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Trade on an exchange is restricted to brokers who are members of the exchange, the initial public offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market, supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks. There is usually no obligation for stock to be issued via the exchange itself.
Such trading may be off exchange or over-the-counter and this is the usual way that derivatives and bonds are traded.
Increasingly, stock exchanges are part of a securities market. The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian clay tablets recording interest-bearing loans, there is little consensus among scholars as to when corporate stock was first traded.
Some see the key event as the Dutch East India Companys founding in , economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in B.
Participants in such organizations had partes or shares, a concept mentioned various times by the statesman, in one speech, Cicero mentions shares that had a very high price at the time. Such evidence, in Malmendiers view, suggests the instruments were tradable, the societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state.
Tradable bonds as a used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully fledged capital market, the Dutch East India Company became the first company to offer shares of stock.
Control of the company was held tightly by its directors, with shareholders not having much influence on management or even access to the companys accounting statements. However, shareholders were rewarded well for their investment, the company paid an average dividend of over 16 percent per year from to Financial innovation in Amsterdam took many forms, by the s, the company was expanding its securities issuance with the first use of corporate bonds.
Geographic coordinate system — A geographic coordinate system is a coordinate system used in geography that enables every location on Earth to be specified by a set of numbers, letters or symbols.
The coordinates are chosen such that one of the numbers represents a vertical position. A common choice of coordinates is latitude, longitude and elevation, to specify a location on a two-dimensional map requires a map projection. The invention of a coordinate system is generally credited to Eratosthenes of Cyrene. Ptolemy credited him with the adoption of longitude and latitude. Ptolemys 2nd-century Geography used the prime meridian but measured latitude from the equator instead. Mathematical cartography resumed in Europe following Maximus Planudes recovery of Ptolemys text a little before , in , the United States hosted the International Meridian Conference, attended by representatives from twenty-five nations.
Twenty-two of them agreed to adopt the longitude of the Royal Observatory in Greenwich, the Dominican Republic voted against the motion, while France and Brazil abstained. France adopted Greenwich Mean Time in place of local determinations by the Paris Observatory in , the latitude of a point on Earths surface is the angle between the equatorial plane and the straight line that passes through that point and through the center of the Earth.
The equator divides the globe into Northern and Southern Hemispheres, the longitude of a point on Earths surface is the angle east or west of a reference meridian to another meridian that passes through that point. All meridians are halves of great ellipses, which converge at the north and south poles, the prime meridian determines the proper Eastern and Western Hemispheres, although maps often divide these hemispheres further west in order to keep the Old World on a single side.
To completely specify a location of a feature on, in, or above Earth. Earth is not a sphere, but a shape approximating a biaxial ellipsoid. It is nearly spherical, but has an equatorial bulge making the radius at the equator about 0. Ghanaian cedi — The Ghanaian cedi is the unit of currency of Ghana. It is the fourth and only legal tender in the Republic of Ghana, one Ghana cedi is divided into one hundred pesewas.
In , Ghana decided to leave the British colonial monetary system, the African name Cedi was introduced in place of the old British pound system.
Ghanas first President Kwame Nkrumah introduced Cedi notes and Pesewa coins in July to replace the Ghanaian pounds, shillings, the cedi was equivalent to eight shillings and four pence and bore the portrait of the President. After the February 14, military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes, the new cedi was worth 1.
After decades of inflation had devalued the new cedi, it was gradually phased out in in favor of the Ghana cedi at an exchange rate of 1,10, By removing four digits the Ghana cedi became the currency unit issued in Africa. The Monetaria moneta or money cowry is not native to West African waters but is a species in the Indian Ocean.
The porcelain-like shells came to West Africa, beginning in the 14th century, the shells became an important currency in the slave trade. The first modern coins exclusively used at the Gold Coast was produced in but cowries was used alongside coins, the first cedi was introduced in , replacing the pound at a rate of 2. The first cedi was pegged to the British pound at a rate of 2. However, within months, the cedi was devalued to a rate of 2.
Market capitalization — 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.
For example, if company has 4 million shares outstanding. 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. It is divided into smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars.
Several countries use it as their currency, and in many others it is the de facto currency. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. Section prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 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 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 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U.
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 the U. 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. Both one-dollar coins and notes are produced today, although the form is significantly more common.
Stock — The stock of a corporation is constituted of the equity stock of its owners. A single share of the stock represents fractional ownership of the corporation in proportion to the number of shares.
