UK Trade & Investment
UK Trade & Investment was a UK Government department working with businesses based in the United Kingdom to assist their success in international markets, with overseas investors looking to the UK as an investment destination. In July 2016 it was replaced by the Department for International Trade. UKTI was formed in May 1999 as British Trade International, comprising two parts: Trade Partners UK and Invest UK. In October 2003, the former department name and two inner departments merged and became UK Trade & Investment to simplify the outward recognition of the organisation, to reduce confusion with the two departments. To support its aim to "enhance the competitiveness of companies in Britain through overseas trade and investments. UK Trade & Investment is an international organisation with headquarters in London and Glasgow in Scotland. Across its network UK Trade & Investment employs around 2,400 staff and advisers, including overseas in British Embassies, High Commissions and trade offices, regional offices in the nine English regions The delivery of many UKTI regional services within the United Kingdom is contracted out to other organisations.
In Devon and Somerset, UKTI regional services are now delivered by Serco, In China, the China Britain Business Council, another private body, is the provider. Business and university leaders work with UKTI as "business ambassadors", they highlight trade and investment opportunities. They focus on helping medium-sized enterprises. UK Trade & Investment brings together the work of the Foreign & Commonwealth Office and the Department for Business and Industrial Strategy; the UK Special Representative for International Trade and Investment works as part of UKTI to promote British business and produce. UK Trade & Investment has public-private partnership agreements with the Federation of International Trade Associations under which they contribute market research and other reports on GlobalTrade.net. UK Trade & Investment has an arms-trade branch called UKTI DSO headed by Sir Richard Paniguian. Official website
German National Library of Economics
The German National Library of Economics is the world’s largest research infrastructure for economic literature, online as well as offline. The ZBW is a member of the Leibniz Association and has been a foundation under public law since 2007. Several times the ZBW received the international LIBER award for its innovative work in librarianship; the ZBW allows for access of millions of documents and research on economics, partnering with over 40 research institutions to create a connective Open Access portal and social web of research. Through its EconStor and EconBiz and students have accessed millions of datasets and thousands of articles; the ZBW edits two journals: Wirtschaftsdienst and Intereconomics. The ZBW is Germany's central subject research infrastructure for economics in Germany, its mandate is to acquire, to index, to archive theoretical and empirical literature and subject-specific information from economics and business studies, to provide access to these materials to the general public on a national basis.
The ZBW acquires all publications from related and auxiliary disciplines focussing on economics, in order to accommodate the increasing tendency towards interdisciplinary work in economic research. The ZBW is part of the system of national literature provision within the German Research Foundation; the ZBW holds 4.4 million items. The ZBW subscribes to more than 27,100 journals and enables access to 2.3 million electronic documents. The search portal. More than 134,000 full-texts from German research institutes and universities are available online and free of charge on the repository EconStor; the ZBW creates content-descriptive metadata not only for books, but for articles in journals and working papers, i.e. they are indexed with keywords from the Standard Thesaurus for Economics. The ZBW maintains the search portal EconBiz containing more than 10 million datasets of bibliographic references for economics and business studies; the ZBW offers an online reference service, Research Guide EconDesk, which provides guidance for literature and data searches in economics and business studies.
The ZBW is an active player in the Open Access movement which aims for free access to scholarly research output. It is the chief negotiator for national licences in economics in Germany; the repository EconStor serves as a platform for the free publication of research output in economics. Authors and publishing institutions can publish without charges on EconStor. More than 400 institutions use EconStor for the digital dissemination of their publications in Open Access, it is an input service for RePEc and one of its most used archives. All titles in EconStor are indexed by search engines such as Google, Google Scholar and BASE, distributed to databases such as WoldCat, OpenAire and EconBiz; the ZBW Journal Data Archive is a service for the editors of scholarly journals in economics. Editors can deposit datasets and other material relating to empirical articles and provide access to them in order to enable reproducibility of published research findings; the ZBW publishes two journals of Wirtschaftsdienst and Intereconomics.
