The United Kingdom the United Kingdom of Great Britain and Northern Ireland, sometimes referred to as Britain, is a sovereign country located off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, many smaller islands. Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state, the Republic of Ireland. Apart from this land border, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south and the Celtic Sea to the south-west, giving it the 12th-longest coastline in the world; the Irish Sea lies between Great Ireland. With an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world, it is the 22nd-most populous country, with an estimated 66.0 million inhabitants in 2017. The UK is constitutional monarchy; the current monarch is Queen Elizabeth II, who has reigned since 1952, making her the longest-serving current head of state.
The United Kingdom's capital and largest city is London, a global city and financial centre with an urban area population of 10.3 million. Other major urban areas in the UK include Greater Manchester, the West Midlands and West Yorkshire conurbations, Greater Glasgow and the Liverpool Built-up Area; the United Kingdom consists of four constituent countries: England, Scotland and Northern Ireland. Their capitals are London, Edinburgh and Belfast, respectively. Apart from England, the countries have their own devolved governments, each with varying powers, but such power is delegated by the Parliament of the United Kingdom, which may enact laws unilaterally altering or abolishing devolution; the nearby Isle of Man, Bailiwick of Guernsey and Bailiwick of Jersey are not part of the UK, being Crown dependencies with the British Government responsible for defence and international representation. The medieval conquest and subsequent annexation of Wales by the Kingdom of England, followed by the union between England and Scotland in 1707 to form the Kingdom of Great Britain, the union in 1801 of Great Britain with the Kingdom of Ireland created the United Kingdom of Great Britain and Ireland.
Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain and Northern Ireland. There are fourteen British Overseas Territories, the remnants of the British Empire which, at its height in the 1920s, encompassed a quarter of the world's land mass and was the largest empire in history. British influence can be observed in the language and political systems of many of its former colonies; the United Kingdom is a developed country and has the world's fifth-largest economy by nominal GDP and ninth-largest economy by purchasing power parity. It has a high-income economy and has a high Human Development Index rating, ranking 14th in the world, it was the world's first industrialised country and the world's foremost power during the 19th and early 20th centuries. The UK remains a great power, with considerable economic, military and political influence internationally, it is sixth in military expenditure in the world. It has been a permanent member of the United Nations Security Council since its first session in 1946.
It has been a leading member state of the European Union and its predecessor, the European Economic Community, since 1973. The United Kingdom is a member of the Commonwealth of Nations, the Council of Europe, the G7, the G20, NATO, the Organisation for Economic Co-operation and Development and the World Trade Organization; the 1707 Acts of Union declared that the kingdoms of England and Scotland were "United into One Kingdom by the Name of Great Britain". The term "United Kingdom" has been used as a description for the former kingdom of Great Britain, although its official name from 1707 to 1800 was "Great Britain"; the Acts of Union 1800 united the kingdom of Great Britain and the kingdom of Ireland in 1801, forming the United Kingdom of Great Britain and Ireland. Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as the only part of the island of Ireland within the United Kingdom, the name was changed to the "United Kingdom of Great Britain and Northern Ireland".
Although the United Kingdom is a sovereign country, Scotland and Northern Ireland are widely referred to as countries. The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom; some statistical summaries, such as those for the twelve NUTS 1 regions of the United Kingdom refer to Scotland and Northern Ireland as "regions". Northern Ireland is referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice revealing one's political preferences"; the term "Great Britain" conventionally refers to the island of Great Britain, or politically to England and Wales in combination. However, it is sometimes used as a loose synonym for the United Kingdom as a whole; the term "Britain" is used both as a synonym for Great Britain, as a synonym for the United Kingdom. Usage is mixed, with the BBC preferring to use Britain as shorthand only for Great Britain and the UK Government, while accepting that both terms refer to the United K
Corporate finance is an area of finance that deals with sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, the tools and analysis used to allocate financial resources. The primary goal of corporate finance is to increase shareholder value. Although it is in principle different from managerial finance which studies the financial management of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms. Correspondingly, corporate finance comprises two main sub-disciplines. Capital budgeting is concerned with the setting of criteria about which value-adding projects should receive investment funding, whether to finance that investment with equity or debt capital. Working capital management is the management of the company's monetary funds that deal with the short-term operating balance of current assets and current liabilities.
