Bloomberg L. P. is a held financial, software and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, a 30% ownership investment by Merrill Lynch. Bloomberg L. P. provides financial software tools such as an analytics and equity trading platform, data services, news to financial companies and organizations through the Bloomberg Terminal, its core revenue-generating product. Bloomberg L. P. includes a wire service, a global television network, radio stations, subscription-only newsletters, two magazines: Bloomberg Businessweek and Bloomberg Markets. In 2014, Bloomberg L. P. launched Bloomberg Politics, a multiplatform media property that merged the company's political news teams, has recruited two veteran political journalists, Mark Halperin and John Heilemann, to run it. In 1981, Salomon Brothers was acquired, Michael Bloomberg, a general partner, was given a $10 million partnership settlement.
Bloomberg, having designed in-house computerized financial systems for Salomon, used his $10 million severance cheque to start Innovative Market Systems. Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations and other financial analytics to Wall Street firms. In 1983, Merrill Lynch invested $30 million in IMS to help finance the development of "the Bloomberg" terminal computer system and by 1984, IMS was selling machines to all of Merrill Lynch's clients. In 1986, the company was renamed Bloomberg L. P. and 5,000 terminals had been installed in subscribers' offices. Within a few years, ancillary products including Bloomberg Tradebook, the Bloomberg Messaging Service, the Bloomberg newswire were launched. Bloomberg launched its news services division in 1990. Bloomberg.com was first established on September 29, 1993, as a financial portal with information on markets, currency conversion and events, Bloomberg Terminal subscriptions. In late 1996, Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in the company for $200 million, valuing the company at $9 billion.
In 2008, facing losses during the financial crisis, Merrill Lynch agreed to sell its remaining 20 percent stake in the company back to Bloomberg Inc. majority-owned by Michael Bloomberg, for a reported $4.43 billion, valuing Bloomberg L. P. at $22.5 billion. Bloomberg L. P. has remained a private company since its founding. To run for the position of Mayor of New York against Democrat Mark Green in 2001, Bloomberg gave up his position of CEO and appointed Lex Fenwick as CEO in his stead. Peter Grauer is the chairman. In 2008, Fenwick became the CEO of a new venture capital division. Daniel Doctoroff, former deputy mayor in the Bloomberg administration, serves as president and CEO. In September 2014, it was announced that Michael Bloomberg would be taking the reins of his eponymous market data company from Doctoroff, chief executive of Bloomberg for the past six years after his term as deputy mayor. In September 2014, Bloomberg sold its Bloomberg Sports analysis division to the data analysis firm STATS LLC for a fee rumored to be between $15 million and $20 million.
Since its founding, Bloomberg L. P. has made several acquisitions including the radio station WNEW, BusinessWeek magazine, research company New Energy Finance, the Bureau of National Affairs and the financial software company Bloomberg PolarLake. On July 9, 2014, Bloomberg L. P. acquired RTS Realtime Systems, a global provider of low-latency connectivity and trading support services. In 1992, Bloomberg L. P. purchased New York Radio station WNEW for $13.5 million. The station was converted into an all-news format, known as Bloomberg Radio, the call letters were changed to WBBR. Bloomberg L. P. bought a weekly business magazine, BusinessWeek, from McGraw-Hill in 2009. The company acquired the magazine—which was suffering from declining advertising revenue and limited circulation numbers—to attract general business to its media audience composed of terminal subscribers. Following the acquisition, BusinessWeek was renamed Bloomberg Businessweek. Joel Weber edits the magazine. In 2010, Bloomberg L. P. acquired Eagle Eye Publishing, a Fairfax, Virginia-based company that publishes data about procurement by the Federal Government.
