1.
Cooperative banking
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Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world, Credit unions have the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members. They are typically the smaller form of cooperative banking institution, in some countries they are restricted to providing only unsecured personal loans, whereas in others, they can provide business loans to farmers, and mortgages. Larger institutions are often called cooperative banks, some are tightly integrated federations of credit unions, though those member credit unions may not subscribe to all nine of the strict principles of the World Council of Credit Unions. Like credit unions, cooperative banks are owned by their customers and follow the principle of one person. Unlike credit unions, however, cooperative banks are regulated under both banking and cooperative legislation. They provide services such as savings and loans to non-members as well as to members, many cooperative banks are traded on public stock markets, with the result that they are partly owned by non-members. Member control is diluted by these outside stakes, so they may be regarded as semi-cooperative, Cooperative banking systems are also usually more integrated than credit union systems. Local branches of cooperative banks select their own boards of directors and manage their own operations, Credit unions usually retain strategic decision-making at a local level, though they share back-office functions, such as access to the global payments system, by federating. Some cooperative banks are criticized for diluting their cooperative principles, principles 2-4 of the Statement on the Co-operative Identity can be interpreted to require that members must control both the governance systems and capital of their cooperatives. A cooperative bank that raises capital on public stock markets creates a class of shareholders who compete with the members for control. In some circumstances, the members may lose control and this effectively means that the bank ceases to be a cooperative. Accepting deposits from non-members may also lead to a dilution of member control, the special banks providing Long Term Loans are called Land Development Banks, in the short, LDB. The history of LDB is quite old, the first LDB was started at Jhang in Punjab in 1920. This bank is based on Co-operative. The main objective of the LDBs are to promote the development of land, agriculture, the LDBs provide long-term finance to members directly through their branches. Building societies exist in Britain, Ireland and several Commonwealth countries and they are similar to credit unions in organisation, though few enforce a common bond. However, rather than promoting thrift and offering unsecured and business loans, borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis
2.
Ticker symbol
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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 letters, numbers or a combination of both, ticker symbol refers to the symbols that were printed on the ticker tape of a ticker tape machine. Stock symbols are unique identifiers assigned to each security traded on a particular market, for example, AAPL is for Apple Inc. OODH is for Orion DHC, Inc. and HD is for Home Depot, a stock symbol can consist of letters, numbers, or a combination of both, and 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, the allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are typically between 1 and 4 letters and represent the name where possible. 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 often used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBCs 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 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 particularly sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V that had previously used by Vivendi which had delisted. To fully 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 often done by appending the location or exchange code to the ticker, although stock tickers identify a security, they are exchange dependent, generally 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 ISO6166, Securities for which ISINs are issued include bonds, commercial paper, stocks, and warrants. The ISIN identifies the security, not the exchange on which it trades, for instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, and is priced in five different currencies, it has the same ISIN on each, though not the same ticker symbol. ISIN cannot specify a particular trade in this case, and another identifier, following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still widely referred to as EPICs. Stocks can also be identified using their SEDOL number or their ISIN, in the United States, modern letter-only ticker symbols were developed by Standard & Poors to bring a national standard to investing
3.
Euronext
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Euronext NV is a European stock exchange seated in Amsterdam, Brussels, London, Lisbon and Paris. In addition to cash and derivatives markets, the Euronext group provides listing market data, market solutions, custody and its total product offering includes equities, exchange-traded funds, warrants and certificates, bonds, derivatives, commodities and indices. As of 2017, Euronext was the largest in continental Europe with 1,300 issuers representing a €3 trillion market capitalization, Euronext merged with NYSE Group, Inc. on April 4,2007 to form NYSE Euronext. On November 13,2013 Intercontinental Exchange, completed acquisition of NYSE Euronext, in June 2014 Euronext completed an initial public offering making it a standalone company again. In December 2001, Euronext acquired the shares of the London International Financial Futures and Options Exchange, 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 company itself after completing its Initial Public Offering. Despite this, NYSE Group and Euronext penned an agreement, subject to shareholder vote. The initial regulatory response by SEC chief Christopher Cox was positive, 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. In addition, the two hoped to add Borsa Italiana into the grouping. Deutsche Börse dropped out of the bidding for Euronext on 15 November 2006, a run-up of NYSE Groups stock price in late 2006 made the offering far more attractive to Euronexts 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 expected the transaction to close within three or four months. Some of the agencies with jurisdiction over the merger had already given approval. NYSE Group shareholders gave their approval on 20 December 2006, the merger was completed on 4 April 2007, forming NYSE Euronext. In 2008 and 2009 Deutsche Börse made two attempts to merge with NYSE Euronext. Both attempts did not enter into advanced steps of merger, in 2011, Deutsche Börse and NYSE Euronext confirmed that they were in advanced merger talks. Such a merger would create the largest exchange in history, the deal was approved by shareholders of NYSE Euronext on July 7,2011, and Deutsche Börse on July 15,2011 and won the antitrust approved by the US regulators on December 22,2011. Deutsche Börse unsuccessfully appealed this decision, in 2012, Euronext announced the creation of Euronext London to offer listing facilities in the UK
4.
