Portal:Business

Charles Ponzi (March 3, 1882 – January 18, 1949) was one of the greatest swindlers in American history. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. The term "Ponzi scheme" is a widely known description of any scam that pays early investors returns from the investments of later investors. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage.^[1] Ponzi was probably inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same pyramid scheme to take in $1 million.^[2]

The MIBC in Moscow, the financial centre of Russia

The economy of Russia is an emerging and developing, high-income, industrialized, mixed market-oriented economy. It has the eleventh-largest economy in the world by nominal GDP and the fourth-largest economy by GDP (PPP). Due to a volatile currency exchange rate, its GDP measured in nominal terms fluctuates sharply. Russia was the last major economy to join the World Trade Organization (WTO), becoming a member in 2012.

Russia has large amounts of energy resources throughout its vast landmass, particularly natural gas and petroleum, which play a crucial role in its energy self-sufficiency and exports. The country has been widely described as an energy superpower; with it having the largest natural gas reserves in the world, the second-largest coal reserves, the eighth-largest oil reserves, and the largest oil shale reserves in Europe. Russia is the world's leading natural gas exporter, the second-largest natural gas producer, the second-largest oil exporter and producer, and the third-largest coal exporter. Its foreign exchange reserves are the fourth-largest in the world. Russia has a labour force of about 72 million people, which is the eighth-largest in the world. It is the third-largest exporter of arms in the world. The oil and gas industry accounted up to 41% of Russia's federal budget revenues by mid-2024, while fossil fuels accounted up to 43% of its merchandise exports in 2021. (Full article...)

" Until the latest of our world conflicts, the United States had no armaments industry. American makers of plowshares could, with time and as required, make swords as well. But now we can no longer risk emergency improvisation of national defense; we have been compelled to create a permanent armaments industry of vast proportions. Added to this, three and a half million men and women are directly engaged in the defense establishment. We annually spend on military security more than the net income of all United States corporations.

This conjunction of an immense military establishment and a large arms industry is new in the American experience. The total influence -- economic, political, even spiritual -- is felt in every city, every State house, every office of the Federal government. We recognize the imperative need for this development. Yet we must not fail to comprehend its grave implications. Our toil, resources and livelihood are all involved; so is the very structure of our society.

In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.

We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together

Akin to, and largely responsible for the sweeping changes in our industrial-military posture, has been the technological revolution during recent decades.

In this revolution, research has become central; it also becomes more formalized, complex, and costly. A steadily increasing share is conducted for, by, or at the direction of, the Federal government."

—Dwight D. Eisenhower, Farewell Address, 1961

• ... that businessman Usman Ja'far was the first locally born governor of
• ... that despite little formal education, Earnest Andersson was a successful inventor, businessman, amateur athlete, race car driver, pilot, photographer, radio operator, pro golfer, and composer?
• ... that John Blackinger quit his job as the general manager of a professional football team to work in the dairy business?
• ... that the Darwin Rocksitters Club had "no funny business" as their first, third, and fifth rules?
• ... that only months after going out of business, Milkrun relaunched?
• ... that Indian philanthropist and business executive T. Mohandas Pai has been called the "architect of modern Manipal"?

January 6:

• 1925 - John DeLorean, founder of the DeLorean Motor Company, was born on this day.

• ...that French economist A.R.J. Turgot (pictured) served as the intendant of the genéralité of Limoges from 1761 to 1774?

• ...that in economics, the monetary base is defined as the portion of the commercial banks' reserves that are maintained in accounts with their central bank plus the total currency circulating in the public?

• ...that Friedrich Hayek was appointed as a member of the Order of the Companions of Honour by Queen Elizabeth II of the United Kingdom on the advice of British Prime Minister Margaret Thatcher?

• ...that Gunnar Myrdal, the 1974 co-winner of the Nobel Prize in Economics was married Alva Myrdal, a Swedish diplomat who won the 1982 Nobel Peace Prize?

• ...that Massachusetts Institute of Technology professor Daron Acemoglu was the 2005 recipient of the John Bates Clark Medal?

• ...that Gold Fixing is the procedure by which the price of gold is set on the London market by the five members of the London Bullion Market Association?

• ...that the postal services of Canada, Finland and the United Kingdom have their own dedicated address to which letters to Santa Claus pleading their good behavior and requesting gifts?

• July 21: Technological University Dublin senior lecturer Dr Lorcan Sirr speaks to Wikinews on housing market in Ireland
• July 15: California governor signs new state budget, eligible Californians to get stimulus payments
• July 4: 130 OECD countries agree to back global corporate tax rate
• June 30: 'Each makes the other more difficult to recover from': University of Sussex professor L. Alan Winters speaks to Wikinews on trade, COVID-19, Brexit
• June 16: Wikinews interviews Victor Kline, leader of newly registered The New Liberals party in Australia
• April 23: Irish Finance Minister Donohoe criticises OECD's global minimum corporate tax rate
• April 17: People protest in Berlin against German Court overturning five-year rent cap
• March 5: Chancellor Rishi Sunak announces UK budget 2021
• February 10: Disney to shut down Blue Sky Studios, animation studio behind 'Ice Age'
• January 24: World Trade Organization declares US tariff hike illegal, rules in South Korea's favour