Euronext N. V. is a European stock exchange operator with its registered office in Amsterdam and other markets operated in Brussels, Lisbon and Paris. In addition to cash and derivatives markets, the Euronext group provides listing market data, market solutions and settlement services, its total product offering includes equities, exchange-traded funds and certificates, derivatives and indices as well as a foreign exchange trading platform. In 2018, Euronext is the largest stock exchange in continental Europe with 1,300 issuers representing a €3.8 trillion market capitalization. Euronext was formed on 22 September 2000 following a merger of the Amsterdam Stock Exchange, Brussels Stock Exchange, Paris Bourse, in order to take advantage of the harmonization of the financial markets of the European Union. In December 2001, Euronext acquired the shares of the London International Financial Futures and Options Exchange, forming Euronext. LIFFE. In 2002 the group merged with the Portuguese stock exchange Bolsa de Valores de Lisboa e Porto, renamed Euronext Lisbon.
In 2001, Euronext became a listed company itself after completing its Initial Public Offering. Euronext acquired FastMatch, a currency trading platform, in 2017 and the Irish Stock Exchange in March 2018 to further expand its pan-European model. Euronext merged with Inc. on April 4, 2007 to form NYSE Euronext. On November 13, 2013 Intercontinental Exchange, completed acquisition of NYSE Euronext. Due to apparent moves by NASDAQ to acquire the London Stock Exchange, NYSE Group, owner of the New York Stock Exchange, offered €8 billion in cash and shares for Euronext on 22 May 2006, outbidding a rival offer for the European Stock exchange operator from Deutsche Börse, the German stock market. Contrary to statements that it would not raise its bid, on 23 May 2006, Deutsche Börse unveiled a merger bid for Euronext, valuing the pan-European exchange at €8.6 billion, €600 million over NYSE Group's initial bid. Despite this, NYSE Group and Euronext penned a merger agreement, subject to shareholder vote and regulatory approval.
The initial regulatory response by SEC chief Christopher Cox was positive, with an expected approval by the end of 2007. The new firm, tentatively dubbed NYSE Euronext, would be headquartered in New York City, with European operations and its trading platform run out of Paris. Then-NYSE CEO John Thain, to head NYSE Euronext, intended to use the combination to form the world's first global stock market, with continuous trading of stocks and derivatives over a 21-hour time span. In addition, the two exchanges hoped to add Borsa Italiana into the grouping. Deutsche Börse dropped out of the bidding for Euronext on 15 November 2006, removing the last major hurdle for the NYSE Euronext transaction. A run-up of NYSE Group's stock price in late 2006 made the offering far more attractive to Euronext's shareholders. On 19 December 2006, Euronext shareholders approved the transaction with 98.2% of the vote. Only 1.8% voted in favour of the Deutsche Börse offer. Jean-François Théodore, the chief executive officer of Euronext, stated that they expected the transaction to close within three or four months.
Some of the regulatory agencies with jurisdiction over the merger had given approval. NYSE Group shareholders gave their approval on 20 December 2006; the merger was completed on 4 April 2007. In 2008 and 2009 Deutsche Börse made two unsuccessful attempts to merge with NYSE Euronext. Both attempts did not enter into advanced steps of merger. In 2011, Deutsche Börse and NYSE Euronext confirmed; such a merger would create the largest exchange in history. The deal was approved by shareholders of NYSE Euronext on July 7, 2011, Deutsche Börse on July 15, 2011 and won the antitrust approved by the US regulators on December 22, 2011. On February 1, 2012, the deal was blocked by European Commission on the grounds that the new company would have resulted in a quasi-monopoly in the area of European financial derivatives traded globally on exchanges. Deutsche Börse unsuccessfully appealed this decision. In 2012, Euronext announced the creation of Euronext London to offer listing facilities in the UK; as such, Euronext received in June, 2014 Recognized Investment Exchange status from Britain's Financial Conduct Authority.
