Grupo Elektra is a Mexican financial and retailing corporation established by Hugo Salinas Rocha. The company has operations in Latin America and is the largest non-bank provider of cash advance services in the United States, it is listed on the Spanish Stock Market Latibex. The Group operates more than 7,000 points of contact in Mexico, the United States, Honduras, Panama and El Salvador; the company operates through two divisions to satisfy the needs of its customers: commercial and financial. Grupo Elektra offers appliances, consumer electronics, motorcycles, mobile phones, computers, as well as electronic money transfer business and extended warranties, among many other products. Elektra is the most important store format of the company, it has 1,143 points of sale throughout Mexico and Central and South America, focused to underserved social classes. The Salinas y Rocha store format has 51 stores and its target market is made of the middle class. Grupo Elektra sells close to 1 of every 4 televisions commercialized in Mexico, 1 of every 5 refrigerators, 7 of every 10 motorcycles, pays a substantial proportion of the electronic money transfers from the United States into Mexico.
It offers its services to sectors that have been underserved by traditional financial institutions through Banco Azteca, Seguros Azteca, Afore Azteca, Advance America and Punto Casa de Bolsa. Banco Azteca operates in Mexico, Honduras, El Salvador and Peru, is the largest bank in Mexico in geographical coverage with more than 3,500 points of contact. Banco Azteca Mexico has more than 13 million of deposit accounts and a similar numbers of loan accounts. Banco Azteca offers consumer and personal loans, credit cards, pawn lending, group and commercial loans. On the deposit side, the bank offers a variety of savings products for its target market, with interest-bearing accounts that can be opened with one peso and do not generate commissions. According to the World Bank, Banco Azteca has a positive impact on the development of numerous communities through micro financing. In the 2014 Global Financial Development Report about Financial Inclusion, the World Bank indicated that after two years from the start of operations of Banco Azteca in 2002, personal income increased 7% in areas where branches were established, unemployment decreased 1.4%, due to the increased access to credit, with lower interest rates, compared to other local and microfinance loan providers.
World Bank reported the increase in income was due to the strengthening of small businesses as a result of larger access to funding, while the growth of companies generated jobs. As a result, these sources of work beneficiated low-income population segments that are the target market of Banco Azteca, which improved income distribution. Advance America is a payday loan provider in the United States, founded in 1997; as of December 31, 2013, Advance America operated over 2,500 lending centers in 29 states and 18 centers in Canada. Advance America's current President and CEO is J. Patrick O'Shaughnessy, who served as the company's CFO. William Webster IV is chairman of the board. Advance America provides its cash advances in short-term amounts; the advances are due on the customer's next payday. Advance America does not franchise any of its centers in the United States or Canada and does not provide pawn lending; the company is a member of the Community Financial Services Association of America. Seguros Azteca offers life and liability micro insurance that can be acquired at affordable prices in Mexico and Latin America.
Afore Azteca offers pension fund management with the support of the extensive geographical coverage of Grupo Elektra. Advance America is a short-term non-bank loan provider in the United States and, Punto Casa de Bolsa offers financial brokerage services to the middle class of the population. 1950: Hugo Salinas Rocha creates Elektra. First Mexican company to manufacture televisions sets. 1954: Starts selling merchandise on credit. 1987: Ricardo B. Salinas is named CEO. 1993: Begins offering electronic money transfer services. 1997: Expansion into Latin America starts. 1999: Retail chain Salinas y Rocha is acquired. 2002: Banco Azteca Mexico starts operations. 2003: Afore Azteca starts operating. 2004: Seguros Azteca begins offering its services. 2005: Assembly and selling of Italika-branded motorcycles starts. 2008: During 2008, the company bought 28% of struggling retailer Circuit City. The company soon went bankrupt after being unable to find another buyer. 2012: Advance America is acquired. Punto Casa de Bolsa starts operations.
