Lincolnshire is a county in eastern England, with a long coastline on the North Sea to the east. It borders Norfolk to the south east, Cambridgeshire to the south, Rutland to the south west and Nottinghamshire to the west, South Yorkshire to the north west, the East Riding of Yorkshire to the north, it borders Northamptonshire in the south for just 20 yards, England's shortest county boundary. The county town is the city of Lincoln; the ceremonial county of Lincolnshire is composed of the non-metropolitan county of Lincolnshire and the area covered by the unitary authorities of North Lincolnshire and North East Lincolnshire. Part of the ceremonial county is in the Yorkshire and the Humber region of England, most is in the East Midlands region; the county is the second-largest of the English ceremonial counties and one, predominantly agricultural in land use. The county is fourth-largest of the two-tier counties, as the unitary authorities of North Lincolnshire and North East Lincolnshire are not included.
The county has several geographical sub-regions, including the rolling chalk hills of the Lincolnshire Wolds. In the southeast are the Lincolnshire Fens, the Carrs, the industrial Humber Estuary and North Sea coast around Grimsby and Scunthorpe, in the southwest of the county, the Kesteven Uplands, comprising rolling limestone hills in the district of South Kesteven. During the Pre-Roman times most of Lincolnshire was inhabited by the Brythonic Corieltauvi people; the Iceni covered the area around modern day Grimsby. The language of the area at that time would have been the precursor to modern Welsh; the name Lincoln derives from the old Welsh ‘Lindo’ meaning Lake. Modern-day Lincolnshire is derived from the merging of the territory of the Brythonic Kingdom of Lindsey with that controlled by the Danelaw borough of Stamford. For some time the entire county was called "Lindsey", it is recorded as such in the 11th-century Domesday Book; the name Lindsey was applied to the northern core, around Lincoln.
This emerged as one of the three Parts of Lincolnshire, along with the Parts of Holland in the south east, the Parts of Kesteven in the south west, which each had separate Quarter Sessions as their county administrations. In 1888 when county councils were set up, Lindsey and Kesteven each received separate ones; these survived until 1974, when Holland and most of Lindsey were unified into Lincolnshire. The northern part of Lindsey, including Scunthorpe Municipal Borough and Grimsby County Borough, was incorporated into the newly formed non-metropolitan county of Humberside, along with most of the East Riding of Yorkshire. A local government reform in 1996 abolished Humberside; the land south of the Humber Estuary was allocated to the unitary authorities of North Lincolnshire and North East Lincolnshire. These two areas became part of Lincolnshire for ceremonial purposes, such as the Lord-Lieutenancy, but are not covered by the Lincolnshire police; the remaining districts of Lincolnshire are Boston, East Lindsey, North Kesteven, South Holland, South Kesteven, West Lindsey.
They are part of the East Midlands region. The area was shaken by the 27 February 2008 Lincolnshire earthquake, reaching between 4.7 and 5.3 on the Richter magnitude scale. Lincolnshire is home to Woolsthorpe Manor and home of Sir Isaac Newton, he attended Grantham. Its library has preserved his signature, carved into a window sill. Bedrock in Lincolnshire features Cretaceous chalk. For much of prehistory, Lincolnshire was under tropical seas, most fossils found in the county are marine invertebrates. Marine vertebrates have been found including ichthyosaurus and plesiosaur; the highest point in Lincolnshire is Wolds Top, at Normanby le Wold. Some parts of the Fens may be below sea level; the nearest mountains are in Derbyshire. The biggest rivers in Lincolnshire are the Trent, running northwards from Staffordshire up the western edge of the county to the Humber estuary, the Witham, which begins in Lincolnshire at South Witham and runs for 132 kilometres through the middle of the county emptying into the North Sea at The Wash.
