1.
Paisley, Renfrewshire
–
Paisley is the largest town in the historic county of Renfrewshire in the west central Lowlands of Scotland and serves as the administrative centre for the Renfrewshire council area. The town is situated on the edge of the Gleniffer Braes, straddling the banks of the White Cart Water. The town, a burgh, forms part of the contiguous Greater Glasgow urban area. It is regularly cited as Scotlands largest town as it has yet to attain city status. By the 19th century, Paisley had established itself as a centre of the industry, giving its name to the Paisley shawl. The towns associations with political Radicalism were highlighted by its involvement in the Radical War of 1820, as of 1993, all of Paisleys mills had closed, although they are memorialised in the towns museums and civic history. Paisley is bidding for UK City of Culture in 2021 as part of plans to use culture, however, some Scottish place-name books suggest Pæssas wood/clearing, from the Old English personal name Pæssa, clearing, and leāh, wood. Pasilege and Paslie are recorded previous spellings of the name, a chapel is said to have been established by the 6th/7th century Irish monk, Saint Mirin at a site near a waterfall on the White Cart Water known as the Hammils. Though Paisley lacks contemporary documentation it may have been, along with Glasgow and Govan, a priory was established in 1163 from the Cluniac priory at Wenlock in Shropshire, England at the behest of Walter fitz Alan High Steward of Scotland. In 1245 this was raised to the status of an Abbey, the restored Abbey and adjacent Place, constructed out of part of the medieval claustral buildings, survive as a Church of Scotland parish church. One of Scotlands major religious houses, Paisley Abbey was much favoured by the Bruce and it is generally accepted that William Wallace was educated here. King Robert III was buried in the Abbey and his tomb has not survived, but that of Princess Marjorie Bruce, ancestor of the Stewarts, is one of Scotlands few royal monuments to survive the Reformation. Paisley coalesced under James IIs wish that the lands should become a single regality and, as a result, markets, trading, in 1488 the towns status was raised by James IV to Burgh of barony. Many trades sprang up and the first school was established in 1577 by the Town Council, the Paisley witches, also known as the Bargarran witches or the Renfrewshire witches, were tried in Paisley in 1697. Seven were convicted and five were hanged and then burnt on the Gallow Green and their remains were buried at Maxwelton Cross in the west end of the town. This was the last mass execution for witchcraft in western Europe, a horse shoe was placed on top of the site to lock in the evil. A horse shoe is still visible in the middle of busy road junction today—though not the original. The modern shoe is made of bronze and bears the inscription, Pain Inflicted, Suffering Endured, the Industrial Revolution based on the textile industry turned Paisley from a small market town to an important industrial town in the late 18th century
2.
Chartered accountant
–
Chartered Accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants, the Glasgow Institute of Accountants and Actuaries, the title is an internationally recognised professional designation, and is generally equivalent to the American certified public accountant designation. Chartered accountants work in all fields of business and finance, including audit, taxation, some are engaged in public practice work, others work in the private sector and some are employed by government bodies. Chartered accountants institutes require members to undertake a minimum level of continuing professional development to stay professionally competitive and they facilitate special interest groups which lead in their fields. They provide support to members by offering services, technical helplines. They also offer opportunities for networking, career and business development. Chartered accountants in Australia belong to the Chartered Accountants Australia & New Zealand formerly Institute of Chartered Accountants in Australia, some senior members of the institute may be elected fellows and use the letters FCA. Of equal legal status and recognition in Australia as qualified professional accountants are Institute of Public Accountants, established in 1973, it is the sole organization with the right to award the chartered accountant designation in Bangladesh. Senior members of the institute are called fellow members and use the letters FCA, in Canada, chartered accountants belong to the Canadian Institute of Chartered Accountants by way of membership in at least one provincial or territorial institute. In order to become a member, a candidate requires an undergraduate degree plus experience and, depending on the province, candidates in all provinces are required to pass the three-day Uniform Evaluation. Since 2012, the CICA has been in a process of unification with the two accounting bodies in Canada. In the Czech Republic, chartered accountants are generally members of Institute of Chartered Accountants of the Czech Republic, Chartered accountants may also be members of the Chamber of the Chartered Accountants. Under the Mutual Recognition Directive, EEA and Swiss nationals holding a qualification can become members of the equivalent bodies in another member state. They must, however, pass an aptitude test in understanding local conditions, the local title is, however, not available for use if the professional does not choose to join the local professional body. Within the EEA, only the UK and Ireland have bodies that issue the chartered accountant title, in India, chartered accountants are regulated by the Institute of Chartered Accountants of India which was established by the Chartered Accountants Act,1949. Prior to 1949, restricted state auditors were registered with the princely states. Associate members of the ICAI are entitled to add the prefix CA to their names, Members who are in full-time practice, and have completed five years of practice, can add FCA as a prefix to their names. As of April 2014, the ICAI had nearly 230,000 registered members, entry to the profession can be made by taking the CPT after completion of schooling
3.
Businessperson
–
An entrepreneur is an example of a businessperson. The term may mean someone who is involved in an upper-level management role in a corporation, company, enterprise, firm, organization. This can especially apply to the founder, an owner, a manager, since a businessman can mean anyone in industry or commerce, businessmen have existed as long as industry and commerce have existed. Commerce can simply mean trade, and trade has existed through all of recorded history, the first businessmen were traders, or merchants. Merchants emerged as a class in medieval Italy, between 1300 and 1500, modern accounting, the bill of exchange, and limited liability were invented, and thus the world saw the first true bankers, who are certainly businessmen. Around the same time, Europe saw the emergence of rich merchants and this rise of the merchant class came as Europe needed a middleman for the first time, and these burghers or bourgeois were the people who played this role. Europe became the dominant global power in the 16th century. In this period, Europe developed and used paper money, checks, developments in actuarial science led to insurance. Together, these new tools were used by a new kind of businessman and these people owned or financed businesses as bankers, but they were not merchants of goods. These capitalists were a force in the Industrial Revolution. The newest kind of businessperson is the manager, one of the first true managers was Robert Owen, an industrialist in Scotland. He studied the problems of productivity and motivation, and was followed by Frederick Winslow Taylor, after World War I, management became popular due to the example of Herbert Hoover and the Harvard Business School, which offered degrees in business administration. There are no prescribed educational qualifications, rules or guidelines which one may follow, a person owning a small gas station in a local market is as much as a businessperson as a person who owns and leads a large Silicon Valley technology giant. There are many paths to becoming a businessperson, hence, no rigid formal educational qualification requirements can be stated for becoming a businessperson. However, there are attributes that successful businessmen must possess, Tact financial and business savvy, courage, leadership, vision, creativity, imagination. Among these components include branding, advertising, and public relations, well-balanced consistency in their business approach. Interest in giving back to society through philanthropy or venture capitalism for future socioeconomic development, hence, a businessperson should have the ability to take prompt decisions. Determination, courage and perseverance, They must have strong power and determination
4.
Royal Bank of Scotland
–
Royal Bank of Scotland, commonly abbreviated as RBS, is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank. The Royal Bank of Scotland has around 700 branches, mainly in Scotland though there are branches in many towns and cities throughout England. The Equivalent Society became the Equivalent Company in 1724, and the new company wished to move into banking, the British government received the request favourably as the Old Bank, the Bank of Scotland, was suspected of having Jacobite sympathies. Accordingly, the New Bank was chartered in 1727 as the Royal Bank of Scotland, with Archibald Campbell, Lord Ilay, on 31 May 1728, the Royal Bank of Scotland invented the overdraft, which was later considered an innovation in modern banking. It allowed William Hogg, a merchant in the High Street of Edinburgh, competition between the Old and New Banks was fierce and centred on the issue of banknotes. The policy of the Royal Bank was to drive the Bank of Scotland out of business. The Royal Bank built up large holdings of the Bank of Scotlands notes, to pay these notes, the Bank of Scotland was forced to call in its loans and, in March 1728, to suspend payments. Despite talk of a merger with the Bank of Scotland, the Royal Bank did not possess the wherewithal to complete the deal. By September 1728, the Bank of Scotland was able to start redeeming its notes again, with interest, the bank opened its first branch office outside Edinburgh in 1783 when it opened one in Glasgow, in part of a drapers shop in the High Street. Further branches were opened in Dundee, Rothesay, Dalkeith, Greenock, Port Glasgow, in 1821, the bank moved from its original head office in Edinburghs Old Town to Dundas House, on St. Andrew Square in the New Town. The building as seen along George Street forms the end of the central vista in New Town. It was designed for Sir Lawrence Dundas by Sir William Chambers as a Palladian mansion, an axial banking hall behind the building, designed by John Dick Peddie, was added in 1857, it features a domed roof, painted blue internally, with gold star-shaped coffers. The banking hall continues in use as a branch of the bank, the rest of the nineteenth century saw the bank pursue mergers with other Scottish banks, chiefly as a response to failing institutions. The assets and liabilities of the Western Bank were acquired following its collapse in 1857, by 1910, the Royal Bank of Scotland had 158 branches and around 900 staff. In 1969, the merged with the National Commercial Bank of Scotland to become the largest clearing bank in Scotland. The first London branch of the Royal Bank of Scotland opened in 1874, an agreement was reached, under which English banks would not open branches in Scotland and Scottish banks would not open branches in England outside London. This agreement remained in place until the 1960s, although various cross-border acquisitions were permitted, the latter two were merged in 1970 to form Williams and Glyns Bank, but not rebranded as the Royal Bank of Scotland until 1985. Also in 2011, Royal Bank of Scotland prevented Basic Account holders from using the ATMs of most rival banks, in June 2012, computer problems prevented customers accessing accounts
5.
Fellow of the Royal Society of Edinburgh
–
Fellowship of the Royal Society of Edinburgh is an award granted to individuals that the Royal Society of Edinburgh judges to be eminently distinguished in their subject. Around 50 new fellows are elected each year in March, as of 2016 there are around 1650 Fellows, including 71 Honorary Fellows and 76 Corresponding Fellows. Fellows are entitled to use the post-nominal letters FRSE, examples of fellows include Peter Higgs and Jocelyn Bell Burnell. Previous fellows have included Melvin Calvin and Benjamin Franklin, see the Category, Fellows of the Royal Society of Edinburgh for more examples
6.
Royal Bank of Scotland Group
–
The Royal Bank of Scotland Group plc is a British banking and insurance holding company, based in Edinburgh, Scotland. In the UK and Ireland, its subsidiary companies are The Royal Bank of Scotland, NatWest, Ulster Bank. The group issues banknotes in Scotland and Northern Ireland and, as of 2014 and it received significant support from the UK government, which, as of August 2015, holds and manages a 73% stake through UK Financial Investments. The Group had a capitalisation of approximately £20.4 billion as of 4 March 2014. In addition to its primary listing on the LSE, the company is also listed on the New York Stock Exchange. By 1969, economic conditions were becoming difficult for the banking sector. In response, the National Commercial Bank of Scotland merged with the Royal Bank of Scotland, the resulting company had 662 branches. The merger resulted in a new holding company, National and Commercial Banking Group Ltd, the English and Welsh branches were reorganised, until 1985, as Williams & Glyns Bank, while the Scottish branches all transferred to the Royal Bank name. The holding company was renamed The Royal Bank of Scotland Group in 1979, during the late 1970s and early 1980s the Royal Bank was the subject of three separate takeover approaches. In 1979, Lloyds Bank, which had built up a 16. 4% stake in the Royal Bank. The offer was rejected by the board of directors on the basis that it was detrimental to the banks operations, however, when the Standard Chartered Bank proposed a merger with the Royal Bank in 1980, the board responded favourably. Standard Chartered Bank was headquartered in London, although most of its operations were in the Far East, however, the bid was scuppered by the Hongkong and Shanghai Banking Corporation which tabled a rival offer. The bid by HSBC was not backed by the Bank of England and was rejected by the Royal Banks board. However the British government referred both bids to the Monopolies and Mergers Commission, both were rejected as being against the public interest. The Bank did obtain an international partnership with Banco Santander Central Hispano of Spain, however this arrangement ended in 2005, when Banco Santander Central Hispano acquired UK bank Abbey National – and both banks sold their respective shareholdings. The first international office of the bank was opened in New York in 1960, subsequent international banks were opened in Chicago, Los Angeles, Houston and Hong Kong. In 1988 the bank acquired Citizens Financial Group, a bank based in Rhode Island, since then, Citizens has acquired several other American banks and in 2004 acquired Charter One Bank to become the 8th largest bank in the United States. In the Asia-Pacific region, the bank has offices in, Australia, China, Hong Kong, India, Japan, on 27 February 2014 after reporting a 2013 loss of £9bn the bank announced it would scale back its international presence
7.
