New York City
The City of New York called either New York City or New York, is the most populous city in the United States. With an estimated 2017 population of 8,622,698 distributed over a land area of about 302.6 square miles, New York is the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 20,320,876 people in its 2017 Metropolitan Statistical Area and 23,876,155 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural and media capital of the world, exerts a significant impact upon commerce, research, education, tourism, art and sports; the city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.
Situated on one of the world's largest natural harbors, New York City consists of five boroughs, each of, a separate county of the State of New York. The five boroughs – Brooklyn, Manhattan, The Bronx, Staten Island – were consolidated into a single city in 1898; the city and its metropolitan area constitute the premier gateway for legal immigration to the United States. As many as 800 languages are spoken in New York, making it the most linguistically diverse city in the world. New York City is home to more than 3.2 million residents born outside the United States, the largest foreign-born population of any city in the world. In 2017, the New York metropolitan area produced a gross metropolitan product of US$1.73 trillion. If greater New York City were a sovereign state, it would have the 12th highest GDP in the world. New York is home to the highest number of billionaires of any city in the world. New York City traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan.
The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York served as the capital of the United States from 1785 until 1790, it has been the country's largest city since 1790. The Statue of Liberty greeted millions of immigrants as they came to the U. S. by ship in the late 19th and early 20th centuries and is an international symbol of the U. S. and its ideals of liberty and peace. In the 21st century, New York has emerged as a global node of creativity and entrepreneurship, social tolerance, environmental sustainability, as a symbol of freedom and cultural diversity. Many districts and landmarks in New York City are well known, with the city having three of the world's ten most visited tourist attractions in 2013 and receiving a record 62.8 million tourists in 2017. Several sources have ranked New York the most photographed city in the world. Times Square, iconic as the world's "heart" and its "Crossroads", is the brightly illuminated hub of the Broadway Theater District, one of the world's busiest pedestrian intersections, a major center of the world's entertainment industry.
The names of many of the city's landmarks and parks are known around the world. Manhattan's real estate market is among the most expensive in the world. New York is home to the largest ethnic Chinese population outside of Asia, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is the largest single-operator rapid transit system worldwide, with 472 rail stations. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, Rockefeller University, which have been ranked among the top universities in the world. Anchored by Wall Street in the Financial District of Lower Manhattan, New York has been called both the most economically powerful city and the leading financial center of the world, the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. In 1664, the city was named in honor of the Duke of York.
James's older brother, King Charles II, had appointed the Duke proprietor of the former territory of New Netherland, including the city of New Amsterdam, which England had seized from the Dutch. During the Wisconsinan glaciation, 75,000 to 11,000 years ago, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth; the erosive forward movement of the ice contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. In the precolonial era, the area of present-day New York City was inhabited by Algonquian Native Americans, including the Lenape, whose homeland, known as Lenapehoking, included Staten Island; the first documented visit into New York Harbor by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown. He named it Nouvelle Angoulême. A Spanish expedition led by captain Estêvão Gomes, a Portuguese sailing for Emperor Charles V, arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River, which he named Río de San Antonio.
The Padrón Rea
The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company headquartered in New York City. It offers services in investment management, asset management, prime brokerage, securities underwriting; the bank is one of the largest investment banking enterprises in the world, is a primary dealer in the United States Treasury security market and more a prominent market maker. The bank owns Goldman Sachs Bank USA, a direct bank. Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in Lower Manhattan with additional offices in other international financial centers; as a result of its involvement in securitization during the subprime mortgage crisis, Goldman Sachs suffered during the 2007-2008 financial crisis, received a $10 billion investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program, a financial bailout created by the Emergency Economic Stabilization Act of 2008. The investment was made in November 2008 and was repaid in June 2009.
Former employees of Goldman Sachs have moved on to government positions. Notable examples includes former U. S. Secretaries of the Treasury Robert Rubin and Henry Paulson. In addition, former Goldman employees have headed the New York Stock Exchange, the World Bank, competing banks such as Citigroup and Merrill Lynch; the company is ranked 70th on the Fortune 500 list of the largest United States corporations by total revenue. Goldman Sachs was founded in New York in 1869 by Marcus Goldman. In 1882, Goldman's son-in-law Samuel Sachs joined the firm. In 1885, Goldman took his son Henry and his son-in-law Ludwig Dreyfuss into the business and the firm adopted its present name, Goldman Sachs & Co; the company made a name for itself pioneering the use of commercial paper for entrepreneurs and joined the New York Stock Exchange in 1896. By 1898, the firm's capital stood at $1.6 million, was growing rapidly. Goldman entered the initial public offering market in 1906 when it took Sears and Company public.