The ZBW provides support for researchers dealing with the different aspects of the digitisation of the science system, such as publishing in Open Access or research data management. The ZBW participates in international projects to develop new services for its users. GeRDI – Generic Research Data Infrastructure; the project aims to develop a linked-up research data infrastructure. It aims to link existing and future research data centres all over Germany; this allows scientists to search for and re-use research data across disciplines and without barriers. The ZBW coordinates the project, funded by the German Research Foundation. Linked Open Citation Database; the project LOC-DB develops tools and processes based on linked data technologies that will enable individual libraries to participate in an open, distributed infrastructure for the indexation of citations. It aims to show that extensive automation of metadata creation can produce relevant added value to scholarly information discovery. Metrics: MEasuring The Reliability and perception of Indicators for interactions with sCientific productS.
The project focuses on gaining a deeper understanding of alternative indicators for measuring scientific performance. Under review are the quality and reliability of the indicators, but how far they are able to map discipline-specific differences. MOVING: the project aims to build a working environment for the qualitative and quantitative analysis of large collections of documents and data; the ZBW is the research partner for text and data mining and the scientific coordinator, contributes its expertise in the field of Science 2.0. Digital Imperial Statistics: Historical statistics are not available online. In this pilot project, the German Imperial Statistics 1873-1883 have been digitised and processed into a format that researchers can download for re-use in spreadsheets; this project is funded by the German Research Foundation. Digital preservation: Because of the rapid technical development of recent years, information is only available in digital form. At the same time, the hard- and software needed for reading this information becomes obsolete more rapidly.
Digital preservation ensures. To this end, the ZBW cooperates with two other German Libraries, the Leibniz Information Centre for Science and Technology (TIB
Chamber of commerce
A chamber of commerce is a form of business network, for example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community. Local businesses are members, they elect a board of directors or executive council to set policy for the chamber; the board or council hires a President, CEO or Executive Director, plus staffing appropriate to size, to run the organization. A chamber of commerce is a voluntary association of business firms belonging to different trades and industries, they serve as representatives of business community. They differ from country to country; the first chamber of commerce was founded in 1599 in France. Another official chamber of commerce followed 65 years probably in Bruges part of the Spanish Netherlands; the world's oldest English-speaking chamber of commerce is the Jersey Chamber founded in February 1768, the same year the New York City Chamber was founded, The oldest known existing chamber in the English-speaking world with continuous records, the Glasgow Chamber of Commerce, was founded in 1783.
However, Hull Chamber of Commerce is the UK's oldest, followed by those of Leeds and of Belfast in present day Northern Ireland. As a non-governmental institution, a chamber of commerce has no direct role in the writing and passage of laws and regulations that affect businesses, it may however, lobby in an attempt to get laws passed. Membership in an individual chamber can range from a few dozen to well over 800,000, as is the case with the Paris Île-de-France Regional Chamber of Commerce and Industry; some chamber organizations in China report larger membership numbers. Chambers of commerce can range in scope from individual neighborhoods within a city or town up to an international chamber of commerce. In the United States, chambers do not operate in the same manner as the Better Business Bureau in that, while the BBB has the authority to bind its members under a formal operation doctrine, the local chamber membership is either voluntary or required by law. In addition, Chambers represent the interests of businesses, while the BBB represents both the interests of businesses and the general public.
Some Chambers are funded by local government, others are non-profit, some are a combination of the two. Chambers of commerce can include economic development corporations or groups as well as tourism and visitor bureaus; some chambers have joined state and international bodies. There are about 13,000 chambers registered in the official Worldchambers Network registry, the chamber of commerce network is the largest business network globally; this network is informal, with each local chamber incorporated and operating separately, rather than as a chapter of a national or state chamber. Chambers of commerce in the United States can be considered community, regional, state, or nationwide. City Chambers work on the local level to bring the business community together to develop strong local networks, which can result in a business-to-business exchange. In most cases, city Chambers work with their local government, such as their mayor, their city council and local representatives to develop pro-business initiatives.