RMJM
–
RMJM is one of Britain’s largest international architecture and design firms. Founded in 1956 by architects Robert Matthew and Stirrat Johnson-Marshall, RMJM’s first offices were based in London, in its earlier years, RMJM designed in a functional modern style, with Matthew and Johnson-Marshall as strong proponents of the style in the United Kingdom. Today, RMJM provides architecture, master planning, design, in 2016, RMJM announced the creation of two PRO studios with the capacity to provide sector specific services, namely Sport and Healthcare. RMJM was founded by Stirrat Johnson-Marshall and Robert Matthew in 1956, in 1961 the firm took Tom Spaven, Kenneth Graham, Vernon Lee, John Richards, Chris Carter and Alan Whiteman into partnership. As a result, the changed its name to RMJM & Partners. The change in name also marked a shift towards larger international projects, RMJM began to take on more projects as the need for public sector construction grew, expanding to include a Glasgow studio before extending its reach beyond the British borders. Over the next twenty years RMJM continued to expand, and the firm’s modernist, as RMJM moved further into the emerging markets of the Middle East, East Asia and Africa, it began to establish more offices within the respective countries. Today RMJM Limited now has studios in twenty-five countries, in 1960 RMJM were selected by the Pakistani Government to assist in the regeneration of the nation’s capital, Islamabad. The team tasked with the project were invited to collaborate again in 2011 by the Pakistani Defence Housing Authority. This time, the project involved the design and construction of a new city just outside Karachi. The project included detailed plans for the process of implementing and maintaining the area, along with architectural commissions for housing. The project was hindered by a lack of cartographically correct maps and a barrier, but following the formation of an interdisciplinary office in Jeddah. RMJM established their United Arab Emirates office in Dubai in early 1971, RMJM was the first registered international consultant to be employed by Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai. Today RMJM are still involved with projects currently underway in the UAE, including Saadiyat Island in Abu Dhabi. This was followed by a request to design the Asian Institute of Technology in Bangkok, since first moving into the Asian market over forty years ago, RMJM have been involved in over 150 projects across the East Asian continent. RMJM have been responsible for the design, development and or construction of over 50 buildings in China, today, RMJM have studios in Shenzhen, Shanghai and Hong Kong. In 2009, RMJM’s Istanbul Office, working with RMJM’s New-York based design team, announced the commencement of a Mixed Use Development Project in Atasehir, the first phase of the project was completed in late 2011 and was developed in partnership with Turkish real estate development company Varyap. It was Turkey’s first LEED-certified mixed use development, one studio in Zurich, Switzerland, and another in Belgrade, Serbia, joined RMJM in 2015
8.
Knight Bachelor
–
The appointment of Knight Bachelor is a part of the British honours system. It is the most basic and lowest rank of a man who has been knighted by the monarch, Knights Bachelor are the most ancient sort of British knight, but Knights Bachelor rank below knights of the various orders. There is no counterpart to Knight Bachelor. The lowest knightly honour that can be conferred upon a woman is Dame Commander of the Most Excellent Order of the British Empire – which, also, foreigners are not created Knights Bachelor, instead they are generally made honorary KBEs. It is generally awarded for service, amongst its recipients are all male judges of Her Majestys High Court of Justice in England. Sir Patrick Stewart, and Sir Tom Jones are Officers of the Most Excellent Order of the British Empire, like other knights, Knights Bachelor are styled Sir. Since they are not knights of any order of chivalry, there is no post-nominal associated with the award. This style is adopted by Knights Bachelor who are also peers, baronets or knights of the various statutory orders, such as Sir William Boulton, Bt, Kt, or The Lord Olivier. Until 1926 Knights Bachelor had no insignia which they could wear, the Knights Bachelor badge may be worn on all such occasions upon the left side of the coat or outer garment of those upon whom the degree of Knight Bachelor has been conferred. In 1974, Queen Elizabeth II issued a warrant authorising the wearing on appropriate occasions of a neck badge, slightly smaller in size. In 1988 a new certificate of authentication, a knights only personal documentation, was designed by the College of Arms. The Imperial Society of Knights Bachelor was founded for the maintenance and consolidation of the Dignity of Knights Bachelor in 1908, the Society keeps records of all Knights Bachelor, in their interest
9.
Electrician
–
An electrician is a tradesperson specializing in electrical wiring of buildings, stationary machines, and related equipment. Electricians may be employed in the installation of new electrical components or the maintenance, Electricians may also specialize in wiring ships, airplanes, and other mobile platforms, as well as data and cable. Electricians were originally people who demonstrated or studied the principles of electricity, wiremen are generally trained in one of five primary specialties, commercial, residential, light industrial, industrial, and low-voltage wiring, more commonly known as Voice-Data-Video, or VDV. Other sub-specialties such as wiring and fire-alarm may be performed by specialists trained in the devices being installed. Electricians are trained to one of three levels, Apprentice, Journeyman, and Master Electrician, in the US and Canada, apprentices work and receive a reduced compensation while learning their trade. Journeymen are electricians who have completed their Apprenticeship and who have been found by the local, State, or National licensing body to be competent in the electrical trade. Master Electricians have performed well in the trade for a period of time, often seven to ten years, service electricians are tasked to respond to requests for isolated repairs and upgrades. They have skills troubleshooting wiring problems, installing wiring in existing buildings, other specialty areas are marine electricians, research electricians and hospital electricians. Electrician is also used as the name of a role in stagecraft, where electricians are tasked primarily with hanging, focusing, in this context, the Master Electrician is the shows chief electrician. In the film industry and on a television crew the head electrician is referred to as a Gaffer, Electrical contractors are businesses that employ electricians to design, install, and maintain electrical systems. Many jurisdictions have regulatory restrictions concerning electrical work for safety due to the many hazards of working with electricity. Such requirements may be testing, registration or licensing, an electricians license entitles the holder to carry out all types of electrical installation work in Australia without supervision. However, to contract, or offer to contract, to carry out electrical installation work, under Australian law, electrical work that involves fixed wiring is strictly regulated and must almost always be performed by a licensed electrician or electrical contractor. Electrical licensing in Australia is regulated by the individual states, in Western Australia the Department of Commerce tracks licensees and allows the public to search for individually named/licensed Electricians. Currently in Victoria the apprenticeship last for four years, during three of years the apprentice attends trade school in either a block release of one week each month or one day each week. At the end of the apprenticeship the apprentice is required to pass three examinations, one of which is based with the other two practically based. Upon successful completion of exams, providing all other components of the apprenticeship are satisfactory. In most cases a certificate of electrical safety must be submitted to the relevant body after any electrical works are performed, Safety equipment used and worn by electricians in Australia needs to be tested regularly to ensure it is still protecting the worker
10.
Paisley Grammar School
–
Paisley Grammar School is a secondary school in Paisley, the largest town in Renfrewshire, Scotland. The school was founded in 1576 by royal charter of King James VI and is situated on Glasgow Road, the school is recognised as one of Scotlands oldest schools with an established history. The present school building was opened in 1898 by Lord Balfour of Burleigh, the law was changed so that local councils could no longer close schools which were more than 80% full without approval by the Secretary of State for Scotland. The Head Teacher is Janice Levens, who joined the school in January 2016 as Acting Head Teacher and was appointed to the post on 13 May 2016. Andrew Robertson – former President of the Montreal Board of Trade etc, the club has been running in some form since 1928 and was founded with a need to keep in touch after school years following world war I. Mrs Faye Carruthers is the current president who was elected to office in 2015, the Club are committed to organising social gatherings throughout the year including a yearly ball and a golf club with yearly tournament. The Old Grammarians Club also contributes to the schools annual prize-giving, giving the Old Grammarians Prize to one pupil in the sixth year, Paisley Grammar Schools page on Scottish Schools Online www. PaisleyGrammar. com
11.
University of Glasgow
–
The University of Glasgow is the fourth oldest university in the English-speaking world and one of Scotlands four ancient universities. Along with the University of Edinburgh, the University was part of the Scottish Enlightenment during the 18th century and it is currently a member of Universitas 21, the international network of research universities, and the Russell Group. Glasgow University served all of students by preparing them for professions, the law, medicine, civil service, teaching. It also trained smaller but growing numbers for careers in science, originally located in the citys High Street, since 1870 the main University campus has been located at Gilmorehill in the West End of the city. Additionally, a number of university buildings are located elsewhere, such as the Veterinary School in Bearsden, and it is the second-oldest university in Scotland after St Andrews and the fourth-oldest in the English-speaking world. The universities of St Andrews, Glasgow and Aberdeen were ecclesiastical foundations, as one of the Ancient Universities of the United Kingdom, Glasgow University is one of only eight institutions to award undergraduate masters degrees in certain disciplines. The University has been without its original Bull since the mid-sixteenth century, in 1560, during the political unrest accompanying the Scottish Reformation, the then chancellor, Archbishop James Beaton, a supporter of the Marian cause, fled to France. He took with him, for safe-keeping, many of the archives and valuables of the Cathedral and the University, including the Mace, although the Mace was sent back in 1590, the archives were not. If they had not been lost by time, they certainly went astray during the French Revolution when the Scots College was under threat. Its records and valuables were moved for safe-keeping out of the city of Paris, the Bull remains the authority by which the University awards degrees. Teaching at the University began in the chapterhouse of Glasgow Cathedral, subsequently moving to nearby Rottenrow, the University was given 13 acres of land belonging to the Black Friars on High Street by Mary, Queen of Scots, in 1563. The Lion and Unicorn Staircase was also transferred from the old site and is now attached to the Main Building. To continue this work in his will he founded Andersons College, in 1973, Delphine Parrott became its first woman professor, as Gardiner Professor of Immunology. In October 2014, the university court voted for the University to become the first academic institution in Europe to divest from the fuel industry. The University is currently spread over a number of different campuses, the main one is the Gilmorehill campus, in Hillhead. The University has also established joint departments with the Glasgow School of Art, the Universitys initial accommodation including Glasgow University Library was part of the complex of religious buildings in the precincts of Glasgow Cathedral. In the mid-seventeenth century, the Hamilton Building was replaced with a very grand two-court building with a decorated west front facing the High Street, called the Nova Erectio, over the following centuries, the Universitys size and scope continued to expand. In 1757 it built the Macfarlane Observatory and later Scotlands first public museum and it was a centre of the Scottish Enlightenment and subsequently of the Industrial Revolution, and its expansion in the High Street was constrained
12.