CAC 40
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The CAC40 is a benchmark French stock market index. The index represents a measure of the 40 most significant values among the 100 highest market caps on the Euronext Paris. It is one of the national indices of the pan-European stock exchange group Euronext alongside Brussels BEL20, Lisbons PSI-20. The CAC40 takes its name from the Paris Bourses early automation system Cotation Assistée en Continu and its base value of 1,000 was set on 31 December 1987, equivalent to a market capitalisation of 370,437,433,957.70 French francs. In common with many major world markets, its all-time high to date was reached at the peak of the dot-com bubble in September 2000. On 1 December 2003, the weighting system switched from being dependent on total market capitalisation to free float market cap only. The CAC40 index composition is reviewed quarterly by an independent Index Steering Committee, if any changes are made, they are effected a minimum of two weeks after the review meeting. At each review date, the companies listed on Euronext Paris are ranked according to free float market capitalisation, if a company has more than one class of shares traded on the exchange, only the most actively traded of these will be accepted into the index. The CAC40 is a capitalization-weighted index, the number of shares issued of a company is reviewed quarterly, on the third Friday of March, June, September and December. Since December 2003, the weightings of companies in the index have been capped at 15% at each quarterly index review. A capping factor is used to limit the weights to 15%, although the CAC40 is almost exclusively composed of French-domiciled companies, about 45% of its listed shares are owned by foreign investors, more than any other main European index. German, Japanese, American and British investors are amongst the most significant holders of CAC40 shares and this large percentage is due to the fact that CAC40 companies are more international, or multinational, than any other European market. CAC40 companies conduct over two-thirds of their business and employ over two-thirds of their workforce outside France, the index consists of the following companies as of the quarterly update effective 1st December 2016. The most recent composition can be found on euronext website, category, CAC40 CAC Next 20 List of French companies Official Euronext page for CAC40 Index FCHI, Summary for CAC40 INDEX - Yahoo. Finance Thomson Reuters page for. FCHI Bloomberg page for CAC, IND CAC40 on Investing. com Contains real time overview, components, historical data, live charts, technichal analysis and related news
5.
Montrouge
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Montrouge is a commune in the southern Parisian suburbs, located 4.4 km from the centre of Paris, France. It is one of the most densely populated municipalities in Europe, after a long period of decline, the population has increased again in recent years. The name of the community was first mentioned in documents in 1194. Throughout the Middle Ages, the hamlet was home to monasteries, on 1 January 1860, the city of Paris was enlarged by annexing neighbouring communes. On that occasion, most of the commune of Montrouge was annexed to Paris, forming what is now called Petit-Montrouge, the remainder of Montrouge was preserved as an independent town. In 1875, the town gained a few square metres from the neighbouring communes of Châtillon. On 8 January 2015, Municipal Police officer Clarissa Jean-Philippe was shot and killed in the commune, Coulibaly was reported to be an accomplice of Saïd and Chérif Kouachi, the suspected perpetrators of the Charlie Hebdo shooting. The next day, he was gunned down by police during a siege that left four hostages dead, industrial development started in 1925 and soon, many printing factories were to be found in the town. Most of these have disappeared today, since the early years of the twenty-first century, professional services and telecommunications have been the main business activities. The Châtillon - Montrouge station is located at the border between the commune of Montrouge and the commune of Châtillon, on the Châtillon side of the border. The Mairie de Montrouge station was opened on 23 March 2013 as part of the extension of Metro Line 4 to the south, two further stations are due to open in 2020. Bus line 68 runs from Metro Châtillon Montrouge all the way up through Montparnasse, the Louvre, the Paris Opera and ends at the Place de Clichy, bus line 126 runs from Porte dOrléans to Boulogne-Billancourt, while line 128 goes from the same place to Robinson RER station. Bus line 323 runs on the border of Montrouge on its way between Issy-les-Moulineaux and Ivry-sur-Seine. Montrouge was the home of a number of twentieth century artists. Montrouge has seven primary schools, Aristide Briand, Buffalo, François Rabelais, Nicolas Boileau, Raymond Queneau, Renaudel A. Public junior high schools, Haut Mesnil, Maurice Genevoix, Robert Doisneau, public high schools, Lycée Jean Monnet, Lycée Maurice Genevoix. There is a secondary school, Groupe Scolaire du Haut-Mesnil. Émile Boutroux, philosopher and member of the Académie française Robert Brasillach French author, Émile Chatelain, Latinist and palaeographer Coluche, comedian and sometime political figure, founder of the Restos du cœur soup kitchens
6.
France
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France, officially the French Republic, is a country with territory in western Europe and several overseas regions and territories. The European, or metropolitan, area of France extends from the Mediterranean Sea to the English Channel and the North Sea, Overseas France include French Guiana on the South American continent and several island territories in the Atlantic, Pacific and Indian oceans. France spans 643,801 square kilometres and had a population of almost 67 million people as of January 2017. It is a unitary republic with the capital in Paris. Other major urban centres include Marseille, Lyon, Lille, Nice, Toulouse, during the Iron Age, what is now metropolitan France was inhabited by the Gauls, a Celtic people. The area was annexed in 51 BC by Rome, which held Gaul until 486, France emerged as a major European power in the Late Middle Ages, with its victory in the Hundred Years War strengthening state-building and political centralisation. During the Renaissance, French culture flourished and a colonial empire was established. The 16th century was dominated by civil wars between Catholics and Protestants. France became Europes dominant cultural, political, and military power under Louis XIV, in the 19th century Napoleon took power and established the First French Empire, whose subsequent Napoleonic Wars shaped the course of continental Europe. Following the collapse of the Empire, France endured a succession of governments culminating with the establishment of the French Third Republic in 1870. Following liberation in 1944, a Fourth Republic was established and later dissolved in the course of the Algerian War, the Fifth Republic, led by Charles de Gaulle, was formed in 1958 and remains to this day. Algeria and nearly all the colonies became independent in the 1960s with minimal controversy and typically retained close economic. France has long been a centre of art, science. It hosts Europes fourth-largest number of cultural UNESCO World Heritage Sites and receives around 83 million foreign tourists annually, France is a developed country with the worlds sixth-largest economy by nominal GDP and ninth-largest by purchasing power parity. In terms of household wealth, it ranks fourth in the world. France performs well in international rankings of education, health care, life expectancy, France remains a great power in the world, being one of the five permanent members of the United Nations Security Council with the power to veto and an official nuclear-weapon state. It is a member state of the European Union and the Eurozone. It is also a member of the Group of 7, North Atlantic Treaty Organization, Organisation for Economic Co-operation and Development, the World Trade Organization, originally applied to the whole Frankish Empire, the name France comes from the Latin Francia, or country of the Franks
7.
