As the most abundant element in the universe, Hydrogen could yet emerge as the best possible answer to emission-free driving
“It is the fuel of the future – and always will be,” sceptics joke. And in recent years it was hard not to chuckle: fuel cells and other promising hydrogen technologies looked like they would remain little more than science-fair projects. But a s...
While Objectif Lune has been creating printing and processing software for over 20 years, it is now venturing into online and mobile solutions
Since 1993, Objectif Lune has been facilitating the creation and dissemination of documents for companies all over the world. But the world of document lifecycle management has changed drastically in these 20 years. There has been a significant rise in mo...
The Batelco Group serves the consumer, corporate and wholesale markets in Bahrain, and delivers fixed and wireless telecommunication services across the Middle Eastern region
In 2012, Batelco Group’s companies continued to perform well, with contributions from its operations outside of Bahrain, increasing both as a percentage of revenues and EBITDA. At the year end of 2012, 41 percent of revenues and 39 percent of EBITDA wer...
Daragh O’Byrne, Chief Marketing Officer of BPC Banking Technologies, explains how technology can help organisations thrive in the accelerating payments revolution of present day
Since Frank McNamara issued the first 200 Diners Club cards in 1950, the number of payment cards has exploded, and today in the US alone there are over 1.1 billion cards. Little wonder, then, that there has been a similar explosion in the levels of IT spe...
At the dawn of the financial crisis in 2007, many economists believed NNG would struggle to find its place in the navigation market. Now, it is at the forefront of innovation
Known for its award-winning iGO Navigation software, the Hungary-based company NNG decided to shift its business strategy in 2008 from a previous focus on consumer electronic devices, toward the automotive OEM and wireless market. This bold move from a...
Speaking with Velcom’s CEO, Helmut Duhs, World Finance finds out how, after being faced with hyperinflation and economic uncertainty, the Belarus-based company has found success
The last five years have been unique in Belarusian history. Until 2008, the country had been growing at roughly nine percent a year, and the telecoms industry was booming. An unprecedented number of people had access to smartphones and mobile interneorder...
The telecommunications industry is rocketing, with a rise of 30 percent on The Dow Jones Telecommunications Index this year. In honour of this achievement, World Finance presents its 2012 Telecoms Awards
The telecommunications industry suffered badly in the 2008 recession, but has bounced back since then. Despite a steady – but lacklustre – 2011, the industry as a whole is holding together nicely as the economy collectively rises out of the economic t...
Telmex prides itself on spreading communications networks across Mexico, bringing high-speed broadband and phone services to all market segments
Teléfonos de México (Telmex) has been a private public company for the last 22 years. During this time, its programme to modernise and update its capabilities has transformed the company from one that exclusively offered telephony into the nation’s le...
World Finance speaks to one of the forerunners of the Czech Republic’s telecoms industry about sustaining growth
The telecommunications industry has changed dramatically over the last few years. Multinationals in the sector have enjoyed substantial growth, and so face a continuing battle to remain informed and relevant in local markets. One firm that has thrived whe...
The Moafaq Al Gaddah Group grew out of the hard work and determination of its founder, and is now reaping significant financial rewards
Moafaq Al Gaddah is a successful businessman. As Founder and Owner of MAG Group, one of the largest distributors of car parts and components in the UAE, today he is ranked number 16 in The World’s Most Influential Arabs in the Arabian Business Review’...
From prehistoric beginnings to delivering state-of-the-art technology, the latest stage of Qatar’s journey sees the roll out of the country’s first government-backed fibre optic network
Aiming to achieve maximum coverage across the nation within three years, Qatar’s new fibre optic network promises to empower businesses and consumers alike, while encouraging competition with a varied choice of operators to customers. With speeds that c...
Avea aims to embrace the changes the internet has brought about, to bring technological enlightenment to Turkey, writes CEO Erkan Akdemir
We are living in a time in which global change is much greater than 10 years ago. Whether social, economic or political, all aspects of life are changing. The dynamics of this period, which have been dubbed the ‘new normal’, are quite different to any...
Banksoft specialises in developing mobile banking solutions for banks, seamlessly integrating new systems into old ones and always moving with the times
Common sense suggests that it will be difficult to use, follow or catch something that is constantly changing. This highlights the challenge that banks and their software and service vendors have been facing for the past few years with mobile technology a...
For over a decade, a 22 hectare science and technology park has been at the forefront of scientific and technological development in Hong Kong. World Finance discovers the thinking at the heart of its success
Who would be crazy enough to launch a huge new financial venture in a city whose inhabitants might literally be dying? In 2003, Hong Kong was the epicentre of a global panic over SARS, a terrifying new virus that news reports said could kill millions. Pro...
