1.
Lloyd's of London
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Lloyds of London, generally known simply as Lloyds, is an insurance market located in Londons primary financial district, the City of London. Unlike most of its competitors in the industry, it is not an insurance company and it is a corporate body governed by the Lloyds Act of 1871 and subsequent Acts of Parliament. It is a partially mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and these underwriters, or members, are a collection of both corporations and private individuals, the latter being traditionally known as Names. The insurance business underwritten at Lloyds is predominantly general insurance and reinsurance, the market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in around 1688. Today, it has a building on Lime Street, opened in 1986. Its motto is Fidentia, Latin for confidence, and it is associated with the Latin phrase uberrima fides. In 2015, there were 84 syndicates that wrote £26.69 billion of premiums on business placed by 242 Lloyds brokers. Insurance lines comprised 68% of the written, mainly property and casualty. Collectively the market reported a profit of £2.12 billion. The market began in Lloyds Coffee House, opened by Edward Lloyd in around 1688 on Tower Street in the historic City of London and this establishment was a popular place for sailors, merchants, and ship-owners, and Lloyd catered to them with reliable shipping news. The coffee house soon became recognised as a place for obtaining marine insurance. The shop was frequented by mariners involved in the slave trade. Lloyds obtained a monopoly on maritime insurance related to the slave trade, just after Christmas 1691, the small club of marine insurance underwriters relocated to Lombard Street, a blue plaque on the site commemorates this. The Royal Exchange was destroyed by fire in 1838, the building was rebuilt by 1844, but many of Lloyds early records were lost. In 1871, the Lloyds Act was passed in Parliament which gave the business a sound legal footing, the Lloyds Act of 1911 set out the Societys objectives, which include the promotion of its members interests and the collection and dissemination of information. On 18 April 1906, an earthquake and resulting fires destroyed more than 80 per cent of the Californian city of San Francisco. This event was to have an influence on building practices, risk modelling. Lloyds losses from the earthquake and fires were substantial, even though at the time the placement of insurance business overseas was viewed with some wariness
2.
Lloyd's Register
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The organisation dates back to 1760. Its stated aims are to enhance the safety of life, property, historically, as Lloyds Register of Shipping, it was a specifically maritime organisation. During the late 20th century, it diversified into other industries including oil and gas, process industries, nuclear, Lloyds Register is unaffiliated with Lloyds of London. The organisations name came from the 17th-century coffee house in London frequented by merchants, marine underwriters, the coffee house owner, Edward Lloyd, helped them to exchange information by circulating a printed sheet of all the news he heard. In 1760, the Register Society was formed by the customers of the house who assembled the Register of Shipping. Between 1800 and 1833, a dispute between shipowners and underwriters caused them to publish a list each—the Red Book and the Green Book and this brought both parties to the verge of bankruptcy. Agreement was reached in 1834 when they united to form Lloyd’s Register of British and Foreign Shipping, establishing a General Committee, in 1914, with an increasingly international outlook, the organisation changed its name to Lloyds Register of Shipping. Thus the best classification A1, from which the expression A1 or A1 at Lloyds is derived, the Register, with information on all seagoing, self-propelled merchant ships of 100 gross tonnes or greater, is published annually. A vessel remains registered with Lloyds Register until she is sunk, wrecked, hulked, Lloyds Register sold its share of the venture to IHS in 2009. Lloyds Register provides quality assurance and certification for ships, offshore structures, LRs Rules for Ships are derived from principles of naval architecture and marine engineering, and govern safety and operational standards for numerous merchant, military, and privately owned vessels. A ship is known as being in class if she meets all the requirements of LRs Rules. Class can be withdrawn from a ship if she is in violation of any regulations, however, exceptional circumstances may warrant special dispensation from Lloyds Register. Any alteration to the vessel, whether it is an alteration or machinery. Ships are inspected on a basis by a team of Lloyds Register surveyors. Such a survey includes an inspection of the hull to make sure that the line has not been altered. Numerous other inspections such as the condition of hatch and door seals, safety barriers, upon completion the ship is allowed to be operated for another year, and is issued a Load Line Certificate. Lloyd’s Register provide a list of rules and regulations to the public, Lloyds Register also maintains other offices globally, including Hong Kong and Houston, Texas. In 1833 the Österreichischer Lloyd company was formed in the port city of Trieste, consciously modeling itself on the British company
3.
Lloyd's List
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Lloyds List is one of the worlds oldest continuously running journals, having provided weekly shipping news in London as early as 1734. It was published daily until 2013, and in constantly updated digital format only since then, the digital version, updated hour-to-hour, and used internationally, continues to fulfil a similar purpose. An Account of what English Shipping and Foreign Ships for England, however, claims that Lloyds List is the oldest or second-oldest continuously published newspaper in the world are disputed. The World Association of Newspapers lists three earlier, extant titles, the coffee house is first mentioned in 1689 in the London Gazette, when it was based in Tower Street. In 1691, Lloyd moved the premises to Lombard Street, close to the Royal Exchange at the heart of London’s trading activity and it became popular with merchants involved with the shipping industry, attracting a crowd that came regularly for news and gossip that Lloyd collected for clients. Lloyd’s News was published three times a week with no emphasis on shipping from 1696 to 1697. However, news continued to be read aloud at the coffee house, in 1713, Edward Lloyd died, leaving the lease of his coffee house to his son-in-law and head waiter William Newton. Newton died the year, and Lloyd’s daughter Handy remarried to Samuel Sheppard. She died in 1720, leaving no Lloyd family member connected to the coffee house, Sheppard died in 1727, leaving it to his sister Elizabeth and her husband Thomas Jemson. Jemson founded the Lloyd’s List that is today, when he launched a weekly shipping intelligence publication. Publication was weekly until March 1735, then weekly, on Tuesdays and Fridays. By the 1760s the coffee house was reported to have acquired a bad reputation, one of the waiters secured new premises in Popes Head Alley and from there in 1769, the New Lloyd’s List began, according to Lloyds Register. The paper was published every day but Sunday from 1 July 1837, in July 1884 Lloyds List merged with the Shipping and Mercantile Gazette. Lloyds List has spawned several spin-off titles, including sister title Insurance Day, in 2009, Lloyds List went through a major re-design that encompassed both the masthead and the newspaper itself. In 2011, the Lloyd’s List App was launched in the Apple iTunes store, in 2012, Containerisation International was included on Lloyds List. Lloyds List was published in digital format only from 20 December 2013, scenes from sea and city, Lloyds list 1734-1984, 250th. The Early History of ‘Lloyds List’, so no Lloyds List steamship data after 1889 is available online. The given. pdf resources are of use only for sailship researchers
4.
Public limited company
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A public limited company is a type of public company under the United Kingdom company law, some Commonwealth jurisdictions, and the Republic of Ireland. It is a liability company whose shares may be freely sold and traded to the public, with a minimum share capital of £50,000. Similar companies in the United States are called publicly traded companies, public limited companies will also have a separate legal identity. A PLC can be either an unlisted or listed company on the stock exchanges, in the United Kingdom, a public limited company usually must include the words public limited company or the abbreviation PLC or plc at the end and as part of the legal company name. Welsh companies may choose to end their names with ccc. However, some public limited companies incorporated under special legislation are exempted from bearing any of the identifying suffixes. The term public limited company and the PLC/plc suffix were introduced in 1981, prior to this, all limited companies bore the suffix Limited, which is still used by private limited companies. When a new company incorporates in England and Wales or in Scotland, it must register with Companies House, Formation of a public limited company requires a minimum of one director and one secretary. In England and Wales and in Scotland, the male/female is under 16 years old, some people who are not British citizens are restricted as to what work they may do while in the UK, which may exclude them from being a director. The members must agree to some, or all, of the shares when the company is registered. The memorandum of association must show the names of the people who have agreed to take shares and these people are called the subscribers. There is a share capital for public limited companies, Before it can start business. A quarter of them, £12,500, must be paid up, each allotted share must be paid up to at least one quarter of its nominal value together with the whole of any premium. A company can increase its share capital by passing an ordinary resolution. A copy of the resolution – and notice of the increase on Form 123 – must reach Companies House within 15 days of being passed, no fee is payable to Companies House. A company can decrease its authorised share capital by passing a resolution to cancel shares which have not been taken or agreed to be taken by any person. Notice of the cancellation, on Form 122, must reach Companies House within one month, no fee is payable to Companies House. A company may have as different types of shares as it wishes
5.