The Humber estuary, on Lincolnshire's northern border, is fed by the River Ouse. The Wash is the mouth of the Welland, the Nene and the Great Ouse. Lincolnshire's geography is varied, but consists of several distinct areas: Lincolnshire Wolds - area of rolling hills in the north east of the county designated an Area of Outstanding Natural Beauty The Fens - dominating the south east quarter of the county The Marshes - running along the coast of the county The Lincoln Edge/Cliff - limestone escarpment running north-south along the western half of the countyLincolnshire's most well-known nature reserves include Gibraltar Point National Nature Reserve, Whisby Nature Park Local Nature Reserve, Donna Nook National Nature Reserve, RSPB Frampton Marsh and the Humberhead Peatlands National Nature Reserve. Although the Lincolnshire countryside is intensively farmed, there are many biodiverse wetland areas, as well as rare limewood forests. Much of the county was once wet. From bones, we can tell that animal species found in Lincolnshire include wooly mammoth, wooly rhinoceros, wild horse, wild boar and beaver.
Species which have returned to Lincolnshire after extirpation include little egret, Eurasian spoonbill, European otter and red kite. This is a chart
Venture capital is a type of private equity, a form of financing, provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential, or which have demonstrated high growth. Venture capital firms or funds invest in these early-stage companies in exchange for equity, or an ownership stake, in the companies they invest in. Venture capitalists take on the risk of financing risky start-ups in the hopes that some of the firms they support will become successful; because startups face high uncertainty, VC investments do have high rates of failure. The start-ups are based on an innovative technology or business model and they are from the high technology industries, such as information technology, clean technology or biotechnology; the typical venture capital investment occurs. The first round of institutional venture capital to fund growth is called the Series A round. Venture capitalists provide this financing in the interest of generating a return through an eventual "exit" event, such as the company selling shares to the public for the first time in an initial public offering or doing a merger and acquisition of the company.
In addition to Angel investing, equity crowdfunding and other seed funding options, venture capital is attractive for new companies with limited operating history that are too small to raise capital in the public markets and have not reached the point where they are able to secure a bank loan or complete a debt offering. In exchange for the high risk that venture capitalists assume by investing in smaller and early-stage companies, venture capitalists get significant control over company decisions, in addition to a significant portion of the companies' ownership. Start-ups like Uber, Flipkart, Xiaomi & Didi Chuxing are valued startups known as unicorns, where venture capitalists contribute more than financing to these early-stage firms. Venture capital is a way in which the private and public sectors can construct an institution that systematically creates business networks for the new firms and industries, so that they can progress and develop; this institution helps identify promising new firms and provide them with finance, technical expertise, marketing "know-how", business models.
Once integrated into the business network, these firms are more to succeed, as they become "nodes" in the search networks for designing and building products in their domain. However, venture capitalists' decisions are biased, exhibiting for instance overconfidence and illusion of control, much like entrepreneurial decisions in general. A startup may be defined as a project prospective converted into a process with an adequate assumed risk and investment. With few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families; the Wallenbergs, Whitneys and Warburgs were notable investors in private companies in the first half of the century. In 1938, Laurance S. Rockefeller helped finance the creation of both Eastern Air Lines and Douglas Aircraft, the Rockefeller family had vast holdings in a variety of companies. Eric M. Warburg founded E. M. Warburg & Co. in 1938, which would become Warburg Pincus, with investments in both leveraged buyouts and venture capital.
The Wallenberg family started Investor AB in 1916 in Sweden and were early investors in several Swedish companies such as ABB, Atlas Copco, etc. in the first half of the 20th century. Before World War II, money orders remained the domain of wealthy individuals and families. Only after 1945 did "true" private equity investments begin to emerge, notably with the founding of the first two venture capital firms in 1946: American Research and Development Corporation and J. H. Whitney & Company. Georges Doriot, the "father of venture capitalism", founded the graduate business school INSEAD in 1957. Along with Ralph Flanders and Karl Compton, Doriot founded ARDC in 1946 to encourage private-sector investment in businesses run by soldiers returning from World War II. ARDC became the first institutional private-equity investment firm to raise capital from sources other than wealthy families, although it had several notable investment successes as well. ARDC is credited with the first trick when its 1957 investment of $70,000 in Digital Equipment Corporation would be valued at over $355 million after the company's initial public offering in 1968.