The terms corporate finance and corporate financier are associated with investment banking. The typical role of an investment bank is to evaluate the company's financial needs and raise the appropriate type of capital that best fits those needs. Thus, the terms "corporate finance" and "corporate financier" may be associated with transactions in which capital is raised in order to create, grow or acquire businesses. Recent legal and regulatory developments in the U. S. will alter the makeup of the group of arrangers and financiers willing to arrange and provide financing for certain leveraged transactions. Financial management overlaps with the financial function of the accounting profession. However, financial accounting is the reporting of historical financial information, while financial management is concerned with the allocation of capital resources to increase a firm's value to the shareholders. Corporate finance for the pre-industrial world began to emerge in the Italian city-states and the low countries of Europe from the 15th century.
Public markets for investment securities developed in the Dutch Republic during the 17th century. By the early 1800s, London acted as a center of corporate finance for companies around the world, which innovated new forms of lending and investment; the twentieth century brought with it the rise of common stock finance. Modern corporate finance, alongside investment management, developed in the second half of the 20th century driven by innovations in theory and practice in the United States and Britain; the primary goal of financial management is to maximize or to continually increase shareholder value. Maximizing shareholder value requires managers to be able to balance capital funding between investments in projects that increase the firm's long term profitability and sustainability, along with paying excess cash in the form of dividends to shareholders. Managers of growth companies will use most of the firm's capital resources and surplus cash on investments and projects so the company can continue to expand its business operations into the future.
When companies reach maturity levels within their industry, managers of these companies will use surplus cash to payout dividends to shareholders. Managers must do an analysis to determine the appropriate allocation of the firm's capital resources and cash surplus between projects and payouts of dividends to shareholders, as well as paying back creditor related debt. Choosing between investment projects will be based upon several inter-related criteria. Corporate management seeks to maximize the value of the firm by investing in projects which yield a positive net present value when valued using an appropriate discount rate in consideration of risk; these projects must be financed appropriately. If no growth is possible by the company and excess cash surplus is not needed to the firm financial theory suggests that management should return some or all of the excess cash to shareholders; this "capital budgeting" is the planning of value-adding, long-term corporate financial projects relating to investments funded through and affecting the firm's capital structure.
Management must allocate the firm's limited resources between competing opportunities. Capital budgeting is concerned with the setting of criteria about which projects should receive investment funding to increase the value of the firm, whether to finance that investment with equity or debt capital. Investments should be made on the basis of value-added to the future of the corporation. Projects that increase a firm's value may include a wide variety of different types of investments, including but not limited to, expansion policies, or mergers and acquisitions; when no growth or expansion is possible by a corporation and excess cash surplus exists and is not needed management is expected to pay out some or all of those surplus earnings in the form of cash dividends or to repurchase the company's stock through a share buyback program. Achieving the goals of corporate finance requires that any corporate investment be financed appropriately; the sources of financing are, capital self-generated by the firm and capital from external funders, obtained by issuing new debt and equity.
However, as above, since both hurdle rate and cash flows will be affected, the financing mix will impact the valuation
London is the capital and largest city of both England and the United Kingdom. Standing on the River Thames in the south-east of England, at the head of its 50-mile estuary leading to the North Sea, London has been a major settlement for two millennia. Londinium was founded by the Romans; the City of London, London's ancient core − an area of just 1.12 square miles and colloquially known as the Square Mile − retains boundaries that follow its medieval limits. The City of Westminster is an Inner London borough holding city status. Greater London is governed by the Mayor of the London Assembly. London is considered to be one of the world's most important global cities and has been termed the world's most powerful, most desirable, most influential, most visited, most expensive, sustainable, most investment friendly, most popular for work, the most vegetarian friendly city in the world. London exerts a considerable impact upon the arts, education, fashion, healthcare, professional services and development, tourism and transportation.
London ranks 26 out of 300 major cities for economic performance. It is one of the largest financial centres and has either the fifth or sixth largest metropolitan area GDP, it is the most-visited city as measured by international arrivals and has the busiest city airport system as measured by passenger traffic. It is the leading investment destination, hosting more international retailers and ultra high-net-worth individuals than any other city. London's universities form the largest concentration of higher education institutes in Europe. In 2012, London became the first city to have hosted three modern Summer Olympic Games. London has a diverse range of people and cultures, more than 300 languages are spoken in the region, its estimated mid-2016 municipal population was 8,787,892, the most populous of any city in the European Union and accounting for 13.4% of the UK population. London's urban area is the second most populous in the EU, after Paris, with 9,787,426 inhabitants at the 2011 census.
