U.S. Securities and Exchange Commission
The U. S. Securities and Exchange Commission is an independent agency of the United States federal government; the SEC holds primary responsibility for enforcing the federal securities laws, proposing securities rules, regulating the securities industry, the nation's stock and options exchanges, other activities and organizations, including the electronic securities markets in the United States. In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, other statutes; the SEC was created by Section 4 of the Securities Exchange Act of 1933. The SEC has a three-part mission: to protect investors. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and annual reports, as well as other periodic reports. In addition to annual financial reports, company executives must provide a narrative account, called the "management discussion and analysis", that outlines the previous year of operations and explains how the company fared in that time period.
MD&A will also touch on the upcoming year, outlining future goals and approaches to new projects. In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR online from which investors can access this and other information filed with the agency. Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the capital markets is not guaranteed by the federal government; the potential for big gains needs to be weighed against that of sizable losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals as well as large institutions the same basic facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud; the SEC makes reports available to the public through the EDGAR system. The SEC offers publications on investment-related topics for public education.
The same online system takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a strict policy of never commenting on the existence or status of an ongoing investigation. Prior to the enactment of the federal securities laws and the creation of the SEC, there existed so-called blue sky laws, they were enacted and enforced at the state level and regulated the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws varied among states, they all required the registration of all securities offerings and sales, as well as of every U. S. stockbroker and brokerage firm. However, these blue sky laws were found to be ineffective. For example, the Investment Bankers Association told its members as early as 1915 that they could "ignore" blue sky laws by making securities offerings across state lines through the mail. After holding hearings on abuses on interstate frauds, Congress passed the Securities Act of 1933, which regulates interstate sales of securities at the federal level.
The subsequent Securities Exchange Act of 1934 regulates sales of securities in the secondary market. Section 4 of the 1934 act created the U. S. Securities and Exchange Commission to enforce the federal securities laws; the Securities Act of 1933 is known as the "Truth in Securities Act" and the "Federal Securities Act", or just the "1933 Act". Its goal was to increase public trust in the capital markets by requiring uniform disclosure of information about public securities offerings; the primary drafters of 1933 Act were Huston Thompson, a former Federal Trade Commission chairman, Walter Miller and Ollie Butler, two attorneys in the Commerce Department's Foreign Service Division, with input from Supreme Court Justice Louis Brandeis. For the first year of the law's enactment, the enforcement of the statute rested with the Federal Trade Commission, but this power was transferred to the SEC following its creation in 1934. In 1934, Roosevelt named his friend Joseph P. Kennedy, a self-made multimillionaire financier and a leader among the Irish-American community, as the insider-as-chairman who knew Wall Street well enough to clean it up.
Two of the other five commissioners were Ferdinand Pecora. Kennedy added a number of intelligent young lawyers, including William O. Douglas and Abe Fortas, both of whom became Supreme Court justices. Kennedy's team defined the mission and operating mode for the SEC, making full use of its wide range of legal powers; the SEC had four missions. First and most important was to restore investor confidence in the securities market, which had collapsed because of doubts about its internal integrity, fears of the external threats posed by anti-business elements in the Roosevelt administration. Second, in terms of integrity, the SEC had to get rid of the penny-ante swindles based on fake i
A multinational corporation or worldwide enterprise is a corporate organization which owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can be referred to as a multinational enterprise, a transnational enterprise, a transnational corporation, an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise. Most of the largest and most influential companies of the modern age are publicly traded multinational corporations, including Forbes Global 2000 companies. Multinational corporations are subject to criticisms for lacking ethical standards, that this shows up in how they evade ethical laws and leverage their own business agenda with capital, the military backing of their own wealthy host nation-states.
They have become associated with multinational tax havens and base erosion and profit shifting tax avoidance activities. A multinational corporation is a large corporation incorporated in one country which produces or sells goods or services in various countries; the two main characteristics of MNCs are their large size and the fact that their worldwide activities are centrally controlled by the parent companies. Importing and exporting goods and services Making significant investments in a foreign country Buying and selling licenses in foreign markets Engaging in contract manufacturing — permitting a local manufacturer in a foreign country to produce their products Opening manufacturing facilities or assembly operations in foreign countriesMNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, utilizing their technological and managerial know-how globally with minimal additional costs.
Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries, gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon the behavior of multinational corporations, given that they are "stateless" actors, is one of several urgent global socioeconomic problems that emerged during the late twentieth century; the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week, the conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research; this intersection is known as logistics management, it describes the importance of increasing global mobility of resources. In a long history of analysis of multinational corporations we are some quarter century into an era of stateless corporations - corporations which meet the realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries.
One of the first multinational business organizations, the East India Company, was established in 1601. After the East India Company, came the Dutch East India Company, founded March 20, 1603, which would become the largest company in the world for nearly 200 years; the main characteristics of multinational companies are: In general, there is a national strength of large companies as the main body, in the way of foreign direct investment or acquire local enterprises, established subsidiaries or branches in many countries. Multinational corporations can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile. Corporations can engage in tax avoidance through their choice of jurisdiction, but must be careful to avoid illegal tax evasion. Multinational corporations may be subject to the laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes target the "enterprise" with statutory language around "control".
For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees and forms.
A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of numbers or a combination of both. "Ticker symbol" refers to the symbols. Stock symbols are unique identifiers assigned to each security traded on a particular market. A stock symbol can consist of letters, numbers, or a combination of both, is a way to uniquely identify that stock; the symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, to make it easy to recognize by traders and investors. The allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are between 1 and 4 letters and represent the company name where possible. For example, US-based computer company stock Apple Inc. traded on the NASDAQ exchange has the symbol AAPL, while the motor company Ford's stock, traded on the New York Stock Exchange has the single-letter ticker F.
In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA. While in Asia, numbers are used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBC's stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005. Symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a phonetic spelling of the company "XON" as its ticker symbol; the symbol of the firm after the merger was "XOM". Symbols are sometimes reused. In the US the single-letter symbols are sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V, used by Vivendi which had delisted and given up the symbol. To qualify a stock, both the ticker and the exchange or country of listing needs to be known. On many systems both must be specified to uniquely identify the security; this is done by appending the location or exchange code to the ticker.
Although stock tickers identify a security, they are exchange dependent limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes; the most prevalent of these is the International Securities Identifying Number. An ISIN uniquely identifies a security and its structure is defined in ISO 6166. Securities for which ISINs are issued include bonds, commercial paper and warrants; the ISIN code is a 12-character alpha-numerical code that does not contain information characterizing financial instruments, but serves for uniform identification of a security at trading and settlement. The ISIN identifies not the exchange on which it trades. For instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, is priced in five different currencies. ISIN cannot specify a particular trade in this case, another identifier the three- or four-letter exchange code will have to be specified in addition to the ISIN.
While a stock ticker identifies a security that can be traded, stock market indices are sometimes assigned a symbol though they can not be traded. Symbols for indices are distinguished by adding a symbol in front of the name, such as a caret or a dot. For example, Reuters lists the Nasdaq Composite index under the symbol. IXIC. In Canada the Toronto Stock Exchange TSX and the TSXV use the following special codes after the ticker symbol: In the United Kingdom, prior to 1996, stock codes were known as EPICs, named after the London Stock Exchange's Exchange Price Information Computer. Following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still referred to as EPICs. Stocks can be identified using their SEDOL number or their ISIN. In the United States, modern letter-only ticker symbols were developed by Standard & Poor's to bring a national standard to investing. A single company could have many different ticker symbols as they varied between the dozens of individual stock markets.
The term ticker refers to the noise made by the ticker tape machines once used by stock exchanges. The S&P system was standardized by the securities industry and modified as years passed. Stock symbols for preferred stock have not been standardized; some companies use a well-known product as their ticker symbol. Belgian brewer InBev, the brewer of Budweiser beer, uses "BUD" as its three-letter ticker for American Depository Receipts, symbolizing its premier product in the United States, its rival, Molson Coors Brewing Company, uses a beer-related symbol, "TAP". Southwest Airlines pays tribute to its headquarters at Love Field in Dallas through its "LUV" symbol. Cedar Fair Entertainment Company, which operates large amusement parks in the United States, uses "FUN" as its symbol. Harley-Davidson uses "HOG" for its Harley Owners Group. Yamana Gold uses "AUY", because on the periodic table of elements. Sotheby's uses the symbol "BID". While most symbols come from the company's name, sometimes it happens the other way around.
