Initial public offering
Initial public offering or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and also retail investors. Through this process, colloquially known as floating, or going public, a held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned. After the IPO, shares traded in the open market are known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms and as a proportion of the total share capital. Although IPO offers many benefits, there are significant costs involved, chiefly those associated with the process such as banking and legal fees, the ongoing requirement to disclose important and sometimes sensitive information. Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus. Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter.
Underwriters provide several services, including help with assessing the value of shares and establishing a public market for shares. Alternative methods such as the Dutch auction have been explored and applied for several IPOs; the earliest form of a company which issued public shares was the case of the publicani during the Roman Republic. Like modern joint-stock companies, the publicani were legal bodies independent of their members whose ownership was divided into shares, or partes. There is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum, near the Temple of Castor and Pollux; the shares quaestors. Mere evidence remains of the prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicani lost favor with the rise of the Empire. In the early modern period, the Dutch were financial innovators who helped lay the foundations of modern financial systems; the first modern IPO occurred in March 1602 when the Dutch East India Company offered shares of the company to the public in order to raise capital.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed."In the United States, the first IPO was the public offering of Bank of North America around 1783. When a company lists its securities on a public exchange, the money paid by the investing public for the newly-issued shares goes directly to the company as well as to any early private investors who opt to sell all or a portion of their holdings as part of the larger IPO.
An IPO, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of debt, or working capital. A company selling common shares is never required to repay the capital to its public investors; those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in the open market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. After the IPO, once shares are traded in the open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to the public, at a fixed price, through a secondary market offering; this type of offering is not dilutive. Once a company is listed, it is able to issue additional common shares in a number of different ways, one of, the follow-on offering.
This method provides capital for various corporate purposes through the issuance of equity without incurring any debt. This ability to raise large amounts of capital from the marketplace is a key reason many companies seek to go public. An IPO accords several benefits to the private company: Enlarging and diversifying equity base Enabling cheaper access to capital Increasing exposure and public image Attracting and retaining better management and employees through liquid equity participation Facilitating acquisitions Creating multiple financing opportunities: equity, convertible debt, cheaper bank loans, etc. There are several disadvantages to completing an initial public offering: Significant legal, account
Mohammed Ibrahim (businessman)
Mohammed "Mo" Ibrahim is a Sudanese-British billionaire businessman. He worked for several telecommunications companies, before founding Celtel, which when sold had over 24 million mobile phone subscribers in 14 African countries. After selling Celtel in 2005 for $3.4 billion, he set up the Mo Ibrahim Foundation to encourage better governance in Africa, as well as creating the Mo Ibrahim Index, to evaluate nations' performance. He is a member of the Africa regional advisory board of London Business School. In 2007 he initiated the Mo Ibrahim Prize for Achievement in African Leadership, which awards a $5 million initial payment, a $200,000 annual payment for life to African heads of state who deliver security, health and economic development to their constituents and democratically transfer power to their successors. Ibrahim has pledged to give at least half of his wealth to charity by joining The Giving Pledge. According to the Forbes 2011 Billionaire List, Mo Ibrahim is worth $1.8 billion, making him the 692nd richest person in the world.
Mo Ibrahim was selected for the TIME "Top 100" list in 2008. He was born on 3 May 1946 in northern Sudan, of Nubian descent, the second of five children, four of whom were boys, his family moved to Alexandria, Egypt when he was young, father Fathi was employed there by a cotton company, his mother Aida was keen that they all get a good education. Ibrahim earned a bachelor's degree from Alexandria University in electrical engineering, he started working for the telephone company, Sudan Telecom. He moved to England and earned a master's degree from the University of Bradford in Electronics and Electrical Engineering, a PhD from the University of Birmingham in Mobile Communications. In 2007 Ibrahim was awarded an honorary doctorate by the University of London's School of Oriental and African Studies, in 2011 an honorary doctorate from the University of Pennsylvania. Ibrahim is credited with "transforming a continent" and is said to be the "most powerful black man in Britain". Ibrahim was employed by British Telecom for a time, worked as the technical director for Cellnet, a subsidiary of British Telecom.
