent of charters were significantly outperformed by traditional public schools in reading and only 7 percent on math." Also defending DeVos's record in Michigan, Jay P. Greene, professor of education policy at the University of Arkansas, argued that Harris's The New York Times article misled readers on the evidence and "falsely claimed that Detroit has failed to close failing charter schools", noting that Detroit has closed more charters than Louisiana, a state Harris cites as a model for charter school legislation.
In a written response to a question about charter school performance posed during DeVos's confirmation hearing by Senator Patty Murray (D-WA), asking "why do you think their performance is so poor?", DeVos defended the charter school system using graduation rates that were significantly higher than those used for state and federal accountability purposes. DeVos provided examples of several charter schools that she said had 4-year graduation exceeding 90%. These examples were contested by Columbia University professor Aaron Pallas and Education Week reporter Ben Herold on the basis that the actual graduation rates were roughly only half as large as DeVos had stated.
Personal life
The DeVos family is one of Michigan's wealthiest. Betsy DeVos's husband, Richard Marvin "Dick" DeVos Jr., is a multi-billionaire heir to the Amway fortune who ran Amway's parent company, Alticor, from 1993 to 2002. Dick DeVos is a major donor to conservative political campaigns and social causes, and was the 2006 Republican nominee for Governor of Michigan. Dick's father, Richard Marvin DeVos Sr., co-founded Amway and was the owner of the Orlando Magic NBA basketball team. Richard DeVos was listed by Forbes in 2016 as having a net worth of $5.1 billion, making him America's 88th wealthiest individual.
Dick and Betsy DeVos married in 1979, and have four grown children: Rick, Elissa, Andrea, and Ryan. Rick works for the Windquest Group as a consultant on urban development, and is the founder of Grand Rapids' ArtPrize festival.
Betsy DeVos's brother, Erik Prince, a former U.S. Navy SEAL officer, is the founder of Blackwater USA, a private military services contractor.
Cultural depictions
In February 2017, artist Glenn McCoy created a political cartoon called Trying to Trash Betsy DeVos, based on Norman Rockwell's The Problem We All Live With. In the same month, The Tonight Show Starring Jimmy Fallon parodied the Education Department's typos on Twitter, featuring Jo Firestone as DeVos.
DeVos has been played by Kate McKinnon on Saturday Night Live multiple times, including satirizing DeVos's 60 Minutes interview in March 2018. That same month, Randy Rainbow created a satirical "interview" with DeVos based on the 60 Minutes interview, with Out stating, "It goes about as well as you'd expect it to."
DeVos was depicted by drag queen Scarlet Envy on the March 21, 2019 episode of RuPaul's Drag Race season 11 titled "Trump: The Rusical." Scarlet Envy depicted DeVos as "silly" and "martini-swilling." In the series' fourteenth season, drag queen Jasmine Kennedie appeared as DeVos for the show's signature celebrity impersonation challenge, Snatch Game.
See also
List of female United States Cabinet members
Further reading
|
Indirect costs
|
[
"Costs",
"Management accounting",
"Production economics"
] | 862 | 5,857 |
Indirect costs are costs that are not directly accountable to a cost object (such as a particular project, facility, function or product). Like direct costs, indirect costs may be either fixed or variable. Indirect costs include administration, personnel and security costs. These are those costs which are not directly related to production. Some indirect costs may be overhead, but other overhead costs can be directly attributed to a project and are direct costs.
There are two types of indirect costs. One are the fixed indirect costs, which are unchanged for a particular project or company, like transportation of labor to the working site, building temporary roads, etc. The other are recurring indirect costs, which repeat for a particular company, like maintenance of records or the payment of salaries.
Indirect vs direct costs
Most cost estimates are broken down into direct costs and indirect costs.
Direct costs are directly attributable to the object. In construction, the costs of materials, labor, equipment, etc., and all directly involved efforts or expenses for the cost object are direct costs. In manufacturing or other non-construction industries the portion of operating costs that is directly assignable to a specific product or process is a direct cost. Direct costs are those for activities or services that benefit specific projects, for example salaries for project staff and materials required for a particular project. Because these activities are easily traced to projects, their costs are usually charged to projects on an item-by-item basis.
Indirect costs are, but not necessarily, not directly attributable to a cost object. It should be financially infeasible to do so. Indirect costs are typically allocated to a cost object on some basis. In construction, all costs which are required for completion of the installation, but are not directly attributable to the cost object are indirect, such as overhead. In manufacturing, costs not directly assignable to the end product or process are indirect. These may be costs for management, insurance, taxes, or maintenance, for example. Indirect costs are those for activities or services that benefit more than one project. Their precise benefits to a specific project are often difficult or impossible to trace. For example, it may be difficult to determine precisely how the activities of the director of an organization benefit a specific project. Indirect costs do not vary substantially within certain production volumes or other indicators of activity, and so they may sometimes be considered to be fixed costs.
It is possible to justify the handling of almost any kind of cost as either direct or indirect. Labor costs, for example, can be indirect, as in the case of maintenance personnel and executive officers; or they can be direct, as in the case of project staff members. Similarly, materials such as miscellaneous supplies purchased in bulk—pencils, pens, paper—are typically handled as indirect costs, while materials required for specific projects are charged as direct costs.
Often, such as when applying for funding under a grant, indirect costs are specified as a fixed percentage, this percentage having been negotiated in advance. This is the case, for example, in federally-funded research in the United States. In this case, the indirect costs percentage is specified relative to direct costs, not to the total request. A grant requesting $100k in direct costs with an indirect cost rate of 50%, for example, means that the request will include an additional request for $50k for indirect costs for a total request of $150k, as opposed to a request for $100k of indirect costs for a total request of $200k.
Examples
The same cost can be labeled as indirect in one industry and direct in another. For example, fuel cost in a telecom is usually allocated as an indirect cost, while for an airliner it is a direct cost.
Costs usually charged directly
Salary/wages
Consultants
Materials
Tools
Rent
Transport
Labour
Direct materials
PPC
Any kind of subcontract which is attributable to direct works but the specific company does not possess the required skill
Costs either charged directly or allocated indirectly
Director's salary (this is usually an indirect cost)
Electricity (mostly if it needs allocation it is always indirect)
Note that if electricity is not used as primary source for production then electricity cost will be treated as utility and is always indirect. For example, if electricity is required to run the boiler which in turn generates steam, then electricity needs to be allocated directly.
Costs usually allocated indirectly
Indirect costs related to transport
Administration cost
Selling & distribution cost
Office cost
Security cost
Shipping and Postage
Utilities and rent
See also
Total cost of ownership
|
Aaron Swartz
|
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"American computer programmers",
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"American technology writers",
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"Articles containing video clips",
"Businesspeople from New York City",
"Businesspeople in information technology",
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Aaron Hillel Swartz (November 8, 1986January 11, 2013), also known as AaronSw, was an American computer programmer, entrepreneur, writer, political organizer, and Internet hacktivist. As a programmer, Swartz helped develop the web feed format RSS; the technical architecture for Creative Commons, an organization dedicated to creating copyright licenses; and the Python website framework web.py. Swartz helped define the syntax of the lightweight markup language format Markdown, and was a co-owner of the social news aggregation website Reddit and contributed to its development until he left the company in 2007. He is often credited as a martyr and a prodigy, and much of his work focused on civic awareness and progressive activism.
After Reddit was sold to Condé Nast Publications in 2006, Swartz became more involved in activism, helping launch the Progressive Change Campaign Committee in 2009. In 2010, he became a research fellow at Harvard University's Safra Research Lab on Institutional Corruption, directed by Lawrence Lessig. He founded the online group Demand Progress, known for its campaign against the Stop Online Piracy Act.
On January 6, 2011, Swartz was arrested by Massachusetts Institute of Technology (MIT) police on state breaking-and-entering charges, after connecting a computer to the MIT network in an unmarked and unlocked closet and setting it to download academic journal articles from JSTOR using a guest user account issued to him by MIT. Federal prosecutors, led by Carmen Ortiz, charged him with two counts of wire fraud and eleven violations of the Computer Fraud and Abuse Act, carrying a cumulative maximum penalty of $1 million in fines, 35years in prison, asset forfeiture, restitution, and supervised release. Swartz declined a plea bargain under which he would have served six months in federal prison. Two days after the prosecution rejected a counter-offer by Swartz, he was found dead in his Brooklyn apartment. In 2013, Swartz was inducted posthumously into the Internet Hall of Fame.
Early life
Aaron Hillel Swartz was born in Highland Park, north of Chicago, to a Jewish family. He was the eldest child of Susan and Robert Swartz and brother to Noah and Ben Swartz. His father founded the software firm Mark Williams Company. At an early age, Swartz immersed himself in the study of computers, programming, the Internet, and Internet culture. He attended North Shore Country Day School, a small private school near Chicago, until ninth grade, when he left high school and enrolled in courses at Lake Forest College.
In 1999, at age 12, he created the website The Info Network, a user-generated encyclopedia. The site won the ArsDigita Prize, given to young people who create "useful, educational, and collaborative" noncommercial websites and led to early recognition of Swartz's nascent talent in coding. At age 14, he became a member of the working group that authored the RSS 1.0 web syndication specification. A year later, he became involved in the Creative Commons organization. In 2004, he enrolled at Stanford University but left the school after his first year.
During Swartz's first year at Stanford, he applied to Y Combinator's first Summer Founders Program, proposing to work on a startup called Infogami, a flexible content management system designed to create rich and visually interesting websites or a form of wiki for structured data. After working on it with co-founder Simon Carstensen over the summer of 2005, Swartz opted not to return to Stanford, choosing instead to continue to develop and seek funding for Infogami.
As part of his work on Infogami, Swartz created the web.py web application framework because he was unhappy with other available systems in the Python programming language. In the early fall of 2005, he worked with his fellow co-founders of another nascent Y-Combinator firm, Reddit, to rewrite its Lisp codebase using Python and web.py. Although Infogami's platform was abandoned after Not a Bug was acquired, Infogami's software was used to support the Internet Archive's Open Library project and the web.py web framework was used as the basis for many other projects by Swartz and many others.
When Infogami failed to find further funding, Y-Combinator organizers suggested Infogami merge with Reddit, which it did in November 2005, creating a new firm, Not a Bug, devoted to promoting both products. As a result, Swartz was given the title of co-founder of Reddit. Although both projects initially struggled, Reddit made large gains in popularity in 20052006.
In October 2006, based largely on Reddit's success, Not a Bug was acquired by Condé Nast Publications, owner of Wired magazine. Swartz moved with his company to San Francisco to continue to work on Reddit for Wired. He found corporate office life uncongenial and in January 2007 was asked to resign from the company. In September 2007, he joined Infogami co-founder Simon Carstensen to launch a new firm, Jottit, in another attempt to create a Markdown-driven content management system in Python.
Activism
In 2008, Swartz founded Watchdog.net, "the good government site with teeth", to aggregate and visualize data about politicians. That year, he wrote a widely circulated Guerilla Open Access Manifesto. On December 27, 2010, he filed a Freedom of Information Act (FOIA) request to learn about the treatment of Chelsea Manning, alleged source for WikiLeaks. His activism has been praised by digital rights groups such as the Electronic Frontier Foundation (EFF).
In 2008, Swartz downloaded about 2.7 million federal court documents stored in the PACER (Public Access to Court Electronic Records) database managed by the Administrative Office of the United States Courts. The Huffington Post characterized his actions this way: "Swartz downloaded public court documents from the PACER system in an effort to make them available outside of the expensive service. The move drew the attention of the FBI, which ultimately decided not to press charges as the documents were, in fact, public."
PACER was charging eight cents per page for information that Carl Malamud, who founded the nonprofit group Public.Resource.Org, contended should be free, because federal documents are not covered by copyright. The fees were "plowed back to the courts to finance technology, but the system [ran] a budget surplus of some $150 million, according to court reports," reported The New York Times. PACER used technology that was "designed in the bygone days of screechy telephone modems ... putting the nation's legal system behind a wall of cash and kludge." Malamud appealed to fellow activists, urging them to visit one of 17 libraries conducting a free trial of the PACER system, download court documents, and send them to him for public distribution.
After reading Malamud's call for action, Swartz used a Perl computer script running on Amazon cloud servers to download the documents, using credentials belonging to a Sacramento library. From September 4 to 20, 2008, it accessed documents and uploaded them to a cloud computing service. He released the documents to Malamud's organization.
On September 29, 2008, the GPO suspended the free trial, "pending an evaluation" of the program. Swartz's actions were subsequently investigated by the FBI. The case was closed after two months with no charges filed. Swartz learned the details of the investigation after filing a FOIA request with the FBI, and described their response as the "usual mess of confusions that shows the FBI's lack of sense of humor."
At a 2013 memorial for Swartz, Malamud recalled their work with PACER. They brought millions of U.S. District Court records out from behind PACER's "pay wall", he said, and found them full of privacy violations, including medical records and the names of minor children and confidential informants.
A more detailed account of his collaboration with Swartz on the PACER project appears in an essay on Malamud's website.
Writing in Ars Technica, Timothy Lee, who later made use of the documents obtained by Swartz as a co-creator of RECAP, offered some insight into discrepancies in reports on how much data Swartz downloaded: "In a back-of-the-envelope calculation a few days before the offsite crawl was shut down, Swartz guessed he got around 25 percent of the documents in PACER. The New York Times similarly reported Swartz had downloaded "an estimated 20 percent of the entire database". Based on the facts that Swartz downloaded 2.7million documents while PACER, at the time, contained 500 million, Lee concluded that Swartz downloaded less than one percent of the database.
Progressive Change Campaign Committee
In 2009, wanting to learn about effective activism, Swartz helped launch the Progressive Change Campaign Committee. He wrote in his blog: "I spend my days experimenting with new ways to get progressive policies enacted and progressive politicians elected." He led the first activism event of his career with the Progressive Change Campaign Committee, delivering thousands of "Honor Kennedy" petition signatures to Massachusetts legislators, asking them to fulfill former Senator Ted Kennedy's last wish by appointing a senator to vote for healthcare reform.
Demand Progress
In 2010, Swartz co-founded Demand Progress, a political advocacy group that organizes people online to "take action by contacting Congress and other leaders, funding pressure tactics, and spreading the word" about civil liberties, government reform, and other issues.
During academic year 2010–11, Swartz conducted research studies on political corruption as a Lab Fellow in Harvard University's Edmond J. Safra Research Lab on Institutional Corruption.
Author Cory Doctorow, in his novel Homeland, "drew on advice from Swartz in setting out how his protagonist could use the information now available about voters to create a grass-roots anti-establishment political campaign." In an afterword to the novel, Swartz wrote: "These political hacktivist tools can be used by anyone motivated and talented enough.... Now it's up to you to change the system. ... Let me know if I can help."
Opposition to the Stop Online Piracy Act (SOPA)
Swartz was involved in the campaign to prevent passage of the Stop Online Piracy Act (SOPA), which sought to combat Internet copyright violations but was criticized on the basis that it would make it easier for the U.S. government to shut down web sites accused of violating copyright and would place intolerable burdens on Internet providers. After the bill's defeat, Swartz was the keynote speaker at the F2C:Freedom to Connect 2012 event in Washington, D.C., on May 21, 2012. In his speech, "How We Stopped SOPA", he said:
He added, "We won this fight because everyone made themselves the hero of their own story. Everyone took it as their job to save this crucial freedom." He was referring to a series of protests against the bill by numerous websites, described by the Electronic Frontier Foundation as the biggest protest in Internet history, with over 115,000 sites participating according to the nonprofit organization Fight for the Future. Swartz also spoke on the topic at an event organized by ThoughtWorks.
Swartz participated in Wikipedia beginning in August 2003 under the username AaronSw. In 2006, he ran unsuccessfully for the Wikimedia Foundation's Board of Trustees.
In 2006, Swartz wrote an analysis of how Wikipedia articles are written, and concluded that the bulk of its content came from tens of thousands of occasional contributors, or "outsiders," each of whom made few other contributions to the site, while a core group of 500 to 1,000 regular editors tended to correct spelling and other formatting errors. He said: "The formatters aid the contributors, not the other way around." His conclusions, based on the analysis of edit histories of several randomly selected articles, contradicted the opinion of Wikipedia co-founder Jimmy Wales, who believed the core group of regular editors provided most of the content while thousands of others contributed to formatting issues. Swartz came to his conclusions by counting the number of characters editors added to particular articles, while Wales counted the total number of edits.
WikiLeaks
In January 2013, shortly after he died, WikiLeaks said that Aaron Swartz had helped WikiLeaks and talked to Julian Assange in 2010 and 2011. WikiLeaks also said they had "strong reasons to believe, but cannot prove" he may have been a source, possibly breaking WikiLeaks' rules about source anonymity. WikiLeaks may have made the statements to imply that Swartz was targeted by the US Attorney's Office and Secret Service in order to get at WikiLeaks.
United States v. Aaron Swartz
According to state and federal authorities, Swartz used JSTOR, a digital repository, to download a large number of academic journal articles through MIT's computer network over the course of a few weeks in late 2010 and early 2011. Visitors to MIT's "open campus" were authorized to access JSTOR through its network; Swartz, as a research fellow at Harvard University, also had a JSTOR account.
Article download
On September 25, 2010, the IP address 18.55.6.215, part of the MIT network, began sending hundreds of PDF download requests per minute to the JSTOR website, enough to slow the site's performance. This prompted a block of the IP address. In the morning, another IP address, also from within the MIT network, began sending more PDF download requests, resulting in a temporary block on the firewall level of all MIT computers in the entire 18.0.0.0/8 range. A JSTOR employee emailed MIT on September 29, 2010:
According to authorities, Swartz downloaded the documents through a laptop connected to a networking switch in a controlled-access wiring closet at MIT. The closet's door was kept unlocked, according to press reports. When it was discovered, a video camera was placed in the room to record Swartz; his computer was left untouched. The recording was stopped once Swartz was identified, but rather than pursue a civil lawsuit against him, JSTOR settled with him in June 2011; under the terms of the settlement, he surrendered the downloaded data.
On July 30, 2013, JSTOR released 300 partially redacted documents used as incriminating evidence against Swartz, originally sent to the United States Attorney's Office in response to subpoenas in the case United States v. Aaron Swartz.
Arrest and prosecution
On the night of January 6, 2011, Swartz was arrested near the Harvard campus by MIT Police and a Secret Service agent, and arraigned in Cambridge District Court on two state charges of breaking and entering with intent to commit a felony.
On July 11, 2011, he was indicted by a federal grand jury on charges of wire fraud, computer fraud, unlawfully obtaining information from a protected computer, and recklessly damaging a protected computer.
On November 17, 2011, Swartz was indicted by a Middlesex County Superior Court grand jury on state charges of breaking and entering with intent, grand larceny, and unauthorized access to a computer network. On December 16, 2011, state prosecutors filed a notice that they were dropping the two original charges, and the charges listed in the November 17, 2011, indictment were dropped on March 8, 2012. According to a spokesperson for the Middlesex County prosecutor, this was done to avoid impeding a federal prosecution headed by Stephen P. Heymann, supported by evidence provided by Secret Service agent Michael S. Pickett.
On September 12, 2012, federal prosecutors filed a superseding indictment adding nine more felony counts, increasing Swartz's maximum criminal exposure to 50years of imprisonment and $1 million in fines. During plea negotiations with Swartz's attorneys, the prosecutors offered to recommend a sentence of six months in a low-security prison if Swartz pled guilty to 13 federal crimes. Swartz and his lead attorney rejected the deal, opting instead for a trial where prosecutors would be forced to justify their pursuit of him.
The federal prosecution involved what was characterized by numerous critics (such as former Nixon White House counsel John Dean) as an "overcharging" 13-count indictment and "overzealous", "Nixonian" prosecution for alleged computer crimes, brought by then U.S. Attorney for Massachusetts Carmen Ortiz.
Swartz died by suicide on January 11, 2013. After his death, federal prosecutors dropped the charges. On December 4, 2013, due to a Freedom of Information Act suit by the investigations editor of Wired magazine, several documents related to the case were released by the Secret Service, including a video of Swartz entering the MIT network closet.
Personal life
Swartz was in an open relationship with Quinn Norton between 2007 and 2011, and then dated
Taren Stinebrickner-Kauffman from 2011 until his death in 2013, and also contemplated marriage with her. He also reportedly had same-sex relationships, and was against the idea of sexual identity in relationships, saying that relationships are more of an act rather than being about identity. Aside from his work, he posted frequently on Twitter, Reddit and his personal website. He was an atheist.
On the evening of January 11, 2013, Swartz's girlfriend, Taren Stinebrickner-Kauffman, found him dead in his Brooklyn apartment. A spokeswoman for New York's Medical Examiner reported that he had hanged himself. No suicide note was found. Swartz's family and his partner created a memorial website on which they issued a statement, saying: "He used his prodigious skills as a programmer and technologist not to enrich himself but to make the Internet and the world a fairer, better place."
Days before Swartz's funeral, Lawrence Lessig eulogized his friend and sometime-client in an essay, "Prosecutor as Bully." He decried the disproportionality of Swartz's prosecution and said, "The question this government needs to answer is why it was so necessary that Aaron Swartz be labeled a 'felon'. For in the 18 months of negotiations, that was what he was not willing to accept." Cory Doctorow wrote, "Aaron had an unbeatable combination of political insight, technical skill, and intelligence about people and issues. I think he could have revolutionized American (and worldwide) politics. His legacy may still yet do so."
Funeral and memorial gatherings
Swartz's funeral services were held on January 15, 2013, at Central Avenue Synagogue in Highland Park, Illinois. Tim Berners-Lee, creator of the World Wide Web, delivered a eulogy. He is buried at Shalom Memorial Park in Arlington Heights. The same day, The Wall Street Journal published a story based in part on an interview with Taren Stinebrickner-Kauffman. She told the Journal that Swartz lacked the money to pay for a trial and "it was too hard for him to ... make that part of his life go public" by asking for help. He was also distressed, she said, because two of his friends had just been subpoenaed and because he no longer believed that MIT would try to stop the prosecution.
Several memorials followed soon afterward. On January 19, hundreds attended a memorial at the Cooper Union, speakers at which included Taren Stinebrickner-Kauffman, open source advocate Doc Searls, Creative Commons' Glenn Otis Brown, journalist Quinn Norton, Roy Singham of ThoughtWorks, and David Segal of Demand Progress. On January 24, there was a memorial at the Internet Archive headquarters in San Francisco () with speakers including Stinebrickner-Kauffman, Alex Stamos, Brewster Kahle, Peter Eckersley, and Carl Malamud. On February 4, a memorial was held in the Cannon House Office Building on Capitol Hill; speakers at this memorial included Senator Ron Wyden and Representatives Darrell Issa, Alan Grayson, and Jared Polis, and other lawmakers in attendance included Senator Elizabeth Warren and Representatives Zoe Lofgren and Jan Schakowsky. Harvey Silverglate was a featured speaker at a rally by Demand Progress in Swartz's memory. A memorial also took place on March 12 at the MIT Media Lab.
On February 2, 2025, a statue of Aaron was unveiled at the Internet Archive. This was organized by Pablo Peniche and Lisa Rein. The statue now stands in the lobby of the Internet Archive in San Francisco, California.
Swartz's family recommended GiveWell for donations in his memory, an organization that Swartz admired, had collaborated with and was the sole beneficiary of his will.
U.S. Department of Justice
Carmen M. Ortiz, then U.S. Attorney for the District of Massachusetts, said in a statement: "As a parent and a sister, I can only imagine the pain felt by the family and friends of Aaron Swartz, […] I must, however, make clear that this office's conduct was appropriate in bringing and handling this case."
Family response
On January 12, 2013, Swartz's family and partner issued a statement criticizing the prosecutors and MIT. Speaking at his son's funeral on January 15, Robert Swartz said, "Aaron was killed by the government, and MIT betrayed all of its basic principles."
Tom Dolan, husband of U.S. Attorney for Massachusetts Carmen Ortiz, whose office prosecuted Swartz's case, replied with criticism of the Swartz family: "Truly incredible that in their own son's obit they blame others for his death and make no mention of the 6-month offer." This comment triggered some criticism; Esquire writer Charlie Pierce replied, "the glibness with which her husband and her defenders toss off a 'mere' six months in federal prison, low-security or not, is a further indication that something is seriously out of whack with the way our prosecutors think these days."
MIT
At the time, MIT maintained an open-campus policy along with an "open network." Two days after Swartz's death, MIT President L. Rafael Reif commissioned professor Hal Abelson to lead an analysis of MIT's options and decisions relating to Swartz's "legal struggles." To help guide the fact-finding stage of the review, MIT created a website where community members could suggest questions and issues for the review to address.
Swartz's attorneys requested that all pretrial discovery documents be made public, a move which MIT opposed. Swartz allies have criticized MIT for its opposition to releasing the evidence without redactions. On July 26, 2013, the Abelson panel submitted a 182-page report to MIT president, L. Rafael Reif, who authorized its public release on July 30. The panel reported that MIT had not supported charges against Swartz and cleared the institution of wrongdoing. However, its report also noted that despite MIT's advocacy for open access culture at the institutional level and beyond, the university never extended that support to Swartz. The report revealed, for example, that while MIT considered the possibility of issuing a public statement about its position on the case, such a statement never materialized.
The Huffington Post reported that "Ortiz has faced significant backlash for pursuing the case against Swartz, including a petition to the White House to have her fired." Other news outlets reported similarly.
Reuters news agency called Swartz "an online icon" who "help[ed] to make a virtual mountain of information freely available to the public, including an estimated 19 million pages of federal court documents." The Associated Press (AP) reported that Swartz's case "highlights society's uncertain, evolving view of how to treat people who break into computer systems and share data not to enrich themselves, but to make it available to others," and that JSTOR's lawyer, former U.S. Attorney for the Southern District of New York Mary Jo White, had asked the lead prosecutor to drop the charges.