Tricon Global, owner of KFC, Pi
Network convergence refers to the provision of telephone and data communication services within a single network. In other words, one company provides services for all forms of communication. Network convergence is driven by development of technology and demand. Users are able to choose among more service providers. On the other hand, convergence allows service providers to adopt new business models, offer innovative services, enter new markets. One dictionary definition of “convergence” provides a starting point for the analysis: “the act of converging and esp. moving toward union or uniformity.” Convergence implies the integration of telecommunication and Internet network services. It allows a variety of providers to use different paths to transmit voice, video signals, data to homes and business. In the past, it was restricted to either communicating people by wire line or watching broadcast programming at the same time. Two-way communication has been limited to text by the limited availability of bandwidth.
Nowadays technology development, fierce competition, deregulation have transformed several distinct communications service markets into a converged market. In the telecommunications world, convergence has come to mean a moving towards the use of one medium as opposed to manipulation of all forms of information including voice and video across all types of network instead of carrying information separately within distinct networks. In the convergent network, different forms of information can be re-engineered to provide better, more flexible service to the user. For example, telephone networks can transmit data and video and cable networks are able to provide voice services... Convergence is of interacting with society; the basic type of network convergence is the combination and connection across platforms and networks, which allows several types of networks to connect with each other within certain common standard and protocol. The second type is the convergence of telecommunication service, which allows firms to use a single network to provide several communication services that traditionally required separate networks, called the triple play or quadruple play in the USA.
The third type is market convergence. The convergent network will stimulate mergers and collaborations among corporations. New business entities are created to offer multiple services and new, address different markets. Digital technology allows both traditional and new communication services – whether voice, sound or pictures – to be provided over many different networks. Whether at home, at the office, or in the classroom, people enjoy the conveniences and entertainment brought by convergence like video-on-demand, interactive television, the Internet, personal digital assistants, so on. Examples of products and services being delivered include: Home-banking and home-shopping over the Internet, Voice over Internet protocol. Unlike other countries or regions, the U. S. never adopted a formal convergence policy. Technological change is driving convergence from distinct telecommunications and media markets; the U. S. communications infrastructure is evolving from circuit-based networks, in which individual applications are woven into the network architecture, to Internet Protocol network, in which multiple applications ride on top of the physical network layer.
The Telecommunications Act of 1996 is a fundamental document for network convergence in the US. Before that time, the industry was characterized by service-specific networks that did not compete with another: circuit-switched networks provided telephone service and coaxial cable networks provided cable service; the 1996 Act introduced full competition into all telecommunications markets by abolishing the remaining legal entry barriers into local telecommunications services. The objective of the Act was to open up markets to competition and to create a regulatory framework for the transition from monopoly provision to competitive provision of telecommunications services: The conference report refers to the bill “to provide for a pro-competitive, de-regulatory national policy framework designed to accelerate private sector deployment of advanced information technologies and services to all Americans by opening all telecommunications markets to competition....” The Act created distinct regulatory regimes for these service-specific telephone networks and cable networks that included provisions intended to foster competition from new entrants that used network architectures and technologies similar to those of the incumbents.
The deployment of digital technologies in these distinct networks has led to market convergence and “intermodal” competition, as telephone and wireless networks are able to offer voice and video services over a single broadband platform. Timeline o
Avaya is an American multinational technology company headquartered in Santa Clara, that specializes in business communications unified communications, contact center, services. Serving organizations at 220,000 customer locations worldwide, Avaya is the largest pure-play UC and CC company, ranking No. 1 in CC and No. 2 in UC and collaboration. The company had FY17 revenues of $3.3 billion, 78% of, attributed to software and services. In 1995, Lucent Technologies was spun off from AT&T, Lucent spun off units of its own in an attempt to restructure its struggling operations. Avaya was spun off as its own company in 2000, it remained a public company from 2000 to 2007. In 2001, the Mark Avaya Interaction Center for customer relationship management began, enabling businesses to draw multi-platform call centers to multimedia, multi-site contact centers. A proposed "converged communications" road map focused on the role that applications would play in making communications improve business performance.