Chairman
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The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group. The chair presides over meetings of the group and conducts its business in an orderly fashion. When the group is not in session, the officers duties include acting as its head, its representative to the outside world. In some organizations, this position is called president, in others, where a board appoints a president. Other terms sometimes used for the office and its holder include chair, chairperson, chairwoman, presiding officer, president, moderator, facilitator, the chairman of a parliamentary chamber is often called the speaker. The term chair is used in lieu of chairman, in response to criticisms that using chairman is sexist. In his 1992 State of the Union address, then-U. S, president George H. W. Bush used chairman for men and chair for women. A1994 Canadian study found the Toronto Star newspaper referring to most presiding men as chairman, the Chronicle of Higher Education uses chairman for men and chairperson for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times, the National Association of Parliamentarians does not approve using chairperson. In World Schools Style debating, male chairs are called Mr. Chairman, the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using chair or chairperson, rather than chairman. The Oxford Dictionary of American Usage and Style suggests that the forms are gaining ground. It advocates using chair to refer both to men and to women, the word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be in the chair and is referred to as the chair. Major dictionaries state that the word derives from chair and man, some authorities, however, including Riddicks Rules of Procedure, suggest that the second part of chairman derives from the Latin manus, and thus claim gender-neutrality for the word. Vladimir Lenin, for example, officially functioned as the head of Soviet Russia not as tsar or as president, note in particular the popular standard method for referring to Mao Zedong, Chairman Mao. In the absence of the chairman and vice chairman, groups sometimes elect a chairman pro tempore to fill the role for a single meeting. In some organizations that have titles, deputy chairman ranks higher than vice chairman, as there are often multiple vice chairs
8.
Retail banking
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Retail banking, also known as consumer banking, is the provision of services by a bank to individual consumers, rather than to companies, corporations or other banks. Services offered include savings and transactional accounts, mortgages, personal loans, debit cards, the term is generally used to distinguish these banking services from investment banking, commercial banking or wholesale banking. It may also be used to refer to a division or department of a bank dealing with retail customers, in the U. S. the term commercial bank is used for a normal bank to distinguish it from an investment bank. This separation was repealed in the 1990s, commercial bank can also refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses, as opposed to individual members of the public. S. Private banks manage the assets of high-net-worth individuals, offshore banks are banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks, postal savings banks are savings banks associated with national postal systems
9.
Investment banking
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Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, Other industrialized countries, including G7 countries, have historically not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, the two main lines of business in investment banking are called the sell side and the buy side. The sell side involves trading securities for cash or for other securities, the buy side involves the provision of advice to institutions that buy investment services. Private equity funds, mutual funds, life insurance companies, unit trusts, an investment bank can also be split into private and public functions with a Chinese wall separating the two to prevent information from crossing. The private areas of the deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis. The first company to publicly traded stock was the Dutch East India Company. Investment banking has changed over the years, beginning as a form focused on underwriting security issuance. In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, the repeal led to more universal banks offering an even greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions, notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, UBS, Barclays, and Wells Fargo. The traditional service of underwriting security issues has declined as a percentage of revenue, as far back as 1960, 70% of Merrill Lynchs revenue was derived from transaction commissions while traditional investment banking services accounted for 5%. However, Merrill Lynch was a relatively retail-focused firm with a large brokerage network, investment banking is split into front office, middle office, and back office activities. Investment banks offer services to corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, therefore, investment bankers play a very important role in issuing new security offerings. Front office is described as a revenue generating role. Markets is divided into sales and trading, and research, a pitch book of financial information is generated to market the bank to a potential M&A client, if the pitch is successful, the bank arranges the deal for the client. The investment banking division is divided into industry coverage and product coverage groups. On behalf of the bank and its clients, an investment banks primary function is buying and selling products
10.
Asset management
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Asset management, broadly defined, refers to any system that monitors and maintains things of value to an entity or group. It may apply to both tangible assets such as buildings and to intangible assets such as capital, intellectual property. Asset management is a process of deploying, operating, maintaining, upgrading. The term is most commonly used in the world to describe people. These include, for example, investment managers that manage the assets of a pension fund, the most common usage of the term asset manager refers to investment management, the sector of the financial services industry that manages investment funds and segregated client accounts. An asset management is a part of a company which comprises experts who manage money. Operating and sustainment of assets in a constrained budget environment require a prioritization scheme, as a way of illustration, the recent development of renewable energy has seen the rise of effective asset managers involved in the management of solar systems. These teams are more and more teaming-up with financial asset managers in order to offer turn key solutions to investors. Software asset management is one kind of asset management. It is related to asset health management, infrastructure asset management expands on this theme in relation primarily to public sector, utilities, property and transport systems. An example in which public asset management is used is land-use development, an EAM requires an asset registry combined with a computerized maintenance management system. All public assets are interconnected and share proximity, possible through the use of information systems. A GIS platform combined with information of both the hard and soft assets helps to remove the traditional silos of structured municipal functions, the GIS platform is only an assisting tool, asset managers need to make informed decisions about their assets in order to fulfill their organizational goals. List of asset management firms P2P Asset Management Robo-advisor Baird, G, defining Public Asset Management for Municipal Water Utilities. Journal American Water Works Association May 2011,103,5,30, www. awwa. org
11.