The population within the London commuter belt is the most populous in the EU with 14,040,163 inhabitants in 2016. London was the world's most populous city from c. 1831 to 1925. London contains four World Heritage Sites: the Tower of London. Other landmarks include Buckingham Palace, the London Eye, Piccadilly Circus, St Paul's Cathedral, Tower Bridge, Trafalgar Square and The Shard. London has numerous museums, galleries and sporting events; these include the British Museum, National Gallery, Natural History Museum, Tate Modern, British Library and West End theatres. The London Underground is the oldest underground railway network in the world. "London" is an ancient name, attested in the first century AD in the Latinised form Londinium. Over the years, the name has attracted many mythicising explanations; the earliest attested appears in Geoffrey of Monmouth's Historia Regum Britanniae, written around 1136. This had it that the name originated from a supposed King Lud, who had taken over the city and named it Kaerlud.
Modern scientific analyses of the name must account for the origins of the different forms found in early sources Latin, Old English, Welsh, with reference to the known developments over time of sounds in those different languages. It is agreed; this was adapted into Latin as Londinium and borrowed into Old English, the ancestor-language of English. The toponymy of the Common Brythonic form is much debated. A prominent explanation was Richard Coates's 1998 argument that the name derived from pre-Celtic Old European *lowonida, meaning "river too wide to ford". Coates suggested that this was a name given to the part of the River Thames which flows through London. However, most work has accepted a Celtic origin for the name, recent studies have favoured an explanation along the lines of a Celtic derivative of a proto-Indo-European root *lendh-, combined with the Celtic suffix *-injo- or *-onjo-. Peter Schrijver has suggested, on these grounds, that the name meant'place that floods'; until 1889, the name "London" applied to the City of London, but since it has referred to the County of London and Greater London.
"London" is sometimes written informally as "LDN". In 1993, the remains of a Bronze Age bridge were found on the south foreshore, upstream of Vauxhall Bridge; this bridge either reached a now lost island in it. Two of those timbers were radiocarbon dated to between 1750 BC and 1285 BC. In 2010 the foundations of a large timber structure, dated to between 4800 BC and 4500 BC, were found on the Thames's south foreshore, downstream of Vauxhall Bridge; the function of the mesolithic structure is not known. Both structures are on the south bank. Although there is evidence of scattered Brythonic settlements in the area, the first major settlement was founded by the Romans about four years after the invasion
Net present value
In finance, the net present value or net present worth applies to a series of cash flows occurring at different times. The present value of a cash flow depends on the interval of time between the cash flow, it depends on the discount rate. NPV accounts for the time value of money, it provides a method for evaluating and comparing capital projects or financial products with cash flows spread over time, as in loans, payouts from insurance contracts plus many other applications. Time value of money dictates. For example, a lender may offer 99 cents for the promise of receiving $1.00 a month from now, but the promise to receive that same dollar 20 years in the future would be worth much less today to that same person if the payback in both cases was certain. This decrease in the current value of future cash flows is based on a chosen rate of return. If for example there exists a time series of identical cash flows, the cash flow in the present is the most valuable, with each future cash flow becoming less valuable than the previous cash flow.
A cash flow today is more valuable than an identical cash flow in the future because a present flow can be invested and begin earning returns, while a future flow cannot. Net present value is determined by calculating the costs and benefits for each period of an investment; the period is one year, but could be measured in quarter-years, half-years or months. After the cash flow for each period is calculated, the present value of each one is achieved by discounting its future value at a periodic rate of return. NPV is the sum of all the discounted future cash flows; because of its simplicity, NPV is a useful tool to determine whether a project or investment will result in a net profit or a loss. A positive NPV results in profit; the NPV measures the excess or shortfall of cash flows, in present value terms, above the cost of funds. In a theoretical situation of unlimited capital budgeting a company should pursue every investment with a positive NPV. However, in practical terms a company's capital constraints limit investments to projects with the highest NPV whose cost cash flows, or initial cash investment, do not exceed the company's capital.