In December 2012 Intercontinental Exchange announced plans to acquire NYSE Euronext, owner of Euronext, in an $8.2 billion takeover. The deal was approved by the shareholders of NYSE Euronext and Intercontinental Exchange on June 3, 2013; the European Commission approved the acquisition on 24 June 2013 and on Aug. 15, 2013 the US regulator, SEC, granted approval of the acquisition. European regulators and ministries of Finance of the participating countries approved the deal and on November 13, 2013 the acquisition was completed; the fact that ICE intends to pursue an initial public offering of Euronext in 2014 was always part of the deal and a positive elements for European stakeholders. After a complex series of operation within a limited frame, Euronext became public in June 2014. On June 20, 2014 Euronext was split from ICE through an initial public offering. In order to stabilize Euronext, a consortium of eleven investors decided to invest in the company; these investors referred to as "reference shareholders" own 33.36% of Euronext’s capital and have a 3 years lockup period: Euroclear, BNP Paribas, BNP Paribas Fortis, Société Générale, Caisse des Dépôts, BPI France, ABN Amro, ASR, Banco Espirito Santo, Banco BPI and Belgian holding public company Belgian Federal Holding and Investment Company.
They have 3 bo
Toronto Stock Exchange
The Toronto Stock Exchange is a stock exchange in Toronto, Canada. It is the 9th largest exchange in the world by market capitalization. Based in the Exchange Tower in Toronto's Financial District, the TSX is a wholly owned subsidiary of the TMX Group for the trading of senior equities. A broad range of businesses from Canada and abroad are represented on the exchange. In addition to conventional securities, the exchange lists various exchange-traded funds, split share corporations, income trusts and investment funds. More mining and oil and gas companies are listed on Toronto Stock Exchange than any other stock exchange; the Toronto Stock Exchange descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852. No records of the group's transactions have survived, it is however known that on October 25 1861, twenty-four brokers gathered at the Masonic Hall to create and participate in the Toronto Stock Exchange. Between 1852 and 1870, two others distinct, commodity-orientated, exchanges were founded: the Toronto Exchange in 1854 and the Toronto Stock and Mining Exchange in 1868.
The TSE had 13 listings but it grew to 18 in 1868. Many banks of Upper Canada failed during 1869, which halted any sort of trading in the city as the market was just too small. A bull market in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE; the exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878.. The TSE grew continuously in size and in shares traded, save for a three-month period in 1914 when the exchange was shut down for fear of financial panic due to World War I; the day of the Wall Street Crash of 1929, Toronto's exchange was better connected to New-York's and received the bad news before Montreal's. By the afternoon, its three most popular stocks were down by at least 8%: International Nickel, Hiram Walker & Sons and Brazilian Light & Power); the following day, a record number of 331,000 shares changed hands on the TSE, with an overall loss of value of 20% Meanwhile, a British Columbia gold rush in the 1890s stimulated the demand for start-up capital but Montreal and Toronto's exchanges deemed the ventures too risky.
The boom was handled with the Toronto Stock and Mining Exchange, founded in 1896 and which merged with its rival Standard Stock and Mining Exchange in 1899. The SSME, after years of ups and downs, was amalgamated into the Toronto Stock Exchange in 1934. While a durable surge in mining trading was recorded in Toronto, in Montreal the volume of the equity-centric market was going down. Toronto found itself a reputation as a financial centre for mining and from 1934, the total trading volume on the TSE surpassed that of Montreal's; the TSE moved on Bay Street in 1913 and in 1937 opened a new trading floor and headquarters in an Art Deco building, still on Bay. By 1936, the Toronto Stock Exchange grew to become the third largest in North America. In 1977, it launched the TSE 300 index and introduced the CATS, an automated trading system, began to use it for the quotation of less liquid equities. In 1983, the TSE moved into the Exchange Tower; the old TSE building became the Design Exchange, a museum and education centre.
On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic environment. In 1999, through a major realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities; the Bourse de Montréal/Montreal Exchange assumed responsibility for the trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange, equities portion of the Montreal Exchange merged with CDNX. In 2000, the Toronto Stock Exchange became a for-profit company. In 2002 its acronym was rebranded to TSX and it became a public company. · In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, renamed the TSX Venture Exchange in 2002. This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the S&P/TSX Composite, the main index of the Toronto Stock Exchange, traded above the 14,000 point level for the first time ever.
