1.
Insurance
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Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, an entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder, the insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the policy is called the premium. If the insured experiences a loss which is covered by the insurance policy. Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessels capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c.1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the guarantee to cancel the loan should the shipment be stolen. At some point in the 1st millennium BC, the inhabitants of Rhodes created the general average and this allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to any merchant whose goods were jettisoned during transport. Separate insurance contracts were invented in Genoa in the 14th century, the first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be separated from investment, Insurance became far more sophisticated in Enlightenment era Europe, and specialized varieties developed. Property insurance as we know it today can be traced to the Great Fire of London, initially,5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available, by the end of the seventeenth century, Londons growing importance as a center for trade was increasing demand for marine insurance. These informal beginnings led to the establishment of the insurance market Lloyds of London and several related shipping, the first life insurance policies were taken out in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot, edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. In the late 19th century, accident insurance began to become available and this operated much like modern disability insurance. The first company to offer accident insurance was the Railway Passengers Assurance Company, by the late 19th century, governments began to initiate national insurance programs against sickness and old age
2.
Barcelona
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Founded as a Roman city, in the Middle Ages Barcelona became the capital of the County of Barcelona. Barcelona has a cultural heritage and is today an important cultural centre. Particularly renowned are the works of Antoni Gaudí and Lluís Domènech i Montaner. The headquarters of the Union for the Mediterranean is located in Barcelona, the city is known for hosting the 1992 Summer Olympics as well as world-class conferences and expositions and also many international sport tournaments. It is a cultural and economic centre in southwestern Europe, 24th in the world. In 2008 it was the fourth most economically powerful city by GDP in the European Union, in 2012 Barcelona had a GDP of $170 billion, it is leading Spain in both employment rate and GDP per capita change. In 2009 the city was ranked Europes third and one of the worlds most successful as a city brand, since 2011 Barcelona has been a leading smart city in Europe. During the Middle Ages, the city was known as Barchinona, Barçalona, Barchelonaa. Internationally, Barcelonas name is abbreviated to Barça. However, this refers only to FC Barcelona, the football club. The common abbreviated form used by locals is Barna, another common abbreviation is BCN, which is also the IATA airport code of the Barcelona-El Prat Airport. The city is referred to as the Ciutat Comtal in Catalan. The origin of the earliest settlement at the site of present-day Barcelona is unclear, the ruins of an early settlement have been excavated in the El Raval neighbourhood, including different tombs and dwellings dating to earlier than 5000 BC. The founding of Barcelona is the subject of two different legends, the first attributes the founding of the city to the mythological Hercules. In about 15 BC, the Romans redrew the town as a castrum centred on the Mons Taber, under the Romans, it was a colony with the surname of Faventia, or, in full, Colonia Faventia Julia Augusta Pia Barcino or Colonia Julia Augusta Faventia Paterna Barcino. It enjoyed immunity from imperial burdens, the city minted its own coins, some from the era of Galba survive. Some remaining fragments of the Roman walls have incorporated into the cathedral. The cathedral, also known as the Basilica La Seu, is said to have founded in 343
3.
Valencia
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Its urban area extends beyond the administrative city limits with a population of around 1. 5–1.6 million people. Valencia is Spains third largest metropolitan area, with a population ranging from 1.7 to 2.5 million, the Port of Valencia is the 5th busiest container port in Europe and the busiest container port on the Mediterranean Sea. The city is ranked at Gamma in the Globalization and World Cities Research Network, Valencia was founded as a Roman colony by the consul Decimus Junius Brutus Callaicus in 138 BC, and called Valentia Edetanorum. In 1238 the Christian king James I of Aragon reconquered the city and divided the land among the nobles who helped him conquer it and he also created a new law for the city, the Furs of Valencia, which were extended to the rest of the Kingdom of Valencia. In the 18th century Philip V of Spain abolished the privileges as punishment to the kingdom of Valencia for aligning with the Habsburg side in the War of the Spanish Succession, Valencia was the capital of Spain when Joseph Bonaparte moved the Court there in the summer of 1812. It also served as capital between 1936 and 1937, during the Second Spanish Republic, the city is situated on the banks of the Turia, on the east coast of the Iberian Peninsula, fronting the Gulf of Valencia on the Mediterranean Sea. Valencia is integrated into an area on the Costa del Azahar. Valencias main festival is the Falles, the traditional Spanish dish, paella, originated in Valencia. The original Latin name of the city was Valentia, meaning strength, or valour, the Roman historian Livy explains that the founding of Valentia in the 2nd century BC was due to the settling of the Roman soldiers who fought against an Iberian rebel, Viriatus. It is not clear if the term Balansiyya was reserved for the entire Taifa of Valencia or also designated the city, by gradual sound changes, Valentia /waˈlentia/ has become Valencia or in Castilian and València in Valencian. In Valencian, the grave accent <è> /ɛ/ contrasts with the acute accent <é> /e/—but the word València is an exception to this rule and it is spelled according to Catalan etymology, though its pronunciation is closer to Vulgar Latin. Valencia stands on the banks of the Turia River, located on the eastern coast of the Iberian Peninsula, at its founding by the Romans, it stood on a river island in the Turia,6.4 km from the sea. The Albufera, a lagoon and estuary about 11 km south of the city, is one of the largest lakes in Spain. The City Council bought the lake from the Crown of Spain for 1,072,980 pesetas in 1911, in 1986, because of its cultural, historical, and ecological value, the Generalitat Valenciana declared it a natural park. Valencia has a Mediterranean climate with short, very mild winters and long, hot and its average annual temperature is 18.4 °C.23.0 °C during the day and 13.8 °C at night. In the coldest month – January, the temperature typically during the day ranges from 14 to 21 °C. In the warmest month – August, the temperature during the day typically ranges from 28–34 °C. Generally, similar temperatures to those experienced in the part of Europe in summer last about 8 months
4.