NPV is a central tool in discounted cash flow analysis and is a standard method for using the time value of money to appraise long-term projects. It is used throughout economics and accounting. In the case when all future cash flows are positive, or incoming the only outflow of cash is the purchase price, the NPV is the PV of future cash flows minus the purchase price. NPV can be described as the "difference amount" between the sums of discounted cash inflows and cash outflows, it compares the present value of money today to the present value of money in the future, taking inflation and returns into account. The NPV of a sequence of cash flows takes as input the cash flows and a discount rate or discount curve and outputs a present value, the current fair price; the converse process in discounted cash flow analysis takes a sequence of cash flows and a price as input and as output the discount rate, or internal rate of return which would yield the given price as NPV. This rate, called the yield, is used in bond trading.
Many computer-based spreadsheet programs have built-in formulae for PV and NPV. Each cash inflow/outflow is discounted back to its present value. All are summed. Therefore, NPV is the sum of all terms, R t t where t – the time of the cash flow i – the discount rate, i.e. the return that could be earned per unit of time on an investment with similar risk R t – the net cash flow i.e. cash inflow – cash outflow, at time t. For educational purposes, R 0 is placed to the left of the sum to emphasize its role as the investment; the result of this formula is multiplied with the Annual Net cash in-flows and reduced by Initial Cash outlay the present value but in cases where the cash flows are not equal in amount the previous formula will be used to determine the present value of each cash flow separately. Any cash flow within 12 months will not be discounted for NPV purpose the usual initial investments during the first year R0 are summed up a negative cash flow. Given the pairs where N is the total number of periods, the net present value N P V is given by: N P V = ∑ t = 0 N R t t For constant cash flow R, the net present value N P V is a finite geometric series and is given by: N P V (
Chief executive officer
The chief executive officer or just chief executive, is the most senior corporate, executive, or administrative officer in charge of managing an organization – an independent legal entity such as a company or nonprofit institution. CEOs lead a range of organizations, including public and private corporations, non-profit organizations and some government organizations; the CEO of a corporation or company reports to the board of directors and is charged with maximizing the value of the entity, which may include maximizing the share price, market share, revenues or another element. In the non-profit and government sector, CEOs aim at achieving outcomes related to the organization's mission, such as reducing poverty, increasing literacy, etc. In the early 21st century, top executives had technical degrees in science, engineering or law; the responsibility of an organization's CEO are set by the organization's board of directors or other authority, depending on the organization's legal structure.
They can be far-reaching or quite limited and are enshrined in a formal delegation of authority. Responsibilities include being a decision maker on strategy and other key policy issues, leader and executor; the communicator role can involve speaking to the press and the rest of the outside world, as well as to the organization's management and employees. As a leader of the company, the CEO or MD advises the board of directors, motivates employees, drives change within the organization; as a manager, the CEO/MD presides over the organization's day-to-day operations. The term refers to the person who makes all the key decisions regarding the company, which includes all sectors and fields of the business, including operations, business development, human resources, etc; the CEO of a company is not the owner of the company. In some countries, there is a dual board system with two separate boards, one executive board for the day-to-day business and one supervisory board for control purposes. In these countries, the CEO presides over the executive board and the chairman presides over the supervisory board, these two roles will always be held by different people.
This ensures a distinction between management by the executive board and governance by the supervisory board. This allows for clear lines of authority; the aim is to prevent a conflict of interest and too much power being concentrated in the hands of one person. In the United States, the board of directors is equivalent to the supervisory board, while the executive board may be known as the executive committee. In the United States, in business, the executive officers are the top officers of a corporation, the chief executive officer being the best-known type; the definition varies. In the case of a sole proprietorship, an executive officer is the sole proprietor. In the case of a partnership, an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company, executive officer is any manager, or officer. A CEO has several subordinate executives, each of whom has specific functional responsibilities referred to as senior executives, executive officers or corporate officers.
Subordinate executives are given different titles in different organizations, but one common category of subordinate executive, if the CEO is the president, is the vice-president. An organization may have more than one vice-president, each tasked with a different area of responsibility; some organizations have subordinate executive officers who have the word chief in their job title, such as chief operating officer, chief financial officer and chief technology officer. The public relations-focused position of chief reputation officer is sometimes included as one such subordinate executive officer, but, as suggested by Anthony Johndrow, CEO of Reputation Economy Advisors, it can be seen as "simply another way to add emphasis to the role of a modern-day CEO – where they are both the external face of, the driving force behind, an organisation culture". In the US, the term chief executive officer is used in business, whereas the term executive director is used in the not-for-profit sector; these terms are mutually exclusive and refer to distinct legal duties and responsibilities.
