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Multisourcing
|
[
"Business terms",
"Contract law",
"Pricing",
"Procurement"
] | 788
| 7,642
|
Multisourcing is the concept of working with multiple suppliers who are also competitors. Large-scale buyers, such as the U.S. federal government, may want to feel assured that there is more than one supplier for an item.
It has been described as the opposite of "one neck to wring". The opposite is called sole-source.
Intel, a large corporation, was not "enough" for the x86, and so others such as Advanced Micro Devices and Cyrix were needed.
Models
There are two primary models for Multisourcing: Prime Contractor and Client models:
Prime Contractor model
A Prime Contractor may use subcontractors. Either way, the client has "one neck to wring".
Client model
The client is the system integrator. Multiple outside sources, each with their own "perceived core competencies", provide services. This does not preclude the outside suppliers from further subcontracting.
Sole sourcing
Although "no-bid contracts are illegal under European Union procurement law", "there are exclusions and exceptions" in the UK's rules, and "U.S. law permits .. sole source contracts under specified circumstances". The US Government raised concerns in 2009 about "excessive reliance" on sole-source contracting and use of "contracts with a limited number of sources".
The assurance that the identical and in some cases, certifiably equivalent, item is available seems to defy a statement that "[t]here is no optimization achieved through working with a single provider", especially when "sustainable" capabilities exist.
Cost plus and other arrangements
Both the much-disputed Iraq reconstruction no-bid contracts and those awarded after Hurricane Katrina contained "cost-plus" provisions which "guarantee contractors a certain profit regardless of how much they ultimately spend", according to the Wall Street Journal. Critics claim that such agreements "remove any incentives for private companies to control expenses, which are paid for by the tax-payer".
A no-bid contract is a military or government contract that is made directly with a corporation, bypassing the standard process of bidding. These contracts can be made much more quickly than a typical contract, however they are often fraught with suspicion. After the 2003 war in Iraq, the Halliburton company, previously headed by then vice-president Dick Cheney, was issued a $2 billion no-bid contract for fuel distribution. Speed is usually the rationale for such contracts.
Just days after Hurricane Katrina, in September, 2005, the Bush administration awarded no-bid reconstruction contracts to companies such as Fluor Corp., Bechtel, Shaw Group, CH2M Hill Cos, and Halliburton's Kellogg, Brown and Root.
History
Although it was recently defined, multisourcing has been practiced in the market since competitors started to produce alternatives to IBM's datacenter products in the late 1980's. Firms like Gartner and Forrester Research pushed the term into the public eye.
Future
Multisourcing's strength, first recognized by Gartner Group in 2005, is to continue providing disciplined services via a blend from internal and external sources.
In workshops, providers are taken through business scenarios to confirm details like method, data content and timescales for each cross-provider interaction. The outputs of these workshops are operational level agreements (OLAs) which are signed and agreed upon by all providers to maximize performances and ensure that everyone is aware of the requirements of their job.
See also
Campaign finance
Cronyism
Defense Contract Management Agency
Federal Acquisition Regulation
Government procurement in the United States
|
Bharat Diamond Bourse
|
[
"Diamond exchanges",
"Financial services companies based in Mumbai",
"Commodity exchanges in India",
"Financial services companies established in 2010",
"Economy of Mumbai",
"Diamond industry in India",
"2010 establishments in Maharashtra"
] | 834
| 7,865
|
Bharat Diamond Bourse (BDB) is the world's largest diamond bourse (exchange) and is located in Mumbai, India. Spread over a plot, the complex is home to some 2,500 small and large diamond traders in addition to the Custom House, banks and other service providers who cater to the gems and jewelry trade. The complex contains 26 towers each having nine floors. The total constructed area is , with two basements of additional . The facilities at BDB comprise offices of diamond traders, four walk-in vaults, 24,500 safe deposit boxes, a trading floor, strong rooms, lockers and customs clearance facilities with all the modern facilities required to carry on day-to-day business.
It is located in the G Block of the Bandra Kurla Complex, between the Mumbai suburbs of Bandra and Kurla. It has an inflow of some 45,000–50,000 people daily. BDB handles 98% of diamond exports from India. However the competition arose due to the inauguration of the SDB in Surat.
History
In 1984, the project was started by a group of Mumbai-based diamond traders. Mumbai Metropolitan Region Development Authority gave on an 80 years lease. The project initially involved the public sector Minerals and Metals Trading Corporation. It withdrew from the project later and BDB took it over from there. Then it was restarted in 1992. But disputes between the BDB committee, its architects and contractors and payment defaults by members during the 1995–99 property slump put the project on hold in 1998. It was restarted in 2001. The construction cost of an estimated was collected from members.
India's diamond industry
India's diamond industry, which is estimated to grow by an average 10 to 15 percent each year in the next five years, accounts for 70–75 percent of total diamond exports in the world and employs 850,000 people, making it the largest cutting hub by value and number of employees. Last year, the country's import of rough diamonds rose 24.5 percent to 149.8 million carats against a year earlier, and export of cut and polished diamonds witnessed a surge of 28.3 percent to 59.9 million carats. The old market is located at Opera House and Prasad Chambers (Charni Road).
The cutting and polishing of diamonds occurs mainly in the city of Surat, which is also known as 'Diamond City'. The cutting and polishing units in Surat vary from large firms employing several thousands of diamond cutting and polishing workers to very small informal enterprises having a few workers. The larger Cutting and Polishing of Diamonds (CPD) units have relatively better work and employment conditions and even provide for elaborate benefits. Most of the CPD units are owned by Kathiawadis, who were originally farmers from Northern Gujarat region. The whole diamond cutting and polishing industry is largely community oriented, where most of the owners and workers are Kathiawadis. In the recession of 2008, while many of the small and medium-sized CPD units were closed down with lay-off of workers, there were still some big CPD enterprises who managed to retain their workforce. This was primarily because of the paternal approach of owners, by which they consider workers as extended family members
See also
Surat Diamond Bourse
London Diamond Bourse
Further reading
|
Settlement (finance)
|
[
"Settlement (finance)",
"Securities (finance)",
"Share trading",
"Payments"
] | 2,227
| 18,613
|
Settlement is the "final step in the transfer of ownership involving the physical exchange of securities or payment". After settlement, the obligations of all the parties have been discharged and the transaction is considered complete.
In the context of securities, settlement involves their delivery to the beneficiary, usually against (in simultaneous exchange for) payment of money, to fulfill contractual obligations, such as those arising under securities trades. Nowadays, settlement typically takes place in a central securities depository. In the United States, the settlement date for marketable stocks is usually 1 business day after the trade is executed, often referred to as "T+1." For listed options and government securities in the US, settlement typically occurs 1 day after trade execution. In Europe, settlement date has been adopted as 2 business days after the trade is executed. As part of performance on the delivery obligations entailed by the trade, settlement involves the delivery of securities and the corresponding payment. A number of risks arise for the parties during the settlement interval, which are managed by the process of clearing, which follows trading and precedes settlement. Clearing involves modifying those contractual obligations so as to facilitate settlement, often by netting and novation.
Securities settlement
Settlement involves the delivery of securities from one party to another. Delivery usually takes place against payment known as delivery versus payment, but some deliveries are made without a corresponding payment (sometimes referred to as a free delivery, free of payment or FOP delivery, or in the United States, delivery versus free). Examples of a delivery without payment are the delivery of securities collateral against a loan of securities, and a delivery made pursuant to a margin call.
Traditional (physical)
Prior to modern financial market technologies and methods such as depositories and securities held in electronic form, securities settlement involved the physical movement of paper instruments, or certificates and transfer forms. Payment was usually made by paper cheque upon receipt by the registrar or transfer agent of properly negotiated certificates and other requisite documents. Physical settlement securities still exist in modern markets today mostly for private (restricted or unregistered) securities as opposed to those of publicly (exchange) traded securities; however, payment of money today is typically made via electronic funds transfer (in the U.S., a bank wire transfer made through the Federal Reserve's Fedwire system). Physical/paper settlement involves higher risks, inasmuch as paper instruments, certificates, and transfer forms are subject to risks electronic media are not, such as loss, theft, clerical errors, and forgery (see indirect holding system).
The U.S. securities markets experienced what became known as "the paper crunch", as settlement delays threatened to disrupt the operations of the securities markets, which led to the formation of electronic settlement via a central securities depository, specifically the Depository Trust Company (DTC), and ultimately its parent, the Depository Trust & Clearing Corporation. In the United Kingdom, the weakness of paper-based settlement was exposed by a programme of privatisation of nationalised industries in the 1980s, and the Big Bang of 1986 led to an explosion in the volume of trades, and settlement delays became significant. In the market crash of 1987, many investors sought to limit their losses by selling their securities, but found that the failure of timely settlement left them exposed.
Electronic
The electronic settlement system came about largely as a result of Clearance and Settlement Systems in the World's Securities Markets, a report in 1989 by the Washington-based think tank, the Group of Thirty. This report made nine recommendations with a view to achieving more efficient settlement. This was followed up in 2003 with a report, , with twenty recommendations.
In an electronic settlement system, electronic settlement takes place between participants. If a non-participant wishes to settle its interests, it must do so through a participant acting as a custodian. The interests of participants are recorded by credit entries in securities accounts maintained in their names by the operator of the system. It permits both quick and efficient settlement by removing the need for paperwork, and the simultaneous delivery of securities with the payment of a corresponding cash sum (called delivery versus payment, or DVP) in the agreed upon currency.
Legal significance
After the trade and before settlement, the rights of the purchaser are contractual and therefore personal. Because they are merely personal, the purchaser's rights are at risk in the event of the insolvency of the vendor. After settlement, the purchaser owns securities and his rights are proprietary. Settlement is the delivery of securities to complete trades. It involves upgrading personal rights into property rights and thus protects market participants from the risk of the default of their counterparties.
Immobilisation and dematerialisation
Immobilisation and dematerialisation are the two broad goals of electronic settlement.
Immobilisation entails the use of securities in paper form and the use of a central securities depository or more than one, which is/are electronically linked to a settlement system. Securities (either constituted by paper instruments or represented by paper certificates) are immobilised in the sense that they are held by the depository at all times. In the transition from paper-based to electronic practice, immoblisation often serves as a transitional phase prior to dematerialisation.
The Depository Trust Company in New York is the largest immobilizer of securities in the world. Euroclear Bank and Clearstream Banking SA are two examples of international immobilisation systems. Both originally settled eurobonds, but now a wide range of international securities are settled through them including many types of sovereign debt and equity securities.
Dematerialisation involves dispensing with paper instruments and certificates altogether. Dematerialised securities exist only in the form of electronic records. The legal impact of dematerialisation differs in relation to bearer and registered securities respectively.
Direct holding systems
In a direct holding system, participants hold the underlying securities directly. The settlement system does not stand in the chain of ownership, but merely serves as a conduit for communications of participants to issuers.
Settlement period
The terms T+1, T+2, etc., are a shorthand for "trade date plus one day", "trade date plus two days", etc., indicating how many business days after a security transaction occurs that the trade must be settled. Rules or customs in financial markets for securities transactions provide for this 'settlement period', which is the mandated time for official transfer of securities to the buyer's account and the cash to seller's account. The most common current settlement period for securities transactions is one business day after the day of a transaction, which is abbreviated to T+1. On settlement, the seller must produce the security's certificate and executed share transfer form in exchange for payment from the purchaser. Many countries now dispense with the requirement that a physical stock certificate be produced, a process known as dematerialization, and have adopted electronic settlement systems.
Similarly, T+2 means the previous convention of trade date plus two days, T+3 means three days, etc.
During the 1700s the Amsterdam Stock Exchange had close links with the London Stock Exchange and they would often list each other's stocks. To clear the trades, time was required for the physical stock certificate or cash to move from Amsterdam to London and back. This led to a standard settlement period of 14 days which was the time it usually took for a courier to make the journey on horseback and by ship. Most exchanges continued to use the same model over the next few hundred years.
Settlement procedures varied considerably across national stock markets. There were two main types of settlement period used by different countries, either a fixed number of days after the transaction known as fixed settlement lag or periodically on a fixed date when all transactions up to that date are settled known as fixed settlement date. In France, Italy, and, to some extent, Switzerland and Belgium, as well as some developing countries, the settlement of all transactions took place once a month on a fixed date. This
system was instituted by Napoleon. The last day of trading on which all trades are settled was called the liquidation. The liquidation took place on the seventh business day preceding the end of the calendar month.
In the United States, the New York Stock Exchange used T+1 in the 1920s, and the American Stock Exchange used T+2 prior to 1953. These settlement periods were gradually extended to T+5 by the late 1960s as brokerage firms became overwhelmed by the massive volume of securities transactions paperwork awaiting settlement.
T+3
The Black Monday (1987) stock market crash prompted a move to reduce settlement times. Settlement dates in most exchanges reduced to three days (T+3).
T+2
In 2017, the move by most stock exchanges was towards adoption of T+2 (trade date plus two days). For example, the United Kingdom adopted T+2 in October 2014 and the United States adopted T+2 in September 2017.
T+1
Indian stock exchanges planned a move to T+1 starting in 2022. The US and Canada targeted a transition to T+1 early in 2024. Canada adopted T+1 beginning on May 27, 2024, as did Argentina, Jamaica, Mexico, and the US on the following day. Chile, Colombia, and Peru are slated to move to T+1 in 2025, and ESMA recommended the EU transition to T+1 on October 11, 2027.
Operation
Under a one-day settlement rule (T+1), settlement occurs on the business day following the transaction date. Saturday, Sunday and public holidays are not market business days. For example, if a transaction occurs on a Friday, the payment or check must arrive at the broker's office by the close of business on Monday, unless a public holiday delays the settlement day.
The rationale for the delayed settlement is to give time for the seller to get documents to the settlement and for the purchaser to clear the funds required for settlement.
Application
The one-day settlement period (T+1) applies to most security transactions, including stocks, bonds, municipal securities, mutual funds traded through a brokerage firm, and limited partnerships that trade on an exchange. Two-day settlement has been the convention in the off-exchange foreign exchange market well before exchanges moved to this convention.
Government securities, stock options, and options on futures contracts settle on the next business day following the trade or T+1. Futures contracts themselves settle the day of the trade.
See also
Settlement risk
CLS Group
CREST
Failure to deliver
Regular way contracts
Securities uniform rules (United States)
Subprime mortgage crisis
T2S – being developed harmonised settlement platform in Europe
|
ZhongAn
|
[
"Financial services companies established in 2013",
"Companies based in Shanghai",
"Companies listed on the Hong Kong Stock Exchange",
"Chinese companies established in 2013",
"Online insurance companies",
"Insurance companies of China"
] | 1,194
| 10,344
|
ZhongAn Online P&C Insurance Co. Ltd. is a Chinese online-only insurance company. Founded in 2013, the company's headquarters are based in Shanghai, China. ZhongAn's chairman and executive director is Yaping Ou who is also an executive director. The company's CEO is Jin “Jeffrey” Chen but was initially co-founded by China's most notable business magnates- the chairmen of Chinese multinational conglomerates. This includes Alibaba’s Jack Ma, Tencent's Pony Ma and Ping An Insurance's Mingzhe Ma. Together, the three businessmen created the country’s first and largest insurance company to offer and sell products through the internet. There are five important areas of service that the company offers and sells; lifestyle consumption, consumer finance, health, auto and travel. In addition to insurance services, ZhongAn has established numerous subsidiaries such as ZhongAn International and ZhongAn Information and Technology Services and Co. As of January 2019, ZhongAn has a total market capitalization of HK$38.5 billion.
Markets
The insurance technology company is listed on the Hong Kong Stock Exchange under the stock code ‘6060:HK’. ZhongAn began floating on the stock exchange in September 2017 and raised US$1.5 billion on its opening day, at a valuation of US$11 billion. This made it the largest initial public offering in Hong Kong in 2017 and also the first insurance technology offering that Hong Kong had. ZhongAn's share prices increased by more than 9% on the opening day of their public trading to HK$65.20. Alvin Cheung Chi-Wai, an associate director at Prudential Brokerage in Hong Kong, said, “The main reason is not ZhongAn displaying attractive quality but the three 'horses' backing it” – in reference to the company's three original founders, as ‘Ma’ in Chinese translates to meaning ‘horse’. The day after its IPO, its share price declined by 2.7%. In China, the insurtech industry is expected to grow significantly from approximately US$37 billion in 2015 to US$174 billion in 2020. By the end of 2016, ZhongAn made up 0.9% of China's insurtech market and gained a competitive advantage by having a special digital insurance license before its competitors.
Products and services
Since ZhongAn's inception, it has up to 460 million users and has issued over 5.8 billion insurance policies. A significant proportion of its customer base (60%), are aged 20 to 35 and most consumers from this age group bought their first insurance policy through the company. ZhongAn offers a wide range of personalised products and services to its Chinese consumers.
Business
ZhongAn has a subsidiary called ZhongAn International, founded in December 2017.
In August 2018, ZhongAn created a second partnership with a Boston-based biotechnology company, Orig3n.
ZhongAn Information and Technology Services and Co., or simply known as ZhongAn Technology, is also another subsidiary that was created in November 2016. ZhongAn Technology focuses on R&D (research and development). The new subsidiary has four key areas of focus: artificial intelligence, blockchain technology, cloud computing and data driven analytics. In 2018, ZhongAn Technology announced a partnership agreement with Chinese insurance company, AXA Tianping. This partnership marked the launch of ZhongAn's SaaS platform (software-as-a-service) which aims to offer insurance companies with three key products; accessibility to medical records that come from medical institutions, online services that assist in providing compensation for insurance companies and risk management services.
Furthermore, ZhongAn also aims to expand their businesses overseas in the Japanese market through their newly formed business partnership with Sompo Japan Nipponka. As a Japanese insurance company, Sompo Holdings is one of the largest property insurance companies in the Japanese market. This partnership will aim to create an insurance service that is entirely cloud-based. ZhongAn will provide an opportunity for the Japanese company to enhance its insurance services through technology and digitalisation. As such, Sompo Japan Nipponka will directly provide ZhongAn with an opportunity to enter the international market, specifically focusing on the Asian region. ZhongAn's entry into Japan is expected to have a significant impact as opposed to Japan's insurance startups such as JustInCase. This is because demand for digitised products in insurance have increased. Overall, both companies have high hopes that their synergy will digitally transform the insurance industry by offering new, innovative products in 2019.
Founders and key individuals
Yaping Ou is the current executive chairman of ZhongAn since its inception in 2013. He was previously the chairman and executive director of property development company, Sinolink Worldwide Holdings, Ltd from 1997 to 2013. He also came 62nd on Forbes’ list of 400 richest Chinese individuals in 2005, with a net worth of US$273 million. Ou has worked in numerous investing and trading companies in both the China region and Hong Kong. ZhongAn's chairman appointed his son, Jinyu Ou, as a non-executive director to provide professional assistance to the Board. He is also part of the Investment Strategy Committee of ZhongAn. The CEO of ZhongAn is Jin “Jeffrey” Chen who was previously a vice president in China Merchants Fund Management Co Ltd from 2003 to 2005 and also in China Merchants Securities from 2002 and 2003. The company, however, was originally co-founded by Jack Ma from Alibaba, Pony Ma from Tencent Holdings and Ma Mingzhe from Ping An Insurance Group. All three entrepreneurs are also the company's largest shareholders. It is a common belief that Hong Kong's retail investors don't have much knowledge in ZhongAn's company or its business and have only invested due to the three Ma's.
|
Bobby Lowder
|
[
"1940s births",
"Living people",
"Auburn University alumni",
"American bankers",
"American chief executives of financial services companies",
"Businesspeople from Alabama",
"Philanthropists from Alabama",
"Year of birth missing (living people)"
] | 770
| 7,816
|
Robert E. Lowder (born ca. 1944 in Alabama) is a former American banking executive, and founder and former longtime CEO of the failed Colonial Bank and Colonial BancGroup, Colonial Bank's former parent company. He also served as a trustee at his alma mater Auburn University from 1983 to 2012.
Education
Lowder is an Auburn University alumnus, graduating with a B.S. in Business Administration in 1964. While at Auburn he was a member of the Army ROTC and the Sigma Pi fraternity.
Banking career
Lowder was Chairman of the Board and CEO of Colonial BancGroup, positions he held for 25 years. In 2006, his total compensation was $2.77 million and his five-year compensation total was $11.23 million, making him one of the 50 most highly compensated banking executives in the United States at that time. He retired from Colonial Bank on May 28, 2009, but remained on the Board of Trustees at Auburn University.
Colonial BancGroup was reported to be under Federal investigation for possible criminal activities of its financial dealings in its mortgage subsidiary in August, 2009, and on August 14, 2009, Colonial Bank was shut down by banking regulators, with its deposits and branches purchased by BB&T.
Auburn University Board of Trustees
Lowder began serving on the Auburn University Board of Trustees in 1983. In 2001, the Board of Trustees at Auburn summarily dismissed President William Muse, inspiring anger and votes of no confidence in Board members. The widespread belief on campus was that Lowder exerted tight private control over the Board, and thus over the ostensibly public university, using his clout to place some of his close friends in positions of power.
Lowder has long been regarded as one of the nation's most powerful college boosters and power-behind-the-scenes trustees at Auburn. In 2003, when then-University President William F. Walker and athletic director David Housel secretly spoke with University of Louisville football coach Bobby Petrino about taking over Auburn University football coach Tommy Tuberville's job, it was Lowder's private jet which they flew to Louisville.
In the Spring of 2011, Alabama Governor Robert J. Bentley was the decisive vote on the five member nominating committee, which chose to re-appoint Lowder for another twelve-year term on the Board. Some claims suggest the Governor voted in favor of Lowder due to his wife's donation of $25,000 to the Bentley campaign on September 21, 2010. Following this vote, a former alumni association president, Andy Hornsby, filed a civil lawsuit in Lee County Circuit Court, claiming that the appointment violated the state's Open Meetings Act. Just a few days later, on May 16, 2011, Lowder contacted the Governor's Office asking his name be withdrawn from consideration for reappointment.
Lowder's tenure on the Auburn University Board of Trustees ended on April 10, 2012, when the Alabama state senate voted to replace five of the fourteen members. Lowder's successor on the board, M. Clark Sahlie, was elected to a seven-year term.
|
Pakistan Oilfields Limited
|
[
"Energy companies established in 1950",
"Non-renewable resource companies established in 1950",
"Pakistani companies established in 1950",
"1970s initial public offerings",
"Companies listed on the Pakistan Stock Exchange",
"Companies in the KSE 100 Index",
"Companies based in Rawalpindi",
"Oil and gas companies of Pakistan",
"Natural gas pipelines in Pakistan",
"Pakistani subsidiaries of foreign companies"
] | 615
| 5,403
|
The Pakistan Oilfields Limited is a Pakistani oil and gas exploration company which is a subsidiary of UK-domiciled Attock Oil Company. It is based in Rawalpindi, Punjab Province, Pakistan.
In 1978, Pakistan Oilfields took over the exploration and production business of Attock Oil Company. Since then, it has been investing independently. Pakistan Oilfields is a leading oil and gas exploration and production company listed on Pakistan Stock Exchange.
History
Pakistan Oilflelds Limited was incorporated on 25 November 1950.
In 1978, the POL was horizontically integration and took over the exploration and production business of Attock Oil Company. Since then, POL has been investing independently and in joint venture with various exploration and production companies for the search of oil and gas in the country. In addition to exploration and production of oil and gas, POL also manufactures Liquefied petroleum gas (LPG), Solvent Oil and Sulphur. POL markets LPG under its own brand named POLGAS as well as through its subsidiary CAPGAS Limited. POL also operates a network of pipelines for transportation of its own as well as other companies' crude oil to Attock Refinery Limited.
In October 2002, the Government of Pakistan sold its 34.76 percent stake in Pakistan Oilfields to general public for PKR 180 per share.
In 2005, Paksitan Oilfields acquired a 25 percent share in National Refinery Limited, which is the only refining complex in the country producing fuel products as well as lube base oils.
See also
Attock Group of Companies
|
Douglas McGregor
|
[
"American business theorists",
"Motivation theorists",
"1906 births",
"1964 deaths",
"Academic staff of the Indian Institute of Management Calcutta",
"Harvard University alumni",
"Wayne State University alumni",
"MIT Sloan School of Management faculty",
"American public administration scholars",
"20th-century American economists",
"Antioch College",
"Management scientists",
"Presidents of Antioch College",
"20th-century American academics",
"Academics from Detroit"
] | 1,449
| 13,342
|
Douglas Murray McGregor (September 6, 1906 – October 1, 1964) was an American management professor at the MIT Sloan School of Management and president of Antioch College from 1948 to 1954. He also taught at the Indian Institute of Management Calcutta. His 1960 book The Human Side of Enterprise had a profound influence on education practices.
McGregor was a student of Abraham Maslow. He has contributed much to the development of the management and motivational theory, and is best known for his Theory X and Theory Y as presented in his book 'The Human Side of Enterprise' (1960), which proposed that manager's individual assumptions about human nature and behavior determined how individual manages their employees.
Early life and education
McGregor was born in Detroit, Michigan on September 6, 1906, to Murray James and Jessie Adelia McGregor. When he was young he volunteered in homeless shelters, played piano, and sang. When McGregor was in high school, he worked for his family business, the McGregor Institute. The McGregor Institute, first known as the Mission for Homeless Men, served the Detroit homeless population with spiritual and career services. McGregor's uncle, his father Murray's brother, is Detroit philanthropist Tracy W. McGregor.
He earned a B.E. (Mechanical) from Rangoon Institute of Technology, a BA from Wayne State University in 1932, then earned an MA and PhD in psychology from Harvard University in 1933 and 1935 respectively. McGregor originally dropped out of Wayne State to work as a gas station attendant in Buffalo, New York, and was a regional manager by 1930, though he later returned to school. When the McGregor Institute was given a grant by the Detroit Department of Public Works, McGregor returned to Wayne State to finish his degree in 1932.
Career
After teaching at Harvard University and then MIT, where he was one of the first professors in the Sloan School of Management, he served as president of Antioch College Ohio, now known as Antioch University Midwest, from 1948 to 1954. In 1954, McGregor returned to teaching at MIT, where he taught until his death in 1964.
He later served as a member of the Antioch College Ohio Board of Trustees.
The Human Side of Enterprise
In the book The Human Side of Enterprise, McGregor identified an approach of creating an environment within which employees are motivated via authoritative direction and control or integration and self-control, which he called theory X and theory Y, respectively. Having an attitude that workers generally lack motivation, enjoyment, and responsibility in their work is a manager that subscribes to Theory X. Having an attitude that workers are content, motivated, and long for responsibility is manager that subscribes to Theory Y. He is responsible for breaking down previous management styles with The X and Y Theory which created a new role for managers to assume. Theory Y is the practical application of Dr. Abraham Maslow's Humanistic School of Psychology, or Third Force psychology, applied to scientific management. He is commonly thought of as being a proponent of Theory Y, but, as Edgar Schein tells in his introduction to McGregor's subsequent, posthumous (1967), book The Professional Manager: "In my own contacts with Doug, I often found him to be discouraged by the degree to which theory Y had become as monolithic a set of principles as those of Theory X, the over-generalization which Doug was fighting....Yet few readers were willing to acknowledge that the content of Doug's book made such a neutral point or that Doug's own presentation of his point of view was that coldly scientific".
Graham Cleverley in Managers & Magic (Longman's, 1971) comments: "...he coined the two terms Theory X and theory Y and used them to label two sets of beliefs a manager might hold about the origins of human behaviour. He pointed out that the manager's own behaviour would be largely determined by the particular beliefs that he subscribed to....McGregor hoped that his book would lead managers to investigate the two sets of beliefs, invent others, test out the assumptions underlying them, and develop managerial strategies that made sense in terms of those tested views of reality.
"But that isn't what happened. Instead McGregor was interpreted as advocating Theory Y as a new and superior ethic – a set of moral values that ought to replace the values managers usually accept."
The Human Side of Enterprise was voted the fourth most influential management book of the 20th century in a poll of the Fellows of the Academy of Management.
Research interests
McGregor's research focused on managerial leadership and the ways in which employees are affected by the management styles of their superiors. His 1960 book The Human Side of Enterprise focused on theory X and theory Y approaches to leadership. His 1967 book The Professional Manager built upon the ideas presented in his first book, along with providing behavioral, social, and psychological aspects implications of the previous ideas.
Personal life
He got married at age 19. McGregor was very close to Abraham Maslow. In class, he had a very relaxed teaching style which led his students to enjoy his classes. He would often put his feet up on the desk and lecture at the same time. In 1964, McGregor died at the age of 58 in Massachusetts.
Legacy
Since the mid-1950s, Procter & Gamble used Theory X and Theory Y to set up plants in Augusta, Georgia, even hiring McGregor to help. Warren Bennis, leadership expert, researcher, author, and educator, said of McGregor, "Just as every economist, knowingly or not, pays his dues to Keynes, we are all, one way or another, disciples of McGregor."
In 1964, the School of Adult and Experiential Learning at Antioch College was renamed the "McGregor School" in his honor. It was later renamed "Antioch University McGregor" and then "Antioch University Midwest." The Douglas McGregor Memorial Award was founded in 1966 in McGregor's honor to recognize a leading paper published in The Journal of Applied Behavioral Science.
See also
Maintenance actions
Notes and references
|
Sunbeam Products
|
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"Companies based in Boca Raton, Florida",
"Companies that filed for Chapter 11 bankruptcy in 2001",
"Cooking appliance brands",
"Electronics companies established in 1910",
"Home appliance brands",
"Home appliance manufacturers of the United States",
"Manufacturing companies based in Florida",
"Newell Brands"
] | 1,745
| 18,682
|
Sunbeam Products is an American company founded in 1897 that has produced electric home appliances under the Sunbeam name since 1910. Its products have included the Mixmaster mixer, the Sunbeam CG waffle iron, Coffeemaster (1938–1964) and the fully automatic T20 toaster.
The company has endured a long history of struggles, including in 2001, when it filed for bankruptcy and was also found to have committed massive accounting fraud, for which it was subject to SEC investigation. In 2002, Sunbeam emerged from bankruptcy as American Household, Inc. (AHI). Sunbeam was owned by Jarden Consumer Solutions after Jarden's acquisition in 2004, which was itself later purchased by Newell Rubbermaid (now Newell Brands).
History
Early history
In 1897 John K. Stewart and Thomas J. Clark incorporated their Chicago Flexible Shaft Company, which made horse trimming and sheep shearing machinery. In 1910 the company produced its first Sunbeam branded household appliance, the Princess Electric Iron (with an option to buy a fireproof metal storage box). The name "Sunbeam" came from a company wide contest to rebrand its growing home appliance business. Edwin J. Gallagher (1897–1983), a buyer and traffic manager for the company, won the contest and received a check for $1,000. The company did not officially change its corporate name to Sunbeam until 1946.
In 1928, the company's head designer, Swedish immigrant Ivar Jepson, alongside Bernard Alton Graham, invented the Mixmaster mixer. Introduced in 1930, it was the first mechanical mixer with two detachable beaters whose blades interlocked. Several attachments were available for the Mixmaster, including a juice extractor, drink mixer, meat grinderfood chopper, and slicershredder. Other accessories include: dough hooks, blender, meat mincer, fine and coarse graters and came with 2 bowl sizes. The bowls rotated, sitting atop a free-running turntable and being driven by the 'edge' beater via a plastic cupped washer on the tip of the beater using friction drive against the sharply sloping side of the bowls near the bottoms. The mixer simply unclips from the base stand so it could be used as a hand mixer too. The Mixmaster became the company's flagship product for the next forty years, but the brand also became known for the designs, mainly by Robert Davol Budlong, of electric toasters, coffee makers, and electric shavers, among other appliances.
The Mixmaster universe, a cosmological model of the early universe, was named after the Mixmaster product.
Growth
Sunbeam acquired Rain King Sprinkler Company producing a popular lawn sprinkler line of the 1950s and 1960s. Meanwhile, Sunbeam continued to expand outside of Chicago. By the end of the 1970s, as the leading American manufacturer of small appliances, Sunbeam enjoyed about $1.3 billion in annual sales and employed nearly 30,000 people worldwide. The John Oster Manufacturing Company was acquired in 1960 by Sunbeam Corporation. In 1981, after Sunbeam was bought by Allegheny International Inc. of Pittsburgh, most of the Chicago-area factories were closed and the headquarters moved to downtown Pittsburgh. Under Allegheny International's ownership Sunbeam became the world's largest maker of small appliances through much of the 1980s. Allegheny International moved its headquarters into a 32-floor signature skyscraper in Pittsburgh. During this time the companies Allegheny controlled included John Zink Company (manufactured air pollution control devices) and Hanson Scale (manufactured bathroom scales and other balance machines).
Allegheny's four principal divisions, including Sunbeam, went into decline during the late-1980s. Because Sunbeam-Oster was one of the most important divisions, responsible for nearly half of all sales, stockholders became very concerned about the leadership of the company. In 1986, stockholders accused the Chairman and CEO, Robert Buckley, of misappropriating funds. Buckley's successor, Oliver Travers, downsized the company considerably and, by 1988, it was essentially just Sunbeam and Oster. The decline continued, worsened by the stock market crash of October 1987, and Allegheny filed for Chapter 11 bankruptcy. In the fall of 1989, an investment group called Japonica Partners purchased the remains of Allegheny for $250 million ($ million today) in a hostile takeover. The company was renamed Sunbeam-Oster Company, Inc. The business was then divided into four divisions: Outdoor Products, Household Products, Specialty Products, and International Sales. The company headquarters were moved again, from Pittsburgh to Providence, Rhode Island, and then, finally, to Fort Lauderdale, Florida. By late 1991, Sunbeam-Oster's sales had increased by seven percent, enabling it to make the Fortune 500 list.
Fraud investigation and bankruptcy
In 1996, Albert J. Dunlap was recruited to be CEO and chairman of Sunbeam-Oster. Dunlap quickly announced that he would lay off half of Sunbeam-Oster’s work force among other measures. In 1997, Sunbeam reported massive increases in sales for its various backyard and kitchen items. Dunlap purchased controlling interest in Coleman and Signature Brands (acquiring Mr. Coffee and First Alert) during this time. Stock soared to $52 a share. However, industry insiders were suspicious. The sudden surge in demand for barbecues did not hold up under scrutiny. An internal investigation revealed that Sunbeam was in severe crisis, and that Dunlap had encouraged violations of accepted accounting rules. Dunlap was fired, and under CEO Jerry W. Levin, the company filed for Chapter 11 bankruptcy protection in 2001.
Soon after Sunbeam filed for bankruptcy, the U.S. Securities and Exchange Commission (SEC) sued Dunlap and four other Sunbeam executives, alleging that they had engineered a massive accounting fraud. The SEC said $60 million of Sunbeam's supposed record $189 million earnings for 1997 were the result of fraudulent accounting. It also said that Dunlap had falsely created the impression of massive losses in 1996 to make it look as if Sunbeam made a dramatic turnaround the next year. Along with Dunlap and several other officers, the SEC sued Phillip Harlow at Sunbeam's accounting firm, Arthur Andersen. Dunlap was ultimately banned from serving again as an officer or director of a public company.
Post-SEC investigation
In 2002, Sunbeam emerged from bankruptcy as American Household, Inc. (AHI), a privately held company. Its former household products division became the subsidiary Sunbeam Products, Inc.
AHI was purchased in September 2004 by the Jarden Corporation, of which it was a subsidiary.
Jarden continued to grow its brands, purchasing the Holmes Group in 2005, K2 in 2007, and Mapa Spontex in 2009. More recently, Jarden purchased Aero International and Quickie Manufacturing. As of 2015, Sunbeam batteries were made in China and imported into the United States by Greenbrier International and into Canada by DTSC Imports for Dollar Tree stores. Jarden Corporation was purchased by Newell Rubbermaid to form Newell Brands in 2016.
See also
Conair Corporation
Sunbeam Corporation Limited (Australian Brand)
|
Lant Pritchett
|
[
"1959 births",
"Economists from Idaho",
"Brigham Young University alumni",
"Harvard Kennedy School faculty",
"Living people",
"MIT School of Humanities, Arts, and Social Sciences alumni",
"American Mormon missionaries in Argentina",
"People from Boise, Idaho",
"Latter Day Saints from Massachusetts",
"20th-century Mormon missionaries",
"Education economists",
"Latter Day Saints from Idaho",
"Center for Global Development",
"20th-century American economists",
"21st-century American economists",
"Migration economists"
] | 1,744
| 15,477
|
Lant Pritchett (born 1959) is an American development economist. He was the RISE Research Director at the Blavatnik School of Government, University of Oxford until March 2023 and is now a Visiting Professor of Practice at the School of Public Policy at the London School of Economics and is the co-founder and Research Director at Labor Mobility Partnerships (LaMP).
Early life and education
He was born in Utah in 1959 and raised in Boise, Idaho. He graduated from Brigham Young University in 1983 with a B.S. in economics, after serving a mission for the Church of Jesus Christ of Latter-day Saints in Argentina (1978–1980). He graduated from the Massachusetts Institute of Technology in 1988 with a PhD in economics.
Career
Pritchett's career spans academia, policy advisory roles, and international development research. He has held faculty positions at leading universities and worked with international organizations such as the World Bank and other policy institutions. His research focuses on economic development, education, and migration, contributing significantly to global policy discussions.
The World Bank
He worked for the World Bank from 1988 to 2000 and from 2004 to 2007. While working for the World Bank he lived in Indonesia from 1998 to 2000 and in India from 2004 to 2007. He was part of the teams that produced a number of World Development Reports, including the 1994 report on Infrastructure, and the 2004 report Making Services Work. In 1998 he co-authored with David Dollar the report Assessing Aid, which was an important impetus behind the creation of the Millennium Challenge Corporation. He was a contributor to the first Copenhagen Consensus. In 1991 he said that he wrote the controversial Summers memo that supposedly advocated the exportation of polluting industries to poor countries, for which Summers was receiving widespread criticism.
Academic Appointments
From 2000 to 2004, on leave from the World Bank, he was a lecturer in public policy at the John F. Kennedy School of Government at Harvard University and then returned to the World Bank until 2007. After his tenure at the World Bank, Pritchett transitioned to academia. He became a professor of the Practice of International Development at the Kennedy School of Government, Harvard University from 2007 to 2019, where he taught courses on economic development and public policy and was Faculty Chair of the MPA/ID program. He has also held visiting or affiliate positions at institutions such as the Blavatnik School of Government at the University of Oxford, the London School of Economics, and the Center for Global Development.
Contributions and advocacy
In 2006 he published his first monograph Let Their People Come: Breaking the Gridlock on Global Labor Mobility (Center for Global Development, pub). The book references research that Pritchett did with Michael Clemens and others at the CGD on the place premium, income per natural, and other related concepts. He argues that the most effective way the developed world can help impoverished countries is to allow increased numbers of low skilled laborers to immigrate as guest workers. He describes what he sees as an immoral cycle of using ever more sophisticated technology to reduce labor while billions of willing workers live in extreme poverty.
His proposal to monitor global poverty with a low and high poverty line has been adopted by some organizations including Our World in Data.
Advisory Roles
Pritchett has served as an advisor to numerous international development organizations, including the Effective States and Inclusive Development Research Centre and the RISE Programme (Research on Improving Systems of Education). His advisory work often focuses on improving the design and implementation of public policies in education, migration, and governance.
Research Contributions
Basic education
Pritchett has been a critic of education systems in many developing countries, arguing that "schooling" has often failed to translate into meaningful "learning." In his book The Rebirth of Education: Schooling Ain’t Learning (2013), he examines the gap between educational access and learning outcomes, emphasizing the need for systemic reforms to address this disconnect.
Labor migration
Pritchett has explored the economic and social impacts of migration, particularly the role of labor mobility in reducing global poverty. He has highlighted the potential for migration to address labor market imbalances between high- and low-income countries, while also raising awareness of the challenges associated with migration policies and is currently the Research Director of Labor Mobility Partnerships (LaMP).
State capacity and institutional performance
Pritchett's research on state capability examines the ability of governments to effectively implement policies and deliver services. He co-authored Building State Capability: Evidence, Analysis, Action (2017), which presents a framework for improving governance in developing countries. His concept of "isomorphic mimicry" describes how some governments adopt the appearance of effective institutions without achieving their intended functions, which can undermine development efforts.
Selected publications
Pritchett has authored and co-authored numerous books, academic articles, and policy papers. Some of his notable works include:
The Rebirth of Education: Schooling Ain’t Learning (2013)
Building State Capability: Evidence, Analysis, Action (2017)
Divergence, Big Time which examines the growing economic disparities between countries over time.
His academic publications have appeared in leading journals on economics and development studies.
Engagement with global development
Pritchett is an active participant in global development discussions and has contributed to several international forums. He has delivered lectures at academic conferences, policy workshops, and public events, focusing on topics such as education reform, governance, and migration.
Critiques and influence
Pritchett's work has been influential in shaping policy debates on education, migration, and governance. However, some of his ideas, particularly on migration and institutional reform, have faced critique for their feasibility in politically constrained environments. Despite this, his contributions remain significant in framing development challenges and proposing evidence-based approaches to address them.
Pritchett test
Pritchett recently proposed a four-part "smell test" for pro-development policies. The 'test' isn't a pure post-hoc impact assessment, but specifically addresses whether a pro-development policy should be implemented or changed at all. Notable growth economist Paul Romer summarizes the four criteria, using X as the variable targeted by policy:
In a cross-sectional comparison of levels, do countries that are more developed have more X?
In cross-sectional comparison of growth rates, do countries that have rapid growth in X also tend to experience a rapid increase in standards of living?
When we look at the few countries for which we have long historical records, do the ones that become much more developed also acquire much more X?
If we look for countries that switch from a regime of slow economic development to a regime of rapid development, do we see a parallel shift in the rate of growth of change in X?
Pritchett uses this four-part test to critique the relevance and usefulness of the current trend in development economics of using randomized controlled trials.
|
Mozy
|
[
"Cloud storage",
"Online backup services",
"Web hosting",
"Computer companies established in 2005",
"File hosting for macOS",
"File hosting for Windows",
"2018 mergers and acquisitions",
"2007 mergers and acquisitions",
"2005 establishments in Washington (state)",
"2016 mergers and acquisitions",
"Computer companies disestablished in 2019",
"American companies established in 2005",
"American companies disestablished in 2019"
] | 1,197
| 13,063
|
Mozy () was an online backup service for both Windows and macOS users. Linux support was made available in Q3, 2014. In 2007 Mozy was acquired by EMC, and in 2013 Mozy was included in the EMC Backup Recovery Systems division's product list.
On September 7, 2016, Dell Inc. acquired EMC Corporation to form Dell Technologies, restructuring the original Dell Inc. as a subsidiary of Dell Technologies. On March 19, 2018, Carbonite acquired Mozy from Dell for $148.5 million in cash and in 2019 shut down the service, incorporating Mozy's clients into its own online backup service programs.
Mozy (originally named Berkeley Data Systems) was created in 2005 by Josh Coates in American Fork, Utah, applying insights gained from his previous venture, Scale Eight.
In October 2007, EMC acquired Berkeley Data Systems, along with the Mozy product line for $76 million.
Mozy was headquartered in Seattle, Washington, though the majority of its employees were in its Pleasant Grove, Utah, offices.
On September 7, 2016, Dell Inc. acquired EMC Corporation to form Dell Technologies, restructuring the original company as a subsidiary of Dell Technologies. On March 19, 2018, Dell sold Mozy to Carbonite in a $145.8 million cash deal. Carbonite announced plans to shut the service down as an independent entity in 2019, shifting Mozy's clients to its own online backup program.
Mozy produced three products: MozyHome, MozyPro, and MozyEnterprise.
MozyHome was the consumer version of the Mozy backup service, bought on a monthly subscription or on various other plans. In January 2012 Mozy opened the public beta of its cloud storage / synchronization feature called Mozy Stash, for free. MozyHome previously offered users an unlimited amount of storage space. In February 2011 they closed the unlimited service and began charging according to how much space was used.
MozyPro was the business version of the Mozy backup service. Originally launched in 2007, MozyPro pricing was updated in 2012 for businesses to back up any number of computers for one price. For server backup, a business purchased the Server Pass for an additional monthly charge and backed up as many servers as they liked.
MozyEnterprise was for larger organizations and included support for Active Directory, user groups (in a company), and more administrator control over user rights. For Mozy administrators, the company detailed its keyless activation and pooled storage features in a 2013 EMC blog post. Mozy had more than 800 enterprise customers.
With all Mozy products, after the initial backup, Mozy only backed up new or changed portions of files. Backups could take place whenever the computer was not in use, either automatically or at scheduled times. All user data was encrypted locally with strong encryption prior to transfer via a 128-bit SSL connection. Users could choose a managed encryption key or a personal key for added security. Mozy's security did not let end-users shortcut the data deletion process. Mozy is both SSAE 16 Type 2 and ISO 27001 certified.
In May 2010, Mozy launched MozyHome 2.0 and MozyPro 2.0, adding support for local backup, increased performance and a new user interface for consumers and small businesses.
In December 2013, Mozy received the runner-up "Backup and Recovery/Archive Product of the Year" and "Cloud Storage Product of the Year" awards from SVC Awards, with Barracuda Message Archiver by Barracuda Networks and Cloud Disaster Recovery Service by EVault products in front.
Early in 2018, Mozy was acquired by their largest competitor, Carbonite Inc.
Restore
In 2011, Mozy launched "restore manager" - a software tool to simplify the process of retrieving files from the Mozy cloud. It is also possible to restore through the Mozy client, in the Windows file tree, or by ordering an external drive from Mozy. Users can restore either the last version of any file backed up or any previous iteration backed up in the preceding thirty days or ninety days depending on the product.
Reception
Mozy software was listed by many popular websites including FileHippo, FileHurry, and Softpedia. All have high user ratings and a good responses by users.
See also
EMC Corporation
List of online backup services
Comparison of online backup services
Remote backup service
List of backup software
|
Neobanks in Europe
|
[
"Banks of Europe",
"Neobanks",
"Banking"
] | 1,070
| 11,411
|
The development of neobanks in Europe is a trend in the European financial landscape beginning in the 2010s. Neobanks are a type of digital-only bank that offer financial services primarily through mobile and web applications, with little or no reliance on physical branches. The trend was driven by advancements in technology, changing consumer preferences, and supportive regulatory frameworks. Neobanks provide a range of services, including personal accounts, loans, and payment services, with a focus on user-friendly interfaces, low fees, and innovative features.
In 2024, as a part of Instant Payments Regulation, European authorities made a significant step to level the regulatory field for neobanks. Before that, many neobanks who didn't have a bank status (like EMIs or other non-bank financial institutions) couldn't access central bank-operated payment systems like TARGET. TARGET Services are essential to many money-transferring operations. With this new regulation, non-bank payment service providers (PSP) meeting certain requirements can connect to these systems. The initiative should help neobanks and fintechs to provide instant credit transfers in euros and compete with traditional banks.
Growth of Neobanks in Europe
The neobank industry in Europe has experienced rapid growth in the 2010s, with several new companies entering the market and attracting millions of customers. Key factors of their growth include:
Technology advancements: The widespread adoption of smartphones and high-speed internet has made it easier for consumers to access banking services through digital channels, paving the way for the rise of neobanks.
Changing consumer preferences: As consumers increasingly demand personalized, user-friendly experiences, neobanks have capitalized on this trend by offering innovative financial products and services tailored to the digital age.
Supportive regulatory environment: The European Union's Revised Payment Services Directive (PSD2) has facilitated the entry of non-traditional financial players, such as neobanks, into the market by enabling third-party providers to access customer account data from traditional banks with customer consent. This has allowed neobanks to develop innovative solutions and compete with established banks.
Some European neobanks
Revolut (United Kingdom) launched in 2015 is Europe's largest neobank with 50 million customers worldwide, offering services such as personal accounts with local IBANs, debit cards, currency exchange, and investment products.
T-Bank (Russia) launched in 2006, it is the second largest neobank in the world by number of clients and the largest in Europe, with more than 26 million clients and offering a full range of banking services.
Monobank launched in 2017 and serves more than 8 million customers in Ukraine.
N26 is a German neobank that has expanded its operations across Europe with a focus on Europe.
Monese is a London-based fintech which secured 35M from HSBC in 2022.
bunq (the Netherlands) was founded in 2012 and is currently operating in more than 15 European countries, offering services such as personal accounts, debit cards, joint accounts, currency exchange, and savings accounts. Bunq is Europe's second largest neobank with 9 million customers.
Wise (company) (United Kingdom) is a foreign exchange financial technology company.
Vivid Money is a Germany-based neobank. It was launched with support from solarisBank and Visa. In 2024, Vivid decided to stop onboarding new customers via solaris. In the same year, Vivid acquired Luxembourg-based fintech Joompay, taking over company's license.
Qonto is a French neobank that specialises in freelancers and Small and medium-sized enterprises (SMEs) and operates in France, Germany and Spain.
Finom is a digital business banking services provider based in the Netherlands. This challenger bank offers bank accounts to companies registered in Germany, France, Spain, Belgium, Italy and the Netherlands.
|
Lee Shau-kee
|
[
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"2025 deaths",
"Cantonese people",
"Bank of East Asia",
"Billionaires from Guangdong",
"Businesspeople from Guangdong",
"Henderson Land Development",
"Hong Kong Affairs Advisors",
"Hong Kong bankers",
"Hong Kong billionaires",
"Hong Kong Buddhists",
"Hong Kong chief executives",
"Hong Kong hoteliers",
"Hong Kong investors",
"Hong Kong people of Shun Tak descent",
"Hong Kong philanthropists",
"Hong Kong businesspeople in real estate",
"Members of the Election Committee of Hong Kong, 1998–2000",
"Members of the Election Committee of Hong Kong, 2000–2005",
"Members of the Election Committee of Hong Kong, 2007–2012",
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"Members of the Election Committee of Hong Kong, 2017–2021",
"Members of the Preparatory Committee for the Hong Kong Special Administrative Region",
"Members of the Selection Committee of Hong Kong",
"People from Foshan",
"Recipients of the Grand Bauhinia Medal",
"Sun Hung Kai Properties people"
] | 1,026
| 9,984
|
Lee Shau-kee (; 20 February 1928 – 17 March 2025) was a Hong Kong business magnate, investor and philanthropist. He was a real estate tycoon and majority owner of Henderson Land Development, a property conglomerate with interests in property, hotels, restaurants and internet services in Hong Kong and other countries. In 2019, aged 91, Lee stepped down as chairman and managing director of the company, in favour of two of his sons, Peter and Martin Lee. He retained a role as an executive director.
His personal wealth was estimated by Bloomberg Billionaires Index to be US$23.2 billion at the time of his death, making him the second wealthiest man in Hong Kong (behind Li Ka-shing), and the 89th richest in the world. Before the handover of Hong Kong in 1997, he was the fourth-richest person in the world.
Philanthropy
Lee was one of the main sponsors of the HKICC Lee Shau Kee School of Creativity, having donated more than HK$20 million through the Lee Shau Kee Foundation.
In 2007, he donated HK$500 million to the University of Hong Kong and HK$400 million to the Hong Kong University of Science and Technology.
In 2015, Lee donated a site in Yuen Long to charity organisation Po Leung Kuk for it to develop Hong Kong's biggest youth hostel. Lee announced that the units would be leased to young people between the ages of 18 and 30 at half the market rate.
Other than public philanthropy, Lee had given his Henderson Land staff cash gifts to celebrate the birth of four of his grandchildren, in amounts totalling HK$60 million over a nine-year period.
In May 2018, Lee donated HK$100 million to Hang Seng Management College supporting its strategic development.
Founder, ex-Chairman and managing director, of Henderson Land Development
ex-Chairman of Hong Kong and China Gas
ex-Chairman of Miramar Hotel and Investment
Vice-Chairman and independent non-executive director of Sun Hung Kai Properties
Member of board of directors of Hong Kong Ferry (Holdings) and the Bank of East Asia
Named as part of Peter Storrie's consortium to buy Portsmouth Football Club
Personal life and death
Lee had five children, including elder son Peter Lee Ka-kit and younger son Martin Lee Ka-shing, and eight grandchildren.
Lee died on the evening of 17 March 2025, at the age of 97.
See also
List of billionaires
List of Chinese by net worth
|
GovPay
|
[
"2025 establishments in Sri Lanka",
"Government of Sri Lanka",
"Financial services in Sri Lanka",
"Payment systems",
"Electronic funds transfer"
] | 1,756
| 17,378
|
GovPay is a digital payment platform launched by the Government of Sri Lanka to streamline and modernise payment processes for government services. Officially introduced on 7 February 2025, under the patronage of President Anura Kumara Dissanayake, GovPay represents a significant step toward the digitalization of public services in Sri Lanka. The initiative, spearheaded by the Information and Communication Technology Agency (ICTA) in collaboration with LankaPay, the Ministry of Digital Economy, and the Central Bank of Sri Lanka, aims to enhance efficiency, transparency, and accessibility in citizen-government financial interactions. The platform serves as a centralised "Citizen's One Stop Shop" for online payments, catering to individuals and businesses.
Background
Sri Lanka's transition to digital public infrastructure has been driven by the need to address inefficiencies in traditional cash-based transactions and handwritten receipt systems prevalent in government institutions. The 2023 budget proposal mandated the shift of all government payments and collections to electronic platforms, aligning with global trends toward digital governance. GovPay was developed to reduce fraud, improve revenue collection, and provide a secure and efficient payment channel. The platform integrates with fintech applications and online banking systems, enabling seamless transactions for citizens.
The initiative reflects Sri Lanka's broader digital transformation strategy, which includes projects like eBMD and the expansion of the President's Fund, launched concurrently with GovPay. The Ministry of Digital Economy has emphasised that cash-based transactions cost approximately 1.5% of the country's annual Gross Domestic Product (GDP), underscoring the economic rationale for digital payment adoption.
Development and launch
GovPay was developed through a collaborative effort involving ICTA, LankaPay, the Ministry of Digital Economy, and the Central Bank of Sri Lanka. The platform's development was supported by two key regulatory circulars issued by the Central Bank in 2025:
Payment and Settlement Systems Circular No. 01 of 2025: Imposes a maximum per-transaction fee for payments processed through GovPay to ensure affordability.
Payment and Settlement Systems Circular No. 02 of 2025: Provides guidelines for the operational framework of digital payment systems.
The platform was officially launched on 7 February 2025, with an initial integration of 16 government institutions. An additional 30 institutions are planned to join in two subsequent phases, with full implementation targeted for April 2025. At launch, 12 state and private banks were integrated into the platform, enabling payments through mobile banking apps and internet banking.
A workshop organised by ICTA prior to the launch trained stakeholders on the platform's functionality, ensuring readiness among government institutions and financial partners. The phased rollout was designed to create a seamless, user-centric experience, with a focus on accessibility and cybersecurity.
Features and functionality
GovPay serves as a centralised digital payment gateway for government services, allowing citizens to make payments via fintech applications, online banking platforms listed in the GovPay website (). Key features include:
Centralised Payment System: Acts as a single platform for payments across multiple government institutions.
Integration with Financial Institutions: Supports transactions through 12 state and private banks, with plans to expand further.
Accessibility: Enables payments through mobile apps and online banking, reducing the need for physical visits to government offices or post offices.
Security and Transparency: Designed to minimise fraud and enhance accountability in revenue collection.
Phased Implementation: Initially covers 16 institutions, with plans to include 46 by April 2025.
One of the flagship applications of GovPay is the online payment of traffic fines, launched as a pilot project in April 2025 in collaboration with the Sri Lanka Police.
Pilot projects and applications
Traffic fine payments
In April 2025, GovPay partnered with the Sri Lanka Police to launch a pilot project for the online payment of traffic fines. This initiative allows motorists to pay fines instantly via mobile banking apps or internet banking, often at the roadside, eliminating the need for post office visits or physical interactions with police stations. The system has been praised for its convenience and has been supported by awareness programs to promote adoption.
Expressway toll payments
Another pilot project introduced in 2025 allows expressway toll payments via credit card through GovPay, aiming to bring cash stored in informal economies into circulation. This initiative supports Sri Lanka's efforts to formalise financial transactions and enhance economic transparency.
Impact and reception
GovPay has been recognised as a transformative step in Sri Lanka's digital governance journey, aligning with global trends toward digital public infrastructure. By reducing reliance on cash transactions, the platform addresses inefficiencies and enhances transparency in revenue collection.
The initiative has faced criticism from the United Postal Trade Unions Federation (UPTUF), which claims that GovPay has caused significant revenue losses for the Sri Lanka Post due to reduced transaction fees from post office-based payments. Despite this, the Ministry of Digital Economy and ICTA have emphasised the long-term benefits of digitalization.
Public reception has been largely positive, particularly for the traffic fine payment system, which has simplified a previously cumbersome process. Awareness programs have further promoted adoption among citizens.
Challenges and considerations
The success of GovPay depends on addressing several challenges:
Cybersecurity: Ensuring the platform's security against potential cyber threats is critical to maintaining public trust.
Public Trust: Widespread adoption requires educating citizens about the benefits and safety of digital payments, particularly in rural areas.
Regulatory Compliance: Adherence to Central Bank guidelines and international standards for digital payments is essential.
Infrastructure: Reliable internet connectivity and smartphone penetration are necessary for equitable access to the platform.
Analysts have noted that GovPay's implementation amidst Sri Lanka's economic challenges highlights its potential as a digital leap forward, provided these complexities are navigated effectively.
Future plans
The Ministry of Digital Economy aims to unify all government institutions under GovPay, creating a fully integrated digital payment ecosystem. The platform's phased expansion will continue through 2025, with the goal of incorporating 46 institutions by April. Future enhancements may include additional payment methods, such as credit card support for a wider range of services, and integration with emerging fintech solutions.
GovPay is expected to serve as a model for other digital governance initiatives in Sri Lanka, supporting the country's ambition to become a digitally inclusive nation. The platform's success could pave the way for innovations such as biometric authentication and advanced data analytics for government transactions.
|
Oscar G. Mayer Jr.
|
[
"1914 births",
"2009 deaths",
"American food industry businesspeople",
"Philanthropists from Illinois",
"American people of German descent",
"Cornell University alumni",
"Harvard Business School alumni",
"Businesspeople from Chicago",
"Businesspeople from Madison, Wisconsin",
"American chairpersons of corporations",
"20th-century American philanthropists",
"20th-century American businesspeople"
] | 803
| 5,926
|
Oscar Gustave Mayer (March 16, 1914 – July 6, 2009) was an American business executive who served as chairman of the Oscar Mayer meat and cold cut production company headquartered in Madison, Wisconsin, the third Oscar Mayer to lead the family business, following his grandfather, company founder, Oscar F. Mayer, who died in 1955, and his father, Oscar G. Mayer Sr., who died in 1965.
Early life and education
Mayer was born in Chicago on March 16, 1914. He attended Cornell University. where he was business manager of The Cornell Daily Sun, was elected to the Sphinx Head Society, and graduated in 1934. He briefly attended Harvard Business School, but left due to health issues.
Career
In 1936, Mayer was hired in the accounting department of the family business's Chicago offices. He relocated to the company's office in Madison, Wisconsin, in 1946, which became the site of the company's headquarters in 1955.
In February 1966, Mayer was named the firm's chairman, filling the vacancy created in the post when his father died nearly a year earlier. P. Goff Beach was named to succeed Mayer as the firm's president.
Mayer credited his success to his involvement in the smallest details of the company's operations during his career, recalling how he had processed the company's payroll account by hand when he was one of the firm's three accountants. He stated that "I've always felt I might have a little better understanding of what people in our plant have to do because I did it myself—I've always seen our employees as individuals and I respect the hard work they do."
Few people believed that there was a real "Oscar Mayer" at the company, as the company for many years employed George Molchan, a little person, as a mascot called "Little Oscar," and Mayer himself avoided publicity. He would travel nationwide with Little Oscar and the Wienermobile. After being informed that there were choking risks from the whistles shaped like hot dogs that he would distribute to children on these publicity tours, he had 2 million of the whistles destroyed, despite assurances from doctors that the likelihood of risk was low.
After leading the company to its first $1 billion in annual sales, he retired as chairman in 1977. A division of Kraft Foods at the time of his death, the company had been sold to General Foods, in 1981, some four years after Mayer's retirement.
Personal life
After being approached to contribute towards a renovation project at Madison's Capitol Theatre, Mayer offered to make a matching grant, coming through with a surprise contribution of $250,000. The main theater at what became the Madison Civic Center was named the "Oscar Mayer Theatre" in his honor. A later project folded the Civic Center into what became the Overture Center. Mayer attended ceremonies that renamed the theater, home of the Wisconsin Chamber Orchestra, as the "Capitol Theater". This project was just one of the many community and charitable organizations with which Mayer was involved.
Mayer had three sons with his first wife, Rosalie Harrison Mayer, who died in 1998. A year later, he married Geraldine Fitzpatrick. He died on July 6, 2009, at HospiceCare Center in Fitchburg, Wisconsin, aged 95, and was survived by his second wife. His sons are Oscar Harrison Mayer, Donald Lawrence Mayer, and William Edward Mayer. In the next generation, his eight grandchildren are Oscar Henry Mayer, Stephanie Mayer Heydt, Patricia Mayer Lewis, Michelle Louise Gates, Chadwick Patterson Gates, Charlotte Marie Mathena, Donald Lee, and Wendy Ann. His great-grandchildren include Oscar Raymond Mayer.
|
Alexander Temerko
|
[
"Living people",
"Fugitives wanted by Russia",
"Russian emigrants to the United Kingdom",
"Yukos",
"Russian businesspeople in the oil industry",
"Conservative Party (UK) donors",
"Russian interference in British politics",
"Russian businesspeople in the United Kingdom",
"1966 births",
"People named in the Pandora Papers"
] | 2,119
| 22,765
|
Alexander Viktorovich Temerko (born 9 September 1966) is a Ukrainian businessman in the energy sector, currently a director of the British company Aquind Limited. Previously, he was director and deputy chairman of the British company OGN Group. While in Russia, he held senior posts in the Russian Defence Ministry in the 1990s and, from 1999, was a senior executive and director at the Russian oil and gas company Yukos. He has resided in the United Kingdom since 2004. He became a British citizen in 2011.
Temerko is a member and advocate of the UK Conservative Party. He has donated more than £1.3 million to the party. He is also a member of the advisory council of right-wing think tank the Institute of Economic Affairs. In November 2019, he called for the publication of the Intelligence and Security Committee of Parliament′s report ("The Russia report") on Russian influence in British politics. In connection with the report, Temerko has denied he has ties with the Kremlin.
Biography
Temerko was born in the Ukrainian Soviet Socialist Republic (present-day Ukraine, then a part of the Soviet Union) on 9 September 1966.
In 1987, he graduated from the Moscow Institute of Electronic Machine Building (MIEM). He also graduated from the Institute of Public Administration in 1999. He began his career in the field of environmental science, initially as the chief engineer of capital construction at the State Committee of the USSR on Environmental Protection, and then as director of the Department of Environmental Protection under the Ministry of Forestry.
During the events preceding the dissolution of the USSR, Temerko became a prominent figure in the team of Boris Yeltsin.
From early 1992, he held a series of positions in Russian state agencies under the Defence Ministry in charge of supplies and armaments.
From 1999, he held executive positions in the Russian oil company Yukos. In 2003, upon the arrest of Yukos CEO Mikhail Khodorkovsky, Temerko became the company's vice president. He was in charge of interaction with state bodies. He resigned from the post on 15 March 2005.
Temerko also served as a Director and vice chairman of the Newcastle-based OGN Group, a provider of engineering and construction services in offshore oil and gas and renewable energy companies. Among its clients were Apache, EnQuest, ConocoPhillips and others. The company management publicly called the UK government to support British supply chain in the oil and gas and renewable developments.
In 2016, Temerko was appointed as a director at Aquind, which mounted a bid that was later rejected to build a $1.4 billion power link between the United Kingdom and France, with power equivalent to 5% or 3% of British and French consumption respectively.
Flight to London, criminal prosecution and extradition case
Temerko fled to London shortly after he was examined by criminal investigators in October 2004. In May 2005, Russian prosecutors charged Temerko with having stolen shares in the oil company Yeniseineftegaz, forgery, and perverting the course of justice.
Russia's bid to have Temerko extradited from the United Kingdom failed as Judge Timothy Workman in December 2005 ruled: "I have come to the conclusion that the motivation for the charges against Mr Temerko are inextricably entwined with the motivation for the prosecution of Mr Khodorkovsky. I therefore find that the prosecution of Mr Temerko is politically motivated and the request for his extradition is made for the purpose of prosecuting or punishing him on account of his political opinions."
Temerko himself alleged that the motivation of the Russian state's assault on Yukos was president Vladimir Putin's desire to silence those who challenged him politically. The ruling on his extradition case was in line with a dozen other similar cases of former Yukos employees who absconded to the UK.
Views and political activism in the UK
Temerko's views on Russia's economy and the Yukos affair were cited by the Financial Times in the late 2000s. He himself contributed articles on the Russian oil industry developments to outlets such as The Observer and The Wall Street Journal.
Temerko is a member of, and major donor to, the British Conservative Party where he is a member of the Leader's Group. He also actively supports local Party associations in the North-East England where his company is based and Cities of London & Westminster association where his office and residence are located. He has commented on the impact that developments in politics and business would have on the North-East, in particular regarding the North Sea.
Temerko is a member of Carlton Club, a private member's club in London, where he donated a £90,000 bust of David Cameron.
Temerko regularly criticizes President Vladimir Putin of Russia and his policies in the media, including over the Russo-Ukrainian war.
During the 2014 Scottish independence referendum, Temerko publicly supported the campaign for Scotland to remain in the United Kingdom. He has publicly voiced his support for Britain to remain in the European Union. After the Referendum, Temerko advocated for a soft Brexit or even a general election, rather than a "no-deal" Brexit. Le Monde quoted Temerko as stating that the most sensible solution for London would be to stop the Brexit process and support the French through reforming the European Union. In August 2019, Temerko suggested that an extension of Article 50 or a second referendum were the only options to avoid the "unfolding travesty" of a no-deal exit on 31 October.
During the 2019 Conservative leadership campaign, Temerko supported Jeremy Hunt. The Daily Telegraph quoted Temerko as saying that the other leading candidate, and subsequent leader of the Conservative Party, Boris Johnson, remained a "friend", but he was being "held hostage" by the European Research Group of Brexiteer MPs. Temerko was also quoted by the Huffington Post as saying that the choice between Hunt and Johnson was one of "populism" against "professionalism".
He has advocated for greater support for British manufacturers. Temerko has particularly emphasised the role of interconnectors in the energy market in spite of Brexit proceedings, due to the increased volatility caused by increased reliance on renewable sources.
In July 2019, Temerko was quoted by Reuters, based on a series of interviews with him conducted in the course of three years, as applauding Brexit, endorsing Boris Johnson's bid to lead Britain out of the EU, lauding senior Russian security officials (including the current and former heads of the Federal Security Service such as Nikolai Patrushev), and proudly recalling his past work with Russia's Defence Ministry during the Yeltsin era.
AQUIND Interconnector planning rejection
The AQUIND Interconnector is a proposed HVDC power link between the United Kingdom and France. On 20 January 2022, the UK Business Secretary refused consent for the proposal, citing concerns including the impact on the local community facilities at the location of the UK connection point, and the alternative possibilities at other sites.
Temerko later described Minister of State for Trade Policy Penny Mordaunt, who had represented constituents concerns with the development, as an "absolutely uncontrollable woman" and a "threat to national security". Mordaunt subsequently said the Conservative Party's code of conduct should apply to all members including donors, and suggested that party colleagues should not accept funds from Temerko. Aquind and Temerko had donated £1.1 million to the Conservative Party, including to 21 MPs and ministers.
In January 2023, Aquind won a judicial review against the Secretary of State's previous decision, returning the project's planning permission to consideration by the Department of Energy Security and Net Zero.
Awards
Temerko has received Witte's gold medal "For Thoughts and Deeds", established by the Congress of Russian Business People. He received the medal of For Merit to the Fatherland of II degree and the Defender of Free Russia in 1993, and was also formally recognised and thanked by the president of the Russian Federation for his contribution towards ensuring the holding of the 100th conference of the Inter-Parliamentary Union in 1998.
|
Kingspan Group
|
[
"Companies listed on Euronext Dublin",
"Companies in the ISEQ 20",
"Building materials companies",
"Manufacturing companies of Ireland",
"Construction and civil engineering companies of Ireland",
"Multinational companies headquartered in the Republic of Ireland",
"Irish brands",
"Construction and civil engineering companies established in 1966",
"Irish companies established in 1966",
"Kingscourt"
] | 2,974
| 38,205
|
Kingspan Group plc is a building materials company based in Ireland, trading in over 80 countries with more than 210 factories employing over 22,000 people. The company operates with six divisions; Insulated Panels, Insulation, Light & Air, Water & Energy, and, Data & Flooring, Roof & Waterproofing.
History
Founded in the 1960s by Eugene Murtagh, the company floated on the Irish Stock Exchange in 1989 with a value of IR£20m. It expanded into insulated panels and rigid insulation boards via numerous greenfield plants and acquisitions, including the European insulation arm of CRH plc in 2010 and the construction division of ThyssenKrupp Steel in 2012. The year 2010 showed the first growth in sales for three years.
In 2005, the company announced the appointment of Gene Murtagh as its chief executive, making him the youngest CEO on the Irish Stock Exchange.
In June 2022, Kingspan announced its plan to build a new €200 million manufacturing plant in Ukraine. The site will manufacture insulation and building materials for the company’s eastern European markets.
In January 2024, the company acquired a 51 per cent stake in Steico for €250 million.
Acquisitions
+YearBusinessCompany Name(s) 1973Insulated PanelsSec-Form1980InsulationShelter Insulation1986 -Torvale Group Ltd.1990 -Kuiper van der Jooij's1990 -Plaschem1991InsulationCoolag1996InsulationKooltherm Insulated Ltd.1996Water & EnergyTitan Tanks, Polmeric and Armet Plastics1998 -Ward Building Components1998Data & FlooringHewetson Plc (USA), Durabella (UK)2000Water & EnergyKlargester, Plastech, Ferham, Entec2001Data & FlooringTate Global Corporation2006Insulated PanelsZer–O–Loc2007Insulated PanelsColdmatic Building Systems2007 RenewablesThermomax solar vacuum tube2008Insulated PanelsMetecno2009InsulationAIR-CELL Innovations Pty2011RenewablesPROVEN Energy Ltd2011InsulationCRH Insulation Europe (CIE)2012Insulated PanelsThyssenKrupp Construction Group, Rigidal Industries LLC2014Insulated PanelsPactiv Corp North American building products2014InsulationPAL2015InsulationTarec, SPU Oy2015Exterior Building ProductsVicwest2015Insulated PanelsJoris Ide (Belgium)2016Light & AirEssmann (Germany), STG Beikirch (Germany), Ecodis (France), Bristolite (USA)2017Insulated PanelsIsoeste (Brazil)2017Light & AirBrakel (Netherlands)2018Insulated Panels, InsulationSynthesia Group (Spain, Latin America)2018Insulated Panels, InsulationBalex Metal sp. z.o.o (Poland)2019Insulated PanelsGroup Bacacier SAS2020Light & AirColt Group2021Light & AirMajor Industries (USA), Solatube International (USA), Skydome (France), Essemes Services (France)2021InsulationTermakraft2021InsulationLogstor2022Roofing & WaterproofingOndura2022Roofing & WaterproofingDerbigum2022Insulated PanelsCalostat2023Insulated PanelsAlaço 2023Roofing & WaterproofingCaPlast2023InsulationHempFlax Building Solutions GmbH 2023Roofing & WaterproofingLRM2023InsulationTroldtekt2024InsulationSTEICO SE
Innovation
Kingspan Group's new global innovation centre, 'IKON', opened in 2019 in Kingscourt, Ireland, next to the head office. Designed by 'MILLIMETRE DESIGN' (Dublin), it comprises 18 Kingspan products serving as a 'state-of-the-art' place of research and living research project. The facility has been modelled with a Digital Twin and leverages input from sensors, IoT devices, Virtual Reality (VR), Autodesk Forge and BIM Data to further enhance operational efficiency.
Sustainability
Approximately 39% of all greenhouse gas (CO2 and CO2e) emissions globally come from construction and buildings in operation, so it is vital that more buildings decarbonise by incorporating insulation and using increasingly energy-efficient appliances.
In 2020, Kingspan Group achieved its fourth appearance on CDP’s prestigious ‘A-list’ for climate change. Joining the Renewable Energy 100 (RE100) initiative in 2010, the Group achieved Net Zero Energy across all manufacturing and office facilities globally by 2019. In 2019, the Group joined the Circular Economy 100 (CE100) initiative as a member.
Kingspan Group also launched its 10-year ‘Planet Passionate’ sustainability programme in 2019, consisting of twelve targets focused on the four key areas of; Energy, Carbon, Circularity and Water. As part of programme, the company announced its target to reduce carbon emissions by 90 per cent by 2030. One carbon target is to achieve net zero carbon manufacturing and a '50% reduction in product CO2 intensity from primary supply partners'. One circularity target is to upcycle 1 billion PET bottles into insulation by 2025, up from 256 million in 2018.
In 2023, the company reported a 26 per cent reduction in carbon emissions since 2020.
Kingspan Group have over 120 manufacturing sites, which are spread across 70 different countries.
Grenfell Tower fire
In November 2020, the official inquiry into the 2017 Grenfell Tower Fire heard evidence from Kingspan ex-technical director Ivor Meredith that Kingspan insulation product Kooltherm K15 was used in the flammable cladding system mounted on to Grenfell Tower, despite Kingspan knowing that the product did not meet the required fire standard. Around 5% of the insulation in the cladding on the tower was manufactured by Kingspan whilst the rest was manufactured by a major competitor. A previous version of the product had passed fire tests, but Meredith described a fire test using the version of the product used on Grenfell as a "raging inferno", with the insulation "burning on its own steam".
Also in November 2020, the inquiry learned that Kingspan director Philip Heath had said, in 2008, that consultants who raised concerns about the combustibility of its product could "go f*ck themselves", and that they were "getting me confused with someone who gives a dam [sic]".
Near the end of November 2020, it emerged that Kingspan executives had sold at least £6.5M of shares in the company shortly before Kingspan's inquiry hearings were due to start. Kingspan's share price fell 15% over the course of the hearings.
On 8 December 2020, the inquiry saw evidence that in November 2016, Kingspan technical staff had acknowledged internally that Kingspan was selling its Kooltherm K15 foam insulation product as less flammable than it really was.
On 9 December 2020, the inquiry was told that after the Grenfell fire, Kingspan had invested in a smear campaign against rival companies' products. The campaign involved secretly using non-standard test rigs to artificially create the appearance that non-flammable rival products might in fact be flammable, and hiring lobbyists to push the results before policymakers such as the Housing, Communities and Local Government Committee and other MPs.
On 4 September 2024, the final report of Grenfell Tower Inquiry found Kingspan's "dishonest marketing" of its K15 product had "created the conditions" for Celotex, another insulation company, to target the market by "dishonest means". Kingspan had "long-running internal discussions about what it could get away with" that "betrayed no concern for accuracy", the report said.
Mercedes Formula 1 team sponsorship
On 1 December 2021, the Mercedes F1 team signed a sponsorship deal with the Kingspan Group. This announcement proved controversial due to Kingspan being under scrutiny due to the Grenfell Tower inquiry. The Mercedes-Kingspan Group deal attracted criticism from Grenfell United (survivors of the Grenfell Tower fire in which 72 people were killed) and then-UK government minister Michael Gove. Mercedes subsequently agreed to review its decision and Mercedes F1 team boss, Toto Wolff, offered to meet and listen to the Grenfell fire survivors. On 8 December 2021, it was announced the deal between Kingspan and Mercedes F1 Team had been terminated with immediate effect.
See also
List of companies of Ireland
|
Paysafe
|
[
"Digital currencies",
"Payment service providers",
"Merchant services",
"Financial services companies of the Isle of Man",
"Financial services companies established in 1996",
"2017 mergers and acquisitions",
"Companies formerly listed on the London Stock Exchange",
"Special-purpose acquisition companies",
"Financial services companies of Bermuda",
"Companies listed on the New York Stock Exchange",
"CVC Capital Partners companies",
"Blackstone Inc. companies"
] | 1,816
| 19,676
|
Paysafe Limited (formerly known as Optimal Payments PLC) is a multinational online payments company. Paysafe offers payment processing, digital wallet and online cash systems to businesses and consumers, with particular experience of serving the global entertainment sectors. The group offers services both under the Paysafe brand and subsidiary brands that have become part of the group through several mergers and acquisitions, most notably Neteller, Skrill, SafetyPay, PagoEfectivo, Paysafecash and paysafecard.
Legally domiciled in Bermuda, Paysafe’s corporate headquarters are in the United Kingdom. Various Paysafe group companies hold a number of licences from different national and state regulators including the U.S. Securities and Exchange Commission, Financial Conduct Authority and the Central Bank of Ireland. The company was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by a consortium of The Blackstone Group and CVC Capital Partners in December 2017. Paysafe then listed on the New York Stock Exchange on March 31, 2021 (ticker PSFE) following a merger with special purpose acquisition company Foley Trasimene Acquisition Corp II.
History
The company was formed from the combination of Neteller PLC, Netbanx Ltd and Optimal Payments Limited. Netbanx was founded in 1996, Optimal Payments in 1997, and Neteller in 1999. In April 2004, Neteller PLC raised about $70 million in its initial public offering (IPO) on the London Stock Exchange.
In November 2005, Neteller PLC acquired Netbanx Ltd. In November 2008, Neteller PLC renamed itself to Neovia Financial PLC. In February 2011, Neovia Financial PLC acquired Optimal Payments of Montreal, Canada. Next month, Neovia Financial PLC changed its name to Optimal Payments PLC. In early 2012, the acquisition was revealed to be a reverse takeover with the purging of a number of the senior management along with the chairman of the board.
In July 2014, Optimal Payment PLC expanded its United States interests by purchasing Meritus Payment Solutions, a California based payment processing company, and Global Merchant Advisors, Inc. based in the U.S. in a deal worth over $235 Million. In March 2015, Optimal Payments PLC revealed that it would acquire rival Skrill group, including pre-paid voucher provider paysafecard, for a fee of around €1.1 billion. In the same year, Optimal Payments rebranded as Paysafe Group.
The company moved to the main market of the London Stock Exchange in December 2015. On 25 November 2016, Paysafe Group, owner of Neteller and Skrill, restricted the use of the Net+ Prepaid MasterCard to countries within the Single Euro Payments Area (SEPA). This left users in over 100 countries unable to withdraw cash from ATM's, which left no recourse but to make purchases with Neteller/Skrill merchant partners or transfer funds to a bank account.
In August 2017, it was announced that Paysafe would be sold to a consortium of The Blackstone Group and CVC Capital Partners for £2.96 billion, making it the largest private equity backed takeover of a London-listed company since the 2008 financial crisis. The acquisition was approved by the European Commission on 22 November 2017. On 21 December 2017, Paysafe got delisted from the London Stock Exchange.
In April 2019, with the likelihood of the upcoming withdrawal of the United Kingdom (UK) from the European Union (EU), the so-called "Brexit", Paysafe Group announced their plans to prevent any negative effects for their users and merchants. Since Brexit came into effect, the company has transferred its European Economic Area (EEA) business to newly incorporated group companies based in Ireland, namely Paysafe Payment Solutions Limited and Paysafe Prepaid Services Limited. Each company is authorized and regulated as an electronic money institution by the Irish financial services regulator, the Central Bank of Ireland.
In July 2020, it was announced that Paysafe bought payment gateway Openbucks for an undisclosed amount of money. It was announced that the Openbucks team would become part of the parent company's eCash solutions group.
In December 2020, the company announced that it had entered into a definitive agreement to merge with special-purpose acquisition company, Foley Trasimene Acquisition Corp, in a US$9 billion transaction.
In April 2022, Paysafe announced a new partnership with US-based auto finance company Exeter Finance, allowing for eCash payments for US auto loans.
That same month, the company also announced Bruce Lowthers would replace Philip McHugh as CEO and executive director from May 1, 2022.
Products and services
The company provides the following products and services:
Neteller is an electronic money/digital wallet service that allows consumers to add, withdraw and transfer funds to and from merchants and other people. Net+ prepaid payment card available in eight currencies is mainly intended to be used with Neteller and is accepted as normal MasterCard payment card.
Skrill is a product that allows payments and money transfers to be made through the Internet, with a focus on low-cost international money transfers.
paysafecard and Paysafecash are payment methods that allow customers to make payments online without the use of a bank account or credit card information.
SafetyPay, an open banking and eCash platform based in Latin America.
PagoEfectivo, a Peruvian-based alternative payments (APM) platform.
viacash which enables consumers to make deposits or withdraw cash from their digital bank accounts at a nearby retail store using a barcode.
Income Access is an affiliate marketing and business intelligence provider.
Sponsorship
Optimal Payments was the official sponsor of Crystal Palace Football Club for the 2014/15 and 2015/16 seasons, with the front of the team's shirts displaying Neteller's logo.
In February 2018 it was announced that Paysafe would sponsor the No. 19 Dale Coyne Racing Honda, shared by Zachary Claman DeMelo and Pietro Fittipaldi, in the 2018 Verizon IndyCar Series.
|
California Fitness
|
[
"Health clubs",
"Medical and health organisations based in Hong Kong",
"Defunct companies of Hong Kong",
"Health care companies established in 1996",
"1996 establishments in Hong Kong",
"Companies disestablished in 2016",
"Hong Kong brands",
"1999 mergers and acquisitions",
"2012 mergers and acquisitions"
] | 1,825
| 14,953
|
California Fitness was a fitness company based in Hong Kong. It opened its first club in 1996 at the business district of Hong Kong near Lan Kwai Fong. There were 16 clubs in Hong Kong, Singapore and China. California Fitness was acquired in 1999 by 24 Hour Fitness Worldwide, which sold it to the Ansa Group in 2012.
California Fitness was the trading name of JV Fitness; it was the second largest gym operator in Hong Kong with nine locations.
Clubs
Mainland China (3)
Beijing (The Place), Shanghai (Infiniti Plaza), Guangzhou (Seasons Mall)
Hong Kong (9)
Central, Causeway Bay, Wan Chai, Tsim Sha Tsui, Mongkok, Whampoa, Tuen Mun, Quarry Bay, Megabox, Leap by California Fitness: One Kowloon
Singapore (4)
Bugis, Novena Square, Orchard, Raffles
Beginning in 2005, California Fitness partnered with two fitness superstars, Jackie Chan and Yao Ming, to create signature clubs in the region. There were two California Fitness-Yao Ming Sport clubs in mainland China which were re-branded as normal California Fitness in 2010. Also were four California Fitness-Jackie Chan Sport clubs in Asia (two in Hong Kong and two in Singapore) re-branded as normal California Fitness in 2012. California has chosen Richie Jen as new spokesman since 2012. California Fitness is infamous for having the most number of complaints lodged against them to the Consumers' Association of Singapore (CASE).
The Thai and Korean chains were spun off into California WOW Xperience in the early 2000s.
Three former Malaysian clubs were acquired by Celebrity Fitness in 2009.
Six former Taiwan clubs were acquired by World Gym in September 2010.
Products, services and facilities
The company's business model is based on an entry fee and contracts of variable duration that are tacitly renewed unless one month's notice in writing is given. In addition to cardio and resistance equipment, free weights, group exercise studios, all California Fitness clubs have free internet access (wifi or in-club kiosks). Most of its clubs have steam and sauna rooms and there is an outdoor swimming pool at Megabox Club Kowloon Bay, one of its Hong Kong clubs.
Credit control policies
The company took legal action against 522 of its members between 30 March and 15 September 1999 for non-payment of subscriptions. Many of these were in fact members who did not want to renew and had allowed their membership to lapse, or who had not given the required 1-month's notice stipulated in the contract. The judge at the Small Claims Court criticised the company for allowing the credit to roll on for at least one month before taking action. The company argued that its policy was to avoid unilateral termination by them as it would cause members to pay a rejoining fee.
Monitor complaints in Singapore
California Fitness clubs in Singapore were hit by a significant number of consumer complaints filed against them with the Consumers Association of Singapore (CASE) between 2011 and 2014. Gripes against California Fitness and a rival True Fitness made up more than three-quarters of 86 complaints involving fitness clubs filed last year with the former receiving 35 complaints against it in 2013. As of April 2014 nine complaints were filed against California Fitness with CASE.