Deloitte
–
Deloitte is one of the Big Four accounting firms and the largest professional services network in the world by revenue and number of professionals. Deloitte provides audit, tax, consulting, enterprise risk and financial services with more than 244,400 professionals globally. In FY2016, the company earned a record $36.8 billion USD in revenues, as of 2016, Deloitte is the 6th-largest privately owned organization in the United States. In 2016, Fortune magazine ranked Deloitte as one of the 100 Best Companies to Work For, in 1845, William Welch Deloitte opened an office in Basinghall Street in London. Deloitte was the first person to be appointed an independent auditor of a public company and he went on to open an office in New York in 1880. In 1896, Charles Waldo Haskins and Elijah Watt Sells formed Haskins & Sells in New York and it was later described as the first major auditing firm to be established in the country by American rather than British accountants. At the time, there were fewer than 500 CPAs practicing in the United States, carter helped convince Congress that independent audits should be mandatory for public companies. In 1947, Detroit accountant George Bailey, then president of the American Institute of Certified Public Accountants, launched his own organization. The new entity enjoyed such a start that in less than a year. Headed by Bailey, the organization rapidly, in part by creating a dedicated management consulting function. It also forged links with organizations established by the co-founder of Touche Niven, George Touche, the Canadian organization Ross. In 1960, the firm was renamed Touche, Ross, Bailey & Smart, in 1968 Nobuzo Tohmatsu formed Tohmatsu Aoki & Co, a firm based in Japan that was to become part of the Touche Ross network in 1975. In 1972 Robert Trueblood, Chairman of Touche Ross, led the committee responsible for recommending the establishment of the Financial Accounting Standards Board and he led the expansion of Touche Ross in that era. In 1952, Deloitte merged his firm with Haskins & Sells to form Deloitte Haskins & Sells, in 1989, Deloitte Haskins & Sells merged with Touche Ross in the USA to form Deloitte & Touche. The merged firm was led jointly by J. Michael Cook, some member firms of Touche Ross also rejected the merger with Deloitte Haskins & Sells and merged with other firms. The name DRT International was therefore chosen, referring to Deloitte, Ross, in 1993, the international firm was renamed Deloitte Touche Tohmatsu to reflect the contribution from the Japanese firm, as well as agreements to use both of the names Deloitte and Touche. In 1995, the partners of Deloitte & Touche decided to create Deloitte & Touche Consulting Group, in 2000, Deloitte acquired Eclipse to add Internet design-based solutions to its consulting capabilities. Eclipse was later separated into Deloitte Online and Deloitte Digital, in 2002, Arthur Andersens UK practice, the firms largest practice outside the US, agreed to merge with Deloittes UK practice
13.
Rosyth Dockyard
–
Rosyth Dockyard is a large naval dockyard on the Firth of Forth at Rosyth, Fife, Scotland, owned by Babcock Marine, which formerly undertook refitting of Royal Navy surface vessels and submarines. Before its privatisation in the 1990s it was formally the Royal Naval Dockyard Rosyth and its primary role is now as integration site for the Royal Navys newest aircraft carriers - the Queen Elizabeth-class. Construction of the dockyard by civil engineers Easton, Gibb & Son commenced in 1909, at the time, the Royal Navy was strengthening its presence along the eastern seaboard of Great Britain due to a naval arms race with Germany. HMS Russell In 1903 approval was given with an estimated cost of £3 million for works, the site consisted of 1,184 acres of land,285 acres of foreshore, and the main basin would be 52.5 acres. Large enough for 11 battleships or 22 if doubled up, the first ship to dry dock there was the pre-dreadnought battleship HMS Zealandia on 28 March 1916. HMS Magnificent as a store ship between October 1918 &4 February 1920. HMS Crescent as a depot ship between 1 May 1920 and 17 September 1921. HMS London as a minelayer between February 1918 and January 1919 and this contract was awarded in parallel with Devonport Management Limiteds contract to run Devonport Dockyard, Plymouth. In 1993 the Ministry of Defence announced plans to privatise Rosyth, in 1984 Rosyth was chosen as the sole location for refitting the Royal Navys nuclear submarine fleet, and in 1986 extensive rebuilding commenced to facilitate this new role. However in 1993, the government switched the refitting role to Devonport Dockyard, graveyard fear as subs hull is holed, Dunfermline Press,3 April 2008
14.
Short Brothers
–
Short Brothers plc, usually referred to as Shorts or Short, is an aerospace company based in Belfast, Northern Ireland. Shorts was founded in 1908 in London, and was the first company in the world to make production aircraft and it was particularly notable for its flying boat designs manufactured into the 1950s. In 1943 Shorts was nationalised and later denationalised, and in 1948 moved from its base at Rochester. In the 1960s, Shorts mainly produced turboprop airliners, major components for aerospace primary manufacturers, in 1989 Shorts was bought by Bombardier, and is today the largest manufacturing concern in Northern Ireland. Prior to that merger, the capital share by the owner was, HM Government,69. 5% Rolls-Royce Ltd,15. 25%. The Short Brothers business started in 1897 when Eustace Short bought a coal gas filled balloon. In 1900 the two visited the 1900 Paris Exposition, where they saw the balloons of Édouard Surcouf. In 1902 Eustace and Oswald started offering balloons for sale and they manufactured the balloons at Hove, Sussex, in premises above the acoustic laboratory run by a third brother, Horace Short. Horace had invented an acoustic amplifier, and was working to perfect it with Thomas Edisons European agent, in 1905 they won a contract for three balloons for the British Indian Army. The quality of their work impressed Colonel Templer, superintendent of the Royal Balloon Factory, Rolls commissioned them to build him a large balloon to compete in the 1906 Gordon Bennett balloon race. More orders soon followed from members of the Aero Club of Great Britain. Oswald succeeded in persuading Horace to leave his job with Parsons, at the end of 1908 Horace started work on the two designs, and in early 1909 construction was started of McCleans aircraft, the Short No.1 biplane. In March 1909 it was exhibited, without its fabric covering, meanwhile, the brothers had obtained the British rights to build copies of the Wright design. In February 1909 Shorts started construction of a new workshop on unobstructed marshland at Leysdown and this had been acquired by the Aero Club for use as a flying ground, together with Mussell Manor, which became its clubhouse. Construction of a batch of six aircraft was started immediately. Short Brothers thus became the first aircraft manufacturing company in the world to undertake production of an aircraft design. In 1910 the business, together with the Royal Aero Club, moved to premises at Eastchurch. Here the Short-Dunne 5, designed by John W. Dunne, was built, in 1911 Shorts built one of the worlds first successful twin-engine aircraft, the Triple Twin
15.
Bank of Credit and Commerce International
–
The Bank of Credit and Commerce International was an international bank founded in 1972 by Agha Hasan Abedi, a Pakistani financier. The Bank was registered in Luxembourg with head offices in Karachi, a decade after opening, BCCI had over 400 branches in 78 countries, and assets in excess of US$20 billion, making it the 7th largest private bank in the world. BCCI came under the scrutiny of numerous financial regulators and intelligence agencies in the 1980s due to concerns that it was poorly regulated, subsequent investigations revealed that it was involved in massive money laundering and other financial crimes, and illegally gained the controlling interest in a major American bank. BCCI became the focus of a regulatory battle in 1991. Investigators in the US and the UK revealed that BCCI had been set up deliberately to avoid centralized regulatory review and its officers were sophisticated international bankers whose apparent objective was to keep their affairs secret, to commit fraud on a massive scale, and to avoid detection. The liquidators, Deloitte & Touche, filed a lawsuit against the auditors, Price Waterhouse and Ernst & Young. By 2013, Deloitte & Touche claimed to have recovered about 75% of the creditors lost money, BCCIs founder, Agha Hasan Abedi, started the bank in 1972. Abedi, a banker, had previously set up the United Bank of Pakistan in 1959. Preceding the nationalization of United Bank in 1974 he sought to create a new supranational banking entity. BCCI was created with capital, 25% of which was from Bank of America and the remaining 75% from Sheikh Zayed bin Sultan Al Nahyan, BCCI expanded rapidly in the 1970s, pursuing long-term asset growth over profits, seeking high-net-worth individuals and regular large deposits. The company itself divided into BCCI Holdings with the bank under that splitting into BCCI SA and BCCI Overseas. Overall, BCCI expanded from 19 branches in five countries in 1973 to 27 branches in 1974, to 108 branches in 1976 and this growth caused extensive underlying capital problems. The Guardian alleged that BCCI was using cash from deposits to fund operating expenses, investigative journalist and author Joseph J. BCCI entered the African markets in 1979, and Asia in the early 1980s. Some of Chinas largest state banks were depositors in BCCIs Shenzhen branch, there was rigid compartmentalization, the 248 managers and general managers reported directly to Abedi and the CEO Swaleh Naqvi. It was structured in such a way no single country had overall regulatory supervision over it so as not to hinder potential growth. Its two holding companies were based in Luxembourg and the Cayman Islands—two jurisdictions where banking regulation was notoriously weak and it was also not regulated by a country that had a central bank. By 1980, BCCI was reported to have assets of over $4 billion with over 150 branches in 46 countries. Bank of America was bewildered by BCCI and reduced its holding in 1980, by 1989, ICICs shareholding was reduced to 11% with Abu Dhabi groups holding almost 40%
16.
Abu Dhabi
–
Abu Dhabi is the capital and the second most populous city of the United Arab Emirates, and also capital of the Emirate of Abu Dhabi, the largest of the UAEs seven emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the western coast. The city proper had a population of 1.5 million in 2014, Abu Dhabi houses federal government offices, is the seat of the United Arab Emirates Government, home to the Abu Dhabi Emiri Family and the President of the UAE, who is from this family. Abu Dhabis rapid development and urbanisation, coupled with the high average income of its population, has transformed the city into a large. Today the city is the center of political and industrial activities. Abu Dhabi accounts for about two-thirds of the roughly $400-billion United Arab Emirates economy, Abu Dhabi is the fourth most expensive city for expatriate employees in the region, and in 2014 was the 68th most expensive big city in the world. Abu Dhabi is full of evidence that points to civilizations, such as the Umm an-Nar Culture. Settlements were also found farther outside the city of Abu Dhabi. There is evidence of civilizations around the mountain of Hafeet and this location is very strategic because it is the UAE’s second tallest mountain, so it would have great visibility. It also contains a lot of moisture in its springs and lakes, origin of the name Abu Dhabi The origin of the name Abu Dhabi is uncertain. Meaning Father of the Gazelle, when translated from Arabic. According to Bilal al-Budoor, assistant under-secretary for Cultural Affairs at the Ministry of Culture, Youth and Community Development, The area had a lot of dhibaa, an old story tells about a man who used to chase deer and was named the father of the animal. Abu Dhabis original name was Milh salt, possibly referring to the salty water of the Persian Gulf, some Bedouins called the city Umm Dhabi, while British records refer to the place as Abu Dhabi. According to some accounts, the name Abu Dhabi was first used more than 300 years ago. The first word of Abu Dhabi is pronounced Bu by inhabitants on the western coast. In the eastern part of the city, the pronunciation is Abu, origins of the Al Nahyan family The Bani Yas bedouin were originally centered on the Liwa Oasis. This tribe was the most significant in the area, having over 20 subsections, in 1793, the Al Bu Falah subsection migrated to the island of Abu Dhabi on the coast of the Persian Gulf due to the discovery of fresh water there. One family within this section was the Al Nahyan family and this family makes up the rulers of Abu Dhabi today
17.
Cayman Islands
–
The Cayman Islands is a British Overseas Territory in the western Caribbean Sea. Its population is approximately 60,000, and its capital is George Town, the Cayman Islands are considered to be part of the geographic Western Caribbean Zone as well as the Greater Antilles. The territory is considered a major world offshore financial haven for many wealthy individuals. The Cayman Islands remained largely uninhabited until the 17th century, the first recorded permanent inhabitant of the Cayman Islands, Isaac Bodden, was born on Grand Cayman around 1661. He was the grandson of the original settler named Bodden who was one of Oliver Cromwells soldiers at the taking of Jamaica in 1655. England took formal control of the Cayman Islands, along with Jamaica, following several unsuccessful attempts at settlement, a permanent English-speaking population in the islands dates from the 1730s. With settlement, after the first royal land grant by the Governor of Jamaica in 1734, many were brought to the islands from Africa, this is evident today with the majority of native Caymanians being of African and English descent. The results of the first census taken in the islands in 1802 showed the population on Grand Cayman to be 933 with 545 of those inhabitants being enslaved, slavery was abolished in the Cayman Islands in 1833. At the time of abolition, there were over 950 Blacks of African ancestry enslaved by 116 white families of English ancestry. The islands continued to be governed as part of the Colony of Jamaica until 1962, the Cayman Islands historically have been a tax-exempt destination. On 8 February 1794, the Caymanians rescued the crews of a group of ten merchant ships, including HMS Convert, the ships had struck a reef and run aground during rough seas. Legend has it that King George III rewarded the island with a never to introduce taxes as compensation for their generosity. While this remains a legend, the story is not true. However, whatever the history, in practice the government of the Cayman Islands has always relied on indirect, the islands have never levied income tax, capital gains tax, or any wealth tax, making them a popular tax haven. On 11 September 2004 the island of Grand Cayman, which lies largely unprotected at sea level, was hit by Hurricane Ivan, an estimated 83% of the dwellings on the island were damaged including 4% requiring complete reconstruction. A reported 70% of all dwellings suffered severe damage from flooding or wind, another 26% sustained minor damage from partial roof removal, low levels of flooding, or impact with floating or wind driven hurricane debris. Power, water and communications were disrupted for months in areas as Ivan was the worst hurricane to hit the islands in 86 years. Grand Cayman began a rebuilding process and within two years its infrastructure was nearly returned to pre-hurricane status.23 years
18.