Former employees of ARDC went on to establish several prominent venture-capital firms including Greylock Partners and Morgan, Holland Ventures, the predecessor of Flagship Ventures. ARDC continued investing until 1971. In 1972 Doriot merged ARDC with Textron after having invested in over 150 companies. John Hay Whitney and his partner Benno Schmidt founded J. H. Whitney & Company in 1946. Whitney had been investing since the 1930s, founding Pioneer Pictures in 1933 and acquiring a 15% interest in Technicolor Corporation with his cousin Cornelius Vanderbilt Whitney. Florida Foods Corporation proved Whitney's most famous investment; the company developed an innovativ
Portigon Financial Services
WestLB AG was a European commercial bank based in Düsseldorf, Germany, owned by the German state of North Rhine-Westphalia. Landesbanks are a group of or wholly state owned banks unique to Germany, they are regionally organised and their business is predominantly wholesale banking. As of 30 June 2012, WestLB was downsized and Portigon Financial Services AG became the legal successor of WestLB; the bank was incorporated on January 1, 1969. Total assets of the group were €288.1 bn as of December 31, 2008 with operations spread over eleven countries in Europe, six countries in The Americas, six countries in Asia and South Africa, including significant investment banking operations in New York City, Luxembourg and Hong Kong. WestLB was the central institution for savings banks in North Rhine Westphalia. On August 30, 2002, WestLB was transformed into an Aktiengesellschaft and on July 19, 2005, institutional liability and guarantor liability were abolished, allowing the company to concentrate on commercial operations.
The public finance tasks of economic and structural development were transferred to the NRW. BANK which now operates as the Landesbank of North Rhine Westphalia. In February 2008, as the global credit crisis evolved, WestLB was allocated a 5bn Euros guarantee by North Rhine Westphalia and a group of local banks; the bank was reported to have suffered from exposure to investments in structured credits. In November 2008, the board of WestLB announced that it intended to obtain state loan guarantees and look at raising additional capital from the government of Germany specially set up bailout fund. There are any ideas to merge the WestLB with other state owned banks or to rearrange segments of the WestLB in the German system of state owned banks. In November 2009, 85 billion in problem assets were transferred from WestLB to a winding up agency called Erste Abwicklungsanstalt, colloquially called'bad bank'; as per 30 June 2012, the brand WestLB was given up and the remaining company continued to operate under the name of Portigon Financial Services AG.
Besides, EAA and another organisation under the roof of Hessian and Thuringian Landesbank Helaba are dealing with the aftermath of the quasi bankruptcy and carrying on with core functions of the former WestLB. Stockholders on May 10, 2009 30.862% NRW. BANK 25.032% Sparkassen- und Giroverband Rheinland 25.032% Sparkassen- und Giroverband Westfalen-Lippe 17.766% North Rhine-Westphalia English WestLB AG Home Page at the Wayback Machine German WestLB AG Home Page at the Library of Congress Web Archives Documents and clippings about Landesbank für Westfalen - Girozentrale in the 20th Century Press Archives of the German National Library of Economics
Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets across more than 70 countries and employs around 87,000 people, it is a universal bank with operations in consumer and institutional banking, treasury services. Despite its UK base, it does not conduct retail banking in the UK, around 90% of its profits come from Asia and the Middle East. Standard Chartered has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index, it had a market capitalisation of £24.4 billion as of 4 April 2017, the 28th-largest of any company with a primary listing on the London Stock Exchange. It has the National Stock Exchange of India, its largest shareholder is the Government of Singapore-owned Temasek Holdings. José Viñals is the Group Chairman of Standard Chartered. Bill Winters is the current Group Chief Executive; the name Standard Chartered comes from the names of the two banks from which it was formed by merger in 1969: The Chartered Bank of India and China, Standard Bank of British South Africa.