Automated teller machine
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According to the ATM Industry Association, there are now close to 3 million ATMs installed worldwide. Authentication is provided by the customer entering a personal identification number which must match the PIN stored in the chip on the card or in the financial institutions database. Using an ATM, customers can access their deposit or credit accounts in order to make a variety of transactions such as cash withdrawals, check balances. If the currency being withdrawn from the ATM is different from that in which the account is denominated the money will be converted at an official exchange rate. Thus, ATMs often provide the best possible exchange rates for foreign travellers, the idea of out-of-hours cash distribution developed from bankers needs in Asia, Europe and North America. Little is known of the Japanese device other than it was called Computer Loan Machine, the device was operational in 1966. In the US patent record, Luther George Simjian has been credited with developing a prior art device, specifically his 132nd patent, which was first filed on 30 June 1960. The roll-out of this machine, called Bankograph, was delayed by a couple of years, an experimental Bankograph was installed in New York City in 1961 by the City Bank of New York, but removed after six months due to the lack of customer acceptance. The Bankograph was an automated envelope deposit machine and did not have cash dispensing features and it is widely accepted that the first ATM was put into use by Barclays Bank in its Enfield Town branch in north London, United Kingdom, on 27 June 1967. This machine was inaugurated by English comedy actor Reg Varney and this instance of the invention is credited to the engineering team led by John Shepherd-Barron of printing firm De La Rue, who was awarded an OBE in the 2005 New Year Honours. Shepherd-Barron stated, It struck me there must be a way I could get my own money, I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash. The Barclays-De La Rue machine beat the Swedish saving banks and a company called Metiors machine by a nine days. The online version of the Swedish machine is listed to have been operational on 6 May 1968, the collaboration of a small start-up called Speytec and Midland Bank developed a fourth machine which was marketed after 1969 in Europe and the US by the Burroughs Corporation. The patent for this device was filed on September 1969 by John David Edwards, Leonard Perkins, John Henry Donald, Peter Lee Chappell, Sean Benjamin Newcombe & Malcom David Roe. Both the DACS and MD2 accepted only a token or voucher which was retained by the machine while the Speytec worked with a card with a magnetic stripe at the back. They used principles including Carbon-14 and low-coercivity magnetism in order to make more difficult. The idea of a PIN stored on the card was developed by a British engineer working on the MD2 named James Goodfellow in 1965, the essence of this system was that it enabled the verification of the customer with the debited account without human intervention. This patent is also the earliest instance of a complete currency dispenser system in the patent record and this patent was filed on 5 March 1968 in the US and granted on 1 December 1970
5.
