...FARMERS INSURANCE; Farmers Insurance Acquisition of 21st Century Insurance Finalized SECTION: EXPANDED REPORTING; Pg. 15 LENGTH: 725 words The Farmers Insurance Group of Companies(R) announced that it has completed the acquisition of 100 percent of AIG's U.S. Personal Auto Group, which includes 21st Century Insurance. In addition to 21st Century Insurance, the acquisition includes the former AIG Direct business and Agency Auto business. The purchase price amounts to approximately $1.9 billion. Under the agreement, AIG's U.S. personal auto insurance business is being sold to Farmers Group, Inc., a Los Angeles-based subsidiary of Zurich Financial Services Group. Farmers Group, Inc. will sell the underlying insurance entities to the Farmers Exchanges, which Farmers Group, Inc. manages but does not own, for approximately $1.4 billion. This acquisition by the Farmers Exchanges strengthens Farmers' place as the 3rd largest personal lines insurer in the US. And, the acquisition positions the Farmers Exchanges as the largest auto insurer in several states, including California. The acquisition is the largest in the 81-year history of Farmers. The acquired companies operate in 49 states and Washington, D.C.; have more that 2.4 million customers; and insure more than 4 million vehicles in the US. Further, 21st Century Insurance is the nation's 3rd largest traditional "direct" writer of insurance. Without including 21st Century customers, Farmers already provides auto, home...
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...This paper will explore factors that contributed to the devaluation of the peso against the dollar, the affect it has on business opportunities for trade (importing and exporting), and the Argentina’s Government intervention to recovery. Additionally, this paper will illustrate the incompatibility between Argentina and the IMF (International Monterey Fund), and show the downfall of the IMF’s influence in Argentina. Furthermore, this paper will explain how the HSBC should maintain its status of investments and strategies in Argentina, and factors that should be monitored. Economic Crisis: Argentina and the HSBC Past to Present In the beginning of the 21st Century, Argentina’s economy prospered with a booming 5 percent annual growth rate over a three-year span; this economic phenomenon would not last. By the mid-21st century, Argentina was printing money to finance munificent benefits for workers, and protectionist measures were establishment. This intervention only led to poor productivity and crated a weakness in the structure of Argentina’s economy. During the 1980s, inflation became an epidemic that reached a high point (hyperinflation) twice and the collapse of two banks. Additionally, the people lost faith in the Argentina currency (peso), which led to shipping capital abroad and investing in the U.S. dollar (Daniels, Radebaugh, & Sullivan, 2011, pp. 333-334). Over the next decade, new economic policy was established; privatization of various state-run organizations...
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...BANKING CHALLENGES IN THE 21ST CENTURY Dr. Muhammad Anwar Hassan, Vice Chancellor, Preston University, Mr. Muhammad Humayun Khan, Chief Manager, State Bank of Pakistan, SBP BSC (Bank) Peshawar, Mr. Rashid Qazi, Vice President, PICIC Commercial Bank Ltd. Peshawar, Mr. Badar Hussain, Area Head North, MCB Peshawar, Mr. Tabraiz Hassan Butt, Regional Business/Operational Chief Peshawar, Fellow Bankers, Distinguished Ladies and Gentlemen! First of all I would like to congratulate the administration of Preston University Peshawar for organizing this Seminar. It was the earlier part of the 1990s when the inherent weaknesses of the banking structure were recognized and a comprehensive reform process in the banking industry was initiated. The underlying objectives of the initiatives were to ensure and create a level-playing-field environment of competition in the market and to strengthen the governance and supervision of the financial institutions. In fact, the reforms were targeted to adopt a market-based indirect system of monetary, exchange and credit management to ensure the efficient allocation of financial resources. Today, 15 years later, it would no longer be an exaggeration but a fair statement that the landscape of the banking system in Pakistan has changed. The country has made a significant progress in implementing financial sector reforms and has achieved a more competitive market structure with expanding market share of private sector banks. Moreover, significant gains have...