As discussed by the editor Hrag Vartanian in Hyperallergic, Brooklyn, New York muralist BAMN ("By Any Means Necessary") created a mural of Swartz. "Swartz was an amazing human being who fought tirelessly for our right to a free and open Internet," the artist explained. "He was much more than just the 'Reddit guy'."
Speaking on April 17, 2013, Yuval Noah Harari described Swartz as "the first martyr of the Freedom of Information movement". However, according to Harari, Swartz's stance did not illustrate the belief in the freedom of persons or speech but stemmed from the increasing belief among the young generation that above anything else, information should be free.
Swartz's legacy has been reported as strengthening the open access to scholarship movement. In Illinois, his home state, Swartz's influence led state university faculties to adopt policies in favor of open access.
Hacks
On January 13, 2013, members of Anonymous hacked two websites on the MIT domain, replacing them with tributes to Swartz that called on members of the Internet community to use his death as a rallying point for the open access movement. The banner included a list of demands for improvements in the U.S. copyright system, along with Swartz's Guerilla Open Access Manifesto. On the night of January 18, 2013, MIT's e-mail system was taken offline for ten hours. On January 22, e-mail sent to MIT was redirected by hackers Aush0k and TibitXimer to the Korea Advanced Institute of Science & Technology. All other traffic to MIT was redirected to a computer at Harvard University that was publishing a statement headed "R.I.P Aaron Swartz," with text from a 2009 posting by Swartz, accompanied by a chiptune version of "The Star-Spangled Banner". MIT regained full control after about seven hours. In the early hours of January 26, 2013, the U.S. Sentencing Commission website, USSC.gov, was hacked by Anonymous. The home page was replaced with an embedded YouTube video, Anonymous Operation Last Resort. The video statement said Swartz "faced an impossible choice". A hacker downloaded "hundreds of thousands" of scientific-journal articles from a Swiss publisher's website and republished them on the open Web in Swartz's honor a week before the first anniversary of his death.
Petition to the White House
After Swartz's death, more than 50,000 people signed an online petition to the White House calling for the removal of Ortiz, "for overreach in the case of Aaron Swartz." A similar petition was submitted calling for prosecutor Stephen Heymann's firing. In January 2015, two years after Swartz's death, the White House declined both petitions.
On August 3, 2013, Swartz was posthumously inducted into the Internet Hall of Fame. There was a hackathon held in Swartz's memory around the date of his birthday in 2013. Over the weekend of November 8–10, 2013, inspired by Swartz's work and life, a second annual hackathon was held in at least 16 cities around the world. Preliminary topics worked on at the 2013 Aaron Swartz Hackathon were privacy and software tools, transparency, activism, access, legal fixes and a low-cost book scanner. In January 2014, Lawrence Lessig led a walk across New Hampshire in honor of Swartz, rallying for campaign finance reform.
In 2017, the Turkish-Dutch artist Ahmet Öğüt commemorated Swartz through a work entitled "Information Power to The People" which depicted his bust.
Legacy
Open Access
A long-time supporter of open access, Swartz wrote in his Guerilla Open Access Manifesto:
Supporters of Swartz responded to news of his death with an effort called #PDFTribute to promote Open Access. On January 12, Eva Vivalt, a development economist at the World Bank, began posting her academic articles online using the hashtag #pdftribute as a tribute to Swartz. Scholars posted links to their works. Swartz's story has exposed the topic of open access to scientific publications to wider audiences. In Swartz's wake, many institutions and personalities have campaigned for open access to scientific knowledge. Swartz's death prompted calls for more open access to scholarly data (e.g., open science data). The Think Computer Foundation and the Center for Information Technology Policy (CITP) at Princeton University announced scholarships awarded in memory of Swartz. In 2013, Swartz was posthumously awarded the American Library Association's James Madison Award for being an "outspoken advocate for public participation in government and unrestricted access to peer-reviewed scholarly articles." In March, the editor and editorial board of the Journal of Library Administration resigned en masse, citing a dispute with the journal's publisher, Routledge. One board member wrote of a "crisis of conscience about publishing in a journal that was not open access" after the death of Swartz. In 2002, Swartz had stated that when he died, he wanted all the contents of his hard drives made publicly available.
Congress
Several members of the U.S. House of Representatives – Republican Darrell Issa and Democrats Zoe Lofgren and subsequent Colorado Governor Jared Polis – all on the House Judiciary Committee, raised questions regarding the government's handling of the case.
Calling the charges against him "ridiculous and trumped up," Polis said Swartz was a "martyr", whose death illustrated the need for Congress to limit the discretion of federal prosecutors. Speaking at a memorial for Swartz on Capitol Hill, Issa said
Massachusetts Democratic Senator Elizabeth Warren issued a statement saying "[Aaron's] advocacy for Internet freedom, social justice, and Wall Street reform demonstrated ... the power of his ideas ..."
In a letter to Attorney General Eric Holder, Texas Republican Senator John Cornyn asked, "On what basis did the U.S. Attorney for the District of Massachusetts conclude that her office's conduct was 'appropriate'?" and "Was the prosecution of Mr. Swartz in any way retaliation for his exercise of his rights as a citizen under the Freedom of Information Act?"
Congressional investigations
Issa, who chaired the House Committee on Oversight and Government Reform, announced that he would investigate the Justice Department's actions in prosecuting Swartz. In a statement to The Huffington Post, he praised Swartz's work toward "open government and free access to the people." Issa's investigation has garnered some bipartisan support.
On January 28, 2013, Issa and ranking committee member Elijah Cummings published a letter to U.S. Attorney General Holder, questioning why federal prosecutors had filed the superseding indictment. On February 20, WBUR reported that Ortiz was expected to testify at an upcoming Oversight Committee hearing about her office's handling of the Swartz case. On February 22, Associate Deputy Attorney General Steven Reich conducted a briefing for congressional staffers involved in the investigation. They were told that Swartz's Guerilla Open Access Manifesto played a role in prosecutorial decision-making. Congressional staffers left this briefing believing that prosecutors thought Swartz had to be convicted of a felony carrying at least a short prison sentence in order to justify having filed the case against him in the first place.
Excoriating the Department of Justice as the "Department of Vengeance", Stinebrickner-Kauffman told the Guardian that the DOJ had erred in relying on Swartz's Guerilla Open Access Manifesto as an accurate indication of his beliefs by 2010. "He was no longer a single issue activist," she said. "He was into lots of things, from healthcare, to climate change to money in politics."
On March 6, Holder testified before the Senate Judiciary Committee that the case was "a good use of prosecutorial discretion." Stinebrickner-Kauffman issued a statement in reply, repeating and amplifying her claims of prosecutorial misconduct. Public documents, she wrote, reveal that prosecutor Stephen Heymann "instructed the Secret Service to seize and hold evidence without a warrant... lied to the judge about that fact in written briefs... [and] withheld exculpatory evidence... for over a year," violating his legal and ethical obligations to turn such evidence over to the defense. On March 22, Senator Al Franken wrote Holder a letter expressing concerns, writing that "charging a young man like Mr. Swartz with federal offenses punishable by over 35 years of federal imprisonment seems remarkably aggressive – particularly when it appears that one of the principal aggrieved parties ... did not support a criminal prosecution."
Amendment to Computer Fraud and Abuse Act
In 2013, Rep. Zoe Lofgren (D-Calif.) introduced a bill, Aaron's Law (, ) to exclude terms of service violations from the 1986 Computer Fraud and Abuse Act and from the wire fraud statute.
Lawrence Lessig wrote of the bill, "this is a critically important change.... The CFAA was the hook for the government's bullying.... This law would remove that hook. In a single line: no longer would it be a felony to breach a contract." Professor Orin Kerr, a specialist in the nexus between computer law and criminal law, wrote that he had been arguing for precisely this sort of reform of the Act for years. The ACLU, too, has called for reform of the CFAA to "remove the dangerously broad criminalization of online activity." The EFF has mounted a campaign for these reforms. Lessig's inaugural Chair lecture as Furman Professor of Law and Leadership was entitled Aaron's Laws: Law and Justice in a Digital Age; he dedicated the lecture to Swartz.
The Aaron's Law bill stalled in committee. Brian Knappenberger alleges this was due to Oracle Corporation's financial interest in maintaining the status quo.
Fair Access to Science and Technology Research Act
The Fair Access to Science and Technology Research Act (FASTR) is a bill that would mandate earlier public release of taxpayer-funded research. FASTR has been described as "The Other Aaron's Law."
Senator Ron Wyden (D-Ore.) and Senator John Cornyn (R-Tex.) introduced the Senate version in 2013, 2015, and 2017 while the bill was introduced to the House by Reps. Zoe Lofgren (D-Calif.), Mike Doyle (D-Pa.) and Kevin Yoder (R-Kans.). Senator Wyden wrote of the bill, "the FASTR act provides that access to taxpayer funded research should never be hidden behind a paywall."
While the legislation had not passed , it helped to prompt some motion toward more open access on the part of the US administration. Shortly after the bill's original introduction, the Office of Science and Technology Policy directed "each Federal agency with over $100 million in annual conduct of research and development expenditures to develop a plan to support increased public access to the results of research funded by the Federal Government."
Aaron Swartz Day
Since 2013 Aaron Swartz Day has been celebrated on his birthday, November 8, with hackathons and livestreamed talks related to the many issues that Aaron was passionate about such as open access, progressive politics & economics, and so on. Past speakers include Chelsea Manning, Barrett Brown, Trevor Timm from Freedom of the Press Foundation, Cory Doctorow, Cindy Cohn, Jason Leopold, and Brewster Kahle.
Media
Swartz has been featured in various works of art and has posthumously received dedications from numerous artists. He himself starred in few documentaries, Aardvark'd: 12 Weeks with Geeks with his Reddit colleagues and Paul Graham in 2005, and after leaving Reddit he appeared in Steal This Film II in 2007. Swartz's first posthumous work was in 2013, when Kenneth Goldsmith dedicated his "Printing out the Internet" exhibition to Swartz. There are also dedicated biographical films for Aaron:
The Internet's Own Boy: The Story of Aaron Swartz
On January 11, 2014, marking the first anniversary of his death, a preview was released of The Internet's Own Boy: The Story of Aaron Swartz, a documentary about Swartz, the NSA and SOPA. The film was officially released at the January 2014 Sundance Film Festival. Democracy Now! covered the release of the documentary, as well as Swartz's life and legal case, in a sprawling interview with director Brian Knappenberger, Swartz's father, brother, and his attorney. The documentary is released under a Creative Commons License; it debuted in theaters and on-demand in June 2014.
Mashable called the documentary "a powerful homage to Aaron Swartz". Its debut at Sundance received a standing ovation. Mashable printed, "With the help of experts, The Internet's Own Boy makes a clear argument: Swartz unjustly became a victim of the rights and freedoms for which he stood." The Hollywood Reporter described it as a "heartbreaking" story of a "tech wunderkind persecuted by the U.S. government", and a must-see "for anyone who knows enough to care about the way laws govern information transfer in the digital age".
In October 2014, Killswitch, a documentary film featuring Swartz, as well as Lawrence Lessig, Tim Wu, and Edward Snowden, received its world premiere at the Woodstock Film Festival, where it won the award for Best Editing. The film focuses on Swartz's role in advocating for internet freedoms.
In February 2015, Killswitch was invited to screen at the Capitol Visitor Center in Washington, D.C., by Congressman Alan Grayson. The event was held on the eve of the Federal Communications Commission's historic decision on net neutrality. Congressman Grayson, Lawrence Lessig, and Free Press CEO Craig Aaron spoke about Swartz and his fight on behalf of a free and open Internet at the event.
Congressman Grayson states that Killswitch is "one of the most honest accounts of the battle to control the Internetand access to information itself." Richard von Busack of the Metro Silicon Valley writes of Killswitch, "Some of the most lapidary use of found footage this side of The Atomic Café". Fred Swegles of the Orange County Register remarks, "Anyone who values unfettered access to online information is apt to be captivated by Killswitch, a gripping and fast-paced documentary." Kathy Gill of GeekWire asserts that "Killswitch is much more than a dry recitation of technical history. Director Ali Akbarzadeh, producer Jeff Horn, and writer Chris Dollar created a human-centered story. A large part of that connection comes from Lessig and his relationship with Swartz."
Other films
He appeared in the unreleased film War for the Web where he had been interviewed a year prior to his death. The documentary was ultimately cancelled as it failed to reach its funding goal, but the footage was later used in The Internet's Own Boy. Another biographical film about Swartz, Think Aaron, was being developed by HBO Films as of 2020.
Works
Specifications
Markdown: In collaboration with John Gruber, Swartz co-created Markdown – a lightweight markup language for generating HTML – and was the author of its html2text translator. The syntax for Markdown was influenced by Swartz's earlier language (2002), which today is primarily remembered for its syntax for specifying headers, known as atx-style headers: Markdown itself remains in widespread use, with websites including Reddit, GitHub and Discord using it.
RDF/XML at W3C: In 2001, Swartz joined the RDFCore working group at the World Wide Web Consortium (W3C), where he authored RFC 3870, Application/RDF+XML Media Type Registration. The document described a new media type, "RDF/XML", designed to support the Semantic Web.
Software
DeadDrop: In 2011–2012, Swartz, Kevin Poulsen, and James Dolan designed and implemented DeadDrop, a system that allows anonymous informants to send electronic documents without fear of disclosure. In May 2013, the first instance of the software was launched by The New Yorker under the name Strongbox. The Freedom of the Press Foundation has since taken over development of the software, which has been renamed SecureDrop.
Tor2web: In 2008, Swartz worked with Virgil Griffith to design and implement Tor2web, an HTTP proxy for Tor-hidden services. The proxy was designed to provide easy access to Tor from a basic web browser. The software is now maintained by Giovanni Pellerano within the GlobaLeaks project.
See also
Alexandra Elbakyan
List of Wikipedia people
Sci-Hub
Shadow library
Z-Library
Further reading
Biography of Swartz.
Poulsen, Kevin. "." Wired. July 18, 2013.
Documentary
Brian Knappenberger (Producer and Director), The Internet's Own Boy: The Story of Aaron Swartz. Participant Media: 2014. Via The Internet Archive, Run time: 105 minutes.
Ali Akbarzadeh (Director), Killswitch: The Battle to Control the Internet, Akorn Entertainment: 2014
|
Cafaro Company
|
[
"Cafaro Company",
"Real estate companies of the United States",
"Privately held companies based in Ohio",
"Companies based in Youngstown, Ohio",
"Shopping center management firms",
"Financial services companies of the United States",
"1949 establishments in Ohio",
"Retail companies established in 1949",
"American companies established in 1949"
] | 693 | 5,991 |
The Cafaro Company is an American property management and real estate development company which owns several retail shopping centers throughout the United States. Based in Niles, Ohio, it is the largest privately owned shopping center development and management company in the U.S., managing more than of commercial real estate throughout the country.
History
Brothers William M. Cafaro and John A. Cafaro began developing grocery stores for Kroger starting in 1942. In 1949, the Cafaro brothers formed the Cafaro Company. They began developing shopping centers, starting with a grocery plaza in Sharon, Pennsylvania. The two brothers managed the non-grocery tenants in the centers they developed.
In 1965, Cafaro opened its first regional shopping mall property, American Mall in Lima, Ohio. The company’s first regional mall projects were primarily localized to Ohio, Michigan, Indiana, Pennsylvania, and West Virginia throughout the 1970s and 1980s. In 1970, Cafaro opened the first enclosed mall in Iowa, Kennedy Mall in Dubuque. In 1988, Target Corporation asked the company to develop centers for the retailer in the Pacific Northwest, expanding the company portfolio to Washington and Oregon and resulting in the establishment of an office in Puyallup, Washington. William M. Cafaro died in April 1998.
The Cafaro Company divulged in portfolio diversification with projects such as the Eastwood Field baseball park and multi-function complexes such as the renovated Millcreek Mall and Spotsylvania Towne Centre in the 2000s. Anthony M. Cafaro, Sr., son of company founder William M. Cafaro, retired as president of the Cafaro Company in December 2009 and was succeeded by his sons Anthony Cafaro, Jr. and William A. Cafaro.
Enclosed mall properties
Property Name Location Eastwood Mall Niles, Ohio Governor's Square Mall Clarksville, Tennessee Huntington Mall Barboursville, West Virginia Kennedy Mall Dubuque, Iowa Kentucky Oaks Mall Paducah, Kentucky The Mall of Monroe Monroe, Michigan Meadowbrook Mall Bridgeport, West Virginia Millcreek Mall Erie, Pennsylvania Ohio Valley Mall St. Clairsville, Ohio Sandusky Mall Sandusky, Ohio South Hill Mall Puyallup, Washington Spotsylvania Towne Centre Fredericksburg, Virginia
Former properties
Property Name Location American Mall Lima, Ohio Ashtabula Towne Square Ashtabula, Ohio Beaver Valley Mall Monaca, Pennsylvania Charleston Town Center Charleston, West Virginia Eastgate Plaza (formerly Eastgate Mall) Wichita, Kansas Five Points Mall (formerly North Park Mall) Marion, Indiana Fort Saginaw Mall Saginaw, Michigan Marion Centre (formerly Southland Mall) Marion, Ohio McGuffey Mall Youngstown, Ohio Southern Park Mall (co-developer) Boardman, Ohio Tallahassee Mall Tallahassee, Florida
Canceled
Liberty Lake Mall, Spokane, Washington
|
United Bank for Africa Zambia Limited
|
[
"Banks of Zambia",
"United Bank for Africa",
"Companies based in Lusaka",
"Banks established in 2010",
"2010 establishments in Zambia"
] | 679 | 6,416 |
United Bank for Africa Zambia Limited, also UBA Zambia, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.
Location
The headquarters and main branch of UBA Zambia Limited are located at Stand 22768, Acacia Park, at the Corner of Great East Road and Thabo Mbeki Road, in the central business district of Lusaka, the capital and largest city of Zambia. The geographical coordinates of the bank's headquarters are:15°23'28.0"S, 28°19'07.0"E (Latitude:-15.391111; Longitude:28.318611).
Overview
The bank serves the banking needs of large corporations, small and medium sized enterprises, individuals and government departments. The bank is a 100 percent subsidiary of United Bank for Africa, a Nigerian-headquartered financial services conglomerate, with banking subsidiaries in 20 sub-Saharan countries, whose total assets were valued at US$14.6 billion, as of 31 December 2019.
History
UBA Zambia was established in 2010, following successful start-ups by the parent company in Kenya, Uganda and Tanzania. UBA Zambia is the first UBA subsidiary to be established in Southern Africa. UBA Zambia promotes cashless banking and the use of internet banking products.
Branch network
, the bank maintained a network of branches at the following locations: 1. Acacia Park Branch: Acacia Park, Lusaka Main Branch 2. Kamwala Branch: Independence Avenue, Kamwala, Lusaka 3. Kitwe Branch: 3 Mega Shopping Centre, Corner of Enos Comba Road and Independence Avenue, Kitwe.
Governance
The Chairman of the ten-person Board of Directors of UBA Zambia, is Dr. Tukiya Kankasa-Mabula. Chinedu Obeta, serves as the Managing Director and CEO of the bank.
See also
|
Economy of Libya
|
[
"Economy of Libya",
"African Union member economies",
"OPEC",
"Economy of the Arab League"
] | 3,830 | 39,354 |
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
After 2000, Libya recorded favorable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan Civil War, which resulted in contraction of the economy by 62.1% in 2011. After the war, the economy rebounded by 104.5% in 2012. It crashed again following the Second Libyan Civil War. As of 2024, Libya's per capita PPP GDP stands at only 65% of its pre-war level in 2010.
Macroeconomic trends
Libyan GDP per capita was about $40 in the early 1920s and it rose to $1,018 by 1967. In 1947 alone, per capita GDP rose by 42 percent.
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green. The annual unemployment rate is extracted from the World Bank, although the International Monetary Fund find them unreliable.
YearGDP
(in Bil. US$PPP)GDP per capita
(in US$ PPP)GDP
(in Bil. US$nominal)GDP per capita
(in US$ nominal)GDP growth
(real)Inflation rate
(in Percent)Unemployment
(in Percent)Government debt
(in % of GDP)198097.832,745.540.213,449.60.6%14.3%n/an/a198185.627,398.534.711,107.6-20.0%13.2%n/an/a198292.328,202.734.610,575.61.5%13.8%n/an/a198391.426,800.233.09,671.5-4.7%10.5%n/an/a198486.824,406.130.98,681.2-8.3%12.4%n/an/a198590.125,471.430.48,586.40.6%9.1%n/an/a198681.522,172.124.86,734.0-11.4%3.4%n/an/a198771.218,585.123.06,002.1-14.7%4.4%n/an/a198879.318,346.525.95,981.67.6%3.1%n/an/a198988.419,550.027.46,070.17.2%4.5%n/an/a199095.122,327.731.67,424.23.7%0.7%n/a4.7%1991116.326,685.335.08,026.318.3%11.7%19.8%9.6%1992113.625,468.735.57,950.5-4.5%9.5%20.0%1.2%1993109.924,106.131.96,998.3-5.5%7.5%20.0%-4.6%1994115.924,921.729.76,391.13.2%10.7%19.9%-1.6%1995100.121,064.933.77,102.9-15.4%8.3%20.0%4.8%1996103.721,422.236.87,608.81.8%4.0%19.8%12.2%1997102.720,872.437.77,663.0-2.6%3.6%19.8%-1.3%1998103.120,587.930.96,171.8-0.7%3.7%19.8%-1.5%1999104.420,511.037.17,294.5-0.2%2.6%19.7%6.4%2000111.121,444.439.57,625.04.0%-2.9%19.7%13.6%2001116.622,161.235.26,693.12.6%-8.8%19.7%0.4%2002114.021,343.221.13,956.5-3.7%-9.9%19.6%7.0%2003135.024,905.227.04,986.316.1%-2.1%19.5%6.2%2004146.726,626.334.16,180.45.8%1.3%19.5%11.3%2005167.429,942.748.98,739.210.6%2.7%19.4%30.4%2006173.030,408.660.110,561.40.3%1.5%19.4%29.1%2007188.832,659.568.211,801.36.2%6.2%19.4%28.4%2008192.132,666.686.814,762.6-0.2%10.4%19.4%27.7%2009184.831,007.560.810,202.8-4.4%2.4%19.4%-5.5%2010196.432,515.475.412,478.05.0%2.5%19.3%11.5%201199.616,810.948.28,132.3-50.3%15.9%19.4%-11.5%2012172.527,458.892.514,728.186.8%6.1%19.0%24.6%2013144.523,054.575.412,025.6-18.0%2.6%19.5%-16.3%2014126.920,273.657.49,166.6-23.0%2.4%19.5%-30.5%2015137.221,709.948.77,706.7-0.8%10.0%19.5%-28.5%2016137.421,520.749.97,817.6-1.5%25.9%19.5%-29.3%2017154.423,949.367.210,414.132.5%25.9%19.4%-11.1%2018170.726,207.076.711,773.87.9%14.0%19.5%9.4%2019154.323,454.969.210,526.3-11.2%-2.9%19.7%11.9%2020110.116,575.146.97,056.7-29.5%1.5%20.1%-22.3%2021147.121,929.039.05,813.328.3%2.8%19.6%11.3%2022128.418,944.740.86,025.7-18.5%5.5%n/a15.8%2023156.722,899.543.86,391.817.9%4.0%n/a22.1%2024172.824,997.245.66,599.08.0%3.0%n/a18.8%2025188.827,034.747.76,836.37.2%3.0%n/a16.5%2026200.528,434.649.16,964.64.2%3.0%n/a13.5%2027212.829,874.150.57,096.04.1%3.1%n/a9.7%
Notes:
1. For purchasing power parity comparisons, the US Dollar is exchanged at 0.77 Libyan Dinars only.
Mean wages were $9.51 per man-hour in 2009 (amounts to a compensation of $1598 for 21 working days of 8 hours).
Oil sector
Libya is an OPEC member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), as of January 2007, up from in 2006. About 80% of Libya's proven oil reserves are located in the Sirte Basin, which is responsible for 90% of the country's oil output. The state-owned National Oil Corporation (NOC) dominates Libya's oil industry, along with smaller subsidiaries, which combined account for around 50% of the country's oil output. Among NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Agoco, Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC). Oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP. Oil revenues constitute the principal foreign exchange source. Reflecting the heritage of the command economy, three-quarters of employment is in the public sector, and private investment remains small at around 2% of GDP.
Falling world oil prices in the early 1980s and economic sanctions caused a serious decline in economic activity, eventually leading to a slow private sector rehabilitation. At 2.6% per year on average, real GDP growth was modest and volatile during the 1990s. Libya's GDP grew in 2001 due to high oil prices, the end of a long cyclical drought, and increased foreign direct investment following the suspension of UN sanctions in 1999. Real GDP growth has been boosted by high oil revenues, reaching 4.6% in 2004 and 3.5% in 2005. Despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth.
Although UN sanctions were suspended in 1999, foreign investment in the Libyan gas and oil sectors were severely curtailed due to the U.S. Iran and Libya Sanctions Act (ILSA), which capped the amount foreign companies can invest in Libya yearly at $20 million (lowered from $40 million in 2001). As of May 2006, the U.S. has removed Libya from its list of states that sponsor terrorism and has normalised ties and removed sanctions. This clears the road for U.S. oil companies to exploit Libyan oil and is expected to have a positive impact on the Libyan economy.
The NOC hopes to raise oil production from 1.80 million bpd in 2006 to 2 million bpd by 2008. FDI into the oil sector is likely, which is attractive due to its low cost of oil recovery, high oil quality, and proximity to European markets. Most Libyan oil is sold on a term basis, including to the country's Oilinvest marketing network in Europe; to companies like Agip, OMV, Repsol YPF, Tupras, CEPSA, and Total; and small volumes to Asian and South African companies.