This acquisition became part of Bloomberg Government, launched in early 2011. In 2009, Bloomberg L. P. purchased New Energy Finance, a data company focused on energy investment and carbon markets research based in the United Kingdom. New Energy Finance was created by Michael Liebreich in 2004, to provide news and analysis on carbon and clean energy markets. Bloomberg L. P. acquired the company to become an industry resource for information to support low-carbon energy solutions. It was renamed to BNEF for short. Liebreich continued to lead the company, serving as the chief executive officer until 2014, when he stepped down as CEO but remained involved as Chairman of the Advisory Board. Bloomberg L. P. purchased Arlington, Virginia-based Bureau of National Affairs in August 2011, for $990 million to bolster its existing Bloomberg Government and Bloomberg Law services. BNA publishes specialized online and print news and information for professionals in business and government; the company produces more than 350 news publications in topic areas that include corporate law and business, employee benefits and labor law, environment and safety, health care, human resources, intellectual property and tax and acco
Chief executive officer
The chief executive officer or just chief executive, is the most senior corporate, executive, or administrative officer in charge of managing an organization – an independent legal entity such as a company or nonprofit institution. CEOs lead a range of organizations, including public and private corporations, non-profit organizations and some government organizations; the CEO of a corporation or company reports to the board of directors and is charged with maximizing the value of the entity, which may include maximizing the share price, market share, revenues or another element. In the non-profit and government sector, CEOs aim at achieving outcomes related to the organization's mission, such as reducing poverty, increasing literacy, etc. In the early 21st century, top executives had technical degrees in science, engineering or law; the responsibility of an organization's CEO are set by the organization's board of directors or other authority, depending on the organization's legal structure.
They can be far-reaching or quite limited and are enshrined in a formal delegation of authority. Responsibilities include being a decision maker on strategy and other key policy issues, leader and executor; the communicator role can involve speaking to the press and the rest of the outside world, as well as to the organization's management and employees. As a leader of the company, the CEO or MD advises the board of directors, motivates employees, drives change within the organization; as a manager, the CEO/MD presides over the organization's day-to-day operations. The term refers to the person who makes all the key decisions regarding the company, which includes all sectors and fields of the business, including operations, business development, human resources, etc; the CEO of a company is not the owner of the company. In some countries, there is a dual board system with two separate boards, one executive board for the day-to-day business and one supervisory board for control purposes. In these countries, the CEO presides over the executive board and the chairman presides over the supervisory board, these two roles will always be held by different people.
This ensures a distinction between management by the executive board and governance by the supervisory board. This allows for clear lines of authority; the aim is to prevent a conflict of interest and too much power being concentrated in the hands of one person. In the United States, the board of directors is equivalent to the supervisory board, while the executive board may be known as the executive committee. In the United States, in business, the executive officers are the top officers of a corporation, the chief executive officer being the best-known type; the definition varies. In the case of a sole proprietorship, an executive officer is the sole proprietor. In the case of a partnership, an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company, executive officer is any manager, or officer. A CEO has several subordinate executives, each of whom has specific functional responsibilities referred to as senior executives, executive officers or corporate officers.
Subordinate executives are given different titles in different organizations, but one common category of subordinate executive, if the CEO is the president, is the vice-president. An organization may have more than one vice-president, each tasked with a different area of responsibility; some organizations have subordinate executive officers who have the word chief in their job title, such as chief operating officer, chief financial officer and chief technology officer. The public relations-focused position of chief reputation officer is sometimes included as one such subordinate executive officer, but, as suggested by Anthony Johndrow, CEO of Reputation Economy Advisors, it can be seen as "simply another way to add emphasis to the role of a modern-day CEO – where they are both the external face of, the driving force behind, an organisation culture". In the US, the term chief executive officer is used in business, whereas the term executive director is used in the not-for-profit sector; these terms are mutually exclusive and refer to distinct legal duties and responsibilities.