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...Vietnam Population Mix: * The population is surpassed only by Indonesia as Southeast Asia's most heavily populated country. However, Vietnam is the region's most ethnically homogenous country with the Vietnamese making up about 90% of the population. * 85% of Vietnam's ethnic-minority population belongs to indigenous groups - the largest of which are Thai and Hmong - who have been settled in the mountainous regions of the country for many centuries. * About 3% of the population is ethnic Chinese living in the urban centers of the South. * With an estimate 2014 population of 90,493,352, it is the 13th largest populated country in the world with a growth rate of 1%. * Population density is 272.4/kmsqr. * Vietnam's median age increased from 18.2 years (1980) to 28.5 years (2010). Its life expectancy increased from 58.9 years in 1980-1985 to74.3 years in 2005-2010. China and Thailand have the highest old-age dependency ratio (11 in 2010) while that of Vietnam is around 9. Current median age is 29.2 years. * Vietnam’s population is rapid aging and is going to be a new challenge.44.8% of the population lies in the 25-54 years age category. * 31% of the total population is urbanized with a rate of change of 3.03%. Ratio Percentage: Total dependency ratio: 41.3% Youth dependency ratio : 31.9% Elderly dependency ratio: 9.4% Potential dependency ratio: 10.6(2014 EST.) Provinces of Vietnam: * Vietnam is divided into 58 provinces and 5 municipalities existing...
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...What it Means’ to be Canadian in the Twenty First Century What it means to be Canadian in the Twenty First Century When I think about the word Canada, I think of majestic mountain ranges, oceans surrounding us on the East, West and North Coasts of the Country. I think of a kind, gentle, peacemaker attitude in the people who live here. The vast amounts of natural resources we have and the knowledge of how lucky we are to live in this amazing country. Canada has always had the reputation of being the “good guy”. We have long taken a back seat to the United States in economy, lifestyle and growth of the economy, however, times are changing and Canada is emerging as a new world leader and is heading into the Twenty First Century as a strong country. Canada has always been a consistent and steady country, never too extreme in its political or economic views. This has never been truer than today, when we look at the economy of Europe and the United States over the past few years. While their financial situations are crumbling, Canada has remained stable during the economic downturn. The Business Insider (2011) named Canada sixth on the list of “The Countries that have the Best Quality of Life in the World.” Canada was ranked sixth because of factors such as income, work/life balance and life satisfaction. Canada has become a world leader in how it handles its economy and the stability that it has maintained. While the United States and Europe have watched their countries...
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...A SHORT HISTORY OF ACCOUNTING AND BUSINESS By Gary Giroux September 1999 Preface Overview: Accounting toward the 21st century: Where are we now? How did we get here? 1. From the Ancient World to Pacioli The First Cities Trade Tokens: The First Accounting The Sumerians Complex Tokens and Clay Tablets Cuneiform Writing and Beyond Money, Banking and Credit The Dark Ages and the Rise of the Italian Merchants Luca Pacioli: The Father of Accounting 2. Britain and the Industrial Revolution Prior to 1750 Ironbridge Textiles The Steam Engine Wedgwood and the Importance of Cost Accounting Early Cost Accounting Transportation Development of the Accounting Profession 3. American Big Business and Cost Accounting Early Developments in Manufacturing and Accounting Rockefeller Morgan and Carnegie Cost Accounting in the Era of Big Business Alternative Systems in Asia and Europe Relevance Lost: The Critique of Johnson and Kaplan The American Response 4. Financial Accounting and the Structure of Accounting Regulation The Great Crash and Government Response The New Role of the Accounting Profession The Financial Accounting Standards Board Earnings Management and Economic Consequences Accounting Principles and the Conceptual Framework 5. Auditing Auditing in the U. S. The Big...
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...GE BANGLADESH Green Economy: A Revolution for Economic Movement in Bangladesh Review of Literature: Reaching in the 21st century, while the whole world is moving towards the merge of development, on the contrary deeply concerned about its sustainability as the way of this economy is traditional and hampered as well. The costs of fossil-fuel based brown economy on socio-economy and environment, known as the way of traditional, have been remarked all over the world. These concerned observations motive people to think of an alternative economic system which is called green economy or environment friendly economy. This thinking has been reflected in many literatures by many persons and organizations as follows: United Nations Environment Programme (UNEP), noted in 2008 “There is growing recognition that humanity faces a severe environmental emergency. Modern economies have been built on an unsustainable foundation. Activities ranging from agriculture and mining to manufacturing, services, and transportation rely on fossil fuels, generate copious amounts of pollution and waste, and undermine critical ecosystems, ecoservices, and life support while Green economy is one which ensures human and social wellbeing with reduced environmental risks and ecological scarcities.” In its simplest expression, a green economy can be thought of as one which is low carbon, resource efficient and socially inclusive. Practically speaking, a green economy is one whose growth in income and employment...