California WOW Xperience
California Fitness centers (CalFit) in Thailand began operating in 2002, were sold (or rebranded) as California WOW Xperience ()in 2005 (CalWow), a totally separate company yet started by people with connections to 24 Hour Fitness founders like Mark Mastrov, with the California Fitness founder Eric Levine as the CEO, bringing in outside investors such as Bank of Ayutthaya. In Thailand this allowed it fund a domestic expansion from 2 to over 13 locations as well as then expanded to many countries, including Korea, outside Thailand as franchise locations. The franchises didn't last more than 2 years in Korea, these franchisees abruptly closed doors on members in Korea by 2006, who had been sold expensive lifetime memberships. The cross-membership agreements between California Fitness and 24 Hour Fitness were rolled into California WOW Xperience, however once financials became worrisome in August 2008, cross-memberships were terminated between CalWow and 24 Hour Fitness (USA), but remained between Asian chains CalWow and CalFit and between CalFit and 24 Hour Fitness. In August 2008, California Fitness and 24 Hour Fitness were terminated. In 2009, Malaysian branches of CalFit were sold to Celebrity Fitness, whose founders also had ties to 24 Hour Fitness. Despite company changes, California WOW Xperience is still frequently confused with California Fitness.
In 2012, California WOW Xperience found itself entangled in a financial dispute and was sued in Thailand's Bankruptcy Court by Bangkok Bank Plc. which sought the repayment of a 72 million baht loan including 4 million baht in interest. As a result, California WOW Xperience shut down seven of its eight branches in Thailand. The company faced much criticism for continuing to sign up customers at the various branches until their date of closing. In August 2012, more than 200 members, many of whom found themselves unable to travel to California WOW Xperience's single remaining Thailand branch to make use of long term or lifetime memberships, filed complaints against the company in hopes of being refunded. The Foundation for Consumers along with 100 former customers have filed a lawsuit against California WOW Xperience which is now awaiting a court order. Incidentally, this was also the very same month 24 Hour Fitness was sold in USA. At roughly the same time, CalFit Taiwan gyms abruptly closed on customers, some who had been sold lifetime memberships, and these became World Gym centers. Membership was honored at the new gym over for a few months and then terminated.
In 2016, CalFit itself abruptly closed doors on members in Hong Kong and Singapore, some who had been sold lifetime memberships.
Watchdog complaints in Hong Kong
In April 2016, Consumer Council censured California Fitness for intimidation and misleading sales practices. The council said complaints regarding California Fitness had increased continuously in the previous few years, from 227 cases in 2013 to 296 cases in 2015, despite the council having already given several warnings. In 2015, California Fitness represented more than half of the complaints regarding fitness centres, and the value involved reached to 8.5 million Hong Kong dollars. The council had met with company management in January, and made its censure public after the situation failed to improve. In most of the cases, The sales use "free trial" or "free gift" as excused to attract new customers to enter their centre and collect identity card and credit card from the customers, then convince, mislead and force them to sign the contracts and pay for membership, as well as training courses. Some of the sales even force the customers to take a picture with smiling face to prove the contracts are based on their own willing. Some of the cases involve persons with intellectual disability.
Two members of staff were arrested by customs officers on 18 May after a customer claimed she had been coerced into paying for private training classes after her credit card was charged HK$140,000 without her consent. The two staff at the Causeway Bay branch of the gym operator chain were accused of violating the unfair trade practice provision under the Trade Descriptions Ordinance.
Financial difficulties
JV Fitness, the company that operates the chain, were reported in July 2016 to be owing some HK$130 million for rents and other operating costs in Hong Kong. A number of landlords and building contractors had filed writs with the High Court for debts owed to them. A petition to wind up the company was lodged with the court in early July 2016, and creditors including prepaid members and staff have been coming forward. Five of its outlets had shut as of 7 July; one branch in Beijing was closed from 8 July for "internal reorganisation". All outlets owned and operated by JV Fitness, the holding company, were officially closed on 12 July, and two senior executives were being interrogated by the Customs and Excise on suspicion of violating trade description law. On 20 July it was announced that all its gyms in Singapore would also close.
|
James W. Brown
|
[
"1844 births",
"1909 deaths",
"American steel industry businesspeople",
"Members of the United States House of Representatives from Pennsylvania",
"Businesspeople from Pittsburgh",
"Politicians from Pittsburgh",
"Pennsylvania Republicans",
"Pennsylvania independents",
"Independent Republican members of the United States House of Representatives",
"Burials at Allegheny Cemetery",
"19th-century American businesspeople",
"20th-century members of the United States House of Representatives"
] | 499
| 3,823
|
James W. Brown II (July 14, 1844 – October 23, 1909) was a Republican member of the U.S. House of Representatives from Pennsylvania. He was born in Pittsburgh, Pennsylvania. He worked in the iron and steel industry and served as vice president of the Crucible Steel Company. He was also engaged in banking, and was trustee of the Dollar Savings Bank.
James W. Brown II was a member of the South Fork Fishing and Hunting Club, whose earthen dam failed in May 1889, causing the Johnstown Flood. At the time of the Johnstown Flood, Brown was the secretary and treasurer of the Hussey, Howe and Company Steel Works Ltd. Soon after the disaster, Brown and several others of the Pittsburgh upper class bought summer vacation properties on Lake Muskoka, in Ontario, Canada, centered near the town of Beaumaris.
Brown was married to Clara Palmer Howe, the eighth child of U.S. Representative Thomas Marshall Howe and Mary Ann Palmer. James W. Brown II was the great-great-grandson of Fur Trader and Indian Agent/Interpreter Thomas McKee, who served under General Forbes at Fort Pitt circa 1758. He was a descendant of James McKee, whose mother, Margaret Tecumsepah Opessa was an older sister to Metheotashe Mary Opessa, the mother of Tecumseh, the great Shawnee leader and Tenskwatawa, the Shawnee Prophet. James W. Brown II was also brother-in-law to Pittsburgh Mayor and American ambassador to Japan, George W. Guthrie.
Brown was elected as an Independent Republican to the Fifty-eighth Congress. He declined to be a candidate for renomination in 1904. He resumed his former business pursuits and served as president of the Colonial Steel Company. He died at Pointe Mouillee, Michigan. Interment in Allegheny Cemetery in Pittsburgh.
|
Rachel Zoe
|
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"Writers from New York (state)",
"Angel City FC owners",
"Businesspeople from Millburn, New Jersey"
] | 2,756
| 26,879
|
Rachel Zoe Rosenzweig (born September 1, 1971) is an American fashion designer, businesswoman and author who rose to prominence as a celebrity wardrobe stylist. She has been credited with the creation of "the boho-meets-rock chic look that came to define a new breed of Hollywood ‘it’-girls who were as adept at setting trends as they were at causing trouble" in the mid-2000s. Describing her signature look to Vogue magazine, Zoe said: "It's very 60s to 70s glamour. It's Mod meets Grecian. A lot of gold and a lot of bronze, shimmer and glamour, but relaxed glamour, very unstructured, bold accessories." Zoe's clients as a stylist have included Cameron Diaz, Kate Hudson, Kate Beckinsale, Debra Messing, Demi Moore, Liv Tyler, Joy Bryant, Molly Sims, Beau Garett, Eva Mendes, Paula Patton, Anne Hathaway, Jennifer Lawrence, Miley Cyrus, and Pauly Shore.
During the mid-2000s, Zoe's look was heavily associated with Nicole Richie, who hired Zoe as a stylist in 2005, as well as with actresses Mischa Barton and Lindsay Lohan. Zoe's influence on her clients was discussed in the media, with speculation that she was responsible for Richie's widely-reported weight loss and more generally setting a trend for 'size zero' bodies. The LA Times claimed that "Fashion insiders have whispered privately that Zoe is single-handedly bringing back anorexia", accusations that she denied. In December 2006, Zoe was fired by Richie and the media reported a "feud" between the pair, who had previously been close friends. Following the subsequent decline of 'boho' fashion, the tabloid media lost much of its interest in Zoe, although she continued working as a stylist to celebrities.
Zoe manages lifestyle brand The Zoe Report, which began as a newsletter which she launched in 2009. She launched her eponymous fashion brand in 2011. From 2008 until 2013, Zoe starred in the Bravo reality television series The Rachel Zoe Project, which ran for five seasons.
Early life and education
She was born Rachel Zoe Rosenzweig in New York City, the daughter of art collectors Leslie and Ron Rosenzweig. Ron Rosenzweig managed two different companies. She has a sister, Pamela Rosenzweig. Zoe dropped her last name in favor of her middle when she began her career as a fashion stylist, as Rosenzweig sounded "too Jewish".
Zoe grew up in Millburn, New Jersey and graduated from Millburn High School. She studied psychology and sociology at George Washington University, where she met her future husband, Rodger Berman. After graduating, she moved to New York City to pursue a career in fashion. She later moved to Los Angeles in 2002.
Beginnings
Zoe began her career working for YM Magazine aged 22, before leaving to work as a freelance publicist after three years. She later changed her focus to fashion. Around 2002–03, Zoe worked with her "first big client", Jennifer Garner. In 2004, Zoe styled Garner for the Academy Awards, which she considers a turning point for her career as a stylist. "This was when I crossed over from the pop stars -- I realized that it was much more my style, creatively, to do the incredibly glamorous red-carpet thing."
'Boho chic' and tabloid controversy (2005–06)
In 2005, Zoe was hired by reality TV star Nicole Richie as a stylist. Zoe's association with Richie led to tabloid coverage that elevated her profile. Zoe became known as the pioneer of the 'boho-chic' look. This look is influenced by the 1970s, consisting of oversized jewellery, loose-fitting dresses and shirts, paired with a slim frame. Those wearing the look were described as "Zoebots".
Critics accused Zoe of promoting the eating disorder anorexia nervosa, both during the height of her fame as a celebrity stylist in the mid-2000s and in retrospective work on that period: writing for Grazia in 2020 on the 2000s fashion revival of the early 2020s, Laura Antonia Jordan wrote, "The ‘zoebot’ look became inextricable from the glorification of size zero. The cartoonish proportions only served to exaggerate those jutting hipbones, spaghetti limbs and protruding clavicles."
There was also media speculation that Zoe gave clients drugs to lose weight, which she refuted in a 2007 interview with W Magazine: “There was something that came out about me giving horse pills or diet pills from Mexico to my clients.” “Anyone who knows me, they laugh. I’m so drug clueless. If I can get through a glass and a half of wine in a night, that’s a momentous occasion."
After she fired Zoe as her stylist in 2006, Richie wrote in a MySpace blog which was later deleted, "What 35-year-old raisin-face whispers her order of three pieces of asparagus for dinner at Chateau every night, and hides her deathly disorder by pointing the finger at me, and used her last paycheck I wrote her to pay for a publicist instead of a nutritionist? HINT: Her nickname is Lettucecup."
The blog was widely interpreted to be written about Zoe. In response, Zoe released a statement to TMZ: "After trying to be a good friend to Nicole, we made a mutual decision to sever our working relationship. Changes are inevitable in any business relationship. I am fortunate to have a wonderful life; I have been married for 10 years and been a stylist for 15 years. And I am lucky to work with a diverse group of women, of all shapes and sizes, that inspire me every day. I have nothing but love for Nicole and wish her only health and happiness."
The Rachel Zoe Project (2007–13)
In September 2008, Zoe's reality series, The Rachel Zoe Project, debuted on Bravo. The series' second season premiered in August 2009. Bravo announced they would be picking up a third season of the show which premiered in August 2010 and covered the departure of Zoe's longtime assistant, Taylor Jacobson, while introducing her new assistant, Ashley. The fourth season premiered in September 2011 and involved Zoe dealing with Brad Goreski's departure as well as her pregnancy with her first child. The fifth and final season aired during spring 2013, focusing on the development of her collection and other projects like blowout salon DreamDry, as well as the preparation for the release of her second book, Living in Style: Inspiration and Advice for Everyday Glamour.
The Zoe Report (2009–present)
Zoe founded a free daily newsletter called The Zoe Report in August 2009, which later grew into a lifestyle brand. The newsletter featured items that Zoe was coveting in the worlds of fashion, beauty and lifestyle, and had over 750,000 subscribers. In 2011, Zoe launched Zoe Beautiful focused on all things beauty. The Zoe Report was acquired by Bustle Digital Group in 2019.
In 2015, The Zoe Report launched Box of Style, a service that delivers a selection of Zoe-approved goods to subscribers' doorsteps four times a year. Consumers may purchase a single box for $100 or pay $350 for an annual subscription. Subscribers receive items valued at over $300 quarterly each year, including one "hero" item that retails for over $100. This special piece is revealed in advance, but all other items (which may include clothing, beauty, accessories, home or lifestyle items) are a surprise.
In July 2015, a talk show entitled Fashionably Late with Rachel Zoe was announced, with Zoe as host and focusing on "what's hot and what's not" in the fashion world. The show lasted for one season. Zoe collaborated with accessories maker Judith Leiber on a line of bags.
Other ventures
In 2007, Zoe partnered with Served as the face of Samsung's BlackJack cell phone national ad campaign.
Style A to Zoe: The Art of Fashion, Beauty and Everything Glamour, a book co-written with Rose Apodaca, was published in 2007.
In 2010, she made an appearance on Gossip Girl as herself. Zoe also appeared on VH1 reality TV show Barely Famous.
In 2012, Zoe co-launched DreamDry, a hair salon in New York City, with Robin Moraetes.
Zoe is a part of the ownership group of Angel City FC of the National Women's Soccer League.
In June 2025, Zoe was announced to be joining the cast of The Real Housewives of Beverly Hills, as a full-time cast member for the upcoming fifteenth season.
Fashion and lifestyle design work
In 2011, Zoe released her first contemporary collection of separates, footwear, and handbags influenced by her vintage-inspired, 60s and 70s style. The collection was available in over 275 department stores including Bloomingdale's, Nordstrom, and Neiman Marcus. In 2012 Rachel announced her plans to expand the line to include jewellery and cold weather accessories. Zoe's brand did not participate in the 2014 New York Fashion Week.
In 2008 Zoe acted as a consultant for Piperlime.com, Gap, Inc's shoe and handbag website.
In 2009, the Luxe Rachel Zoe collection, a QVC exclusive consisting of handbags, jewelry, scarves, sunglasses, and outerwear, was announced. The line sold over 260,000 units.
In February 2011, Swedish fashion retailer Lindex announced a collaboration with Zoe, her first bigger collaboration with a European brand.
She teamed up with Quinny and Maxi-Cosi for a 2016 collection of baby strollers and car seats.
In 2019, a partnership between Zoe and Starbucks Asia Pacific was announced, with a six-piece collection of Starbucks X Rachel Zoe branded items appearing in select Starbuck stores in Asia.
Personal life
Zoe met Rodger Berman in 1991, when both were attending The George Washington University in Washington, D.C. They married in 1998, and have two sons, born in March 2011 and December 2013. The family lives in Los Angeles. On September 9th 2024 it was announced that Zoe and Berman were separating.
Zoe has been the subject of media speculation because of her "superthin" frame, with some press labeling her "anorexic". In a 2008 interview with Harper's Bazaar, she said, "Truthfully, I've never seen myself as being too thin. Sometimes I'll look at photos and be like, 'Oh, that's not a good look.' But generally speaking, I'm not too thin."
|
Douglas Aircraft Company
|
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] | 2,906
| 25,819
|
The Douglas Aircraft Company was an American aerospace and defense company based in Southern California. Founded in 1921 by Donald Wills Douglas Sr., it merged with McDonnell Aircraft in 1967 to form McDonnell Douglas, where it operated as a division.
1920s
The company was founded as the Douglas Company by Donald Wills Douglas Sr. on July 22, 1921, in Santa Monica, California, following dissolution of the Davis-Douglas Company. An early claim to fame was the first circumnavigation of the world by air in Douglas airplanes in 1924. In 1923, the U.S. Army Air Service was interested in carrying out a mission to circumnavigate the Earth for the first time by aircraft, a program called "World Flight". Donald Douglas proposed a modified Douglas DT to meet the Army's needs. The two-place, open cockpit DT biplane torpedo bomber had previously been produced for the U.S. Navy. The DTs were taken from the assembly lines at the company's manufacturing plants in Rock Island, Illinois, and Dayton, Ohio, to be modified.
The modified aircraft known as the Douglas World Cruiser (DWC), also was the first major project for Jack Northrop who designed the fuel system for the series. After the prototype was delivered in November 1923, upon the successful completion of tests on November 19, the Army commissioned Douglas to build four production series aircraft. Due to the demanding expedition ahead, spare parts, including 15 extra Liberty L-12 engines, 14 extra sets of pontoons, and enough replacement airframe parts for two more aircraft were chosen. These were sent to airports along the route. The last of these aircraft was delivered to the U.S. Army on March 11, 1924.
The four aircraft left Seattle, Washington, on April 6, 1924, flying west, and two of these returned there on September 28 to great acclaim, while one plane had been lost under fog conditions, and another was forced down over the Atlantic and sank (the DWC prototype was then rechristened, and joined the other two in completing the North American leg of the flight). After the success of this flight, the Army Air Service ordered six similar aircraft as observation aircraft. The success of the DWC established the Douglas Aircraft Company among the major aircraft companies of the world and led it to adopt the motto "First Around the World – First the World Around".
Douglas initially used a logo that combined two letter Ds with two wings extended outwards, and two Ds placed back to back to form a heart as a reference to Clan Douglas. After the success of the DWC, the company adopted a logo that showed three airplanes circling a globe. The logo eventually evolved into an aircraft, a missile, and a globe. This logo was later adopted by McDonnell Douglas in 1967, and became the basis of Boeing's current logo after their merger in 1997.
Pre-war
Douglas Aircraft designed and built a wide variety of aircraft for the U.S. military, including the Navy, Army Air Forces, Marine Corps, Air Force, and Coast Guard.
The company initially built torpedo bombers for the U.S. Navy, but it developed a number of different versions of these aircraft, including reconnaissance planes and airmail aircraft. Within five years, the company was building about 100 aircraft annually. Among the early employees at Douglas were Ed Heinemann, "Dutch" Kindelberger, Carl Cover, and Jack Northrop, who later founded the Northrop Corporation.
The company retained its military market and expanded into amphibian airplanes in the late 1920s, also moving its facilities to Clover Field at Santa Monica, California. The Santa Monica complex was so large, the mail girls used roller skates to deliver the intracompany mail. By the end of World War II, Douglas had facilities at Santa Monica, El Segundo, Long Beach, and Torrance, California; Tulsa and Midwest City, Oklahoma; and Chicago, Illinois. On November 30, 1928, the company was reorganized as the Douglas Aircraft Company.
In 1934, Douglas produced a commercial twin-engined transport plane, the Douglas DC-2, followed by the famous DC-3 in 1936. The wide range of aircraft produced by Douglas included airliners, light and medium bombers, fighter aircraft, transports, reconnaissance aircraft, and experimental aircraft.
The company is most famous for the "DC" (Douglas Commercial) series of commercial aircraft, including what is often regarded as the most significant transport aircraft ever made: the Douglas DC-3, which was also produced as a military transport known as the C-47 Skytrain or "Dakota" in British service. Many Douglas aircraft have long service lives.
World War II
During World War II, Douglas joined the BVD (Boeing-Vega-Douglas) consortium to produce the B-17 Flying Fortress. After the war, Douglas built another Boeing design under license, the B-47 Stratojet turbojet-powered bomber, using a government-owned factory in Marietta, Georgia.
World War II was a major boost for Douglas. Douglas ranked fifth among United States corporations in the value of wartime production contracts. The company produced almost 30,000 aircraft from 1942 to 1945, and its workforce swelled to 160,000. The company produced a number of aircraft including the C-47 Skytrain, the DB-7 (known as the A-20, Havoc or Boston), the SBD Dauntless dive bomber, and the A-26 Invader.
Douglas Aircraft suffered cutbacks at the end of the war, with an end to government aircraft orders and a surplus of aircraft. It was necessary to cut heavily into its workforce, letting go of nearly 100,000 workers.
The United States Army Air Forces established 'Project RAND' (Research ANd Development) with the objective of looking into long-range planning of future weapons. In March 1946, Douglas Aircraft Company was granted the contract to research on intercontinental warfare. Project RAND later become the RAND Corporation.
Douglas continued to develop new aircraft, including the successful four-engined Douglas DC-6 (1946) and its last propeller-driven commercial aircraft, the Douglas DC-7 (1953). The company had moved into jet propulsion, producing its first for the U.S. Navy — the straight-winged F3D Skyknight in 1948 and then the more "jet age" style F4D Skyray in 1951. Douglas also made commercial jets, producing the Douglas DC-8 in 1958 to compete with the new Boeing 707.
Douglas was a pioneer in related fields, such as ejection seats, air-to-air missiles, surface-to-air missiles, and air-to-surface missiles, launch rockets, bombs, and bomb racks.
The company was ready to enter the new missile business during the 1950s. Douglas moved from producing air-to-air rockets and missiles to entire missile systems under the 1956 Nike missile program and became the main contractor for the Skybolt air-launched ballistic missile program and the Thor ballistic missile program. Douglas also earned contracts from NASA, most notably for designing the S-IVB stage of the Saturn IB and Saturn V rockets.
Mergers
In 1967, the company was struggling to expand production to meet demand for DC-8 and DC-9 airliners and the A-4 Skyhawk military attack aircraft. The company was also struggling with quality and cash flow problems and DC-10 development costs, as well as shortages due to the Vietnam War. Under the circumstances, Douglas was very receptive to an offer from McDonnell Aircraft Corporation. On April 28, 1967, after almost four years of merger talks, the two companies merged as McDonnell Douglas Corporation.
The two companies seemed to be a good match for each other. McDonnell was a major defense contractor, but had almost no civilian business. Douglas' commercial contracts would allow McDonnell to withstand any downturns in procurement. Conversely, McDonnell had enough revenue to help solve Douglas' financial problems; soon after the merger was announced, McDonnell bought 1.5 million shares of Douglas stock to help Douglas meet "immediate financial requirements".
The merged company was based at McDonnell's facility in St. Louis, Missouri. It adopted a modified version of Douglas' logo. Donald Wills Douglas Sr. became honorary chairman of the merged company, a post he would hold until his death in 1981. Douglas Aircraft Company continued as a wholly owned subsidiary of McDonnell Douglas, with Douglas' son, Donald Wills Douglas Jr., as president. Later, former McDonnell president David S. Lewis became chairman of Douglas Aircraft. His successful turnaround of the division allowed him to become president of McDonnell Douglas in 1969. Meanwhile, Douglas' space and missiles division became part of a new subsidiary called McDonnell Douglas Astronautics Company.
McDonnell Douglas later merged with its rival Boeing in 1997. Boeing merged Douglas Aircraft into the Boeing Commercial Airplanes division, and retired the Douglas Aircraft name after 76 years. The last Long Beach-built commercial aircraft, the Boeing 717 (third generation version of the Douglas DC-9), ceased production in May 2006. By 2011, the Boeing C-17 Globemaster III was the last aircraft being assembled at the Long Beach facility; the final C-17 was assembled in late 2015. However, the Douglas' former logo is preserved on the facility though no longer used by Boeing.
Products
Aircraft
Douglas 1211-J
Douglas 2229
Douglas A-1 Skyraider (1945)
Douglas XA-2 (c. 1926)
Douglas A-3 Skywarrior (1952)
Douglas A-4 Skyhawk (1954)
Douglas A-20 Havoc (1938)
Douglas A-26 Invader (1942)
Douglas A-33 (1941)
Douglas A2D Skyshark (1950)
Douglas Y1B-7, B-7, O-35 (1931)
Douglas B-18 Bolo (1935)
Douglas XB-19 (1941)
Douglas XB-22 (1930s)
Douglas B-23 Dragon (1939)
Douglas XB-31
Douglas XB-42 Mixmaster, XA-42 Mixmaster (1944)
Douglas XB-43 Jetmaster (1946)
Douglas B-66 Destroyer (1954)
Douglas BTD Destroyer (1943)
Douglas C-1 (1925)
Douglas C-47 Skytrain
Douglas AC-47 Spooky
Douglas XCG-17
Douglas C-54 Skymaster (1942)
Douglas C-74 Globemaster (1945)
Douglas C-124 Globemaster II (1949)
Douglas C-132 (1957, canceled)
Douglas C-133 Cargomaster (1956)
Douglas Cloudster (1921)
Douglas Cloudster II (1947)
Douglas D-558-1 Skystreak (1947)
Douglas D-558-2 Skyrocket (1948)
Douglas D-906
Douglas DA-1 Ambassador (1928)
Douglas DC-1 (1933)
Douglas DC-2 (1934)
Douglas DC-3 (1935)
List of Douglas DC-3 family variants
Douglas DC-4E (1938)
Douglas DC-4 (1939; new design unrelated to DC-4E)
List of Douglas DC-4 variants
Douglas DC-5 (1939)
Douglas DC-6 (1946)
Douglas DC-7 (1953)
Douglas DC-8 (piston airliner)
Douglas DC-8 (1958)
Douglas DC-9 (1965)
Douglas DF (1930s)
Douglas DT (1921)
Douglas Dolphin (1930)
Douglas XFD (1933)
Douglas F3D Skyknight (1948)
Douglas F4D Skyray (1951)
Douglas F5D Skylancer (1956)
Douglas F6D Missileer (1959, canceled)
Douglas M-1 (1925)
Douglas O-2 (1924)
Douglas O-31 (1930)
Douglas O-38 (1931)
Douglas O-43 (1934)
Douglas O-46 (1936)
Douglas O2D (1934)
Douglas YOA-5 (1935)
Douglas XP-48
Douglas XP3D (1935)
Douglas SBD Dauntless (1938)
Douglas XT-30
Douglas T2D (1927)
Douglas XT3D (1931)
Douglas TBD Devastator (1935)
Douglas XTB2D Skypirate (1945)
Douglas World Cruiser (DWC) (1923)
Douglas X-3 Stiletto (1952)
Missiles and spacecraft
Roc I
AAM-N-2 Sparrow I (1948)
MIM-4 Nike Ajax (1959)
MGM-5 Corporal
WAC Corporal
MIM-14 Nike Hercules
Thor (rocket family)
PGM-17 Thor
Thor-Able
Thor-Ablestar
Thor-Agena
Thorad-Agena
Thor DSV-2
Thor DSV-2U
Thor-Burner
Thor-Delta
LIM-49 Spartan
LIM-49 Nike Zeus
GAM-87 Skybolt
MGR-1 Honest John
AIR-2 Genie (1956)
MGR-3 Little John
Delta
Douglas SASSTO
Saturn S-IV stage
Saturn S-IVB stage
Manned Orbiting Laboratory space station
Appearances in media
A Douglas Aircraft B-17 assembly line, either Burbank or Long Beach, is featured in the 1944 drama An American Romance.
See also
California during World War II
List of preserved Douglas aircraft
Borth, Christy. Masters of Mass Production. Indianapolis, Indiana: Bobbs-Merrill Co., 1945.
Boyne, Walter J. The Aircraft Treasures Of Silver Hill: The Behind-The-Scenes Workshop Of The National Air And Space Museum. New York: Rawson Associates, 1982. .
Cunningham, Frank. Sky Master: The Story of Donald Douglas and the Douglas Aircraft Company. Pittsburgh, Pennsylvania: Dorrance and Company, 1943.
Donald, David, ed. Encyclopedia of World Aircraft. Etobicoke, Ontario, Canada: Prospero Books, 1997. .
Francillon, René J. McDonnell Douglas Aircraft Since 1920: Volume I. London: Putnam, 1979. .
Haber, Barbara Angle. The National Air and Space Museum. London: Bison Group, 1995. .
Herman, Arthur. Freedom's Forge: How American Business Produced Victory in World War II. New York: Random House, 2012. .
Parker, Dana T. Building Victory: Aircraft Manufacturing in the Los Angeles Area in World War II. Cypress, California: Dana T. Parker Books, 2013. .
Sobel, Robert. "Donald Douglas: The Fortunes of War". The Entrepreneurs: Explorations Within the American Business Tradition. New York: Weybright & Talley, 1974. .
Swanborough, F. Gordon. and Peter M. Bowers. United States Military Aircraft since 1909. London: Putnam, 1963.
Wasserzieher, Bill. Douglas: The Santa Monica Years. Santa Monica, California: The Douglas White Oaks Ranch Trust., 2009. .
Wendell, David V. Journal of the Illinois State Historical Society, Volume 92, No. 4, Winter 1999/2000, pp. 339–372.
|
Bharat Heavy Electricals Limited
|
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"Electrical equipment manufacturers",
"BHEL"
] | 3,908
| 36,351
|
Bharat Heavy Electricals Limited (BHEL) is an Indian central public sector undertaking and the largest government-owned electrical/ industrial technology company. It is owned by the Government of India, with administrative control under the Ministry of Heavy Industries. Established in 1964, BHEL is based in New Delhi.
History
BHEL was established in 1956 ushering in the heavy electrical equipment industry in India. Heavy Electricals (India) Limited was merged with BHEL in 1974. When it was set up in 1956, BHEL was envisaged as a plain manufacturing PSU, with technological help from the Soviet Union. In 1991, BHEL was converted into a public company. Over time, it developed the capability to produce a variety of electrical, electronic, and mechanical equipment for various sectors, including transmission, transportation, oil and gas, and other allied industries. However, the bulk of the company's revenue is still derived from the sale of power generation equipment such as turbines and boilers. As of 2017, equipment supplied by BHEL constituted around 55% of the total installed power generation capacity in India. The company also supplies electric locomotives to the Indian Railways and defence equipment such as the Super Rapid Gun Mount (SRGM) naval guns manufactured in partnership with the Ordnance Factory Board and simulators to the Indian Armed Forces.
It also has been exporting its power and industry segment products and services for over 40 years. BHEL's global references are spread across over 76 countries across all the six continents of the world. The cumulative overseas installed capacity of BHEL manufactured power plants exceeds 9,000 MW across 21 countries including Malaysia, Oman, Iraq, UAE, Bhutan, Egypt, and New Zealand. Their physical exports range from turnkey projects to after sales services.
BHEL is engaged in the design, engineering, manufacturing, construction, testing, commissioning and servicing of a wide range of products, systems and services for the core sectors of the economy, viz. power, transmission, industry, transportation, renewable energy, oil & gas, and defence.
It has a network of 16 manufacturing units, two repair units, four regional offices, eight service centres, eight overseas offices, 15 regional centres, seven joint ventures, and infrastructure allowing it to execute more than 150 projects at sites across India and abroad. The company has established the capability to deliver 20,000 MW p.a. of power equipment to address the growing demand for power generation equipment.
BHEL has retained its market leadership position during 2015–16 with 74% market share in the Power Sector. An improved focus on project execution enabled BHEL record its highest ever commissioning/synchronization of 15059 MW of power plants in domestic and international markets in 2015–16, marking a 59% increase over 2014–15. With the all-time high commissioning of 15000 MW in a single year FY2015-16, BHEL has exceeded 170 GW installed base of power generating equipments.
BHEL has been catering to the nation's Nuclear Programme since 1976 by way of design, manufacture, testing and supply of critical nuclear components like Reactor Headers, Steam Generators, Steam Turbine Generators, other Heat Exchangers and Pressure Vessels.
It also has been exporting its power and industry segment products and services for over 40 years. BHEL's global references are spread across over 76 countries across all the six continents of the world. The cumulative overseas installed capacity of BHEL manufactured power plants exceeds 9,000 MW across 21 countries including Malaysia, Oman, Iraq, UAE, Bhutan, Egypt, and New Zealand. Their physical exports range from turnkey projects to after sales services.
Bharat Heavy Electricals Limited has a total of 2406 patents globally, out of which 1326 have been granted. Of these 16833 patents, more than 78% patents are active. India is where Bharat Heavy Electricals Limited has filed the maximum number of patents, followed by USA and Europe.Bharat Heavy Electricals Ltd (BHEL) on an average applied for more than one patent or copyright every working day in FY-2011.
BHEL's investment in R&D is amongst the largest in the corporate sector in India.
During 2012–2013, the company invested about ₹1,252 Crore on R&D efforts, which corresponds to nearly 2.50% of the turnover of the company, focusing on new product and system developments and improvements in existing products. The IPR (Intellectual Property Rights) capital of BHEL grew by 21.5% in the year, taking the total to 2170.
The corporate R&D division at Hyderabad leads BHEL's research efforts in a number of areas of importance to BHEL's product range. Research & product development (RPD) groups for each product group at the manufacturing divisions play a complementary role. BHEL has established Centres of Excellence for Simulators, Computational Fluid Dynamics, Permanent Magnet Machines, Surface Engineering, Machine Dynamics, Centre for Intelligent Machines and Robotics, Compressors & Pumps, Centre for Nano Technology, Ultra High Voltage Laboratory at Corporate R&D; Centre of Excellence for Hydro Machines at Bhopal; Power Electronics and IGBT & Controller Technology at Electronics Division, Bengaluru, and Advanced Fabrication Technology and Coal Research Centre at Tiruchirappalli.
BHEL has established four specialized institutes, viz., Welding Research Institute (WRI) at Tiruchirappalli, Ceramic Technological Institute (CTI) at Bangalore, Centre for Electric Traction (CET) at Bhopal and Pollution Control Research Institute (PCRI) at Haridwar. Amorphous Silicon Solar Cell plant at Gurgaon pursues R&D in Photo Voltaic applications.
Bharat Heavy Electricals Limited (BHEL) has achieved the unique milestone of supplying its 100th Space-grade battery to ISRO for its very important and critical mission, Chandrayaan 3. These are manufactured at the Electronic Systems Division (ESD) of BHEL in Bengaluru, These batteries use various types of chemistry, including Nickel-Cadmium, Nickel-Hydrogen and Lithium-Ion.
BHEL-supplied equipment at Kaiga power plant creates world record for continuous operation.
BHEL and NPCIL collaborated to develop 220-MW Kaiga 1 nuclear power plant, an indigenously designed pressurized heavy water reactor (PHWR). On 31 December 2019 Kaiga 1 became a world record holder for running 962 unbroken days.
BHEL is one of the only four Indian companies and the only Indian public sector enterprise figuring in 'The Global Innovation 1000' of Booz & Co., a list of 1,000 publicly traded companies which are the biggest spenders on R&D in the world.
In 2011, Bharat Heavy Electricals Ltd has been ranked 9th most innovative company in the world by US business magazine Forbes. It filed 303 patents and copyrights during the year. Its intellectual capital has gone up to 1,438 patents and copyrights.
List of R&D breakthroughs
Source:
Its an industrial technology and equipment provider for world's first commercial thorium reactor called Prototype Fast Breeder Reactor.
Its R&D breakthroughs include 100 KW permanent magnet motors for India's submarine programme, which significantly reduce the size of the submarines for greater mobility.
The insulated-gate bipolar transistor-based inverter for railway locomotives. This propulsion system, which allows locomotives to use power more efficiently, helped BHEL bag a Rs 400 crore order from the Indian Railways, beating international rivals.
its R&D developed the high temperature superconducting (HTSC) transformer, which is more efficient, smaller in size, weight and volume, and can withstand twice the capacity overload without insulation damage or loss of product life.
In 2011, World's first 1200 kV Ultra High Voltage Alternating Current (UHVAC) Transformer of 333 MVA rating. The Transformer has been developed, manufactured and successfully tested by BHEL entirely through in-house know-how. India's PowerGrid beats global peers in high-voltage game with the help of BHEL.
World's First DC Electric Train Engine With Regenerative Braking. the concept involving the energy-efficient regeneration system was put into shape by BHEL in a 5,000 HP WAG-7 electric locomotive. The technology is meant to be an upgrade to the existing dynamic braking system used presently in the locomotives.
In 2002, The Bharat Heavy Electricals has successfully developed a first-of-its-kind in the world device for improving power transfer capability and reducing transmission losses in the country's highest rating (400 kV) transmission lines. The device, called Controlled Shunt Reactor
BHEL has commissioned the world's first ±800 kV multi-terminal HVDC project from North-East to Agra.
BHEL successfully demonstrates World's first indigenous High Ash Coal Gasification Plant which converts Coal to Methanol.
BHEL commissions 250 MW lignite power plant in Gujarat based on eco-friendly Circulating Fluidized Bed Combustion (CFBC) technology, using low grade coal (lignite) as the primary fuel.
Bharat Heavy Electricals has developed a high velocity oxy fuel thermal spray process for preventing silt erosion in components of hydro turbines in hydro electric power stations. HVOF coatings were applied to turbine needles at Shanan project and to guide vanes, top cover and lower ring at Bairasiul project. It was found that the coated components showed negligible erosion.
BHEL implements innovative boiler cleaning process in coal-fired thermal units.The boiler commissioning cycle will reduce from 100 days to 80 days by successfully completing the main 'Boiler Acid cleaning' without its light-up, by using an Auxiliary Boiler.
BHEL with collaboration with IIT Madras developed Solid Waste Combustor, This indigenous Pilot Plant, based on a first-of-its-kind ‘Rotary Furnace’ to efficiently incinerate unsegregated Municipal Solid Waste generated in India.
BHEL in JV with Coal India Limited (CIL) to develop a coal to chemicals company called Bharat Coal Gasification and Chemicals Ltd (BCGCL), BCGCL will produce chemicals from coal, including ammonia, nitric acid, syn-gas, and ammonium nitrate etc.
In 2022, Bharat Heavy Electricals Ltd. (BHEL) has produced a Bus Potential Transformer Module, first of its kind to be developed by an Indian manufacturer. In the existing design, a separate Potential Transformer(PT) panel was provided, having the same size, weight and cost as a regular feeder panel. Cost-savings of 57% can be achieved by the new development. In addition, panel size and weight are reduced by 80%, compared to conventional PT panels. The new PT Module for 33 kV Gas Insulated Switchgear (GIS) was successfully developed, installed and commissioned at a substation site (HVPNL, Sector – 107 Gurugram, Haryana).
In Sept 2024, Bharat Heavy Electricals Limited (BHEL) has received the first ever order for the demonstration of methanol firing in a Gas Turbine at the 350 MW Kayamkulam Combined Cycle Power Plant (CCPP) of NTPC installed at Alappuzha district in Kerala. This will be the first such demonstration project of its kind in India.
Manufacturing facilities
In 2009, has developed a new state-of-the-art 1,200 kV class Ultra High Voltage (UHV) transformer manufacturing facility at BHEL, Bhopal in Madhya Pradesh.The new UHV transformer block has a dust free and controlled atmosphere, air conditioned bays for winding works, pressurised bay for core building and final assembly, EOT cranes for lifting loads up to 450 tonne, isostatic pressing device for windings, air cushion transport system for movement of equipment & machinery and attached UHV laboratory for testing transformers.
BHEL Jhansi, is a factory and township in Uttar Pradesh, India. It was founded on 9 January 1974 and is one of the 17 manufacturing units including FSIP Jagdishpur. BHEL Jhansi started production of transformers in 1976. BHEL Jhansi has two product groups: transformers and locomotives.
Test facilities
BHEL collaborated with National High Power Test Laboratory Pvt. Ltd. (NHPTL) to test auto transformer at NHPTL facilities.
BHEL to establish the India's first High Temperature Spin Test Rig for coal based thermal power plants.The efficiency enhancement of coal-based thermal power plants depends on the use of nickel-based superalloy materials as against chrome-based steels widely used now. Advanced Ultra Super Critical (AUSC) consortium selected the nickel-based Alloy 617M.
Upcoming projects
In 2019, BHEL and Libcoin are in talks to form a consortium to initially build a 1GWh lithium-ion battery plant in India.The plant's capacity will be scaled up to 30GWh in due course.
In 2022, BHEL and Titagarh Wagons formed a consortium and participated in a tender by Government of India. The consortium emerged the second lowest bidder and will be supplying 80 Vande Bharat Trains at the rate of 120 crore per train to Indian Railways. BHEL will supply propulsion system i.e. IGBT based traction converter-inverter, auxiliary converter, train control management system, motors, transformers and mechanical bogies.
In 2023, the Nuclear Power Corporation of India (NPCIL) and Bharat Heavy Electricals Limited (BHEL) have entered into an MoU to jointly pursue business opportunities in the area of nuclear power plants based on Pressurized Heavy Water Reactor (PHWR) technology. BHEL is the company to be actively associated with all the three stages of the Indian Nuclear Programme (1st Stage PHWR, 2nd Stage FBR and 3rd Stage AHWR).
In May 2023, Bharat Heavy Electricals Limited (BHEL), stated that the Indian Railways has set very ambitious targets and kept aggressive targets for upgradation. One of the significant goals set by the Indian Railways is the complete overhaul of signaling systems. As technology upgrades, BHEL will also upgrade and participate in the modernization process of the signaling system.
In August 2023, BHEL and Leonardo, an Italian defence and aerospace company, partnered together to bid for a contract to supply air defence guns to the Indian Army. In November 2023, the Ministry of Defence signed a contract worth with BHEL for procuring 16 upgraded super rapid gun mount (SRGM) cannon and accessories for the Indian Navy. The first of the upgraded SRGM cannons was constructed in BHEL Haridwar in 2024.
In April 2025, BHEL and Nuovo Pignone International, an Italian company, signed an agreement to pursue business opportunities related to compressor train revamp projects in India’s fertilizer industry. In May 2025, BHEL formed a joint venture with REC Power Development & Consultancy, a subsidiary of the PSU REC, to jointly develop renewable energy, other power and infrastructure projects. In May 2025, BHEL sought an expression of interest (EOI) for selecting a technology partner to develop the Future Ready Combat Vehicle, a next generation main battle tank project, for the Indian Army.
Criticism
BHEL is selected to construct 1340-megawatt Rampal coal power plant in Rampal Upazila, Bangladesh, which is close to the Sundarbans mangrove forest. The power plant is set up by Bangladesh-India Friendship Power Company Pvt. Limited — a joint venture between NTPC Limited and Bangladesh Power Development Board. The project has faced criticism for the environmental impact and the potential harm to the largest mangrove forest in the world. In 2017 Norway's sovereign wealth fund removed BHEL from its investment portfolio over concerns about the Rampal coal plant.
See also
Bharathidasan Institute of Management, a college that functions within the BHEL campus; established in partnership with BHEL
List of public sector undertakings in India
|
Per Jacobsson
|
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"Bank for International Settlements",
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|
Per Jacobsson (5 February 1894 – 5 May 1963) was a Swedish economist who served as the first and longstanding chief economist of the Bank for International Settlements from 1931 to 1956, and as the managing director of the International Monetary Fund (IMF) from 1956 until his death in 1963.
Early life
Per Jacobsson was born in Tanum, Bohuslän, in Sweden. His parents were Carl Julius Jacobsson, a veterinary surgeon, and Emma Kristina Jacobsson (maiden name Melander). His family moved to Västerås, where he attended Rudbeckianska a secondary school founded in 1623. He then went to Uppsala University from 1912 to 1919. In his first term he studied economics, statistics and sociology, among other topics, but then in his second term switched to studying law. He received two law degrees from the university, in 1917 and 1919 respectively. However, he was able to undertake extensive studies in economics, mastering the subject. In 1914 he had an oral examination in economics given by David Davidson an economics professor. After that, Davidson told Per Jacobsson to consider succeeding him as an economics professor at the university. In the course of his studies, Per Jacobsson was highly influenced by Knut Wicksell. Over time at university he became more sociable. In 1917 he became president of the student club linked to his home town, Vastmanland-Dala Nation and in 1918 president of a student liberal political club, Verdandi.
Before he obtained his last degree, he spent a considerable amount of time in Stockholm. There he came into frequent contact with leading Swedish economists, joining an economics club started in 1917. Its senior members were Gustav Cassel, David Davidson, Knut Wicksell, and Eli Heckscher. He also had diverse work experiences, drawing on his knowledge of law and economics. He was variously: researcher for a commission on the post-war Swedish economy, assistant in the Court of Appeals, clerk at the Ministry of Finance, assistant teacher at the School of Forestry, and writer for various newspapers. In the latter role he wrote a review of a book by Gustav Cassell, who was Impressed by it. When Marcus Wallenburg Sr. asked Cassell to recommend a Swede to join the Secretariat of the League of Nations, he suggested Per Jacobsson. He was offered the post and accepted it.
Work at the League of Nations
In April 1920 he became an international civil servant, by joining the League of Nations' Secretariat, and specifically what a few years later would be known as the Economic and Financial Organization. This had a Financial Committee for which he worked, eventually becoming its secretary. It took on assisting cities and countries in post-war economic difficulties, including high inflation. The committee developed a typical way of operating. Its staff would visit a capital, research the economic situation and write a report with recommendations. These generally included central government spending cuts and revenue increases and creating or strengthening an independent central bank to control issuance of the domestic currency. Loans could be organized to fund government deficits before agreed-to budgetary measures took full effect. Its work therefore was a precursor to International Monetary Fund country studies and conditional lending. Per Jacobsson participated in this process for the Free City of Danzig in 1921, and Austria and Hungary starting in 1922. The latter countries were lent £90 million in aggregate, which was repaid in 1926, and their government budgets became balanced in 1927.
Piet Clement, a financial historian, wrote that Per Jacobsson's work for the committee "left a deep imprint on his further career...because it taught him to quickly analyze a multitude of qualitative and quantitative data at an aggregated and comparative level, and to formulate conclusions and recommendations in a nevertheless pertinent and precise style."
While at the League, Per Jacobsson also worked on national arms spending data that would be comparable across countries. This was one element in the League's efforts to limit spending on armaments and reduce the risk of a major armed conflict recurring. His work was published as a supplement to the Economist newspaper in October 1929. He continued his work on this after leaving the League as an outside expert, contributing to a report prepared for the World Disarmament Conference which first met in February 1932.
(After leaving the League, he returned to Sweden and worked from January 1929 to July 1930 at the Swedish Economic Defence Commission which was studying preparation for the eventuality of another war, and then from July 1930 to September 1931 as Economic Adviser to a Swedish industrial company, Kreuger and Toll.)
Work at the Bank for International Settlements
Jacobsson was employed at the Bank of International Settlements (BIS) from 1931 to 1956, and played a key role in defining the BIS's institutional identity. In particular, he wrote the BIS annual reports which were essential reading in the international economic and central banking communities.
Work at the International Monetary Fund
In December 1956, he was appointed as the managing director of the International Monetary Fund (IMF), a position he held until his death on 5 May 1963.
Personal life
He married Violet Nye, who was working for the League of Nations, in 1921. They had three daughters, Erin, Bridget and Moyra. Jacobsson's daughter Moyra, an artist, married Roger Bannister, the British Olympic athlete and neurologist who was the first person to run the four-minute mile.
He was buried in the Swedish section of Brookwood Cemetery.
The Per Jacobsson Foundation was established in 1964 to honor his memory and sponsors prestigious lectures, many of which have been given on the occasion of the annual meetings of the IMF and World Bank in Washington DC.
See also
Pierre Quesnay
|
Virtuous Retail
|
[
"Companies based in Bengaluru",
"Real estate companies of India",
"Real estate companies established in 2007",
"Indian companies established in 2007",
"2007 establishments in Karnataka"
] | 446
| 4,658
|
Virtuous Retail South Asia (VRSA) owns and operates shopping centres across India in major cities like Chennai, Bengaluru, Surat, Amritsar, Nagpur, and Chandigarh. Their centres are designed with a focus on integrating the historical and cultural heritage of the surrounding community into their architecture and programming. These centers typically feature a diverse range of food and beverage options, retail and community spaces, but their scope extends beyond mere shopping experiences...
History
Virtuous Retail was founded in 2007 by Xander Group to develop community-centric retail and mixed-use projects in India. In 2016, Xander partnered with APG to form a $450 million joint venture, with APG holding a majority stake of 77%. The joint venture company, Virtuous Retail South Asia, acquired three retail assets from a Xander-backed fund for ₹2,000 crore.
Since then, VRSA has expanded its portfolio through organic growth and acquisitions. In 2019, the company acquired two shopping malls from Tata Realty and Infrastructure Ltd for ₹700 crore. VRSA currently has a total of six operational malls and two under-construction projects in Thane and Delhi.
See also
VR Ambarsar
VR Nagpur
VR Bengaluru
VR Chennai
|
Lillian Browse
|
[
"Art dealers from London",
"British art historians",
"Commanders of the Order of the British Empire",
"1906 births",
"2005 deaths",
"British women art historians",
"Alumni of Barnato Park High School",
"People from West Hampstead",
"20th-century English businesspeople",
"Women art dealers"
] | 993
| 7,713
|
Lillian Gertrude Browse (21 April 1906 – 2 December 2005) was a British art dealer and art historian. She was a partner in two London galleries, first Roland, Browse and Delbanco and then Browse & Darby. During the Second World War she organised exhibitions at the National Gallery, whose collections had been removed to the country for safety. She wrote a number of monographs on twentieth-century artists, including important works on Walter Sickert and Sir William Nicholson. She was nicknamed "The Duchess of Cork Street", and used that name as the title of her autobiography.
She was born Lily Gertie Browse at 2 Carlton Mansions, West End Lane, in West Hampstead, London, on 21 April 1906; she subsequently changed her names to Lillian Gertrude. She was the younger child of Michael Browse and his wife Gladys Amy née Meredith. In 1909 the family moved to South Africa, where her father had set up as a racehorse trainer, and she was educated at Barnato Park High School, in Johannesburg in the Transvaal. In 1928 she returned to Britain and trained as a dancer under Margaret Craske at the Cecchetti Ballet School. Instead of becoming a ballet-dancer as she had planned and trained to do, she began in 1931 to work – at first without pay – for Harold Leger of the well-known Leger Galleries in Bond Street. During the Second World War Browse organised a number of exhibitions at the National Gallery, which was empty as the collections had been removed to Aberystwyth for safety. The first of these was British Painting since Whistler in 1940; a retrospective Exhibition of Paintings by Sir William Nicholson and Jack B. Yeats was held in 1942.
In 1945 Browse formed a partnership with Gustav Delbanco (1903–1997) and Henry Roland (1907–1993) and opened Roland, Browse and Delbanco in Cork Street, which at that time was, in Browse's words, a "haunt for prostitutes"; there was at that time only one other gallery in the street, the Redfern. In 1977 the lease of the 19 Cork Street premises fell in and the partnership dissolved. The dealer William Darby took over the lease and with Browse opened a new gallery, Browse & Darby, at the same address. Browse retired in 1981.
In 1983 almost all of her personal art collection was exhibited at the Courtauld Gallery, which at that time was in Woburn Square. She donated more than thirty works to the Courtauld Institute in 1982, and bequeathed a further eight.
Lillian Browse was married twice, first to Ivan Joseph in 1934, and then in 1964 to Sidney Lines. In the 1998 Birthday Honours she was made a Commander of the Order of the British Empire for "services to the visual arts". She died in London on 2 December 2005.
Published works
Her published works include:
Augustus John: Drawings, with 'A Note on Drawing' by Augustus John. London: Faber & Faber, 1941.
Sickert, with an essay by Reginald Howard Wilenski. London: Faber & Faber, 1943.
Camden Town Group CEMA 1944, introduction by Lillian Browse. [London]: Arts Council, [1944].
Constantin Guys: Flushing 1805 – Paris 1892, introduction by Clifford Hall. [London]: Faber & Faber, 1945.
James Dickson Innes, introduction by John Fothergill. London: for the Shenval Press, Faber & Faber, 1946.
Barbara Hepworth, Sculptress, introduction by William Gibson. London: Faber & Faber, 1946.
Degas dancers. London: Faber & Faber, 1949.
Leslie Hurry: settings and costumes for Sadler's Wells Ballets. London: Faber and Faber, 1946.
William Nicholson, with catalogue raisonné of the oil paintings. London: Rupert Hart-Davis, 1956.
Edgar Degas: Ballet Dancers, introduction by Lillian Browse. London: Folio Society, 1960.
Sickert. London: Rupert Hart-Davis, 1960.
James Dickson Innes: Llanelly 1887 – Swanley 1914. [London]: Faber and Faber, 1966.
Forain, the painter, 1852–1931. London: Elek, 1978.
The Duchess of Cork Street: the autobiography of an art dealer. London: Giles de la Mare, 1999.
|
Sekunjalo Investments
|
[
"Companies listed on the Johannesburg Stock Exchange",
"Financial services companies established in 1996",
"Companies based in Cape Town",
"Mass media companies of South Africa",
"Articles containing video clips",
"Investment management companies of South Africa",
"Corruption in South Africa"
] | 6,514
| 63,786
|
Sekunjalo Investment Holdings (parent company of African Equity Empowerment Investments) is a South Africa-based private equity firm specializing in acquisitions, PIPEs, and buyouts. It has principal operations in publishing, Internet, fishing, healthcare, pharmaceuticals, telecommunication, financial services, aquaculture, biotechnology, enterprise development, events management, travel. The company was founded by Iqbal Survé and three others in 1996 with the aim of investing and assisting black-owned businesses. Sekunjalo has been involved in the Qatargate corruption scandal in the European Parliament after the Sekunjalo Development Foundation donated €250,000 to the lobbying group Fight Impunity which is accused of bribery.
In April 2015 all of Sekunjalo's investments except its 55% ownership in Independent Media SA was spun-off into a new company, still owned by Sekunjalo Investments, known as African Equity Empowerment Investments (AEEI).
The company is currently facing allegations of corruption and misappropriation of funds from the state-controlled Public Investment Corporation which manages assets on behalf of the Government Employees Pension Fund, leading major banks to cut ties.
In January 2024, the Johannesburg Stock Exchange (JSE) announced that AEEI, as well as its sister company and former subsidiary AYO Technology Solutions, faced possible suspension from the JSE for failing to submit annual financial statements within the stipulated 4-month period.
In February 2024, AEEI shareholders voted to delist from the JSE. The termination of being listed on the JSE was effective on 16 April 2024.
Founding
Sekunjalo was founded in 1996 by Iqbal Survé, Mohammed Kajee and two others. Three of the founding members sold their shares, with only Survé remaining as the founding shareholder.
In 2006, Sekunjalo subsidiary Bioclones (trading as Genius Biotherapeutics) received an investment of US$5.3 million from BioPAD, the South African Department of Science and Technology's research innovation centre.
African Equity Empowerment Investments
In April 2015, Sekunjalo Investments Limited (SIL) was renamed, African Equity Empowerment Investments (AEEI) to avoid confusion with its parent company, Sekunjalo Investment Holdings (SIH). SIH became a privately held company whilst AEEI took Sekunjalo's publicly traded status on the Johannesburg Stock Exchange (JSE) trading under the ticker AEE. The ownership of subsidiaries was restructured so as to "better reflect the underlying businesses and investments of the Group going forward and to differentiate from the private holding company." Founder Iqbal Survé stepped down from managing all investments held by AEEI so as to focus on the company's media holdings.
Premier Fishing
In August 2023, AEEI's subsidiary Premier Fishing Ltd delisted from the JSE after a six-year stint on Africa's largest stock exchange. This followed the sale by the government-controlled PIC of its entire 20% stake in Premier Fishing back to the company at a steep loss.
Delisting and threat of suspension from stock exchange
In October 2023, AEEI announced its intention to delist citing "costs and administrative burden associated with a listing" no longer being warranted following the sale of its stake in former subsidiary and sister company AYO Technology Solutions.
AEEI announced a sharp fall in net assets in December 2023 following the unbundling of AYO Technology Solutions and an alleged cybercrime hit with ZAR 15 million being transferred out of a subsidiary company's bank accounts. According to AEEI, the crime was reported to SAPS and one or more employees may face criminal charges.
AEEI and its former subsidiary AYO Technology Solutions, both subsidiaries of Sekunjalo Investment Holdings, faced suspension from the Johannesburg Stock Exchange (JSE) due to both companies' failure to submit their annual financial statements. AYO was previously fined for 6.5 million rand by the JSE.
In February 2024, AEEI shareholders unanimously voted to delist from the JSE. The final day of trading AEEI shares was set to 9 April 2024.
Directors censured
Five directors and former directors of AEEI and AYO Technology Solutions have been fined and censured by the JSE, including Survé's brother-in-law Khalid Abdulla. The first to be censured were Mbuso Khosa and Telang Ntsasa who served on AYO's Audit and Risk Committee. Khosa and Ntsasa were censured and banned from serving as JSE directors for publishing false and misleading annual financial statements. Abdul Malick Salie and Naahied Gamieldien, who both served as AYO's CFO at different times, were publicly censured and fined 250 000 rand for breaching the JSE's listing requirements. Khalid Abdulla was censured and fined two million rand for breaching listing requirements and for instructing a fellow director to adjust amounts in AYO's interim results. Abdulla appealed the censure but a judge of the High Court dismissed the appeal. Abdulla's fine was reduced to 1.2 million rand and he resigned as chairman and director of AYO Technology Solutions.
Independent Media
Sekunjalo Independent Media Consortium is a privately owned and separately controlled segment company that is not directly related to the publicly listed African Equity Empowerment Investments segment of the Sekunjalo Investments parent company, however, Independent Media employees were transferred to the payroll of the JSE-listed AYO Technology Solutions, a subsidiary of both Sekunjalo Investment Holdings and AEEI.
Sekunjalo holds 55% ownership of Cape Town-based Independent News and Media South Africa (INMSA) with the remaining ownership made up of Chinese and Public Investment Corporation of South Africa (a South African government owned company). Two Chinese State Owned Enterprises (China International Television Corporation and the China Africa Development Fund) invested R400 million in the deal to acquire 20% of the Newspaper. The Public Investment Corporation of South Africa invested R500 million to acquire a 25% share. The purchase of the South African-based media group from Independent News and Media was concluded in August 2013 for €150-million (R2 billion). Sekunjalo Independent Media's 55% purchase of INMSA was largely funded by a loan from the Public Investment Corporation (PIC) and Government Employees Pension Fund.
Unpaid loans
In 2019 Sekunjalo claimed that the PIC and Sekunjalo had come to an amicable agreement for a debt-for-shares swop in 2018, while other sources reported that a large proportion of the PIC's investment in Sekunjalo were written off.
The South African Clothing and Textile Workers Union (SACTWU) has sued Sekunjalo Independent Media in the Western Cape High Court for failing to repay a loan of ZAR 150 million plus interest in aid of funding the purchase of the company from Tony O'Reiley. The PIC has also filed an application asking the court to liquidate Sekunjalo Independent Media.
Editorial interference
Survé has been accused of editorial interference at Independent Media and of using transformation to remove credible journalists and editors to replace them with others who write favourably about him and his businesses.
In August 2024, the Press Council found that Independent Media newspapers and news website IOL were being used to advance Sekunjalo's corporate interests. The ruling that ordered IOL to publiush an apology and remove a hate comment article against journalist Karyn Maughan. Surve's posts on X (formerly known as Twitter) were found to have compounded the harm to Maughan, where he had referred to her as a dog.
Retrenchments
In 2023, Independent Media issued retrenchment notices to its staff for the fifth time since Sekunjalo's purchase of the news organisation. By October, at least a third of staff were let go off and the company failed to pay severance packages on time and instead issued grocery vouchers to the value of ZAR 2500 which initially were not loaded with any cash, forcing shoppers to abandon their groceries at the till.
At the end of 2023, Independent Media's CEO suddenly resigned after 16 months in the job prompting Survé to once again take up an executive role in the company.
Independent News and Media SA (55% ownership)
Independent Online (South Africa)
The Star (South Africa)
Saturday Star
Daily Voice (South African newspaper)
Cape Times
Cape Argus
Weekend Argus
Business Report
Sunday Independent
Pretoria News
Weekend Pretoria News
The Post
Sunday Tribune (South Africa)
The Mercury
Daily News
Diamond Fields Advertiser
Isolezwe
African News Agency
African Equity Empowerment Investments
Genius Biotherapeutics (Pty) Ltd: pharmaceutical research and production
Ribotech: pharmaceuticals (cancer drugs)
Sekpharma: vitamin supplements and other pharmaceutical products
Wynberg Pharmaceuticals
AYO Technology Solutions
Premier Fishing: fishing
Marine Growers (Atlantic Abalone): aquaculture - focus on abalone cultivation
AEEI has strategic investments in the following companies in South Africa:
British Telecomms South Africa: a South African subsidiary of BT Group - not any longer
SAAB South Africa: a South African subsidiary of SAAB Group
Pioneer Foods: processed foods
AEEI has strategic investments in the following companies in South Africa:
espAfrika: events management
Enterprise Development: tourism services
Bank account closures
In 2021 and 2022, banks in South Africa issued notices indicating termination of banking services to the company. Absa, Investec and FNB all closed their accounts with Sekunjalo subsidiaries after the bad press and “reputational risk” that came with the Mpati report. The banks cited the high risk of doing business with the Sekunjalo Group following the publication of an inquiry by Judge Lex Mpati into irregularities at the Public Investment Corporation. The banks' decision in this regard has been fought vehemently by the Sekunjalo Group, most notably by means of a lawsuit in the country's Equality Court, which challenges the discriminatory tactics and dominance of the largest banks in South African's banking sector.
Sekunjalo and Survé have been accused of using newspapers owned by Independent Media and their online news website Independent Online to attack the banking sector as well as to publish articles biased in favour of Survé against the banks.
Equality Court case
On 18 December 2023 , the Supreme Court of Appeal ruled that Nedbank’s decision to terminate Sekunjalo’s banking services was not based on unfair racial discrimination and that Sekunjalo Group had not provided any evidence in that regard on a prima facie basis.
Sekunjalo appealed to the Constitutional Court, which in September 2024 announced that Sekunjalo's appeal was "dismissed with costs as it bears no reasonable prospects of success". The Court's nine justices unanimously agreed that Sekunjalo had provided no evidence to support its allegations against Nedbank. Nedbank and other banks that were previously interdicted from closing Sekunjalo companies' bank accounts in the interim are now legally permitted to close the bank accounts of more than 200 Sekunjalo-linked companies.
Competition case
On 19 December 2023, the Competition Tribunal dismissed Sekunjalo's application for an extension of a 2022 interim order seeking to disallow the banks from closing Sekunjalo companies' accounts. Sekunjalo's claim that the banks acted in collusion was shot down by the tribunal.
This followed a July 2023 Competition Appeal Court (CAC) ruling that found the Competition Tribunal had erred in granting an extension in the first place.
The matter remains unresolved as Sekunjalo has vowed to appeal the decisions in the Constitutional Court.
Sekunjalo Marine Services Consortium tender
In December 2011 a Sekunjalo subsidiary, Sekunjalo Marine Services Consortium, was awarded an R800 million (equivalent to roughly US$98 million in 2011) tender for the crewing, management and maintenance of the research and fisheries patrol services.
On 19 February 2012, Mr Pieter van Dalen, the Democratic Alliance member of parliament, lodged a complaint with the Public Protector. To investigate allegation of improper awards of this tender by the Department of Agriculture Forestry and Fisheries. That "the company had submitted four separate bids under different company and consortium names, which were all accompanied by Sekunjalo’s 2010 annual report." Additional concerns were raised over possible conflict of interests that neither the company nor the Department of Agriculture Forestry and Fisheries adequately addressed over one of its holdings, Premier Fishing, also having a fishing licence at the time when the contract was awarded.
On 5 December 2013, the South African Public Protector released its report on accusations that the contract to manage South Africa's fleet of fishing patrol vessels was improperly handled and awarded to Sekunjalo's Marine Service Consortium. The report found that the awarding of the R800 million a year contract was improper and did not comply with the department of Agriculture, Forestry and Fisheries supply-chain management requirements. The Public Protector found that the head of the department's tender evaluation had been "irrational, biased and improper" in its awarding of the bid to Sekunjalo.
In the final report, the Public Protector was unable to find any improper maladministration by the Department of Agriculture Forestry and Fisheries on the allegation that submitting four tenders under the Sekunjalo Group constitute collusive tendering. Therefore, Sekunjalo was cleared of charges of collusion and corruption, the Public Protector referred the matter to the Competition Commission. The Competition Commission found that there was no collusive bidding by four entities of the Sekunjalo Group when they each put in a bid for an R800 million tender.
The contract was previously held by rival marine services firm Smit Amandla Marine until it expired in 2011 and a new bidding process started. Smit Amand Marine complained that its contract bid application had been leaked to Sekunjalo. The contract was initially awarded to Sekunjalo only to withdraw it and instead gave Smit Amandla one month to hand over their operation to the South African Navy. The department then found that the Navy could not properly maintain the fleet of six patrol vessels and issued an emergency tender to Nautic SA and Damen Shipyards.
Accusations of undue interference at the Cape Times
On 5 December 2013 former president and struggle hero of South Africa Nelson Mandela passed away. Most newspapers in South Africa, and major international newspaper titles dedicated their front pages to coverage of Mandela's death. Except for Die Burger and the Sekunjalo owned Cape Times which instead led with a special edition that wrapped around the regular edition covering Mandela's death that was regarded by TIME magazine as one of the best covers from around the world on the event. On 6 December 2013, the day after Mandela's death and at the same time other publications were covering the event, the Cape Times led with a front-page article on the Public Protector's report highlighting irregularities in the awarding of the Sekunjalo Marine Services Consortium tender. The same day, the newspaper's editor, Alide Dasnois, was dismissed from her post by Iqbal Survé, executive chairman of Sekunjalo Investments. One of the stated reasons by Survé for Dasnois's dismissal was that Mandela's death was not on the front page of the Cape Times.
Sekunjalo Investments threatened to sue the paper, Dasnois, and journalist Melanie Gosling over the tender story, but Survé has denied that Dasnois' removal was connected to the article. He instead pointed to the title's declining circulation figures as his primary motivation. Compounded loss of sales, between 2008 and 2012, amounted to 28%, he said. The Cape Times is one of the titles in the Sekunjalo owned INMSA stable.
In response to a perceived attack on press freedom, several organizations have issued statements of support for Dasnois and of concern over editorial independence at the Cape Times. These include Index on Censorship, the International Federation of Journalists, the SA Centre for PEN International, the SA National Editors Forum, the Freedom of Expression Institute, and the Right2Know campaign.
In September 2014 Dasnois filed papers in the South African Labour Court for unfair dismissal and for breach of contract. In May 2016 Sekunjalo reached an agreement with Dasnois to settle out of court and issued a statement that acknowledged that Dasnois did not show disrespect to Mandela's legacy and neither was her conduct in any way motivated by racism. Shortly after releasing this statement the Sekunjalo owned Cape Times newspaper ran a story that Dasnois's lawyer claims sought to accuse Dasnois of being disrespectful to Mandela.
Accusations of pro-ANC bias
In January 2015 the company and its director Iqbal Survé were accused of pro-African National Congress (ANC) political bias in how they operated Independent News and Media SA and its subsidiary newspapers such as the Cape Times. Although there had been lingering concerns over press freedom at Independent Media following Skunjalo's acquisition of the company partly due to the 2014 firing of Cape Times editor Alide Dasnois and partly due to Survé's close relationship with the ANC the catalyst for the accusation was "group Executive Editor Karima Brown and Editor of Opinion and Analysis Vukani Mde's decision to wear ANC colours at an ANC rally." The accusations were first made by former Independent News columnist Max du Preez in his open resignation letter as reasons for his refusal to work for the company any longer.
Karima Brown, the Chief Content Officer of Independent Media replied to Du Preez's resignation letter by rejecting accusations of political bias, as their publications still feature a number of articles critical of the ANC government, claimed that Du Preez had inaccurately accused Schabir Shaik and President Jacob Zuma of pursuing a corrupt relationship, and that Du Preez and those who have supported him were motivated by racism.
Opposition leader Helen Zille stated that Skunjalo's operation of Independent media was an example of state capture that threatens both the independence of the media and the development of democracy in South Africa.
The company was again criticised for its close links with the ANC and of allegedly having an anti-Democratic Alliance (DA) bias in a report on Al-Jazeera in March 2016. The DA for its part was accused of trying to silence criticism from the Cape Times by threatening to cancel the City of Cape Town's subscription to that publication. In the same report the Cape Times rejected any accusation that it or any Sekunjalo owned publication was reporting unfairly towards any opposition political party.
In 2012, prior to the purchase of Independent Media South Africa, Sekunjalo entered into an agreement with the Gupta family (a family best known for their relationship with ANC president Jacob Zuma) owned Oakbay Investments to purchase 50% of the newspaper company after Sekunjalo had completed the purchase from the company's original owner. This agreement fell through and led to a court case being brought against Sekunjalo by Oakbay.
Chinese censorship
Former Independent Media columnist Azad Essa said that the newspaper cancelled his column immediately after he published a column distributed to a number of Independent Media newspapers critical of China's mass internment of ethnic Uighurs. Essa was also informed that he wrote would not be published online. Essa went on to accuse the newspaper group owned by both Sekunjalo and Chinese interests of espousing "sycophantic praise for Chinese investment, lacks critical engagement with the much-ballyhooed BRICS... and fails to ask basic questions on Chinese motives in Africa."
Public Investment Corporation investment
Spurred on by a series of letters by United Democratic Movement leader Bantu Holomisa, in 2018 President Cyril Ramaphosa established the (aka as the PIC or Mpati Commission) which was chaired by retired Judge Lex Mpati. The commission was set up to investigate allegations of impropriety regarding the Public Investment Corporation.
There were accusations that PIC executives bypassed normal processes to invest R4.3 billion of public money into Sekunjalo Investments subsidiary company AYO Technology Solutions. The Companies and Intellectual Properties Commission (CIPC) instructed the PIC to recoup to recoup the R4.3 billion investment it made into AYO Technology Solutions in 2017 by issuing a Compliance Notice against the board of directors of the Public Investment Corporation (PIC). The notice was declared unlawful by Judge Cornelius van der Westhuizen at the North Gauteng High Court as the PIC was not given a hearing before the issuance of the Compliance Notice.
The PIC Commission of Inquiry Report does not have a heading named “findings” against The Sekunjalo Group, like it does against other companies it investigated in the same report. Hence the Sekunjalo Group took exception to the PIC Commission's report having made unfounded statements in relation to the Group that were not supported by any evidence.
Qatargate scandal
European Union records have indicated that the Sekunjalo Development Foundation, a philanthropic initiative within Sekunjalo Investements, was recorded the largest donor to a European Union lobbying organisation called Fight Impunity with a donation of €250,000. Fight Impunity has been embroiled in the ongoing Qatargate scandal involving allegations of corruption and improper influence of European Union officials and family members. According to court documents, Survé's foundation was claimed to be the "most important donor". Survé admitted to having made a donation of ZAR 4.5 million to Fight Impunity but denied any wrongdoing on his part.
Further reading
See also
List of South African media
African News Agency
Independent Online
|
David Haber
|
[
"1909 births",
"1983 deaths",
"20th-century American businesspeople",
"American horse racing industry executives",
"American racehorse owners and breeders",
"American radio executives",
"Businesspeople from Manhattan",
"Suffolk Downs executives",
"Horse racing venue owners"
] | 544
| 6,573
|
David Haber (1909–1983) was an American businessman.
Haber was born in 1909 in Harlem. He owned a large fleet of taxi cabs in New York City until 1963 when he sold them for $4 million.
In 1952 Haber purchased Miami radio station WFEC for $50,000. Haber filed for a construction permit for a television station on channel 10 the next year, but withdrew his bid for the channel later that year. Under Haber WFEC was primarily aimed at a Black audience, promoting itself as "the only station in Florida featuring all-negro programming" and aired shows hosted by Robert Earl Sawyer and King Coleman. In 1955, WFEC came under scrutiny by the FCC for airing programs hosted by "tipsters" claiming to help listeners bet on horse race winners. The station won its license renewals after removing the programs. Haber sold the station later in the year for $70,000.
Haber owned horses with his attorney and business associate Henry Friedlander and raced under the name of Dirf Stable. In 1959 he opened Shenandoah Downs in Charles Town, West Virginia. In 1964, Haber, who wanted to own a larger track as well as one closer to his home in Manhattan, purchased Suffolk Downs from John C. Pappas for $3 million. Haber planned a turning Suffolk from a mile-long thoroughbred into a harness track. In 1968 he sold Suffolk Downs to Reality Equities Corporation of New York. He was succeeded as track president by former baseball executive Bill Veeck but remained as chairman until Reality Equities sold the track in 1971.
Haber died on October 28, 1983. In 1992 the executor of Haber's $1.27 million estate Melvyn Altman was accused of stealing from three estates, including Haber's. Altman was sentenced to 41 months in prison for stealing $750,000 from Haber's estate and from the estate of a intellectually disabled man he had been given guardianship of.
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Bill Stromberg
|
[
"1960 births",
"Living people",
"American football wide receivers",
"Johns Hopkins Blue Jays football players",
"College Football Hall of Fame inductees",
"Tuck School of Business alumni",
"People from Towson, Maryland",
"Businesspeople from Maryland",
"Players of American football from Baltimore County, Maryland",
"American chief executives of financial services companies",
"21st-century American businesspeople",
"American chairpersons of corporations",
"CFA charterholders",
"Philadelphia Eagles players"
] | 669
| 6,830
|
William Stromberg (born March 10, 1960) is a former president and CEO of T. Rowe Price, a Baltimore-based global asset management firm.
Football and baseball
For high school, Stromberg attended Loyola Blakefield, a Catholic college preparatory school for boys located in Towson, Maryland near Baltimore. He then attended Johns Hopkins University, earning a B.A. in 1982. While at Hopkins, he set long-standing records for both the baseball and football teams. His records for baseball included record runs scored and stolen bases, and his many accomplishments on the football team made him "arguably the best football player in Johns Hopkins history." Beyond Hopkins, he is considered to be one of the best wide receivers in NCAA Division III history as the holder of six national and thirteen school records. Stromberg was inducted into the Johns Hopkins Hall of Fame and then the College Football Hall of Fame in 2004, and was, as of 2017, the only Hopkins football player to be inducted there. Hopkins constructed a new baseball field and athletic facilities named Stromberg Stadium in 2014 in his honor.
After graduation, Stromberg signed as a free agent with the Philadelphia Eagles, played a few preseason games before pulling a hamstring, and was ultimately cut before the 1982 season began.
Career
Stromberg earned an MBA from Dartmouth College's Tuck School of Business and the CFA designation before becoming an equity analyst at T. Rowe Price, a Baltimore-based global asset management firm, in 1987. He remained an analyst until 1992, at which point he took over management of the Dividend Growth Fund. Then, from 2000 to 2006, he was portfolio manager of another fund. He served the next three years as the head of the firm's U.S.-based equity operations before becoming the head of equity across the firm in 2009.
Stromberg took over for James A. C. Kennedy as president and CEO of T. Rowe Price on January 1, 2016, at which point Stromberg had been with the firm for nearly thirty years. As president of the firm, Stromberg helped found the Greater Washington Partnership, "a group of chief executives and business leaders from the Baltimore-Washington area" aiming to improve its economy and infrastructure.
Personal life
Stromberg is a trustee of his alma mater Johns Hopkins University, as well as its Whiting School of Engineering Advisory Council. He also served as the president of the board of Catholic Charities, a local nonprofit charity organization affiliated with the Archdiocese of Baltimore.
|
Yvon Bock
|
[
"Singaporean philanthropists",
"Living people",
"National University of Singapore alumni",
"21st-century Singaporean businesswomen",
"21st-century Singaporean businesspeople",
"Women business executives",
"Singaporean businesspeople",
"1979 births",
"Healthcare company founders",
"Nanyang Academy of Fine Arts alumni"
] | 1,188
| 12,115
|
Yvon Bock (born 1 January 1979, Singapore) is an entrepreneur, founder and CEO of Hegen, that provides baby and nursing products for breastfeeding mothers. Bock founded Hegen in 2015 to simplify the processes of expressing, storing, and feeding breastmilk. In 2021, Prime Minister Lee Hsien Loong recognized her as one of the everyday heroes at the National Day Rally for her contributions during the COVID-19 pandemic.
Early life and education
Bock was born on 1 January 1979, in Singapore. Her father, Chan Ching, is the managing director of plastics contract manufacturer Fitson Singapore, a sister company of Hegen.
She attended Anderson Junior College and later pursued a degree in Computational Finance and Mathematics at the National University of Singapore. She also completed a Fashion Design course at the Nanyang Academy of Fine Arts (NAFA).
Career
Bock began her career in sales and marketing at Deutsche Asset Management Group Limited, where she worked from August 2000 to August 2004. Later, she joined her father part-time at Fitson and enrolled in a Fashion Design course at NAFA, sponsored by her father, with the intention of her joining Fitson upon completion of her course.
Bock became an International Board-Certified Lactation Consultant (IBCLC).
In 2014, Bock founded Hegen, a company dedicated to enhancing the nursing experience for mothers. The brand name "Hegen" is derived from the German idiom "hegen und pflegen". Bock started advocating for breastfeeding, protecting the integrity of breastmilk, and simplifying the process of expressing, storing, and feeding. The company operates in 24 international markets.
In 2021, Bock opened the Hegen Experiential Centre amidst the COVID-19 pandemic, offering parents a holistic experience with products, education, and customer service. The same year, Bock established the Hegen Lactation Centre, providing professional expertise and science-backed information through International Board-Certified Lactation Consultants and maternal specialists.
Awards and honours
In 2016, Bock won the Great Women of Our Time award in the Finance & Commerce Category from Singapore Women's Weekly.
In July 2018, Bock was the Overall Winner of the Nova Category at the Woman Entrepreneur Award by S. AUXANO. Also, in October 2019, she received the SOE Award from the Spirit of Enterprise. In October 2020, Bock received the Silver Stevie Award by The Stevie Awards.
In November 2021, she was honored with the 'Asia's Women Empowerment Award' by Fortune Times.
Yvon Bock received the EY Entrepreneur Of The Year 2023 Singapore and the EY Entrepreneur Of The Year 2023 – Consumer Products awards and represented Singapore at the EY World Entrepreneur Of The Year 2024 in Monte Carlo, Monaco in June 2024.
Philanthropy
In 2018, Bock partnered with Safe Place for "Hegen | Safe Place: The Best Gift Edition," supporting pregnant women and their families by conducting annual workshops, offering education and advice on breastfeeding.
In 2020, under the initiative Hegen Cares, Bock donated 1000 Hegen PCTO Express Store Feed Kits to frontline pregnant workers handling COVID-19 cases.
In 2023, through the Breastfeeding Ally@Work program, Bock collaborated with companies to implement family-friendly practices and facilities, promoting breastfeeding in the workplace. Bock is a member of the Alliance for Action to Strengthen Marriages & Family Relationships (AFAM).
Personal life
Bock is married to Leon Bock, co-founder and Chief Operating Officer of Hegen. They have four children.
|
John Rwangombwa
|
[
"Governors of the National Bank of Rwanda",
"Living people",
"Year of birth missing (living people)",
"Rwandan accountants",
"21st-century Rwandan businesspeople",
"Rwandan civil servants",
"Maastricht University alumni",
"Government ministers of Rwanda",
"21st-century Rwandan politicians"
] | 663
| 6,443
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John Rwangombwa is a Rwandan accountant, politician and banker. He is the governor of the National Bank of Rwanda, the central bank and national banking regulator. He was appointed to that position on 25 February 2013.
Background and education
Rangombwa studied at Makerere University, in Kampala, Uganda, graduating with a Bachelor of Commerce, majoring in accounting. He also holds a Master of Business Administration, specializing in accounting, from the Maastricht School of Management in the Netherlands.
Career
Rangombwa started at Rwanda Revenue Authority where he ascended to the rank of Deputy Commissioner of Customs for Operations, serving in that capacity from June 1998 until February 2002. He joined the Ministry of Finance and Economic Planning in 2002 as the Director of the National Treasury Department. In 2005, he served as the first Accountant General in the ministry. Later that year, he was appointed Permanent Secretary and Secretary to the Treasury. In 2009 he became the Minister of Finance and Economic Planning.
On 25 February 2013, Rangombwa was appointed as Governor of the National Bank of Rwanda, the country's central bank. In this capacity, he oversees the modernization of the bank's monetary policy framework, by targeting inflation and abandoning the targeting of monetary aggregate, in anticipation of the creation of the East African Currency Union. In 2019, Rwanda's cabinet approved an extension of six years to Rwangombwa's term of as governor.
Other responsibilities
Presidential Advisory Council, Member
World Economic Forum, Member of the Global Agenda Council
International Monetary Fund (IMF), Ex-Officio Alternate Member of the Board of Governors (since 2013)
East African Development Bank, Member of the Board of Governors (2008-2013)
See also
List of banks in Rwanda
Economy of Rwanda
Rwandan franc
Monique Nsanzabaganwa
|
Jacob Muschong
|
[
"Romanian businesspeople",
"1868 births",
"1923 deaths",
"German people of French descent",
"Danube-Swabian people",
"Hungarian people of French descent",
"Hungarian businesspeople",
"19th-century Hungarian people",
"Hungarian investors",
"Hungarian industrialists",
"Hungarian chief executives",
"Businesspeople from Austria-Hungary"
] | 1,285
| 11,661
|
Jacob Muschong (, , 1868, Nagykikinda, Austria-Hungary – 13 December 1923, Lugoj, Romania) was a Banat German industrialist, business magnate, philanthropist and investor who made a fortune producing bricks. He is also known as the Brick King. He revived the Spa of Busiasch.
Life
Early years
He was born in Nagykikinda (, now Kikinda, Serbia), a town in the Banat, in a Banat Swabian family with a long tradition in the production of bricks, however he had Banat French origin. His surname was written as Mougeon before it got Germanized. His grandparents and great-grandparents produced bricks in workshops located at the edge of Lugoj.
Dampfziegelwerke AG
At the age of 20 years he married Margaret Bohn the daughter of a famous German industrialist specialized in the production of tiles and bricks that built the brick factory at Zsombolya (now Jimbolia, Romania) and Gyertyámos (Cărpiniş) and had other several factories in Europe.
At the age of 20, Muschong and his wife founded the M. Bohn & Comp. which in 1888 built a brick factory in Lugoj. After several years he built a new plant in Lugoj and bought several factories from his competitors. In 1908 the company changed its name to J. Muschong & Comp. Muschong brick and tile products were of high quality and were sold throughout the Austro-Hungarian Empire and then in Greater Romania. Muschong built more factories in Banat but he also built one at the outskirts of Budapest. In 1910 his company had 357 employees which made it the 23rd biggest employer in the Banat and the biggest in Lugoj.
Bad Busiasch
He was also the founder of the Buziaş Spa (, ). He bought the bath and the 100 ha forest around it in 1906 from the family of the Hungarian tire manufacturer, Ernő Schottola. He built a bottling hall to produce bottled mineral water under the names Phönix and Muschong. He also built a carbon acid factory in 1907 for 2 million krones. The main export market for the mineral waters was the Balkan region. The plant had 700 m^2 area where the 700 HP steam engine and 60 HP electric engines provided the driving force. The plant had 36 employees.
He carried out probing drills, which were successful: the water came from 103 meters deep and it became medically proven that the water was good for gout or gastric lavage. He also laid the beautiful spa gardens with valuable plants, built a 500-meter-long covered walkway, 22 villas for spa guests, a zoo and sports fields. He also raised a hotel in 1922-1923 which he named Muschong Hotel (now Felix Hotel) after himself. In the same year he built a 2.9 km long railway with a normal gauge (1435 mm) between Buziaş railway station and the spa. According to the 1958 timetable, the journey took 7 minutes between the two stations. (On 10 October 1973 the railway line was dismantled.)
Until 1948 the spa, the hotels and the bottling plant stayed in the Muschong family's ownership. Then it was nationalized.
Budapest
According to the Cégfelszámoló (Company Directory) he was named as liquidator of the Egyesült magyar kénsavgyárak értékesítő szövetkezete (United Sulfuric Acid Manufacturers Cooperative, est. 1909, 11 Ipar utca, District IX, Budapest), shareholder of Kőbányai Gőztéglagyár (Steam Brick Factory of Kőbánya, est. 1876, 1 Erzsébet-körút, District VII, Budapest) and shareholder of the Közönséges tömörfaltéglákat árusító részvénytársaság (Ordinary Solid Wallbrick Selling plc, est. 1900, 27 Andrássy út, District VI).
One of the most emblematic buildings of Lugoj is the Timiș Hotel which was built in 1926 as the Muschong Palace and was owned by Jakob Muschong.
Later years
In 1913 he worked as the CEO of Ziegel- und Kalkbrennerei AG in Budapest while his son, Jakab Muschong Jr was the manager of Bad Busiasch, co-leader of the Ziegel- und Kalkbrennerei AG and Hatzfelder Dampfziegelei AG, Zsombolya.
After the Great Union of 1918 the Romanian authorities began the persecution of Jacob Muschong, considering that he opposes Romanian capital development. He is teased and persecuted by a broad campaign of denigration by the media. Many financial controls from the authorities followed which discovered accounting irregularities alleged in the statements of income, considering the amounts invested by Muschong as profit and forcing him to pay tax on them.
Death
Soon after, Muschong died of a heart attack, on 13 December 1923 at his residence in Lugoj.
After his death no one in the family could raise to the level of driving experience and ability that Jacob had. His wealth re-evaluated in today's money would probably amounts to over three billion dollars. All his factories were nationalized by the communists in 1948 and largely demolished. Instead of his largest brick factory located on Timişorii street in Lugoj the communists built the Tiles and Sanitary Equipment Factory Mondial which was later privatized in 1996 to German investors and still exists today.
Personal life
He was married to Margaret Bohn and had two daughters, Margit and Borbála and a son, Jakab. According to the Cégfelszámoló (Company Directory) his son, Jakab Muschong Jr. had a grenade patron company in 6203 Külső Bécsi út, Budapest, District III.
