Focusing on best practices and smart growth, Alghanim Industries leads growth in the region with its progressive approach to business
With a respected commercial history dating back to the late 19th century, the innovative strategies and practices of three generations of the Alghanim family have built Alghanim Industries into the diversified, multi-national conglomerate that it is today...
Companies with access to a number of supply chains are finding sustainability matters are a far more manageable barrier to growth
Businesses are increasingly recognising that they have to satisfy standards of sustainability and not just profitability. To effectively address these concerns many companies find that they have to check not only their internal practices but also those of...
The business community has been given a wake-up call on its responsibilities. Its one they shouldn’t ignore
As World Finance has drawn up the winners of the Corporate Governance Awards 2012, it’s apparent that some businesses have thought that tough financial conditions mean they can slacken their standards. This is a short-lived illusion that has caught out ...
With less than ten years in the oil market, Pacific Rubiales Energy has become one of the most important players in Latin America
Despite being headquartered in Toronto, Canada, Pacific Rubiales Energy’s operations concentrate mainly in Colombia, and to a lesser extent, in Peru and Guatemala. In Colombia, the largest field is Rubiales, in the Llanos Orientales region, in partne...
21 years since its foundation, UTI is one of Romania’s most important companies and is ready to become a powerful player across Central and Eastern Europe
Founded in 1990, UTI is one of the greatest and most innovative companies in Romania. Innovation and investment in research and development (R&D) have been the engines that led to the constant and organic growth of the company. Focused on four industr...
Eskom continues to maintain its position as a market leader in an increasingly competitive energy sector
Eskom Holdings SOC Limited is a power utility that is wholly owned by the South African government and conducts its business within a highly regulated environment. The company has a unitary board structure with a majority of independent, non-executive dir...
Good corporate governance is a practice which has only recently found its way into every company’s handbook – Ultrapar however, has been applying it for decades
Corporate governance being an essential part of public company management is an idea that only became a priority for companues and investors in the Brazilian capital markets in the last decade. At Ultrapar, however, thirty years ago, in the early 1980s, i...
Despite numerous successes in tyre production, green technology and Formula One, Pirelli refuses to rest on its laurels, enforcing a commendable policy plan for years to come
Young Italian engineer Giovanni Battista Pirelli established Pirelli & C. in Milan in 1872, opening the company’s first plant for the manufacture of rubber articles the following year. A century and a half later, Pirelli is the world’s fifth-bigge...
Good corporate governance is a practice deeply embedded in the ethos of the Kesko Corporation, a leading provider of trading sector services
Kesko is a highly-valued listed company and has around 2,000 stores engaged in chain operations in eight countries. More than one million customers shop at K-stores every day. Established in 1940, Kesko has been listed on the NASDAQ OMX Helsinki stock ...
Good corporate governance helps all companies improve their performance, raise market confidence and attract more investment. It is for these reasons that Iberdrola is adopting an innovative and proactive approach towards it
Interview with Ignacio S. Galán, Chairman and CEO, Iberdrola At Iberdrola, we have adopted a two-pronged approach to the challenge of corporate governance. This involves the continuous improvement in internal rules and practices, and maximum transpare...
Ferreyros, the largest distributor of capital goods in Peru, has not only strived to maintain a high compliance with the principles of good corporate governance, but has also contributed to their dissemination throughout the market
Ferreyros believes in good corporate governance practices and regularly participates in events that allow it to share its own experiences. The aim is to motivate other companies to continue working on the application of these principles that in turn will ...
Inapa is one of Europe’s largest paper merchants, with a keen focus on packaging and visual communication. Amassing annual sales of €1bn, the company is set to grow in both sales and operational results
Inapa’s roots go back to 1965 when it was incorporated as a paper producer. The company was the first large-scale paper mill in Portugal and remained a paper producer until February 2000 when, after selling its industrial assets, it decided to focus on ...
Zenith Bank is undoubtedly the biggest success story in Nigerian banking, a story that has evolved over twenty years, writes Marcel Okeke, Head of Research at the bank
Zenith Bank has, over the past 21 years, grown to be one of the biggest and most profitable banks in Nigeria. Established in May 1990, the bank started operations in July of the same year as a commercial bank. It became a public limited company on June 17...
IGM Financial is committed to creating long-term value for its clients, advisors, employees, and shareholders
IGM Financial is one of Canada’s premier financial services companies, and one of the country’s largest managers and distributors of mutual funds and other managed asset products. It trades on the Toronto Stock Exchange (TSX: IGM) and has a market cap...
Investors are looking for transparency, responsibility, accountability and fairness, says ADCB
Corporate governance is key to any company’s strategy and operations. Good corporate governance can greatly benefit a business, help to improve its performance, attract business – including investment, loan and deposit business for ADCB –...
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.