Statistic Amount Proven Oil Reserves (2007E) Oil Production (2006E) (95% crude) Oil Consumption (2006E) Net Oil Exports (2006E) Crude Oil Distillation Capacity (2006E) Proven Natural Gas Reserves (2007E) Natural Gas Production (2006E) Natural Gas consumption (2005E)
Notes:
1. Energy Information Administration (2007)
Field Development and Exploration
In November 2005, Repsol YPF discovered a significant oil deposit of light, sweet crude in the Murzuq Basin. Industry experts believe the discovery to be one of the biggest made in Libya for several years. Repsol YPF is joined by a consortium of partners including OMV, Total and Norsk Hydro. Also located in Murzuq Basin is Eni's Elephant field. In October 1997, a consortium led by British company Lasmo, along with Eni and a group of five South Korean companies, announced that it had discovered large recoverable crude reserves about south of Tripoli. Lasmo estimated field production would cost around $1 per barrel. Elephant began production in February 2004.
WOC's Waha fields currently produce around . In 2005, ConocoPhillips and co-venturers reached an agreement with NOC to return to its operations in Libya and extend the Waha concession 25 years. ConocoPhillips operates the Waha fields with a 16.33% share in the project. NOC has the largest share of the Waha concession, and additional partners include Marathon and Amerada Hess.
Refining and Downstream
Libya has five domestic refineries:
Refinery Capacity Operator Zawia Refinery 120,000 ZOC Ras Lanuf Refinery 220,000 Ras Lanuf El-Brega Refinery 10,000 SOC Tobruk Refinery 20,000 Agoco Sarir Refinery 10,000 Agoco
Notes:
1. Amounts in barrels per day.
In 2007, mining and hydrocarbon industries accounted for well over 95 percent of the Libyan economy. Diversification of the economy into manufacturing industries remain a long-term issue.
Although agriculture is the second-largest sector in the economy, Libya depends on imports in most foods. Climatic conditions and poor soils severely limit farm output, and domestic food production meets only about 25% of demand. Domestic conditions limit output, while higher incomes and a growing population have caused food consumption to rise. Because of low rainfall levels in Libya, agricultural projects such as the Kufra oasis rely on underground water sources. Libya's primary agricultural water source remains the Great Manmade River (GMMR), but significant resources are being invested in desalinization research to meet growing demand. Libyan agricultural projects and policies are overseen by a General Inspector; there is no Ministry of Agriculture, per se.
Libya produced in 2018:
348 thousand tons of potato;
236 thousand tons of watermelon;
215 thousand tons of tomato;
188 thousand tons of olive;
183 thousand tons of onion;
176 thousand tons of date;
138 thousand tons of wheat;
93 thousand tons of barley;
72 thousand tons of vegetable;
60 thousand tons of plum;
53 thousand tons of orange;
In addition to smaller productions of other agricultural products.
The tourism industry was heavily hit by the Libyan Civil War. Before the war tourism was developing, with 149,000 tourists visiting Libya in 2004, rising to 180,000 in 2007, although this still only contributed less than 1% of the country's GDP. There were 1,000,000 day visitors in the same year. The country is best known for its ancient Greek and Roman ruins and Sahara desert landscapes.
Labor market
Libya posted a 3.3% rate of population growth during 1960–2003. In 2003, 86% of the population was urban, compared to 45% in 1970. Although no reliable estimates are available, unemployment is reportedly acute: over 50% of the population under the age of 20. Moreover, despite the bias of labor market regulations favoring Libyan workers, the mismatch of the educational system with market demand has produced a large pool of expatriate workers, with typically better-suited education and higher productivity. However, because of shortages for manual labor, Libya has also attracted important numbers of less skilled immigrants. Expatriate workers represent an estimated fifth of the labor force.
Although significant, the proportion of expatriate workers is still below oil producing countries in the Persian Gulf. Foreign workers mainly come from the Maghreb, Egypt, Turkey, India, the Philippines, Malaysia, Thailand, Vietnam, Poland, Chad, Sudan, and Bosnia and Herzegovina. They tend to earn relatively high wages, taking either skilled or hard manual jobs. Census data for 2000 show the share of expatriates earning over LD 300 (US$230) per month was 20%, compared to 12% for Libyan nationals. A campaign encouraging conversion of qualified civil servants to entrepreneurs, in the face of public sector over employment and declining productivity, does not seem to be producing the desired results thus far.
External trade and finance
The Government is in the process of preparing a financial sector reform program. Recent legislation setting corporate governance standards for financial institutions makes progress towards better management and greater operational independence of public banks. However, Libyan public banks still lack management structures supported by skills in critical areas like credit, investment, risk management, and information and control systems.
The new banking law reinforces the independence of the Central Bank of Libya (CBL) and offers a legal framework for regulating banking activities, even if some provisions call for improvement. Despite progress brought by the new banking Law that specifies and limits its duties and responsibilities, the CBL remains the owner of the public banks, with the associated potential conflict of interest between ownership and regulation.
Financial sector reform has also progressed with partial interest rate liberalization. Interest rates have been liberalized on deposits, while a lending rate ceiling has been set above the discount rate. The Libyan Stock Exchange, established in 2007, is the first exchange of its kind in the country.
In 2011, Libya Oil Holdings had its €38m stake in Irish exploration firm Circle Oil frozen on foot of a European Union order that's been put in place to put pressure on the Gaddafi regime.
Tunisia's exports to Libya, exceeding 18% growth between 2020 and 2024.
Two trans-African automobile routes pass through Libya:
Cairo-Dakar Highway
Tripoli-Cape Town Highway
Statistics
Household income or consumption by percentage share:
lowest 11%:
NA%
highest 10%:
NA%
Industrial production growth rate:
2.7% (2009)
Electricity - production:
24 billion kWh (2007 est)
Electricity - production by source:
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1998)
Electricity - consumption:
22.17 billion kWh (2007 est)
Electricity - exports:
104 million kWh (2007)
Electricity - imports:
77 million kWh (2007)
Agriculture - products:
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans, cattle, corn
International rankings
Organisation Survey Ranking The Economist 70 out of 111 Energy Information Administration 9 out of 20 Reporters Without Borders 155 out of 169 Transparency International 131 out of 180 United Nations Development Programme 58 out of 177
References
Energy Information Administration (2007)
World Bank (2006), , Social & Economic Development Group
P. Mobbs (2002)
T. Ahlbrandt (2001) USGS
Socialist People's Libyan Arab Jamahiriya
National Authority for Information and Statistics, Socialist People's Libyan Arab Jamahiriya.
Pilat D., Innovation and Productivity in Services - State of the Art, Organisation for Economic Co-operation and Development, Directorate for Science, Technology, and Industry, Paris. 2000
GSPLA. Agriculture achievements in 20 years. Secretariat of Agriculture Land Reclamation and Animal Wealth. 1989
GSPLA. Agriculture in Libya. Facts and Figure 1970.
Mohamed Al Genedal. Agriculture in Libya. Arab Book Publishers 1978.
Ali Rahuma. Cost of barley and wheat production in some state managed agricultural projects. J. Agric. Res. 1989
Future of food economics in the Arab State. Vol. 4. Statistics. 1979.
Statistical index 1970. Ministry of Economic and Planning.
See also
Central Bank of Libya
List of companies of Libya
List of banks in Libya
United Nations Economic Commission for: Africa & Western Asia
|
Edward Nucella Emmett
|
[
"1817 births",
"1874 deaths",
"Australian gold prospectors",
"Australian auctioneers",
"Australian bankers",
"Members of the Victorian Legislative Council",
"English emigrants to colonial Australia",
"19th-century mayors of places in Australia",
"19th-century Australian businesspeople",
"Mayors of Bendigo"
] | 993 | 8,634 |
Edward Nucella Emmett (18 February 1817 – 18 March 1874) was an English-born Australian entrepreneur and politician, and briefly a member of the Victorian Legislative Council.
Career
Emmett worked as an auctioneer in Adelaide, South Australia. He lived in Bendigo from 1852 to 1870, working firstly as a gold digger and then as an auctioneer. He was said to have discovered the Hustler's Reef near Bendigo. With Hugh Smith, he established the Bendigo Bank (subsequently purchased by the then Bank of Victoria). He later started a brewery and a number of mining companies. To secure Bendigo's future, Emmett worked to establish a reliable water supply, and was the main promoter of the Bendigo Waterworks Company (now part of Coliban Water), established in 1858.
Given the financial problems of the Victorian colonial government, and the lack of local government funds, he worked to privately fund the new water supply. The Sandhurst (Bendigo) council controlled a 22-acre water reserve site along the Bendigo Creek at Golden Square. With funding from wealthy investors in Melbourne he formed the company which was incorporated by parliament. Joseph Brady was the first engineer for the project, which made use of water from the Coliban River.
He went to Sydney after 1870, where he was a broker, legal manager and mining agent.
Government
Emmett was nominated as a Member of the Victorian Legislative Council from 29 August 1853 to September 1853, but resigned in early September, after being rejected by a gold diggers' meeting and may never have taken his seat. He was first chairman of the Sandhurst (Bendigo) municipal council and, subsequently, of the municipality of Raywood, of which he was also the first chairman.
After the sale of the bank, he acted in a number of official roles, including town valuator, and conducted first government land sales. He was a member of first local court (1855), and mining registrar at Raywood (1863).
Family
Emmett was the son of Henry James Emmett and Mary Elizabeth Thompson Emmett (née Townsend) who immigrated to Van Diemen's Land from England with their young family in 1819, fifteen years after the establishment of Hobart Town (1804).
He had two families in South Australia, abandoning his common law wife, Sarah Ann Dolby, and their three children before the end of 1856.
He had married Sarah Spottiswood Blackham in 1849 and moved with her to Bendigo (then called Sandhurst).
After his death, his widow and their only surviving daughter, Bertha, returned to Bendigo, where in 1876 it became known that they were in straitened circumstance with a number of gifts made to them. Later in that year she married Archibald Forsyth.
|
Józef Montwiłł
|
[
"1850 births",
"1911 deaths",
"People from Kėdainiai District Municipality",
"People from Vilkomirsky Uyezd",
"Polish Roman Catholics",
"Members of the 3rd State Duma of the Russian Empire",
"Polish philanthropists",
"Polish bankers",
"Polish businesspeople",
"Polish economists",
"19th-century philanthropists",
"Saint Petersburg State University alumni",
"Burials at Rasos Cemetery",
"Bankers from the Russian Empire"
] | 510 | 4,125 |
Józef Montwiłł (; 9 March 1850 – 7 February 1911) was a Polish–Lithuanian nobleman, who was a bank owner and philanthropist, notable for the many social societies he founded. A descendant of a noble Lithuanian family, Montwiłł inherited a significant fortune, which he further increased through banking and investment. He financed numerous courses for the poor, among them, was a class of painting and arts, run by - among others - Józef Bałzukiewicz and Ivan Trutnev, from which graduated a renowned Lithuanian artist Juozas Zikaras.
In 1898, Montwiłł also financed a monument to Adam Mickiewicz in Vilnius, designed by Tadeusz Stryjeński. As the tsarist authorities did not allow the monument to be placed in open space, it was built inside Church of St. Johns. Montwiłł also created the Lutnia Artistic Society and financed the construction of the society's theatre, in currently Lithuanian National Drama Theatre. Among other societies, he formed and financed the Society of Friends of Science, one of the founding members of the Polish Academy of Sciences.
Montwiłł also financed the creation of a Polish school in Vilnius (1907), the Panevėžys city hall; built already after his death, and the Polish Theatre in Vilnius (in modern times the Old Theatre of Vilnius). He died in 1911, and was buried at the Rasos Cemetery. His tomb, designed by Zygmunt Otto, was decorated with a sculpture of an angel. Although vandalized in recent times, the tomb remains there. In 1935, a monument to Montwiłł was erected in front of the Church of the Assumption of the Blessed Virgin Mary. A monument in his honour was built in the square, located in the former Franciscan cemetery on the Trakų Street, Vilnius.
In modern times, the Polish Culture in Lithuania Fund () has adopted Montwiłł as its patron.
|
Adbot
|
[
"Defunct companies based in Chicago",
"Digital marketing companies of the United States",
"United States corporate case law",
"Marketing companies established in 1997",
"Companies disestablished in 1997"
] | 773 | 7,045 |
Adbot, Inc. was a privately held Internet advertising company in Chicago owned and operated by James R. Frith, Jr. The company was a pioneer in the delivery of display advertising on the Internet and was extant from April 1997 to December 1997, at which time it ceased operations due to a legal disputes with the U.S. Securities and Exchange Commission.
History
Adbot announced the introduction of its auction market for Internet advertising on Jan 23, 1997. On April 10, 1997, the company held its first live outcry auction, pairing a number of small publishers with interested advertisers. By mid-summer, Adbot was well on its way to selling more than 100 million placements and had completed a closed loop of ad delivery and publisher payments.
Adbot operated under this model until Dec 5, 1997. On that date, the Federal Bureau of Investigation raided Adbot's office resulting in the cessation of normal operations, as part of an investigation into securities fraud related to Frith's Chicago Partnership Board (CPB) operation, the ill-advised source of Adbot's start-up funding. Despite efforts to separate from the troubled CPB and continue operations, the company was ordered to liquidate all assets and was shuttered in December 1997. Frith eventually was found by a jury to be not guilty of securities fraud, but was convicted of two securities law violations (out of 23 charges) for operating his CPB broker-dealership without enough money in its reserve accounts. The conviction was based on a financial shortfall on a single day in 1997.
The case notably became reference case law regarding auditing requirements for securities firms.
Auction-based model
As with typical advertising networks of the day, publisher sites of similar topical interest were grouped into ad networks. For the purpose of the auction model, these networks were broken into lots. Because every lot was sold at a price set by the bidders, the placement of Internet advertising units into otherwise unsold inventory was guaranteed. Impression guarantees protected bidders from under-delivery.
The auction model established the market price of display advertising based on a simple supply-demand mechanism. This was in contrast to Adbot's larger competitor, DoubleClick, where ad placement pricing was negotiated between the ad network operator and marketers. At the time, the auction model was novel in the industry, though others were to follow using the same or similar models.
Clients
According to the Adbot web site the client list included advertisers such as Hotmail, Idealab's original version of Answers.com, and Expedia.com. Publishers in the client list included companies such as the Experts Exchange, Dine.com, the Weather Underground and MapBlast, which would become part of MSN's mapping product.
|
Capital One
|
[
"Capital One",
"Banks based in Virginia",
"American companies established in 1994",
"Banks established in 1994",
"1994 establishments in Virginia",
"Companies based in McLean, Virginia",
"Companies based in Richmond, Virginia",
"Companies listed on the New York Stock Exchange",
"Corporate spin-offs",
"1994 initial public offerings"
] | 7,522 | 71,624 |
Capital One Financial Corporation is an American bank holding company founded on July 21, 1994, and specializing in credit cards, auto loans, banking, and savings accounts, headquartered in Tysons, Virginia, with operations primarily in the United States. It is the ninth largest bank in the United States by total assets , the third largest issuer of Visa and Mastercard credit cards, and one of the largest car finance companies in the United States.
The bank has approximately 750 branches, including 30 café style locations, and 2,000 ATMs. It is ranked 91st on the Fortune 500, 15th on Fortune's 100 Best Companies to Work For list, and conducts business in the United States, Canada, and the United Kingdom. The company helped pioneer the mass marketing of credit cards in the 1990s.
The company's three divisions are credit cards, consumer banking and commercial banking. , the company had loans receivable of $114 billion from credit cards, $75 billion from auto loans, and $85 billion from commercial loans. The company has been fined by regulators for its role in money-laundering on separate occasions and been subject to consumer class action lawsuits and government investigations in relations to its treatment of customers.
History
Monoline credit card company (1994–2004)
Richard Fairbank and Nigel Morris developed the idea of using information technology and statistical analysis to create customized credit card offers for different segments of customers in 1987. At the time, most credit cards would offer the same terms—interest rate and annual fee—to almost everyone, regardless of the financial risks of each customer. However, Fairbank and Morris' idea was to drop the fee and target various credit card terms to specific customers. They consulted with Oracle Corporation on how to compile the demographics and other statistics that would help them sort out and identify those customer market segments. Funding Universe wrote: “Fairbank and Morris’s plan would allow companies to fine-tune card product and pricing strategies for individual customers through a decision-making structure blending together marketing, credit, risk, operations and technology functions."
They then started soliciting banks regarding using their approach, indicating that they anticipated large profits based on the large numbers of customers they projected to enroll. They convinced Richmond, Virginia-based Signet Bank (now part of Wells Fargo) to start a credit card division called Signet Financial in 1988 that would utilize their approach. As part of the deal, they became employees of Signet. In 1991, Fairbank and Morris had a great success with a mass mailing that offered to transfer existing credit card balances from other banks' credit cards for the opportunity of a lower interest rate with Signet.
On July 21, 1994, Signet Financial Corp announced the corporate spin-off of Signet Financial, at first naming it OakStone Financial with Fairbank as CEO and Morris as COO. After the initial public offering, the new company was renamed Capital One in October 1994 and the spin-off was completed in February 1995.
At that time, Capital One was a monoline bank, meaning that all of its revenue came from a single product, in this case, credit cards. This strategy is risky in that it can lead to losses during bad times. Capital One attributed its relative success as a monoline to its use of data collection to build demographic profiles, allowing it to target personalized offers of credit directly to consumers.
Expansion into auto loans (1996–present)
In 1996, Capital One moved from relying on teaser rates to generate new clients to adopting more innovative techniques that would attract more customers to their business model. At the time, it was losing customers to competitors who offered higher ceilings on loan balances and no-annual-fee accounts. The company came up with co-branded, secured, and joint account credit cards. In mid-1996, Capital One received approval from the federal government to set up Capital One FSB. This meant that the company could now retain and lend out deposits on secured cards and even issue automobile installment loans.
In 1996, Capital One expanded its business operations to the United Kingdom and Canada. This gave the company access to a large international market for its credit cards. An article appearing in Chief Executive in 1997 noted that the company held $12.6 billion in credit card receivables and served more than nine million customers. The company was listed in the Standard & Poor's 500, and its stock price hit the $100 mark for the first time in 1998.
In July 1998, Capital One acquired auto financing company Summit Acceptance Corporation.
In 1999, Capital One was looking to expand beyond credit cards. CEO Richard Fairbank announced moves to use Capital One's experience with collecting consumer data to offer loans, insurance, and phone service.
In October 2001, PeopleFirst Finance LLC was acquired by Capital One. The companies were combined and re-branded as Capital One Auto Finance Corporation in 2003.
In late 2002, Capital One and the United States Postal Service proposed a negotiated services agreement (NSA) for bulk discounts in mailing services. The resulting three-year agreement was extended in 2006. In June 2008, however, Capital One filed a complaint with the USPS regarding the terms of the next agreement, citing the terms of the NSA of Capital One's competitor, Bank of America. Capital One subsequently withdrew its complaint to the Postal Regulatory Commission following a settlement with the USPS.
Automobile loan financer Onyx Acceptance Corporation was acquired by Capital One in January 2005.
Expansion into retail banking (2005–present)
In 2005 Capital One became the first monoline credit card issuer to buy a bank, as it entered into retail banking by acquiring Hibernia National Bank. It purchased the New Orleans, Louisiana-based Hibernia for $4.9 billion in cash and stock. It acquired Melville, New York-based North Fork Bank for $13.2 billion in cash and stock in 2006. The acquisition of retail banks greatly reduced its dependency on the credit-card business alone. It briefly considered acquiring Netspend, a marketer of prepaid debit cards, for $700 million in 2007, but the deal was not ultimately completed.
In 2008, Capital One debuted their blue and red "swoosh" logo, and underwent a $13 billion marketing campaign in the following years. The similarity of Credit One Bank's logo and the Capital One logo caused confusion among consumers, with many not realizing they were separate companies. Credit One Bank adopted their black and blue "swoosh" logo in 2006.
In February 2009, Capital One acquired Chevy Chase Bank for $520 million in cash and stock.
In January 2011, Capital One acquired Canada-based Hudson's Bay Company's private credit card portfolio from Synchrony Financial, then known as GE Financial.
In April 2011, Capital One signed a deal with Kohl's to handle Kohl's private label credit card program that was previously serviced by Chase Bank for a seven-year period for an undisclosed amount. The contract between the two companies was extended in May 2014.
In August 2011, Capital One reached a deal with HSBC to acquire its U.S. credit card operations. Capital One paid $31.3 billion in exchange for $28.2 billion in loans and $600 million in other assets. The acquisition was completed in May 2012. The acquisition also included private issued credit cards for such companies as Saks Fifth Avenue, Neiman Marcus, and Lord & Taylor that were previously handled by HSBC.
In February 2012, along with several other banks, Capital One announced support for the Isis Mobile Wallet payment system. However, in September 2013, Capital One dropped support for the venture.
In 2012, Capital One closed 41 branch locations.
In 2014, Capital One amended its terms of use to allow it to "contact you in any manner we choose", including a "personal visit . . . at your home and at your place of employment". It also asserted its right to "modify or suppress caller ID and similar services and identify ourselves on these services in any manner we choose". The company stated that it would not actually make personal visits to customers except "As a last resort, . . . if it becomes necessary to repossess [a] sports vehicle". Capital One also attributed its assertion of a right to "spoof" as necessary because "sometimes the number is 'displayed differently' by 'some local phone exchanges,' something that is 'beyond our control'".
In February 2014, Capital One became a 25 percent owner in ClearXchange, a Peer-to-peer transaction money transfer service designed to make electronic funds transfers to customers within the same bank and other financial institutions via mobile phone number or email address. ClearXchange was sold to Early Warning in 2016.
In October 2014, Capital One acquired Adaptive Path, a San Francisco-based user experience and digital design consultancy.
In January 2015, Capital One acquired Level Money, a budgeting app for consumers.
In 2015, Capital One closed several branch locations to leave 174 operating branches in the D.C. metro area.
In July 2015, the company acquired Monsoon, a design studio, development shop, marketing house and strategic consultancy.
In 2015, Capital One acquired General Electric's Healthcare Financial Services unit, which included $8.5 billion in loans made to businesses in the healthcare industry, for $9 billion.
In October 2016, Capital One acquired Paribus, a price tracking service, for an undisclosed amount.
In July 2019, Capital One signed a deal with Walmart to handle Walmart's private label and co-branded credit card programs that was previously serviced by Synchrony Financial. Walmart terminated the deal in April 2024 after customer service failures by Capital One.
In November 2021, the company introduced Venture X, a travel rewards credit card, with a $395 annual fee.
Exit from mortgage banking (2006–2007 and 2011–2017)
In December 2006, Capital One acquired its GreenPoint Mortgage unit when the company paid $13.2 billion for North Fork Bancorp Inc. During the subprime mortgage crisis, Capital One closed its mortgage platform, GreenPoint Mortgage, due in part to investor pressures, cutting 1,900 jobs and costing the company $860 million in charges. The U.S. Securities and Exchange Commission criticized Capital One's conduct during the crisis, claiming that they understated auto loan losses during the 2008 financial crisis. In 2013, Capital One paid $3.5 million to settle the case, but was not required to directly address the allegations of wrongdoing. In 2008, Capital One received an investment of $3.56 billion from the United States Treasury as a result of the Troubled Asset Relief Program. On June 17, 2009, Capital One completed the repurchase of the stock the company issued to the U.S. Treasury paying a total of $3.67 billion, resulting in a profit of over $100 million to the U.S. Treasury.
The re-emergence into the mortgage industry came in June 2011, when ING Group announced the sale of its ING Direct division to Capital One for $9 billion in cash and stock. On August 26, 2011, the Federal Reserve Board of Governors announced it would hold public hearings on the Capital One acquisition of ING Direct, and extend to October 12, 2011, the public comment period that had been scheduled to end August 22. The move came amidst rising scrutiny of the deal on systemic risk, or "Too-Big-to-Fail," performance under the Community Reinvestment Act, and pending legal challenges. A coalition of national civil rights and consumer groups, led by the National Community Reinvestment Coalition, were joined by Rep. Barney Frank to challenge immediate approval of the deal. The groups argued that the acquisition was a test of the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which systemically risky firms must demonstrate a public benefit that outweighs new risk before they are allowed to grow. Kansas City Federal Reserve Bank head Thomas M. Hoenig was also skeptical of the deal. In February 2012, the acquisition was approved by regulators and Capital One completed its acquisition of ING Direct. Capital One received permission to merge ING into its business in October 2012, and rebranded ING Direct as Capital One 360 in November 2012.
In November 2017, President of Financial Services Sanjiv Yajnik announced that the mortgage market was too competitive in the low rate environment to make money in the business. The company exited the mortgage origination business on November 7, 2017, laying off 1,100 employees.
Television advertisements
Beginning in 2010, Alec Baldwin appeared in a television campaign for Capital One as their spokesperson. Following his 2013 confrontation with a videographer reported by TMZ, his contract was not renewed, and he was succeeded in the campaign by Jennifer Garner.
In 2012 Capital One released an advert featuring British power metal band DragonForce. The advert showed Herman Li and Sam Totman playing guitar on an asteroid while using Capital One's mobile app.
Other acquisitions
Confyrm
In May 2018, the company acquired Confyrm, a digital identity and fraud alert service.
Capital One Shopping
In November 2018, Capital One acquired Wikibuy, a shopping comparison app and browser extension from an Austin, Texas start-up business; Wikibuy has no connection with Wikipedia/Wikimedia. Wikibuy continues to operate the service which is now named Capital One Shopping.
Discover Financial Services
Capital One announced on February 19, 2024 that it had agreed to acquire Discover Financial in an all-stock deal worth $35.3 billion. If the deal is approved by regulators, the combined company will become the largest credit card issuer in the U.S. Jamie Dimon, CEO of rival firm, JPMorgan Chase, said he welcomed the deal, even if his bank would be surpassed as the country's biggest credit card lender. He also praised the firm's CEO, Richard Fairbank.
The Attorney General of New York launched an investigation into whether the company's takeover of Discover would violate state anti-trust laws. In July 2024, a proposed consumer class action lawsuit was also filed in Virginia, claiming that it would be in violation of federal antitrust laws, forming the largest U.S. credit card issuer by balance and sixth-largest U.S. bank by assets.
