1.
Stock exchange
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A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks, bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as continuous auction markets, with buyers and sellers consummating transactions at a central location, to be able to trade a security on a certain stock exchange, it must be listed there. Trade on an exchange is restricted to brokers who are members of the exchange, the initial public offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market, supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks. There is usually no obligation for stock to be issued via the exchange itself. Such trading may be off exchange or over-the-counter and this is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a securities market. The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian clay tablets recording interest-bearing loans, there is little consensus among scholars as to when corporate stock was first traded. Some see the key event as the Dutch East India Companys founding in 1602, economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B. C. Participants in such organizations had partes or shares, a concept mentioned various times by the statesman, in one speech, Cicero mentions shares that had a very high price at the time. Such evidence, in Malmendiers view, suggests the instruments were tradable, the societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state. Tradable bonds as a used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully fledged capital market, the Dutch East India Company became the first company to offer shares of stock. Control of the company was held tightly by its directors, with shareholders not having much influence on management or even access to the companys accounting statements. However, shareholders were rewarded well for their investment, the company paid an average dividend of over 16 percent per year from 1602 to 1650. Financial innovation in Amsterdam took many forms, by the 1620s, the company was expanding its securities issuance with the first use of corporate bonds
2.
Chairman
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The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group. The chair presides over meetings of the group and conducts its business in an orderly fashion. When the group is not in session, the officers duties include acting as its head, its representative to the outside world. In some organizations, this position is called president, in others, where a board appoints a president. Other terms sometimes used for the office and its holder include chair, chairperson, chairwoman, presiding officer, president, moderator, facilitator, the chairman of a parliamentary chamber is often called the speaker. The term chair is used in lieu of chairman, in response to criticisms that using chairman is sexist. In his 1992 State of the Union address, then-U. S, president George H. W. Bush used chairman for men and chair for women. A1994 Canadian study found the Toronto Star newspaper referring to most presiding men as chairman, the Chronicle of Higher Education uses chairman for men and chairperson for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times, the National Association of Parliamentarians does not approve using chairperson. In World Schools Style debating, male chairs are called Mr. Chairman, the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using chair or chairperson, rather than chairman. The Oxford Dictionary of American Usage and Style suggests that the forms are gaining ground. It advocates using chair to refer both to men and to women, the word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be in the chair and is referred to as the chair. Major dictionaries state that the word derives from chair and man, some authorities, however, including Riddicks Rules of Procedure, suggest that the second part of chairman derives from the Latin manus, and thus claim gender-neutrality for the word. Vladimir Lenin, for example, officially functioned as the head of Soviet Russia not as tsar or as president, note in particular the popular standard method for referring to Mao Zedong, Chairman Mao. In the absence of the chairman and vice chairman, groups sometimes elect a chairman pro tempore to fill the role for a single meeting. In some organizations that have titles, deputy chairman ranks higher than vice chairman, as there are often multiple vice chairs
3.
Brazilian real
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The real is the present-day currency of Brazil. Its sign is R$ and its ISO code is BRL and it is divided into 100 centavos. At the time it was meant to have approximately fixed 1,1 exchange rate with the United States dollar. It suffered a sudden devaluation to a rate of about 2,1 in 1999, reached almost 4,1 in 2002, the exchange rate as of September 2015 was BRL4.05 to USD1.00. However Unicode considers the difference to be only a matter of font design, the new currency replaced the short-lived cruzeiro real. The reform included the demonetisation of the real and required a massive banknote replacement. At its introduction, the real was defined to be equal to 1 unidade real de valor a non-circulating currency unit. At the same time the URV was defined to be worth 2750 cruzeiros reais, as a consequence, the real was worth exactly one U. S. dollar as it was introduced. Combined with all previous currency changes in the history, this reform made the new real equal to 2.75 ×1018 of Brazils original réis. Soon after its introduction, the real unexpectedly gained value against the U. S. dollar, during that period it attained its maximum dollar value ever, about US$1.20. In January 1999 the deterioration of the markets, disrupted by the Russian default, forced the Central Bank, under its new president Arminio Fraga. This decision produced a major devaluation, to a rate of almost R$2, many Brazilians feared another default on government debts or a resumption of heterodox economic policies, and rushed to exchange their reais into tangible assets or foreign currencies. In October 2002 the exchange rate reached its low of almost R$4 per US$1. The value of the real in dollars continued to fluctuate but generally upwards, so that by 2005 the exchange was a little over R$2, US$1. Brazil, and sometimes used in bordering countries, especially Brazil/Uruguay and Brazil/Paraguay borders in every year millions of Brazilians go shopping at the duty-free stores etc. It is also accepted in Argentina, not only in shops and duty-free stores in border cities like Puerto Iguazú but also in shops and restaurants in the capital city. Along with the first series of currency, coins were introduced in denominations of 1,5,10 and 50 centavos and 1 real, all were struck in stainless steel. The original 1-real coins dated 1994-1997 have been withdrawn from circulation since 31 December 1997, in 1998, a second series of coins was introduced
4.
Market capitalization
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Market capitalization is used by the investment community in ranking the size of companies, as opposed to sales or total asset figures. It is also used in ranking the size of stock exchanges. In performing such rankings, the market capitalizations are calculated at some significant date, the total capitalization of stock markets or economic regions may be compared with other economic indicators. In 2014 and 2015, global market capitalization was US$68 trillion and US$67 trillion, respectively. Market cap is given by the formula M C = N × P, where MC is the capitalization, N is the number of shares outstanding. For example, if company has 4 million shares outstanding. If the closing price per share rises to $21, the cap becomes $84 million. If it drops to $19 per share, the cap falls to $76 million. This is in contrast to mercantile pricing where purchase price, average price, traditionally, companies were divided into large-cap, mid-cap, and small-cap. The terms mega-cap and micro-cap have also come into common use. Different numbers are used by different indexes, there is no definition of, or full consensus agreement about. The cutoffs may be defined as rather than in nominal dollars. Market cap reflects only the equity value of a company and it is important to note that a firms choice of capital structure has a significant impact on how the total value of a company is allocated between equity and debt. A more comprehensive measure is enterprise value, which gives effect to outstanding debt, preferred stock, for insurance firms, a value called the embedded value has been used
5.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
6.
Brazil
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Brazil, officially the Federative Republic of Brazil, is the largest country in both South America and Latin America. As the worlds fifth-largest country by area and population, it is the largest country to have Portuguese as an official language. Its Amazon River basin includes a vast tropical forest, home to wildlife, a variety of ecological systems. This unique environmental heritage makes Brazil one of 17 megadiverse countries, Brazil was inhabited by numerous tribal nations prior to the landing in 1500 of explorer Pedro Álvares Cabral, who claimed the area for the Portuguese Empire. Brazil remained a Portuguese colony until 1808, when the capital of the empire was transferred from Lisbon to Rio de Janeiro, in 1815, the colony was elevated to the rank of kingdom upon the formation of the United Kingdom of Portugal, Brazil and the Algarves. Independence was achieved in 1822 with the creation of the Empire of Brazil, a state governed under a constitutional monarchy. The ratification of the first constitution in 1824 led to the formation of a bicameral legislature, the country became a presidential republic in 1889 following a military coup détat. An authoritarian military junta came to power in 1964 and ruled until 1985, Brazils current constitution, formulated in 1988, defines it as a democratic federal republic. The federation is composed of the union of the Federal District, the 26 states, Brazils economy is the worlds ninth-largest by nominal GDP and seventh-largest by GDP as of 2015. A member of the BRICS group, Brazil until 2010 had one of the worlds fastest growing economies, with its economic reforms giving the country new international recognition. Brazils national development bank plays an important role for the economic growth. Brazil is a member of the United Nations, the G20, BRICS, Unasul, Mercosul, Organization of American States, Organization of Ibero-American States, CPLP. Brazil is a power in Latin America and a middle power in international affairs. One of the worlds major breadbaskets, Brazil has been the largest producer of coffee for the last 150 years and it is likely that the word Brazil comes from the Portuguese word for brazilwood, a tree that once grew plentifully along the Brazilian coast. In Portuguese, brazilwood is called pau-brasil, with the word brasil commonly given the etymology red like an ember, formed from Latin brasa and the suffix -il. As brazilwood produces a red dye, it was highly valued by the European cloth industry and was the earliest commercially exploited product from Brazil. The popular appellation eclipsed and eventually supplanted the official Portuguese name, early sailors sometimes also called it the Land of Parrots. In the Guarani language, a language of Paraguay, Brazil is called Pindorama
7.
