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Foreign exchange market

The foreign exchange market is a global decentralized or over-the-counter market for the trading of currencies. This market determines foreign exchange rates for every currency, it includes all aspects of buying and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market; the main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: US$1 is worth X CAD, or CHF, or JPY, etc; the foreign exchange market operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involved in large quantities of foreign exchange trading.

Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the "interbank market". Trades between foreign exchange dealers can be large, involving hundreds of millions of dollars; because of the sovereignty issue when involving two currencies, Forex has little supervisory entity regulating its actions. The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits a business in the United States to import goods from European Union member states Eurozone members, pay Euros though its income is in United States dollars, it supports direct speculation and evaluation relative to the value of currencies and the carry trade speculation, based on the differential interest rate between two currencies. In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency; the modern foreign exchange market began forming during the 1970s.

This followed three decades of government restrictions on foreign exchange transactions under the Bretton Woods system of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after World War II. Countries switched to floating exchange rates from the previous exchange rate regime, which remained fixed per the Bretton Woods system; the foreign exchange market is unique because of the following characteristics: its huge trading volume, representing the largest asset class in the world leading to high liquidity. As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks. According to the Bank for International Settlements, the preliminary global results from the 2019 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged $6.6 trillion per day in April 2019.

This is up from $5.1 trillion in April 2016. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2019, at $3.2 trillion per day, followed by spot trading at $2 trillion. The $6.6 trillion break-down is as follows: $2 trillion in spot transactions $1 trillion in outright forwards $3.2 trillion in foreign exchange swaps $108 billion currency swaps $294 billion in options and other products Currency trading and exchange first occurred in ancient times. Money-changers were living in the Holy Land in the times of the Talmudic writings; these people used city stalls, at feast times the Temple's Court of the Gentiles instead. Money-changers were the silversmiths and/or goldsmiths of more recent ancient times. During the 4th century AD, the Byzantine government kept a monopoly on the exchange of currency. Papyri PCZ I 59021, shows the occurrences of exchange of coinage in Ancient Egypt. Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food and raw materials.

If a Greek coin held more gold than an Egyptian coin due to its size or content a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold. During the 15th century, the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants. To facilitate trade, the bank created the nostro account book which contained two columned entries showing amounts of foreign and local currencies. During the 17th century, Amsterdam maintained an active Forex market. In 1704, foreign exchange took place between agents acting in the interests of the Kingdom of England and the County of Holland. Alex. B

Egyptian Exchange

The Egyptian Exchange, Egypt's stock exchange, comprises two exchanges and Alexandria, both governed by the same board of directors and sharing the same trading and settlement systems. Presently, the chairman of the Egyptian Exchange is Mohamed Farid. Transactions taking place in the stock exchange is not subject to capital gain tax. Dividends distributed by companies listed on the exchange to shareholders are not subject to tax. However, in 2013, a 10% capital gain tax applicable on mergers and acquisitions was imposed on the exchange. In 2013, Finance Ministry announced that the government intended to cancel a 10 percent capital gains tax imposed on mergers and acquisitions as well as a planned tax on cash dividends; the Egyptian stock exchange plummeted 6.25% following the beginning of the Egyptian revolution of 2011 on 25 January. It closed at the end of trading on 27 January after the benchmark EGX 30 Index plunged 16 percent that week amid the uprising; the exchange reopened on Wednesday 23 March after being closed for 8 weeks.

The market fell by a further 8.9% on reopening. The Egyptian Exchange is a member of the Federation of Euro-Asian Stock Exchanges. CASE 30 List of African stock exchanges List of stock exchanges List of stock market indices Official website

1919 Australian federal election

The 1919 Australian federal election was held on 13 December 1919 to elect members to the Parliament of Australia. All 75 seats in the House of Representatives and 19 of the 36 seats in the Senate were up for election; the incumbent Nationalist Party government won re-election, with Prime Minister Billy Hughes continuing in office. The 1919 election was the first held since the passage of the Commonwealth Electoral Act 1918, which introduced preferential voting for both houses of parliament – instant-runoff voting for the House of Representatives and preferential block voting for the Senate, it was held several months earlier than constitutionally required, so that the government could capitalise on the popularity of Hughes after his return from the Paris Peace Conference. The Nationalists appealed to return soldiers; the Australian Labor Party, in opposition since the 1916 party split, contested a second election under the leadership of Frank Tudor. However, T. J. Ryan was the party's national campaign director and played a key role in the campaign.