During the early 1980s Ibrahim taught undergraduate telecommunication courses at Thames Polytechnic to become University of Greenwich. In 1989 he founded MSI, a consultancy and software company, which in 2000 was bought by the Marconi Company; the company was helping the cellular industry designing their networks, before they shifted their focus to mobile phones in the late 1990s. MSI had 800 employees, who owned 30% of the stock at the point of its sale. In 1998, MSI spun off MSI-Cellular Investments renamed Celtel, as a mobile phone operator in Africa. After some years, when Celtel needed long term source of capital, they considered doing an IPO on a reputable stock exchange, for instance the London Stock Exchange; when it became public that they considered a public offering, they received a lot of alternative offers. Many wanted to buy the company, Ibrahim and his team decided to sell Celtel in 2004 to Kuwait-based Mobile Telecommunication Company. Since 2010, Ibrahim has lent his support to the Broadband Commission for Digital Development, a UN initiative which aims to spread the full benefits of broadband services to unconnected peoples.
In 2006 Ibrahim created the Mo Ibrahim Foundation, founded in London. In 2007, the Foundation inaugurated the Mo Ibrahim Prize for Achievement in African Leadership, with the first recipient former president Joaquim Chissano of Mozambique; the Foundation publishes the Ibrahim Index of African Governance, ranking the performance of all 54 African countries. Until 2009, the Index took into account only the 48 countries in Sub-Saharan Africa; the Foundation offers scholarships at University of Birmingham, SOAS, London Business School. These scholarships are on topics of International Development at University of Birmingham, Governance of Development in Africa at SOAS, an MBA at London Business School; the scholarships are initiated for both master students and postgraduates. In 1973, Ibrahim married Hania Morsi Fadl, an Alexandria University graduate from the year above him, whom he had known since childhood, they are now divorced, Fadli is a Sudanese-born British radiologist, running the only breast cancer clinic in Sudan.
They have a daughter, Hadeel Ibrahim, executive director of the Mo Ibrahim Foundation, vice chair of the Africa Centre in New York, a board member of the Clinton Foundation. Ibrahim resides in Monaco. Mo Ibrahim Foundation, Official Website Michela Wrong, "Mo Ibrahim" New Statesman, 17 October 2005 Profile from the New Yorker
New York University
New York University is a private research university founded in New York City but now with campuses and locations throughout the world. Founded in 1831, NYU's historical campus is in New York City; as a global university, students can graduate from its degree-granting campuses in NYU Abu Dhabi and NYU Shanghai, as well as study at its 12 academic centers in Accra, Buenos Aires, London, Los Angeles, Paris, Sydney, Tel Aviv, Washington, D. C. For the class that matriculated in the fall of 2019, NYU received nearly 85,000 applications for its undergraduate programs. In 2018, NYU was ranked amongst the top 40 universities worldwide by the Academic Ranking of World Universities, Times Higher Education World University Rankings, U. S. News & World Report. Alumni include heads of state, eminent scientists and entrepreneurs, media figures, founders and CEOs of Fortune 500 companies, astronauts; as of March 2019, 37 Nobel Laureates, 8 Turing Award winners, 5 Fields Medalists, over 30 Academy Award winners, over 30 Pulitzer Prize winners, hundreds of members of the National Academies of Sciences and United States Congress have been affiliated as faculty or alumni.
Globally, NYU is ranked 7th by the Times Higher Education World University Rankings for producing alumni who are millionaires, 4th by Wealth-X for producing ultra high net-worth and billionaire alumni. Albert Gallatin, Secretary of Treasury under Thomas Jefferson and James Madison, declared his intention to establish "in this immense and fast-growing city... a system of rational and practical education fitting and graciously opened to all". A three-day-long "literary and scientific convention" held in City Hall in 1830 and attended by over 100 delegates debated the terms of a plan for a new university; these New Yorkers believed the city needed a university designed for young men who would be admitted based upon merit rather than birthright or social class. On April 18, 1831, an institution was established, with the support of a group of prominent New York City residents from the city's merchants and traders. Albert Gallatin was elected as the institution's first president. On April 21, 1831, the new institution received its charter and was incorporated as the University of the City of New York by the New York State Legislature.