Implicit in the use of these titles, is that the public not be misled and the general standard regarding their use be applied. In the UK, chief executive and chief executive officer are used in both business and the charitable sector; as of 2013, the use of the term director for senior charity staff is deprecated to avoid confusion with the legal duties and responsibilities associated with being a charity director or trustee, which are non-executive roles. In the United Kingdom, the term director is used instead of chief officer". Business publicists since the days of Edward Bernays and his client John D. Rockefeller and more the corporate publicists for Henry Ford, promoted the concept of the "celebrity CEO". Business journalists have adopted this approach, which assumes that the corporate achievements in the arena of manufacturing, wer
Bloomberg L. P. is a held financial, software and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, a 30% ownership investment by Merrill Lynch. Bloomberg L. P. provides financial software tools such as an analytics and equity trading platform, data services, news to financial companies and organizations through the Bloomberg Terminal, its core revenue-generating product. Bloomberg L. P. includes a wire service, a global television network, radio stations, subscription-only newsletters, two magazines: Bloomberg Businessweek and Bloomberg Markets. In 2014, Bloomberg L. P. launched Bloomberg Politics, a multiplatform media property that merged the company's political news teams, has recruited two veteran political journalists, Mark Halperin and John Heilemann, to run it. In 1981, Salomon Brothers was acquired, Michael Bloomberg, a general partner, was given a $10 million partnership settlement.
Bloomberg, having designed in-house computerized financial systems for Salomon, used his $10 million severance cheque to start Innovative Market Systems. Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations and other financial analytics to Wall Street firms. In 1983, Merrill Lynch invested $30 million in IMS to help finance the development of "the Bloomberg" terminal computer system and by 1984, IMS was selling machines to all of Merrill Lynch's clients. In 1986, the company was renamed Bloomberg L. P. and 5,000 terminals had been installed in subscribers' offices. Within a few years, ancillary products including Bloomberg Tradebook, the Bloomberg Messaging Service, the Bloomberg newswire were launched. Bloomberg launched its news services division in 1990. Bloomberg.com was first established on September 29, 1993, as a financial portal with information on markets, currency conversion and events, Bloomberg Terminal subscriptions. In late 1996, Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in the company for $200 million, valuing the company at $9 billion.
In 2008, facing losses during the financial crisis, Merrill Lynch agreed to sell its remaining 20 percent stake in the company back to Bloomberg Inc. majority-owned by Michael Bloomberg, for a reported $4.43 billion, valuing Bloomberg L. P. at $22.5 billion. Bloomberg L. P. has remained a private company since its founding. To run for the position of Mayor of New York against Democrat Mark Green in 2001, Bloomberg gave up his position of CEO and appointed Lex Fenwick as CEO in his stead. Peter Grauer is the chairman. In 2008, Fenwick became the CEO of a new venture capital division. Daniel Doctoroff, former deputy mayor in the Bloomberg administration, serves as president and CEO. In September 2014, it was announced that Michael Bloomberg would be taking the reins of his eponymous market data company from Doctoroff, chief executive of Bloomberg for the past six years after his term as deputy mayor. In September 2014, Bloomberg sold its Bloomberg Sports analysis division to the data analysis firm STATS LLC for a fee rumored to be between $15 million and $20 million.
Since its founding, Bloomberg L. P. has made several acquisitions including the radio station WNEW, BusinessWeek magazine, research company New Energy Finance, the Bureau of National Affairs and the financial software company Bloomberg PolarLake. On July 9, 2014, Bloomberg L. P. acquired RTS Realtime Systems, a global provider of low-latency connectivity and trading support services. In 1992, Bloomberg L. P. purchased New York Radio station WNEW for $13.5 million. The station was converted into an all-news format, known as Bloomberg Radio, the call letters were changed to WBBR. Bloomberg L. P. bought a weekly business magazine, BusinessWeek, from McGraw-Hill in 2009. The company acquired the magazine—which was suffering from declining advertising revenue and limited circulation numbers—to attract general business to its media audience composed of terminal subscribers. Following the acquisition, BusinessWeek was renamed Bloomberg Businessweek. Joel Weber edits the magazine. In 2010, Bloomberg L. P. acquired Eagle Eye Publishing, a Fairfax, Virginia-based company that publishes data about procurement by the Federal Government.
