The pound sterling known as the pound and less referred to as sterling, is the official currency of the United Kingdom, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling have currencies called the pound. Sterling is the third most-traded currency in the foreign exchange market, after the United States dollar, the euro. Together with those two currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is the third most-held reserve currency in global reserves; the British Crown dependencies of Guernsey and the Isle of Man produce their own local issues of sterling which are considered equivalent to UK sterling in their respective regions. The pound sterling is used in Gibraltar, the Falkland Islands, Saint Helena and Ascension Island in Saint Helena and Tristan da Cunha; the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, regulating issuance of banknotes by private banks in Scotland and Northern Ireland.
Banknotes issued by other jurisdictions are not regulated by the Bank of England. The full official name pound sterling, is used in formal contexts and when it is necessary to distinguish the United Kingdom currency from other currencies with the same name. Otherwise the term pound is used; the currency name is sometimes abbreviated to just sterling in the wholesale financial markets, but not when referring to specific amounts. The abbreviations "ster." and "stg." are sometimes used. The term "British pound" is sometimes incorrectly used in less formal contexts, it is not an official name of the currency; the exchange rate of the pound sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets. The origins of this term are attributed to the fact that in the 1800s, the GBP/USD exchange rate was transmitted via transatlantic cable. Forex traders of GBP/USD are sometimes referred to as "cable dealers". GBP/USD is now the only currency pair with its own name in the foreign exchange markets, after IEP/USD, known as "wire" in the forward FX markets, no longer exists after the Irish Pound was replaced by the euro in 1999.
There is apparent convergence of opinion regarding the origin of the term "pound sterling", toward its derivation from the name of a small Norman silver coin, away from its association with Easterlings or other etymologies. Hence, the Oxford English Dictionary state that the "most plausible" etymology is derivation from the Old English steorra for "star" with the added diminutive suffix "-ling", to mean "little star" and to refer to a silver penny of the English Normans; as another established source notes, the compound expression was derived: However, the perceived narrow window of the issuance of this coin, the fact that coin designs changed in the period in question, led Philip Grierson to reject this in favour of a more complex theory. Another argument that the Hanseatic League was the origin for both the origin of its definition and manufacture, in its name is that the German name for the Baltic is "Ost See", or "East Sea", from this the Baltic merchants were called "Osterlings", or "Easterlings".
In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was called "Easterlings Hall", or Esterlingeshalle. Because the League's money was not debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", contracted to "'sterling". For further discussion of the etymology of "sterling", see sterling silver; the currency sign for the pound is £, written with a single cross-bar, though a version with a double cross-bar is sometimes seen. This symbol derives from medieval Latin documents; the ISO 4217 currency code is GBP, formed from "GB", the ISO 3166-1 alpha-2 code for the United Kingdom, the first letter of "pound". It does not stand for "Great Britain Pound" or "Great British Pound"; the abbreviation "UKP" is used but this is non-standard because the ISO 3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes: GGP, JEP and IMP. Stocks are 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, singular and plural, except in the common phrase "quids in!". The term may have come via Italian immigrants from "scudo", the name for a number of coins used in Italy until the 19th century.
A watch is a timepiece intended to be carried or worn by a person. It is designed to keep working despite the motions caused by the person's activities. A wristwatch is designed to be worn around the wrist, attached by a watch strap or other type of bracelet. A pocket watch is designed for a person to carry in a pocket; the study of timekeeping is known as horology. Watches progressed in the 17th century from spring-powered clocks, which appeared as early as the 14th century. During most of its history the watch was a mechanical device, driven by clockwork, powered by winding a mainspring, keeping time with an oscillating balance wheel; these are called mechanical watches. In the 1960s the electronic quartz watch was invented, powered by a battery and kept time with a vibrating quartz crystal. By the 1980s the quartz watch had taken over most of the market from the mechanical watch; this is called the quartz revolution. Developments in the 2010s include smartwatches, which are elaborate computer-like electronic devices designed to be worn on a wrist.