Literature
Ioan Sebastian Jucu : Selective issues on BUZIAŞ touristic resort of Romania between tourism economies and post-communist dereliction
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Lai Sun Development
|
[
"Companies listed on the Hong Kong Stock Exchange",
"Land developers of Hong Kong",
"Real estate companies established in 1987",
"Lai Sun Group"
] | 686
| 6,553
|
Lai Sun Development ("LSD") is a property developer in Hong Kong, public company listed on the Hong Kong Stock Exchange established in 1987 by the textiles magnate Lim Por-yen. His company, Lai Sun Garment, ("LSG") was founded in 1947, is also listed on the Hong Kong Stock Exchange. Lai Sun Garment is the controlling shareholder in LSD.
The Company is headed by Peter Lam Kin Ngok, son of the founder, who also runs the Media Asia Entertainment Group.
1997 financial crisis
Lai Sun Development, then already under the management of Peter Lam, paid HK$7 billion for Furama Hotel Enterprises in June 1997. Lai Sun acquired a 45.42 per cent stake for $3.13 billion, and made a general offer at $33.50 for each remaining shares at a total cost of $6.893 billion.
While the other Furama Group hotels became part of the hotels division, Lai Sun Hotels, LSD intended to combine the Furama plot with the Ritz Carlton plot, which it already owned, for redevelopment into a prime office block. Then the Asian financial crisis struck, plunging the entire group into distress and forced asset sales.
The company had geared itself up heavily in order to finance the acquisition at the top of the market. It had taken on $5 billion in bank loans and issued bonds worth more than $2 billion. Its value halved in the ensuing months, plunging the company into crisis. In 2000, the parent company commenced restructuring the group operations. In March 2000, LSD announced that a 65% stake in the Furama would be sold to a 50:50 joint venture between Pidemco, controlled by Temasek Holdings, and AIG for HK$1.88 billion. As part of the deal, Lai Sun would continue to operate the hotel until its redevelopment, at an annual rental of HK$145 million. The Furama closed in November, and was demolished in December 2001. Together with CapitaLand, and AIG, LSD formed Bayshore Development Group to develop AIG Tower, a 39-storey commercial office block with a gross floor area of 450,000 square foot (41,800 m²). AIG and CapitaLand each owned 35 per cent, and Lai Sun owns 30 per cent.
The asset sales to ungear the company continued - debt remained above HK$6 billion as at September 2002, when LSD sold its 32.75 per cent stake in Asia Television (ATV) to its chief executive, Chan Wing-kee, for HK$360 million
Ritz Carlton plot
The plot was held by Diamond String, a 76.57% group-owned entity. In November 2007, it was announced that China Construction Bank ("CCB") would take a 40% stake in the company for a consideration of HK$1.37 billion, while LSD stake would fall to 60%. The project to redevelop the site as an office tower, due to complete in 2011, will be partly occupied by the CCB. The hotel formally closed its doors on 1 January 2008,
See also
AIG Tower
Furama Kempinski Hotel
|
Mary Sue Coleman
|
[
"20th-century American chemists",
"20th-century American women scientists",
"21st-century American businesspeople",
"21st-century American businesswomen",
"21st-century American women scientists",
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"American academic administrators",
"American corporate directors",
"American women biochemists",
"American women business executives",
"Grinnell College alumni",
"Johnson & Johnson people",
"Chemists from Kentucky",
"Living people",
"Presidents of the University of Iowa",
"Presidents of the University of Michigan",
"Scientists from Michigan",
"University of North Carolina at Chapel Hill alumni",
"Women heads of universities and colleges",
"Members of the National Academy of Medicine",
"Presidents of the Association of American Universities"
] | 1,812
| 21,543
|
Mary Sue Wilson Coleman (born October 2, 1943) is an American chemist and academic administrator who served the University of Michigan as the 13th president from 2002 to 2014 and as interim president from January to October 2022.
She served as professor of biological chemistry in the University of Michigan Medical School and as professor of chemistry in the College of Literature, Science and the Arts. Before coming to the University of Michigan, she served as the 18th president of the University of Iowa from 1995 to 2002.
Early life and education
Mary Sue Wilson was born on October 2, 1943, in Madison County, Kentucky. She graduated from a high school in Cedar Falls, Iowa.
Coleman received a Bachelor of Science with a major in chemistry from Grinnell College in 1965 and a Doctor of Philosophy in biochemistry from the University of North Carolina at Chapel Hill in 1969.
Career
Coleman was on the biochemistry faculty at the University of Kentucky for nineteen years. She served as the 18th President of the University of Iowa from 1995 to 2002. Coleman joined the board of directors of the Meredith Corporation in 1997.
Coleman was appointed 13th president of the University of Michigan in August 2002. She joined the Board of Directors of Johnson & Johnson in 2003. Coleman began leading "The Michigan Difference" fundraising campaign for the University of Michigan in 2004; the campaign raised $3.2 billion, setting a record for a public university. Time magazine ranked Coleman as one of the ten best American university presidents in 2009, citing her success in fundraising and her emphasis on research. In July 2010, U.S. Commerce Secretary Gary Locke appointed her as the co-chair of National Advisory Council on Innovation and Entrepreneurship. Coleman announced her retirement as President of the University of Michigan, effective July 1, 2014.
Coleman was appointed to the University of Denver Board of Trustees in June 2015. She is an elected Fellow of the American Academy of Arts and Sciences and co-chaired the Academy's Lincoln Project on Excellence and Access in Public Higher Education Project with former University of California, Berkeley chancellor Robert Birgeneau. Coleman served as president of the Association of American Universities from 2016 to 2020.
Coleman was honored by the University of Michigan with the March 2021 dedication of the building that houses the Life Sciences Institute as the Mary Sue Coleman Hall, the first academic building on the Ann Arbor campus to be named for a woman. Coleman was appointed interim president of the University of Michigan on January 15, 2022, upon the termination of Mark Schlissel by the Board of Regents. She remained in the post until Santa Ono took the office on October 14, 2022.
Honors and awards
Coleman received honorary doctorate from a number of higher education institutions:
Doctor of Science, University of Kentucky (2003)
Doctor of Science, Grinnell College (2004)
Honorary Doctorate, Shanghai Jiao Tong University, China (2004)
Doctor of Science, Dartmouth College (2005)
Doctor of Science, University of Notre Dame (2007)
Doctor of Laws, University of North Carolina at Chapel Hill (2011)
Doctor of Science, Eastern Kentucky University (2012)
Doctor of Humane Letters, Indiana University (2013)
Doctor of Law, Michigan State University (2013)
Doctor of Science, Brandeis University (2018)
Doctor of Science, University of Iowa (2019)
Doctor of Humane Letters, University of Michigan (2023)
Personal life
She married Kenneth Coleman and they have one son.
Further reading
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Earnings management
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[
"Management accounting",
"Accounting research",
"Accounting systems",
"Financial reporting"
] | 1,017
| 10,880
|
Earnings management, in accounting, is the act of intentionally influencing the process of financial reporting to obtain some private gain. Earnings management involves the alteration of financial reports to mislead stakeholders about the organization's underlying performance, or to "influence contractual outcomes that depend on reported accounting numbers."
Earnings management has a negative effect on earnings quality, and may weaken the credibility of financial reporting. Furthermore, in a 1998 speech Securities and Exchange Commission chairman Arthur Levitt called earnings management "widespread". Despite its pervasiveness, the complexity of accounting rules can make earnings management difficult for individual investors to detect.
Occurrence and response by regulators
Earnings management is believed to be widespread. A 1990 report on earnings management situations stated that "short-term earnings are being managed in many, if not all companies", and in a 1998 speech, Securities and Exchange Commission (SEC) chairman Arthur Levitt called earnings management a "widespread, but too little-challenged custom". In a 2013 essay, Ray Ball, while opining that accounting research was not reliably documenting earnings management, wrote: "Of course earnings management goes on. [...] People have been tried and convicted." A 2020 report indicated that earnings management was the most common type of accounting fraud the SEC has taken action against under its whistleblower program.
The SEC has criticized earnings management as having adverse consequences for financial reporting, and for masking "the true consequences of management's decisions". It has called on standard-setters to make changes to accounting standards to improve financial statement transparency, and has called for increased oversight over the financial reporting process. The SEC has also pressed charges against the management of firms involved in fraudulent earnings management.
Motivations and methods
"Increasingly, I have become concerned that the motivation to meet Wall Street earnings expectations may be overriding common sense business practices. Too many corporate managers, auditors, and analysts are participants in a game of nods and winks. In the zeal to satisfy consensus earnings estimates and project a smooth earnings path, wishful thinking may be winning the day over faithful representation."—Arthur Levitt, in a speech to the NYU Center for Law and Business, 28 September 1998.
Earnings management involves the manipulation of company earnings towards a pre-determined target. This target can be motivated by a preference for more stable earnings, in which case management is said to be carrying out income smoothing. Opportunistic income smoothing can in turn signal lower risk and increase a firm's market value. Other possible motivations for earnings management include the need to maintain the levels of certain accounting ratios due to debt covenants, and the pressure to maintain increasing earnings and to beat analyst targets.
Earnings management may involve exploiting opportunities to make accounting decisions that change the earnings figure reported on the financial statements. Accounting decisions can in turn affect earnings because they can influence the timing of transactions and the estimates used in financial reporting. For example, a comparatively small change in the estimates for uncollectible accounts can have a significant effect on net income, and a company using last-in, first-out accounting for inventories can increase net income in times of rising prices by delaying purchases to future periods.
Detecting earnings management
Earnings management may be difficult for individual investors to detect due to the complexity of accounting rules, although accounting researchers have proposed several methods. For example, research has shown that firms with large accruals and weak governance structures are more likely to be engaging in earnings management. More recent research suggested that linguistics-based methods can detect financial manipulation, for example studies in 2012 found that whether a subsequent irregularity or deceptive restatement occurred is related to the linguistics used by top management in earnings conference calls.
Further reading
Vladu, A. B., Amat, O., & Cuzdriorean, D. D. (2014). , Economics Working Papers 1434, Department of Economics and Business, Universitat Pompeu Fabra.
|
AT&T Mexico
|
[
"Companies based in Mexico City",
"Companies formerly listed on the Mexican Stock Exchange",
"Companies formerly listed on the New York Stock Exchange",
"AT&T subsidiaries",
"Telecommunications companies of Mexico",
"Mexican companies established in 1987",
"Telecommunications companies established in 1987",
"Mexican subsidiaries of foreign companies",
"2015 mergers and acquisitions"
] | 1,611
| 15,250
|
AT&T Mexico, S.A.U. (formerly known as Iusacell and Nextel Mexico), also known as AT&T Mexico Wireless and AT&T Mexico Mobility, is a Mexican mobile telephone operator and subsidiary of AT&T. AT&T Mexico is headquartered in Mexico City. Its mobile network is available in 90% of Mexico, serving 13% of the Mexican wireless market. AT&T is the third-largest wireless carrier in Mexico, with 22.636 million subscribers as of July 2024. AT&T Mexico operates under the AT&T Latin America division.
Services
The company provides cellular services reaching about 90% of Mexico's population. The company also offers local and long-distance telephony, messaging services, mobile television and wireless broadband services.
History
AT&T Mexico was originally Iusacell prior to its acquisition by AT&T.
Bell Atlantic (now Verizon Communications) and Vodafone Group together acquired 74.5% of the company in 2001 from the Peralta family, which founded Iusacell in 1987. But following Iusacell's default on debts, the two companies in 2003 sold their stake to Ricardo Salinas Pliego's Movil@ccess in a deal valued at $7.4 billion.
Movil@ccess tender offer
In June 2003 a Movil@ccess (Movilaccess) of Grupo Salinas, extended a tender offer to purchase the control of Grupo Iusacell's stock. At the time Grupo Salinas already own a mobile phone company, Unefon. The other major stock holder of Unefon, Grupo Saba, objected to the purchase of Iusacell because of debt and low profit problems. The former controlling shareholders of Grupo Iusacell, Verizon and Vodafone, agreed to tender the entirety of their stock, which resulted in the acquisition of a majority interest by Grupo Salinas.
Merger with Unefon
In March 2007, Grupo Salinas announced its intention to merge Iusacell with Unefon Holdings. Unefon was a wireless telephony operator focused on Mexico's mass market.
The resulting company had over 3.4 million subscribers, equivalent to approximately 7% of the wireless telecommunications market in Mexico.
The combined Iusacell and Unefon was the first wireless cellular service provider in the country with a third-generation platform (3G CDMA EVDO) that gave users access to a wide range of other telecommunications services and multimedia applications, making the mobile network an efficient vehicle for data transmission and value added services besides voice.
On November 15, 2010, Iusacell launched their HSPA+ network with speeds up to 21 Mbit/s. Similar to U.S. carrier T-Mobile US, it branded its HSPA+ network as "4G."
However, on Wednesday, January 25, 2012, Cofetel temporarily refused to approve a merger between Televisa and Iusacell for illegal damage to third parties and hindering competition for open and pay television. This refusal continued until 2012 with Televisa and TV Azteca against Grupo Carso. Eventually, the merger was accepted with different conditions, among which allowing any company advertising time without condition, prohibiting the staff of Grupo Televisa and Grupo Salinas from hindering a developing third television network, and if not achieved within two years, undo the merger. With 8.2 million users at the time, the company also offered local and long-distance service, as well as wireless and fiber optic Internet. Fiber is available only in some neighborhoods of Mexico City and the states of Jalisco and Nuevo León. These services are offered under the brand Iusatel, messaging services (SMS, MMS, and email), mobile TV and mobile broadband (with your brand BAM). On Friday November 7, 2014 the US company AT&T announced the acquisition of Iusacell for 2.5 billion, including debt.
In September 2014, it was announced that Grupo Salinas would acquire Televisa's 50 percent stake in Iusacell for a fee of $717 million. On January 8, 2015, Grupo Televisa announced that the sale of its 50 percent stake had been completed.
Merger of Iusacell and Nextel into AT&T
In November 2014, AT&T announced it would acquire Iusacell for US$2.5 billion from Grupo Salinas. The price includes $800 million in debt. Under the terms of the agreement, AT&T would acquire all of Iusacell's wireless properties, including licenses, network assets, retail stores and approximately 8.6 million subscribers. The purchase was completed on January 16, 2015. On January 30, 2015, AT&T announced the purchase of Nextel Mexico for $1.875 billion from NII Holdings, excluding financial debts. The transaction was completed and approved by the Federal Telecommunications Institute in Mexico and the US Bankruptcy Court for the District of New York on April 30, 2015. AT&T launched several new plans on August 24, 2015 under the AT&T brand and began renaming Iusacell and Nextel stores in a process that was completed by the end of 2016. AT&T invested an additional $3 billion in Mexico through 2018 to expand its high-speed mobile broadband coverage to 100 million people, The company currently holds the largest amount of spectrum in the country. While gradually moving the Nextel and Iusacell brands to AT&T premium services, AT&T intended to keep the Unefon brand, which was part of Iusacell, for low-end prepaid users.
On December 10, 2021, AT&T Mexico announced it intended to launch its 5G NR network using its 2.5 GHz spectrum, making it the first mobile network operator in the country to build out an NR network.
Network
AT&T Mexico currently operates a 3G UMTS, and 4G LTE, while it is currently testing a 5G NR network. It shut down its CDMA network on October 3, 2016, its IDEN network in 2017 and its GSM network in 2019.
Radio frequency spectrum chart
The following is a list of known frequencies that AT&T Mexico owns and uses on its network.
+Frequencies used on the AT&T Mexico NetworkFrequency rangeBand
numberProtocolGenerationStatusNotes850 MHz CLR5UMTS/HSPA+3GActiveHSPA and HSPA+ services marketed as 4G.1.7/2.1 GHz AWS41.9 GHz PCS2850 MHz CLR5/26LTE/LTE-A4GActive/Building OutPrimary LTE coverage band.1.7/2.1 GHz AWS4Additional LTE band for capacity.1.9 GHz PCS22.6 GHz IMT-E7/38n38NR5GAcquired in 2018 auction. Network launched in trial in select areas in late 2021.3.5 GHz C-bandn78Pending deploymentAcquired spectrum from Nextel merger.
See also
AT&T Inc., parent company
AT&T Mobility, United States wireless service provider owned by parent company
Sky México, television provider formerly part-owned by AT&T
Telcel, largest competitor
Movistar, competitor
Unefón, prepaid arm of AT&T Mexico
|
Klaus Schmidt-Hebbel
|
[
"1955 births",
"Living people",
"International finance economists",
"MIT School of Humanities, Arts, and Social Sciences faculty",
"Pontifical Catholic University of Chile alumni",
"21st-century Chilean economists",
"20th-century Chilean economists"
] | 945
| 9,269
|
Klaus Schmidt-Hebbel (Santiago, Chile, February 26, 1955 ) is a Chilean economist. He was Chief Economist and Director of the Economic Department of the Organisation of Economic Cooperation and Development (OECD) in 2008 and 2009. He is Full Professor of Economics at Universidad del Desarrollo and Pontificia Universidad Católica de Chile (Catholic University of Chile).
Education
He studied economics at Pontificia Universidad Católica de Chile, receiving a B.A. in 1976 and an M.Sc. in 1978 with a summa cum laude distinction. He received his Ph.D. in economics from the Massachusetts Institute of Technology (MIT) in 1986. His doctoral advisors were the economists Rudi Dornbusch and Paul Krugman.
Career
Schmidt-Hebbel was at The World Bank from 1988 through 1996, where he was Principal Economist in the Bank's Research Department in Washington, DC, leading research in fiscal policy, saving, pension reform, and economic growth. From 1996 through 2008, Schmidt-Hebbel was the first Research Manager at the Central Bank of Chile where he led the Bank's research program and participated in the design and implementation of the monetary policy regime based on inflation targeting and a flexible exchange-rate system, contributing to Chile's macroeconomic stability.
From 2008 to 2009, Schmidt-Hebbel was the Chief Economist and Director of the Economics Department for OECD. He led the OECD's global and country studies on economic policy, stabilization, structural reforms, and growth. His leadership included advice on the policy response of member countries to the 2008 financial crisis and presentation of the OECD's flagship reports "Economic Outlook" and "Going for Growth".
Schmidt-Hebbel is a member of the boards and advisory councils of the Banco de Crédito e Inversiones, The Nature Conservancy, Fundación Chilena del Pacífico, Reforestemos and Make-a-Wish.
Schmidt-Hebbel is Full Professor at Pontificia Universidad Católica de Chile and Universidad del Desarrollo.
Research and publications
Schmidt-Hebbel has published or edited 20 books. His main research areas comprise macroeconomic policies, saving, pension systems, growth, and development. He has also published in the economic fields of energy, crime, and happiness. He is one of the most-cited Latin American economists in RePEc.
He is a founding editor and/or editorial board member of several professional journals, including the International Journal of Central Banking, Journal of International Economics and Economic Policy, Economía Chilena, Revista de Análisis Económico and the book series of the Central Bank of Chile Banco Central de Chile. He is the President of Exponencial, the annual interdisciplinary conference of Universidad del Desarrollo.
He contributes to analysis and reform proposals of public policy, publishing opinion pieces at CIES (Universidad del Desarrollo), newspaper columns and op-ed contributions (El Mercurio).
Distinctions and awards
Distinguished as Economist of the Year, elected by his peers, Economía y Negocios de El Mercurio (2008)
Awarded the Vicente Pérez Rosales Order by the Chilean-German League (2012)
Awarded the Club Monetario Prize of Universidad Finis Terrae (2013)
|
Consolidated Gold Fields
|
[
"Mining companies of the United Kingdom",
"Gold mining companies of the United Kingdom",
"Defunct mining companies of the United Kingdom",
"Defunct companies based in London",
"Non-renewable resource companies established in 1887",
"British companies disestablished in 1988",
"1887 establishments in England",
"1988 disestablishments in England",
"Companies formerly listed on the London Stock Exchange",
"British companies established in 1887"
] | 609
| 5,453
|
Consolidated Gold Fields was a British gold-mining company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index until it was acquired by Hanson in 1988.
Consolidated Gold Fields of South Africa was founded in 1887 and incorporated in London to fund the newly discovered gold reefs in the Transvaal. By 1900 it had already started to diversify outside South Africa. After 1945 it acquired mines in the United States and Australia. Until the 1970s, it was predominantly a mining finance house receiving income from passive investments. In 1970 A.R.O. Williams O.B.E, who was then Managing Director, retired.
After the 1970s it transformed itself into natural resource group concentrating on a relatively small number of minerals. The company had three major wholly owned subsidiaries: Amalgamated Roadstone Corporation, Gold fields Corporation and ARC America, both in the United States.
By the late 1980s it was considering withdrawing from South Africa completely. It was then the subject of an acrimonious, hostile and unsuccessful take-over bid by Minorco early in 1988.
Consolidated Gold Fields played a key role in ending apartheid in South Africa; Michael Young, the company's public affairs director embarked on the controversial course of initiating secret discussions between the South African government and the African National Congress at Mells Park House in the company's estate in Somerset. This ultimately resulted in the release of Nelson Mandela in 1990 and the handover of power to majority rule: the events are described in book The Fall of Apartheid by Robert Harvey and the 2009 television film Endgame.
Demise of the business
The company was acquired by Hanson in 1988 for £3.5bn.
Further reading
Cartwright, A.P. Gold Paved the Way Macmillan, London 1967. A history of the company.
Heslop, Philip Consolidated Gold Fields plc: investigation under Section 442 of the Companies Act 1985, The Stationery Office, 1994,
|
Michel Camdessus
|
[
"1933 births",
"Living people",
"Sciences Po alumni",
"École nationale d'administration alumni",
"Governors of the Banque de France",
"Managing directors of the International Monetary Fund",
"Commission for Africa members",
"French economists",
"Grand Officers of the Legion of Honour",
"Knights of the Ordre national du Mérite",
"French officials of the United Nations"
] | 683
| 6,011
|
Michel Camdessus (born 1 May 1933) is a French economist who served as the seventh managing director of the International Monetary Fund (IMF) from 1987 to 2000, making him the longest-serving in that position. Prior to his tenure at the IMF, he served as the Governor of the Banque de France from 1984 to 1987, after a brief term as Deputy Governor from August to November 1984 when elevated to the top position.
One notable events during his tenure at the IMF was the 1997 East Asian financial crisis. His role during the crisis has drawn criticism, for not paying attention to the unique circumstances of the East Asian countries and blindly imposing the measures that were followed in Mexico, leading to considerable turmoil and rioting in countries such as Indonesia.
Born in Bayonne, France, Mr. Camdessus studied at the University of Paris and earned postgraduate degrees in economics from the Institut d'Etudes Politiques de Paris (Sciences Po) in Paris and École nationale d'administration.
Camdessus is currently the president of the social initiative (French social weeks), a social initiative, and a member of the Commission for Africa established by Tony Blair. He is also a member of the Pontifical Commission for Justice and Peace.
Additionally, Camdessus is a member of the Africa Progress Panel (APP), a group of ten distinguished individuals who advocate at the highest levels for equitable and sustainable development in Africa. As part of this Panel, he contributes to coalition-building, leverage and broker knowledge sharing, and influencing policies for lasting change in Africa.
He is also a member of the board of directors of the Fondation Chirac's, founded by former French president Jacques Chirac in 2008 to promote world peace. Camdessus participates in the jury for the Conflict Prevention Prize awarded every year by this foundation, and in the scientific committee of its Water and Sanitation program.
|
Shapwick Hoard
|
[
"Treasure troves in England",
"Treasure troves of Roman Britain",
"History of Somerset",
"Metal detecting finds in England",
"1998 archaeological discoveries",
"1998 in England",
"Hoards from Roman Britain"
] | 959
| 8,707
|
The Shapwick Hoard is a hoard of 9,262 Roman coins found at Shapwick, Somerset, England in September 1998. The coins dated from as early as 31–30 BC up until 224 AD. The hoard also notably contained two rare coins which had not been discovered in Britain before, and the largest number of silver denarii ever found in Britain.
Discovery, excavation and valuation
The hoard was discovered by cousins Kevin and Martin Elliott, who were amateur metal detectorists, in a field at Shapwick. Excavation of the site found that it had been "buried in the corner of a room of a previously unknown Roman building" and, after further excavation and geophysical surveying, "revealed the room to be part of a courtyard villa".
Following a treasure inquest at Taunton, the hoard was declared treasure and valued at £265,000. Somerset County Museum Services acquired the hoard, with the aid of Somerset County Council, the National Heritage Memorial Fund, and other organisations, and it is now displayed at the Museum of Somerset in the grounds of Taunton Castle.
An addendum to the discovery was filed in the Treasure Annual Report 2000 which added a further 23 coins, valued at £690, also found by Kevin and Martin Elliott.
Items discovered
Notable inclusions in the hoard were 260 coins from the reign of Mark Antony from 31–30 BC, with over half the coins being struck in the reign of Septimius Severus (193–211). There were also two rare coins not discovered in Britain before depicting Manlia Scantilla, the wife of Didius Julianus, an emperor who was murdered four weeks after the coins were struck. Non-Roman coins included were three Lycian drachmae and one drachma of Caesarea in Cappadocia. The latest coin struck was in 224 AD, and it is estimated that the hoard as a whole represented ten years' pay for a Roman legionary.
Reign Date № of coins Mark Antony 31 BC 260 Nero 54–68 44 Galba 68–69 12 Otho 69 9 Vitellius 69 30 Vespasian 69–79 548 Titus 79–81 69 Domitian 81–96 21 Nerva 96–98 12 Trajan 98–117 91 Hadrian 117–138 117 Antoninus Pius 138–161 567 Marcus Aurelius 161–180 171 Commodus 180–192 356 Septimius Severus 193–211 5,741 Caracalla 198–217 345 Macrinus 217–218 61 Elagabalus 218–222 688 Severus Alexander 222–235 120
Other hoards
Shapwick has been the site of various hoard discoveries over the years, although the 1998 find was by far the largest.
In 1868, fourteen coins from 306–361 were found in the Shapwick turbary and given to Glastonbury Museum in 1948.
Between 1936 and 1938, four hoards were found in close proximity to each other:
Hoard A: a pewter cup, containing a pottery beaker of 120 mid-fourth to early-fifth century silver siliquae, along with a pewter saucer and platter
Hoard B: a pottery beaker inside a pewter jug containing 125 silver siliquae from the same era as Hoard A
Hoard C: a pewter canister containing around 1,170 bronze coins from 320–390, mostly of Valentinianic dynasty (364–375)
Hoard D: a bronze cased wooden stave tankard; a pewter bowl with pedestal; a bronze bowl. Estimated late fourth century
In 1978, over 1,000 copper coins from 305–423 were found in a pewter vessel.
See also
List of hoards in Britain
|
Jane Humphries
|
[
"1948 births",
"Alumni of Newnham College, Cambridge",
"Fellows of Newnham College, Cambridge",
"British historians",
"Commanders of the Order of the British Empire",
"Cornell University alumni",
"Academics of the University of Oxford",
"Fellows of All Souls College, Oxford",
"Feminist economists",
"Historians of economic thought",
"Living people",
"University of Massachusetts Amherst faculty",
"British women historians",
"Presidents of the International Association for Feminist Economics",
"Presidents of the Economic History Association"
] | 2,303
| 15,804
|
Katherine Jane Humphries, CBE FBA (born 9 November 1948), is a Fellow of All Souls College, University of Oxford with the Title of Distinction of professor of economic history. Her research interest has been in economic growth and development and the industrial revolution. She is the former president of the Economic History Society and the current vice-president of the Economic History Association.
Early life
Humphries gained her economics degree from Newnham College, Cambridge, in 1970; she went on to Cornell University to do both her masters and then her doctorate which she completed in 1973.
Career
Her professional life began at University of Massachusetts Amherst, first as an assistant professor (1973–1979), then as an associate professor (1979–1980). She was lecturer at the University of Cambridge and later a fellow of Newnham College (1980–1995). In 1993, during her period at Newnham College, Humphries was a visiting fellow at the Centre for Population and Development within Harvard University's School of Public Health.
Humphries returned to Newnham College as reader in economics and economic history in 1995, she then took up a post as reader in economic history and fellow at All Souls College, University of Oxford in 1998. In 2004, she was awarded a Title of Distinction as professor of economic history at All Souls. In 2012, Humphries was elected a Fellow of the British Academy (FBA), the United Kingdom's national academy for the humanities and social sciences. After retiring from Oxford, she became Centennial Professor of Economic History at the London School of Economics in 2018.
Edited journals
Humphries has sat on the editorial boards of a number of peer-reviewed journals. She is currently on the editorial boards of Gender, Work and Organization, and Feminist Economics.
Honours
On 29 January 2016 Humphries received an honorary doctorate from the Faculty of Educational Sciences at Uppsala University, Sweden. In 2018 she received an honorary doctorate from Sheffield University. Her 2019 article 'Unreal Wages? Real Income and Economic Growth in England, 1260-1850', co-authored with Jacob Weisdorf, was awarded the 2019 Royal Economic Society Prize.
Selected bibliography
Books
Chapters in books
Journal articles
Humphries, Jane; Weisdorf, Jacob (June 2015). "The Wages of Women in England, 1260–1850". Journal of Economic History. 75 (2): 405-447.
Humphries, Jane; Weisdorf, Jacob (May 2019). "Unreal Wages? Real Income and Economic Growth in England, 1260-1850". Economic Journal. 129 (623), 2867-2887.
See also
Feminist economics
List of feminist economists
|
Julie Berry Cullen
|
[
"Living people",
"Stanford University alumni",
"Massachusetts Institute of Technology alumni",
"University of California, San Diego faculty",
"20th-century American economists",
"21st-century American economists",
"American women economists",
"Year of birth missing (living people)"
] | 751
| 7,236
|
Julie Berry Cullen is an American economist who is a professor and Chair of Economics at the University of California, San Diego. She is also a researcher at the National Bureau of Economic Research. Her research considers public economics and the economics of education.
Early life and education
Cullen was an undergraduate student at Stanford University, where she majored in economics and English. She moved to Massachusetts Institute of Technology as a doctoral researcher, where she studied special education finance. After earning her doctorate, she was awarded a Robert Wood Johnson Foundation Health Policy Fellowship. She investigated the relationship between crime rates and people leaving cities, showing that each additional reported crime was associated with a one-person decline in population.
Research and career
In 1997, Cullen joined the University of Michigan as an assistant professor of economics. In Michigan, she studied the Disability insurance (DI) program and the welfare implications of increasing benefit generosity. She spent six years in Michigan before moving to the University of California, San Diego. Cullen was made associate professor in 2006 and professor in 2013. She was promoted to chair of the department in 2021. She holds a research fellowship with the National Bureau of Economic Research.
Cullen is an expert in public economics and the economics of education. She has studied strategies to improve struggling high schools, and showed that expanding access to education that provides work experiences and life skills is a cost-effective way to benefit people on low incomes. She has investigated the relationships between political alliances and tax evasion. She proposed that when people do not believe the government shares their values, they are more willing to rationalize cheating and misreport their taxable income. Cullen showed that when people move out of political alliances they are less likely to comply with tax laws. In that sense, evading tax is more like resisting tax.
Cullen investigated whether sorting students by ability improves learning or increases disparities, and found that it does not harm low-achieving students but benefits high-achieving students. She hypothesized that this was because low achieving students benefited from smaller class sizes, whilst high achieving students benefited from more advanced peers. Her research has shown that the United States is not training enough young people with skills in mathematics, particularly young people from disadvantaged communities.
Awards and honors
2014 UCSD Faculty Teaching Award
2016 UCSD Faculty Teaching Award
2018 UCSD Distinguished Service Award
Selected publications
|
David Nason
|
[
"American bankers",
"American chief executives of financial services companies",
"United States assistant secretaries of the treasury",
"1970 births",
"Living people",
"Rhode Island Republicans",
"Virginia Republicans",
"Businesspeople from Providence, Rhode Island",
"Kogod School of Business alumni",
"Washington College of Law alumni",
"People associated with Covington & Burling"
] | 1,899
| 18,146
|
David George Nason (born October 6, 1970) is an American lawyer, government official and corporate executive from Washington, DC. He served as the president and CEO of GE Energy Financial Services, a unit of General Electric (GE) from 2013 to 2018. Previously at GE, he was the Chief Regulatory Officer and Compliance Leader at GE Capital. Nason is one of 190 GE officers globally. From 2005–2009 he served as Assistant Secretary for Financial Institutions under Treasury Secretary Henry M. Paulson, during which time he was a key architect of the federal government's response to the 2008 financial crisis.
In 2019, he joined the Teachers Insurance and Annuity Association of America (TIAA) as Executive Vice President and Chief Risk & Compliance Officer. He is now Chief Operating Officer of TIAA and President of TIAA Wealth Management.
Early career
Covington & Burling, 1996–2002
From 1996 to 2002, Nason was an attorney in the Washington law firm of Covington & Burling, where he worked on a wide array of corporate transactions, including public and private securities offerings, merger agreements and corporate reorganizations.
Before joining Covington & Burling, he served as a law clerk to the Honorable Judge Marvin J. Garbis of the U.S. District Court for the District of Maryland.
Government service
Securities and Exchange Commission, 2002–2005
Before joining the Treasury Department, Nason spent three years as counsel to Securities and Exchange Commissioner Paul S. Atkins. At the SEC, Nason assisted in implementing the Sarbanes-Oxley Act of 2002, including creation of the Public Company Accounting Oversight Board, corporate governance and listing requirements modifications, and financial accounting rules and policy. He advised the SEC on investment management matters and on securities offering reform. In addition, Nason managed all of the Enron enforcement actions for Commissioner Atkins.
U.S. Treasury Department, 2005–2009
Nason joined the U.S. Department of the Treasury in October 2005 as Deputy Assistant Secretary for Financial Institutions. In March 2007, President George W. Bush nominated him for promotion to Assistant Secretary for Financial Institutions, and he was unanimously confirmed by the U.S. Senate.
As a member of Treasury Secretary Henry M. Paulson's senior team, Nason played a pivotal role in creating, developing and implementing the Treasury's response to the 2008 financial crisis. He co-developed the Capital Purchase Program of the Troubled Asset Relief Program (TARP), which injected more than $200 billion into approximately 700 banks. Nason also spearheaded the creation of the Treasury's Temporary Guarantee Program for Money Market Mutual Funds, a $3 trillion insurance program that generated $1.2 billion in fees and incurred no losses. Early in his tenure, Nason led Treasury's financial regulatory reform efforts, including the publication of Treasury's Blueprint for a Modernized Financial Regulatory Structure. Nason also played a leading role in the Treasury's efforts to enhance the regulation and supervision of Fannie Mae, Freddie Mac and the Federal Home Loan banks.
At Treasury, Nason was known as a "mini-policy think tank," "pragmatic" and "one of the department's most important advisers."
Andrew Ross Sorkin's bestselling book Too Big to Fail (Viking 2009) says Nason was Treasury's "resident policy-making brain" who had been warning since 2007 that a Bear Stearns-like run on one or more banks was likely. In his 2010 memoir On the Brink, Secretary Paulson says that Nason "had the most thorough knowledge of bank guarantees at either the Fed or Treasury," and describes the money market guarantee Nason helped design as "the single most powerful and important actions taken to hold the system together."
Private sector
Promontory Financial Group, 2009–2010
As a managing director at Promontory Financial Group, Nason advised financial institutions on strategic matters including corporate governance, risk and financial controls, due diligence, potential combinations and regulatory requirements. Nason was a frequent commentator on Bloomberg and CNBC, and a sought-after source on financial matters among other national media. In May 2009, he testified before the Senate Committee on Homeland Security & Governmental Affairs, urging Congress to modernize U.S. regulatory structures so they keep up with the financial innovations driven by rapid capital mobility, deep liquidity and technology.
In December 2009, in an opinion piece in The New York Times, Nason called for a re-examination of the Troubled Asset Relief Program (TARP) repayment standards.
GE Capital, 2010–2013
In August 2010, Nason was named senior vice president and chief regulatory and compliance officer for GE Capital. In this role, Nason led the global regulatory and compliance team and is preparing GE Capital for the changing regulatory environment in markets around the world.
GE Energy Financial Services, 2013–2018
David Nason was president and CEO of GE Energy Financial Services, where he led GE's energy investments worldwide. GE Energy Financial Services has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional and renewable power, and oil and gas infrastructure projects. Nason chaired the business’ investment committee and was responsible for a $14 billion portfolio of investments in both debt and equity.
Teachers Insurance and Annuity Association of America (TIAA), 2019–Present
TIAA, a leading financial services provider, announced in September 2019 that David G. Nason joined the company as Executive Vice President and Chief Risk and Compliance Officer. In this newly created position, Nason led the combined Risk Management and Compliance functions for the company which assists TIAA as its risk and compliance needs evolve in a dynamic market.
He is now Chief Operating Officer of TIAA and President of TIAA Wealth Management.
Honors and awards
For Nason's service during the 2008 financial crisis and his contributions to regulatory reform, he was given the Alexander Hamilton Award, the Treasury's highest honor.
In 2009, Nason was designated a Young Global Leader by the World Economic Forum., aligning him with others who were recognized for their commitment to shaping the global future.
Also in 2009, Nason received the American University's Kogod School of Business's Community Leadership Award, which honors those who have demonstrated leadership in business and who have influenced both their company and their community.
Board seats
In May 2007, Nason was appointed by President George W. Bush and confirmed by the Senate to serve on the board of directors of the National Cooperative Bank (NCB), an institution chartered by Congress in 1978 to serve the financial needs of cooperatives.
In 2008, Nason was designated by Secretary Paulson to serve on the board of the Securities Investor Protection Corporation (SIPC), a federal non-profit corporation that protects securities investors from financial harm if a broker-dealer company fails.
Nason serves on the Board of Directors of TIAA Bank, the Board of Directors of IntraFi Network, and on the Board of Advisors for the Hospital for Special Surgery in New York City.
Personal life
Nason was born and raised in Providence, Rhode Island. His father was a UPS driver. Nason earned a B.S./B.A. in finance from The American University in 1992 and a J.D., summa cum laude, from The American University's Washington College of Law in 1995.
Nason is married to Nicole Nason, a former assistant secretary at the U.S. Department of Transportation who served as the administrator at the National Highway Traffic Safety Administration from May 2006 to September 2008 and currently serves as Administrator of the Federal Highway Administration. They reside in Virginia.
|
Income inequality in the Philippines
|
[
"Social issues in the Philippines",
"Economic inequality",
"Economy of the Philippines",
"Income inequality by country"
] | 5,432
| 41,876
|
Income inequality in the Philippines is the extent to which income, most commonly measured by household or individual, is distributed in an uneven manner in the Philippines.
Overview
Based on gathered data, the gross domestic product (GDP) of the Philippines has been growing at a rate of 6.8%.
YearAnnual GDP growth rate, constant prices20084.15320091.14820107.63220113.6620126.80120137.18120146.09620156.1320166.920177.7120186.3420196.122020minus 9.57
Source:Philippines GDP-Real Growth Rate-Economy(www.indexmundi.com)
According to World Bank Country Director Motoo Konishi, the Philippines had become a "rising tiger" in East Asia. However, at the same time, during the 2010–2011 fiscal year, the increase in the wealth of the richest families in the Philippines, amounting to 47.39%, comprised 76.5% of the GDP increase for that year. Thus, the benefits of this economic growth has not yet trickled down to the poorer segments of the population, as seen with the malnutrition, and poverty that continue to plague the country despite the fact that the economy seems to be growing.
According to Albert and Ramon, the poorest 20% of the population only had a share of 4.45% of the national income. This shows that the distribution of wealth is uneven in the Philippines for the data shows that the poorest 20% earned 14,022 pesos while the richest 20% of 176,863 pesos.
Gini Index
The Gini coefficient is also known as Gini index or Gini Ratio. It measures the degree of inequality in the distribution of family income in a country. A Lorenz curve plots the cumulative percentages of total income received against the cumulative number of recipients, starting with the poorest individual or household. The Gini index measures the area between the Lorenz curve and a hypothetical line of absolute equality, expressed as a percentage of the maximum area under the line. If income distribution were more nearly equal, the index would be lower or nearer to zero; if income distribution were more unequal, the index would be higher or nearer to 100. Zero indicates perfect equality, while 100 indicates perfect inequality. In the Philippines in 2015, the Gini Coefficient was approximately 0.4439. This is a slightly smaller number in comparison to a few years prior (in 2012, 0.4605). This means a bit more even wealth distribution across families. [3]
Palma Ratio
The Palma ratio is an alternative measure of inequality based on the work of Gabriel Palma. It is ratio of the top 10% of population's share of gross national income (GNI), divided by the poorest 40% of the population's share of GNI. Palma suggests that distributional politics relates mainly to the struggle between the rich and poor, and who the middle classes side with.
The Palma ratio could be a good comparison to the Gini coefficient measurement, and could cater the disadvantages of the commonly used Gini. These disadvantages include the fact that the measurement may give different results for individuals as compared to households. Furthermore, countries that are more diverse will display a higher regional coefficient than it does individually.
Historical background
Second World War (1942–1945)
When the Japanese occupied the Philippines, those who were ruthless enough to deal with their fellow Filipinos as well as the Japanese forces became part of the elite. However, the number of people who fell to the lower classes increased and thus, became the main problem of the post-war period. The number of people who fell into poverty increased because of the fighting which led to personal and property loss, monumental destruction, and social upheaval.
Since production was practically destroyed people engaged in the buy-and-sell business. To encourage this, the Japanese created the so-called "Mickey Mouse" Money as their currency for the occupied Philippines and this caused inflation. An effect of this inflation was that prices rose to astronomical levels. A good example of this would be matches being sold at 100 "Mickey Mouse" Pesos. This kind of money caused inflation because the Japanese had no way of backing it, thus it was worthless.
By the end of the war, irrigation facilities in farms were damaged and destroyed, and agricultural lands were neglected. Livestock also was reduced to 65%, thus a scarcity of food resulted and thus, family heads padded the numbers of their family members to get more food, thus becoming hoarders. Due to this hoarding, prices rose and thus, President Osmeña tried to solve this by prescribing the maximum prices for goods. However, in reality, the real market prices were way higher than those stated by Osmeña's order. Due to this, people had no choice but to follow the higher prices set by profiteers, since money was already circulating.
Because of lack of food and economic dislocation, people could be seen on the streets scavenging for food or dying from disease while those who were able to profit from the buy-and-sell business and war profiteers were able to join the upper class. Thus, during the Second World War, the already-present problem of income inequality grew larger to the extent that its effects, like crimes such as theft, kidnapping, and murder occur regularly.
Republic of the Philippines (1946–1972)
After the Philippines became an independent nation in 1946, the politics of the nation remained as it was during the period before the war even though in theory, it was a constitutional republic similar to that of the United States. However, the gap in income between the wealthy landlords and their tenants and the landless workers was so great that it led to the problem of agrarian unrest and the Huk movement. This movement was crushed by President Ramon Magsaysay using reforms and military force. During Magsaysay's term, the country began to prosper again due to the war reparations from the Japanese and US Korean War spending.
Despite Magsaysay taking time to listen to the masses and doing his best to develop the impoverished areas of the country, he failed to really improve their lot because they became dependent on him to uplift them. This was because he had failed to tell them that he needed their help and he lacked a blueprint for uplifting them and ending their gap with the rich. Thus, Magsaysay failed to put an end to the inequality between the masses and the elites.
When Diosdado Macapagal was elected president to succeed Carlos P. Garcia, his plan for the economy stated that he planned to resolve income inequality by making possible conditions that provided more income to those who need more to be able to meet their basic needs. He also planned to continue President Garcia's "Austerity Program" with his slogan of "simple living". However, this plan was undermined by his fellow Kapampangans and other members of the elite for they threw luxurious parties for him. Thus, Macapagal's "simple living" turned out to be mere rhetoric and only was true for the poor.
Martial Law (1972–1991)
In 1972, President Ferdinand Marcos placed the Philippines in a state of Martial Law promising economic growth and making it more acceptable to the business and international community while allowing Marcos even more control over the Philippine economy. According to Marcos, his New Society, which was supposed to be the result of Martial Law, was based on the discontent of the poor which led to their struggle against the ruling classes. To help alleviate the unequal distribution of wealth in the Philippines, Marcos ordered that all land holdings that were larger than 7 hectares were to be distributed to landless tenants while the owners were given just compensation.
Another reform implemented by Marcos during the Martial Law period was that corporations were ordered to start selling their shares to the public so that these companies were no longer owned only by a single family and their friends, but also by those who were willing to become shareholders by purchasing stocks. This reform helped alleviate income inequality to a certain extent for it allowed income to be distributed to the lower middle class.
However, the "crony capitalism" of President Ferdinand Marcos only made the gap between rich and poor wider because funds that could have been used for crucial development needs were siphoned off to be used for the benefit of Marcos and his allies. Due to this, the problem of income inequality that was very much present even during the period of the Third Republic was made worse. This led Rep. Stephen Solarz of the 13th District of New York to observe in 1986 that more than half of the Filipino population was living in squalor while Marcos and his allies were living in luxury.
Real wages fell from 1970 and 1975 and remained stagnant until 1986. While poverty incidence was 42% in the 1960s, it rose to 52% in 1971 and 59% toward the end of Marcos's dictatorship. Due to the economic decline that began under Marcos's martial law, the Philippines was sometimes called the "sick man of Asia".
EDSA Revolution to the present (1986– )
Due to the success of the EDSA Revolution, Marcos and his family fled to Hawaii and Corazon Aquino became the new Philippine President. When she took power, President Aquino was able to restore democracy and basic rights such as the writ of habeas corpus and free speech. However, when she redistributed the corporations of the cronies, these companies were sold to Chinese businessmen and members of the old elite. President Aquino was an honest leader, but she was not able to solve other issues because of instability caused by attempted coups staged by the military which tried to overthrow her government.
When Fidel Ramos succeeded Cory Aquino, he relaxed government regulations in order to allow entrepreneurs to be able to compete with foreign corporations and he was able to end the electricity crisis of his predecessor's regime. Ramos was also able to make the economy more transparent by introducing a banking reform, which allowed local and foreign banks to compete. In his SONA, President Ramos also planned to create socialized housing for the poor and more importantly, to give them the tools to earn a better living by means of credit and land reform. President Ramos also swore to make the taxation system more equitable and progressive. At the same time, he also expanded the VAT in order to simplify sales taxes.
In 2005, President Gloria Arroyo implemented the E-VAT which fixed the value-added tax at 12%, which ended up cancelling out the 25 peso raise in the minimum wage. It was also said that this increase in VAT was supposed to target the rich who buy more high-end goods, but they can pay it. However, the poor are more affected because they have to cut their expenses. This is because electricity rates were also affected by VAT, which ends up shrinking the income of the poor due to more expenses.
By region
Overview
Based on the data gathered by the Philippine Statistics Authority, the region with the highest income is the National Capital region while the lowest is that of the ARMM. More recently in 2018, ARMM had the lowest average gross regional domestic product (Per Capita); the number sits at 0.5%.
Regional analysis
The regions have had a steady and substantial growth in their Gini coefficients because of the negative correlation between growth within each regions and the inequality experienced in the region The measure of growth between each region will be based on the Philippine Development Plan 2011 – 2016; a framework of inclusive growth, which is high growth that is sustained, generates mass employment and reduces poverty. It intends to pursue rapid and sustainable economic growth and development, improve the quality of life of the Filipino, empower the poor and marginalized and enhance our social cohesion as a nation and will serve as the guide to formulating policies and implementing development programs for the next six years.
Luzon (Outside Metro Manila)
The Cordillera Administrative Region's economy, according to NEDA's Regional Developmental Plan (RDP), had experienced stationary growth from 2004 – 2009 but economic growth stayed positive through infusions of National government funds on roads and growth of the Business Process Outsourcing Center (BPO). It hopes to achieve sustained economic growth and environmental equity and sustainable source of resources among the other goals. In 2012, CAR was contributing P12.3 billion to the country's mining industry in terms of mineral production. Region I or the Ilocos Region showed an increase in Gross Domestic Regional Product and the Ilocos Regional Developmental Plan for 2011 – 2016 of NEDA shows goals to achieve sustainable economic growth in agribusiness, infrastructure, trade and tourism and job opportunities Region II or the Cagayan Valley region, according to its RDP from NEDA, performed well from the span of 2004 – 2012 with fluctuations in performances in regional income, inflation and labor and employment and have intentions of development opportunities, with agri-based industrial, commercial and tourism potential. Central Luzon or Region III has had high and sustained growth as one of the major contributors of national output with a slow decline from 1993 to 2009. The RDP aims at the improvement of agricultural productivity, farming family incomes, land transportation access and tourism along with the other goals. CALABARZON have also propelled in their economy regarding their agriculture, industries and MSMEs (Micro and Small Medium Enterprises) and the recent urbanization of the region with other possibilities for developmental projects like subdivisions, leisure centers and industrial complexes. It, along with Region III join NCR as the top three regions with the biggest shares of total income generated from local sources, mostly from tax revenues. Their RDP is focused then on tourism and infrastructure, agribusiness and information technologies, business process (BPOs) and creative industries. MIMAROPA or Region IV – B is the fastest growing region in terms of GRDP in 2007 though it slowly declined in the latter years because of the negative growth rate in all sectors. They plan on further developing their physical connectivity, agriculture and tourism development, enterprise development, particularly of micro- small and medium scale enterprises (MSMEs) the 2015 Millennium Development Goals (MDGs); housing and settlements development; and good governance, according to its RDP. Bicol Region or Region V, records the fastest growing GRDP in 2009 due to mining and quarrying. Despite the positive, there are still poor families in the region, mainly because of unemployment, rooted in education and specialization of work. Their challenges for their RDP are on Basic needs like Education and Housing to Economic growth on agriculture, fishery, forestry, mining, quarrying, manufacturing, trade and tourism.
Visayas
The gross regional domestic program (GRDP) of Western Visayas grew at an annual average of 5.9 percent from 2004 to 2009. This was notably higher than the national growth of 4.7 percent during those years. The growth was largely because of the industry sector primarily because of the manufacturing and quarrying of coal in Semirara Island, Caluya and Antique. Western Visayas is also known for its agriculture based economy which managed to grow steadily at 3.0 percent from 2004 to 2009 except for 2004 where it grew a notable 7.0 percent. The construction of infrastructure in the past few years resulted in the expansion of the industry section. Because of this growth, the Western Visayas economy increased its contribution to the gross domestic product in 2009 to 7.6 percent from the 7.3 percent in 2008.
In Central Visayas, the long-term goal is for it to be the leading growth center in the country, that would steer the Philippine economy into greater heights. The goal is to have Central Visayas known locally and internationally as the premier tourist destination and the centre of trade and industry in the country. Booth government and private sectors will work together to accelerate the growth of the regional economy to an average of 7.2 percent to 7.7 percent for 2011–2016.
From 2004 to 2009, the gross regional domestic product (GRDP) of Eastern Visayas grew at an average rate of 3.6 percent. This was short of the RDP target of 6.1 percent and the national growth rate of 4.8 percent. The region's contribution to the national economy remains at 2.2 percent. The decline in 2009 was largely due to heavy rains and infestation of pests and deceases in major production areas. The biggest contributor to the regional economy is the agriculture and fishery subsectors which account for 33.5 percent of the region's GRDP.
Mindanao (outside the ARMM)
In 2012, the unemployment rate went down to 4.6 percent after it being 5.0 percent in 2010. This translated to 48 thousand new jobs and was well above the target of 45 to 50 thousand new jobs per year. The underemployment rate eased to 26.2 percent in 2012 from 28 percent in 2010, but is still much higher than the end-of-plan target of 20 percent.
Employment in the region has increased by 2.79 percent between 2010 and 2012, a bit higher than the national average of 2.16 percent. Its contribution to the national growth rate is about 0.14 percent, the eighth highest among the 17 regions. Over the same period, wage and salary workers increased by 4.92 percent. However, there remains a large proportion of the employed sector who are unpaid family, and part-time workers. The high underemployment rate of the region may partly imply a high incidence of workers in the informal sector, including those in rural and/or agricultural areas.
The region posted the second highest average annual family income in Mindanao in 2009, although lower than the national average. Between 2006 and 2009, annual family income increased by 16.2 percent from PHP 142,000 to PHP 165,000. On the average, incomes rose by 5.4 percent annually exceeding the region‟s RDP target of five percent. The average annual family savings in the region also increased but at a slower pace of four percent from PHP 25,000 in 2006 to PHP 26,000 in 2009. The said rate of increase however, is below the region‟s savings target of two percent.
ARMM
The ARMM has the lowest income among all the regions because it has a scarcity of good roads and good transportation, as well as logistical difficulties. Another reason behind the low average income of the ARMM is the ongoing Islamic Insurgency, which displaces a lot of families, which causes the government problems in implementing policies that help alleviate poverty.
However, the main reason why the ARMM earns very little despite its autonomy is that 93–94% of its funds are still derived from the National Government through the internal revenue allotment or IRA. As a result, it is very dependent on the central government. This allotment or grant of national taxes is given to every local government unit because it is mandated by Article X, Section 6, of the 1987 Philippine Constitution.
NCR
The National Capital Region, or NCR, on the other hand, has the highest income of all the regions mainly because it is the economic, sociocultural and political center of the country. Economically, this can be seen in Makati and Ortigas, which are the central business districts of the region. This region is also the seat of the Philippine government, even though Manila is designated as the official capital.
Another main reason why the NCR has the highest income because more than 50% of its income is generated from local taxation and other sources of revenue while the rest comes from the Internal Revenue Grant. Also, the NCR allocates 12–13% of its income to education, and has a high amount of savings, thus ensuring its independence from the national government. However, the NCR is the highest borrower among all the regions, thus it also has the highest debt at the same time.
Compared to other Countries
Out of 149 countries, the Philippines ranked approximately 60th in terms of wealth inequality; it neighbors such countries as Indonesia and Micronesia. Ukraine and Iceland topped the list as the world's most equal country, whereas South Africa was on the opposite side of the list.
Connection with corruption
A main cause of income inequality in the Philippines is its political culture. It is a spoils system which is based on relationships between leaders of political parties to other politicians and local elites. Thus, this patron-client system has created a system where a small number of powerful and wealthy families are in control of the political system. Due to this, powerful politicians are able to fill appointive government positions with their allies and also preventing more deserving individuals without connections from being able to serve, thus denying equal opportunities in the government.
There have been many examples in past history of the corruption that is taking place here. For example, in 2017 the government in the Philippines began an investigation into an allegation of misuse of tobacco tax funds in Ilocos Norte from 2010 to 2016.
This patron-client system, which causes rampant graft and corruption, maintains a society that discriminates against the poor in favor of connected individuals and businesses, as seen in a biased system of taxation where the well-connected benefit. Also, social spending for the marginalized is reduced because the money goes to those with connections and government projects go to the well-connected. Thus, the government cannot distribute resources equitably.
Connection with education
One of the main causes of income inequality in the Philippines can be traced to educational inequality. According to a study conducted by José De Gregorio, income inequality increases with educational inequality. Based on the Philippines' 2010 Census of Population and Housing, there is an inequality in the highest level of educational attainment between both males and females aged 5 years old and over.
Out-of-school youth
Based on the 2013 Functional Literacy, Education and Mass Media Survey, which had a sample size of 36 million Filipinos aged 6 to 24, 19.2 percent of
those respondents cited "insufficient family income" as their top
reason for not attending school.
Taxation and income inequality
Consumption and other indirect taxes
A contributing factor to income inequality in the Philippines is the taxation system for it focuses on consumption taxes which are based on how much a person consumes or purchases, regardless of income. Since the low-income classes have to spend more to meet their day-to day needs, then they end up paying more on consumption taxes, unlike the high-income classes, who are able to save money after meeting their needs.
Indirect taxes, not just VAT, are inherently regressive because they hurt the poor more than they do the rich. This is because taxpayers, like property owners and businessmen, can simply pass on these taxes to the ordinary folk, thus they experience a loss of income and the raising of prices of goods and services. This happens because these taxpayers can add the taxes they have to pay to the prices of their goods, thus handing the burden over to the consumer.
Income tax
However, income tax also becomes a factor to income inequality because according to the Tax Management Association of the Philippines, Filipino workers pay the highest income tax in the entire Association of South-East Asian Nations (ASEAN) region. An average Filipino worker is taxed 32% as long as he is earning more than the minimum wage. These minimum wage earners are the only ones who are tax-exempt. Corporations are taxed less than individual earners at a tax rate of 30%.
See also
Economic inequality
Poverty in the Philippines
List of Philippine provinces by Human Development Index
|
Asad Umar
|
[
"1961 births",
"Living people",
"Ministers of finance of Pakistan",
"Pakistani chief executives",
"Pakistani MNAs 2013–2018",
"Pakistani MNAs 2018–2023",
"Recipients of Sitara-i-Imtiaz",
"Pakistani expatriates in Canada",
"Pakistan Tehreek-e-Insaf MNAs",
"Businesspeople from Karachi",
"Politicians from Karachi",
"Politicians from Islamabad",
"Muhajir people",
"Institute of Business Administration, Karachi alumni",
"Engro"
] | 2,145
| 22,133
|
Asad Umar (; born 8 September 1961) is a Pakistani former business executive and politician who served as the Finance, Revenue, and Economic Affairs Minister of Pakistan from August 2018 to April 2019 and the Federal Minister for Planning, Development, Reforms and Special Initiatives from November 2019 to April 2022. Prior to entering politics, he served as the chief executive officer (CEO) of Engro from 2004 to 2012.
Asad joined politics in 2012 and served as secretary-general of Pakistan Tehreek-e-Insaf from December 2021 to 24 May 2023.
Early life and education
Asad Umar was born in Rawalpindi in 1961 to a military family. His father, Ghulam Umar, who retired as a major general, was considered a close aide to President Yahya Khan and served as the first National Security Advisor from 1969 to 1971. He is also the youngest brother of Mohammad Zubair and is the youngest of six brothers and one sister. After his father's retirement from the military, he moved to Karachi along with his family.
Asad received an undergraduate degree in commerce (B.Com) from the Government College of Commerce & Economics. He attended IBA Karachi in 1984 from where he received an MBA degree.
Professional career
Asad Umar joined HSBC Pakistan after graduation and continued to work for HSBC for seven months. Later, he joined Exxon Chemical Pakistan in 1985 as a business analyst and was based in Canada. He was the only Pakistani employee of Exxon working abroad (in Canada) when the management buyout of Engro took place in 1991. He came back to Pakistan and in 1997 was appointed the first CEO of Engro Polymer & Chemicals, the group's petrochemical arm.
In 2004, Asad was appointed as the president and CEO of Engro Corporation in 2004. He immediately made the company take a global perspective, becoming the first Pakistani private sector firm to hire US consulting firm McKinsey & Company to help create the Engro's strategy. As a result, Engro made changes to its corporate structure and went on a global expansion kick by buying out a US-based food company and beginning expansion into the fertiliser business in North Africa to supply the European market.
In 2009, he was awarded Sitara-i-Imtiaz for his public service.
He took an early retirement as president and CEO from Engro in April 2012 at the age of 50 amid speculation that he would pursue a political career.
Umar is credited for turning a chemical company into a major conglomerate and was considered one of the most popular and highly paid CEOs in Pakistan. During his tenure as CEO of Engro Corporation, Umar was paid about PKR 68.6 million for the year 2011.
Political career
2012–2018: Member of the National Assembly
He joined Pakistan Tehreek-e-Insaf (PTI) in 2012 and was made Senior Vice President.
He was elected to the National Assembly of Pakistan from Constituency NA-48 (Islamabad-I) as a candidate of PTI in the by-elections held in August 2013. He received 48,073 votes, defeated a candidate of Pakistan Muslim League (N) and became an MNA. In 2014, Lahore University of Management Sciences cancelled a scheduled speech of Umar due to being political in nature rather than educational.
Re-election and ministries (2018–2023)
He was re-elected to the National Assembly as a candidate of PTI from Constituency NA-54 (Islamabad-III) in the 2018 Pakistani general election. He received 56,945 votes and defeated Anjum Aqeel Khan and again became an MNA. After Pakistan General Elections 2018, Asad served in the following Standing Committees of the National Assembly:
Special Committee on Agricultural Products.
Non-Ministerial Standing Committee on Business Advisory.
Standing Committee on Finance, Revenue and Economic Affairs. (Chairman Committee from 8 May 2019 till 30 November 2019)
Following his successful election, Umar was named as the potential candidate for the office of Minister for Finance, Revenue, and Economic Affairs. On 20 August 2018, he was sworn in as the Finance, Revenue and Economic Affairs Minister of Pakistan in the Federal Cabinet of Prime Minister Imran Khan. On 18 September 2018, he presented the amended finance bill for fiscal year 2018-2019 in the National Assembly.
On 11 October 2018, Umar held a meeting with Christine Lagarde, chair of the International Monetary Fund (IMF) and formally applied for a bailout package. That same month news reports emerged that Prime Minister Imran Khan had expressed dissatisfaction and reservations over Umar's performance as Minister for Finance, Revenue and Economic Affairs - the mentioned claims that were refuted. On 18 April 2019, he stepped down from the Finance Ministry.
From 8 May 2019 till 30 November 2019, Asad Umar served as the Chairman Standing Committee of the National Assembly of Pakistan for Finance, Revenue, and Economic Affairs. This is a key office as the chairman can ask the finance minister and his ministry regarding their performance. Moreover, the chairman can also give advice to the finance minister and the finance ministry regarding their policies. On 9 July 2019, Umar started working as the Member of Economic Advisory Council (Pakistan) after the recommendations of Prime Minister Khan.
He is working as the Focal Person for Supervision & Coordination amongst Government Agencies for All Mega Projects in Karachi funded by the Federal government of Pakistan since 1 November 2019.
On 30 September 2019, news emerged that Imran Khan will do a cabinet reshuffle, and Umar would return to the cabinet. On 19 November 2019, he was reinducted into Federal Cabinet and appointed as Federal Minister for Planning, Development, Refor, and Special Initiatives. He was previously working as the Chairman of the cabinet committee on the China–Pakistan Economic Corridor.
On 20 March 2020, he was appointed as the Chairman of Cabinet Committee on Energy, replacing Abdul Hafeez Shaikh. He also chaired the National Command and Operation Center (NCOC) that dealt with the COVID-19 pandemic in Pakistan.
Party positions
Chairman PTI Imran Khan appointed Asad Umar as PTI secretary-general on 25 December 2021. On 25 May 2023, Asad Umar resigned from his party position as Secretary General of PTI by condemning the attacks on 9 May.
Retirement
Following the arrest of party leader Imran Khan on 9 May 2023, and subsequent nationwide riots, the PTI faced a government crackdown that included the arrest of hundreds of prominent members.
In a press conference on 24 May 2023, Umar condemned the violence of 9 May and announced his resignation from party positions. Later in November 2023, he formally declared his departure from politics altogether, citing disagreement with the party's confrontational approach towards state institutions.
|
Rajiv Lall
|
[
"Businesspeople from Chennai",
"Living people",
"1957 births",
"IDFC First Bank",
"Warburg Pincus people"
] | 526
| 5,366
|
Rajiv B. Lall is an Indian businessman who is the managing director and vice chairman of the Infrastructure Development Finance Company (IDFC) in India. His father K.B. Lall was a member of Indian Civil Service.
Early life and education
Lall was born on 2 August 1957. acquired a B.A. (Hons) degree in politics, philosophy, and economics from the Oxford University and Ph.D. in Economics from Columbia University. He is conversant in French and can Spanish and Mandarin.
Rajiv Lall resides in Mumbai, and is married to Bunty Chand, the executive director of the Indian chapter of the John Rockefeller-founded Asia Society.
He also has a home in Singapore.
Career
Before joining Warburg Pincus in 1997, Rajiv Lall was the Head of Asian Economic Research with Morgan Stanley Asia.
In 2005, Lall joined IDFC as MD and CEO. he serves as a director of IDFC Trustee Company Pvt. Ltd., IDFC Capital Company Limited, IDFC Projects Limited, IDFC-SSKI Securities Limited, IDFC-SSKI Limited, IDFC Bank, STCI Finance Limited, National Stock Exchange of India Limited, Spandana Sphoorty Finance Limited, Delhi Integrated Multi-Modal Transit System Limited, Qualitas Healthcare, and IDFC Private Equity.
During his career spanning over two decades, he was worked with the World Bank, Warburg Pincus, Morgan Stanley and Asian Development Bank. He was also an assistant professor at Florida Atlantic University.
During Lall's tenure, IDFC became India’s biggest infrastructure finance company with balance sheet worth more than ₨ 60,000 crore.
Social interests
Lok Foundation, along with Lok Capital Group, provides social venture capital to promote social entrepreneurship in education, healthcare and low-cost housing segments.
|
Brake Bros
|
[
"Borough of Ashford",
"Companies based in Kent",
"Food and drink companies established in 1958",
"Catering and food service companies of the United Kingdom",
"1958 establishments in England",
"2016 mergers and acquisitions",
"British subsidiaries of foreign companies",
"Bain Capital companies"
] | 1,377
| 9,810
|
Brakes (formerly known as Brake Bros Ltd.) is a food and distribution company supplying food, drink and other products mainly to the catering industry in the UK through more than 20 distribution centres. It provides delivered wholesale and contract logistical services. The company was created in 1958 and headquartered in Ashford, United Kingdom. Brake Bros Limited has been a subsidiary of Sysco Corporation since 5 July 2016 when the latter bought it for $3.1 billion.
Its customers include schools, contract caterers, hospitals, hotels, independent dining establishments and various large restaurant chains.
Brakes in GB comprises a number of businesses and brands:
Brakes
Country Choice (including Bake & Bite)
Sysco speciality
Prime Meats
Brakes Catering Equipment
Woodward Foodservice
In addition to the head office in Enterprise Park, Ashford, the business has offices and customer care centres across the UK. They also maintain an office in Covent Garden, London, and a number of offices and distribution depots around the UK and France, including separate head offices for each division.
List of Brakes UK depots:
Aylesford
Bodelwyddan
Bodmin
Bridgend
Brighton
Corby
Dundee
Durham
Eastleigh
Grantham
Harlow
Hemsworth
Inverness
Newark
Newhouse
Peterlee
Portbury
Premier Park
Reading
Tamworth
Thetford
Warrington
Company history
2016 Sysco acquired Brakes 2007 Bain Capital acquired Brakes from Clayton, Dubilier & Rice. 2005 Brakes becomes partner in Nectar For Business a loyalty card for businesses 2004 Brakes opens its Food Innovation Centre in London Covent Garden - a first in foodservice the FIC is a place where Brakes presents its food and works on menu development to customers and is used for industry events.
Brakes launches Prime Meats its specialist meat division offering complete transparency and traceability for the caterer.
Brakes acquire Peters Foodservice Chilled Business Division and integrates it into the Brakes network.
Brakes acquires Wild Harvest specialist supplier to fine dining establishments. 2002 Major rebranding took place. To project a strong, cohesive force within the food service industry, the business became known as Brakes.
The company's major shareholders (the Brake family) decided to sell their shareholding and the business was subsequently sold to Clayton, Dubilier & Rice for a figure of £1.2 billion, an American investment company.
Purchase of Pauleys, fresh fruit and vegetable supplier. 1999 Purchase of Cearns & Brown (an ambient supplier subsequently merged with Watson & Philip) and M&J Seafood (specialist seafood suppliers). 1998 Acquisition of Watson & Philip Foodservice (ambient & chilled grocery products). 1995 Purchase of Puritan Maid (contract distribution). 1992 The beginning of a prolonged period of growth and development.
Acquisition of Country Choice (bakery).
Launch of Larderfresh (chilled).
First French company acquired. The purchase and consolidation of small French distributors continued over the next few years. 1991 The company was looking outside of its traditional frozen food market with a view to further expansion. Accordingly, the name was changed once again.
Brake Bros Foodservice Ltd came into being on 12 March. 1986 To ensure sufficient investment to allow for continued growth, the company was floated on the stock exchange. 1977 The name of the company was changed to Brake Bros (Frozen Foods) Ltd on 1 July, to reflect the new direction. 1974 Poultry processing ceased as the decision was taken to expand the frozen food side of the business. 1969 With frozen food becoming more popular, the next logical step was to produce their own ready meals.
The cooked food factory opened at Lenham producing multi-portion meals, mainly aimed at the pub market, as well as meat products such as burgers. 1963 Believing the freezing of food to be the way forward, the brothers began to distribute frozen foods alongside the main business of selling poultry. 1961 Brake Bros (Poultry Packers) Ltd was incorporated on 30 October.
The business carried out poultry processing and packing, specialising in delivering poultry to caterers in Kent and London. 1958 Business established by William, Frank and Peter Brake supplying poultry to caterers.
The brothers all had catering training and, being sons of licensees, had attended the LVS (Licensed Victuallers Society) School.
Acquisitions
UK Acquisitions since flotation in November 1986
Woodward Foodservice Ltd September 2008 Peters Food services Ltd November 2004 W Pauley & Co Limited October 2002 Seafoodirect August 2002 Scotia Campbell Marine Limited October 2001 BertelloPeter July 2001 Roach Frozen Foods March 2001 Cearns & Brown Limited July 2000 M&J Seafoods (Wholesale) Ltd March 2000 Bayliss & Sons August 1999 Watson & Philip Foodservice October 1998 G R Tanner Co (Tanner Frozen Foods) July 1997 Dairyfresh Desserts Limited March 1997 Puritan Maid Limited November 1995 P&B Fine Foods October 1995 Woods Frozen Foods March 1995 Runnymede Frozen Foods July 1994 Jesse Robinson (Nottingham) Limited February 1994 Country Choice Foods Group limited May 1993 Bentley's Frozen Foods Limited April 1993 Feathers Fresh 'n' Frozen Foods Limited March 1993 Deben Valley Foods June 1992 Anderson's Frozen Foods Limited May 1992 Double A Foods April 1992 Peterson's Food Co March 1992 First Frozen Foods March 1992 Everfresh Frozen Foods Limited November 1991 London Larder Limited September 1991 Peter Hooper Frozen Foods Limited June 1991 Midfish Limited March 1991 Rossfrost November 1990 Peter Shaw Products September 1990 Caterfrost June 1990 Elmdale Foods Limited May 1990 Spring Valley Foods Limited December 1989 S H Wickett & Son Limited October 1989 VJG Foods April 1989 Cardigan Frozen Foods February 1988 Scotia Frozen Foods Limited November 1987
|
Salim Ahmed bin Mahfouz
|
[
"1994 deaths",
"1910 births",
"Saudi Arabian billionaires",
"Saudi Arabian bankers",
"Saudi Arabian Muslims",
"Saudi Arabian businesspeople",
"People from Jeddah"
] | 416
| 4,520
|
Salim bin Ahmed bin Al Shaiba bin Mahfouz () was a Saudi businessman of Hadharem origin, and the founder of the National Commercial Bank.
The journey of wealth
Bin Mahfouz first worked as a governor in Mecca, recognizing his abilities and having confidence in him, the Al-Kaki family opted to partner with him in their money-changing business. He then became a correspondent for them.
Salim bin Mahfouz, according to his own account, proposed the idea of a Saudi bank during a newspaper meeting. The Minister of Finance at that time, Ibn Suleiman, was impressed and arranged a meeting for bin Mahfouz with King Abdulaziz Al Saud. The King liked the idea, and soon after, Al-Salam, the first Saudi bank – the Saudi National Commercial Bank – was established. It went on to become the largest banking institution in the Middle East.
Death
He died in 1994.
Salim Bin Mahfouz Foundation
His children started the Salim Bin Mahfouz Foundation for Civil and Development Work in 2012.
|
Aankhen (2002 film)
|
[
"2000s Hindi-language films",
"2002 films",
"Indian heist films",
"Films about bank robbery",
"Films scored by Aadesh Shrivastava",
"Films scored by Jatin–Lalit",
"Indian thriller films",
"Indian films based on plays",
"Films about blind people in India",
"Films directed by Vipul Amrutlal Shah",
"Hindi-language thriller films",
"2000s heist films",
"2002 thriller films",
"Films adapted for other media",
"Films involved in plagiarism controversies",
"Indian black comedy films",
"Indian intellectual property law",
"2002 controversies"
] | 2,435
| 22,254
|
Aankhen () is a 2002 Indian Hindi-language heist thriller film directed by Vipul Amrutlal Shah, starring Amitabh Bachchan, Akshay Kumar, Arjun Rampal, Sushmita Sen, Paresh Rawal and Aditya Pancholi. The film is an adaptation of Shah's own Gujarati stage play Andhalo Pato (Blindman's Buff).
The film tells the story of Vijay Singh Rajput (Bachchan) a hard-working but temperamental man, who has spent all his life working for a bank. When he is unlawfully fired, he decides to take vengeance by organizing a heist, and having the bank robbed by three blind men (Kumar, Rampal and Rawal), as no one will suspect them.
Aankhen had its worldwide premiere in Malaysia at the 3rd IIFA Awards ceremony on 5 April 2002. Upon release, Aankhen was praised for its concept, story line and direction. It turned out to be the fifth highest grossing Hindi film of 2002.
Plot
Obsessive, temperamental, and schizophrenic bank manager Vijay Singh Rajput loses his job for badly beating up a bank clerk who tried to embezzle money. Enraged at losing his job, he plots revenge on the bank by intending to stage a heist. He employs three blind men. Vishwas, a person who, after becoming blind in an accident, gains a powerful sixth sense, and Ellyaas and Arjun when, after passing by school for the blind, he understands that blind people can be trained to do things like sighted people. He blackmails and enlists the help of Neha, who is a teacher at the school, to train the trio to do the seemingly impossible heist. He chooses blind people because they, as thieves, would never be suspected, as no one would believe blind people can rob a bank.
The bank robbery is successful, with the jewels safely captured by the three. However, in the process of robbing the bank, Ellyaas' face is exposed by a nearby civilian, captured in footage and prompting citywide posters with his face. Meanwhile, Mr. Rajput anxiously tries to extort information from Vishwas and Arjun regarding the jewels and their location. Unable to answer, as they did not collect the items, they try to defer the answer by changing subjects. Ultimately, it is revealed that Ellyaas is the one with complete knowledge of the box's belongings. Meanwhile, tensions rise between Rajput and Neha; the latter resists the abusive nature of Rajput and his obnoxious harassment of Vishwas and Arjun. Arjun confesses his love to Neha, who reveals that she is associated in the plot only for the well-being of her younger brother, Rahul, who has been kidnapped by Rajput, and she cannot kill him even if she has any weapon in her hand.
In a furious attempt, the police try to locate Illyaas. Illyaas lands up at Rajput's place after getting drunk. Rajput tries several ways to force Illyaas into revealing the location of the box. Unable to generate an answer, he slams Illyaas, who falls on the ground and injures his eyes, causing bleeding. Even in this scenario, Rajput tries to get the information, but Vishwas and Arjun resist and claim that they will reveal the location if Illyaas is treated by paramedics. Rajput sends them to get Dr. Siddiqui. When both go to Shamim Street to get Dr. Siddiqui, Vishwas senses that Illyaas is in danger, and Arjun and Vishwas double back to the training center to save him. Rajput starts to harass Illyaas by tickling him to force him to reveal the answer. In the action, Illyaas falls off the balcony and dies. Unable to bear the shock of the death, Neha pulls a gun on Rajput and threatens to reveal everything to the police if he does not leave her and the other two alone. Rajput notifies Neha that all these acts were done under her training, and he is spotless, and that until Neha is alive, nothing can happen to him. Realizing that she has to die in order to save Arjun and Vishwas, Neha shoots herself, just as both of them return after hearing loud screams.
Both men gang up on Rajput and try to attack him. Once Rajput realises that only Illyaas knew where the jewellery was, he starts shooting them and tries to kill them. The police arrive, and confusion ensues. Vishwas and Arjun come out and claim that Rajput is abusing them while he claims that there is a big conspiracy involving the two people, Neha and Illyaas. Unable to believe that blind men can ransack a bank, and amidst Rajput's impassioned defence, the police start getting suspicious. In the heat of defending himself, Rajput reveals that he sent over Illyaas, thus confessing his crime.
In the end, Rajput has been locked away. Vishwas and Arjun decide to take care of Rahul and ultimately find the jewels – they were hidden in Illyaas' harmonium.
Alternate ending
In an alternate ending for overseas viewers Rajput bribes the cop and is set free, in return to get him his share and gets his manager Bhandari arrested. Vishwas and Arjun are sitting in a train (waiting for it to depart) and Rajput is standing on the platform with a smile on his face. He then warns them that "A dangerous game is about to begin", after which Vishwas and Arjun both draw their guns, and the film ends.
Cast
Amitabh Bachchan as Vijay Singh Rajput
Akshay Kumar as Vishwas Prajapati
Arjun Rampal as Arjun Verma
Sushmita Sen as Neha Srivastav
Paresh Rawal as Ilyaas
Aditya Pancholi as ACP Thakur
Arun Bali as Mr. Goenka
Ajit Vachani as Mr. Bandari
Bipasha Basu as Naina (special appearance)
Malvika Singh as Delnaz
Shreyas Talpade as Mushtaq (Chaiwallah / Tea seller on railway station)
Paresh Ganatra as Sailesh
Daya Shankar Pandey as Taxi Driver
Smith Seth as Rahul Srivastav, Neha's brother
Kashmera Shah in a special appearance in song "Chalka Chalka"
Production
The film's working title was "All The Best" but was later changed for numerology reasons and to better suit Indian audiences. Originally Raveena Tandon was cast for the role of Neha, but she was unexpectedly dropped and replaced by Sushmita Sen. Sen in turn made a lot of preparations for her role as a teacher to the blind. She visited schools for the blind and interacted with the students for a more-realistic feel to her role. Akshaye Khanna was the original choice for the role played by Arjun Rampal but things didn't work out after Akshaye Khanna rejected the role, Saif Ali Khan was approached to play the role but he was busy with Kal Ho Naa Ho.
Vipul Shah once tickled his nephew to such an extent that he became breathless. This gave Vipul Shah an idea to tickle uncontrollably the character-Iliyas so that his life could be lost.
Aankhen opened well at the Indian box office. The film made 338 million net altogether. It was also the fifth-highest-grossing Bollywood film of 2002. The film was also a success in South Africa, opening to packed houses and grossing $14,600 on the weekend, despite a limited release.
The soundtrack was composed by Aadesh Shrivastav and Jatin–Lalit. Lyrics were penned by Prasoon Joshi, Praveen Bharadwaj and Nitin Raikwar. The song “Gustakhiyan” is used for the early TV commercials of Honda Unicorn.
Track listing
No. Title Artist(s) Composer Lyricist(s) 1. "Amitabh Soliloquy" Amitabh Bachchan Aadesh Shrivastava Aatish Kapadia conceived by Vipul Amrutlal Shah 2. "Gustakhiyan" Aadesh Shrivastava and Vasundhara Das Aadesh Shrivastava Prasoon Joshi 3. "Kuchh Kasme" Sonu Nigam and Alka Yagnik Jatin–Lalit Praveen Bhardwaj 4. Theme Song Remo Fernandes Jatin–Lalit N/A 5. "Phatela Jeb" Arun Bakshi, Aadesh Shrivastava and Nitin Raikwar Aadesh Shrivastava Nitin Raikwar 6. "Chalka Chalka" Alka Yagnik and Javed Jatin–Lalit Praveen Bhardwaj 7. "Nazron Ne Teri" Kavita Krishnamurthy and Udit Narayan Jatin–Lalit Praveen Bhardwaj 8. "All The Best" Remo Fernandes Jatin–Lalit Praveen Bhardwaj 9. Title Song Remo Fernandes and Sonu Nigam Aadesh Shrivastava Prasoon Joshi
Accolades
48th Filmfare Awards:
Category Nominees ResultsBest Supporting ActorAmitabh Bachchanrowspan="2"Best ComedianParesh Rawal
9th Annual Screen Awards:
Category Nominees ResultsBest FilmAankhenrowspan="3"Best ComedianParesh RawalBest VillainAmitabh Bachchan
Controversy
Aankhen broiled into controversy when producer Doshi did not give the director Shah any credit on the film's DVD. The fallout began between the two on the sets, after a number of creative differences, which led to allegations of plagiarism and counter-allegations. The DVD's front cover had Doshi's name on it and the back had the director's name as Vipul Doshi instead of Vipul Shah. Shah took legal action against Doshi, who refused to take responsibility for the director's missing credit.
Copycat crimes
Between 2004/05, two bank robberies occurred on Mira Road in Maharashtra by a man named Feroz Sheikh and several accomplices, who were said to have been inspired by the film. The robbers took several lakh rupees (100,000), and planned to use it to start a business. The culprits were eventually nabbed but not all the money was recovered.
Video game
A computer game based on film was created for promotional purposes in a tie in with IndiaFM and Hungama.com (now collectively known as Bollywood Hungama). It was launched at the IIFA press conference on 14 March 2002.
Sequel
The sequel was first announced in 2006 and has been in production since shortly after the release on Aankhen. The director Shah was dropped due to differences with producer Doshi, and directing duties were taken over by Sachin. On 19 March 2016 in an interview with Anees Bazmee about his film No Entry Mein Entry, Anees stated that he is working on a script for Aankhen 2. In March 2019 Bazmee confirmed that the cast for the film has been finalized. Saif Ali Khan and Jacqueline Fernandez were roped in to play the leads apart from Amitabh Bachchan.
The film eventually passed on to director Abhinay Deo, who in 2023 confirmed that the film had been officially shelved after Bachchan opted out of the sequel.
|
Eastern Lubricants Blenders Limited
|
[
"1963 establishments in East Pakistan",
"Organisations based in Chittagong",
"Government-owned companies of Bangladesh",
"Oil and gas companies of Bangladesh",
"Non-renewable resource companies established in 1963",
"Companies listed on the Dhaka Stock Exchange"
] | 601
| 8,075
|
Eastern Lubricants Blenders Limited () is a subsidiary of the government-owned Bangladesh Petroleum Corporation. This organization is listed on the Dhaka Stock Exchange in 1976 and traded as EASTRNLUB.
History
The company had officially started operations in 1960. Eastern Lubricants Blenders Limited started production in 1963 as the East Pakistan Lubricants Blenders Limited in Chittagong; it was owned by Burmah Oil Company. By 1969, it was one of three lubricant companies in East Pakistan.
Since the Independence of Bangladesh in 1971, Eastern Lubricants Blenders Limited had a monopoly position till the early 2000s when other lubricant companies where allowed to operate in the market. 12 percent of the shares of the Eastern Lubricants Blenders Limited are listed on the stock exchange.
In 1977, the Eastern Lubricants Blenders Limited became a subsidiary of Bangladesh Petroleum Corporation.
In 2004, the company declared 25 percent dividends.
In 2009, the company shares were moved from A category to B category.
In 2015, Eastern Lubricants Blenders Limited became the official distributors of GS Yuasa International, a Japanese company, in Bangladesh.
Eastern Lubricants Blenders Limited signed an agreement in July 2019 to sell bitumen to Bangladesh Petroleum Corporation.
The company's profit increased in 2021 due to a decline in global oil prices. It sells oil to its three sister companies, Jamuna Oil, Meghna Petroleum, and Padma Oil. It signed an agreement with KB Petrochemicals Limited, a joint venture of Sena Kalyan Sangstha.
|
Miguel Ruiz (businessman)
|
[
"1856 births",
"1912 deaths",
"Puerto Rican businesspeople",
"Businesspeople from San Juan, Puerto Rico",
"19th-century American businesspeople",
"19th-century Puerto Rican people"
] | 599
| 4,365
|
Miguel Ruiz (1856–1912) founded a coffee processing company which would later become "Jimenez & Fernandez, Sucrs, Inc." the makers of Café Yaucono.
Early years
Ruiz, a native of San Juan, Puerto Rico, began working in the coffee industry at a young age. His interest in that sector of agriculture led him to establish a small coffee processing company in Miramar, a section of San Juan. In 1896, Ruiz started elaborating coffee using rudimentary equipment. His small operation started to grow and he soon sent for his cousin-in-law, Tiburio Jiménez, who lived in Spain. In 1911, Jiménez went to work and immediately, he too fell in love with the coffee industry. In 1912, tragedy befell upon the family and Miguel Ruiz died. He left the company in the hands of his family and Jimenez.
"Cafe Yaucono"
Tomas Prado, from Yauco was the owner of "The Coffee Co." and in 1914, created the coffee brand "Cafe Yaucono". Jiménez became interested in the brand and soon began negotiations with Prado with the intention of buying him out. In 1916, Prado sold "The Coffee Co." and its brand "Yaucono" to the heirs of Migul Ruiz. In 1917, the Ruiz family sold the company and Jiménez quit the company. Soon afterwards, Jiménez started his own company with Juan Fernández which they named "Jiménez & Fernandez, Sucrs.".
Jiménez & Fernandez, Sucrs, Inc.
In 1921, the company, which was incorporated and renamed "Jimenez & Fernandez, Sucrs, Inc.", bought a lot in the Fernández Juncos Ave. and built a two-story building. The company operated in the first floor and the Jiménez family lived in the second floor. Jiménez married and had three children, among them José Enrique Jiménez.