The Chartered Bank began when Queen Victoria granted a Royal Charter to Scotsman James Wilson in 1853. Chartered opened its first branches in Mumbai and Shanghai in 1858, followed by Hong Kong and Singapore in 1859; the Bank started issuing banknotes of the Hong Kong dollar in 1862. The Standard Bank was a British bank founded in the Cape Province of South Africa in 1862 by Scot, John Paterson. Having established a considerable number of branches, Standard was prominent in financing the development of the diamond fields of Kimberley from 1867 and extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Half the output of the second largest gold field in the world passed through The Standard Bank on its way to London. Standard expanded in Africa over the years, but from 1883 to 1962 was formally known as the Standard Bank of South Africa. In 1962 the bank changed its name to Standard Bank Limited, the South African operations were formed into a separate subsidiary which took the parent bank's previous name, Standard Bank of South Africa Ltd.
Both banks spread their networks further. In 1969, the banks decided to merge and to counterbalance their network by expanding in Europe and the United States, while continuing expansion in their traditional markets in Asia and Africa. In 1986, Lloyds made a hostile takeover bid for the Group; the bid was defeated. Union Bank was sold to the Bank of Tokyo and United Bank of Arizona was sold to Citicorp. In 1987, Standard Chartered sold its remaining interests in the South African bank. In 1992, scandal broke when banking regulators charged several employees of Standard Chartered in Mumbai with illegally diverting depositors' funds to speculate in the stock market. Fines by Indian regulators and provisions for losses cost the bank ₤350 million, at that time a third of its capital. In 1994, London's Sunday Times reported that an executive in the bank's metals division had bribed officials in Malaysia and the Philippines to win business; the bank, in a statement on 18 July 1994, acknowledged that there were "discrepancies in expense claims... included gifts to individuals in certain countries to facilitate business, a practice contrary to bank rules".
In 1994, the Hong Kong Securities and Futures Commission found Standard Chartered's Asian investment bank to have illegally helped to artificially support the price of new shares they had underwritten for six companies from July 1991 to March 1993. The bank admitted the offence and reorganized its brokerage units; the commission banned the bank from underwriting IPOs in Hong Kong for nine months. In 1997, Standard Chartered sold Mocatta Bullion and Base Metals, its metals division, to Toronto-based Scotiabank for US$26 million. Standard Chartered's Asian investment banking operations never recovered. In 2000 the bank closed them down. In 1986, a business consortium purchased a 35% stake to fend off Lloyds. A member of this consortium was Malaysian-born property tycoon Khoo Teck Puat, who purchased 5% of the bank's shares, which he increased to 13.4%. In 2000, Standard Chartered acquired Grindlays Bank from ANZ, increasing its presence in private banking and further expanding its operations in India and Pakistan.
Standard Chartered retained Grindlays' private banking operations in London and Luxembourg, as well as the subsidiary in Jersey, all of which were integrated into its own private bank. This now serves high-net-worth customers in Hong Kong and Johannesburg under the name Standard Chartered Grindlays Offshore Financial Services. Leading to the incorporation of Standard Chartered on 1 July 2004, the Legislative Council of Hong Kong amended Legal Tender Notes Issue Ordinance; the amendment replaced Standard Chartered Bank with its newly incorporated subsidiary - Standard Chartered Bank Ltd - as one of the note-issuing banks in Hong Kong. The same year, Standard Chartered Bank and Astra International took over PermataBank and in 2006, both shareholders increased their joint ownership to 89.01%. With 276 branches and 549 ATMs in 55 cities throughout Indonesia, PermataBank has the second largest branch network in Standard Chartered organization. On 15 April 2005, the
Private equity secondary market
In finance, the private equity secondary market refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private equity funds as well as hedge funds can be more complex and labor-intensive. Sellers of private equity investments sell not only the investments in the fund but their remaining unfunded commitments to the funds. By its nature, the private equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors, including "pension funds and wealthy families selling off their private equity funds before the pools have sold off all their assets." For the vast majority of private equity investments, there is no listed public market. Buyers seek to acquire private equity interests in the secondary market for multiple reasons. For example, the duration of the investment may be much shorter than an investment in the private equity fund initially.