Euro
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Outside of Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally,210 million people worldwide as of 2013 use currencies pegged to the euro, the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The name euro was adopted on 16 December 1995 in Madrid. The euro was introduced to world markets as an accounting currency on 1 January 1999. While the euro dropped subsequently to US$0.8252 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.6038 on 18 July 2008. In July 2012, the euro fell below US$1.21 for the first time in two years, following concerns raised over Greek debt and Spains troubled banking sector, as of 26 March 2017, the euro–dollar exchange rate stands at ~ US$1.07. The euro is managed and administered by the Frankfurt-based European Central Bank, as an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all states. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, all nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 5 January 2002, the central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show which central bank issued them, Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated. The ECB issues 8% of the value of banknotes issued by the Eurosystem. In practice, the ECBs banknotes are put into circulation by the NCBs and these liabilities carry interest at the main refinancing rate of the ECB. The euro is divided into 100 cents, in Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are used, with many local variations such as centime in France. All circulating coins have a side showing the denomination or value. Due to the plurality in the European Union, the Latin alphabet version of euro is used. For the denominations except the 1-, 2- and 5-cent coins, beginning in 2007 or 2008 the old map is being replaced by a map of Europe also showing countries outside the Union like Norway
12.
Earnings before interest and taxes
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In accounting and finance, earnings before interest and taxes, is a measure of a firms profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses, when a firm does not have non-operating income, then operating income is sometimes used as a synonym for EBIT and operating profit. To calculate EBIT, expenses are subtracted from revenues, net income is later obtained by subtracting interest and taxes from the result
13.
Net income
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In business, net income is an entitys income minus cost of goods sold, expenses and taxes for an accounting period. In the context of the presentation of financial statements, the IFRS Foundation defines net income as synonymous with profit, net income is a distinct accounting concept from profit but the same as net profit. Net income can also be calculated by adding a companys operating income to non-operating income, net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings. As profit and earnings are used synonymously for income, net earnings, often, the term income is substituted for net income, yet this is not preferred due to the possible ambiguity. Net income is called the bottom line because it is typically found on the last line of a companys income statement. The items deducted will typically include tax expense, financing expense, likewise, preferred stock dividends will be subtracted too, though they are not an expense. For a merchandising company, subtracted costs may be the cost of goods sold, sales discounts, for a product company advertising, manufacturing, and design and development costs are included
14.
Asset
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In financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value, simply stated, assets represent value of ownership that can be converted into cash. The balance sheet of a firm records the value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business, one can classify assets into two major asset classes, tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets, current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace. Examples of intangible assets include goodwill, copyrights, trademarks, patents and computer programs, an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. One of the most widely accepted accounting definitions of asset is the one used by the International Accounting Standards Board, employees are not considered assets like machinery is, even though they can generate future economic benefits. This is because an entity does not have sufficient control over its employees to satisfy the Frameworks definition of an asset, similarly, in economics an asset is any form in which wealth can be held. The accounting equation is the structure of the balance sheet. It relates assets, liabilities, and owners equity, Assets = Liabilities + Capital Liabilities = Assets − Capital Equity = Assets − Liabilities Assets are listed on the balance sheet. On a companys balance sheet certain divisions are required by generally accepted accounting principles, Assets can be divided into e. g. current assets and fixed assets, often with further subdivisions such as cash, receivables and inventory. Assets are formally controlled and managed within larger organizations via the use of asset tracking tools and these monitor the purchasing, upgrading, servicing, licensing, disposal etc. of both physical and non-physical assets. Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle and these assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets, Cash and cash equivalents – it is the most liquid asset, which includes currency, deposit accounts, short-term investments – include securities bought and held for sale in the near future to generate income on short-term price differences. Receivables – usually reported as net of allowance for non-collectable accounts, inventory – trading these assets is a normal business of a company. The inventory value reported on the sheet is usually the historical cost or fair market value. This is known as the lower of cost or market rule, prepaid expenses – these are expenses paid in cash and recorded as assets before they are used or consumed
15.
Equity (finance)
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In accounting, equity is the difference between the value of the assets and the value of the liabilities of something owed. Equity can be negative if liabilities exceeds assets, shareholders equity represents the equity of a company as divided among shareholders of common or preferred stock. Negative shareholders equity is often referred to as a shareholders deficit, alternatively, equity can also refer to the capital stock of a corporation. The value of the stock depends on the future economic prospects. For a company in liquidation proceedings, the equity is that which remains after all liabilities have been paid, when starting a business, the owners fund the business to finance various operations. Throughout the businesss existence, the equity of the business will be the difference between its assets and debt liabilities, this is the accounting equation, when a business liquidates during bankruptcy, the proceeds from the assets are used to reimburse creditors. The creditors are ranked by priority, with secured creditors being paid first, other creditors being paid next, owners equity is this remaining or residual claim against assets, which is paid only after all other creditors are paid. In such cases where even creditors could not get money to pay their bills. In financial accounting, owners equity consists of the net assets of an entity, net assets is the difference between the total assets and total liabilities. Equity appears on the sheet, one of the four primary financial statements. The assets of an entity can be tangible and intangible items. Intangible assets include such as brand names, copyrights or goodwill. Tangible assets include land, equipment, and cash, issue of new equity in which the firm obtains new capital increases the total shareholders equity. Share repurchases, in which a firm returns money to investors, reducing on the side its financial assets. For practical purposes, share repurchasing is similar to a dividend payment, rather than giving money to all shareholders immediately in the form of a dividend payment, a share repurchase reduces the number of shares outstanding. Dividends paid out to preferred stock owners are considered an expense to be subtracted from net income, sometimes assets bought and held in other countries get translated back into the reporting currency at different exchange rates, resulting in a changed value. When the owners are shareholders, the interest can be called shareholders equity, the remains the same. If all shareholders are in one and the class, they share equally in ownership equity from all perspectives
16.