In 1931, Juan Fernández sold his part of the company to Jiménez. During this period the company was faced with limitations and hardships. The Great Depression, hurricanes and World War II almost completely bankrupted the entire coffee industry in Puerto Rico. Jiménez was forced to close his company on two occasions during this time.
When Jiménez reopened the company, the demand for coffee was so great that its sales soared. In 1957, Tiburcio's son José Enrique, began to work for "Yaucono" and in 1960, he was named Manager of the Sales and Marketing departments. José Enrique started a strong advertising campaign and in 1963 introduced the "Cafe Yaucono" character "Mama Inés", becoming one of the biggest marketing symbols in Puerto Rican history. In 1965, José Enrique was named president and CEO of the company.
Postscript
In 1985, "Café Yaucono" received the highest award from the Puerto Rico Product Association, the "International Award for Quality". In 1996, "Cafe Yaucono" received the "Commercial Prestige Award" from Spain. "Cafe Yaucono" controls 40% of the coffee market in Puerto Rico.
Miguel Ruiz died in San Juan, Puerto Rico in 1912 and Tiburcio Jiménez died in 1975 in the same city.
See also
List of Puerto Ricans
Café Rico
|
Bid on the City
|
[
"Auction houses based in New York City",
"Online auction websites of the United States",
"Real estate companies established in 2009",
"American real estate websites"
] | 566
| 5,970
|
Bid on the City (BidOnTheCity.com), launched in New York City in April 2009, is the first live online real estate auction site to use real time video and audio streaming. Inspired by Rita Yanovitsky, Licensed Auctioneer. The firm was co-founded by Albert Feinstein and Vlad Sapozhnikov with more than $3,000,000 of initial investment. Currently, it operates in New York City, Westchester, the Hamptons, Florida London, England, and Moscow (Russia).
Bid on the City hosts live online bidding. with audio and video of each auction allowing people to bid live online and via mobile phones.
The site was launched in May 2009 with Manhattan properties for sale, and was described by CNBC as eBay for Manhattan real estate. On May 25, the first live online auction for Manhattan real estate was held . In March 2010, Bid on the City offered seasonal rental in the Hamptons, New York using "Dutch" auctions also known as reverse auction. A technique was developed to place bids from mobile phones as well as online. The auction was also broadcast live on Plum TV in the Hamptons. In May 2010, Bid on the City launched in Westchester, New York. One of the first properties listed on the site was a home in Chappaqua that was considered for purchase by Bill and Hillary Clinton as well as several Hollywood stars including Ben Stiller.
In November 2010, the firm expanded into Russia using the "Dutch" auction model. The company's equity partner in Russia is a media company, RBC, whose majority owner is Mikhail Prokhorov, the Russian billionaire who recently purchased the New Jersey Nets Their first live auction for Russian properties was held on December 11, 2010 at 226 Fifth Avenue . Over $6,600,000 of real estate was sold that day.
The firm launched the Miami, Florida branch of its website in April 2011.
|
UK Games Fund
|
[
"Video game organizations",
"Funding bodies in the United Kingdom",
"Grants (money)",
"Funds"
] | 754
| 6,374
|
The UK Games Fund is a government funded support programme for the UK's independent games development sector. Grants from the fund provide production finance by way of a contribution towards the employee and contractor costs for prototype game development. The UK Government Department that provides the UK Games Fund funding is the Department for Culture Media and Sport.
History
The UK Games Fund was established in 2015 as a result of funding announced in the March 2015 Budget. The UK Games Fund is run by UK Games Talent and Finance Community Interest Company. The fund was developed after piloting a predecessor Prototype Fund which ran from 2008-2014 at Abertay University. UK Games Talent and Finance CIC was established in 2015 as a non-profit Community Interest Company to support the UK's early stage independent games development sector and the people that work within it. The fund includes a graduate talent pathway called Tranzfuser, supporting teams of graduate students from UK universities. In 2017 after two years of operation Sir Peter Bazalgette's Independent Review of the Creative Industries recommended a £23.7 million investment in the UK Games Fund and Tranzfuser over five years.
Rationale
The UK Games Fund was set up to promote a vibrant business environment for games development, addressing problems in attracting micro business and SME early-stage financing (deterred for example by asymmetrical information).
Funding
In 2015 the UK Government provided £4m to launch a games prototype fund called the UK Games Fund and a graduate enterprise programme called Tranzfuser. Further funding of £1.5m for the UK Games Fund and Tranzfuser was announced by the UK Government in 2018. Further funding of £8.355m for the UK Games Fund and Tranzfuser was awarded by the UK Government in 2022. As at 1 April 2023 the total funding committed by the UK Government to the UK Games Fund, Tranzfuser, DunDev and associated programme activities since 2015 is £16.62m and this covers a period that ends on 31 March 2025. On 14 June 2023 the UK Government's Creative Sector Vision announced a further £5 million pounds for the UK Games Fund.
Tranzfuser
The Tranzfuser programme of the UK Games Fund works with over twenty UK universities to identify graduate talent with the potential to start games studios. Teams work competitively on a summer project and showcase the outcome at a consumer show. During the COVID-19 pandemic the showcasing was undertaken virtually and extended to support graduates seeking careers rather than business start up. It has since reverted to the original enterprise format. In 2023 a residential games development opportunity called DunDev began supporting companies formed from previous Tranzfuser teams. In DunDev, four companies stay and work in the city of Dundee each January to develop their games and accelerate their business.
Community contribution
Grants are non-repayable but trigger a commitment for recipients to give back time contributions towards the business and creative support of their peers in the independent games development community. This was described by Sir Peter Bazalgette as a ‘deal’ between government and industry with the former providing investment and the latter maximising the economic returns through taking on and scaling up the prototype games and fostering the pipeline of talent that Tranzfuser delivers.
|
Centamin
|
[
"Companies listed on the Toronto Stock Exchange",
"Non-renewable resource companies established in 1970",
"Companies based in Perth, Western Australia",
"Gold mining companies of Australia",
"Companies listed on the London Stock Exchange",
"1970 establishments in Australia"
] | 509
| 5,167
|
Centamin is a gold mining and exploration company, whose main operating asset is the Sukari gold mine in Egypt. Centamin is wholly owned by AngloGold Ashanti plc.
History
Centamin was first listed on the then Australian Stock Exchange in 1970. In 1999, it acquired Pharaoh Gold Mines, a company that had been exploring for gold in Egypt since 1995, and became "Centamin Egypt". The company was granted a 160 square kilometre exploitation lease over the Sukari Gold Project in the eastern desert of Egypt in 2005. A listing was secured on the Toronto Stock Exchange in 2007 to raise funding for production, with first gold poured in June 2009. The Company moved to a full listing on the London Stock Exchange in November 2009, and was delisted from the Australian Stock Exchange in 2010. In 2011, it redomiciled to Jersey and changed its name to Centamin plc.
In November 2024, Centamin plc was acquired by AngloGold Ashanti plc and now forms part of AngloGold Ashanti’s diverse portfolio of global operations.
Operations
The company operates the Sukari Gold Mine in the Eastern Desert of Egypt, some 700 km from Cairo and 25 km from the Red Sea. First gold was poured at Sukari in June 2009 and commercial production began on 1 April 2010, making Sukari the first modern gold mine in Egypt, a country which in ancient times was a prolific producer of the precious metal.
|
Philadelphia Savings Fund Society
|
[
"Banks based in Pennsylvania",
"Banks established in 1816",
"1816 establishments in Pennsylvania",
"Banks disestablished in 1992",
"1992 disestablishments in Pennsylvania",
"Companies based in Philadelphia",
"Defunct banks of the United States",
"Defunct companies based in Pennsylvania",
"Historic American Buildings Survey in Philadelphia",
"History of Philadelphia",
"American companies established in 1816",
"American companies disestablished in 1992"
] | 3,359
| 27,178
|
The Philadelphia Savings Fund Society (PSFS), originally called the Philadelphia Saving Fund Society, was a savings bank headquartered in Philadelphia, Pennsylvania, United States. PSFS was founded in December 1816, the first savings bank to organize and do business in the United States. The bank would develop as one of the largest savings banks in the United States and became a Philadelphia institution. Generations of Philadelphians first opened accounts as children and became lifelong depositors.
The bank was organized by a group of men led by Condy Raguet, who had read about the concept of savings banks becoming popular in Great Britain. The bank quickly began to expand by adding services and branches, and moving into larger headquarters buildings. By the late 1910s, PSFS had the most depositors of any savings bank in the United States; it was second to the Emigrant Savings Bank in the amount of money deposited. PSFS began programs in the 1920s that encouraged children to put money into savings accounts instead of spending it on treats and school programs, allowing children to open accounts with PSFS.
In the 1970s, changes in the personal finance industry led to smaller banks struggling to stay open. A government solution had such banks merge with healthier ones and in 1982, the Western Savings Fund Society was merged with PSFS. The merger deal and changes in regulations allowed PSFS to expand into new business ventures. PSFS quickly began expanding into other fields such as corporate finance, mutual funds, and real estate development.
In 1984 PSFS began doing business under the name Meritor Financial Group to emphasize its expansion into financial services. The new business venture led to the company losing millions of dollars; it was forced to sell off many of its subsidiaries and PSFS bank branches. Despite the effort, Meritor continued to lose money.
On December 11, 1992, federal regulators seized the 176-year-old bank and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC then sold its remaining assets to Mellon Financial for US$335 million (equivalent to $ in ). Mellon renamed the former PSFS branches Mellon PSFS, a name which lasted the end of 2001, when the branches were acquired by Citizens Financial Group.
Founding
Founded in 1816, the Philadelphia Saving Fund Society was the first savings bank to organize and do business in the United States. Savings banks had existed in Europe for years and in the early 1810s had grown rapidly through Great Britain. This growth became the topic of numerous journals and pamphlets, some of which were brought to the attention of Philadelphia businessman Condy Raguet in late November 1816.
Interested in the idea, Raguet approached associates, Richard Peters, Clement C. Biddle and Thomas Hale on creating a similar institution in Philadelphia. A meeting was held on November 25 to discuss the plan. A total of twelve men agreed to work together to form the bank. Along with Raguet, Peters, Biddle, and Hale, the other men, called associate founders, were Charles N. Bancker, Andrew Bayard, Samuel Breck, John McCrea, William Schlatter, John C. Stocker, John Strawbridge and Roberts Vaux. Over several meetings the group figured out the bank's structure and positions. Andrew Bayard was elected the first president of the bank during the third meeting on November 28. The bank was named the Philadelphia Saving Fund Society because Raguet felt the name "bank" was unpopular and calling it a society would make it easier to receive a charter from the state legislature.
On December 4, 1816, the Articles of Association, which contain the earliest written use of the name Philadelphia Saving Fund Society, were adopted. The Philadelphia Saving Fund Society (PSFS) opened two days before on December 2 in the office of the Saving Fund Society's first Secretary and Treasurer, George Billington. The office was located on the west side of South Sixth Street, between Chestnut and Market Streets. Depositing five dollars, the first depositor was Curtis Roberts, Raguet's African American servant. On February 25, 1819, the Governor of Pennsylvania approved the Pennsylvania legislature's act of incorporating the Philadelphia Saving Fund Society.
Growth
PSFS grew slowly, but as early as August 1817 there were resolutions authorizing setting up branch offices outside of Philadelphia in Northern Liberties and Southwark. At first PSFS was open only on Mondays for receiving deposits and Thursdays for giving payments. While PSFS soon opened daily for business, deposits and payments were still only taken on those days. In 1835 PSFS expanded giving out deposits and payments on both Mondays and Thursdays, and in 1865 it was open for all business daily.
In 1818, PSFS issued its first home mortgage to architect William Strickland for US$7,000 (). That same year PSFS moved its offices to Sixth and Minor Streets. In the 1820s PSFS moved three more times, to Decatur Street in 1821 and Third and Walnut Streets in 1826. The latter office proved too small, so PSFS quickly bought its own building elsewhere on Walnut Street and moved there on October 2, 1827. By 1833 PSFS again needed more room and PSFS bought property on which the bank built a structure designed by Thomas U. Walter. PSFS moved into the new building in February 1840.
In 1865 PSFS again began looking for a new location and in 1866 a location was found on Seventh and Walnut Streets. Designed by architect Addison Hutton construction began in 1868 and the PSFS Headquarters building was opened for business on October 11, 1869. Forced to expand even more, additions were later made in 1885-86 by Hutton and in 1897–98, designed by Frank Furness.
20th century
By 1917 the Philadelphia Savings Fund Society had the largest number of depositors of any savings bank in the United States and was second only to the Emigrant Savings Bank in the amount of money deposited. In 1923 PSFS began the first in-school banking program at William Penn School for Girls. The program was intended to teach children to save by allowing them to deposit money at the bank. In junior high schools PSFS had students work as tellers to collect and record deposits. PSFS also provided a separate counter just for student accounts at their headquarters. The School Accounts Counter included step stools for the youngest depositors. The program helped several generations of Philadelphians open up accounts as children, leading many to become lifelong customers.
Another way PSFS taught children to save money in savings banks was a program that produced pageants for playgrounds and settlement houses. The pageants included songs about thriftiness set to popular music, cheers, speeches that quoted historical figures' opinions on thriftiness, and a play. In the plays, costumed children warned the audience about spending money on treats, movies, and penny arcades instead of putting the money in a savings bank where it would grow.
By the end of the 1920s PSFS was the third largest savings bank in the United States and in 1935 was ranked thirty-fourth largest savings bank in the world. In 1932 PSFS built a new headquarters building on Market Street. The new PSFS Building was the first international style skyscraper built in the United States. The modern skyscraper was designed by George Howe and William Lescaze and is topped with the Philadelphia Saving Fund Society's initials in red neon letters.
In 1948, PSFS was the second largest savings bank in the United States with deposits totaling US$594,460,363 (equivalent to $ in ). In the 1960s PSFS, along with three other Philadelphia savings banks, established a US$20 million (equivalent to $ in ) pool to finance mainly low and moderate income minority families.
Expansion and crisis
The United States in the 1970s saw numerous changes to personal finance such as the advent of credit cards, money-market funds and automated teller machines. These changes resulted in a crisis for traditional community banks. The crisis prompted the government to step in with a solution to force mergers between troubled banks and healthy banks such as PSFS. In April 1982, PSFS merged with the Western Savings Fund Society, receiving US$294 million (equivalent to $ in ) in assistance from the Federal Deposit Insurance Corporation (FDIC). The merger gained PSFS US$2 billion (equivalent to $ in ) in assets. FDIC also credited PSFS with US$800 million (equivalent to $ in ) in "supervisory goodwill".
The deals also allowed the merged banks to expand into new business ventures. PSFS soon began expanding into new services such as equipment leasing, corporate finance and real estate development. In September 1983, PSFS converted from a mutual organization to a stock organization selling 35 million shares at US$11.25 each. In January 1984, PSFS began expanding into financial service by buying a loan portfolio and mortgage business from General Electric Credit Corp. for US$568 million (equivalent to $ in ). In April 1985, the company acquired four savings and loans in Florida and began paying five cents per share quarterly dividend to stockholders. In September of that year, PSFS began doing business under the name Meritor Financial Group to emphasize its expansion into financial services. In 1986, Meritor began operating mutual funds through a subsidiary, completing the transition to a full-service financial institution.
In 1986, the bank went to the U.S. Supreme Court to defend itself against a claim sexual harassment. In Meritor Savings Bank v. Vinson, the court found the bank liable under the 1964 Civil Rights Act.
Things soon took a turn for the worse as the company began losing millions through its new business ventures as its competitors began encroaching on Meritor's home market. Meritor's stock prices continuously dropped from almost the moment they were first issued. In August 1985, Meritor revealed it invested $215 million (equivalent to $ in ) in a Virginia mortgage company that went bankrupt, and in October 1987, Meritor halted its dividend after announcing a third-quarter loss of $379.6 million (equivalent to $ in ). That same month the company also announced plans to sell some of its operations.
In January 1988 venture capitalist Frank Slattery bought 5.5 percent of Meritor's stock, becoming the controlling shareholder. Slattery began pushing for changes and in June, with help from others, was able to demote chairman and CEO Frederick S. Hammer to president and replace him with Roger S. Hillas. To try to stanch the losses Hillas sold Meritor's credit-card portfolio and some of its subsidiaries. Continuing to lose money, Meritor sold 54 suburban branches of PSFS, more than half of its branches, to Pittsburgh-based Mellon Bank for US$335 million (equivalent to in ) in 1989. The deal, which included selling Mellon Bank the right to use the name PSFS, shed US$4.9 billion (equivalent to $ in ) in assets from Meritor. Earlier that year an extra "s" was added to the word "Saving" in the bank branches' name, becoming the Philadelphia Savings Fund Society. When the deal went into effect in 1990 Meritor turned off the PSFS on the PSFS Building saying it was inappropriate to use the sign. Turning off the sign provoked protest from the public, historians and architecture buffs and Meritor and Mellon Bank agreed to relight the sign.
Despite the effort, conditions continued to deteriorate for Meritor and other banks around the United States. Not helping matters was a poor commercial real-estate market that left Meritor with empty Philadelphia office buildings and half-finished suburban strip shopping malls valued at fractions of their original cost. In February 1991, regulators demanded higher capital standards which Meritor failed to meet. A few months later in August, Meritor ending a troublesome dispute with bondholders by giving up 37 percent of its common stock plus cash to redeem US$115 million (equivalent to $ in ) in debt.
By October 1992, bank analysts had listed Meritor among institutions most likely to be seized by the end of the year. In the next month, worried depositors withdrew more than US$100 million (equivalent to $ in ) from PSFS branches. On December 4, Meritor sold off its Florida-based savings and loan subsidiary, the company's last out-of-state banking operation. On December 11, 1992, the Office of Thrift Supervision seized Meritor and placed it into the receivership of the FDIC, who sold Meritor's 27 remaining branches to Mellon Bank for US$181 million (equivalent to $ in ).
Mellon PSFS
After purchasing the PSFS bank branches and the PSFS name from Meritor, Mellon began operating its bank branches as Mellon PSFS. Acquiring the remainder of the PSFS branches from Meritor in 1992, Mellon continued to expand in the 1990s including the construction of combination Mellon PSFS and Acme Markets branches, the first of which opened in 1994. In 2001, Mellon PSFS had 350 branches and 650,000 customers in Pennsylvania, South New Jersey and Delaware. Mellon PSFS's parent company, Mellon Financial, was interested in abandoning its retail banking assets and focus on high income investments. On July 17, 2001, Mellon Financial announced it was selling its retail banking business, including Mellon PSFS, to Citizens Financial Group for US$2 billion (equivalent to $ in ). At the end of November 2001, all Mellon PSFS branches became branches of the newly formed Citizens Bank of Pennsylvania.
Lawsuit
The money Mellon Bank paid went to the FDIC, leaving Meritor's stockholders with nothing. In 1993 Slatterywho had long opposed government interference in businesssued the FDIC, claiming regulators reneged on their 1982 promise to permit goodwill in the company's merger with Western Savings Fund Society. The lawsuit kept the stock for the now defunct company alive with speculators buying shares for as little as 5 cents with hopes of a government payout to settle the case. Most of the 55 million outstanding Meritor shares are believed to be owned by speculators or PSFS depositors who had bought shares when the company first went public.
Over the next decade there was little news on the progress of the case, with a website, meritorpsfs.com, the main source of information. On August 16, 2002, a judge ruled that the FDIC was wrong in seizing Meritor and that shareholders were entitled to damages. On February 10, 2006, Meritor investors were awarded US$371.7 million (equivalent to $ in ), totaling US$6.75 a share.
In Slattery (Meritor Savings) v. U.S., after losing before a three-judge panel of the Federal Circuit, the government petitioned for a rehearing en banc. The court has agreed to review whether the trial court had the appropriate jurisdiction to hear the breach of contract dispute. The government is further arguing that the FDIC is Non-Appropriated Fund Instrumentality (NAFI), an agency created by the executive branch that receives no funding, and will not receive any funding, from the government. The FDIC receives funding by charging banks fees to member banks. If the en banc court agrees and finds that appropriated funds may not be used to pay judgments against NAFI's, then any judgment in the Meritor Savings case will be produced by the banks regulated by the FDIC and not by Treasury dollars. In other words, the FDIC could be found to be in breach, but it would be entitled to recover the judgment by member banks. In order to find the FDIC a NAFI, the government is arguing that Congress has no obligation to honor its promises to back deposits with the full faith and credit of the United States.
Further reading
|
Gregory Franks
|
[
"1958 births",
"Living people",
"Private equity and venture capital investors",
"Franklin Pierce University alumni",
"Businesspeople from Maryland",
"American financiers",
"American investors"
] | 850
| 8,523
|
Gregory Franks (born August 7, 1958) is an American wealth management executive and private investor. He spent twenty-eight years at Merrill Lynch in senior leadership positions in the United States, Europe, and the Middle East.
He currently serves as president and managing partner of Snowden Lane Partners, an independent HNW wealth management organization.
Early life and education
Franks was born in Columbus, Ohio and has three half-sisters, Beth, Jennifer and Anne.
He received a B.A. in marketing from Franklin Pierce College and is a graduate of the Securities Industry Institute of The Wharton School.
Life and career
Franks joined Merrill Lynch in 1983 as an Account Executive in its New Orleans office. In 1989 he was named the Director of the Houston, Texas, office and later managed the London, England, office. In 1992 he was named the District Director of the Middle East and relocated to Dubai, U.A.E. Upon returning to the United States, he was based in New York as the Eastern Division Marketing Manager.
Franks has held additional roles as Managing Director in Baltimore, Maryland, Divisional Managing Director in the Mid-Atlantic, Regional Managing Director in the Mid-Atlantic, Western Division Director for Bank of America Merrill Lynch, and Maryland state president for Bank of America. He served on the Wealth Management Operating Committee for Merrill Lynch and in 2009 was named Bank of America's top executive for its Baltimore and Maryland markets.
During his time as Managing Director, Franks was responsible for over 5,000 advisors, $450 billion in client assets and $4 billion in annual revenue. In 2011, Franks retired from his dual position as the mid-Atlantic President at Bank of America and director of Merrill Lynch Wealth Management's western division.
In 2012, Franks and three partners launched Snowden Capital Advisors, an independent RIA wealth management firm. The firm reached $1B assets under management in 2014. In 2015 and 2016, the firm was named one of the top 300 RIA's in the country by the Financial Times. As of March 2021, the firm oversees over $9 billion in domestic and international client assets. In 2021, Snowden Lane Partners was named one of Barron's top 100 RIA firms for the second year in a row. As of June 2022, Snowden Lane remains backed by private equity firm Estancia Capital Partners and secured a $50 million credit facility from Orix Corporation. In January 2023, Snowden Lane secured an additional $100 million credit line with Apogem Capital and Monroe Capital, and in April 2023 the firm was named one of USA Today’s top 500 financial advisors, out of a universe of 32,000.
Personal life
He lives between Baltimore, Maryland, and New York, New York, with his wife and three children. Franks is involved in numerous charitable and philanthropic activities.
|
Serbian Bank in Zagreb
|
[
"Banks established in 1895",
"Defunct banks of Yugoslavia",
"Defunct banks of Croatia"
] | 640
| 6,052
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The Serbian Bank in Zagreb () was a medium-sized bank in the Kingdom of Hungary and then the Kingdom of Yugoslavia, established in 1895 and liquidated in 1945. It has been described as "the financial center of the Serbian irredentist movement".
The bank was founded on in Zagreb. The initial capital was provided by ethnic-Serbian entrepreneurs in Croatia as well as Syrmia, Bačka and Banat, regions that were then all part of the Kingdom of Hungary. Among the founders were Lazar Bačić, Vladimir Matijević, Bogdan Medaković, , and , most of which were also associated with the creation of the Privrednik ethnic-Serbian business association in 1897. Kosta Taušanović, a political leader in the neighboring Kingdom of Serbia, was in Zagreb at the time and provided support for the bank's creation.
In 1910, as political conditions did not allow it to maintain a branch in the Kingdom of Serbia, the Serbian Bank established the "Danubian Joint-Stock Company" () as its affiliate in Belgrade. In 1914, it absorbed the Central Credit Institute (), another ethnic-Serbian bank in Novi Sad. That same year, it moved to a prominently located office building near Ban Jelačić Square.
In the interwar period, it was one of the prominent joint-stock-banks based in Zagreb which formed the core of the Yugoslav commercial banking sector, together with the First Croatian Savings Bank, Croatian Discount Bank, Jugoslavenska Banka, Slavenska Banka, and Croatian-Slavonian Land Mortgage Bank. By 1924, it had branches in Dubrovnik, Knin, Mitrovica, Šibenik, Split, Sombor, and Subotica, in addition to Zagreb and Novi Sad. That same year, the Danubian Joint-Stock Company merged with the Belgrade-based Adriatic Bank to form the Adriatic-Danubian Bank, in which the Serbian Bank was the reference shareholder. The Serbian Bank owned prestige assets such as the Imperial Hotel and Lapad Hotel in Dubrovnik.
In 1941, the Independent State of Croatia expropriated the owners of the Serbian Bank and had it renamed Commercial Industrial Bank () as a subsidiary of the newly empowered State Savings Bank (). The bank was liquidated in 1945 together with the entire Yugoslavian commercial banking sector.
See also
First Croatian Savings Bank
Croatian Discount Bank
Jugoslavenska Banka
Slavenska Banka
City Savings Bank of Zagreb
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Taito
|
[
"Taito",
"Japanese companies established in 1953",
"2005 mergers and acquisitions",
"Video game companies established in 1953",
"Software companies based in Tokyo",
"Square Enix",
"Video game companies of Japan",
"Video game development companies",
"Video game publishers",
"1993 initial public offerings",
"Companies formerly listed on the Tokyo Stock Exchange",
"Shinjuku"
] | 2,629
| 24,150
|
is a Japanese company that specializes in video games, toys, arcade cabinets, and game centers, based in Shinjuku, Tokyo. The company was founded by Michael Kogan in 1953 as the importing vodka, vending machines, and jukeboxes into Japan. It began production of video games in 1973. In 2005, Taito was purchased by Square Enix, becoming a wholly owned subsidiary by 2006.
Taito is recognized as an important industry influencer in the early days of video games, producing a number of hit arcade games such as Speed Race (1974), Western Gun (1975), Space Invaders (1978), Bubble Bobble (1986), and Arkanoid (1986). Alongside Capcom, Konami, Namco, and Sega, it is one of the most prominent video game companies from Japan and the first that exported its games into other countries. Several of its games have since been recognized as important and revolutionary for the industry – Space Invaders in particular was a major contributor to the growth of video games in the late 1970s, and the aliens featured in the games are seen as iconic emblems within the video game industry.
The company maintains a chain of arcade centers, known as "Taito Game Stations", across Japan, alongside being a manufacturer of toys, plush dolls and UFO-catcher prizes.
History
In 1944, a Jewish-Ukrainian businessman named Michael Kogan founded Taitung in Shanghai. A refugee of the Soviet Union, Kogan previously worked in a factory in Japan during the country's involvement in World War II, before moving to Shanghai to join his father. Taitung, which translated to "Taito" in Japanese, dealt in floor coverings, natural hair wigs, and hog bristles.
1950s–1960s
The Communist takeover of China prompted Kogan to liquidate the business in 1950 and move operations to Japan, which after the war was suffering a significant economic decline. The second business, a clothing distributor named Taito Yoko, struggled financially as a result of employee carelessness and constant loss of products. On August 24, 1953, Taito Yoko was abolished and replaced with the Taito Trading Company, where Kogan was joined by lawyer and retired newspaperman Akio Nakatani. Taito Trading Company began as a vodka distillery—the first company to produce vodka in Japan—and an importer of peanut vending machines and perfume machines.
Increasing competition led to Taito abandoning the vodka business in 1955 and focusing on its successful vending machines, in addition to importing jukeboxes. As Taito lacked a proper license to import jukeboxes into Japan, it purchased broken-down machines from United States military bases and refurbished them with working parts from defective units. The recovering Japanese economy allowed Taito to become the official distributor of AMI jukeboxes in the country. Though the deal had little impact at first, over 1,500 machines were sold by 1960 when the company began mixing Japanese records with American folk songs. A partnership with the Seeburg Corporation made Taito its exclusive agent in Japan and one of the nation's leading jukebox companies.
Taito began manufacturing electro-mechanical games (EM games) in the 1960s. In 1967, they released Crown Soccer Special (1967), a two-player sports game that simulated association football using electronic components such as pinball flippers. In 1968, Crown Basketball debuted in the US as the highest-earning arcade game at the 1968 Tampa Fair.
1970s–1980s
Taito changed its name from Taito Trading Company to Taito Corporation in August 1972. It established its American subsidiary in 1973 in downtown Chicago, Taito America.
First video game
Taito's first video game was called Elepong. It is a ping-pong arcade cabinet released in 1973 in Japan.
Tomohiro Nishikado, a Tokyo Denki University engineering graduate who joined the company in 1968, was instrumental in the company's transition to video games. After developing the hit electro-mechanical target shooting games Sky Fighter (1971) and Sky Fighter II, his bosses at Taito believed transistor-transistor logic (TTL) technology would play a significant role in the arcade industry, so they tasked Nishikado with investigating TTL technology as he was the company's only employee who knew how to work with integrated circuit (IC) technology, and one of the few engineers at any Japanese coin-op company with significant expertise in solid-state electronics.
Nishikado spent six months dissecting Atari's Pong arcade unit and learning how the game's IC chips worked, and began modifying the game. This led to his development of the Pong-style sports video games Soccer and Davis Cup for Taito, with Soccer developed first but both released in November 1973. He then developed several original arcade video game hits for Taito, notably the sports game TV Basketball (1974), the racing game Speed Race (1974), and the shooter game Western Gun (1975); these three titles were localized by Midway Manufacturing in North America as TV Basketball, Wheels, and Gun Fight, respectively.
In 1978, Nishikado created Space Invaders, which became the company's most popular title and one of the most popular games in arcade history, partially responsible for beginning the golden age of arcade video games. After Michael Kogan died in February 1984, his son, Abraham "Abba" Kogan, became Taito's chairman and Akio Nakanishi became its president.
In April 1986 and barely a month after becoming part of the Kyocera group, Taito merged with two of its subsidiaries, Pacific Industrial Co., Ltd. and the Japan Vending Machine Co., Ltd, and absorbed them both. Japan Vending Machine was once an independent company but was purchased by Taito in July 1971 to strengthen its presence in the operation of amusement facilities. Pacific Industrial was created by Taito itself in 1963 to develop products for the company.
1990s–2000s
In 1992, Taito announced a CD-ROM-based video game console named WOWOW, that would have allowed people to play near-exact ports of Taito's arcades (similar to the Neo Geo), as well as download games from a satellite transmission (as the Satellaview would do later). It was named after the Japanese television station WOWOW and would have utilized its stations to download games. The WOWOW was never released.
Taito America ceased operations in July 1996 after more than 20 years of existence. Taito had already sold exclusive rights for publishing its games in America to Acclaim Entertainment the previous year. Similarly, a division existed in London, England, United Kingdom to distribute Taito games in Europe. Taito (Europe) Corporation Limited was created in 1988 and liquidated in February 1998.
When Taito was owned by Kyocera, its headquarters were in Hirakawachō, Chiyoda. In October 2000, Taito merged with Kyocera Multimedia Corporation to enter the market of mobile phones for the first time.
In August 2005, it was announced that the gaming conglomerate Square Enix would purchase 247,900 Taito shares worth ¥45.16 billion (US$409.1 million), to make Taito Corporation a subsidiary of Square Enix. The purpose of the takeover by Square Enix was to both increase Taito's profit margin exponentially as well as begin its company's expansion into new forms of gaming, most notably, the arcade scene, and various other entertainment venues. The takeover bid from Square Enix was accepted by previous stockholder Kyocera, making Taito a Square Enix subsidiary.
On September 22, 2005, Square Enix announced successfully acquiring 93.7% of all shares of Taito, effectively owning the company by September 28, 2005. In March 2006, Square Enix wanted to make Taito a wholly owned subsidiary. To accomplish this goal, Square Enix merged Taito into SQEX Corporation. Although the combined company took on the name "Taito Corporation", it was actually Taito that was dissolved and SQEX that was the surviving entity. Taito became a subsidiary wholly owned by Square Enix and was delisted from the First Section of the Tokyo Stock Exchange.
In July 2008, Square Enix announced that it would liquidate two subsidiaries of Taito, Taito Art Corporation (an insurance and travel agent subsidiary) and Taito Tech Co., Ltd. (an amusement and maintenance subsidiary) on the grounds that both had fulfilled their business purpose. The process ended in October 2008.
2010s–present
In February 2010, Taito's unit for home video games split into a separate company called Taito Soft Corporation (not to be confused with Taito Software, the North American division of the late 1980s). On March 11, 2010, Taito Soft was folded into Square Enix. All of Taito's franchises for video game consoles in Japan are since published by Square Enix.
Square Enix Holdings wanted all of its arcade operations to be regrouped into one subsidiary. The third and present Taito Corporation came to being on February 1, 2010, by merging the second company (formerly SQEX/Game Designers Studio) with ES1 Corporation. In an "absorption-type company split" move, the second company was split and renamed Taito Soft Corporation, while ES1 Corporation became the third Taito Corporation.
During its merger with the second company to become itself the new Taito Corporation, ES1 inherited all of Taito's arcade and mobile businesses, and nearly the totality of its employees. On the other hand, Taito Soft Corporation (formerly SQEX) was left with 10 employees to concentrate exclusively on the development and publishing of video games for home consoles. Taito Soft Corporation was eventually merged into Square Enix in March 2010 and dissolved. ES1 Corporation was established on June 1, 2009, as an operator of arcade facilities. ES1 Corporation was owned by the shell company SPC1, itself a wholly owned subsidiary of Square Enix Holdings. SCP1 dissolved when ES1 became Taito Corporation in February 2010. As such, the current Taito Corporation is technically the company formerly called ES1 Corporation.
On November 30, 2016, Taito announced that it will distribute Space Invaders and Arkanoid for Facebook with Instant Games on Facebook Messenger and Facebook News Feed.
On July 3, 2018, Taito announced in Famitsu that it will return to the software publishing business for the eighth generation of video game consoles. The intention to return to the home console market came about because the company decided that it would be necessary to release Taito's intellectual properties on current platforms in order to increase profit. The company has various properties planned in its software pipeline, from re-releases to new titles for various platforms; however, Taito highlighted that the console software market is a challenging business for the company. Taito intends to develop original games for consoles in the future.
See also
List of Taito games
Taito of Brazil
|
Stephanie Booth
|
[
"1946 births",
"2016 deaths",
"People from St Albans",
"People from Llangollen",
"British hoteliers",
"Transgender businesspeople",
"English transgender women",
"English LGBTQ businesspeople",
"English LGBTQ rights activists",
"Road incident deaths in Wales",
"Sex industry in Wales",
"20th-century English businesswomen",
"20th-century English businesspeople",
"21st-century English businesswomen",
"21st-century English businesspeople"
] | 927
| 10,435
|
Stephanie Anne Booth (25 May 1946 – 18 September 2016), also known as Stephanie Anne Lloyd, was a British transsexual business owner and hotelier, based in Llangollen.
She starred in the reality television series about her businesses Hotel Stephanie for BBC Wales in 2008 and 2009.
Early life
Booth was born on 25 May 1946, in St Albans, Hertfordshire. Her parents later became Jehovah Witnesses. In a 1988 interview with Ruby Wax she stated that "I was naturally born with a chromosome disorder, which meant that I was partly female anyway."
Adult life
After finishing secondary school, Booth worked as a laboratory technician, cinema manager, costing clerk and retail chain manager. In 1968 she got married and fathered three children. In the early 1980s, while living in northwest England, she separated from the family and began gender reassignment through a specialist psychologist at Wythenshawe Hospital, Manchester, followed by surgery in September 1983 at Charing Cross Hospital, London. Following this, Booth adopted the name Stephanie Anne Lloyd. Divorce followed. Due to publicity by tabloid newspapers Booth lost her managerial job and was unable to find a new one.
In 1984, Booth started Transformation, a business catering to the transgender and transvestite community. She was persuaded that a massage service that offered prostitution services was both legal, and could quickly solve her financial difficulties. She was later arrested for running a bawdy house, and pleaded guilty. In 1985, she moved in with David Booth, her business partner. They married in February 1986 in Sri Lanka, but British law at this time didn't recognise such marriages.
Later business ventures included a transgender mail order catalogue and a contact magazine. This was followed by a transgender hotel in Manchester and a second shop in London.
Unable to open a shop in Scotland due to Scottish law, the company opened a site in Newcastle upon Tyne. They also expanded their mail order business to cover mainland Europe and the United States. In 1992, Booth founded the Albany Gender Identity Clinic as a centre for transsexuals to seek specialist medical advice and guidance on their condition.
Hotel Stephanie
In 2008, Mentorn Cymru began production of reality television series Hotel Stephanie for BBC Wales. The series focused on Booth and her running of her hotel chain, based mainly on activities around Llangollen. The programme was commissioned for a second series in 2009, which focused on the couples' takeover and refurbishment of The Wynnstay Arms hotel in Wrexham.
On 7 July 2011, Booth's hotels went into financial administration. Administrators closed the Wynnstay Arms, The Anchor in Ruthin, and The Bridge Hotel in Chester with immediate effect, set well as the funhouses in Mold, Wrexham, and Oswestry, as these premises were rented and defaulting on rent payment could not be avoided. All four hotels, which had been trading well, were put up for sale.
Wrexham F.C.
In 2011, Booth announced her intention to take over Wrexham A.F.C. with an interest-free loan to save the club from entering financial administration, along with anplan to raise £5 million to purchase the club through a community-based venture.
Death
On the evening of 18 September 2016, Booth was killed in a tractor accident at her smallholding farm on the outskirts of Corwen, Denbighshire. She was aged 70 and survived by her husband, David, along with his childrenLisa and Dawn and her grandchildren: Andrew, Mathew, Grace, Rachel and Joseph.
Autobiographies
Booth's first short autobiography, The official autobiography of Sex-Change Stephanie Anne Lloyd, was published in 1990 by TMC Publishing Ltd.
Her second autobiography, Stephanie: A Girl in a Million, co-written with Sandra Sedgbeer, was published in 1991 by Ebury Press. The Dutch translation was released in 1993, and the Czech translation followed in 1994.
|
Little Boxes
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[
"1962 songs",
"Comedy television theme songs",
"Housing in the United States",
"Music of the San Francisco Bay Area",
"Pete Seeger songs",
"Protest songs",
"San Mateo County, California in fiction",
"Songs about consumerism",
"Songs about economics",
"Songs written by Malvina Reynolds",
"Works about suburbs"
] | 1,681
| 15,197
|
"Little Boxes" is a song written and composed by Malvina Reynolds in 1962. The song was first released by her friend, Pete Seeger, in 1963, and became his only charting single in January 1964.
The song is a social satire about the development of suburbia and associated conformist middle-class attitudes. It mocks suburban tract housing as "little boxes" of different colors "all made out of ticky-tacky" and which "all look just the same". "Ticky-tacky" is a reference to the shoddy material supposedly used in the construction of the houses.
Background
Reynolds was a folk singer-songwriter and political activist in the 1960s and 1970s. Nancy Reynolds, her daughter, explained that her mother wrote the song after seeing the housing developments around Daly City, California, built in the post-war era by Henry Doelger, particularly the neighborhoods of Southern Hills on San Bruno Mountain:
My mother and father were driving South from San Francisco through Daly City when my mom got the idea for the song. She asked my dad to take the wheel, and she wrote it on the way to the gathering in La Honda where she was going to sing for the Friends Committee on Legislation. When Time magazine (I think, maybe Newsweek) wanted a photo of her pointing to the very place, she couldn't find those houses because so many more had been built around them that the hillsides were totally covered.
Reynolds later released her version on her 1967 Columbia Records album Malvina Reynolds Sings the Truth, and it can also be found on the Smithsonian Folkways Records 2000 CD re-issue of Ear to the Ground. However, Pete Seeger's 1963 rendition of the song is known internationally, and it reached No. 70 in the Billboard Hot 100 in January 1964, his sole charting single. Also a political activist, Seeger was a friend of Reynolds, and, like many others in the 1960s, he used folk songs as a medium for social protest.
Reception and analysis
The effectiveness of the satire was attested to by a university professor quoted in 1964 in Time magazine as saying, "I've been lecturing my classes about middle-class conformity for a whole semester. Here's a song that says it all in minutes." However, according to Christopher Hitchens, satirist Tom Lehrer described "Little Boxes" as "the most sanctimonious song ever written".
Historian Nell Irvin Painter points out that the conformity described in "Little Boxes" was not entirely a bad thing, indicative as it was of "a process of going to university to be doctors and lawyers and business executives" who "came out all the same" and then lived in "nice, new neighborhoods with good new schools. ... Suburbia may be monotone, but it was a sameness to be striven toward."
The term "ticky-tacky" became a catchphrase during the 1960s, attesting to the song's popularity.
Covers
The song has been recorded by many musicians and bands, some of whom have arranged and translated the song to meet their styles. Perhaps one of the most well-known covers is by The Womenfolk, whose 1964 version of the song was (until 2016) the shortest single to chart on the Billboard Hot 100, at 1 minute 2 seconds, peaking at No. 83. Spanish songwriter Adolfo Celdrán wrote the first Spanish version of the song, called "Cajitas", which was released in 1969 and had several successive reissues. Another Spanish version of the song, "Las Casitas del Barrio Alto", was written by the Chilean songwriter Víctor Jara in 1971, depicting in a mocking way the over-Europeanized and bourgeois lifestyle of the residents of the "Barrio Alto" (high-class neighborhood) in Santiago de Chile.
In popular culture
1964: The song was performed on the NBC satirical television program That Was the Week That Was on April 13, 1964, sung by Nancy Ames and accompanied by a film montage by Guy Fraumeni and Lou Myers depicting tract housing and other related images.
1975: In the novel Ecotopia by Ernest Callenbach, describing a secessionist ecological utopia in the western United States, the protagonist (visiting the country as a US journalist) is informed that "cheaply built houses in newer districts" are scornfully referred to as "ticky-tacky boxes" by the population.
1980s: Russ Abbot took the music to the song and its general theme to satirize The Spinners, a contemporary popular folk group whose songs apparently "all sound the same", as a parody act "The Spanners" on his 1980s London Weekend Television Madhouse series.
2005–2012: The song was used as the opening theme song for the Showtime television series Weeds. The first season used Reynolds's version. In the second and third seasons, various artists and celebrities performed covers of the song for the different episodes. The song was not used regularly during seasons four through seven, but was covered by various artists in the eighth and final season. See also: opening music of Weeds.
2005: The song is sung by both Keith Carradine (as "Elton Tripp") and Kate Mara (as "Zoe Tripp") in the film The Californians
2006: A book about Westlake, Daly City, California, Little Boxes: The Architecture of a Classic Midcentury Suburb, is named for the song.
2013: A re-worded version of the song, written by Sniffy Dog, was used in a UK TV commercial for mobile telephone operator O2. Three versions are known to have been broadcast: one sung by Adrienne Stiefel and another by Jedd Holden, while the third is an instrumental version.
2014: A variation of "Little Boxes" appears in the film The Boxtrolls, performed by the band Loch Lomond.
2019: A remixed portion of "Little Boxes" appears in the trailer for the film Escape Room, and its tune is used in the film.
See also
Love It Like a Fool (1977 documentary about Reynolds)
"Pittsburgh, Pennsylvania", Bob Merrill's 1952 song, that uses a similar but not identical tune
Suburb
Urban sprawl
|
Al Checchi
|
[
"1948 births",
"Harvard Business School alumni",
"American people of Italian descent",
"Living people",
"Businesspeople from Boston",
"20th-century American businesspeople",
"21st-century American businesspeople",
"Candidates in the 1998 United States elections"
] | 989
| 8,329
|
Alfred Attilio Checchi (born June 6, 1948) is an American businessman who was a candidate for Governor of California in the 1998 gubernatorial election, losing to fellow Democrat Gray Davis in the June 1998 primary. Checchi finished in second place in the Democratic primary, capturing 12.49% of the vote. He ran as a New Democrat and called for increased spending on education. He set a new record at the time for spending in a California gubernatorial race, spending over $40 million of his personal fortune. Checchi had previously enjoyed success in various business ventures, most notably serving as co-chairman of Northwest Airlines. He attended the Harvard School of Business. Checchi is married to his wife Kathryn and has 3 children.
Early life
Checchi was born on June 6, 1948, near Boston, Massachusetts. His grandfather ran the Elba Fruit Market, a grocery in Calais, Maine. Checchi is of Italian heritage. He was raised in the suburbs of Washington D.C. to middle-class parents where he attended Our Lady of Good Counsel. Checchi's father was the No. 3 man in the Food and Drug Administration from 1946 to 1960, and later ran an investment firm. Checchi began to think of running for public office when he was 12. At the age of 14, Checchi saw Martin Luther King Jr.'s "I Have a Dream" speech.
Checchi attended Amherst College in Massachusetts because he heard it was the most difficult to get into; he graduated in 1970 with an American studies major. He completed a Master of Business Administration at Harvard School of Business.
Business career
Checchi first worked at Marriott Corporation where he rose quickly due to clever financing for hotel developments at home and abroad. In his 30s, he helped the Bass brothers of Texas acquire a 25% stake in Disney, earning a reported $50 million in the process. In 1989, Checchi helped organize a $3.65 billion leveraged buyout of Minnesota-based Northwest Airlines, investing about $12 million in the transaction. From 1989 to 1993, he served as co-chairman of Northwest Airlines. Checchi's critics claim he moved the company near bankruptcy, forced $800 million in union concessions, and worked to gain $837 million in state and local bonds, subsidies and tax credits, while earning $32 million for his outside firm. Checchi counters that he protected the company from asset strippers and he helped triple the value of Northwest Airlines stock. He amassed a net worth of around $700 million.
Run for Governor
Political positions
Checchi was a New Democrat, liberal on social issues and conservative on fiscal ones. He campaigned on increasing investing on education, making a 10% across-the-board cut in all state bureaucracies to pay for more teachers, computers, books, universal preschool and after-school programs. He called for teachers to be tested every five years and to expand charter schools. Checchi opposed Proposition 187 because it cut benefits to children of illegal immigrants and called for the prosecution of businesses that hire undocumented workers. Checchi wanted to extend the death penalty to cover serial rapists and repeat child molesters, and he wanted a drug rehabilitation programs for the state's prisoners, with release contingent on a drug-free record. Checchi supported regional planning for growth, financial incentives to stimulate housing, and he promised to cut auto insurance rates by 10 percent. Raising California's pupil spending to the national average. He supports abortion rights for women and parental consent legislation for teenagers seeking abortions. He released a 90-page book detailing his policies and political positions.
Prior to his run for governor, Checchi had voted in 2 of the last 6 elections.
The race
Checchi spent over $40 million from his personal fortune on his run for governor. Checchi's campaign featured numerous television ads and high priced political advisors and included a television ad that highlighted his Italian American heritage. Other ads highlighted his business experience. One ad featured children struggling to pronounce his name ("Check-ee").
Checchi ran against Lieutenant Governor Gray Davis and US Congresswoman Jane Harman. Checchi led in early polls. Checchi outspent Davis by $33 million and Harman by $25 million. He set a new record at the time for spending in a California gubernatorial race. Checchi came in second in the Democratic primary held on June 2, 1998, with 12.49% of the vote.
As of 2011, Checchi is a registered independent, critical of both major parties.
|
Government Savings Bank (Thailand)
|
[
"Banks of Thailand",
"Companies based in Bangkok",
"State enterprises of Thailand",
"Government-owned banks",
"1913 establishments in Siam",
"Banks established in 1913"
] | 622
| 5,907
|
Government Savings Bank (GSB) ( : Aomsin Bank) is a state-owned Thai bank headquartered in Phaya Thai District, Bangkok. GSB's Swift code is GSBATHBK.
History
King Vajiravudh (Rama VI) introduced a means to save money in Thailand in 1913. His purpose was to introduce Thai people to banking services and to promote a habit of thrift and saving. King Vajiravudh issued an act, effective 1 April 1913, to formally set up a "Savings Office" which began its operations under the Royal Treasury.
In 1929, in a period of economic depression, King Rama VII permitted the transfer of the bank to the Post and Telegraph Department of the Ministry of Commerce and Transportation (Currently using the name Office of The National Broadcasting and Telecommunications Commission) to make it more convenient for citizens. The bank established new businesses such as travel savings, capital accumulation savings, and house deposit savings. By the end of 1936, a total of 104 branches of the Government Savings Bank were around the country. After World War II, the government, recognizing the benefits of savings as well as the role that the Savings Office played in financial development, transformed it into a juristic person, to be operated independently under the supervision of a board of directors appointed by the finance minister as mandated by the Government Savings Bank Act B.E. 2489 (1946). The office was renamed the Government Savings Bank (GSB), effective 1 April 1947.
GSB is now a juristic person and state enterprise operating as a financial institution guaranteed by the government under the supervision of the Ministry of Finance. GSB operates 1,141 branches throughout the country.
Performance
The bank showed total assets of 2,259,016 million baht as of 31 December 2014, ranked number four in the Thai banking sector. Net profit was 22,231 million baht, increasing 322 million baht or 1.5 percent over the previous year.
|
List of insurance companies in Canada
|
[
"Insurance companies of Canada",
"Lists of companies of Canada",
"Lists of insurance companies"
] | 2,817
| 20,459
|
This is a list of Canadian insurance companies.
The top insurance providers in Canada are Manulife, Canada Life (subsidiary of Great-West Lifeco), Sun Life Financial, Desjardins, and IA Financial Group (aka Industrial Alliance). Smaller insurers include those operating as subsidiaries of banks, such as CIBC Insurance and TD Insurance.
Current insurance carriers
CompanyEstablishedHeadquartersNotesAlgoma Mutual Insurance Company1899Thessalon, OntarioAllstate CanadaCanadian subsidiary of AllstateAmherst Island Mutual Insurance Company1894Stella, OntarioAssumption LifeAssurant CanadaAviva Canada1999Markham, OntarioFormed in 1999 as the CGU Insurance Company of Canada through the merger of the General Accident Assurance Company of Canada and the Commercial Union Insurance Company of Canada. Renamed the Aviva Insurance Company of Canada in 2003.Axiom Mutual Insurance Company2021Zurich, OntarioCreated through the merger of Hay Mutual and Town and Country Mutual.Ayr Farmers' Mutual Insurance Company1893Ayr, OntarioBay of Quinte Mutual Insurance Co.1874Picton, OntarioBeneva2020Quebec City, QuebecCreated through merger of La Capitale and SSQ InsuranceBertie and Clinton Mutual Insurance Company1970Welland, OntarioFormed through the merger of Bertie and Willoughby Mutual and Clinton Mutual.Blanshard Mutual Insurance Company1876St Marys, OntarioBrant Mutual Insurance Company1861Brantford, OntarioCAA Insurance Company1974Markham, OntarioFounded in Toronto as the Ontario Motor Insurance CompanyCanada Life1847Winnipeg, ManitobaFounded in Toronto. Amalgamed in 2020 with Great-West Life and London Life under the ownership of Great-West Lifeco. Headquartered in Winnipeg at the former Great-West Life offices.Canada Protection Plan1992Toronto, OntarioSubsidiary of Foresters FinancialCanadian Association of Blue Cross Plans
Alberta Blue Cross
Canassurance Hospital Service Association
Ontario Blue Cross
Quebec Blue Cross
Manitoba Blue Cross
Medavie Blue Cross
Pacific Blue Cross
Saskatchewan Blue CrossCanadian Premier1916Toronto, OntarioOperates under the brand name Securian CanadaCaradoc Townsend Mutual2018Waterford, OntarioFormed through the merger of Caradoc Delaware Mutual and Townsend Mutual.Cayuga Mutual Insurance Company1875Cayuga, OntarioCombined Insurance CanadaCanadian subsidiary of Combined InsurancCommonwell Mutual Insurance Group2014Lindsay, OntarioFormed through the merger of the Farmers’ Mutual Insurance Company (Lindsay), Glengarry Mutual, and Lanark Mutual.The Co-operators Group1945Guelph, OntarioFounded in Regina as the Co-operative Life Insurance Company.Desjardins InsuranceDufferin Mutual Insurance Company1895Shelbourne, OntarioEconomical Insurance1871Kitchener, OntarioEdge Mutual Insurance Company1887Drayton, OntarioChanged name from the Peel Maryborough Insurance Company in 2015.Empire Life1923Kingston, OntarioEquitable Life Insurance Company of Canada1920Waterloo, OntarioErie Mutual Fire Insurance Company1871Dunnville, OntarioFenchurch General Insurance Company1981Toronto, OntarioFederated Insurance Company of Canada1920Winnipeg, ManitobaForesters Financial1874Toronto, OntarioGore Mutual Insurance Company1839Galt, OntarioGreat American Insurance CompanyGreen Shield Canada1957Windsor, OntarioGrenville Mutual Insurance Company1892Kemptville, OntarioHD Mutual Insurance2024Sheffield, OntarioFormed through the merger of Halwell Mutual and Dumfries Mutual.Heartland Farm Mutual Inc.2016Waterloo, OntarioFormed through the merger of North Waterloo Farmers Mutual and Oxford Mutual.Howick Mutual Insurance Company1873Wroxeter, OntarioHumaniaIA Financial Group1987Quebec City, QuebecFormed through the merger of Alliance Nationale and Industrial Life.Intact Insurance1809Fire insurance company formed in Canada. Founded as the Nova Scotia Fire Insurance Association in 1809; incorporated as the Halifax Fire Insurance Company in 1819. Renamed the ING Insurance Company of Canada in 2002. Renamed the Intact Insurance Company in 2009.Ivari1932Toronto, OntarioKent and Essex Mutual Insurance Company1888Chatham, OntarioL&A Mutual Insurance Company1877Napanee, OntarioOriginally the Lennox and Addington Mutual Fire Insurance Company.Lambton Mutual Insurance Company1875Watford, OntarioMaple Mutual Insurance Company1910Dresden, OntarioManulife1887Toronto, OntarioMunich Re CanadaNorth Blenheim Mutual Insurance Company1861Bright, OntarioPeel Mutual Insurance Company1876Brampton, OntarioThe Personal Insurance Company1974Lévis, QuebecSubsidiary of DesjardinsPilot Insurance Company1927Founded in Waterloo, Ontario as the Pilot Automobile and Accident Insurance Company. Acquired by the Standard Accident Insurance Company of Detroit in 1930. Now part of the Aviva group.Primerica CanadaCanadian subsidiary of PrimericaQuebec Assurance Company1816Toronto, OntarioSecond insurance company founded in Canada. Renamed the Quebec Assurance Company in 1963. Subsidiary of Intact Financial.Reliable LifeSalus Mutual Insurance Company2023North Aylmer, OntarioFormed through the merger of Howard Mutual and West Elgin Mutual.Serenia Life1972Waterloo, OntarioFormed through the merger of the Aid Association for Lutherans and the Lutheran Brotherhood. Called the Lutheran Life Insurance Society of Canada originally. Renamed FaithLife Financial in 2005. Assumed current name in 2022.South Easthope Mutual Insurance Company1871Tavistock, OntarioSovereign General Insurance Company1953Toronto, OntarioSubsidiary of the Co-operatorsSun Life Financial1865Toronto, OntarioSwiss ReTeachers Life1939Tradition Mutual Insurance Company2002St Marys, OntarioFormed through the merger of Blanshard Mutual and Downie Mutual.Trillium Mutual Insurance Company2004Listowel, OntarioFormed through the merger of Formosa Mutual and Elma Mutual.UV Insurance1889Formerly the Union Life Mutual Assurance CompanyWawanesa Insurance1896Winnipeg, ManitobaWest Wawanosh Mutual Insurance Company1879Goderich, OntarioWestminster Mutual Insurance Company1857Belmont, OntarioWilton ReYarmouth Mutual Insurance Company1881St Thomas, OntarioZensurance2016Toronto, Ontario
Bank-affiliated carriers
BMO Life
CIBC Insurance
National Bank Insurance
RBC Insurance
Scotia Life
TD Insurance
Government-owned insurance companies
Insurance Corporation of British Columbia
Manitoba Public Insurance
Saskatchewan Government Insurance
Coachman Insurance Company
Société de l'assurance automobile du Québec
Defunct insurance companies
CompanyEstablishedDissolvedFateAnglo Canada Fire & General Insurance Company19492006Became AXA General Insurance.Bertie and Willoughby Mutual18801970Merged with Clinton Mutual to form Bertie and Clinton MutualBlanshard Mutual Insurance Company18762002Merged with Downie Mutual to form Tradition MutualBritish America Assurance Company18331976Renamed the Royal Insurance Company of Canada in 1976 and the Royal & Sun Alliance Insurance Company of Canada (RSA) in 1996. Acquired by Intact in 2021.Canada National Fire Insurance Company19091932Liquidated; files taken over by Sun Alliance.Canadian Fire Insurance Company18951962Merged into the Canadian Indemnity CompanyCanadian Indemnity Company19161989Merged into Dominion of Canada General Insurance.Canadian Pioneer Insurance Company19601978Merged into General Accident Assurance.Caradoc Delaware Mutual Insurance Company18842018Merged with Townsend Mutual to form Caradoc Townsend Mutual.Casualty Company of Canada19111989Merged into Dominion of Canada General Insurance.Central Fire Insurance Company of New Brunswick18361901Wound up in 1901.Citizens’ Insurance Company of Canada18611891Acquired by Sun Life.Clinton Mutual Fire Insurance Company18981970Merged with Bertie and Willoughby Mutual to form Bertie and Clinton MutualCommercial Union Assurance Company of Canada1999Merged with the General Accident Insurance Company of Canada to form the CGU Insurance Company of Canada (now Aviva Canada).Confederation Life Assurance Company18711995Acquired by Manulife and Maritime Life after bankruptcyContinental Life Insurance Company18991965Became Zurich Life Insurance Company of Canada.Crown Life Assurance Company19001998Canada Life AssuranceDominion Life Assurance Company18891985ManulifeDominion of Canada General Insurance Company18872013 The Travelers CompaniesDownie Mutual Insurance Company18842002Merged with Blanshard Mutual to form Tradition MutualDumfries Mutual Fire Insurance Company18562024Merged with Halwell Mutual to form HD Mutual.Dunwich Farmers' Mutual Fire Insurance Company18801979Merged with Southwold Farmers Mutual Fire Insurance to form West Elgin Mutual.East Williams Mutual Insurance Company18752001Merged with Ekfrid Mutual and Lobo Mutual to form Town and Country Mutual.Eaton Life Insurance19201986Originally the T. Eaton Life Assurance Company. Acquired in 1986 by Laurentian Life as part of the purchase of Eaton Financial.Ekfrid Mutual Insurance Company18912001Merged with Lobo Mutual and East Williams Mutual to form Town and Country Mutual.Elma Mutual Insurance Company18842004Merged with Formosa Mutual to form Trillium Mutual.Eramosa Mutual Fire Insurance Company18611968Merged with Halton Mutual and Puslinch Mutual to form Halwell Mutual.Excelsior Life Insurance Company18891999Purchased in 1960 by Aetna; changed name to Aetna Life Insurance Company of Canada in 1989. Acquired by Maritime Life in 1999.Family Life Assurance Company1963Merged into Sovereign Life.Farmers' Mutual Insurance Company (Lindsay)18952014Merged with Glengarry Mutual and Lanark Mutual to form Commonwell Mutual.Federal Life Assurance Company18821915Acquired by Sun Life.Formosa Mutual Insurance Company18802004Merged with Elma Mutual to form Trillium Mutual.General Accident Insurance Company of Canada19061999Merged with the Commercial Union Insurance Company of Canada to form the CGU Insurance Company of Canada (now Aviva Canada).Glengarry Mutual Insurance Company18952014Merged with Farmers’ Mutual Insurance Company (Lindsay) and Lanark Mutual Insurance Company to form Commonwell Mutual.Great-West Life Assurance Company18912020Merged with Canada Life and London Life using the Canada Life name, under the ownership of Great-West Lifeco.Grey & Bruce Mutual Insurance Company18782014Merged into Howick Mutual.Guarantee Company of North America18722019Formed as the Canada Guarantee Company. Name changed in 1880. Acquired by Intact Financial.Halton Mutual Fire Insurance Company18901968Merged with the Puslinch Mutual and Eramosa Mutual to form Halwall Mutual.Halwell Mutual Insurance Company19682024Formed through the merger of the Puslinch Mutual, Eramosa Mutual, and the Halton Mutual. Merged with Dumfries Mutual to form HD Mutual.Hartford Steam Boiler Inspection and Insurance CompanyMunich ReHay Mutual Insurance Company18752021Merged with Town and Country Mutual to form Axiom Mutual.Home District Mutual Fire Insurance Company1837Howard Mutual Insurance Company18922023Merged with West Elgin Mutual to form Salus Mutual.Imperial Life Assurance Company18962001Acquired by Desjardins in 1994, merged operations in 2001.Kings Mutual Insurance Company19042021Acquired by Heartland Farm Mutual.La CapitaleMerged with SSQ Insurance to form BenevaLanark Mutual Insurance Company18962014Merged with Farmers’ Mutual Insurance Company (Lindsay) and Glengarry Mutual Insurance Company to form the Commonwell Mutual.Laurentian Life (La Laurentienne)19381993Became a mutual in 1958, demutualised in 1988, merged with Desjardins Life in 1993 to become Desjardins-Laurentian Life Assurance. Merged in 2001 with Imperial life to become Desjardins Financial Security.Laurier Life Insurance Company19661998Merged into Imperial LifeLiberty Health2003Maritime LifeLife Insurance Company of Alberta19481979Acquired by Toronto Mutual Life Insurance.Lobo Mutual Insurance Company18822001Merged with Ekfrid Mutual and East Williams Mutual to form Town and Country Mutual.London-Canada Insurance Company18591987Formed as the Agricultural Mutual Fire Insurance Company. Changed name to London Mutual Fire Insurance Company of Canada in 1878. Changed name to London-Canada Insurance in 1925. Merged with the Great Eastern Insurance Company to form the Hartford Insurance Company of Canada.London Life Insurance Company18742020Merged with Canada Life and Great-West Life using the Canada Life name, under the ownership of Great-West Lifeco.Maritime Life Assurance Company19222004ManulifeMercantile Fire Insurance18751896Acquired by London and Lancashire InsuranceMerchants Casualty Insurance Company19131936Founded in Winnipeg as the Merchants Casualty Company. Moved to Waterloo in 1923. Assets acquired by the Merchants Casualty Insurance Company in 1924. Acquired by Economical Insurance in 1936.Merchants Fire Insurance Company18981958Acquired by London and Lancashire.Monarch Life Assurance Company19041983Acquired by North American Life.Montreal Fire Insurance Company18181820Third insurance company founded in Canada. Failed in 1820.Montreal Life Insurance Company19081986Founded as the Travellers Life Assurance Company of Canada; name changed in 1924. Merged into Empire Life.Mutual Life Assurance Company18682002Renamed Clarica Life in 2000. Acquired by Sun Life in 2002.National Life Assurance Company of Canada18972005Merged into Industrial Alliance InsuranceNorth American Life Assurance Company18811995ManulifeNorth Waterloo Farmers Mutual18742016Merged with Oxford Mutual to form Heartland Farm MutualNorth West Life Assurance Company of Canada19662000Became the Industrial-Alliance Pacific Life Insurance Company.Northern Life Assurance Company of Canada18941986Acquired by the Inland Financial Company. Individual operations integrated into Sovereign Life, group operations sold to Constellation Assurance.Ontario Blue Cross1995Liberty HealthOxford Mutual Insurance Company18782016Merged with North Waterloo Farmers Mutual to form Heartland Farm MutualPictou County Farmers Mutual Fire Insurance Company19042016Merged into Kings MutualPuslinch Mutual Fire Insurance Company18591968Merged with Eramosa Mutual and Halton Mutual to form Halwell Mutual.Queen City Fire Insurance Company18711960Liquidated?Southwold Farmers Mutual Fire Insurance Company18781979Merged with Dunwich Mutual to form West Elgin Mutual.SSQ InsuranceMerged with La Capitale to create BenevaState Farm2014Desjardins Financial SecurityToronto Mutual Life Insurance Company19342002Founded as the Ancient Foresters’ Mutual Life Insurance Company. Changed name in 1939. Merged with Western Life to form Unity Life of Canada (now Foresters Life).Town and Country Mutual Insurance Company20012021Formed through the merger of Lobo Mutual, Ekfrid Mutual and East Williams Mutual. Merged with Hay Mutual to form Axiom Mutual.Townsend Mutual Insurance Company18792018Merged with Caradoc Delaware Mutual to form Caradoc Townsend Mutual.United Investment Life Assurance CompanyMerged into Sovereign Life.UnumProvident2004RBC InsuranceWaterloo Mutual Insurance Company18631980Acquired by Economical InsuranceWellington Insurance Company18402002Merged into the ING Insurance Company of Canada.West Elgin Mutual Insurance Company18802023Formed through the merger of Dunwich Mutual and Southwold Farmers Mutual. Merged with Howard Mutual to form Salus Mutual.Westbury Canadian Life 2004RBC InsuranceWestern Assurance Company18512025Merged into Intact Insurance.Western Life Assurance Company2002Merged with Toronto Mutual Life to form Unity Life of Canada (now Foresters Life).Western Union Insurance Company19402003Merged into the ING Insurance Company of Canada.Westmount Life Insurance Company1962Merged into Sovereign Life.Zurich Life Insurance of Canada2001Manulife and Square One
See also
List of banks and credit unions in Canada
List of trust and loan companies in Canada
Insurance
Canadian
|
UK Commercial Property REIT
|
[
"Investment trusts of the United Kingdom",
"British companies established in 2006",
"Real estate companies established in 2006",
"Financial services companies established in 2006",
"Companies listed on the London Stock Exchange"
] | 604
| 5,288
|
UK Commercial Property REIT, formerly UK Commercial Property Trust, was a large British investment trust dedicated to investments in UK commercial properties. Established in 2006, the company was listed on the London Stock Exchange until it was merged with Tritax Big Box REIT. The chairman was Ken McCullagh. It invested in shopping centres, shops, office buildings and industrial estates and warehousing/distribution centres.
History
UK Commercial Property Trust was established in 2006 in Guernsey, prior to the introduction of REIT legislation in 2007, which made on-shore property investment companies more tax-efficient. It acquired its initial portfolio of properties from Phoenix & London Assurance/Phoenix Life & Pensions Limited in 2007 for £503.6m; the portfolio was then yielding under 5%.
Having launched near the top of the market, following the market downturn in 2007–2008, a merger with F&C Commercial Property Trust, a fellow FTSE 250 property company was proposed in 2010. This was narrowly rejected by 50.07% of shareholders.
The company changed its name from UK Commercial Property Trust to UK Commercial Property REIT in 2022.
In February 2024, the company announced it had reached a merger agreement with Tritax Big Box REIT. It was reported that the combined business was likely be included in the FTSE 100 Index with a valuation of £4 billion. The transaction received shareholder approval on 2 May 2024, allowing it to proceed to completion.
|
Texas Capital Bank
|
[
"Companies listed on the Nasdaq",
"American companies established in 1998",
"Banks established in 1998",
"Banks based in Texas",
"Banks based in the Dallas–Fort Worth metroplex",
"Companies based in Dallas",
"2003 initial public offerings",
"1998 establishments in Texas",
"Companies in the S&P 400"
] | 1,008
| 9,632
|
Texas Capital Bank is a bank headquartered in Dallas, Texas. The bank has branches located in every major city in Texas. Its parent bank holding company is Texas Capital Bancshares. It also operates an online-only banking division, Bask Bank.
History
The bank was established on December 18, 1998, by a group of entrepreneurial bankers who were able to raise $80 million in start-up capital, the most for a new financial institution at that time. In 2003, the company completed an IPO. The online-only subsidiary Bask Bank was launched in early 2020.
In 2020, a potential merger with Independent Bank Group of McKinney, Texas collapsed, causing the CEO to step down. In late 2021, the new CEO adopted a strategy of moving away from loan-oriented growth in the commercial banking sector, towards becoming a full-service financial institution over the following five years, and launched a new investment bank division.
On September 6, 2022, it was announced that Texas Capital Bancshares would sell BankDirect Capital Finance, a premium financing company founded in 2005, to Truist Financial for $3.4 billion. The sale was part of its strategic shift, allowing it to shed a non-core business while increasing its capital levels during the transition.
In March 2022, Texas Capital Bank was named by Newsweek Magazine as the most trustworthy bank in America, based on a survey of 50,000 U.S. residents. In October 2022, it expanded its lease at 2000 McKinney Avenue in Uptown Dallas for its headquarters, and the building was renamed Texas Capital Center. Texas Capital Bancshares received investments from several hedge funds in late 2022.
Services
The bank primarily serves clients and operates full-service locations in Austin, Dallas, Fort Worth, Houston, and San Antonio metropolitan areas of Texas. It also has an executive office in New York. As of March 2023, the company held $28.4 billion in assets and had around 2,200 employees.
The bank offers many business deposit products and services, as well as other treasury management services and consumer deposit products. The company also provides commercial loans and financing for corporate purposes, and personal wealth management and trust services. It also has an online-only banking division, Bask Bank, with perks focusing on frequent airline fliers. It operates a nonprofit arm called Texas Capital Bank Foundation.
Controversy
In Late 2020, Texas Capital Bank's stock price rose 93% . Archegos' full position amounted to a more than 20% stake in Texas Capital Bank, at its peak. During this time, Archegos was in communication with Texas Capital management about its rising stake, including with Jody Grant, who founded the Bank in 1998. Grant's discussions with Hwang's family office were friendly, and it appears Archegos were supportive of Texas Capital Bank's management.
As the stock price rose towards a 2 year high around March 2021, Texas Capital decided to issue for an aggregate sum of $300 million. Morgan Stanley participated in leading the book building process for the offering, even as Morgan Stanley was also involved in offering Archegos' prime brokerage service and holding Texas Capital's shares for Archegos .
In the weeks after Texas Capital's fundraising the company's market value briefly touched US$4.5 billion. Subsequently, Archegos imploded and executives of the fund were charged with fraud.
|
USG Corporation
|
[
"Building materials companies of the United States",
"Asbestos",
"Industrial railroads in the United States",
"Rail transportation in California",
"Narrow-gauge railroads in California",
"Manufacturing companies based in Chicago",
"Manufacturing companies established in 1901",
"Companies formerly listed on the New York Stock Exchange",
"Companies that filed for Chapter 11 bankruptcy in 1993",
"Companies that filed for Chapter 11 bankruptcy in 2001",
"2019 mergers and acquisitions",
"American subsidiaries of foreign companies"
] | 4,001
| 32,704
|
USG Corporation, also known as United States Gypsum Corporation, is an American company which manufactures construction materials, most notably drywall and joint compound. The company is the largest distributor of wallboard in the United States and the largest manufacturer of gypsum products in North America. It is also a major consumer of synthetic gypsum, a byproduct of flue-gas desulfurization. Its corporate offices are located at 550 West Adams Street in Chicago, Illinois.
USG's most significant brands include Sheetrock Brand Gypsum Panels, Securock Brand Glass-Mat Sheathing, and Sheetrock Brand All Purpose Joint Compound.
In December 2013, Warren Buffett's Berkshire Hathaway became the largest shareholder in the company (holding roughly 30%) when it converted USG convertible notes it had acquired in 2008 to common stock.
In June 2018, USG entered into an agreement to be purchased by the privately held building materials company Knauf. It operates as an independent subsidiary of Knauf and continues to remain headquartered in Chicago, Illinois. The deal closed in April 2019.
History
In 1890, New York Coal Tar Chemical Company employees Fred L. Kane and Augustine Sackett developed plaster board by strengthening the plaster with Plaster of Paris sandwiched between heavy paper, creating a viable competitor to traditional lime plaster. Sackett patented the new drywall product as Sackett Board in 1894.
Since gypsum was plentiful, available at a relatively low price, and used a simple manufacturing process, new firms flooded and fragmented the market, placing constant downward pressure on prices.
On December 27, 1901, 30 gypsum and plaster companies merged to form the United States Gypsum Company (USG), resulting in the creation of the first nationwide gypsum company in the United States. The new company combined the operations of 37 mining and calcining plants producing agricultural and construction plaster. Directors of the new firm selected B.W. McCausland of Michigan for its first president; in 1905, he was succeeded by his previous Alabaster Company business partner's son, Sewell Avery, who served in the role for 35 years.
In 1909, Avery led the USG acquisition of the Sackett Plaster Board Company, inventor of Sackett Board, which was a panel made of multiple layers of plaster and paper. Patented by USG in 1912, a new manufacturing process produced boards with a single layer of plaster and paper that could be joined flush along a wall with a relatively smooth surface. Originally called Adamant Plaster Board, the product became known as Sheetrock in 1917, with the new term credited to USG sales representative D.L. Hunter of Fort Dodge, Iowa.
By the 1930s, the company's policy of diffusion of manufacturing facilities, vertical integration, and product diversification allowed it to operate profitably every year during the Great Depression. The 1933 Chicago World's Fair featured buildings made almost entirely out of sheetrock panels, which led to the brand's first major advertising campaign.
The 1950s and 1960s saw expansion into Mexico and other international markets.
Recession and its effect on the bottom line dominated the 1980s and led to a restructuring of the company. On January 1, 1985, USG Corporation was formed as a holding companya reverse merger in which United States Gypsum Company became one of just nine operating subsidiaries.
In the mid- to late-1990s, the company invested in a significant expansion of its manufacturing network, adding new high-speed wallboard manufacturing operations in Rainier, OR, Bridgeport, AL, and Aliquippa, PA. Other existing operations were substantially rebuilt or modernized, including the wallboard manufacturing plant in East Chicago, Indiana.
In 1999, USG acquired Sybex, Inc., the holding company for Beadex (a competing joint-compound manufacturer) and Synkoloid. Other USG subsidiaries at the time included Alabaster Assurance Company, CGC, Donn Products, Exploracion de Yeso, Grupo Yeso, Gypsum Engineering, H & B Gypsum, L&W Supply, La Mirada Products Co., Inc, Red Top Technology, and Yeso Panamericano.
In 2001, the company entered Chapter 11 bankruptcy proceedings to resolve legacy asbestos lawsuits. Asbestos was a minor ingredient in some specialty products that the company had stopped selling almost 40 years earlier, in the 1970s. The company's operations remained healthy and profitable while it was in Chapter 11. When the bankruptcy was completed in 2006, all creditors were repaid in full and USG shareholders retained equity in the company. In a Wall Street Journal article dated February 15, 2006, Warren Buffett said, "It's the most successful managerial performance in bankruptcy that I've ever seen." A $3.95-billion trust was created to handle all existing and potential future asbestos lawsuits, thus permanently resolving the asbestos litigation issue.
USG adapted during the Great Recession, which hit the residential and commercial construction markets in mid-2006, resulting in a decreased demand for drywall. USG cut costs by closing some of its operations, including the shuttering of its Empire, Nevada, facility in 2011.
William C. Foote, the company's CEO for almost 20 years, retired in 2010, and 30-year USG veteran James S. Metcalf was elected Chairman, President, and CEO. Metcalf implemented the company's "Plan to Win", which involved strengthening its core manufacturing operations and L&W Supply distribution business, diversifying sources of revenues and profitability, and differentiating the company from competitors through innovative products and services. The company returned to profitability in the first quarter of 2013, posting net earnings of $2 million, followed by $26 million in net income in the second quarter of 2013.
In 2020, the 2011 closure of its Empire, Nevada, operation was referenced in the movie Nomadland.
Corporate structure
USG Corporation has the following significant subsidiaries:
United States Gypsum Company
USG Interiors, LLC
Otsego Paper, Inc
USG Foreign Investments, Ltd
CGC Inc.
USG Latin America, LLC
USG Holding de Mexico S.A. de C.V.
USG Mexico S.A. de C.V.
Corporate headquarters building
In 1992, USG moved its corporate headquarters from 101 South Wacker Drive to 125 S. Franklin Street in Chicago, a site which it occupied until March 2007. Known as the USG building, the structure is part of the dual-tower AT&T Corporate Center, which was completed in 1989. The building was designed by Adrian D. Smith, FAIA, RIBA Design Partner at Skidmore, Owings & Merrill, and constructed by Morse Diesel within its $110-million construction budget. The USG building is tall and houses 35 floors and of space, including of retail, a 650-seat restaurant expansion, and two levels of below-grade parking for 160 cars. USG had its own entrance with a lobby and occupied the first nine floors exclusively and parts of the 11th floor. Italian marble is used as cladding and also in the highly ornate interior. The interior also features gold leaf and satin-finish brown and American oak wood trim. Parts of the building lobbies were used in the filming of the 1994 film Ri¢hie Ri¢h.
In 2005, USG announced that it would not be renewing its lease at the 125 S. Franklin Street building and instead would move to a new building at 550 W. Adams, developed by Fifield Companies. The base building architect is De Stefano + Partners, with The Environments Group providing the interior space design and construction. USG entered a 15-year lease, and occupied the building in early 2007. The new building is occupied 65% by USG and 10% by Humana Inc. As an incentive for USG to remain in the downtown Chicago area, the city of Chicago created a redevelopment agreement that contributed $6.5 million to the construction of the new building. In turn, USG agreed to maintain at least 500 full-time-equivalent jobs at all times for a period of ten years at the new corporate headquarters.
Manufacturing and mining facilities
Gypsum wallboard manufacturing facilities are reported to the SEC based on the extent to which the gypsum they use comes from synthetic or natural sources.
CountryGypsum WallboardJoint CompoundCement BoardMines and QuarriesPaper for Gypsum WallboardCeiling Suspension SystemsCeiling PanelsFull syntheticPart syntheticNatural gypsumUnited States Aliquippa, Pennsylvania
Bridgeport, Alabama
East Chicago, Indiana
Galena Park, Texas
Norfolk, Virginia
Washingtonville, Pennsylvania Baltimore, Maryland
Jacksonville, Florida
Shoals, Indiana
Sperry, Iowa Plaster City, California
Rainier, Oregon
Sigurd, Utah
Sweetwater, Texas Auburn, Washington
Baltimore, Maryland
Bridgeport, Alabama
Chamblee, Georgia
Dallas, Texas
East Chicago, Indiana
Fort Dodge, Iowa
Galena Park, Texas
Gypsum, Ohio
Jacksonville, Florida
Glendale, Arizona
Port Reading, New Jersey
Sigurd, Utah
Torrance, California Baltimore, Maryland
River Rouge, Michigan
New Orleans, Louisiana Alabaster, Michigan
Fort Dodge, Iowa
Plaster City, California
Shoals, Indiana
Sigurd, Utah
Southard, Oklahoma
Sperry, Iowa
Sweetwater, Texas Galena Park, Texas
North Kansas City, Missouri
Oakfield, New York
Otsego, Michigan Stockton, California
Cartersville, Georgia
Westlake, Ohio
Weirton, West Virginia Cloquet, Minnesota
Greenville, Mississippi
Walworth, WisconsinCanada Hagersville, Ontario
Montreal, Quebec Calgary, Alberta
Hagersville, Ontario
Montreal, Quebec
Surrey, British Columbia Hagersville, Ontario Oakville, OntarioMexico Monterrey, Nuevo León
Puebla, Puebla
Saltillo, Coahuila
San Luis Potosí, San Luis Potosí
Tecomán, Colima Monterrey, Nuevo León
Puebla, Puebla Monterrey, Nuevo León Monterrey, Nuevo León
San Luis Potosí, San Luis Potosí
Tecomán, Colima
Plaster City facility
USG has a large gypsum plant located west of El Centro, California, along highway Interstate 8, at Plaster City, California. The Plaster City location makes Sheetrock brand gypsum panels. The gypsum is mined from a quarry located to the north, in the Fish Creek Mountains of Imperial County. The quarry is estimated to contain a deposit of 25 million tons of gypsum.
USG operates an active narrow-gauge railway, the last industrial narrow-gauge railway in the United States. The gauge line runs north for from the plant at Plaster City (formerly known as Maria) to the gypsum quarry. The line hauls gypsum rock from the quarry to the plant. The line was originally built by the Imperial Gypsum Company Railroad and was owned by the Imperial Valley Gypsum and Oil Corporation. The railroad built from the San Diego & Arizona Railway at Plaster City to the quarry. Surveying commenced in April 1921, grading on October 3, and construction was completed on September 15, 1922. Commercial operation commenced on October 14, 1922. The total length of the line was . Two years after completion of the line (1924), the track was sold to the Pacific Portland Cement Company.
USG purchased the line from the Pacific Portland Cement Company in 1946. In 1947, the line saw its first diesel engine.
The USG plant at Plaster City is currently served by the Union Pacific Railroad.
Significant events
Antitrust cases
Criminal
In 1973, six wallboard manufacturers (including USG) were charged with violating §1 of the Sherman Act during the period 19601973, through engaging in a combination and conspiracy in restraint of interstate trade and commerce in the manufacture and sale of gypsum board. In July 1975, after the jury was committed to deliberate, it became apparent that the jury was heading for a deadlock. The defense counsel moved for a mistrial, but the trial judge denied the request, although he indicated that, if no verdict were rendered by the end of the week, then he would then reconsider the mistrial motions. The following morning, the jury returned guilty verdicts against each of the defendants.
The Court of Appeals for the Third Circuit reversed the convictions, and that ruling was subsequently affirmed by the United States Supreme Court on the grounds that:
The trial judge's instruction to the jury was improper, as it emphasized a presumption of wrongful intent, rather than concentrating on verifying the defendant's state of mind through evidence and inferences drawn therefrom. In that regard, the Sherman Act does not create a regime of strict liability.
A good-faith belief, rather than an absolute certainty, that a price concession is being offered to meet an equally low price offered by a competitor suffices to invoke the defense available under § 2(b) of the Clayton Act.
The ex parte meeting between the trial judge and the jury foreman was improper, and the Court of Appeals would have been justified in reversing the convictions solely because of the risk that the foreman believed the judge was insisting on a dispositive verdict.
The trial judge's charge concerning participation in the conspiracy, although perhaps not completely clear, was sufficient, but his charge on withdrawal from the conspiracy was erroneous.
In 1940, the U.S. Justice Department filed suit against USG and six other wallboard manufacturers, charging them with price fixing under §§ 1 and 2 of the Sherman Act. The claim stemmed from US Gypsum's 1929 cross-licensing agreements for its patented wallboard, which set prices at which the wallboard must be sold. In 1950, the Supreme Court forced US Gypsum and its six licenseeswho produced all of the wallboard sold east of the Rocky Mountainsto cease setting prices, and US Gypsum was enjoined from exercising its patent-licensing privilege.
During 19691974 in the United States District Court for the Northern District of California, a series of civil antitrust cases were heard that came to be known as In re Gypsum Antitrust Cases. As a result, USG (together with National Gypsum Company and Kaiser Gypsum Company) were found to have violated § 1 of the Sherman Act for conspiring to establish and maintain prices of gypsum wallboard.
In December 2012, USG (together with National Gypsum, Lafarge North America, and Georgia-Pacific), was accused in a class-action lawsuit for allegedly violating federal antitrust laws, through raising prices on drywall products by as much as 35 percent, as well as halting a longstanding practice of letting customers lock in prices for the duration of a construction project. USG stated that it did not participate, or engage in, any unlawful conduct.
Hostile takeover attempts
In November 1986, the Belzberg brothers of Canada attempted a hostile takeover of USG. USG immediately instituted a plan to buy back 20% of its common stock in an effort to fend off the takeover. By December 1986, however, USG had purchased Samuel, William, and Hyman Belzberg's 4.9% stake, for $139.6 million.
In October 1987, Texas oilman Cyril Wagner Jr. and Jack E. Brown, through Desert Partners, LP, attempted a hostile takeover of USG, buying 9.84% of USG's outstanding stock. USG decided to fight this attempt by offering $42 per share ($37 in cash and $5 in pay in kind debenture) plus a stub stock worth $7. Desert Partners was unable to match the offer and lost the proxy fight at a shareholder's meeting. To pay for the offer, USG took a poison pill by borrowing $1.6 billion from 135 banks, and issuing $600 million in 13.25% subordinated debentures due in 2000 and $260 million in 16% pay-in-kind debentures due in 2008. To help pay for all the new debt, USG sold off:
subsidiaries Castlegate, A. P. Green, Masonite, DAP, and Wiss, Janney, Elstner Associates, Inc.
its construction metals plants, a paper-bag plant, and a lime plant
its headquarters building at 101 South Wacker Drive in Chicago and its corporate jets,
and instituted large workforce reductions.
The sell-off and workforce reduction of 7% were not enough to allow USG to service the debt payments ($800,000 per day) in the economic downturn. The poison pill was too much for the corporation to survive.
Bankruptcy
On March 17, 1993, USG filed a pre-packaged bankruptcy petition that included a 50-to-1 reverse stock split. USG's stock dipped to 28 cents per share and the corporation emerged from bankruptcy 38 days later on May 6, 1993. The corporation's debt was reduced by $1.4 billion and interest costs dropped from $320 million per year to $170 million per year. The plan worked and USG re-emerged to be a profitable corporation.