There are bilateral chambers of commerce that link the business environments of two countries. Community chambers of commerce started in the UK and spread to in the US, becoming city chambers of commerce as communities developed and became larger. Community chambers of commerce most have a limit on numbers of members. City chambers of commerce have a long history in the US; the Charleston Chamber of Commerce is one of the oldest, dating back to colonial 1773. That same year, Boston's Chamber of Commerce organized a seminal tax protest: The Boston Tea Party. In 2005 there were 2,800 chambers of commerce in the United States and 102 chambers representing U. S. businesses overseas. According to the Association for Chamber of Commerce Executives, there are 3,000 chambers of commerce with at least one staff person and "thousands more established as volunteer entities". State chambers of commerce are much different from local and regional chambers of commerce, as they work on state and sometimes federal issues impacting the business community.
Just as the local chamber is critical to the local business community, state chambers serve a unique function, serving as a third party voice on important business legislation that impact the business community and are critical in shaping legislation in their respective state. State Chambers work with their Governor, state representatives, state senators, US congressional leaders and US Senators. In comparison with state trade associations, which serve as a voice and resource to a particular industry, state chambers are looked to as a respected voice, representing the entire business community to enhance and advocate for a better business environment. Understanding the National or International need for understanding and information is the key service that these level of chambers of commerce provide; these services are in most cases are at no fee or cost to their members, some of the resour
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank, it was owned by stockholders from its foundation in 1694 until it was nationalised in 1946. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, but with independence in setting monetary policy; the Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has a devolved responsibility for managing monetary policy; the Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances", but such orders must be endorsed by Parliament within 28 days.
The Bank's Financial Policy Committee held its first meeting in June 2011 as a macroprudential regulator to oversee regulation of the UK's financial sector. The Bank's headquarters have been in London's main financial district, the City of London, on Threadneedle Street, since 1734, it is sometimes known as The Old Lady of Threadneedle Street, a name taken from a satirical cartoon by James Gillray in 1797. The road junction outside is known as Bank junction; as a regulator and central bank, the Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services such as exchanging superseded bank notes. Until 2016, the bank provided personal banking services as a privilege for employees. England's crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, became the catalyst for England rebuilding itself as a global power. England had no choice. No public funds were available, the credit of William III's government was so low in London that it was impossible for it to borrow the £1,200,000 that the government wanted.
To induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor and Company of the Bank of England. The Bank was given exclusive possession of the government's balances, was the only limited-liability corporation allowed to issue bank notes; the lenders would give the government cash and issue notes against the government bonds, which can be lent again. The £1.2m was raised in 12 days. As a side effect, the huge industrial effort needed, including establishing ironworks to make more nails and advances in agriculture feeding the quadrupled strength of the navy, started to transform the economy; this helped the new Kingdom of Great Britain – England and Scotland were formally united in 1707 – to become powerful. The power of the navy made Britain the dominant world power in the late 18th and early 19th centuries; the establishment of the bank was devised by Charles Montagu, 1st Earl of Halifax, in 1694. The plan of 1691, proposed by William Paterson three years before, had not been acted upon.
58 years earlier, in 1636, Financier to the king, Philip Burlamachi, had proposed the same idea in a letter addressed to Sir Francis Windebank. He proposed a loan of £1.2m to the government. The royal charter was granted on 27 July through the passage of the Tonnage Act 1694. Public finances were in such dire condition at the time that the terms of the loan were that it was to be serviced at a rate of 8% per annum, there was a service charge of £4,000 per annum for the management of the loan; the first governor was Sir John Houblon, depicted in the £50 note issued in 1994. The charter was renewed in 1742, 1764, 1781; the Bank's original home was in Walbrook, a street in the City of London, where during reconstruction in 1954 archaeologists found the remains of a Roman temple of Mithras. The Bank moved to its current location in Threadneedle Street in 1734, thereafter acquired neighbouring land to create the site necessary for erecting the Bank's original home at this location, under the direction of its chief architect Sir John Soane, between 1790 and 1827.