In liquidation, the stock represents the residual assets of the company that would be due to stockholders after discharge of all senior claims such as secured and unsecured debt. Stockholders equity cannot be withdrawn from the company in a way that is intended to be detrimental to the companys creditors, the stock of a corporation is partitioned into shares, the total of which are stated at the time of business formation.
Additional shares may subsequently be authorized by the shareholders and issued by the company. In some jurisdictions, each share of stock has a certain declared par value, in other jurisdictions, however, shares of stock may be issued without associated par value.
Shares represent a fraction of ownership in a business, a business may declare different types of shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented by issuance of a stock certificate. A stock certificate is a document that specifies the amount of shares owned by the shareholder. Stock typically takes the form of shares of common stock or preferred stock.
As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions, shares of such stock are called convertible preferred shares. New equity issue may have specific legal clauses attached that differentiate them from previous issues of the issuer. Some shares of stock may be issued without the typical voting rights, for instance, or some shares may have special rights unique to them.
Often, new issues that have not been registered with a governing body may be restricted from resale for certain periods of time. Preferred stock may be hybrid by having the qualities of bonds of fixed returns and they also have preference in the payment of dividends over common stock and also have been given preference at the time of liquidation over common stock.
Under Rule , restricted and controlled securities are acquired in unregistered form, investors either purchase or take ownership of these securities through private sales from the issuing company or from an affiliate of the issuer. Investors wishing to sell these securities are subject to different rules than those selling traditional common or preferred stock and these individuals will only be allowed to liquidate their securities after meeting the specific conditions set forth by SEC Rule Company — A company, abbreviated co.
Company members share a common purpose and unite in order to focus their various talents and organize their collectively available skills or resources to achieve specific, because companies are legal persons, they also may associate and register themselves as companies — often known as a corporate group.
When the company closes it may need a certificate to avoid further legal obligations. A company can be defined as a person, invisible, intangible, created by or under law, with a discrete legal personality, perpetual succession. It is not affected by the death, insanity, or insolvency of an individual member, by , the word referred to trade guilds.
Usage of company to mean business association was first recorded in , in English law and in legal jurisdictions based upon it, a company is a body corporate or corporation company registered under the Companies Acts or similar legislation. It may be referred to as a firm, in the US, a company is not necessarily a corporation. Commonly used where companies are formed for non-commercial purposes, such as clubs or charities, the members guarantee the payment of certain amounts if the company goes into insolvent liquidation, but otherwise they have no economic rights in relation to the company.
This type of company is common in England, a company limited by guarantee may be with or without having share capital. The most common form of used for business ventures. This type of company is common in England and many English-speaking countries, a company limited by shares may be a publicly traded company or a privately held company.
A company limited by guarantee with a share capital, a hybrid entity, usually used where the company is formed for non-commercial purposes, but the activities of the company are partly funded by investors who expect a return. This type of company may no longer be formed in the UK, a company—statutorily authorized in certain states—that is characterized by limited liability, management by members or managers, and limitations on ownership transfer, i.
LLC structure has been called hybrid in that it combines the characteristics of a corporation, an unlimited company with or without a share capital. A hybrid entity, a company where the liability of members or shareholders for the debts of the company are not limited, in this case doctrine of veil of incorporation does not apply.
Less common types of companies are, Companies formed by letters patent, most corporations by letters patent are corporations sole and not companies as the term is commonly understood today. Before the passing of modern companies legislation, these were the types of companies. Now they are rare, except for very old companies that still survive. The term is applied to longer-term debt instruments, with maturity of at least one year. Corporate debt instruments with maturity shorter than one year are referred to as commercial paper, the term corporate bond is not strictly defined.
Sometimes, the term is used to include all bonds except those issued by governments in their own currencies, in this case governments issuing in other currencies will be included. The term sometimes also encompasses bonds issued by supranational organizations, strictly speaking, however, it only applies to those issued by corporations. The bonds of local authorities are not included, Corporate bonds trade in decentralized, dealer-based, over-the-counter markets. In over-the-counter trading dealers act as intermediaries between buyers and sellers, Corporate bonds are sometimes listed on exchanges and ECNs.
However, vast majority of trading volume happens over-the-counter, by far the largest market for corporate bonds is in corporate bonds denominated in US Dollars.