The deal was approved by U.S. banking regulators in April 2025. The acquisition was completed on May 18, 2025.
Divisions
Capital One operates 3 divisions as follows:
Credit cards – Capital One issues credit cards in the United States, Canada, and the United Kingdom and is the 3rd largest credit card issuer, after JPMorgan Chase and Citigroup. , Capital One had $107.350 billion in credit card loans outstanding in the United States and $9.011 billion of credit card loans outstanding in Canada and the United Kingdom, with credit cards representing 47.3 percent of total loans outstanding.
Consumer banking – Capital One offers banking services, including checking accounts, saving accounts, and money market accounts via its branches and direct bank as well as retail and auto loans. , the company had $2.864 billion in retail loans outstanding and $56.341 billion in car finance loans outstanding, representing 22.9 percent of total loans outstanding.
Commercial banking – , Capital One had $70.333 billion in loans outstanding secured by commercial, multifamily, and industrial properties, representing 28.6 percent of total loans outstanding.
Sports marketing
From 2001 to 2014, Capital One was the principal sponsor of the college football Florida Citrus Bowl, which was called the Capital One Bowl from 2003 to 2014. It sponsored a mascot challenge every year, announcing the winner on the day of the Capital One Bowl. The name of the bowl game was changed in 2015 to the Buffalo Wild Wings Citrus Bowl.
Capital One is the title sponsor of the Orange Bowl since 2015.
Capital One Venture X is the presenting sponsor of the Rose Bowl Game since 2022.
Capital One is one of the top three sponsors of the NCAA, paying an estimated $35 million annually in exchange for advertising and access to consumer data. Capital One also sponsored the EFL Cup, an English soccer knockout tournament, from 2012 to 2016. The company sponsored English soccer clubs Nottingham Forest from 2003 to 2009 and Sheffield United from 2006 to 2008. From 2009 to 2022, the University of Maryland Terrapins football team played at Capital One Field at Maryland Stadium (formerly Byrd Stadium), a naming-rights deal inherited in the bank's acquisition of Chevy Chase Bank. In 2017, the company became the sponsor of the Capital One Arena in Washington D.C.
In 2018, to celebrate the Washington Capitals' second-ever Stanley Cup Finals appearance, the firm temporarily changed its logo by replacing the word "Capital" with the Capitals' titular logo, without the "s" plural.
In March 2022, Major League Baseball announced that Capital One is the official bank and credit card and presenting sponsor of the World Series. In March 2022, Capital One also announced a partnership with Vivid Seats Inc. to launch Capital One Entertainment, a rewards programs for cards holders.
Corporate citizenship
Capital One operates some charitable programs. The accountability organization National Committee for Responsive Philanthropy has been highly critical of Capital One's relatively low rate of giving, stating that "Capital One's philanthropic track record is dismal". The organization pointed out that Capital One's donations of 0.024% of revenue were much less than the industry median of 0.11% of revenue. Capital One has disputed the groups figures, saying that "... In 2011 alone, our giving totals are more than 6 times greater ($30 million) than the number given by the NCRP".
Investigations and legal actions
Fines for misleading customers to pay extra for services
In July 2012, Capital One was fined by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau for misleading millions of its customers, for example by requiring customers to pay extra for payment protection or credit monitoring when they took out a card. The company agreed to pay $210 million to settle the legal action and to refund two million customers. This was the CFPB's first public enforcement action.
Automated dialing to customers' phones
In August 2014, Capital One and three collection agencies entered into an agreement to pay $75.5 million to end a consolidated class action lawsuit pending in the United States District Court for the Northern District of Illinois alleging that the companies used an automated dialer to call customers' cellphones without consent, which is a violation of the Telephone Consumer Protection Act of 1991. It is notable that this legal action involved informational telephone calls, which are not subject to the "prior express written consent" requirements which have been in place for telemarketing calls since October 2013.
July 2019 security breach
Capital One publicly acknowledged on July 29, 2019, that they had found unauthorized access had occurred ten days earlier by an individual who had breached the account and identity security of 106 million people in the United States and Canada, one of the largest data breaches of personal information. The FBI arrested Paige Thompson, who had previously worked as a software engineer for Amazon Web Services, Capital One's cloud hosting company. Capital One declared that Thompson had accessed about 140,000 Social Security numbers, a million Canadian social insurance numbers; 80,000 bank account numbers, and an unknown number of names and addresses of customers. Capital One began offering free credit monitoring services and identity protection to those affected by the breach. It was ultimately determined there was no evidence the data was shared by Thompson.
Amazon stated that the security vulnerability she used to access Capital One could have been discovered by anyone, the information that facilitated her activity was not gained from work at Amazon, and that she gained access via "a misconfiguration of the (Capital One-designed) web application and not the underlying (Amazon-designed) cloud-based infrastructure".
In 2022, Thompson was convicted of five felonies and two misdemeanors. She was sentenced to time served and five years of probation.
Capital One response
Capital One was alerted to the breach on July 17, 2019, 12 days before they publicly acknowledged it. Several Capital One customers stated that the first time they heard about the hack was through the media and the bank did not disclose the breach or explain its implications to affected customers. On social media and in the mainstream press, Capital One's contradictory July 2019 press statement was mocked for saying "No bank account numbers or Social Security numbers were compromised," but then listing hundreds of thousands of bank account numbers and social security numbers that were compromised.
Federal Reserve action
On August 6, 2020, the Federal Reserve Board of Governors announced a cease and desist order against Capital One resulting from the breach. The order mandated, among other things, significant improvements in Capital One's governance, risk management and compliance (GRC) practices. The Federal Reserve ended the enforcement action in 2023.
Lawsuits
Lawsuits were filed against Capital One and its employees in federal and circuit courts, led by the firms Colson Hicks Eidson, Franklin D. Azar and Associates P.C., and several others.
Two consumer class action lawsuits filed against Capital One in Virginia were reported in July 2024. A suit related to its acquisition of ING Direct USA, in 2012, claimed that, since February 2013, the company unfairly maintained 360 Savings online savings account as a higher yield rate than was available to its other depositors. Later that month, a proposed consumer class action was also filed, in a bid to block a merger with Discover Financial, claiming that the acquisition would be in violation of federal antitrust laws.
Government investigations
In 2015 the bank disclosed that it was under federal investigation for bank fraud, money laundering, and possible racketeering charges. No further information was given and government investigators would only confirm that it was under scrutiny for "unspecified charges".
In 2018, Capital One was fined $100 million for failure to monitor, detect, and prevent money laundering. Charging documents specified Capital One failed to file suspicious activity reports, had deficiencies in its risk assessment, remote deposit capture and generally had weaknesses that compromised national bank security controls. The bank was the subject of a larger investigation that alleged funds were siphoned out of US jurisdiction to safe havens.
In January 2021, Capital One was fined $390 million by FINCEN for anti-money laundering control failure concerning a now-defunct small portfolio of check-cashing businesses that Capital One acquired around 2008 and subsequently exited from in 2014. Capital One later admitted that it failed to file thousands of suspicious activity reports and lapsed on filing currency transaction reports on around 50,000 reportable cash transactions valued around $16 billion.
In January 2025, the Consumer Financial Protection Bureau sued Capital One for cheating savings account holders out of $2 billion by "deceptive, abusive and illegal" practices which obscured the difference between the high-interest "360 Performance Savings" accounts vs. low-interest "360 Savings" accounts. In February 2025, shortly after Donald Trump became president, the CFPB dropped its lawsuit against Capital One.
Notable office buildings
Capital One Tower (McLean, VA) - company headquarters
Trent House (Nottingham, England) - Europe headquarters
Capital One West Creek (Richmond, VA)
7933 Preston Road Plano (Dallas, TX)
Place St. Charles (New Orleans, LA)
77 West Wacker Drive (Chicago, IL)
299 Park Avenue (New York, NY)
114 Fifth Avenue (New York, NY)
11 W 19th Street (New York, NY)
314 Main Street (Boston, MA)
675 Ponce De Leon Ave NE (Atlanta, GA)
201 Third Street (San Francisco, CA)
1735 Market Street (Philadelphia, PA)
802 Delaware Ave, Wilmington DE
|
Central Bank of Argentina
|
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] | 2,281 | 20,870 |
The Central Bank of the Argentine Republic (, BCRA) is the central bank of Argentina, being an autarchic entity.
Article 3 of the Organic Charter lists the objectives of this Institution: “The bank aims to promote, to the extent of its powers and within the framework of the policies established by the national government, monetary stability, financial stability, employment, and economic development with social equity."
Establishment
Established by six Acts of Congress enacted on May 28, 1935, the bank replaced Argentina's currency board, which had been in operation since 1899. Its first president was Ernesto Bosch, who served in that capacity from 1935 to 1945.
The Central Bank's headquarters on San Martín Street (in the heart of Buenos Aires' financial district, known locally as the city), was originally designed in 1872 by architects Henry Hunt and Hans Schroeder. Completed in 1876, the Italian Renaissance-inspired building initially housed the Mortgage Bank of the Province of Buenos Aires. The Central Bank's offices were transferred to an adjacent address upon its establishment, and were expanded to their present size by the purchase of the Mortgage Bank building in 1940, as well as by the construction of a twin building behind it.
Drawing from a 1933 study on Argentine finance by Bank of England director Sir Otto Niemeyer, the institution's charter was drafted by Argentine economist Raúl Prebisch; Prebisch would serve as general manager until 1943. The Central Bank was a private entity during its first decade, and British interests held a majority stake; the president of the Central Bank was appointed by the president of Argentina, but 11 of its 12 directors were private bank CEOs. Pursuant to the Roca–Runciman Treaty of 1933, Central Bank reserves accrued from Argentine trade surpluses with the United Kingdom were deposited in escrow at the Bank of England, and this clause, which had led to nearly US$1 billion in inaccessible reserves (more than half the total) by 1945, prompted the BCRA's nationalization by order of Juan Perón on March 24, 1946.
Modern history
Normally subordinate to the Economy Ministry in matters of policy, the Central Bank took a more prominent role during the Latin American debt crisis when, in April 1980, it enacted Circular 1050. This measure, enacted to shield the financial sector from the cost of receiving payments in suddenly devalued pesos, bankrupted thousands of homeowners and businesses by indexing mortgages to the value of the US dollar locally, which had risen around fifteenfold by July 1982 when Central Bank President Domingo Cavallo rescinded the policy.
During the years of Cavallo's Convertibility Law, which established a 1:1 fixed exchange rate between the Argentine peso and the United States dollar on April 1, 1991, the BCRA was mainly in charge of keeping foreign currency reserves in synch with the monetary base. The policy deprived the Central Bank of exchange-rate flexibility, however, and ended at the depth of a record economic crisis a decade later.
The repeal of the Convertibility Law in January 2002 was accompanied by a 70% devaluation and depreciation of the peso to nearly 4 pesos, and the Central Bank's role afterward was the accumulation of reserves in order to gain a measure of control of the exchange rate. The BCRA buys and sells dollars from the market as needed to absorb large foreign trade surpluses and keep the official exchange rate at internationally competitive levels for Argentine exports and to encourage import substitution.
As part of a wider debt restructuring effort that brought Argentina out of its default three years earlier, in December 2005 President Néstor Kirchner announced the payment of Argentina's IMF debts in a single, anticipated disbursement. The payment was effected on January 3, 2006, employing about US$9.8 billion from BCRA reserves. This decreased the amount of reserves by one third, but did not cause adverse monetary effects, save from an increased reliance on the local bond market, which requires somewhat higher interest rates.
The BCRA continued to intervene in the exchange market, usually buying dollars, though occasionally selling small amounts (for example, reacting to rumors of a possible increase of the Federal Reserve's reference rate, which caused a minor spike in the dollar's value). Its reserves reached US$28 billion in September 2006, recovering the levels prior to the IMF payment, and rose to US$32 billion at the close of the year. The exchange rate was maintained relatively undervalued, prompted by the BCRA's market intervention as a buyer.
While fiscal policy remained fairly tight, monetary policy was highly expansionary with growth in Argentina's money supply of over 23% annually from 2003 to 2007. Citing its disapproval of this policy, the influential Global Finance magazine gave Martín Redrado, President of the Central Bank, a D grade in its October 2006 survey of global central bankers. The magazine held that Redrado "missed the opportunity to act to curb inflation when the economy was expanding at its fastest, with inflation expected to reach 12% in 2006, up from 7.7% in 2005 and 4.4% in 2004." Price controls helped keep inflation that year to 9.8%, though the public's perception of it was higher due to the sample composition used to measure the index; differences between official and private inflation estimates widened dramatically from 2007 onward. The BCRA, however, obtained exceptionally high returns on investment funded by its reserves, for a total of US$1.4 billion (a yearly rate of 5.7%) in 2006, and continued to do so in subsequent years.
Fallout from the 2008 financial crisis later forced President Cristina Fernández de Kirchner's administration to seek domestic financing for growing public spending, as well as for foreign debt service obligations; her administration, like many of her predecessors, has used the nominally independent Central Bank to prop up government finances and to support political goals. The president ordered a US$6.7 billion account opened at the Central Bank for the latter purpose in December 2009, implying the use of the Central Bank's foreign exchange reserves, and drawing direct opposition from Redrado. He was dismissed by presidential decree on January 7, 2010, prior to which Economy Minister Amado Boudou had announced that Mario Blejer (who had expressed support for the measure) would be appointed in his stead.
Following an impasse, Redrado was ultimately replaced by Mercedes Marcó del Pont, President of the National Bank of Argentina, on February 3.
Redrado's removal triggered a vocal rebuke from opposition figures in Congress, who, citing the need to preserve the Central Bank's nominal autarky, expressed doubts as to the decree's legality.
A court injunction blocked Kirchner's planned use of reserves for the retirement of high-interest bonds, a move that could have provided numerous vulture funds (holdouts from the 2005 debt restructuring who had resorted to the courts in a bid for higher returns on their defaulted bonds) a legal argument against the central bank's autarky, and thus make judgement liens against the central bank's overseas accounts possible.
The BCRA acquired a greater role as a commercial lender subsequently. The Bicentennial Fund, established in January 2010 as the vehicle for the controversial refinancing plan that led to Redrado's removal, financed fixed investment projects totaling US$2.4 billion in its first two years; a change proposed by President Fernández de Kirchner to the bank's governing statutes would allow it to function as a commercial lender outright.
The Argentine Senate approved a reform of the Central Bank charter on 22 March 2012. Under the new regime the government will be free to pay public debt using the Central Bank's reserves. The bank would also be enabled to expand its lending capacity to the Treasury, effectively giving a boost to the government's finances. Marcó del Pont's successor, National Bank President Juan Carlos Fábrega, shifted monetary policy to an anti-inflationary stance during 2014, however, raising the benchmark 3-month note interest rate to over 28%. The rate hike had the effect of reducing Central Bank operating profits, which reached a record US$12 billion in 2014, by up to 90%; but it also absorbed around US$5 billion in liquidity from the economy, and contributed to a reduction in inflation from an estimated 37% in 2014 to around 25%. This policy was largely continued by Fábrega's successor, former National Securities Commission President Alejandro Vanoli.
The Central Bank's foreign exchange reserves, which from early 2008 to early 2012 hovered between US$47 billion and US$50 billion, declined by 2014 to less than US$30 billion (an eight-year low) before stabilizing and recovering slightly. This reduction had two major facets: annual current account deficits of US$5 billion brought about by smaller merchandise trade surpluses, growing spending by Argentine tourists abroad, and interest payments on bonds held overseas (foreign debt); and a capital account deficit that reached US$7 billion in 2013 amid a foreign exchange control policy that proved counterproductive and was substantially eased in January 2014.
The official exchange rate, which had oscillated around 3 pesos per dollar since early 2003, was adversely impacted by the international 2008 financial crisis, and likewise weakened to 8 pesos per dollar by the first half of 2014. A parallel, "blue" exchange market - a fixture of Argentine finance in the 1970s and '80s - reemerged when foreign exchange controls were tightened in 2012; it similarly stabilized at around 13 pesos when controls were eased in 2014.
One of the first changes to economic policy from the Macri administration, just seven days after Macri had taken office, was to remove the currency controls that had been in place for four consecutive years. The move signified a 30% devaluation of the peso, and was met with both criticism and praise.
See also
List of presidents of the Central Bank of Argentina
Argentine peso
Banco Alas
Economy of Argentina
List of central banks
|
Lalita Tademy
|
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] | 2,125 | 22,012 |
Lalita Tademy (born December 26, 1948) is an American novelist, speaker, businesswoman, and literary critic who is regarded as one of the central figures in African feminism of African diaspora. Her first novel and magnum opus, Cane River (2001), focused on history and black women in the 1950s and has shaped her perspective on the history of the United States. Along with Cane River, she has written Red River (2006) and Citizens Creek (2014). Her works are mostly historical non-fiction of feminist literature.
Born in Berkeley, California, Tademy's childhood was influenced during an era of slavery in the US. She started her honors program in Howard University in Washington DC and after two years, transferred to the University of California, graduating in 1970, and earning her master's degree in 1972. After leaving her position as the vice president of Sun Microsystems, Tademy began researching about the history of her family; those she wrote as a book, Cane River in 2001. In less than eight years she would publish two other books.
Tademy's writings often explore themes of feminism and human relationships, particularly mother-child relationships. Her work has been recognized by various institutions, including The Oprah Winfrey Show in 2001 and San Francisco Public Library's One City One Book selection in 2007. She has also participated in the National Book Festival in 2007 and 2015. From 2001 to 2015, her novel Cane River was recommended reading for incoming students at Stanford University.
Early life, background and education
Tademy was born on December 26, 1948, in Berkeley, California, the youngest of four children born to Nathan Green Tademy Jr. and Willie Dee Billes. Her maternal grandfather Joseph Billes, an immigrant from Southern France, lived in Louisiana as a timber worker. He had children with Emily Fredieu Billes, a former slave. Tademy's father, Nathan Tademy Jr., was the son of a sailor from Egypt who was sold as a slave to Louisiana.
Her father studied at Grambling State University, and served the U.S. Navy during World War II. After finding employment in Berkeley, California, he moved there with his wife, whom he had met in Louisiana. Due to the prevalent racism in the 1950s, the family moved in 1956 to Castro Valley, California, where Tademy began her education. She attended Parsons Elementary School, A.B. Morris Junior High School, and Castro Valley High School. Upon graduating as a National Merit Scholar, she started her honors program at Howard University, Washington D.C. After two years, she transferred to the University of California, Los Angeles (UCLA), to complete her education. Tademy earned her BSc in psychology in 1970 and her master's degree in business administration in 1972.
Tademy and her siblings grew up hearing stories about their grandmother Emily, also known as "Tite", from their mother. Tademy resides in Northern California with her husband, Barry Williams.
Career
Tademy started working at Xerox Corporation, selling hardware. After 18 months, she moved to New York City to work in the marketing department of Philip Morris Inc., but returned to the San Francisco Bay Area (SFBA) after a year. In SFBA, she worked in the marketing department for the rapid transit system. In 1979, Tademy was hired as a product manager at Memorex Corporation, and later moved to ITTs Qume in 1981. After four years, she was hired by Alps Electric, a Japanese technology company looking to expand in the US, and eventually became the vice president, and later the general manager.
In 1992, Tademy was recruited by Sun Microsystems in Palo Alto, California, and became the vice president and general manager. She resigned in 1995 to focus on writing. Tademy began researching her family's past, particularly the stories about her grandmother, Emily, told by her mother. She used the National Archives and Records Building in San Bruno, and visited Louisiana, her family's place of origin. She also studied French works from Louisiana and hired a professional French genealogist to assist with translation. She wrote two short pieces based on her research, one of which was an op-ed published in the San Francisco Chronicle. To improve her writing skills, she enrolled in creative writing classes at Stanford University and the University of California.
Cane River (2001)
Tademy began researching her family history after leaving her job, and joined the Natchitoches Genealogical and Historical Association. Her manuscript was rejected 13 times before finding an agent. After several rewrites, which included reducing the page count from 800 to 400, her first book, Cane River, was published in 2001 by Warner Books. The book is a historical account of her African-American foremothers, dating back to the 1800s. The characters are based on her family members, including her great-grandmother Emily, who was a slave during the Civil War, her mother Philomene, and her grandmother Suzette. In an interview with Oprah Winfrey, Tademy explained that she left her job to study genealogy, leading to Cane River, because she "began to uncover the story after story of her ancestors, and just couldn't keep away from them."
Jabari Asim, an American author and poet, praised Tademy's description of the physical environment in the Washington Post. Katori Hall, reviewing for the Boston Globe, noted the authenticity lent by the inclusion of many black-and-white photographs, yellowed wills, and family letters.
Red River (2006)
Following the publication of Cane River, Tademy wrote her second book, Red River. The book is set in Colfax, Louisiana, and discusses the Colfax massacre. The book begins with the massacre at Colfax, where approximately 150 slaves were killed by white individuals. The book explores the effects of the white supremacy on the black community during that era.
Citizen's Creek (2014)
Tademy's third book, Citizen's Creek, was published in 2014. The book tells the story of Cow Tom, a man who rose from being a slave to the head of the 'Creek tribe freedmen'. The book explores themes of hope and relationships, particularly the close relationship between Cow Tom and his granddaughter, Rose. The setting spans Oklahoma, Alabama, and Florida. The book also explores the relationship between the Native Americans and African Americans. The book, later narrated by Bahni Turpin and JD Jackson and published by Brilliance Audio, was a finalist for the Audie Award for fiction in 2016.
Themes
Tademy's writings often reflect on the roles of African Americans. Her debut, Cane River, explores themes of violence and opposition to women using four generations of her maternal ancestors. Tademy illustrates the importance of the black woman through her family's genealogy. One of the recurring themes in her novels is the mother-daughter relationship, particularly in the context of the history of the United States. Other critics have noted her portrayal of the relationships between a slave and the master. Her literary work has heen said to be "a case in point to the diversity of family experiences among slaves."
Critical reception
Tademy's works have been recognized by various institutions. Cane River was listed on The New York Times Best Seller list in 2001, selected for the Oprah Winfrey Show in the same year, and chosen for the One City One Book by the San Francisco Public Library in 2007. Prior to the release of Citizen's Creek, the Chicago Public Library listed her for the Best Awards for adult fiction. Citizen's Creek won the BCALA Literary Award for fiction in 2015, and was a finalist for the Audie Award for Fiction in 2016. Tademy has also appeared at the National Book Festival by the Library of Congress in 2007 and 2015. Her book was selected as a standard entrance novel for new students in Stanford University from 2001 to 2015.
Writings
Books
Anthology
References
Citations
|
David Draiman
|
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] | 2,323 | 20,996 |
David Michael Draiman (born March 13, 1973) is an American heavy metal singer. Noted for his distorted baritone voice and percussive singing style, he has been the lead vocalist of Disturbed since 1996. He has written some of the band's most successful singles, such as "Stupify", "Down with the Sickness", "Indestructible", and "Inside the Fire". In 2006, he was ranked at No. 42 on the Hit Parader list of "Top 100 Metal Vocalists of All Time". During Disturbed's hiatus from 2011 to 2015, he worked on an industrial metal project with Geno Lenardo, which was later named Device. They released one self-titled album in 2013. Disturbed returned with the album Immortalized in 2015, Evolution in 2018, and Divisive in 2022.
Early life
David Michael Draiman was born to Jewish parents in the Brooklyn borough of New York City on March 13, 1973. His father, YJ, had worked as a real estate developer and small-business owner before he was arrested for embezzlement and sent to prison when Draiman was 12 years old. YJ would later become a candidate in the races for Mayor of Los Angeles in 2013, 2017, and 2022. Draiman's brother, Benjamin, is an ambient musician who lives in Israel. His grandmother Ziona is a Yemenite Jew whose family immigrated to Palestine in the early 1900s.
Draiman's parents sent him to Orthodox schools, where he believed he was on the path to receiving rabbinic ordination. He frequently spent time in Israel during his early life. He attended five Jewish day schools, including Valley Torah High School in Los Angeles, where he formed his first band; Fasman Yeshiva High School in Skokie, Illinois, a near north suburb of Chicago; and the Wisconsin Institute for Torah Study in Milwaukee. During his freshman year at the latter, he was asked to leave as he "rebelled against the conformity" and "just wanted to be a normal teenage kid", adding that he "couldn't really stomach the rigorous religious requirements of the life [there]". He has admitted to being "a bit resentful" about his time at Jewish day schools, but nevertheless became trained as a hazzan (cantor) and encouraged his family to observe Shabbat.
Draiman later enrolled at Ida Crown Jewish Academy, located in the West Ridge neighborhood of Chicago, and graduated from high school in 1991. From 1991 to 1992, he became romantically involved with a girl who used heroin and eventually killed herself. At the age of 18, on New Year's Day 1992, he attempted to kill himself but says that he instead woke up later to find himself nearly frozen to death underneath a parked 1972 Oldsmobile Cutlass. After detoxing, he described having a "moment of clarity" and never used heroin again. After high school, he spent a year studying at the Yeshivas Neveh Zion in Kiryat Ye'arim on the outskirts of Jerusalem.
After returning to the U.S. in 1992, Draiman commenced pre-law studies at Loyola University Chicago. In 1996, he graduated with a BA in Political Science and Government, Philosophy, and Business Administration. Initially considering offers to study at law school, he realized that criminal defense law was the only area of law that interested him, which made him unwilling to pursue law because he knew he would not be able to "really look at [himself] in the mirror and say 'I'm going to lie for a living and protect criminals'". During his university studies, he also worked as a bank teller and in phone sales. After graduating, he worked as an administrative assistant in a healthcare facility. A year later, he earned an administrator's license and ran his own healthcare facility for five years before joining Disturbed. Leaving that position strained his relationship with his grandfather, who was a traditional Hasidic Jew.