Implicit in the use of these titles, is that the public not be misled and the general standard regarding their use be applied. In the UK, chief executive and chief executive officer are used in both business and the charitable sector; as of 2013, the use of the term director for senior charity staff is deprecated to avoid confusion with the legal duties and responsibilities associated with being a charity director or trustee, which are non-executive roles. In the United Kingdom, the term director is used instead of chief officer". Business publicists since the days of Edward Bernays and his client John D. Rockefeller and more the corporate publicists for Henry Ford, promoted the concept of the "celebrity CEO". Business journalists have adopted this approach, which assumes that the corporate achievements in the arena of manufacturing, wer
United States dollar
The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent units, but is divided into 1000 mills for accounting; the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. Since the suspension in 1971 of convertibility of paper U. S. currency into any precious metal, the U. S. dollar is, de facto, fiat money. As it is the most used in international transactions, the U. S. dollar is the world's primary reserve currency. Several countries use it as their official currency, in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or accept U. S. dollar coins. As of June 27, 2018, there are $1.67 trillion in circulation, of which $1.62 trillion is in Federal Reserve notes.
Article I, Section 8 of the U. S. Constitution provides that the Congress has the power "To coin money". Laws implementing this power are codified at 31 U. S. C. § 5112. Section 5112 prescribes the forms; these coins are both designated in Section 5112 as "legal tender" in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar; the pure silver dollar is known as the American Silver Eagle. Section 5112 provides for the minting and issuance of other coins, which have values ranging from one cent to 100 dollars; these other coins are more described in Coins of the United States dollar. The Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time"; that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the "Statements" are being expressed in U. S. dollars. The U. S. dollar may therefore be described as the unit of account of the United States.
The word "dollar" is one of the words in the first paragraph of Section 9 of Article I of the Constitution. There, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act. Section 9 of that act authorized the production of various coins, including "DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar as the same is now current, to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver". Section 20 of the act provided, "That the money of account of the United States shall be expressed in dollars, or units... and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation". In other words, this act designated the United States dollar as the unit of currency of the United States. Unlike the Spanish milled dollar, the U.
S. dollar is based upon a decimal system of values. In addition to the dollar the coinage act established monetary units of mill or one-thousandth of a dollar, cent or one-hundredth of a dollar, dime or one-tenth of a dollar, eagle or ten dollars, with prescribed weights and composition of gold, silver, or copper for each, it was proposed in the mid-1800s that one hundred dollars be known as a union, but no union coins were struck and only patterns for the $50 half union exist. However, only cents are in everyday use as divisions of the dollar. XX9 per gallon, e.g. $3.599, more written as $3.599⁄10. When issued in circulating form, denominations equal to or less than a dollar are emitted as U. S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes. Both one-dollar coins and notes are produced today, although the note form is more common. In the past, "paper money" was issued in denominations less than a dollar and gold coins were issued for circulation up to the value of $20.
The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, subsequently was used in naming gold coins. Paper currency less than one dollar in denomination, known as "fractional currency", was sometimes pejoratively referred to as "shinplasters". In 1854, James Guthrie Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union", "Half Union", "Quarter Union", thus implying a denomination of 1 Union = $100. Today, USD notes are made from cotton fiber paper, unlike most common paper, made of wood fiber. U. S. coins are produced by the United States Mint. U. S. dollar banknotes are printed by the Bureau of Engraving and Printing and, since 1914, have been issued by t
Singapore the Republic of Singapore, is an island city-state in Southeast Asia. It lies one degree north of the equator, at the southern tip of the Malay Peninsula, with Indonesia's Riau Islands to the south and Peninsular Malaysia to the north. Singapore's territory consists of one main island along with 62 other islets. Since independence, extensive land reclamation has increased its total size by 23%; the country is known for its transition from a developing to a developed one in a single generation under the leadership of its founder Lee Kuan Yew. In 1819, Sir Stamford Raffles founded colonial Singapore as a trading post of the British East India Company. After the company's collapse in 1858, the islands were ceded to the British Raj as a crown colony. During the Second World War, Singapore was occupied by Japan, it gained independence from the British Empire in 1963 by joining Malaysia along with other former British territories, but separated two years over ideological differences, becoming a sovereign nation in 1965.