The second largest market is in Euro denominated corporate bonds, other markets tend to be small by comparison and are usually not well developed, with low trading volumes. Many corporations from other issue in either US Dollars or Euros. Foreign corporates issuing bonds in the US Dollar market are called Yankees, Corporate bonds are divided into two main categories High Grade and High Yield according to their credit rating. For example, many pension funds and insurance companies are prohibited from holding more than an amount of High Yield bonds.
The distinction between High Grade and High Yield is also common to most corporate bond markets, the coupon is usually taxable for the investor. It is tax deductible for the corporation paying it, for US Dollar corporates, the coupon is almost always semi annual, while Euro denominated corporates pay coupon quarterly.
In this case the bond, a bond, is sold at a discount. Security finance — A security is a tradable financial asset. The term commonly refers to any form of instrument. In some jurisdictions the term specifically excludes financial instruments other than equities, in some jurisdictions it includes some instruments that are close to equities and fixed income, e.
In the United States, a security is a financial asset of any kind. Securities are broadly categorized into, debt securities equity securities derivatives, the company or other entity issuing the security is called the issuer. A countrys regulatory structure determines what qualifies as a security, for example, private investment pools may have some features of securities, but they may not be registered or regulated as such if they meet various restrictions.
Securities may be represented by a certificate or, more typically, non-certificated, region or country Market capitalization State Securities are the traditional way that commercial enterprises raise new capital.
These may be an alternative to bank loans depending on their pricing. Another disadvantage of bank loans as a source of financing is that the bank may seek a measure of protection against default by the borrower via extensive financial covenants, through securities, capital is provided by investors who purchase the securities upon their initial issuance. In a similar way, a government may issue securities too when it needs to increase government debt, investors in securities may be retail, i.
The greatest part of investment, in terms of volume, is wholesale, i. The traditional economic function of the purchase of securities is investment, debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth.
Equity investment may also control of the business of the issuer. Debt holdings may also offer some measure of control to the if the company is a fledgling start-up or an old giant undergoing restructuring. In these cases, if interest payments are missed, the creditors may take control of the company, the last decade has seen an enormous growth in the use of securities as collateral.
Purchasing securities with borrowed money secured by other securities or cash itself is called buying on margin, where A is owed a debt or other obligation by B, A may require B to deliver property rights in securities to A, either at inception or only in default.
Collateral arrangements are divided into two categories, namely security interests and outright collateral transfers. Commonly, commercial banks, investment banks, government agencies and other investors such as mutual funds are significant collateral takers as well as providers. Originally built around three different settlements including a port, it served as the capital of the British Gold Coast between and , Accra serves as the Greater Accra Regions economic and administrative hub.
It is furthermore a centre of a range of nightclubs, restaurants. Since the early s, a number of new buildings have been built, the citys National Theatre was built with Chinese assistance. In , the Globalization and World Cities Research Network designated Accra a Gamma-minus-level world city, indicating a level of international influence.
The central business district of Accra contains the main banks and department stores, and an area known as the Ministries. The oxford street in Osu — Accra has grown to become the hub of business, the word Accra is derived from the Akan word Nkran meaning ants, a reference to the numerous anthills seen in the countryside around Accra. The name specifically refers to ants, and was applied to both the town and people by the Twi speakers. Historian Carl Christian Reindorf confirmed this etymology, proposing a link between the qualities and migratory behaviour of the local ants and those of the Ga people.
The link between the ethonym and ants was explicitly reflected in the recognition of anthills as sacred places. Often ringed by sacred fences, the tall red mounds dotting Accras hinterland were seen as microcosms of human community, instead of viewing Ga speakers as a formidable military force, the Akan-speaking term Nkran cast Ga peoples as pests or nuisances to be controlled or exterminated. The name Ga is actually a version of the name Akan, Ga also gave its name to the Ga districts surrounding Accra.
When the Guan on the coast saw them on their canoes at sea, hence, the Lartehs refer to them as Nkran. Nkran was later corrupted by the Danes to Akra, then to present-day Accra, Nkran in the Ga language is Gaga, thus they also started calling themselves Ga. Emerging markets — An emerging market is a country that has some characteristics of a developed market, but does not meet standards to be a developed market.
This includes countries that may become developed markets in the future or were in the past, the term frontier market is used for developing countries with slower economies than emerging. The economies of China and India are considered to be the largest, according to The Economist, many people find the term outdated, but no new term has gained traction. Iran is also considered an emerging market, in the s, less developed countries was the common term for markets that were less developed than the developed countries such as the United States, Western Europe, and Japan.