IBEX 35
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The IBEX35 is the benchmark stock market index of the Bolsa de Madrid, Spains principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles and it is a market capitalization weighted index comprising the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually. Trading on options and futures contracts on the IBEX35 is provided by MEFF, between 2000 and 2007, the index outperformed many of its Western peers, driven by relatively strong domestic economic growth which particularly helped construction and real estate stocks. The week of the January 2008 stock market downturn was characterised by extreme volatility in the markets, and saw both the biggest one day percentage fall and rise in the IBEX 35s history. The index closed 7. 5% down on 21 January 2008, the second biggest fall in the Spanish equity market since 1987, and rose a record 6. 95% three days later. The composition of the IBEX35 is reviewed twice per year by the so-called Technical Advisory Committee, renowned experts from the academic and financial fields. 3% of the total market cap of the index. Any candidate stock must also have either been traded on at least a third of all trading days in the six months. The IBEX35 is a capitalization-weighted index, the market cap used to calculate the weighting of each constituent is multiplied by a free float factor depending on the fraction of shares not subject to block ownership. Any company with 50% or more of its shares considered free float is given a free float factor of 1, unlike many other European benchmark indices, the weightings of companies in the IBEX35 are not capped. As of 2015, international funds based abroad owned 43% of the index, such rate of foreign investment was about 5% above the EU average. The formula can be adjusted to changes in index structure. As of 18 December 2015, the following 35 companies make up the index, Economy of Spain ^IBEX, finance Official IBEX35 website Bloomberg page for IBEX, IND IBEX35 composition and prices from the Bolsa de Madrid IBEX35 profile via Wikinvest Reuters page for. IBEX
6.
Catalonia
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Catalonia is an autonomous community of Spain, located on the northeastern extremity of the Iberian Peninsula. It is designated as a nationality by its Statute of Autonomy, Catalonia consists of four provinces, Barcelona, Girona, Lleida, and Tarragona. The capital and largest city is Barcelona, the second-most populated municipality in Spain, Catalonia comprises most of the territory of the former Principality of Catalonia. It is bordered by France and Andorra to the north, the Mediterranean Sea to the east, the official languages are Catalan, Spanish, and the Aranese dialect of Occitan. The eastern counties of these marches were united under the rule of the Frankish vassal the Count of Barcelona, in the later Middle Ages Catalan literature flourished. Between 1469 and 1516, the King of Aragon and the Queen of Castile married and ruled their kingdoms together, retaining all their distinct institutions, Courts, and constitutions. During the Franco-Spanish War, Catalonia revolted against a large and burdensome presence of the Royal army in its territory, within a brief period France took full control of Catalonia, at a high economic cost for Catalonia, until it was largely reconquered by the Spanish army. In the nineteenth century, Catalonia was severely affected by the Napoleonic, in the second half of the century Catalonia experienced industrialisation. As wealth from the industrial expansion grew, Catalonia saw a cultural renaissance coupled with incipient nationalism while several workers movements appeared. In 1914, the four Catalan provinces formed a Commonwealth, and with the return of democracy during the Second Spanish Republic, after the Spanish Civil War, the Francoist dictatorship enacted repressive measures, abolishing Catalan institutions and banning the official use of the Catalan language again. Since the Spanish transition to democracy, Catalonia has regained some political and cultural autonomy and is now one of the most economically dynamic communities of Spain, the origin of the name Catalunya is subject to diverse interpretations because of a lack of evidence. During the Middle Ages, Byzantine chroniclers claimed that Catalania derives from the medley of Goths with Alans. Other less plausible theories suggest, Catalunya derives from the land of castles, having evolved from the term castlà or castlan. This theory therefore suggests that the names Catalunya and Castile have a common root, the source is of Celtic origin, meaning chiefs of battle. Although the area is not known to have been occupied by Celts, the Lacetani, an Iberian tribe that lived in the area and whose name, due to the Roman influence, could have evolved by metathesis to Katelans and then Catalans. In English, Catalonia is pronounced /kætəˈloʊniə/, the native name, Catalunya, is pronounced in Central Catalan, the most widely spoken variety whose pronunciation is considered standard. The Spanish name is Cataluña, and the Aranese name is Catalonha, the first known human settlements in what is now Catalonia were at the beginning of the Middle Palaeolithic. From the next era, the Epipaleolithic or Mesolithic, important remains survive
7.