When the idea and reality of the national debt came about during the 18th century, this was managed by the Bank. During the American war of independence, business for the Bank was so good that George Washington remained a shareholder throughout the period. By the charter renewal in 1781 it was the bankers' bank – keeping enough gold to pay its notes on demand until 26 February 1797 when war had so diminished gold reserves that – following an invasion scare caused by the Battle of Fishguard days earlier – the government prohibited the Bank from paying out in gold by the passing of the Bank Restriction Act 1797; this prohibition lasted until 1821. The 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the Bank sol
The Corn Laws were tariffs and other trade restrictions on imported food and grain enforced in Great Britain between 1815 and 1846. The word "corn" in the English spoken in Nineteenth Century Britain denotes all cereal grains, such as wheat and barley, they were designed to keep grain prices high to favour domestic producers, represented British mercantilism. The Corn Laws imposed steep import duties, making it too expensive to import grain from abroad when food supplies were short; the Corn Laws enhanced the profits and political power associated with land ownership. The laws raised food prices and the costs of living for the British public, hampered the growth of other British economic sectors, such as manufacturing, by reducing the disposable income of the British public; the laws became the focus of opposition from urban groups who had far less political power than rural Britain. The first two years of the Irish famine of 1845–1852 forced a resolution because of the urgent need for new food supplies.
Prime Minister Sir Robert Peel, a Conservative, achieved repeal with the support of the Whigs in Parliament, overcoming the opposition of most of his own party. Economic historians see the repeal of the Corn Laws as a decisive shift toward free trade in Britain; as a staple of life, as well as an important commodity of trade and its traffic was long the subject of debate and of government regulation – the Tudors legislating against speculating in corn, the Stuarts introducing import and export controls. Import had been regulated as early as 1670. In 1773, "An act to regulate the importation and exportation of corn" repealed Elizabethan controls on grain speculation; the issue however remained one of public debate into the 1790s. In 1813, a House of Commons Committee recommended excluding foreign-grown corn until the price of domestically grown corn increased to 80 shillings per quarter: or equivalent to around £1,102 per tonne of wheat; the political economist Thomas Malthus believed this to be a fair price, that it would be dangerous for Britain to rely on imported corn because lower prices would reduce labourers' wages, manufacturers would lose out due to the decrease of purchasing power of landlords and farmers.
With the advent of peace when the Napoleonic Wars ended in 1815, corn prices decreased, the Tory government of Lord Liverpool passed the 1815 Corn Law to keep bread prices high. This resulted in serious rioting in London. In 1816, the Year Without a Summer caused famine by disastrously reducing crop yields. Reduced standard of living and food shortages due to poor harvests led to riots, but the ceiling price of 80 shillings a quarter for domestic grain was so high that, between 1815 and 1848, it was never reached. David Ricardo, espoused free trade so that Britain could use its capital and population to its comparative advantage. In 1820, the Merchants' Petition, written by Thomas Tooke, was presented to the House of Commons; the petition demanded an end to protective tariffs. The Prime Minister, Lord Liverpool, who claimed to be in favour of free trade, blocked the petition, he argued, that complicated restrictions made it difficult to repeal protectionist laws. He added, that he believed Britain's economic dominance grew in spite of, not because of, the protectionist system.
In 1821, the President of the Board of Trade, William Huskisson, composed a Commons Committee report which recommended a return to the "practically free" trade of the pre-1815 years. The Importation Act 1822 decreed that corn could be imported when the price of domestically harvested corn rose to 80/- per quarter but that the import of corn would again be prohibited when the price fell to 70/- per quarter. After this Act was passed, the corn price never rose to 80/- until 1828. In 1827, the landlords rejected Huskisson's proposals for a sliding scale, during the next year Huskisson and the new Prime Minister, the Duke of Wellington, devised a new sliding scale for the Importation of Corn Act 1828 whereby, when domestic corn was 52/- per quarter or less, the duty would be 34/8, when the price increased to 73/-, the duty decreased to 1/-; the Whig governments, in power for most of the years between 1830 and 1841, decided not to repeal the Corn Laws. However the Liberal Whig MP Charles Pelham Villiers proposed motions for repeal in the House of Commons every year from 1837 to 1845.