The buyer may be able to acquire these interests at an attractive price. The buyer can evaluate the fund's holdings before deciding to purchase an interest in the fund. Conversely, sellers may seek to sell interest for various reasons, including the need to raise capital, the desire to avoid future capital calls, the need to reduce an over-allocation to the asset class or for regulatory reasons. Driven by strong demand for private equity exposure over the past decade, a vast amount of capital has been committed to secondary market funds from investors looking to increase and diversify their private equity exposure; the private equity secondary market features dozens of dedicated firms and institutional investors that engage in the purchase and sale of private equity interests. Recent estimates by advisory firm Evercore gauged the overall secondary market's size for 2013 to be around $26 billion, with $45 billion of dry powder available at the end of 2013 and a further $30 billion expected to be raised in 2014.
Such large volumes have been fueled by an increasing number of players over the years, which led to what today has become a competitive and fragmented market. Leading secondary investment firms with current dedicated secondary capital in excess of circa $3 billion include: AlpInvest Partners, Capital Dynamics, Coller Capital, HarbourVest Partners, Lexington Partners, Pantheon Ventures, Partners Group and Neuberger Berman. Additionally, major investment banking firms including Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley have active secondary investment programs. Other institutional investors have appetites for secondary interests. More and more primary investors, whether private equity funds-of-funds or other institutional investors allocate some of their primary program to secondaries; as the private equity secondary market matures, non-traditional secondary strategies are emerging. One such strategy is preferred capital, where both Limited Partners and General Partners can raise additional capital at net asset value whilst preserving ownership of their portfolio and its future upside.
Secondary transactions can be split into two basic categories: A common secondary transaction, this category includes the sale of an investor's interest in a private equity fund or portfolio of interests in various funds through the transfer of the investor's limited partnership or LLC Member ownership interest in the fund. Nearly all types of private equity funds can be sold in the secondary market; the transfer of the fund interest will allow the investor to receive some liquidity for the funded investments as well as a release from any remaining unfunded obligations to the fund. In addition to traditional cash sales, sales of fund interests are consummated through a number of structured transactions: — Includes a wide variety of negotiated transactions between the buyer and seller, customized to the specific needs of the buyer and seller; the buyer and seller agree on an economic arrangement, more complex than a simple transfer of 100% ownership of the fund interest. — An investor contributes its fund interests into a new vehicle which in turn issues notes and generates partial liquidity for the seller.
The investor will sell a portion of the equity in the leveraged vehicle. Referred to as a collateralized fund obligation vehicle. — Occurs when a private equity firm is raising a new fund. A secondary buyer purchases an interest in an existing fund from a current investor and makes a new commitment to the new fund being raised by the GP; these transactions are initiated by private equity firms during the fundraising process. They had become less and less frequent during 2008 and 2009 as the appetite for primary investments shrunk. Since 2009, a limited number of spinout transactions have been completed involving captive teams within financial institutions. – This category is the sale of portfolios of direct investments in operating companies, rather than limited partnership interests in investment funds. These portfolios have originated from either corporate development programs or large financial institutions; this category can be subdivided as follows: — The sale of a captive portfolio of direct investments to a secondary buyer that
Stockholm is the capital of Sweden and the most populous urban area in the Nordic countries. The city stretches across fourteen islands. Just outside the city and along the coast is the island chain of the Stockholm archipelago; the area has been settled since the Stone Age, in the 6th millennium BC, was founded as a city in 1252 by Swedish statesman Birger Jarl. It is the capital of Stockholm County. Stockholm is the cultural, media and economic centre of Sweden; the Stockholm region alone accounts for over a third of the country's GDP, is among the top 10 regions in Europe by GDP per capita. It is an important global city, the main centre for corporate headquarters in the Nordic region; the city is home to some of Europe's top ranking universities, such as the Stockholm School of Economics, Karolinska Institute and Royal Institute of Technology. It hosts the annual Nobel Prize ceremonies and banquet at the Stockholm Concert Hall and Stockholm City Hall. One of the city's most prized museums, the Vasa Museum, is the most visited non-art museum in Scandinavia.