Ticker symbol
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A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both, ticker symbol refers to the symbols that were printed on the ticker tape of a ticker tape machine. Stock symbols are unique identifiers assigned to each security traded on a particular market, for example, AAPL is for Apple Inc. OODH is for Orion DHC, Inc. and HD is for Home Depot, a stock symbol can consist of letters, numbers, or a combination of both, and is a way to uniquely identify that stock. The symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, the allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are typically between 1 and 4 letters and represent the name where possible. In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA, while in Asia, numbers are often used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBCs stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005, symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a spelling of the company XON as its ticker symbol. The symbol of the firm after the merger was XOM, symbols are sometimes reused, in the US the single-letter symbols are particularly sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V that had previously used by Vivendi which had delisted. To fully qualify a stock, both the ticker and the exchange or country of listing needs to be known, on many systems both must be specified to uniquely identify the security. This is often done by appending the location or exchange code to the ticker, although stock tickers identify a security, they are exchange dependent, generally limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes, the most prevalent of these is the International Securities Identifying Number. An ISIN uniquely identifies a security and its structure is defined in ISO6166, Securities for which ISINs are issued include bonds, commercial paper, stocks, and warrants. The ISIN identifies the security, not the exchange on which it trades, for instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, and is priced in five different currencies, it has the same ISIN on each, though not the same ticker symbol. ISIN cannot specify a particular trade in this case, and another identifier, following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still widely referred to as EPICs. Stocks can also be identified using their SEDOL number or their ISIN, in the United States, modern letter-only ticker symbols were developed by Standard & Poors to bring a national standard to investing
6.
London Stock Exchange
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The London Stock Exchange is a stock exchange located in the City of London in the United Kingdom. As of December 2014, the Exchange had a capitalisation of US$6.06 trillion. The Exchange was founded in 1801 and its current premises are situated in Paternoster Square close to St Pauls Cathedral in the City of London, the Exchange is part of the London Stock Exchange Group. London Stock Exchange is one of the world’s oldest stock exchanges, London Stock Exchange Group was created in October 2007 when London Stock Exchange merged with Milan Stock Exchange, Borsa Italiana. The Royal Exchange had been founded by English financier Thomas Gresham on the model of the Antwerp Bourse and it was opened by Elizabeth I of England in 1571. During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners and they had to operate from other establishments in the vicinity, notably Jonathans Coffee-House. At that coffee house, a broker named John Casting started listing the prices of a few commodities, exchange rates and certain key provisions such as salt, coal, originally, this was not a daily list and was only published a few days of the week. This list and activity was moved to Garraway’s coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn, as stocks grew, with new companies joining to raise capital, the royal court also raised some monies. These are the earliest evidence of organised trading in securities in London. After Greshams Royal Exchange building was destroyed in the Great Fire of London, it was rebuilt and this was a move away from coffee houses and a step towards the modern model of stock exchange. The Royal Exchange not only housed brokers but also merchants and merchandise and this was the birth of a regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament brought out an act in 1697 that levied heavy penalties and it also set a fixed number of brokers, which was later increased as the size of the trade grew. The street in which they were now dealing was known as Exchange Alley, Parliament tried to regulate this and ban the unofficial traders from the Change streets. Traders became weary of bubbles when companies rose quickly and fell, after the Seven Years War, trade at Jonathans coffee house boomed again. In 1773, Jonathan, together with 150 other brokers, formed a club and opened a new and this now had a set entrance fee, through which traders could enter the stock room and trade securities. It was, however, not a location for trading. Fraud was also rife during these times and in order to such dealings
7.
New York Stock Exchange
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The New York Stock Exchange, is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the worlds largest stock exchange by market capitalization of its companies at US$19.3 trillion as of June 2016. The average daily trading value was approximately US$169 billion in 2013, the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007, the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists, previously, it was part of NYSE Euronext, which was formed by the NYSEs 2007 merger with Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange, the NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation. The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement, previously securities exchange had been intermediated by the auctioneers who also conducted more mundane auctions of commodities such as wheat and tobacco. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms, after sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance. Several locations were used between 1817 and 1865, when the present location was adopted, the invention of the electrical telegraph consolidated markets, and New Yorks market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Civil War greatly stimulated speculative securities trading in New York, by 1869 membership had to be capped, and has been sporadically increased since. The latter half of the century saw rapid growth in securities trading. Securities trade in the nineteenth and early twentieth centuries was prone to panics. The Stock Exchange Luncheon Club was situated on the floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building. The NYSE announced its plans to merge with Archipelago on April 21,2005, NYSEs governing board voted to merge with rival Archipelago on December 6,2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8,2006, Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, the principal sectors are securities industry, commercial banking, asset management, and insurance. Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE, presently, the chairman is Jeffrey Sprecher
8.
Edinburgh
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Edinburgh is the capital city of Scotland and one of its 32 local government council areas. Located in Lothian on the Firth of Forths southern shore, it is Scotlands second most populous city and the seventh most populous in the United Kingdom. The 2014 official population estimates are 464,990 for the city of Edinburgh,492,680 for the authority area. Recognised as the capital of Scotland since at least the 15th century, Edinburgh is home to the Scottish Parliament and it is the largest financial centre in the UK after London. Historically part of Midlothian, the city has long been a centre of education, particularly in the fields of medicine, Scots law, literature, the sciences and engineering. The University of Edinburgh, founded in 1582 and now one of four in the city, was placed 17th in the QS World University Rankings in 2013 and 2014. The city is famous for the Edinburgh International Festival and the Fringe. The citys historical and cultural attractions have made it the United Kingdoms second most popular tourist destination after London, attracting over one million overseas visitors each year. Historic sites in Edinburgh include Edinburgh Castle, Holyrood Palace, the churches of St. Giles, Greyfriars and the Canongate, Edinburghs Old Town and New Town together are listed as a UNESCO World Heritage Site, which has been managed by Edinburgh World Heritage since 1999. It appears to derive from the place name Eidyn mentioned in the Old Welsh epic poem Y Gododdin, the poem names Din Eidyn as a hill fort in the territory of the Gododdin. The Celtic element din was dropped and replaced by the Old English burh, the first documentary evidence of the medieval burgh is a royal charter, c. 1124–1127, by King David I granting a toft in burgo meo de Edenesburg to the Priory of Dunfermline. In modern Gaelic, the city is called Dùn Èideann, the earliest known human habitation in the Edinburgh area was at Cramond, where evidence was found of a Mesolithic camp site dated to c.8500 BC. Traces of later Bronze Age and Iron Age settlements have found on Castle Rock, Arthurs Seat, Craiglockhart Hill. When the Romans arrived in Lothian at the end of the 1st century AD, at some point before the 7th century AD, the Gododdin, who were presumably descendants of the Votadini, built the hill fort of Din Eidyn or Etin. Although its location has not been identified, it likely they would have chosen a commanding position like the Castle Rock, Arthurs Seat. In 638, the Gododdin stronghold was besieged by forces loyal to King Oswald of Northumbria and it thenceforth remained under their jurisdiction. The royal burgh was founded by King David I in the early 12th century on land belonging to the Crown, in 1638, King Charles Is attempt to introduce Anglican church forms in Scotland encountered stiff Presbyterian opposition culminating in the conflicts of the Wars of the Three Kingdoms. In the 17th century, Edinburghs boundaries were defined by the citys defensive town walls
9.