National Australia Bank
–
National Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation and customers. NAB was ranked 21st largest bank in the world measured by market capitalisation and 41st largest bank in the world as measured by assets in 2014. As of November 2014 NAB operated 1,590 branches and service centres, NAB has a AA- long term issuer rating by Standard & Poors. National Australia Bank was formed as National Commercial Banking Corporation of Australia Limited in 1982 by the merger of National Bank of Australasia, the resulting company was subsequently renamed National Australia Bank Limited. The expanded financial base of the merged entity triggered significant offshore expansion over ensuing years, representative offices were established in Beijing, Chicago, Dallas, Seoul, San Francisco, Kuala Lumpur, Athens, Frankfurt, Atlanta, Bangkok, Taipei, Shanghai, Houston and New Delhi. In 1987, NAB bought Clydesdale Bank and Northern Bank from Midland Bank and it rebranded Northern Bank branches in the Republic of Ireland to National Irish Bank and changed both banks logos from that of the Midland Bank. In 1990, NAB bought Yorkshire Bank, further acquisitions followed – Bank of New Zealand in 1992, which at the time had about a 26% market share in the New Zealand market, and Michigan National Bank in 1995. NAB encountered a period in the period 2000–2005. The foreign currency trader fraud was the catalyst for the resignations of CEO Frank Cicutto, the resignations were preceded by a Board revolt where Catherine Walters emerged as a whistle blower citing serious culture issues at the company having led to the string of failures. Frank Cicutto was CEO of NAB from 1999 to 2004, the Australian economic environment during his leadership was stable and productive after 17 consecutive years of economic growth since 1992, averaging 3.3 per cent per annum. In February 2004, John Stewart was appointed CEO of NAB following the sacking of Cicutto, Stewart proceeded with a far reaching re-organisation of the company along regional lines leading to the appointment of Ahmed Fahour as the CEO of Australia in September 2004. On 20 February 2009 Fahour stepped down from the Principal Board and Group Executive Committee. In 2005, NAB announced a cut of 2,000 Australian jobs as part of a global cost-cutting program with the intention of cutting around 4,200 positions – about 10. 5% of its total workforce globally. It began to back office positions offshore, beginning with a pilot with 23 jobs from the accounts payable department in Melbourne going to Bangalore. Later that year, it sold Northern Bank and National Irish Bank to the Danish Danske Bank, over 200 additional jobs had been sent offshore by 2006. As part of the culture change program, a new Australian head office was built at Docklands in Melbourne. This building is characterised by its open layout and was officially opened in October 2004. After Cameron Clyne became CEO in 2009, the Docklands building became the global headquarters replacing 500 Bourke Street, by 2006, NAB had turned its fortunes around, reporting an industry record $4.3 billion profit and winning two local Bank of the Year awards
19.
Due diligence
–
Due diligence is an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be an obligation, but the term will more commonly apply to voluntary investigations. A common example of due diligence in various industries is the process through which a potential acquirer evaluates a target company or its assets for an acquisition. The broker-dealer community quickly institutionalized, as a practice, the conducting of due diligence investigations of any stock offerings in which they involved themselves. Originally the term was limited to public offerings of equity investments, a reasonable investigation focusing on material future matters. An examination being achieved by asking certain key questions, including, how do we buy, how do we structure an acquisition, an investigation of current practices of process and policies. An examination aiming to make an acquisition decision via the principles of valuation, the due diligence process can be divided into nine distinct areas, It is essential that the concepts of valuations be linked into a due diligence process. This is in order to reduce the number of failed mergers, the relevant areas of concern may include the financial, legal, labor, tax, IT, environment and market/commercial situation of the company. Areas of focus in due diligence continue to develop with cybersecurity emerging as an area of concern for business acquirers, Due Diligence has emerged as a separate profession for accounting and auditing experts. With the number and size of penalties increasing, the Foreign Corrupt Practices Act is causing many U. S. institutions to look into how they all of their relationships overseas. This link could be perceived as leading to the bribing of the foreign officials and this process will be performed indefinitely as long as a relationship exists, and usually involves comparing the companies and executives to a database of foreign officials. This process should be performed on all relationships regardless of location and is part of a wider Integrity Management initiative. While financial institutions are among the most aggressive in defining FCPA best practices, manufacturing, retailing, passed on May 25,2011, the OECD member countries agreed to revise their guidelines promoting tougher standards of corporate behavior, including human rights. As part of this new definition, they utilized a new aspect of due diligence that requires a corporation to investigate third party partners for potential abuse of human rights, Human Rights Impact Assessment is a component of this. The UN formalized guidelines for Human Rights Due Diligence on June 16 with the endorsement of Ruggie’s Guiding Principles for Business, Due diligence in civil procedure is the idea that reasonable investigation is necessary before certain kinds of relief are requested. Due diligence is also a concept found in the civil litigation concept of a statute of limitations, in criminal law, due diligence is the only available defense to a crime that is one of strict liability. Once the criminal offence is proven, the defendant must prove on balance that they did everything possible to prevent the act from happening and it is not enough that they took the normal standard of care in their industry – they must show that they took every reasonable precaution. Due diligence is also used in law to describe the scope of the duty of a prosecutor, to take efforts to turn over potentially exculpatory evidence
20.
Clydesdale Bank
–
Clydesdale Bank plc is a commercial bank in Scotland. Formed in Glasgow in 1838, it is the smallest of the three Scottish banks, independent until it was purchased by Midland Bank in 1920, it formed part of the National Australia Bank Group between 1987 and 2016. Clydesdale Bank was divested from National Australia Bank in early 2016 and its holding company CYBG plc, trades on the London, CYBG plcs other banking business, Yorkshire Bank operates as a trading division of Clydesdale Bank plc under its banking licence. As with the two other Scottish banks, the Bank of Scotland and the Royal Bank of Scotland, Clydesdale Bank retains the right to issue its own banknotes, in March 1838, an advertisement appeared for a new joint stock banking company in Glasgow, the Clydesdale Banking Company. It was to be chiefly a local bank – having few branches –, the Bank duly opened for business in both cities in May 1838. Checkland described the Bank as the creation of a group of Glasgow businessmen of middling order, liberal radicals…who were active in the government and charities of the city. The driving figure behind the formation of the Bank was James Lumsden, a stationer by business, another member of the founding committee, Henry Brock, became the Banks first manager. Brock came of a merchant family, was an accountant and one of the founders of the Glasgow Savings Bank and these were supplemented by the acquisition of the Greenock Union Bank, formed in 1840, it had four branches in the Glasgow hinterland. Following the purchase of the Greenock Union, there was change in the structure of the Bank. In that year, Clydesdale became the first Scottish bank to produce a balance sheet. Clydesdale gained not only customers but 13 branches from the Western, a few months later came the acquisition of the Edinburgh and Glasgow Bank, which had been weakened by the same economic disturbances. Five years later, in 1863, Clydesdale acquired the more successful Eastern Bank of Scotland, like Clydesdale, based in Dundee it was to have two separate offices and boards, one in Dundee, the other Edinburgh. Before opening for business it acquired the Dundee Commercial Bank to serve as its Dundee office, much of the growth in the Banks network had come from acquisitions and the management remained cautious regarding direct branch expansion. However, in 1865, a committee was formed to look at prospects and 16 branches were opened in two years, indeed, Clydesdale was one of the last Scottish banks to acquire a London office. In 1878, the City of Glasgow Bank failed for the time, leading again to an increase in Clydesdales deposits. The scale of the led to further debate on desirability of limited liability and, following legislation in 1879. Reid described the period 1890–1914 as the years, but that did not preclude steady expansion of the branch network – from 92 to 153. That was to mark the end of Clydesdales independent existence, in 1917 the Bank was approached by London City and Midland and, although initially resisted, Clydesdale Bank was sold in 1920
21.
Midland Bank
–
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham and it expanded in the Midlands, absorbing many local banks, and merged with the Central Bank of London Ltd. in 1891, becoming the London City and Midland Bank. After a period of expansion, including the acquisition of many smaller banks. By 1934 it was the largest deposit bank in the world, on 10 June 2015, HSBC announced that it would be rebranding its UK branches. HSBC chairman Douglas Flint described the Midland brand as odds-on favourite for a return to the high street, in September 2015, it was announced that the Midland Bank name would not be revived and the UK branch network would be branded HSBC UK. Midland Bank was founded by Charles Geach, its first manager in Union Street, Birmingham, England, Geach had formerly worked at the Bank of England, he secured the business support and capital backing of leading merchants and manufacturers in Birmingham. In the 1830s and 1840s, Midland occupied an important niche in Birmingham business, Midland acquired Stourbridge Old Bank in 1851 and Nichols, Baker and Crane of Bewdley in 1862. Both firms had been pioneers of banking in the West Midlands, the origins of the Stourbridge bank can be traced back to 1762, from the 1880s, it expanded its customer base by opening new branches and acquiring other banks. In 1891 it acquired the Central Bank of London and, in 1898, by 1918, with deposits of £335 million, it ranked as the largest bank in the world. Edward Hopkinson Holden led the bank at this time first as Managing Director from 1898 to 1908 and then as Chairman and he oversaw more than 20 bank amalgamations between 1891 and 1918, and opened new branches throughout England and Wales. Holden also expanded overseas, it was the first British bank to set up a foreign department and, by 1919. From 1907, these correspondents included The Hongkong and Shanghai Banking Corporation, after the First World War, the leading British banks entered an agreement with the government that they would not attempt further amalgamations without Treasury approval. As a result, Midland turned its attention to expanding its network, adding new banking services, mechanising its systems. In 1958 it acquired Forward Trust, which became a leader in installment finance, in 1967 Midland acquired a share in Montagu Trust, the owner of Samuel Montagu & Co. and thereby became the first British clearing bank to own a London merchant bank. Samuel Montagu, with its own history dating back to 1853, through the acquisition of Samuel Montagu & Co, Midland also gained a majority share in Guyerzeller Bank AG in Switzerland. Further diversification followed in 1972, when Midland was the member of the consortium that acquired the Thomas Cook travel business. After becoming sole owner in 1977, Midland sold its interest in 1992, in 1974 Midland started to open branches or representative offices in overseas countries and to acquire other international banks. In 1980 Midland acquired a controlling interest in Trinkaus & Burkhardt KGaA, in 1984 in a bid to grab market share Midland scrapped current account charges
22.