In 1996, Draiman auditioned to be lead singer for the band Brawl, which was later renamed to Disturbed. He auditioned and was asked to join the band after answering an advertisement the other members had placed in a local music publication in Chicago, which he later revealed was one of around 20 auditions for other bands he had attended that month. Guitarist Dan Donegan said of Draiman's audition, "You know, out of all the singers that we had talked to or auditioned, he was the only singer who was ready to go with originals. And that impressed me, just to attempt that. After a minute or two, he just starts banging out these melodies that were huge... I'm playing my guitar and I'm grinning from ear to ear. [...] I was so psyched. Chill up my spine."
Draiman has written some of Disturbed's most successful singles, such as "Stupify", "Down with the Sickness", "Indestructible", and "Inside the Fire". In 2006, he was ranked at No. 42 on the Hit Parader list of "Top 100 Metal Vocalists of All Time".
During Disturbed's hiatus from 2011 to 2015, Draiman worked on an industrial metal project with Geno Lenardo, which was later named Device. They released one self-titled album in 2013. Disturbed returned with the album Immortalized in 2015 and Evolution in 2018.
Musical influences
Draiman has said of his influences, "The first record I ever bought was Kiss' Destroyer. And those classic bands like Black Sabbath were my first loves. [...] I focused on the seminal metal bands like Metallica, Iron Maiden, Pantera and Queensrÿche. But I could also appreciate the hair metal bands – When you hear Whitesnake, you can't deny their greatness. Then I went in the direction of punk and new wave, groups like the Sex Pistols, The Ramones, The Misfits and later The Smiths and The Cure – that was my '80s. [...] And then when the grunge revolution happened, it was like a wakeup call. I'll never forget getting my first Nirvana, Soundgarden and Alice in Chains records."
Personal life
On September 25, 2011, Draiman married model and actress Lena Yada. Their son was born in September 2013. They divorced in 2023. In May 2025, he got engaged to model Sarah Uli. They became engaged at the Disturbed: The Sickness 25th Anniversary concert in Sacramento, California on May 9, 2025, when he proposed to her on stage.
Political views
Draiman said of his political views in 2015, "I'm liberal about everything that is issue-based as far as ideology, but I'm also of the opinion of a very small government. I don't agree with the fiscal policies of the Democrats, but I certainly don't agree with the right-wing craziness of the Republicans." He supported Bernie Sanders' 2016 presidential campaign. In March 2022, Draiman and Avenged Sevenfold frontman M. Shadows criticized the Florida Parental Rights in Education Act.
He has described himself as "a very, very strong supporter of Israel". In 2019, he described former Pink Floyd member Roger Waters and other activists seeking to boycott Israel for alleged human rights abuses as "Nazi comrades". In October 2023, he denounced the attacks on Israel by the Palestinian militant group Hamas as acts of terrorism. In June 2024, he posted photos of himself visiting Israel Defense Forces troops serving in the Gaza war and writing "Fuck Hamas" on a 155mm artillery shell.
Draiman was booed during his appearance at the Back to the Beginning concert in July 2025, which was linked to his support for Israel during the Gaza war. Draiman blamed the booing on "a few Jew hating morons" and said "I am STILL UNAPOLOGETICALLY A FIERCELY PRO ISRAEL JEW". He called fellow musician Tom Morello "shameful" for praising the Irish hip-hop group Kneecap, saying Morello was "virtue signaling for those who support terror, and incite Jew hatred". Draiman said "All innocent lives lost in this conflict are due to Hamas using their own people as cannon fodder". Kneecap replied, "We don't care what religion anyone is…signing bombs to murder kids and other people's families just makes you a straight up cunt".
Disturbed
The Sickness (2000)
Believe (2002)
Ten Thousand Fists (2005)
Indestructible (2008)
Asylum (2010)
The Lost Children (2011)
Immortalized (2015)
Evolution (2018)
Divisive (2022)
Device
Device (2013)
Guest appearances
"Forsaken" (written by Jonathan Davis) (2002)
"Here's to Us" (guest version) (2012)
"Dance in the Rain" (guest vocals for Megadeth) (2013)
"We Believe" (guest vocals for Hyro the Hero) (2020)
"King of Misery" (co-written with Saul) (2020)
"Dead Inside" (guest vocals for Nita Strauss) (2021) – No. 1 Mainstream Rock Songs
"Angel Song" (guest vocals for Nothing More) (2024) – No. 1 Mainstream Rock Songs
As producer
Trivium – Vengeance Falls (2013)
|
Jordan Mintz
|
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] | 732 | 5,943 |
Jordan H. Mintz was the former Managing Director for Corporate Tax at Enron and a whistleblower during the Enron scandal.
Early life and education
Mintz holds an LL.M. degree from New York University School of Law, a J.D. from Boston University School of Law, and a B.S. from the University of Pennsylvania.
Career
Mintz began working at Enron in 1997, where he started as Vice President for Tax at Enron North America, formerly Enron Capital and Trade. He was Vice President and General Counsel for Enron Global Finance from October 2000 until November 2001.
He now works at Kinder Morgan Energy Partners as Vice President and Chief Tax Officer. He has also served as Senior Vice President for Tax at Centex (now PulteGroup), as a partner at Bracewell and as Senior Tax Attorney at Exxon Corporation.
Role as an Enron whistleblower
Upon moving to the Finance Department, Mintz recognized many problems at Enron and "took matters into his own hands," hiring outside legal counsel to evaluate Enron's business practices.
Mintz was also known for writing a memo to Andrew Fastow, the chief financial officer of Enron in 2000, concerning some "sweetheart" deals in favor of Mr. Fastow three months before Sherron Watkins wrote her memo, raising red flags about the growing number of improperly leveraged partnerships. In addition to expressing his concerns with Enron's business practices, he also proposed many solutions to fix the problems.
In 2002, Mintz testified before Congress, explaining that he tried in vain to ensure that Enron's deals were properly vetted by all necessary executives — including former CEO Jeff Skilling.
SEC issues
On March 28, 2007, the U.S. Securities and Exchange Commission (SEC) filed a civil complaint against Mintz, claiming that he participated in fraud in 2001 by arranging murky disclosures of Enron's repurchase of a money-losing Brazilian power plant from a partnership run by former finance chief Andrew Fastow. Mintz's lawyer, Christopher Mead of Washington, said that Mintz will fight the charges vigorously, reminding reporters: "If you can find anyone at Enron who did more to regulate the relationship between Andy Fastow and Enron, please let me know who that is."
This complaint by the SEC came as a surprise, since Mintz was praised as a whistleblower and even considered a "hero" by followers of the Enron scandal.
In 2009, Mintz resolved these charges, admitting no wrongdoing. As part of this resolution, he was banned from practicing securities law for two years and paid $25,000 civil fines and $1 in disgorgement. In 2011, he was allowed to practice securities law again.
Personal life
Mintz has five children: Evan, Ally, Andrew, Carly, and Benjamin. Evan was a 2017 Pulitzer finalist for editorial writing at the Houston Chronicle.
|
Nat Agar
|
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Nathan "Nat" Agar (July 26, 1887 – June 24, 1978) was an English-American soccer player, coach, referee, team owner and league executive. He was part of the formation of the United States Football Association, but later fought it as a team owner and league official of the American Soccer League and Southern New York State Football Association during the 1928 "Soccer War." He also coached three United States national team games against Canada in 1925 and 1926.
Early career
At some point in the early 1900s, Agar immigrated to the United States from his native England. In 1905, he founded his first team, Critchleys. In 1906, he was instrumental in the founding of the New York Amateur Association Football League. Agar was elected as the league's secretary, a position he held until at least 1911. He was also president of the league in 1910. In January 1909, Agar broke his leg while challenging for the ball. He remained with Critchleys until it folded following the 1912–13 season. He then played at least one season, 1916–17 with New York Clan MacDonald of the New York State Association Football League and at least one season, 1919–20 with Longfellows of the New York State League.
Referee
Agar also served as a referee for the New York Amateur Association League, being assaulted while officiating a game in April 1910.
USFA
While Agar was part of the founding of the United States Football Association in 1913. However, he later became one of the major forces opposing the USFA during the 1928–1929 "Soccer War."
American Soccer League
In 1922, Agar entered the realm of professional team ownership when he entered the Brooklyn Wanderers into the American Soccer League. The ASL was set for its first season and the Wanderers would play at Hawthorne Field, a dedicated soccer facility owned by Agar. Agar also chose to manage the team and played several games during the team's first two seasons. In 1926, Hakoah Vienna, one of the top Austrian teams toured the U.S. The team was composed entirely of Jews, many of whom were favorably impressed with the United States. Agar, who was also Jewish, immediately began negotiations to sign the players and in December 1926, brought the several Hakoah stars to the Wanderers. Despite the additional talent, the Wanderers remained a mid-table team for much of its existence.
Southern New York State Football Association
During the Soccer War, the USFA brokered the creation of the Eastern Soccer League composed of three teams suspended from the American Soccer League as well as several teams from the Southern New York State Football Association. The SNYFA considered the ESL to be encroaching on its territory, and, when the association president, Dr. Manning, resigned, Agar was elected in his place. Agar then led the SNYFA in leaving the USFA and allying itself with the ASL against the USFA.
National team coach
In June 1926, Agar was selected to coach the U.S. national team in a two-game, home and away, series with Canada. The U.S. lost the first, 1–0, in Canada, but won the November rematch 6–1, in the U.S. On June 11, 1926, Agar again led the U.S. to a 6–2 victory over Canada.
See also
List of Jews in sports (non-players)
|
William Chapman Ralston
|
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"1875 deaths",
"People from Wellsville, Ohio",
"Businesspeople from the San Francisco Bay Area",
"American bankers",
"American company founders",
"19th-century American businesspeople",
"Burials at Cypress Lawn Memorial Park",
"Burials at Laurel Hill Cemetery (San Francisco)",
"People of the American Old West",
"People of the American Civil War"
] | 1,398 | 12,119 |
William Chapman Ralston (January 12, 1826 – August 27, 1875) was a San Francisco businessman and financier, and the founder of the Bank of California.
Biography
William Chapman Ralston was born at Wellsville, Ohio, son of Robert Ralston III and Mary Wilcoxen Chapman. He was known as "Chap" when he was young. With riches derived from Nevada's Comstock Lode, he became one of the richest and most powerful men in California. He founded the Bank of California and was known for having a nothing-is-impossible attitude.
Projects
He built Ralston Hall in Belmont, California, as a summer home; however his wife Elizabeth "Lizzie" Fry and their four children lived there all year round. Listed on the National Register of Historic Places, it became part of the campus of Notre Dame de Namur University. He built the California Theatre on Bush Street in San Francisco, which opened on January 18, 1869.
His dream was the construction of the Palace Hotel in San Francisco at the corner of New Montgomery and Market. He spent $5 million on its construction, draining his banking empire in the process. John P. Gaynor was the architect and had been instructed by Ralston to study European luxury hotels for inspiration. The hotel opened on October 2, 1875. The hotel had early elevators or "rising rooms" and electric call buttons in the rooms. The hotel survived the 1906 earthquake but was destroyed in the fire that followed. It was rebuilt and reopened in 1909. There is still a Ralston Room in the hotel, off the main corridor to the left.
In 1871, following a severe drought in California, Ralston initiated work on the surveying for an irrigation scheme in the San Joaquin Valley, and his lobbying was successful in securing the passage through Congress in 1873 of an act to set up a Water Commission to advise on the irrigation of California.
He was also involved in Philip Arnold's diamond-mining hoax of 1872.
Collapse of his financial empire
In 1875, his financial empire collapsed as a result of the combination of the expense of building the Palace Hotel, the failure of his attempt to buy and then resell the Spring Valley Water Company, the after-effects of the Panic of 1873, and a crash in the stock value of the Bank of California. The crash occurred just weeks before the opening of the Palace Hotel.
Personal life
In 1858, he married 21-year-old Elizabeth "Lizzie" Fry (born Elizabeth Red, in Illinois, 1837–1929), the niece and adopted daughter of Colonel (by courtesy) John D. Fry, who had been sheriff of Greene County, Illinois, and a member of the Illinois General Assembly, before moving to California in 1849 with William Sharon and was associated with Ralston in various businesses. They had four children together.
Death and legacy
The day after the collapse, his body was found in the San Francisco Bay on August 27, 1875. He was the victim of either a stroke during his regular swim, or suicide. About 50,000 people were said to have watched his funeral procession, and 8,000 of his friends were said by Robert Brereton to have attended the public meeting held in Union Hall on September 8, 1875 to express the community's loss. His partner, U.S. Senator William Sharon, acquired many of his assets, including the Palace Hotel and Ralston Hall. He was buried at Lone Mountain Cemetery (which had recently been renamed Laurel Hill Cemetery) in San Francisco, and later moved to Cypress Lawn Memorial Park in Colma. In 1941, there was a memorial erected in his honor on the Marina Green in San Francisco.
Namesakes
Ralston Avenue is one of the principal roads in Belmont, California. Ralston Street in Reno, Nevada is named for William Ralston. There are Ralston Avenue exits from both Highway 92 and Highway 101. Ralston Middle School, Ralston Hall, and the William Chapman Ralston Award are all named for him. A small mining town in southwest New Mexico was named Ralston City in honor of William Ralston, its largest investor, but has since been renamed Shakespeare. A very small (pop. 70) town in Iowa is named Ralston. Ralston Lane in Redondo Beach,CA, 90278. is named for him.
The town of Modesto was to be named for Ralston; he declined, however, and it was called Modesto as one of the Spanish-speaking workers at the naming ceremony for that town said he was "muy modesto" or very modest. Modesto is home to Ralston Tower, an 11-floor building for the elderly. It is the second-tallest building in the city.
Popular culture
Ralston was portrayed by Ronald W. Reagan in a 1965 episode of Death Valley Days, "Raid on the San Francisco Mint". The episode dramatizes an 1869 event in which Ralston gets the head of the mint drunk in order to persuade him to authorize an exchange of bullion for coins. Vaughn Taylor was cast as financier and adventurer Asbury Harpending.
In a 1968 Death Valley Days episode, "The Great Diamond Mines", narrated by Robert Taylor, the role of Ralston was played by Tod Andrews, who is deceived by two prospectors who claim to have a functioning diamond mine in the desert.
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Gruntal & Co.
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"Financial services companies disestablished in 2002",
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"Defunct financial services companies of the United States",
"Banks established in 1880",
"Banks disestablished in 2002",
"1880 establishments in New York (state)",
"2002 mergers and acquisitions"
] | 661 | 5,948 |
Gruntal & Co. was a boutique investment banking and brokerage firm based in New York City. Prior to its acquisition in 2002, the firm was among the oldest independent investment banking houses in the U.S. The firm was founded as Sternberger & Fuld in 1880 by Maurice Sternberger, who partnered Ludwig Fuld. Sternberger bought a seat on the New York Stock Exchange in 1881 for $20,000. They were joined in 1884 by a third partner, Samuel Sinn, and the firm became Sternberger, Fuld & Sinn, with an office at 52 Broadway in Lower Manhattan.
Gruntal's brokerage business included more than 620 account executives across more than 30 locations throughout the U.S. The firm managed in excess of $19 billion of assets on behalf of its clients through its private client wealth management business. Additionally, the firm had a well-regarded investment banking, equity research as well as sales and trading operations.
Gruntal, which was headquartered in New York City was a member of the New York Stock Exchange and the National Association of Securities Dealers.
In 2002, Ryan Beck, a New Jersey–based investment banking firm, announced the acquisition of the bulk of the operations Gruntal. Following the acquisition, the Gruntal name which had been used since the early 1900s was retired. The firm, which had already been struggling to compete with the bulge bracket investment banks suffered the temporary loss of its headquarters after the September 11 attacks. The firm was located at 1 Liberty Plaza, across the street from the World Trade Center. Gruntal had already been eliminating certain businesses, including its corporate bond trading department in July 2001. In 2007, Ryan Beck & Co. was sold to Stifel Financial.
Corporate affairs
Prominent former employees
Steven A. Cohen founder of hedge funds S.A.C. Capital Advisors and Point72 Asset Management
Stephen A. Feinberg Co-Founder and Co-Chief Executive Officer, Cerberus Capital Management
Further reading
. Funding Universe
. New York Times, September 10, 1985
. New York Times, June 25, 1987
. New York Times, June 26, 1987
. New York Times, November 10, 1987
. New York Times, July 10, 1994
. New York Times, April 10, 1996
. New York Times, February 26, 1997
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Hotel Nevada and Gambling Hall
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"Casinos completed in 1929",
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"Ely, Nevada",
"Hotel buildings completed in 1929",
"Hotels established in 1929",
"Casino hotels in Nevada"
] | 4,896 | 57,081 |
Hotel Nevada and Gambling Hall, also known as the Historic Hotel Nevada and Gambling Hall, is a hotel and casino located at 501 Aultman Street in Ely, Nevada.
The Hotel Nevada was built at a cost of $400,000, and was opened on July 7, 1929, with 100 hotel rooms. At six stories high, it was the tallest building in the state until 1931. Many celebrities and politicians have stayed at the hotel since it opened. The hotel-casino has changed ownership numerous times during its history, and was closed temporarily in 1986, because of a local economic downturn. The Hotel Nevada was sold to Bert Woywood and Paul Kellogg in February 1994. After 20 years, Woywood sold his ownership stake to Gaughan Gaming in February 2014.
History
Early history and construction
In 1926, Earl Ray "E. R." Miller ( 1884–1978), an East Ely businessman who was searching for markets for his cement product, chose to promote the construction of a large hotel in Ely. With financial backing from various local groups and citizens, the Hotel Nevada Realty Company, Incorporated was formed. Joseph "Candy Joe" Fouilleul, an officer of Hotel Nevada Realty Company, operated Joe's Candy Kitchen on the property that was desired for the new hotel, at the corner of Aultman Street and Fifth Street. Fouilleul was ultimately persuaded to move his business in exchange for a high position on the board of the new company.
The H.L. Stevens & Company of San Francisco was hired to design the hotel. Plans for the six-story hotel included at least 60 rooms, a restaurant, a banquet room, a club room, a barber shop, and large storage areas. A picture of the proposed hotel appeared on the front cover of Hotel World magazine in September 1927. On November 3, 1927, it was announced that organization of the new Hotel Nevada Corporation was complete, after six months. Removal of buildings on the property, as well as excavation work, was expected to begin in January 1928. Clearing of the present buildings on the property began in May 1928, with demolition expected to be completed around the end of the month and excavation expected to begin immediately afterward.
Excavation work was later expected to begin in mid–June 1928, at which point the demolition of the recently vacated Collins hardware store was to be completed. The site of the future hotel was 100 feet by 100 feet. The hotel's basement was expected to be 10 feet deep. Construction was to be handled by The Wheelwright Construction Company, with a contract price of $2,875,000.
Excavation for the basement was completed in early July 1928. During construction, approximately four feet of cement was poured between each floor of the hotel. After the completion of the brick building's exterior on February 5, 1929, construction crews transferred their focus to the hotel's interior.
Opening and operation (1929–1986)
The $400,000 Hotel Nevada opened on July 7, 1929, with 100 rooms. An official grand opening ceremony was held on the night of July 15, 1929, with 167 guests in attendance from Nevada, California and Utah. U.S. Senator Tasker Oddie and U.S. Representative Sam Arentz were the guest speakers at the event; they and others, including Ely mayor Alfred Tamblyn, gave speeches about the hotel's various construction phases. The six-story hotel was the tallest building in the state until 1931, when the seven-story El Cortez Hotel in Reno, Nevada was completed. The Hotel Nevada was also the state's first fire-proof building.
The Hotel Nevada covertly offered Bathtub gin and moonshine to its customers, as Prohibition in the United States was still in effect. The Hotel Nevada also secretly provided its guests with gambling, which was made illegal in Nevada in 1910. After the Great Depression began in October 1929, the hotel was forced to lease commercial space to a drug store and a bank to maintain profits and stay open. When gambling was once again legalized in Nevada in 1931, the owners immediately renovated the casino, and added slot machines and blackjack tables, with an opening planned for March 30, 1931.
In February 1932, ownership was taken over by Wingfield banks when they bid $100,000 for the property, after its stockholders were unable to refinance loans amounting to $175,000. That month, the stockholders were planning to reacquire the property. In April 1932, the Hotel Nevada was purchased by a group that was headed by Winfield Scott "Ole" Elliott (18691938), of Goldfield, Nevada. The building was owned by the Henderson Bank Mortgage Company of Elko (50 percent), the Tonopah Banking Corporation (15 percent), the Carson Valley Bank (12 2/3 percent), and the Bank of Nevada Savings & Trust Company (23 1/3 percent). Elliott acted as the hotel's manager on behalf of the banks. Elliott subsequently partnered with Bert Riddick when they purchased the hotel from the banks for $80,000 in April 1936, with Elliott remaining as the hotel's manager. Elliott also owned Ely's Northern Hotel, which had been the city's leading hotel until the opening of Hotel Nevada. In October 1938, Elliott died of a cerebral hemorrhage in his home at the Hotel Nevada, after suffering several strokes. A beauty shop operated inside the hotel in 1939.
Elliott's wife, Mae, operated the hotel as co-owner with Riddick until her death in May 1941. Mae Elliot's interest in the hotel was inherited by her two sisters, and later disposed to Riddick when he purchased the Elliotts' interest in the hotel in February 1943, giving him sole ownership. In August 1955, Francis Everett "Bud" Simpson (19041968), a well-known local businessman, purchased Hotel Nevada for more than $500,000. At that time, Hotel Nevada had 90 rooms and was considered one of the best-known hotels in the state. Simpson planned to remodel the hotel's ground floor and convert it into a casino.
The Blue Cab taxi company opened in Ely in July 1961, with its headquarters inside the Hotel Nevada. In May 1962, three men Milan Milovich, Norm Goeringer, and Lee Warren applied for approval to take over the hotel's operations and ownership as part of a $400,000 deal. That year, Simpson sold the hotel to Goeringer, Warren, and Dick Piper. In January 1964, Goeringer and Piper filed a $1 million damage suit against Warren, who was no longer an owner of the hotel. Goeringer and Piper alleged that Warren had made false statements about the hotel. The partners later split, with Goeringer as the hotel's sole owner. On December 31, 1969, an Alaska man shot and wounded a police officer inside the hotel's restaurant. In October 1971, Goeringer sold the hotel to Gary Everhart a credit manager for the Aladdin resort in Las Vegas, Nevada and his wife, Connie. The Everharts later divorced and lost the hotel back to Goeringer in 1974. In 1978, Kennecott Minerals Company closed its copper mine in nearby Ruth, Nevada, which caused a severe economic depression for Ely that endured for years.
Justice Court Judge Eugene Rasmussen, of South Lake Tahoe, California, had been in eastern Nevada with a friend when they discovered that the Hotel Nevada was for sale. Rasmussen, who lacked the finances to purchase the hotel, discussed it with Terry Goggin, a Democratic state assemblyman from San Bernardino, California. Goggin subsequently recruited Dennis Krieger, an old friend and stockbroker from Beverly Hills, California. Together, the men would form the White Pine Company, with Krieger holding a 55 percent interest and acting as president, treasure and director. A 30 percent interest in the company would be held by the White Pine Trust, a fund that would be established by Goggin with his wife Jill and three children as the beneficiaries. Rasmussen, who would hold a 2.5 percent interest, would act as the secretary and director of the Hotel Nevada, as well as the trustee of Goggin's trust.
On December 10, 1980, plans by the men to purchase the hotel from Goeringer for more than $380,000 were delayed by the Nevada Gaming Control Board, which had concerns about Goggin's trust fund. Because of the trust, Goggin would seemingly not benefit directly from the hotel. However, Control Board members requested that Goggin still participate in a suitability hearing. One Board member said that Goggin's trust seemed like an attempt to "cover something up." Goggin denied that he was using the trust fund to obscure his investment in the Hotel Nevada, which was expected to range between $80,000 and $130,000 depending on bank financing. The $2.4 million takeover deal was later recommended for approval by the Control Board, and was unanimously approved by the Nevada Gaming Commission on December 18, 1980. The group received a one-year gaming license, to allow the Control Board to review the group's financial operations during that time. The group hired Robert Sanderson, a Certified Public Accountant, and his wife Janet, a former blackjack dealer and native of Fallon, Nevada, to manage the Hotel Nevada. The Sandersons became co-owners a month later in January 1981.
In 1981, Norm Goeringer and his wife, Mary, sold a deed of trust on the hotel to the White Pine Company. In June 1981, Krieger, Goggin, and businessman David T. Smith signed a short-term note for $690,000, which included Krieger signing a trust deed on the Hotel Nevada. Money from the loan was used for a renovation of the hotel, beginning in September 1981. In December 1981, the Control Board recommended that the group be approved for a permanent gaming license. Because of declining business, the Hotel Nevada lost $124,456 in 1981, and continued to perform poorly during the first half of 1982. On March 14, 1983, gambling at the Hotel Nevada was briefly shut down when officials from the Internal Revenue Service seized money from the casino, although hotel guests were still allowed to stay. White Pine Company had owed back taxes of $231,380, dating to 1981. At the time of the closure, the Hotel Nevada was Ely's only hotel-casino, as well as the city's largest structure. The casino reopened the next day.
In an attempt to solve its financial problems, White Pine Company filed for Chapter 11 reorganization in a Reno bankruptcy court in 1983. In summer 1986, Goeringer filed for foreclosure on the deed after White Pine Company defaulted on its payments.
Closure (1986–1987)
Because of ongoing financial difficulties, Hotel Nevada closed at approximately 2:00 p.m. on September 1, 1986, resulting in the layoffs of approximately 65 people. The closure was not authorized by bankruptcy court officials, resulting in the building's status changing to a Chapter 7 liquidation under federal bankruptcy laws. Approximately 65 slot machines and other items were removed from the property and sold in Las Vegas. A sale of the building was scheduled for September 23, 1986, but was postponed until October 3, after no potential buyers appeared for the sale. If the property failed to sell, ownership was expected to be reverted to the Goeringers, although Norm Goeringer said the building was no longer operational after the liquidation; Goeringer believed that the Hotel Nevada considered to be an important part of Ely's public image and economy could have reopened sooner had the sale not occurred.