The university has been popularly known as New York University since its inception and was renamed New York University in 1896. In 1832, NYU held its first classes in rented rooms of four-story Clinton Hall, situated near City Hall. In 1835, the School of Law, NYU's first professional school, was established. Although the impetus to found a new school was a reaction by evangelical Presbyterians to what they perceived as the Episcopalianism of Columbia College, NYU was created non-denominational, unlike many American colleges at the time. American Chemical Society was founded in 1876 at NYU, it became one of the nation's largest universities, with an enrollment of 9,300 in 1917. NYU had its Washington Square campus since its founding; the university purchased a campus at University Heights in the Bronx because of overcrowding on the old campus. NYU had a desire to follow New York City's development further uptown. NYU's move to the Bronx occurred in 1894, spearheaded by the efforts of Chancellor Henry Mitchell MacCracken.
The University Heights campus was far more spacious. As a result, most of the university's operations along with the undergraduate College of Arts and Science and School of Engineering were housed there. NYU's administrative operations were moved to the new campus, but the graduate schools of the university remained at Washington Square. In 1914, Washington Square College was founded as the downtown undergraduate college of NYU. In 1935, NYU opened the "Nassau College-Hofstra Memorial of New York University at Hempstead, Long Island"; this extension would become a independent Hofstra University. In 1950, NYU was elected to the Association of American Universities, a nonprofit organization of leading public and private research universities. In the late 1960s and early 1970s, financial crisis gripped the New York City government and the troubles spread to the city's institutions, including NYU. Feeling the pressures of imminent bankruptcy, NYU President James McNaughton Hester negotiated the sale of the University Heights campus to the City University of New York, which occurred in 1973.
In 1973, the New York University School of Engineering and Science merged into Polytechnic Institute of Brooklyn, which merged back into NYU in 2014 forming the present Tandon School of Engineering. After the sale of the Bronx campus, University College merged with Washington Square College. In the 1980s, under the leadership of President John Brademas, NYU launched a billion-dollar campaign, spent entirely on updating facilities; the campaign was set to complete in 15 years, but ended up being completed in 10. In 1991, L. Jay Oliva was inaugurated the 14th president of the university. Following his inauguration, he moved to form the League of World Universities, an international organization consisting of rectors and presidents from urban universities across six continents; the league and its 47 representatives gather every two years to discuss global issues in education. In 2003 President John Sexton launched a $2.5 billion campaign for funds to be spent on faculty and financial aid resources.
Under Sextons leadership, NYU began its radical transformation into a global university. In 2009, the university responded to a series of New York Times interviews that showed a pattern of labor abuses in its fledgling Abu Dhabi location, creating a statement of
Amsterdam is the capital city and most populous municipality of the Netherlands. Its status as the capital is mandated by the Constitution of the Netherlands, although it is not the seat of the government, The Hague. Amsterdam has a population of 854,047 within the city proper, 1,357,675 in the urban area and 2,410,960 in the metropolitan area; the city is located in the province of North Holland in the west of the country but is not its capital, Haarlem. The Amsterdam metropolitan area comprises much of the northern part of the Randstad, one of the larger conurbations in Europe, which has a population of 8.1 million. Amsterdam's name derives from Amstelredamme, indicative of the city's origin around a dam in the river Amstel. Originating as a small fishing village in the late 12th century, Amsterdam became one of the most important ports in the world during the Dutch Golden Age, as a result of its innovative developments in trade. During that time, the city was the leading centre for trade. In the 19th and 20th centuries the city expanded, many new neighbourhoods and suburbs were planned and built.