On December 17, 2008, for the first time in TSX history, the exchange was closed for an entire trading day due to a technical glitch. On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group, Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of $5.9 trillion. Xavier Rolet, CEO of the LSE Group, would head the new enlarged company, while TMX Chief Executive Thomas Kloet would become the new firm president. Based on data from December 30, 2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq. 8 of the 15 board members of the combined entity will be appointed by LSE, 7/15 by TMX. The provisional name for the combined group would be LTMX Group plc. About two weeks after Maple Group launched a competing bid the LSEG-TMX deal was terminated after failing to receive the minimum 67% voter approval from shareholders of TMX Group; the rejection came amidst new concerns raised b
Bausch Health Companies Inc. is a multinational specialty pharmaceutical company based in Laval, Canada. It develops and markets a broad range of pharmaceutical products in the areas of dermatology, gastrointestinal disorders, eye health and branded generics. Valeant owns one of the world's largest suppliers of eye health products. Founded in California in 1959 as ICN Pharmaceuticals, Valeant grew through a series of mergers and acquisitions under the leadership of J. Michael Pearson and for a short period of time in 2015 was the most valuable company in Canada, its largest acquisitions were Bausch & Lomb in 2013 and Salix Pharmaceuticals in 2015. Valeant tried to acquire Actavis and Cephalon and merge with Allergan in 2014, but failed and was sued for insider trading prior to their bid. In 2015, the company was involved in a number of controversies surrounding drug price hikes and the use of a specialty pharmacy for the distribution of its drugs, which led to an investigation by the SEC and caused its stock price to plummet more than 90 percent from its peak while its debt surpassed $30 billion.
In 2016, Pearson was ousted and replaced by Joseph C. Papa, while investor Bill Ackman joined the board. In 2017, Ackman's Pershing Square fund, which held a major stake in the company, sold out for a reported loss of $2.8 bn. Following Ackman's exit, Paulson & Co. increased its stake in the company and became its largest shareholder, while its founder John Paulson joined the board, vowing to rebuild the company's core franchises and reduce its debt. Under Papa's leadership, by early 2018, the company had become profitable again, had settled the Allergan case for less than expected, had lowered its debt by $6.5 billion. In May 2018, Papa announced a name change for Valeant taking effect in July 2018 - with the new name, Bausch Health Companies Inc. helping Valeant distance itself from its past, a new trading symbol BHC to replace VRX. Bausch Health's main products include drugs in the fields of dermatology and infectious disease; the company's major prescription drugs are as follows: Rifaximin, for treatment of traveler's diarrhea and irritable bowel syndrome with diarrhea Budesonide, help get mild to moderate ulcerative colitis under control Minocycline, an antibiotic used for procedures related to periodontitis Efinaconazole, for treatment of toenail fungus Acne drugs: clindamycin/tretinoin, benzoyl peroxide/clindamycin, benzoyl peroxide Pimecrolimus, used to treat atopic dermatitis Metformin, to improve glycemic control in adults with type 2 diabetes mellitus Bupropion, for treatment of depression Isoprenaline, for treatment of mild or transient episodes of heart block Tetrabenazine, for treatment of chorea associated with Huntington’s disease Sodium nitroprusside, for the immediate reduction of blood pressure of patients in hypertensive crises Penicillamine, to treat Wilson's disease, in people with severe, active rheumatoid arthritis who have failed to respond to an adequate trial of conventional therapy.
Bexarotene, a retinoid for treatment of Cutaneous T-Cell Lymphoma Aciclovir, a topical antiviral used against herpes viruses Triethylenetetramine, used for treatment of patients with Wilson's disease Loteprednol gel, a topical corticosteroid indicated for the treatment of inflammation and pain following ocular surgery The company's major over the counter drugs are as follows: Ocuvite, an eye vitamin PreserVision, an eye vitamin ReNu Multiplus, for lubrication of contact lenses Biotrue, an eye lubricant Artelac, to treat dry eyes Boston, for cleaning of contact lenses> In 1959, Yugoslavian immigrant Milan Panić, who had defected to the US three years earlier, founded ICN Pharmaceuticals in his Pasadena garage. Panić ran the company for 47 years, during which ICN established a foothold in the industry by acquiring niche pharmaceuticals and through the development of Ribavirin, an antiviral drug that became the standard treatment for hepatitis C. In 1994, ICN merged with SPI Pharmaceuticals Inc.