USG once again declared bankruptcy on June 25, 2001, under Chapter 11 to manage the growing asbestos litigation costs. USG was the eighth company in an 18-month period that was forced to utilize Chapter 11 to resolve asbestos claims. In the prior two decades, 27 companies filed for protection under Chapter 11 because of asbestos litigation. Since 1994, U.S. Gypsum was named in more than 250,000 asbestos-related personal injury claims, and paid more than $450 million (before insurance) to manage and resolve asbestos-related litigation. USG received more than 22,000 new claims since the beginning of 2001. USG's asbestos personal injury costs (before insurance) rose from $30 million in 1997 to more than $160 million in 2000, and were expected to exceed $275 million in 2001.
On February 17, 2006, USG announced a Joint Plan of Reorganization to emerge from bankruptcy. Under the agreement, USG would create a trust to pay asbestos personal injury claims. USG's bank lenders, bondholders, and trade suppliers would be paid in full with interest. Stockholders would retain ownership of the company. To pay for the trust, USG would use cash it had accumulated during the bankruptcy, new long-term debt, a tax rebate from the federal government, and an innovative rights offering. Existing USG stock owners would be issued rights to buy new USG stock at a set price of $40 per share. These rights could be exercised or sold. The $1.8 billion rights offering would be backstopped by Berkshire Hathaway Inc., meaning Berkshire Hathaway would buy all the new shares not bought. For the service, USG would pay Berkshire Hathaway a $67-million non-refundable fee.
On June 20, 2006, USG announced that their Joint Plan of Reorganization was confirmed by two judges for the United States Bankruptcy Court and the United States District Court for the District of Delaware, allowing the company to complete the bankruptcy case and emerge from bankruptcy. USG announced that a $900-million payment to the new trust was made that day and two subsequent payments totaling $3.05 billion would be made within the next 12 months if Congress failed to enact legislation establishing a national asbestos personal injury trust fund, such as the FAIR Act.
References
Citations
Book references
Web references
|
Vertical archipelago
|
[
"Economic systems",
"Agriculture in South America",
"Economic anthropology",
"Inca",
"Economic history of South America"
] | 1,246
| 9,239
|
The vertical archipelago is a term coined by sociologist and anthropologist John Victor Murra under the influence of economist Karl Polanyi to describe the native Andean agricultural economic model of accessing and distributing resources. While some cultures developed market economies, the predominant models were systems of barter and shared labor. These reached their greatest development under the Inca Empire. Scholars have identified four distinct ecozones, at different elevations.
Aside from certain cultures, particularly in the arid northwest coast of Peru and northern Andes, pre-colonial Andean civilizations did not have strong traditions of market-based trade. Like Mesoamerican traders, there was a trading class known as in these northern coastal and highland societies. A system of barter known as is also known to have existed in these coastal societies as a means of exchanging goods and food stuffs between farmers and fisherman. A simple currency, known to archaeologists as axe-monies, were also present in the area (as well as western Mesoamerica). By contrast, most highland Andean societies, such as the Quechua and Aymara, were organized into moietal lineage groups, such as in the Quechua case. These lineages internally shared local labor through a system called . The labor system itself rested upon the concept of , or reciprocity, and did not use any form of money as in the case of the coastal Andean traders. All members of the village, the , had to contribute a certain amount of labor (usually one day a week) to a communal project such as the construction of common use buildings, maintenance, herding the communally owned animals or sowing and harvesting communally owned farmland. Fundamentally, it is a concept of "ecological complementarity" mediated through cultural institutions. Some scholars, while accepting the structure and basic nature of the vertical archipelago, have suggested that inter-ethnic trade and barter may have been more important than the model suggests, despite the lack of evidence in the archaeological and ethnohistoric record.
Absent the use of trade to access resources, economic transactions were essentially intra-lineage obligations of labor. These lineages required a base level of self-sufficiency to achieve autarky. In the Andes, a long mountain range with a great variety of ecozones and resources, the need to access the proper lands for specific crops or animals meant lineages created miniature colonies or sent seasonal migration (such as transhumance) in different ecoregions. As the Andes are a relatively young mountain range, there is especially great variation in rainfall and temperature, which has great importance for agriculture. This is all the more important as only about 2% of the land in the Andes is arable.
Ecozones
Headed from the arid, western coast to the humid, eastern slopes bordering the Amazon basin, there are four basic ecozones which highland Andean communities exploit:
The zone refers to relatively warm, relatively low valleys falling between . This area shares its name with the Quechua people and languages and was especially sought after for growing maize.
The zone rises from and is suitable for the production of native tubers and grains such as quinoa, kaniwa, and kiwicha. Given the innumerable valleys and micro-climates of the Andes, over the millennia Andean farmers developed over 1,000 varieties of potatoes, as well as other tuber species, such as mashua, ulluco, oca, and achira.
The zone is composed of high, cold grasslands, suitable largely for pasture by camelids, the domesticated llama and alpaca, as well as the wild vicuña and guanaco. The former were used as not only as pack animals, but also for their meat and wool. Vicuñas and guanacos, though undomesticated, were used for their fine and much-prized wool. Little agriculture is performed in the , though in the Bolivian altiplano intensive agriculture was possible through the use of raised bed agriculture, which used specialized irrigation techniques to prevent frost from destroying crops.
The zone is humid and forested. Populations here were not as large as in other ecozones, as the plants grown in areas were generally speaking not food crops, but rather tobacco and coca. Just as the is used to collect resources from wild animals as well as domestic ones, brightly colored feathers were collected from wild birds in the , such as macaws.
Under the Inca
The Inca state drew its taxes through both tax in kind and corvée labor drawn from lineages and administered through a bureaucracy composed largely of local nobility. The corvée labor force was used for military operations as well as public works projects, such as roads, aqueducts, and storage buildings known as and . There were parallel institutions of lineage-based colonies known as , which produced goods for the state and provided strategic security in newly acquired areas, and , which were retainers with labor obligations to higher members of the state. Lands belonging to the Sapa Inca, the state church, and to (lineages descending from individual Sapa Incas according to the principle of split inheritance) were often vertically arrayed to access a variety of resources. Indeed, it has been widely suggested that the terraces at Moray were testing grounds for determining which crops would grow under what conditions in order to more efficiently exploit ecozones. The terraces were apparently constructed so that different temperatures and humidities could be achieved through the creation of microclimates, and therefore produce different kinds of crops.
See also
Incan agriculture
Karl Polanyi
Primer Congreso del Hombre Andino
Substantivism
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Coinage of India
|
[
"Coins of India",
"Ancient currencies",
"Economic history of India"
] | 8,755
| 69,107
|
The Coinage of India began anywhere between early 1st millennium BCE to the 6th century BCE, and consisted mainly of copper and silver coins in its initial stage. The coins of this period were Karshapanas or Pana. A variety of earliest Indian coins, however, unlike those circulated in West Asia, were stamped bars of metal, suggesting that the innovation of stamped currency was added to a pre-existing form of token currency which had already been present in the Janapadas and Mahajanapada kingdoms of the Early historic India. The kingdoms that minted their own coins included Gandhara, Kuntala, Kuru, Magadha, Panchala, Shakya, Surasena, Surashtra and Vidarbha etc.
The tradition of Indian coinage in the 2nd millennium evolved with Indo Islamic rule in India. and the British Raj in the 19th century.
Origin of currency in Indian subcontinent
Prehistoric and Bronze Age origins
Cowry shells were first used in India as commodity money. The Indus Valley Civilisation may have used metals of fixed weights such as silver for trade activities which is evident from the DK area of Mohenjo Daro from the late Harappan period (dated 1900–1800 BC or 1750 BC). D.D Kosambi proposed a connection between Mohenjodaro class IV silver pieces and class D pieces with the Punch marked coins based on their remarkable similarity and identity between D-class weights. The remarkable similarities between Punch marked coin symbols with those appearing in the Indus seals have also been highlighted. Chalcolithic unmarked gold disc discovered from Eran have been dated to 1000 BC and due to their lack of ornamental use, it has been proposed that it was utilized as an object of money A similar gold token piece from Pandu Rajar Dhibi has also been interpreted as a coin, it is hammered on the edges and bears parallel marks, although weighing 14 grams, a quarter of the piece is missing hence its full weight of 21 grams would conform to the ancient coinage weight standards of India and confirm the vedic literary references of circulation of gold tokens in that period. Similar interpretations have been made regarding the use of silver circular objects from the Gungeria hoard.
Weight standard
Since the Bronze Age, ratti (0.11 or 0.12 gram) or the weight of the Gunja seeds have been used as a base unit for the measurement of mass in the Indus Valley civilization, the smallest weight of Indus was equal to 8 rattis (0.856 gram) and the binary system was used for the multiple of weights for instance 1:2:4:8:16:32, the 16th ratio being the standard regular weight (16 × smallest weight), etc. This weight system seems to have been replicated in the earliest Indian coins. The Masha coins were quarter Karshapanas, karshapanas themselves being the quarter value of Karsha (13.7 gram, 128 ratti) or 32 ratti which is the same as the regular weight used in the Indus Valley civilization, This standard (of 32 rattis) has been declared as Purana or Dharana by Kautilya. The Karsha weight differed based on the differing values of mashas, for instance arthashastra mentions a masha equal to 5 ratti as opposed to 8 ratti mashas which is described as the prevalent standard during Kautilya's time. The Gandharan quarter svarna coins conform to a different 5 ratti mashas system mentioned in the Arthashastra as do the copper punch marked coins (80 ratti, 146 grain, 9.46 gram). A shatamana (lit. 100 units) weight system has been first mentioned in Satapatha Brahmana which is equal to 100 krishnalas, each krishnala being equal to one ratti. The weight of the ancient Indian silver Karshapana and satamana coin is given below;
1 Satamana = 100 Rattis / 11 grams of pure silver
1 Karshapana = 32 Rattis/ 3.3 grams of pure silver
½ Karshapana = 16 Rattis
¼ Karshapana (masha) = 8 Rattis
1/8 Karshapana = 4 Rattis
Early literary references
There is evidence of countable units of precious metal being used for exchange from the Vedic period onwards. A term Nishka appears in this sense in the Rigveda. Later texts speak of cows given as gifts being adorned with pandas of gold. A pāda, literally a quarter, would have been a quarter of some standard weight. A unit called Stamina, literally a 'hundred standard', representing 100th krishnadas is mentioned in Satapatha Brahmana. A later commentary on Katyayana Suryaputra explains that a Stamina could also be a 100 rattis. All these units referred to gold currency in some form but they were later adopted to silver currency.
Panini's grammar text indicates that these terms continued to be used into the historical period. He mentions that something worth a nishka is called naishka and something worth a Śatamāna is called a Śatamānam etc. The units were also used to represent the assets of individuals, naishka‐śatika or naishka‐sahasrika (some one worth a hundred nishkas or a thousand nishkas).
Panini uses the term rūpa to mean a piece of precious metal (typically silver) used as a coin, and a rūpya to mean a stamped piece of metal, a coin in the modern sense. The term rūpya continues into the modern usage as the rupee.
Ratti based measurement is the oldest measurement system in the Indian subcontinent. The smallest weight in the Indus Valley civilization was equal to 8 rattis and were the bases for the weight standards for the first Indian coins in the seventh century BC. Ratti and is still used in India as Jewellers weight.
Theory of West Asian influences
Scholars remain divided over the origins of Indian punch-marked coinage (PMC). What is known, however, is that the earliest extant evidence, of silver currency, are bent silver bars, in the North West of the sub-continent, and consistent with those found in Iran, from the 7th century BCE Nush-i-jan hoard, and the 4th Century BCE, Chaman Huzuri (Kabul) hoard. Extant evidence of the earliest Metal currency in the South and East of India is later than the North West, and coeval with the Northern Black Polished Ware culture, minted before the Maurya Empire (322–185 BCE), with radio carbon dating indicating post 5th century BCE dates. According to some scholars minted coins spread to the Indo-Gangetic Plain from West Asia.
According to Joe Cribb (2003), a "marriage between Greek coinage and Iranian bar currency" was at the origin of Indian punch-marked coins, the earliest coins developed in India, which used minting technology derived from Greek coinage. Daniel Schlumberger also considers that punch-marked bars, similar to the many punch-marked bars found in northwestern India, initially originated in the Achaemenid Empire, rather than in the Indian heartland:
The Western origins hypothesis had previously been proposed before any serious attempts were made in the study of PMC coins such as:
John Allan (1936), asserted "the idea of a coinage came to India in the late fifth or early fourth century B. C. from Achaemenid territory, conjecturing that the bent bar or wheel-marked coins "were struck on a Persian standard and represented double sigloi or staters....". Arguing no evidence coinage, in India, exists before the Nanda period, with the earliest finds from: Golakpur, Paila, and Set Mahet indicating the region in which local punch-marked coins originated.
James Kennedy (1898), the PMC were copied form Babylonian originals as a result of trade between India and Babylon in the 6th century BC.
James Princep (1835), who proposed the Greo-Bactrian (256-100 BCE) origin of the PMC coins, this was also supported by C.W King. Princep later admitted that due to the archaic nature of PMC, they were older than the Greo-Bactrian coinage.
The weight standard of the Gandharan, Shatamana, Bent Bar coins is asserted, by like of Cribb, Allan, and Schlumberger, as twice the Sigloi weight and hence represent the Persian weight standards. Other scholars such as Vincent Smith recognised the Satamana as 100 ratti weight system of Iron Age in India.
Cunningham (1891) asserts that ancient India had an abundance of gold but little silver. The gold to silver ratio in India was 10 to 1 or 8 to 1. In contrast, in the neighbouring Persia, it was 13 to 1. This value differential would have incentivised the exchange of gold for silver, resulting in an increasing supply of silver in India.
Achaemenid coinage in northwestern India
Coin finds in the Chaman Hazouri hoard in Kabul or the Shaikhan Dehri hoard in Pushkalavati have revealed numerous Achaemenid coins as well as many Greek coins from the 5th and 4th centuries BCE were circulating in the area, at least as far as the Indus during the reign of the Achaemenids, who were in control of the areas as far as Gandhara. In 2007 a small coin hoard was discovered at the site of ancient Pushkalavati (Shaikhan Dehri) in Pakistan. The hoard contained a tetradrachm minted in Athens /490-485/0 BCE, together with a number of local types as well as silver cast ingots. The Athens coin is the earliest known example of its type to be found so far to the east.
Early historic period (early 1st millennium BCE – 300 BCE)
Indian Punched mark Karshapana coins
Sometime around 600BC in the lower Ganges valley in eastern India a coin called a punchmarked Karshapana was created. According to Hardaker, T.R. the origin of Indian coins can be placed at 575 BCE and according to P.L. Gupta in the seventh century BCE, proposals for its origins range from 1000 BCE to 500 BCE. According to Page. E, Kasi, Kosala and Magadha coins can be the oldest ones from the Indian Subcontinent dating back to 7th century BC and kosambi findings indicate coin circulation towards the end of 7th century BC. It is also noted that some of the Janapadas like shakiya during Buddha's time were minting coins both made of silver and copper with their own marks on them.The study of the relative chronology of these coins has successfully established that the first punch-marked coins initially only had one or two punches, with the number of punches increasing over time.
The first PMC coins in India may have been minted around the 6th century BCE by the Mahajanapadas of the Indo-Gangetic Plain, The coins of this period were punch-marked coins called Puranas, old Karshapanas or Pana. Several of these coins had a single symbol, for example, Saurashtra had a humped bull, and Dakshin Panchala had a Swastika; Others, like Magadha had several symbols. These coins were made of silver of a standard weight but with an irregular shape. This was gained by cutting up silver bars and then making the correct weight by cutting the edges of the coin.
They are mentioned in the Manu, Panini, and Buddhist Jataka stories and lasted three centuries longer in the south than the north (600 BCE – 300 CE).
Uninscribed Cast Copper Coins
A small square bronze coin recovered from Pandu Rajar Dhibi has a primitive human figure on obverse and striations on reverse and may recall striated coins of Lydia and Ionia in 700 BC may well be dated before the punch marked coins of ancient India. Cast copper coins along with punch marked coins are the earliest examples of coinage in India, archaeologist G. R. Sharma based on his analysis from Kausambi dates them to pre Punched Marked Coins (PMC) era between 855 and 815 BC on the basis of obtaining them from pre NBPW period, while some date it to 500 BC and some date them to pre NBPW end of 7th century BC. Archaeological excavations have revealed these coins both from PMC and pre PMC era. The dating of these coins remain a controversy.
Die struck coins
According to some scholars Punch marked coins were replaced at the fall of the Maurya Empire by cast, die-struck coins. The coin devices are Indian, but it is thought that this coin technology was introduced from the West, either from the Achaemenid Empire or from the neighboring Greco-Bactrian Kingdom.
Saurashtra die struck coins (5th century – 4th century BC)
Saurashtra Janapada coins are probably the earliest die-struck figurative coins from ancient India from 450 to 300 BCE which are also perhaps the earliest source of Hindu representational forms. Most coins from Surashtra are approximately 1 gram in weight. Rajgor believes they are therefore quarter karshapanas of 8 rattis, or 0.93 gm. Mashakas of 2 rattis and double mashakas of 4 rattis are also known.The coins appear to be uniface, in that there is a single die-struck symbol on one side. However, most of the coins appear to be overstruck over other Surashtra coins and thus there is often the remnant of a previous symbol on the reverse, as well as sometimes under the obverse symbol as well.
Uninscribed Die struck coins (4th century BC)
Uninscribed die struck coins appeared around 4th century BC in Taxila and Ujjain. These coins were mostly in copper and rarely in silver, the metal dies were cast carefully with the required designs. These coins had some symbols similar to Punch marked coins.
Svarna coins
Quarter svarna coins have been excavated from gandhara. Besides svarna being a term for gold coins (called Svarna Rupa), it was also a weight standard which replaced Purana or Dharana in ancient India. According to Arthashastra one svarna or karsha was equal to 80 rattis (based on 1 masha = 5 ratti standard)
Classical period (300 BCE – 1100 CE)
Mauryan Empire
The Mauryan Empire coins were punch marked with the royal standard to ascertain their authenticity. The Arthashastra, written by Kautilya, mentions minting of coins but also indicates that the violation of the Imperial Maurya standards by private enterprises may have been an offence. Kautilya also seemed to advocate a theory of bimetallism for coinage, which involved the use of two metals, copper and silver, under one government. The Mauryan rule also saw a steady emergence of inscribed copper coins in India as evidenced by Tripuri coins in Ashokan brahmi script and various pre Satavahana coins dated 3rd-2nd century BC in Deccan.
Maurya Empire coinage
The Indo-Greeks
The Indo-Greek kings introduced Greek types, and among them the portrait head, into the Indian coinage, and their example was followed for eight centuries. Every coin has some mark of authority in it, this is what known as "types". It appears on every Greek and Roman coin.
Demetrios was the first Bactrian king to strike square copper coins of the Indian type, with a legend in Greek on the obverse, and in Kharoshthi on the reverse. Copper coins, square for the most part, are very numerous. The devices are almost entirely Greek, and must have been engraved by Greeks, or Indians trained in the Greek traditions. The rare gold staters and the splendid tetradrachms of Bactria disappear. The silver coins of the Indo-Greeks, as these later princes may conveniently be called, are the didrachm and the hemidrachm. With the exception of certain square hemidrachms of Apollodotos and Philoxenos, they are all round, are struck to the Persian (or Indian) standard, and all have inscriptions in both Greek and Kharoshthi characters.
Coinage of Indo-Greek Kingdom began to increasingly influence coins from other regions of India by the 1st century BCE. By this time a large number of tribes, dynasties and kingdoms began issuing their coins; Prākrit legends began to appear.
The extensive coinage of the Kushan Empire (1st–3rd centuries CE) continued to influence the coinage of the Guptas (320 to 550 CE) and the later rulers of Kashmir.
During the early rise of Roman trade with India, up to 120 ships were setting sail every year from Myos Hormos to India. Gold coins, used for this trade, was apparently being recycled by the Kushan empire for their own coinage. In the 1st century CE, the Roman writer Pliny the Elder complained about the vast sums of money leaving the Roman empire for India:
The trade was particularly focused around the regions of Gujarat, ruled by the Western Satraps, and the tip of the Indian peninsular in Southern India. Large hoards of Roman coins have been found and especially in the busy maritime trading centers of South India. The South Indian kings reissued Roman-like coinage in their own name, either producing their own copies or defacing real ones in order to signify their sovereignty.
The Sakas (200 BCE – 400 CE)
During the Indo-Scythians period whose era begins from 200 BCE to 400 CE, a new kind of the coins of two dynasties were very popular in circulation in various parts of the then India and parts of central and northern South Asia (Sogdiana, Bactria, Arachosia, Gandhara, Sindh, Kashmir, Punjab, Haryana, Rajasthan, Uttar Pradesh and Bihar). These dynasties were Saka and The Pahlavas. After the conquest of Bactria by the Sakas in 135 BCE there must have been considerable intercourse sometimes of a friendly, sometimes of a hostile character, between them and the Parthians, who occupied the neighboring territory.
Maues, whose coins are found only in the Punjab, was the first king of what may be called the Azes group of princes. His silver is not plentiful; the finest type is that with a "biga" (two-horsed chariot) on the obverse, and this type belongs to a square Hemi drachm, the only square aka silver coin known. His most common copper coins, with an elephant's head on the obverse and a "Caduceus" (staff of the god Hermes) on the reverse are imitated from a round copper coin of Demetrius. On another copper square coin of Maues the king is represented on horseback. This striking device is characteristic both of the Saka and Pahlava coinage; it first appears in a slightly different form on coins of the Indo-Greek Hippostratos; the Gupta kings adopted it for their "horseman" type, and it reappears in Medieval India on the coins of numerous Hindu kingdoms until the 14th century CE.
Kanishka and Huvishka (100–200 CE)
Kanishka's copper coinage which came into the scene during 100–200 CE was of two types: one had the usual "standing king" obverse, and on the rarer second type the king is sitting on a throne. At about the same time there was Huvishka's copper coinage which was more varied; on the reverse, as on Kanishka's copper, there was always one of the numerous deities; on the obverse the king was portrayed (1) riding on an elephant, or (2) reclining on a couch, or (3) seated cross-legged, or (4) seated with arms raised.
Middle Kingdoms (230 BCE – 1206 CE)
Gupta Empire (320 – 480 CE)
The Gupta Empire produced large numbers of gold coins depicting the Gupta kings performing various rituals, as well as silver coins clearly influenced by those of the earlier Western Satraps by Chandragupta II. The standard gold coin was the 8g Dīnāra (), modelled after the Roman denarius. Skandagupta later introduced the 9.2g Suvarṇa (). The silver Rūpaka () was worth 1/16 of a Dinara, and weighed approximately 20 ratis (2.2678g).
The splendid gold coinage of Guptas, with its many types and infinite varieties and its inscriptions in Sanskrit, are the finest examples of the purely Indian art that we possess. Their era starts from around 320 with Chandragupta I's accession to the throne. Son of Chandragupta I-Samudragupta, the real founder of the Gupta Empire had coinage made of gold only. There were seven different varieties of coins that appeared during his reign. Out of them the archer type is the most common and characteristic type of the Gupta dynasty coins, which were struck by at least eight succeeding kings and was a standard type in the kingdom.
The silver coinage of Guptas starts with the overthrow of the Western Satraps by Chandragupta II. Kumaragupta and Skandagupta continued with the old type of coins (the Garuda and the Peacock types) and also introduced some other new types. The copper coinage was mostly confined to the era of Chandragupta II and was more original in design. Eight out of the nine types known to have been struck by him have a figure of Garuda and the name of the King on it. The gradual deterioration in design and execution of the gold coins and the disappearance of silver money, bear ample evidence to their curtailed territory. The percentage of gold in Indian coins under the reign of Gupta rulers showed a steady financial decline over the centuries as it decreases from 90% pure gold under Chandragupta I (319–335) to a mere 75–80% under Skandagupta (467).
Indo-Sasanian coinage (530–1202 CE)
There is a whole category of Indian coins, in the "Indo-Sassanian style", also sometimes called Gadhaiya paisa, that were derived from the Sasanian coinage in a rather geometric fashion, among the Gurjaras, Gurjar-Pratiharas, Chaulukya-Paramara and Palas from to 1202 CE. Typically, the bust of the king on the obverse is highly simplified and geometric, and the design of the fire altar, with or without the two attendants, appears as a geometrical motif on the reverse of this type of coinage.
Chola Empire (850–1279 CE)
The coins of the Chola Empire bear similarities with other South Indian dynastic issue coins. Chola coins invariable display a tiger crest. The appearance of the fish and bow on Chola issue coins that were emblems associated with the Pandyas and Cheras respectively suggests successful political conquest of these powers as well as co-option of existing coin issuing practices.
Rajput Kingdoms (1200–1400 CE)
The coins of various Rajput princess's ruling in Hindustan and Central India were usually of gold, copper or billon, very rarely silver. These coins had the familiar goddess of wealth, Lakshmi on the obverse. In these coins, the Goddess was shown with four arms than the usual two arms of the Gupta coins; the reverse carried the Nagari legend. The seated bull and horseman were almost invariable devices on the Rajput jital coin of copper or billon (silver/copper alloy).
Eastern Ganga Empire (1038–1434 CE)
The Eastern Ganga coinage consisted of gold fanams. The obverse typically depicts a couchant bull along with other symbols. The reverse features a symbol which represents the letter sa (for samvat, which means year) flanked by elephant goads or an elephant goad with a battle axe, along with a number below, which depicts the regnal year(anka year) of the reigning monarch. Some coins also carry the legend śrī rāma on the reverse above the letter sa.
An interesting aspect of the Eastern Ganga coin dates is that these coins may be the earliest Hindu coins using decimal numbers for dating. Earlier dated coins, such as those of the Western Satraps, the Guptas etc., used the old Brahmic numbering system with separate symbols representing each of the single digits, separate symbols representing two-digit multiples of ten, such as 20, 30, 40, and so on, and further separate symbols representing three-digit numbers such as 100, 200, etc. Thus a number like 123 was written as 100-20-3. But the Eastern Ganga coins were written using the symbols for the single digits, with the position of the number indicating the value such as tens or hundreds, thus effectively using the Zero-place holder system.
Some bilingual silver jitals were issued by the Ghaznavids from Lahore included both Arabic and Sanskrit inscriptions, with Sanskrit in Sharada script.
Late Medieval and Early Modern period (c. 1300–1858 CE)
Delhi Sultanate (c. 1206–1526 CE)
Razia Sultana
Razia Sultana was one of the few queens regnant in the history of India, and thus one of the few women to issue coins.
Alauddin Khalji
Alauddin Khalji minted coins with the legend struck as Sikander Sani. Sikander is Old Persian for 'victor', a title popularized by Alexander. While sani is Arabic for to 'second'. The coin legend (Sikander-e -Sani) translates to 'Second Alexander' in recognition of his military success. His coins omitted the mention of the Khalifa, replacing it with the self-laudatory title Sikander-us-sani Yamin-ul-Khilafat.
Token currency of Muhammad bin Tughluq
The Sultan of Delhi, Muhammad bin Tughluq, issued token currency; that is coins of brass and copper were minted whose value was equal to that of gold and silver coins. Historian Ziauddin Barani felt that this step was taken by Tughluq as he wanted to annex all the inhabited areas of the world for which a treasury was required to pay the army. Barani had also written that the sultan's treasury had been exhausted by his action of giving rewards and gifts in gold. This experiment failed, because, as said by Barani, "the house of every Hindu became a mint". During his time, most of the Hindu citizens were goldsmiths and hence they knew how to make coins. In the rural areas, officials like the muqaddams paid the revenue in brass and copper coins and also used the same coins to purchase arms and horses. As a result, the value of coins decreased and, as said by Satish Chandra, the coins became "as worthless as stones".
Ahom Kingdom (1228–1826 CE)
Vijayanagara Empire (c. 1336–1646 CE)
The standard coin issued by the Vijayanagara Empire was the gold Pagoda or Varaha of 3.4 g. The Varaha was also called the Hon, Gadyana or a Pon and came in the Ghattivaraha, Doddavaraha and Suddhavaraha coin. In the gold issue, the different coins came in Varaha, this is used as a reference for the other coins values. There were also other units of silver and copper based on their relationship with the Pagodagold. Several gold ramatankas (token coins), feature the scene of Rama's incoronation, were also issued in the Vijayanagara Empire.
Koch Dynasty (c. 1515–1949 CE)
Early Mughal Emperors (c. 1526–1540 CE)
The Mughal Emperor Babur issued standard Timurid currency coins known as the shahrukhi, named after Shahrukh Mirza, Timur's eldest son. The Shahrukhis were essentially thin broad-flanned coins imprinted with the Sunni kalima or credo on its obverse at the center with the names of the first four caliphs around it. The reverse had the king's name and titles along with the date in the Hijri era and the name of the minting town. Babur's successor Humayun continued the minting of Shahrukhi-styled coins.
Sur Empire (c. 1540–1556 CE)
The system of tri-metalism which came to characterize Mughal coinage was introduced by Sher Shah Suri. While the term rūpya had previously been used as a generic term for any silver coin, during his rule the term rūpee came to be used as the name for a silver coin of a standard weight of 178 grains, which was the precursor of the modern rupee.
Later Mughal Emperors (c. 1555–1857 CE)
All Coins of Akbar
Political orders in Medieval India were based on a relationship and association of power by which the supreme ruler, especially a monarch was able to influence the actions of the subjects. In order for the relationship to work, it had to be expressed and communicated in the best possible way.In other words, power was by nature declarative from the point of view of its intelligibility and comprehensibility to the audience and required modes of communication to take effect by means of which sovereign power was articulated in the 16th century India. An examination was done of a series of coins officially issued and circulated by the Mughal emperor Akbar (r. 1556–1605) to illustrate and project a particular view of time, religion, and political supremacy being fundamental and co-existing in nature. Coins constitute part of the evidence that project the transmission of religious and political ideas in the last quarter of the 16th century. The word 'Alf' refers to the millennium.
The following are the extraordinary decisions, though bizarre, were taken by King Akbar.
The date in coins were written in words and not in figures.
If the intention was to refer to the year 1000 (yak hazar) of the Islamic calendar (hijri era) as is traditionally believed, the expression adopted for it (Alf) was unorthodox and eccentric.
Akbar, ultimately and more importantly, commanded Alf to be imprinted on the coins in 990 hijri (1582 CE ), or ten years before the date (1000 hijri) was due.
The order was a major departure and extremely unconventional and eccentric from the norm of striking coins in medieval India. Till the advent of Alf, all gold and silver coins had been stuck with figure of the current hijri year. Akbar's courtier and critic, Abdul Badani, presents and explains in brevity the motive for these unconventional decisions while describing the events that took place in 990 AH (1582 CE):
The evidence, both textual and numismatic, actually makes it clear that Akbar's decisions to mint the Alf coins and commission the Tarikh-i-Alfi were based on a new communication and interpretation of the terminal dates of the Islamic millennium. What the evidence doesn't explain is the source of the idea as well as the reason for persisting with the same date on the imperial coinage even after the critical year had passed.
Jahangir
Jahangir issued coins with the images of various zodiac signs to illustrate the date as well as portraits of himself with a cup of wine in his hand. This was resented by the clergy, as representation of living beings was forbidden in Islam. These coins were melted during the reign of Shah Jahan, and only a few specimens survive today.
Maratha Empire
The Marathas became powerful under leadership of Chatrapati Maharaj Shivaji who ascended to throne in 1674. The Marathas became very powerful and controlled vast territory of the Indian subcontinent by the early eighteenth century.
The Marathas issued Shivrai coins. The obverse of the coin had the inscription ' Sri Raja Shiv' in devanagari. The reverse of the coin had 'Chatrapati' in devanagari. The coins were issued in copper for the masses. Very few gold coins known as Shivrai hon were also issued.
British Colonial period (c. 1858–1947 CE)
Uniform coinage was introduced in India by the British in 1835, with coins in the name of the East India Company, bearing the image of William IIII. In 1840, these were replaced by coins with an image of Queen Victoria, but the design otherwise remained the same. The next set of coins was minted in 1862 and had significant changes - East India Company was replaced by 'India'. The image of Queen Victoria was also changed, shown in a regal robe with a crown. In 1877, Victoria was declared the Empress of India - and her title on Indian coins changed as a result. This last design continued till 1938, with only the image of the ruler changing. Over this entire period, the weight of the Indian rupee and its purity remained constant at 11.66 grams and 91.7% respectively.
Princely States
Hyderabad State
The Hyderabadi Rupee coins featured the Charminar.
Travancore State
Issues of the Travancore Rupee often had the names or insignia of the reigning monarch in English. The reverse features inscriptions in the native language of Malayalam. The year, when printed on the coins was based on the Malayalam calendar.
Baroda state
Gaekwads were officers in the Peshwa army. They proved their skills in the battlefield and rose to become generals. After the Marathas empire weakened Baroda became a semi independent state. The first coins issued by the Gaekwads were issued by Manaji Rao (r. 1789–93) and they followed the Maratha pattern of naming the Mughal emperor Shah Alam II, distinguishing themselves only by the placement of an extra mark or letter to indicate the issuer.
After 1857, the designs were changed and coins were issued in the name of the Gaekwads. The legends on these coins were still in Persian and the coins themselves were still hand- struck. Later Nagari legends and different designs were introduced and milled coins featuring the portrait of the Gaekwad were issued.
Post-Independence (c. 1947 CE – present)
Dominion of India (c. 1947–1950)
The newly independent Dominion of India retained the previous imperial currency with images of British monarchs.
Pre-Decimalization (c. 1950–1957)
On 26 January 1950, India became a sovereign republic. This series was introduced on 15 August 1950 and represented the first coinage of Republic India. The British monarch's portrait was replaced by the Lion Capital of Ashoka.
Post-Decimalization (c. 1957 – present)
See also
Coinage of Asia
History of the rupee
Indian rupee
Coins of the Indian rupee
Pre-modern coinage in Sri Lanka
Rakhaldas Bandyopadhyay
References
Himanshu Prabha Ray (2006), "Coins in India", .
Allan, J. & Stern, S. M. (2008), coin, Encyclopædia Britannica.
Agrawal, Ashvini (1989), Rise and Fall of the Imperial Guptas, Motilal Banarsidass, .
Brown, C.J. (1992), The Coins of India, Association Press (Y.M.C.A), .
Chaudhuri, K. N. (1985), Trade and Civilisation in the Indian Ocean, Cambridge University Press, .
Curtin, Philip DeArmond etc. (1984), Cross-Cultural Trade in World History, Cambridge University Press. .
Dhavalikar, M. K. (1975), "The beginning of coinage in India", World Archaeology, 6 (3): 330–338, Taylor & Francis, Ltd.
Kulke, Hermann & Rothermund, Dietmar (2004), A History of India, Routledge, .
Prasad, P.C. (2003), Foreign trade and commerce in ancient India, Abhinav Publications, .
Sellwood, D. G. J. (2008), coin, Encyclopædia Britannica.
Srivastava, A.L. & Alam, Muzaffar (2008), India, Encyclopædia Britannica.
Sutherland, C. H. V. (2008), coin, Encyclopædia Britannica.
Himanshu, P. R. (2006), Coins in India:Power and Communication, J.J. Bhabha Marg Publication, .
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List of government-owned companies of Sri Lanka
|
[
"Government-owned companies of Sri Lanka",
"Lists of companies of Sri Lanka",
"Lists of government-owned companies"
] | 1,743
| 11,901
|
This is a list of companies owned by the central government of Sri Lanka.
Commercial corporations
Agricultural Insurance Board
Bank of Ceylon
Central Bank of Sri Lanka
Central Engineering Consultancy Bureau
Ceylon Ceramics Corporation
Ceylon Electricity Board
Ceylon Fisheries Corporation
Ceylon Hotels Corporation
Ceylon Petroleum Corporation
Co-operative Wholesale Establishment
Development Lotteries Board
Employees Trust Fund Board
Housing Development Finance Corporation of Sri Lanka
Janatha Estates Development Board
Lady Lohore Loan Fund
Local Loans & Development Fund
National Film Corporation of Sri Lanka
National Institute of Business Management
National Livestock Development Board
National Lotteries Board
National Savings Bank
National Water Supply and Drainage Board
People's Bank
Sri Lanka Ayurvedic Drugs Corporation
Sri Lanka Broadcasting Corporation
Sri Lanka Bureau of Foreign Employment
Sri Lanka Cashew Corporation
Sri Lanka Cement Corporation
Sri Lanka Export Credit Insurance Corporation
Sri Lanka Handicrafts Board
Sri Lanka Land Reclamation & Development Corporation
Sri Lanka Ports Authority
Sri Lanka Railway Authority
Sri Lanka Rubber Manufacturing Export Co. Ltd
Sri Lanka Rupavahini Corporation
Sri Lanka State Plantations Corporation
Sri Lanka Transport Board
State Development & Construction Corporation
State Engineering Corporation of Sri Lanka
State Mortgage & Investment Bank
State Pharmaceuticals Corporation of Sri Lanka
State Pharmaceuticals Manufacturing Corporation
State Printing Corporation
State Timber Corporation
Urban Development Authority
Government owned companies
Airport and Aviation Services (Sri Lanka) Limited
The Associated Newspapers of Ceylon Ltd
B.C.C. Lanka Ltd
B.O.C. Bank
CTB BUS
Lynx BUS
Building Materials Corporation Ltd
Ceylon Fertilizer Company Ltd
Ceylon Shipping Corporation Ltd
Cey-Nor Foundation Ltd
Colombo Sack Makers Ltd
Independent Television Network Ltd
Kalubovitiyana Tea Factory Ltd
Lanka Fabrics Ltd
Lanka Mineral Sands Ltd
Lanka Phosphate Ltd
Lanka Salusala Ltd
Lanka Sathosa Ltd
Mantai Salt Ltd
Milk Industries of Lanka (Pvt) Ltd (MILCO)
National Equipment & Machinery Organization
National Paper Co. Ltd
North Sea Ltd
Paranthan Chemicals Co. Ltd
Private Sector Infrastructure Development Company
Skill Development Fund Ltd
Sri Lanka Rubber Manufacturing Export Co. Ltd
STC General Trading Company Ltd
Thamankaduwa Agro Fertilizer Co. Ltd
Other institutions
Plantations
Agalawatta Plantations Ltd
Agarapatana Plantations Ltd
Balangoda Plantations Ltd
Bogawantalawa Plantations Ltd
Chilaw Plantations Ltd
Hapugastenna Plantations Ltd
Horana Plantations Ltd
Kahawatte Plantations Ltd
Kegalle Plantations Ltd
Kelani Velly Plantations Ltd
Kotagala Plantations Ltd
Kurunegala Plantations Ltd
Maskeliya Plantations Ltd
Mathurata Plantations Ltd
Namunukula Plantations Ltd
Pussallawa Plantations Ltd
Talawakelle Plantation Ltd
Uda Pussellawa Plantations Ltd
Other
Alexandria International (Pvt) Ltd
Acland Insurance Services Ltd
Air Ceylon Ltd
Asbestos Cement Industries Ltd
Asian Hotels Corporation Ltd
BOC Management & Support Services (Pvt) Ltd
BOC Property Development & Management (Pvt) Ltd
BOC Travels (Pvt) Ltd
Bogala Graphite Lanka Ltd
Borwood Ltd
Building Material Manufacturing Corporation
Capital Development & Investment Company
CDIC Fund 2 Ltd
CEATO
Ceylease Financial Services Ltd
Ceylon Agro Industries Ltd
Ceylon Glass Co. Ltd
Ceylon Leather Products Ltd
Ceylon Manufactures& Merchants Ltd
Ceylon Oxygen Ltd
Ceylon Port Services Ltd
Ceylon Shipping Agency (Pvt) Ltd
Ceylon Shipping Agency (Pvt) (Singapore) Ltd
Ceylon Shipping Lines Ltd
Ceylon Silks Ltd
Ceylon Steel Corporation Ltd
Colombo Commercial (Teas) Ltd
Colombo Commercial Fertilizers Ltd
Colombo Commercial Company (Engineers) Ltd
Colombo Dockyard Ltd
Colombo International School
Colombo Metropolitan Bus Company
Commercial Bank of Ceylon Ltd
Consolidated Commercial Agencies
Consolidated Export & Trading Co. Ltd
Dairy Development Foundation
Dankotuwa Porcelain (Pvt) Ltd
Devco Showa (Pvt) Ltd
Development Finance Corporation of Ceylon
Distilleries Company of Sri Lanka Ltd
Elephant Lite Corporation Ltd
Elkaduwa Plantations Ltd
Elpitiya Plantations Ltd
Fruit Development Board
Galadari Hotel
Gampaha Bus Company
Glaxo Wellcome Ceylon Ltd
Grain and Pulses Research & Development Authority
Hingurana Sugar Industries Ltd
Hotel De Buhari
Hotel Developers (Lanka) Ltd
Hotel Services (Ceylon) Ltd
Hotels Colombo (63) Ltd
Hunas Falls Hotels Ltd
International Dairy Products Ltd
Investment Monitoring Board
Janatha Fertilizer Co. Ltd
Kadurata Development Bank
Kahagolla Engineering Services Co. Ltd (KESCO)
Kahatagaha Graphite Lanka Ltd
Kalutara Bus Company
Kandy Hotels Company (1938) Ltd
Kantale Sugar Industries Ltd
Kelani Tyres Ltd
Land Reclamation & Development Co. Ltd
Lanhua Fisheries Co. (Pvt) Ltd
Lanka Archives Management Services (Pvt) Ltd
Lanka Ashok Leyland
Lanka Canneries Ltd
Lanka Cement Co. Ltd
Lanka Ceramic Ltd
Lanka Electricity Company (Pvt) Ltd
Lanka Hydraulic Institute Ltd
Lanka Industrial Estates Ltd
Lanka Leyland Ltd
Lanka Loha Hardware Ltd
Lanka Lubricants Ltd
Lanka Machine Leasers Ltd
Lanka Marine Services (Pvt) Ltd
Lanka Milk Foods (CWE) Ltd
Lanka Plywood Products Ltd
Lanka Products Export Corporation (Pvt) Ltd
Lanka Puwath Ltd
Lanka Refractories Ltd
Lanka Salt Ltd
Lanka Securities (Pvt) Ltd
Lanka Synthetic Fibre Co. Ltd
Lanka Tankers Ltd
Lanka Textiles & Emporium Ltd
Lanka Tractors Ltd
Lanka Transformers Ltd
Lanka Walltiles (Pvt) Ltd
Libra Industries Ltd
Madulsima Plantations Ltd
Mahanuwara Bus Company
Mahaveli Venture Capital Co. (Pvt) Ltd
Mahaweli Merine Cement Company Ltd
Malwatte Valley Plantations Ltd
Management Services Rakshana (Pvt) Ltd
Mattegama Textiles Mills Ltd
Merchant Bank of Sri Lanka Ltd
Merchant Credit of Sri Lanka Ltd
Mercantile Shipping Co. Ltd
Mushroom Development and Training Center
National Agricultural Diversification & Settlement Authority
National Apprenticeship Board
National Assets Management Ltd
National Development Bank Ltd
National Development Bank of Sri Lanka
National Development Trust Fund
National Insurance Corporation Ltd
National Insurance Service
National Milk Board
National Packaging Center
National Packaging Materials Corporation
National Textiles Corporation
New Eastern Bus Company
Noorani Tile Works Ltd
Northern Transport Company Ltd
Nuwara Eliya Bus Company
Ocean View Development (Pvt) Ltd
Orient Lanka Ltd
Paddy Marketing Board
Panadura Tea and Rubber Co. Ltd
Peliyagoda Ware House Co. Ltd
Pelwatte Sugar Industries Ltd
People 's Travels (Pvt) Ltd
People's Venture Investment Company
People's Leasing Co. (Pvt) Ltd
People's Merchant Bank Ltd
People's Property Development Co. (Pvt) Ltd
Property Development Limited
Pugoda Textiles Lanka Ltd
Puttalam Cement Co. Ltd
Puttalam Salt Ltd
Rajarata Bus Company
Rajarata Development Bank
Rajarata Food Grain Processing Co. Ltd
Resettlement and Rehabilitation Authority of North
Rever Valley's Development Board
Road Construction & Development Co. (Pvt) Ltd
Robinson Club Bentota Ltd
Ruhuna 2001- Venture Capital Co. (Pvt) Ltd
Ruhunu 2001 Consultancy Services
Ruhunu 2001 Human Resources Development & Training Co. (Pvt) Ltd
Ruhunu 2001 Management & Secretarial Services (Pvt) Ltd
Ruhunu Agro Fertilizer Co. Ltd
Ruhunu Bus Company
Ruhunu Cement Company Ltd
Ruhunu Development Bank
Sabaragamuwa Bus Company
Sabaragamuwa Development Bank
Sathosa Computer Services Ltd
Sathosa Motors Ltd
Sathosa Priners Ltd
Sea Lion Express Ltd
Self-employment Project
Sevanagala Sugar Industries Ltd
Shaw Industries Ltd
Shell Gas Lanka Ltd (Colombo Gas Company Ltd)
Small Industries Corporation
Spices & Allied Products Marketing Board
Sri Lanka Port Management & Consultancy Services Ltd
Sri Lanka EDI Network Services (Pvt) Ltd
Sri Lanka Industrial Development Co. Ltd
Sri Lanka Institute of Co-operative Management
Sri Lanka Insurance Corporation Ltd
Sri Lanka Institute of Development Administration
Sri Lanka Insurance & Robinson Hotel Company Ltd
Sri Lanka-Libya Agricultural & Livestock Development Co. Ltd
Sri Lanka State Trading Corporation
Sri Lanka Sugar Co. Ltd
Sri Lanka Telecom Ltd
Sri Lanka Telecom Services Ltd
Sri Lanka Tobacco Industries Corporation (Tobacco Industries Ltd)
SriLankan Airlines
Statcon Rubber Company Ltd
State Fertilizer Manufacturing Corporation
State Flour Milling Corpotion
State Gem Corporation
Taj Lanka Hotels Ltd
Tea Small Holder Factories Ltd
The Selinsing Co. Ltd
The Unit Trust Management Co. (Pvt) Ltd
Thomas De La Rue Lanka (Pvt) Ltd
Thulhiriya Textiles Mills
Times of Ceylon
United Motors Ltd
University Affiliated College - Buttala
University Affiliated College - Central
University Affiliated College - Eastern
University Affiliated College - North Central
University Affiliated College - North Western
University Affiliated College - Sabaragamuwa
University Affiliated College - Trincomalee
University Affiliated College - Uva
University Affiliated College - Western
Uva Development Bank
Uva Bus Company
Vavunia Passenger Transport Services Ltd
Vegetable Development Board
Veyangoda Textile Mills Ltd
Watapota Investments Ltd
Wattawala Plantations Ltd
Wayamba Agro Fertilizer Co. Ltd
Wayamba Bus Company
Wayamba Development Bank
Weaving Supplies Corporation
Wellawatta Spinning & Weaving Mills
Werahera Engineering Services Co. Ltd (WESCO)
Wijaya Tiles Ltd
Youth Services (Dance Group) Ltd
Youth Services Co. Ltd
See also
List of companies of Sri Lanka
List of government-owned companies
List of statutory boards of Sri Lanka
Government-owned companies
Sri Lanka
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Warrant (finance)
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[
"Corporate finance",
"Equity securities",
"Options (finance)"
] | 1,818
| 12,532
|
In finance, a warrant is a security that entitles the holder to buy or sell stock, typically the stock of the issuing company, at a fixed price called the exercise price.
Warrants and options are similar in that the two contractual financial instruments allow the holder special rights to buy securities. Both are discretionary, and have expiration dates. They differ mainly in that warrants are only issued by specific authorized institutions (typically the corporation on which the warrant is based), and in certain technical aspects of their trading and exercise.
Warrants are frequently attached to bonds or preferred stock as a sweetener, allowing the issuer to pay lower interest rates or dividends. They can be used to enhance the yield of the bonds and make them more attractive to potential buyers. Warrants can also be used in private equity deals. Frequently, these warrants are detachable, and can be sold independently of the bond or stock.
In the case of warrants issued with preferred stock, stockholders may need to detach and sell the warrant before they can receive dividend payments. Thus, it is sometimes beneficial to detach and sell a warrant as soon as possible so that the investor can earn dividends.
Warrants are actively traded in some financial markets, such as the German and Hong Kong stock exchanges.
Structure and features
Warrants have similar characteristics to that of other equity derivatives, such as options, for instance:
Exercising: A warrant is exercised when the holder informs the issuer their intention to purchase the shares underlying the warrant.
The warrant parameters, such as exercise price, are fixed shortly after the issue of the bond. With warrants, it is important to consider the following main characteristics:
Premium: A warrant's "premium" represents how much extra you have to pay for your shares when buying them through the warrant as compared to buying them in the regular way.
Gearing (leverage): A warrant's "gearing" is the way to ascertain how much more exposure you have to the underlying shares using the warrant as compared to the exposure you would have if you buy shares through the market.
Expiration Date: This is the date the warrant expires. If you plan on exercising the warrant, you must do so before the expiration date. The more time remaining until expiry, the more time for the underlying security to appreciate, which, in turn, will increase the price of the warrant (unless it depreciates). Therefore, the expiry date is the date on which the right to exercise ceases to exist.
Restrictions on exercise: Like options, there are different exercise types associated with warrants such as American style (holder can exercise anytime before expiration) or European style (holder can only exercise on expiration date).
Warrants are longer-dated options and are generally traded over-the-counter.
Secondary market
Sometimes the issuer will try to establish a market for the warrant and to register it with a listed exchange. In this case, the price can be obtained from a stockbroker. But often, warrants are privately held or not registered, which makes their prices less obvious. On the NYSE, warrants can be easily tracked by adding a "w" after the company's ticker symbol to check the warrant's price. Unregistered warrant transactions can still be facilitated between accredited parties and in fact, several secondary markets have been formed to provide liquidity for these investments.
Comparison with call options
Warrants are very similar to call options. For instance, many warrants confer the same rights as equity options and warrants often can be traded in secondary markets like options. However, there also are several key differences between warrants and equity options:
Warrants are issued by private parties, typically the corporation on which a warrant is based, rather than a public options exchange.
Warrants issued by the company itself are dilutive. When the warrant issued by the company is exercised, the company issues new shares of stock, so the number of outstanding shares increases. When a call option is exercised, the owner of the call option receives an existing share from an assigned call writer (except in the case of employee stock options, where new shares are created and issued by the company upon exercise). Unlike common stock shares outstanding, warrants do not have voting rights.
Unlisted warrants are considered over the counter instruments and thus are usually only traded by financial institutions with the capacity to settle and clear these types of transactions. Other warrants are traded on exchanges.
Often, a warrant's lifetime is measured in years (as long as 15 years), while options are typically measured in months. Even LEAPS (long-term equity anticipation securities), the longest stock options available, tend to expire in two or three years. Upon expiration, the warrants are worthless unless the price of the common stock is greater than the exercise price.
Warrants are not standardized like exchange-listed options. While investors can write stock options on the ASX (or CBOE), they are not permitted to do so with ASX-listed warrants, since only companies can issue warrants and, while each option contract is over 1000 underlying ordinary shares (100 on CBOE), the number of warrants that must be exercised by the holder to buy the underlying asset depends on the conversion ratio set out in the offer documentation for the warrant issue.
As with options, warrants slowly lose extrinsic value due to time decay. The sensitivity to this is called theta.
Types of warrants
The reasons you might invest in one type of warrant may be different from the reasons you might invest in another type of warrant. A wide range of warrants and warrant types are available:
Equity warrants: Equity warrants can be call and put warrants. Callable warrants offer investors the right to buy shares of a company from that company at a specific price at a future date prior to expiration. Puttable warrants offer investors the right to sell shares of a company back to that company at a specific price at a future date prior to expiration.
Covered warrants: A covered warrant is a warrant that has some underlying backing, for example the issuer will purchase the stock beforehand or will use other instruments to cover the option.
Basket warrants: As with a regular equity index, warrants can be classified at, for example, an industry level. Thus, it mirrors the performance of the industry.
Index warrants: Index warrants use an index as the underlying asset. Your risk is dispersed—using index call and index put warrants—just like with regular equity indexes. They are priced using index points. That is, you deal with cash, not directly with shares.
Wedding warrants: are attached to the host debentures and can be exercised only if the host debentures are surrendered
Detachable warrants: the warrant portion of the security can be detached from the debenture and traded separately.
Naked warrants: are issued without an accompanying bond and, like traditional warrants, are traded on the stock exchange.
Cash or Share Warrants in which the settlement may be in the form of either cash or physical delivery of the shares - depending on its status at expiry.
Traditional
Traditional warrants are issued in conjunction with a bond (known as a warrant-linked bond) and represent the right to acquire shares in the entity issuing the bond. In other words, the writer of a traditional warrant is also the issuer of the underlying instrument. Warrants are issued in this way as a "sweetener" to make the bond issue more attractive and to reduce the interest rate that must be offered in order to sell the bond issue.
Example
Price paid for bond with warrants
Coupon payments C
Maturity T
Required rate of return r
Face value of bond F
Value of warrants =
Covered or naked
Covered warrants, also known as naked warrants, are issued without an accompanying bond and, like traditional warrants, are traded on the stock exchange. They are typically issued by banks and securities firms and are settled for cash, e.g. do not involve the company who issues the shares that underlie the warrant. In most markets around the world, covered warrants are more popular than the traditional warrants described above. Financially they are also similar to call options, but are typically bought by retail investors, rather than investment funds or banks, who prefer the more keenly priced options which tend to trade on a different market. Covered warrants normally trade alongside equities, which makes them easier for retail investors to buy and sell them.
Third-party warrants
A third-party warrant is a derivative issued by the holders of the underlying instrument. Suppose a company issues warrants which give the holder the right to convert each warrant into one share at $500. This warrant is company-issued. Suppose, a mutual fund that holds shares of the company sells warrants against those shares, also exercisable at $500 per share. These are called third-party warrants. The primary advantage is that the instrument helps in the price discovery process. In the above case, the mutual fund selling a one-year warrant exercisable at $500 sends a signal to other investors that the stock may trade at $500-levels in one year. If volumes in such warrants are high, the price discovery process will be that much better; for it would mean that many investors believe that the stock will trade at that level in one year. Third-party warrants are essentially long-term call options. The seller of the warrants does a covered call-write. That is, the seller will hold the stock and sell warrants against them. If the stock does not cross $500, the buyer will not exercise the warrant. The seller will, therefore, keep the warrant premium.
See also
Contract for difference
Dilutive security
Sources
Basics of Financial Management, 3rd ed. Frank Bacon, Tai S. Shin, Suk H. Kim, Ramesh Garg. Copley Publishing Company. Action, Mass., 2004.
Special Situation Investing: Hedging, Arbitrage, and Liquidation, Brian J. Stark, Dow-Jones Publishers. New York, NY, 1983. ; .
|
Per Davidsson
|
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"Academic staff of Queensland University of Technology",
"Stockholm School of Economics alumni",
"Academic staff of Umeå University",
"People from Sandviken",
"Australian business theorists",
"Swedish business theorists"
] | 1,207
| 11,758
|
Per Davidsson (born 5 April 1958) is an entrepreneurship professor that holds Swedish and Australian citizenship. He is currently a professor of entrepreneurship at Jönköping International Business School and Queensland University of Technology Business School where he served as the Talbot Family Foundation Chair in Entrepreneurship and Founding Director of the Australian Centre for Entrepreneurship Research (ACE) during 2010–2018. He serves on the editorial boards for several journals and has participated in many research programs including the Comprehensive Australian Study of Entrepreneurial Emergence. On March 22, 2023, he was named the 2023 recipient of the Global Award for Entrepreneurship Research.
Early life and career
Davidsson grew up in Sandviken, a small, one-employer steel town in Sweden. He received his BA in Business Administration in 1984, his MSc. in 1987 and his PhD in Economic Psychology in 1989 at Stockholm School of Economics. In 1990 he moved to Umeå University, where he got involved in an international-collaborative project with the entrepreneurship academics David Storey and Paul Reynolds, which ignited his international career. In 1994, he moved to take part in the start-up of Jönköping International Business School (JIBS) to start a high-class business school with an entrepreneurship focus. During this time, Davidsson played a significant role in the creation of a strong research environment within JIBS; it has been identified as second in the world in entrepreneurship and first in Scandinavia in business research.
Throughout his career, Davidsson has served as professor in Sweden and Australia and held academic side appointments in North America, South America, and Asia. He has served as editor and reviewer in high-profile scientific journals. In 1992 his first research leadership role was as Director of the Transportation Research Unit at Umeå University. At JIBS he served as Head of the Entrepreneurship, Marketing and Management Department and led the PEG (Program on Entrepreneurship and SMEs) research program. At QUT he was the founding director of the Australian Centre for Entrepreneurship Research (ACE).
Through his publications and research, Davidsson is known for his research on nascent entrepreneurship; start-up processes; small firm growth; and more recently 'external enablement' of entrepreneurial action and success. He has published over 90 peer-reviewed articles in prestigious journals, such as Strategic Management Journal, Regional Studies, Journal of Management Studies, Entrepreneurship Theory & Practice, Entrepreneurship and Regional Development, and Journal of Business Venturing.
Honors and awards
Recipient of the 2023 Global Award for Entrepreneurship Research. "For his role as a pioneer of influential and high-quality research contributions and as a community builder in the entrepreneurship field."
Recipient of the 2021 Karl Vesper Entrepreneurship Pioneer Award for demonstrating "the entrepreneurial spirit in overcoming obstacles while implementing significant contributions that have been instrumental in the ongoing development of entrepreneurship as a field of study and research."
Dr. rer. pol h.c, Leuphana University, Germany (honorary doctorate), 2013
Recipient of the "Mentor Award" from the 3,000 member strong Entrepreneurship Division of the Academy of Management, 2013
Member-elected Chair of the primary professional association, The Entrepreneurship Division (ENT) of the Academy Management (AoM), (2010/2011, as part of a 5-year service leadership cycle)
Greif Research Impact Award for most Impactful Entrepreneurship Article Published in 2003 (w. Benson Honig), 2009
The 2009 Journal of Business Venturing Award for most Impactful Article published in 2003 (w. Benson Honig)
Journal of Management Studies Best Paper Prize, 2006 (w. Shaker Zahra & Harry Sapienza)
Inducted into 21st Century Entrepreneurship Research Fellows, a select group of 15 scholars established by the Global Consortium of Entrepreneurship Centres to advance entrepreneurship research worldwide, 2017
Invited keynote speaker at 32 international conferences
Selected articles
Data below is received from Scopus
Most cited
The role of social and human capital among nascent entrepreneurs, 2003
Entrepreneurship and dynamic capabilities: A review, model and research agenda, 2006
Arriving at the high-growth firm, 2003
Researching Entrepreneurship: Conceptualization and Design. New York: Springer.
Where do they come from? prevalence and characteristics of nascent entrepreneurs, 2000
Recently published
Steffens, P., Baker, T., Davidsson, P. & Senyard, J. (2023). When is less more? Boundary conditions of effective entrepreneurial bricolage. Journal of Management, 49(4), 1277–1311
Davidsson, P. (2023). Ditching discovery-creation for unified venture creation research. Entrepreneurship Theory and Practice, 47(2) 594–612.
Davidsson, P., Grégoire, D., & Lex, M. (2021). Venture idea assessment (VIA): Development of a needed concept, measure, and research agenda. Journal of Business Venturing, 36(5).
Kimjeon, J. & Davidsson, P. (2021). External enablers of entrepreneurship: A review and agenda for accumulation of strategically actionable knowledge. Entrepreneurship Theory and Practice.
Davidsson, P. & J. Grünhagen, J.H. (2021). Fulfilling the process promise: A review and agenda for new venture creation process research. Entrepreneurship Theory and Practice, 45(5) 1083–1118.
Davidsson, P., Recker, J. & von Briel, F. (2020). External enablement of new venture creation: A framework. Academy of Management Perspectives, 34(3), 311–332.
von Briel, F., Davidsson, P., & Recker, J. (2018). Digital technologies as external enablers of new venture creation in the IT hardware sector. Entrepreneurship Theory and Practice, 42(1), 47–69.
|
James K. Galbraith
|
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"Harvard University alumni",
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"Alumni of King's College, Cambridge",
"University of Texas at Austin faculty",
"Marshall Scholars",
"American economics writers",
"American columnists",
"American male essayists"
] | 2,114
| 15,091
|
James Kenneth Galbraith (born January 29, 1952) is an American economist. He is a professor at the Lyndon B. Johnson School of Public Affairs and at the Department of Government, University of Texas at Austin.
He is also a Senior Scholar with the Levy Economics Institute of Bard College and part of the executive committee of the World Economics Association, created in 2011.
Background
Galbraith is a son of the renowned Canadian-American economist John Kenneth Galbraith and Catherine Galbraith (née Catherine Merriam Atwater), and is the brother of the former diplomat, commentator and 2016 Vermont gubernatorial candidate Peter W. Galbraith. He earned his B.A., magna cum laude, from Harvard College in 1974 and Ph.D. from Yale University in 1981, both in economics. From 1974 to 1975, Galbraith studied as a Marshall Scholar at King's College, Cambridge.
Career
From 1981 to 1982, Galbraith served on the staff of the Congress of the United States, eventually as executive director of the Joint Economic Committee. In 1985, he was a guest scholar at the Brookings Institution.
Galbraith is a professor at the Lyndon B. Johnson School of Public Affairs and at the Department of Government, University of Texas at Austin. Galbraith heads up the University of Texas Inequality Project (UTIP), which has been described by economic historian Lord Skidelsky as "pioneering inequality measurement". UTIP is also noted for replacing the established Gini coefficient with the Theil index as the measurement of choice for comparing inequality between groups, regions and countries.
In March 2008, Galbraith used the 25th Annual Milton Friedman Distinguished Lecture to launch a sweeping attack on the Washington Consensus on free market policies, especially the monetarist version. He argued strongly that Keynesian economics offered a solution to the 2008 financial crisis, whereas monetarist policies would deepen the recession. Towards the end of 2008 and into 2009, many policymakers around the world increased government spending and/or cut taxes, arguably in line with Galbraith's views, as part of the Keynesian resurgence described by the Financial Times as "a stunning reversal of the orthodoxy of the past several decades".
In 2010, Galbraith edited an edition of his father's works for the Library of America series.
Writings
Galbraith's books include ; ; , co-edited with Maureen Berner; and . He is the author of two textbooks – (with Robert L. Heilbroner) and (with William Darity Jr.) He also contributes a column to and writes regularly for , , , and . His op-ed pieces have appeared in , , and other newspapers. Galbraith argues that modern America has fallen prey to a wealthy, government-controlling "predatory class". He said:
Galbraith is highly critical of the George W. Bush administration's foreign policy apropos of the 2003 invasion of Iraq. He stated:
Much like his father in writing A Tenured Professor, the junior Galbraith is a critic of his own profession. He wrote:
Humanitarian initiatives
Galbraith is the chairman of Economists for Peace and Security, formerly known as Economists Against the Arms Race and later Economists Allied for Arms Reduction (ECAAR), an international association of professional economists concerned with peace and security issues. In 2009, he joined the project for Soldiers of Peace, a documentary for global peace and against all wars, which has won various awards in film festivals.
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Gameloft
|
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"2016 mergers and acquisitions",
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"French companies established in 1999",
"Mobile game companies",
"Video game companies established in 1999",
"Video game companies of France",
"Video game development companies",
"Video game publishers",
"Vivendi subsidiaries"
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| 49,862
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Gameloft SE is a French video game company based in Paris, founded in December 1999 by Ubisoft co-founder Michel Guillemot. The company operates 18 development studios worldwide, and publishes games for mobile devices, video game consoles, and PC. Formerly a public company traded at the Paris Bourse, Gameloft was acquired by media conglomerate Vivendi in 2016.
History
Game development strategy
Gameloft was founded by Michel Guillemot, one of the five founders of Ubisoft, on 14 December 1999. By February 2009, Gameloft had shipped over 200 million copies of its games since its IPO, as well as 2 million daily downloads of its games via the App Store for iOS. Gameloft's chief financial officer (CFO), Alexandre de Rochefort, noted that the company's games generated about 400 times more revenue on iOS than on Android, partially because Google did not develop its Google Play storefront to "entice customers to actually buy products"; as a result of which Gameloft heavily cut its investments in Android games development in November 2009. In July 2010, Gameloft instead attempted to sell Android games directly through its website, avoiding the use of Google Play.
In a May 2011 keynote, de Rochefort stated that he wanted to avoid moving the company to the NASDAQ stock exchange, as the U.S. games market appeared to be nothing more than a large economic bubble, especially when seeing Zynga's then total stock value.
Gameloft's games have often been accused of being clones of other properties; when asked about it at the November 2011 Consumer Electronics Show, chief executive officer (CEO) Michel Guillemot stated "The videogame industry has always played around a limited number of themes. There is maybe one new idea a year." In response to many users commenting on Guillemot's remarks, Levi Buchanan of IGN defended Gameloft, stating that its games were usually well-polished, in contrary to the original concepts' games.
By July 2014, Gameloft announced that they would focus more strongly on quality than on quantity, as was stated to have previously been the case.
In April 2013, Texan company Lodsys filed a lawsuit against Gameloft, among other mobile game developers, for infringing its patent on in-app purchases. Similar lawsuits were previously intervened by Apple Inc., who claim to have licensed the technology from Lodsys for usage in its App Store.
In February 2012 and February 2016, Gameloft penned publishing contracts with GREE, Inc. and GungHo Online Entertainment, respectively, to facilitate its presence in the Asian market.
Vivendi subsidiary
In October 2015, French media conglomerate Vivendi announced that they had acquired a 6.2% stake in Gameloft's stock, which was quickly raised to 10.2% a few days later. By February 2016, Vivendi had acquired 30% in the company, and launched a hostile takeover bid. In accordance with French law, Vivendi started a tender offer to acquire further shares.
Following the announcement, Gameloft's board of directors strongly advised shareholders against selling stock to Vivendi to avoid the hostile takeover. By May 2016, Vivendi had won over the majority of shareholders, enabling them to move forward in the takeover.
The acquisition was completed on 1 June 2016, with Vivendi having acquired 56%, an absolute majority over Gameloft's ownership. Employees of Gameloft were presented with an open letter welcoming them to the new parent company's family.
Analysts believed that the takeover was just the first step towards also purchasing Ubisoft, another video game venture founded by Guillemot and his brothers, although Vivendi only held a 17.7% minority in that company at the time. In response to Vivendi's actions, Guillemot announced that he would step down from his company and join his brother Yves Guillemot at Ubisoft to prevent it from also being taken over. Guillemot later clarified that his stepping-down would take effect on 29 June.
On 8 June, the Guillemot brothers announced that they were regretfully selling their ownership in Gameloft to Vivendi. The transaction awarded Vivendi another 21.7% in Gameloft's capital. After Guillemot departed from Gameloft on 29 June, Vivendi set up a new board of directors for the company, with Vivendi's present chief operating officer (COO), Stéphane Roussel, appointed Gameloft's chairman and CEO, and Gameloft's previous CFO, de Rochefort, additionally taking over the management of the company's 39 subsidiaries. At that point, Vivendi owned 95.94% of Gameloft's share capital.
On 6 September 2022, Gameloft launched the early access version of Disney Dreamlight Valley on PC and consoles. The title marked a strategic shift for the group, which aimed to diversify its business beyond mobile gaming into the PC and console markets. Disney Dreamlight Valley significantly exceeded commercial expectations, with Gameloft's revenue for the July–September 2022 period rose by 48% compared to the same period the previous year. Following this success, Gameloft announced it would continue focusing on the PC and console gaming markets, relegating mobile game development to a secondary priority.
Corporate affairs
Gameloft is headquartered in the 9th arrondissement of Paris and operates 17 game development studios worldwide.
Studios
In July 2011, Glenn Watson, lead programmer of Gameloft's Auckland offshoot, stated that the company's management created a "constant sense of urgency" at its studio, having employees regularly work 12- to 14-hour days. A new studio in New Orleans was opened in August 2011, taking advantage of tax breaks granted by the government of Louisiana in July 2009 to establish 150 new jobs.
On 29 January 2013, Gameloft's India studio in Hyderabad was closed midway through the workday, leaving 250 people unemployed. Between June and August 2015, Gameloft's Tokyo location laid off roughly 80 people, effectively closing the studio. Additionally, on 8 July 2015, all operations at the company's New York City office were halted, and as many as 100 employees were laid off. Shortly after, in September 2015, Gameloft's Seattle studio was closed down and its 15 employees were let go. The studio was opened just a year prior to its closure. Seven studios were closed in total in 2015. Guillemot stated that these actions were taken to accommodate its "ambitious cost reduction program", instantiated after the company saw a net loss of in the fiscal year that ended on 30 June 2015.
In January 2016, Gameloft opened a Nigerian marketing office for regional expansions, and shut down its Auckland studio, firing roughly 160 employees. At the time, Gameloft Auckland was New Zealand's largest video game studio. Gameloft's Valencia, Spain, location was shuttered in April 2016. In July 2017, Gameloft appointed John-Paul Burke as country manager for its subsidiaries in the United Kingdom and Ireland. Gameloft UK later closed in December 2019. Gameloft Budapest (founded 2012) was closed in March 2023.
In 2022, Gameloft opened a studio near its headquarters in Paris (France), focusing on PC and console game.
On 22 February 2024, Gameloft cut 38 jobs from its Lviv office in Ukraine and an unknown number of employees from its Toronto office. On 10 July 2024, the Cluj office was closed and its 136 employees were laid off.
+ List of studios Name Location Founded/acquired Gameloft Barcelona Barcelona, Spain 2006 Gameloft Bucharest Bucharest, Romania 2000 Gameloft Kharkiv / Gameloft Kharkov Kharkiv, Ukraine 2007 Gameloft Montreal / Gameloft Montréal Montreal, Canada 2000 Gameloft Brisbane Brisbane, Australia 2014 Gameloft South-East Asia 2004 Gameloft Lviv Lviv, Ukraine 2014 Gameloft Sofia Sofia, Bulgaria 2005 Gameloft Toronto Toronto, Canada 2011 Gameloft Paris Paris, France 2022 FreshPlanet New York City, United States 2018 The Other Guys Buenos Aires, Argentina 2020
Services
In October 2019, Gameloft announced a partnership with mobile operator Gruppo TIM to open TIM I Love Games, a games subscription service for Android and iOS, exclusive to Italy and TIM customers.
|
Edwin W. Pauley
|
[
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"University of California regents",
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| 18,406
|
Edwin Wendell Pauley Sr. (January 7, 1903 – July 28, 1981) was an American businessman and political leader.
Early life
Born in Indianapolis, Indiana, to Elbert L. Pauley and the former Ellen Van Petten, he attended Occidental College, in northeast Los Angeles, during 1919 and 1920 before transferring to the University of California, Berkeley, where he was a member of Phi Kappa Psi fraternity, earning a Bachelor of Science in 1922 and a Master of Science the following year.
Business career
Pauley made his fortune running oil companies from the mid-1920s onward. He founded the Petrol Corp. in 1923. Pauley was president of Fortuna Petroleum by 1933. In 1947 he bought Coconut Island in Hawaii, as a private retreat. Several of his deals involved Zapata Corporation, run by George H. W. Bush, including a joint-venture with Pemargo in 1960. In 1958 he founded Pauley Petroleum which, with Howard Hughes, expanded oil production in the Gulf of Mexico.
Later Pauley also became a founding part-owner of television station KTVU in Oakland, a part-owner of the Los Angeles Rams football team and a director of Western Airlines.
Politics
Pauley became involved with the Democratic Party as a fundraiser in 1930s, eventually becoming treasurer of the Democratic National Committee. In 1940, he served as a member of the Interstate Oil and Compact Commission. He was a friend and confidante of U.S. Senator Harry S. Truman, and through Truman's influence, President Franklin D. Roosevelt appointed Pauley as petroleum coordinator of Lend-Lease supplies for the Soviet Union and the United Kingdom in 1941. He was Treasurer of the 1944 Democratic National Convention.
As president, Truman appointed him United States representative to the Allied Reparations Committee from 1945 to 1947. With the rank of ambassador, as well as industrial and commercial advisor to the Potsdam Conference, his chief task was to renegotiate the reparations agreements formulated at the Yalta Conference (many of which affected eventual C.I.A. director Allen Dulles's former clients). When Truman tried to appoint him Under Secretary of the Navy in 1946, Secretary of the Interior Harold L. Ickes resigned in protest, claiming that while Pauley was treasurer of the Democratic National Committee, he had suggested to Ickes that $300,000 ($ in dollars) in campaign funds could be raised if the Interior Department would drop its fight against the State of California for ownership of oil-rich offshore lands. Ickes's resignation scuttled the appointment, and Pauley worked behind the scenes thereafter.
By successive appointments from several California governors, Pauley served as a University of California Regent from 1940 to 1972. As a regent, he was staunchly opposed to the creation of the University of California, San Diego.
Informant during anti-war protests
By the 1960s, Pauley came to support Ronald Reagan, and was by far the Board of Regents' harshest critic of UC Berkeley student protesters.
In 1965, Pauley was serving as a regent at the University of California, when anti-Vietnam war campus protests began to grow. At Pauley's request, CIA Director John McCone met with FBI Director J. Edgar Hoover on January 28 and Hoover agreed to leak to Pauley information about UC System President Clark Kerr. (See memo regarding McCone's request to meet with Hoover. McCone graduated from UC Berkeley in 1922, the year before Pauley.) At that meeting, McCone told Hoover that Pauley was very upset about the "situation at Berkeley", and was "anxious to get a line on any persons who are communists or have communist associations, either on the faculty or in the student body." As soon as McCone left his office, Hoover phoned Los Angeles FBI chief Wesley Grapp, and ordered him to give Pauley anonymous memos on regents, faculty members, and students who were "causing trouble at Berkeley". Hoover admonished Grapp, "It must be impressed upon Mr. Pauley that this data is being furnished in strict confidence."
Five days later (February 2) Grapp met with Pauley for two hours at his office in the Pauley Petroleum Building in Los Angeles. Grapp provided him information from FBI files on other regents, faculty, and students who were considered "ultra-liberal". The CIA and FBI worked in conjunction with Ronald Reagan, who sought to mount a "psychological warfare campaign" against the budding Free Speech Movement and anti-war sit-ins, including using tax-evasion and "any other available" charges in which the FBI agreed to assist. "This has been done in the past, and has worked quite successfully", Hoover noted.
(This information was not made public until 2002, after a fifteen-year legal battle with the FBI that went all the way to the US Supreme Court, as a result of a FOIA request for an in-depth San Francisco Chronicle investigation. The FBI had claimed it needed to maintain secrecy to "protect law enforcement operations". The National Security Act of 1947 bars the CIA from engaging in domestic intelligence activities.)
Pauley began the February 2, 1965, meeting with Grapp by saying he was upset about the Free Speech Movement and recalled that "obnoxious question ... concerning the FBI being a secret police" (referring to a 1959 entry exam question.) He told Grapp he had "no use for [UC President] Kerr" and had accused Kerr of being a "communist or a communist follower". Pauley explained that the 24-member Board of Regents was divided and that his faction wanted "strong positive action taken immediately to clean up the mess." The problem, he said, was that so far he'd been unable to muster the votes to fire Kerr. He blamed the impasse on three "ultra-liberal" regents who staunchly backed Kerr. Governor Pat Brown (D) had named to the board: William Coblentz (Brown's former special counsel); William M. Roth (member of the ACLU executive committee); and Elinor Raas Heller (member of the Democratic National Committee).
Pauley told Grapp that in the 1950s the FBI secretly gave the university reports on professors it was considering hiring. He said he wanted to restore the procedure—which the FBI had code-named the Responsibilities Program—and offered to pay someone to check FBI files. After Pauley promised not to reveal that the FBI was his source, Grapp gave him a report on UC Berkeley immunology professor Leon Wofsy that summarized news stories from 1945 to 1956, noting that Wofsy had been a self-avowed Communist Party official who tried to get young people involved with the party. The report failed to note that since 1957 the FBI had found no evidence that Wofsy had been involved with the party.
On February 4, 1965, Grapp told Hoover that Pauley could be used as a source on internal University affairs, and could harass and remove suspected communists on the faculty and the Board of Regents. Hoover approved, and one week later Pauley was given confidential information on Coblentz, Roth and Heller. Pauley, Grapp reported to Hoover, was "most appreciative" of the information on his opponents. As Pauley saw it, according to Grapp's report, UC would remain in turmoil "as long as the current officials were in power at the university."
That fall, thousands of students joined the escalating protests. To Pauley and the FBI, it was further proof that Kerr had lost control of the university. Pauley confided to Grapp that two alumni were taking things into their own hands. They had recruited athletes to "beat up the demonstrators" and hired a barber to "forcibly 'shear' the students who need it". Grapp continued to slip Pauley anonymous memos about students and faculty—at least two dozen more—that he could use in persuading the regents to fire Kerr. But in October, a frustrated Pauley told Grapp he was still "two votes short to fire Clark Kerr". Kerr would remain in charge of the university, it seemed, as long as Brown remained governor.
When Ronald Reagan was elected California's governor in 1966, after campaigning against "campus malcontents and filthy speech advocates" at Berkeley, one of his first moves was to fire Kerr. Reagan's Legal Affairs Secretary, Herbert Ellingwood, met with FBI agent Cartha "Deke" DeLoach at FBI Headquarters, and noted that Reagan was "dedicated to the destruction of disruptive elements on college campuses."
Philanthropy
After his retirement from the University of California system, Pauley concentrated on his many philanthropic interests and business concerns. He was particularly interested in promoting the use of his Coconut Island in Kāne'ohe Bay, Oahu, Hawaii by the University of Hawaii at Manoa and its Hawaiʻi Institute of Marine Biology. He kept about half of the island for the use of his family—his wife Bobbi, his son, Stephen M. Pauley and daughter, Susie Pauley and eventually their families. After Pauley's death in 1981, his widow Bobbi Pauley established the Edwin W. Pauley Foundation to continue their philanthropic work. In 1995, the Pauley family presented the University of Hawai`i with a gift of the private portion of the island to the University, and provided funds for the building of a new library and laboratory buildings for the institute. Built on a living coral reef, the institute is now one of the world's premier locations for the study of marine biology.
Honors
The Pauley Pavilion at the University of California, Los Angeles, is named in the honor of his philanthropy and service as a regent. Pauley donated almost one-fifth of the five million dollars needed to construct the Pauley Pavilion, which since 1965 has served as home stadium for the basketball and volleyball teams of UCLA.
A smaller dedication to Pauley exists at his alma mater, the University of California, Berkeley: the Pauley Ballroom, which can seat up to 1,000 people in the Martin Luther King Jr. Student Union.
Saxon, Wolfgang (July 29, 1981). Edwin Wendell Pauley Sr., 78. The New York Times
via Truman Library
Minor, Linda (2002). .
San Francisco Chronicle, , June 9, 2002.
|
Venoco
|
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] | 870
| 8,138
|
Venoco, Inc. was a company engaged in hydrocarbon exploration. It primarily operated in the Monterey Formation in California. In 2017, the company filed bankruptcy and was liquidated.
History
The company was founded in September 1992 by Timothy Marquez.
In 2005, the company sold Big Mineral Creek field for $45 million.
In November 2006, the company became a public company via an initial public offering.
In 2007, the company acquired the West Montalvo Oil Field from Berry Petroleum Company for $63 million; it was sold in 2014 to California Resources Corporation for $200 million.
In 2011, the company spent $100 million to develop wells in the Monterey Formation.
In 2012, the company became a privately held company after Timothy Marquez acquired the 49% of the company that he did not own.
In 2015, the Refugio oil spill resulted in the closure of a pipeline upon which the company depended; as a result production was reduced by 50%. In March 2016, the company filed bankruptcy.
On April 17, 2017, Venoco filed bankruptcy again and began liquidation. At that time, the company was owned by affiliates of Apollo Global Management.
On January 4, 2018, the company relinquished 5 federal oil and gas leases offshore Southern California.
Fracking controversy
In 2011, a group of concerned citizens opposed Venoco's fracking operations in the Monterey Formation. The Santa Barbara County Board of Supervisors initially cited Venoco for fracking without a permit, but later withdrew the claim. The site of the test wells was in a valley adjacent to two wine-producing regions, Santa Ynez Valley AVA and Santa Maria Valley AVA.
In the Salinas basin, in Monterey County, Venoco encountered opposition by environmental groups and concerned citizens over 9 proposed wells. Among the components listed in Venoco's proposed fracking fluid for Monterey County was a gelling agent with a 60 to 70% concentration of "petroleum distillate blend." The exact mixture was unknown as it is proprietary to manufacturer Baker Hughes.
|
Fredrik Eklund
|
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| 11,460
|
Fredrik Eklund (born April 26, 1977) is a Swedish real estate broker, former IT entrepreneur, reality television star, and author. He is best known for starring in the Bravo reality series, Million Dollar Listing New York for all of its nine seasons. In 2015, Eklund released his book The Sell: The Secrets of Selling Anything to Anyone, which made The New York Times Best Seller list.
Early life and education
Eklund is the son of Klas Eklund, a senior economist at Swedish bank SEB, and brother of author Sigge Eklund. His paternal grandparents were Swedish actors Bengt Eklund and Fylgia Zadig.
Eklund had his first American experience as a foreign exchange student in Edina, Minnesota, where he attended Edina High School. After finishing high school, Eklund studied at the Stockholm School of Economics, but never graduated. He has worked for the financial newspaper Finanstidningen. At the age of 23, Eklund founded an Internet company with over 45 employees, and went on to work for the investment bank SEB in Stockholm, London, Singapore, and Tokyo before beginning his work in New York City.
Film career
In 2004, before arriving in New York City, Eklund acted in a number of pornographic films under the pseudonym Tag Eriksson (or Tag Ericsson). In an interview with Out Magazine, Eklund has said of this period, "It was only a week of my life, accumulated. It was spread out over a few months, so it was a very short period of my life. It was something that I tried and quickly decided that I was done with." Eklund went on to say in the interview that he is proud of who he is, that he does not regret anything, and that his past involvement in the pornographic film industry has not negatively affected his career.
Real estate career
Eklund has closed over five billion dollars in residential real estate. Eklund became managing director at the New York City real estate firm CORE Group Marketing and in 2010, alongside his business partner John Gomes, managing director at Prudential Douglas Elliman, the largest real estate brokerage on the East Coast. Eklund also started the top-selling team at Elliman.
Eklund is the founder of Eklund Stockholm New York, Scandinavia's most high-end residential real estate brokerage with 50 employees and $1 billion in closed sales in 2014. He is an active member of the Real Estate Board of New York.
He co-founded Douglas Elliman's Eklund Gomes Team with John Gomes.
Million Dollar Listing New York
The New York Times featured Eklund on the front page of the "Sunday Style" section in November 2010. He is one of five New York City brokers starring in Bravo's Million Dollar Listing New York.
On January 24, 2022, Fredrik Eklund announced his departure from the Million Dollar Listing franchise.
Personal life
On February 9, 2013, Eklund married artist Derek Kaplan, who is originally from Zimbabwe, on Little Palm Island in the Florida Keys. The couple lived in New York with their dogs Mouse and Fritzy until 2016. The couple have previously lived in Roxbury, Connecticut, in a mansion Eklund purchased. In 2020, the family relocated from New York to Los Angeles. In the summer of 2023 they moved to Miami, Florida.
Eklund and Kaplan attempted to have children through surrogacy, but the surrogate suffered a miscarriage. In November 2017, Eklund and Kaplan had twins via surrogate: daughter Milla and son Fredrik Jr. They also have an older son, Kai, who is Kaplan's biological child.
Eklund has been sober since October 2020.
See also
LGBT culture in New York City
List of LGBT people from New York City
|
Thomas Means
|
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Thomas Williamson Means (November 3, 1803 – June 8, 1890) was a settler of Hanging Rock, Ohio, and a native of South Carolina. Together with his brother Hugh he became notable in Ashland, Kentucky, after he built the Buena Vista Furnace and became a director of the Kentucky Coal, Iron & Manufacturing Company. He was also the father of Ashland Mayor John Means. Means owned furnaces in Alabama, Kentucky, Ohio, and Virginia.
Early life and family background
Thomas' grandfather, William Means, settled in Juniata County, Pennsylvania, and later moved to South Carolina. Several of his sons participated in the American Revolution. His youngest son, Colonel John Means, a native of Union District, South Carolina, became an influential and prominent man in that State. Thinking it better to rear his sons in the free States, he moved to Ohio in 1819, gave his slaves their freedom, and settled in Adams County. Ann Williamson, his wife, was a Carolinian by birth, whose mother, Ann Newton, was a relative of Sir Isaac Newton.