The 17th-century canals of Amsterdam and the 19–20th century Defence Line of Amsterdam are on the UNESCO World Heritage List. Since the annexation of the municipality of Sloten in 1921 by the municipality of Amsterdam, the oldest historic part of the city lies in Sloten, dating to the 9th century; as the commercial capital of the Netherlands and one of the top financial centres in Europe, Amsterdam is considered an alpha- world city by the Globalization and World Cities study group. The city is the cultural capital of the Netherlands. Many large Dutch institutions have their headquarters there, including Philips, AkzoNobel, TomTom and ING. Many of the world's largest companies are based in Amsterdam or established their European headquarters in the city, such as leading technology companies Uber and Tesla. In 2012, Amsterdam was ranked the second best city to live in by the Economist Intelligence Unit and 12th globally on quality of living for environment and infrastructure by Mercer; the city was ranked 4th place globally as top tech hub in the Savills Tech Cities 2019 report, 3rd in innovation by Australian innovation agency 2thinknow in their Innovation Cities Index 2009.
The Port of Amsterdam to this day remains the second in the country, the fifth largest seaport in Europe. Famous Amsterdam residents include the diarist Anne Frank, artists Rembrandt van Rijn and Vincent van Gogh, philosopher Baruch Spinoza; the Amsterdam Stock Exchange, the oldest stock exchange in the world, is located in the city centre. Amsterdam's main attractions include its historic canals, the Rijksmuseum, the Van Gogh Museum, the Stedelijk Museum, Hermitage Amsterdam, the Anne Frank House, the Scheepvaartmuseum, the Amsterdam Museum, the Heineken Experience, the Royal Palace of Amsterdam, Natura Artis Magistra, Hortus Botanicus Amsterdam, NEMO, the red-light district and many cannabis coffee shops, they draw more than 5 million international visitors annually. The city is well known for its nightlife and festival activity, it is one of the world's most multicultural cities, with at least 177 nationalities represented. After the floods of 1170 and 1173, locals near the river Amstel built a bridge over the river and a dam across it, giving its name to the village: "Aemstelredamme".
The earliest recorded use of that name is in a document dated 27 October 1275, which exempted inhabitants of the village from paying bridge tolls to Count Floris V. This allowed the inhabitants of the village of Aemstelredamme to travel through the County of Holland, paying no tolls at bridges and dams; the certificate describes the inhabitants. By 1327, the name had developed into Aemsterdam. Amsterdam is much younger than Dutch cities such as Nijmegen and Utrecht. In October 2008, historical geographer Chris de Bont suggested that the land around Amsterdam was being reclaimed as early as the late 10th century; this does not mean that there was a settlement since reclamation of land may not have been for farming—it may have been for peat, for use as fuel. Amsterdam was granted city rights in either 1300 or 1306. From the 14th century on, Amsterdam flourished from trade with the Hanseatic League. In 1345, an alleged Eucharistic miracle in the Kalverstraat rendered the city an important place of pilgrimage until the adoption of the Protestant faith.
The Miracle devotion was kept alive. In the 19th century after the jubilee of 1845, the devotion was revitalized and became an important national point of reference for Dutch Catholics; the Stille Omgang—a silent walk or procession in civil attire—is the expression of the pilgrimage within the Protestant Netherlands since the late 19th century. In the heyday of the Silent Walk, up to 90,000 pilgrims came to Amsterdam. In the 21st century this has reduced to about 5000. In the 16th century, the Dutch rebelled against Philip II of his successors; the main reasons for the uprising were the imposition of new taxes, the tenth penny, the religious persecution of Protestants by the newly introduced Inquisition. The revolt escalated into the Eighty Years' War, which led to Dutch independence. Pushed by Dutch Revolt leader William the Silent, the Dutch Republic became known for its relative religious tolerance. Jews from the Iberian Peninsula, Huguenots from France, prosperous merchants and printers from Flanders, economic and religious refugees
Mobile technology in Africa
Mobile technology in Africa is a fastest growing market. Nowhere is the effect more dramatic than in Africa, where mobile technology represents the first modern infrastructure of any kind. Only 10% of Internet users are in Africa. However, 50% of Africans have mobile phones and their penetration is expanding rapidly; this means that mobile technology is the largest platform in Africa, can access a wide range of income groups. AppsAfrica reports Mobile App downloads will reach 98 billion which will have a huge benefit for mobile app developers in Africa As a consequence of the wider availability of mobile telephony with respect to fixed telephony, in many African countries most Internet traffic goes through the mobile network. An example is Seychelles, the African country with a larger percentage of Internet subscribers, where most Internet users access the net through the mobile network. Several factors contributed to the "boom" of mobile telephony in Africa in the 2000s. A major success factor of mobile telephony in Africa is the scarce diffusion of PSTNs.