Scotland
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Scotland is a country that is part of the United Kingdom and covers the northern third of the island of Great Britain. It shares a border with England to the south, and is surrounded by the Atlantic Ocean, with the North Sea to the east. In addition to the mainland, the country is made up of more than 790 islands, including the Northern Isles, the Kingdom of Scotland emerged as an independent sovereign state in the Early Middle Ages and continued to exist until 1707. By inheritance in 1603, James VI, King of Scots, became King of England and King of Ireland, Scotland subsequently entered into a political union with the Kingdom of England on 1 May 1707 to create the new Kingdom of Great Britain. The union also created a new Parliament of Great Britain, which succeeded both the Parliament of Scotland and the Parliament of England. Within Scotland, the monarchy of the United Kingdom has continued to use a variety of styles, titles, the legal system within Scotland has also remained separate from those of England and Wales and Northern Ireland, Scotland constitutes a distinct jurisdiction in both public and private law. Glasgow, Scotlands largest city, was one of the worlds leading industrial cities. Other major urban areas are Aberdeen and Dundee, Scottish waters consist of a large sector of the North Atlantic and the North Sea, containing the largest oil reserves in the European Union. This has given Aberdeen, the third-largest city in Scotland, the title of Europes oil capital, following a referendum in 1997, a Scottish Parliament was re-established, in the form of a devolved unicameral legislature comprising 129 members, having authority over many areas of domestic policy. Scotland is represented in the UK Parliament by 59 MPs and in the European Parliament by 6 MEPs, Scotland is also a member nation of the British–Irish Council, and the British–Irish Parliamentary Assembly. Scotland comes from Scoti, the Latin name for the Gaels, the Late Latin word Scotia was initially used to refer to Ireland. By the 11th century at the latest, Scotia was being used to refer to Scotland north of the River Forth, alongside Albania or Albany, the use of the words Scots and Scotland to encompass all of what is now Scotland became common in the Late Middle Ages. Repeated glaciations, which covered the land mass of modern Scotland. It is believed the first post-glacial groups of hunter-gatherers arrived in Scotland around 12,800 years ago, the groups of settlers began building the first known permanent houses on Scottish soil around 9,500 years ago, and the first villages around 6,000 years ago. The well-preserved village of Skara Brae on the mainland of Orkney dates from this period and it contains the remains of an early Bronze Age ruler laid out on white quartz pebbles and birch bark. It was also discovered for the first time that early Bronze Age people placed flowers in their graves, in the winter of 1850, a severe storm hit Scotland, causing widespread damage and over 200 deaths. In the Bay of Skaill, the storm stripped the earth from a large irregular knoll, when the storm cleared, local villagers found the outline of a village, consisting of a number of small houses without roofs. William Watt of Skaill, the laird, began an amateur excavation of the site, but after uncovering four houses
10.
United Kingdom
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
11.
London
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London /ˈlʌndən/ is the capital and most populous city of England and the United Kingdom. Standing on the River Thames in the south east of the island of Great Britain and it was founded by the Romans, who named it Londinium. Londons ancient core, the City of London, largely retains its 1. 12-square-mile medieval boundaries. London is a global city in the arts, commerce, education, entertainment, fashion, finance, healthcare, media, professional services, research and development, tourism. It is crowned as the worlds largest financial centre and has the fifth- or sixth-largest metropolitan area GDP in the world, London is a world cultural capital. It is the worlds most-visited city as measured by international arrivals and has the worlds largest city airport system measured by passenger traffic, London is the worlds leading investment destination, hosting more international retailers and ultra high-net-worth individuals than any other city. Londons universities form the largest concentration of education institutes in Europe. In 2012, London became the first city to have hosted the modern Summer Olympic Games three times, London has a diverse range of people and cultures, and more than 300 languages are spoken in the region. Its estimated mid-2015 municipal population was 8,673,713, the largest of any city in the European Union, Londons urban area is the second most populous in the EU, after Paris, with 9,787,426 inhabitants at the 2011 census. The citys metropolitan area is the most populous in the EU with 13,879,757 inhabitants, the city-region therefore has a similar land area and population to that of the New York metropolitan area. London was the worlds most populous city from around 1831 to 1925, Other famous landmarks include Buckingham Palace, the London Eye, Piccadilly Circus, St Pauls Cathedral, Tower Bridge, Trafalgar Square, and The Shard. The London Underground is the oldest underground railway network in the world, the etymology of London is uncertain. It is an ancient name, found in sources from the 2nd century and it is recorded c.121 as Londinium, which points to Romano-British origin, and hand-written Roman tablets recovered in the city originating from AD 65/70-80 include the word Londinio. The earliest attempted explanation, now disregarded, is attributed to Geoffrey of Monmouth in Historia Regum Britanniae and this had it that the name originated from a supposed King Lud, who had allegedly taken over the city and named it Kaerlud. From 1898, it was accepted that the name was of Celtic origin and meant place belonging to a man called *Londinos. The ultimate difficulty lies in reconciling the Latin form Londinium with the modern Welsh Llundain, which should demand a form *lōndinion, from earlier *loundiniom. The possibility cannot be ruled out that the Welsh name was borrowed back in from English at a later date, and thus cannot be used as a basis from which to reconstruct the original name. Until 1889, the name London officially applied only to the City of London, two recent discoveries indicate probable very early settlements near the Thames in the London area
12.
England
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England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west, the Irish Sea lies northwest of England and the Celtic Sea lies to the southwest. England is separated from continental Europe by the North Sea to the east, the country covers five-eighths of the island of Great Britain in its centre and south, and includes over 100 smaller islands such as the Isles of Scilly, and the Isle of Wight. England became a state in the 10th century, and since the Age of Discovery. The Industrial Revolution began in 18th-century England, transforming its society into the worlds first industrialised nation, Englands terrain mostly comprises low hills and plains, especially in central and southern England. However, there are uplands in the north and in the southwest, the capital is London, which is the largest metropolitan area in both the United Kingdom and the European Union. In 1801, Great Britain was united with the Kingdom of Ireland through another Act of Union to become the United Kingdom of Great Britain and Ireland. In 1922 the Irish Free State seceded from the United Kingdom, leading to the latter being renamed the United Kingdom of Great Britain, the name England is derived from the Old English name Englaland, which means land of the Angles. The Angles were one of the Germanic tribes that settled in Great Britain during the Early Middle Ages, the Angles came from the Angeln peninsula in the Bay of Kiel area of the Baltic Sea. The earliest recorded use of the term, as Engla londe, is in the ninth century translation into Old English of Bedes Ecclesiastical History of the English People. According to the Oxford English Dictionary, its spelling was first used in 1538. The earliest attested reference to the Angles occurs in the 1st-century work by Tacitus, Germania, the etymology of the tribal name itself is disputed by scholars, it has been suggested that it derives from the shape of the Angeln peninsula, an angular shape. An alternative name for England is Albion, the name Albion originally referred to the entire island of Great Britain. The nominally earliest record of the name appears in the Aristotelian Corpus, specifically the 4th century BC De Mundo, in it are two very large islands called Britannia, these are Albion and Ierne. But modern scholarly consensus ascribes De Mundo not to Aristotle but to Pseudo-Aristotle, the word Albion or insula Albionum has two possible origins. Albion is now applied to England in a poetic capacity. Another romantic name for England is Loegria, related to the Welsh word for England, Lloegr, the earliest known evidence of human presence in the area now known as England was that of Homo antecessor, dating to approximately 780,000 years ago. The oldest proto-human bones discovered in England date from 500,000 years ago, Modern humans are known to have inhabited the area during the Upper Paleolithic period, though permanent settlements were only established within the last 6,000 years
13.