These markets were supposed to provide potential for profit. This term was thought by some to be politically incorrect so the emerging market label was created, emphasizing the fluid nature of the category, political scientist Ian Bremmer defines an emerging market as a country where politics matters at least as much as economics to the markets.
The research on emerging markets is diffused within management literature, more critical scholars have also studied key emerging markets like Mexico and Turkey. Julien Vercueil recently proposed a definition of the emerging economies. Catching-up growth, during at least the last decade, it has experienced an economic growth that has narrowed the income gap with advanced economies.
The term rapidly developing economies is being used to denote emerging markets such as The United Arab Emirates, Chile and these countries do not share any common agenda, but some experts believe that they are enjoying an increasing role in the world economy and on political platforms.
It is difficult to make an exact list of emerging markets, the best guides tend to be investment information sources like EMIS and these sources are well-informed, but the nature of investment information sources leads to two potential problems.
One is an element of historicity, markets may be maintained in an index for continuity, possible examples of this are South Korea and Taiwan.
TV video, hedge fund manager Jonathan Binder discusses the current, Binder says that in the future investors will not necessarily think of the traditional classifications of G10 versus emerging markets. Instead, people should look at the world as countries that are fiscally responsible, whether that country is in Europe or in South America should make no difference, making the traditional blocs of categorization irrelevant.
Manufacturing — Manufacturing is the value added to production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation. Manufacturing engineering or manufacturing process are the steps through which raw materials are transformed into a final product, the manufacturing process begins with the product design, and materials specification from which the product is made.
These materials are modified through manufacturing processes to become the required part. Manufacturing takes turns under all types of economic systems, in a free market economy, manufacturing is usually directed toward the mass production of products for sale to consumers at a profit.
In a collectivist economy, manufacturing is more directed by the state to supply a centrally planned economy. In mixed market economies, manufacturing occurs under some degree of government regulation, modern manufacturing includes all intermediate processes required the production and integration of a products components. Some industries, such as semiconductor and steel manufacturers use the term fabrication instead, the manufacturing sector is closely connected with engineering and industrial design.
Examples in Asia include Sony, Huawei, Lenovo, Toyota, Samsung, in its earliest form, manufacturing was usually carried out by a single skilled artisan with assistants. In much of the world, the guild system protected the privileges. Before the Industrial Revolution, most manufacturing occurred in rural areas, entrepreneurs organized a number of manufacturing households into a single enterprise through the putting-out system.
Toll manufacturing is an arrangement whereby a first firm with specialized equipment processes raw materials or semi-finished goods for a second firm, manufacturing provides important material support for national infrastructure and for national defense. On the other hand, most manufacturing may involve significant social and environmental costs, the clean-up costs of hazardous waste, for example, may outweigh the benefits of a product that creates it.
Hazardous materials may expose workers to health risks and these costs are now well known and there is effort to address them by improving efficiency, reducing waste, using industrial symbiosis, and eliminating harmful chemicals. The negative costs of manufacturing can also be addressed legally, developed countries regulate manufacturing activity with labor laws and environmental laws.
Across the globe, manufacturers can be subject to regulations and pollution taxes to offset the costs of manufacturing activities. Labor unions and craft guilds have played a role in the negotiation of worker rights. Environment laws and labor protections that are available in developed nations may not be available in the third world, tort law and product liability impose additional costs on manufacturing. Brewing — Brewing is the production of beer by steeping a starch source in water and fermenting the resulting sweet liquid with yeast.
It may be done in a brewery by a brewer, at home by a homebrewer. Brewing has taken place since around the 6th millennium BC, and archaeological evidence suggests that emerging civilizations including ancient Egypt, since the nineteenth century the brewing industry has been part of most western economies.
The basic ingredients of beer are water and a starch source such as malted barley. Most beer is fermented with a brewers yeast and flavoured with hops, less widely used starch sources include millet, sorghum and cassava.
Secondary sources, such as maize, rice, or sugar, may also be used, sometimes to reduce cost, or to add a feature, the proportion of each starch source in a beer recipe is collectively called the grain bill.
Steps in the process include malting, milling, mashing, lautering, boiling, fermenting, conditioning, filtering. There are three main methods, warm, cool and spontaneous. Fermentation may take place in an open or closed fermenting vessel, there are several additional brewing methods, such as barrel aging, double dropping, and Yorkshire Square.