In 2000, Sub-Saharan Africa as a whole had fewer telephone lines than Manhattan alone. Fixed line networks hardly reach the remote rural areas where a relevant percentage of the African population lives. Of about 400.000 rural settlements that are estimated to exist in Africa, less than 3% have PSTN access. Mobile telephony providers have taken advantage of this situation, implementing a aggressive diffusion strategy for mobile networks. In 2006, 45% of rural settlements in Africa had GSM coverage. More coverage has reached 90% of the territory in several countries, including Comoros, Malawi, Seychelles, South Africa, Uganda. Other countries that in 2007 reached above 50% of GSM coverage are Botswana, Burkina Faso, Cape Verde, Namibia, Senegal and Togo; as a consequence of the larger diffusion of GSM networks over fixed line networks, "mobile-telephone booths" are common in some areas of Africa. The fixed line market in Africa is based on monopoly, with a few number of incumbent operators who did not invest in spreading their networks much farther than the larger urban areas.
While this situation is changing, the mobile telephony market is more competitive and dynamic. The table below outlines the percentage of African countries where telecommunications markets are competitive competitive, or monopolistic, either de iure or de facto. Mobile telephony providers that introduced mobile telephony in Africa in the 2000s adopted business models explicitly designed to reach the poorest section of the population, with low-priced mobile phones and small denomination prepaid cards. Another key success factor in the providers' strategy in Africa has been the cutting down of roaming costs; this is relevant in Africa since strong relationships hold between neighbouring communities that happen to be separated by national borders. Celtel was the first operator to provide free roaming with the 2006 One Network campaign, whereby roaming became free between Uganda and Tanzania. In 2007 this has been extended to Gabon, DR Congo, Congo-Brazzaville, Burkina Faso, Malawi, Niger and Sudan.
After Celtel, other providers operating in African markets have announced their intent to reduce and abolish roaming costs for certain areas. Mobile technology can be used, not only to generate profit from high income groups, but to provide information and create social change for low income groups. For example, mobile technology is used to provide information on health, finances or to access specific groups such as the youth. However, people who are poor have basic phones, thus non-profit mobile technology is not aimed at advanced smart phones, but ranges from sending out bulk SMSs to USSD, mobi-sites and mobile communities. AppsAfrica writes the next 1 Billion phone users will come from Rural areas The ultimate aim of non-profit mobile technology is to make it free, or as near to free, for the end user; this means getting mobile networks on board. Internationally, companies such as TextToChange, FrontlineSMS, RapidSMS, Ushahidi all work with mobiles in health, disaster relief and aid management.
MHealth is using mobile technology to provide groups with health information. It was pioneered in part by the UN Foundation and Vodafone Foundation through partnerships with the World Health Organization and the social enterprise DataDyne, who joined with other partners in forging the mHealth Alliance. MHealth activities come in the form of appointment reminders, community mobilization and health promotion, emergency toll-free telephone services, health call centres, health surveys, information initiatives and patient monitoring among others. In June 2011, the first African mobile health summit was held in Cape Town. At the summit, the WHO released a report stating that eighty-three per cent of governments surveyed had at least one mHealth project in their country. However, the majority of mHealth activities were limited in scope. MHealth initiatives were health call centres, emergency toll-free telephone services, managing emergencies and disasters, mobile telemedicine. In South Africa, companies like Cell-Life and GeoMed and HealthSMS use mobile technology for health.