After early years of turbulence and despite lacking natural resources and a hinterland, the nation developed as an Asian Tiger economy, based on external trade and its workforce. Singapore is a global hub for education, finance, human capital, logistics, technology, tourism and transport; the city ranks in numerous international rankings, has been recognised as the most "technology-ready" nation, top International-meetings city, city with "best investment potential", world's smartest city, world's safest country, second-most competitive country, third least-corrupt country, third-largest foreign exchange market, third-largest financial centre, third-largest oil refining and trading centre, fifth-most innovative country, the second-busiest container port. The Economist has ranked Singapore as the most expensive city to live in, since 2013, it is identified as a tax haven. Singapore is the only country in Asia with an AAA sovereign rating from all major rating agencies, one of 11 worldwide. Globally, the Port of Singapore and Changi Airport have held the titles of leading "Maritime Capital" and "Best Airport" for consecutive years, while Singapore Airlines is the 2018 "World's Best Airline".
Singapore ranks 9th on the UN Human Development Index with the 3rd highest GDP per capita. It is placed in key social indicators: education, life expectancy, quality of life, personal safety and housing. Although income inequality is high, 90% of homes are owner-occupied. According to the Democracy Index, the country is described as a "flawed democracy"; the city-state is home to 5.6 million residents, 39% of whom are foreign nationals, including permanent residents. There are four official languages: English, Mandarin Chinese, Tamil, its cultural diversity is reflected in major festivals. Pew Research has found. Multiracialism has been enshrined in its constitution since independence, continues to shape national policies in education, politics, among others. Singapore is a unitary parliamentary republic with a Westminster system of unicameral parliamentary government; the People's Action Party has won every election since self-government began in 1959. As one of the five founding members of ASEAN, Singapore is the host of the Asia-Pacific Economic Cooperation Secretariat and Pacific Economic Cooperation Council Secretariat, as well as many international conferences and events.
It is a member of the East Asia Summit, Non-Aligned Movement and the Commonwealth of Nations. The English name of Singapore is an anglicisation of the native Malay name for the country, in turn derived from Sanskrit, hence the customary reference to the nation as the Lion City, its inclusion in many of the nation's symbols. However, it is unlikely that lions lived on the island. There are however other suggestions for the origin of the name and scholars do not believe that the origin of the name is established; the central island has been called Pulau Ujong as far back as the third century CE "island at the end" in Malay. Singapore is referred to as the Garden City for its tree-lined streets and greening efforts since independence, the Little Red Dot for how the island-nation is depicted on many maps of the world and Asia, as a red dot. Singapore is referred to as the "Switzerland of Asia" in 2017 due to its neutrality on international and regional issues; the Greco-Roman astronomer Ptolemy identified a place called Sabana in the general area in the second century, the earliest written record of Singapore occurs in a Chinese account from the third century, describing the island of Pu Luo Chung.
This was itself a transliteration from the Malay name "Pulau Ujong", or "island at the end". The Nagarakretagama, a Javanese epic poem written in 1365, referred to a settlement on the island called Tumasik. In 1299, according to the Malay Annals, the Kingdom of Singapura was founded on the island by Sang Nila Utama. Although the historicity
Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is ranked 3rd on the list of largest banks in the United States and, alongside JPMorgan Chase, Bank of America, Wells Fargo, it is one of the Big Four banks of the United States, it is a systemically important financial institution and is on the list of systemically important banks that are too big to fail. It is one of the nine global investment banks in the Bulge Bracket. Citigroup is ranked 32nd on the Fortune 500 as of 2018. Citigroup does business in more than 160 countries, it has 214,000 employees, although it had 357,000 employees before the financial crisis of 2007-2008, when it was rescued via a massive stimulus package by the U.
S. government. Citigroup is the holding company for the following divisions: Inc.. Citigroup Global Markets Limited, Citigroup Global Markets Japan - broker dealers, including one of 24 primary dealers in United States Treasury securities. Citi's Institutional Clients Group offers investment and corporate banking services and products for companies, governments and ultra high-net-worth investors. ICG consists of the following five main divisions:Capital Markets Origination is focused on the capital-raising needs such as public offerings, private placements, special purpose acquisition companies. Corporate & Investment Banking provides strategic and financing products and advisory services to multinational and local corporations, financial institutions and held businesses in more than 160 countries, it provides client services such as mergers & acquisitions advice and underwriting of initial public offerings. Markets & Securities Services includes investor services and direct custody and clearing, hedge fund and private equity servicing, issuer businesses.