Thomas Means was born on November 3, 1803, in Spartanburg, South Carolina, the son of John and Ann (Williamson) Means. Means started his business career at the Union Furnace, then building, and he had the honor of "firing" it.
Business career
In 1837, Means and David Sinton became the owners of the Union Furnace, and rebuilt it in 1844. The following year they built the Ohio Furnace, in Scioto County, adjoining. In 1847 he built Buena Vista Furnace, in Kentucky. The Ohio was the first charcoal furnace in the country, which produced as high as ten tons a day, and was the first that averaged over fifteen tons.
In 1852 Means purchased the Bellefontaine Furnace, Kentucky; in 1854 was one of the owners and builders of Vinton Furnace, Ohio; in 1863, in connection with others, bought the Pine Grove Furnace and Hanging Rock Coal Works, and in the following year, with his associates, the Amanda Furnace, Kentucky.
In 1853, next to such notable individuals as the Poage family and Levi Hampton, he was part of a hastily organized company that met with iron manufacturers at Bethesda Church in Ashland, helping to buy fifteen-hundred acres of land for the newly formed Kentucky Coal, Iron & Manufacturing Company.
Under the supervision of Mr. Means and Mr. Sinton experiments for introducing the hot blast were first made, and at their Union Furnace they put up the second hot blast used in the United States. Again in 1860 Means introduced at the Ohio Furnace the Davis hot blast, which greatly improved the charcoal furnace business of the country. He was the originator and first president of the Cincinnati and Big Sandy Packet Company. He established the old Bank of Ashland, and originated the Second National Bank of Ironton, of which he was president after its organization in 1864. Means was one of the incorporators and principal stockholders in the Norton Iron Works, and was one of the largest owners of the stock of the Ironton Iron Railroad.
By the late 1860s, with his son John, Thomas was a member of the Cincinnati, Portsmouth, Big Sandy & Pomeroy Packet Company, which owned and operated a fleet of giant packets and towboats, one of which was named the Thomas W. Means in Thomas' honor.
In 1876–77, Means built the Princess Furnace in Boyd county, Kentucky, an iron-jacketed design that burned stone coal because his nearby Buena Vista Furnace had burned all the charcoal-producing timber in 6000 acres.
Personal and death
Mr. Means was married on December 4, 1828, to Sarah Ellison, a native of Buckeye Station, Adams County, Ohio, daughter of John Ellison, an early settler in that county. She died in 1881, at the age of sixty-one, in their home at Hanging Rock.
In 1882 he moved from Hanging Rock to Ashland, Kentucky, where he resided. Possessing a high sense of social and business integrity, his great fortune was the legitimate result of uncommon business ability and judgment. He was considered a man of fine bearing, about six feet in height, and agreeable in manners.
Means died on June 8, 1890. Two years later, Roswell G. Horr listed the Estate of Thomas Means, made in "iron smelting and manufacturing", as one of only 22 "American Millionaires" in Kentucky.
|
Washington Mutual
|
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] | 19,822
| 191,433
|
Washington Mutual, Inc. (often abbreviated to WaMu) was an American savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in the United States until its collapse in 2008.
On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized WaMu's banking operations and placed it into receivership with the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of US$16.7billion in deposits during a 9-day bank run (amounting to 9% of the deposits it had held on June 30, 2008). The FDIC sold the banking subsidiaries (minus unsecured debt and equity claims) to JPMorgan Chase for $1.9billion, which had been considering acquiring WaMu as part of a plan internally nicknamed "Project West". All WaMu branches were rebranded as Chase branches by the end of 2009. The holding company was left with $33billion in assets, and $8billion in debt, after being stripped of its banking subsidiary by the FDIC. The next day, it filed for Chapter 11 voluntary bankruptcy in Delaware, where it was incorporated.
Regarding total assets under management, WaMu's closure and receivership is the largest bank failure in American financial history.
Before the receivership action, it was the sixth-largest bank in the United States.
According to WaMu's 2007 SEC filing, the holding company held assets valued at $327.9billion (~$ in ).
On March 20, 2009, WaMu filed suit against the FDIC in the United States District Court for the District of Columbia, seeking damages of approximately $13billion (~$ in ) for an alleged unjustified seizure and unfair low sale price to JPMorgan Chase. JPMorgan Chase promptly filed a counterclaim in the Federal Bankruptcy Court in Delaware, where the WaMu bankruptcy proceedings had been continuing since the Office of Thrift Supervision's seizure of the holding company's bank subsidiaries.
Business operations prior to bank receivership
Despite its name, WaMu ceased being a mutual company in 1983 when it demutualized and became a public company on March 11. On June 30, 2008, WaMu had total assets of $307billion (~$ in ), with 2,239 retail branch offices operating in 15 states, with 4,932 ATMs, and 43,198 employees. It held liabilities in the form of deposits of $188.3billion, and owed $82.9billion to the Federal Home Loan Bank, and had subordinated debt of $7.8billion. It held as assets of $118.9billion in single-family loans, of which $52.9billion were "option adjustable rate mortgages" (option ARMs), with $16billion in subprime mortgage loans, and $53.4billion of Home Equity lines of Credit (HELOCs) and credit cards receivables of $10.6billion. It was servicing for itself and other banks loans totaling $689.7billion, of which $442.7 were for other banks. It had non-performing assets of $11.6billion, including $3.23billion in payment option ARMs and $3.0billion in subprime mortgage loans.
On September 15, 2008, the holding company received a credit rating agency downgrade. From that date through September 24, 2008, WaMu experienced a bank run whereby customers withdrew $16.7billion in deposits over those nine days, and in excess of $22billion in cash outflow since July 2008, both conditions which ultimately led the Office of Thrift Supervision to close the bank.
The FDIC then sold most of the bank's assets to JPMorgan Chase for $1.9billion in cash plus assumption of all secured debt and some unsecured debt. Claims of the subsidiary bank's equity holders, senior and subordinated debt (all primarily owned by the holding company) were not assumed by JPMorgan Chase.
Mutual savings bank
WaMu was incorporated as the Washington National Building Loan and Investment Association on September 25, 1889, after the Great Seattle Fire destroyed 120 acres (49 ha) of the central business district of Seattle. The newly formed company made its first home mortgage loan on the West Coast on February 10, 1890. It changed its name to Washington Savings and Loan Association on June 25, 1908. By September 12, 1917, it was operating under the name Washington Mutual Savings Bank. The company purchased its first company, the financially distressed Continental Mutual Savings Bank, on July 25, 1930. Its marketing slogan for much of its history was "The Friend of the Family".
Post-demutualization growth
In April 1982, WaMu purchased the brokerage firm Murphey Favre for undisclosed amount in cash and demutualized the following year, converting into a capital stock savings bank. Stock in the capital stock savings bank was first offered for sale on March 11, 1983. By 1989, its assets had doubled.
In November 1994, WaMu reorganized as a holding company, Washington Mutual, Inc. It separated the non-banking units from its primary banking unit, Washington Mutual Savings Bank, which was simultaneously renamed Washington Mutual Bank. The company's stock continued to trade on Nasdaq under WAMU.
In October 2005, WaMu purchased the formerly "subprime" credit card issuer Providian for approximately $6.5billion, although Providian's new management team's strategy of targeting Prime credit card consumers had been underway since 2001, therefore the credit card unit's nonperforming loan portfolio had improved significantly prior to the company's sale to WaMu. In March 2006, WaMu began the move into its new headquarters, WaMu Center, located in downtown Seattle. The company's previous headquarters, WaMu Tower, stands about a block away from the new building on Second Avenue. In August 2006, WaMu began using the official abbreviation of WaMu in all but legal situations.
After the acquisition of Murphey Favre, WaMu made numerous acquisitions with the aim of expanding the corporation. By acquiring companies including PNC Mortgage, Fleet Mortgage and Homeside Lending, WaMu became the third-largest mortgage lender in the U.S. With the acquisition of Providian Financial Corporation in October 2005, WaMu became the nation's 9th-largest credit-card company.
Many of WaMu's acquisitions became reviled as the rapid post-merger integrations resulted in numerous errors. The purchase of the original PNC Mortgage came at a time when subprime lending was in a "boom" period, with PNC Financial Services believing that the market was too volatile. (PNC later re-entered the mortgage market in 2009 through its acquisition of National City Corp., with no plans to re-enter subprime lending.) The Dime merger resulted in account ownership to be split with account beneficiaries. The Fleet Mortgage merger resulted in entire loans simply disappearing—being serviced, but unable to be found by customer service representatives.
Washington
In April 1983, WaMu announced the pending acquisition of three branch offices from the Tacoma-based United Mutual Savings Bank for $3.25million (~$ in ). In April 1984, WaMu announced the pending acquisition of the Spokane-based Lincoln Mutual Savings Bank with 14 of its 16 branch offices for $4.5million. At the time of the announcement, WaMu had 39 branch offices, mostly in western Washington.
In May 1987, WaMu announced the pending acquisition of the Wenatchee-based Columbia Federal Savings Bank for $40million and also the Seattle-based Shoreline Savings Bank for $7.5million. At the time of the announcement in May 1987, WaMu had 50 branch offices, all within Washington state. Both acquisitions were completed in April 1988.
In January 1990, WaMu announced the pending acquisition of all seven offices of the Seattle-based Old Stone Bank of Washington from the Rhode Islandbased Old Stone Corporation for an undisclosed amount. Old Stone originally entered the state of Washington through the acquisition of the ailing Seattle-based Citizens Federal Savings and Loan Association in 1985 with the assistance of the Federal Savings and Loan Insurance Corporation. The acquisition by WaMu was completed in June 1990 for $10million.
In June 1990, WaMu announced the completed acquisition of all six offices of the failed Walla Wallabased Frontier Federal Savings and Loan Association in Eastern Washington from the Resolution Trust Corporation for $1.8million (~$ in ).
In September 1990, WaMu announced the completed acquisition of all three Washington branches of the failed Utah-based Williamsburg Federal Savings and Loan Association from the Resolution Trust Corporation for $1.3million (~$ in ).
In November 1990, WaMu announced the pending acquisition of the Vancouver-based VanFed Bancorp with its Vancouver Federal Savings Bank subsidiary for $23.3million (~$ in ). At the time of the announcement in November 1990, WaMu had 75 branch offices, all within Washington state. The acquisition was completed in August 1991.
The acquisition of the Pacific Northwest branch offices from the New Yorkbased CrossLand Savings Bank that was announced in April 1991 and completed in November 1991 gave WaMu four offices within the state of Washington in addition to other offices located in the state of Oregon.
In August 1991, WaMu announced the pending acquisition of the Seattle-based Sound Savings and Loan Association for an undisclosed amount. At the time of the announcement in August 1991, WaMu had 84 branch offices, all within Washington state. The acquisition was completed in January 1992.
In September 1991, WaMu announced the pending acquisition of the Bremerton-based GNW Financial Corporation with its Great Northwest Bank subsidiary for $64million (~$ in ) in cash and stock. The acquisition was completed in April 1992.
In December 1991, WaMu announced the pending acquisition of both Washington state branch offices of the California-based World Savings and Loan Association of America, a subsidiary of Golden West Financial, for an undisclosed amount. The acquisition was completed in March 1992.
In August 1992, WaMu announced the pending acquisition of the Lynnwood-based Pioneer Savings Bank for $181million (~$ in ) in stock. The acquisition was completed in March 1993.
In October 1992, WaMu announced the pending acquisition of the ailing Seattle-based Pacific First Financial Corporation with its Pacific First Bank subsidiary for $663million (~$ in ) from its Canada-based parent Royal Trustco. The acquisition was contingent on having Pacific First dispose of its branch offices in California and having its Canadian parent Royal Trustco assume all of Pacific First's bad loans. The acquisition was completed in April 1993. At the time of the initial announcement in October 1992, WaMu had 118 branch offices in Washington and Oregon while Pacific First had 127 branch offices in Washington, Oregon and California. Pacific First had previously announced that it was trading its California offices for Great Western's Washington offices. As a result of the Pacific First acquisition, WaMu became one of the largest banking institution based upon consumer deposits in the state of Washington, second only to Seafirst.
In June 1994, WaMu announced the pending acquisition of the Bellevue-based Summit Bancorp with its Summit Savings Bank subsidiary for $25million in stock. At the time of the announcement, WaMu had 231 branch offices in Washington and Oregon. The acquisition was completed in November 1994.
In June 1995, WaMu announced the pending acquisition of the Bellevue-based Enterprise Bank for $26.8million (~$ in ) in stock, this was WaMu's entry into the commercial banking sector. Enterprise Bank was a highly profitable one unit carriage trade business bank staffed with highly successful management. WaMu named Tom Cleveland President of the commercial banking unit which later included Western Bank in Coos Bay Oregon. At the time of the announcement, WaMu had 260 branch offices. Unlike the previous acquisition targets, Enterprise held a commercial bank charter and not a thrift charter.
Oregon
In April 1991, WaMu announced the pending acquisition of the 25 offices in the Portland, Oregon / Vancouver, Washington area from the failing New Yorkbased CrossLand Savings Bank, a subsidiary of Brooklyn Bancorp, for an undisclosed amount. The acquisition was completed in November 1991. Seven of the 25 offices were located in Washington with the remainder in Oregon. As part of the transaction, CrossLand Savings closed seven offices in Oregon and three offices in Washington, leaving eleven offices in Oregon and four in Washington. CrossLand had previously entered Oregon (and three other states) through the relatively recent acquisition of the troubled Utah-based Western Savings and Loan Association. The CrossLand acquisition gave WaMu a toe hold entry into Oregon via Portland.
As a result of the Pacific First acquisition in April 1993, WaMu became the fourth largest banking institution based upon consumer deposits within the state of Oregon. Originally, Pacific First grew quickly in Oregon during the late 1980s through the acquisition of troubled savings and loans. By February 1991, Pacific First had 78 branches in Oregon, more than any other thrift. Pacific First had 71 branches in Oregon by July 1992.
In April 1994, WaMu announced the completed acquisition of three Portland-area offices of the failed Portland-based Far West Federal Savings Bank from the Resolution Trust Corporation for $2.2million (~$ in ).
In October 1995, WaMu announced the pending acquisition of the Coos Baybased Western Bank for $156million (~$ in ) in stock. The acquisition was completed in February 1996. Since Western Bank possessed a commercial bank charter and not a more restrictive savings & loan charter, WaMu decided to allow Western Bank to keep its charter and name and to remain semi-autonomous for a while. At the time of the acquisition, Western Bank had 41 offices throughout Oregon. Five years later, WaMu decided to abandon the Western Bank brand and integrate most of the former Western Bank offices into the existing WaMu network in Oregon in 2001. Due to branch overlaps between the two brands, 12 Western Bank branch offices and one WaMu branch office were sold to the Klamath Falls-based Klamath First Bancorp for $33million.
Idaho
In March 1994, WaMu announced that they were planning to expand into the state of Idaho by building new branch offices inside Fred Meyer supermarket stores with the first three being opened in the Boise-area in July and August.
In the following year, WaMu opened a fourth Idaho location in a Moscow supermarket in February 1995.
A branch office in Idaho Falls was acquired from the Utah-based United Savings Bank when WaMu purchased the savings bank in January 1997.
By March 2000, there were 9 locations within Idaho and later 22 locations in 2008 when Chase acquired WaMu.
Utah
In July 1994, WaMu announced the pending acquisition of the Salt Lake Citybased Olympus Capital Corporation with its Olympus Bank, FSB, subsidiary for $52.1million in stock. At the time of the announcement, WaMu had 250 branch offices in Washington and Oregon while Olympus had eight branch offices in Utah and two in Montana. The acquisition was completed in May 1995.
In March 1996, WaMu announced the pending acquisition of the Ogden-based Utah Federal Savings Bank for an undisclosed amount. At the time of the announcement, Utah Federal had five branch offices while WaMu had 16 within Utah. The acquisition was completed in December 1996 for $15.2million (~$ in ).
In September 1996, WaMu announced the pending acquisition of the Salt Lake Citybased United Western Financial Group Inc. with its United Savings Bank subsidiary for $80.3million (~$ in ) in cash. At the time of the announcement, United Savings Bank had eight branch offices in Utah and one in Idaho. The acquisition was completed in January 1997.
Montana
In May 1995, WaMu acquired two branch offices in Butte as the result of the acquisition of the Utah-based Olympus Capital Corporation with its Olympus Bank FSB subsidiary. Four years later, WaMu later sold the two offices to Glacier Bancorp in 1999 for an undisclosed amount and quietly left the state of Montana.
In July 1996, WaMu announced the pending acquisition of the Fort Worth, Texas-based Keystone Holdings Inc. with its Irvine-based American Savings Bank subsidiary for $1.6billion (~$ in ) in stock. At the time of the announcement, WaMu had 317 branch offices in Washington, Oregon, Idaho, Utah and Montana while American Savings Bank had 220 branch offices in California. The acquisition was completed in December 1996. American kept its name after the acquisition. The result of the acquisition nearly doubled the total deposits of all WaMu subsidiaries from $22billion to $42billion.
In February 1997, the Chatsworth-based Great Western Financial, the holding company for second largest thrift in the nation Great Western Bank, found itself the target of a hostile takeover attempt of arch-rival H. F. Ahmanson & Co., the holding company for the largest thrift in the nation Home Savings of America, that would have involved $5.8billion (~$ in ) worth of stock. Since the two companies had large overlapping territories, many Great Western offices would have been closed by the victor if the takeover attempt had succeeded. The only way the combat a hostile takeover was to find another company, a so-called white knight, that would allow a merger on much better terms. One such company was WaMu. In March, Great Western Financial announced that it had accepted WaMu's merger proposal for $6.6billion in WaMu stock. Ahmanson quickly increased their bids but the bids were also rejected. Great Western approved the merger with WaMu in June and the merger was completed in July. As part of its merger agreement, it was originally announced that Great Western offices would be allowed to keep the Great Western name and there were later discussion of converting the American Savings offices to the Great Western brand. In the end, it was felt that it was best for the company to have only one brand throughout the nation instead of multiple regional brands so it was announce in December 1997 that both Great Western and American names would be retired in favor of the WaMu name. The previous month, it was announced in November that 85 redundant branch offices were identified in California and were to be closed within the following year. Before the merger was complete, WaMu had a total of 413 branch operating under various names across the country while Great Western had 416 branch offices operating in California and Florida.
In March 1998, WaMu announced the pending acquisition of the Irwindale-based H. F. Ahmanson & Company with its Home Savings of America subsidiary for approximately $10billion in stock. The acquisition was completed in October 1998 for only $6.9billion (~$ in ) in stock. Before the merger was complete, WaMu had a total of 892 branch operating under various names (WaMu, American Savings, Great Western, etc.) across the country while Home Savings had 409 branch offices operating in California and Texas. A few days after the completion of the merger, WaMu announced plans to close 161 branch offices in California.
Texas
Through the 1998 acquisition of Home Savings, WaMu had gained 48 branch offices in Texas.
In August 2000, WaMu announced the pending acquisition of the Houston-based Bank United Corporation with its 155 branch offices, all located in Texas, for $1.49billion (~$ in ) in stock. The acquisition was completed in February 2001.
As a result of branch overlap between Bank United and WaMu, 17 branch offices were closed in Texas, 10 of which were in Houston.
New York
In June 2001, WaMu announced the pending acquisition of the New York Citybased Dime Bancorp with its Dime Savings Bank subsidiary for $5.2billion (~$ in ) in cash and stock. The acquisition was completed in January 2002. Dime had 123 branch offices in the New York City area of both New York and New Jersey.
Commercial banking
With a thrift charter, there were a few things that WaMu was not able to do until it was able to obtain a commercial bank charter, such as making commercial loans above a certain size. To get around this problem, WaMu began to purchase commercial banks and maintain them as separate business entities. In August 1995, WaMu acquired the one office Bellevue-based Enterprise Bank in Washington. A few months later, WaMu acquired the 41 office Coos Baybased Western Bank in Oregon. By 1997, the Enterprise name and Western Bank name were merged and operated under Western Bank moniker.
After WaMu expanded into California through the acquisitions of American Savings, Great Western, and Home Savings, WaMu quietly acquired the one-office Industrial Bank in the Van Nuys neighborhood of Los Angeles an undisclosed amount in 1999 and renamed it WM Business Bank.
By 2001, WaMu had 38 specialized business banking centers operating under the Western Bank name in the Northwest and the WM Business Bank name in California when they decided to exit their ill-fated venture into the commercial banking market that was then dominated with the likes of Wells Fargo and Bank of America.
Mortgage banking
During the late 1990s and early 2000s, WaMu decided to aggressively expand in the subprime mortgage lending field through the acquisition of existing mortgage companies at a time when other financial institutions were leaving.
In May 1999, WaMu announced the pending acquisition of the Orange, California-based Long Beach Financial Corporation with its Long Beach Mortgage Company subsidiary for $350.4million (~$ in ) in cash and stock. The acquisition was completed in October 1999. Long Beach had specialized in providing subprime mortgages. Some of Long Beach's questionable business practices may have led to WaMu's failure in 2008.
In January 2000, WaMu announced the pending acquisition of the Los Angelesbased Alta Residential Mortgage Trust for $23million (~$ in ).
In October 2000, WaMu announced the pending acquisition of the Vernon Hills, Illinois-based PNC Mortgage Corporation and PNC Mortgage Securities Corporation from the PNC Financial Services Group for $605million (~$ in ) in cash. The acquisition was completed in February 2001. The result of the PNC Mortgage acquisition made WaMu the nation's third-largest lender.
In April 2001, WaMu announced the pending acquisition of the Columbia, South Carolinabased Fleet Mortgage Corporation from FleetBoston Financial for $660million (~$ in ) in cash. The acquisition was completed in June 2001. The result of the Fleet Mortgage acquisition made WaMu the nation's second-largest mortgage-servicing business.
In December 2001, WaMu announced the pending acquisition of the Jacksonville, Florida-based HomeSide Lending, Inc. from the National Australia Bank for $1.9billion (~$ in ). The agreement did not include the mortgage servicing rights and related financial hedges for the business. The acquisition was completed in March 2002. In August 2002, WaMu announced the pending acquisition of the rest of HomeSide that included the mortgage servicing rights on a mortgage portfolio worth about $131billion for $1.3billion in cash and the assumption of $735million in debt. The acquisition was completed in October 2002.
In July 2002, the San Mateo, California-based Bay View Capital Corporation announced the pending sale of the mortgage loan portfolio for its Bay View Bank subsidiary to WaMu for a "slight premium to book value". The sale was completed in the following month.
In April 2006, WaMu announced the pending acquisition of the Irvine, California-based Commercial Capital Bancorp, Inc. with its Commercial Capital Bank FSB subsidiary for $983million (~$ in ) in cash. The acquisition was completed in October 2006. Commercial Capital had specialized in loans for the multifamily and small commercial real estate lending markets and was the third largest multifamily lender in California.
Credit cards
In June 2001, WaMu announced the pending acquisition of Providian Financial Corporation, tenth-largest credit-card issuer in the country, for $6.45billion (~$ in ) in stock and cash. The acquisition was completed in June 2001.
Prior to this acquisition, WaMu had their credit cards initially issued by Associates National Bank and later Citibank South Dakota, N.A. and was one of the largest banking organization that did not issue its own credit cards. In 2005, chairman and chief executive officer Kerry Killinger said that lack of company-issued credit cards was a "major hole in our product line." Credit cards were not mentioned on their website nor in their published annual reports as an available service offered by their company prior to 2001.
Rise and fall
"Wal-Mart of Banking"
Chairman and CEO Kerry Killinger had pledged in 2003: "We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe's, Home Depot did to their industry. And I think if we've done our job, five years from now you're not going to call us a bank."
Killinger's goal was to build WaMu into the "Wal-Mart of Banking", which would cater to lower- and middle-class consumers that other banks deemed too risky. Complex mortgages and credit cards had terms that made it easy for the least creditworthy borrowers to get financing, a strategy the bank extended in big cities, including Chicago, New York and Los Angeles. WaMu pressed sales agents to approve loans while placing less emphasis on borrowers' incomes and assets. WaMu set up a system that enabled real estate agents to collect fees of more than $10,000 for bringing in borrowers. Variable-rate loans – Option Adjustable Rate Mortgages (Option ARMs) in particular – were especially attractive, because they carried higher fees than other loans and allowed WaMu to book profits on interest payments that borrowers deferred. As WaMu was selling many of its loans to investors, it worried less about defaults.
Subprime losses
In December 2007, the subsidiary WaMu Bank reorganized its home-loan division, closing 160 of its 336 home-loan offices and removing 2,600 positions in its home-loan staff (a 22% reduction).
In March 2008, on the same weekend that JPMorgan Chase Chairman and CEO Jamie Dimon negotiated the takeover of Bear Stearns, he secretly dispatched members of his team to Seattle to meet with WaMu executives, urging them to consider a quick deal. However, WaMu Chairman and CEO Kerry Killinger rejected JPMorgan Chase's offer that valued WaMu at $8 a share, mostly in stock.
In April 2008, the holding company, responding to losses and difficulties sustained as a result of the subprime mortgage crisis, announced that 3,000 people companywide would lose their jobs, and the company stated its intent to close its approximately 176 remaining stand-alone, home-loan offices, including 23 in Washington and a loan-processing center in Bellevue, Washington. It stopped buying loans from outside mortgage brokers — known in the trade as "wholesale lending." WaMu also announced a $7billion infusion of new capital by new outside investors led by TPG Capital. TPG agreed to pump $2billion into the WaMu holding company; other investors, including some of WaMu's current institutional holders, agreed to buy an additional $5billion in newly issued stock. This angered many investors, as TPG's investment would dilute the holdings of existing shareholders, and as WaMu executives excluded mortgage losses from computing bonuses.
In June 2008, Kerry Killinger stepped down as the chairman, though remaining the chief executive officer. On September 8, 2008, under pressure from investors, the WaMu holding company's board of directors dismissed Killinger as the CEO. Alan H. Fishman, chairman of mortgage broker Meridian Capital Group, and a former chief operating officer of Sovereign Bank, was named the new CEO for 17 days.
Seizure by OTS and FDIC
By mid-September 2008, WaMu's share price had closed as low as $2.00 (~$ in ). It had been worth over $30.00 in September 2007, and had briefly traded as high as $45 in the previous year. While WaMu publicly insisted it could stay independent, earlier in the month it had quietly hired Goldman Sachs to identify potential bidders. However, several deadlines passed without anyone submitting a bid. At the same time, WaMu suffered a massive run (mostly via electronic banking over the internet and wire transfer ); customers pulled out $16.7billion in deposits in a ten-day span.
This led the Federal Reserve and the Treasury Department to step up pressure for WaMu to find a buyer, as a takeover by the Federal Deposit Insurance Corporation (FDIC) could have been a severe drain on the FDIC insurance fund. The FDIC had already had to use a large chunk of its insurance fund after the failure of IndyMac that year. The FDIC ultimately held a secret auction of WaMu Bank. On the morning of Thursday, September 25 (which happened to be the 119th anniversary of WaMu's establishment), regulators informed officials at JPMorgan Chase that they had won the auction.
On Thursday night (shortly after the close of business on the West Coast), the Office of Thrift Supervision seized WaMu Bank and placed it into the receivership of the FDIC. In a statement, the OTS said that the massive run meant that WaMu was no longer sound. The FDIC then sold most of WaMu Bank's assets, including the branch network, to JPMorgan Chase for $1.9billion. JPMorgan Chase agreed to assume the bank's secured debts and liabilities to depositors. The transaction did not require any FDIC insurance funds. Normally, bank seizures take place after the close of business on Fridays. However, due to the bank's deteriorating condition and leaks that a seizure was imminent, regulators felt compelled to act a day early.
Because JPMorgan Chase bought WaMu's assets for a low price, WaMu's stockholders were nearly wiped out. Its stock price dropped to $0.16 a share, well below its high of a year earlier. In its Chapter 11 filing, WaMu listed assets of $33billion and debt of $8billion. (ref. Appendix A). The filing also indicates that enough funds are available for distribution to unsecured creditors.
Within days of the seizure, a hedge fund adviser and investment strategist, Mike Stathis of AVA Investment Analytics, issued a formal complaint to the Securities and Exchange Commission, demonstrating evidence of insider trading. The complaint also alleged that WaMu was not insolvent, and several Wall Street firms and hedge funds had conspired to short the stock. He also stated that he spoke with a reporter from the Associated Press who told him that he was contacted by a WaMu executive hours before the seizure, telling the reporter that it would happen for "political reasons." In later criticisms, Stathis discussed that neither the FDIC nor OTS ever disclosed any evidence of WaMu's insolvency. Stathis stated that within a few weeks of submitting his complaint, he was visited by federal agents who held him in an interrogation room for questioning. As a result of this, Stathis stated that he felt bullied and did not release the SEC complaint into the public domain until a year later.
Shareholders fought what they considered the illegal seizure of WaMu through such websites as WaMuCoup.com and others, claiming that the OTS acted in an arbitrary and capricious manner and seized the bank for political reasons or for the benefit of JPMorgan Chase, which acquired a large network of branches at what they claim to be an unfairly low price. Shareholders claimed that as of the date of the takeover, the bank had enough liquidity to meet all its obligations and was in compliance with the business plan negotiated with the OTS 2 weeks earlier and that the holding company's board and management was kept completely in the dark about the government's negotiations with Chase, hampering the bank's ability to sell itself on its own. Chief executive Alan H. Fishman was flying from New York to Seattle on the day the bank was closed, and eventually received a $7.5million sign-on bonus and cash severance of $11.6million (which he declined) after being CEO for 17 days. Senator Maria Cantwell demanded an explanation from the government and threatened to open an investigation and WaMu's former shareholders have threatened a lawsuit demanding compensation for the lost value of their shares.
The seizure of WaMu Bank resulted in the largest bank failure in American financial history, dwarfing the failure of Continental Illinois in 1984.
Bankruptcy
On September 26, 2008, Washington Mutual, Inc. and its remaining subsidiary, WMI Investment Corp., filed for Chapter 11 bankruptcy. The company was promptly delisted from trading on the New York Stock Exchange, and commenced trading via Pink Sheets. The bankruptcy was the second major filing in as many weeks, after the Lehman Brothers filing eleven days earlier; both bankruptcies far outpaced WorldCom's 2002 filing, which had held the record with just under $104billion (~$ in ) in assets.
All assets but only some liabilities (including deposits, covered bonds, and other secured debt) of WaMu Bank were assumed by JPMorgan Chase. Under the deal, JPMorgan Chase acquired all the banking operations of WaMu, including $307billion in assets and $188billion in deposits, for a price of $1.9billion plus debt assumptions. Unsecured senior debt obligations of the bank were not assumed by JPMorgan Chase, leaving holders of those obligations with little meaningful source of recovery. On the morning of September 26, WaMu Bank customers were informed that all deposits held by WaMu were now liabilities of JPMorgan Chase.
The IRS claimed $12.5billion in back taxes from WaMu, Inc. The company filed court papers on January 22, 2009, alleging losses were $20billion (~$ in ), and the company requested that it pay nothing of the tax debt, stating that the IRS could owe WaMu Inc. a tax refund. In a 2010 settlement between Wash. Mutual Inc. (in receivership), the FDIC, and JPMorgan Chase, a tax refund of about $5.7billion (~$ in ) will be shared between Wash. Mutual Inc., JPMorgan Chase and FDIC.
WaMu, Inc. sued the Federal Deposit Insurance Corporation (FDIC) for $13billion after the sale of its banking operations to JPMorgan Chase. WMI attorneys claim the bank did not get fair value for the bank, and multiple subsidiaries belonging to the parent company were taken.
On January 11, 2010, the United States Department of Justice, Office of the United States Trustee, District of Delaware, pursuant to Section 1102(a)(1) of the Bankruptcy Code, appointed a Committee of Equity Security Holders to represent all shareholders of both preferred and common stock. All of the Motions to Disband the Committee of Equity Security Holders were denied on January 28, 2010, by U.S. Bankruptcy Judge Mary F. Walrath, District of Delaware.
On July 20, 2010, bankruptcy judge Mary Walrath approved a motion of the EC for an examiner to investigate potential legal claims and assets of WMI, handing a victory to shareholders. The Judge directed the examiner to investigate not just the legal settlement with the FDIC and JPMorgan Chase at the heart of WaMu's reorganization, but also all potential claims and assets that are part of the settlement or that will be retained by the company.
On July 26, 2010, U.S. Trustee Roberta A. DeAngelis appointed veteran bankruptcy examiner and McKenna Long & Aldridge LLP partner Joshua R. Hochberg to conduct a probe into the proposed settlement between WMI, JPMorgan Chase and the FDIC. Hochberg is a partner in McKenna Long & Aldridge's Washington office whose practice focuses on individual and corporate white collar defense, internal investigations and compliance.
On August 10, 2010, the bankruptcy judge rejected WaMu Inc.'s effort to obtain personal financial information from shareholders demanding that the company schedule an annual meeting. Attorneys for the EC said that WMI was simply trying to delay scheduling a shareholder meeting by seeking personal information. The judge agreed that WMI was not entitled to the information.
On November 1, 2010, examiner Joshua R. Hochberg from McKenna Long & Aldridge LLP presented his long-awaited report, but it did not meet the expectations of the court, since the report was based on unsworn interviews and confidential attorney-client work. On December 12, the court decided to exclude the examiner's report during the plan confirmation hearings, saying it can't be considered expert testimony or submitted as evidence unless it is subject to questioning to determine the basis of its conclusions.
On January 7, 2011, the bankruptcy court rejected the 6th proposed plan of reorganization, which was proposed by the debtors and their lawyers from Weil, Gotshal & Manges LLP. Judge Mary Walrath focused many of her criticisms on the company's releases of liability granted to directors, officers and others including some hedge funds, who she said did not contribute anything to the settlement. She noted for example that shareholders, who will likely get nothing, should not have to release the company's board from the threat of being sued by them.
On September 14, 2011, the court also rejected the modified 6th proposed plan of reorganization. Judge Mary F. Walrath wrote that four hedge funds that had played a role in WaMu's restructuring might have received confidential information that could have been used to trade improperly in the bank's debt. The four hedge funds are Appaloosa Management, Aurelius Capital Management, Centerbridge Partners and Owl Creek Asset Management.
A seventh plan of reorganization was announced in February 2012 and the company finally emerged from Chapter 11 bankruptcy the following month as WMI Holdings Corporation. By 2015, WMI Holdings was able to raise $598million (~$ in ) and was looking for new acquisitions. In 2018 WMI Holdings Corporation merged with Nationstar to form Mr. Cooper Group.
Post receivership bank operations
During 2009, all of the WaMu Bank branches that had been purchased from the FDIC after the bank had been placed into receivership, were rebranded to Chase or shuttered. All financial documents issued by WaMu were changed to carry the Chase logo. Credit and debit cards issued by WaMu or Providian were changed to carry the Chase logo.
The transition to Chase began in early 2009, when Chase ATMs became accessible for WaMu customers at no extra charge. All branches and accounts were formally merged in 2009 as the WaMu brand was retired. Branches in the Pacific Northwest, Idaho, and Utah were rebranded in May 2009; branches in Florida, Georgia, Texas, Illinois, and Greater New York were rebranded in July 2009, and the remaining branches in Nevada, California, Arizona, and Colorado were rebranded in October 2009. The last rebrandings formally retired the WaMu name.
In markets where Chase already had a dominant presence, such as Greater New York and Chicago (owing to the presence of Chase and predecessor Bank One), Chase further disposed of such branches to other banks. In New York, for instance, the acquisition resulted in Chase branches located on the same block as WaMu branches.
Advertising campaigns
"Free Checking Account"
This advertising campaign was introduced between 2005 and 2007. Numerous WaMu commercials showed white, traditionally-dressed 60–70-year-old overweight bankers laughing out loud at a WaMu representative (who is much younger, fitter and black), who says the words "Free Checking Account".
"The Power of Yes"
WaMu introduced an advertising campaign during the 2003 Academy Awards known as "The Power of Yes". This was to promote the offering of loans to all consumers, particularly borrowers that the banks deemed too risky. Another commercial in the ad series showed WaMu representatives in casual clothes, contrasting with traditionally-dressed bankers in suits.
"Whoo hoo"
"Whoo hoo!" was an advertising campaign introduced by WaMu in February 2008. As fears of a financial crisis were rising, and WaMu was looking to become an "iconic brand that people love", they began courting consumers with a new slogan, designed to position WaMu as a consumer-friendly institution.
During its run, the Whoo hoo! ads, created by TBWA\Chiat\Day of Playa del Rey, California, become widespread in web navigation. After WaMu launched the new advertisement, there was double digit growth at its website and the term "wamu" appeared in searches over 1,000% more between January and March than in all of 2007.
WaMu (before the bank's September 2008 conservatorship and sale to JPMorgan Chase) applied to register a trademark in the phrase. Initially, the bank wanted to use "woo hoo" (without the "h" in the first word) as the slogan, but they were concerned because of the existing use of the phrase by Homer Simpson, a character in The Simpsons.
Occasio branch design
WaMu introduced a unique branch design known as Occasio which eliminated traditional teller windows and queuing stanchions in favor of an open, circular floor plan with a greeter or "concierge" position and tellers working from behind podiums. The Occasio design was introduced in 2000 and patented in 2004, but was phased out following the JPMorgan Chase acquisition of WaMu's retail banking operations.
See also
Bank failure
List of largest U.S. bank failures
Federal Deposit Insurance Corporation
2008 financial crisis
2008–2011 bank failures in the United States
List of banks acquired or bankrupted in the United States during the 2008 financial crisis
|
Yugoslav dinar
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[
"Modern obsolete currencies",
"Currencies of Europe",
"Kingdom of Yugoslavia",
"Socialist Federal Republic of Yugoslavia",
"Serbia and Montenegro",
"1918 establishments in Yugoslavia",
"2006 disestablishments in Serbia and Montenegro",
"Currencies of Yugoslavia",
"Currencies introduced in 1918",
"Dinar"
] | 3,148
| 23,241
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The dinar () was the currency of Yugoslavia. It was introduced in 1920 in the Kingdom of Serbs, Croats and Slovenes, which was replaced by the Kingdom of Yugoslavia, and then the Socialist Federal Republic of Yugoslavia. The dinar was subdivided into 100 para ().
One of the successor states to former Yugoslavia, the Federal Republic of Yugoslavia, continued to use the same name for its currency until 2003, though Montenegro stopped exclusively using it in 1999 and moved away from it in 2000.
In the early 1990s, economic mismanagement made the government bankrupt and forced it to take money from the savings of the country's citizens. Following the breakup of Yugoslavia, this caused severe and prolonged hyperinflation in the Federal Republic of Yugoslavia, which has been described as the worst in history. Large amounts of money were printed, with coins becoming redundant and inflation rates reaching over one billion per cent per year. This hyperinflation caused five revaluations between 1990 and 1994; in total there were eight distinct dinari. Six of the eight have been given distinguishing names and separate ISO 4217 codes. The highest denomination banknote was 500 billion dinars, which became worthless a fortnight after it was printed.
+Summary of successive dinarsStartyearName or informaldescriptionCodeEquivalent to1920Serbian dinar(Became Yugoslav currency) 4 Yugoslav kronen1941Various(Yugoslavia split up during WW2)1945Federation dinarYUF20 Serbian dinara1966Hard dinarYUD100 YUF1990Convertible dinarYUN10,000 YUD1992Reformed dinarYUR10 YUN1993 YUO1 million YUR1994 YUG1 billion YUO1994Novi dinarYUM1 Deutsche Mark
1920–41: dinars of the Yugoslav Kingdom
Until 1918, the dinar was the currency of Serbia. It then became the currency of the Kingdom of Serbs, Croats and Slovenes, circulating alongside the krone in Croatia, Slovenia and Bosnia and Herzegovina, with 1 dinar = 4 kronen. The first coins and banknotes bearing the name of the Kingdom of Serbs, Croats and Slovenes were issued in 1920, until which time Serbian coins and banknotes circulated. In 1929, the name of the country changed to the Kingdom of Yugoslavia and this was reflected on the currency.
In 1931, an exchange rate of 56.4 dinara to the U.S. dollar was set, which changed to 44 dinara in 1933. In 1937, a tourist exchange rate of 250 dinara to the British pound was established.
World War II (1941–45)
In 1941, Yugoslavia was invaded and split up, with the dinar remaining currency in Territory of the Military Commander in Serbia (as Serbian dinar). The kuna was introduced in Croatia and Bosnia and Herzegovina (Independent State of Croatia) at par with the dinar, whilst the Bulgarian lev, Italian lira and German Reichsmark circulated in those part of Yugoslavia occupied by these countries.
1945–65: Federation dinar (YUF)
In 1945, as Yugoslavia began to be reconstituted, the Yugoslav dinar replaced the Serbian dinar, Independent State of Croatia kuna and other occupation currencies, with the rates of exchanged being 1 Yugoslav dinar = 20 Serbian dinara = 40 kuna.
Yugoslavia was a founding member of the International Monetary Fund. At the time, other Communist countries avoided signing up to it. The dinar was initially pegged to the US dollar at a rate of 50 dinars to the dollar. By 1955, the peg had been depreciated to 300 dinars to the dollar, but this was only applicable to a limited number of transactions. For the vast majority of transactions, a system of multiple exchange rates with differing levels of government intervention applied. Depending on the transaction the system offered over 200 different exchange rates ranging from 600 or so dinars to the dollar to over 1,150. This multiple exchange rate system was abolished in 1961 and replaced with a single pegged rate of 750 dinars to the dollar.
1966–89: Hard dinar (YUD)
On 1 January 1966, the first of five revaluations took place, at a ratio of 100 to 1.
The revalued currency was initially pegged to the US dollar at a rate of 12.50 dinars to the dollar. In late 1971, this was revised to 17 dinars to the dollar. Following the Nixon Shock, Yugoslavia adopted a market exchange rate system. A foreign exchange market was established in Belgrade in which only banks could participate; this set the exchange rates for the entire country. This allowed the dinar to float (or perhaps more accurately, sink) more or less freely. Under this system, the exchange rate reached about 29 dinars to the dollar in 1981, 127 dinars to the dollar by 1984, and 457 dinars to the dollar by 1987.
Yugoslavia's chronic inflation was poorly managed. The hyperinflation in the Socialist Federal Republic of Yugoslavia became a serious problem in the 1980s. Between 1971 and 1991, Yugoslavia's annualized inflation was 76 percent. Only Brazil and Zaire had higher levels of inflation.
The large denomination coins were struck in nickel brass.
1990–92: Convertible dinar (YUN)
The second revaluation took place on 1 January 1990, at a ratio of 10,000 to 1. During this period, the constituent republics began to leave the Socialist Federal Republic of Yugoslavia. Four of the six republics declared independence and issued their own currencies shortly after, and the breakup of Yugoslavia was recognized by the international community at the turn of 1992. This was the last dinar that bore the coat of arms and the name of the "Socialist Federal Republic of Yugoslavia" in multiple languages.
CountryCurrencyISO codeDate adoptedValueSloveniaSlovenian tolarSIT 8 October 1991 1 dinar of 1990CroatiaCroatian dinarHRD 23 December 1991North MacedoniaMacedonian denarMKD 26 April 1992Bosnia and HerzegovinaBosnian dinarBAD 1 July 1992 1 dinar of 1992
Serbian enclaves in Bosnia and Herzegovina and in occupied territories in Croatia also issued currencies in dinar, equivalent to and revalued together with the Yugoslav dinar. These were the Krajina dinar and the Republika Srpska dinar.
July 1992 – September 1993: Reformed dinar (YUR)
In the Federal Republic of Yugoslavia, which consisted of the remaining republics of Serbia and Montenegro, the third revaluation took place on 1 July 1992, at a ratio of 10 to 1. Hyperinflation in the country began during this currency's period of circulation. The sanctions against the Federal Republic of Yugoslavia, instituted over the course of 1992, seriously impacted its economy. People started to use foreign hard currency, such as Deutsche Marks, to mitigate some of the problems of hyperinflation.
October–December 1993 dinar (YUO)
Yugoslavia re-denominated the dinar for the fourth time on 1 October 1993, at a ratio of 1 million to 1. This did not mitigate the hyperinflation, and the 1993 dinar (ISO 4217 code: YUO) lasted for only three months.
Coinage became redundant. The 1993 dinar had the largest denomination out of all incarnations of Yugoslav currency: the banknote, featuring Jovan Jovanović Zmaj had a face value of 500 billion () dinara (right). Wages became worthless; if paid in cash, workers had to rush out and spend their wages before they lost their value overnight. Many businesses started to pay wages in goods instead, and a simple barter system developed. Businesses with good connections to politicians could still get access to hard currency. Some shops, instead of rewriting their prices several times a day, started pricing goods in "bods" (points), often equivalent to hard currency such as one Deutschmark. The winter of 1993 was particularly hard for pensioners; if a monthly pension was spent immediately, it was still barely enough to buy three litres of milk. Many people relied on connections to friends and family abroad (who could provide hard currency) or in the countryside (who could grow food).
1994 dinar (YUG)
Yugoslavia re-denominated the dinar for the fifth time on 1 January 1994, at a ratio of 1 billion () to 1.
The 1994 dinar (ISO 4217 code: YUG) was the shortest-lived out of all incarnations of Yugoslav currency, as hyperinflation continued to intensify, and only one coin (1 dinar) was issued for it. Towards the end of the 1994 dinar, the National Bank overprinted and reissued 10 million dinara banknotes from the 1992 dinar (right).
1994–2003: Novi dinar (YUM)
+Revaluations of the Yugoslav dinarDateConversion Rate29 November 1944201 January 19661001 January 199010,0001 July 1992101 October 19931,000,0001 January 19941,000,000,00024 January 1994~13 million
On 24 January 1994, the novi dinar (nominative plural: novi dinari, Cyrillic script: нови динар, нови динари; genitive plural: novih dinara, Cyrillic: нових динара; novi means new) was introduced. This was not merely a revaluation of the dinar. Instead, the novi dinar was pegged at par to the Deutsche Mark. On the day of the introduction of the novi dinar, the exchange rate of the previous dinar to the Deutsche Mark, and, hence, to the novi dinar, was approximately 1 DM = 13 million dinara. Despite not being pegged to the newest currency, the previous dinar did not fall further in value, remaining at about 12 million "1994" dinar to the novi dinar. The overall impact of the hyperinflation was that 1 novi dinar equalled approximately 1.2 third (hard) dinara from before 1990, 1.2 Federation dinara, or 2.4 pre-war dinara. The "novi" portion of the name was abandoned in 2000.
In 2003, as Yugoslavia became the State Union of Serbia and Montenegro, the Yugoslav dinar in the constituent Republic of Serbia was replaced by the Serbian dinar (CSD) at par.
Replacement of the dinar
On 6 November 1999, Montenegro decided that, besides the Yugoslav dinar, the Deutsche Mark would also be an official currency. On 13 November 2000, the dinar was dropped in Montenegro and the Deutsche Mark (by that time defined in terms of the euro) became the only currency there. Deutsche Mark ceased to be a legal tender in Germany and was physically replaced by the euro on January 1, 2002, which is also when Montenegro unilaterally adopted the euro, though it does not mint it.
In 2003, after the creation of Serbia and Montenegro, the dinar, by then only used in Serbia, was replaced by the Serbian dinar. In practice, the introduction of the Serbian dinar functioned as a name change with their values being at par and maintaining essentially the same banknote and coin designs except for the name of the state. Old Yugoslav banknotes remained in official use in parallel with the new Serbian notes until January 1, 2007, and old banknotes could be exchanged for new ones with services provided by the National Bank of Serbia until the end of 2012.
Coins
1920 dinar
In 1920, the first coins were minted in the name of the Kingdom of Serbs, Croats and Slovenes. They were zinc 5 and 10 para and nickel-bronze 25 para. These were followed, in 1925, by nickel-bronze 50 para, 1 and 2 dinara. From 1931, coins were minted in the name of Yugoslavia, starting with silver 10 and 20 dinara, followed by silver 50 dinara in 1932. In 1938, aluminium-bronze 50 para, 1 and 2 dinara, nickel 10 dinara and reduced size, silver 20 and 50 dinara were introduced. These were the last coins issued before the Second World War.
1945 dinar
In 1945, zinc 50 para, 1, 2 and 5 dinara were introduced, followed in 1953 by aluminium coins for the same denominations. In 1955, aluminium-bronze 10, 20 and 50 dinara were added.
1966 dinar
In 1966, brass 5, 10, 20 and 50 para, and cupro-nickel 1 dinar coins (dated 1965) were introduced. In 1971, nickel-brass 2 and 5 dinara were introduced, followed by cupro-nickel 10 dinara in 1976. Production of 5, 10 and 20 para coins ceased in 1981, with bronze 25 and 50 para being introduced the following year. Nickel-brass 20, 50 and 100 dinara were introduced in 1985 and production of all coins less than 10 dinara stopped the next year. In 1988, brass 10, 20, 50 and 100 dinara were introduced. These four coins were issued until 1989.
1990 dinar
In 1990, coins for 10, 20 and 50 para, 1, 2 and 5 dinara were introduced. The highest two denominations were minted in small numbers in 1992, the other denominations having ceased production in 1991.
1992 dinar
Coins were issued for this currency in 1992 in denominations of 1, 2, 5, 10 and 50 dinara. The 1, 2 and 5 dinara were bronze, whilst the 10 and 50 dinara were nickel-brass. The coins bore the state title "Yugoslavia" (Jugoslavija in the Latin alphabet and Југославија in Cyrillic) in its simplest form without any modifier.
1993 dinar
Coins were issued in 1993 in denominations of 1, 2, 5, 10 and 50 dinara struck in nickel-brass, and 100 dinara struck in brass. Brass 500 dinara coins were also struck but not issued, most being remelted. The design of these coins was similar to that of coins of the fifth dinar, except that the sixth dinar coins bore the state title "FR Yugoslavia" (SR Jugoslavija in Latin and СР Југославија in Cyrillic).
1994 dinar
Only one coin type was struck for this short-lived currency, a brass 1 dinar.
Novi dinar
In 1994, brass 1 and 5 para, and nickel-brass 10 and 50 para, and 1 novi dinar were introduced. In 2000 the word novi was dropped from the currency and new, brass 50 para, 1, 2 and 5 dinara coins were introduced.
See also
Dinar
Hyperinflation
Economy of the Socialist Federal Republic of Yugoslavia
Alija Sirotanović
n banknotes at Infotech 2003
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Shapurji Broacha
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[
"1845 births",
"1920 deaths",
"Indian businesspeople in textiles",
"Industrialists from British India",
"People from Bombay Presidency",
"Sheriffs of Mumbai",
"Knights Commander of the Order of the Indian Empire",
"Honorary Knights Commander of the Order of the Indian Empire",
"Parsi people from Mumbai",
"Indian Knights Bachelor",
"Businesspeople awarded knighthoods"
] | 1,279
| 10,070
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Sir Shapurji Burjorji Broacha (30 April 1845 – 23 June 1920) was an Indian industrialist and philanthropist. He was appointed as the Sheriff of Bombay in 1911 during the visit of the King-Emperor, then King George V.
He was the president of Bombay Native Share and Stock Brokers' Association for more than 25 years. Sir Shapurji Broacha was connected as a director with at least twenty-five joint-stock companies. He was honoured with a Knighthood by His Majesty the King-Emperor on the occasion of the 1911 Coronation Durbar. In 1913, he was the only Indian member to be appointed as a member of Royal Commission on Indian Finance and Currency. He was one of the founding members of Bank of India, which was founded in 1906.
Early life
He was born on 30 April 1845 at Bharuch, Bombay Presidency to poor parents. His father died when he was a child, so his mother and his sisters migrated to Bombay when he was only 12 years old. He would stitch clothes with his mother and his sisters in order to earn a living in Bombay, His family couldn't afford higher education for shapoorji but young shapoorji was able to speak fluent English without any training.
He joined Bombay, Baroda and Central India Railway as a Petty Clerk in 1863, after a year he joined the Asian bank also as a petty clerk but his love of maths grew in his life working as a clerk in the bank. In 1864 he became a stockbroker.
Death
Broacha died on 23 June 1920, at the age of 75. It was reported that a large number of commercial houses, share, bullion, and various other markets were closed on 24 June 1920, the day after his death.
Honours and legacy
He was honoured with a Knighthood by His Majesty the King-Emperor on the occasion of the 1911 Coronation Durbar.
On 1 March 1923, White marble busts on the grey pedestal of the late Sir Shapurji Broacha and his wife Lady Pirojbai were unveiled in the Masina Hospital compound, Mumbai by Sir George Lloyd, the Governor of Bombay.
A bust of Broacha was unveiled at the Stock Exchange Building, Bombay by Michael Knatchbull, the Governor of Bombay on 4 April 1935.
One of the oldest and largest hostels for Boys of Institute of Science, in Banaras Hindu University, built in 1921 is named after him as Broacha hostel.
As per the Gujarat Government Gazette, in 1961, the Sir Shapurji Burjorji Broacha Hall, a public hall in Gujarat, is named after him. It was built at a cost of Rs. 49,446 and was opened on 12 November 1912.
|
Björgólfur Thor
|
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"New York University Stern School of Business alumni",
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"Icelandic billionaires",
"Businesspeople in the pharmaceutical industry",
"Icelandic people of Danish descent",
"Icelandic bankers",
"Thors family",
"People named in the Paradise Papers",
"Icelandic expatriates in England"
] | 2,969
| 29,658
|
Björgólfur Thor Björgólfsson (born 19 March 1967), known as Björgólfur Thor, also known internationally as Thor Bjorgolfsson, and colloquially in Iceland as Bjöggi, is an Icelandic businessman and entrepreneur. He is also chairman and founder of Novator Partners. Björgólfur Thor has built and invested in a number of larger companies and smaller startups, including Actavis, a pharmaceutical company; WOM Play - mobile telecoms challenger brands in Chile, Colombia and Poland; and Zwift - an online platform for indoor cycling. Other companies invested in by Björgólfur Thor and Novator include Deliveroo, Monzo, Stripe, Cazoo, Xantis Pharma, Klang, and Lockwood Publishing.
Björgólfur Thor was the first Icelander to join Forbes magazine's list of the world's richest people in 2005. He has been declared as "Iceland's first billionaire"; and was ranked as the 249th-richest person in the world by Forbes magazine in 2007 - up from 350th the previous year - with a net worth of $3.5 billion.
However, due to the 2008 financial crisis, he lost much of his fortune and faced personal bankruptcy. He worked out a complex deal with his creditors to pay off his debts while holding on to his key investments. Björgólfur Thor published an autobiography in 2014 about the ordeal titled 'Billions to Bust and Back'''. He reappeared on the Forbes rich list in 2015 with a net worth of $1.3 billion, and as of August 2023 had a net worth of $2.5 billion.
Early life and career
Björgólfur Thor is heir to a long family legacy in Icelandic business and politics. His great-grandfather was the legendary Danish-born Icelandic entrepreneur Thor Jensen, who helped introduce industrial capitalism to the country in the early years of the twentieth century. The eighth of Thor Jensen's eleven children was Björgólfur's grandmother Margrét Þorbjörg Thors Hallgrímsson, whose daughter Þóra Hallgrímsson had Björgólfur as her only child by her third husband Björgólfur Guðmundsson. He grew up in the Reykjavík suburb of Vesturbær.
A sketch of Björgólfur Thor's early life is offered by Ármann Þorvaldsson: "His rare self-confidence made him stand out. He was immensely physically strong and bench pressed over 450 pounds. He was an entrepreneur from early on, and by the age of 11 he was delivering newspapers in the early hours of the morning. A year later he was a delivery boy at the University of Iceland and, at 13, was running his own home video delivery service. While still in high school, he was running a nightclub in Reykjavík and organised the first Oktoberfest beer festival in Iceland. After high school, he studied business in New York. Fluent in several languages, and with an unusual ability to both blend in and stand out, he embodied Iceland's internationalism."Graduating from the prestigious Commercial College of Iceland in 1987, he followed in the footsteps of some of his siblings and moved to the US, in a move he has portrayed as an attempt to escape an Iceland where he felt an outsider. He began higher education at the University of California, San Diego, later transferring to The Stern School of Business at New York University, graduating with a B.S. in marketing in 1991. He took a variety of vacation jobs, including managing events at Reykjavík's two biggest clubs: Tunglið and Skuggabarinn. As a result, in 1991, he met Kristín Ólafsdóttir, now a film-maker; they married in 2010. They have three children, Daniel (b. 2005), Lorenz (b. 2009), and Bentina (b. 2011). They currently live primarily in London, United Kingdom.
Business career
1990s: the former Eastern Bloc
In 1991, Thor went to Russia along with his father and a friend, Magnús Þorsteinsson. The Icelandic businessmen, together with Russian partners, founded the bottling company Baltic Bottling Plant, which they sold to Pepsi. Next they founded a brewing company, originally called ООО "Торговый дом "РОСА" and eventually registered as Bravo International JSC by December 1997. Six companies registered in Limassol, Cyprus were responsible for establishing Bravo and Björgólfur Thor was president of all of them. Bravo Brewery became the fastest-growing brewery in Russia at the time, primarily through the production of the premium beer Botchkarov. Heineken bought the brewery for $325m in 2002.
In 1999, he, along with an asset management unit from Deutsche Bank, founded Actavis, and invested in a privatisation in Bulgaria.
In 2000, Russia opened an honorary consulate of Iceland in St. Petersburg. Magnús Þorsteinsson was appointed Honorary Vice-Consul, while Björgólfur Thor Björgólfsson was appointed Consul, he resigned from the position on 16 May 2006. In his book, Billions to Bust and Back, Björgólfur Thor chronicles his time in St Petersburg, detailing how criminal elements tried to intimidate him into giving them access to his business and explaining which security measures he relied on to prevent them from doing so.
2000s: Iceland, and the financial crisis
After leaving Russia, Björgólfur Thor started investing in several Icelandic firms in 2002, while continuing his international investments. By 2006, he was a celebrity for his business success, with an eight-page-long profile in the Sunday supplement of the Icelandic newspaper Morgunblaðið written about him.
Late in 2002, Thor and Björgólfur Guðmundsson's holding company Samson ehf. gained a 45% controlling share of Landsbanki, Iceland's second largest bank, for about ISK12m in a controversial privatization. The board was announced in February 2003, with the chairman being Björgólfur Thor's father. Björgólfur Thor also became the main owner and chairman of the Straumur Investment Bank.
Icelandic Financial Crisis
Two of Björgólfur Thor’s companies, the banks Landsbanki and Straumur, went bankrupt following the 2008–2011 Icelandic financial crisis and the government of Iceland assumed responsibility for them. On 6 October Landsbanki was put into receivership and liquidation, and on 9 March Straumur was nationalised by the Financial Supervisory Authority of Iceland (FME). Following the crash, Björgólfur Thor had €650m of personal guarantees. Rather than declare bankruptcy, he instead took two years to negotiate and restructure the debt with his creditors, most notably Deutsche Bank.
Björgólfur Thor was heavily criticized for his actions leading to the crisis. Two days after the publication of the Icelandic government report on the 2008 financial crisis on 12 April 2010, Björgólfur Thor Björgólfsson issued a public apology in the Icelandic newspaper, Fréttablaðið, for his role in the crisis:I the undersigned, Björgólfur Thor, request forgiveness from all Icelanders for my role in the asset- and debt-bubble that led to the collapse of the Icelandic banking system. I request your forgiveness for my complacency towards the danger signs which arose. I request forgiveness for having not succeeded in following my instincts when I realised the danger. I request your forgiveness.He defended his reputation by disputing government and journalistic criticisms of his role in the 2008 financial crisis on his website, through letters to newspapers, and through legal action. He has said that he urged the government of Iceland not to take over the banks and that he did his utmost to prevent Icelanders and the state of Iceland from having to assume responsibility. He also has asserted that as a large shareholder in a bank, one does not have as much influence as many believe and that it is the job of the bank's management and board to formulate good policy. He said that he was not a member of the board or a managing director of the bank and that his policy suggestions were ignored by the government of Iceland.
2010s: business after the crisis
Before the 2008 financial crisis, Björgólfur Thor founded Novator Partners, which he continues to manage, and which has been his main vehicle for investment since the crisis. Novator is a private equity firm with headquarters in London and offices in Luxembourg. Preferring to take a board seat in its portfolio companies, the firm tends to invest in companies in the telecommunications, generic pharmaceuticals, information technology, natural resources, and financial services sectors. In 2021 Novator invested $250 million into DNEG, a visual effects company which worked on such films as Inception, Ex Machina and No Time to Die.
Although his fortunes were reduced by the 2008 financial crisis, leading him to cancel the construction of a £100 million luxury yacht, he continued to prosper overall. In December 2013, the website "The Automatic Earth" reported:Mr Bjorgolfsson still leads Novator Partners, a London-based investment firm, sits on several boards and holds shares in companies including Actavis, a Swiss drugmaker, and CCP, an Icelandic computer games company. His representative says any dividends from his shares, or future gains from their sale, will go towards settling debts to creditors following Landsbanki's decline.In October 2012, Watson Pharmaceuticals purchased Actavis for nearly $6 billion. Björgólfur Thor’s creditors got the first installment of $230 million. In the purchase, Björgólfur Thor took 4.3 million shares in Actavis. Those shares were eventually worth about $700 million, allowing him to pay off the rest of his debt to Icelandic creditors in 2014.
In 2015, he and his father were mentioned in the Panama Papers as having connections to at least 50 offshore companies in tax havens established through Mossack Fonseca, while in November 2017, he was named in the Paradise Papers together with Gísli Hjálmtýsson, Róbert Guðfinnsson, and a number of Iceland's National Power Company employees. The listed companies connected to Björgólfsson were registered in Bermuda.
Thor was one of the lead investors in Atai Life Sciences AG's 2018 funding rounds. Atai Life is a healthcare investment firm that backs studies of magic mushrooms to treat depression. According to a Bloomberg report, the round Björgólfur Thor participated in raised $25 million.
In 2020, he and David de Rothschild co-founded The Lost Explorer Mezcal, which is created in partnership with Maestro Mezcalero Don Fortino Ramos and his daughter. It is a sustainably crafted and Oaxacan-cultivated mezcal brand. The Lost Explorer Mezcal most recently received Double Gold (Salmiana), Gold (Espadin) and Silver (Tobala) recognition from the San Francisco World Spirits Competition, the most established and influential spirits competition in the world. The brand was also named Taste Master, the prestigious accolade of the best of the best across the tequila and mezcal category, in a competition hosted by The Spirits Business.
In popular culture
Björgólfur Thor is the inspiration for the main character of Bjarni Harðarson's satirical novel about the 2008–2011 Icelandic financial crisis, Sigurðar saga fóts: Íslensk riddarasaga, where his counterpart is the main character, Sigurður frits ('fótur') Bjarnhéðinsson. He is also the inspiration for the main character of Bjarni Bjarnason's novel Mannorð ('reputation'), Starkaður Leví, who pays for the identity (and the life) of a well respected writer.
He and his great-grandfather, Thor Jensen, are the subjects of the 2011 documentary film Thors saga'' by Ulla Boje Rasmussen.
|
All American Television
|
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"Companies formerly traded over-the-counter in the United States",
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"1980s initial public offerings",
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] | 1,938
| 16,795
|
All American Television (later known as All American Communications Television and formerly Scotti Brothers-Syd Vinnedge Television and Scotti Vinnedge Television) was a television syndication company active from 1981 to 1998. It was founded by Anthony J. Scotti, Ben Scotti, and Syd Vinnedge. The company was known for producing and distributing television shows such as Baywatch, America's Top 10, and the Mark Goodson Productions library of game shows.
History
All American's roots trace back to 1967 where Anthony J. Scotti was a fledgling actor who was famous for playing "Tony Polar" in the movie Valley of the Dolls. After that, Scotti found his life as an actor boring. He told Forbes magazine, "I had come to the conclusion that acting was the most boring God-awful thing a human being could do." He then quit his acting career in 1971 to pursue a career in music. At the time, he was named senior vice president of MGM's record division. Three years later, he teamed up with his brother Ben to create Scotti Brothers Records, a music marketing company that produced the success of artists such as Electric Light Orchestra, Survivor, and "Weird Al" Yankovic.
In 1979, the Scotti Brothers entered the television business by producing the pop music show America's Top 10, hosted by popular radio DJ Casey Kasem. Two years later, the show's popularity led the Scotti Brothers and Syd Vinnedge, a veteran of TV and radio advertising, to found New York-based All American Television. The new company was named after Anthony Scotti's success as a football player in high school. Former employees of Gold Key Media would be migrated into the company.
In 1982, All American hired George Back, the founder of a small television syndicator in New York who brought Joe Kovacs with him into the company. In 1983, it entered into a joint venture with fellow New York-based syndicators MG Films and Perin Enterprises (later to merge as MG Perin) to distribute The Dance Show, produced by WSB-TV in Atlanta, and picked up another program hosted by Casey Kasem named America's Choice. Also that year, Alexy Klucar had to join the company, who served as administrative director of the studio, and Don Golden, who was formerly executive of Golden West Television, joined All American Television as sales executive. In 1985, All American went public and began trading as a pink sheet on the over-the-counter (OTC) market. Later, the company joined the New York Stock Exchange. In 1987, it attempted to merge with television producer/distributor Atlantic Kushner-Locke to form a single company that paid $36 million in an effort to become a public organization without an effort of a single public offering, but the merger talks between All American Television and Atlantic Kushner-Locke were never realized.
In 1988, it served as the advertising sales barter of Vestron Television's own Double Images movie packages, which was available to be for the syndication market. In 1989, it entered into a new joint venture with MG Perin to handle syndication of Inside Video: This Week for the first-run syndication market.
1990s
In late 1990, All American paved the way for success when it acquired the first-run syndication rights to Baywatch (a fledgling beach drama series that NBC canceled at the time) through LBS Communications. The move paid off and Baywatch went on to become one of the most popular TV shows until its cancellation in 2001.
In 1991, All American and Scotti Brothers Entertainment Industries merged in a stock swap that created the television and music recording core of what would eventually become All American Communications. Anthony Scotti became CEO of the combined entity, and in January 1991 he hired Myron Roth, a former MCA Records and CBS Records executive, to become the company's new president and COO. Syd Vinnedge was named senior executive vice president and Ben Scotti became executive vice president of the records division. All American was represented by Howard L. Mann of Schwartzman, Weinstock, Garelick & Mann, P.C. The Scotti Brothers Records label distributed its music through BMG Music from 1990 to 1996.
The company then acquired the assets of its Baywatch distribution partner, Lexington Broadcast Services Company (LBS), which at the time had declared Chapter 11 bankruptcy. By October 1991, All American announced its long-awaited merger with LBS, and Anthony Scotti decided to name LBS founder Henry Siegel as All American's new president. Henry Siegel's brother Paul Siegel was named the company's new president of international and ancillary markets. The distribution rights of Baywatch and Family Feud reverted to All American in the agreement, while cancelling off LBS' collaboration with NBC, Memories...Then and Now.
By late 1992, All American's first attempt to clone the success of Baywatch—an action series Acapulco H.E.A.T.—had been sold to half of the United States independent television market.
In December 1993, All American's Scotti Brothers Records subsidiary created a new urban rap division called Street Life Records which showcased African-American urban acts such as Skee-Lo, The Comrads, and Craig Mack. Also that year, it signed a deal with DIC Entertainment to launch Superhuman Samurai Syber-Squad, which was modeled on the success of Mighty Morphin' Power Rangers, for the 1994-95 syndicated TV season, using footage from Gridman the Hyper Agent, from Tsuburaya Productions and its Ultracom subsidiary.
In 1994, All American found itself once again fighting its image as a "one-show wonder" when it was forced to cancel Acapulco H.E.A.T. after half a season and police drama Sirens after one season on the air. In July 1994, despite rumors that Henry and Paul Siegel were fired due to their dissatisfaction with the cancellation of Acapulco H.E.A.T., All American acquired interest in worldwide game show production company Fremantle International (not to be confused with the current incarnation of Fremantle where the rights to the original Fremantle and All American library stand today) from Interpublic Group of Companies. In exchange for a 20% stake in All American, Interpublic gave All American some of the programming rights to Fremantle International's 93 game shows, which included local language versions of popular American game shows, such as The Price is Right and Family Feud (All American syndicated Feud in the U.S. at the time), all highly popular in their foreign markets. A month later, former Fremantle chairman Larry Lamattina replaced Henry Siegel as the new president and CEO of All American Television. Henry and Paul Siegel officially left the company to form SeaGull Entertainment, which handled syndication of children's programs, and signed a deal with DIC Entertainment.
In October 1995, All American acquired 50% of the assets and library of Mark Goodson Productions, the producers of classic game shows including The Price is Right and Family Feud, which the company acquired the foreign distribution rights through Fremantle International. By 1995, David Gerber had signed an agreement to join the studio, which was entitled All American Television Productions. In March 1996, Scotti Bros. Records, which had released some 142 albums since 1982, was officially renamed All American Music Group and announced a distribution deal with Warner Music Group that promised to increase its penetration of the pop music market. A month later, All American acquired the remaining 50% of Mark Goodson Productions from Interpublic, giving All American total ownership of the Goodson library of game shows. Two months later, All American purchased international talk show producer and distributor Orbis Entertainment Company (not to be confused with now-defunct TV syndicator Orbis Communications, although both companies were created by the same two founders Robert Turner and Ethan Podell), which was renamed All American/Orbis Communications. The acquisition significantly bolstered All American's shift into international television production and distribution and led to All American's second domestic attempt into the talk genre in the fall of 1997 with Arthel and Fred. Its first attempt, The Richard Bey Show, which originated as a local talk show at WWOR-TV in Secaucus, NJ, was cancelled in November 1996. All-American had also distributed a show featuring popular radio shock jock Howard Stern from 1990 to 1992 that originated at WWOR, called simply The Howard Stern Show. In July 1996, All American formed an in-house licensing and merchandising division to increase control of Baywatch and other merchandise lines.
By 1997, the record label was sold to Zomba Music Group's Volcano Records. Meanwhile, All American was sold to Pearson plc's Pearson Television subsidiary, and All American became Pearson Television's U.S. division. When Pearson Television merged with CLT-UFA to form the RTL Group in 2000, Pearson TV became the content production arm of the new group, then changed its name to FremantleMedia the next year, and eventually in 2018 renamed into Fremantle, thus reviving the name of that acquired companies.
Current status of the All American libraries
Today, the current incarnation of Fremantle (formerly FremantleMedia) holds the rights to the All American and LBS libraries, as well as the old Fremantle International library of game shows, and the Orbis Entertainment library of talk shows. Vinnedge remained with the company for several years after, including replacing Bob Barker as executive producer of The Price Is Right for the first several years after Barker's retirement in 2007; he has since retired.
See also
Fremantle
Lexington Broadcast Services Company
|
Hwatsing Technology
|
[
"Tsinghua University",
"2013 establishments in China",
"2022 initial public offerings",
"Companies based in Tianjin",
"Companies listed on the Shanghai Stock Exchange",
"Electronics companies established in 2013",
"Equipment semiconductor companies",
"Government-owned companies of China",
"Semiconductor companies of China"
] | 542
| 5,526
|
Hwatsing Technology (Hwatsing; ) is a partially state-owned publicly listed Chinese company headquartered in Tianjin that manufactures semiconductor chip production equipment.
Its most notable product offerings are in chemical-mechanical polishing (CMP) machines.
In 2000 at Tsinghua University, Luo Jianbin and Lu Xinchun began their research on CMP technology.
In April 2013, Tsinghua Holdings and the Tianjin Municipal Government established Hwatsing to commercialize the technology developed from the CMP project. Hwatsing produced China's first 12-inch CMP machine.
On 9 June 2022, Hwatsing held its initial public offering becoming a listed company after listing on the Shanghai Stock Exchange STAR Market. The offering raised $540 million and the shares rose 64% on its trading debut.
In August 2024, it was reported that Hwatsing would invest $237.2 million to build a new plant in Shanghai.
In December 2024, Hwatsing was targeted in a new round of US export controls and added to the United States Department of Commerce's Entity List.
Business operations
Hwatsing's main product offerings are CMP machines. It has also expanded into other business lines such as grinders and wafer regeneration.
Hwatsing has been touted to break the monopoly of Applied Materials in China. Clients of Hwatsing include Semiconductor Manufacturing International Corporation, Hua Hong Semiconductor and Yangtze Memory Technologies.
See also
Chemical-mechanical polishing
Tsinghua Holdings
Semiconductor industry in China
|
Gennady Timchenko
|
[
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"Living people",
"Russian oligarchs",
"Finnish businesspeople",
"Russian emigrants to Finland",
"Russian billionaires",
"Naturalized citizens of Finland",
"Russian-speaking Finns",
"Russian individuals subject to U.S. Department of the Treasury sanctions",
"Russian individuals subject to European Union sanctions",
"Russian individuals subject to United Kingdom sanctions",
"People named in the Pandora Papers",
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] | 4,843
| 56,037
|
Gennady Nikolayevich Timchenko (, also spelled Guennadi Timtchenko; born 9 November 1952) is a Russian oligarch and billionaire businessman. He founded and owns the private investment firm Volga Group. He was previously a co-owner of Gunvor Group.
Timchenko has been close friends with Russian leader Vladimir Putin since the early 1990s. In 1991, Putin gave Timchenko an oil export license. Timchenko then founded Gunvor, which has now exported billions of dollars-worth of Russian oil.
Timchenko's investment firm Volga Group owns a large stake of shares of the natural gas giant Novatek. The Pandora Papers leaks revealed that a Timchenko firm, which played a key role in the Novatek investment, obtained massive loans through anonymous offshore shell companies. Timchenko was sanctioned by the US over Russia's 2014 annexation of Crimea. He was about to be sanctioned further by the government of the United Kingdom just before the Russian invasion of Ukraine in February 2022.
As of March 2022, Timchenko was 205th on the Bloomberg Billionaires Index, with an estimated fortune of US $10.3 billion; he is the sixth richest person in Russia. He is known for being the Chairman of the Board of Directors of the Kontinental Hockey League, and President of the SKA Saint Petersburg ice hockey club. He is a citizen of Russia, Finland, and Armenia.
Early life and education
Timchenko was born in Leninakan, Armenian SSR, Soviet Union (now Gyumri, Armenia), in 1952. His father was in the Soviet military and served in the Second World War. He lived for six years of his childhood (from 1959 to 1965) in the German Democratic Republic (learning to speak German) and in the Ukrainian SSR. In 1976, he graduated from the Mechanical Institute of Saint Petersburg, then named Leningrad, as an electrical engineer, according to a 2008 interview with the Wall Street Journal.
Career
In 1977, Timchenko began to work as an engineer for the Izhorsky plant near Saint Petersburg; the plant specialized in building power generators. The state-owned company then moved him to their trade department.
From 1982 to 1988, he worked as a senior engineer with the Ministry of Foreign Trade. In 1988 when Russia started to liberalize its economy, he was promoted to Deputy Director of state-owned oil company Kirishineftekhimexport, which was created in 1987 and based at the Kirishi refinery, one of the three largest refineries in the RSFSR.
In 1991, Timchenko decided to leave Russia and was hired by a Finland-based company, Urals Finland Oy, specializing in importing Russian oil to Europe. He became a Finnish citizen. While Anatoly Sobchak was in exile, Timchenko was the link between Sobchak and Vladimir Putin.
In 1995, Urals Finland Oy was renamed International Petroleum Products Oy (IPP); Timchenko then became deputy and later CEO of IPP OY. In 1997, he co-founded the global commodity trading company Gunvor with Swedish businessman Torbjörn Törnqvist. Timchenko sold his stake to Törnqvist in March 2014, a day before the U.S. sanctions began.
In 2007, Timchenko founded the Volga Group (Volga Resources Group) private investment fund. Volga group holds his Russian and international assets in the energy, transport, infrastructure, financial services and consumer sectors.
Redut PMC
Redut, also known as Redoubt or Redut-Antiterror and formerly known as "Shield", is a Russian Private Military and Security Company (PMSC) that is part of the "Antiterror-family", which consists of similarly named PMSCs which protect commercial operations of Russian companies. Redut is currently deployed by Russia in the Russian invasion of Ukraine, for which it was sanctioned. Several fighters of the group have been convicted of war crimes during the invasion.
Gennady Timchenko and Oleg Deripaska reportedly are major backers of the company. The PMC received armored personnel carriers, helmets, and protective vests from them.
Redut provided services for Timchenko's companies, including the deployment of snipers, pioneers and guards. Redut formations have been deployed to protect convoys, corporate real estate—including oil production facilities of JSC Stroytransgaz in Syria.
Timchenko was the co-founder (along with Torbjörn Törnqvist) of the Gunvor Group, a corporation registered in Cyprus; it does business in trading and logistics related to the international energy market. On 19 March 2014, Timchenko sold his stake in Gunvor to the other co-founder, Torbjörn Törnqvist. The sale was made the day before Timchenko was included on the United States sanctions list in the wake of the annexing of Crimea by Russia. Timchenko said he had sold his stake in anticipation of "potential economic sanctions" and to "ensure with certainty the continued and uninterrupted operations of Gunvor Group". The value of the transaction was not disclosed.
Volga Group
In 2007, Timchenko founded the Luxembourg-based fund Volga Resources. The fund, which consolidates Timchenko's assets, was renamed in June 2013 as Volga Group and introduced at the Saint Petersburg International Economic Forum. He noted that, for the next few years, his group will focus on the development of infrastructure projects in Russia.
The purpose of this fund is "based on direct and indirect investments in value-driven assets in Russia and internationally that produce consistent, long-term returns". The group owns assets in the energy, transportation and infrastructure development, as well as financial services, consumer goods and real estate. Its most notable investments are in gas company Novatek and petrochemical company Sibur.
Airfix Aviation
In April 2014, Timchenko sold a 49% stake in the Finnish company IPP Oy, which owned 99% of the Finnish aviation company Airfix Aviation. It was a small part of the Volga Group portfolio.
Timchenko was subject to international sanctions after the Russian annexation of Crimea in April 2014. IPP Oil Products (Cyprus) , which is closely associated with Timchenko is under sanctions. Kai Paananen (), a partner of Timchenko, has close ties to Airfix Aviation and the IPP companies.
Volga Group has been listed by the US Dept of Treasury (OFAC - Office of Foreign Assets Control) as a SDN (specially Designated Nationals) in the Ukraine-related sanction lists of 2014.
Sanctions
In March 2014, following the Crimean status referendum, the U.S. Treasury put Timchenko on the Specially Designated Nationals List (SDN), a list of individuals sanctioned as “members of the Russian leadership’s inner circle.” The sanctions freeze any assets he holds in the United States and ban him from entering the U.S. Timchenko is on the list of Russian "oligarchs" named in the CAATSA unclassified report.
On 22 February 2022, the UK government announced sanctions on Timchenko after Russia recognised the independence of the Donetsk and Luhansk people's republics and deployed troops to the republics. On 28 February 2022, in relation to the 2022 Russian invasion of Ukraine, the European Union blacklisted Timchenko and had all his assets frozen. He was sanctioned by Canada under the Special Economic Measures Act (S.C. 1992, c. 17) in relation to the Russian invasion of Ukraine for Grave Breach of International Peace and Security. On March 4, 2022 the Italian police seized his yacht Lena in the port city of Sanremo. The yacht was also placed on a United States sanctions list; his wife and daughter are also named to the sanctions list.
Personal life and citizenship
Timchenko is married to Elena. They have three children. , Timchenko lives in Moscow while his family resides in Switzerland. His daughter Ksenia is married to Gleb Frank, son of Putin's former transport minister Sergey Frank.
In an interview with The Wall Street Journal, Timchenko said that in 1999 he gave up Russian citizenship and became a Finnish citizen.
In 2004, the Helsingin Sanomat wrote that he acquired Finnish citizenship, and that he lived in Geneva at that time.
In an October 2012 interview with the Russian edition of Forbes, Timchenko said that he had both Russian and Finnish citizenships. In August 2014, Timchenko said in an interview with ITAR-TASS that he needed Finnish citizenship to travel in the 1990s, when it was harder to travel on a Russian passport, and that he never concealed having two passports. He said over the past fourteen years, he had been paying taxes in Switzerland and prior to that, in Finland. "I scrupulously transfer to Russia the monies I owe to the Russian budget. In theory, I could have cut down the transfers citing the rule on inadmissibility of dual taxation but I never did this–I realized the proceeds that my monies were going off in wages to Russian doctors, teachers, and the military while I was not going to go bankrupt under any circumstances. I wouldn’t get poor if I shared the budget with others." The US Department of Treasury announcement of individuals under sanctions due to the annexation of Crimea by the Russian Federation lists him as a citizen of Russia, Finland, and Armenia.
Wealth
According to Forbes magazine, Timchenko is one of the wealthiest people in Russia and the world:
20082009201020112012201320142016Wealth ($bn) 2.5 0.4 1.9 5.5 9.1 14.1 15.3 11.7 World Ranking 462 - 536 185 99 62 61 118 Russian ranking 43 98 36 26 12 9 6
According to the Russian publication RBC, in 2012 Timchenko's worth was estimated at $24.61bn.
In addition to business assets, Timchenko, according to media reports, also owns a property in Geneva, Switzerland, which consists of just over 1 ha of land, an internal area of 341m². According to the Land Registry Office of Geneva, the purchase price of the property was SFR 8.4m (at the time of purchase in 2001 – about US$11m). He purchased the yacht Lena for $18 million in 2009.
His income, according to the Finnish tax authorities, increased tenfold from 1999 to 2001. In 2001, he declared an income of EUR 4.9m. Because of his high taxes, Timchenko moved to Switzerland in 2002.
In June 2022, Forbes estimated his net worth at $23.1 billion, making him the 64th richest individual in the world.
Investigation
In November 2014, The Wall Street Journal reported that the US Attorney's Office for the Eastern District of New York is examining allegations about transactions in which Gunvor Group bought oil from Russia's OAO Rosneft and sold it to third parties through the US financial system, which could have been illegal. Gunvor released a statement on 6 November denying any crime.
Public activities and philanthropy
In 1998, Timchenko co-founded the Yawara-Neva Judo Club.
In 2007, Timchenko and the company Surgutex founded the Kluch charitable foundation, which develops professional foster homes in Leningrad, Tambov and Ryazan regions. In 2008, Gennady and Elena Timchenko founded the Neva Foundation in Geneva, in order to promote and finance cultural projects in Switzerland and Russia. The foundation has focused on lyrical art and a partnership with the Grand Théâtre de Genève. Renowned Saint Petersburg Philharmonic conductor Yuri Temirkanov has been a trustee.
In 2010, Gennady and Elena Timchenko created the Ladoga Foundation. The main activity of the fund has been providing help for the elderly, as well as the restoration of spiritual and cultural heritage monuments, support for cultural projects and project support in the field of modern medical technology. In September 2013, the Ladoga Foundation was renamed to the Elena and Gennady Timchenko Foundation (or just Timchenko Foundation for short), consolidating all their charitable activities.
In 2011, Timchenko was elected Chairman of the Economic Council of the Franco-Russian Chamber of Commerce (CCIFR). The same year, he was also appointed Chairman of the Board of Directors and President of SKA Saint Petersburg, the leading ice hockey team. In 2012, he was appointed Chairman of the Board of Directors of the Continental Hockey League (KHL).
He serves on the board of trustees of the Jewish Museum and Tolerance Center in Moscow and is a member of the Board of Trustees of the Russian Geographical Society.
In 2020 Timchenko donated 2,9 billion rubles to help fight the COVID-19 pandemic.
Sports and hobbies
Timchenko likes to play and watch tennis. Through his formerly owned Finnish company, IPP, he has sponsored an outdoor tennis tournament in Finland since 2000, the IPP Open. According to unconfirmed reports he funded the Finnish national team in the Davis Cup and has sponsored a number of Russian tennis players.
The media has mentioned him sponsoring a sailing team which participates in the international RC44 yachting competition.
In April 2011, Timchenko replaced Alexander Medvedev as Chairman of the Board of Directors of SKA Saint Petersburg, the Saint Petersburg-based ice hockey club. In May of the same year, under the new management structure of the club, he was appointed as Club President. In July 2012, he replaced Vyacheslav Fetisov as Chairman of the Board of Directors of the Continental Hockey League KHL. The Timchenko Foundation promotes the development of the ice hockey and chess among young people.
In 2013, he became one of the sponsors and organisers of one of the most important international chess tournaments in the ELO rating – the Alekhine Memorial.
In July 2013 Timchenko and the brothers Arkady Rotenberg and Boris Rotenberg established Arena Events Oy, which bought Helsinki's Hartwall Areena. They also bought a stake in Jokerit, the six-time national champion of the Finnish top-level ice hockey league Liiga. Consequently, Jokerit transferred to the Kontinental Hockey League for the 2014–15 season and they play in the Western Conference in Bobrov division. Arena Events Oy owned the Hartwall Areena (now Helsinki Halli) until 2024.
Awards
In 2013, he was appointed as a Chevalier of the Légion d'honneur for creating a permanent exhibition of Russian art in the Louvre, support for the Russian Museum in Saint Petersburg, and help in organizing the Alekhine Memorial chess tournament. This award prompted Russian political writer Andrey Piontkovsky to write that "awarding a criminal with nickname Gangrene the highest distinction brings shame to the French state".