The Praekelt Foundation is a South African example of a non profit organisation, using mobile technology to cr
Telecommunication is the transmission of signs, messages, writings and sounds or information of any nature by wire, optical or other electromagnetic systems. Telecommunication occurs when the exchange of information between communication participants includes the use of technology, it is transmitted either electrically over physical media, such as cables, or via electromagnetic radiation. Such transmission paths are divided into communication channels which afford the advantages of multiplexing. Since the Latin term communicatio is considered the social process of information exchange, the term telecommunications is used in its plural form because it involves many different technologies. Early means of communicating over a distance included visual signals, such as beacons, smoke signals, semaphore telegraphs, signal flags, optical heliographs. Other examples of pre-modern long-distance communication included audio messages such as coded drumbeats, lung-blown horns, loud whistles. 20th- and 21st-century technologies for long-distance communication involve electrical and electromagnetic technologies, such as telegraph and teleprinter, radio, microwave transmission, fiber optics, communications satellites.
A revolution in wireless communication began in the first decade of the 20th century with the pioneering developments in radio communications by Guglielmo Marconi, who won the Nobel Prize in Physics in 1909, other notable pioneering inventors and developers in the field of electrical and electronic telecommunications. These included Charles Wheatstone and Samuel Morse, Alexander Graham Bell, Edwin Armstrong and Lee de Forest, as well as Vladimir K. Zworykin, John Logie Baird and Philo Farnsworth; the word telecommunication is a compound of the Greek prefix tele, meaning distant, far off, or afar, the Latin communicare, meaning to share. Its modern use is adapted from the French, because its written use was recorded in 1904 by the French engineer and novelist Édouard Estaunié. Communication was first used as an English word in the late 14th century, it comes from Old French comunicacion, from Latin communicationem, noun of action from past participle stem of communicare "to share, divide out.
Homing pigeons have been used throughout history by different cultures. Pigeon post had Persian roots, was used by the Romans to aid their military. Frontinus said; the Greeks conveyed the names of the victors at the Olympic Games to various cities using homing pigeons. In the early 19th century, the Dutch government used the system in Sumatra, and in 1849, Paul Julius Reuter started a pigeon service to fly stock prices between Aachen and Brussels, a service that operated for a year until the gap in the telegraph link was closed. In the Middle Ages, chains of beacons were used on hilltops as a means of relaying a signal. Beacon chains suffered the drawback that they could only pass a single bit of information, so the meaning of the message such as "the enemy has been sighted" had to be agreed upon in advance. One notable instance of their use was during the Spanish Armada, when a beacon chain relayed a signal from Plymouth to London. In 1792, Claude Chappe, a French engineer, built the first fixed visual telegraphy system between Lille and Paris.
However semaphore suffered from the need for skilled operators and expensive towers at intervals of ten to thirty kilometres. As a result of competition from the electrical telegraph, the last commercial line was abandoned in 1880. On 25 July 1837 the first commercial electrical telegraph was demonstrated by English inventor Sir William Fothergill Cooke, English scientist Sir Charles Wheatstone. Both inventors viewed their device as "an improvement to the electromagnetic telegraph" not as a new device. Samuel Morse independently developed a version of the electrical telegraph that he unsuccessfully demonstrated on 2 September 1837, his code was an important advance over Wheatstone's signaling method. The first transatlantic telegraph cable was completed on 27 July 1866, allowing transatlantic telecommunication for the first time; the conventional telephone was invented independently by Alexander Bell and Elisha Gray in 1876. Antonio Meucci invented the first device that allowed the electrical transmission of voice over a line in 1849.
However Meucci's device was of little practical value because it relied upon the electrophonic effect and thus required users to place the receiver in their mouth to "hear" what was being said. The first commercial telephone services were set-up in 1878 and 1879 on both sides of the Atlantic in the cities of New Haven and London. Starting in 1894, Italian inventor Guglielmo Marconi began developing a wireless communication using the newly discovered phenomenon of radio waves, showing by 1901 that they could be transmitted across the Atlantic Ocean; this was the start of wireless telegraphy by radio. Voice and music had little early success. World War I accelerated the development of radio for military communications. After the war, commercial radio AM broadcasting began in the 1920s and became an important mass medium for entertainment and news. World War II again accelerated development of radio for the wartime purposes of aircraft and land communication, radio navigation and radar. Development of stereo FM broadcasting of radio