Yorkshire Bank
–
Yorkshire Bank is a bank operating in England as a trading division of Clydesdale Bank and is ultimately owned by CYBG plc. It mostly operates in the North of England, especially in Yorkshire, in 2006 underlying profit rose 16.7 per cent to £454 million compared with a year earlier, while post-tax earnings climbed 12.8 per cent to £229 million. Total income was up 8.7 per cent at £1,193 million, the bank was established on 1 May 1859 by Colonel Edward Akroyd of Halifax. Based in Leeds it was known as the West Riding Penny Savings Bank and it had originally been planned as a provident society but the status of savings bank was eventually chosen. The bank was registered under the Friendly Societies Act and individual deposits were restricted to £30 per annum, within a year the bank had opened 24 branches, and a further 104 in the year after. Sub-branches were opened in schools and church halls, the bank was operated on a non-profit making basis and in 1860 it was decided to extend operation to the other Ridings of Yorkshire. To recognise this the name was changed to the Yorkshire Penny Bank, in 1872 it issued cheque books for the first time, primarily for small tradesmen. At that time the bank became the first to create school banks, in 1911 depositors balances were valued at £18 million although reserves were only £500,000 and that existing guarantees were not enough. The Bank of England organised a takeover by a consortium of banks, after this the bank was able to offer overdrafts for the first time. In its centenary year of 1959 the banks name changed to Yorkshire Bank Limited, during the 1970s the bank became one of the first to offer fee-free banking whilst in credit, a move that took bigger rivals a decade to follow. In 1982 it adopted public limited company status, during the Miners Strike of 1984-85 the bank offered miners who were mortgage holders a deferment, allowing them to postpone payments for the duration of the dispute. The strike took place in the heartland and many miners were customers. The price paid was £1 billion and the bank joined National Australia Banks other European businesses, Clydesdale Bank and Northern Bank. In 2005 the National Australia Bank announced its intention to merge the Yorkshire Bank with the Clydesdale under one operating licence, both operate under separate identities although the Clydesdale brand is the one that has been used in further expansion into the south of England. At the same time 40 branches were closed, a reduction of a fifth of the Yorkshire Bank network, in 2013, Yorkshire Bank forgot to renew its domain name, leading to customers being unable to log onto its website for a number of days. Yorkshire Bank blamed individual ISPs saying they had not refreshed their servers, on 2 September 2014 the bank suffered more IT related issues as its systems left customers unable to make or receive payments for a period of time. Clydesdale Banks newly formed holding company CYBG plc began conditional trading on the LSE and the Australian Securities Exchange on 3 February, and began trading unconditionally from 8 February
23.
City of London
–
The City of London is a city and county within London. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, the City is now only a tiny part of the metropolis of London, though it remains a notable part of central London. Administratively, it one of the 33 local authority districts of Greater London, however, the City of London is not a London borough. The City of London is widely referred to simply as the City and is colloquially known as the Square Mile. Both of these terms are often used as metonyms for the United Kingdoms trading and financial services industries. The name London is now used for a far wider area than just the City. London most often denotes the sprawling London metropolis, or the 32 London boroughs and this wider usage of London is documented as far back as 1888, when the County of London was created. The local authority for the City, namely the City of London Corporation, is unique in the UK and has some unusual responsibilities for a local council and it is also unusual in having responsibilities and ownerships beyond its boundaries. The Corporation is headed by the Lord Mayor of the City of London, the current Lord Mayor, as of November 2016, is Andrew Parmley. The City is a business and financial centre. Throughout the 19th century, the City was the primary business centre. London came top in the Worldwide Centres of Commerce Index, published in 2008, the insurance industry is focused around the eastern side of the City, around Lloyds building. A secondary financial district exists outside of the City, at Canary Wharf,2.5 miles to the east, the City has a resident population of about 7,000 but over 300,000 people commute to and work there, mainly in the financial services sector. It used to be held that Londinium was first established by merchants as a trading port on the tidal Thames in around 47 AD. However, this date is only supposition, many historians now believe London was founded some time before the Roman conquest of Britain in 43 AD. They base this notion on evidence provided by both archaeology and Welsh literary legend, archaeologists have claimed that as much as half of the best British Iron Age art and metalwork discovered in Britain has been found in the London area. One of the most prominent examples is the famously horned Waterloo Helmet dredged from the Thames in the early 1860s and now exhibited at the British Museum. Also, according to an ancient Welsh legend, a king named Lud son of Heli substantially enlarged and improved a pre-existing settlement at London which afterwards came to be renamed after him, the same tradition relates how this Lud son of Heli was later buried at Ludgate
24.
Attila
–
Attila, frequently referred to as Attila the Hun, was the ruler of the Huns from 434 until his death in March 453. Attila was a leader of the Hunnic Empire, a confederation consisting of Huns, Ostrogoths. During his reign, he was one of the most feared enemies of the Western and Eastern Roman Empires and he crossed the Danube twice and plundered the Balkans, but was unable to take Constantinople. His unsuccessful campaign in Persia was followed in 441 by an invasion of the Eastern Roman Empire and he also attempted to conquer Roman Gaul, crossing the Rhine in 451 and marching as far as Aurelianum before being defeated at the Battle of the Catalaunian Plains. He subsequently invaded Italy, devastating the northern provinces, but was unable to take Rome and he planned for further campaigns against the Romans but died in 453. After Attilas death his close adviser Ardaric of the Gepids led a Germanic revolt against Hunnic rule, there is no surviving first-hand account of Attilas appearance, but there is a possible second-hand source provided by Jordanes, who cites a description given by Priscus. He was a man born into the world to shake the nations, the scourge of all lands and he was haughty in his walk, rolling his eyes hither and thither, so that the power of his proud spirit appeared in the movement of his body. He was indeed a lover of war, yet restrained in action, mighty in counsel, gracious to suppliants, the Gothic etymology can be tracked up to Jacob Grimm and Wilhelm Grimm in the early 19th century. Maenchen-Helfen noted that Hunnic names were not the names of the Hun princes. The names of Attilas brother Bleda, and most powerful minister Onegesius, mikkola connected it with Turkic āt. Gerd Althoff considered it was related to Turkish atli, or Turkish at, the Gothic origin of the name Attila is questionable, Snædal writes. It is at least as likely to be of Hunnic origin, the article points out that the word atta is a migratory term for father/forefather common in multiple languages, including many Turkic languages. He concludes, Of course we do not know how the name sounded in the language of the Huns, sometime, somewhere, somehow a proto-form like *agtala- changed to *attila. We cannot tell if the assimilation of gt to tt, and/or if loss of a final consonant took place in Hunnic or if these changes were part of the process into Latin, Gothic. Truly, our knowledge of the Hunnic language is almost zero, One can only guess a solution to this riddle of Attilas name. The historiography of Attila is faced with a challenge, in that the only complete sources are written in Greek. Attilas contemporaries left many testimonials of his life, but only fragments of these remain and he wrote a history of the late Roman Empire in eight books covering the period from 430 to 476. Today we have fragments of Priscus work, but it was cited extensively by 6th-century historians Procopius and Jordanes,413 especially in Jordanes The Origin
25.
Public school (United Kingdom)
–
A public school in England and Wales is an older, student selective and expensive fee-paying independent secondary school which caters primarily for children aged between 11 or 13 and 18. The term public should not be misunderstood to mean that these are public sector schools, traditionally, public schools were all-male boarding schools, although most now allow day pupils, and many have become either partially or fully co-educational. The origins of schools in the UK were primarily religious until 1640 and it was intended that by-products of this would be the publication of universal books and the setting up of schools for boys and girls. Henceforth each of these schools was to be managed by a board of governors, Public schools have had a strong association with the ruling classes. Historically they educated the sons of the English upper and upper-middle classes, the sons of officers and senior administrators of the British Empire were educated in England while their parents were on overseas postings. In 2010, over half of Cabinet Ministers had been educated at public schools, in 2014, annual fees at Canford School and Eton College were more than £33,000 for boarders. The name dates back to the time when schools founded for local children went public and it is also used to describe the some 230 girls senior schools belonging to the Girls Schools Association. Until the late medieval period most schools were controlled by the church and had specific entrance criteria, others were restricted to the sons of members of guilds, trades or livery companies. The need for professional trades in an increasingly secularised society required schools for the sons of the gentry that were independent from ecclesiastical authority, from the 16th century onward, boys boarding schools were founded or endowed for public use. Traditionally, most of public schools were all boys and full boarding. Separate preparatory schools for younger boys developed from the 1830s, with entry to the schools becoming limited to boys of at least 12 or 13 years old. The first of these was Windlesham House School, established with support from Thomas Arnold, many of the schools, including Rugby School, Harrow School and the Perse School fell into decline during the 18th century and nearly closed in the early 19th century. Protests in the local newspaper forced governors of the Perse School to keep it open, a Royal Commission, the Clarendon Commission, investigated nine of the more established schools, including seven boarding schools and two day schools. St Pauls School and the Merchant Taylors School claimed successfully that their constitutions made them private schools, in 1887 the Divisional Court and the Court of Appeal determined that the City of London School was a public school. In the first year only 12 headmasters attended, but in the following year 34 did, the Headmasters Conference has since grown steadily to over 200 schools. The Public Schools Yearbook was published for the first time in 1889, listing 30 schools, mostly boarding schools except for St Pauls School, some academically successful grammar schools were added in later editions. The 1902 edition included all schools whose principals qualified for membership of the Headmasters Conference, the Fleming Report defined a public school as a member of the Governing Bodies Association or the Headmasters Conference. Based on the recommendations of this report, the Education Act 1944 offered a new status to endowed grammar schools receiving a grant from central government
26.
Oxbridge
–
Oxbridge is a portmanteau of the University of Oxford and the University of Cambridge in the United Kingdom. Although both universities were founded more than eight centuries ago, the term Oxbridge is relatively recent, in William Thackerays novel Pendennis, published in 1849, the main character attends the fictional Boniface College, Oxbridge. According to the Oxford English Dictionary, this is the first recorded instance of the word, virginia Woolf used it, citing Thackeray, in her 1929 essay A Room of Ones Own. By 1957 the term was used in the Times Educational Supplement, when expanded, the universities are almost always referred to as Oxford and Cambridge, the order in which they were founded. Both were founded more than 800 years ago, and continued as Englands only universities until the 19th century, between them they have educated a large number of Britains most prominent scientists, writers and politicians, as well as noted figures in many other fields. Each has a collegiate structure, whereby the University is a co-operative of its constituent colleges. Both universities have many buildings of great beauty and antiquity, and are sited on level terrain ideal for cycling and they are the top-scoring institutions in cross-subject UK university rankings, so they are targeted by ambitious pupils, parents and schools. Entrance is extremely competitive and some schools promote themselves based on their achievement of Oxbridge offers, combined, the two universities award over one-sixth of all English full-time research doctorates. Oxford and Cambridge have common approaches to undergraduate admissions, until the mid-1980s, entry was typically by sitting special entrance exams. Camford was also used in the Sherlock Holmes story The Adventure of the Creeping Man, other words have been derived from the term Oxbridge, though none has achieved widespread recognition. The term Loxbridge is sometimes seen, and was adopted as the name of the Ancient History conference now known as AMPAH
27.
NatWest
–
National Westminster Bank, commonly known as NatWest, is a large retail and commercial bank in the United Kingdom. It was established in 1968 by the merger of National Provincial Bank, since 2000 it has been part of the Royal Bank of Scotland Group. Today it has more than 7.5 million personal customers and 850,000 small business accounts, in Ireland it operates through its Ulster Bank subsidiary. NatWest was named a runner-up for the Best Business Banking Provider category at the British Bank Awards 2016, the banks origins date back to 1658 with the foundation of Smiths Bank of Nottingham. Westminster Foreign Bank was restyled International Westminster Bank in 1973, duncan Stirling, outgoing chairman of Westminster Bank, became first chairman of the fifth largest bank in the world. In 1969 David Robarts, former chairman of National Provincial, assumed Stirlings position, in 1975 it was one of the first London banks to open a representative office in Scotland. It was a member of the Joint Credit Card Company which launched the Access credit card in 1972. The same banks, excluding Lloyds, were responsible for the introduction of the Switch debit card in 1988. Deregulation in the 1980s, culminating in the Big Bang in 1986, County Bank, its merchant banking subsidiary formed in 1965, acquired various stockbroking and jobbing firms to create the investment banking arm County NatWest. The Action Bank advertising campaign spearheaded a new marketing-led approach to business development, in 1982, the Frankfurt office of International Westminster Bank merged with Global Bank AG to form Deutsche Westminster Bank. In 1985, Banco NatWest España was formed and National Westminster Bank SA was incorporated in 1988, taking over the six branches in France. In 1989, International Westminster Bank was merged into National Westminster Bank by Act of Parliament, completed in 1980, the bank built the National Westminster Tower in London to serve as its international headquarters. Also worthy of note is National Westminster House in Birmingham, the building was sold to British Land in 2007, the banks expansion strategy hit trouble with the stock market crash of 1987 and involvement in the financial scandal surrounding the collapse of Blue Arrow. The Department of Trade and Industry report on the affair was critical of the management and resulted in the resignation of several members of the board. Later, the bank would divest its overseas subsidiaries, the North American operations were sold to Fleet Bank and Hong Kong Bank of Canada, and the Australian and New Zealand branches were sold to Salomon Smith Barney and the National Australia Bank. Thereafter the bank concentrated on its domestic business as the restyled NatWest Group. In 1993, the NatWest Tower was devastated by a Provisional IRA bomb, then, in 1997, NatWest Markets, the corporate and investment banking arm formed in 1992, revealed that a £50m loss had been discovered, revised to £90. 5m after further investigations. The banks move into complicated derivative products that it did not fully understand seemed to indicate poor management, by the end of 1997 parts of NatWest Markets had been sold, others becoming Greenwich NatWest in 1998
28.