Chairman
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The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group. The chair presides over meetings of the group and conducts its business in an orderly fashion. When the group is not in session, the officers duties include acting as its head, its representative to the outside world. In some organizations, this position is called president, in others, where a board appoints a president. Other terms sometimes used for the office and its holder include chair, chairperson, chairwoman, presiding officer, president, moderator, facilitator, the chairman of a parliamentary chamber is often called the speaker. The term chair is used in lieu of chairman, in response to criticisms that using chairman is sexist. In his 1992 State of the Union address, then-U. S, president George H. W. Bush used chairman for men and chair for women. A1994 Canadian study found the Toronto Star newspaper referring to most presiding men as chairman, the Chronicle of Higher Education uses chairman for men and chairperson for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times, the National Association of Parliamentarians does not approve using chairperson. In World Schools Style debating, male chairs are called Mr. Chairman, the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using chair or chairperson, rather than chairman. The Oxford Dictionary of American Usage and Style suggests that the forms are gaining ground. It advocates using chair to refer both to men and to women, the word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be in the chair and is referred to as the chair. Major dictionaries state that the word derives from chair and man, some authorities, however, including Riddicks Rules of Procedure, suggest that the second part of chairman derives from the Latin manus, and thus claim gender-neutrality for the word. Vladimir Lenin, for example, officially functioned as the head of Soviet Russia not as tsar or as president, note in particular the popular standard method for referring to Mao Zedong, Chairman Mao. In the absence of the chairman and vice chairman, groups sometimes elect a chairman pro tempore to fill the role for a single meeting. In some organizations that have titles, deputy chairman ranks higher than vice chairman, as there are often multiple vice chairs
14.
Retail banking
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Retail banking, also known as consumer banking, is the provision of services by a bank to individual consumers, rather than to companies, corporations or other banks. Services offered include savings and transactional accounts, mortgages, personal loans, debit cards, the term is generally used to distinguish these banking services from investment banking, commercial banking or wholesale banking. It may also be used to refer to a division or department of a bank dealing with retail customers, in the U. S. the term commercial bank is used for a normal bank to distinguish it from an investment bank. This separation was repealed in the 1990s, commercial bank can also refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses, as opposed to individual members of the public. S. Private banks manage the assets of high-net-worth individuals, offshore banks are banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks, postal savings banks are savings banks associated with national postal systems
15.
General insurance
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General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada, in the United Kingdom, insurance is broadly divided into three areas, personal lines, commercial lines]] and London market. The London market insures large commercial risks such as supermarkets, football players and it consists of a number of insurers, reinsurers, P&I Clubs, brokers and other companies that are typically physically located in the City of London. Lloyds of London is a big participant in this market, the London market also participates in personal lines and commercial lines, domestic and foreign, through reinsurance. Commercial lines products are designed for relatively small legal entities. These would include workers compensation, public liability, product liability, commercial fleet, there are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels. Personal lines products are designed to be sold in large quantities and this would include autos, homeowners, pet insurance, creditor insurance and others. General insurance can be categorised in to following, Motor Insurance, health Insurance, Common types of health insurance includes, individual health insurance, family floater health insurance, comprehensive health insurance and critical illnes insurance. Travel Insurance, Travel insurance can be grouped into Individual travel policy, Family Travel policy, student travel insurance. Home Insurance, Home insurance protects house and its contents in bad time, Marine Insurance, Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and/or air. Zimbabwean insurance industry is recovering following dollarization in 2009 and it is one of the better performing sectors of the economy
16.
Life insurance
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Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum, other expenses can also be included in the benefits. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer, common examples are claims relating to suicide, fraud, war, riot, and civil commotion. Life-based contracts tend to fall into two categories, Protection policies – designed to provide a benefit, typically a lump sum payment. A common form of a protection policy design is term insurance, investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms are whole life, universal life, and variable life policies, an early form of life insurance dates to Ancient Rome, burial clubs covered the cost of members funeral expenses and assisted survivors financially. The first company to offer insurance in modern times was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot. Each member made a payment per share on one to three shares with consideration to age of the members being twelve to fifty-five. At the end of the year a portion of the contribution was divided among the wives and children of deceased members. The Amicable Society started with 2000 members and he was unsuccessful in his attempts at procuring a charter from the government. His disciple, Edward Rowe Mores, was able to establish the Society for Equitable Assurances on Lives, Mores also gave the name actuary to the chief official - the earliest known reference to the position as a business concern. The first modern actuary was William Morgan, who served from 1775 to 1830, in 1776 the Society carried out the first actuarial valuation of liabilities and subsequently distributed the first reversionary bonus and interim bonus among its members. It also used regular valuations to balance competing interests, the Society sought to treat its members equitably and the Directors tried to ensure that policyholders received a fair return on their investments. Premiums were regulated according to age, and anybody could be admitted regardless of their state of health, the sale of life insurance in the U. S. began in the 1760s. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived. S. The person responsible for making payments for a policy is the policy owner, the owner and insured may or may not be the same person. For example, if Joe buys a policy on his own life, but if Jane, his wife, buys a policy on Joes life, she is the owner and he is the insured
17.
Pension
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The terms retirement plan and superannuation tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, called retirement plans in the United States, they are commonly known as pension schemes in the United Kingdom and Ireland and superannuation plans in Australia and New Zealand. Retirement pensions are typically in the form of a life annuity. A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension, labor unions, the government, or other organizations may also fund pensions. Occupational pensions are a form of deferred compensation, usually advantageous to employee, many pensions also contain an additional insurance aspect, since they often will pay benefits to survivors or disabled beneficiaries. Other vehicles may provide a stream of payments. The common use of the pension is to describe the payments a person receives upon retirement. A recipient of a retirement pension is known as a pensioner or retiree, a retirement plan is an arrangement to provide people with an income during retirement when they are no longer earning a steady income from employment. Often retirement plans require both the employer and employee to contribute money to a fund during their employment in order to receive defined benefits upon retirement and it is a tax deferred savings vehicle that allows for the tax-free accumulation of a fund for later use as a retirement income. Funding can be provided in other ways, such as labor unions, government agencies. Pension plans are therefore a form of deferred compensation, a SSAS is a type of employment-based Pension in the UK. Some countries also grant pensions to military veterans, military pensions are overseen by the government, an example of a standing agency is the United States Department of Veterans Affairs. Ad hoc committees may also be formed to investigate specific tasks, Commission on Veterans Pensions in 1955–56. In early 2017, the Wall Street Journal reported the percentage of American private-sector workers who have a pension is 13%. Many countries have created funds for their citizens and residents to provide income when they retire, typically this requires payments throughout the citizens working life in order to qualify for benefits later on. A basic state pension is a contribution based benefit, and depends on an individuals contribution history, for examples, see National Insurance in the UK, or Social Security in the United States of America. Many countries have put in place a social pension. These are regular, tax-funded non-contributory cash transfers paid to older people, over 80 countries have social pensions
18.