The deal occurred due to Henry Goldman's personal friendship with an owner of Sears, Julius Rosenwald. Other IPOs followed, including Continental Can. In 1912, Henry S. Bowers became the first non-member of the founding family to become partner of the company and share in its profits. In 1917, under growing pressure from the other partners in the firm due to his pro-German stance, Henry Goldman resigned. Control of the firm was now in the hands of the Sachs family. Waddill Catchings joined the company in 1918. In 1920, the firm moved from 60 Wall Street to $1.5 million 12-storey premises on 30-32 Pine Street. By 1928, Catchings was the Goldman partner with the single largest stake in the firm. On December 4, 1928, the firm launched a closed-end fund; the fund failed during the Stock Market Crash of 1929, amid accusations that Goldman had engaged in share price manipulation and insider trading. In 1930, the firm ousted Catchings, Sidney Weinberg assumed the role of senior partner and shifted Goldman's focus away from trading and toward investment banking.
It was Weinberg's actions. On the back of Weinberg, Goldman was lead advisor on the Ford Motor Company's IPO in 1956, which at the time was a major coup on Wall Street. Under Weinberg's reign the firm started an investment research division and a municipal bond department, it was at this time that the firm became an early innovator in risk arbitrage. Gus Levy joined the firm in the 1950s as a securities trader, which started a trend at Goldman where there would be two powers vying for supremacy, one from investment banking and one from securities trading. For most of the 1950s and 1960s, this would be Levy. Levy was a pioneer in block trading and the firm established this trend under his guidance. Due to Weinberg's heavy influence at the firm, it formed an investment banking division in 1956 in an attempt to spread around influence and not focus it all on Weinberg. In 1969, Levy took over as Senior Partner from Weinberg, built Goldman's trading franchise once again, it is Levy, credited with Goldman's famous philosophy of being "long-term greedy", which implied that as long as money is made over the long term, trading losses in the short term were not to be worried about.
At the same time, partners reinvested all of their earnings in the firm, so the focus was always on the future. That same year, Weinberg retired from the firm. Another financial crisis for the firm occurred in 1970, when the Penn Central Transportation Company went bankrupt with over $80 million in commercial paper outstanding, most of it issued through Goldman Sachs; the bankruptcy was large, the resulting lawsuits, notably by the SEC, threatened the partnership capital and reputation of the firm. It was this bankruptcy that resulted in credit ratings being created for every issuer of commercial paper today by several credit rating services. During the 1970s, the firm expanded in several ways. Under the direction of Senior Partner Stanley R. Miller, it opened its first international office in London in 1970 and created a private wealth division along with a fixed income division in 1972, it pioneered the "white knight" strategy in 1974 during its attempts to defend Electric Storage Battery against a hostile takeover bid from International Nickel and Goldman's rival M
The Wall Street Journal
The Wall Street Journal is a U. S. business-focused, English-language international daily newspaper based in New York City. The Journal, along with its Asian and European editions, is published six days a week by Dow Jones & Company, a division of News Corp; the newspaper is published in online. The Journal has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, Charles Bergstresser; the Wall Street Journal is one of the largest newspapers in the United States by circulation, with a circulation of about 2.475 million copies as of June 2018, compared with USA Today's 1.7 million. The Journal publishes the luxury news and lifestyle magazine WSJ, launched as a quarterly but expanded to 12 issues as of 2014. An online version was launched in 1996, accessible only to subscribers since it began; the newspaper is notable for its award-winning news coverage, has won 37 Pulitzer Prizes. The editorial pages of the Journal are conservative in their position. The"Journal" editorial board has promoted fringe views on the science of climate change, acid rain, ozone depletion, as well as on the health harms of second-hand smoke and asbestos.