Viratek Inc. and ICN Biomedicals Inc. On June 12, 2002, following a series of controversies, Panić was forced to retire under pressure from shareholders. In 2003, not long after Panić's ouster, ICN changed its name to Valeant. In 2006, the company received approval in the U. S. to market Cesamet, a synthetic cannabinoid. The company acquired the European rights to the drug for $14 million. In 2008, the Swedish pharmaceutical company Meda AB bought Western and Eastern Europe branches from Valeant for $392 million. In September 2008, Valeant acquired Coria Laboratories for $95 million. In November 2008, Valeant acquired DermaTech for $12.6 million. In January 2009, Valeant acquired Dow Pharmaceutical Sciences for $285 million. In July 2009, Valeant announced its acquisition of a Mexican generic drug company. In December 2009, Valeant announced its Canadian subsidiary would acquire Laboratoire Dr. Renaud, for C$23 million. In March 2010, Valeant announced its acquisition of a Brazilian generics and over-the-counter company for $28 million and manufacturing plant for a further $28 million.
In April 2010, Valeant announced that its Canadian subsidiary would acquire Vital Science Corp. for C$10.5 million. In May 2010, Valeant acquired Aton Pharmaceuticals for $318 million. On September 28
Canada is a country in the northern part of North America. Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres, making it the world's second-largest country by total area. Canada's southern border with the United States is the world's longest bi-national land border, its capital is Ottawa, its three largest metropolitan areas are Toronto and Vancouver. As a whole, Canada is sparsely populated, the majority of its land area being dominated by forest and tundra, its population is urbanized, with over 80 percent of its inhabitants concentrated in large and medium-sized cities, many near the southern border. Canada's climate varies across its vast area, ranging from arctic weather in the north, to hot summers in the southern regions, with four distinct seasons. Various indigenous peoples have inhabited what is now Canada for thousands of years prior to European colonization. Beginning in the 16th century and French expeditions explored, settled, along the Atlantic coast.
As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces; this began an accretion of provinces and territories and a process of increasing autonomy from the United Kingdom. This widening autonomy was highlighted by the Statute of Westminster of 1931 and culminated in the Canada Act of 1982, which severed the vestiges of legal dependence on the British parliament. Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition, with Elizabeth II as its queen and a prime minister who serves as the chair of the federal cabinet and head of government; the country is a realm within the Commonwealth of Nations, a member of the Francophonie and bilingual at the federal level. It ranks among the highest in international measurements of government transparency, civil liberties, quality of life, economic freedom, education.
It is one of the world's most ethnically diverse and multicultural nations, the product of large-scale immigration from many other countries. Canada's long and complex relationship with the United States has had a significant impact on its economy and culture. A developed country, Canada has the sixteenth-highest nominal per capita income globally as well as the twelfth-highest ranking in the Human Development Index, its advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed international trade networks. Canada is part of several major international and intergovernmental institutions or groupings including the United Nations, the North Atlantic Treaty Organization, the G7, the Group of Ten, the G20, the North American Free Trade Agreement and the Asia-Pacific Economic Cooperation forum. While a variety of theories have been postulated for the etymological origins of Canada, the name is now accepted as coming from the St. Lawrence Iroquoian word kanata, meaning "village" or "settlement".
In 1535, indigenous inhabitants of the present-day Quebec City region used the word to direct French explorer Jacques Cartier to the village of Stadacona. Cartier used the word Canada to refer not only to that particular village but to the entire area subject to Donnacona. From the 16th to the early 18th century "Canada" referred to the part of New France that lay along the Saint Lawrence River. In 1791, the area became two British colonies called Upper Canada and Lower Canada collectively named the Canadas. Upon Confederation in 1867, Canada was adopted as the legal name for the new country at the London Conference, the word Dominion was conferred as the country's title. By the 1950s, the term Dominion of Canada was no longer used by the United Kingdom, which considered Canada a "Realm of the Commonwealth"; the government of Louis St. Laurent ended the practice of using'Dominion' in the Statutes of Canada in 1951. In 1982, the passage of the Canada Act, bringing the Constitution of Canada under Canadian control, referred only to Canada, that year the name of the national holiday was changed from Dominion Day to Canada Day.
The term Dominion was used to distinguish the federal government from the provinces, though after the Second World War the term federal had replaced dominion. Indigenous peoples in present-day Canada include the First Nations, Métis, the last being a mixed-blood people who originated in the mid-17th century when First Nations and Inuit people married European settlers; the term "Aboriginal" as a collective noun is a specific term of art used in some legal documents, including the Constitution Act 1982. The first inhabitants of North America are hypothesized to have migrated from Siberia by way of the Bering land bridge and arrived at least 14,000 years ago; the Paleo-Indian archeological sites at Old Crow Flats and Bluefish Caves are two of the oldest sites of human habitation in Canada. The characteristics of Canadian indigenous societies included permanent settlements, complex societal hierarchies, trading networks; some of these cultures had collapsed by the time European explorers arrived in the late 15th and early 16th centuries and have only been discovered through archeological investigations.