It provides financial products through underwriting, sales & trading of a range of investment assets. Products offered include servicing of equities, credit, foreign exchange, emerging markets, G10 rates, prime finance/brokerage services, securitized markets, such as collateralized debt obligations and mortgage-backed securities, its Citi Research team provides equity and fixed income research, sector and geographic market analysis, product-specific analysis for Citi's individual and institutional clients. Its flagship research reports include the following: Portfolio Strategist, Bond Market Roundup, U. S. Economics Weekly, International Market Roundup, Global Economic Outlook & Strategy and the Global Equity Strategist. Citi Private Bank advises professional investors, ultra high-net-worth individuals and families, lawyers throughout the world, it uses an open architecture network of more than 800 private bankers and investment professionals across 46 countries and jurisdictions to provide clients access to global investment opportunities.
It has over $250 billion in assets under management. The minimum net worth requirement is $25 million in liquid assets and is waived for only law firm groups and other clients under special circumstances. Treasury and Trade Solutions provides cash management and securities services to companies and other institutions in the U. S. and more than 140 countries. TTS intermediates more than $3 trillion in global transactions daily, it has over $13 trillion assets under custody, about $377 billion in average liability balances, serves 99% of world's Fortune 100 companies and ~85% of the world's Fortune 500 companies, has 10 regional processing centers worldwide using global processes. Institutions use TTS to support their treasury operations with global solutions for payments, collections and investments by working in partnership with export credit agencies and development banks, it sells supply chain financing products as well as medium- and long-term global financing programs across multiple industries.
Clients doing business with Citi in 10 or more countries generate more than 60% of Transaction Services' total revenues. Grupo Financiero Banamex - the second largest bank in Mexico, it serves about 20 million clients. Citicorp - the holding company for Citibank as well as several international banks. Citicorp contains Global Consumer Banking and Institutional Clients Group. Citibank Retail banking encompasses Citi's global branch network, branded Citibank. Citibank holds more than $300 billion in deposits. Citibank is the 4th largest retail bank in the United States based on deposits, it has Citibank branded branches in countries throughout the world, with the exception of Mexico, under a separate subsidiary called Banamex. Citibank offers checking and savings accounts, small business and commercial banking and personal wealth management among its services. Citibank offers Citigold services worldwide to mass affluent clients with at least US$200,000 in liquid assets. In certain markets, Citigold Select is available for clients with at least US$500,000 in liquid assets.
Its highest level of service, Citigold Private Client, is for high-net-worth individuals with at least $1–$3 million in liquid assets and offers access to investments and ideas from Citi Private Bank. Citi Branded Cards is the world's largest credit card issuer. Citi Retail Services is one of the largest prov
Lee Hsien Loong
Lee Hsien Loong is a Singaporean politician. He is the current and third Prime Minister of Singapore since 2004, he took over the leadership of the People's Action Party when former Prime Minister Goh Chok Tong stepped down from the position to become the new Senior Minister. Lee led his party to victory in the 2006, 2011 and 2015 general elections, he began his current term on 15 January 2016 following the opening of Singapore's 13th Parliament. Lee is the eldest son of Lee Kuan Yew. Lee graduated from Trinity College, Cambridge University, as Senior Wrangler in 1974 and earned a Master of Public Administration at Harvard's Kennedy School of Government. From 1971 to 1984, he served in the Singapore Armed Forces where he rose to the rank of brigadier general, he won his first election for Member of Parliament in 1984, contesting as a member of the People's Action Party. Under Singapore's second prime minister, Goh Chok Tong, Lee served as the Minister for Trade and Industry, Minister for Finance and Deputy Prime Minister.