B3 (stock exchange)
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The BM&F BOVESPA is a stock exchange located at São Paulo, Brazil. At the end of 2011 it had a capitalization of R$2.37 Trillion. However, owing the slump in economic growth in Brazil associated with political problems, dollar vis-à-vis the Brazilian Real, the capitalization shrank to R$2.21 trillion by the end of 2015. On May 8,2008, the São Paulo Stock Exchange, the benchmark indicator of BM&FBOVESPA is the Índice Bovespa. There were 381 companies traded at Bovespa as of April 30,2008, BM&FBOVESPA also has offices in New York City, Shanghai, and London. Founded on August 23,1890 by Emilio Rangel Pestana, the Bolsa de Valores de São Paulo has had a history of services provided to the stock market. After the reforms of the financial system and the stock market implemented in 1965/1966. In 2007, the Exchange demutualized and became a for-profit company, through self-regulation, Bovespa operates under the supervision of the Comissão de Valores Mobiliários, analogous to the American SEC. Since the 1960s, it has evolved with the help of technology such as the introduction of computer-based systems, mobile phones. In 1972, Bovespa was the first Brazilian stock market to implement a system for the dissemination of information online and in real-time. At the end of the 1970s, Bovespa also introduced a trading system in Brazil. At the same time, Bovespa developed a system of fungible safekeeping, in 1990, the negotiations through the Sistema de Negociação Electrônica - CATS was simultaneously operated with the traditional system of Pregão Viva Voz. Currently, BM&FBOVESPA is an electronic exchange. In 1997, a new system of trading, known as the Mega Bolsa, was implemented successfully. The Mega Bolsa extends the potential volume of processing of information, with the goal to increase popular access to the stock markets, Bovespa introduced in 1999 the Home Broker, an internet-based trading systems that allows individual investors to trade stocks. The system enables users to buy and sell orders online. The new listing segments mostly languished until 2004, when a number of newly public companies began to list on the Novo Mercado. From 2004 to 2010, the vast majority of new listings on the Bovespa were made by Novo Mercado, Level 2 and Level 1 companies
8.
Rio de Janeiro
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Rio de Janeiro, or simply Rio, is the second-most populous municipality in Brazil and the sixth-most populous in the Americas. The metropolis is anchor to the Rio de Janeiro metropolitan area, Rio de Janeiro is the capital of the state of Rio de Janeiro, Brazils third-most populous state. Part of the city has designated as a World Heritage Site, named Rio de Janeiro. Founded in 1565 by the Portuguese, the city was initially the seat of the Captaincy of Rio de Janeiro, later, in 1763, it became the capital of the State of Brazil, a state of the Portuguese Empire. Rio stayed the capital of the pluricontinental Lusitanian monarchy until 1822 and this is one of the few instances in history that the capital of a colonising country officially shifted to a city in one of its colonies. Rio de Janeiro has the second largest municipal GDP in the country, the home of many universities and institutes, it is the second-largest center of research and development in Brazil, accounting for 17% of national scientific output according to 2005 data. The Maracanã Stadium held the finals of the 1950 and 2014 FIFA World Cups, the 2013 FIFA Confederations Cup, the city is divided into 33 administrative regions. Europeans first encountered Guanabara Bay on 1 January 1502, by a Portuguese expedition under explorer Gaspar de Lemos captain of a ship in Pedro Álvares Cabrals fleet, allegedly the Florentine explorer Amerigo Vespucci participated as observer at the invitation of King Manuel I in the same expedition. The region of Rio was inhabited by the Tupi, Puri, Botocudo, in 1555, one of the islands of Guanabara Bay, now called Villegagnon Island, was occupied by 500 French colonists under the French admiral Nicolas Durand de Villegaignon. Consequently, Villegagnon built Fort Coligny on the island when attempting to establish the France Antarctique colony, Rio de Janeiro was the name of Guanabara Bay. Until early in the 18th century, the city was threatened or invaded by several, mostly French, pirates and buccaneers, such as Jean-François Duclerc, on 27 January 1763, the colonial administration in Portuguese America was moved from Salvador to Rio de Janeiro. The kingdoms capital was transferred to the city, which, thus, as there was no physical space or urban structure to accommodate hundreds of noblemen who arrived suddenly, many inhabitants were simply evicted from their homes. The first printed newspaper in Brazil, the Gazeta do Rio de Janeiro, from the colonial period until the first independent decades, Rio de Janeiro was a city of slaves. There was an influx of African slaves to Rio de Janeiro, in 1819. In 1840, the number of slaves reached 220,000 people, the Port of Rio de Janeiro was the largest port of slaves in America. As a political center of the country, Rio concentrated the political-partisan life of the Empire and it was the main stage of the abolitionist and republican movements in the last half of the 19th century. Rio continued as the capital of Brazil after 1889, when the monarchy was replaced by a republic, until the early years of the 20th century, the city was largely limited to the neighbourhood now known as the historic city centre, on the mouth of Guanabara Bay. Expansion of the city to the north and south was facilitated by the consolidation and electrification of Rios streetcar transit system after 1905, though many thought that it was just campaign rhetoric, Kubitschek managed to have Brasília built, at great cost, by 1960
9.
New York City
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The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2015 population of 8,550,405 distributed over an area of about 302.6 square miles. Located at the tip of the state of New York. Home to the headquarters of the United Nations, New York is an important center for international diplomacy and has described as the cultural and financial capital of the world. Situated on one of the worlds largest natural harbors, New York City consists of five boroughs, the five boroughs – Brooklyn, Queens, Manhattan, The Bronx, and Staten Island – were consolidated into a single city in 1898. In 2013, the MSA produced a gross metropolitan product of nearly US$1.39 trillion, in 2012, the CSA generated a GMP of over US$1.55 trillion. NYCs MSA and CSA GDP are higher than all but 11 and 12 countries, New York City traces its origin to its 1624 founding in Lower Manhattan as a trading post by colonists of the Dutch Republic and was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, New York served as the capital of the United States from 1785 until 1790. It has been the countrys largest city since 1790, the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a symbol of the United States and its democracy. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. Several sources have ranked New York the most photographed city in the world, the names of many of the citys bridges, tapered skyscrapers, and parks are known around the world. Manhattans real estate market is among the most expensive in the world, Manhattans Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is one of the most extensive metro systems worldwide, with 472 stations in operation. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, and Rockefeller University, during the Wisconsinan glaciation, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth. The ice sheet scraped away large amounts of soil, leaving the bedrock that serves as the foundation for much of New York City today. Later on, movement of the ice sheet would contribute to the separation of what are now Long Island and Staten Island. The first documented visit by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown and he claimed the area for France and named it Nouvelle Angoulême. Heavy ice kept him from further exploration, and he returned to Spain in August and he proceeded to sail up what the Dutch would name the North River, named first by Hudson as the Mauritius after Maurice, Prince of Orange
10.