LCL S.A.
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LCL S. A. is a major French financial services company, with its registered office in Lyon, France and its administrative head office in Paris, France. LCL is an abbreviation which means Le Crédit Lyonnais, the name of the bank. Since 2003, LCL is owned by Crédit Agricole but still operates as an entity in all of France. It serves about 6 million customers in 2000 branches in France, in 2010 the French governments Autorité de la concurrence fined eleven French banks, including LCL S. A. Crédit Agricole Crédit Lyonnais LCL
17.
Agriculture
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Agriculture is the cultivation and breeding of animals, plants and fungi for food, fiber, biofuel, medicinal plants and other products used to sustain and enhance human life. Agriculture was the key development in the rise of human civilization. The study of agriculture is known as agricultural science, the history of agriculture dates back thousands of years, and its development has been driven and defined by greatly different climates, cultures, and technologies. Industrial agriculture based on large-scale monoculture farming has become the dominant agricultural methodology, genetically modified organisms are an increasing component of agriculture, although they are banned in several countries. Agricultural food production and water management are increasingly becoming global issues that are fostering debate on a number of fronts, the major agricultural products can be broadly grouped into foods, fibers, fuels, and raw materials. Specific foods include cereals, vegetables, fruits, oils, meats, fibers include cotton, wool, hemp, silk and flax. Raw materials include lumber and bamboo, other useful materials are also produced by plants, such as resins, dyes, drugs, perfumes, biofuels and ornamental products such as cut flowers and nursery plants. The word agriculture is a late Middle English adaptation of Latin agricultūra, from ager, field, Agriculture usually refers to human activities, although it is also observed in certain species of ant, termite and ambrosia beetle. To practice agriculture means to use resources to produce commodities which maintain life, including food, fiber, forest products, horticultural crops. This definition includes arable farming or agronomy, and horticulture, all terms for the growing of plants, even then, it is acknowledged that there is a large amount of knowledge transfer and overlap between silviculture and agriculture. In traditional farming, the two are often combined even on small landholdings, leading to the term agroforestry, Agriculture began independently in different parts of the globe, and included a diverse range of taxa. At least 11 separate regions of the Old and New World were involved as independent centers of origin, wild grains were collected and eaten from at least 105,000 years ago. Pigs were domesticated in Mesopotamia around 15,000 years ago, rice was domesticated in China between 13,500 and 8,200 years ago, followed by mung, soy and azuki beans. Sheep were domesticated in Mesopotamia between 13,000 and 11,000 years ago. From around 11,500 years ago, the eight Neolithic founder crops, emmer and einkorn wheat, hulled barley, peas, lentils, bitter vetch, chick peas and flax were cultivated in the Levant. Cattle were domesticated from the aurochs in the areas of modern Turkey. In the Andes of South America, the potato was domesticated between 10,000 and 7,000 years ago, along with beans, coca, llamas, alpacas, sugarcane and some root vegetables were domesticated in New Guinea around 9,000 years ago. Sorghum was domesticated in the Sahel region of Africa by 7,000 years ago, cotton was domesticated in Peru by 5,600 years ago, and was independently domesticated in Eurasia at an unknown time
18.
Euronext Paris
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It operates the MATIF futures exchange, which trades futures and options on interest rate products and commodities, and MONEP, equity and index futures and options. All products are traded electronically on the NSC system adopted by all of the Euronext members, trading hours are 9 am to 5,30 pm CET, Monday to Friday. The French equities market is divided into three sections, the Premier Marché, formerly called the Official List, includes large French and foreign companies, and most Bond issues. The Second Marché, lists medium-sized companies, while nouveau marché lists fast-growing start up companies seeking capital to finance expansion, linked to Euro. nm, the European equity growth market. A fourth market, Marché Libre, is nonregulated, administered by Euronext Paris for transactions in securities not listed on the three markets. Euronext Paris calculates a family of indices, the CAC40 is the exchanges benchmark, desseminated in real time. Its components are included in the broader SBF120 Index, a benchmark for investment funds, the SBF250 index, a benchmark for the long-term performance of equity portfolios, includes all of the SBF120, it is structured by sector. Both indices are benchmarks for funds, the Nouveau Marché Index represents stocks in the growth market. The SBF-FCI index is based on a selection of bonds that represent at least 70% of the total capitalization of this market. For derivatives, MONEP trades short-term and long-term stock options and futures, for the fiscal year ending December 2004, Euronext Paris recorded sales of US $522 million, a −12. 9% decrease in sales from 2003. Euronext Paris has a US $2.9 trillion total market capitalization of listed companies, List of French companies CAC40 CAC Next 20 French Society of Financial Analysts Euronext Paris website MONEP website
19.