The sale was delayed again to October 15, 1986, after another lack of potential buyers. The Goeringers were declared the owners on November 17, 1986, after no prospective buyers appeared at the sale. The minimum bid had been set at just over $1.1 million, including $147,100 in equipment and furniture. Norm Goeringer planned a tentative New Year's Eve re-opening date, and had workmen refurbishing the building's interior to bring it up to state, fire, and safety standards, at a cost of at least $300,000. By February 1987, the building's interior had been gutted for the installation of a fire sprinkler system and fire alarms. New furniture was also planned for inclusion to help modernize the building. Hotel Nevada, at that time, was expected to reopen later that spring, with potentially 60 employees.
Reopening and later years (1987–present)
In March 1987, Norm Goeringer planned to have the hotel's main floor reopened in early April, while the hotel portion was planned for reopening in early May. The hotel's renovated bar reopened in early April, while the restaurant reopened on April 12. The hotel portion was scheduled for reopening on May 1, 1987, with 60 rooms. A total of 55 jobs were created when the Hotel Nevada reopened. In November 1987, Goeringer and the hotel were among 29 businesses and business owners honored at the Nevada Governor's Conference on Tourism for their promotion of tourism. The Goeringers operated the hotel until their divorce in 1989. Mary Goeringer received the hotel as part of the divorce settlement, and sold it in February 1994, to Bert Woywood and Paul Kellogg, who both lived in Las Vegas, Nevada. Woywood had been a frequent visitor to Ely since the 1970s, and would always stay at the Hotel Nevada.
Woywood spent the next four years renovating the building, to restore its historical aspect. By September 1998, 40 of the hotel's 65 rooms had been renovated. The deluxe rooms were themed and dedicated to a celebrity guest who had stayed in each room. Woywood had doubled the casino from 80 slot machines to 150, and also doubled the hotel's parking and was in the process of creating a rear entrance for the building. Woywood had built up the hotel's occupancy rate to nearly 100 percent during the summer season, compared to approximately 30 percent four years earlier. Occupancy rates for the winter season were also raised significantly, to 50 percent. The hotel had planned a fireworks show for December 31, 1999, as part of a New Year's Eve celebration; those plans were cancelled because of safety concerns. For the New Year's Eve celebration, $1,500 in cash was thrown from the hotel's roof. By 2001, a new $100,000 elevator had been installed. As of 2002, the hotel remained the tallest building in Ely.
Ely's former post office, a block west of Hotel Nevada, was purchased by the hotel-casino and reopened as its Postal Palace convention center on December 15, 2005.
In February 2014, Gaughan Gaming and its CEO, John Gaughan, purchased Woywood's 50 percent stake of the hotel, which had 67 rooms at that point. Gaughan's young daughter was friends with Kellogg's daughter; through that relationship, Gaughan learned that Woywood wanted to sell his ownership of the hotel. Upon entering the Hotel Nevada, John Gaughan was reminded of the El Cortez hotel and casino owned by his grandfather, Jackie Gaughan in downtown Las Vegas. After Gaughan's acquisition, the building's carpets were replaced and the casino's 185 slot machines were upgraded with new technology.
John Gaughan, the son of South Point casino owner Michael Gaughan, was provided unused casino equipment and furniture from the South Point for use in the Hotel Nevada. A sportsbook opened at the casino on October 23, 2014, replacing the casino's William Hill betting machine. It was the first live betting sportsbook to be introduced in Ely. Within three weeks, the sportsbook was deemed a success. The Hotel Nevada is the only casino in Ely to provide table game gambling, with three blackjack tables and a poker table. After Gaughan's purchase, the table games were eventually moved from the basement and onto the casino's ground floor. In February 2015, the restaurant was being renovated.
As of 2015, the casino is , including the sportsbook. Sealed tunnels beneath the hotel are rumored by local residents to be haunted. Hotel Nevada's restaurant closed in March 2017, to allow for renovations that converted the space into a Denny's restaurant, which opened in late April 2017.
Film history
In January 1950, scenes for the film Operation Haylift were shot at the Hotel Nevada, which also served as headquarters for the cast and crew. Scenes for the 2008 film, My Blueberry Nights, were shot at Hotel Nevada. The hotel's interior and exterior are also featured in the 2009 film, Play Dead.
Celebrity guests, memorabilia and murals
The hotel's entrance features a walk of fame sidewalk for the celebrities who have stayed there. Notable Hotel Nevada guests include Ingrid Bergman, Gary Cooper, Veronica Cooper, U.S. President Lyndon B. Johnson, Ray Milland, Hoot Gibson, Mickey Rooney, Tennessee Ernie Ford, Senator Harry Reid, Charlie Rich, Stephen King, Evel Knievel, and Pretty Boy Floyd. Celebrities such as Hank Thompson, Vikki Carr, Wanda Jackson, and The Ink Spots have entertained at the hotel, as well as Wayne Newton. Pat Nixon, who was born in Ely, made her only known visit to the city on September 16, 1952, appearing at a campaign rally outside the hotel with her husband, vice-presidential candidate Richard Nixon. A star with Pat Nixon's name is included on the hotel's walk of fame.
Photos of the hotel's famous visitors were displayed on walls throughout the building, while the casino's walls featured 200 photographs of the White Pine County area and a collection of old guns. Other various memorabilia and antiques were featured throughout the building, including taxidermy animals. In August 1965, a slab of the Prometheus tree was put on display in the hotel's lobby; by 1998, it had been moved to the city's convention center. Other memorabilia included wagon wheel chandeliers, motorcycles, Roy Rogers memorabilia, miniature mechanized dioramas, and a life-sized hand-carved statue of actor John Wayne. Woywood, who gathered all the memorabilia and unique furnishings, said the building was "like a museum with no theme." Much of the memorabilia was removed after Gaughan's purchase of the hotel.
In the 1930s, a large mural of a donkey dressed as a cowboy was painted on the hotel's east exterior wall. It was the largest mural in the entire state at the time. By 1997, the donkey mural had been restored by Stephanie Bruegeman, an art teacher who also worked at Hotel Nevada as a secretary. In 1999, local artist Larry Bute painted 7-by-12-foot murals on the building's exterior, depicting 19th century cowboys in a saloon. Bute also spent a week painting murals in each hotel hallway on each floor. The casino floor also received a mural.
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Tim Waterstone
|
[
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"Alumni of St Catharine's College, Cambridge",
"British Anglicans",
"British retail company founders",
"Businesspeople awarded knighthoods",
"Businesspeople from Glasgow",
"Knights Bachelor",
"People associated with Edinburgh Napier University",
"People educated at Tonbridge School",
"People from Crowborough",
"British republicans"
] | 1,292 | 11,915 |
Sir Timothy John Stuart Waterstone (born 30 May 1939) is a British bookseller, businessman and author. He is the founder of Waterstones, the United Kingdom-based bookseller retail chain, the largest in Europe.
Early life
Timothy John Stuart Waterstone was born on 30 May 1939 in Glasgow, Scotland. He is the son of Malcolm Stuart Waterstone, MBE (died 1977), and Sylvia Catherine (died 1967), daughter of George Curnock Sawday of Beechfield, The Common, Weybridge, Surrey, a dentist and "well-known amateur rosarian". Malcolm Waterstone had previously worked in Calcutta in his fifty-year career with P. R. Buchanan & Co., a Glasgow tea company operating in India, of which he became a partner. He was appointed MBE in 1942, whilst serving as a Captain (temporary Major) in the Royal Army Service Corps. Waterstone grew up in "a rather cramped, 1930s detached house ... Ugly, unpretentious, nice big garden, fields at the end of it" in Crowborough, East Sussex, England. He was educated at Tonbridge School and St Catharine's College, Cambridge, where he read English.
Career
Waterstone worked for a broking firm in Calcutta, India. Upon his return to England he worked as a marketing manager for Allied Breweries, 1964–73 and then W.H. Smith, 1973–81.
Waterstone founded the bookseller chain Waterstone's in 1982, after he took a £6,000 redundancy payment from W.H. Smith. He set up his first branch in Old Brompton Road, Kensington, West London. His personal model was a heavily stocked and heavily marketed literary booksellers with stores ranging from the large to the huge (i.e. Waterstone's London Piccadilly), driven by the recruitment of highly read staff, almost all Oxbridge or Russell Group arts graduates straight out of university. Many of these graduates would, in time, go on to build prominent careers across the arts world in general. The model was successful and, by ten years later in 1992, Waterstone's had grown to be the largest bookseller group in Europe. He became the founding chairman of HMV Media Group in 1998, which merged the businesses of Waterstone's and HMV. He left the group in 2001.
Waterstone chaired the DTI Working Group on Smaller Quoted Companies and Private Investors in 1999. He was a founding investor in Bookberry, a Moscow-based booksellers modelled on Waterstone's. He became the chairman of Read Petite, an e-book company, in 2013.
Waterstone has published four novels: Lilley & Chase (Hodder 1994), An Imperfect Marriage (Hodder 1995), A Passage of Lives (Hodder 1996) and In For A Penny In For A Pound (Atlantic 2010). His short story The Tiffany Glass Panel was published in The Mail on Sunday in 1994. He has published a semi-autobiographical business book, Swimming Against The Stream (Macmillan 2006) and many articles in the arts and business media. His memoir, The Face Pressed Against A Window was published by Atlantic Books in February 2019, as was the audiobook of the memoir, which he personally narrated. He appeared as a castaway in the BBC Radio programme Desert Island Discs broadcast on 4 August 2019.
Philanthropy and political activity
Waterstone was a chairman or board member of English International (1987–1992), the London Philharmonic Orchestra (1990–1997), Portman House Trust (1994–1996), the Academy of Ancient Music (1990–1995), Sinclair-Stevenson Publishers (1989–1994), Virago Press (1993–1995), Jazz FM (1991–1993), the London International Festival of Theatre (1990–1992), the Elgar Foundation (1992–1998), the British Library (1995–1997), King's College London Library (2000–2002), Yale University Press (1992–2013), Chelsea Stores (1996–2007), FutureStart (1992–2009), Virago Press (1995–1996), Hill Samuel UK Emerging Companies Investment Trust plc (1996–2000) and Downing Classic VCT (1998–2003).
He has sat on the Booker Prize Management Committee, and acted as the Chairman of Judges for the Prince's Youth Business Trust Awards. He served as a member of the visiting committee of Cambridge University Library (2007–2013). He chaired Shelter's 25th Anniversary Appeal. He served as Chancellor of Edinburgh Napier University (2007–2015).
Waterstone supports the Labour Party (he chose Clement Attlee as his 'hero' in the initial 2001 BBC Radio 4 series Great Lives). He was opposed to the Iraq War and took part in demonstrations against it. Waterstone is a campaigner for the three parties of the Left to merge into a new Labour Liberal Green Party – the LLG – so that their votes are no longer dispersed over the three, increasing the chance of electoral success. He is a campaigner also for the democratically desirable proportional representation of House of Lords membership, based on the general election popular vote. He proposes a membership of 500 peers appointed off party lists, and a further 100 from crossbenchers, to be selected by the Appointments Commission and chosen in the interests of special groupings, particularly regional ones.
Personal life
Waterstone is twice divorced. He is married to TV and film producer and novelist Rosie Alison. They have eight children, one of them being actress Daisy Waterstone. He resides in Holland Park, London.
Waterstone is a member of the Garrick Club. He is an Honorary Fellow of St Catharine's College, Cambridge. He was knighted in the 2018 Birthday Honours for services to bookselling and to charity.
|
Smith & Hawken
|
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"Companies based in Marin County, California",
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"Retail companies disestablished in 2009",
"Defunct retail companies of the United States",
"Retail companies based in California",
"Companies that filed for Chapter 11 bankruptcy in 1998",
"1982 establishments in California",
"2009 disestablishments in California"
] | 408 | 3,770 |
Smith & Hawken was a garden lifestyle brand that operated retail stores, direct mail and e-commerce in the United States. On July 10, 2009, it was announced that all Smith & Hawken stores would cease operation. Smith & Hawken stores were located in upscale retail locations in 22 states.
Smith & Hawken was founded by Dave Smith and Paul Hawken in 1979, originally as a garden tool supplier. Their first retail store opened in 1982 in Mill Valley, California. Smith left the business in 1988. When Hawken retired in 1993, the company was acquired by a retail conglomerate, the CML Group, which sold it to DDJ Capital Management in 1999, after going bankrupt. The company was acquired by Scotts Miracle-Gro for $72 million (~$ in ) in 2004. At the time of its closure, Smith & Hawken had approximately 700 employees in its stores and the Novato, California, headquarters.
Scotts Miracle-Gro chairman and CEO, Jim Hagedorn, cited the continuing weak economy and "lack of scale" as the primary drivers behind Smith & Hawken's closure. According to Scotts' May 2009 quarterly report, Smith & Hawken net sales were down 22.4% for the first half of fiscal 2009.
Smith & Hawken's founders were reportedly not upset to learn the company they founded 30 years earlier was closing. The San Jose Mercury News reported that Dave Smith and Paul Hawken were relieved by the announcement, stating that "Scotts couldn't have been a worse corporate owner." Smith said he asked friends not to shop there after Scotts purchased the company in 2004.
On January 8, 2010, Target Corporation announced it acquired the Smith & Hawken brand.
|
H&M
|
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"Companies in the OMX Stockholm 30",
"Companies in the OMX Nordic 40",
"Clothing brands",
"Clothing brands of Sweden",
"Clothing retailers of Sweden",
"Multinational companies headquartered in Sweden",
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"Retail companies established in 1947",
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"Persson family",
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] | 7,739 | 77,945 |
H & M Hennes & Mauritz AB, commonly known by its brand name H&M, is a Swedish multinational fast fashion retailer headquartered in Stockholm. Known for its fast fashion business model, H&M sells clothing, accessories, and homeware. The company has a significant global presence, operating thousands of stores across 75 geographical markets and employing over 100,000 people worldwide.
H&M is the second-largest international clothing retailer after Inditex. H&M was founded by Erling Persson in 1947 under the name Hennes. The CEO of H&M from 2020 to 2024 was Helena Helmersson. The current CEO, as of January 2024, is Daniel Ervér.
Foundation
The business was established in 1947 by Erling Persson when he opened his first shop in Västerås, Sweden. The shop was called Hennes (Swedish for 'hers') and only sold women's clothing. Another store opened in Norway in 1964. In 1968, Persson acquired the hunting apparel retailer Mauritz Widforss, located in Stockholm, which led to the inclusion of a menswear collection in the product range, and the name was changed to Hennes & Mauritz.
The company was listed on the Stockholm Stock Exchange in 1974. Shortly after, in 1976, the first store outside Scandinavia opened in London. H&M continued to expand in Europe and began to retail online in 1998 with the domain hm.com, which was registered in 1997, according to data available via WHOIS. The opening of its first U.S. store on 31 March 2000 on Fifth Avenue in New York City marked the start of its expansion outside of Europe.
Home furnishings
In 2008, the company announced in a press release that it would begin selling home furnishings. While initially distributed online, the home furnishing items are now sold at H&M Home stores worldwide.
Other brands
Concept stores, including COS, Weekday, Monki and Cheap Monday, were launched following H&M's expansion in Asia. In 2009 and 2010, brand consultancy Interbrand ranked H&M as the twenty-first most-valuable global brand. Its worth was estimated at $12 billion to $16 billion. Under the "H&M with Friends", H&M will partner with Good American, a brand founded by Khloe Kardashian and Emme Grede, to feature their products in H&M's Swedish and German e-commerce shops. In 2017 H&M founded a new concept store Arket.
Store openings worldwide
H&M operated 2,325 stores at the end of 2011. At the end of August 2012, they were operating 304 more stores, bringing the total to 2,629. In September 2013, the retailer opened its 3000th store in Chengdu, China. In 2023, the company announced that it will enter the Brazilian market in both physical and digital formats, expected to begin operations in 2025.
COVID-19
In October 2020, H&M announced that it was planning to close 5% of its worldwide stores in 2021 as a result of the COVID-19 pandemic. The fashion retailer H&M closed 250 shops throughout the globe and moved the majority of its operations online. The H&M Group's sales growth remained at −34% year-over-year from 2020 week 12 to week 22.
Withdrawal from the Russian market (2022)
Along with hundreds of other global companies, H&M announced on 2 March 2022, an end to retail operations of its more than 150 stores in Russia as a result of the Russian invasion of Ukraine. H&M cited that it stands "with all the people who are suffering" in Ukraine as well as for "the safety of customers and colleagues" in Russia. Having recently expanded via its Weekday and & Other Stories formats, Russia was H&M's sixth-biggest market at the time, representing 4% of group sales in the fourth quarter of 2021. The company also temporarily closed its Ukraine stores, which remain closed as of 2023.
Supplies
H&M sources its clothing products from various countries globally. The primary manufacturing locations for H&M products are China, Bangladesh. While H&M's headquarters is in Sweden, it operates 21 supplier and factory locations within the country.
Corporate affairs
The key trends for the H&M Group are (as of the financial year ending 30 November):
Revenue(SEK b)Netprofit(SEK b)Share ofrevenueonline(%)Number ofemployees(FTE) (k)Number ofstores(Group)Number ofstores(H&M)Number ofservedcountries(Group)Number ofservedcountries(H&M)Notes/sources201518020.81043,9243,6106161201619218.61144,3513,9626464201720016.112.51204,7394,2886969201821012.614.51234,9684,4337171201923313.41265,0764,492747420201871.2281105,0184,4297474202119811.0321074,8014,242757520222233.5301064,4653,947797820232368.7301014,3693,87277
Designers
In November 2004, select stores offered an exclusive collection by fashion designer Karl Lagerfeld. The press reported there were large crowds and that the initial inventories in big cities were sold out within an hour.
In November 2006, the company launched a collection by Stella McCartney.
Also in November 2006, the company launched a collection by avant-garde Dutch designers Viktor & Rolf.
H&M launched a collaboration designed by pop star Madonna in March 2007.
In November 2007, several months after collaborating with Madonna, the company launched a collection by Italian designer Roberto Cavalli.
Finnish company Marimekko was chosen as a guest designer in spring 2008.
H&M partnered with Comme des Garçons, a Japanese fashion label, in the fall of 2008. Products in the collection included accessories, a unisex fragrance, and clothing for adults and children.
For spring and summer of 2009, British designer Matthew Williamson created two exclusive ranges for the company – the first being a collection of women's clothes that were released in select stores. For the second collection, Williamson ventured into creating menswear for the first time. It featured swimwear for men and women and was available in all of H&M's stores worldwide.
On 14 November 2009, the company released a limited-edition diffusion collection by Jimmy Choo featuring handbags and shoes for men and women, with prices ranging from £30 to £170. The collection also included clothing designed by Choo, such as garments made of suede and leather, and was available in 200 stores worldwide, including London's Oxford Circus store.
Sonia Rykiel collaborated with the company by designing a ladies knitwear and lingerie range that was released in select company stores on 5 December 2009.
French fashion house Lanvin collaborated with H&M to create a new collection, "Lanvin Hearts H&M," in fall 2010. The collection, designed to make Lanvin clothing more accessible to the average consumer, featured items that were around 100 euros. Usually Lanvin dresses would cost hundreds of euros more.
For Spring and Summer 2011, the company worked with fashion blogger Elin Kling, whose collection was only available at select stores.
H&M announced a collaboration with Versace in June 2011 that was later released on 19 November. Versace also planned a Spring collaboration with the company that would only be available in countries with online sales. Similar to past collaborations, Versace agreed to let H&M use its name for a previously agreed-upon sum, without actually having a role in the design process.
H&M announced a collaboration with Marni in November 2011. The campaign launched a few months later in Mah 2012 and was led by director Sofia Coppola.
On 4 October 2012, Vogue Japan editor Anna Dello Russo launched an accessories collection with H&M as Paris Fashion Week drew to an end. The collection was stocked in 140 H&M stores worldwide and was also available to purchase online.
On 12 June 2012, H&M confirmed that it would launch a collaboration with avant-garde label Maison Martin Margiela for a fall rollout. The Maison Martin Margiela collection for H&M hit stores a few months later on 15 November 2012.
Isabel Marant was a collaboration designer for fall 2013 and, for the first time in her career, made a few men's pieces to accompany the women's collection. The collection sold out very quickly in cities across the globe and was heavily anchored in sales online.
During the Coachella Valley Music and Arts Festival in California, H&M announced its first collaboration with an American designer. Alexander Wang was the designer chosen and the collection was released to a select 250 stores around the world on 6 November 2014.
Balmain was announced as the next collaboration with H&M through Balmain designer Olivier Rousteing's Instagram page. The collection was released on 5 November 2015. That year's H&M Christmas campaign was made in collaboration with popstar Katy Perry, who also sang the commercial soundtrack "'Every Day Is A Holiday".
In November 2016, H&M released a designer line in collaboration with Kenzo. That year the company released an annual holiday movie directed by Wes Anderson as part of the company's Christmas advertising campaign. Titled "Come Together", the short film starred Adrien Brody as a train conductor who saves Christmas after a blizzard delays the train's arrival and causes the few passengers to miss part of the holiday.
Swedish singer Zara Larsson designed a "playful, young, empowering and little glamorous" collection with H&M in February 2017.
After 20 years, Naomi Campbell came back to collaborate with the company for a global female empowerment commercial spot in fall 2017. She wore clothes that blurred the line between masculine and feminine in the campaign's Tokyo spot-video where she lip-synced "Wham Rap (Enjoy What You Do)" by Wham!.
Designers Jeremy Scott and Moschino collaborated with the brand in April 2018.
With the idea of reviving the spirit of the swinging sixties, H&M collaborated with designer Richard Allan in July 2019.
The Fleur du Soleil collection, part of H&M's collaboration with Lebanese designer Sandra Mansour, was released in August 2020 and marked the first time the company had partnered with an Arab designer.
Irish designer Simone Rocha, daughter of designer John Rocha, was announced as a collaborative partner in March 2021. Rocha's designs launched with an H&M campaign film and images shot by Tyler Mitchell.
Sustainability and environmental awareness
Used garment vouchers
Starting in February 2013, H&M began offering patrons a voucher in exchange for used garments. Donated garments were to be processed by I:CO, a retailer that repurposes and recycles used clothing with the goal of creating a zero waste economy. The initiative is similar to an April 2012 clothes-collection voucher program launched by Marks & Spencer in partnership with Oxfam.
Endangered forests
In April 2014, H&M joined Zara and other apparel companies in changing their supply chain to avoid endangered forests. The company teamed with Canopy, a nonprofit, to remove endangered and ancient forests from their dissolvable pulp supply chain for their viscose and rayon fabrics.
The H&M Foundation
The H&M Foundation, a nonprofit, was established in 2014 to fund projects that improve humanitarian and environmental issues within the fashion industry. The Persson family, the founders and owners of H&M, originally invested $180 million in the foundation. One of the foundation's projects includes the Green Machine, a recycling technology that would allow clothing to be recycled in a similar way to aluminum can recycling. Since 2013, the family has made contributions to the foundation, donating SEK1.1 billion (US$154 million) to it. According to the OECD, H&M Foundation's financing for 2019 development increased by 7% to US$17 million. In August 2015, the H&M Foundation announced that it will award the Global Change Award, a million-euro annual prize, to advance recycling technology and techniques within the fashion industry.
Brazilian leather halt
In September 2019, H&M halted its leather purchases from Brazil in response to the 2019 Amazon rainforest wildfires. The company issued an email statement: "The ban will be active until there are credible assurance systems in place to verify that the leather does not contribute to environmental harm in the Amazon." H&M imports only a small fraction of its leather needs from the country.
Sustainability ambassador hiring
Actress Maisie Williams joined the brand as a global sustainability ambassador in April 2021. As a global sustainability ambassador, she helped front the company's campaign on using only recycled or sustainably sourced materials by 2030. The first initiative fronted by the actress has led to a collaboration with the video game Animal Crossing, with Williams being transformed into a digital game character to teach the virtues of recycling.
Rental clothing
In May 2021, H&M announced a temporary rental clothing service that allows men to rent suits for up to 24 hours for job interviews. It began in the UK and was also being tested in the United States.
Use of feathers
In 2024, the company said that about 90% of the down and feathers in its products came from recycled items but that by the end of 2025, none of their items would use virgin down or feathers.
Wool from mulesed sheep
In 2019, H&M announced its intent to phase out wool from mulesed sheep from its global inventory. In 2025, H&M reported that it had fully phased out wool from mulesed sheep.
Concept stores
Six concept brands
In addition to the H&M brand, the company consists of six individual brands with separate concepts. Brands include Afound, Arket, COS, Monki, Weekday, and & Other Stories.
COS
COS launched its flagship store on London's Regent Street in March 2007 with a catwalk show at the Royal Academy. Its concept is encompassed by minimalist style inspired by architecture, graphics, and design.
It specializes in modern clothing pieces for men and women that are less trend-oriented than other similarly priced labels. COS makes clothing that can be worn beyond the season. COS has 197 stores in 34 countries in Europe, Asia, North America, Australia and the Middle East and currently retails online to 19 markets via cos.com.
H&M Details
2016 saw a new H&M concept in The Dubai Mall come up, labelled now 'H&M Details'.
Labor practices
Working conditions
Cambodia
In August 2011, nearly 300 workers fainted in one week at a Cambodian factory supplying H&M. Fumes from chemicals, poor ventilation, malnutrition, and even "mass hysteria" have all been blamed for making workers ill. The minimum wage in the country is the equivalent of $66 (£42) a month, an amount that is less than half of what is required to meet basic needs, according to human rights groups.
Bangladesh
The same year, Bangladeshi and international labor groups put forth a detailed safety proposal that entailed the establishment of independent inspections of garment factories. The plan called for inspectors to have the power to close unsafe factories. The proposal entailed a legally binding contract between suppliers, customers, and unions. At a meeting in 2011 in Dhaka, major European and North American retailers, including H&M, rejected the proposal. Further efforts by unions to advance the proposal after numerous and deadly factory fires have been rejected.