Bank of Scotland
–
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. It was one of the first banks in Europe to print its own banknotes, in June 2006, the HBOS Group Reorganisation Act 2006 was passed by the Parliament of the United Kingdom, allowing the banks structure to be simplified. As a result, The Governor and Company of the Bank of Scotland became Bank of Scotland plc on 17 September 2007, Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009, when HBOS was acquired by Lloyds TSB. Although established soon after the Bank of England, the Bank of Scotland was a different institution. John Holland, an Englishman, was one of the banks founders and its first chief accountant was George Watson. The Bank of Scotland was suspected of Jacobite sympathies and its first rival, The Royal Bank of Scotland was formed by royal charter in 1727. This led to a period of competition between the two banks as they set to drive each other out of business. Although the Bank Wars ended in around 1751, competition arose from other sources. In response, the Bank of Scotland itself began to open branches throughout Scotland, the first branch in London opened in 1865. The Western Bank collapsed in 1857, and the Bank of Scotland stepped in with the other Scottish banks to ensure that all Western Banks notes were paid, in the 1950s, the Bank of Scotland was involved in several mergers and acquisitions with different banks. In 1955, the Bank merged with the Union Bank of Scotland, the Bank also expanded into consumer credit with the purchase of Chester based, North West Securities. In 1971, the Bank agreed to merge with the British Linen Bank, the merger saw Barclays Bank acquire a 35% stake in the Bank of Scotland, a stake it retained until the 1990s. The merchant banking division of the Bank of Scotland was relaunched as British Linen Bank, in 1959 Bank of Scotland became the first bank in the UK to install a computer to process accounts centrally. At 11 am on 25 January 1985 the Bank introduced HOBS and this followed a small-scale service operated jointly with the Nottingham Building Society for two years but developed by Bank of Scotland. The new HOBS service enabled customers to access their accounts directly on a television screen, the arrival of North Sea Oil to Scotland in the 1970s allowed the Bank of Scotland to expand into the energy sector. The Bank later used this expertise in finance to expand internationally. The first international office opened in Houston, Texas, followed by more in the United States, Moscow, in 1987, the Bank acquired Countrywide Bank of New Zealand. The Bank later expanded into the Australian market by acquiring the Perth-based Bank of Western Australia, a controversial period in the Banks history was the attempt in 1999 to enter the United States retail banking market via a joint venture with evangelist Pat Robertson
29.
The Sunday Times
–
The Sunday Times is the largest-selling British national newspaper in the quality press market category. It is published by Times Newspapers Ltd, a subsidiary of News UK, Times Newspapers also publishes The Times. The two papers were founded independently and have been under common ownership only since 1966 and they were bought by News International in 1981. The Sunday Times occupies a dominant position in the quality Sunday market, its circulation of just under one million equals that of its rivals, The Sunday Telegraph and The Observer. While some other national newspapers moved to a format in the early 2000s. It sells more than twice as many copies as its sister paper, The Times, the Sunday Times has acquired a reputation for the strength of its investigative reporting – much of it by its award-winning Insight team – and also for its wide-ranging foreign coverage. It has a number of writers, columnists and commentators including Jeremy Clarkson. It was Britains first multi-section newspaper and remains substantially larger than its rivals, a typical edition contains the equivalent of 450 to 500 tabloid pages. Besides the main section, it has standalone News Review, Business, Sport, Money. There are three magazines and two tabloid supplements and it publishes The Sunday Times Bestseller List of books in Britain, and a list of the 100 Best Companies to Work For, focusing on UK companies. It also organises The Sunday Times Oxford Literary Festival, held annually, and The Sunday Times Festival of Education, the paper began publication on 18 February 1821 as The New Observer, but from 21 April its title was changed to the Independent Observer. On 20 October 1822 it was reborn as The Sunday Times, in January 1823, White sold the paper to Daniel Whittle Harvey, a radical politician. The paper was bought in 1887 by Alice Cornwell, whose father George Cornwell made a fortune in mining in Australia and she then sold it in 1893 to Frederick Beer, who already owned Observer. Beer appointed his wife, Rachel Sassoon Beer, as editor and she was already editor of Observer – the first woman to run a national newspaper – and continued to edit both titles until 1901. There was a change of ownership in 1903, and then in 1915 the paper was bought by William Berry and his brother, Gomer Berry, later ennobled as Lord Camrose. In 1943, the Kemsley Newspapers Group was established, with The Sunday Times becoming its flagship paper, at this time, Kemsley was the largest newspaper group in Britain. On 12 November 1945, Ian Fleming, who later created James Bond, joined the paper as foreign manager, the following month, circulation reached 500,000. On 28 September 1958 the paper launched a separate Review section, in 1959 the Kemsley group was bought by Lord Thomson, and in October 1960 circulation reached one million for the first time
30.
Fleet Street
–
Fleet Street is a major street in the City of London. It runs west to east from Temple Bar at the boundary with the City of Westminster to Ludgate Circus at the site of the London Wall, having been an important through route since Roman times, businesses were established along the road during the Middle Ages. Senior clergy lived in Fleet Street during this period there are several churches including Temple Church. Much of the industry moved out in the 1980s after News International set up cheaper manufacturing premises in Wapping, the term Fleet Street remains a metonym for the British national press, and pubs on the street once frequented by journalists remain popular. The street is mentioned in works by Charles Dickens and is where the legendary fictitious murderous barber Sweeney Todd lived. Fleet Street is named after the River Fleet, which runs from Hampstead to the River Thames at the edge of the City of London. It is one of the oldest roads outside the city and was established by the Middle Ages. In the 13th century, it was known as Fleet Bridge Street, the street runs east from Temple Bar, the boundary between the Cities of London and Westminster, as a continuation of the Strand from Trafalgar Square. It crosses Chancery Lane and Fetter Lane to reach Ludgate Circus by the London Wall, the road ahead is Ludgate Hill. The street numbering runs consecutively from west to east south-side and then east to west north-side and it links the Roman and medieval boundaries of the City after the latter was extended. The nearest London Underground stations are Temple, Chancery Lane, and Blackfriars tube/mainline station, London Bus routes 4,11,15,23,26,76 and 172 run along the full length of Fleet Street, while route 341 runs between Temple Bar and Fetter Lane. Fleet Street was established as a thoroughfare in Roman London and there is evidence that a route led west from Ludgate by 200 AD. Local excavations revealed remains of a Roman amphitheatre near Ludgate on what was Fleet Prison, the Saxons did not occupy the Roman city but established Lundenwic further west around what is now Aldwych and the Strand. Many prelates lived around the street during the Middle Ages, including the Bishops of Salisbury and St Davids, tanning of animal hides became established on Fleet Street owing to the nearby river, though this increased pollution leading to a ban on dumping rubbish by the mid-14th century. Many taverns and brothels were established along Fleet Street and have been documented as early as the 14th century, records show that Geoffrey Chaucer was fined two shillings for attacking a friar in Fleet Street, though modern historians believe this is apocryphal. An important landmark in Fleet Street during the late Middle Ages was a conduit that was the water supply for the area. When Anne Boleyn was crowned Queen following her marriage to Henry VIII in 1533, by the 16th century, Fleet Street, along with much of the City, was chronically overcrowded, and a Royal proclamation in 1580 banned any further building on the street. This had little effect, and construction continued, particularly timber, Prince Henrys Room over the Inner Temple gate dates from 1610 and is named after Henry Frederick, Prince of Wales, eldest son of James I, who did not survive to succeed his father
31.
First Active
–
First Active was an Irish bank, and former building society which was merged into Ulster Bank in late 2009, ceasing trading in February 2010. First Active was founded in 1861 as the Workingmans Benefit Building Society and it was incorporated in Ireland in 1875 under the Building Societies Act,1874. In 1960 the name of the Society was changed to First National Building Society, in 1994 First National acquired Mortgage Trust Limited, a UK centralised mortgage lending business. In 1995 a deposit taking subsidiary commenced business in Guernsey, Channel Islands, the Groups UK operations were expanded in 1996 through the acquisition of The Mortgage Corporation. A retail deposit taking operation was established in England in 1996 to obtain sterling deposits to fund the Groups growing mortgage business in the UK. At the 1998 Annual General Meeting the members voted to convert to a limited company and to list the Company shares on the Irish. Between September 2000 and December 2002 First Active sold its investments in First Active Financial in the UK to Britannic Assurance plc, from the 1990s, it used an advertising campaign which involved contradicting received knowledge about finance. On 5 January 2004, First Active became a wholly owned subsidiary of the Royal Bank of Scotland Group, the same year, Tesco Bank also began offering products provided by First Active. On 26 January 2009, it was announced that First Active would cease to operate as an entity and its operations would be merged with those of Ulster Bank. From September 2009, it ceased offering any new products to customers in preparation for the merger
32.
Churchill Insurance
–
Churchill Insurance is a United Kingdom insurance company based in Bromley, London. Founded in 1989, as one of the country’s first direct car insurance companies, Churchill is part of the Direct Line Group, policies are underwritten by the parent United Kingdom Insurance Limited. Churchill is notable for its advertising, that features a talking nodding dog mascot, Churchill Insurance Company Limited was launched by founder Martin Long in June 1989, as a direct car insurance provider. Long was backed by Winterthur, at time a Credit Suisse subsidiary. Home insurance was added to the Churchill product range a year later, in 1994, it began the use of a bulldog as the companys mascot. In 1995, Churchill launched its first website, and a credit card and it also became the first United Kingdom insurer to offer motor insurance estimates, via interactive media kiosks. In 1996, Churchill was awarded Investors in People, and an ISO9002 accreditation, the same year, the nodding dog was introduced to its advertising. A new product was launched, in the shape of breakdown cover. In 1997, Churchill Insurance was named in Britain’s Best Employers for the first time, travel insurance and pet insurance products were also introduced. In October 1999, motorcycle insurance broker Devitt Insurance was acquired, the company also launched its first e-commerce facility, enabling online car and home insurance quotes. In 2000, it acquired the Churchill. com domain name for online activity, in February 2002, Churchill bought Prudential’s insurance business. In June 2003, the business was purchased by the Royal Bank of Scotland Group for £1. 1bn and this brought Churchill into RBS insurance division alongside Direct Line – another company Long had been involved in launching. Following the bailout of RBS by the United Kingdom Government in 2008, in February 2012, Churchill became part of the new Direct Line Group, which was created ahead of a divestment, which was completed in February 2014. Today, Churchill offers a range of insurance products, underwritten by United Kingdom Insurance, car, home, pet and travel insurance and breakdown cover. They also offer life insurance, in association with Legal & General and motorbike insurance, one commercial product is available through Churchill, van insurance, arranged and administered by Brightside Insurance Services. In August 2000, Churchill became the sponsor of Crystal Palace FC. In 1994, it was decided that the company needed a mascot to represent the Churchill brand, a staff competition led to the adoption of a bulldog. The bulldog is a known symbol of British identity, which is appropriate for a company with that name
33.