Corporate website Official website
Initial public offering
Initial public offering or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and also retail investors. Through this process, colloquially known as floating, or going public, a held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned. After the IPO, shares traded in the open market are known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms and as a proportion of the total share capital. Although IPO offers many benefits, there are significant costs involved, chiefly those associated with the process such as banking and legal fees, the ongoing requirement to disclose important and sometimes sensitive information. Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus. Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter.
Underwriters provide several services, including help with assessing the value of shares and establishing a public market for shares. Alternative methods such as the Dutch auction have been explored and applied for several IPOs; the earliest form of a company which issued public shares was the case of the publicani during the Roman Republic. Like modern joint-stock companies, the publicani were legal bodies independent of their members whose ownership was divided into shares, or partes. There is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum, near the Temple of Castor and Pollux; the shares quaestors. Mere evidence remains of the prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicani lost favor with the rise of the Empire. In the early modern period, the Dutch were financial innovators who helped lay the foundations of modern financial systems; the first modern IPO occurred in March 1602 when the Dutch East India Company offered shares of the company to the public in order to raise capital.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed."In the United States, the first IPO was the public offering of Bank of North America around 1783. When a company lists its securities on a public exchange, the money paid by the investing public for the newly-issued shares goes directly to the company as well as to any early private investors who opt to sell all or a portion of their holdings as part of the larger IPO.
An IPO, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of debt, or working capital. A company selling common shares is never required to repay the capital to its public investors; those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in the open market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. After the IPO, once shares are traded in the open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to the public, at a fixed price, through a secondary market offering; this type of offering is not dilutive. Once a company is listed, it is able to issue additional common shares in a number of different ways, one of, the follow-on offering.
This method provides capital for various corporate purposes through the issuance of equity without incurring any debt. This ability to raise large amounts of capital from the marketplace is a key reason many companies seek to go public. An IPO accords several benefits to the private company: Enlarging and diversifying equity base Enabling cheaper access to capital Increasing exposure and public image Attracting and retaining better management and employees through liquid equity participation Facilitating acquisitions Creating multiple financing opportunities: equity, convertible debt, cheaper bank loans, etc. There are several disadvantages to completing an initial public offering: Significant legal, account
Club Atlético Monarcas Morelia is a Mexican professional football club based in Morelia, Michoacán, playing in Liga MX. The team plays its home games in Estadio Morelos. Club Atlético Morelia was founded November 1924, as "Oro Morelia" in Morelia, Michoacán. In 1950, Club Deportivo Morelia was among the teams. After the 1956–1957 season, in which they ended up in second place, they were promoted into the Primera División to replace Puebla. After an unsuccessful season, in 1968 Monarcas Morelia was relegated back to the Segunda División. During mixed 1968–1971 seasons, C. A. Morelia appointed Nicandro Ortiz as chairman. Ortiz strengthened its position in the league; the 1978–1979 season thrust Morelia into contention for promotion. In 1996 the major broadcast company TV Azteca bought the team. By the year 2000 the club were playing under the Monarcas moniker. In recent years Monarcas Morelia has been one of the main protagonists in the Primera División. Although the team had played Mexican professional football for 70 years, it had never won a first division tournament until winter 2000, when the club raised the cup after beating Toluca on penalties.
The team was crowned champions away in the Bombonera Stadium. The Morelos Stadium has never been the site of its team winning a final. On the day after the victory, a crowd that some estimate at 100 thousand people welcomed the team as it paraded along Morelia's main avenue, Avenida Madero on their way to the stadium where the crowd congregated as the team raised the cup and the fans congratulated the team for its first first division trophy. After missing the playoffs for three consecutive tournaments, Morelia finished in third place in the general table in the Apertura 2009. Morelia defeated Santos Laguna in 4 -- 2 on aggregate. Morelia was defeated by Cruz Azul in a semi-final, filled with controversy due to Cruz Azul player Joel Huiqui intentionally using his hand to hit the ball away and prevent Morelia midfielder Wilson Tíago from scoring. With a 2–1 aggregate score, Morelia was eliminated. Morelia qualified for the 2010 Copa Libertadores by ending in third place in the classification phase.