The indigenous population at the time of the first European settlements is estimated to have been between 200,000
A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of numbers or a combination of both. "Ticker symbol" refers to the symbols. Stock symbols are unique identifiers assigned to each security traded on a particular market. A stock symbol can consist of letters, numbers, or a combination of both, is a way to uniquely identify that stock; the symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, to make it easy to recognize by traders and investors. The allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are between 1 and 4 letters and represent the company name where possible. For example, US-based computer company stock Apple Inc. traded on the NASDAQ exchange has the symbol AAPL, while the motor company Ford's stock, traded on the New York Stock Exchange has the single-letter ticker F.
In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA. While in Asia, numbers are used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBC's stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005. Symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a phonetic spelling of the company "XON" as its ticker symbol; the symbol of the firm after the merger was "XOM". Symbols are sometimes reused. In the US the single-letter symbols are sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V, used by Vivendi which had delisted and given up the symbol. To qualify a stock, both the ticker and the exchange or country of listing needs to be known. On many systems both must be specified to uniquely identify the security; this is done by appending the location or exchange code to the ticker.
Although stock tickers identify a security, they are exchange dependent limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes; the most prevalent of these is the International Securities Identifying Number. An ISIN uniquely identifies a security and its structure is defined in ISO 6166. Securities for which ISINs are issued include bonds, commercial paper and warrants; the ISIN code is a 12-character alpha-numerical code that does not contain information characterizing financial instruments, but serves for uniform identification of a security at trading and settlement. The ISIN identifies not the exchange on which it trades. For instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, is priced in five different currencies. ISIN cannot specify a particular trade in this case, another identifier the three- or four-letter exchange code will have to be specified in addition to the ISIN.
While a stock ticker identifies a security that can be traded, stock market indices are sometimes assigned a symbol though they can not be traded. Symbols for indices are distinguished by adding a symbol in front of the name, such as a caret or a dot. For example, Reuters lists the Nasdaq Composite index under the symbol. IXIC. In Canada the Toronto Stock Exchange TSX and the TSXV use the following special codes after the ticker symbol: In the United Kingdom, prior to 1996, stock codes were known as EPICs, named after the London Stock Exchange's Exchange Price Information Computer. Following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still referred to as EPICs. Stocks can be identified using their SEDOL number or their ISIN. In the United States, modern letter-only ticker symbols were developed by Standard & Poor's to bring a national standard to investing. A single company could have many different ticker symbols as they varied between the dozens of individual stock markets.
The term ticker refers to the noise made by the ticker tape machines once used by stock exchanges. The S&P system was standardized by the securities industry and modified as years passed. Stock symbols for preferred stock have not been standardized; some companies use a well-known product as their ticker symbol. Belgian brewer InBev, the brewer of Budweiser beer, uses "BUD" as its three-letter ticker for American Depository Receipts, symbolizing its premier product in the United States, its rival, Molson Coors Brewing Company, uses a beer-related symbol, "TAP". Southwest Airlines pays tribute to its headquarters at Love Field in Dallas through its "LUV" symbol. Cedar Fair Entertainment Company, which operates large amusement parks in the United States, uses "FUN" as its symbol. Harley-Davidson uses "HOG" for its Harley Owners Group. Yamana Gold uses "AUY", because on the periodic table of elements. Sotheby's uses the symbol "BID". While most symbols come from the company's name, sometimes it happens the other way around.
Tricon Global, owner of KFC, Pi
PricewaterhouseCoopers is a multinational professional services network headquartered in London, United Kingdom. PwC ranks as the largest professional services firm in the world after Deloitte, is one of the Big Four auditors, along with Deloitte, EY and KPMG. PwC is a network of firms in 721 locations, with 250,930 people; as of 2015, 22% of the workforce worked in Asia, 26% in North America and the Caribbean and 32% in Western Europe. The company's global revenues were $37.7 billion in FY 2017, of which $16 billion was generated by its Assurance practice, $9.46 billion by its Tax practice and $12.25 billion by its Advisory practice. PwC provides services to 420 out of 500 Fortune 500 companies; the firm was formed in 1998 by a merger between Lybrand and Price Waterhouse. Both firms had histories dating back to the 19th century; the trading name was shortened to PwC in September 2010 as part of a rebranding effort. As of 2017, PwC is the 5th-largest owned company in the United States; the firm was created in 1998 when Lybrand merged with Price Waterhouse.