Apple has been accused of ‘tax dodging’ in the UK after it was revealed the company paid just £10.3m in corporation tax in 2010 despite earning an estimated £6bn. But it is not alone: the list of companies accused of tax avoidance is growing
Apple Inc. is having one of the most successful years on record. In March, its stock value topped $506bn, making it the world’s most valuable company – and one of the six most valuable companies at any point in history. Record sales were made in the U...
European countries are scrambling to raise every last penny of funds through taxes. But some countries may have gone too far...
Though all business taxes in Belgium can be paid online with little effort and preparation, the rates are still sky-high at 57.7 percent, including a staggering 50.8 percent total rate on profits only in social security contributions.
In Belarus, a company spends up to 338 hours annually preparing for and paying ten different taxes and duties. The total tax rate has incredibly been lowered to 60.7 percent, from 117.5 percent in 2008.
A company in France pays seven different taxes and duties, the sum of which can amount to 65.7 percent of profits; though President François Hollande has announced a wave of business tax rate cuts coming up.
A business in Estonia pays 67.3 percent of profits in tax, 37.2 percent exclusively in social security contributions. The country has gone against the grain in Europe by raising businesses taxes from 48.6 percent in 2008 to the current rates.
While corporate income tax (IRES) in Italy is limited to 38 percent of taxable profit, a company operating in Italy can expect to pay 14 other taxes and duties, including social security contributions, bringing their total payable tax to 68.7 percent of profits, according to the World Bank.
Norway taxes motor fuels twice, with a road use tax and a CO2 emissions tax. Combined with strikes in the energy sector that have curbed output, the price of gas at a local pump has soared to $10.12 per gallon.
Though Turkey sits on the Suez Canal and neighbours many oil rich countries, the price of a gallon of average gas clocks in at $9.41 in Turkish pumps, because of a 60 percent share of taxes.
Like Turkey, Israel is surrounded by oil-rich neighbours, but drills very little itself. Gas prices are controlled by the government, so about half of the $9.28 per gallon goes to taxes.
There are few gas stations in Hong Kong, but the ones available charge up to 76 percent more per gallon than mainland China, where the government caps the cost of fuel. A gallon at the pumps will cost around $8.61 on the island.
Expensive labour costs make the Dutch petrol prices the dearest in Europe, at $8.26 per gallon; though the 57 percent tax add-ons don’t help.
8 February 2007
HSBC warns of subprime mortgage losses
2 April 2007
New Century goes bus
14 September 2007
Wholesale markets have dried up
17 March 2008
Rescue of Bear Stearns
7 September 2008
Rescue of Fannie Mae
15 September 2008
Lehman Brothers file for bankruptcy
3 October 2008
US congress approves $700bn bailout
14 February 2009
$787bn stimulus approved by congress
The effects of the current financial crisis are global and irrefutable. With the collapse of Lehman Brothers, the domino effect of irresponsible public monetary policies, huge levels of unsustainable debt, and a deregulated financial sector, has escalated to the point where no corner of the globe has been left untouched.
Syria and Egypt launch an attack on Israel on Yom Kippur and set off a twenty day war;
US President Carter creates Department of Energy, which develops the US strategic petroleum reserve
The Organisation of Petroleum Exporting Countries (OPEC) used their oil reserves as a weapon with the Arab Oil Embargo against those who supported Israel. By January 1974, world oil prices were four times higher than they were at the start of the crisis, especially in the US, and the shock led to a huge drop in the stock market with NYSE losing $97bn in just six weeks. The embargo lasted five months, and the effects are still seen today.
1923 – 1924
The trouble began when Germany missed a repatriation payment, worth about one third of the German deficit in this period. Inflation was already high but by 1923 it was raging. Prices doubled within hours, and by late 1923, it cost 200bn marks to buy a single loaf of bread. People burned money as it was cheaper than buying firewood. Germany eventually regained control of its economy when it introduced the Rentenmark into circulation in 1923, and then the Reichmark in 1924.
The Great Crash
Recovery and Recession
After the decadence of the Roaring Twenties, the 1930s saw the biggest economic slump of all time. The stock market crashed on 29 October 1929, and optimism and decadent living tumbled along with the figures. The GDP fell from $103.6bn in 1929, to $66bn in 1934 and the subsequent years of recovery were the most dramatic in US history.
Otto Heinze and his brother Augustus Heinze bought shares of United Copper.
The stock market was already cautious over the tight money supply, but the US was thrown into a depression after the stock market fell nearly 50 percent from its peak in 1906. The Heinze brothers thought they could influence market shares but ended up bankrupting lenders that provided the financing to buy the stock. A chain reaction left nine institutions bankrupt. By February 1908, the panic was over and the government created the Federal Reserve system, to prevent banks from exercising too much control over the economy.