It was the second time that Morelia participated in the Copa Libertadores, the first being in 2002. Morelia was the Runner-up of the Clausura 2011, after a hard-fought final against Pumas. Pumas won the tie 3 -- 2 on aggregate. In 2010, Morelia became the SuperLiga champion, with a 2–1 victory in the finals over the New England Revolution in which Miguel Sabah scored both Morelia goals. On November 5, 2013 Monarcas Morelia won their first Copa MX title in a 3–3 match that went to penalties, where they would take the victory; this title allowed them to participate in the inaugural edition Supercopa MX, which they won against Tigres UANL with a global score of 5–4. After 15 years, a dismal 2014–15 campaign left Monarcas as one of the last teams in the relegation table, an aggregate of a clubs most recent points totals that decides which teams will be relegated; as a result, Enrique Meza was chosen to be the coach for the Apertura 2015 season. Meza had saved Morelia before, in the 1995–96 season.
After no notable improvement in team performance, Meza was let go from the position of head coach in 2016, with Roberto Hernandez taking over as interim manager. Hernandez's tenure would coincide with the signing of Peruvian forward Raul Ruidiaz on loan from Univesitario; the signing of Ruidiaz would prove to be crucial to the club's fortunes, as he would go on to score 20 goals throughout the 2016-2017 Liga MX season, finishing as top scorer with 11 goals in the Apertura and 9 goals in the Clausura. In the following season, Morelia was in danger of being relegated on the final match day of the Apertura, residing in last place in the relegation table and needing a victory over Monterrey to avoid the drop. Tied 1-1 in extra time, Raul Rudiaz scored a crucial winner that moved them out of the relegation zone, with Veracruz being relegated in their stead. Ruidiaz's goal additionally qualified them for that season's liguilla, its first since the 2016 Clausura; the club's colors are generated from the city's flag which are yellow and red, which are the same colors in the Spanish flag, because the city is a novohispana city.
In the club's beginnings the club went under the name of Oro and were known as the canarios until 1999 when the club changed its name to Monarcas, due to the 3 monarchs found in the city's flag, used from its foundation. First kit evolution 1924–1999 2000–present Towards the end of the 1980s it was decided that their stadium was lacking capacity and that a new stadium with a greater number of seats needed to be constructed. On April 9, 1989, after several construction delays, Stadium Jose Maria Morelos and Pavón was opened, the inaugural game was between Atlético Morelia and Club América; the stadium has an official capacity of 45,000, although on inauguration in 1989 it is estimated that more than 50,000 were in attendance. Morelia won the match with the score 2–1. In 2011, the stadium was given a new look, seeing as the FIFA U-17 World Cup was taking place in Mexico. Morelia has had some notable players in their history. Marco Antonio Figueroa is the club's all-time leading scorer with 130 goals.
Adolfo Bautista, Rafael Márquez Lugo, Moisés Muñoz, Miguel Sabah, Joel Huiqui, Adrián Aldrete, Enrique Pérez, Édgar Lugo and Elias Hernandez, are some
A payday loan is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are sometimes referred to as "cash advances," though that term can refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous employment records. Legislation regarding payday loans varies between different countries, in federal systems, between different states or provinces. To prevent usury, some jurisdictions limit the annual percentage rate that any lender, including payday lenders, can charge; some jurisdictions outlaw payday lending and some have few restrictions on payday lenders. In the United States, the rates of these loans used to be restricted in most states by the Uniform Small Loan Laws, with 36–40% APR the norm. There are many different ways. Depending on which method is used, the rate calculated may differ dramatically. Although some have noted that these loans appear to carry substantial risk to the lender, it has been shown that these loans carry no more long term risk for the lender than other forms of credit.