The Nationalists won 37 out of the 75 seats in the House of Representatives, including the seat of Ballaarat by a single vote. Labor won a net gain of four; the Nationalists swept the Senate for a second consecutive election, leaving the ALP with just a single senator, Albert Gardiner. The election was notable for the emergence of the Country Party as a national political force. A referendum was held simultaneous to the election, at which the government unsuccessfully sought approval to amend the constitution for increased government powers over commerce. Tudor became the first Labor leader not to serve as Prime Minister; the Nationalist Party, formed after the 1916 Labor Party split, won a large majority at the 1917 federal election. In April 1918, Prime Minister Billy Hughes left Australia to attend the Imperial War Cabinet, he was overseas for sixteen months, which saw the signing of the Armistice of 11 November 1918 and the Paris Peace Conference. He was at the height of his popularity during this time, was feted when he returned to Australia in August 1919.

According to Robert Garran, both Solicitor-General of Australia and Hughes' personal secretary at the conference, there were three main problems that confronted him upon his return – profiteering, high prices, industrial unrest. At the ALP Federal Conference in early October 1919, a resolution was passed calling on T. J. Ryan, premier of Queensland, to enter federal politics, he agreed to do so, was appointed to the new position of "national campaign director". Con Wallace, MP for West Sydney, agreed to give up the ALP nomination to allow Ryan to win a safe seat. Opposition Leader Frank Tudor remained the party's formal leader, but Ryan had a higher public profile and led the ALP's campaign. According to King O'Malley, who met with him in Hobart a few weeks before the election, Ryan believed that he would become prime minister if Labor won the election; the 1919 federal election was the first to use preferential voting. The Commonwealth Electoral Act 1918 replaced the previous first-past-the-post system used in the House of Representatives, re-introduced postal voting.

It was amended the following year to allow preferential voting for the Senate. The new act repealed the existing Commonwealth Franchise Act 1902, but did not alter the terms of the Commonwealth Electoral Act 1917, under which naturalised British subjects born in enemy countries were disqualified from voting; this provision affected German-Australians. There was a long history of support for preferential voting in Australia, but the immediate trigger for the new legislation was the decision of farmers' organisations to run candidates of their own in opposition to the Nationalist Party; the Swan by-election in October 1918 saw an ALP candidate elected with just over one-third of the vote, after the Nationalist candidate split the vote with a candidate from the Country Party of Western Australia. The Corangamite by-election in December was the first held under the new system, resulted in the Victorian Farmers' Union candidate winning from Nationalist preferences. Constitutionally, a new election was not due until early 1920, but the Nationalists wished to hold an early election to capitalise on Hughes' popularity.

On 30 September, the party caucus approved an election for 13 December. The writs were formally issued on 3 November, with the close of nominations on 14 November. However, the campaign had begun in earnest after the last sitting day of federal parliament on 24 October. Hughes and the Nationalists sought re-election on the basis of their record in government; the prime minister's 90-minute policy speech, delivered in Bendigo on 30 November, was "stronger on generalities than on concrete proposals". Hughes promised to appoint royal commissions on profiteering, the living wage, taxation, to call a constitutional convention for 1920, he planned to overhaul industrial relations by setting up a system of industrial councils with a Commonwealth Industrial Court at their apex. The Nationalists promised government support of industry, primary producers, immigration; the ALP was ill-prepared for the election – six weeks before the polling date, it had no party manifesto, had preselected few candidates, the state branches in Victoria and New South Wales were "virtually bankrupt".

The party released its manifesto on 4 November, signed by Tudor and Jack Holloway. It "showed much of Ryan's hand in its language and political style", ended with a quote from Abraham Lincoln. Tudor's policy speech was delivered in Melbourne the following day; the party promised an expansion of the welfare system, including the introduction of widows' pension

Cancer Drugs Fund

The Cancer Drugs Fund was introduced in England in 2011. It was established in order to provide a means by which National Health Service patients in England could get cancer drugs rejected by National Institute for Health and Care Excellence because they were not cost effective, its establishment was confirmed by the UK government's coalition agreement in 2010, by the White Paper and excellence – Liberating the NHS. Since April 2011, the fund paid for nearly 100,000 people with cancer to access treatments, it was closed to new drugs from October 2015 to 29 July 2016 in line with the recommendation of the independent Cancer Taskforce report, which called for urgent reform to put the CDF on a more sustainable footing. Following the reforms in 2016 the objectives were updated; the new arrangements put it on a more sustainable footing with 3 key objectives: patients have faster access to the most promising new cancer treatments.taxpayers get better value for money in drug expenditure. Thirdly, pharmaceutical companies that are willing to price their products responsibly can access a new, fast-track route to NHS funding for the best and most promising drugs.