Myanmar
A report by the Business and Human Rights Resource Centre (BHRRC) found a significant rise in worker abuse allegations in Myanmar garment factories since the military coup in 2021. H&M is investigating 20 such cases at their suppliers, while a report documented 156 in total over the past year. This has led some fashion brands like Inditex (Zara owner) to cut ties with Myanmar suppliers, while others like H&M and Bestseller are increasing monitoring efforts. The decision to stay or leave is complex, with some arguing continued engagement offers leverage for improvement, while others fear a race to the bottom if major brands exit.
Supply chain transparency
The Guardian wrote that in a conscious action sustainability report for 2012, H&M published a list of factories supplying 95% of its garments. This contributes to the trend of corporations leaning toward ethically transparent supply chains.
Slave and child labour
On 2 January 2013, The Ecologist reported allegations by Anti-Slavery International that H&M was continuing its association with the Uzbek government in exploiting child and adult forced labor as cotton harvesters in Uzbekistan.
In September 2020, amid international allegations over the use of Uyghur forced labor in Xinjiang, H&M published a statement saying that it had stopped buying cotton from growers in Xinjiang, stating that it was "deeply concerned by reports from civil society organizations and media that include accusations of forced labor and discrimination of ethno-religious minorities".
In February 2017, The Guardian reported children were employed to make H&M products in Myanmar and were paid 13p (about 15 cents US) an hour – half the full legal minimum wage.
Since then, H&M has become a Fair Labour Association (FLA) member and has set a goal to achieve fair living wages throughout its supply chain by 2030.
Factory building structural collapses
Savar building, Bangladesh
In April 2013, the Rana Plaza building collapsed in Bangladesh killing over 1,100 people. Fatalities were mostly garment workers. The incident is considered the deadliest non-deliberate structural failure accident and the deadliest garment factory disaster in modern history. The eight-story building complex that was not designed for factory production and had cracks in the structure that the owners ignored. Approximately 2,500 injured people were rescued from the rubble.
The company and other retailers signed on to the Accord on Factory and Building Safety in Bangladesh. In June 2016, SumOfUs launched a campaign to pressure H&M to honor the commitment they made and signed to protect Bangladesh's garment workers. SumOfUs alleged that "H&M is drastically behind schedule in fixing the safety hazards its workers have to face every day."
Phnom Penh, Cambodia
On 19 May 2013, a textile factory that produced apparel for H&M in Phnom Penh, Cambodia collapsed, injuring several people. The incident has raised concerns regarding industrial safety regulations.
Living wage
On 25 November 2013, H&M's global head of sustainability committed that H&M, as the world's second-largest clothing retailer, would aim to pay all textile workers "living wage" by 2018, stating that governments are responding too slowly to poor working conditions in Bangladesh among other Asian countries where many clothing retailers source a majority if not all of their garments. Wages were increased in Bangladesh from 3,000 takas ($40) to 5,300 takas ($70) a month in late 2013.
Fire safety report
In September 2015, CleanClothes.org, an NGO involved in garment labor working conditions, reported on a lack of specific fire safety renovations in H&M suppliers' factories.
Xinjiang region
In 2020, the Australian Strategic Policy Institute accused 82 major brands, including H&M, of being connected to alleged forced Uyghur labor in Xinjiang. Specifically the report mentions H&M as a customer of Huafu Top Dyed
Melange Yarn Co. Ltd. See also: §Boycotts by China. The evidence adduced was that between April 2017 and June 2018 2,048 Uyghur workers were taken "from Hotan Prefecture in Xinjiang to 15 factories in Anhui Province, including [a] Huafu [factory]", and that H&M listed Huafu as a supplier.
On 16 September 2020, H&M said it was ending its relationship with Huafu. It further stated that it had "never had a business relationship with a mill owned by the yarn producer Huafu Fashion Co in Anhui province where workers from XUAR have been employed".
Controversies
Boycotts by China
In March 2021, after the EU, UK, US, and Canada's joint sanctions against China over reports of human rights abuses in Xinjiang, H&M's stance on avoiding forced labor in Xinjiang and claim of not going to use cotton produced there was found and criticized by the Communist Youth League of China on its official Weibo page. Their post stated, "Spreading rumors to boycott Xinjiang cotton, while trying to make a profit in China? Wishful thinking!"
The viral post spread across mainland Chinese social media, leading to H&M facing significant criticism among Chinese social media users. On 24 March 2021, H&M became the first fashion brand to be targeted in China, with its products removed from Chinese e-commerce platforms such as Pinduoduo, JD.com and Alibaba, its mobile application removed from Chinese app stores, and rideshare platform DiDi blocking customers from requesting H&M stores as their destinations. Two of H&M's brand ambassadors in China, Huang Xuan and Victoria Song, announced they were no longer collaborating with H&M.
In August 2022, H&M resumed sales in China.
Response
Chinese state media outlet China Global Television Network countered the statements against Xinjiang cotton with a video showing automation in cotton-picking and local Uyghurs claiming that the industry brought high earnings. On 26 March 2021, the United States condemned the China-backed boycotts, with its Department of Commerce stating that the United States "has taken strong actions to stop China from profiting off of its human-rights abuses in Xinjiang and to stop imports of products made with forced labor in China." On the same day, Chinese Foreign Ministry spokesperson Hua Chunying responded by saying that Chinese consumers have the right to express their own choices.
Later, H&M quietly revised its original wording regarding Xinjiang. On 31 March, H&M responded with a statement vowing to rebuild trust in China and serve its customers in a "respectful way". However, media reports indicated that H&M did not issue a direct apology but instead attempted to “blur the issue.” H&M’s sales in China reportedly fell by approximately 23% during the second quarter of 2021 compared to the same period in the previous year. In the third quarter of 2021 (ending August 31, 2021), sales in the Chinese market declined by approximately 40%.Despite this, the boycott had a far-reaching impact, and the brand’s image remained damaged. Following this, H&M continued to experience poor performance in the Chinese market, with a reduction in store numbers, declining sales, and a loss of brand influence. As a result, H&M has not released detailed financial reports for the Chinese market since 2021, nor has it separately listed data for the Chinese market in its annual reports.
Greenwashing claims
A proposed class action lawsuit in the US alleged that H&M was greenwashing via the sustainability claims made in its Conscious Choice range. These claims were dismissed. Earlier this year, The Norwegian Consumer Agency (Forbrukertilsynet) said it believed Norrøna is "breaking the law" in marketing clothes as environmentally friendly and issued a warning to H&M GROUP against using the same type of environmental claims.
Leaving Russia
In March 2022, the H&M Group communicated that they would pause their operations in Russia due to the Russian invasion of Ukraine.
Israel
H&M has operated stores in Israel since March 2010 with its first store in Tel Aviv in partnership with local franchisee Match Retail, a division of Union Group. As of December 2023, H&M operates 24 stores in Israel, predominantly around the region of Gush Dan. H&M does not operate any stores in the occupied areas of East Jerusalem or the West Bank.
However, since opening in Israel, the Palestinian branch of BDS has campaigned for boycott of fashion chain, demanding that they pull out of the country. H&M's continuing presence in Israel has led to protests in various stores in Europe, especially since the invasion of the Gaza Strip. The company initially closed its stores when the invasion started in October, however the company quietly reopened the stores.
In January 2016, H&M initially put out and later pulled a tallit-like beige and dark blue striped scarf in its Israeli stores, after it was accused of being offensive to Jews.
Australia
In January 2024, the company was heavily criticized after its Australian branch released a school uniform advertisement with the slogan "Make those heads turn in H&M’s Back to School fashion". Melinda Tankard Reist, an Australian writer, questioned the brand's motives, claiming that young girls just want to be left alone and don't want unwelcome attention. The company removed the advertisement and apologized.
Other controversies
+TimeControversy6 January 2010It was reported that unsold or refunded clothing and other items in one New York City H&M store were cut up before being discarded, presumably to prevent resale or use.H&M was reported to have stolen the work of a UK-based artist, Tori LaConsay, using it on multiple items without compensating her.August 2013H&M withdrew faux-leather headdresses from its Canadian stores after consumers complained the items, part of the company's "summer music festival" collection, were insulting to Canada's Aboriginal peoples.H&M South Africa division was accused of racism for its lack of black models in their photoshoots, later stating that white models convey a more "positive Image."8 January 2018H&M showcased a black child model wearing a green hoodie reading "Coolest Monkey in the Jungle" on their official United Kingdom website, which sparked controversy. This was especially so in the United States due to the use of the term "monkey" on a black person.
In response, Canadian and American singers such as The Weeknd and G-Eazy boycotted the company by ending their partnerships with it over the image. H&M later released an apology: "This image has now been removed from all H&M channels and we apologise to anyone this may have offended."
The mother of the model urged people to "stop crying wolf," deeming it "an unnecessary issue." After the allegations, H&M stores were vandalized and looted in South Africa. In response, H&M temporarily closed stores there.13 July 2019H&M docked the pay and suspended several unionized staff in three of its stores in New Zealand for wearing 'Living wage' stickers, as part of a wider industrial dispute.9 December 2020Sweden's Equality Ombudsman (DO) started an investigation into H&M following a media report accusing it of racism in Swedish stores.
See also
Bonds (clothing)
European Retail Round Table
Gap Inc.
List of companies of Sweden
Shein
Zara (retailer)
Further reading
Myhr, Karin Jansson (2019). Historien om ett företag: H&M. Storytel.
Stannow, Lena (2021). Min sanning : ... efter alla år med H&M. Ultima Esperanza Books. .
|
Genworth Financial
|
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"2004 initial public offerings",
"Companies based in Richmond, Virginia",
"Companies listed on the New York Stock Exchange",
"Corporate spin-offs",
"Financial services companies of the United States",
"Financial services companies established in 2004",
"Life insurance companies of the United States"
] | 2,077 | 21,627 |
Genworth Financial, headquartered in Richmond, Virginia, is an American financial services company. It provides life insurance, long-term care insurance, mortgage insurance, and annuities.
History
The firm was founded as The Life Insurance Company of Virginia in 1871, in Petersburg, Virginia. Within a decade, the company expanded beyond the south and moved its headquarters to Richmond.
Beginning with its first annuities business written in 1928, the company grew to offer products for mortgage insurance, lifestyle protection, and long-term care insurance.
In 1986, Life of Virginia was acquired by Combined Insurance for $557 million.
It became Aon in 1987. In 1996, Life of Virginia was acquired by GE Capital.
The company was incorporated as Genworth Financial, Inc. in 2003, and it became a public company via an initial public offering in 2004.
GE sold its remaining stake in the company in February 2006 for $2.8 billion.
In June 2006, the company agreed to buy AssetMark Investment Services for $230 million.
In 2007, another GE Capital insurance company, First Colony Life Insurance Company, merged with the company's life insurance division and became the surviving entity.
In May 2007, the company sold its employee benefits business to Sun Life Financial.
In July 2007, the company acquired Liberty Reverse Mortgage, a reverse mortgage company, for $50 million. It sold the company to Ocwen for $22 million in April 2013.
In September 2007, the company sold its wealth management unit to private equity firms Aquiline Capital Partners and Genstar Capital Management for $412.5 million.
In June 2009, Genworth MI Canada, its Canadian mortgage insurance subsidiary, completed an initial public offering on the Toronto Stock Exchange, raising $850 million.
In June 2011, the company sold Continental Life Insurance, which provided Medigap insurance policies, to Aetna for $290 million.
In September 2012, the company sold Genworth Financial Investment Services, its financial adviser unit, to Cetera Financial Group.
In December 2012, Thomas McInerney was named CEO of the company.
On April 1, 2013, Genworth announced the completion of a legal entity reorganization, creating a new holding company and separating the U.S. mortgage insurance subsidiaries.
In December 2015, the company sold Genworth Lifestyle Protection Insurance to Axa for €465 million.
In January 2016, Protective Life acquired parts of the company for $661 million.
In February 2016, the company suspended sales of annuities and life insurance, putting the existing books of business into runoff.
In June 2016, the company sold its term life insurance platform to Pacific Life.
In October 2016, China Oceanwide Holdings Group agreed to buy the company for $2.7 billion. However, in April 2021, Genworth terminated the acquisition due to China Oceanwide's inability to close the acquisition.
In May 2020, the company's Australian mortgage insurance division, now called Helia, lost its contract with National Australia Bank.
In October 2020, Genworth MI Canada was renamed to Sagen MI Canada. In April 2021, Brookfield Business Partners acquired all of the outstanding common shares of Sagen that it did not already own.
In September 2021, the company completed the initial public offering of Enact Holdings, its private mortgage insurance subsidiary.
Legal issues
Shareholder lawsuits
In March 2016, the company settled shareholder lawsuits for $219 million. The lawsuit alleged that Genworth and its management made false statements between October 30, 2013 and November 5, 2014 as the company had assured investors that the reserves it had set aside to cover long-term care claims were adequate. However the company had to take a $531 million charge to shore up its long-term care business, leading to a substantial drop in the price of Genworth's securities.
Life insurance premium increases
In October 2022, the company paid $25 million to policyholders to settle a class action lawsuit alleging that premium increases of 40% to 140% were excessive and unlawful.
MOVEit hack
On June 6, 2023, third-party vendor to Genworth, PBI Research Services, reported a vulnerability with their MOVEit Transfer software. The vulnerability resulted in a Russian-linked extortion group, named 'C|0p', gaining unlawful access to private data. Whilst PBI Research Services did report the vunlnerability, the company was criticised for not revealing the scope of the hack sooner. The software is used to track deaths of its member organisations so that payments can be issued to the relevant beneficiaries. Whilst a number of state and federal organisations were affected by the hack, between 2.5-2.7 million customers of Genworth Financial had their private data downloaded; including first and last name, date of birth and social security number. On June 22, 2023, Genworth filed a report with the Securities and Exchange Commission regarding the data breach.
|
Barbara Buchner
|
[
"1974 births",
"Living people",
"Austrian economists",
"Austrian women economists",
"Climate economists"
] | 1,259 | 12,812 |
Barbara K. Buchner is an Austrian economist, with a doctorate in economics from the University of Graz. She specializes in climate finance, and is the global managing director and the executive director for the climate finance division of the Climate Policy Initiative. In 2014, the International Council for Science listed her on its Road to Paris website among twenty women influential in climate change.
Education
Buchner grew up in Austria. She earned a master's degree in Economics in 1999 from the economics/Environmental Sciences Joint Program run by the University of Graz and Graz University of Technology. She completed a PhD degree in economics at the University of Graz in 2003 with the dissertation Incentives in the Transition to Sustainable Structures: The Case of Climate Change Control.
Career
From 2003-2006, Buchner worked on climate change and policy modelling as a Senior Researcher with the Fondazione Eni Enrico Mattei (FEEM). She was also a visiting scholar at Massachusetts Institute of Technology in fall 2006.
In 2007, Buchner joined the International Energy Agency (IEA) where she served as a Senior Energy and Environmental Analyst.
In 2010 Buchner was appointed as the director of the Climate Policy Initiative's newly opened third office, based in Venice, Italy in the Fondazione Eni Enrico Mattei (FEEM). In 2011, she helped to establish the San Giorgio Group, a working group drawing on CPI, the World Bank Group, China Light & Power, and the OECD. The San Giorgio Group focuses on ways in which financing can support green low-emissions investment.
In 2016 she became the executive director for the CPI's climate finance division.
Climate finance is considered central to the achievement of a low-carbon, climate resilient future.
Through her work, Buchner has helped to establish a framework for tracking climate-relevant financial flows from a variety of sources, including both public and private flows.
Among other works, Buchner has been a lead author of a series of yearly CPI reports including Global Landscape of Climate Finance (2013), which credited with setting the benchmark of climate finance tracking. She is credited with a "key part" in writing Climate Finance in 2013-14 and the USD 100 billion goal (2015), a joint report of the Organisation for Economic Co-operation and Development (OECD) and the Climate Policy Initiative (CPI), which was influential in preparations for the Paris Agreement.
In 2020, Buchner was appointed as the global managing director of the Climate Policy Initiative.
Buchner directs CPI's Global Innovation Lab for Climate Finance, which was created in 2014 and has sister programs in Brazil and India. In 2021, Buchner was appointed a Professor in Practice for Sustainable Finance at SOAS University of London.
Buchner has published articles in journals and in books. Her publications include:
contributing author:
as co-editor:
as co-author: Yearly report, multiple editions.
as co-author:
as co-author:
|
Argenta (bank)
|
[
"Banks established in 1956",
"Banks of Belgium",
"Banks of Luxembourg",
"Banks of the Netherlands",
"Companies based in Antwerp",
"Banks under direct supervision of the European Central Bank"
] | 588 | 5,063 |
Argenta is a bank based in Antwerp, Belgium that also operates in the Netherlands and Luxembourg. It was Belgium's sixth-biggest bank in 2020, after BNP Paribas Fortis, KBC Group, Belfius, ING Group, and Crelan.
Argenta has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.
The Argenta Group has been active in Belgium since 1956, in the Netherlands since 1989 and in Luxemburg since 1990.
In 2001, Argenta acquired the branch network and brand name of the Office Central de Crédit Hypothécaire, a public financial institution that had been created in 1936 to support mortgage credit.
Group structure
Investeringsmaatschappij Argenta N.V. (abbreviated, Investar N.V.), a mixed financial holding of the Van Rompuy family, holds 86.81% of the shares in the parent, with the remainder of the shares owned by Argenta Coöperatieve C.V. (abbreviated, Argen-Co C.V.), which is a recognised cooperative undertaking in accordance with the Act of 20 July 1955 on a National Council for Cooperatives.
Argenta Bank- en Verzekeringsgroep N.V. is the holding company of the Argenta Group. Argenta Bank- en Verzekeringsgroep N.V. is a mixed financial holding within the meaning of article 3, 39° of the Banking Act.
Argenta Spaarbank N.V. has one subsidiary, Argenta Asset Management S.A., a Luxembourg company which is responsible for the management and central administration of the Argenta Group's collective investment undertakings, i.e. Argenta Fund SICAV and Argenta Fund of Funds SICAV, which are open-end investment undertakings under Luxembourg law. The latter is a fund of funds (also known as an umbrella fund). This means that the assets of various sub-funds are invested in other collective investment undertakings. This company has its own subsidiary in Luxembourg, Arvestar Asset Management S.A. In addition, Argenta Spaarbank N.V. has a branch office in the Netherlands of the same name.
Argenta Assuranties N.V. is a duly licensed Belgian insurance undertaking. It has one subsidiary, Argenta-Life Nederland N.V., an insurance undertaking organized under the laws of the Netherlands. It offers term life insurance linked to housing loans. It also manages a portfolio of mortgage insurance policies.
All group activities exclusively consist of financial activities for families and individual clients relating to attracting savings, granting loans, distribution of collective investments and offering life and non-life insurance products. In 2021, Argenta reported to own and operate 348 ATMs.
See also
Lists of banks
List of banks in Belgium
List of banks in Luxembourg
List of banks in the Netherlands
|
Off-price
|
[
"Retail processes and techniques",
"Trade",
"Retail formats"
] | 5,105 | 41,787 |
Off-price is a trading format based on discount pricing. Off-price retailers are independent of manufacturers and buy large volumes of branded goods directly from them. The off-price retail model relies on the purchase of over-produced, or excess, branded goods at a lower price, thus being able to sell to consumers at a discount compared to other stores which purchased an initial run. Among the largest retailers of this type are TJX Companies and Ross Stores. The model is more common in countries that import fashion-oriented or household goods, as the discount role in producer countries is usually filled by factory outlets or small-scale open-air marketplaces.
Characteristic features
The term applies to fashion retail. Off-price is different from other special pricing formats (such as outlet store and discount store) in that one store might contain a great deal of products, price rates and trademarks. The range of goods is usually measured in millions of product items, whereas the quantity of brands represented is measured in thousands. The discount amount is 60-65% on average, reaching up to 90% of the initial price of similar products in brand stores of their respective trademarks and multi-brand boutiques.
Quality and product origins
Off-price retailers sell products by popular brands, purchased directly from their trademark owners, distributors and manufacturers. This model keeps off-price networks protected from goods of unknown origin, guarantees their quality and ensures competitive pricing when placed beside other points of sale. Off-price retailers buy overproduced or unsold goods, showroom remnants of collections from their respective brand owners or brand stores and distributing networks under certain terms and conditions in order to offer them to their final consumer with the lowest possible markup. As a rule, off-price retailers purchase huge supplies consisting of various products from their respective brand owners, with no strict requirements to the depth of their lineup (having all sizes available in stock) and collection completeness, which enables them to get more profitable terms for deals.
Consumer motivation
Traditionally, shopping in off-price stores is referred to by the term "treasure hunt", reflecting the concept of the format: customers searching for original branded products at their lowest ever price. This behavioral model is a symptom of a global trend of "smart shopping"; the customer's focus being on getting the largest financial benefits possible while buying high-quality products of the actual models.
The origins of the off-price format are generally considered to be rooted in the U.S.A. The industry can be traced back to the year 1909, when a special shopping area was opened in a ground-floor at a famous Boston department store, Filene's. It was called Filene's Basement and used for selling commodity surplus. Edward Filene, a son of the store’s founder, developed an "automatic price-reduction schedule" for it. The products were supplied to the basement with a discount tag, but in especially settled periods of time their price was lowered even further: after 12 days the price would be lowered by 25%, in 18 days – by 50%, in 24 days – by 75%, and finally, after the 30th day, the goods would be given away at no charge at all to charity. The area itself was both well lit and properly designed, and it had hired its own separate floor staff. Filene's Basement was very popular among local residents and tourists, and most of its goods sold out within the first 12 days. Although the idea of a "beneficial basement" wasn't new – since a similar concept had been used in 1879 by Marshall Field, – it was Filene's Basement which brought fame to it and promoted it as an innovative way to make sales. Filene's Basement eventually evolved into an off-price network of 20 hypermarkets that would exist until the year 2009. The schedule of automatic price reduction initially invented for the store in the early 20th century was also used by him for quite a few decades after.
By the middle of the 20th century, the U.S. would witness the wide popularization of similar "basement sales" at other malls, as well as so-called “factory sales”, when vacant factory rooms were used for the discounted sale of over-produced goods. From 1930-1950 the textile and sewing industries in the U.S.A. underwent a period of rapid growth. During WW1 and WW2 the U.S.A. became isolated from the major European suppliers of textile and sewing machinery - and, as such, domestic manufacturing began to increase. In the 50s, a huge amount of clothing, footwear and other sewn products were manufactured locally, and by the end of the season factories were prepared to announce substantial cut-offs and sell the unsold remnants on their own. Small business entrepreneurs would buy products out at wholesale prices and arranged their own retail sales in vacant factory workshops and other rooms that were cheap enough to rent. As their businesses grew, they expanded by moving to department stores or indeed building their own stores.
1950-60s
In 1956, U.S. businessman Alfred Marshall put together a think tank of entrepreneurs and suggested the launch of a start-up with the concept of “brands at lower prices”. Having observed a post-war economic boom and the development of the American suburbs, they decided to capitalise on these phenomena to establish new business. They opened a self-service department store in Beverly in order to propose clothing and household products at tempting lower prices. Part of the area was given away to be subleased by third-party footwear, accessories and active sport product dealers, but that division wasn't visible to customers. The department store was at peak popularity, and in about 10 years, Marshalls became an off-price networking headliner in the United States with just two dozen stores.
In the mid 1950s the countrywide famous network of Bell Hosiery Shops (a trader of knitwear that had reached nearly 60 department stores by 1946) began to experience success through its own “factory sales”, introduced due to wide expansion causing decline in their regular network sales. Consequently, the owners of Bell Hosiery Shops opted for discounting as their major sales strategy. They decided not to continue setting up discount stores at factories, instead choosing to begin opening new stores in malls or their own outlets. Their first hypermarket, boasting a total area of , celebrated its opening in Hyannis, Massachusetts, in July 1956. It was named Zayre. A few months later a second hypermarket was established in Boston. Its area was approximately . By 1959, the company had opened six stores all under the Zayre name, and by early 1962 their number reached 27. The same year, Zayre Corp became a public company and commenced trading on the New York stock exchange. By late 1966, the network had grown to 92 stores all over the United States. Shoppers could find lowered price tags on knitwear, toys, sports products, books, health & beauty products and many more categories. In 1965, the store “Hit or Miss” was opened. It sold high-quality women's wear at discounted prices. Zayre Corp, aware of this new concept store and its rapid growth, took over Hit and Miss in 1969 with a view to maintaining their own fashion aspirations.
1970-90s
Due to the volatility of the U.S. economy in the 1970s and the recession that had brought about significant change in customers' attitude to expenses, the off-price industry was gaining considerable momentum. By buying surplus goods from manufacturers at the end of each season, off-price networks would offer fashionable branded goods at 20-60% lower than department stores. The “Hit or Miss” network belonging to Zayre Corp was growing so fast that Zayre considered the opportunity of expanding its off-price business. They even made a failed attempt to buy the Marshalls network that had also achieved fame as an off-price retailer. Zayre then hired a Marshalls ex manager, Bernard Cammarata, to create a clone of Marshalls. TJ Maxx, the name of this store, was opened in March 1977 – and it was followed by a series of other openings for the brand-new network. These stores became popular, offering quality clothes at reasonable prices and a constantly updated range of products to the US’s growing population.
A few years after these events, Zayre Corp began to develop yet another line of business, – by providing customers with the opportunity to purchase goods through catalogues via the postal service. Zayre established the Chadwick's Boston co., and Home Club, Inc. networks of household appliance stores in 1985. So there the corporation included a few networks, such as Zayre discounters for customers with low and medium level of income; TJ Maxx, Hit or Miss, and Chadwick's Boston for clients with medium income and higher.