Warsaw
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Warsaw is the capital and largest city of Poland. It stands on the Vistula River in east-central Poland, roughly 260 kilometres from the Baltic Sea and 300 kilometres from the Carpathian Mountains. Its population is estimated at 1.750 million residents within a metropolitan area of 3.101 million residents. The city limits cover 516.9 square kilometres, while the area covers 6,100.43 square kilometres. Once described as Paris of the East, Warsaw was believed to be one of the most beautiful cities in the world until World War II. On 9 November 1939, the city was awarded Polands highest military decoration for heroism, Warsaw is one of Europe’s most dynamic metropolitan cities. In 2012 the Economist Intelligence Unit ranked Warsaw as the 32nd most liveable city in the world, in 2017 the city came 4th in the “Business-friendly” category and 8th in the “Human capital and life style”. It was also ranked as one of the most liveable cities in Central, Warsaw is considered an Alpha– global city, a major international tourist destination and a significant cultural, political and economic hub. The city is a significant centre of research and development, BPO, ITO, the Warsaw Stock Exchange is the largest and most important in Central and Eastern Europe. Frontex, the European Union agency for external security, has its headquarters in Warsaw. Together with Frankfurt, London and Paris, Warsaw is also one of the cities with the highest number of skyscrapers in the European Union, the city is the seat of the Polish Academy of Sciences, Warsaw National Philharmonic Orchestra and the University of Warsaw. The historic city-centre of Warsaw with its picturesque Old Town in 1980 was listed as a UNESCO World Heritage Site, buildings represent examples of nearly every European architectural style and historical period. Warsaw provides many examples of architecture from the gothic, renaissance, baroque, neoclassical and modern periods, furthermore, the city is positioning itself as Europes chic cultural capital with thriving art and club scenes and renowned restaurants. Folk etymology attributes the city name to a fisherman, Wars, according to legend, Sawa was a mermaid living in the Vistula River with whom Wars fell in love. In actuality, Warsz was a 12th/13th-century nobleman who owned a village located at the site of Mariensztat neighbourhood. See also the Vršovci family which had escaped to Poland, the official city name in full is miasto stołeczne Warszawa. A native or resident of Warsaw is known as a Varsovian – in Polish warszawiak, warszawianin, warszawianka, warszawiacy, other names for Warsaw include Varsovia and Varsóvia, Varsovie, Varsavia, Warschau, װאַרשע /Varshe, Варшава /Varšava /Varshava, Varšuva, Varsó. The first fortified settlements on the site of todays Warsaw were located in Bródno, after Jazdów was raided by nearby clans and dukes, a new similar settlement was established on the site of a small fishing village called Warszowa
8.
Bucharest
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Bucharest is the capital and largest city of Romania, as well as its cultural, industrial, and financial centre. It is located in the southeast of the country, at 44°25′57″N 26°06′14″E, on the banks of the Dâmbovița River, less than 60 km north of the Danube River, Bucharest was first mentioned in documents in 1459. It became the capital of Romania in 1862 and is the centre of Romanian media, culture and its architecture is a mix of historical, interbellum, communist-era and modern. In the period between the two World Wars, the citys elegant architecture and the sophistication of its elite earned Bucharest the nickname of Little Paris. Although buildings and districts in the city centre were heavily damaged or destroyed by war, earthquakes. In recent years, the city has been experiencing an economic, in 2016, the historical city centre was listed as endangered by the World Monuments Watch. According to the 2011 census,1,883,425 inhabitants live within the city limits, the urban area extends beyond the limits of Bucharest proper and has a population of about 1.9 million people. Adding the satellite towns around the area, the proposed metropolitan area of Bucharest would have a population of 2.27 million people. According to Eurostat, Bucharest has an urban zone of 2,183,091 residents. According to unofficial data, the population is more than 3 million, Bucharest is the sixth-largest city in the European Union by population within city limits, after London, Berlin, Madrid, Rome, and Paris. Economically, Bucharest is the most prosperous city in Romania and is one of the industrial centres. The city has big convention facilities, educational institutes, cultural venues, traditional shopping arcades, the Romanian name București has an uncertain origin. Tradition connects the founding of Bucharest with the name of Bucur, who was a prince, an outlaw, a fisherman, in Romanian, the word stem bucurie means joy, and it is believed to be of Dacian origin. Other etymologies are given by scholars, including the one of an Ottoman traveler, Evliya Çelebi. A native or resident of Bucharest is called a Bucharester, Bucharests history alternated periods of development and decline from the early settlements in antiquity until its consolidation as the national capital of Romania late in the 19th century. First mentioned as the Citadel of București in 1459, it became the residence of the famous Wallachian prince Vlad III the Impaler, the Ottomans appointed Greek administrators to run the town from the 18th century. A short-lived revolt initiated by Tudor Vladimirescu in 1821 led to the end of the rule of Constantinople Greeks in Bucharest, the Old Princely Court was erected by Mircea Ciobanul in the mid-16th century. Under subsequent rulers, Bucharest was established as the residence of the royal court
9.