In 1854 William Cooper founded an accountancy practice in London, which became Cooper Brothers seven years when his three brothers joined. In 1898, Robert H. Montgomery, William M. Lybrand, Adam A. Ross Jr. and his brother T. Edward Ross formed Lybrand, Ross Brothers and Montgomery in the United States. In 1957 Cooper Brothers. In 1973 the three member firms in the UK, US and Canada changed their names to Lybrand. In 1980 Coopers & Lybrand expanded its expertise in insolvency by acquiring Cork Gully, a leading firm in that field in the UK. In 1990 in certain countries including the UK, Coopers & Lybrand merged with Deloitte Haskins & Sells to become Coopers & Lybrand Deloitte: in 1992 they reverted to Coopers & Lybrand. Samuel Lowell Price, an accountant, founded an accountancy practice in London in 1849. In 1865 Price went into partnership with William Hopkins Edwin Waterhouse. Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co.
The original partnership agreement, signed by Price and Waterhouse could be found in Southwark Towers, one of PwC's important legacy offices. By the late 19th century, Price Waterhouse had gained significant recognition as an accounting firm; as a result of growing trade between the United Kingdom and the United States, Price Waterhouse opened an office in New York in 1890, the American firm itself soon expanded rapidly. The original British firm opened an office in Liverpool in 1904 and elsewhere in the United Kingdom and worldwide, each time establishing a separate partnership in each country: the worldwide practice of PW was therefore a federation of collaborating firms that had grown organically rather than being the result of an international merger. In a further effort to take advantage of economies of scale, PW and Arthur Andersen discussed a merger in 1989 but the negotiations failed because of conflicts of interest such as Andersen's strong commercial links with IBM and PW's audit of IBM as well as the radically different cultures of the two firms.
It was said by those involved with the failed merger that at the end of the discussion, the partners at the table realized they had different views of business, the potential merger was scrapped. In 1998, Price Waterhouse merged with Lybrand to form PricewaterhouseCoopers. After the merger the firm had a large professional consulting branch, as did other major accountancy firms, generating much of its fees. Management Consulting Services was the fastest growing and most profitable area of the practice, though it was cyclical; the major cause for growth in the 1990s was the implementation of complex integrated ERP systems for multi-national companies. PwC came under increasing pressure to avoid conflicts of interests by not providing some consulting services financial systems design and implementation, to its audit clients. Since it audited a large proportion of the world's largest companies, this was beginning to limit its consulting market; these conflicts increased as additional services including outsourcing of IT and back office operations were developed.
For these reasons, in 2000, Ernst & Young was the first of the Big Four to sell its consulting services, to Capgemini. The fallout from the Enron and other financial auditing scandals led to the passage of the Sarbanes–Oxley Act limiting interaction between management consulting and auditing services. PwC Consulting began to conduct business under its own name rather than as the MCS division of PricewaterhouseCoopers. PwC therefore planned to capitalize on MCS's rapid growth through its sale to Hewlett Packard but negotiations broke down in 2000. In 2000, PwC acquired Canada's largest SAP consulting partner Omnilogic Systems. In March 2002 Arthur Andersen, LLP affiliates in Hong Kong and China completed talks to join PricewaterhouseCoopers, China. PwC announced in May 2002 that its consulting activities would be spun off as an independent entity and hired an outside CEO to run the global firm. An outside consultancy, Wolff Olins, was hired to create a brand image for the new entity, called "Monday".
The firm's CEO, Greg Brenneman described the unusual name as "a real word, recognizable and the right fit for a company that works hard to deliver results." These plans were soon revised, however. In October 2002, PwC sold
BlackBerry Limited is a Canadian multinational company specialising in enterprise software and the Internet of things. Known as Research In Motion, it is best known to the general public as the former developer of the BlackBerry brand of smartphones, tablets, it transitioned to an enterprise software and services company under CEO John S. Chen, its products are used worldwide by various businesses, car makers, government agencies. They include BlackBerry Cylance's artificial intelligence based cyber-security solutions, the BlackBerry AtHoc emergency communication system platform. BlackBerry was founded in 1984 as Research In Motion by Douglas Fregin. In 1992, Lazaridis hired Jim Balsillie, Lazaridis and Balsillie served as co-CEOs until January 22, 2012. In November 2013, John S. Chen took over as CEO, his initial strategy was to subcontract manufacturing to Foxconn, to focus on software technology. His strategy includes forming licensing partnerships with device manufacturers such as TCL Communication and unifying BlackBerry's software portfolio.