They incorporate timekeeping functions, but these are only a small subset of the smartwatch's facilities. In general, modern watches display the day, date and year. For mechanical watches, various extra features called "complications", such as moon-phase displays and the different types of tourbillon, are sometimes included. Most electronic quartz watches, on the other hand, include time-related features such as timers and alarm functions. Furthermore, some modern smartwatches incorporate calculators, GPS and Bluetooth technology or have heart-rate monitoring capabilities, some of them use radio clock technology to correct the time. Today, most watches in the market that are inexpensive and medium-priced, used for timekeeping, have quartz movements. However, expensive collectible watches, valued more for their elaborate craftsmanship, aesthetic appeal and glamorous design than for simple timekeeping have traditional mechanical movements though they are less accurate and more expensive than electronic ones.
As of 2018, the most expensive watch sold at auction is the Patek Philippe Henry Graves Supercomplication, the world's most complicated mechanical watch until 1989, fetching 24 million US dollars in Geneva on November 11, 2014. Watches evolved from portable spring-driven clocks. Watches were not worn in pockets until the 17th century. One account says that the word "watch" came from the Old English word woecce which meant "watchman", because it was used by town watchmen to keep track of their shifts at work. Another says that the term came from 17th century sailors, who used the new mechanisms to time the length of their shipboard watches. A great leap forward in accuracy occurred in 1657 with the addition of the balance spring to the balance wheel, an invention disputed both at the time and since between Robert Hooke and Christiaan Huygens; this innovation increased watches' accuracy enormously, reducing error from several hours per day to 10 minutes per day, resulting in the addition of the minute hand to the face from around 1680 in Britain and 1700 in France.
The increased accuracy of the balance wheel focused attention on errors caused by other parts of the movement, igniting a two-century wave of watchmaking innovation. The first thing to be improved was the escapement; the verge escapement was replaced in quality watches by the cylinder escapement, invented by Thomas Tompion in 1695 and further developed by George Graham in the 1720s. Improvements in manufacturing such as the tooth-cutting machine devised by Robert Hooke allowed some increase in the volume of watch production, although finishing and assembling was still done by hand until well into the 19th century. A major cause of error in balance wheel timepieces, caused by changes in elasticity of the balance spring from temperature changes, was solved by the bimetallic temperature compensated balance wheel invented in 1765 by Pierre Le Roy and improved by Thomas Earnshaw; the lever escapement was the single most important technological breakthrough, was invented by Thomas Mudge in 1759 and improved by Josiah Emery in 1785, although it only came into use from about 1800 onwards, chiefly in Britain.
The British had predominated in watch manufacture for much of the 17th and 18th centuries, but maintained a system of production, geared towards high-quality products for the elite. Although there was an attempt to modernise clock manufacture with mass production techniques and the application of duplicating tools and machinery by the British Watch Company in 1843, it was in the United States that this system took off. Aaron Lufkin Dennison started a factory in 1851 in Massachusetts that used interchangeable parts, by 1861 it was running a successful enterprise incorporated as the Waltham Watch Company; the concept of the wristwatch goes back to the production of the earliest watches in the 16th century. Elizabeth I of England received a wristwatch from Robert Dudley in 1571, described as an armed watch; the oldest surviving wristwatch is one given to Joséphine de Beauharnais. From the beginning, wristwatches were exclusively worn by women, while men used pocket watches up until the early 20th century.
Wristwatches were first worn by military men towards the end of the 19th century, when the importance of synchronizing maneuvers during war, without revealing the plan to the enemy through signaling, was recognized. The Garstin Company of London patented a "Watch Wristlet" design in 1893, but they were producing similar designs from the 1880s
Chief executive officer
The chief executive officer or just chief executive, is the most senior corporate, executive, or administrative officer in charge of managing an organization – an independent legal entity such as a company or nonprofit institution. CEOs lead a range of organizations, including public and private corporations, non-profit organizations and some government organizations; the CEO of a corporation or company reports to the board of directors and is charged with maximizing the value of the entity, which may include maximizing the share price, market share, revenues or another element. In the non-profit and government sector, CEOs aim at achieving outcomes related to the organization's mission, such as reducing poverty, increasing literacy, etc. In the early 21st century, top executives had technical degrees in science, engineering or law; the responsibility of an organization's CEO are set by the organization's board of directors or other authority, depending on the organization's legal structure.