Brewing has taken place since around the 6th millennium BC, and archaeological evidence suggests emerging civilizations including ancient Egypt, descriptions of various beer recipes can be found in cuneiform from ancient Mesopotamia. Ethnographic studies and archaeological records indicate that brewing alcohol was primary an activity engaged in by women, chemical tests of ancient pottery jars reveal that beer was produced as far back as about 7, years ago in what is today Iran.
This discovery reveals one of the earliest known uses of fermentation and is the earliest evidence of brewing to date, in Mesopotamia, the oldest evidence of beer is believed to be a 6, year-old Sumerian tablet depicting people drinking a beverage through reed straws from a communal bowl.
A year-old Sumerian poem honouring Ninkasi, the goddess of brewing, contains the oldest surviving beer recipe. The invention of bread and beer has been argued to be responsible for humanitys ability to develop technology, Beer may have been known in Neolithic Europe as far back as 5, years ago, and was mainly brewed on a domestic scale.
Ale produced before the Industrial Revolution continued to be made and sold on a scale, although by the 7th century AD beer was also being produced. During the Industrial Revolution, the production of beer moved from artisanal manufacture to industrial manufacture, the development of hydrometers and thermometers changed brewing by allowing the brewer more control of the process, and greater knowledge of the results.
Today, the industry is a global business, consisting of several dominant multinational companies. Insurance — Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, an entity which provides insurance is known as an insurer, insurance company, or insurance carrier.
A person or entity who buys insurance is known as an insured or policyholder, the insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.
The amount of money charged by the insurer to the insured for the coverage set forth in the policy is called the premium. If the insured experiences a loss which is covered by the insurance policy.
Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessels capsizing.
The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the guarantee to cancel the loan should the shipment be stolen. At some point in the 1st millennium BC, the inhabitants of Rhodes created the general average and this allowed groups of merchants to pay to insure their goods being shipped together.
The collected premiums would be used to any merchant whose goods were jettisoned during transport. Separate insurance contracts were invented in Genoa in the 14th century, the first known insurance contract dates from Genoa in , and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be separated from investment, Insurance became far more sophisticated in Enlightenment era Europe, and specialized varieties developed.
Property insurance as we know it today can be traced to the Great Fire of London, initially,5, homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available, by the end of the seventeenth century, Londons growing importance as a center for trade was increasing demand for marine insurance.
These informal beginnings led to the establishment of the insurance market Lloyds of London and several related shipping, the first life insurance policies were taken out in the early 18th century. In the late 19th century, accident insurance began to become available and this operated much like modern disability insurance. The first company to offer accident insurance was the Railway Passengers Assurance Company, by the late 19th century, governments began to initiate national insurance programs against sickness and old age.
Mining — Mining is extraction of valuable minerals or other geological materials from the earth usually from an orebody, lode, vein, seam, reef or placer deposits. These deposits form a mineralized package that is of economic interest to the miner, ores recovered by mining include metals, coal, oil shale, gemstones, limestone, chalk, dimension stone, rock salt, potash, gravel, and clay. Mining is required to obtain any material that cannot be grown through agricultural processes, Mining in a wider sense includes extraction of any non-renewable resource such as petroleum, natural gas, or even water.
Mining of stones and metal has been a human activity since pre-historic times, Mining operations usually create a negative environmental impact, both during the mining activity and after the mine has closed.
Hence, most of the nations have passed regulations to decrease the impact. Work safety has long been a concern as well, and modern practices have significantly improved safety in mines, levels of metals recycling are generally low.
Unless future end-of-life recycling rates are stepped up, some rare metals may become unavailable for use in a variety of consumer products, due to the low recycling rates, some landfills now contain higher concentrations of metal than mines themselves. Since the beginning of civilization, people have used stone, ceramics and, later and these were used to make early tools and weapons, for example, high quality flint found in northern France, southern England and Poland was used to create flint tools.
Flint mines have been found in areas where seams of the stone were followed underground by shafts. The mines at Grimes Graves and Krzemionki are especially famous, other hard rocks mined or collected for axes included the greenstone of the Langdale axe industry based in the English Lake District. The oldest-known mine on archaeological record is the Lion Cave in Swaziland, at this site Paleolithic humans mined hematite to make the red pigment ochre.
Mines of an age in Hungary are believed to be sites where Neanderthals may have mined flint for weapons. Ancient Egyptians mined malachite at Maadi, at first, Egyptians used the bright green malachite stones for ornamentations and pottery. Later, between and BC, large building projects required expeditions abroad to the area of Wadi Maghareh in order to secure minerals and other resources not available in Egypt itself.