These studies seem to be confirmed by the United States Securities and Exchange Commission filings of at least one lender, who notes a charge-off rate of 3.2%. The basic loan process involves a lender providing a short-term unsecured loan to be repaid at the borrower's next payday; some verification of employment or income is involved, although according to one source, some payday lenders do not verify income or run credit checks. Individual companies and franchises have their own underwriting criteria. In the traditional retail model, borrowers visit a payday lending store and secure a small cash loan, with payment due in full at the borrower's next paycheck; the borrower writes a postdated check to the lender in the full amount of the loan plus fees. On the maturity date, the borrower is expected to return to the store to repay the loan in person. If the borrower does not repay the loan in person, the lender may redeem the check. If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to the costs of the loan, the loan may incur additional fees or an increased interest rate as a result of the failure to pay.
In the more recent innovation of online payday loans, consumers complete the loan application online. The funds are transferred by direct deposit to the borrower's account, the loan repayment and/or the finance charge is electronically withdrawn on the borrower's next payday. According to a study by The Pew Charitable Trusts, "Most payday loan borrowers are white and are 25 to 44 years old. However, after controlling for other characteristics, there are five groups that have higher odds of having used a payday loan: those without a four-year college degree. Most borrowers use payday loans to cover ordinary living expenses over the course of months, not unexpected emergencies over the course of weeks; the average borrower is indebted about five months of the year. This reinforces the findings of the U. S. Federal Deposit Insurance Corporation study from 2011 which found black and Hispanic families, recent immigrants, single parents were more to use payday loans. In addition, their reasons for using these products were not as suggested by the payday industry for one time expenses, but to meet normal recurring obligations.
Research for the Illinois Department of Financial and Professional Regulation found that a majority of Illinois payday loan borrowers earn $30,000 or less per year. Texas' Office of the Consumer Credit Commissioner collected data on 2012 payday loan usage, found that refinances accounted for $2.01 billion in loan volume, compared with $1.08 billion in initial loan volume. The report did not include information about annual indebtedness. A letter to the editor from an industry expert argued that other studies have found that consumers fare better when payday loans are available to them. Pew's reports have focused on how payday lending can be improved, but have not assessed whether consumers fare better with or without access to high-interest loans. Pew's demographic analysis was based on a random-digit-dialing survey of 33,576 people, including 1,855 payday loan borrowers. In another study, by Gregory Elliehausen, Division of Research of the Federal Reserve System and Financial Services Research Program at the George Washington University School of Business, 41% earn between $25,000 and $50,000, 39% report incomes of $40,000 or more.
18% have an income below $25,000. In the UK Sarah-Jayne Clifton of the Jubilee Debt Campaign said, “austerity, low wages, insecure work are driving people to take on high cost debt from rip-off lenders just to put food on the table. We need the government to take urgent action, not only to rein in rip-off lenders, but to tackle the cost of living crisis and cuts to social protection that are driving people towards the loan sharks in the first place.” The likelihood that a family will use a payday loan increases if they are unbanked or underbanked, or lack access to a traditional deposit bank account. In an Ame
Monterrey is the capital and largest city of the northeastern state of Nuevo León, Mexico. The city is anchor to the Monterrey metropolitan area, the second most productive in Mexico with a GDP of US$123 billion and the third largest with an estimated population of 4,689,601 people as of 2015. Monterrey serves as a commercial center of northern Mexico and is the base of many significant international corporations, its purchasing power parity-adjusted GDP per capita is higher than the rest of the country's at around US$35,500 to the country's US$18,800, it is considered a Beta World City and competitive. Rich in history and culture, it is one of the most developed cities in Mexico and is regarded as its most "Americanized"; as an important industrial and business center, the city is home to many Mexican companies, including Grupo Avante, Lanix Electronics, Ocresa, CEMEX, Vitro, OXXO, FEMSA, DINA S. A. Cuauhtémoc Moctezuma Brewery, Grupo ALFA. Monterrey is home to international companies such as Siemens, Ternium, Toshiba, Whirlpool, Toyota, Babcock & Wilcox, British American Tobacco, Dell, Boeing, HTC, General Electric, Johnson Controls, Gamesa, LG, SAS Institute, Danfoss and Teleperformance, among others.