See also
List of Russian billionaires
Russian oligarchs
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Papa Murphy's
|
[
"Take and bake pizzerias",
"Pizza chains of the United States",
"Companies based in Vancouver, Washington",
"Restaurant chains in the United States",
"Restaurants in Washington (state)",
"Restaurants established in 1981",
"1981 establishments in Washington (state)",
"Companies formerly listed on the Nasdaq",
"2014 initial public offerings",
"2019 mergers and acquisitions",
"Pizza franchises",
"American subsidiaries of foreign companies"
] | 855
| 8,544
|
Papa Murphy's is a take-and-bake pizza company based in Vancouver, Washington. It began in 1995 as the merger of two local take-and-bake pizza companies: Papa Aldo's Pizza (founded in 1981) and Murphy's Pizza (founded in 1984). The company and its franchisees operate more than 1,300 outlets in the United States, Canada, and the United Arab Emirates. In April 2019, it was announced that the company would be acquired by MTY Food Group for $190 million.
History
The chain of pizzerias traces its history back to 1981, when the Papa Aldo's Pizza chain was founded in Hillsboro, Oregon. Three years later, Murphy's Pizza chain began operating in Petaluma, California. Both chains were later acquired and consolidated by Terry Collins into Papa Murphy's. The chain was incorporated as Papa Murphy's International, Inc. In 2003, Papa Murphy's was voted "Best Pizza Chain in America" by Restaurants and Institutions magazine. The company was merged with PMI Holdings, Inc. in 2004.
In 2010, the chain sold out to Lee Equity Partners of New York City. Sales for the chain totaled $702 million in 2011, which grew to $800 million in 2012 from 1,350 outlets. Reuters reported in 2013 that Papa Murphy's New York parent, Lee Equity Partners, was preparing a public offering for the take-and-bake pizza chain. Official plans for the IPO were announced in March 2014.
Papa Murphy's (FRSH) was added to the Nasdaq May 2, 2014, raising $64.1 million in shares.
Following a loss in the third quarter of 2016, the company announced that it would launch its first national advertising campaign in 2017.
By 2017–2018, the franchisor was struggling, dipping in and out of losses and profitability. In May 2019, it was taken over by Canadian private food conglomerate MTY Food Group, and removed from the NASDAQ.In October 2022, Papa Murphy's was sued in a class action lawsuit alleging the company had been secretly wiretapping the private conversations of everyone who had communicated via the company's online chat feature.
Operations
Orders are available by walk-in, online order, or call-in. Some stores have a drive-thru window where customers can pick up call-in orders. As part of the take-and-bake concept, the pizzas are made at the store but are not baked there. According to Nation's Restaurant News, take-and-bake pizzerias typically have lower costs because they require less restaurant space and equipment. As a result, they are often able to undercut the national pizza giants. Papa Murphy's also offers salads, dessert items, and soft drinks in various sizes.
See also
List of pizza chains of the United States
|
Limak Holding
|
[
"Conglomerate companies of Turkey",
"Construction and civil engineering companies of Turkey",
"Holding companies of Turkey",
"Companies based in Ankara",
"Conglomerate companies established in 1976",
"Construction and civil engineering companies established in 1976",
"Turkish companies established in 1976",
"Coal companies of Turkey"
] | 710
| 8,025
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Limak Holding A.S. is a Turkish conglomerate, with major interests in construction, energy, cement, and tourism. Its assets include the Limak Cement and Limak Energy companies and the Limak Tourism Group. In 2022, it had around $2.5 billion revenue from construction.
Limak was launched in 1976 by Sezai Bacaksız and Nihat Özdemir, with Özdemir focussing on cement and energy while Bacaksız focussed on airports and tourism.
Recent history
In 2013, Limak Holding was part of a joint venture which won the EUR22bn contract to construct a third international airport in Istanbul. The group had previously been part of a joint venture which in 2007 won a 20-year concession to operate Sabiha Gökçen International Airport, and in 2007, together with French firm Aéroport de Lyon, won the concession tender for Pristina International Airport Adem Jashari.
In 2013, it was part of a joint venture which acquired the daily newspaper Akşam, together with TV channel Sky Turk 360 and radio station Alem FM, for TL60m.
In 2013 Nihat Özdemir was among the 41 suspects who were issued arrest orders in the second corruption probe. Prosecutors also appear to be targeting construction companies involved in some of the government’s showpiece infrastructure projects. Those named in media reports included Nihat Ozdemir, head of Limak Group, part of a consortium that won the €22 billion tender to build Istanbul’s third airport». In 2011 Özdemir and Bacaksız were listed as billionaires by Forbes.
Via IC İçtaş Energy it is part owner with IC Holding of two coal-fired power stations in Turkey, Kemeköy power station and Yeniköy power station. Climate TRACE estimates IC İçtaş Energy’s coal-fired power stations emitted over 5 million tons of the country's total 730 million tons of greenhouse gas in 2022, and it has been put on the Urgewald Global Coal Exit List.
Within the scope of the 'Our Love, Our Energy is with You' project, which was started in 2021, the company provided food and water aid to stray animals that had difficulty in finding food due to the cold weather in the winter months.
|
Antoine Dubuclet
|
[
"1810 births",
"1887 deaths",
"State treasurers of Louisiana",
"African-American people in Louisiana politics",
"People from Iberville Parish, Louisiana",
"Louisiana Republicans",
"19th-century Louisiana politicians",
"African-American politicians during the Reconstruction Era",
"Businesspeople from Louisiana",
"African-American slave owners",
"19th-century African-American businesspeople",
"19th-century American businesspeople",
"19th-century American planters",
"African-American Catholics",
"American Roman Catholics"
] | 825
| 6,772
|
Antoine Dubuclet Jr. (1810 – December 18, 1887) was the State Treasurer of Louisiana from 1868 to 1878. Before the American Civil War, Dubuclet was one of the wealthiest African Americans in the nation. After the war, he was the first person of African descent to hold the office of Louisiana treasurer.
Early life
Dubuclet was born in Iberville Parish near Baton Rouge. He was the son of Antoine Dubuclet Sr. and Marie Felecite Gray. Both were free blacks; his father was part owner of Cedar Grove, a successful sugar plantation he inherited from his parents, Joseph Antoine Dubuclet and Rosie Belly. Upon his father's death, his mother moved to New Orleans with her younger children; Dubuclet took over his father's responsibilities and assisted in managing the plantation and enslaving more than seventy people. In 1834, the plantation was divided between Dubuclet and his siblings.
Family
In the mid-1830s, Dubuclet met and married Claire Pollard, a wealthy free woman of color who owned a plantation and enslaved 44 people. This marriage lasted till she died in 1852. Dubuclet's successful management of his and his wife's properties allowed him to acquire additional properties, including a plantation on the west bank of the Mississippi upriver from New Orleans. By 1860, he enslaved more than one hundred people and was considered the wealthiest black enslaver in Louisiana.
His first wife, Claire, died in 1852. They had nine children together and sent them to France for their education. Several of his daughters remained there and married Frenchmen. Two of his sons received degrees in medicine. In the early 1860s, he remarried Mary Ann Walsh. They had three children.
Later career
The American Civil War devastated Louisiana's sugar industry and impoverished Dubuclet and his fellow planters.
Political career
In 1868, Dubuclet was nominated as the Republican candidate for state treasurer. Later that year, Dubuclet and the entire Republican ticket won the election. Dubuclet took financial charge of a bankrupt state. Dubuclet, along with other state administration members, successfully reduced the state's debt. He was joined in this work by two of his sons, who served as his clerks. Dubuclet was reelected both in 1870 and 1874. Dubuclet was the only officeholder allowed to remain in office during the minor coup d'état, known as the Battle of Liberty Place that occurred in September 1874. Dubuclet survived an impeachment attempt in 1876 and did not seek reelection in 1878.
Death and legacy
Dubuclet died on December 18, 1887, in Iberville Parish. His remains were transported and interred in the family tomb in St. Louis Cemetery No. 2 located in New Orleans. In 1990, Dubuclet was inducted into the Louisiana Black History Hall of Fame.
|
Fremont General Corporation
|
[
"Subprime mortgage lenders",
"Subprime mortgage crisis",
"Mortgage lenders of the United States",
"Financial services companies of the United States",
"Companies that filed for Chapter 11 bankruptcy in 2008"
] | 930
| 7,521
|
Fremont General Corporation was an American holding company for Fremont Investment & Loan, an industrial bank based in Santa Monica, California.
At its peak, during the early and mid 2000s, it was one of the largest subprime mortgage lenders in the United States. The company filed for bankruptcy in 2008 during the 2008 financial crisis.
History
Foundation and early years
The company was founded in 1963 and incorporated in 1972 under the name Lemac Corporation. It changed its name in March 1973 to Fremont General Corporation and served as a holding company. It went public in 1977. The company primarily owned insurance businesses during its early years, including property, casualty and life insurance. Their workers' compensation insurance business was the seventh largest in the United States.
The insurance operations were gradually disposed of, with the last, Fremont Indemnity, discontinued in 2001. The state of California took over supervision of the worker's compensation business in 2000, and the company agreed to cease its insurance operations, with the state assuming conservatorship in 2003.
The company was headed by James A. McIntyre, who served as the company's CEO from 1976 to 2004, and as chairman of the board from 1989 to January 2008.
Subprime lending business 1990s
In 1990, the company acquired Tomar Financial Corp, which owned two state-chartered industrial banks, Investors Thrift & Loan and Liberty Thrift & Loan. At the time, the two banks had combined assets of about $182 million (~$ in ). The two banks were merged and their name changed to Fremont Investment & Loan, based in Brea, California.
The bank's assets grew rapidly, to a peak of $12.7 billion at the end of 2006, with deposits of $10.1 billion. The bank was among the largest subprime mortgage lenders in the U.S., ranking sixth in 2005 and 2006 in the dollar volume of subprime mortgage originations. The bank was also among the largest issuers of subprime mortgage-backed securities in the U.S., ranking eighth in 2005 and fourth in 2006 in the dollar volume of subprime MBS issuances.
The company had a net loss of $202 million in 2006, and a net loss of $856 million in the first nine months of 2007. Fremont Investment & Loan was forced out of the subprime lending business in 2007 after their regulators, the Federal Deposit Insurance Corporation, filed a cease and desist notice against the bank.
The bank also sold their commercial lending business in May 2007 to iStar Financial. The company moved their headquarters to Brea, California in 2008.
Bankruptcy 2008
Fremont General Corp. filed for Chapter 11 bankruptcy in June 2008. Fremont Investment & Loan's assets were sold off and it surrendered its state banking charter. The bank's retail business, including its deposits, were sold in 2008 to CapitalSource Inc. in Chevy Chase, Maryland (which operated as CapitalSource Bank). The bank's mortgage-servicing rights were sold to Litton Loan Servicing (owned at the time by Goldman Sachs, now owned by Ocwen).
In June 2009, the company agreed to a legal settlement with the State of Massachusetts regarding predatory lending practices. They agreed to pay $10 million in consumer relief, civil penalties and costs. The company had made adjustable-rate mortgage loans without considering the customers ability to pay after the initial teaser rate had expired. The company also faced a class action lawsuit in 2008.
Aftermath
The company emerged from bankruptcy in 2010 and was acquired by Signature Group Holdings LLC. Fremont General Corp.'s name was changed to Signature Group Holdings Inc. Its primary asset was almost $1 billion in net operating loss tax carryforwards. Investor Sam Zell acquired control of the company in 2013, and the name was changed to Real Industry, Inc. after its acquisition of Real Alloy, an aluminum recycling company.
|
History of Thai money
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[
"Currencies of Thailand",
"History of money",
"Economic history of Thailand"
] | 7,232
| 54,744
|
The history of Thai money used as a medium of exchange and to settle accounts before the adoption of Thai baht coins and banknotes include novel designs and forms. For Thai people, money was considered as the symbol of civilization. Currency itself reflected faith in religion, culture, the customs and traditions of each era and also serve as a record of the development of Thailand.
History
The land which is now Thailand was once inhabited by various pre-historic communities. These groups of people left a heritage of social culture and ceremonies.
In the ancient days of Thai society, before money was created to serve as a medium of exchange, humans traded goods by bartering for products of similar value. However, many products differed in quality, and buyers and sellers differed in their assessments of value and in their requirements. To facilitate product sales, several mutually-agreed commodities came into use as mediums for exchange.
The Indo-China Peninsula or "Suvarnabhumi" which means 'golden peninsula', was the geographical area on which Thailand is presently situated. These ancient kingdoms were a prosperous homeland for a variety of diverse races and tribes. They were the regions that were later on known as the Funan Kingdom, Dvaravati Kingdom, Srivijaya Kingdom, and Sukhothai Kingdom. They used money as a medium of exchange which evolved into different forms of money. Thai money has the unique characteristics of the Thai nation with the Sukhothai Kingdom, using round shaped money made from silver which was known as "pod duang", and has been continued from that time down to the Ayutthaya, Thonburi and the early Rattanakosin periods.
Funan Kingdom (1st–6th centuries AD)
Funan was the most important region of Indo–China and became highly successful in trade during the 1st through 6th centuries. The Funan Kingdom was influenced by India, through trading and bartering→SOS. The coinage used during that period bears marks symbolizing the monarchy and the religion, these were mostly flat and round coins made from silver. These coins display, on one side, a half sun spreading rays between two rows of fish eggs. The opposite side carries, in a central position, the Sriwatsa design that represents Narayana in accordance with the Brahmin religion, with bandoh, a small Brahmin ceremonial drum, in one corner; and the swastika, a symbol that represents good luck, in the other. At the top of each coin the sign of the sun and the moon appear.
Dvaravati Kingdom (6th–11th centuries)
With the decline of the Funan Kingdom, several kingdoms declared their freedom and independence. They alternated as dominant powers in the area. They included the regions around the central Chao Phraya River basin such as Nakhon Pathom, Rajburi, Supanburi. They had become the important cities and formed themselves into the consolidated kingdom known as the Kingdom of Dvaravati in the 6th century AD. They also alternated at being the dominant power in the area and continued to follow the religious beliefs and administrative systems that had been adopted from India. They were also influenced by Khmer culture and beliefs. The Dvaravati Kingdom produced many types of coins as mediums of trade. They revealed, through the designs on the coins, symbols of monarchy and the power of the state, the beliefs of Buddhism, and the Bhramin religion.
Samples are coins inscribed with the large conch, the small conch, the rabbit on a lily leaf, and the goat, with a row of fish eggs decorating the outer edge. On the reverse side is the Sriwatsa symbol flanked by ankusha, with the sun and moon on the top and fish at the bottom. In addition, there are flat coins on one side. On some of these coins appeared the features of Buranaklod (water jar), the Dhama wheel and a cow. On the reverse side of the coins is ancient Sanskrit script.
Srivijaya Kingdom (8th–13th centuries)
Around the 8th century, the Srivijaya Kingdom was "the land of sea-faring traders". Therefore, the Malay Peninsula, especially the area of Chaiya and Nakhon Sri Thammaraj province prospered because they were vital ports on the trade route and also the central market of goods from Europe, the Middle East, India, and Cochin China (Vietnam). Merchant ships stopped to seek shelter from the southern monsoons of the Malaysian Peninsula. Eventually, these lands in the southern part down to Sumatra Island rose to power and banded together to form Srivijaya Kingdom. The people were Buddhists of the Mahayana sect, ruled by a king.
The two main types of money found originating from Srivijaya Kingdom were Dok Chan money and Namo money.
Silver and gold Dok Chan money is flat, round, and imprinted with a four-petal blossom on one side, with the other side imprinted with the ancient Sanskrit word wara.
Silver mixed with antimony Namo money is flat, round and small with one side bearing the ancient Sanskrit letter similar to Thai alphabet "น". On the other side, there are fold and gully marks.
Sukhothai Kingdom (13th–15th centuries)
The Sukhothai Kingdom was founded after the joint efforts and armies of Poh Khun (King) Pah Muang and Poh Khun (King) Bang Klang Hao successfully dislodged the Khmer from holding on the administrative powers over the territories of Suvarnaphumi. Poh Khun Bang Klang Hao ascended the throne of the Sukhothai Kingdom under a new title and name: King Sri Intharathit.
The pinnacle of political and administrative power, and the development of the Sukhothai Kingdom, was reached during the reign of King Ramkhamhaeng. This kingdom's territory was extended to cover the entire length of the Malaysian Peninsula. The initiation of the Thai alphabet and its inscription into stone. Besides, the people of Sukhothai made ceramics which were considered to be of high quality and known as sangkalok. Sangkalok was an important component of exports.
The medium of exchange used in this kingdom varied, but the type of money originated in Sukhothai was "pod duang" or "bullet money". It was in circulation for 600 years. It was round-shaped, with long, sharp and pointed tips of legs, and a large hole between the legs. It had marks to show the origin, as few as one and as many as seven marks have been found stamped into Sukhothai pod duang. The marks most often found are lion, elephant, conch, Dharma Wheel, lotus, rabbit and ratchawat (a pyramid of dots).
Additionally, it was found that Sukhothai used a hard mixture of many low value metals, such as tin, lead and zinc, to produce a shape resembling pod duang, but of larger size, they were called different names, such as "pod duang chin", ngern kub, ngern khub, or ngern kook. Cowrie shells or bia were also used as small change in the Sukhothai Kingdom.
Ayutthaya Kingdom (1351–1767)
The establishment of the Kingdom of Ayutthaya was in 1351 A.D. Due to the geographical location with the junction of four main rivers, namely, Chao Phraya, Noi, Lop Buri, and Pa Sak, Ayutthaya had become then the centre of commerce, communication, economics and administration.
The main Ayutthaya money remained pod duang as in the Sukhothai period, but with some modifications. The coins later became more compact, with shorter and wider apart legs, and with smaller and less deep notch marks. They also made the rice grains pattern instead. Pod Duang of the period bore only two marks. On the top was the chakra, which was the kingdom mark, and in the front was the reign marks, which varied in design, such as the Pum Khao Bin, Ratchawat, Elephant and Conch Shell marks.
Thonburi Kingdom (1767–1782)
After the fall of Ayudhya to the Burmese in 1767, King Taksin led the Thai army to push out and vanquish the Burmese. After liberation, King Taksin tried to put the country back in order, as Ayudhya had been sacked and burnt by the Burmese and was difficult to renovate in a short time. Therefore, King Taksin chose to establish his capital in Thonburi. Thonburi was close to the sea and suitable as a seaport for trading with foreign countries. It was a small city that was easy to take care of and defend. Later, he was enthroned as the king and the people passed a resolution to honor him as “King Taksin the Great”
The money that was used early in this reign was pod duang of Ayudhya and later King Taksin had pod duang produced for use in the economic system with similar characteristics as that of the later Ayudhya period but was stamped with the Chakra as the Kingdom mark. Regarding the Reign mark, it still remained controversial as to what symbol was used: "Trisula" or "Thavivudh".
Rattanakosin Kingdom
Following the Thonburi Kingdom, Rattanakosin was established as the new capital. The monetary system at the beginning of Rattanakosin Era was similar to Ayudhya monetary system consisting of pod duang but it was modified in order to exhibit the development of unique traits attributed to Thai people living in this era. Commemorating pod duang also came into being, which showed there was a shared interest in the importance of the events occurring in their time. Then, King Rama IV who had the royal intention to produce "flat coinage" for use. For the first time this became a period in which Thai money entered the international system.
Reign of King Rama I to King Rama III
In the reign of King Rama I until King Rama III, pod duang was continued in use but with the reign mark changed. King Phra Phutthayotfa Chulalok the Great (King Rama I) created pod duang with the Chakra representing the kingdom mark and the Bua Unalom and the royal emblem of King Rama I. The pod duang also had values: tamlueng, baht, half baht, salueng, fueang.
The money used in the reign of King Rama II continued to be pod duang which was similar to that of King Rama I's, but with the reign mark changed to the Garuda to represent the reign of King Rama II. It is assumed to have come from his former name "Chim Plee", the paradise home of Lord Garuda.
The money produced in the reign of King Rama III remained the pod duang carrying the Chakra-Prasat mark. The Prasat mark represents King Rama III's former name: "Tab" (Tee pratab), which was Phra Maha Prasat (royal palace). Additionally, it was found that pod duang was produced to commemorate some important occasions such as pod duang krut sio, pod duang chaleo, pod duang dok mai, and pod duang bai matum.
Reign of King Rama IV
The Thai monetary system changed significantly during the reign of King Rama IV. This period saw increasing trade between Thai and foreigners. During the early period of the reign, pod duang was still the main money, bearing the chakra as the kingdom mark and the Mongkut as the reign mark. The use of the Mongkut mark (crown) was the pre-ascension of his title and name "Crown Prince Mongkut".
Meantime, Thailand had a problem due to the inability of being able to produce sufficient pod duang and to meet demand as well as prevent widespread counterfeiting, King Rama IV had the paper money issued for use along with pod duang, being called "mai". Mai was produced from paper with simple printing and used together with pod duang, but this series of paper money was not popular with citizens.
In 1857, Queen Victoria sent a small manually-powered coin production machine as a royal gift. King Rama IV had the first coin production machine. This coin was called "Rien Bannakarn" (royal gift coins). But, finally, the cessation of use of this machine was ordered because only a small number of coins could be produced per day. They had a new steam-powered machine for the production of flat coinage. Later, King Rama IV ordered the construction of the Sitthikarn Mint in front of the Royal Treasury in the Grand Palace. The first series of coins produced by this machine was similar to the royal gift coins. They could be used alongside pod duang, as the production of pod duang had been discontinued.
In this same year King Rama IV ordered the production of gold and silver coins of four baht value bearing the Monkut-Krung Siam mark as mementos of his 60th birthday.
Reign of King Rama V
The reign of King Rama V saw a significant development of the nation in almost every aspect including in monetary and financial system. In 1875, the king ordered a new mint built, including installation of a new machine with greater production capacity and efficiency. The new mint began producing silver coins with the royal portrait and the coat-of-arms design, the first time that the front side carried the profile of the ruling monarch. It became the operating format for later reigns. The king ordered the issuance of new tin Solos coins bearing on the obverse the Phra Kiew (the coronet), and in the reverse, the Elephant inside Chakra design. The Phra Kiew is also called "Chula Mongkut" as the royal emblem of King Rama V.
During his reign, his younger brother Prince Jayanta Mongkol was tasked with restructuring of the monetary system to realign Siam's monetary units along international lines, from the former 13 units, — Tos, Pit, Pad Duang, Chang, Tumlung, Baht, Salung, Fuang, Pai, Sik, Sio, Att and Solos. These had been based upon weight and made keeping accounts internationally difficult.
Pod Duang production had ceased in the reign of King Rama IV. King Rama V ordered the production of pod duang with the Chakra Phra Kiew mark as a memento in commemoration of the royal cremation of his youngest daughter, Princess Charoen Kamol Suksawat, and as a memento of the royal merit making ceremony dedicated to Somdej Phra Thep Sirin Tara Mataya, the princess mother.
Gold standard has been unofficial applied in 1902 in response to the depreciation of silver in comparison of gold and the introduction of paper currency after approving Paper Currency Act of RS121 (1902) which established Paper Currency Department as the office within Ministry of Finance before Siamese Tical has become officially gold standard by the Gold Standard Act of RS127 (1908)
Rama V later ordered coins from the Paris Mint production facility, coins bearing the royal portrait engraved by Henri-Auguste Patey, and Airapo, the three-headed white elephant. Rama V however died before an announcement for use could be made, so Rama VI ordered distribution of the coins during the cremation of his father. These coins are generally called Rien Nuad or "moustache coins".
Reigns of King Rama VI to VIII
During the reigns of King Rama VI to VIII, Siam faced economic crises due to the worldwide economic downturn caused by world wars and depressions.
During the early reign of King Rama VI, coins that had been produced during the reign of King Rama V continued to circulate. Rama VI ordered for the first time the production of baht coins with the portrait of the king on the obverse, with these first coins having on the reverse Airavata, the three-headed white elephant.
Rama VI inaugurated the Thai Banknotes Department under the Ministry of Finance with the Siamese Currency Notes Act, R.E. 121, promulgated on 24 June 1902. Banknote Series 1 were printed by Thomas De La Rue & Company Limited, England, with the company name centered on the bottom margin. The notes were printed on one side only and in many types of seven denominations of 1 baht, 5 baht, 10 baht, 20 baht, 50 baht (Overprinted on 1 baht Banknotes Series 50Z-59Z), 100 baht and 1000 ticals[sic] with both Arabic and Thai numerals. (Dual numeration continues, but tical was dropped from Series 2 on.)
Series 2 banknotes were first issued in 1925 during the reign of Rama VI and continuing into the reign of Rama VII dropped translation of baht and first added the legend,
Promise to pay (silver to) bearer on demand in (silver) currency of Siam; later changed in 1928 to be in line with The Currency Act, B.E. 2471 to This note is legal tender (lit. silver in payment of debt) according to law. The front has a guilloche design with twelve rays, and the back, depictions of the Royal Ploughing Ceremony, printed in six denominations: 1, 5, 10, 20, 100 and 1000 baht in two types printed by De La Rue.
Series 3 banknotes, first issued in 1934, were the first having a portrait of the king, appearing on the front with scenic designs as minor elements. The reverse depicts Phra Samut Chedi Temple with a statement of the penalty for counterfeit, also used for the first time. Series 3 continued until the reign of Rama VIII, printed by De La Rue in four denominations including 1, 5, 10 and 20 baht with the change of the royal portrait from King Rama VII to King Rama VIII in 1936.
Series 4 banknotes were first issued in 1938 by De La Rue with five denominations including 1–5–10–20 and 1,000 baht. The second type has been issued in 1940 with the change from (Government of Siam) to (Government of Thailand) due to the change of country name on 10 December 1939 which applied to four denominations including 1–5–10 and 1,000 baht.
To alleviate a scarcity of banknotes in the country during the Greater East Asia War, the Royal Thai Survey Department printed a special series of banknotes in four denominations, 1–10–20 and 100, like those of the 4th series. The phrase "the Royal Thai Survey" at the lower center of the front and back replaced that of Thomas De La Rue & Co., London.
Series 5 were printed by the Note Printing Works of Japan in seven denominations including 50 satang, 1 baht, 5 baht, 10 baht, 20 baht, 100 baht and 1000 baht starting in 1942.
Series 6 were by the Royal Thai Survey Department and the Naval Hydrographic Department in two denominations including 20 and 100 baht, each with two types.
A special war-time issue was printed in England, Indonesia, and by the Royal Thai Survey Department in four denominations including 50 satang (over-stamped on 10 baht banknotes printed from Java), 1 baht (both from Royal Thai Survey Department and invasion notes issued in England), 50 baht (overprinted on the 1 Strait dollar notes issued for four Malayu States by Royal Thai Survey Department) and 1000 baht issued by Royal Thai Survey Department.
Series 7 was printed in haste by private printing companies under supervision from Bank of Thailand of barely satisfactory quality in four denominations including 1 baht, 5 baht, 10 baht and 50 baht
Reign of King Rama IX
In 1945, the government sought to renew its contract with Thomas De La Rue & Company Limited, England, but the company had been damaged during the war and was unable to accept orders. The US government was asked for assistance. The US assigned its Bureau of Engraving and Printing to prepare the printing plates and the Tudor Press Company to do the printing of the 8th series. The front portrayed King Rama VIII at a young age as main element, and the Phra Pathom Chedi as a minor element on every denomination. On the back of all five denominations was the constitution placed on a pedestal tray. The dimensions of low and middle denominations including 1 baht, 5 baht, and 10 baht were the same as the low denominations of MPCs while the dimensions of high denominations including 20 baht and 100 baht were the same dimensions as a US dollar (high denomination of MPC). These were issued in 1946 during the reign of King Rama IX. They had been ordered in the period of the King Rama VIII but had been shifted as Rama IX had already ascended the throne.
Series 9 printed by De La Rue in six denominations returned to the familiar colors of each type and denomination model from Series 4 of De La Rue and Series 4 of Royal Thai Survey with the exception of 100 baht which used red instead of the azure color from Series 4 of Royal Thai Survey, and it can be assumed that the colors of the 9th Series are the standard for current Thai banknotes.
The 100 baht banknotes of Series 9 were heavily counterfeited, so the multi-colored banknotes with the base color of red were needed. Series 10 consisted of only the 100 baht denomination printed by De La Rue, first issued in 1968.
Series 11 began with 5 and 10 baht notes issued in 1969, 20 baht notes in 1971, and 100 baht notes in 1972. Five hundred baht banknotes were printed for the first time in 1975 when the production process, designing, engraving, and issuance of notes, shifted to Thailand's own note printing works.
King Bhumibol Adulyadej ascended the throne on 9 June 1946. He ruled until his death on 13 October 2016, the longest reign of any Thai monarch. His era was one when society and the economy rapidly changed, accompanied by evolution of knowledge and technology in all areas, including that of coins, which have continuously been developed and modified in design and metal content in order to comply with the rapidly expanding economy, and to meet international standards.
In 1950, the first series of circulation coins was minted in aluminum bronze and copper in four denominations; 5, 10, 25 and 50 satang coins with the obverse design being King Bhumibol's portrait and the reverse design being the coat of arms that had been used during the reign of King Rama V.
In 1986, the changes had been generally partial and made on certain values of coins only, following a comprehensive major revision of coin production in denomination, composition, size, and pattern, they included and addition of 1 satang and 10 baht coins. The government then produced a series of eight coins: 10 baht, 5 baht, 1 baht, 50 satang, 25 satang, 10 satang, 5 satang, and 1 satang. In 2005, 2 baht coins were minted and made raised the number of circulation coin to 9 denominations. Only 25 satang up to 10 baht are used in circulation while the 1, 5 and 10 batang are minted to serve the accounting system.
During this reign, a large number of coins were issued. The first commemorative coin was minted in 1961 with the nickel 1 baht coin to mark the return of the king and queen from state visits abroad. It is the first coin featuring the portrait of a female royal family member.
Banknote Series 12 was The Great Series''' in denominations of 10 baht notes in 1980 until the termination of 10 baht banknote issuing after 1995 to be replaced by 10 baht coins which has been issued since 1988, 20 baht notes in 1981 and 100 baht notes in 1978 with engravings of monuments for those monarchs entitled "The Great"."
In 1982, the first proof coin was minted to commemorate the bicentenary of Bangkok. The coins were presented to the king and royal family without being issued to the general public. It was not until Queen Sirikit's 50th anniversary on the 12 August 1982 that proof coins were released to the public.
Banknote Series 13 was to supposed issued to commemorate the Bicentennial Celebration of Bangkok in 1982, but a delay in the delivery of new printing machines along with heavy workload of the bank delayed the issuance of 50 baht notes until 1985, 500 baht notes in 1987 with engravings of monuments for the monarchs relating to Rattanakosin Celebration including King Prajadhipok and King Rama I."
The growing economy of Thailand caused demand for higher denominations. This caused the revival of 1000 baht notes in 1992 as a part of Series 14 banknotes along with the new notes in 100 baht denomination issued in 1994 and the new notes in 500 baht denomination issued in 1996."
21st century
Demands for anti-counterfeiting technology, along with the aim of the Thai government to draw public attention to the deeds of the monarchs of the Chakri Dynasty compelled the Bank of Thailand to issue the Series 15 Banknotes in five denominations: 20 baht in 2003, 50 baht in polymer sheets in 1997 before being replaced by the familiar paper notes (type 2) in 2004 due to the unpopularity of polymer notes, 100 baht in 2004 until the replacement with type 2 in 2005, 500 baht in 2001, and 1000 baht in 1999 until the replacement with type 2 in 2005."
2006: To celebrate the 60th year of the king's accession to the throne, the Treasury Department issued colored coins for the first time to mark "The First UNDP Human Development Lifetime Achievement Award" presented to the king by the United Nations. Apart from commemorative coins minted to mark special events and occasions, the Treasury Department also produces commemorative coins in cooperation with international organizations.
2012: Series 16 banknotes issued to glorify Thai kings of different periods from past to present
50 baht issued to commemorate the declaration of independence of King Naresuan.
2013: 20 baht Series 16 issued to commemorate King Ramkhamhaeng.
500 baht Series 16 issued to commemorate King Rama I.
100 baht Series 16 issued to commemorate King Taksin.
1000 baht Series 16 issued to commemorate King Chulalongkorn.
20, 50, 100 baht Series 17 to honour King Maha Vajiralongkorn Bodindradebayavarangkun
Thai money and coins are regarded as national treasures as they reflect not only Thai history, but also the Thai culture and economy of each period.
Historical buying power of coin denominations throughout history
Coin ImageDenomination1900 Baht1925 Baht1945 Baht1965 Baht1995 Baht2000
Baht2024 Baht1 Bia1/6400 Baht0.00020.00070.04910.31380.40900.66771 Solot1/128 Baht 0.01170.03672.4515.6920.4533.391 At1/64 Baht0.02340.07354.9131.3840.9066.771 Siao1/32 Baht0.04670.14699.8262.7781.80133.551 Sik1/16 Baht0.09350.293819.63125.53163.60267.091 Feuang1/8 Baht0.18700.587639.26251.07327.19534.191 Saleung1/4 Baht0.37391.175278.53502.14654.381,068.382 Saleung 1/2 Baht0.74792.3504157.051,004.271,308.762,136.751 Baht1 Baht1.504.70314.102,008.552,617.524,273.502 Baht2 Baht2.999.40628.214,017.095,235.048,547.012 1/2 Baht2 1/2 Baht3.7411.75785.265,021.376,543.8010,683.761 Tamleung4 Baht5.9818.801,256.418,034.1910,470.0917,094.022 Tamleung8 Baht11.9737.612,512.8216,068.3820,940.1734,188.034 Tamleung16 Baht23.9375.215,025.6432,136.7541,880.3468,376.078 Tamleung32 Baht47.86150.4310,051.2864,273.5083,760.68136,752.14Half Chang40 Baht59.83188.0312,564.1080,341.88104,700.85170,940.17Chang80 Baht119.66376.0725,128.21160,683.76209,401.71341,880.34Hab6400 Baht9,572.6530,085.472,010,256.4112,854,700.8516,752,136.7527,350,427.35
Historical buying power of the Baht throughout history
The value of the baht (bimetallic standard) has fluctuated over the years, and the baht inflated massively after switching to a fiat standard. This can be seen in the price of a bowl of Guay Jap (a type of noodle). One bowl of guay jap was around 1 att during the reign of Rama V, but during the era of Rama VI it cost around 1 satang. The decimal equivalent of 1 att was around 1.5 satang. As of 2024, the baht had depreciated since the reign of Rama V by a factor of around 500,000%. Note that the 500,000% inflation is a linear and static decrease in value, it is just a comparative percentage of how much the value had "decreased". It is not a yearly compounded value.
Goods and Services
1900 Baht1920 Baht1925 Baht1945 Baht1965 Baht1995 Baht2000
Baht2024 BahtBuying power1 Att 1⁄64 baht1.56 satang0.02330.07334.900031.333340.833366.66671 bowl of Guay Jap Noodles, or1 plate of curry and rice, or1 bottle of soda1 Att + 1 Solot3⁄128 baht2.34 satang0.03500.11007.3547.0061.25100.001 bowl of "good" noodles1 Phai1⁄32 baht3.125 satang0.04670.14699.8262.7781.80133.551 bottle of lemonade1 Phai + 1 Att3⁄64 baht4.68 satang0.07000.220014.7094.00122.50200.0010 to 20 rolls of cigarettes, depending on the brand3 Phai + 1 Solot7⁄64 baht10 satang0.14960.470131.41200.85261.75427.351 bowl of Oyster Porridge1 Saleung1⁄4 baht25 satang0.37391.175278.53502.14654.381,068.381 pair of school shirts2 Saleung1⁄2 baht50 satang0.74792.3504157.051,004.271,308.762,136.751 time with a prostitute at Bang Khaek Road2 Saleung + 1 Feuang5⁄8 baht62.5 satang0.93482.9380196.311,255.341,635.952,670.941 pair of school trousers3 Saleung3⁄4 baht75 satang1.123.53235.581,506.411,963.143,205.131 pair of "good" Japanese shoes1 Tamleng4 baht400 satang5.9818.801,256.418,034.1910,470.0917,094.021 bottle of "western" liquor2 Tamleng8 baht800 satang11.9737.612,512.8216,068.3820,940.1734,188.0310 Rai of land "outside the city wall"4 Tamleung + 2 Baht10 baht1000 satang14.9647.013,141.0320,085.4726,175.2142,735.041 big teak wood house5 Tamleung20 baht2000 satang29.9194.026,282.0540,170.9452,350.4385,470.091 barrel of "bad" rice10 Tamleung40 baht4000 satang59.83188.0312,564.1080,341.88104,700.85170,940.171 barrel of "good" rice
Salaries
In these examples, salaries from pre-1900 are calculated according to inflation to demonstrate salaries throughout the ages. These salaries are wage paied per month.
1800s 1900 1920 1945 1965 1995 20002024 Actual 2024 SalariesOccupation1238.42,56616,40721,38234,9099000~15,000Military Sergeant
based on salaries of Chao Phraya Woraphongpipat in 187722007040470,4003,008,0003,920,0006,400,000amount unknown
position renamed Royal secretary of the palace*
114,640
deputy Royal secretary of the palace*Minister of the Palace Ministry
based on salaries of Chao Phraya Woraphongpipat in 19261651.23,42121,87628,50946,54515,400~34,000Inexperienced Teacher
based on salaries of Chao Phraya Yommarat (Pan Sukhum) in 188320644,27627,34535,63658,182position abolished
30,000~40,000
equating this position to a strings player in the Thailand Philharmonic Orchestra*New Royal Musician
based on the account of Mr.Som
based on the account of Phra Pleng Por Hoo, a xylophone player22070447,040300,800392,000640,000position abolishedExperienced Royal Musician (12 years)
based on the account of Phra Pleng Por Hoo40 1288,55354,69171,273116,36415,000~25,000
equating this position to a TATextbook Author Assistant
based of a Mr.Kham's account4815310,22365,37385,193139,09124,000~69,000Experienced Teacher
based on salaries of Chao Phraya Yommarat (Pan Sukhum)6019212,82982,036106,909174,54524,000~69,000Experienced Teacher
based on salaries of Phraya Sri Sunthorn Wohan in 1873 (the writer of Mulabhat Bhanphakit textbook)6520813,89888,873115,818189,09115,400~34,000New Teacher
based on an account of Phraya Boriharn Ratchamanop10032021,382136,727178,182290,90924,000~69,000Experienced Teacher (8 years)
based on an account of Phraya Boriharn Ratchamanop600 1920128,291820,3641,069,0911,745,455position abolishedRoyal Teacher
based on an account of Phraya Boriharn Ratchamanop5016010,69168,36489,091145,45527,000~45,000Interpreter
based on the account of Phraya Athikorn Prakasat (Louie Chatikawanich)10032021,382136,727178,182290,9093070~21,980
Officer*Police Officer
based on the account of Phraya Athikorn Prakasat (Louie Chatikawanich)400128085,527546,909712,7271,163,63614,030- 54,820
Sergeant*Police Division Commander
based on the account of Phraya Athikorn Prakasat (Louie Chatikawanich)5001600106,909683,636890,9091,454,54529,980~76,800
Commander*Special Police Division Commander
based on the account of Phraya Athikorn Prakasat (Louie Chatikawanich)7002240149,673957,0911,247,2732,036,36439,090~76,800
Assistant Commissioner*
responsible to individual police departments**Commander of the Bangkok Metropolitan Police
based on the account of Phraya Athikorn Prakasat (Louie Chatikawanich)9002880192,4361,230,5451,603,6362,618,18239,090~76,800
Inspector General*
responsible to all metropolitan and provincial police departments**Director-General of the Provincial Police
based on the account of Phraya Athikorn Prakasat (Louie Chatikawanich)11003520235,2001,504,0001,960,0003,200,00078,030
Commissioner*Chief of Police
based on the account of Phraya Athikorn Prakasat (Louie Chatikawanich)1250040,0002,672,72717,090,90922,272,72736,363,63676,800Governor of Chiang Mai
based on accounts by Lanna literature500016,0001,069,0916,836,3648,909,09114,545,45576,800Governor of Lampang
based on accounts by Lanna literature360011,520769,7454,922,1826,414,54510,472,72776,800Governor of Nan
based on accounts by Lanna literature350011,200748,3644,785,4556,236,36410,181,81876,800Governor of Lamphun
based on accounts by Lanna literature16005120342,1092,187,6362,850,9094,654,54576,800Governor of Roi Et
based on accounts by a document listing civil servant's salaries in 1926salaries are shown in baht*calculation are done based on the assumption that inflation before 1920 is nil, hence making this chart an approximation**''
Does not represent regional/market pricing variations, only the average price.
Does not represent minor fluctuations of price over history, merely representing inflation trends.
Buying power discrepancy
This refers to the buying power of banknotes based relatively upon a certain commodity, be it: gold, noodles, etc. Basing the "discrepancy" on the lowest circulating denomination coins and banknotes, which demonstrates a relative buying power of a certain currency. It can be understood as, how much could a certain denomination buy a certain commodity, or the percentage in which the price of the commodity makes up the denomination.
+Discrepancy relative to noodle prices*Price1 att1.56 satang5 satang3 baht5 baht20 baht78 bahtLowest Denomination 1900192019451967199220032024Coin1 solot1 satang0.5 satang5 satang25 satang25 satang25 satangPercentage Discrepancy50%150%1000%6000%2000%8000%31 200%Banknotes1 baht1 baht50 satang5 baht10 baht20 baht20 bahtPercentage Discrepancy0.01%0.01%10%60%50%100%390%
The illusion that "1 baht" could buy "a lot" back in the 1900s - 1950s come from the buying power of the lowest denomination. The discrepancy between the views and perspective come from the generation which grew up during those era and the generation far removed. Consider the 1 baht banknote in the 1900s, and the 1 baht coin in the 2020s. Their buying power are so different, it creates a rift in one's perception in a certain denomination when "one baht could buy you a bowl of noodle back then" is told to the later generations. When in reality, 1 baht banknote's buying power is closer to the 2024's 1000 baht banknote. Which calls into question, the over-buying-power of the 1910's 1000 baht banknote, which is akin to a 5 000 000 baht banknote in 2024 baht. In the end, value stays the same, only the number changes.
Does not represent regional/market pricing variations, only the average price
|
Yao Lee
|
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"EMI Records artists",
"Chinese Civil War refugees",
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"Music industry executives",
"Women business executives",
"Hong Kong Mandopop singers",
"20th-century Hong Kong women singers",
"Singers from Shanghai",
"Pathé Records (China) artists",
"Pathé Records (Hong Kong) artists"
] | 852
| 6,884
|
Yao Lee (; 10 September 1922 – 19 July 2019), also credited as Yao Li, Yiu Lei and Hue Lee, was a Chinese singer active from the 1930s to the 1970s. She was the sister of Yao Min, also a famous singer and songwriter. She was considered one of the Seven Great Singing Stars of Shanghai in the 1940s.
Biography
Born Yáo Xiùyún (Mandarin)/Yiu Sau Wan (Cantonese) () and raised in Shanghai, Yao began performing on the radio in 1935 at the age of 13. When she was 14, she recorded her first single with Yàn Húa () called "New Little Cowherd" (, Xin xiao fang niu). After being introduced by singers Zhou Xuan and Yan Hua, she was signed to Pathé Records when she was 16 in 1937, and the first record she released with the label was "Yearning for Sale" (, Mai Xiang Si).
She married Wong Po Lo () in 1947 and stopped performing to devote time to her family. Following the Communist seizure of power in China in 1949, popular music was considered ideologically suspect and Yao fled to British Hong Kong in 1950 but continued her singing career with Pathé Records (EMI). In addition to releasing hit records, beginning in 1955 with the film (Peach Blossom River), she was also a playback singer for movie actresses. Many of her featured songs became popular hits. She stepped down from her singing career in 1967 after the death of her brother, Yao Min. In 1969, she accepted the invitation to become the General Manager and Producer at EMI Music Hong Kong. In 1970, she travelled to Taiwan in an effort to sign Teresa Teng to EMI for the Hong Kong market but was unsuccessful. Yao produced records for many artists during her time as a producer and retired from this position in 1977.
Career
During the 1930s and 1940s, Yao Lee's high, soft singing style was typical of Chinese popular music of the time (influenced by her superstar idol, Zhou Xuan). She performed numerous popular standards, such as Wishing You Happiness and Prosperity (), "I Can't Have Your Love" (), and "By the Suzhou River" () with her brother Yao Min, arguably the best-known Chinese pop songwriter of the shidaiqu era. She is famous for her 1940 version of Rose, Rose, I Love You (), later recorded by Frankie Laine in the United States with English lyrics. Her version was also released in the U.S. and the United Kingdom credited to "Miss Hue Lee." Yao was known as "the Silver Voice" (), alluding to fellow Shanghai singer Zhou Xuan, who was known as "the Golden Voice" ().
With increasing Western influences in the region after World War II and her move to Hong Kong, Yao Lee's singing style changed. She was introduced to more Western popular music and became an admirer of American singer Patti Page, whom she emulated by lowering her voice and incorporating some similar vocal mannerisms. As a result, Yao is sometimes called "Hong Kong's Patti Page." One of her biggest '50s records was "The Spring Breeze Kisses My Face" ().
Yao was extremely prolific with over 400 gramophone records attributed to her. Her 1959 song, "Rén Shēng Jìu Shì Xì"/"Life Is a Performance" (), is featured in the 2018 film, Crazy Rich Asians, in the scene when the matriarch grandmother, played by veteran Chinese American actor Lisa Lu, first appears.
Death
Yao died in Hong Kong on July 19, 2019.
|
Mark Mason (executive)
|
[
"Citigroup employees",
"Harvard Business School alumni",
"Howard University alumni",
"Businesspeople from Queens, New York",
"21st-century African-American businesspeople",
"American chief financial officers",
"Year of birth missing (living people)",
"Living people",
"African-American business executives"
] | 458
| 4,197
|
Mark Mason is an American business executive, serving since 2019 as the chief financial officer (CFO) of Citigroup.
Early life and education
Mason was raised in Queens, New York, and as a teenager he worked for his grandparents, who ran carpentry and landscaping businesses. He earned a Bachelor of Business Administration (BBA) in finance and graduated with honors from Howard University. He then went on to earn a Master of Business Administration (MBA) degree from Harvard Business School. Mark Mason is a brother of Kappa Alpha Psi.
Career
Mason joined Citigroup in 2001 and has held a number of executive positions at the firm, including chief financial officer of Citi’s Institutional Clients Group, chief executive officer of Citi Private Bank, chief executive officer of Citi Holdings, and chief financial officer and head of strategy and M&A for Citi’s Global Wealth Management Division. Mason is currently the firm’s CFO.
Board membership
Mason has been on the board of trustees of Howard University since 2012 and has been vice chair of the board of trustees since July 1, 2017.
References
|
Adobe Inc.
|
[
"Adobe Inc.",
"1982 establishments in California",
"Companies based in San Jose, California",
"Companies listed on the Nasdaq",
"Multinational companies headquartered in the United States",
"Software companies based in the San Francisco Bay Area",
"Software companies established in 1982",
"Type foundries",
"American companies established in 1982",
"1980s initial public offerings",
"Software companies of the United States",
"Audio software companies"
] | 7,862
| 83,925
|
Adobe Inc. ( ), formerly Adobe Systems Incorporated, is an American computer software company based in San Jose, California. It offers a wide range of programs from web design tools, photo manipulation and vector creation, through to video/audio editing, mobile app development, print layout and animation software.
It has historically specialized in software for the creation and publication of a wide range of content, including graphics, photography, illustration, animation, multimedia/video, motion pictures, and print. Its flagship products include Adobe Photoshop image editing software; Adobe Illustrator vector-based illustration software; Adobe Acrobat Reader and the Portable Document Format (PDF); and a host of tools primarily for audio-visual content creation, editing and publishing. Adobe offered a bundled solution of its products named Adobe Creative Suite, which evolved into a subscription-based offering named Adobe Creative Cloud. The company also expanded into digital marketing software and in 2021 was considered one of the top global leaders in Customer Experience Management (CXM).
Adobe was founded in December 1982 by John Warnock and Charles Geschke, who established the company after leaving Xerox PARC to develop and sell the PostScript page description language. In 1985, Apple Computer licensed PostScript for use in its LaserWriter printers, which helped spark the desktop publishing revolution. Adobe later developed animation and multimedia through its acquisition of Macromedia, from which it acquired Macromedia Flash; video editing and compositing software with Adobe Premiere, later known as Adobe Premiere Pro; low-code web development with Adobe Muse; and a suite of software for digital marketing management.
Adobe had more than 26,000 employees worldwide. Adobe also has major development operations in the United States in Newton, New York City, Arden Hills, Lehi, Seattle, Austin and San Francisco. It also has major development operations in Noida and Bangalore in India. The company has long been the dominant tech firm in design and creative software, despite attracting criticism for its policies and practices particularly around Adobe Creative Cloud's switch to subscription only pricing and its early termination fees for its most promoted Creative Cloud plan, the latter of which attracted a joint civil lawsuit from the US Federal Trade Commission and the U.S. Department of Justice in 2024.
PostScript (1982–2025)
The company was started in John Warnock's garage. The name of the company, Adobe, comes from Adobe Creek in Los Altos, California, a stream which ran behind Warnock's house. The creek is named because of the type of clay found there (Adobe being a Spanish word for Mudbrick). Adobe's corporate logo features a stylized "A" and was designed by graphic designer Marva Warnock, John Warnock's wife. Steve Jobs attempted to buy the company for $5 million in 1982, but Warnock and Geschke refused. Their investors urged them to work something out with Jobs, so they agreed to sell him shares worth 19 percent of the company. Jobs paid a five-times multiple of their company's valuation at the time, plus a five-year license fee for PostScript, in advance. The purchase and advance made Adobe the first company in the history of Silicon Valley to become profitable in its first year.
Warnock and Geschke considered various business options including a copy-service business and a turnkey system for office printing. Then they chose to focus on developing specialized printing software and created the Adobe PostScript page description language.
PostScript was the first international standard for computer printing as it included algorithms describing the letter-forms of many languages. Adobe added kanji printer products in 1988. Warnock and Geschke were also able to bolster the credibility of PostScript by connecting with a typesetting manufacturer. They weren't able to work with Compugraphic, but then worked with Linotype to license the Helvetica and Times Roman fonts (through the Linotron 100). By 1987, PostScript had become the industry-standard printer language with more than 400 third-party software programs and licensing agreements with 19 printer companies.
Adobe's first products after PostScript were digital fonts which they released in a proprietary format called Type 1, worked on by Bill Paxton after he left Stanford. Apple subsequently developed a competing standard, TrueType, which provided full scalability and precise control of the pixel pattern created by the font's outlines, and licensed it to Microsoft.
Introduction of creative software (1986–1996)
Starting in the mid-1980s, Adobe entered the consumer software market, starting with Adobe Illustrator, a vector-based drawing program for the Apple Macintosh. Illustrator, which grew out of the firm's in-house font-development software, helped popularize PostScript-enabled laser printers.
By the mid-1990s, Adobe would either develop or acquire Photoshop from John and Thomas Knoll, FrameMaker from Frame Technology Corporation, and After Effects and PageMaker from Aldus, as well as develop Adobe Premiere, later known as Premiere Pro, in-house, initially releasing it in 1991. Around the same time as the development of Illustrator, Adobe entered the NASDAQ Composite index in August 1986.
PDFs and file formats (1993–1999)
In 1993, Adobe introduced the Portable Document Format, commonly shortened to the initialism PDF, and its Adobe Acrobat and Reader software. Warnock originally developed the PDF under a code name, "The Camelot Project", using PostScript technology to create a widely available digital document format, able to display text, raster graphics, vector graphics, and fonts. Adobe kept the PDF as a proprietary file format from its introduction until 2008, when the PDF became an ISO international standard under ISO number ISO 32000-1:2008, though the PDF file format was free for viewers since its introduction.
With its acquisition of Aldus, in addition to gaining PageMaker and After Effects, Adobe gained control over the TIFF file format for images.
Creative Suite and the Macromedia acquisition (2000–2009)
The 2000s saw various developments for the company. Its first notable acquisition in the decade was in 2002, when Adobe acquired Canadian company Accelio, also known as JetForm. In May 2003, Adobe purchased audio editing and multitrack recording software Cool Edit Pro from Syntrillium Software for $16.5 million, as well as a large loop library called "Loopology". Adobe then renamed Cool Edit Pro to Adobe Audition. It was in 2003 that the company introduced the first version of Adobe Creative Suite, bundling its creative software into a single package. The first version of Creative Suite introduced InDesign (the successor to PageMaker), Illustrator, Photoshop, ImageReady and InCopy, with the 2005 second edition of Creative Suite including an updated version of Adobe Acrobat, Premiere Pro, GoLive, the file manager Adobe Bridge, and Adobe Dreamweaver, the latter of which was acquired from a $3.4 billion acquisition of Macromedia, most notably.
In addition to bringing in Dreamweaver, the $3.4 billion Macromedia acquisition, completed as a stock swap, added ColdFusion, Contribute, Captivate, Breeze (rebranded as Adobe Connect), Director, Fireworks, Flash, FlashPaper, Flex, FreeHand, HomeSite, JRun, Presenter, and Authorware to Adobe's product line.
By April 2008, Adobe released Adobe Media Player. On April 27, Adobe discontinued the development and sales of its older HTML/web development software, GoLive, in favor of Dreamweaver. Adobe offered a discount on Dreamweaver for GoLive users and supports those who still use GoLive with online tutorials and migration assistance. On June 1, Adobe launched Acrobat.com, a series of web applications geared for collaborative work. Creative Suite 4, which includes Design, Web, Production Premium, and Master Collection came out in October 2008 in six configurations at prices from about US$1,700 to $2,500 or by individual application. The Windows version of Photoshop includes 64-bit processing.
On December 3, 2008, Adobe laid off 600 of its employees (8% of the worldwide staff) citing the weak economic environment. On September 15, 2009, Adobe Systems announced that it would acquire online marketing and web analytics company Omniture for $1.8 billion. The deal was completed on October 23, 2009. Former Omniture products were integrated into the Adobe Marketing Cloud. On November 10, 2009, the company laid off a further 680 employees.
End of Flash, security breach, and employee compensation class action (2010–2014)
Adobe's 2010 was marked by continuing arguments with Apple over the latter's non-support for Adobe Flash on its iPhone, iPad and other products. Former Apple CEO Steve Jobs claimed that Flash was not reliable or secure enough, while Adobe executives have argued that Apple wishes to maintain control over the iOS platform. In April 2010, Steve Jobs published a post titled Thoughts on Flash where he outlined his thoughts on Flash and the rise of HTML5. In July 2010, Adobe bought Day Software integrating their line of CQ Products: WCM, DAM, SOCO, and Mobile
In January 2011, Adobe acquired DemDex, Inc. with the intent of adding DemDex's audience-optimization software to its online marketing suite. At Photoshop World 2011, Adobe unveiled a new mobile photo service. Carousel was a new application for iPhone, iPad, and Mac that used Photoshop Lightroom technology to allow users to adjust and fine-tune images on all platforms. Carousel also allowed users to automatically sync, share and browse photos. The service was later renamed "Adobe Revel". Later that same year in October, Adobe acquired Nitobi Software, the maker of the mobile application development framework PhoneGap. As part of the acquisition, the source code of PhoneGap was submitted to the Apache Foundation, where it became Apache Cordova.
In November 2011, Adobe announced that they would cease development of Flash for mobile devices following version 11.1. Instead, it would focus on HTML5 for mobile devices. In December 2011, Adobe announced that it had entered into a definitive agreement to acquire privately held Efficient Frontier. In December 2012, Adobe opened a new corporate campus in Lehi, Utah.
In 2013, Adobe endured a major security breach. Vast portions of the source code for the company's software were stolen and posted online and over 150 million records of Adobe's customers were made readily available for download. In 2012, about 40 million sets of payment card information were compromised by a hack at Adobe.
A class-action lawsuit alleging that the company suppressed employee compensation was filed against Adobe, and three other Silicon Valley–based companies in a California federal district court in 2013. In May 2014, it was revealed the four companies, Adobe, Apple, Google, and Intel had reached an agreement with the plaintiffs, 64,000 employees of the four companies, to pay a sum of $324.5 million to settle the suit.
Adobe Creative Cloud (Since 2011)
2011 saw the company first introduce Adobe Creative Cloud, a $600/year subscription plan to its creative software as opposed to a one-time perpetual license payment which could often top $2000 for creative professionals. The initial launch of Creative Cloud alongside Creative Suite 5 users came at the same time that Adobe ran into controversy from users of Adobe's creative software, with users of Adobe software stating that the original perpetual and subscription pricing plans for CS5 would be unaffordable for not only individuals but also businesses, as well as refusing to extend a Creative Suite 6 discount to non-CS5 users. The original announcement of Adobe Creative Cloud was met with a positive reception from CNET journalists as a much more enticing plan, and Creative Cloud was first released in 2012, though a later CNET survey evidenced that more users had a negative perception about subscription creative software than a positive view. The original pricing plan for Creative Cloud was $75 per month for the entire suite of software, though Adobe discounted the monthly cost to $50 for users willing to commit to at least one year of continuous subscription for Creative Cloud, and down to $30 per month for former CS users with the one year commitment.
By 2013, Adobe decided that CS6 would be the last version of Creative Suite software that would be sold through perpetual licensing option, and in May announced that a Creative Cloud subscription would be the only way to get the newest versions of Photoshop, Illustrator, and other Adobe creative software. Reception to the mandatory subscriptions for future Adobe software was mostly negative, despite some positive testimonies on the move from customers and Adobe's attraction of 500,000 Creative Cloud subscribers by the service's first year. The switch to subscription only also did not deter software piracy of Creative Cloud services; within the first day of the first version of Photoshop exclusively made for Creative Cloud being released, cracked versions of Adobe Photoshop CC 2013 were found on The Pirate Bay, an online website used for distributing pirated software.
Further acquisitions and failed buyout of Figma (2018–2023)
In March 2018, at Adobe Summit, the company and Nvidia announced their association to upgrade their AI and profound learning innovations. They planned to streamline Adobe Sensei AI and machine learning structure for Nvidia GPUs. Adobe and Nvidia had cooperated for 10 years on GPU quickening. This incorporates Sensei-powered features, e.g. auto lip-sync in Adobe Character Animator CC and face-aware editing in Photoshop CC, and also cloud-based AI/ML items and features, for example, picture investigation for Adobe Stock and Lightroom CC and auto-labeling in Adobe Experience Supervisor.
Adobe further spent its time from 2018 to 2023 acquiring more companies to boost both Creative Cloud and the Adobe Experience Cloud, a software suite which increased business. These included e-commerce services provider Magento Commerce from private equity firm Permira for $1.68 billion in June 2018, Marketo for $4.75 billion in 2018, Allegorithmic in 2019 for just under $160 million, and Workfront in December 2020 for $1.5 billion. 2021 additionally saw Adobe add payment services to its e-commerce platforms in an attempt to compete with Shopify, accepting both credit cards and PayPal.
In July 2020, as the United States presidential elections approached, the software giant imposed a ban on the political ads features on its digital advertising sales platform.
On November 9, 2020, Adobe announced it would spend US$1.5 billion to acquire Workfront, a provider of marketing collaboration software. The acquisition was completed in early December 2020.
On August 19, 2021, Adobe announced it had entered into a definitive agreement to acquire Frame.io, a leading cloud-based video collaboration platform. The transaction is valued at $1.275 billion and closed during the fourth quarter of Adobe's 2021 fiscal year.
Adobe announced a $20 billion acquisition of Figma, an Adobe XD competitor, in September 2022, its largest to date. Regulatory scrutiny from the US and European Union began shortly after due to concerns that Adobe, already a major player in the design software market with XD, would have too much control if it also owned Figma. At the time of the announcement to acquire Figma, Adobe's share over the creative software market and design-software market was almost a monopoly. In December 2023, the two companies called off their merger, citing the regulatory challenges as a sign to both that the deal was not likely to be approved. Adobe paid Figma a $1 billion termination fee per their merger agreement.
FTC lawsuit and terms of service update (2024–present)
On June 17, 2024, the US Federal Trade Commission together with the US Department of Justice filed a lawsuit against Adobe for its subscription business model practice, citing hidden termination fees and the company pushing customers towards more expensive plans.
In June 2024, after facing backlash for its changes to the terms of service, Adobe updated them to explicitly pledge it will not use customer data to train its AI models.
Adobe's currently supported roster of software, online services and file formats comprises the following ():
+ Graphic design software Name Icon Type Photoshop Raster graphics editor Photoshop Elements Raster graphics editor, hobbyist Illustrator Vector graphics editor Acrobat DC Portable Document Format viewer, creator, and editor FrameMaker Complex document processor XD Vector design tool for web and mobile applications InDesign Desktop publishing design and typesetting tool InCopy Word processor to edit the textual parts in InDesign layouts. Lightroom Raw image processorExpressVector design tool for web and mobile applications
+ Web design software Name Icon Type Dreamweaver Web development tool Flash Multimedia software platform
+ Video editing, audio editing, animation, and visual effects software Name Icon Type Premiere Pro Non-linear video editor Premiere Elements Non-linear video editor, hobbyist Audition Audio editor After Effects Digital visual effects, motion graphics, and compositing application Character Animator Motion capture tool Prelude Broadcast ingest and logging application Animate Computer animation application
+ E-learning software Name Icon Type Captivate E-learning course authoring tool Presenter Video Express Screencasting recorder and editor Connect Teleconferencing and videotelephony tool
+ Web design software Name Icon Type ColdFusion Rapid web-application development platform Content Server E-book digital rights management system LiveCycle Java EE Service-oriented architecture software
+ 3D and AR software by Mixamo Name Icon Type Aero Augmented reality authoring and publishing tool Dimension 3D rendering and rudimentary design tool Substance 3D Suite of 3D model and texture authoring tools.
Formats
Portable Document Format (PDF), PDF's predecessor PostScript, ActionScript, Shockwave Flash (SWF), Flash Video (FLV), and Filmstrip (.flm)
Web-hosted services
Adobe Color, Photoshop Express, Acrobat.com, Behance and Adobe Express.
Adobe Renderer
Adobe Media Encoder
Adobe Stock
A microstock agency that presently provides over 57 million high-resolution, royalty-free images and videos available to license (via subscription or credit purchase methods). In 2015, Adobe acquired Fotolia, a stock content marketplace founded in 2005 by Thibaud Elziere, Oleg Tscheltzoff, and Patrick Chassany which operated in 23 countries. It was run as a stand-alone website until 2019, but has since been integrated into Adobe Stock.
Adobe Experience Platform
A family of content, development, and customer relationship management products, with what Adobe calls the "next generation" of its Sensei artificial intelligence and machine learning framework, introduced in March 2019.
Criticisms
Pricing
Adobe has been criticized for its pricing practices, with retail prices being up to twice as much in non-US countries.
After Adobe revealed the pricing for the Creative Suite 3 Master Collection, which was £1,000 higher for European customers, a petition to protest over "unfair pricing" was published and signed by 10,000 users. In June 2009, Adobe further increased its prices in the UK by 10% in spite of weakening of the pound against the dollar, and UK users were not allowed to buy from the US store.
Adobe's Reader and Flash programs were listed on "The 10 most hated programs of all time" article by TechRadar.
Security
Hackers have exploited vulnerabilities in Adobe programs, such as Adobe Reader, to gain unauthorized access to computers. Adobe's Flash Player has also been criticized for, among other things, suffering from performance, memory usage and security problems. A report by security researchers from Kaspersky Lab criticized Adobe for producing the products having top 10 security vulnerabilities.
Observers noted that Adobe was spying on its customers by including spyware in the Creative Suite 3 software and quietly sending user data to a firm named Omniture. When users became aware, Adobe explained what the suspicious software did and admitted that they: "could and should do a better job taking security concerns into account". When a security flaw was later discovered in Photoshop CS5, Adobe sparked outrage by saying it would leave the flaw unpatched, so anyone who wanted to use the software securely would have to pay for an upgrade. Following a fierce backlash Adobe decided to provide the software patch.
Adobe has been criticized for pushing unwanted software including third-party browser toolbars and free virus scanners, usually as part of the Flash update process, and for pushing a third-party scareware program designed to scare users into paying for unneeded system repairs.
Customer data breach
On October 3, 2013, the company initially revealed that 2.9 million customers' sensitive and personal data was stolen in a security breach which included encrypted credit card information. Adobe later admitted that 38 million active users have been affected and the attackers obtained access to their IDs and encrypted passwords, as well as to many inactive Adobe accounts. The company did not make it clear if all the personal information was encrypted, such as email addresses and physical addresses, though data privacy laws in 44 states require this information to be encrypted.
In late 2013 a 3.8 GB file stolen from Adobe and containing 152 million usernames, reversibly encrypted passwords and unencrypted password hints was posted on AnonNews.org. LastPass, a password security firm, said that Adobe failed to use best practices for securing the passwords and has not salted them. Another security firm, Sophos, showed that Adobe used a weak encryption method permitting the recovery of a lot of information with very little effort. According to IT expert Simon Bain, Adobe has failed its customers and 'should hang their heads in shame'.
Many of the credit cards were tied to the Creative Cloud software-by-subscription service. Adobe offered its affected US customers a free membership in a credit monitoring service, but no similar arrangements have been made for non-US customers. When a data breach occurs in the US, penalties depend on the state where the victim resides, not where the company is based.
After stealing the customers' data, cyber-thieves also accessed Adobe's source code repository, likely in mid-August 2013. Because hackers acquired copies of the source code of Adobe proprietary products, they could find and exploit any potential weaknesses in its security, computer experts warned. Security researcher Alex Holden, chief information security officer of Hold Security, characterized this Adobe breach, which affected Acrobat, ColdFusion and numerous other applications, as "one of the worst in US history". Adobe also announced that hackers stole parts of the source code of Photoshop, which according to commentators could allow programmers to copy its engineering techniques and would make it easier to pirate Adobe's expensive products.
Published on a server of a Russian-speaking hacker group, the "disclosure of encryption algorithms, other security schemes, and software vulnerabilities can be used to bypass protections for individual and corporate data" and may have opened the gateway to new generation zero-day attacks. Hackers already used ColdFusion exploits to make off with usernames and encrypted passwords of PR Newswire's customers, which has been tied to the Adobe security breach. They also used a ColdFusion exploit to breach Washington state court and expose up to 200,000 Social Security numbers.
Anti-competitive practices
In 1994, Adobe acquired Aldus Corp., a software vendor that sold FreeHand, a competing product. FreeHand was direct competition to Adobe Illustrator, Adobe's flagship vector-graphics editor. The Federal Trade Commission (FTC) intervened and forced Adobe to sell FreeHand back to Altsys, and also banned Adobe from buying back FreeHand or any similar program for the next 10 years (1994–2004). Altsys was then bought by Macromedia, which released versions 5 to 11. When Adobe acquired Macromedia in December 2005, it stalled development of FreeHand in 2007, effectively rendering it obsolete. With FreeHand and Illustrator, Adobe controlled the only two products that compete in the professional illustration program market for Macintosh operating systems.
In 2011, a group of 5,000 FreeHand graphic designers convened under the banner Free FreeHand, and filed a civil antitrust complaint in the US District Court for the Northern District of California against Adobe. The suit alleged that:
Adobe has violated federal and state antitrust laws by abusing its dominant position in the professional vector graphic illustration software market [...] Adobe has engaged in a series of exclusionary and anti-competitive acts and strategies designed to kill FreeHand, the dominant competitor to Adobe's Illustrator software product, instead of competing on the basis of product merit according to the principals of free market capitalism.
Adobe had no response to the claims and the lawsuit was eventually settled. The FreeHand community believes Adobe should release the product to an open-source community if it cannot update it internally.
, on its FreeHand product page, Adobe stated, "While we recognize FreeHand has a loyal customer base, we encourage users to migrate to the new Adobe Illustrator CS4 software which supports both PowerPC and Intel–based Macs and Microsoft Windows XP and Windows Vista." , the FreeHand page no longer exists; instead, it simply redirects to the Illustrator page. Adobe's software FTP server still contains a directory for FreeHand, but it is empty.
Cancellation fees
In April 2021, Adobe received criticism from Twitter users for the company's cancellation fees after a customer shared a tweet showing they had been charged a $291.45 cancellation fee for their Adobe Creative Cloud subscription. Many also showed their cancellation fees for Adobe Creative Cloud, with this leading to many encouraging piracy of Adobe products and/or purchase of alternatives with lower prices or using free and open-source software instead. Furthermore, there have been reports that with changing subscriptions it is possible to avoid paying this fee.
The U.S. Department of Justice and the FTC filed a lawsuit against Adobe and two of its executives in June 2024, alleging that the company's deceptive subscription practices and cancellation policies violated the Restore Online Shoppers' Confidence Act. According to the lawsuit, the company purportedly used small text disclosures, optional input fields, and complex web of links to obscure a concealed early termination fee. This fee reportedly amounted to fifty percent of the remaining value of annual contracts for users who chose to cancel early in the first year, resulting in significant penalties. Customers who tried to cancel services by contacting customer service faced obstacles, including dropped calls and multiple transfers between representatives; others continued to be billed by Adobe, under the mistaken belief that they had successfully ended their subscriptions.
2024 terms of service update
On June 5, 2024, Adobe updated their terms of service (TOS) for Photoshop stating "we may access your content through both manual and automated methods, such as for content review." This sparked outrage with Adobe users, as the new terms implied that the users' work would be used to train Adobe's generative AI, even if the work was under a non-disclosure agreement (NDA).
Adobe responded the following day clarifying that they will not use user data to train generative AI or take users work as their own; however, they neglected to respond to the part in the TOS that gives Adobe the ability to view or use work that is contracted under an NDA.
See also
Adobe MAX
Digital rights management (DRM)
List of acquisitions by Adobe
United States v. Elcom Ltd.
|
Michael Manley (CEO)
|
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"Alumni of London South Bank University",
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"Businesspeople from Kent",
"British businesspeople in transport",
"British chief operating officers",
"British manufacturing chief executives",
"British retail chief executives",
"British salespeople",
"Chief executives in the automobile industry",
"Chrysler executives",
"DaimlerChrysler",
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"Hult International Business School alumni",
"Jeep",
"Living people",
"People from Edenbridge, Kent",
"Peugeot people",
"Renault people",
"Stellantis people"
] | 615
| 6,228
|
Michael Manley, often known as Mike Manley (born 6 March 1964) is an English businessman and current CEO of American automotive retailer AutoNation. He previously served as managing director of the North American operations of Stellantis. In 2018 Manley was appointed as CEO of Fiat Chrysler Automobiles (FCA), following the announcement that previous CEO Sergio Marchionne would step down for health reasons.
Career
Manley was educated as an engineer and started his career as a trainee at car financing company Swan National. He continued his career by working at Renault and Peugeot dealerships, before moving on to Lex Autosales car dealerships. In 2000, Lex Autosales was bought by DaimlerChrysler UK, and Manley was appointed director of Network Development for DaimlerChrysler UK. He was transferred to the United States in 2003. In 2008, Mr. Manley became Executive Vice-President of planning and sales for Chrysler followed by COO for the Asia region and then in 2009, he became the CEO of the Jeep division, a position which he held with FCA since the merger with Fiat, with the addition of becoming responsible for RAM.
On 21 July 2018 Manley was appointed CEO of FCA, as Sergio Marchionne stepped down for medical reasons.
In December 2020 it was announced that Manley will lead the North American operations of Stellantis, once the FCA-PSA merger is finalized. He left Stellantis in September 2021 and starting November 2021 Manley began to serve as CEO of AutoNation of Ft. Lauderdale, Florida. He also joined the board of the Stellantis Foundation, which manages the charity activities of Stellantis.
Awards and honours
Automotive Hall of Fame Distinguished Service Citation 2016
Auto Express Hall of Fame 2016
2016 Detroit Free Press Automotive Difference Maker Award
|
Kruse International
|
[
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"Defunct companies based in Indiana",
"Auburn, Indiana",
"EBay",
"1981 mergers and acquisitions",
"1986 mergers and acquisitions",
"1999 mergers and acquisitions",
"2002 mergers and acquisitions",
"EBay acquisitions"
] | 376
| 3,556
|
Kruse International was an auction firm founded by Russell Kruse in Auburn, Indiana, in 1952. The company began as a local auction company selling real estate, farms and personal property run by Kruse and his sons Dean, Dennis and Daniel. The company held its first collector car auction in Auburn on Labor Day in 1971; the Labor Day auction became an annual event and grew to become the largest collector car auction in the world. After the success of this auction, the Kruses were asked by Tom Barrett to have a sale in Scottsdale, Arizona, the next January. This was the first annual sales that continues today. The Kruses were the first to sell a car for a documented $1 million in cash — a 1934 Duesenberg Model SJ La Grande long wheelbase dual-cowl phaeton. The Duesenberg was sold to Tom Monaghan, founder of Domino's Pizza and then owner of the Detroit Tigers.
The Kruse family is also noted for conducting the $41 million sale of the famous William F. Harrah automotive collection. The sale of this 1,000-car collection was spread over three auction sessions in 1985, 1986 and 1987. The company was sold to ITT in 1981, but the family bought it back in 1986. It was then sold to eBay for $275 million in 1999 but was purchased back by Dean Kruse in 2002.
On May 25, 2010, the Indiana Auctioneer Commission revoked the auctioneer's license of Dean Kruse amid charges that the company failed to pay clients who had sold items through the company. On July 1, 2010, Kruse sold its auction park, home to the annual Auburn auto auction, to RM Auctions of Canada.
|
Vinny Lingham
|
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"University of Cape Town alumni",
"Technology company founders",
"South African chief executives",
"Chief executives in the technology industry",
"South African company founders",
"Directors of Yahoo!",
"People associated with Bitcoin"
] | 920
| 8,911
|
Vinny Lingham (born February 7, 1979) is an entrepreneur and technology investor renowned for his significant contributions to the cryptocurrency and blockchain industries. He is best known for his early investments in major blockchain projects such as Solana, Filecoin, and Render, as well as his role as a General Partner at Multicoin Capital from 2017 to 2020. In 2024, he co-founded Praxos Capital, a cryptocurrency money market hedge fund.
Career
Lingham’s career in technology began in 2003 when he founded incuBeta, an incubator and investment firm that grew into a large enterprise focused on digital marketing and technology solutions. That same year, he co-founded Clicks2Customers, a subsidiary specializing in search engine marketing, which expanded internationally. In 2023, incuBeta was sold to The Carlyle Group, marking a significant milestone in its evolution.
In 2007, Lingham launched Yola (formerly SynthaSite), a platform enabling users to build websites without coding skills. Yola secured substantial venture funding and served millions of users before he shifted focus to new ventures.
Lingham entered the cryptocurrency space in 2012 by co-founding Gyft, a mobile gift card platform notable for its early adoption of Bitcoin payments. Gyft was acquired by First Data Corporation in 2014 for an estimated $54 million.
From 2017 to 2020, Lingham served as a General Partner at Multicoin Capital, a prominent crypto investment firm. During this period, he led the seed investment round for Solana—a high-performance blockchain platform—and served as an advisor to the project. His investment portfolio also included early stakes in Filecoin, a decentralized storage network, and Render, a blockchain-based rendering platform, solidifying his reputation as a key investor in transformative blockchain technologies.
In 2015, Lingham co-founded Civic, a blockchain-based identity verification platform, where he served as CEO until transitioning to other projects. (He currently holds positions as Chairman of Civic Technologies and Rumi.ai, an AI platform focused on capturing valuable information from client calls and interactions.)
Other Activities
Lingham is a prolific angel investor and mentor to startups across the tech and crypto landscapes. He appeared as a “Dragon” on the South African edition of Dragon’s Den in 2015 and later became a Shark on Shark Tank South Africa, offering investment and guidance to entrepreneurs.
Personal life
Lingham resides in Austin, Texas, and holds dual South African and U.S. citizenship. He remains active in the global tech and crypto communities.
Recognition
Lingham’s influence in cryptocurrency and blockchain has earned him coverage in outlets like Forbes, The Wall Street Journal, and TechCrunch. Often dubbed the “Bitcoin Oracle" for his prescient market insights, he is recognized as a pivotal figure in shaping the early cryptocurrency investment landscape.
Awards
Lingham's industry accolades include:
Crypto Weekly: The 100 Most Influential People In Crypto, 2024
Top 500 CEO's in the World, 2015
World Economic Forum Young Global Leaders, 2009
Endeavor High Impact Entrepreneur, 2006
Top Young ICT Entrepreneur in Africa Award, 2006
|
Moneris
|
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"Financial services companies based in Toronto",
"Financial technology companies",
"Payment service providers",
"Joint ventures",
"Royal Bank of Canada",
"Bank of Montreal",
"2000 establishments in Canada",
"Financial services companies established in 2000",
"Companies established in 2000",
"Companies based in Etobicoke"
] | 1,458
| 16,358
|
Moneris (formerly "Moneris Solutions") is a Canadian financial technology company that specializes in payment processing.
Moneris was established in December 2000, as a joint venture between the Royal Bank of Canada and Bank of Montreal. The company is headquartered in the Toronto suburb of Etobicoke, Ontario and has offices in Sackville, New Brunswick, Burnaby, British Columbia, Montreal, Quebec, and Calgary, Alberta.
Moneris's U.S. operations (formerly known as Harris Bank Merchant Services/The Charge-It-System) were based in Schaumburg, Illinois, until being sold in November 2016 to Vantiv.
Moneris was first established in December 2000 as a 50/50 joint venture between RBC and BMO. It became the first Canadian appropriator to offer both Visa and Mastercard merchant accounts in one single point of contact. Moneris was also the first Canadian payment processor to use an integrated point-of-sale system, so businesses could have the proceeds from all card transactions flow into a single deposit account. After its first 1.5 years, the company reported having processed more than 2 billion transactions in Canada.
In October 2003, Moneris acquired Ernex Marketing Technologies, an industry leader in providing privately branded loyalty programs and stored-value gift cards.
In February 2004, Moneris purchased the merchant portfolio of RBC Centura to become the payment provider for all existing and new merchant accounts tied to the bank. The acquisition supported the company's expansion into the United States with merchants located in North Carolina, South Carolina, Virginia, Georgia, and Florida.
On June 6, 2005, Moneris became the first payment processor in Canada to process an Interac Online transaction. This marked the first opportunity for Canadians to pay for goods and services purchased on the Internet directly from their bank account. Prior to Interac Online, the primary option for Canadians to pay for purchases online was through a credit card.
On June 27, 2005, Moneris processed the first full data EMV chip transaction in Canada with a VISA certified chip. This was the first card transaction in Canada that required inserting a card into a chip reader slot on the terminal, rather than use a swipe feature. On August 27, 2007, the company announced it was among the first acquirers in Canada to be certified by all of Interac, Mastercard and VISA to provide chip technology in Canada.
In April 2008, Moneris acquired Keycorp Canada, one of the largest providers of POS support services in Canada, to expand its portfolio of merchants.
In March 2013, Moneris processed the first Near Field Communication (NFC) mobile debit transaction in Canada. Using Interac Flash, Canadians could now make contactless debit transactions with their mobile device. The debut of NFC payment in Canada was performed in a McDonald's restaurant using a Blackberry smartphone.
In November 2014, Moneris became the first Canadian acquirer to offer a full processing solution for the UnionPay card portfolio.
In November 2016, US-based payment processor Vantiv announced that it had acquired Moneris USA for $425 million USD. Vantiv (now under Fidelity National Information Services Inc.) took over all Moneris USA operations including merchant accounts and other business relationships.
Devices
In June 2014, Moneris launched Payd Pro, a point of sale (POS) solution that can run on a smartphone. The device was promoted as Canada's first mobile POS solution to accept Interac debit and credit, as well as the first to include EMV chip and PIN and contactless payment technology. The device came in the form of a PIN pad, which connects to Moneris' Payd app using a Bluetooth connection. Payd Pro was targeted at small businesses to accept payments from anywhere.
In April 2019, Moneris introduced Moneris Core, a proprietary software used to power its next-generation payment terminals. With Moneris Core, Moneris became the first major payment provider in Canada to provide its own proprietary payment experience.
In September 2020, Moneris launched Moneris Go, using the A920 Android POS mobile terminal from PAX Technology. The mobile device accepts card and contactless payments and can integrate with third-party apps. The device was announced as the company's first smart terminal and suitable for businesses of all sizes.
Moneris is the only acquirer in Canada to offer a unified bilingual experience for English and French users across all of its point-of-sale terminals.
Services
In October 2018, Moneris launched its digital analytics tool Offlinx to measure the effect digital ad spending can have on in-store purchases for retail businesses. The company's data services has publicly shared findings to disclose Canadian consumer spending habits during the 2019 NBA Finals, the King Street Pilot Project, and holiday seasons.
Operations
Moneris processes more than 3 billion transactions a year for over 350,000 merchant locations and employs more than 1,900 people across North America. While based in Toronto, the company has offices in Sackville NB, Burnaby BC, Montreal QC, and Calgary AB.
Growth
In 2016, Moneris began a partnership with Planet Payment, a provider of international and multi-currency payment processing services.
In 2018, Moneris began a partnership with Kount, an online fraud protection platform.
In 2020, Moneris began a partnership with Bookmark, a Toronto-based website building startup, to provide web-building tools for small businesses.
Moneris is partnered with all major card brands in Canada, including Interac, Visa, Mastercard, American Express, Discover, and Union Pay. In 2015, Moneris announced support for Apple Pay in its contactless-capable terminals. In 2017, Moneris announced support for Google Pay.
|
Robert G. Allen
|
[
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"American bankers",
"Harvard College alumni",
"Military personnel from Massachusetts",
"United States Army Ordnance Corps personnel",
"20th-century members of the United States House of Representatives"
] | 605
| 5,191
|
Robert Gray Allen (August 24, 1902August 9, 1963) was an American businessman and a two-term Democratic member of the U.S. House of Representatives from Pennsylvania from 1937 to 1941.
Early life and education
Allen was born in Winchester, Massachusetts, on August 24, 1902. In 1906, he moved to Minneapolis. He was graduated from Phillips Academy at Andover, Massachusetts, in 1922 and later attended Harvard College in Cambridge, Massachusetts. He moved to Greensburg, Pennsylvania in 1929 and was a salesman and sales manager for a valve and fittings manufacturing business until 1937.
Political and military career
He was district administrator of the Works Progress Administration in 1935 and 1936.
Allen was elected as a Democrat to the Seventy-fifth and Seventy-sixth Congresses. He was not a candidate for renomination in 1940. He became president of the Duff-Norton Manufacturing Company in Pittsburgh, from 1940 to 1943. He was commissioned a major in the United States Army Ordnance Corps in July 1942 and was promoted to lieutenant colonel in February 1943. He served until his discharge in January 1945.
After his time in Congress and the Army, he served in a variety of business positions:
Baldwin Locomotive Works (Sales manager) from 1945 to 1946
Fisher Plastics Corporation (Vice President) in Boston, Massachusetts from 1946 to 1947
Great Lakes Carbon Corporation (Vice President) from 1947 to 1954
Pesco Products (President), a division of Borg-Warner Corporation, from 1954–1957
Bucyrus-Erie Company (Vice President in 1957 - 1958, and president in 1958)
Bucyrus-Erie Co. of Canada, Ltd. (chairman of the board and president)
Ruston-Bucyrus, Ltd., Lincoln, England (chairman of the board)
Director of the First National Bank of Milwaukee, Wisconsin.
He retired from business activities in 1962 and moved from Milwaukee, to Keene, Virginia, where he died on August 9, 1963, aged 60.
Family and personal life
Allen married Katharine Hancock Wilson on January 17, 1925. Together, they had three children.
Retrieved on 2008-01-26
|
Virgin Megastores
|
[
"Lagardère Group",
"Virgin Group",
"Music retailers of the United States",
"Retail companies established in 1971",
"Retail companies of the United Kingdom",
"Music retailers of the United Kingdom"
] | 9,377
| 87,296
|
Virgin Megastores is an international entertainment retailing chain, founded in early 1976 by Richard Branson as a record shop on London's Oxford Street.
In 1979 the company opened their first Megastore at the end of Oxford Street and Tottenham Court Road. The company expanded to hundreds of stores worldwide in the 1990s, but lost a large number of stores during the 2010s, largely with the sale and eventual closing of the European, North American, Australian, Japanese and Chinese stores. By 2015, it operated only in the Middle East and in North Africa.
Branson's early business ventures
Richard Branson and Nik Powell had initially run a small record shop called Virgin Records and Tapes on Notting Hill Gate, London, specialising particularly in "krautrock" imports, and offering bean bags and free vegetarian food for the benefit of customers listening to the music on offer. After making the shop into a success, they turned their business into a fully fledged record label, Virgin Records. The name Virgin, according to Branson (in his autobiography), arose from a colleague of his when they were brainstorming business ideas. She suggested Virgin, as they were all new to business, like "virgins". The first release on the label was the progressive rock album Tubular Bells by multi-instrumentalist Mike Oldfield in 1973.