Shanghai
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Shanghai is the most populous city proper in the world, with a population of more than 24 million as of 2014. As one of the four direct-controlled municipalities of the Peoples Republic of China, it is a financial centre and transport hub. Located in the Yangtze River Delta in East China, Shanghai sits on the edge of the mouth of the Yangtze in the middle portion of the eastern Chinese coast. The municipality borders the provinces of Jiangsu and Zhejiang to the north, south and west, as a major administrative, shipping and trading city, Shanghai grew in importance in the 19th century due to trade and recognition of its favourable port location and economic potential. The city was one of five treaty ports forced open to foreign trade following the British victory over China in the First Opium War, the subsequent 1842 Treaty of Nanking and 1844 Treaty of Whampoa allowed the establishment of the Shanghai International Settlement and the French Concession. The city then flourished as a center of commerce between China and other parts of the world, and became the financial hub of the Asia-Pacific region in the 1930s. However, with the Communist Party takeover of the mainland in 1949, trade was limited to other socialist countries, and the citys global influence declined. In the 1990s, the reforms introduced by Deng Xiaoping resulted in an intense re-development of the city, aiding the return of finance. The two Chinese characters in the name are 上 and 海, together meaning Upon-the-Sea. The earliest occurrence of this dates from the 11th-century Song Dynasty, at which time there was already a river confluence. There are disputes as to exactly how the name should be understood, Shanghai is officially abbreviated 沪 in Chinese, a contraction of 沪渎, a 4th- or 5th-century Jin name for the mouth of Suzhou Creek when it was the main conduit into the ocean. This character appears on all motor vehicle license plates issued in the municipality today, another alternative name for Shanghai is Shēn or Shēnchéng, from Lord Chunshen, a third-century BC nobleman and prime minister of the state of Chu, whose fief included modern Shanghai. Sports teams and newspapers in Shanghai often use Shen in their names, such as Shanghai Shenhua F. C. Huating was another early name for Shanghai. In AD751, during the dynasty, Huating County was established at modern-day Songjiang. Today, Huating appears as the name of a hotel in the city. The city also has various nicknames in English, including Pearl of the Orient, during the Spring and Autumn period, the Shanghai area belonged to the Kingdom of Wu, which was conquered by the Kingdom of Yue, which in turn was conquered by the Kingdom of Chu. During the Warring States period, Shanghai was part of the fief of Lord Chunshen of Chu and he ordered the excavation of the Huangpu River. Its former or poetic name, the Chunshen River, gave Shanghai its nickname of Shen, two important events helped promote Shanghais development in the Ming dynasty
11.
London
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London /ˈlʌndən/ is the capital and most populous city of England and the United Kingdom. Standing on the River Thames in the south east of the island of Great Britain and it was founded by the Romans, who named it Londinium. Londons ancient core, the City of London, largely retains its 1. 12-square-mile medieval boundaries. London is a global city in the arts, commerce, education, entertainment, fashion, finance, healthcare, media, professional services, research and development, tourism. It is crowned as the worlds largest financial centre and has the fifth- or sixth-largest metropolitan area GDP in the world, London is a world cultural capital. It is the worlds most-visited city as measured by international arrivals and has the worlds largest city airport system measured by passenger traffic, London is the worlds leading investment destination, hosting more international retailers and ultra high-net-worth individuals than any other city. Londons universities form the largest concentration of education institutes in Europe. In 2012, London became the first city to have hosted the modern Summer Olympic Games three times, London has a diverse range of people and cultures, and more than 300 languages are spoken in the region. Its estimated mid-2015 municipal population was 8,673,713, the largest of any city in the European Union, Londons urban area is the second most populous in the EU, after Paris, with 9,787,426 inhabitants at the 2011 census. The citys metropolitan area is the most populous in the EU with 13,879,757 inhabitants, the city-region therefore has a similar land area and population to that of the New York metropolitan area. London was the worlds most populous city from around 1831 to 1925, Other famous landmarks include Buckingham Palace, the London Eye, Piccadilly Circus, St Pauls Cathedral, Tower Bridge, Trafalgar Square, and The Shard. The London Underground is the oldest underground railway network in the world, the etymology of London is uncertain. It is an ancient name, found in sources from the 2nd century and it is recorded c.121 as Londinium, which points to Romano-British origin, and hand-written Roman tablets recovered in the city originating from AD 65/70-80 include the word Londinio. The earliest attempted explanation, now disregarded, is attributed to Geoffrey of Monmouth in Historia Regum Britanniae and this had it that the name originated from a supposed King Lud, who had allegedly taken over the city and named it Kaerlud. From 1898, it was accepted that the name was of Celtic origin and meant place belonging to a man called *Londinos. The ultimate difficulty lies in reconciling the Latin form Londinium with the modern Welsh Llundain, which should demand a form *lōndinion, from earlier *loundiniom. The possibility cannot be ruled out that the Welsh name was borrowed back in from English at a later date, and thus cannot be used as a basis from which to reconstruct the original name. Until 1889, the name London officially applied only to the City of London, two recent discoveries indicate probable very early settlements near the Thames in the London area
12.
Securities Commission (Brazil)
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The Securities and Exchange Commission of Brazil is the securities market authority in Brazil. It regulates the markets in Brazil and all of its participant. This includes stock exchanges, public companies, financial intermediaries and investors and it is an independent agency linked to the Ministry of Finance The CVM was established on 7 December 1976, with the passing of the Brazilian legislation Law. To meet the objectives, the CVM, Supervises all market participants and has the power to set rules and it runs a register of all publicly held companies and makes sure that those companies adhere to listing rules. It set the rules for trading on the stock exchanges and can suspend or cancel trading, issuance or distribution of securities. CVM also has the jurisdiction to establish, prosecute and punish irregularities committed in the market, if the CVM charges any individuals or companies they have full rights of defense in court. It is managed by a board composed of a Chairman and four commissioners, the Board designs policies and general guidelines to be followed by the chief staff members. The CVM is run day to day by a Chief Executive Officer, who is appointed by the Chairman, and who coordinates all staff activities of the CVM
13.
U.S. Securities and Exchange Commission
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The U. S. Securities and Exchange Commission is an independent agency of the United States federal government. The SEC was created by Section 4 of the Securities Exchange Act of 1934, the SEC has a three-part mission, to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. To achieve its mandate, the SEC enforces the requirement that public companies submit quarterly and annual reports. MD&A will usually touch on the upcoming year, outlining future goals. In an attempt to level the field for all investors. Quarterly and semiannual reports from companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the markets is not guaranteed by the federal government. The potential for big gains needs to be weighed against that of sizable losses, the SEC makes reports available to the public through the EDGAR system. The SEC also offers publications on investment-related topics for public education, the same online system also takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a policy of never commenting on the existence or status of an ongoing investigation. Prior to the enactment of the securities laws and the creation of the SEC. They were enacted and enforced at the level, and regulated the offering. Though the specific provisions of these laws varied among states, they all required the registration of all offerings and sales, as well as of every U. S. stockbroker. 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, the subsequent Securities Exchange Act of 1934 regulates sales of securities in the secondary market. The Securities Act of 1933 is also known as the Truth in Securities Act and its goal was to increase public trust in the capital markets by requiring uniform disclosure of information about public securities offerings. For the first year of the enactment, the enforcement of the statute rested with the Federal Trade Commission
14.