Monterrey is at the foothills of the Sierra Madre Oriental. The uninterrupted settlement of Monterrey was founded by Diego de Montemayor in 1596. In the years after the Mexican War of Independence, Monterrey became an important business center. With the establishment of Fundidora Monterrey, the city has experienced great industrial growth. Before the European foundation of the city, there was no established nation-state, the population consisted of some indigenous semi-nomadic groups. Carved stone and cave painting in surrounding mountains and caves have allowed historians to identify four major groups in present-day Monterrey: Azalapas, Huachichiles and Borrados. In the 16th century, the valley in which Monterrey sits was known as the Extremadura Valley, an area unexplored by the Spanish colonizers; the first expeditions and colonization attempts were led by conquistador Alberto del Canto, who named the city Santa Lucia, but they were unsuccessful because the Spanish were attacked by the natives and fled.
The Spanish expeditionary Luis Carvajal y de la Cueva negotiated with King Philip II of Spain to establish a territory in northern New Spain that would be called Nuevo León, the "New Kingdom of León". In 1580 he arrived in the newly granted lands but it was not until 1582 that he established a settlement called San Luis Rey de Francia within present-day Monterrey; the New Kingdom of León extended westward from the port of Tampico to the limits of Nueva Vizcaya, around 1,000 kilometers northward. For eight years Nuevo León was abandoned and uninhabited, until a third expedition of 13 families led by conquistador Diego de Montemayor founded Ciudad Metropolitana de Nuestra Señora de Monterrey on September 20, 1596, next to a water spring called Ojos de Agua de Santa Lucia, where the Museum of Mexican History and Santa Lucía riverwalk are now; the new city's name was chosen to honor the wife of Gaspar de Zúñiga, 5th Count of Monterrey, ninth Viceroy of New Spain. Monterrey's Coat of Arms shows an Indian throwing an arrow to the sun in front of Cerro de la Silla mountain.
This represents a native ceremony performed at sunrise. During the years of Spanish rule, Monterrey remained a small city, its population varied from a few hundred to only dozens; the city facilitated trade between San Antonio and from Saltillo to the center of the country. Tampico's port brought many products from Europe, while Saltillo concentrated the Northern Territories' trade with the capital, Mexico City. San Antonio was the key trade point with the northern foreign colonies. In the 19th century, after the Mexican Independence War, Monterrey rose as a key economic center for the newly formed nation due to its balanced ties between Europe, the United States, the capital. In 1824, the "New Kingdom of León" became the State of Nuevo León, Monterrey was selected as its capital, but the political instability that followed the first 50 years of the new country allowed two American invasions and an internal secession war, during which the governor of the state annexed Coahuila and Tamaulipas states, designating Monterrey as the capital of the Republic of the Sierra Madre as it did before in 1840 for the Republic of the Rio Grande.
In 1846, the earliest large-scale engagement of the Mexican–American War took place in the city, known as the Battle of Monterrey. Mexican forces were forced to surrender but only after repelling U. S. forces' first few advances on the city. The battle inflicted high casualties on both sides, much of them resulting from hand-to-hand combat within the walls of the city center. Many of the generals in the Mexican War against France were natives of the city, including Mariano Escobedo, Juan Zuazua and Jerónimo Treviño. During the last decade of the 19th century, Monterrey was linked by railroad, which benefitted industry, it was during this period that José Eleuterio González founded the University Hospital, now one of northeast Mexico's best public hospitals, affiliated with the School of Medicine of the Autonomous University of Nuevo León. Antonio Basagoiti and other citizens founded the Fundidora de Fierro y Acero de Monterrey; the brewery Cervecería Cuaut
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