They can be far-reaching or quite limited and are enshrined in a formal delegation of authority. Responsibilities include being a decision maker on strategy and other key policy issues, leader and executor; the communicator role can involve speaking to the press and the rest of the outside world, as well as to the organization's management and employees. As a leader of the company, the CEO or MD advises the board of directors, motivates employees, drives change within the organization; as a manager, the CEO/MD presides over the organization's day-to-day operations. The term refers to the person who makes all the key decisions regarding the company, which includes all sectors and fields of the business, including operations, business development, human resources, etc; the CEO of a company is not the owner of the company. In some countries, there is a dual board system with two separate boards, one executive board for the day-to-day business and one supervisory board for control purposes. In these countries, the CEO presides over the executive board and the chairman presides over the supervisory board, these two roles will always be held by different people.
This ensures a distinction between management by the executive board and governance by the supervisory board. This allows for clear lines of authority; the aim is to prevent a conflict of interest and too much power being concentrated in the hands of one person. In the United States, the board of directors is equivalent to the supervisory board, while the executive board may be known as the executive committee. In the United States, in business, the executive officers are the top officers of a corporation, the chief executive officer being the best-known type; the definition varies. In the case of a sole proprietorship, an executive officer is the sole proprietor. In the case of a partnership, an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company, executive officer is any manager, or officer. A CEO has several subordinate executives, each of whom has specific functional responsibilities referred to as senior executives, executive officers or corporate officers.
Subordinate executives are given different titles in different organizations, but one common category of subordinate executive, if the CEO is the president, is the vice-president. An organization may have more than one vice-president, each tasked with a different area of responsibility; some organizations have subordinate executive officers who have the word chief in their job title, such as chief operating officer, chief financial officer and chief technology officer. The public relations-focused position of chief reputation officer is sometimes included as one such subordinate executive officer, but, as suggested by Anthony Johndrow, CEO of Reputation Economy Advisors, it can be seen as "simply another way to add emphasis to the role of a modern-day CEO – where they are both the external face of, the driving force behind, an organisation culture". In the US, the term chief executive officer is used in business, whereas the term executive director is used in the not-for-profit sector; these terms are mutually exclusive and refer to distinct legal duties and responsibilities.
Implicit in the use of these titles, is that the public not be misled and the general standard regarding their use be applied. In the UK, chief executive and chief executive officer are used in both business and the charitable sector; as of 2013, the use of the term director for senior charity staff is deprecated to avoid confusion with the legal duties and responsibilities associated with being a charity director or trustee, which are non-executive roles. In the United Kingdom, the term director is used instead of chief officer". Business publicists since the days of Edward Bernays and his client John D. Rockefeller and more the corporate publicists for Henry Ford, promoted the concept of the "celebrity CEO". Business journalists have adopted this approach, which assumes that the corporate achievements in the arena of manufacturing, wer
Geneva is the second-most populous city in Switzerland and the most populous city of Romandy, the French-speaking part of Switzerland. Situated where the Rhône exits Lake Geneva, it is the capital of the Canton of Geneva; the municipality has a population of 200,548, the canton has 495,249 residents. In 2014, the compact agglomération du Grand Genève had 946,000 inhabitants in 212 communities in both Switzerland and France. Within Swiss territory, the commuter area named "Métropole lémanique" contains a population of 1.26 million. This area is spread east from Geneva towards the Riviera area and north-east towards Yverdon-les-Bains, in the neighbouring canton of Vaud. Geneva is a global city, a financial centre, a worldwide centre for diplomacy due to the presence of numerous international organizations, including the headquarters of many agencies of the United Nations and the Red Cross. Geneva hosts the highest number of international organizations in the world, it is where the Geneva Conventions were signed, which chiefly concern the treatment of wartime non-combatants and prisoners of war.