The first products of Dow Jones & Company, the publisher of the Journal, were brief news bulletins, nicknamed "flimsies", hand-delivered throughout the day to traders at the stock exchange in the early 1880s. They were aggregated in a printed daily summary called the Customers' Afternoon Letter. Reporters Charles Dow, Edward Jones, Charles Bergstresser converted this into The Wall Street Journal, published for the first time on July 8, 1889, began delivery of the Dow Jones News Service via telegraph. In 1896, The "Dow Jones Industrial Average" was launched, it was the first of several indices of bond prices on the New York Stock Exchange. In 1899, the Journal's Review & Outlook column, which still runs today, appeared for the first time written by Charles Dow. Journalist Clarence Barron purchased control of the company for US$130,000 in 1902. Barron and his predecessors were credited with creating an atmosphere of fearless, independent financial reporting—a novelty in the early days of business journalism.
In 1921, Barron's, the United States's premier financial weekly, was founded. Barron died in 1928, a year before Black Tuesday, the stock market crash that affected the Great Depression in the United States. Barron's descendants, the Bancroft family, would continue to control the company until 2007; the Journal took its modern shape and prominence in the 1940s, a time of industrial expansion for the United States and its financial institutions in New York. Bernard Kilgore was named managing editor of the paper in 1941, company CEO in 1945 compiling a 25-year career as the head of the Journal. Kilgore was the architect of the paper's iconic front-page design, with its "What's News" digest, its national distribution strategy, which brought the paper's circulation from 33,000 in 1941 to 1.1 million at the time of Kilgore's death in 1967. Under Kilgore, in 1947, the paper won its first Pulitzer Prize for William Henry Grimes's editorials. In 1967, Dow Jones Newswires began a major expansion outside of the United States that put journalists in every major financial center in Europe, Latin America and Africa.
In 1970, Dow Jones bought the Ottaway newspaper chain, which at the time comprised nine dailies and three Sunday newspapers. The name was changed to "Dow Jones Local Media Group".1971 to 1997 brought about a series of launches and joint ventures, including "Factiva", The Wall Street Journal Asia, The Wall Street Journal Europe, the WSJ.com website, Dow Jones Indexes, MarketWatch, "WSJ Weekend Edition". In 2007, News Corp. acquired Dow Jones. WSJ. A luxury lifestyle magazine, was launched in 2008. A complement to the print newspaper, The Wall Street Journal Online, was launched in 1996 and has allowed access only by subscription from the beginning. In 2003, Dow Jones began to integrate reporting of the Journal's print and online subscribers together in Audit Bureau of Circulations statements. In 2007, it was believed to be the largest paid-subscription news site on the Web, with 980,000 paid subscribers. Since online subscribership has fallen, due in part to rising subscription costs, was reported at 400,000 in March 2010.
In May 2008, an annual subscription to the online edition of The Wall Street Journal cost $119 for those who do not have subscriptions to the print edition. By June 2013, the monthly cost for a subscription to the online edition was $22.99, or $275.88 annually, excluding introductory offers. On November 30, 2004, Oasys Mobile and The Wall Street Journal released an app that would allow users to access content from the Wall Street Journal Online via their mobile phones. Many of The Wall Street Journal news stories are available through free online newspapers that subscribe to the Dow Jones syndicate. Pulitzer Prize–winning stories from 1995 are available free on the Pulitzer web site. In September 2005, the Journal launched a weekend edition, delivered to all subscribers, which marked a return to Saturday publication after a lapse of some 50 years; the move was designed in part to attract more consumer advertising. In 2005, the Journal reported a readership profile of about 60 percent top management, an average income of $191,000, an average household net worth of $2.1 million, an average age of 55.
In 2007, the Journal launched a worldwide expansion of its website to include major foreign-language editions. The p
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
A hedge fund is an investment fund that pools capital from accredited investors or institutional investors and invests in a variety of assets with complex portfolio-construction and risk management techniques. It is administered by a professional investment management firm, structured as a limited partnership, limited liability company, or similar vehicle. Hedge funds are distinct from mutual funds, as their use of leverage is not capped by regulators, distinct from private equity funds, as the majority of hedge funds invest in liquid assets; the term "hedge fund" originated from the paired long and short positions that the first of these funds used to hedge market risk. Over time, the types and nature of the hedging concepts expanded, as did the different types of investment vehicles. Today, hedge funds engage in a diverse range of markets and strategies and employ a wide variety of financial instruments and risk management techniques. Hedge funds are made available only to certain sophisticated or accredited investors, cannot be offered or sold to the general public.