The previous objectives of the CDF, as set out by the UK government in 2011, were that it should: provide maximum support to NHS patientsput clinicians and cancer specialists at the heart of decision-making, consistent with the Government’s wider policy of empowering health professionals and enabling them to use their professional judgement about what is right for patientsact as an effective bridge to the Government’s aim of introducing a value-based pricing system for branded drugs in 2014. The patient's consultant must apply to the fund using an application form supplied by NHS England. Decision Summaries which are the formal decisions of the Chemotherapy Clinical Reference Group are published. Avastin is the most requested treatment. Kadcyla is the most expensive drug funded. Both are manufactured by Hoffmann-La Roche, described as the largest beneficiary of the fund. From July 2016 it became a “managed access” fund, paying for new drugs for a set period before they are definitively approved or rejected by the National Institute for Health and Care Excellence.

It did not accept any new drugs between April and July 2016. From 2016 each drug has a timescale for effectiveness to be assessed. If it is considered to be cost effective it will be available to any patient. If not it will not be available at all in the English NHS; the current list of treatments funded by the CDF is available from the NHS England website: The funding system ran from April 2011 to March 2014, was preceded by an Interim Cancer Drugs Fund from October 2010 to March 2011. Based on the size of their covered population, each Strategic Health Authority in England was allocated fixed funds from a total £200 million per annum, made available; the fund overspent by £30m in the year ending 2014. In August 2014 it was announced that the CDF would receive £80 million in additional funding for the following 2 years, but in November 2014 it was announced that 42 drugs provided would be reassessed due to inadequate cost-effectiveness.

In Wales, the National Assembly debated the use of Cancer Treatment Fund and the Welsh Labour government was clear that it would not be replacing its existing evidence-based system with a cancer drugs fund. It relies on the All Wales Medicines Strategy Group which has appraised and recommended 19 new cancer medicines for use in NHS Wales covering 23 clinical indications; these are now available to eligible patients in Wales but only 9 are available in England via the Cancer Drugs Fund. In May 2015 it was reported that only 59 of the 84 treatments funded would be supported in future, that three new drugs would be included in the scheme. After a manufacturer's appeal Regorafenib was restored to the list. Research indicates that society does not support the prioritisation of cancer drugs over other treatments; the Financial Times attacked the fund in December 2014 as "a populist gesture that gives the impression of benefiting patients, but in fact rewards poor quality drugs while benefiting a handful of pharmaceutical companies at the expense of the taxpayer and the full range of NHS patients", complaining that it undermined the National Institute for Health and Care Excellence.

James Le Fanu writing in the Daily Telegraph said "This mechanism for diverting taxpayers’ money to enhance, to little or no purpose, the profits of Big Pharma might be more aptly named “the Drug Company Fund”." In February 2015 York University researchers reported that the fund represented poor value, diverting money from other patient services and that for every healthy year gained by this fund, five QALYs could be lost across the NHS. In December 2014 Andy Burnham announced that a Labour government would replace the fund with a Cancer Treatment Fund which would pay not only for innovative cancer drugs, but for surgery and radiotherapy, it could mean increased access to advanced forms of radiotherapy such as intensity modulated radiotherapy and stereotactic ablative radiotherapy. In July 2015 the independent cancer taskforce established by NHS England proposed reform of the fund, which the taskforce said was “no longer sustainable or desirable… in its current form”. Professor Karl Claxton, a health economist at the University of York, says that the fund should be scrapped because the money would be better used on 21,000 patients with heart and gastro-intestinal diseases who are denied cost effective evidence based treatment, arguing that the principal beneficiary of the fund is'big pharma'.

In September 2015 the National Audit Office reported that no data had be

NA-52 (Islamabad-I)

NA-52 is a constituency for the National Assembly of Pakistan. This constituency consists of rural areas of Islamabad Capital Territory including the residential compartments alongside Islamabad Expressway running up to Rawat and ending at the borders of Rawalpindi. Bani Gala is split into this constituency and NA-53; these areas were part of now-abolished constituency of NA-49 before the delimitation of 2018. On a more granular basis, following areas are included in this constituency: Sihala Rawat Alipur and Farash Jandala Muhrian Kuri Pind Begwal Maira Begwal CH Tumair Tarlai Kalan Tarlai Khurd General elections were held on 10 Oct 2002. Khawaja Kaleem Ahmed of won by 47,884 votes; the result of general election 2008 in this constituency is given below. Dr. Tariq Fazal Chaudhary became the member of National Assembly. General elections were held on 11 May 2013. Tariq Fazal Chudhary of PML-N defended his berth in the National Assembly and was hence re-elected. General elections were held on 25 July 2018.