On December 15, 2017, it again became a public company, trading under the stock ticker AVYA. In October 2007, Avaya was acquired by two private-equity firms, TPG Capital and Silver Lake Partners, for $8.2 billion and the company was delisted on the New York Stock Exchange. The following year, Avaya Speech to Text and Avaya Unified Communications were introduced, Kevin Kennedy became the company's CEO and president. In 2009, the Avaya Aura for integrated communications was introduced, in December the company acquired Nortel Enterprise's assets for $900 million; the following year, Avaya was the converged-network equipment supplier for the 2010 Winter Olympics and Paralympics, Avaya Aura Contact Center was introduced. In June 2011, Avaya filed an application with the U. S. Securities and Exchange Commission to raise up to $1 billion in an initial public offering. On October 4, 2011, the company reported that it was acquiring Sipera Systems for its session border controller and unified communications security applications.
On October 19, 2011, it was reported. Shareholders approved the acquisition of Radvision for about $230 million on April 30, 2012, the deal closed in June. According to May 2016 news articles citing "internal sources", Avaya's private-equity owners considered a sale of the company valued at $6 to $10 billion including debt. During the company's earnings call that month, CEO Kevin Kennedy had confirmed that Goldman Sachs was helping Avaya evaluate expressions of interest received relative to specific assets and explore other potential opportunities. In November, Avaya considered chapter 11 bankruptcy while trying to sell its call-center business. On January 19, 2017 Avaya filed for bankruptcy protection under Chapter 11, saying that its foreign operations would be unaffected. In its petition, the company listed $5.5 billion in $6.3 billion in debts. In an effort to monetize its assets during the bankruptcy period, Avaya announced in March 2017 it would sell its networking business and associated products to Extreme Networks for US$100 million.
The sale was finalized in July 2017. Since 2001, Avaya has sold and acquired several companies, including VPNet Technologies, VISTA Information Technologies, RouteScience, Spectel, NimCat Networks, Traverse Networks, Ubiquity Software Corporation, Agile Software NZ Limited, Sipera, Aurix and Esnatech. Through Nortel's bankruptcy proceedings, assets related to their Enterprise Voice and Data business units were auctioned. Avaya placed a $900 million bid, was announced as the winner of the assets on September 14, 2009. In 2018, Avaya acquired Spoken Communications, a leading innovator in Contact Center as a Service solutions and customer experience management applications built on conversational artificial intelligence; the Spoken platform accelerates Avaya's growth in cloud-based solutions and provides a reliable and scalable cloud platform for customers of all sizes. Avaya's headquarters are at Santa Clara, California; the company had offices in over 145 countries in 2011. Avaya sponsors a users' group and training programs for IT professional certification in the use of Avaya's products.
In 1985, Performance Engineering Corporation was formed to offer technology services to government customers. On June 6, 2005, Nortel acquired PEC Solutions to form Nortel PEC Solutions. On January 18, 2006, Nortel PEC Solutions was renamed Nortel Government Solutions. On December 21, 2009, Avaya acquired Nortel's government business as part of the company's assets sale. Avaya bought Nortel Enterprise and acquired its patents, including: US20050007951 – Routed split multi-link trunking 7173934 – System and method for improving communication-network reliability using trunk splitting 6496502 – Distributed multi-link trunking and apparatus UNIStim Official website
The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company headquartered in New York City. It offers services in investment management, asset management, prime brokerage, securities underwriting; the bank is one of the largest investment banking enterprises in the world, is a primary dealer in the United States Treasury security market and more a prominent market maker. The bank owns Goldman Sachs Bank USA, a direct bank. Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in Lower Manhattan with additional offices in other international financial centers; as a result of its involvement in securitization during the subprime mortgage crisis, Goldman Sachs suffered during the 2007-2008 financial crisis, received a $10 billion investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program, a financial bailout created by the Emergency Economic Stabilization Act of 2008. The investment was made in November 2008 and was repaid in June 2009.