Research In Motion Limited was founded in March 1984 by Douglas Fregin. At the time, Lazaridis was an engineering student at the University of Waterloo while Fregin was an engineering student at the University of Windsor. In 1988, RIM became the first wireless data technology developer in North America and the first company outside Scandinavia to develop connectivity products for Mobitex wireless packet-switched data communications networks. In 1990, RIM introduced the DigiSync Film KeyKode Reader. In 1991, RIM introduced the first Mobitex protocol converter. In 1992, RIM introduced the first Mobitex point-of-sale solution, a protocol converter box that interfaced with existing point-of-sale terminal equipment to enable wireless communication. In 1993, RIM introduced the first general-purpose Mobitex X. 25 gateway. In the same year, RIM launched Ericsson Mobidem AT and Intel wireless modem containing RIM modem firmware. In 1994, RIM introduced the first Mobitex mobile point-of-sale terminal. In the same year, RIM received the Emmy Award for Technical Innovation and the KPMG High Technology Award.
In 1995, RIM introduced the first Type II PCMCIA radio modem for Mobitex. In 1995, RIM was financed by Canadian institutional and venture capital investors through a private placement in the held company. Working Ventures Canadian Fund Inc. led the first venture round with a C$5,000,000 investment with the proceeds being used to complete the development of RIM's two-way paging system hardware and software. A total of C$30,000,000 in pre-IPO financing was raised by the company prior to its initial public offering on the Toronto Stock Exchange in January 1998 under the symbol RIM. In 1996, RIM introduced the Inter@ctive Pager, the first two-way messaging pager, the RIM 900 OEM radio modem; the company worked with RAM Mobile Data and Ericsson to turn the Ericsson-developed Mobitex wireless data network into a two-way paging and wireless e-mail network. Pivotal in this development was the release of the Inter@ctive Pager 950, which started shipping in August 1998. About the size of a bar of soap, this device competed against the Skytel two-way paging network developed by Motorola.
In 1999, RIM introduced the BlackBerry 850 pager. Named in reference to the resemblance of its keyboard's keys to the druplets of the blackberry fruit, the device could receive push email from a Microsoft Exchange Server using its complementary server software, BlackBerry Enterprise Server; the introduction of the BlackBerry set the stage for future enterprise-oriented products from the company, such as the BlackBerry 957 in April 2000, the first BlackBerry smartphone. The BlackBerry OS platform and BES continued to increase in functionality—while the incorporation of encryption and S/MIME support helped BlackBerry devices gain increased usage by governments and businesses. During fiscal 1999-2001, total assets declared in the RIM's balance sheet grew eight-fold due to massive capacity expansion. RIM soon began to introduce BlackBerry devices aimed towards the consumer market as well, beginning with the BlackBerry Pearl 8100—the first BlackBerry phone to include multimedia features such as a camera.
The introduction of the Pearl series was successful, as was the subsequent Curve 8300 series and Bold 9000. Extensive carrier partnerships fuelled the rapid expansion of BlackBerry users globally in both enterprise and consumer markets. Despite the arrival of the first Apple iPhone in 2007, BlackBerry sustained unprecedented market share growth well into 2011; the introduction of Apple's iPhone on the AT&T network in the fall of 2007 in the United States prompted RIM to produce its first touchscreen smartphone for the competing network in 2008—the BlackBerry Storm. The Storm suffered from mixed to poor reviews and poor customer satisfaction; the iPhone lagged behind the BlackBerry in both shipments and active users, due to RIM's head start and larger carrier distribution network. In the United States, the BlackBerry user base peaked at 21 million users in the fall of 2010; that quarter, the company's global subscriber base stood at 36 million users. As the iPhone and Google Android accelerated growth in the United States, the BlackBerry began to turn to other smartphone platforms.
Nonetheless, the BlackBerry line as a whole continued to enjoy success, spurred on by strong international growth. As of December 1, 2012, the company had 79 million BlackBerry users globally with only 9 million remaining in the United States; as the company continued to grow worldw