Virgin Megastores
Virgin's first formal store opened on London's Oxford Street in January or February 1971 (exact date uncertain). In 1979 the company opened their first Megastore at the end of Oxford Street and Marble Arch. Virgin Megastores and Virgin Records operated as entirely separate entities, like many of the other Virgin companies. Throughout the 1980s and 1990s Virgin Megastores opened over 100 stores in the UK, and many others around the world, including expansion into Asia Pacific and North America, under the leadership of Ian Duffell – President & CEO of Virgin Entertainment Group until 1998. Simon Wright – Chief Executive of the Virgin Entertainment Group from 1999 to 2009 was instrumental in the growth of the stores in particular developing the stores in the Middle East before their eventual disposals under license detailed under Ownership.
Like many of Branson's Virgin brands, Virgin Megastores is not wholly owned by the Virgin Group. During the early to mid-2000s Virgin Group decided to sell off most of its Virgin Megastores to various companies, including the Lagardere Group. By 2001 the Virgin Megastores worldwide were split between the Virgin Group and the Lagardère Group. The Virgin Group kept the United Kingdom, Ireland, United States and Japan outlets while the Lagardère Group obtained the shops in France and travel retail locations globally including Australia, China, United Arab Emirates, Qatar, Greece, Italy, Egypt, Lebanon and Jordan.
Virgin Megastores in the Middle East currently trades as V Star Multimedia LLC. Culture Convenience Club owns what was Virgin Megastores Japan, which have since been rebranded as Tsutaya. The Australian Virgin Megastores and Virgin at Myer concept stores were operated by Brazin Limited. (Sanity Entertainment after 2009) until all were closed in 2010; Brazin also ran local HMV outlets, in addition to their own Sanity brand. In December 2007 Butler Capital Partners announced their intention to mount a majority takeover of the French arm of Virgin from Lagardère. This deal was finalised in February 2008.
In 2007 the real estate company Related Companies and Vornado Realty Trust acquired Virgin Megastores North America. Related and Vornado were the landlords for the two most profitable stores in the United States and those stores were profitable because they had long-term leases in which rents were locked in at an extremely low rate. Both real estate companies wanted to break the leases and replace Virgin with new tenants that were willing to pay the then current higher rental rates that would make an entertainment retail business unprofitable. They have since decided to close all the American stores.
Territory Megastore owner/operator Megastores Books and Music Number of Megastores UK and Ireland Zavvi Entertainment Group (2007–2008) 125, all closed France Butler Capital Partners (80%) / LS Travel Retail (15%) / Virgin Mobile France (5%) 35, all closed La Réunion, France SA Mediastore (100%) under Virgin Group Licence 1, all closed (licence broke in 2010) Australia Brazin Limited/Sanity Entertainment (2001–2010)HDS Retail Asia Pacific/LS Travel Retail (2004–2012) 24, all closed USA Virgin Entertainment Group (Related Companies / Vornado Realty Trust) 23, all closed (2 Virgin Books and Music stores) Japan Marui Co/Culture Convenience Club/Tsutaya Stores Holdings (1990–2009) 22, all closed Greece Vivere Entertainment 15 in 2005 – all closed Hungary Fotex Records 1 in 2000 – all closed Italy 4, all closed Spain Virgin Retail Europe/ Virgin Retail España 9, all closed Germany HDS Retail/LS Travel Retail All closed (5 Virgin Stores) The Netherlands Free Record Shop group 4, all closed Canada Virgin Entertainment Group All closed (1 Virgin Books and Music store) Middle East (UAE, Qatar, Bahrain, Egypt, Jordan, Oman, Kuwait) Virgin Megastores Middle East (Azadea Group) Lebanon, Saudi Arabia Megastores of Lebanon S.A.L. Morocco Best Financière (Label Vie Carrefour) 5 (2015)
Store experience
Product range
Virgin shops have a wide selection of CDs, games, books, DVDs, vinyl records, magazines, portable media players, accessories and additional products such as calendars, board games and Virgin branded items. Larger stores also stock electronic equipment and computer peripherals. Not all of these product categories are stocked by all Virgin shops, though the larger stores do generally stock the full product range.
In 2003, all US Stores increased their focus on multiple fashion categories spanning Pop culture, Street, Urban, Movie & TV to complement the music, DVD and video games offers. Virgin Mobile products can also be found in separately run Virgin Mobile Concessions within most Virgin Megastores. Some shops also house cafes or coffee shops run by external companies.
Technology
In 2005, Virgin Digital was launched to cater for those that bought their music digitally or wanted to rip and burn their current music collection. This is designed to add to the services provided by Virgin, rather than replace the Megastores. The download service faced some criticism from consumer groups due to its incompatibility with the popular iPod music player. The service has since been discontinued. Around the world there were other Virgin branded digital music retail websites, such as VirginMega.fr, France's number 2 music download website.
Austria
In 2003, the first and only Virgin Megastore in Vienna, on Mariahilferstraße, was sold and closed.
There were 35 Virgin Megastores in France. Twelve additional stores in France were branded Furet du Nord, and about ten international stores were owned by the same company. The French Megastore business was launched in 1988 by Branson and Patrick Zelnick, CEO of music publisher Naïve.
Lagardère Group bought the chain in 2001. In December 2007 Butler Capital Partners announced their intention to mount a majority takeover of the French arm of Virgin from Lagardère. This deal was finalised in February 2008. According to the Lagardère 2007 report, 80% of the Virgin stores was to be sold by Lagardère Services at a value of €76.4 million, and 20% would be kept. Prior to this sale 51% of VirginMega, France's number 2 music download website, was transferred to the Virgin Stores company (sold to Butler), and the remaining 49% was kept by Lagardère Active.
In July 2012, LS Travel Retail announced that they will phase out the Virgin Entertainment brand in France, commencing 2013, converting all remaining Virgin travel outlets into larger sized Fnac formats stocking the same range in addition to more product lines.
In January 2013, Virgin Megastore France filed for bankruptcy. At that time there were 26 Megastores in France, employing 1,000 people, after two years of cutting over 200 staff and several shops. The company had taken steps to terminate the lease on its flagship Champs-Élysées store in Paris after 25 years on the famous avenue. In June 2013 the company was finally liquidated and ceased operations after 25 years.
Germany
Virgin Megastore withdrew from the German market in 1994, amid complaints that the country's shop-closing law was too restrictive.
The Virgin name is used by the Lagardère Group to brand a small number of convenience stores within airports and railway stations. In September 2019 there were seven Virgin shops, of which four are in or adjacent to Frankfurt airport.
Greece
As of June 2005 there were 15 Virgin Megastores in Greece, operated by Vivere Entertainment. As of 2015, no Virgin Megastores exist in the country.
Hungary
In 1996, local merchandising group Fotex opened the first and only Hungarian Virgin Megastore (1000 m2) in the first "western" shopping mall, Duna Plaza, in Budapest. It was operated under a franchise until 2000. Between 2001 and 2006, Fotex operated the store as "Hungaroton Gigastore". The shop was closed in 2006 and no more Virgin Megastore shops were opened in Hungary.
Virgin Megastores opened its first store in the Republic of Ireland in Dublin in 1986. More stores opened in Ireland from the early 1990s including Cork City. The company had planned to launch an online store specifically for the Republic of Ireland at virginmegastores.ie however plans were shelved when its Irish operations were sold in 2007. At its height of success the company owned 6 stores in the Republic of Ireland, however, by 2002 stores began to close. The Virgin Group sought to sell its Irish operations during 2007, and on 17 September 2007, it was announced Irish and UK stores would separate from the Virgin Group. A management buy-out offer was accepted. Stores were rebranded as Zavvi.
Following the collapse of Zavvi's supplier in December 2008, stores in Ireland were immediately closed in January 2009 with the hope Irish stores could be sold to another buyer unfortunately all were closed with some taken over by other music retailers.
Italy
In February 2004, the Virgin Megastore in Piazza Duomo Milan closed. Currently this building is occupied by a Mondadori retail store. After the Italian franchise Virgin Retail Italy filed for bankruptcy and liquidation, the Italian bankruptcy court ordered in May 2004 the immediate closure of three out of four of the remaining stores while allowing the store in Bergamo to remain open for a few additional months to allow the company to depose of its remaining inventory.
The Netherlands
Virgin Megastores entered the Dutch market in the 1990s and operated four stores (Amsterdam, Rotterdam, The Hague and Maastricht). In 2000, it decided to exit the market. Three stores were sold to the Free Record Shop group, while the Maastricht branch was closed. Free Record Shop also acquired three Virgin Megastores in Belgium.
Spain and Portugal
Virgin Retail España, S.L. opened its Barcelona store in November 1992, just after the Barcelona Olympics. This opening was followed by another Megastore in Seville (1993) however the opening of a flagship store in Madrid eluded the retailer, because at that time, cinemas and theatres in the Gran Vía (Madrid's most popular commercial thoroughfare) could not easily be reassigned for commercial use. The Spanish company diversified by opening small outlets in busy Spanish and Portuguese airports. In 1994, Virgin Retail España reached an agreement with the department store chain Galerías Preciados and opened small concessions in their Madrid stores (Callao, Goya, Serrano, La Vaguada and Parquesur). Galerías Preciados ceased trading the following year and Virgin Retail España quickly re-organised its operations and opened medium-sized stores in ABC Serrano (Madrid), La Coruña, Vigo, Málaga, Bilbao and Santander. Larger stores followed in Portugal (Lisbon and Oporto) but by 1997 the impact of digital technology had already hit their distribution model very hard. Music was by then being traded freely on the Internet but the major music labels did little to help support high street retailers. Inevitably, the Virgin Retail Group took the difficult strategic decision to close all of Virgin's high street stores in southern Europe. In July 1998 Virgin Megastores closed its southern European flagship store in Barcelona on the corner of Passeig de Gràcia and Gran Vía de les Corts Catalans. This building is currently occupied by Zara clothes store.
The first Virgin Megastore opened in the United Kingdom in 1979 and between the 1980s and 1990s, the chain grew, including via its merger with Our Price whilst under the ownership of WH Smith. By the 1990s Virgin Megastores had become an international franchise as part of the Virgin Group.
The Virgin Group sought to sell its UK and Ireland stores during 2007, and on 17 September 2007, it was announced that the UK and Ireland arm of the Virgin Megastores brand was to break away from the Virgin Group. A management buy-out offer was accepted. Stores were rebranded as Zavvi.
Following the collapse of Woolworths, which owned Zavvi's supplier Entertainment UK, Zavvi entered administration on 24 December 2008 as it had been unable to source stock from other suppliers under favourable terms. By February 2009 Zavvi had closed its stores, selling some to rival HMV, and a few to Simon Douglas and Les Whitfield's Head Entertainment.
Turkey
Virgin entered the Turkish market in March 2011 with a store located in the Demirören shopping centre on Istiklal Street near Taksim, Istanbul. The product mix of books, digital media and electronics failed to compete with better established chains and the store closed in autumn 2012.
Arab world
The Azadea Group of Beirut, Lebanon has an exclusive license since 2001 to operate Virgin Megastores in many countries within the Middle East, except for countries which already have a franchise. Operating as Virgin Megastores Middle East, Azadea has stores in UAE, Qatar, Bahrain, Egypt, Kuwait, and Jordan.
Megastores of Lebanon S.A.L. has an exclusive franchise to operate Virgin Megastores in Lebanon and Saudi Arabia.
Best Financière (Label Vie Carrefour) of Rabat has an exclusive license to operate Virgin Megastores within Morocco. Since 2010, Best has been opening a new store nearly every year.
Antar Group of Damascus has an exclusive to operate Virgin Megastores in Syria since 2007. Since the Syrian Civil War has caused most normal economic activities to virtually cease in the country since 2011, all megastores in the country are currently closed and may not return until political stability returns.
Virgin's main store in Lebanon was located in the old Cinema Opera on Martyrs' Square, Beirut Central District; it opened on 3 July 2001 and was shut down in 2018. The four level store's inauguration was attended by Virgin's founder Sir Richard Branson. There are also smaller outlets at ABC Malls at Achrafieh, Dbayeh, Verdun and CityMall Dora, as well as in Beirut International Airport. New stores were opened in ABC Mall Dbayeh in November 2012 and ABC Mall Verdun in November 2017.
Saudi Arabia
First megastore in Riyadh opened in February 2015.
By December 2015, there were four Virgin Megastores in Saudi Arabia. They were located on Tahliah Street in the Roshana Centre, Red Sea Mall and on in Jeddah domestic airport in Jeddah and there's one at Dhahran Mall Eastern Province.
In November 2017, a fifth Saudi location was open at the Hayat Mall in Riyadh.
Bahrain
As of September 2008, there is currently one Virgin Megastore in Bahrain. It is in the Bahrain City Centre.
Egypt
The first Egyptian store was opened at the City Stars Mall in Cairo in October 2005. Six years later, a second location was opened at the Mall of Arabia in 6th of October City in December 2011. A third location was opened at the Festival City Mall in Cairo in June 2015.
And the 4th and newest branch opened in Mall of Egypt on 27 September 2017.
The first location in Kuwait opened in 2002. By May 2008, there were two Virgin Megastores in Kuwait, one at Marina Mall in Salmiya and the other at the airport. However, by late 2011 the airport branch was shut down, while the second branch shut down in March 2012.
After a seven-year absence, Virgin Megastores returned to Kuwait in February 2020 by opening its first new store there at The Avenues Mall.
Qatar
Virgin Megastores currently has six stores in Qatar, with one being located in the Villaggio Mall (an Italian-themed mall), Doha which is the shopping centre's main anchor. In November 2008 they opened a smaller store in a shopping centre called Landmark. Other locations includes Mall of Qatar, Qatar Mall, Doha Festival City, Hamad International Airport (departure area) and a small kiosk at The Pearl.
United Arab Emirates
The first Virgin Megastore in the United Arab Emirates in September 2001 at the Deira City Centre in Dubai, two months after the opening in Beirut. A few months later, the second store in the country was opened in Abu Dhabi in October 2001. A fourth store in UAE opened in Jumeirah in 2002.
By October 2005, there were four stores in the UAE, with stores at the Deira City Center, at Burjuman and at Mercato Mall in Dubai and at the Abu Dhabi Mall in Abu Dhabi. A month later, Branson was present at the Virgin Megastores opening at the Mall of the Emirates in Dubai.
Sometime between 2009 and 2010, the ownership for the Virgin Megastore franchise in the United Arab Emirates and the Middle East was transferred from Star Multimedia to Virgin Megastores Middle East, Azadea Group. By May 2010, stores were also added at the Mirdif City Centre and at the Jumeira Beach residence in Dubai to make a total of seven stores in the UAE.
The eighth store in the UAE was opened in September 2011 at the Dubai Mall in Dubai. The Jumeirah Beach residence appeared to have been closed sometime before September 2012, bring the store count back down to seven.
A second store in Abu Dhabi opened at the Al Wahda Mall in November 2012.
As of November 2012, there were eight Virgin Megastores in the UAE six of which are located in Dubai.
In December 2014, a store was opened at the Yas Mall in Abu Dhabi. The thirteenth store in the UAE was opened at the Al Jimi Mall in Al Ain in July 2015.
However, some stores—including Deira City Centre and Al Wahda Mall—were later closed, likely due to shifting retail dynamics and footfall. As of 2025, Virgin Megastore operates 13 outlets in the UAE across Dubai, Abu Dhabi, Al Ain, and other emirates. It remains one of the brand’s strongest markets globally.
As well as being an all-rounded entertainment retailer, these Megastores also act as ticketing counters, venues, with artist signings/appearances, performances and quiz nights and a newly launched boutique section offering everything from movie memorabilia to jewellery. Select locations—including Dubai Mall and Mall of the Emirates—also feature in-store gadget repair counters operated by Fixsquad, the brand’s official service partner. These counters provide walk-in support for smartphones, laptops, and other devices, reinforcing Virgin Megastore’s position as a multi-service lifestyle destination.
This store is quite popular among locals and expats in the country, as this is the only store where they sell more music than most stores in the country, which also explains why the country has more branches than the other Gulf countries.
Jordan
The first Virgin Megastore in Jordan opened in Amman at the City Mall in September 2007. A second location, also in Amman, was opened at the Taj Mall in October 2015.
Morocco
In 2007, Best Financière (Label Vie Carrefour) of Rabat received a franchise from Lagardère to operate Virgin Megastores in Morocco. The first store in Morocco opened at the Almazar mall in Marrakech in April 2010. A second store was opened in Rabat (Kitéa Géant Mall) in December 2012 which was quickly followed weeks later by the openings of two additional stores in Casablanca (AnfaPlace Shopping Center) and Fez (Borj Fez Mall). A fifth store was opened in downtown Casablanca in September 2015. In August 2016, a sixth store was opened on the property of a Carrefour Store located in the Sidi Maârouf Neighbourhood next to the city of Casablanca.
Syria
In 2007, Antar Group of Damascus was awarded a franchise by Lagardère to operate Virgin Megastores in Syria. The Antar Group was in the process of opening a store in the Al Shahba Mall in Aleppo when the Syrian Civil War broke out in 2011. The business has since closed after the mall had been heavily damaged during the fighting.
Oman
The first Virgin Megastore in Oman opened in Muscat in November 2015 at the Muscat City Centre.
North America
United States
In 1992, the Virgin Group and Blockbuster entered into a joint venture to set up the first Virgin Megastore on Sunset Strip in Los Angeles, which was closed in 2008. The US Megastore business was launched in 1992 by Richard Branson and Ian Duffell, CEO of Virgin Entertainment Group. At its peak, there were 23 Megastores in the U.S. which generated $310 million annually. The U.S. stores were purchased by Related Companies and Vornado Realty Trust in 2007 for the purpose of closing the stores and to break the long term long rental leases.
Store closures
Under new ownership, eleven stores were gradually closed in 2007. On 2 March 2009, it was announced that all Virgin Megastores in the United States would close.
The store at Arden Fair Mall in Sacramento, CA, closed in 2005 and was converted to an Urban Outfitters, while the Grapevine Mills location was closed at the end of 2008. Related Companies announced that the Virgin Megastore flagship store in Times Square would close by April 2009, with the space being replaced by Forever 21. On 25 February 2009, it was announced that the stores in San Francisco and Union Square (New York) would close in April and May, respectively, and the announcement of all stores closing followed soon thereafter. On 12 May 2009, the Virgin Megastore at Downtown Disney (now Disney Springs) at Walt Disney World closed permanently. As of September 2012, the last remaining Virgin Books & Music outlet operated in Terminal 3 at John F. Kennedy International Airport. Both airport locations closed by the middle of 2013. The JFK Airport location was closed by the time Terminal 3 was demolished and converted into a parking lot in 2013.
In-stores
Most locations included an in-store radio station, branded Virgin Radio. U.S. Virgin Radio was not a broadcast radio station, but a DJ operated hard-lines system which broadcast throughout the store, and the complex in which the store was located. At the Times Square location, DJ selections were heard on the retail floor, in the office areas, processing areas, and even out on the shop's Broadway sidewalk frontage.
All employees of the U.S. Virgin Megastores could be identified by their trademark red or black t-shirts which had the Virgin logo on the front and the word STAFF on the back, as well as required lanyards with their first name printed on them.
Technology
The Virgin Megastore chain in the U.S. had a different GSA look-up system to other the international arms of the chain. This system was a private network that linked all North American stores, updating each shop's product inventory every 24 to 48 hours.
American Virgin Megastores implemented a near real-time data warehouse in 2004. The data warehouse named 'Crescendo' collects POS transactions, along with customer traffic counts and generates KPI reports in near real-time. The near real-time information helped the managers identify trends quicker and react accordingly. The U.S. stores shared their experience with the real-time warehouse and the UK stores also used similar process.
Virgin Megastore (U.S.) had a Customer Loyalty Program named 'Virgin V.I.P.' The Program used a read/write 'GraphiCard'. Every time a member purchase is made, the Graphicard was swiped through the POS Graphicard Terminal. Members points were instantly updated on the face of the card. The website shared the loyalty program with the U.S. stores.
Website
Virgin Megastores U.S. website is VirginMega.com. In 2002 this website became co-branded with Amazon, and was powered by Amazon. Later in 2002 VirginMega.co.jp, the Japanese equivalent, followed suit. In 2007 the website was again changed, when Virgin Megastores partnered with Baker & Taylor. On 31 May 2009 VirginMega.com ceased operating.
Canada
The first and only Virgin Megastore in Canada opened in December 1996 at 750 Burrard Street, at the corner of Robson Street and Burrard Street in Vancouver, British Columbia. The , three-level store was located in Downtown Vancouver, the city's busiest and most prestigious retail destination. The building was previously home to the central branch of the Vancouver Public Library. The Virgin Megastore ceased its operations in Vancouver on 4 September 2005 when on 28 June 2005, HMV Canada announced it was planning to expand the store and rebrand the location into the HMV brand. The acquisition took effect immediately after the closure and on 5 September 2005, HMV was opened. With the dominance of HMV in Canada, Virgin thus decided to exit the Canadian market entirely. This Vancouver HMV location would later close in 2012.
There were also plans to build its second Canadian store at Metropolis (later Toronto Life Square, now 10 Dundas East) in Downtown Toronto, just south of the since-closed Sam the Record Man flagship store as well as HMV's existing Toronto flagship. However, the exit from Canada resulted in the cancellation of these plans. An Adidas Performance store stands where Virgin would have.
The first Australian Megastore was launched in 1988 by Richard Branson and Ian Duffell, CEO Virgin Megastores Asia-Pacific. Between 1988 and 1992 Megastores were opened in Sydney, Melbourne and Adelaide. In 1992, the Virgin Group and Blockbuster Inc. entered into a joint venture. This lasted until Virgin sold their interest in the six stores to Blockbuster, who promptly rebranded them in 1993 to Blockbuster Music.
In October 2001, Ian Duffell, managing director of Brazin Limited (owner of Australia's largest entertainment retailer, Sanity) reintroduced Virgin Megastores in the country via two related transactions with the Virgin Group, acquiring 77 troubled Our Price music stores in the UK for a symbolic £2, and in turn gaining exclusive license rights in Australia for Virgin Entertainment, initially setting up the first Virgin Megastore on Chapel Street's, The Jam Factory in April 2002. Brazin also intended to use the Virgin brand to open 45 new Megastores in addition to converting 55 of its existing small-scale IN2 Music stores that had not already been rebranded as Sanity. Yet, the programme stalled as Brazin battled internal disruptions and struggled to separate the target-markets for Virgin and its chain of more than 200 Sanity stores (at the time). As a result, the company's entertainment division posted a $27 million loss in financial year, 2002–03, and by mid-2004, Brazin had only managed to open 12 Virgin Megastores.
In September 2003, Brazin sold out of its 118-store Sanity UK (former Our Price and VShop outlets) store network to Primemist Limited. In July 2004, Brazin entered into an agreement with Coles Myer to open 62 Virgin concept stores within the Myer department store chain. Brazin agreed to buy all of Myer's remaining CD and DVD stock, recruit, train and pay their own staff, and work within Myer's systems and promotions. These concept stores were marketed separately to stand-alone Virgin Megastores (due to their more limited stock availability) and branded, Virgin at Myer. This solved Brazin's problem since 2002 by separating the Virgin and Sanity target markets by making Virgin more "family orientated" while leaving Sanity's "street edge" to continue. Exactly a year later, Brazin stated that after a rocky start (with staff recruitment issues and aligning products with the typical Myer customer), Virgin at Myer was up 45 per cent on comparative sales and was performing well.
In December 2004, HDS Retail Asia Pacific opened Australia's first Virgin Books and Music travel outlet at Melbourne Airport. Since then, the company – now known as LS Travel Retail – opened another five Virgin outlets at other major capital city airports in addition to one railway outlet at Southern Cross station in Melbourne. Yet, by early 2012, all of these stores have been closed.
By mid-2010, Sanity Entertainment (formerly Brazin Limited) closed all Virgin Megastores. Also, in August of that year, all Virgin at Myer concept stores stopped operating under the Virgin brand due to Sanity Entertainment not renewing their contract with Myer Holdings (formerly Coles Myer) and were either closed or converted back into a basic audio/visual department operated by Myer (in 2011, these non-branded audio/visual departments were later closed by Myer anyway). Sanity elected to exit the Virgin brand despite the licensing deal running until 2015.
Virgin Entertainment's Australian peak was reached in 2006 with 24 Virgin Megastores, 62 Virgin at Myer outlets, and 2 Virgin Books and Music stores in operation. As of September 2012, Australia contains no more Virgin Entertainment outlets.
Japan
In 1990 Virgin Megastores Japan Limited was started as a 50/50 venture between Marui and the Virgin Entertainment Group. In September 1990, the first Japanese Virgin Megastore opened in Shinjuku. During the 1990s, more Megastores were opened all over Japan. On 19 September 2002, following its American counterpart, the VirginMega.co.jp website became powered by Amazon.co.jp. This website has since disappeared.
In 2005 Culture Convenience Club bought Virgin Megastore's operations (totalling 22 stores) in Japan from Marui Co. By November 2008 the number of Virgin Megastores in Japan had lessened to 15. Culture Convenience Club's licensing contract with Virgin Group for the use of the Virgin Megastore brand had expired, and there was no desire to renew it. As of November 2008 Culture Convenience Club's subsidiary company, Tsutaya Stores Holdings Co., is expected to acquire Virgin Megastores Japan Co. Virgin Megastores Japan are to be rebranded as Tsutaya by early 2009.
China
In November 2007, HDS Retail Asia Pacific (now known as LS Travel Retail) opened China's first and only Virgin Books and Music travel outlet at Hongqiao International Airport in Shanghai. As of June 2012, it is still in operation.
Virgin Books and Music
Virgin Books and Music is a Virgin-branded entertainment retail chain exclusive to airports and travel locations, operated by the Lagardère Services division of the French conglomerate Lagardère Group. Such stores have a much smaller size than Virgin Megastores and currently operate in 10 countries: Canada, China, Germany, Kuwait, Lebanon, Morocco, Poland, Spain, the United Kingdom and the United States.
|
Jim Grenon
|
[
"Living people",
"Canadian billionaires",
"New Zealand billionaires",
"New Zealand people of Canadian descent",
"Private equity and venture capital investors",
"University of Manitoba alumni",
"New Zealand mass media owners",
"New Zealand Media and Entertainment"
] | 2,580
| 22,540
|
James Terrence Omer Grenon is a Canadian-New Zealand private equity investor and billionaire, who is the founder of Canadian investment company Tom Capital Management and director of the media company New Zealand Media and Entertainment. He also owns the alternative media publications The Centrist and NZ News Essentials (NZNE).
Early life and education
Jim Grenon completed a Bachelor of law at the University of Manitoba in 1980. He briefly worked as a lawyer before pursuing a career in corporate and financial equity.
Business career
Tom Capital Management and tax litigation
In 1995, Grenon founded a Calgary-based investment company called Tom Capital Management. The company took an interest in oil, gas, financial services, manufacturing and the real estate sectors. As of September 2023, Grenon was still listed as an advisor to Tom Capital Management. According to Newsroom, Grenon resided in Calgary during the early 2000s.
Between 2003 and 2006, Grenon set up sophisticated investment fund structure that involved diverting income funds into his personal superannuation trust. This retirement fund was registered with the Canadian Imperial Bank of Commerce. Between 2004 and 2011, Grenon's superannuation trust had earned Can$58 million from these two 2003 and 2006 income funds. Thirty of these two income funds' subscribers were minors, including the children of TOM Capital employees. In addition, other adults signed on for other adults, and Grenon's superannuation fund also received funding from third parties. This fund enabled Grenon to avoid a Canadian tax on investment returns.
In 2013, Grenon withdrew Can$55 million (NZ$68.2m) from his retirement fund and transferred it to New Zealand. He subsequently withdrew Can$15 million and transferred it to a high-interest account. That same year, the Canada Revenue Agency (CRA) obtained a jeopardy order against Grenon's superannuation trust, allowing it to take immediate action to collect tax debt. The CRA argued that the 2003 and 2006 income funds were not properly constituted and that Grenon had deliberately established them with deficiencies. The CRA also issued two proposal letters against Grenon's retirement trust for CAD$283 million and against Grenon for CAD$205 million.
The CRA's jeopardy order failed to half the transfer of Can$55 million to New Zealand, which led to a lengthy legal battle between Grenon and Canadian authorities. In 2015, the Federal Court of Canada overturned the jeopardy order on the basis that an alleged tax debt of Can$283 million might not be repaid should the agency win its case. The Federal Court also awarded legal costs to both the trust and Grenon, ruling that there was no evidence that Grenon's superannuation trust would be "hollowed out."
In 2021, the Tax Court of Canada ruled against the subscription structure of Grenon's 2003 and 2006 investment funds, stating that they no longer fulfilled the conditions to be qualifying investments for Grenon's superannuation trust in order to avoid taxation. The Court also described the funds of minors as "contrary to the public policy objective of investor protection." The judge also ruled that the structure of Grenon's investment funds constituted a form of tax avoidance but disagreed with the CRA's argument that he had "recklessly disregarded" Canadian securities legislation. Grenon subsequently successfully appealed against the CRA's reassessment of his tax bill but his superannuation trust's appeal was not upheld. The CRA reassessed his superannuation trust's tax liability including the Can$152.8 million worth of units that the trust acquired in 2005.
Grenon also sued the Canadian Revenue Agency and 11 of its employees, alleging malfeasance and extortion. In December 2023, a Canadian court allowed Grenon to assert his grievances against the defendants. He alleged that the CRA's five-year audit of his and his partner's finances has caused his tax assessment liabilities to rise from Can$3.8 million to $205 million.
In November 2024, several businesses and entities associated with another scheme involving Grenon's superannuation trust and funds reorganisation had their appeal dismissed by the Federal Court of Appeal. Federal Court Madam Justice Siobhan Monaghan ruled that three of Grenon's companies engaged in tax avoidance during a 2005–2006 investment fund reorganisation, accruing Can$113 million in tax-free gains. In response, lawyers representing Grenon's companies filed an appeal with the Supreme Court of Canada contending that authorities took too long to decide that tax was owing, that they complied with the "letter of the law," and that the transactions were outside the scope of Canada's tax avoidance laws.
Media ventures
In 2022, Grenon launched two alternative media websites called NZ News Essential (NZNE) and The Centrist to challenged perceived mainstream media bias. The Centrist had initially been founded as JTG3 Ltd, which was registered between 2016 and 2019. In March 2023, JTG3 Ltd was renamed The Centrist Ltd. Grenon was The Centrist's sole shareholder and director until 27 June and 2 August 2023, when he was succeeded by Tameem Adam Abdul-majeed Barakat, who is also from Canada. Grenon and Barakat had also appeared in social media videos from influencer Chantelle Baker's media outfit Operation People. NZNE was initially registered as XYZ Sashi Limited by Matthew Gray in November 2022, before being renamed NZNE a few days later. Gray was succeeded as NZNE's shareholder by Glenn James Arthur. By September 2023, New Zealand Media and Entertainment (NZME) had objected to NZNE's name as a trademark infringement due to its similar name.
The NZNE and The Centrist have taken right-wing editorial standpoints; publishing articles criticising tax reform, diversity, equity and inclusion (DEI) programmes, rent controls, the World Economic Forum, the Sixth Labour Government and left wing parties. Both websites has also republished content from conservative figures and groups such as Bob McCoskrie of Family First New Zealand, Avi Yemini of Rebel News and Cameron Slater's BFD website. As of September 2023, both publications were offered free without subscriptions. The NZNE's contributors used pseudonyms such as Citizen Joe, Diogenes, and Blake from Downtown. According to Newsroom, NZNE and The Centrist have also curated and distributed content by other media.
By September 2023, NZNE had 3,500 followers on Facebook and 2,600 followers on X (formerly Twitter). NZNE's social media accounts have published posts attacking DEI programmes, co-governance and questioning whether colonialism was responsible for the poor outcomes of Māori people. In September 2023, The Centrist published an article criticising The New Zealand Herald alleged editorial imbalance on co-governance, climate science and the New Zealand government response to the COVID-19 pandemic, and its perceived acceptance of the Sixth Labour Government's narrative on the Three Waters reform programme and Inland Revenue Department's high net worth project. On 17 August 2024, NZ News Essentials was rebranded as a periodic online magazine called Centrist exclusives (or CE) on The Centrist's website.
The Centrist has also offered to pay readers' legal fees. According to Stuff, The Centrist has supported Baker's defamation cases against The New Zealand Herald and The Disinformation Project researcher Kate Hannah, with the former settling with Baker for an undisclosed sum in late September 2025. In addition, The Centrist has supported "Stop Co-Governance" founder Julian Batchelor's defamation lawsuit against public broadcaster TVNZ and disinformation researcher Sanjana Hattotuwa.
2025 NZME takeover bid
On 3 March 2025, Grenon bought a 9.3 percent stake (worth NZ$9 million) in the media company New Zealand Media and Entertainment (NZME), which owns the The New Zealand Herald. On 6 March, Grenon wrote to NZME proposing to remove all the directors from the board and to replace them with new directors, including himself. The journalist Andrea Vance has suggested that Grenon's takeover bid was motivated by NZME's decision not to publish advertisements by right-wing groups such as Hobson's Pledge, the anti-vaccination Voices for Freedom and the conservative Christian lobby group Family First New Zealand. Grenon has also expressed sympathy for the New Zealand Free Speech Union's stated support for free speech and "plurality of voices in the Fourth Estate."
In response to Grenon's takeover bid, the media company Stuff confirmed on 21 March that it has suspended talks with NZME to acquire its Wellington and South Island newspapers. NZME had wanted to acquire these newspapers in order to promote its OneRoof rental business revenue and audience.
By 26 March, Grenon said that he was willing to compromise to appease shareholders opposing his plans, including appointing NZME CEO Michael Boggs to the company's new board, as long as Grenon himself became chair. Grenon had also nominated Des Gittings, Philip Crump, and Simon West as the three other new directors.
On 31 March, the NZME board delayed its shareholder meeting on 31 March to allow the consideration of both proposals and counter-proposals, and for information to be presented to shareholders. In response to Grenon's takeover bid, the New Zealand Shareholders' Association lobbied the NZME board to ensure that the small shareholders retained their independence, that the board would have the right composition of skills needed to govern the company, and to ensure a smooth leadership election that would retain the institutional knowledge required to create stability and minimise disruption for NZME and its shareholders. On 15 April, NZME's director David Gibson resigned.
In early May 2025, former National Party MP and cabinet minister Steven Joyce was nominated to become a director and expressed willingness to replace Barbara Chapman as chair, ahead of NZME's annual shareholders meeting scheduled for 3 June 2025. On 9 May, Grenon's company JTG 4 Limited accepted a compromise arrangement for Grenon to be appointed as a director of NZME at the next annual shareholder meeting. In return, JTG withdrew its proposal for Philip Crump, Des Gittings and Henri Eliot to be appointed to replace the three remaining directors of NZME. Under this arrangement, Chapman would resign at the end of the shareholder meeting but the other three directors Sussan Turner, Guy Horrocks and Carol Campbell would remain for another term.
NZME's annual board shareholder meeting was held on 2 June 2025. During that meeting, Grenon was appointed as NZME's director while Joyce became the company's chair.
Political involvement
During the 2023 New Zealand general election, Grenon registered as a promoter, allowing him to advertise about a candidate, political party or electoral issue.
Personal life
Jim Grenon is married to Candice. The couple have lived in Takapuna, Auckland since 2012. Grenon owns a NZ$14.6 million property on Gibbons Road, which he acquired for about NZ$10 million in 2012.
Grenon has two children through his former wife. Between 2001 and 2016, Grenon was locked in litigation with the Canadian courts over tax deductibility payments arising from a child custody dispute with his ex-wife. During his legal battles, Grenon appealed to both the Supreme Court of Canada and Federal Court of Appeal, arguing that most child care support payers were men, who were prevented by their gender from claiming legal expenses as a tax deduction. The Federal Court ultimately dismissed his argument.
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Dragons' Den (Canadian TV series)
|
[
"CBC Television original programming",
"Canadian television series based on non-Canadian television series",
"Non-Japanese television series based on Japanese television series",
"2000s Canadian reality television series",
"2010s Canadian reality television series",
"2020s Canadian reality television series",
"2006 Canadian television series debuts",
"Television series by Sony Pictures Television",
"Television shows filmed in Toronto",
"Business mass media in Canada",
"Business-related television series",
"Canadian English-language television shows",
"Gemini and Canadian Screen Award for Best Reality Series winners",
"Dragons' Den"
] | 10,530
| 74,356
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Dragons' Den is a Canadian television reality show based on the internationally franchised Dragons' Den format which began in Japan. The show debuted on October 3, 2006, on CBC Television, and is hosted by Dianne Buckner. Aspiring Canadian entrepreneurs pitch business and investment ideas to a panel of venture capitalists (termed "Dragons") in the hope of securing business financing and partnerships. The show also has a Quebec-only spin-off called Dans l'oeil du Dragon (literally 'in the Dragon's eye').
As of November 7th, 2024, 294 episodes of Dragons' Den have aired.
Format
Each typical episode features approximately eight pitches, along with a brief synopsis of a further three pitches which usually were rejected by the Dragons.
Each pitch begins with the entrepreneur specifying the amount they are seeking as an investment and the percentage of their business that they are offering in exchange. Entrepreneurs generally describe their business and provide financial details in respect of their costs, sales, and profit margins. Pitches range from those at the conceptual stage to full-fledged long-term businesses. The Dragons ask the entrepreneur questions in order to assess whether their business is one which they would consider investing in. Each Dragon ultimately will either make an offer to invest or will declare that they are "out", meaning they are not interested in the business. Once all five Dragons are "out", the pitch ends.
While some entrepreneurs are made offers of exactly what they are seeking, most of the offers the Dragons make either seek a greater percentage of the business (equity) or seek a royalty on the sales of the business (this has become more prevalent in later seasons). The entrepreneurs and Dragons may then engage in negotiations until the available offers are either accepted (and a "deal" is made) or rejected.
While Dragons often partner up and make joint offers, they just as often make competing offers. Each of the Dragons has a unique set of skills and connections which sometimes results in the entrepreneur being forced to choose between offers (which might be offering the same or different economic terms) based on the "added" value the specific Dragon would bring to the business.
The main "rule" as set out at the start of every episode is that the entrepreneur is not permitted to accept an offer or multiple offers unless they would receive a total investment of at least the amount that they initially sought. The main ramification of this restriction is that entrepreneurs are often criticised for over-valuing their businesses. This is because the amount sought by the entrepreneur may be more than 50% of the value of their business as perceived by the Dragons (the Dragons rarely make deals for greater than 50%) and sometimes more than the entire value of the business as perceived by the Dragons. The restriction means the Dragons cannot offer a lesser amount that is more in line with their perceived value of the business.
Notwithstanding the acceptance of offers on the show, and the handshake agreements, the offers on the show are generally subject to due diligence by both parties and many "deals" made on the show do not ultimately close or close at different terms than originally expected. The show sometimes offers updates on both deals which were made and entrepreneurs who were rejected, including certain special episodes focusing exclusively on updates.
Timeline of Dragons
Dragons Seasons 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Current DragonsArlene Dickinson colspan=1 colspan=8 colspan=2 colspan=19 Manjit Minhas colspan=9 colspan=19 Michele Romanow colspan=9 colspan=19 Wes Hall colspan=15 colspan=19 Brian Scudamore colspan=18 colspan=1 Simu LiuGuestFormer DragonsKevin O'Leary colspan=8 colspan=11 Robert Herjavec colspan=6 colspan=10 colspan=2 colspan=1 Laurence Lewin colspan=2 colspan=17 Jennifer Wood colspan=1 colspan=18 W. Brett Wilson colspan=2 colspan=3 colspan=14 Bruce Croxon colspan=5 colspan=3 colspan=11 David Chilton colspan=6 colspan=3 colspan=10 Vikram Vij colspan=8 colspan=1 colspan=10 Michael Wekerle colspan=8 colspan=4 colspan=7 Joe Mimran colspan=9 colspan=3 colspan=7 Lane Merrifield colspan=12 colspan=3 colspan=4 Jim Treliving colspan=15 colspan=5 Vincenzo Guzzo colspan=12 colspan=6 colspan=1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Current Dragons
Arlene Dickinson (Seasons 2–9, 12–present), the owner of Venture, a marketing company with offices across Canada. Announced she would be leaving the show February 13, 2015 to pursue other career aspirations. She returned in season 12.
Manjit Minhas (Season 10–present), CEO of Minhas Craft Brewery.
Michele Romanow (Season 10–present), Internet entrepreneur.
Wes Hall (Season 16–present), founder and executive chairman of Kingsdale Advisors and founder and chairman of The BlackNorth Initiative.
Brian Scudamore (Season 19-present), founder and CEO of 1-800-GOT-JUNK?.
Simu Liu (Guest, Season 19-present), Marvel Cinematic Universe actor, and general partner at Markham Valley Ventures.
Former Dragons
Jim Treliving (Season 1–15), a former Royal Canadian Mounted Police officer and co-owner of Boston Pizza and Mr. Lube.
Kevin O'Leary (Seasons 1–8), co-host of CBC News Network's business news series The Lang and O'Leary Exchange. O'Leary is the former president of The Learning Company, which was sold to Mattel for $4.2 billion in 1999. He also appears on the US version of the show, Shark Tank. On March 14, 2014, it was announced that O'Leary would not be returning to the show for season 9. On January 18, 2017, O'Leary announced his campaign for Leader of the Conservative Party of Canada.
Robert Herjavec (Seasons 1–6, Seasons 17-18) founder of an IT security firm that he sold at the height of the dot-com bubble for over $30.2 million. Currently head of IT security firm "The Herjavec Group". He also appears on the American version of the program titled, Shark Tank as well as the Australian version, Shark Tank Australia.
Laurence Lewin (Seasons 1 & 2), co-founder of La Senza, a chain of lingerie shops with more than 310 stores throughout Canada, and, through corporate licensees, a further 320 stores operating in 30 countries around the world. Lewin left the show for health reasons and died on November 12, 2008. The show broadcast a dedication in memory of him on November 17, 2008.
Jennifer Wood (Season 1), an executive in Canada's beef industry. Her career in the cattle business began in 1990.
W. Brett Wilson (Seasons 3–5) is a founder of FirstEnergy Capital Corp, a part owner of the English football team Derby County, and a minor partner in NHL's Nashville Predators team. During his time on the show, he brokered more business deals than any other Dragon on any version of the show worldwide. Said to be the most philanthropically-minded of the Canadian Dragons, he has been involved in numerous charities and participated in a CBC staff video for the online It Gets Better Project. Wilson left the show following season 5. In interviews following the announcement of his departure, Wilson criticized the show's producers for sticking to a format that favoured "abuse" and "criticism", rather than offering constructive guidance and feedback to potential entrepreneurs. He subsequently announced his own entrepreneurship-themed series, Risky Business, to air on Slice.
Bruce Croxon (Seasons 6–8) entrepreneur.
Michael Wekerle (Season 9–12), founder and CEO of Difference Capital.
Joe Mimran (Season 10–12), fashion retailer formerly associated with Club Monaco and Joe Fresh.
Lane Merrifield (Season 13–15), co-founded FreshGrade in 2011 and has since served in multiple roles, including his current position as CEO. He was previously the co-founder and CEO of Club Penguin, the largest virtual world for kids, leading the company to rapid growth and an eventual acquisition by Disney in 2007 for $350 million. After the acquisition, he spent five years as Executive Vice President of Disney Online Studios.
Vincenzo Guzzo (Seasons 13–18), Executive Vice-President and C.O.O. of Cinémas Guzzo. Guzzo was also a 'Guest Dragon' on the current season of the Quebec version.
Reception
Skeptics criticized a twelfth-season episode of Dragons' Den for its handling of a wellness company claiming to be able to improve neurological function from a distance. The company, NeuroReset, presented pieces of copper that clip onto the user's clothing and sell for $80. The founders, a golf coach and a chiropractor, claimed that the operating principle of the clips was quantum entanglement. After applying pressure to some of the investors, with and without the clips, the pair convinced five of the six Dragons to buy equity. Manjit Minhas, while not part of the final deal, expressed interest in the product as well. After the taping of the episode, the agreement fell apart in due diligence and Health Canada ruled that three NeuroReset products must be removed from sale. Joe Mimran admitted that he was deceived by the pitch.
SeasonTimeslot (EST)EpisodesSeasonAverage TV viewership
per week
(millions) Available
on NetflixRank
(viewers)RatingDragonsPremiereFinalTelevision1 Wednesdays at 8 pm 8 October 3, 2006 November 22, 2006 2006-07.35NoTreliving, O'Leary, Wood, Lewin, Herjavec2 Mondays at 8 pm 10 October 1, 2007 December 3, 2007 2007-08.7NoTreliving, O'Leary, Dickinson, Lewin, Herjavec3 Mondays at 8 pm 12 September 29, 2008 December 15, 2008 2008-091.1 NoTreliving, O'Leary, Dickinson, Wilson, Herjavec4 Wednesdays at 8 pm 21 September 30, 2009 May 30, 2010 2009-101.6 NoTreliving, O'Leary, Dickinson, Wilson, Herjavec5 Wednesdays at 8 pm 21 September 22, 2010 June 11, 2011 2010-112NoTreliving, O'Leary, Dickinson, Wilson, Herjavec6 Wednesdays at 8 pm 22 September 14, 2011 June 3, 2012 2011-122.5NoTreliving, O'Leary, Dickinson, Croxon, Herjavec7 Wednesdays at 8 pm 20 September 19, 2012 April 14, 2013 2012-133.1NoTreliving, O'Leary, Dickinson, Croxon, Chilton8 Wednesdays at 8 pm 20 October 2, 2013 April 2, 2014 2013-142.8NoTreliving, O'Leary, Dickinson, Croxon, Chilton9 Wednesdays at 8 pm 20 October 15, 2014 April 8, 2015 2014-152.3Yes Treliving, Wekerle, Dickinson, Vij, Chilton10 Wednesdays at 8 pm 22 October 7, 2015 April 6, 2016 2015-16Yes Treliving, Wekerle, Romanow, Minhas, Mimran11 Wednesdays at 8 pm 20 October 5, 2016 March 22, 2017 2016-171.4YesTreliving, Wekerle, Romanow, Minhas, Mimran 12 Thursdays at 8 pm 20 September 28, 2017 April 5, 2018 2017-18 0.519 No Treliving, Wekerle, Romanow, Dickinson, Minhas, Mimran 13Thursdays at 8 pm20September 20, 2018March 7, 20192018-19No8.4/10(tv.com) 7.2/10(IMDb.com)Treliving, Romanow, Dickinson, Minhas, Merrifield, Guzzo14Thursdays at 9 pm9September 26, 2019November 21, 20192019-20NoTreliving, Romanow, Dickinson, Minhas, Merrifield, Guzzo15Thursdays at 9 pm 10October 22, 2020December 17, 20202020-21Treliving, Romanow, Dickinson, Minhas, Merrifield, Guzzo16Thursdays at 8 pm 10October 21, 2021December 16, 20212021-22Minhas, Guzzo, Dickinson, Hall, Romanow17Thursdays at 8 pm10September 15, 2022November 17, 20222022–23Herjavec, Guzzo, Minhas, Dickinson, Hall, Romanow18Thursdays at 8 pm10September 21, 2023November 30, 20232023–24 Herjavec, Guzzo, Minhas, Dickinson, Hall, Romanow19Thursdays at 8 pmTBDSeptember 26, 2024January 9, 20252024–25 Herjavec, Guzzo, Minhas, Dickinson, Hall, Romanow
Episode description
Season Episode Company or Product Name Description Original air date 1 1 A customized gift card business; napping centres; an exercise machine; electricity from tidal power; organic salad dressings and seasonings; a device to tighten kegel muscles. October 3, 2006 2 Optical store for women; self-help mood cards; an energy-saving device for computers; blanket for bath water. October 11, 2006 3 A vending machine that dispenses purified water; all-natural first aid products; web-based job listing site. October 18, 20064A recreational ride for water parks; a new kind of popcorn bag; uniforms for petite women; plus-size lingerie line.October 25, 20065Underwear for men and women; a body brush for the shower; a healthy snack company.November 1, 20066Pet caskets; a bug museum; a haunted house; an amusement park; billboards.November 8, 20067A kegel exerciser; electronic gift cards; a portable barbecue.November 15, 20068The Dragons catch up with some of the most unforgettable entrepreneurs from the first season.November 22, 200621An abdominal training system; a tech news Web site; sports trivia books; a banana holder.October 1, 20072Diet and exercise software; helmets for sports fans; telephone-based language lessons; aromatherapy.October 2, 20073A Calgary tea shop; a racy reality series; a weight-loss tent; a lumberjack tries to save marriages one board game at a time.October 15, 20074A line of punk-inspired baby clothes; a device to detect electromagnetic waves; a vacuum for horses; a walking aid.October 22, 20075Indian spices; a small razor; a rifle scope; an online directory for hairstylists; harnessing energy from the gym to help power homes.October 29, 20076Custom-made jeans; homemade dog biscuits; a prosthetic bra; a perforated pizza box; an inflatable skateboard amusement ride.November 5, 20077Saxx ApparelA trailer to transport show dogs; submersible vehicles; Trent Kitsch pitches men's briefs; an ID tag for luggage.November 12, 20078A hygienic seat cover and poncho; custom stationary; fruit picking; sweet tomato jam.November 19, 20079Pure spring water; a breakfast cereal bar; a baby carrier for the pool; a snow shovel on wheels; a filing system.November 26, 200710Hydroponic produce; Christmas product ideas; a line of medicinal equine treats.December 3, 200731A dog who wants to be famous; a golf shoe sparks a bidding war.September 29, 20082Software for teachers; Roll up the Rim; a Canadian sombrero.October 6, 20083A spicy BBQ sauce; hot dogs; anti-freeze; a system for parking tickets.October 13, 20084Reading aids; a beauty-tainment; a snack business.October 20, 20085An eager entrepreneur in the wine business attempts to impress the dragons.October 27, 20086A former pro wrestler presents a barbell system; a florist attempts to grow his business.November 3, 20087An inventor with a history of bad luck changes his fortunes; a sleep-aid sets off the Dragons' alarms; and giving the boot to a sexy business proposal. Plus, a young inventor's futuristic vehicle revs things up.November 10, 20088EssentiaA good night's sleep; Robert makes a sweet offer. Jack Dell'Accio pitches Essentia mattresses.November 17, 20089A chilly invention turns up the heat; eco-invention.November 24, 200810Golf tees; musical games; magical numbers; moonshade blinds.December 1, 200811A deli drives back into the Den; a tanning business returns; an entrepreneur from season one; a fast food idea.December 8, 200812The dragons and some of the most memorable entrepreneurs weigh in on what went right and what went wrong in the den.December 15, 200841Students strip down; Kevin upgrades a travel website; the dragons get feisty over a business.September 30, 20092Twins present a line of lip gloss; a husband and wife duo; an eco-friendly clothing line.October 7, 20093A dance troupe shakes things up; an entrepreneur begs for cash; a tattoo business; lunchtime.October 14, 20094A casino dealer; a medical marijuana business; cell phone users.October 21, 20095Hopefuls try to turn dough into dollars; Arlene supports a bra business; Elvis impersonators.October 28, 20096A snowboard; an auto repair shop; table hockey.November 4, 20097What some of the most memorable entrepreneurs have been up to since their experience in the Den.November 11, 20098An offer makes fishermen greedy; DJ school; a fitness show for toddlers.November 18, 20099A sparkly swimsuit; a holistic healer; a Website that promotes recycling.November 25, 200910Diamonds made from an unlikely source; an underwear company; a board game.December 2, 200911A winter hat; futuristic living goes up in smoke; a familiar face braves the Den again.December 9, 200912A new tool; a top home designer is willing to put her name on the line.January 6, 201013A sauce business; a spray; a dress that provokes disagreement.January 13, 201014A computer mouse; a helmet for safety and style; a spa business.January 20, 201015A fruit basket; a revealing board game; an organic juice business.January 27, 201016A diaper delivery service; a scale; a boating business; a mailbox pitch.February 3, 201017The Dragons are treated to dessert; a condom that is safe for the environment; a board game.February 10, 201018The dragons go in on a million dollar offer; an eco-friendly business; a harness for puppies.March 3, 201019A rock business fighting the recession; a vodka business dances for dollars.March 10, 201051An inflatable toy; a textbook rental service; a waffle business.September 22, 20102The Dragons put in an offer on a group buying website; a brother and sister duo may need to throw out the baby with the bath water.September 29, 20103A little drama helps sell a business; a juice jug that's ready to stir things up; a chair company brings a splash of color.October 6, 20104Germaphobic travelers; innovative bathroom solutions.October 13, 20105A man believes he's got the cure for sleepless doggie nights; a new hand sanitizer business gets slimed; Don Cherry stops by the Den.October 20, 20106Budding entrepreneurs pitch their ideas to wealthy investors.November 3, 20107A father-son duo; a breakfast cereal feeds a bidding frenzy.November 10, 20108Two entrepreneurs look to revitalize their strained business; a new puzzle has the Dragons racing to make an offer; and a memorable visit from the king of rock 'n' roll.November 17, 20109A filtered water business makes a splash in the Den; a delivery service that has even the postman blushing; and a small bathroom product that plans to make a big difference.November 24, 201010An idea for a new film; a new board game sparks some Dragon cheer; a light storage solution.December 8, 201011Several lucky entrepreneurs from past seasons are given another chance to score a deal.January 5, 201112Dried honey products; a language software.January 19, 201113A new spin on riding a bike to work; laundry detergent that is environment friendly.January 26, 201114An eco-friendly idea; a health conscious couple; a shipping container full of potential; a snappy idea from a mother of five.February 2, 201115A new truck gadget; a stock trade board game; a barbershop with an appealing offer.February 9, 201116A duo begs the Dragons for cash; a takeout food container.February 16, 201117A DVD that will keep golfers playing nice on the green; one size fits all pants; an electric boat.March 2, 201118A pitcher sweats it out when the Dragons turn up the heat; a tasty snack in need of a healthy investment.March 9, 201119A poop and scoop business; eyewear to match your every look; a gadget that will make sure you're never caught speeding again.March 23, 201120the Dragons battle it out over some of the best ideas ever brought to the Den.March 30, 201161An all-natural practitioner gets a dose of reality; a coffee company; water idea.September 14, 20112An opera performance; novelty products; cashing in on unwanted gifts.September 21, 20113The Dragons are taught the importance of an easy day; a celebrity chef tries to cook up a deal.September 28, 20114A pet website; an online magazine; the Dragons get carried away by a Bottle Bin.October 5, 20115A fitness ball; a foam saver; men's underwear; a waterless car wash.October 12, 20116A student/stockbroker; a teenage Formula Tour driver; headwear with earphones; students hope the Dragons jump on the note-taking bandwagon.October 26, 20117Smoked meat on wheels; a racy pitch; a housing idea.November 2, 20118A four-legged fashion show; a golf jacket.November 9, 20119A gym; golf; raw food; crutches.November 30, 201110A dual-purpose bag; the value of freedom; a realtor website; a pitcher fights back.December 7, 201111Holiday wrapping; seasonal lights; a holiday treat.December 14, 201112Past pitchers are back for a second chance; men's underwear; helmet wrap; a dog festival; a natural soap.January 11, 201213An exercise aid creates tension; a massage franchise.January 18, 201214A spectator garment hopes for fans; a homegrown idea.January 25, 201215A group puts up barriers in the den; a shakable pancake powder; a specialty clothing line.February 1, 201216Magnets; a small business; a candy company.February 8, 201217Checking in with some of the most memorable entrepreneurs; the Dragons reflect on their deals.February 29, 201218The friend-zone; a nutrient-rich powder; a masculine ski mask; a natural sweetener.March 7, 201219A toilet accessory; a hockey website; an Internet-based shop for every occasion; a clam diver.March 14, 201220Branded phone casings; a water dispenser; a home improvement invention; a hangover cure.March 21, 201221Dianne and the Dragons reflect on six incredible seasons in the Den.June 3, 201271Entrepreneurs who were unsuccessful in the past try again to make their businesses work; a niche product draws the Dragons out of their comfort zone.September 19, 20122A distillery business hopes for an investment; a posture perfectionist; a yard work tool; a pitcher takes flight in the den.September 26, 20123The Dragons let loose; a beauty business; a realty business bares all; a breath of fresh air from an apparel company.October 3, 20124Sisters from a small town hope for an investment in their tasty business; the Dragons are invited to a new type of party.October 10, 20125The Dragons enjoy martinis; the gloves are off; a Dragon swing goes out of bounds; school fundraising.October 24, 20126Toe to toe with a young entrepreneur; quiz time; a small entrepreneur with a big heart; a concert.October 31, 20127Cuddling with furry friends; the best burger; an automobile accessory; a fashion show.November 14, 20128A unique exercise; things get dirty; a family business; a memorable market.November 21, 20129A dental emergency from a tasty pitch; a feathered friend; a helmet innovation.November 28, 201210A winter tool attachment; a redesigned holiday classic; a money game; a line of action figures.December 5, 201211A deli drives back into the Den; a tanning business returns; an entrepreneur from season one; a fast food idea.January 6, 201312The Dragons test their fitness skills; a franchise opportunity; the largest ask ever; a Prairie product creates buzz.January 13, 201313The Dragons' receive a performance; up close and personal; a multimillion-dollar valuation; a food topping.January 20, 201314A duo charms with their trinkets; software for children; a paper packing company; an office compost service.January 27, 201315A showerhead invention; a dating site in need of a partner; a chocolate bar; a classic gets a meaty spin.February 10, 201316A baby product prevents a big mess; an energy idea; words of encouragement; a handy entrepreneur.February 17, 201317A snack fit for a king; an artist's body of work; a food entrepreneur; a Guinness World Record holder.March 24, 201318A detox delivery business; an artist with a Disney dream; a golden opportunity; a pepper spray entrepreneur.March 31, 201319A new step for women's footwear; eyeglass entrepreneurs; a bicycle innovation; a ride share business.April 7, 201320A year in the public and private lives of the Dragons and their secrets to success.April 14, 201381A brand new den is revealed; a snack company; a denim company; a couple's solution to a problem; a tech company hopes to launch their product.October 2, 20132A tough sword to swallow; a father and daughter's invention; an entrepreneur jumps through hoops; turning wasted food into healthy profits. October 9, 20133The Dragons get flushed; a demonstration is halted; a silent skit causes confusion.October 16, 20134An established business tries to get a deal; a pitcher horses around; a tasty treat; a men's shoe company tries to measure up.October 23, 20135A search for a deal; when it rains, it pours; a family favourite; a team effort.October 30, 20136One of the Dragons gets whipped into shape; a pitcher tries to score a deal; a trip through time; a food pitch stirs up the competition.November 6, 20137The Dragons show off their dance moves; an idea targets a mess; a high-pitched pitch; the Dragons learn that entrepreneurship has no age limits.November 13, 20138An entrepreneur returns in need of a Dragon partner; a natural product; a Dragon is stretched thin; a pair hoping for a smooth ride.November 20, 20139An owner rides circles around the Dragons; a pitch with a lot to digest; a business has its customers drooling; a promise to keep the Dragons from running on empty.December 4, 201310A festive fashion faux pas; a pitcher has the whole package; a frosty invention; a pitcher tries to keep the Dragons' interest.December 11, 201311Elvis is back in the building; a fitness enthusiast returns; a thirsty pitcher wants a second chance; brothers who are willing to bet the farm.January 8, 201412Fix Me StickA pitcher has sun protection covered; a connection to the earth; business partners hope a deal will help their business explode. Marty Algire and Corey Velan from Montreal, CA pitch the "Fix Me Stick"January 15, 201413A pitcher hopes to bag a deal; a pitch leaves a lasting impression; a couple looks for EZ money; two partners hope to have a recipe for success.January 22, 201414A pair of business partners try to sweet-talk the Dragons; a kayak company; a couple prays for a successful pitch; four friends with their own brew.January 29, 201415An inventor puts the Dragons in the hot seat; a couple tries to nurse a deal; an entrepreneur tries to flip the Dragons; an idea gets the Dragons rolling in money.February 26, 201416A pitch puts the Dragons on the edge of their seats; a farming family; business partners hope they can arouse some interest; one man's trash is another man's treasure.March 5, 201417A Bollywood-inspired business idea; a solution for sagging pants; an entrepreneur's flavourful pitch.March 12, 201418An idea to take the sting out of summer; the Dragons nearly get put to sleep; friends hope for a smooth experience.March 19, 201419The Dragons are challenged to man-up; a lasting impression; the Dragons take a bite out of a family business.March 26, 201420The Dragons visit some unforgettable pitchers, some who landed deals, some that got rejected or some who say the Dragons got it wrong.April 2, 201491A married couple try to get a rise out of the Dragons; an entrepreneur hopes that he's got enough material; a major solution to a minor problem.October 15, 20142A new Dragon tightens his wallet; hopefuls give an athletic pitch; siblings try to yodel their way to a deal; a product the Dragons can sink their teeth into.October 22, 20143An entrepreneur with a cheeky business; a product with a cheesy pitch; an established entrepreneur has a pitch for the Dragons.October 29, 20144The Dragons' must choose fantasy or reality; an entrepreneur tries to swipe a deal; a duo tries to ice their opponents; the Dragons are humbled.November 5, 20145A couple believe they have the magic touch; two business majors have an international idea; the youngest hopeful ever has a lunch-break idea; four brothers teach the Dragons.November 12, 20146The mood in the Den gets amplified; an entrepreneur hopes to paint a greener future; a family hopes to cook up a deal; a multimillion-dollar request.November 19, 20147A chic entrepreneur heats things up; a romantic pitch; a handy entrepreneur presents his idea; a business gets some professional help.November 26, 20148An entrepreneur challenges convention; a snowboarder tries to keep his cool; a business gets everything on their wish list; an inventor hopes his product will drive sales.December 3, 20149Two return hoping their new line is a perfect fit; a couple return with a new product; an entrepreneur hopes the third time is the charm; a successful entrepreneur returns for an even bigger deal.January 7, 201510An entrepreneur hopes a game of catch will score a deal; a hero swoops into the Den; an entrepreneur presents the fruits of her labour; a team hopes for a second chance.January 14, 201511A musical entrepreneur tries to score a deal; a store owner lays it all on the table; a pair hope to ice out big industry players; business partners pitch their truly Canadian beverage.January 21, 201512The Dragons compete over a protective product; an entrepreneur bares it all; an eco-friendly solution to a monthly problem; athletes hope the Dragons will join their team.January 28, 201513An entrepreneur believes he can be an industry ringleader; a flashy product burns a Dragon; a product with an outlawed origin; a green product has the Dragons seeing red.February 4, 201514A family has a twist on tradition; cousins ride into the Den with bells on; a business has a tropical solution; a family's inspirational story.February 11, 201515A legendary creature appears in the Den; the Dragons are on edge over an adventurous business model; a wild opportunity presents itself; a delivery business offers its pitch.February 18, 201516Business partners demonstrate how they'll wipe away the competition; an entrepreneur explains his strategy; a family is confident in their product; a business tries to prove they can become an industry leader.March 4, 201517Three friends hope to toast to a deal; two nurses hope the Dragons want in; an entrepreneur sticks out her neck; a CEO looks for some seed money.March 11, 201518A company asks for a shot; an entrepreneur presents his product; an entrepreneur has a bitter story; a couple believe they have a solution to a hot problem.March 18, 201519A company tries to scare the Dragons into a deal; an entrepreneur has a cap-in-hand presentation.April 1, 201520Celebrating the biggest deals of the season; the Dragons share their success secrets.April 8, 2015101Three new Dragons enter the Den; a product gets the Dragons thirsty for a deal; a business bares it all; two brothers pitch to the Dragons.October 7, 20152The Dragons get help from a furry friend; a family's twist on a traditional treat; a graphic artist pitches her business; the Dragons decide if a product sinks or swims.October 14, 20153A product sparks a bidding war after warming the dragons' hearts; a dragon's gaming skills are put to the test; an entrepreneur hopes the dragons won't chicken out; a business looks to inspire a bionic deal.October 28, 20154A company hopes to win a deal; an entrepreneur is put on ice; a farmer serves a taste of her bubbly business.November 4, 20155A company hopes the Dragons will toast to a deal; an entrepreneur peels back the layers of her business.November 11, 20156A university student tries to spin a deal; two guests help a student school the dragons; business partners don't want to be left in the dark; siblings turn up the heat and teach the dragons not to underestimate students.November 18, 20157An artist hopes to sing his way into the dragons' hearts; partners present an enlightening demonstration; a trio must make a decision before an offer melts; business partners hope to team up with a dragon.November 25, 20158A food chain offers a twist on a Canadian classic; two friends hope a contest will score them a deal; a father and son aim to land a partner; a boxer tries to get a Dragon on his team.December 2, 20159An entrepreneur discovers which Dragons are naughty or nice; brothers want to warm up cool attitudes; a company has special gifts for the Dragons.December 9, 201510An entrepreneur gets back on the horse; a returning company thinks it can break a sweat in an out-of-shape market; a man brings his business back to the table; a team returns with a hardy opportunity.January 6, 201611The Dragons battle it out; two parents try to woo the Dragons; a food chain offers a tasty proposition; an entrepreneur with a soothing solution.January 13, 201612An entrepreneur has some slick moves; the Dragons are panicked after a puzzling pitch; a business plan with a few kinks; a company returns in the hopes of scoring a home run.January 20, 201613An entrepreneur hopes the Dragons will roll the dice; an inventor returns for an investment; a tourism company; a techpreneur gets a virtual-reality check.January 27, 201614An entrepreneur hopes the Dragons will float her some cash; a paint innovator hopes for a smooth finish; the Den gets dressed up; a former hockey player hopes to score big.February 3, 201615A company's past is more than relative; a husband and wife present their products; sisters present their fashion line; a family's food concept presents the Dragons with a cut of the business.February 10, 201616KnixwearUpdates on past pitchers who are putting their investments to good use and fan favorites. Joanna Griffiths pitches Knixwear.February 24, 201617A fresh idea is presented to the Dragons; the Dragons share their opinions with a trio; a DNA-based business; an active pitch breaks down barriers.March 2, 201618Brothers hope for a long-term partner for their short-term product; a curious fashion show; a family presents a durable demo; a beauty product's secret ingredient is revealed.March 9, 201619A sports-themed company is ready to lay it all on the table; an inventor presents his prototype; a pair of entrepreneurs present a solution for a pesky problem.March 16, 201620Businesses compete against one another and the Dragons decide which will continue their pitch.March 23, 201621The Dragons see a colourful pitch; a business hopes to grow organically; a pet business tries to get a clean deal; a fitness pitch has the Dragons sweating.March 30, 201622Past and present Dragons share their favourite memories; looking back at the past 10 years of inspiring pitches by Canadian small businesses.April 6, 2016111A business hopes to leave the Dragons hungry for more; a product works to remove the stink in the Den; a family business hopes for a deal; a financial education platform needs serious interest from the Dragons.October 5, 20162An entrepreneur breaks down more than just numbers; a designer hopes for a perfect pitch; a family with rich history hopes to get the Dragons seeing dollars; the Dragons receive a tasty proposition.October 12, 20163Hockey dads think their product can go head-to-head against the competition; a company aims to flip the switch on the DIY market; the Dragons believe a business model is a stroke of genius; a green product has the Dragons seeing red.October 19, 20164Hockey dads think their product can go head-to-head against the competition; a company aims to flip the switch on the DIY market; the Dragons believe a business model is a stroke of genius; a green product has the Dragons seeing red.October 26, 20165A fitness company tests the Dragons; a request brews up some objections; an entrepreneur hopes for an organic partnership; a longtime business needs the Dragons' help before it slips through the cracks.November 2, 20166A fitness company tests the Dragons; a request brews up some objections; an entrepreneur hopes for an organic partnership; a longtime business needs the Dragons' help before it slips through the cracks.November 16, 20167A clothing business proves that less isn't more; the Dragons' tempers short-circuit; serving a mouth-watering meal in the Den; an entrepreneur believes that he can get the Dragons on the same wavelength.November 23, 20168Tensions rise when a company turns up the volume; an entrepreneur presents a sweet deal; the Dragons question a company's projections; a husband and wife duo believe adding a Dragon to their group will wash away the competition.November 30, 20169A family decks the halls with a hot offer; two entrepreneurs have a festive presentation; a couple returns with high hopes.December 7, 201610A fantasy face-off has everyone up in arms; a trio returns thirsty for a deal; a re-evaluation gets the Dragons to weigh their odds; a family hopes to get a second deal.January 11, 201711The Dragons share the origins of their success and reflect on their careers.January 18, 201712A company hopes some furry friends will help it catch a deal; an entrepreneur is caught flat-footed; a salesman tries to wheel and deal; a business hopes to get the green light from the Dragons.January 25, 201713A student entrepreneur believes her business is a class above the rest; a duo teaches the Dragons that age isn't an obstacle; a trio presents an easier way to purchase feminine essentials; a young entrepreneur is in high spirits when presenting his knowledge.February 1, 201714First generation Canadians share their stories; a family presents a new breakfast item; a married couple present the Dragons with a taste of their culture; a mobile service offers smiles from ear to ear.February 8, 201715Siblings try to secure a clean deal; a business offers a twist on a classic condiment; a father and son duo hopes to turn their virtual dream into a reality; a family hopes to prove that their business is in top shape.February 15, 201716A business promises its proposal won't be hard to swallow; a hockey fan hopes to score; entrepreneurs present a new invention; an entrepreneur hopes her app will fill a health industry gap.February 22, 201717A fresh idea is presented to the Dragons; the Dragons share their opinions with a trio; a DNA-based business; an active pitch breaks down barriers.March 1, 201718Brothers hope for a long-term partner for their short-term product; a curious fashion show; a family presents a durable demo; a beauty product's secret ingredient is revealed.March 8, 201719A sports-themed company is ready to lay it all on the table; an inventor presents his prototype; a pair of entrepreneurs present a solution for a pesky problem.March 15, 201720Businesses compete against one another and the Dragons decide which will continue their pitch.March 22, 2017121This two-hour special features ten Canadian businesses hoping to score a deal with the DragonsSeptember 28, 20172A company thinks rt will be barking up the right tree with the help of a few celebrity endorsements, a trampoline studio seeks a strategic partner, and more,October 5, 20173A strong couple powers their way through their pitch, Inds gear up to bring safety to the Den and much more,October 12, 20174A tween author publishes an inspiring future, Waterloo students pitch their innovative health product which makes the Dragons skip a beat, and more,October 19, 20175A couple of business partners pop the question to the Dragons, a brilliant inventor impresses the Den with his big idea, and more!October 26, 20176Endy SleepA guitarist plans to sync the right Dragon to rock on a deal, Mike Gettis and Aashish Nathwani pitch a mattress product called Endy Sleep.November 2, 20177The Den honours Canadian heroes in the Heroes SpecialNovember 9, 20178An entrepreneur hopes to extinguish Dragon doubt over his product, a sneakerhead wants to prove that his company is the perfect fit for a Dragon investment and more,November 16, 20179Why Didn't I Think of That? The Dragons get an eye-opening glimpse at innovations in Canada and what it takes to turn a good idea into a great business.November 23, 201710An art dealer reveals his custom royalty peg... the Dragons, an ice cream lover shows the Dragons how to roll, and more,November 30, 201711Holiday-themed businesses face the Dragons with great gift, stocking staffers and some shocking proposals—all with hopes of getting the Dragons to channel their inner SantaDecember 7, 201712In this second chance special, a circus troupe leaves the Dragons in awe, a successful father and daughter duo think their new product shall stick, and more,January 11, 201813Sparks fly in the Den over whether one business is as bright as some Dragons may think, a flashy demonstration aims to get the Dragons off their feet, and more,January 18, 201814A trio of brothers makes more than just a splash in the Den, the Dragons get charged up over an attractive investment opportunity, and more,January 25, 201815A father-son team looks to drive their concept home by playing it safe, a family business hopes the Dragons won't send them packing, and more,February 1, 201816Paul Sun-linking Lee, guest-hosts a new special episode that welcomes back some of the most unforgettable pitchers from the last 12 seasonsMarch 1, 201817An auto enthusiast hopes to drive away with a deal, a fitness enthusiast saw her energetic demo will help the Dragons get a grip and more,March 8, 201818An entrepreneur ndes into the Den thirsty for an investment, a group of students hope the Dragons turn their virtual dream into a reality, and more,March 15, 201819Taekwondo athletes enter the Den fighting, a financially fit duo hope to prove they can make every cent count, and more,March 29, 201820A thirst-quenching proposal has the Dragons energized for a deal, a volcano owner goes up against Dragon fire, and much more,April 5, 2018131In the season premiere, two new Dragons bring their expertise to the panel.September 20, 20182A gym owner seeks a strategic partner to row his business to the top, a duo seeks investment for a paper product they hope the Dragons will eat up, and much more,September 27, 20183An inventive mother looks to show the Dragons she doesn't make rash decisions, a company hopes the Dragons can stomach their business proposal, and more!October 4, 20184For the first time ever, Dragons' Den pulls back the curtain to reveal the exciting inner workings of Canada's favourite business show.October 11, 20185Are We Dragons are ready to cash in on Canada, newest cash cropsOctober 18, 20186A duo hopes they add isn't off key, a caffeine product needs a Dragon boost, and much more,October 25, 20187An entrepreneur reveals the 'tooth' about dental hygiene, a theatrical team aims to be the highlight of We show and more!November 1, 20188A table-top discussion sparks Dragon competition, pet enthusiasts hope to bark up the right money tree and more!November 8, 20189From the tech world to the oil rigs, the side hustle entrepreneurs leave behind their day jobs to show the Dragons they have the skills to make their passion a full-time pursuitNovember 15, 201810Transformer TableA team of entrepreneurs hopes the Dragons sell gush over their business, a group of friends look to transform the furniture industry and more'November 22, 201811Our entrepreneurs aim to win over the Dragons' inner Scrooge with their winter themed gear, meals, and stocking stutters.November 29, 201912In this Student Special, the Dragons are about to get schooled as students give them a lesson in their business ideas.January 10, 201913A trio hopes to get some Dragon bucks for their take on a tux, an entrepreneur looks to continue his cycle of success, and more!January 17, 201914A team of estheticians create a hairy situation in the Den, a hockey coach reveals a game-changing invention, and more!January 24, 201915A couple is taking baby steps towards growing their prototype into a big business, an electrician thinks that a Dragon partner would fit his business like a glove, and more!January 31, 201916A team of triathletes hopes their pitch doesn't leave them hearing crickets, an inventor aims to plant the seed for an investment, and more!February 7, 201917The Dragons are fired up and looking for passionate pitchers and proposals, hoping to make the perfect partnership in the Den.February 14, 201918With support from they loved ones behind the scenes, will these companies expand their family tree to include a Dragon?February 21, 201919A furniture company wants to avoid getting drilled by the Dragons, a yoga instructor hopes to bring some zen into the Den with some furry friends, and more!February 28, 201920Proven entrepreneurs need Dragon dollars to take them to the next level.March 7, 2019141Thrill-seeker pitches an extreme innovation; two friends present an eco-friendly concept.March 3, 20212A couple seeks investment correction; a salesman and a creative duo pitch their ideas; a family business proposes a deal.March 3, 20213An athlete enlists help for their venture; a trio pitches a decorative idea; a clean-tech entrepreneur seeks investment; a father introduces a unique product.March 3, 20214A company presents a valuable proposition; an entrepreneur showcases their work ethic; a business aims for a successful pitch; a trio seeks a nautical-themed deal.March 3, 20215Family businesses pitch their ventures, involving siblings, parents, and children.March 3, 20216A chocolate company seeks a sweet investment; an entrepreneur displays a positive mindset; a health coach pitches for business growth.March 3, 20217Students turn trash into treasure; an entrepreneur advocates for sustainable fashion; a team proposes a noise-reduction solution.March 3, 20218Partners pitch an intoxicating idea; a student seeks a deep investment in their business.March 3, 2021DisruptDen Special:Entrepreneurs present game-changing, disruptive ideas, seeking the Dragons' risk-taking interest.March 3, 2021151Firefighters present a competitive solution; brothers pitch a homemade innovation; an entrepreneur showcases footwork; a couple seeks dairy-related investment.October 22, 20202A joyful entrepreneur seeks a pet-friendly deal; an inventor looks for a perfect match; clean-tech partners pitch; an entrepreneur presents a valuable material business.October 29, 20203Confectioners offer a historic taste; a young entrepreneur showcases a jumping app; an inventor faces a close shave.November 5, 20204HardbaconJulien Brault pitches a mobile financial app called Hardbacon; industrial worker seeks a lucrative cleaning solution.November 12, 20205Home-brew concept pitched; student presents après-ski invention; duo sends a memorable message.November 19, 20206Friends challenge swimwear stigma; entrepreneurs gingerly pitch; duo revitalizes traditional skill.November 26, 20207Friends pitch sustainable product for profit; entrepreneur spices up the Den.December 3, 20208Partners smooth out their business proposal; event operator makes a pitch; engineer focuses on waste management; east coast duo seeks success.December 10, 20209Duo hits sweet spot with pitch; entrepreneur gets familiar help; friends pitch a business; partners present a tea-related invention.December 17, 2020161New Dragon joins panel; entrepreneur pitches cycling venture; teacher seeks software investment; event planner and young entrepreneur present their ideas.October 21, 20212Fitness duo, fashion entrepreneur seek investment; mother pitches adventure subscription; siblings propose mobile concept.October 28, 20213Racer introduces virtual event concept; couple pitches wave-riding business.November 4, 20214Entrepreneur presents his product; environmentalist pitches recycling venture; cat enthusiast seeks positive response; industrial worker aims for gold extraction.November 11, 20216Entrepreneur values business highly; siblings pitch liquid asset concept; family seeks suitable Dragon partner; entrepreneur introduces distilling trend.November 25, 20217Chiropractor seeks investment; couple demonstrates determination in business.December 2, 20218Siblings encourage Dragons' playfulness; journalist pitches lucrative idea.December 9, 20219Childhood friends pitch baggage-related business; brothers seek to impress with a modular concept.December 16, 202110Entrepreneur seeks Dragon team member; husband-wife duo pitch for business growth.December 16, 2021171Former Dragon returns; entrepreneur pitches seafood innovation; siblings seek investment for optical product; mompreneur and friends reveal ideas.September 15, 20222Plant enthusiasts seek growth; backpacker demonstrates lifelong entrepreneurship; cousins emphasize family importance; bubbly entrepreneur quenches investment thirst.September 22, 20223Maritimers pitch sparkling product; entrepreneurs aim to boost finances; teacher-turned-business owner adapts; friends excitedly showcase briefs.September 29, 20224Duo aims to cut through bureaucracy; entrepreneurs face pricing challenges; married couple seize opportunity; former teacher appeals to Dragons' appetites.October 06, 20225Mother establishes Den presence; entrepreneur reveals new concept; student aims to protect assets; familiar face seeks saucy return.October 15, 20226Couple engages in numbers game; entrepreneur wraps Dragons in business; engineer and doctor seek endorsement; marketer finds fitting partner for berry venture.October 20, 20227Entrepreneur tackles street cleaning; restaurateurs noodle over potential investment; student presents muscle-building opportunity; partners anticipate Dragons' reactions.October 27, 20228Distillers seek deal; east coast team pitches music product; a pitch with a company gets tense; business partners pitch an investment.November 3, 20229Charmy Pet BoxEntrepreneurs; married couple make pitches; Zach Sheng and Senia Wang pitch Charmy Pet Box dog treats; entrepreneur pitches a plant-based business.November 10, 202210Mother-daughter team makes impact; married couple seeks cleanliness and splash; designer demonstrates custom product; decorated entrepreneur ignites Dragons' interest.November 17, 2022
Awards
On June 13, 2011, Dragons' Den was named best reality program at the Banff World Television Festival.
Canadian Screen Award for Best Reality/Competition Program or Series
Gemini Award for Best Reality Program or Series
Spin-offs
Two spinoff shows featuring Dragons on their own have been created, Redemption Inc. with Kevin O'Leary, and, The Big Decision with Arlene Dickinson & Jim Treliving.
|
Fabio Gallia
|
[
"1963 births",
"2024 deaths",
"Italian bankers",
"20th-century Italian businesspeople",
"21st-century Italian businesspeople",
"BNP Paribas people",
"People from Alessandria",
"Chief investment officers",
"Italian chief executives"
] | 1,080
| 8,940
|
Fabio Gallia (20 August 1963 – 7 May 2024) was an Italian banker, manager and businessman.
Until his death, he held the position of senior advisor at Centerview Partners, a global investment bank based in New York. Centerview Partners was rated as the "No. 1 Investment Bank to Work For" by Vault and ranked among the best investment banking boutiques in the world.
During his over 30-year career, Fabio operated at the highest levels of the banking and investment industry where he led as CEO several financial institutions and acted as a trusted advisor to entrepreneurs, private equity and infrastructure investors.
From 2020 until 2022 Fabio Gallia held the position of general manager of Fincantieri, the world's leading shipbuilding company, with €7 billion in revenue, 21 thousand employees; active in the cruising, naval and off-shore sectors, with a global manufacturing footprint.
Prior to that, Fabio was a CEO of Cassa Depositi e Prestiti (CDP), the Italian Sovereign Wealth Fund whose activities encompass lending to public authorities and corporates, infrastructure projects; equity investments (strategic long-term equity, private equity and venture capital) and real estate. CDP, with assets in excess of US$400 billion, was and still is the largest investor in the Italian Stock Exchange with stakes in companies like Eni, Fincantieri, Poste Italiane, Snam, Terna, Italgas, Saipem.
He was previously CEO of BNL-BNP Paribas Group and member of the group executive committee. With revenue of €5 billion, total assets in excess of €110 billion and 20 thousand employees, the Group Italian activities include: commercial and investment banking, asset management and insurance, consumer finance and real estate.
Before that, he joined Capitalia Group, then Italy’s third largest banking Group, as Co-General Manager and CFO and later as CEO of Fineco and Banca di Roma.
Prior to joining Capitalia, after a stint at Accenture, he worked for Ersel AM, the then-leading Italian independent asset management firm.
He was an independent board member of Edison (Italian leader in the energy market, €9 billion sales, listed on the Milan Stock Exchange and part of EDF Group). He also served as a member of the board of Telethon Foundation (world-leading research institution focusing on rare genetic diseases) and as a member of the Audit Committee of the European Society of Cardiology.
He was senior advisor of Brookfield Asset Management and member of the European Business Heads board until 2023. He was an independent board member of several industrial companies and institutions within the financial industry, including Borsa Italiana (the Italian Stock Exchange).
Career before Capitalia
Gallia began his career in 1988 at consultancy firm Accenture.
In 1990 he was employed by Ersel Asset Management Sgr, the then Italian leading independent asset management firm (Giubergia Group), where he covered roles of increasing responsibility, before becoming general manager and partner in 1999.
Career at Capitalia Group
In 2002, he joined Capitalia Group, then Italy’s third largest banking group, as co-general manager and chief financial officer in charge of the group’s finance, wealth management and distribution. In 2003, he was appointed chief executive officer of Fineco (listed sub-holding of the Capitalia Group): in 2005, Fineco was incorporated into Capitalia. From 2005 to 2007, he was chief executive officer of Banca di Roma and chairman of the management committee of the Capitalia Group.
Career at BNP Paribas Group
From 2008 he was chief executive officer and general manager of BNL - BNP Paribas Group and member of the executive committee of BNP Paribas. From 2009, he was chairman of Findomestic Banca and, from 2012, he managed the BNP Paribas Group in Italy.
Career at Cassa Depositi e Prestiti
From July 2015 to July 2018, he held the position of chief executive officer and general manager of Cassa Depositi e Prestiti.
Other professional experience
He was board member of Edison (EDF Group) and Telethon Foundation (leading research institution focusing on rare genetic diseases); he later served as a member of the Audit Committee of the European Society of Cardiology.
He held previous board positions in Borsa Italiana (Italian Stock Exchange), MTS (electronic trading platform), Ariston Thermo (Merloni Group, heating systems), Coesia (Seragnoli Group, packaging machinery), Manifatture Sigaro Toscano, Mooney (formerly SisalPay), Museo Egizio di Torino Foundation and both in insurance and asset management businesses.
Education
Gallia graduated in 1987 with a degree in Business and Economics from the University of Turin. From 1989, he was on the register of the Italian chartered accountants. He was married, had two sons and lived in Rome.
Honours
In June 2013 Fabio Gallia was named “Chevalier” of the National Order of Legion of Honour of the French Republic.
In May 2015 Fabio Gallia was appointed Knight of Labour of the Italian Republic.
In February 2019, he received a PhD honoris causa in Management, Banking and Commodity Sciences from La Sapienza University in Rome.
Death
Gallia died on 7 May 2024, at the age of 60.
|
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