Direct Line
–
Direct Line Insurance Group is a United Kingdom insurance company, formed in 2012 by the divestment of The Royal Bank of Scotland Groups insurance division through an initial public offering. The group is listed on the London Stock Exchange and is a constituent of the FTSE100 Index, the company was originally established in 1985 by Peter Wood and Martin Long as the insurance division of The Royal Bank of Scotland Group. It was the first telephone-only insurance company in the UK, in September 2012, the Groups Chief Executive, Paul Geddes, announced the business was operating as a standalone insurance company, in advance of a future full divestment from the RBS Group. The company was the subject of a public offering in October 2012. RBS sold a 30% share of the business in the IPO, RBS sold a further 20% in September 2013, and sold the remainder of its holding in February 2014. Direct Line sold its TRACKER Network UK telematics business to the equity firm Lysanda in February 2014. In September 2014, it was announced that Mapfre would acquire the Italian and German businesses of Direct Line for a sum of €550 million. The Group owns a number of general insurance brands operating within the United Kingdom, Italy and Germany primarily, including Direct Line, Churchill, Privilege and Green Flag. In October 2012, it one of the main operating businesses of Direct Line Group. The firm is known in the United Kingdom for its distinctive logo and it operates in various overseas countries, including Japan and Spain. Direct Line took home the Best Home Insurance Provider accolade in the Insurance Choice Awards 2016
34.
Credit Suisse
–
Credit Suisse Group is a Swiss multinational financial services holding company, headquartered in Zürich, that operates the Credit Suisse Bank and other financial services investments. Credit Suisse was founded by Alfred Escher in 1856 under the name Schweizerische Kreditanstalt in order to fund the development of Switzerlands rail system and it issued loans that helped create Switzerlands electrical grid and the European rail system. It also helped develop the countrys currency system and funded entrepreneurship, in the 1900s Credit Suisse began shifting to retail banking in response to the elevation of the middle-class and the growing popularity of savings accounts. Credit Suisse partnered with First Boston in 1978, after a large failed loan put First Boston under financial stress, Credit Suisse bought a controlling share of the bank in 1988. In the 1990s, Credit Suisse acquired the Winterthur Group, Swiss Volksbank, Swiss American Securities Inc. in the year 2000, it added the U. S. investment firm Donaldson, Lufkin & Jenrette. The company restructured itself in 2002,2004 and 2006 and it was one of the least affected banks during the global financial crisis, but afterwards began shrinking its investment business, executing layoffs and cutting costs. During the period between 2008 and 2012, Germany, Brazil, and the United States began a series of investigations into the use of Credit Suisse accounts for tax evasion. In May 2014, the company pleaded guilty to decades of conspiring to help US citizens avoid taxes, in 2014, Credit Suisse had 888.2 USD Bn of assets under management according to the Scorpio Partnership. Credit Suisse Group AG is organized as a company registered in Zürich that operates as a holding company. It owns the Credit Suisse bank and other interests in the services business. Credit Suisse is governed by a board of directors, its shareholders, the Board of Directors organize the Annual General Meeting of Shareholders while investors with large stakes in the company determine the agenda. Shareholders elect auditors for one-year terms, approve the report and other financial statements. The Board sets Credit Suisses business strategies and approves its compensation principles based on guidance from the compensation committee and it also has the authority to create committees that delegate specific management functions. Credit Suisse has two divisions, Private Banking & Wealth Management and Investment Banking, a Shared Services department provides support functions like risk management, legal, IT and marketing to all areas. Operations are divided into four regions, Switzerland, Europe, the Middle East and Africa, the Americas, Credit Suisse Private Banking has wealth management, corporate and institutional businesses. Credit Suisse Investment Banking handles securities, investment research, trading, prime brokerage, Credit Suisse Asset Management sells investment classes, alternative investments, real-estate, equities, fixed income products and other financial products. Escher founded Credit Suisse in 1856 primarily to provide funding to railway projects. Escher aimed to start the company with three million shares and instead sold 218 million shares in three days, in its first year of operation,25 percent of the banks revenues was from the Swiss Northeastern Railway, which was being built by Eschers company, Nordostbahn
35.
Citizens Financial Group
–
Several banks are commonly known as Citizens Bank. RBS sold its final 20. 9% stake in the company in October 2015, as of 2015, Citizens is the 13th-largest bank in the United States, and operates more than 1,200 branches and approximately 3,200 ATMs across 11 states under the Citizens Bank brand. Citizens was established in 1828 as the High Street Bank in Providence, in 1871, the Rhode Island legislature gave a second charter to establish the Citizens Savings Bank which eventually acquired its parent group to form Citizens Trust Company. The bank then expanded through Rhode Island, opening a total of 29 branches in that state and it established Citizens Financial Group as a holding company when the bank acquired The Greenville Trust Company in 1954. In 1985, Citizens changed status from a savings bank to a federal stock savings bank. Expansion into other states began with Massachusetts in 1986, in 1988, Citizens accepted a takeover bid from the Royal Bank of Scotland, based in Scotland, which used Citizens Bank as a stepping stone into the US market. In the following sixteen years under RBS ownership, Citizens acquired several banks in New England to become the second largest bank in the region. Its 1996 acquisition of First NH Bank saw the Bank of Ireland gain a 23. 5% stake in Citizens, expansion outside New England began in 2001, when RBS purchased the retail banking division of Mellon Financial Corporation in Pennsylvania, New Jersey and Delaware. In one stroke, this made Citizens Bank the second-largest bank in Pennsylvania, in July 2003, the bank purchased the naming rights to the new home field of the Philadelphia Phillies, calling it Citizens Bank Park. On January 17,2003, Citizens Financial Group, Inc. purchased Commonwealth Bancorp, Inc. the holding company for Commonwealth Bank, based in Norristown, in 2004, RBS purchased the credit card division of Connecticut-based Peoples Bank. This purchase allowed Citizens to issue and market its own credit cards, in late 2004, Citizens Financial acquired Cleveland-based Charter One Bank for US$10.5 billion, with branches in Illinois, Ohio, Indiana, Michigan, upstate New York, and Vermont. On September 1,2007, the banks under Citizens Financial Group, excluding Citizens Bank of Pennsylvania, merged into RBS Citizens. In late 2004, Citizens Financial acquired Cleveland-based Charter One Financial, parent company of Charter One Bank, with branches in Illinois, Ohio, Indiana, Michigan, upstate New York, however, it rebranded the New York and Vermont branches as Citizens Bank. Despite the use of the different names, the two banks were otherwise the same, Charter One was fully integrated into Citizens, and adopted an identical logo. The websites for both banks were identical, with the difference being the name. Citizens customers could bank at Charter One locations and vice versa, in early 2005, the Charter One name replaced the Citizens Bank banner on seven branches in Butler County, Pennsylvania. This rebranding resolved a 3½-year-old name dispute with Butler-based Citizens National Bank, by mid-2005, Citizens National and Citizens Financial agreed to a compromise. Citizens National Bank changed its name to NexTier Bank, while the Citizens Financial Group branches reverted to the Citizens Bank name, in 2003, Charter One purchased Advance Bank, Inc. with 14 branches in Chicagos southern suburbs
36.
Cleveland
–
Cleveland is a city in the U. S. state of Ohio and the county seat of Cuyahoga County, the states second most populous county. The city proper has a population of 388,072, making Cleveland the 51st largest city in the United States, Greater Cleveland ranked as the 32nd largest metropolitan area in the United States, with 2,055,612 people in 2016. The city is the center of the Cleveland–Akron–Canton Combined Statistical Area, the city is located on the southern shore of Lake Erie, approximately 60 miles west of the Pennsylvania border. Clevelands economy has diversified sectors that include manufacturing, financial services, healthcare, Cleveland is also home to the Rock and Roll Hall of Fame. Residents of Cleveland are called Clevelanders, Cleveland has many nicknames, the oldest of which in contemporary use being The Forest City. Cleaveland oversaw the plan for what would become the downtown area, centered on Public Square, before returning home. The first settler in Cleaveland was Lorenzo Carter, who built a cabin on the banks of the Cuyahoga River, the Village of Cleaveland was incorporated on December 23,1814. In spite of the swampy lowlands and harsh winters, its waterfront location proved to be an advantage. The area began rapid growth after the 1832 completion of the Ohio, growth continued with added railroad links. Cleveland incorporated as a city in 1836, in 1836, the city, then located only on the eastern banks of the Cuyahoga River, nearly erupted into open warfare with neighboring Ohio City over a bridge connecting the two. Ohio City remained an independent municipality until its annexation by Cleveland in 1854, the citys prime geographic location as a transportation hub on the Great Lakes has played an important role in its development as a commercial center. Cleveland serves as a point for iron ore shipped from Minnesota. In 1870, John D. Rockefeller founded Standard Oil in Cleveland, other manufacturers located in Cleveland produced steam-powered cars, which included White and Gaeth, as well as the electric car company Baker. Because of the significant growth, Cleveland was known as the Sixth City during this period, by 1920, due in large part to the citys economic prosperity, Cleveland became the nations fifth largest city. The city counted Progressive Era politicians such as the populist Mayor Tom L. Johnson among its leaders, many prominent Clevelanders from this era are buried in the historic Lake View Cemetery, including President James A. Garfield, and John D. Rockefeller. In commemoration of the centennial of Clevelands incorporation as a city, conceived as a way to energize a city after the Great Depression, it drew four million visitors in its first season, and seven million by the end of its second and final season in September 1937. The exposition was housed on grounds that are now used by the Great Lakes Science Center, following World War II, the city experienced a prosperous economy. In sports, the Indians won the 1948 World Series, the hockey Barons became champions of the American Hockey League, as a result, along with track and boxing champions produced, Cleveland was dubbed City of Champions in sports at this time
37.
Midwestern United States
–
It was officially named the North Central region by the Census Bureau until 1984. Illinois is the most populous of the states and North Dakota the least, a 2012 report from the United States Census put the population of the Midwest at 65,377,684. The Midwest is divided by the Census Bureau into two divisions, the East North Central Division includes Illinois, Indiana, Michigan, Ohio and Wisconsin, all of which are also part of the Great Lakes region. Major rivers in the include, from east to west, the Ohio River, the Upper Mississippi River. Chicago is the most populated city in the American Midwest and the third most populous in the entire country, other large Midwest cities include, Indianapolis, Columbus, Detroit, Milwaukee, Kansas City, Omaha, Minneapolis, Cleveland, Wichita and St. Louis. Chicago and its suburbs form the largest metropolitan area with 9.8 million people, followed by Metro Detroit. Paul, Greater St. Louis, Greater Cleveland, Greater Cincinnati, Kansas City metro area, the term Midwestern has been in use since the 1880s to refer to portions of the central United States. A variant term, Middle West, has used since the 19th century. Another term sometimes applied to the general region is the heartland. Other designations for the region have fallen out of use, such as the Northwest or Old Northwest, the Northwest Territory was one of the earliest territories of the United States, stretching northwest from the Ohio River to northern Minnesota and upper-Mississippi. The upper-Mississippi watershed including the Missouri and Illinois Rivers was the setting for the earlier French settlements of the Illinois Country, economically the region is balanced between heavy industry and agriculture, with finance and services such as medicine and education becoming increasingly important. Its central location makes it a crossroads for river boats, railroads, autos, trucks. Politically the region swings back and forth between the parties, and thus is heavily contested and often decisive in elections, after the sociological study Middletown, which was based on Muncie, Indiana, commentators used Midwestern cities as typical of the nation. The region has a higher ratio than the Northeast, the West. Traditional definitions of the Midwest include the Northwest Ordinance Old Northwest states, the states of the Old Northwest are also known as Great Lakes states and are east-north central in the United States. The Ohio River runs along the section while the Mississippi River runs north to south near the center. Many of the Louisiana Purchase states in the west-north central United States, are known as Great Plains states. The Midwest lies north of the 36°30′ parallel that the 1820 Missouri Compromise established as the line between future slave and non-slave states
38.
Investment banking
–
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
39.