Salins-les-Bains
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Salins-les-Bains is a commune in the Jura department in the region of Bourgogne-Franche-Comté in eastern France. Salins owes its name to its waters, used for bathing and drinking. There are also works and gypsum deposits. In 2009 the historic saltworks were added to the list of UNESCO World Heritage sites, the saltworks at Salins-Les-Bains are closely associated with another World Heritage site, the Royal Saltworks at Arc-et-Senans. Salins is situated in the valley of the Furieuse, between two fortified hills, Fort Belin and Fort Saint-André, while to the north rises Mont Poupet. The territory of Salins, which was enfeoffed in the 10th century by the Abbey of Saint Maurice-en-Valais to the counts of Mâcon, johns descendants, counts and dukes of Burgundy, emperors and kings of the house of Austria all bore the title of sire de Salins. In 1477 Salins was taken by the French and temporarily made the seat of the parliament of Franche-Comté by Louis XI, in 1668 and 1674 it was retaken by the French and thenceforward remained in their power. In 1825 the town was almost destroyed by fire, in 1871 it successfully resisted the German troops in the Franco-Prussian War. The town has a Romanesque church, St-Anatoile, which has been restored. A 17th-century Jesuit chapel contains a library, established in 1593, salins-les-Bains is on the Paris to Lausanne road. The closest railway station is in Mouchard, a few kilometres away, horb am Neckar, Germany, since 1991 Communes of the Jura department This article incorporates text from a publication now in the public domain, Chisholm, Hugh, ed. article name needed
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Jura (department)
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Jura is a department in the east of France named after the Jura mountains. Historically, Jura belonged to the Free County of Burgundy, known in French as the Franche-Comté, dole was the capital until the region was conquered by Louis XIV and the capital was moved to Besançon. Dole is now a sous-préfecture of Jura, as early as the 13th century, inhabitants of the southern 2/3 of Jura spoke a dialect of Arpitan language. It continued to be spoken in areas into the 20th century. Jura is one of the original 83 departments created during the French Revolution on March 4,1790 and it was created from part of the former province of Franche-Comté. The Jura mountains are wooded and rolling, not craggy and rocky like the Alps, many lakes can be found throughout the Jura - the largest natural lake being Lac de Chalain, measuring 3 km long and 1 km wide. Lac de Vouglans was formed after the building of a hydro-electric dam and it is one of the largest man-made lakes in France. The President of the General Council is Jean Raquin, the climate of the Jura varies greatly by elevation. The lower valleys are temperate and pleasant, but the mountain valleys have bitterly cold winters. The Jura wines are distinctive and unusual wines, such as vin jaune. This is made from the local Savagnin grape variety, other grape varieties include Poulsard, Trousseau, and Chardonnay. The department contains no industrial cities, the few towns function as administrative, in the absence of large-scale industrial enterprises, small artisanal businesses play an important role. The Jura CFA recently recorded 752 current apprenticeships in trades such as building, baking, butchery, hair dressing, car repairing, sales, the Jura mountains provide ample opportunities for hiking, skiing, and other winter sports. Cantons of the Jura department Communes of the Jura department Arrondissements of the Jura department Prefecture website General council website Tourism website Tourism Information
21.
Bank of France
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The Bank of France known in French as the Banque de France, headquartered in Paris, is the central bank of France, it is linked to the European Central Bank. Founded in 1800, it helped resolve the crisis of 1848. Its main charge is to implement the interest rate policy of the European System of Central Banks. In 1800, financial power in France was in the hands of ten to fifteen banking houses whose founders, in most cases. These bankers, mostly Protestant, were involved in the agitations leading up to the French Revolution. When the revolutionary violence got out of hand, they orchestrated the rise of Napoleon, as a reward for their support, Napoleon, in 1800, gave the bankers a monopoly over French finance by giving them control of the new Bank of France. For the first fifteen years it was the issuer of bank notes in Paris, and this privilege was extended to other financially important towns. On 1 June 1998, a new institution was created, the European Central Bank, the body formed by the ECB, and the national central banks of all the member states of the European Union, constitute the European System of Central Banks. The ESCB is a framework of a single monetary policy for the euro. According to the Bank of Frances website, the sharing of responsibilities between the ECB and the NCBs is based upon significant decentralization of the conduct of the ESCBs single monetary policy,22 April 1806, a new law replaced the Central Committee with a Governor and two Deputy Governors. All three were appointed by the Emperor, decree dated 16 January 1808 set out the Basic Statutes, which were to govern the Banks operations until 1936. Decree on 6 March 1808 authorized the Bank to purchase the mansion of the Count of Toulouse in the rue de la Vrillière in Paris for its headquarters. This reform cleared the path for the European monetary union, economy of France Euro French franc Governor of the Bank de France Bouvier, Jean. The Banque de France and the State from 1850 to the Present Day, in Fausto Vicarelli, et al. eds. Central banks independence in historical perspective pp 73–104, crises et Apprentissage, La Banque de France en 1848, Entreprises et Histoire Issue 69, pp 27–37 Plessis, Alain. The history of banks in France, in Pohl, Manfred, and Sabine Freitag, eds. Handbook on the history of European banks pp, 185-296, online Official site of Bank of France Beginnings of Banque de France The directors of Bank of France between 1800 and 1815
22.