Technology
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Technology is the collection of techniques, skills, methods and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation. Technology can be the knowledge of techniques, processes, and the like, the human species use of technology began with the conversion of natural resources into simple tools. The steady progress of technology has brought weapons of ever-increasing destructive power. It has helped develop more advanced economies and has allowed the rise of a leisure class, many technological processes produce unwanted by-products known as pollution and deplete natural resources to the detriment of Earths environment. Various implementations of technology influence the values of a society and raise new questions of the ethics of technology, examples include the rise of the notion of efficiency in terms of human productivity, and the challenges of bioethics. Philosophical debates have arisen over the use of technology, with disagreements over whether technology improves the condition or worsens it. The use of the technology has changed significantly over the last 200 years. Before the 20th century, the term was uncommon in English, the term was often connected to technical education, as in the Massachusetts Institute of Technology. The term technology rose to prominence in the 20th century in connection with the Second Industrial Revolution, the terms meanings changed in the early 20th century when American social scientists, beginning with Thorstein Veblen, translated ideas from the German concept of Technik into technology. In German and other European languages, a distinction exists between technik and technologie that is absent in English, which translates both terms as technology. By the 1930s, technology referred not only to the study of the industrial arts, dictionaries and scholars have offered a variety of definitions. Ursula Franklin, in her 1989 Real World of Technology lecture, gave another definition of the concept, it is practice, the way we do things around here. The term is used to imply a specific field of technology, or to refer to high technology or just consumer electronics. Bernard Stiegler, in Technics and Time,1, defines technology in two ways, as the pursuit of life by other than life, and as organized inorganic matter. Technology can be most broadly defined as the entities, both material and immaterial, created by the application of mental and physical effort in order to some value. In this usage, technology refers to tools and machines that may be used to solve real-world problems and it is a far-reaching term that may include simple tools, such as a crowbar or wooden spoon, or more complex machines, such as a space station or particle accelerator. Tools and machines need not be material, virtual technology, such as software and business methods. W. Brian Arthur defines technology in a broad way as a means to fulfill a human purpose
15.
Telephone
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A telephone, or phone, is a telecommunications device that permits two or more users to conduct a conversation when they are too far apart to be heard directly. In 1876, Scottish emigrant Alexander Graham Bell was the first to be granted a United States patent for a device that produced clearly intelligible replication of the human voice and this instrument was further developed by many others. The telephone was the first device in history that people to talk directly with each other across large distances. Telephones rapidly became indispensable to businesses, government, and households, the essential elements of a telephone are a microphone to speak into and an earphone which reproduces the voice in a distant location. Until approximately the 1970s most telephones used a dial, which was superseded by the modern DTMF push-button dial. The receiver and transmitter are usually built into a handset which is held up to the ear, the dial may be located either on the handset, or on a base unit to which the handset is connected. The transmitter converts the sound waves to electrical signals which are sent through the network to the receiving phone. The receiving telephone converts the signals into audible sound in the receiver, telephones permit duplex communication, meaning they allow the people on both ends to talk simultaneously. The first telephones were connected to each other from one customers office or residence to another customers location. Being impractical beyond just a few customers, these systems were replaced by manually operated centrally located switchboards. For greater mobility, various systems were developed for transmission between mobile stations on ships and automobiles in the middle 20th century. Hand-held mobile phone]s was introduced for personal service starting in 1973, by the late 1970s several mobile telephone networks operated around the world. In 1983, the Advanced Mobile Phone System was launched, offering a standardized technology providing portability for users far beyond the residence or office. These analog cellular system evolved into digital networks with better security, greater capacity, better regional coverage, the public switched telephone network, with its hierarchical system of many switching centers, interconnects telephones around the world for communication with each other. With the standardized international numbering system, E.164, each line has an identifying telephone number. Although originally designed for voice communications, convergence has enabled most modern cell phones to have many additional capabilities. Since 1999, the trend for mobile phones is smartphones that integrate all mobile communication, a traditional landline telephone system, also known as plain old telephone service, commonly carries both control and audio signals on the same twisted pair of insulated wires, the telephone line. The control and signaling equipment consists of three components, the ringer, the hookswitch, and a dial, the ringer, or beeper, light or other device, alerts the user to incoming calls
16.
Open outcry
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Open outcry is the name of a method of communication between professionals on a stock exchange or futures exchange typically on a trading floor. It involves shouting and the use of signals to transfer information primarily about buy. The part of the floor where this takes place is called a pit. In an open auction, bids and offers must be made out in the open market giving all participants a chance to compete for the order with the best price. New bids or offers would be made if better than previous pricing for efficient price discovery, exchanges also value positions marked to these public market prices on a daily basis. In contrast, over-the-counter markets are where bids and offers are negotiated privately between principals, since the development of the stock exchange in the 17th century in Amsterdam, open outcry was the main method used to communicate between traders. However, this started changing in the half of the 20th century, first through the use of telephone trading. As of 2007 few exchanges still have floor trading using open outcry, the supporters of electronic trading claim that they are faster, cheaper, more efficient for users, and less prone to manipulation by market makers and broker/dealers. As of 2010 most stocks and futures contracts are no longer traded using open outcry due to the lower cost of the technological advances. Since the 1980s the open systems have been being replaced by electronic trading systems. These venues are typically stock exchanges or futures exchanges and transactions are executed by members of such an exchange using specific language or hand signals, during the 1980s and 1990s phone and electronic trading replaced physical floor trading in most exchanges around the world. As of 2007 few exchanges still have floor trading, one example is the New York Stock Exchange which still executes a small percentage of its trades on the floor. That means that the traders actually form a group around the post on the floor of the market for the specialist, someone that works for one of the NYSE member firms and handles the stock. As in an auction, there are shouts from those that want to sell, the specialist facilitates in the match and centralizing the trades. A small group of extremely high-priced stocks isnt on this system and is still auctioned on the trading floor. Even though over 82 percent of the trades take place electronically, while electronic trading is faster and provides for anonymity, there is more opportunity to improve the price of a share if it goes to the floor. Investors maintain the right to select the method they want to use, the London Stock Exchange moved to electronic trading in 1986. The Borsa Italiana, Italys stock market, located in Milan, the Bombay Stock Exchange, Mumbai, embraced electronic trading in 1995 by introducing the BSE Online Trading System on 14 March 1995
17.
CME Group
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CME Group Inc. is an American financial market company operating the worlds largest options and futures exchange. It owns and operates large derivatives and futures exchanges in Chicago, New York City and it also owns the Dow Jones stock and financial indexes, and CME Clearing Services, which provides settlement and clearing of exchange trades. It has been described by The Economist as The biggest financial exchange you have never heard of, the corporate world headquarters are in Chicago in The Loop. The corporation was formed by the 2007 merger of the Chicago Mercantile Exchange, on March 17,2008, CME Group announced it had acquired NYMEX Holdings, Inc. the parent company of the New York Mercantile Exchange and Commodity Exchange, Inc. The acquisition was completed on August 22,2008. The four exchanges now operate as designated contract markets of the CME Group, on February 10,2010, CME announced its purchase of 90% of Dow Jones Indexes, including the Dow Jones Industrial Average. Dow Jones Indexes subsequently became S&P Dow Jones Indices, in which CME has a 24. 4% ownership interest, on October 17,2012, CME announced it was acquiring the Kansas City Board of Trade for $126 Million in cash. KCBOT is the dominant venue for the sale of hard red winter wheat, the Chicago Board of Trade is the leading trade platform for soft red winter wheat
18.