Romania
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Romania is a sovereign state located in Southeastern Europe. It borders the Black Sea, Bulgaria, Ukraine, Hungary, Serbia and it has an area of 238,391 square kilometres and a temperate-continental climate. With over 19 million inhabitants, the country is the member state of the European Union. Its capital and largest city, Bucharest, is the sixth-largest city in the EU, the River Danube, Europes second-longest river, rises in Germany and flows in a general southeast direction for 2,857 km, coursing through ten countries before emptying into Romanias Danube Delta. The Carpathian Mountains, which cross Romania from the north to the southwest are marked by one of their tallest peaks, Moldoveanu, modern Romania was formed in 1859 through a personal union of the Danubian Principalities of Moldavia and Wallachia. The new state, officially named Romania since 1866, gained independence from the Ottoman Empire in 1877, at the end of World War I, Transylvania, Bukovina and Bessarabia united with the sovereign Kingdom of Romania. Romania lost several territories, of which Northern Transylvania was regained after the war, following the war, Romania became a socialist republic and member of the Warsaw Pact. After the 1989 Revolution, Romania began a transition back towards democracy and it has been a member of NATO since 2004, and part of the European Union since 2007. A strong majority of the population identify themselves as Eastern Orthodox Christians and are speakers of Romanian. The cultural history of Romania is often referred to when dealing with artists, musicians, inventors. For similar reasons, Romania has been the subject of notable tourist attractions, Romania derives from the Latin romanus, meaning citizen of Rome. The first known use of the appellation was attested in the 16th century by Italian humanists travelling in Transylvania, Moldavia, after the abolition of serfdom in 1746, the word rumân gradually fell out of use and the spelling stabilised to the form român. Tudor Vladimirescu, a leader of the early 19th century. The use of the name Romania to refer to the homeland of all Romanians—its modern-day meaning—was first documented in the early 19th century. The name has been officially in use since 11 December 1861, in English, the name of the country was formerly spelt Rumania or Roumania. Romania became the predominant spelling around 1975, Romania is also the official English-language spelling used by the Romanian government. The Neolithic-Age Cucuteni area in northeastern Romania was the region of the earliest European civilization. Evidence from this and other sites indicates that the Cucuteni-Trypillian culture extracted salt from salt-laden spring water through the process of briquetage
10.
Morocco
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Morocco, officially known as the Kingdom of Morocco, is a sovereign country located in the Maghreb region of North Africa. Geographically, Morocco is characterized by a mountainous interior, large tracts of desert. Morocco has a population of over 33.8 million and an area of 446,550 km2 and its capital is Rabat, and the largest city is Casablanca. Other major cities include Marrakesh, Tangier, Tetouan, Salé, Fes, Agadir, Meknes, Oujda, Kenitra, a historically prominent regional power, Morocco has a history of independence not shared by its neighbours. Marinid and Saadi dynasties continued the struggle against foreign domination, the Alaouite dynasty, the current ruling dynasty, seized power in 1666. In 1912 Morocco was divided into French and Spanish protectorates, with a zone in Tangier. Moroccan culture is a blend of Arab, indigenous Berber, Sub-Saharan African, Morocco claims the non-self-governing territory of Western Sahara as its Southern Provinces. Morocco annexed the territory in 1975, leading to a war with indigenous forces until a cease-fire in 1991. Peace processes have thus far failed to break the political deadlock, Morocco is a constitutional monarchy with an elected parliament. The King of Morocco holds vast executive and legislative powers, especially over the military, foreign policy, the king can issue decrees called dahirs which have the force of law. He can also dissolve the parliament after consulting the Prime Minister, Moroccos predominant religion is Islam, and the official languages are Arabic and Tamazight. The Moroccan dialect, referred to as Darija, and French are also widely spoken, Morocco is a member of the Arab League, the Union for the Mediterranean, and the African Union. It has the fifth largest economy of Africa, the full Arabic name al-Mamlakah al-Maghribiyyah translates to Kingdom of the West, although the West in Arabic is الغرب Al-Gharb. The basis of Moroccos English name is Marrakesh, its capital under the Almoravid dynasty, the origin of the name Marrakesh is disputed, but is most likely from the Berber words amur akush or Land of God. The modern Berber name for Marrakesh is Mṛṛakc, in Turkish, Morocco is known as Fas, a name derived from its ancient capital of Fes. The English name Morocco is an anglicisation of the Spanish Marruecos, the area of present-day Morocco has been inhabited since Paleolithic times, sometime between 190,000 and 90,000 BC. During the Upper Paleolithic, the Maghreb was more fertile than it is today, twenty-two thousand years ago, the Aterian was succeeded by the Iberomaurusian culture, which shared similarities with Iberian cultures. Skeletal similarities have been suggested between the Iberomaurusian Mechta-Afalou burials and European Cro-Magnon remains, the Iberomaurusian was succeeded by the Beaker culture in Morocco