Investment banking
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Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, Other industrialized countries, including G7 countries, have historically not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, the two main lines of business in investment banking are called the sell side and the buy side. The sell side involves trading securities for cash or for other securities, the buy side involves the provision of advice to institutions that buy investment services. Private equity funds, mutual funds, life insurance companies, unit trusts, an investment bank can also be split into private and public functions with a Chinese wall separating the two to prevent information from crossing. The private areas of the deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis. The first company to publicly traded stock was the Dutch East India Company. Investment banking has changed over the years, beginning as a form focused on underwriting security issuance. In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, the repeal led to more universal banks offering an even greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions, notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, UBS, Barclays, and Wells Fargo. The traditional service of underwriting security issues has declined as a percentage of revenue, as far back as 1960, 70% of Merrill Lynchs revenue was derived from transaction commissions while traditional investment banking services accounted for 5%. However, Merrill Lynch was a relatively retail-focused firm with a large brokerage network, investment banking is split into front office, middle office, and back office activities. Investment banks offer services to corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, therefore, investment bankers play a very important role in issuing new security offerings. Front office is described as a revenue generating role. Markets is divided into sales and trading, and research, a pitch book of financial information is generated to market the bank to a potential M&A client, if the pitch is successful, the bank arranges the deal for the client. The investment banking division is divided into industry coverage and product coverage groups. On behalf of the bank and its clients, an investment banks primary function is buying and selling products
19.
Pound sterling
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It is subdivided into 100 pence. A number of nations that do not use sterling also have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is also used in the Isle of Man, Gibraltar, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, Sterling is also the third most-held reserve currency in global reserves. The full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used. The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is also referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was then derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was also called Easterlings Hall, or Esterlingeshalle. For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is also sometimes seen. The ISO4217 currency code is GBP, occasionally, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices. A common slang term for the pound sterling or pound is quid, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this also helped to distinguish between new and old pence amounts during the changeover to the decimal system
20.
Earnings before interest and taxes
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In accounting and finance, earnings before interest and taxes, is a measure of a firms profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses, when a firm does not have non-operating income, then operating income is sometimes used as a synonym for EBIT and operating profit. To calculate EBIT, expenses are subtracted from revenues, net income is later obtained by subtracting interest and taxes from the result
21.
Net income
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In business, net income is an entitys income minus cost of goods sold, expenses and taxes for an accounting period. In the context of the presentation of financial statements, the IFRS Foundation defines net income as synonymous with profit, net income is a distinct accounting concept from profit but the same as net profit. Net income can also be calculated by adding a companys operating income to non-operating income, net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings. As profit and earnings are used synonymously for income, net earnings, often, the term income is substituted for net income, yet this is not preferred due to the possible ambiguity. Net income is called the bottom line because it is typically found on the last line of a companys income statement. The items deducted will typically include tax expense, financing expense, likewise, preferred stock dividends will be subtracted too, though they are not an expense. For a merchandising company, subtracted costs may be the cost of goods sold, sales discounts, for a product company advertising, manufacturing, and design and development costs are included
22.
Asset
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In financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value, simply stated, assets represent value of ownership that can be converted into cash. The balance sheet of a firm records the value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business, one can classify assets into two major asset classes, tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets, current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace. Examples of intangible assets include goodwill, copyrights, trademarks, patents and computer programs, an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. One of the most widely accepted accounting definitions of asset is the one used by the International Accounting Standards Board, employees are not considered assets like machinery is, even though they can generate future economic benefits. This is because an entity does not have sufficient control over its employees to satisfy the Frameworks definition of an asset, similarly, in economics an asset is any form in which wealth can be held. The accounting equation is the structure of the balance sheet. It relates assets, liabilities, and owners equity, Assets = Liabilities + Capital Liabilities = Assets − Capital Equity = Assets − Liabilities Assets are listed on the balance sheet. On a companys balance sheet certain divisions are required by generally accepted accounting principles, Assets can be divided into e. g. current assets and fixed assets, often with further subdivisions such as cash, receivables and inventory. Assets are formally controlled and managed within larger organizations via the use of asset tracking tools and these monitor the purchasing, upgrading, servicing, licensing, disposal etc. of both physical and non-physical assets. Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle and these assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets, Cash and cash equivalents – it is the most liquid asset, which includes currency, deposit accounts, short-term investments – include securities bought and held for sale in the near future to generate income on short-term price differences. Receivables – usually reported as net of allowance for non-collectable accounts, inventory – trading these assets is a normal business of a company. The inventory value reported on the sheet is usually the historical cost or fair market value. This is known as the lower of cost or market rule, prepaid expenses – these are expenses paid in cash and recorded as assets before they are used or consumed
23.
Equity (finance)
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In accounting, equity is the difference between the value of the assets and the value of the liabilities of something owed. Equity can be negative if liabilities exceeds assets, shareholders equity represents the equity of a company as divided among shareholders of common or preferred stock. Negative shareholders equity is often referred to as a shareholders deficit, alternatively, equity can also refer to the capital stock of a corporation. The value of the stock depends on the future economic prospects. For a company in liquidation proceedings, the equity is that which remains after all liabilities have been paid, when starting a business, the owners fund the business to finance various operations. Throughout the businesss existence, the equity of the business will be the difference between its assets and debt liabilities, this is the accounting equation, when a business liquidates during bankruptcy, the proceeds from the assets are used to reimburse creditors. The creditors are ranked by priority, with secured creditors being paid first, other creditors being paid next, owners equity is this remaining or residual claim against assets, which is paid only after all other creditors are paid. In such cases where even creditors could not get money to pay their bills. In financial accounting, owners equity consists of the net assets of an entity, net assets is the difference between the total assets and total liabilities. Equity appears on the sheet, one of the four primary financial statements. The assets of an entity can be tangible and intangible items. Intangible assets include such as brand names, copyrights or goodwill. Tangible assets include land, equipment, and cash, issue of new equity in which the firm obtains new capital increases the total shareholders equity. Share repurchases, in which a firm returns money to investors, reducing on the side its financial assets. For practical purposes, share repurchasing is similar to a dividend payment, rather than giving money to all shareholders immediately in the form of a dividend payment, a share repurchase reduces the number of shares outstanding. Dividends paid out to preferred stock owners are considered an expense to be subtracted from net income, sometimes assets bought and held in other countries get translated back into the reporting currency at different exchange rates, resulting in a changed value. When the owners are shareholders, the interest can be called shareholders equity, the remains the same. If all shareholders are in one and the class, they share equally in ownership equity from all perspectives
24.
Lloyds Bank
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Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the Big Four clearing banks, the bank was founded in Birmingham in 1765. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies, in 1995 it merged with the Trustee Savings Bank and traded as Lloyds TSB Bank plc between 1999 and 2013. The bank is the subsidiary of Lloyds Banking Group, which was formed in January 2009 by the acquisition of HBOS by the then-Lloyds TSB Group. That year, following the UK bank rescue package, the British Government took a 43. 4% stake in Lloyds Banking Group, the new business began operations on 9 September 2013 under the TSB brand. Lloyds TSB was subsequently renamed Lloyds Bank on 23 September 2013, Lloyds Bank is the largest retail bank in Britain, and has an extensive network of branches and ATM in England and Wales and offers 24-hour telephone and online banking services. As of 2012 it has 16 million personal customers and small business accounts, Lloyds Bank came 10th out of 12 in the British Bank Awards 2016. It has its operational Headquarters in London and other offices in Wales and it also operates a number of office complex, brand headquarters and data centres in Yorkshire including Leeds, Sheffield and Halifax. The origins of Lloyds Bank date from 1765, when button maker John Taylor and Quaker iron producer and dealer Sampson Lloyd II set up a banking business in Dale End. The first branch opened in Oldbury, some six miles west of Birmingham. The symbol adopted by Taylors and Lloyds was the beehive, representing industry, the black horse regardant device dates from 1677, when Humphrey Stokes adopted it as sign for his shop. Stokes was a goldsmith and keeper of the running cashes and the became part of Barnett. When Lloyds took over that bank in 1884, it continued to trade at the sign of the black horse, the association with the Taylor family ended in 1852 and, in 1865, Lloyds & Co. converted into a joint-stock company known as Lloyds Banking Company Ltd. The first report of the company in 1865 stated, LLOYDS BANKING COMPANY LIMITED – Authorized Capital £2,000,000, FOUNDED ON The Private Banks of Messrs. Moilliet and Sons, with-which have subsequently been amalgamated the Banks of Messrs. P. H. Williams, Wednesbury and your Directors have the satisfaction to report that they have concluded an agreement with the well-known and old-established firm of Messrs. It will be submitted to you for final confirmation after the close of the Ordinary General Meeting. Eventually, this became absorbed into the original Lloyds Banking Company, and, finally, Lloyds Bank Limited in 1889. By 1923, Lloyds Bank had made some 50 takeovers, one of which was the last private firm to issue its own banknotes—Fox, Fowler and Company of Wellington, today, the Bank of England has a monopoly of banknote issue in England and Wales
25.