The eldest child of Singapore's first Prime Minister Lee Kuan Yew and his wife Kwa Geok Choo, Lee Hsien Loong was born in Singapore on 10 February 1952. His paternal grandmother, Chua Jim Neo, was a Hokkien Nyonya, his mother has ancestry from Tong'an District, Fujian, China. According to Lee Kuan Yew's biography, the younger Lee had learnt the Jawi script from the age of five, has always been interested in the affairs of Singapore following his father to the rally grounds since 1963. Lee studied at Nanyang Primary School and received his secondary education at Catholic High School, before going on to National Junior College. In 1971, he was awarded a President's Scholarship and Singapore Armed Forces Overseas Scholarship by the Public Service Commission to study mathematics at Trinity College, University of Cambridge, he was Senior Wrangler in 1973, graduated in 1974 with first-class honours on a Bachelor of Arts in Mathematics and a Diploma in Computer Science with distinction. In 1980, he completed a Master of Public Administration at the John F. Kennedy School of Government, Harvard University.
Lee joined the Singapore Armed Forces in 1971, served as an officer from 1974 to 1984. In 1978, he attended the United States Army Command and General Staff College at Fort Leavenworth, held various staff and command posts, including the Director of the Joint Operations and Plans Directorate, Chief of Staff of the General Staff. Lee rose through the ranks in the Singapore Army, becoming the youngest brigadier-general in Singaporean history after his promotion in July 1983. Notably, he was put in command of the rescue operations following the Sentosa Cable Car Disaster. Lee served as commanding officer of 23rd Singapore Artillery in the Singapore Army before he left the SAF in 1984 to pursue civilian politics. In the 1980s, Lee was regarded as the core member of the next batch of new leaders in the People's Action Party leadership transition, taking place in the mid-1980s, as Lee Kuan Yew had declared that he would step down as prime minister in 1984. Following the 1984 general election, all of the old Central Executive Committee members resigned on 1 January 1985, except for Lee Kuan Yew himself.
Lee was first elected Member of Parliament for the Teck Ghee Single Member Constituency in 1984, at the age of thirty-two. Following his first election, he was appointed as a Minister of State in the Ministry of Trade and Industry and the Ministry of Defence by his father Lee Kuan Yew, the prime minister at that time. In 1985, Lee chaired the government's economic committee, which recommended changes to established government policies to reduce business costs, foster longer-term growth and revive the Singapore economy, experiencing a recession at the time; the committee's recommendations included reductions in corporate and personal taxes and the introduction of a consumption tax. In 1986, Lee was appointed the acting minister for Industry. In 1987, he became a full member of the Cabinet as the minister for trade and Industry and second minister for defence. Lee was the chairman of the PAP Youth Committee, the predecessor to the Young PAP, when it was established in 1986. Lee said that the youth wing would be a channel to communicate dissent, in which otherwise they might be "tempted" to vote for the opposition political parties and bring the PAP government down.
On 28 November 1990, Goh Chok Tong took over from Lee Kuan Yew as Singapore's Prime Minister, Lee Hsien Loong was made one of two Deputy Prime Ministers. He continued to serve as the Minister for Trade and Industry until 1992. In 1992, Lee underwent a three-month period of chemotherapy; when his treatment began, he relinquished his position as the Minister for Trade and Industry, though he continued to be a Deputy Prime Minister. His chemotherapy was successful, his cancer has since gone into remission. Lee was appointed Chairman of the Monetary Authority of Singapore in 1998, in 2001 he was made the Minister for Finance. To ease the growing budget deficit due to falling tax revenues from cuts in corporate and personal income taxes and other factors such as the Iraq War and SARS outbreak, Lee proposed on 29 August 2003 to raise the GST from three percent to five percent, a change which took place in January 2004. Lee initiated several amendments to render requirements for Singapore citizenship less r
Government of Singapore
The Government of Singapore is defined by the Constitution of the Republic of Singapore to mean the Executive branch of government, made up of the President and the Cabinet of Singapore. Although the President acts in his/her personal discretion in the exercise of certain functions as a check on the Cabinet and Parliament of Singapore, his/her role is ceremonial, it is the Cabinet, composed of the Prime Minister and other Ministers appointed on his/her advice by the President, that directs and controls the Government. The Cabinet is formed by the political party. A statutory board is an autonomous agency of the Government, established by an Act of Parliament and overseen by a government ministry. Unlike ministries and government departments that are subdivisions of ministries, statutory boards are not staffed by civil servants and have greater independence and flexibility in their operations. There are five Community Development Councils appointed by the board of management of the People's Association for districts in Singapore.