NA-51 NA-53 Election result's official website


Negermusik was a pejorative term used by the Nazis during the Third Reich to signify musical styles and performances by African-Americans that were of the jazz and swing music genres. They viewed these musical styles as inferior works belonging to an "inferior race" and therefore prohibited; the term, at that same time, was applied to indigenous music styles of black Africans. At the time of the Weimar Republic during 1927, Ernst Krenek's opera of Jonny spielt auf contained jazz musical performances that caused protests among some right-wing ethnic-nationalist groups in Germany at the time. In 1930, the American musician Henry Cowell wrote in the Melos journal that jazz interpreted a mixture of African-American and Jewish elements, stating that: The fundamentals of jazz are the syncopation and rhythmic accents of the Negro, their modernization is the work of New York Jews... So jazz is Negro music seen through the eyes of the Jews; such views were picked up by the Nazis. Their criticisms have included "gratuitous use of syncopation" and "orgies of drums".

More statements from the Nazis included such things as "artistic licentiousness" and "corruption seed in the musical expression" with "indecent dance forms". They went on to scrutinize all modern music of the 1930s as a "political weapon of the Jews". On 4 May 1930, Wilhelm Frick, the Reich's newly appointed Minister of the Interior and Education for Thuringia made a decree called "Against the Negro Culture — For Our German Heritage". In 1932 the national government under Franz von Papen pandered to the Nazis by banning all public performances by black musicians. After Adolf Hitler gained power in 1933, the Reich's Music Chamber was created in that same year; this was followed by a full legal ban on this music on October 12, 1935 across all German national radio. This ban was spearheaded by the German Reich's radio conductor, Eugen Hadamovsky, who purportedly stated: Mit dem heutigen Tag spreche ich ein endgültiges Verbot des Negerjazz für den gesamten Deutschen Rundfunk aus.. In 1938, the Nazis organized the'Entartete Musik' public exhibition in Germany held in Düsseldorf.

This exhibition included a poster displaying a cartoon caricature of an African-American male playing on a saxophone with the Star of David on his tuxedo lapel. The overall theme of the exhibition was defamation of contemporary American music as "Negro music" and as another Jewish'plot' upon German culture; the "Swing Kids" were a group of jazz and swing lovers in Germany in the 1930s in Hamburg and Berlin. They were composed of 14- to 18-year-old boys and girls, they defied National Socialism by listening and dancing to this same banned music in private quarters, rented halls and vacant cafés. Jazz music was offensive to Nazi ideology, because it was performed by blacks and a number of Jewish musicians; the Swing Kids gave the impression of being apolitical, similar to their zoot suiter counterparts in North America. On 18 August 1941, in a brutal police operation, over 300 Swing kids were arrested; the measures against them ranged from cutting their hair and sending them back to school under close monitoring, to the deportation of their leaders to Nazi concentration camps.

The 1993 movie Swing Kids gives a fictional portrayal of these same youths in that period in Germany. Prior to the D-Day landings, during the German occupation of the Netherlands, Joseph Goebbels's propaganda ministry published pamphlets written in Dutch named "Greetings from England – The Coming Invasion"; these pamphlets contained in-between statements, such as "old jazz-records" and a further full statement declaring "at the celebration of liberation your daughters and wives will be dancing in the arms of real Negroes". This further equated jazz music with'blackness' during this time to stir up racism and anti-Allied propaganda within occupied Europe. However, Goebbels managed to create a Nazi-sponsored German swing band named Charlie and his Orchestra whose propagandistic purpose was to win over Nazi support and sympathy from British and American listeners through Shortwave radio. Additionally counter-propaganda was used by Allied forces which played upon the fears of the Nazi's banned music.

One such example is Glenn Miller, a White American jazz musician, that provided jazz music, through radio, to Allied combat soldiers for the purposes of entertainment and morale. His same music was used as counter-propaganda by AFN radio broadcasting to denounce fascist oppression in Europe with Miller once stating himself: America means freedom, there's no expression of freedom quite so sincere as music. –Glenn Miller Even in the Post–World War II years in 1950s Germany, there were some protests from churches, school authorities and politicians against the "obscene Negro music" of the newly emerging rock'n' roll genre with such acts like Elvis and Chuck Berry gaining new popularity amongst youth. This attitude continued right up into the 1960s carrying the same derogatory term that not only maintained its resentment by older generations and conservatives but was an aggressive defense against a new contemporary American culture. Dance halls in East-Germany displayed "Affentanzen verboten" notices.

Degenerate music Jazz in Germany Valaida Snow Afro-Germans Hans Massaquoi Degenerate art Low culture Hans Hauck Persecution of black people in Nazi Germany Rhineland Bastard Nazism and race Racial policy of Nazi Germany Swingjugend Michael Hans Kater: Different Drummers: Jazz in the Culture of Nazi Germany. Oxford University Press, ISBN 978-0-19-516553-1 Mike Zwerin: Swing Under the Nazis: Jazz as a