As such, they avoid direct regulatory oversight, bypass licensing requirements applicable to investment companies, operate with greater flexibility than mutual funds and other investment funds. However, following the financial crisis of 2007–2008, regulations were passed in the United States and Europe with intentions to increase government oversight of hedge funds and eliminate certain regulatory gaps. Hedge funds have existed for many decades and have become popular, they have now grown to be a substantial fraction of asset management, with assets totaling around $3.235 trillion in 2018. Hedge funds are always open-ended, allow additions or withdrawals by their investors; the value of an investor's holding is directly related to the fund net asset value. Many hedge fund investment strategies aim to achieve a positive return on investment regardless of whether markets are rising or falling. Hedge fund managers invest money of their own in the fund they manage. A hedge fund pays its investment manager an annual management fee, a performance fee.
Both co-investment and performance fees serve to align the interests of managers with those of the investors in the fund. Some hedge funds have several billion dollars of assets under management; the word "hedge", meaning a line of bushes around the perimeter of a field, has long been used as a metaphor for placing limits on risk. Early hedge funds sought to hedge specific investments against general market fluctuations by shorting the market, hence the name. Nowadays, many different investment strategies are used, many of which do not "hedge risk". During the US bull market of the 1920s, there were numerous private investment vehicles available to wealthy investors. Of that period the best known today is the Graham-Newman Partnership, founded by Benjamin Graham and his long-time business partner Jerry Newman; this was cited by Warren Buffett in a 2006 letter to the Museum of American Finance as an early hedge fund, based on other comments from Buffett, Janet Tavakoli deems Graham's investment firm the first hedge fund.
The sociologist Alfred W. Jones is credited with coining the phrase "hedged fund" and is credited with creating the first hedge fund structure in 1949. Jones referred to his fund as being "hedged", a term commonly used on Wall Street to describe the management of investment risk due to changes in the financial markets. In the 1970s, hedge funds specialized in a single strategy with most fund managers following the long/short equity model. Many hedge funds closed during the recession of 1969–70 and the 1973–1974 stock market crash due to heavy losses, they received renewed attention in the late 1980s. During the 1990s, the number of hedge funds increased with the 1990s stock market rise, the aligned-interest compensation structure and the promise of above high returns as causes. Over the next decade, hedge fund strategies expanded to include: credit arbitrage, distressed debt, fixed income and multi-strategy. US institutional investors such as pension and endowment funds began allocating greater portions of their portfolios to hedge funds.
During the first decade of the 21st century hedge funds gained popularity worldwide, by 2008 the worldwide hedge fund industry held US$1.93 trillion in assets under management. However, the 2008 financial crisis caused many hedge funds to restrict investor withdrawals and their popularity and AUM totals declined. AUM totals rebounded and in April 2011 were estimated at $2 trillion; as of February 2011, 61% of worldwide investment in hedge funds came from institutional sources. In June 2011, the hedge fund management firms with the greatest AUM were Bridgewater Associates, Man Group, Paulson & Co. Brevan Howard, Och-Ziff. Bridgewater Associates had $70 billion in assets under management as of 1 March 2012. At the end of that year, the 241 largest hedge fund firms in the United States collectively held $1.335 trillion. In April 2012, the hedge fund industry reached a record high of US$2.13 trillion total assets under management. In the middle of the 2010s, the hedge fund industry experienced a general decline in the "old guard" fund managers.
Dan Loeb called it a "hedge fund killing field" due to the classic long/short falling out of favor because of unprecedented easing by central banks. The US equity market correlation became untenable to short
Dubai is the largest and most populous city in the United Arab Emirates. On the southeast coast of the Persian Gulf, it is the capital of the Emirate of Dubai, one of the seven emirates that make up the country. Dubai is a global business hub of the Middle East, it is a major global transport hub for passengers and cargo. Oil revenue helped accelerate the development of the city, a major mercantile hub, but Dubai's oil reserves are limited and production levels are low: today, less than 5% of the emirate's revenue comes from oil. A growing centre for regional and international trade since the early 20th century, Dubai's economy today relies on revenues from trade, aviation, real estate, financial services. Dubai has attracted world attention through large construction projects and sports events, in particular the world's tallest building, the Burj Khalifa; as of 2012, Dubai was the most expensive city in the Middle East. In 2014, Dubai's hotel rooms were rated as the second most expensive in the world.