Mining in Egypt occurred in the earliest dynasties, the gold mines of Nubia were among the largest and most extensive of any in Ancient Egypt. These mines are described by the Greek author Diodorus Siculus, who mentions fire-setting as one used to break down the hard rock holding the gold.
One of the complexes is shown in one of the earliest known maps, the miners crushed the ore and ground it to a fine powder before washing the powder for the gold dust. Petroleum — Petroleum is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earths surface, which is commonly refined into various types of fuels.
Components of petroleum are separated using a technique called fractional distillation and it consists of hydrocarbons of various molecular weights and other organic compounds. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that are made up of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, usually zooplankton and algae, are buried underneath sedimentary rock, Petroleum has mostly been recovered by oil drilling.
Drilling is carried out studies of structural geology, sedimentary basin analysis. Petroleum is used in manufacturing a variety of materials. Concern over the depletion of the earths finite reserves of oil, the burning of fossil fuels plays the major role in the current episode of global warming. It was used in the treatise De Natura Fossilium, published in by the German mineralogist Georg Bauer, Petroleum, in one form or another, has been used since ancient times, and is now important across society, including in economy, politics and technology.
Great quantities of it were found on the banks of the river Issus, ancient Persian tablets indicate the medicinal and lighting uses of petroleum in the upper levels of their society. By AD, oil was produced from bamboo-drilled wells in China, early British explorers to Myanmar documented a flourishing oil extraction industry based in Yenangyaung that, in , had hundreds of hand-dug wells under production.
The mythological origins of the oil fields at Yenangyaung, and its hereditary monopoly control by 24 families, Pechelbronn is said to be the first European site where petroleum has been explored and used. The still active Erdpechquelle, a spring where petroleum appears mixed with water has been used since , Oil sands have been mined since the 18th century.
In Young set up a small business refining the crude oil, Young eventually succeeded, by distilling cannel coal at a low heat, in creating a fluid resembling petroleum, which when treated in the same way as the seep oil gave similar products.
The production of oils and solid paraffin wax from coal formed the subject of his patent dated 17 October The demand for petroleum as a fuel for lighting in North America, edwin Drakes well near Titusville, Pennsylvania, is popularly considered the first modern well.
Withholding tax — A withholding tax, also called a retention tax, is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay that tax to the government. In most jurisdictions, withholding tax applies to employment income, many jurisdictions also require withholding tax on payments of interest or dividends. Typically the withholding tax is treated as a payment on account of the recipients tax liability. In some cases the tax is treated as discharging the recipients tax liability.
Such withholding is known as final withholding, the amount of withholding tax on income payments other than employment income is usually a fixed percentage. In the case of employment income the amount of withholding tax is based on an estimate of the employees final tax liability. Some governments have laws which require taxes to be paid before the money can be spent for any other purpose.
This ensures the taxes will be paid first, and will be paid on time as the government needs the funding to meet its obligations. Typically, withholding is required to be done by the employer of someone else, the withheld taxes are then paid by the employer to the government body that requires payment, and applied to the account of the employee, if applicable.
The employee may also be required by the government to file a tax return self-assessing ones tax, most developed countries operate a wage withholding tax system. In some countries, subnational governments require wage withholding so that national and subnational taxes may be withheld.
Income tax for the individual for the year is determined upon filing a tax return after the end of the year. The amount withheld and paid by the employer to the government is applied as a prepayment of income taxes and is if it exceeds the income tax liability determined on filing the tax return. In such systems, the employee generally must make a representation to the employer regarding factors that would influence the amount withheld, generally, the tax authorities publish guidelines for employers to use in determining the amount of income tax to withhold from wages.
The United Kingdom and certain other jurisdictions operate a tax system known as pay-as-you-earn. Unlike many other withholding tax systems, PAYE systems generally aim to all of an employees tax liability through the withholding tax system. However, taxpayers with more complicated tax affairs must file tax returns, australia operates a pay-as-you-go system, which is similar to PAYE.
The system applies only at the level, as the individual states do not collect income taxes. Dividend — A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit or surplus, the corporation is able to re-invest the profit in the business and pay a proportion of the profit as a dividend to shareholders.
Distribution to shareholders may be in cash or, if the corporation has a dividend reinvestment plan, a dividend is allocated as a fixed amount per share, with shareholders receiving a dividend in proportion to their shareholding.
For the joint-stock company, paying dividends is not an expense, rather, retained earnings are shown in the shareholders equity section on the companys balance sheet — the same as its issued share capital.