Bank of Scotland
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The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. It was one of the first banks in Europe to print its own banknotes, in June 2006, the HBOS Group Reorganisation Act 2006 was passed by the Parliament of the United Kingdom, allowing the banks structure to be simplified. As a result, The Governor and Company of the Bank of Scotland became Bank of Scotland plc on 17 September 2007, Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009, when HBOS was acquired by Lloyds TSB. Although established soon after the Bank of England, the Bank of Scotland was a different institution. John Holland, an Englishman, was one of the banks founders and its first chief accountant was George Watson. The Bank of Scotland was suspected of Jacobite sympathies and its first rival, The Royal Bank of Scotland was formed by royal charter in 1727. This led to a period of competition between the two banks as they set to drive each other out of business. Although the Bank Wars ended in around 1751, competition arose from other sources. In response, the Bank of Scotland itself began to open branches throughout Scotland, the first branch in London opened in 1865. The Western Bank collapsed in 1857, and the Bank of Scotland stepped in with the other Scottish banks to ensure that all Western Banks notes were paid, in the 1950s, the Bank of Scotland was involved in several mergers and acquisitions with different banks. In 1955, the Bank merged with the Union Bank of Scotland, the Bank also expanded into consumer credit with the purchase of Chester based, North West Securities. In 1971, the Bank agreed to merge with the British Linen Bank, the merger saw Barclays Bank acquire a 35% stake in the Bank of Scotland, a stake it retained until the 1990s. The merchant banking division of the Bank of Scotland was relaunched as British Linen Bank, in 1959 Bank of Scotland became the first bank in the UK to install a computer to process accounts centrally. At 11 am on 25 January 1985 the Bank introduced HOBS and this followed a small-scale service operated jointly with the Nottingham Building Society for two years but developed by Bank of Scotland. The new HOBS service enabled customers to access their accounts directly on a television screen, the arrival of North Sea Oil to Scotland in the 1970s allowed the Bank of Scotland to expand into the energy sector. The Bank later used this expertise in finance to expand internationally. The first international office opened in Houston, Texas, followed by more in the United States, Moscow, in 1987, the Bank acquired Countrywide Bank of New Zealand. The Bank later expanded into the Australian market by acquiring the Perth-based Bank of Western Australia, a controversial period in the Banks history was the attempt in 1999 to enter the United States retail banking market via a joint venture with evangelist Pat Robertson
26.
Scottish Widows
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Scottish Widows plc is a life, pensions and investment company located in Edinburgh, Scotland, and is a subsidiary of Lloyds Banking Group. Its product range includes life assurance, pensions, investments and savings, the company has been providing financial services to the UK market since 1815 and is the most trusted life, pensions and investment provider in the UK according to a 2010 Ipsos study. The company sells products through independent financial advisers, direct to customers, in March 1812, a number of prominent Scotsmen gathered in the Royal Exchange Coffee Rooms in Edinburgh. Scottish Widows Fund and Life Assurance Society opened in 1815 as Scotlands first mutual life office and its most noteworthy leader was Very Rev James Grant who served as its Director for a record fifty years. In 1999, Lloyds TSB agreed to buy the society for £7 billion, the society demutualised on 3 March 2000 as part of the acquisition. At the time of its takeover, Scottish Widows set up an account to hold £1.7 billion of the proceeds from the sale. This fund was to be used to enhance terminal bonuses across the company, in April 2009, Lloyds Banking Group announced that the sales team of Clerical Medical would be merged into that of Scottish Widows, and the Clerical Medical brand would eventually be phased out. In November 2013, Lloyds Banking Group sold its asset management division, in 2015, Scottish Widows sold Clerical Medical to international life assurance company RL360°. The Scottish Widow first appeared in an advert directed by David Bailey in 1986. Since then, Scottish Widows has made 10 adverts featuring the Scottish Widow, four models have portrayed the Scottish Widow, a hooded character featured in the companys advertising. The original Widow, chosen to portray the brand values in the ‘Looking Good’ commercial in 1986, was Deborah Moore. In 1994, Amanda Lamb took over the role, hayley Hunt became the third Scottish Widow in 2005. In 2014, the announced that the fourth Scottish Widow would be Amber Martinez. Scottish Widows was the Official Pensions and Investment Provider of the London 2012 Olympic and Paralympic Games, the company employs athletes Roger Black MBE and Sarah Storey OBE as their Olympic Ambassadors. The establishment of the fund is briefly mentioned in Yuval Hararis 2011 book Sapiens, A Brief History of Humankind
27.
Lex Autolease
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One in every thirty new cars sold in the UK is through Lex Autolease. Lex Vehicle Leasing was owned by HBOS between 2006 and 2009, part owned with Aviva in 2006 when it was part of their RAC plc company only the year before. Following the acquisition of HBOS by Lloyds TSB Group, which owned Autolease since 2000, at the time of the merge, Lex was carrying a debt of GB£2.4 billion. The company can trace its origins back to 1959 when both Lex and Autolease were established, Lex was established in the 1920s, but in 1959 it acquired British Colonial Motors which allowed it to enter the contract hire business. Autolease was established in the year by Britax, which also owned Bristol Street Motors. Lex has been successful in the last few years, taking on a number of white label contracts such as HSBC Vehicle Finance. Prior to 2009, both Lex and Autolease are a result of several other mergers and acquisitions. Lex grew with buying Controlled Cost Motoring in 1969, establishing Lombard Contract Hire in 1983 and Fleetdrive acquired in 1988
28.
HBOS
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HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. HBOS was formed by the 2001 merger of Halifax plc and the Bank of Scotland, the formation of HBOS was heralded as creating a fifth force in British banking as it created a company of comparable size and stature to the established Big Four UK retail banks. It was also the UKs largest mortgage lender, the HBOS Group Reorganisation Act 2006 saw the transfer of Halifax plc to the Bank of Scotland, which was now a registered public limited company, Bank of Scotland plc. Although officially HBOS is not an abbreviation of any specific words, the corporate headquarters of the group were located on The Mound in Edinburgh, Scotland, the former head office of the Bank of Scotland. Operational headquarters were based in Halifax, West Yorkshire, England, the group became part of Lloyds Banking Group through a takeover by Lloyds TSB on Monday 19 January 2009 after both sets of shareholders approved the deal. HBOS continues to operate as an organisation within the new group. Lloyds Banking Group has stated that the new group will continue to use The Mound as the headquarters for its Scottish operations, HBOS was formed by a merger of Halifax and Bank of Scotland in 2001, Halifax having demutualised and floated four years prior. In 2006, HBOS secured the passing of the HBOS Group Reorganisation Act 2006, the act allowed HBOS to make the Governor and Company of the Bank of Scotland a public limited company, Bank of Scotland plc, which became the principal banking subsidiary of HBOS. Halifax plc transferred its undertakings to Bank of Scotland plc, and although the name was retained. The provisions in the Act were implemented on 17 September 2007, the share price peaked at over 1150p in February 2007. In 2004 Paul Moore, HBOS head of Group Regulatory Risk and he was dismissed, and his concerns not acted on. In March 2008, HBOS shares fell 17 percent amid false rumours that it had asked the Bank of England for emergency funding, the Financial Services Authority conducted an investigation as to whether short selling had any links with the rumours. It concluded that there was no attempt to drive the share price down. However, later day, the BBC reported that HBOS was in advanced takeover talks with Lloyds TSB to create a superbank with 38 million customers. This was later confirmed by HBOS, the BBC suggested that shareholders would be offered up to £3.00 per share, causing the share price to rise, but later retracted that comment. Later that day, the price was set at 0.83 Lloyds shares for each HBOS share, equivalent to 232p per share, to avoid another Northern Rock-style collapse, the UK government announced that should the takeover go ahead, they would allow it to bypass competition law. Vince Cable, the Liberal Democrats economic spokesman mocked so-called masters of the universe, whose hedge funds profited from short-selling, on 18 September 2008 the terms of the recommended offer for HBOS by Lloyds TSB were announced. The deal was concluded on 19 January 2009, a group of Scottish businessmen challenged the right of the UK government to approve the deal by over-ruling UK competition law, but this was rejected
29.