Leveraged buyout
–
The use of debt, which has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. This reduced cost of financing allows greater gains to accrue to the equity, and, as a result, the term LBO is usually employed when a financial sponsor acquires a company. However, many transactions are partially funded by bank debt. LBOs mostly occur in private companies, but can also be employed with public companies, as financial sponsors increase their returns by employing a very high leverage, they have an incentive to employ as much debt as possible to finance an acquisition. In situations of normal companies with normal business risks, debt of 40–60% of the price are usual figures. The possible debt ratios vary significantly among the regions and the target industries, depending on the size and purchase price of the acquisition, the debt is provided in different tranches. Depending on the size of the acquisition, debt as well as equity can be provided by more than one party. Another form of debt that is used in LBOs are seller notes in which the seller effectively uses parts of the proceeds of the sale to grant a loan to the purchaser, such seller notes are often employed in management buyouts or in situations with very restrictive bank financing environments. Note that in close to all cases of LBOs, the only available for the debt are the assets. The financial sponsor can treat their investment as common equity or preferred equity among other types of securities, preferred equity can pay a dividend and has payment preferences to common equity. Junior debt often additionally has warrants and its interest is often all or partly of PIK nature, so mature companies with long-term customer contracts and/or relatively predictable cost structures are commonly acquired in LBOs. Relatively low fixed costs - Fixed costs create substantial risk for Private Equity firms because companies still have to pay them if their revenues decline. The first leveraged buyout may have been the purchase by McLean Industries, Inc. of Pan-Atlantic Steamship Company in January 1955, under the terms of that transaction, McLean borrowed $42 million and raised an additional $7 million through an issue of preferred stock. When the deal closed, $20 million of Waterman cash and assets were used to retire $20 million of the loan debt, in fact, it is Posner who is often credited with coining the term leveraged buyout or LBO. The leveraged buyout boom of the 1980s was conceived in the 1960s by a number of financiers, most notably Jerome Kohlberg, Jr. Working for Bear Stearns at the time, Kohlberg and Kravis, along with Kravis cousin George Roberts, began a series of what they described as bootstrap investments. Many of the target companies lacked a viable or attractive exit for their founders, as they were too small to be taken public, thus a sale to a buyer might prove attractive. Their acquisition of Orkin Exterminating Company in 1964 is among the first significant leveraged buyout transactions, by 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and Roberts leading to their departure and the formation of Kohlberg Kravis Roberts in that year
40.
Bank of China
–
Not to be confused with the Peoples Bank of China Bank of China is one of the 5 biggest state-owned commercial banks in China. It was founded in 1912 by the Republican government to replace the Imperial Bank of China and it is the oldest bank in mainland China still in existence. Its headquarters are in Xicheng District, Beijing, as of 31 December 2009, it was the second largest lender in China overall, and the 5th largest bank in the world by market capitalization value. As of 30 June 2015, it has the third highest proportion of interest payable of Chinese companies, the Bank of Chinas history began in 1905, when the Qing government established Daqing Hubu Bank in Beijing, which was in 1908 renamed to Daqing Bank. When the Republic of China was established in 1912, it was renamed as Bank of China by President Sun Yat-sens government. After the Chinese Civil War ended in 1949, the Bank of China effectively split into two operations, part of the bank relocated to Taiwan with the Kuomintang government and was privatised in 1971 to become the International Commercial Bank of China. In 2002, it merged with Chiao Tung Bank to become the Mega International Commercial Bank, the Mainland operation is the current entity known as the Bank of China. It is the second largest lender in China overall, and the fifth largest bank in the world by market capitalization value, in the Forbes Global 2000 it ranked as the 4th-largest company in the world. It is the most globally-active of Chinas banks, with branches on every inhabited continent, in December 2010, the Bank of China New York branch began offering renminbi products for Americans. It was the first major Chinese bank to offer such a product, although it is present in the above countries/territories, its operations outside China accounted for less than 4% of the activity of the bank by both profits and assets. Mainland China accounts for 60% of the bank by profits and 76% by assets as at December 2005,1917, BOC opened a branch in Hong Kong. 1929, BOC opened its first overseas branch in London, the branch managed the governments foreign debt, became a center for the banks management of its foreign exchange, and acted as an intermediary for Chinas international trade. 1931, BOC opened a branch in Osaka,1936, BOC opened a branch in Singapore to handle remittances to China of overseas Chinese. It also opened an agency in New York,1937, On the outbreak of hostilities with Japan, Japanese forces blockaded Chinas major ports. BOC opened a number of branches in Batavia, Penang, Kuala Lumpur, Haiphong, Hanoi, Rangoon, Bombay, and Calcutta to facilitate the gathering of remittances and the flow of military supplies. It also opened sub-agencies in Surabaya, Medan, Dabo, Xiaobo, Batu Pahat, Baichilu, Mandalay, Lashio, Ipoh, and Seremban. 1941-1942, The Japanese conquest of Southeast Asia forced BOC to close all overseas its branches, agencies, sub-branches and sub-agencies, except London, New York, Calcutta, and Bombay. Nevertheless, in 1942, it manages to set up six new overseas branches, such as in Sydney, Liverpool, and Havana,1946, BOC reopened its branches and agencies in Hong Kong, Singapore, Haiphong, Rangoon, Kuala Lumpur, Penang, and Jakarta
41.
Megalomania
–
People affected by it often spend a lot of time thinking about achieving power or success, or about their appearance. They often take advantage of the people around them, the behavior typically begins by early adulthood, and occurs across a variety of situations. The cause of narcissistic personality disorder is unknown and it is a personality disorder classified within cluster B by the Diagnostic and Statistical Manual of Mental Disorders. Diagnosis is by a healthcare professional interviewing the person in question, the condition needs to be differentiated from mania and substance use disorder. Treatments have not been well studied, therapy is often difficult as people with the disorder frequently do not consider themselves to have a problem. The personality was first described in 1925 by Robert Waelder while the current name for the condition came into use in 1968, about one percent of people are believed to be affected at some point in their life. It appears to more often in males than females and affects young people more than older people. People with narcissistic personality disorder are characterized by their persistent grandiosity, excessive need for admiration, and these individuals often display arrogance, a sense of superiority, and power-seeking behaviors. In addition, people with NPD may exhibit fragile egos, an inability to tolerate criticism, and it is not uncommon for children and teens to display some traits similar to NPD, but these are typically transient without meeting full criteria for the diagnosis. True NPD symptoms are pervasive, apparent in various situations, and rigid, the symptoms must be severe enough that they significantly impair the individuals ability to develop meaningful relationships with others. Symptoms also generally impair an individuals ability to function at work, school, according to the DSM-5, these traits must differ substantially from cultural norms in order to qualify as symptoms of NPD. People with NPD tend to exaggerate their skills and accomplishments as well as their level of intimacy with people they consider to be high-status and their sense of superiority may cause them to monopolize conversations and to become impatient or disdainful when others talk about themselves. In the course of a conversation, they may purposefully or unknowingly disparage or devalue the other person by overemphasizing their own success, when they are aware that their statements have hurt someone else, they tend to react with contempt and to view it as a sign of weakness. When their own ego is wounded by a real or perceived criticism, their anger can be disproportionate to the situation, despite occasional flare-ups of insecurity, their self-image is primarily stable. Narcissistic individuals use various strategies to protect the self at the expense of others and they tend to devalue, derogate, insult, blame others and they often respond to threatening feedback with anger and hostility. They usually mask these feelings from others with feigned humility, isolating socially or they may react with outbursts of rage, defiance, the merging of the inflated self-concept and the actual self is seen in the inherent grandiosity of narcissistic personality disorder. Also inherent in this process are the mechanisms of denial. According to the DSM-5, Many highly successful individuals display personality traits that might be considered narcissistic, only when these traits are inflexible, maladaptive, and persisting and cause significant functional impairment or subjective distress do they constitute narcissistic personality disorder
42.
Dresdner Kleinwort
–
Dresdner Kleinwort was a British-based investment bank. It disappeared as a brand from the world of investment banking in September 2009, Dresdner Kleinwort was established in July 1995 when Kleinwort Benson was acquired by Dresdner Bank. It added global reach through the acquisition of the US investment bank Wasserstein Perella in 2001, the Frankfurt branch of the bank was instrumental in initiating trading in emissions credits in 2003. In 2004, the Russian government hired Dresdner Kleinwort to value Yukoss Yuganskneftegaz which was sold to Russian state oil major Rosneft. In January 2006, the became the target of a US$1.4 billion class action suit by six employees alleging bias. In December 2008 Commerzbank, who was in the process of acquiring Dresdner Bank, then in March 2009 it became clear that the office in Japan would close. It also became clear that the markets and equities units would close. In February 2009 the Commerzbank management announced that no bonuses would be paid across the Commerzbank group including Dresdner Kleinwort and this was clarified to mean that Front Office staff would receive 10% of the bonus promised December 2008 and support functions would receive their full bonus. This, together with issues regarding severance payments and guaranteed bonus payments, has led to a number of lawsuits, jens-Peter Neumann, former head of Capital Markets sued in Germany in April 2009 for €1.5 million in severance pay. Former senior managers Martin Newson, Eduardo Listorti and Michael Adams sued but settled out of court, other executives won their bonus suits against the bank in August 2009. Additional cases were brought by Dresdner Kleinwort executive committee members John McIntyre, Bertrand Pinel, in September 2009,72 former and current Dresdner Kleinwort front office employees sued for £30 million in disputed bonus payments. In September 2009 Commerzbank decided to use of the Dresdner Kleinwort name. House of Representatives, White House Chief of Staff Peter Walker, Baron Walker of Worcester, Member of the British Parliament Thomson Financial league tables
43.
ABN AMRO
–
ABN AMRO Bank N. V. is a Dutch bank with headquarters in Amsterdam. ABN AMRO Bank is the third-largest bank in the Netherlands, following the collapse of Fortis, who acquired the Dutch business, it was nationalized by the Dutch government along with Fortis Bank Nederland. It was relisted as public company again in 2015, the bank is a product of a long history of mergers and acquisitions that date to 1765. In 1991, Algemene Bank Nederland and AMRO Bank agreed to merge to create the original ABN AMRO, by 2007, ABN AMRO was the second-largest bank in the Netherlands and the eighth-largest in Europe by assets. At that time the magazine The Banker and Fortune Global 500 placed it 15th in the list of world’s biggest banks and it had operations in 63 countries, with over 110,000 employees. In October 2007, a consortium of the Royal Bank of Scotland Group, Fortis and Banco Santander, known as RFS Holdings B. V. acquired the bank, consequently, the bank was divided into three parts, each owned by one of the members of the consortium. However, RBS and Fortis soon ran into trouble, the large debt created to fund the takeover had depleted the banks reserves just as the financial crisis of 2007–2010 started. The operations owned by Santander, notably those in Italy and Brazil, were merged with Santander and this demerger created two separate organisations, ABN AMRO Bank N. V. and The Royal Bank of Scotland N. V. The remaining parts of the original ABN AMRO still owned by The Royal Bank of Scotland N. V. meanwhile, were renamed, the Dutch government has said that ABN AMRO would remain state-owned until at least 2014. On November 20,2015 the Dutch government publicly re-listed the company through an IPO, the NHM merged with the Twentsche Bank in 1964 to form Algemene Bank Nederland. In the same year, the Amsterdamsche Bank, established in 1871, merged with the Rotterdamsche Bank, established in 1873, in 1991, ABN and AMRO Bank agreed to merge to create ABN AMRO. Through these mergers and acquisitions, ABN AMRO gained a number of overseas companies and branches. From NHM, it owned a significant branch network in Asia, one of these, the Saudi Hollandi Bank was owned by the NHM Jeddah branch and in which ABN AMRO still had a 40% stake, caused questions in the Dutch parliament from the political Party for Freedom. In 1979, ABN expanded into North America with the acquisition of Chicago-based LaSalle National Bank, in 2005, Standard Federal became LaSalle Bank Midwest to unite the two components. ABN AMRO purchased The Chicago Corporation, an American securities and commodities trading and clearing corporation in fall 1995, other major acquisitions included the Brazilian bank Banco Real in 1998 and the Italian bank Antonveneta in 2006. It was also involved in the acquisition of the Dutch local government mortgage and building development organisation. ABN AMRO sold the Bouwfonds as a concern in 2006. ABN AMRO had come to a crossroads in early 2005, from 2000 until 2005, ABN AMROs stock price stagnated