In 1842, the majority against repeal was 303. Although he had spoken against repeal until 1845, Robert Peel voted in favour in 1846. In 1853, when Villiers was made a Privy Counsellor, The Times stated that "it was Mr Charles Villiers who originated the Free Trade movement." In 1838, Villiers spoke at a meeting of 5,000 "working class men" in Manchester. In 1840, under Villiers' direction, the Committee on Import Duties published a blue book examining the effects of the Corn Laws. Tens of thousands of copies were printed in pamphlet form by the Anti-Corn Law League, founded in 1838; the report was quoted in the major newspapers, reprinted in America, published in an abridged form by The Spectator. In the 1841 election, S
A startup or start up is a company initiated by individual founders or entrepreneurs to search for a repeatable and scalable business model. Founders design startups to develop and validate a scalable business model. Hence, the concepts of startups and entrepreneurship are similar. However, entrepreneurship refers all new businesses, including self-employment and businesses that never intend to grow big or become registered, while startups refer to new businesses that intend to grow beyond the solo founder, have employees, intend to grow large. Start ups face high uncertainty and do have high rates of failure, but the minority that go on to be successful companies have the potential to become large and influential; some startups become unicorns, i.e. held startup companies valued at over $1 billion. Startups begin by a founder or co-founders who have a way to solve a problem; the founder of a startup will begin market validation by problem interview, solution interview, building a minimum viable product, i.e. a prototype, to develop and validate their business models.
The startup process can take a long period of time, hence sustaining effort is required. Sustaining effort over the long term is challenging because of the high failure rates and uncertain outcomes. Models behind startups presenting as ventures are associated with design science. Design science uses design principles considered to be a coherent set of normative ideas and propositions to design and construct the company backbone. For example, one of the initial design principles in effectuation is "affordable loss". It’s better to first make a must-have for a small number of users than a nice-to-have for a large number of users, it is much easier to get more users. Because of the lack of information, high uncertainty, the need to make decisions founders of startups use lots of heuristics and exhibit biases in their startup actions. Biases and heuristics are parts of our cognitive toolboxes in the decision making process, they help us to take a decision as quick as possible under uncertainty, but sometimes become erroneous and fallacious.
Entrepreneurs become not only overconfident about their startups but about their personal influence on an outcome. Entrepreneurs tend to believe they have more degree of control they have over events, discounting the role of luck. Below are some of the most important decision biases of entrepreneurs in start up a new business. Overconfidence: Perceive a subjective certainty higher than the objective accuracy. Illusion of control: Overemphasize how much skills, instead of chance, improve performance; the law of small numbers: Reach conclusions about a larger population using a limited sample. Availability bias: Make judgments about the probability of events based on how easy it is to think of examples. Escalation of commitment: Persist unduly with unsuccessful initiatives or courses of action. Startups use a number of action principles to generate evidence as as possible to reduce the downside effect of decision biases such as escalation of commitment and illusion of control. Many entrepreneurs seek feedback from mentors in creating their startups.
Mentors guide founders and impart entrepreneurial skills and may increase self-efficacy of the nascent entrepreneurs. There are many principles in creating a startup. Lean startup is a popular set of principles to create and design startups under limited resources and tremendous uncertainty to build their ventures more flexibly and at lower cost, it is based on the idea that entrepreneurs can make their implicit assumptions about how their venture works explicit and empirically testing it. The empirical tests is to de/validate these assumptions and to get an engaged understanding of the business model of the new ventures, in doing so, the new ventures are created iteratively in a build–measure–learn loop. Hence, lean startup is a set of principle for entrepreneurial business model design. More it is a set of design principles aimed for iteratively experiential learning under uncertainty in an engaged empirical manner. Lean startup focuses on a few lean principles: find a problem worth solving define a solution engage early adopters for market validation continually test with smaller, faster iterations build a function, measure customer response, verify/refute the idea evidence-based decisions on when to "pivot" by changing your plan's course maximize the efforts for speed and focus A key principle of startup is to validate the market need before building a solution to avoid business ideas with weak demand.
Design thinking is used to understand the customers' need in an engaged manner. Design thinking and customer development can be biased, because they do not remove the risk of bias because the same biases will manifest themselves in the sources of information, the type of information sought, the interpretation of that information. Encouraging people to “consider the opposite” of whatever decision they are about to make tends to reduce biases such as overconfidence, the hindsight bias, anchoring. In startups, many decisions are made under uncertainty, hence a key principle for startups is to be agile and flexible. Founders can embed options to design startups in flexible manners, so that the startups can change in future. Uncertainty can vary between-person. A study found that when entrepreneurs feel more uncertain, they identify more o
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