The Stockholm metro, opened in 1950, is well known for the decor of its stations. Sweden's national football arena is located north of the city centre, in Solna. Ericsson Globe, the national indoor arena, is in the southern part of the city; the city was the host of the 1912 Summer Olympics, hosted the equestrian portion of the 1956 Summer Olympics otherwise held in Melbourne, Australia. Stockholm is the seat of the Swedish government and most of its agencies, including the highest courts in the judiciary, the official residencies of the Swedish monarch and the Prime Minister; the government has its seat in the Rosenbad building, the Riksdag is seated in the Parliament House, the Prime Minister's residence is adjacent at Sager House. Stockholm Palace is the official residence and principal workplace of the Swedish monarch, while Drottningholm Palace, a World Heritage Site on the outskirts of Stockholm, serves as the Royal Family's private residence. After the Ice Age, around 8,000 BC, there were many people living in what is today the Stockholm area, but as temperatures dropped, inhabitants moved south.
Thousands of years as the ground thawed, the climate became tolerable and the lands became fertile, people began to migrate back to the North. At the intersection of the Baltic Sea and lake Mälaren is an archipelago site where the Old Town of Stockholm was first built from about 1000 CE by Vikings, they had a positive trade impact on the area because of the trade routes they created. Stockholm's location appears in Norse sagas as Agnafit, in Heimskringla in connection with the legendary king Agne; the earliest written mention of the name Stockholm dates from 1252, by which time the mines in Bergslagen made it an important site in the iron trade. The first part of the name means log in Swedish, although it may be connected to an old German word meaning fortification; the second part of the name means islet, is thought to refer to the islet Helgeandsholmen in central Stockholm. According to Eric Chronicles the city is said to have been founded by Birger Jarl to protect Sweden from sea invasions made by Karelians after the pillage of Sigtuna on Lake Mälaren in the summer of 1187.
Stockholm's core, the present Old Town was built on the central island next to Helgeandsholmen from the mid-13th century onward. The city rose to prominence as a result of the Baltic trade of the Hanseatic League. Stockholm developed strong economic and cultural linkages with Lübeck, Gdańsk, Visby and Riga during this time. Between 1296 and 1478 Stockholm's City Council was made up of 24 members, half of whom were selected from the town's German-speaking burghers; the strategic and economic importance of the city made Stockholm an important factor in relations between the Danish Kings of the Kalmar Union and the national independence movement in the 15th century. The Danish King Christian II was able to enter the city in 1520. On 8 November 1520 a massacre of opposition figures called the Stockholm Bloodbath took place and set off further uprisings that led to the breakup of the Kalmar Union. With the accession of Gustav Vasa in 1523 and the establishment of a royal power, the population of Stockholm began to grow, reaching 10,000 by 1600.
The 17th century saw Sweden grow into a major European power, reflected in the development of the city of Stockholm. From 1610 to 1680 the population multiplied sixfold. In 1634, Stockholm became the official capital of the Swedish empire. Trading rules were created that gave Stockholm an essential monopoly over trade between foreign merchants and other Swedish and Scandinavian territories. In 1697, Tre Kronor was replaced by Stockholm Palace. In 1710, a plague killed about 20,000 of the population. After the end of the Great Northern War the city stagnated. Population growth halted and economic growth slowed; the city was in shock after having lost its place as the capital of a Great power. However, Stockholm maintained its role as the political centre of Sweden and continued to develop culturally under Gustav III. By the second half of the 19th century, Stockholm had regained its leading economic role. New industries emerged and Stockholm was transformed into an important trade and service centre as well as a key gateway point within Sweden.
The population grew during this time through immigration. At the end