Many theories have been proposed as to the origin of the word "Dubai". One theory suggests the word was used to describe the souq, similar to the souq in Ba. An Arabic proverb says "Daba Dubai", meaning "They came with a lot of money." According to Fedel Handhal, a scholar on the UAE's history and culture, the word Dubai may have come from the word daba, referring to the slow flow of Dubai Creek inland. The poet and scholar Ahmad Mohammad Obaid traces it to the same word, but to its alternative meaning of "baby locust" due to the abundant nature of locusts in the area before settlement; the history of human settlement in the area now defined by the United Arab Emirates is rich and complex, points to extensive trading links between the civilisations of the Indus Valley and Mesopotamia, but as far afield as the Levant. Archaeological finds in the emirate of Dubai at Al-Ashoosh, Al Sufouh and the notably rich trove from Saruq Al Hadid show settlement through the Ubaid and Hafit periods, the Umm Al Nar and Wadi Suq periods and the three Iron Ages in the UAE.
The area was known to the Sumerians as Magan, was a source for metallic goods, notably copper and bronze. The area was covered with sand about 5,000 years ago as the coast retreated inland, becoming part of the city's present coastline. Pre-Islamic ceramics have been found from the 4th centuries. Prior to the introduction of Islam to the area, the people in this region worshiped Bajir. After the spread of Islam in the region, the Umayyad Caliph of the eastern Islamic world invaded south-east Arabia and drove out the Sassanians. Excavations by the Dubai Museum in the region of Al-Jumayra found several artefacts from the Umayyad period; the earliest recorded mention of Dubai is in 1095 in the Book of Geography by the Andalusian-Arab geographer Abu Abdullah al-Bakri. The Venetian pearl merchant Gasparo Balbi visited the area in 1580 and mentioned Dubai for its pearling industry. Dubai is thought to have been established as a fishing village in the early 18th century and was, by 1822, a town of some 7–800 members of the Bani Yas tribe and subject to the rule of Sheikh Tahnun bin Shakhbut of Abu Dhabi.
In 1833, following tribal feuding, members of the Al Bu Falasah tribe seceded from Abu Dhabi and established themselves in Dubai. The exodus from Abu Dhabi was led by Obeid bin Saeed and Maktoum bin Butti, who became joint leaders of Dubai until Ubaid died in 1836, leaving Maktum to establish the Maktoum dynasty. Dubai signed the General Maritime Treaty of 1820 along with other Trucial States, following the British punitive expedition against Ras Al Khaimah of 1819, which led to the bombardment of the coastal communities of the Persian Gulf; this led to the 1853 Perpetual Maritime Truce. Dubai – like its neighbours on the Trucial Coast – entered into an exclusivity agreement in which the United Kingdom took responsibility for the emirate's security in 1892. In 1841, a smallpox epidemic broke out in the Bur Dubai locality, forcing residents to relocate east to Deira. In 1896, fire broke out in Dubai, a disastrous occurrence in a town where many family homes were still constructed from barasti - palm fronds.
The conflagration consumed half the houses of Bur Dubai, while the district of Deira was said to have been destroyed. The following year, more fires broke out. A female slave was subsequently put to death. In 1901, Maktoum bin Hasher Al Maktoum established Dubai as a free port with no taxation on imports or exports and gave merchants parcels of land and guarantees of protection and tolerance; these policies saw a movement of merchants not only directly from Lingeh, but those who had settled in Ras Al Khaimah and Sharjah to Dubai. An indicator of the growing importance of the port of Dubai can be gained from the movements of the steamer of the Bombay and Persia Steam Navigation Company, which from 1899 to 1901 paid five visits annually to Dubai. In 1902 the company's vessels made 21 visits to Dubai and from 1904 on, the steamers called fortnightly – in 1906, trading seventy thousand tonnes of cargo; the frequency of these vessels only helped to accelerate Dubai's role as an emerging port and trading hub of preference.
Lorimer notes the transfer from Lingeh'bids fair to become complete and permanent', that the town had by 1906 supplanted Lingeh as the chief entrepôt of the Trucial States. The'great storm' of 1908 struck the pearling boats of Dubai and the coastal emirates t
Enron Corporation was an American energy and services company based in Houston, Texas. It was founded in 1985 as a merger between Houston Natural Gas and InterNorth, both small regional companies. Before its bankruptcy on December 3, 2001, Enron employed 29,000 staff and was a major electricity, natural gas and pulp and paper company, with claimed revenues of nearly $101 billion during 2000. Fortune named Enron "America's Most Innovative Company" for six consecutive years. At the end of 2001, it was revealed that Enron's reported financial condition was sustained by institutionalized and creatively planned accounting fraud, known since as the Enron scandal. Enron has since become a well-known example of corruption; the scandal brought into question the accounting practices and activities of many corporations in the United States and was a factor in the enactment of the Sarbanes–Oxley Act of 2002. The scandal affected the greater business world by causing the dissolution of the Arthur Andersen accounting firm, Enron's main auditor for years.