Parliament of Scotland
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The Parliament of Scotland, or Estates of Parliament, was the legislature of the Kingdom of Scotland. The parliament, like other such institutions, evolved during the Middle Ages from the council of bishops. It is first identifiable as a parliament in 1235, during the reign of Alexander II, by the early fourteenth century, the attendance of knights and freeholders had become important, and from 1326 commissioners from the burghs attended. Parliamentary business was carried out by sister institutions, such as General Councils or Convention of Estates. These could carry out much business also dealt with by parliament – taxation, legislation and policy-making –, the Parliament of Scotland met for more than four centuries, until it was prorogued sine die at the time of the Acts of Union in 1707. Thereafter the Parliament of Great Britain operated for both England and Scotland, thus creating the United Kingdom of Great Britain, when the Parliament of Ireland was abolished in 1801, its former members were merged into what was now called the Parliament of the United Kingdom. Later, the bishops themselves were removed from the Church of Scotland during the Glorious Revolution, the Second Estate was then split into two to retain the division into three. From the 16th century, the estate was reorganised by the selection of Shire Commissioners. During the 17th century, after the Union of the Crowns and these latter identifications remain highly controversial among parliamentary historians. Regardless, the used for the assembled members continued to be the Three Estates. A Shire Commissioner was the closest equivalent of the English office of Member of Parliament, because the parliament of Scotland was unicameral, all members sat in the same chamber, as opposed to the separate English House of Lords and House of Commons. The Scottish parliament evolved during the Middle Ages from the Kings Council and it is perhaps first identifiable as a parliament in 1235, described as a colloquium and already with a political and judicial role. In 1296 we have the first mention of burgh representatives taking part in decision making, by the early 14th century, the attendance of knights and freeholders had become important, and Robert the Bruce began regularly calling burgh commissioners to his Parliament. Consisting of The Three Estates – of clerics, lay Tenants-in-chief and burgh commissioners – sitting in a single chamber, parliamentary business was also carried out by sister institutions, before c.1500 by General Council and thereafter by the Convention of Estates. These could carry out much business also dealt with by Parliament – taxation, legislation and policy-making –, the Scottish parliament met in a number of different locations throughout its history. In addition to Edinburgh, meetings were held in Perth, Stirling, St Andrews, Dundee, Linlithgow, Dunfermline, Glasgow, Aberdeen, Inverness and Berwick-upon-Tweed. From the early 1450s until 1690, a deal of the legislative business of the Scottish Parliament was usually carried out by a parliamentary committee known as the Lords of the Articles. This was a chosen by the three estates to draft legislation which was then presented to the full assembly to be confirmed
30.
Gresham Street
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Gresham Street is a street in the City of London named after the English merchant and financier Thomas Gresham. It runs from the junction of Lothbury and Moorgate at its eastern end, Gresham Street was created between 1881-1895 by widening and amalgamating Cateaton Street, Maiden Lane, St. Annes Lane and Lad Lane. Other ancient side-roads leading towards Cheapside are Foster Lane, Gutter Lane, Ironmonger Lane, leading north off Gresham Street are Noble Street, Staining Lane, Aldermanbury, Basinghall Street and Coleman Street. Wood Street, home to the City of London Police headquarters, crosses Gresham Street, there is a memorial garden on the site of St. Mary Aldermanbury, a Christopher Wren church, that, following damage in the Blitz, was dismantled and rebuilt in Fulton, Missouri. Near the Guildhall—perhaps Gresham Streets most notable site—is the church of St. Lawrence Jewry, Gresham Street is home to the Lloyds Banking Groups headquarters and also to Schroders, the Association of British Insurers, Investec, Alliance Trust and Rensburg Sheppards. It formed part of the course of the 2012 Olympic and Paralympic Games. List of eponymous roads in London
31.
City of London
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The City of London is a city and county within London. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, the City is now only a tiny part of the metropolis of London, though it remains a notable part of central London. Administratively, it one of the 33 local authority districts of Greater London, however, the City of London is not a London borough. The City of London is widely referred to simply as the City and is colloquially known as the Square Mile. Both of these terms are often used as metonyms for the United Kingdoms trading and financial services industries. The name London is now used for a far wider area than just the City. London most often denotes the sprawling London metropolis, or the 32 London boroughs and this wider usage of London is documented as far back as 1888, when the County of London was created. The local authority for the City, namely the City of London Corporation, is unique in the UK and has some unusual responsibilities for a local council and it is also unusual in having responsibilities and ownerships beyond its boundaries. The Corporation is headed by the Lord Mayor of the City of London, the current Lord Mayor, as of November 2016, is Andrew Parmley. The City is a business and financial centre. Throughout the 19th century, the City was the primary business centre. London came top in the Worldwide Centres of Commerce Index, published in 2008, the insurance industry is focused around the eastern side of the City, around Lloyds building. A secondary financial district exists outside of the City, at Canary Wharf,2.5 miles to the east, the City has a resident population of about 7,000 but over 300,000 people commute to and work there, mainly in the financial services sector. It used to be held that Londinium was first established by merchants as a trading port on the tidal Thames in around 47 AD. However, this date is only supposition, many historians now believe London was founded some time before the Roman conquest of Britain in 43 AD. They base this notion on evidence provided by both archaeology and Welsh literary legend, archaeologists have claimed that as much as half of the best British Iron Age art and metalwork discovered in Britain has been found in the London area. One of the most prominent examples is the famously horned Waterloo Helmet dredged from the Thames in the early 1860s and now exhibited at the British Museum. Also, according to an ancient Welsh legend, a king named Lud son of Heli substantially enlarged and improved a pre-existing settlement at London which afterwards came to be renamed after him, the same tradition relates how this Lud son of Heli was later buried at Ludgate
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The Mound
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The Mound is an artificial hill in central Edinburgh, Scotland, which connects Edinburghs New Town and Old Town. It was formed by dumping around 1,501,000 cartloads of earth excavated from the foundations of the New Town into Nor Loch which was drained in 1765 and forms todays Princes Street Gardens. When the Edinburgh and Glasgow Railway was extended to Waverley in 1846, today The Mound is a busy, if fairly steep, thoroughfare taking traffic to and from Princes Street and the Royal Mile in the Old Town. The lower end, or Foot of the Mound is a few metres walk from the Princes Street tram stop, due to its raised elevation, the Mound commands expansive views over Princes Street and the New Town of Edinburgh and towards Calton Hill. An Electric Blanket was installed under the surface of the roadway of the mound to keep clear of ice and snow in 1959
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Halifax (bank)