This acquisition became part of Bloomberg Government, launched in early 2011. In 2009, Bloomberg L. P. purchased New Energy Finance, a data company focused on energy investment and carbon markets research based in the United Kingdom. New Energy Finance was created by Michael Liebreich in 2004, to provide news and analysis on carbon and clean energy markets. Bloomberg L. P. acquired the company to become an industry resource for information to support low-carbon energy solutions. It was renamed to BNEF for short. Liebreich continued to lead the company, serving as the chief executive officer until 2014, when he stepped down as CEO but remained involved as Chairman of the Advisory Board. Bloomberg L. P. purchased Arlington, Virginia-based Bureau of National Affairs in August 2011, for $990 million to bolster its existing Bloomberg Government and Bloomberg Law services. BNA publishes specialized online and print news and information for professionals in business and government; the company produces more than 350 news publications in topic areas that include corporate law and business, employee benefits and labor law, environment and safety, health care, human resources, intellectual property and tax and acco
A trademark, trade mark, or trade-mark is a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are called service marks. The trademark owner can be business organization, or any legal entity. A trademark may be located on a label, a voucher, or on the product itself. For the sake of corporate identity, trademarks are displayed on company buildings; the first legislative act concerning trademarks was passed in 1266 under the reign of Henry III, requiring all bakers to use a distinctive mark for the bread they sold. The first modern trademark laws emerged in the late 19th century. In France the first comprehensive trademark system in the world was passed into law in 1857; the Trade Marks Act 1938 of the United Kingdom changed the system, permitting registration based on "intent-to-use”, creating an examination based process, creating an application publication system. The 1938 Act, which served as a model for similar legislation elsewhere, contained other novel concepts such as "associated trademarks", a consent to use system, a defensive mark system, non claiming right system.
The symbols ™ and ® can be used to indicate trademarks. A trademark identifies the brand owner of a particular service. Trademarks can be used by others under licensing agreements; the unauthorized usage of trademarks by producing and trading counterfeit consumer goods is known as brand piracy. The owner of a trademark may pursue legal action against trademark infringement. Most countries require formal registration of a trademark as a precondition for pursuing this type of action; the United States and other countries recognize common law trademark rights, which means action can be taken to protect an unregistered trademark if it is in use. Still, common law trademarks offer the holder, in general, less legal protection than registered trademarks. A trademark may be designated by the following symbols: ™ ℠ ® A trademark is a name, phrase, symbol, image, or a combination of these elements. There is a range of non-conventional trademarks comprising marks which do not fall into these standard categories, such as those based on colour, smell, or sound.
Trademarks which are considered offensive are rejected according to a nation's trademark law. The term trademark is used informally to refer to any distinguishing attribute by which an individual is identified, such as the well-known characteristics of celebrities; when a trademark is used in relation to services rather than products, it may sometimes be called a service mark in the United States. The essential function of a trademark is to identify the commercial source or origin of products or services, so a trademark, properly called, indicates source or serves as a badge of origin. In other words, trademarks serve to identify a particular business as the source of goods or services; the use of a trademark in this way is known as trademark use. Certain exclusive rights attach to a registered mark. Trademark rights arise out of the use of, or to maintain exclusive rights over, that sign in relation to certain products or services, assuming there are no other trademark objections. Different goods and services have been classified by the International Classification of Goods and Services into 45 Trademark Classes.
The idea behind this system is to specify and limit the extension of the intellectual property right by determining which goods or services are covered by the mark, to unify classification systems around the world. In trademark treatises it is reported that blacksmiths who made swords in the Roman Empire are thought of as being the first users of trademarks. Other notable trademarks that have been used for a long time include Löwenbräu, which claims use of its lion mark since 1383; the first trademark legislation was passed by the Parliament of England under the reign of King Henry III in 1266, which required all bakers to use a distinctive mark for the bread they sold. The first modern trademark laws emerged in the late 19th century. In France the first comprehensive trademark system in the world was passed into law in 1857 with the "Manufacture and Goods Mark Act". In Britain, the Merchandise Marks Act 1862 made it a criminal offence to imitate another's trade mark'with intent to defraud or to enable another to defraud'.
In 1875, the Trade Marks Registration Act was passed which allowed formal registration of trade marks at the UK Patent Office for the first time. Registration was considered to comprise prima facie evidence of ownership of a trade mark and registration of marks began on 1 January 1876; the 1875 Act defined a registrable trade mark as'a device, or mark, or name of an individual or firm printed in some particular and distinctive manner. In the United States, Congress first atte