Former employees of Goldman Sachs have moved on to government positions. Notable examples includes former U. S. Secretaries of the Treasury Robert Rubin and Henry Paulson. In addition, former Goldman employees have headed the New York Stock Exchange, the World Bank, competing banks such as Citigroup and Merrill Lynch; the company is ranked 70th on the Fortune 500 list of the largest United States corporations by total revenue. Goldman Sachs was founded in New York in 1869 by Marcus Goldman. In 1882, Goldman's son-in-law Samuel Sachs joined the firm. In 1885, Goldman took his son Henry and his son-in-law Ludwig Dreyfuss into the business and the firm adopted its present name, Goldman Sachs & Co; the company made a name for itself pioneering the use of commercial paper for entrepreneurs and joined the New York Stock Exchange in 1896. By 1898, the firm's capital stood at $1.6 million, was growing rapidly. Goldman entered the initial public offering market in 1906 when it took Sears and Company public.
The deal occurred due to Henry Goldman's personal friendship with an owner of Sears, Julius Rosenwald. Other IPOs followed, including Continental Can. In 1912, Henry S. Bowers became the first non-member of the founding family to become partner of the company and share in its profits. In 1917, under growing pressure from the other partners in the firm due to his pro-German stance, Henry Goldman resigned. Control of the firm was now in the hands of the Sachs family. Waddill Catchings joined the company in 1918. In 1920, the firm moved from 60 Wall Street to $1.5 million 12-storey premises on 30-32 Pine Street. By 1928, Catchings was the Goldman partner with the single largest stake in the firm. On December 4, 1928, the firm launched a closed-end fund; the fund failed during the Stock Market Crash of 1929, amid accusations that Goldman had engaged in share price manipulation and insider trading. In 1930, the firm ousted Catchings, Sidney Weinberg assumed the role of senior partner and shifted Goldman's focus away from trading and toward investment banking.
It was Weinberg's actions. On the back of Weinberg, Goldman was lead advisor on the Ford Motor Company's IPO in 1956, which at the time was a major coup on Wall Street. Under Weinberg's reign the firm started an investment research division and a municipal bond department, it was at this time that the firm became an early innovator in risk arbitrage. Gus Levy joined the firm in the 1950s as a securities trader, which started a trend at Goldman where there would be two powers vying for supremacy, one from investment banking and one from securities trading. For most of the 1950s and 1960s, this would be Levy. Levy was a pioneer in block trading and the firm established this trend under his guidance. Due to Weinberg's heavy influence at the firm, it formed an investment banking division in 1956 in an attempt to spread around influence and not focus it all on Weinberg. In 1969, Levy took over as Senior Partner from Weinberg, built Goldman's trading franchise once again, it is Levy, credited with Goldman's famous philosophy of being "long-term greedy", which implied that as long as money is made over the long term, trading losses in the short term were not to be worried about.
At the same time, partners reinvested all of their earnings in the firm, so the focus was always on the future. That same year, Weinberg retired from the firm. Another financial crisis for the firm occurred in 1970, when the Penn Central Transportation Company went bankrupt with over $80 million in commercial paper outstanding, most of it issued through Goldman Sachs; the bankruptcy was large, the resulting lawsuits, notably by the SEC, threatened the partnership capital and reputation of the firm. It was this bankruptcy that resulted in credit ratings being created for every issuer of commercial paper today by several credit rating services. During the 1970s, the firm expanded in several ways. Under the direction of Senior Partner Stanley R. Miller, it opened its first international office in London in 1970 and created a private wealth division along with a fixed income division in 1972, it pioneered the "white knight" strategy in 1974 during its attempts to defend Electric Storage Battery against a hostile takeover bid from International Nickel and Goldman's rival M