Sustainable Stock Exchanges Initiative
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Other key stakeholders include the World Federation of Exchanges, and the International Organization of Securities Commissions. The SSE provides a learning platform for stock exchanges, investors, regulators. In collaboration with investors, regulators, and companies, they strive to encourage sustainable investment, the Sustainable Stock Exchanges Global Dialogues are held every two years as the SSE initiative’s flagship event. They provide a unique, high-level platform to explore how the world’s exchanges can work together with investors, regulators and they are designed to analyze, promote and foster communication on stock exchanges’ sustainability-related activities. They demonstrate the progress of stock exchanges, while highlighting challenges and opportunities ahead, the 2014 Global Dialogue was held in Geneva, Switzerland, on 14 October 2014, at the United Nations Palais de Nations. The focus of this event was Capital Markets for Sustainable Development and this event was held as part of the four-day UNCTAD biennial World Investment Forum from October 13 to 17. The 2012 Global Dialogue was held on 18 June 2012 in Rio de Janeiro and it focused on the role of the world’s stock exchanges in encouraging responsible, long-term investment and creating sustainable financial markets. The event took place in the leading up to the United Nations Conference on Sustainable Development as part of the UN Global Compact’s Corporate Sustainability Forum. The 2010 Global Dialogue was held on 8 September 2010 in Xiamen, the 2009 Global Dialogue was held on 2 November 2009. These high-level events are open to the public and bring exchanges together with policy makers, regulators, investors, companies and other relevant stakeholders. For the SSE Regional Dialogue, LatAm & Caribbean, Latin America’s four largest stock exchanges gathered in Colombia for the first Sustainable Stock Exchanges Regional Dialogue, LatAm & Caribbean. The regional version of the flagship SSE Global Dialogue was facilitated by the SSE, hosted by the Colombian Securities Exchange, the SSE Regional Dialogue, South East Asia was held on 18 May 2015. The Sustainable Stock Exchanges Regional Dialogue South East Asia kicked off in the heart of Bangkok, afternoon workshop sessions were made possible through the support of collaborating partners GRI, CDSB, ASRIA and MSCI. During the Regional Dialogue, leaders of the Hanoi, Hochiminh, the SSE Regional Dialogue, Nordic Countries began on 4 November 2015. The Sustainable Stock Exchanges Regional Dialogue, Nordic Countries took place in Helsinki, hosted by Nasdaq Helsinki, the SSE Regional Dialogue welcomed more than 100 participants from across Nordic markets. Eight new exchanges joined the SSE initiative at the SSE Regional Dialogue, the SSE Leaders Luncheon, Climate was held in December 2015. World leaders gathered for the 2015 United Nations Climate Change Conference to complete a new global agreement and this summit caps a year that has seen numerous momentous international breakthroughs, from the G20 pact on climate policy to the China-USA Joint Presidential Announcement on Climate Change. As climate plays a prominent role in the development of investment policy and regulation, it also has a growing impact on capital markets, investors
19.
Common stock
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Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently in other parts of the world and they are known as Equity shares or Ordinary shares in the UK and other Commonwealth realms. This type of share gives the stockholder the right to share in the profits of the company, and to vote on matters of corporate policy and it is called common to distinguish it from preferred stock. In the event of bankruptcy, common stock investors receive any remaining funds after bondholders, creditors, as such, common stock investors often receive nothing after a liquidation bankruptcy Chapter 7. Common stockholders can also earn money through capital appreciation, Common shares may perform better than preferred shares or bonds over time, in part to accommodate the increased risk. Shareholder rights are more conceptual than technical or factual and their most common source is in the statutory and case law of the jurisdiction in which the company was formed. Some shareholders elect to enter into shareholder agreements that create new rights among the shareholders, some common stock shares have voting rights on certain matters, such as electing the board of directors. In practice, its questionable whether or not such actions can be organized or ruled in their favor, common/Equity stock is classified to differentiate it from preferred stock. Each is considered a class of stock, with different series of each issued from time to such as Series B Preferred Stock. Nevertheless, using Class B Common Stock is a label for a super-voting series of common stock. Capital surplus Equity Share capital Shares authorized Shares issued Shares outstanding Treasury stock Common Stock vs. Preferred Stock
20.
Debenture
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In corporate finance, a debenture is a medium to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term debenture originally referred to a document that creates a debt or acknowledges it. Senior debentures get paid before subordinate debentures, and there are varying rates of risk, debentures are generally freely transferable by the debenture holder. Debenture holders have no rights to vote in the general meetings of shareholders. The interest paid to them is a charge against profit in the financial statements. There are also features that minimize risk, such as a sinking fund. This decreases risk for the creditors, as a hedge against inflation, bankruptcy, a sinking fund makes the bond less risky, and therefore gives it a smaller coupon. There are also options for convertibility, which means a creditor may turn their bonds into equity in the if it does well. Companies also reserve the right to call their bonds, which mean they can call it sooner than the maturity date. Often there is a clause in the contract that allows this, for example, if a bond issuer wishes to rebuy a 30-year bond at the 25th year, if a bond is called, it means that less interest is paid out. Failure to pay a bond effectively means bankruptcy, bondholders who have not received their interest can throw an offending company into bankruptcy, or seize its assets if that is stipulated in the contract. Where security is provided for loan stocks or bonds in the US, however, in the United Kingdom a debenture is usually secured. In Canada, a debenture refers to a secured loan instrument where security is generally over the debtors credit, but security is not pledged to specific assets. There are two types of debentures, Convertible debentures, which are convertible bonds or bonds that can be converted into equity shares of the company after a predetermined period of time. Convertibility is a feature that corporations may add to the bonds they issue to them more attractive to buyers. In other words, it is a feature that a corporate bond may carry. As a result of the advantage a buyer gets from the ability to convert, non-convertible debentures, which are simply regular debentures, cannot be converted into equity shares of the liable company. They are debentures without the convertibility feature attached to them, as a result, they usually carry higher interest rates than their convertible counterparts
21.
Over-the-counter drug
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In many countries, OTC drugs are selected by a regulatory agency to ensure that they are ingredients that are safe and effective when used without a physicians care. OTC drugs are regulated by active pharmaceutical ingredients, not final products. By regulating APIs instead of specific drug formulations, governments allow manufacturers freedom to formulate ingredients, or combinations of ingredients, into proprietary mixtures. The term over-the-counter may be somewhat counterintuitive, since, in many countries, in contrast, prescription drugs are almost always passed over a counter from the pharmacist to the customer. Some drugs may be classified as over-the-counter, but may only be dispensed by a pharmacist after an assessment of the patients needs or the provision of patient education. In many countries, a number of OTC drugs are available in establishments without a pharmacy, such as stores, supermarkets. Regulations detailing the establishments where drugs may be sold, who is authorized to dispense them, as of 2011, around a third of older adults in the U. S. reportedly use OTC drugs. In Canada, there are four drug schedules, Schedule 1, Schedule 2, Do not require a prescription, but require an assessment by a pharmacist prior to sale. These drugs are kept in an area of the pharmacy where there is no public access, Schedule 3, Do not require a prescription, but must be kept in an area under the supervision of a pharmacist. These drugs are kept in an area of the outlet where self-selection is possible. Unscheduled, Do not require a prescription and may be sold in any retail outlet, all medications outside of Schedule 1 may be considered an OTC drug, as they do not require prescriptions for sale. While the National Association of Pharmacy Regulatory Authorities provides recommendations on the scheduling of drugs for sale in Canada, due to this, the exact drugs found in each schedule may vary from province to province. The drug can be on the shelves like any other product, examples are domperidone,400 mg ibuprofen up to 50 tablets and dextromethorphan. The drugs are usually on the shelves and the store sells items like toys, gadgets, perfumes. The drugs in this category have limited risk and addiction potential, examples are naproxen and diclofenac in small amounts, cinnarizine,400 mg ibuprofen up to 20 tablets and also 500 mg paracetamol up to 50 tablets. In the United States, the manufacture and sale of OTC substances is regulated by the Food, the FDA requires that all new drugs obtain a New Drug Application before entering interstate commerce, but the act exempts any drugs generally recognized as safe and effective from this requirement. Thus, in the United States an OTC drug product is allowed to be marketed either pursuant to an FDA monograph, the Federal Trade Commission regulates advertising of OTC products. This is in contrast to prescription drug advertising, which is regulated by the FDA, the FDA requires that OTC products are labeled with an approved Drug Facts label to educate consumers about their medications
22.