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...political origins traced back to the western protest movement of the 1980s, became the first right-of-centre Canadian prime minister in over a decade. Despite the accomplishment, his government has not done much to alter the status quo of his Liberal predecessors, and has been — intentionally — a very cautious and pragmatic administration. After the Islamist terrorist attacks that struck New York City on September 11, 2001, Canada joined with other NATO countries in invading Afghanistan and deposing the fundamentalist Taliban regime. Canada's last combat mission in Afghanistan officially ended in 2010, and the final Canadian troops left the country in 2014. Already underway in the late 1990s, the information revolution of the early 21st century brought enormous change to the lives of Canadians, with personal computers, cell phones and the Internet...
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...Final Exam At the turn of the last century, WEB Dubois wrote, “The problem of the twentieth century is the problem of the color-line, --the relation of the darker to the lighter races of men in Asia and Africa, in America and the islands of the sea. Every study has come to the same conclusion that biologically, there are no 'races', yet the social construction of race as a category is alive and well today. The classification system, which radicalized different groups - typifying them according to their skin color and/or other defining features has a long history. With the advent of colonialism, racism underpinned the different and negative valuations attached to skin color. The racism of today is much more subtle and is no longer the blatant discrimination based on the color or your skin. It exists within the institutions of our society. It is the combination of government, corporate and media institutional racism that is largely responsible for the inequities of today. Unfortunately, these divisions impact the way in which we live our life and how we advance socially. Race has always been a complicated subject and is inevitable. Although we have made tremendous strides to dismantle the foundations of racism, it is clear and evident that racism still persists within the institutions of our society. I believe that America is one of greatest countries on the earth and it is a land of opportunity for everyone. The American dream is alive and well and many...
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...Alexander Hamilton was born a British subject on January 11, 1757 in Nevis, British West Indies. He died on July 12, 1804. Hamilton’s parent’s were James Hamilton a merchant. His mothers name was Racheal Levine. When his mother was very young she married John Michael Levine. His mother however, left Mr. Levine and later divorces him, under Danish law, the divorce was granted but she wasn’t allowed to remarry. This made Alexander Hamilton’s birth illegal. Alexander joined the country house of Nicholas Cruger and David Beekman, he was a clerk and apprentice at the age of twelve. At fifteen he was given the company. He attended school at Elizabethtown, New Jersey and later graduated from King’s Collage in New York with a Bachelors in Arts. At the start of the American Revolutionary war he organized an artillery and was chosen captain. He became the senior camp aid to George Washington. After the war Hamilton was elected continental congress of New York but resigned to study law and open a bank in New York. He then became the first Secretary of The Treasury on September 11, 1789. He worked on creating a government and structured cabinets. During Hamilton’s time he did three things that have helped the Untied States for what we have today. Hamilton formed a structured government, federal well-being, and political visions. Hamilton helped form the government back when he was part of the Annapolis Convention he brought up flaws from the government, which was from the Articles of Confederation...
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...is was having freedom and democracy. The 90's everyone could attain their version of the dream and not take if for granted. Now where in the 21st century/ 2000's where everything is completely different and the American dream is too. Most people today believe that the American dream is being rich and marry a millionaire. Even though there are many successful people, American dream isn't attainable for all because some weren't considered as people, materialism and social mobility. People like women, former slaves and other disenfranchised groups did not have access to the American dream. Around this time slavery was very popular, wealthy white had all the power. Former slaves, women and other disenfranchised groups were not considered as people, in which they were mistreated, segregated and took...