In 2017, Geneva was ranked as the world's fifteenth most important financial centre for competitiveness by the Global Financial Centres Index, fifth in Europe behind London, Zürich and Luxembourg. In 2019 Geneva was ranked among the ten most liveable cities in the world by Mercer together with Zürich and Basel; the city has been referred to as the world's most compact metropolis and the "Peace Capital". In 2017, Geneva was ranked as the seventh most expensive city in the world. Geneva was ranked third in purchasing power in a global cities ranking by UBS in 2018; the city was mentioned in Latin texts, by Caesar, with the spelling Genava from the Celtic *genawa- from the stem *genu-, in the sense of a bending river or estuary. The medieval county of Geneva in Middle Latin was known as pagus major Genevensis or Comitatus Genevensis. After 1400 it became the Genevois province of Savoy; the name takes various forms in modern languages, Geneva in English, French: Genève, German: Genf, Italian: Ginevra, Romansh: Genevra.
The city shares the origin of * genawa "estuary", with the Italian port city of Genoa. Geneva was an Allobrogian border town, fortified against the Helvetii tribe, when the Romans took it in 121 BC, it became Christian under the Late Roman Empire, acquired its first bishop in the 5th century, having been connected to the Bishopric of Vienne in the 4th. In the Middle Ages, Geneva was ruled by a count under the Holy Roman Empire until the late 14th century, when it was granted a charter giving it a high degree of self-governance. Around this time, the House of Savoy came to at least nominally dominate the city. In the 15th century, an oligarchic republican government emerged with the creation of the Grand Council. In the first half of the 16th century, the Protestant Reformation reached the city, causing religious strife, during which Savoy rule was thrown off and Geneva allied itself with the Swiss Confederacy. In 1541, with Protestantism on the rise, John Calvin, the Protestant Reformer and proponent of Calvinism, became the spiritual leader of the city and established the Republic of Geneva.
By the 18th century, Geneva had come under the influence of Catholic France, which cultivated the city as its own. France tended to be at odds with the ordinary townsfolk, which inspired the failed Geneva Revolution of 1782, an attempt to win representation in the government for men of modest means. In 1798, revolutionary France under the Directory annexed Geneva. At the end of the Napoleonic Wars, on 1 June 1814, Geneva was admitted to the Swiss Confederation. In 1907, the separation of Church and State was adopted. Geneva flourished in the 19th and 20th centuries, becoming the seat of many international organizations. Geneva is located at 46°12' North, 6°09' East, at the south-western end of Lake Geneva, where the Rhône flows out, it is surrounded by three mountain chains, each belonging to the Jura: the Jura main range lies north-westward, the Vuache southward, the Salève south-eastward. The city covers an area of 15.93 km2, while the area of the canton is 282 km2, including the two small exclaves of Céligny in Vaud.
The part of the lake, attached to Geneva has an area of 38 km2 and is sometimes referred to as petit lac. The canton has only a 4.5-kilometre-long border with the rest of Switzerland. Of 107.5 km of border, 103 are shared with France, the Département de l'Ain to the north and west and the Département de la Haute-Savoie to the south and east. Of the land in the city, 0.24 km2, or 1.5%, is used for agricultural purposes, while 0.5 km2, or 3.1%, is forested. The rest of the land, 14.63 km2, or 91.8%, is built up, 0.49 km2, or 3.1%, is either rivers or lakes and 0.02 km2, or 0.1%, is wasteland. Of the built up area, industrial buildings made up 3.4%, housing and buildings made up 46.2% and transportation infrastructure 25.8%, while parks, green belts and sports fields made up 15.7%. Of the agricultural land, 0.3% is used for growing crops. Of the water in the municipality, 0.2 % is composed of lakes and 2.9 % streams. The altitude of Geneva is 373.6 metres, corresponds to the altitude of