World War I
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World War I, also known as the First World War, the Great War, or the War to End All Wars, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. More than 70 million military personnel, including 60 million Europeans, were mobilised in one of the largest wars in history and it was one of the deadliest conflicts in history, and paved the way for major political changes, including revolutions in many of the nations involved. The war drew in all the worlds great powers, assembled in two opposing alliances, the Allies versus the Central Powers of Germany and Austria-Hungary. These alliances were reorganised and expanded as more nations entered the war, Italy, Japan, the trigger for the war was the assassination of Archduke Franz Ferdinand of Austria, heir to the throne of Austria-Hungary, by Yugoslav nationalist Gavrilo Princip in Sarajevo on 28 June 1914. This set off a crisis when Austria-Hungary delivered an ultimatum to the Kingdom of Serbia. Within weeks, the powers were at war and the conflict soon spread around the world. On 25 July Russia began mobilisation and on 28 July, the Austro-Hungarians declared war on Serbia, Germany presented an ultimatum to Russia to demobilise, and when this was refused, declared war on Russia on 1 August. Germany then invaded neutral Belgium and Luxembourg before moving towards France, after the German march on Paris was halted, what became known as the Western Front settled into a battle of attrition, with a trench line that changed little until 1917. On the Eastern Front, the Russian army was successful against the Austro-Hungarians, in November 1914, the Ottoman Empire joined the Central Powers, opening fronts in the Caucasus, Mesopotamia and the Sinai. In 1915, Italy joined the Allies and Bulgaria joined the Central Powers, Romania joined the Allies in 1916, after a stunning German offensive along the Western Front in the spring of 1918, the Allies rallied and drove back the Germans in a series of successful offensives. By the end of the war or soon after, the German Empire, Russian Empire, Austro-Hungarian Empire, national borders were redrawn, with several independent nations restored or created, and Germanys colonies were parceled out among the victors. During the Paris Peace Conference of 1919, the Big Four imposed their terms in a series of treaties, the League of Nations was formed with the aim of preventing any repetition of such a conflict. This effort failed, and economic depression, renewed nationalism, weakened successor states, and feelings of humiliation eventually contributed to World War II. From the time of its start until the approach of World War II, at the time, it was also sometimes called the war to end war or the war to end all wars due to its then-unparalleled scale and devastation. In Canada, Macleans magazine in October 1914 wrote, Some wars name themselves, during the interwar period, the war was most often called the World War and the Great War in English-speaking countries. Will become the first world war in the sense of the word. These began in 1815, with the Holy Alliance between Prussia, Russia, and Austria, when Germany was united in 1871, Prussia became part of the new German nation. Soon after, in October 1873, German Chancellor Otto von Bismarck negotiated the League of the Three Emperors between the monarchs of Austria-Hungary, Russia and Germany
23.
Great Depression
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The Great Depression was a severe worldwide economic depression that took place during the 1930s. The timing of the Great Depression varied across nations, in most countries it started in 1929 and it was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the economy can decline. The depression originated in the United States, after a fall in stock prices that began around September 4,1929. Between 1929 and 1932, worldwide GDP fell by an estimated 15%, by comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s, however, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. The Great Depression had devastating effects in both rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%, unemployment in the U. S. rose to 25% and in some countries rose as high as 33%. Cities all around the world were hit hard, especially dependent on heavy industry. Construction was virtually halted in many countries, farming communities and rural areas suffered as crop prices fell by about 60%. Facing plummeting demand with few sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most. Even after the Wall Street Crash of 1929 optimism persisted for some time, john D. Rockefeller said These are days when many are discouraged. In the 93 years of my life, depressions have come, prosperity has always returned and will again. The stock market turned upward in early 1930, returning to early 1929 levels by April and this was still almost 30% below the peak of September 1929. Together, government and business spent more in the first half of 1930 than in the period of the previous year. On the other hand, consumers, many of whom had suffered losses in the stock market the previous year. In addition, beginning in the mid-1930s, a severe drought ravaged the agricultural heartland of the U. S, by mid-1930, interest rates had dropped to low levels, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment were depressed. By May 1930, automobile sales had declined to below the levels of 1928, prices in general began to decline, although wages held steady in 1930
24.
Vichy France
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Vichy France is the common name of the French State headed by Marshal Philippe Pétain during World War II. In particular, it represents the southern, unoccupied Free Zone that governed the southern part of the country, from 1940 to 1942, while the Vichy regime was the nominal government of France as a whole, Germany militarily occupied northern France. Thus, while Paris remained the de jure capital of France, following the Allied landings in French North Africa in November 1942, southern France was also militarily occupied by Germany and Italy. The Vichy government remained in existence, but as a de facto client and it vanished in late 1944 when the Allies occupied all of France. After being appointed Premier by President Albert Lebrun, Marshal Pétain ordered the French Governments military representatives to sign an armistice with Germany on 22 June 1940, Pétain subsequently established an authoritarian regime when the National Assembly of the French Third Republic granted him full powers on 10 July 1940. At that point, the Third Republic was dissolved, calling for National Regeneration, the French Government at Vichy reversed many liberal policies and began tight supervision of the economy, with central planning a key feature. Labour unions came under government control. The independence of women was reversed, with a put on motherhood. Paris lost its status in European art and culture. The media were tightly controlled and stressed virulent anti-Semitism, and, after June 1941, the French State maintained nominal sovereignty over the whole of French territory, but had effective full sovereignty only in the unoccupied southern zone libre. It had limited and only civil authority in the zones under military occupation. The occupation was to be a state of affairs, pending the conclusion of the war. The French Government at Vichy never joined the Axis alliance, Germany kept two million French soldiers prisoner, carrying out forced labour. They were hostages to ensure that Vichy would reduce its forces and pay a heavy tribute in gold, food. French police were ordered to round up immigrant Jews and other such as communists. Public opinion in some quarters turned against the French government and the occupying German forces over time, when it became clear that Germany was losing the war, and resistance to them increased. Most of the legal French governments leaders at Vichy fled or were subject to show trials by the GPRF, thousands of collaborators were summarily executed by local communists and the Resistance in so-called savage purges. The last of the French State exiles were captured in the Sigmaringen enclave by de Gaulles French 1st Armoured Division in April 1945, in 1940, Marshal Pétain was known as a First World War hero, the victor of the battle of Verdun
25.
Post-war
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A post-war period or postwar period is the interval immediately following the end of a war. A post-war period can become an interwar period or interbellum, when a war between the same parties resumes at a later date, by contrast, a post-war period marks the cessation of conflict entirely. The term post-war can have different meanings in different countries and refer to a period determined by local considerations based on the effect of the war there. Considering the post-war era as equivalent to the Cold War era, post-war sometimes includes the 1980s, putting the end at December 1991, the 1990s are rarely considered to be part of the post-war era. Interbellum Interwar Post 9/11 era Postbellum Pre-war Reconstruction Era of the U. S
26.