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...Hong Kong and Shanghai Banking Corporation (HSBC) was founded in Hong Kong and Shanghai in order to finance the growing trade between China and Europe. HSBC has it’s headquarter in London and enriches an international network which comprises around 6,200 offices in 74 countries and territories (HSBC, 2013). For decades, HSBC has grown and adapted to conquer the difficulties in China’s revolution and economic crises and now becomes the largest foreign bank in China. This essay combines core module theories and empirical case study to analyze HSBC’s strategy. In the first part, this essay will demonstrate how the strategy of HSBC changed, and compare the strategies before and after the accession to the WTO. The second part will discuss advantages and disadvantages of concentrating on rural areas and emerging markets. The influence of financial crisis, future opportunities as well as threats will be analyzed at last. 1. HSBC’ strategy and China accession to the WTO 1.1. The reason for changing strategy Down the decades, HSBC’s has grown and adapted their strategy from localization to globalization for China in order to react to the changes of economic reform and financial liberalization. HSBC differentiates its strategy from those competitors by describing the unique characteristics which is ‘The world’s local bank.’ Due to this position and strategy, HSBC is involved directly and indirectly in China's modern economic development and reform. HSBC’s strategy in China changed...
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...An Analysis of the Café Case Study CIS 500 May 1, 2011 Dr. Evangeline Jefferson, Ed.D. Strayer University Analysis of the Broadway Café Case Study The intensified use of Information and telecommunication in business operations has increasingly been adopted as the best tool to confront the rising competition in the hospitality industry. Just like any other business entity, though unique in nature, many hotel and restaurant operators will have to adopt and intensify the use of system and e-commerce techniques in boosting the overall competitiveness of business entities. The unique nature of these businesses has indeed formed the backbone incentive for choice of Broadway case study as the subject of this paper. This case study is aiming at improving the business knowledge of information technology adoption hand in hand with intangible concepts such as enterprise resource system, wireless network and SCM within the hotel industry. The subsequent literature in this text therefore examines in detail how the use of use of technology; E-Business strategy; Networks, Telecommunications, and Wireless Computing; Customer Relationship Management as well as Problem-solving Analysis are capable of delivering a competitive advantage to Broadway Café. Implication of technology to Broadway Café’s Competitive Advantage Competitive advantage is a hallmark of cumulative effective of successive profitability and strong market share that an organization achieves in the long term relative...
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...internship in Standard Bank Limited, Motijheel, (Foreign Exchange branch), Dhaka for the period of three months starting from September 24, 2011 to December 24, 2011. My report is on the “Overall General Banking of Standard Bank Limited Emphasizing on Foreign Exchange Performance Compared with Others” of Standard Bank Limited, Motijheel, (Foreign Exchange branch). With the advent of the 21st century, globalization and consolidation amongst the multinational and foreign companies are making their impact in the third world economies including that of Bangladesh. The report studies how the bank has maintained growth in its general banking business by maintaining and enhancing its relationship with its clients. The success of The Standard Bank Limited is largely credited to its friendly, co-operative approach, understanding the foreign exchange policy special banking needs of every client and concern for the benefits and welfare. A fundamental characteristic of money is that it is very much like a collective commodity. It is a parallel relationship between the Money and Banking. Bank is an important and essential financial institution for the necessity of the use of money and the protection of the money. At the very arena of globalization and technological innovation, banking business has become competitive. To cope with this, bankers should have vast theoretical knowledge and professional knowledge as well as technical basic. As a BBA student, with major in Accounting, I felt...
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...financial crises during the recent 200 years. Society was suffering from such downturns, because each of them had its own characteristics and consequences which affected the whole economic world. In the next passages I would like to tell you about the history of financial crises and about the solutions made by governments and departments which helped to reduce the bad effects of it. Not a single year has gone by in the past two centuries where there was not a financial crisis somewhere in the world (see figure 1). Arguably, the world witnessed its first international financial crisis in 1825. The opening up of Latin America after the overthrow of the Spanish empire led to the opening up of international trade between England and the Latin American republics. The result was massive capital flows from London to finance infrastructure, mining and government spending. But once the capital outflows impinged on the Bank of England’s (BoE) gold reserves, the policy rate was raised, leading to a banking crisis. A sudden stop of capital flow from London resulted in banking panics in the US and currency crashes across Latin America. Figure 1: The history of financial crises Indeed, the crisis in 1825 marked the first of seven clusters of sovereign defaults in the period 1800 to 2010 In the first cluster of defaults, which happened during 1824-1834, 13 Latin American countries defaulted. The following period (1835–1866)...
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