By 1986, the number of “Hit or Miss” stores in the United States had reached 420, and their sales had grown to 300 million dollars. Nearly 70% of its product assortment was brands with nationwide recognition, while the remaining 30% was manufactured under the Hit or Miss label. The network managed to keep price tags at 20-50% lower than most specialized stores ever did. In 1987, The TJX Companies, Inc. was founded to manage the companies. In 1988, Zayre decided to concentrate its efforts on maintaining their off-price direction. It sold all of its network, consisting of nearly 400 Zayre stores, and the label itself to the competitive discounter network Ames Department Stores Inc. for 431.4 million, and by 1990, all Zayre stores were closed or converted into ones under the Ames brand. Meanwhile, in 1976, Marshalls was acquired by Melville Corp. By then, the network had 36 stores in operation. With its new owner, growth surged; by the year 1995, it owned 496 stores in the US and Hawaii. In 1995, TJX Corporation bought out Marshalls – (now of Melville Corporation) by signing a bargain contract worth 606 mln dollars.
In 1972, a company called Burlington was founded. The first store of the network appeared in Burlington, NJ, when the librarian Henrietta Millstein persuaded her husband to acquire a former factory outlet at 675 thousand dollars, by making a down payment of 75 thousand dollars that she had saved through her work. In 1975, the company opened its second store. By 1983, the network had reached 31 shopping points. In 2006, it was acquired by Bain Capital Partners at 2 billion dollars and proceeded with its vigorous development.
Right after Burlington was founded in 1975, one more player arrived to the US market – Nordstrom Rack, which opened in the basement area of the Nordstrom department store in downtown Seattle, WA. As the Nordstrom stores network grew, off-price Nordstrom Rack stores followed their success.
In 1982, the Ross Stores network in the US, owner of 6 department stores, changed their format on passing to a new owner and began to grow as an off-price retailer. In just three years, the network expanded to 107 stores, and by the year 1996, it consisted of nearly 300 department stores with its annual revenue reaching 1.5 billion dollars.
In Europe, the off-price format appeared only a few decades after showing up in the United States. The first continental store of the kind appeared in 1976 under the “Le Soldeur” trademark, opening in the town of Laval, Western France. The then founder of the company, Remy Adrion, bought a huge supply of clothing directly from a factory on the brink of closure. This brought about the company “NOZ”; the first European off-price retailer. Gradually, Adrion widened the range of products on offer and increased the number of stores. By 1987, he had founded 10 stores in France with his own logistical platform. In 1992, state regulation changed to prohibit the use of the term 'solde' in commercial organization names, and the network changed its trademark into NOZ.
21st century
As of 2018 there are more than 8,000 retail off-price stores in operation worldwide, within the 20 largest off-price networks (their total number equivalent to dozens and even a few thousand stores). The global turnover of the segment as of the year 2017 is more than 60 billion dollars (approx. 2% of the whole fashion industry volume, including segments of luxury products, sport clothing and footwear as well).
The global leader of the sector is TJX Companies, as of 2019 owning more than 4,300 off-price hyper malls (the total area is more than 110 million square feet), split between its six retail networks (TJ Maxx, TK Maxx, Marshalls, Winners, HomeGoods, Homesense) in nine different countries (U.S.A., Canada, Australia, Great Britain, Ireland, Germany, Poland, Austria and The Netherlands). Annual net sales of the corporation in 2018 was valued at almost 39 billion dollars. From 2013-2017 inclusive, annual revenue of the company grew by an average of 2 billion dollars (building on 2013’s revenue of 26 billion dollars), and its number of hypermarkets grew by 27% (or 855 stores). The 2nd largest off-price store remains Ross Stores, a company which at the very beginning of 2019 possessed more than 1,700 stores, the majority of which are in U.S.A. and Canada. Annual net sales of the company, according to 2018 results, reached almost 15 billion dollars (and since 2013 to 2018 it has grown by 38%). In the United States and Canada there are more than 6,700 off-price format retail stores. In Europe, there are about 1,500 off-price retailer stores, most of them belonging to the 3 biggest networks: 540 to TK Maxx (inclusive in TJX Companies), and more than 300 to the huge French off-price retailer NOZ. More than 250 stores belong to the Russian off-price network Familia. Cumulative off-price retail turnover in Europe, including the revenue from network online shops exceeds 5 billion euros. In Asia the off-price segment is still not that widely developed compared to Europe and America.
North America
In the US, where according to 2018 statistics there are more than 6,300 off-price retail stores, the cumulative market segment is valued at 50 billion dollars, and it currently exceeds 80% of the world off-price market segment. Most of the stores belong to TJX Companies Corporation and form part of TJ Maxx, Marshalls and Home Goods. The second largest off-price operator in the U.S.A. is Ross Stores Company. This segment is also represented by the networks of Burlington, Nordstrom Rack, Tuesday Morning, Century 21, Saks Off 5th and Macy’s Backstage. As of 2018 TJ Maxx unites over 1,200 stores in different states of the U.S.A. In Marshalls – there are over 1,000 stores. Both networks are managed by Marmaxx co., which is the biggest fashion operator in the U.S.A according to volume of sales. TJ Maxx and Marshalls (as well as other networks included in TJX Companies) offer discounts of 20-60% compared to regular retailers. Their suppliers are more than 20,000 companies from 100 countries worldwide. These networks have similar product assortments mainly based around clothing, footwear, accessories, similar stores in their area size and design, but in TJ Maxx one might find trademarks belonging to a higher pricing segment and a wider lineup of jewelry and accessories. In Marshalls a greater range of footwear is available along with clothes for men and young men. TJ Maxx launched a web store launched in 2009. Initially it only sold baggages, but it gradually widened its assortment to include clothing, footwear, jewelry, accessories and household appliances. Cumulative turnover of both networks according to 2017 statistics was more than 22 billion dollars. One more related network in the U.S.A. is HomeGoods, which has existed since 1992 and specialises in selling products for the household: furniture, lighting, kitchen utilities, carpets and mats, textiles and deco products. As of 2018, there are more than 700 stores in different towns of the U.S.A.
One more subdivision of TJX Companies that works in the off-price segment in the US, is Sierra Trading Post. It specialises in online sales, trading via catalogues, and according to 2018 statistics it operates 30 retail stores to maintain public recognition. The company offers about 3 000 brands in total. It appeared on the market as a catalog seller in 1986, and in 2012 was purchased by TJX Companies for 200 mln dollars. The Company's website has existed since 1998. Already in 2004, it was included in the Top-400 retailers, and in 2005 – 2007, 2010, 2011 – in the Top-500.
Ross Stores is the second off-price network in terms of size and revenue in both the U.S and the world. As of 2018 it owns over 1 600 stores, 1 400 of them operating under the brand Ross Dress for Less and a little more than 200 DD's Discounts. The latter network was founded in 2004 for consumers with a more moderate income than typical Ross Dress for Less customers, and it is represented by goods from more democratic trademarks. Both networks offer clothing, footwear, every kind of accessories, home appliances. The company has more than 8 000 suppliers from various countries all over the world.
Another off-price retailer giant in the US, Burlington, owns, as of 2018, more than 600 retail department stores. The retailer offers clothing, footwear, accessories, jewelry, personal hygiene products, toys, deco products with an off-price discount of 65%. Its revenue was 6 billion dollars according 2017 results.
The off-price network Nordstrom Rack, which sells mostly clothes, footwear, jewelry and cosmetics, operates 240 stores as of 2018. The retailer sells goods by the Nordstrom “mothership” network at a 50-60% discount, and also other brands’ clothes, footwear and accessories with a discount of up to 70%. The company notes that it supplies products to their off-price stores on a daily basis. The Nordstrom off-price turnover as of 2017 is almost 5 billion dollars.
The company Tuesday Morning also operates in the off-price segment. It has existed since 1974 and as of 2018 operates 730 stores in the U.S.A. The network specialises in home deco, gifts and toys. It offers discount pricing of 20-60%, and its annual turnover is 1 billion dollars. The company doesn't have a web store, rather an online showcase.
U.S. Retailer Century 21 network offered clothing, footwear, & well-known brand accessories with a discount of up to 65%. The network began growing in 1961 with a store of 6 000 sq. feet in Manhattan. In 2018, the retailer had 16 retail department stores in the US. Century 21 closed all of its locations by Sunday, December 6, 2020 as a result of Insurance companies failing to financially support the chain during the COVID-19 pandemic.
In 2015 the off-price segment was joined by Macy’s, a U.S. network of department stores, established in 1858. First of all, Macy’s launched five Macy’s Backstage stores, but a year later it changed its approach and began to allocate space to its new label in active Macy’s stores. In early 2018 the Company had 72 Macy’s Backstages and plans to open a new distributing center for maintaining the off-price direction. Backstage offers mostly the same brands of clothing, footwear, accessories, beauty and wellness goods as offered at Macy’s. Discounts are up to 80%.
One more relatively young off-price retailer in the U.S.A. is Saks OFF 5TH network, appearing in the market in 2016. Saks OFF 5TH network operates over 100 stores in the United States, and offers women's, men's and children's clothing and footwear, and also accessories and household products from over 800 premium brands. Off-price is up to 60-70%. The company also runs an online shop.
In Canada the off-price segment is represented by networks mostly within the TJX Companies group: Winners, Marshalls and HomeSense. The biggest one is Winners, formerly the first countrywide retailer in this segment, operational since 1982. In 1990 the Company was taken over by TJX Companies corporation. As of 2018, Winners operates more than 260 stores and offers clothing, footwear, accessories, jewelry, cosmetics and home clothes. The network’s off-price falls within the 20-60% bracket off regular prices, though it does not operate sales online. Marshalls in Canada operates 73 offline stores. A division of TJX Companies representing an off-price household goods’ network in the country operates under the brand HomeSense and has 117 stores as of early 2018.
Oceania
In Australia, the off-price segment is represented by TK Maxx stores. In 2015 TJX Companies acquired the local off-price network Trade Secret, which had operated since 1992 as a network of discounters offering clothes, shoes, accessories and homegoods from international and national brands with discounts reaching up to 60% of the regular retail prices. As of early 2018, there are 38 off-price department stores operating in Australia under TK Maxx brand.
In New Zealand the off-price format appeared in late 2018, when a local group of companies The Warehouse Group, specialising in discount trading, made the decision to open 47 off-price stores branded as Red Rack in one fell swoop. The benefits for customers vary from 20-60%. Brands found in the network include Nike, Adidas, Puma, Superdry, Fenty by Rihanna, Ben Sherman, Billabong and Paul Frank. The company claims to stick to the principle of treasure hunting and it organises weekly replenishment of its product range.
Europe
So far, the biggest off-price retailer with European roots is NOZ, which operates in France and has over 300 stores within its network, as of 2018. In recent years the company has opened 2 stores per month on average. NOZ offers mainly clothing, accessories, personal hygiene and cosmetics products, food, sports equipment, garden and household products including furniture, electronic appliances, dishes and deco goods. Annual turnover of the company is valued at 500 mln euros, and their suppliers total 110 000. NOZ notes that its purpose is to grow out of Europe into a global leader of the segment.
A large off-price network local to France is Stokomani. Stokomani operates 80 stores with an average area 2000 sq. meters. According to 2017 statistics, the company’s revenue was 440 mln euros. In France this segment is also occupied by Mistigriff, established in 1989 and including over 30 stores.
The biggest off-price retailer in Europe nowadays, TK Maxx, part of the U.S. corporation of TJX Companies, showed up on the continent later than other French nationwide off-price networks: the first TK Maxx store was opened in Bristol, England, in 1994. As of 2018 the company owned over 540 department stores in Europe. Nearly 340 stores of those are located in Great Britain and 26 more in Ireland 120 in Germany 40 in Poland 10 in Austria and eight more in the Netherlands. The company also maintains its own online store in Great Britain. HomeSense, another TK Maxx brand, has also operated in the UK since 2008. As of early 2018, the European subdivision of HomeSense totalled 53 stores in Great Britain and two more opened in 2017 in department stores in Ireland. TK Maxx and HomeSense had a cumulative revenue of 4bn euros according to 2017 statistics.
Saks OFF 5TH also claims ambitions in Europe: the company opened its first continental stores in 2017, and as of November 2018 it has seven stores in Germany and two more in the Netherlands.
In the CIS area (Commonwealth of Independent States) the off-price segment as of the year 2018 is dominated by mostly Russian and Ukrainian retail networks. Off-price as an independent format of making sales in Russia started its active development in the early 2000s through company Familia company. As of November 2018 it is the only federal off-price network countrywide. The company began activity in 2000 as a network of department stores providing sales for the whole family and a wide range of clothing and footwear from popular Russian and foreign trademarks. The company gradually transformed into an off-price retailer on honing its strategy based on the work of worldwide off-price giants Ross Stores and TJ Maxx. They adapted their practice to take into account their market’s local features. In 2016 Familia was awarded the prize of “No.1 Trademark in Russia” as an off-price network. In 2016, 2017 and 2018 RBC magazine included Familia in the annual list of “Top-50 Most Rapidly Growing Companies in Russia”, and in 2018 it was included in the list of “Top-500 Companies by Revenue in Russia”. As of April 2019 the Company manages more than 250 retail stores in 90 cities of the Russian Federation, their entire shopping area exceeding the total shopping area occupied by fashion retail countrywide by 3.5%. The network stores represent products made by over 7 000 trademarks from 50 countries all over the world.
In Ukraine the off-price segment is dominated by the company Red, which opened its first multibrand store in 2004. As of September 2018 the retailer has 10 stores located in Kyiv and Boryspil. Red also hosts a web store of their own. Off-price is offered to customers with benefits of up to 55% off. is the leader in Eastern Europe for B2B distribution of off-price clothing and accessories from top European brands.
Asia
In Asia the off-price format is represented weakly due to widespread open marketplaces, factory stores that are able to offer their customers a range of quality goods at the lowest possible prices, and also groundbreaking online sales developments that offer various services. In certain countries new stores or road shows appear from time to time, and the term off-price is actively used along with the advantages of the format to customers. An annual Off-Price Show takes place in the Philippines, for example, which reminds of the U.S. “factory sales” that date back to the mid-20th century. Pop ups have also recently become popular. Mass expansion as in the US, or gradual systematic development as in Russia, has not yet begun. In China there is only one dominant off-price retailer – DX Quality Outlet, which manages pop-up stores along with a web store. As of 2018 the retailer has 38 “pop-ups” and 13 permanent off-price stores, and the company claims to be planning to increase its number of pop-ups – up to the total time of their working which makes 11 thousand days a year.
|
Business France
|
[
"Business organizations based in France",
"French economic policy",
"Organizations based in Paris",
"Export promotion agencies",
"Government agencies of France",
"2015 establishments in France"
] | 509 | 4,798 |
Business France is a French établissement public à caractère industriel et commercial created on 1 January 2015 through a merger between Unifrance and the French Agency for International Investment (InvestInFrance). It has the status of a public institution under the supervision of the Ministry of Economy and Finance, the Ministry of Foreign Affairs and International Development and the Ministry of Rural Spatial Planning and Territory Development. It is headquartered on Boulevard Saint-Jacques in the 14th arrondissement of Paris.
Business France's Chairman is Pascal Cagni and Director General is Laurent Saint-Martin.
Business France work is divided into four main pillars:
Promote French exports.
Promote inward investments to France.
Enable international internships in French companies abroad, also open to candidates from the European Economic Area. This is done via an international internship called VIE, which stands for "Volontariat International en Entreprises").
Promote the image of France as a business country.
Priority is given to small innovative companies. Business France has a cooperation agreement with 13 regional agencies.
History
Ubifrance was the French agency for export promotion. It succeeded the Centre Français du Commerce Extérieur (French Center for external commerce), or CFCE.
Its headquarters is on Boulevard Saint-Jacques, 14th arrondissement of Paris, but it is also based in the World Trade Center of Grenoble.
UBIFrance has 66 economic missions in 46 countries and more than 1,400 employees in France and abroad responsible for helping French companies in their international development. France's budget bill for 2011 authorized €105,398,000 for the agency.
On 1 January 2015, UBIFRANCE merged with InvestInFrance and became Business France.
Board of directors
The agency is run by a sixteen members board composed of:
1 National Assembly député
1 senator
3 government representatives
3 regional council members
5 economic experts
3 staff representatives
|
Africa Re
|
[
"Companies based in Lagos",
"Insurance companies of Nigeria",
"Reinsurance companies",
"Financial services companies established in 1976",
"Nigerian companies established in 1976"
] | 2,756 | 29,444 |
African Reinsurance Corporation, generally known as Africa Re, is a reinsurance company based in Lagos, Nigeria. Africa Re was founded on 24 February 1976 in Yaoundé, Cameroon making it Africa's first continental reinsurer. The company operates in 41 countries of the African Union through approximately 107 insurance/reinsurance companies.
The creation of the pan-African reinsurer was intended to limit the outflow of foreign currency from Africa and promote the development of the insurance market there. The Yaoundé Agreement also encouraged any national African insurance and/or reinsurance institution to contribute to the company's capital.
The early days of Africa Re
The idea of developing a local insurance and reinsurance market in developing countries was born in the early 1970s within international institutions. Only economically mature countries had companies operating in this sector at the time. In Africa, the obstacles facing the project were numerous, given the continent's lack of human and material resources and its political, economic, cultural and linguistic disparities. It was in this context that Africa Re was established in Yaoundé (Cameroon) on 24 February 1976. Its authorized capital of US$15 million was then shared between the African Development Bank (ADB) and 36 member states of the Organization of African Unity (OAU).
The ambition is to curb the outflow of foreign currency from the continent, mobilize local capital, create a reinsurance market and support African economic development. The company started its activities in Accra (Ghana) before moving, a few months later, to Lagos (Nigeria). In 1980, Africa Re opened its first regional office in Morocco, followed by Kenya (1982) and Côte d'Ivoire (1987).
An eventful start
The deteriorating socio-economic and political context of the 1980s and 1990s affected business activity on the continent. The structural and monetary adjustment plans imposed by the International Monetary Fund (IMF) threatened companies and weakened the insurance and reinsurance sector.
In response to this situation, the Board of Directors decided in 1990 to increase the capital to US$30 million and to open it to African and foreign companies. Between 1982 and 1993, five other African states, convinced by the project, joined the ranks of State shareholders, whose number went from 36 to 41.
The development on an African scale
The advent of democracy in South Africa and the country's integration into the OAU in 1994 marked a fresh beginning for Africa Re. The establishment of a contact office in Johannesburg in 1995 gave the company access to the most important African insurance market, which remains its main source of business to this day.
In order to provide the financial resources necessary for the company's expansion, a second capital increase was decided in 1997. The capital increased from 30 to US$50 million. A contact office (transformed into a regional office in 2003) was then opened in 1997 in Mauritius.
The “Africa Re House”, the company's new headquarters, was built in 2000 in the commercial district known as Victoria Island in Lagos. New premises were also built in Abidjan in 2001, in Nairobi in 2003 and in Casablanca in 2005.
The capital was doubled in 2001, reaching US$100 million, to finance the company's development on the continent. To cover Northeast Africa, the Cairo (Egypt) office was created in 2001. This became a regional office in 2004 while the Johannesburg office was established as a subsidiary in the same year.
Between 2004 and 2005, four financial institutions acquired a 20 percent stake in Africa Re; however, it was only in 2010 that the reinsurer reached its pan-African dimension. The threefold increase in capital to US$300 million allowed Africa Re to complete its coverage of the continent. In 2010, a subsidiary was created in Cairo to support the emerging development of Islamic reinsurance, the new company, Africa Retakaful, operating mainly in the MENA region. In 2011, a local office was set up in Ethiopia in order to strengthen the company's presence in the strategic region of East Africa.
International expansion
Segmentation of risks and their dispersion in space are driving the international development of reinsurers. Through its presence in the African market, Africa Re has attracted foreign companies that wanted to gain a foothold in Africa.
This is how IRB Brasil Re became a shareholder in 2012. This alliance also gave Africa Re operator status in Brazil and the opportunity to expand its operations in Latin America.
The year 2015 marked the entry of two new shareholders, Axa and Fairfax Financial Holdings with a stake of 7.15 percent each.
In 2018, Allianz acquired IRB Brasil's 8 percent stake in Africa Re.
Share capital
The company, which was set up with a share capital of US$15 million, has carried out several capital increases:
+Progression of the company's share capitalDateShare capital in millions USD197615 (initial)19903019975020011002010300 (current)
Shareholding
The launch of Africa Re was the result of an association between the African Development Bank (AfDB) and 36 member states of the Organisation of African Unity (OAU).
In 1992, 16 years after the company was launched, new countries joined the founding members, bringing the number of state shareholders to 41.
In the same year (1992), shareholding was extended to insurance companies that are majority owned by African legal entities.
The year 2001 was an important turning point in the company's history as it opened up to non-African foreign investors. Four development finance institutions (DFIs) acquired a stake in the company's share capital.
International Finance Corporation (IFC), a subsidiary of the World Bank
Deutsche Investitions- und Entwicklungsgesellschaft (DEG), German investment and development company, member of the KfW banking group
FMO, Entrepreneurial Development Bank of the Netherlands
Promotion et Participation pour la Coopération (PROPARCO), French development finance institution, member of the French Development Agency Group (AFD)
In 2012, IRB-Brasil Re became the first non-African reinsurer to become a shareholder of the company. This equity participation helped Africa Re to obtain the status of operator in Brazil, thereby expanding its activities to Latin America.
In 2015, two new major non-African shareholders joined the company. These were AXA, one of the world's leading insurance companies, and Fairfax Financial Holdings, a Canadian holding company with a strong portfolio in insurance and reinsurance. These two shareholders acquired the shares belonging to the Development Finance Institutions.
In 2018, Allianz acquired the 8% stake of IRB Brasil in Africa Re.
As of 31 December 2021, 113 insurance and reinsurance companies on the continent are shareholders of Africa Re, as well as 42 States, the African Development Bank (ADB) and three international groups.
+ Africa Re shareholdingsShareholdersNumber of sharesShares % 42 OAU Member States 991 627 34.63 African Development Bank 240 000 8.38 113 African insurance and reinsurance companies 971 984 33.94 3 Non-African investors: Fairfax Financial, AXA, and Allianz SE.660 000 23.05Total2 863 611100.00
Organization and structures
Africa Re's governance is organized around a and a management team with Dr. Mohamed Ahmed Maait serving as the Chairman of the group and Dr. Corneille Karekezi as the Group Managing Director and CEO.
Chairmen and General Managers
In its 45 years of business, Africa Re has only had seven changes in the board of directors and four changes in senior management.
+
Presidency of the Board of Directors (1977-2022)Chairman of the Board of DirectorsCountry of originTermSaad KanouniMorocco1977-1983Come SimbananiyeBurundi1983-1986Ezzat Abdel BaryEgypt1986-1992Eugene OkworNigeria1992-1995Musa El NaasLibya1995-2013Hassan BoubrikMorocco2013-2021Dr. Mohamed Ahmed MaaitEgyptJuly 3, 2021 to date
+
General Management (1977-2022)General ManagerTermEdward Mensah1977-1984Eyessus Work Zafu1984-1993Bakary Kamara1993-2011Dr. Corneille Karekezi2011 to date
Main activities
The company's portfolio consists of facultative treaties and risks in both life and non-life classes of business. The non-life activity is dominated by fire and accident. In 2021, these two classes of business account for nearly 69% of the portfolio, that is, US$579 million of premiums.
Geographical organization
Africa Re's geographical organization is presented as follows in 2020:
One Head office in Lagos (Nigeria);
Two subsidiaries: Africa Re South Africa in Johannesburg (South Africa) and Africa Retakaful in Cairo (Egypt);
Six regional offices: Casablanca (Morocco), Abidjan ( Côte d'Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius);
One local office in Addis Ababa (Ethiopia);
One underwriting representative in Kampala (Uganda).
Financial and technical data
+
Financial data (in thousands USD) (2017-2021)20172018201920202021Turnover746 829797 415844 786804 774845 346Net result87 98231 26999 90455 70938 823Shareholder’s equity902 039917 047975 1981 017 1061 000 714Total assets1 628 5451 644 6481 770 9801 836 6761 890 613Return on equity (ROE)9.75%3.41%10.24%5.48%3.88%
+Technical data (2017-2021)20172018201920202021Loss ratio59.71%58.76%59.9%61.79%58.82%Management expenses ratio30.5%33.1%32.84%36.06%36%Combined ratio90.21%91.86%92.74%97.85%94.82%
+Portfolio in 2021 (amounts in millions USD)RegionPremiumsShareEast Africa191.1622.61%Southern Africa138.2916.36%English-speaking West Africa130.3415.42%French-speaking West and Central Africa109.5812.96%International Business102.1812.09%Maghreb71.058.40%North East Africa39.864.72%Indian Ocean Islands30.613.62%Retakaful Africa activity32.283.82%Total845.35100%
The Africa Re Foundation
History
In 2014, Africa Re established a fund to finance corporate social responsibility (CSR) projects. This initiative follows a November 2013 board of directors' decision that allocated up to 2% of the annual net profit to CSR projects in the 41 member States.
The Africa Re Foundation was created on 19 January 2018 to steer this fund, which was initially managed internally. The new entity, based in Mauritius and operational since January 2019, is responsible for managing the fund and ensuring the implementation of the various CSR projects.
Governance of the foundation
The Africa Re Foundation's Board of Directors is made up of insurance professionals. They are chosen to ensure fair representation of all regions of the continent.
Objectives of the Africa Re Foundation
The development of insurance on the continent is one of Africa Re's objectives. The foundation, in charge of conveying this ideal, contributes to the financing of corporate social responsibility projects by:
Granting subsidies and carrying out activities that contribute to the growth of insurance, the promotion of risk management solutions and the development of regional and continental partnerships;
Raising awareness of major risks that could hamper the economic development of member countries;
Supporting innovation and research for the development of new risk prevention mechanisms;
Supporting the training and development of young insurance professionals in African markets.
See also
Swiss Re
Kenya Re
African Development Bank
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