Vale (company)
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Vale SA is a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil. Vale is the largest producer of ore and nickel in the world. Vale also produces manganese, ferroalloys, copper, bauxite, potash, kaolin, the company also currently operates nine hydroelectricity plants and a large network of railroads, ships, and ports used to transport its products. Although the companys operations are in Brazil, Vale has operations in 30 countries. The company is listed on the exchanges of São Paulo, New York City, Paris, Hong Kong. The Brazilian Government owns 12 golden shares that give it control over certain actions including a liquidation or change in principal office, iron ore, Vale is the worlds largest iron ore producer. Sales of iron ore fines and pellets represented 65% of total revenues in 2014. In 2014, Vale sold 256 million metric tonnes of iron ore fines and 44 million metric tonnes of ore pellets. Vales Mariana Hub was the 9th largest iron ore mining center in the world in 2014, Vales Serra Sull / S11D is the largest mining reserve in the world. The companys iron ore mines are primarily in Brazil, nickel, Vale is the worlds largest nickel producer. Sales of nickel represented 17% of total revenues in 2014. In 2014, Vale sold 272,000 metric tonnes of nickel, the company owns nickel mines in Canada, Indonesia, New Caledonia, and Brazil. Fertilizer products, primarily phosphates and nitrogen, Sales of fertilizer products represented 6% of total revenues in 2014. In 2014, Vale sold 9 million metric tonnes of fertilizer products, copper, Sales of copper concentrate represented 4% of total company revenues in 2014. In 2014, Vale sold 353,000 metric tonnes of copper, the company owns copper mines in Brazil, Canada, Chile, and Zambia. Manganese and alloys, Sales of manganese and alloys represented 1% of total revenues in 2014. In 2014, Vale sold 2 million metric tonnes of manganese, coal, Sales of coal represented 2% of total company revenues in 2014. In 2014, Vale sold 7.5 million metric tonnes of coal, the company owns coal mines in Australia and Mozambique
23.
Avon Products
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Avon Products, Inc, known as Avon, is an American international manufacturer and direct selling company in beauty, household, and personal care categories. Avon had annual sales of $10.0 billion worldwide in 2013 and it is the fifth-largest beauty company and, with 6.4 million representatives, is the second largest direct selling enterprise in the world. Avon Products is a marketing company. The companys CEO is Sherilyn S. McCoy, who was appointed to the position in April 2012, the former CEO, Andrea Jung, became the executive chairman of the board. Recently, Avon has struggled with the global sales falling for five straight years, in 2016, Avon completed the sale of the remainder of its American business. All of its operations are now outside the United States, as part of a three-year plan, Avon will also move its headquarters to the United Kingdom. David H. McConnell was first a struggling door-to-door salesman who used to sell books to New York homes. In September 1886, he decided to sell rather than books and he then started the business in a small office at 126 Chambers Street, in lower Manhattan. In 1894, Alexander D. Henderson, Vice-President and Treasurer, joined the company and helped to shape its policies, on June 16,1909, McConnell and Henderson signed an agreement of Corporation for the California Perfume Company in the state of New Jersey. On January 28,1916, the California Perfume Company was incorporated in the state of New York, McConnell, Henderson, and William Scheele were listed as company officials. The California Perfume Company, Inc. of New York filed their first trademark application for Avon on June 3,1932 with the USPTO. Part of the description for goods and services provided to the USPTO included perfumes, toilet waters, powder and rouge compacts, lipsticks, First use and commercial use for Avon by the California Perfume Company was on September 1,1929. Registration was granted on August 30,1932, the trademark is owned by Avon Products, Inc. of New York. The status of the original stylized word mark for Avon is expired, Avon sells products in over 100 countries. Brazil is the companys largest market, passing the United States in 2010, Avon entered the Chinese market in 1990. Direct selling was outlawed in China in 1998, which forced Avon to sell only through physical stores called Beauty Boutiques, the ban was lifted in 2001, and the company received a license for direct selling in 2006. 88% of Avons 2013 revenue came from overseas markets, Avon purchased Silpada, a direct seller of silver jewelry, in 2010 for $650 million. In May 2012, perfume company Coty, Inc. offered $24.75 a share for Avon, in March,2016, Cerberus Capital Management paid $435 million in cash for preferred stock in Avon Products
24.
Dividend
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A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit or surplus, the corporation is able to re-invest the profit in the business and pay a proportion of the profit as a dividend to shareholders. Distribution to shareholders may be in cash or, if the corporation has a dividend reinvestment plan, a dividend is allocated as a fixed amount per share, with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense, rather, retained earnings are shown in the shareholders equity section on the companys balance sheet – the same as its issued share capital. Public companies usually pay dividends on a schedule, but may declare a dividend at any time. Cooperatives, on the hand, allocate dividends according to members activity. The word dividend comes from the Latin word dividendum, Cash dividends are the most common form of payment and are paid out in currency, usually via electronic funds transfer or a printed paper check. Such dividends are a form of investment income and are taxable to the recipient in the year they are paid. This is the most common method of sharing corporate profits with the shareholders of the company, for each share owned, a declared amount of money is distributed. Thus, if a person owns 100 shares and the dividend is 50 cents per share. Dividends paid are not classified as an expense, but rather a deduction of retained earnings, Dividends paid does not show up on an income statement but does appear on the balance sheet. Stock or scrip dividends are paid out in the form of additional stock shares of the issuing corporation. They are usually issued in proportion to shares owned, Stock dividend distributions are issues of new shares made to limited partners by a partnership in the form of additional shares. Nothing is split, these increase the market capitalization and total value of the company at the same time reducing the original cost basis per share. Stock dividends are not includable in the income of the shareholder for US income tax purposes. Because the shares are issued for proceeds equal to the market price of the shares. Property dividends or dividends in specie are those out in the form of assets from the issuing corporation or another corporation. They are relatively rare and most frequently are securities of companies owned by the issuer, however they can take other forms, such as products
25.
Banco do Brasil
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Banco do Brasil S. A. is the Second largest Brazilian and Latin American bank by assets. The bank, headquartered in Brasília, was founded in 1808 and is the oldest active bank in Brazil and it is not the countrys central bank. Banco do Brasil is controlled by the Brazilian government but its stock is traded at the São Paulo Stock Exchange, as a mixed institution under state control, the Banco do Brasil served as a commercial bank, the governments fiscal agent, and Brazils first bank of issue. It went bankrupt two times in history, one at independence in 1821, when John VI returned to Portugal taking with him some of the assets. Such tasks were given to other governmental institutions, mainly with the creation of the Central Bank of Brazil in 1964. From 1992 onwards it was restructured as a bank, using its huge geographic distribution. In the process, tens of thousands of workers were laid off, after decades of losses financed by the public treasury, the bank became very profitable and is one of the key structures used by the government to finance public programs, like DRS. In November 2013, The Banker ranked Banco de Brasil as the top bank in Brazil based on Tier 1 capital, the current logo has been in use since the sixties, when the standard colors changed from brown and yellow to blue-grey-and yellow. Since the early eighties the bank has sponsored several sports competitions and it is the official sponsor for Robert Scheidt, Gustavo Kuerten, and the Brazilian national beach soccer, volleyball and futsal teams. The bank also sponsors other events such as plays through its organization CCBB. Supermodel Gisele Bündchen was chosen to front their first global ad campaign in 2012, the account holder may apply for international MasterCard and Visa debit cards which act as both a credit card on a loan account, and as a debit card on the checking account. Many merchants routinely accept account-to-account transfers as payment for goods, Banco do Brasil has a few branches in the United States and other countries. Banco do Brasil has been expanding its presence and currently has more than 44 points of service abroad, divided into branches, sub-branches. Banco do Brasil is not the only Brazilian bank with high interest rates, interest rates have decreased slowly, despite the Brazilian Central Bank recent policy of dropping standard interest rates. Traditionally the CEO is appointed by the Brazilian president but usually picked from a list of career directors, a few CEOs were taken from outside the financial industry. Banco do Brasil has the monopoly of a number of government funding programs, like Pronaf, DRS, Fome Zero, PASEP, and others, and is the bank of choice for most municipal and state governments. Being public-owned, Banco do Brasil must recruit workers through a public process, known as Concurso Público. Due to the security which the draft process provides working for Banco do Brasil is considered a desirable job in most of Brazil
26.