Where there are not less than 150,000 residents in a district, the PA's board of management may designate the chairman of a CDC to be the mayor for the district that the CDC is appointed for. As it is the practice for MPs to be appointed as Chairmen of CDCs, these MPs have been designated as mayors. From the founding of modern Singapore in 1819 until 1826, Singapore was headed by two residents in succession. Following Singapore's amalgamation into the Straits Settlements in 1826, it was governed by a governor together with a legislative council. An executive council of the Straits Settlements was introduced in 1877 to advise the Governor but wielded no executive power. In 1955, a Council of Ministers was created, appointed by the Governor on the recommendation of the Leader of the House. Constitutional talks between Legislative Assembly representatives and the Colonial Office were held from 1956 to 1958, Singapore gained full internal self-government in 1959; the governor was replaced by the Yang di-Pertuan Negara, who had power to appoint to the post of prime minister the person most to command the authority of the assembly, other ministers of the Cabinet on the prime minister's advice.
In the 1959 general elections, the People's Action Party swept to power with 43 out of the 51 seats in the assembly, Lee Kuan Yew became the first prime minister of Singapore. The executive branch of the Singapore Government remained unchanged following Singapore's merger with Malaysia in 1963, subsequent independence in 1965; the PAP has been returned to power in every general election and has thus formed the Cabinet since 1959. The government is perceived to be competent in managing the country's economy and free from political corruption. On the other hand, it has been criticized for using unfair election tactics, violating freedom of speech and its excessive use of the death penalty for non-violent crimes; the term Government of Singapore can have a number of different meanings. At its widest, it can refer collectively to the three traditional branches of government – the Executive branch, Legislative branch and Judicial branch; the term is used colloquially to mean the Executive and Legislature together, as these are the branches of government responsible for day-to-day governance of the nation and lawmaking.
At its narrowest, the term is used to refer to the Members of Parliament belonging to a particular political party holding a majority of seats in Parliament sufficient to enable the party to form the Cabinet of Singapore – this is the sense intended when it is said that a political party "forms the Government". The Constitution of the Republic of Singapore uses the word Government to mean the Executive branch, made up of the President and the Cabinet; this article describes the Government of Singapore in this technical sense, as well as selected aspects of the Executive branch of the Government. On 30 January 1819 Sir Stamford Raffles, an Englishman, the Governor of Bencoolen, entered into a preliminary agreement with the Temenggung of Johor, Abdul Rahman Sri Maharajah, for the British East India Company to establish a "factory" or trading post on the island of Singapore; this was confirmed by another agreement signed by Raffles, the Temenggung and Sultan Hussein Shah on 6 February. In June 1823 Singapore ceased to be a dependency of Bencoolen and was placed under the control of the Presidency City of Calcutta in the Bengal Presidency.
On 24 June 1824, Singapore and Malacca were formally transferred to the East India Company, with the result that they came under the control of Fort William. Full cession of Singapore to the Company by the Sultan and Temenggung was effected by a treaty of 19 November 1824, ratified by Calcutta on 4 March 1825. Between 1819 and 1826, Singapore was headed by two Residents of Singapore in Maj.-Gen. William Farquhar and Dr. John Crawfurd. In 1826, Malacca and Singapore were amalgamated into the Straits Settlements, which were made a Crown colony with effect from 1 April 1867; the Colony was governed by a governor together with a legislative council. An executive council was introduced in 1877 by letters patent issued by the Crown, Composed of "such persons and constituted in such manner as may be directed" by royal instructions, it existed to advise the Governor and wielded no executive power; the Governor was required to consult the Executive Council on all affairs of importance unless they were too urgent to be laid before it, or if reference to it would pre