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Halifax is a British bank operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group. It is the UKs largest provider of residential mortgages and savings accounts and it is named after the town of Halifax, West Yorkshire where it was founded as a building society in 1853. By 1913 It had developed into the UKs largest building society and continued to grow and prosper, in 1997 it became Halifax plc, a public limited company which was a constituent of the FTSE100 Index. In 2001 Halifax plc merged with The Governor and Company of the Bank of Scotland, forming HBOS. A takeover of HBOS by Lloyds TSB was approved by the Court of Session on 12 January 2009, the Halifax was formed in 1853 as the Halifax Permanent Benefit Building and Investment Society. The idea was thought up in a room situated above the Old Cock Inn close to the original Building Society building. Like all early building societies, the purpose of the society was for the benefit of local working people. Investors with surplus cash would invest in the society to receive interest, unlike many British building societies which grew large by acquisitions and mergers, the Society chose an organic form of growth, and proceeded to open branches throughout the UK. By 1913, it was the largest building society in the UK, the first office in London opened in 1924, and the first offices in Scotland in 1928. In 1928, it merged with Halifax Equitable Building Society, then the second largest building society and was renamed Halifax Building Society, the society was now five times larger than its nearest rival, with assets of £47 million. A new head office was built at Trinity Road, Halifax in 1973, the distinctive diamond-shaped building was used on marketing material during the 1980s and 90s. Underneath the building is a specially constructed deedstore which is used to store property deeds for a one off charge of £10 and its importance has diminished in recent years because property data is now kept on a central database kept by HM Land Registry. The society continued to grow in size throughout the 20th century, accordingly, the Halifax acquired an estate agent to complement its mortgage business. It also expanded by offering current accounts and credit cards, traditionally offered by commercial banks. In 1993, it established a Spanish subsidiary, Banco Halifax Hispania, although the Abbey National demutualised in 1989, the process was not repeated until the late 1990s, when most of the large societies announced demutalisation plans. In 1995, the Halifax announced it was to merge with the Leeds Permanent Building Society, the Halifax floated on the London Stock Exchange on 2 June 1997. Over 7.5 million customers of the Society became shareholders of the new bank, as Halifax plc, the new bank was the fifth largest in the UK in terms of market capitalisation. Further expansion took place with the 1996 acquisition of Clerical Medical Fund Managers, in 1999, the Halifax acquired the Birmingham Midshires Building Society and ComparetheLoan
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The Banker
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The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London. The magazine was first published in January 1926 through founding Editor, Brendan Bracken of the Financial News, since its founding, the magazine has claimed a dedication to the international perspective through features, interviews, multi-media applications and events. The Banker is the premier banking and finance resource, read in over 180 countries and is the key source of data. The Banker is read most widely in banks, financial institutions, multilateral corporations, central banks, approximately 60% of its readers are CEO/President and CFO/Treasurers of their organizations. The Bankers primary focus is global financial comment and insight, featuring opinion pieces, profiles and interviews with leading banking, the Bracken Column is named after Brendan Bracken, the founding editor of The Banker and serves as a think-tank for financial sector participants. The Bank of the Year Awards is an awards event recognising the top financial institutions in the world. The most recent event took place in December 2012 and 149 countries were acknowledged for their achievements, top 1000 World Banks is published annually in July based on the findings of The Banker Database. This ranking serves to recognise global leaders in the industry for their achievements, ranking the worlds banks by Tier 1 capital globally, as well as by individual country. The awards are the industry’s most widely used index of global banking, the banks are assessed by Tier 1 capital, with secondary rankings by assets, capital/asset ratio, real profit growth, profit on average capital, and return on assets. In 2013 ICBC was ranked in top place, the first time ever for a Chinese bank, how to Run a Bank is an annual guide to international banking in the new financial environment, combining contributions from bankers, regulators, academics and economists. Top Islamic Financial Institutions annual listing assesses the state of the Islamic banking. Since 2007, it has aimed to help estimate the size, on 8 January 2014, it was announced that Irelands Michael Noonan was awarded Best finance minister in Europe. The Banker is known for its rankings of the worlds top banks
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Market capitalization
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Market capitalization is used by the investment community in ranking the size of companies, as opposed to sales or total asset figures. It is also used in ranking the size of stock exchanges. In performing such rankings, the market capitalizations are calculated at some significant date, the total capitalization of stock markets or economic regions may be compared with other economic indicators. In 2014 and 2015, global market capitalization was US$68 trillion and US$67 trillion, respectively. Market cap is given by the formula M C = N × P, where MC is the capitalization, N is the number of shares outstanding. For example, if company has 4 million shares outstanding. If the closing price per share rises to $21, the cap becomes $84 million. If it drops to $19 per share, the cap falls to $76 million. This is in contrast to mercantile pricing where purchase price, average price, traditionally, companies were divided into large-cap, mid-cap, and small-cap. The terms mega-cap and micro-cap have also come into common use. Different numbers are used by different indexes, there is no definition of, or full consensus agreement about. The cutoffs may be defined as rather than in nominal dollars. Market cap reflects only the equity value of a company and it is important to note that a firms choice of capital structure has a significant impact on how the total value of a company is allocated between equity and debt. A more comprehensive measure is enterprise value, which gives effect to outstanding debt, preferred stock, for insurance firms, a value called the embedded value has been used
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United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and 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 the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and 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 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and 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 currently 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 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 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. Both one-dollar coins and notes are produced today, although the form is significantly more common
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Birmingham
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Birmingham is a major city and metropolitan borough of West Midlands, England lying on the River Rea, a small river that runs through Birmingham. It is the largest and most populous British city outside London, the city is in the West Midlands Built-up Area, the third most populous urban area in the United Kingdom, with a population of 2,440,986 at the 2011 census. Birminghams metropolitan area is the second most populous in the UK with a population of 3.8 million and this also makes Birmingham the 8th most populous metropolitan area in Europe. By 1791 it was being hailed as the first manufacturing town in the world, perhaps the most important invention in British history, the industrial steam engine, was invented in Birmingham. From the summer of 1940 to the spring of 1943, Birmingham was bombed heavily by the German Luftwaffe in what is known as the Birmingham Blitz. The damage done to the infrastructure, in addition to a deliberate policy of demolition and new building by planners, led to extensive demolition. Today Birminghams economy is dominated by the service sector and its metropolitan economy is the second largest in the United Kingdom with a GDP of $121. 1bn, and its six universities make it the largest centre of higher education in the country outside London. Birmingham is the fourth-most visited city in the UK by foreign visitors, Birminghams sporting heritage can be felt worldwide, with the concept of the Football League and lawn tennis both originating from the city. Its most successful football club Aston Villa has won seven league titles, people from Birmingham are called Brummies, a term derived from the citys nickname of Brum. This originates from the citys name, Brummagem, which may in turn have been derived from one of the citys earlier names. There is a distinctive Brummie accent and dialect, Birminghams early history is that of a remote and marginal area. The main centres of population, power and wealth in the pre-industrial English Midlands lay in the fertile and accessible river valleys of the Trent, the Severn and the Avon. The area of modern Birmingham lay in between, on the upland Birmingham Plateau and within the wooded and sparsely populated Forest of Arden. Birmingham as a settlement dates from the Anglo-Saxon era, within a century of the charter Birmingham had grown into a prosperous urban centre of merchants and craftsmen. By 1327 it was the third-largest town in Warwickshire, a position it would retain for the next 200 years, by 1700 Birminghams population had increased fifteenfold and the town was the fifth-largest in England and Wales. The importance of the manufacture of goods to Birminghams economy was recognised as early as 1538. Equally significant was the emerging role as a centre for the iron merchants who organised finance, supplied raw materials. The 18th century saw this tradition of free-thinking and collaboration blossom into the phenomenon now known as the Midlands Enlightenment
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