Greenhouse gas
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A greenhouse gas is a gas in an atmosphere that absorbs and emits radiation within the thermal infrared range. This process is the cause of the greenhouse effect. The primary greenhouse gases in Earths atmosphere are water vapor, carbon dioxide, methane, nitrous oxide, without greenhouse gases, the average temperature of Earths surface would be about −18 °C, rather than the present average of 15 °C. In the Solar System, the atmospheres of Venus, Mars, human activities since the beginning of the Industrial Revolution have produced a 40% increase in the atmospheric concentration of carbon dioxide, from 280 ppm in 1750 to 400 ppm in 2015. This increase has occurred despite the uptake of a portion of the emissions by various natural sinks involved in the carbon cycle. Anthropogenic carbon dioxide emissions come from combustion of fuels, principally coal, oil. Greenhouse gases are those that absorb and emit infrared radiation in the range emitted by Earth. The proportion of an emission remaining in the atmosphere after a time is the airborne fraction. The annual airborne fraction is the ratio of the increase in a given year to that years total emissions. Over the last 50 years the annual airborne fraction for CO2 has been increasing at 0.25 ±0. 21%/year, therefore, they do not contribute significantly to the greenhouse effect and usually are omitted when discussing greenhouse gases. Some gases have indirect radiative effects and this happens in two main ways. One way is that when they break down in the atmosphere they produce another greenhouse gas, for example, methane and carbon monoxide are oxidized to give carbon dioxide. Oxidation of CO to CO2 directly produces an increase in radiative forcing although the reason is subtle. The peak of the thermal IR emission from Earths surface is close to a strong vibrational absorption band of CO2. On the other hand, the single CO vibrational band only absorbs IR at much higher frequencies, where the ~300 K thermal emission of the surface is at least a factor of ten lower. Oxidation of methane to CO2, which requires reactions with the OH radical, produces a reduction, since CO2 is a weaker greenhouse gas than methane. As described below this is not the story, since the oxidations of CO. In any case, the calculation of the radiative effect needs to include both the direct and indirect forcing
27.
Wayback Machine
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The Internet Archive launched the Wayback Machine in October 2001. It was set up by Brewster Kahle and Bruce Gilliat, and is maintained with content from Alexa Internet, the service enables users to see archived versions of web pages across time, which the archive calls a three dimensional index. Since 1996, the Wayback Machine has been archiving cached pages of websites onto its large cluster of Linux nodes and it revisits sites every few weeks or months and archives a new version. Sites can also be captured on the fly by visitors who enter the sites URL into a search box, the intent is to capture and archive content that otherwise would be lost whenever a site is changed or closed down. The overall vision of the machines creators is to archive the entire Internet, the name Wayback Machine was chosen as a reference to the WABAC machine, a time-traveling device used by the characters Mr. Peabody and Sherman in The Rocky and Bullwinkle Show, an animated cartoon. These crawlers also respect the robots exclusion standard for websites whose owners opt for them not to appear in search results or be cached, to overcome inconsistencies in partially cached websites, Archive-It. Information had been kept on digital tape for five years, with Kahle occasionally allowing researchers, when the archive reached its fifth anniversary, it was unveiled and opened to the public in a ceremony at the University of California, Berkeley. Snapshots usually become more than six months after they are archived or, in some cases, even later. The frequency of snapshots is variable, so not all tracked website updates are recorded, Sometimes there are intervals of several weeks or years between snapshots. After August 2008 sites had to be listed on the Open Directory in order to be included. As of 2009, the Wayback Machine contained approximately three petabytes of data and was growing at a rate of 100 terabytes each month, the growth rate reported in 2003 was 12 terabytes/month, the data is stored on PetaBox rack systems manufactured by Capricorn Technologies. In 2009, the Internet Archive migrated its customized storage architecture to Sun Open Storage, in 2011 a new, improved version of the Wayback Machine, with an updated interface and fresher index of archived content, was made available for public testing. The index driving the classic Wayback Machine only has a bit of material past 2008. In January 2013, the company announced a ground-breaking milestone of 240 billion URLs, in October 2013, the company announced the Save a Page feature which allows any Internet user to archive the contents of a URL. This became a threat of abuse by the service for hosting malicious binaries, as of December 2014, the Wayback Machine contained almost nine petabytes of data and was growing at a rate of about 20 terabytes each week. Between October 2013 and March 2015 the websites global Alexa rank changed from 162 to 208, in a 2009 case, Netbula, LLC v. Chordiant Software Inc. defendant Chordiant filed a motion to compel Netbula to disable the robots. Netbula objected to the motion on the ground that defendants were asking to alter Netbulas website, in an October 2004 case, Telewizja Polska USA, Inc. v. Echostar Satellite, No.02 C3293,65 Fed. 673, a litigant attempted to use the Wayback Machine archives as a source of admissible evidence, Telewizja Polska is the provider of TVP Polonia and EchoStar operates the Dish Network
28.
Banco Bradesco
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Bradesco is one of the biggest banking and financial services companies in Brazil. Bradesco was the largest private bank in Brazil until Banco Itaú and it is currently the third largest Brazilian bank by total assets. Bradesco customers can also use 34,859 “Bradesco Dia&Noite” Automatic Teller Machines and 12,975 ATMs of the Banco24Horas, Bradesco offers Internet Banking, insurance, pension plans, annuities, credit card services for customers, and savings bonds. The bank also provides personal and commercial loans, as well as leasing services, bradescos stock is traded on BM&F Bovespa, where it is part of the Índice Bovespa. It is also listed on the New York Stock Exchange and Madrid Stock Exchange, há70 anos por você. it means Bradesco. Its been 70 years for you, march 10,1943, Banco Brasileiro de Descontos founded by Amador Aguiar in the city of Marília in the state of São Paulo. The bank targets small landowners, retailers, and government employees,1946, Bradesco moves headquarters to São Paulo. 1951, Bradesco grows to become the largest private bank in Brazil,1953, Bradesco moves headquarters to Cidade de Deus, Osasco, São Paulo. 1956, Amador Aguiar creates Fundação Bradesco, the biggest education program in Brazil,1962, Bradesco is the first Latin American company to buy a computer. 1968, Bradesco launches the first credit card in Brazil, 1970s, Bradesco acquires 17 banks throughout the country. 1978, Bradesco branch no.1000 is inaugurated in Chuí at the tip of Brazil. 1991, Amador Aguiar dies in São Paulo,1996, Bradesco launches the first Latin American Internet Banking system. 2000, Banco Bradesco Argentina commences operations in Buenos Aires, Bradesco Securities commences operations in New York. 2003, Bradesco buys BBVAs Brazilian subsidiary,2006, Bradesco buys American Express Brazilian subsidiary. 2010, Bradesco buys Ibi Brazilian subsidiary, which was controlled by C&A.2010, Bradesco buys Ibi Mexican subsidiary, also controlled by C&A.2015, Bradesco buys HSBC Brazilian unit for $5.2 billion
29.