Enron filed for bankruptcy in the Southern District of New York in late 2001 and selected Weil, Gotshal & Manges as its bankruptcy counsel. It ended its bankruptcy during November 2004, pursuant to a court-approved plan of reorganization. A new board of directors changed the name of Enron to Enron Creditors Recovery Corp. and emphasized reorganizing and liquidating certain operations and assets of the pre-bankruptcy Enron. On September 7, 2006, Enron sold Prisma Energy International Inc. its last remaining business, to Ashmore Energy International Ltd.. One of Enron's primary predecessors was the Northern Natural Gas Company, formed in 1930, in Omaha, Nebraska just a few months after Black Tuesday; the low cost of natural gas and cheap labor supply during the Great Depression helped to fuel the company's early beginnings. The company was able to bring the first natural gas to Minnesota. Over the next 50 years, Northern expanded more as it acquired many energy companies and created new divisions within.
It was reorganized in 1979 as the main subsidiary of a holding company, InterNorth, a diversified energy and energy-related products company. Although most of the acquisitions conducted were successful, some ended poorly. InterNorth competed with Cooper Industries over a hostile takeover of Crouse-Hinds Company, an electrical products manufacturer. InterNorth was unsuccessful as Cooper bought out Crouse-Hinds. Cooper and InterNorth feuded over numerous suits during the course of the takeover that were settled after the transaction was completed; the subsidiary Northern Natural Gas operated the largest natural gas pipeline company in North America. By the 1980s, InterNorth became a major force for natural gas production and marketing as well as for natural gas liquids, was an innovator in the plastics industry. In 1983, InterNorth merged with the Belco Petroleum Company, a Fortune 500 oil exploration and development company founded by Arthur Belfer; the Houston Natural Gas corporation was formed from the Houston Oil Co. in 1925 to provide gas to customers in the Houston market through the building of gas pipelines.
Under the leadership of CEO Robert Herring from 1967 to 1981, the company became a large dominant force in the energy industry with a large pipeline network as a result from a prosperous period of growth in the early to mid-1970s. This growth was a result of the exploitation of the unregulated Texas natural gas market and the commodity surge in the early 1970s. Toward the end of the 1970s, HNG's luck began to run out with rising gas prices forcing clients to switch to oil. In addition, with the passing of the Natural Gas Policy Act of 1978, the Texas market was more difficult to profit from and as a result, HNG's profits fell. After Herring's death in 1981, M. D. Matthews took over as CEO in a 3-year stint with initial success, but a big dip in earnings led to his exit. In 1984, Kenneth Lay succeeded Matthews and inherited the troubled, but large diversified energy conglomerate. InterNorth, in its conservative success, became a target of corporate takeovers, the most prominent being corporate raider Irwin Jacobs.
InterNorth CEO Sam Segnar, in searching for a company to merge with to fend off takeover attempts as a poison pill, discovered HNG. In May 1985, Internorth acquired HNG for $2.3 billion, 40% higher than the current market price, in order to avoid the corporate takeover attempt. The combined assets of the two companies would create the second largest gas pipeline system at the time in the United States. Internorth’s north-south pipelines that served Iowa and Minnesota complemented HNG’s Florida and California east-west pipelines well; the company was named "HNG/InterNorth Inc." though InterNorth was technically the parent. At the outset, Segnar was CEO for a short time, before he was fired by the Board of Directors whereupon Lay was tapped to be the new CEO. Lay moved the headquarters of the new company back to energy capital Houston; the company set out to find a new name, spent upwards of $100,000 in focus groups and consulting before "Enteron" was suggested. The name was dismissed over its apparent likening to an intestine and shortened to "Enron."
Enron still had some lingering problems left over from its merger, however. The company had to pay Jacobs, still a threat, over $350 million and reorganize the company. Lay sold off any parts of the company that he believed didn't belong in the long-term future o