The Banker
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The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London. The magazine was first published in January 1926 through founding Editor, Brendan Bracken of the Financial News, since its founding, the magazine has claimed a dedication to the international perspective through features, interviews, multi-media applications and events. The Banker is the premier banking and finance resource, read in over 180 countries and is the key source of data. The Banker is read most widely in banks, financial institutions, multilateral corporations, central banks, approximately 60% of its readers are CEO/President and CFO/Treasurers of their organizations. The Bankers primary focus is global financial comment and insight, featuring opinion pieces, profiles and interviews with leading banking, the Bracken Column is named after Brendan Bracken, the founding editor of The Banker and serves as a think-tank for financial sector participants. The Bank of the Year Awards is an awards event recognising the top financial institutions in the world. The most recent event took place in December 2012 and 149 countries were acknowledged for their achievements, top 1000 World Banks is published annually in July based on the findings of The Banker Database. This ranking serves to recognise global leaders in the industry for their achievements, ranking the worlds banks by Tier 1 capital globally, as well as by individual country. The awards are the industry’s most widely used index of global banking, the banks are assessed by Tier 1 capital, with secondary rankings by assets, capital/asset ratio, real profit growth, profit on average capital, and return on assets. In 2013 ICBC was ranked in top place, the first time ever for a Chinese bank, how to Run a Bank is an annual guide to international banking in the new financial environment, combining contributions from bankers, regulators, academics and economists. Top Islamic Financial Institutions annual listing assesses the state of the Islamic banking. Since 2007, it has aimed to help estimate the size, on 8 January 2014, it was announced that Irelands Michael Noonan was awarded Best finance minister in Europe. The Banker is known for its rankings of the worlds top banks
27.
Secondary market
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The secondary market, also called the aftermarket, is the financial market in which previously issued financial instruments such as stock, bonds, options, and futures are bought and sold. Another frequent usage of secondary market is to refer to loans which are sold by a bank to investors such as Fannie Mae. The term secondary market is used to refer to the market for any used goods or assets. After the initial issuance, investors can purchase from other investors in the secondary market, the secondary market for a variety of assets can vary from loans to stocks, from fragmented to centralized, and from illiquid to very liquid. The major stock exchanges are the most visible example of secondary markets - in this case. Exchanges such as the New York Stock Exchange, London Stock Exchange and Nasdaq provide a centralized, most bonds and structured products trade “over the counter, ” or by phoning the bond desk of one’s broker-dealer. Loans sometimes trade online using a Loan Exchange, in the secondary market, securities are sold by and transferred from one investor or speculator to another. It is therefore important that the market be highly liquid. As a general rule, the greater the number of investors that participate in a marketplace, and the greater the centralization of that marketplace. Fundamentally, secondary markets mesh the investors preference for liquidity with the users preference to be able to use the capital for an extended period of time. The term may refer to markets in things of value other than securities, similarly, secondary markets can be said to exist in some real estate contexts as well. These have very similar functions as secondary stock and bond markets in allowing for speculation, providing liquidity and it facilitates liquidity and marketability of the long term instrument. It also provides instant valuation of securities caused by changes in the environment, Private equity secondary market refers to the buying and selling of pre-existing investor commitments to private equity funds. Sellers of private equity investments sell not only the investments in the fund, due to the increased compliance and reporting obligations enacted in the Sarbanes-Oxley Act of 2002, private secondary markets began to emerge, such as SecondMarket and SecondaryLink. These markets are only available to institutional or accredited investors and allow trading of unregistered. Aftermarket Clean Energy Bank Grey market Primary market Third market Fourth market Original equipment manufacturer Private equity secondary market Reseller
28.
Friendly takeover
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In business, a takeover is the purchase of one company by another. In the UK, the term refers to the acquisition of a company whose shares are listed on a stock exchange. A friendly takeover is an acquisition which is approved by the management, before a bidder makes an offer for another company, it usually first informs the companys board of directors. In an ideal world, if the board feels that accepting the offer serves the better than rejecting it, it recommends the offer be accepted by the shareholders. In a private company, because the shareholders and the board are usually the people or closely connected with one another. If the shareholders agree to sell the company, then the board is usually of the mind or sufficiently under the orders of the equity shareholders to cooperate with the bidder. This point is not relevant to the UK concept of takeovers, a hostile takeover allows a bidder to take over a target company whose management is unwilling to agree to a merger or takeover. Development of the tender is attributed to Louis Wolfson. A hostile takeover can be conducted in several ways, a tender offer can be made where the acquiring company makes a public offer at a fixed price above the current market price. Tender offers in the United States are regulated by the Williams Act, another method involves quietly purchasing enough stock on the open market, known as a creeping tender offer, to effect a change in management. In all of these ways, management resists the acquisition, the main consequence of a bid being considered hostile is practical rather than legal. A well-known example of an hostile takeover was Oracles hostile bid to acquire PeopleSoft. A reverse takeover is a type of takeover where a company acquires a public company. With a new management team, the stock is a much more attractive investment, which would likely result in a price rise and a profit for the corporate raider. A backflip takeover is any sort of takeover in which the company turns itself into a subsidiary of the purchased company. This type of takeover can occur when a larger but less well-known company purchases a struggling company with a very well-known brand, examples include, The Texas Air Corporation takeover of Continental Airlines but taking the Continental name as it was better known. NationsBanks takeover of the Bank of America, but adopting Bank of Americas name, interceptor Entertainments acquisition of 3D Realms, but kept the name 3D Realms. Often a company acquiring another pays an amount for it
€30.427 billion (2016)
€1.723 trillion (2016)
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