Braskem
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Braskem is a Brazilian petrochemical company headquartered in São Paulo. The company is the largest petrochemical company in Latin America and has become a player in the international petrochemical market. Braskem is the Americas’ top thermoplastic resins producer, with 36 industrial plants spread across Brazil, United States and Germany, the company produces over 16 million tons of thermoplastic resins and other petrochemicals per year. Braskem is the world’s leading biopolymers producer with its 200,000 tons Green PE plant that produces polyethylene from sugarcane-based ethanol, Braskem controls the three largest petrochemical complexes in Brazil, located in the cities of Camaçari, Mauá and Triunfo. Besides these three complexes, Braskem also controls a complex in Duque de Caxias which is based on gas rather than naphtha. Its basic petrochemical units account for the supply of ethylene and propylene to the companys nearby polymer units, the company also produces other chemical products such as benzene, butadiene, toluene, xylene and isoprene. These compounds are mostly sold to chemical companies based within the complexes, such as Innova, Elekeiroz. Although its main feedstock is naphtha, the company Braskems Green Ethylene plant was inaugurated in September,2010 and this green ethylene plant is an important step forward in the strategy of becoming a global leader in sustainable chemicals. The plant is the largest industrial-scale operation in the world producing ethylene made from 100% renewable raw materials, the project was conceived and installed in less than two years based on Braskem’s proprietary technology. Located at the Triunfo Petrochemical Complex in the state of Rio Grande do Sul, the plant produce 200,000 tons of green ethylene, which will be transformed into an equivalent volume of green plastic. Braskem is Brazils main producer of polyethylene, polypropylene and polyvinyl chloride – PVC, the company is also the leader in the US polypropylene market, with 1.5 million tons of capacity production. In addition, its polypropylene capacity production in Germany is 545,000 tons, Braskem is also implementing an integrated petrochemical complex in Mexico. The complex will constitute of a cracker using ethane as feedstock, the complex will begin production by mid-2015. Developed through a joint venture with the Mexican group Idesa, the project will increase the share of gas in the company’s feedstock matrix, improving its competitiveness. Braskem was formed in 2002, already Latin Americas leading petrochemical company, with units and offices in Brazil, as well as commercial bases in the United States. The company was formed by the consolidation of six companies, Copene, OPP, Trikem, Nitrocarbono, Proppet, in 2006, Braskem acquired Politeno, the third largest polyethylene producer in Brazil. The company joined Petrobras and Ultrapar the following year in the biggest merger in Brazilian history, while Petrobras and Ultrapar shared the fuel distribution operations, Braskem took over Ipiranga Petroquímica, Ipirangas former petrochemical operation. In 2016, Braskem was fined $957 million over a bribery scandal, on February 1st,2010, Braskem announced the acquisition of the PP assets of Sunoco Chemicals, 4th largest polypropylene producer in the U. S
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BRF S.A.
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BRF, formerly Brasil Foods S. A. is a Brazilian food conglomerate created from the merger of Sadia S. A. into Perdigão S. A. For over 80 years, since the inauguration of its first plant in Videira, Santa Catarina, it has been producing animal proteins, processed foods, margarines, pastas, frozen pizzas, the company is headquartered in Itajaí. The company was listed by Forbes magazine among the 100 most innovative in the world for two years running,2012 and 2013, taking 39th place in the world, the group’s two largest industrial units are located in Uberlândia, Minas Gerais and in Rio Verde, Goiás. In 2015, BRF processed 1.7 billion birds and 10 million head of hog, the all-stock merger transaction was approved by Brazils antitrust authority CADE on July 13,2011, after the imposition of restrictions that reduced the size of the deal. A study conducted by the Brazilian magazine IstoÉ Dinheiro and Millward Brown Vermeer ranked Sadia and Perdigão one of the 50 most valuable brands in Brazil, in 3rd and 17th place, respectively. The same survey showed that Sadia is the only food brand to figure among the top ten most valuable brands of the decade. The negotiations for the acquisition of Sadia by Perdigão began in 2008, the conclusion of the transaction, which was announced officially in May 2009, effectively created BRF, which continued under Fay’s leadership. In October 2011, BRF acquired two companies in Argentina, Avex and Dánica, for 150 million dollars, one year later, in Abu Dhabi, the new company acquired a 49% interest in the food producer Federal Foods for 36 million dollars. In April 2013, the entrepreneur Abilio Diniz was elected the new chairman of the board of directors of BRF, after four months, Claudio Galeazzi replaced José Antonio do Prado Fay as CEO. Galeazzi would replicate with Abilio Diniz a partnership lasting years, similar to the ones they had at other companies led by Diniz. Another interest in Federal Foods was acquired for 27.8 million dollars in April 2014, in August of the same year, BRF acquired the frozen food distributor Alyasra Food Company, in Kuwait, for 160 million dollars. With these acquisitions, the company expanded its operations in the Middle East, present in many countries,50. 2% of BRF’s revenue came from export sales in 2015. In September 2014, BRF sold its assets to the French group Lactalis for 1.8 billion reais. According to BRF, the decision to sell the dairy division assets was due to their weak financial return, also in September 2014, Claudio Galeazzi announced he would step down as CEO to be replaced by Pedro Faria, who assumed the office in January 2015. Also in 2015, BRF became the first Brazilian company to invest in the issue of Green Bonds, in alignment with BRF’s strategic globalization plan, SATS BRF was created in Singapore and, in China, it launched Sadia with a snack line. In the Middle East, BRF acquired an interest in Qatar National Import and Export, in Argentina, it acquired, through its subsidiaries Avex and Quick Foods, the traditional brands Vieníssima, Goodmark, Manty and Delícia. In 2017, BRF was claimed as having sold expired meat for many years and this was confirmed true with a police investigation that lasted 2 years. The stock is listed on the New York Stock Exchange
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CCR S.A.
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CCR, formerly Companhia de Concessões Rodoviárias, is a transportation company with interests in private interstate highway concessions, airport operations, metro system in Brazil and other countries. The Company operates approximately 3.000 kilometers of toll-roads and its portfolio includes six toll concessions, AutoBAn, NovaDutra, Ponte Rio-Niteroi, Rodonorte, ViaOeste and Via Lagos. CCR is owned by, Camargo Corrêa, Andrade Gutierrez and Soares Penido, currently the company is the largest highways operator in Latin America and through its subsidiary ViaQuatro operates the Line 4 -Yellow of São Paulo metro and the Salvador Metro. The company operates the Belo Horizonte International Airport, Quito International Airport, also operates the vehicle inspection company Controlar. The CCRs main competitors are Ecorodovias, Triunfo and Arteris
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CEMIG
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CEMIG is a Brazilian power company headquartered in Belo Horizonte capital of the state of Minas Gerais. The company is one of the largest power generators and distributors in Brazil being responsible for 12% of the national distribution, CEMIG is present in 22 Brazilian States and in Chile. With around 50 power plants in operation, most of them hydroelectric, cemig also owns a cable television, internet and telecommunications business called Infovias which uses the companys transmission and distribution lines. Also, a business called Gasmig supplies natural gas in Minas Gerais, just over half of Cemigs stock is owned by the state of Minas Gerais. The stock is traded on BM&F Bovespa where it is part of the Ibovespa index and it is also traded on the New York Stock Exchange and Latibex an index for Latin companies in Madrid Stock Exchange. The company is being included in the new Global Dow, the company owns 43% of TAESA, a Brazilian Electric Company. The companys home page in Portuguese The companys investor relations page in English
