savings bank

 savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.
In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative, while in others, socially committed individuals created foundations to put in place the necessary infrastructure.
In 1914, the New Student's Reference Work said of the origins:[1]
France claims the credit of being the mother of savings banks, basing this claim on a savings bank said to have been established in 1765 in the town of Brumuth, but it is of record that the savings bank idea was suggested in England as early as 1697. There was a savings bank in Hamburg, Germany, in 1778 and in Berne, Switzerland, in 1787. The first English savings bank was established in 1799, and postal savings banks were started in England in 1861. The first chartered savings bank in the United States was the Provident Institution for Savings in the Town of Boston, incorporated December 13, 1816. The Philadelphia Savings Fund Society began business the same year, but was not incorporated until 1819. In 1818 banks for savings were incorporated in Baltimore and Salem, and in 1819 in New York, Hartford, Newport and Providence.
Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach.
Austria: see Erste Group
Brazil: see Caixa Econômica Federal
Communist Czechoslovakia: see Economy of Communist Czechoslovakia
Germany: see Sparkassen
New Zealand: Savings banks ceased to exist in 1987 as an official type of bank, being replaced with registered banks (Grimes, 1998)
Norway: see Sparebank
Portugal: see Caixa Geral de Depósitos
Soviet Union: Traditionally, the Russian term sberkassa (сберкасса, сберегательная касса) is translated as "savings bank". However sberkassas were not banks in the common sense. Initially they were the outlets of the only Soviet State Bank, Gosbank until 1987 and Sberbank (USSR Savings Bank) afterwards.
Spain: see Savings bank (Spain)
United Kingdom: see Trustee savings bank
United States: see Savings and loan association, Federal savings bank, and Mutual savings bank

In finance

In finance
Finance is the study of how investors allocate their assets over time under conditions of certainty and uncertainty. A key point in finance, which affects decisions, is the time value of money, which states that a unit of currency today is worth more than the same unit of currency tomorrow. Finance aims to price assets based on their risk level, and expected rate of return. Finance can be broken into three different sub categories: public finance, corporate finance and personal finance.


 investment is the application of funds to hold assets over a longer term in the hope of achieving gains and/or receiving income from those assets. It generally does not include deposits with a bank or similar institution. Investment usually involves diversification of assets in order to avoid unnecessary and unproductive risk.
In contrast, dollar (or pound etc) cost averaging and market timing are phrases often used in marketing of collective investments and can be said to be associated with speculation.
Investments are often made indirectly through intermediaries, such as pension funds, banks, brokers, and insurance companies. These institutions may pool money received from a large number of individuals into funds such as investment trusts, unit trusts, SICAVs etc to make large scale investments. Each individual investor then has an indirect or direct claim on the assets purchased, subject to charges levied by the intermediary, which may be large and varied.

In economics or macroeconomics

In economics or macroeconomics



economic theory or in macroeconomics, investment is the amount purchased per unit time of goods which are not consumed but are to be used for future production (i.e. capital). Examples include railroad or factory construction. Investment in human capital includes costs of additional schooling or on-the-job training. Inventory investment is the accumulation of goods inventories; it can be positive or negative, and it can be intended or unintended. In measures of national income and output, "gross investment" (represented by the variable I) is also a component of gross domestic product (GDP), given in the formula GDP = C + I + G + NX, where C is consumption, G is government spending, and NX is net exports, given by the difference between the exports and imports, X − M. Thus investment is everything that remains of total expenditure after consumption, government spending, and net exports are subtracted (i.e. I = GDP − C − G − NX).
Non-residential fixed investment (such as new factories) and residential investment (new houses) combine with inventory investment to make up I. "Net investment" deducts depreciation from gross investment. Net fixed investment is the value of the net increase in the capital stock per year.
Fixed investment, as expenditure over a period of time ("per year"), is not capital. The time dimension of investment makes it a flow. By contrast, capital is a stock— that is, accumulated net investment to a point in time (such as December 31).
Investment is often modeled as a function of Income and Interest rates, given by the relation I = f(Y, r). An increase in income encourages higher investment, whereas a higher interest rate may discourage investment as it becomes more costly to borrow money. Even if a firm chooses to use its own funds in an investment, the interest rate represents an opportunity cost of investing those funds rather than lending out that amount of money for interest.

Investment has different meanings in finance and economics.

Investment has different meanings in finance and economics.
In economics, investment is related to saving and deferring consumption. Investment is involved in many areas of the economy, such as business management and finance whether for households, firms, or governments.
In finance, investment is putting money into something with the expectation of gain, usually over a longer term. This may or may not be backed by research and analysis. Most or all forms of investment involve some form of risk, such as investment in equities, property, and even fixed interest securities which are subject, inter alia, to inflation risk.
In contrast putting money into something with a hope of short-term gain, with or without thorough analysis, is gambling or speculation. This category would include most forms of derivatives, which incorporate a risk element without being long-term homes for money, and betting on horses. It would also include purchase of e.g. a company share in the hope of a short-term gain without any intention of holding it for the long term. Under the efficient market hypothesis, all investments with equal risk should have the same expected rate of return: that is to say there is a trade-off between risk and expected return. But that does not prevent one from investing in risky assets over the long term in the hope of benefiting from this trade-off. The common usage of investment to describe speculation has had a effect in real life aswell: it reduced investor capacity to discern investment from speculation, reduced investor awareness of risk associated with speculation, increased capital available to speculation, and decreased capital available to investment.

Why does easing boost the stock market?

The theoretical basis is that QE will lower interest rates on government securities, which forces investors to move out the risk curve. QE occurs because short-term interest rates are already at the zero bound and the Fed must move out the curve to have something to work with. To illustrate it in a very simple way, the Fed buys treasuries and lowers the return for a new buyer, so the treasury guy looking for a certain rate of return moves into MBS, the MBS guy moves into HY, the HY guy moves into equities. Increasing risk-taking activity stimulates the economy as more money is available for investment, and as asset prices increase, the wealth effect boosts consumer confidence. By targeting mortgage-backed securities in addition to treasuries, they hope to lower the cost of owning a home, bolstering the housing market. Finally, while they will never admit this, by increasing the monetary base of the USD, it decreases the value of the USD compared to other currencies, which makes American exports more competitive, and has a mildly inflationary effect by increasing the cost of imports.


Excellent analysis! they asked bernanke about inflation and he said it wont be an issue BC he can increase the interest rates on treasuries, a power the fed previously didnt have.


Whenever QE is expected, the market rallies. Can someone explain why that is? I don't quite understand it. Is it because the market expects people to move into equities and away from bonds?

Orchard Global Capital Group

Orchard Global Capital Group

Established in 2001, the Group is a privately owned firm. Our primary business is global alternative asset management through operating subsidiaries and affiliates in Asia, Europe and North America known as Orchard Global Asset Management ("OGAM" or "Orchard"). Our global presence gives us the ability, access and depth to identify and source attractive investment opportunities around the world.

We are good at what we do and we are one of the best fixed income relative value and arbitrage managers globally. We have never had a negative year.

We invest through our hedge funds, managed accounts and investment vehicles. The Group is registered with regulators in every operating jurisdiction. We use only tier-one external accounting, custodial and administrative service providers, and we take the extra measure of using an independent valuation agent to verify the pricing on our assets.

Our principals are veteran investment banking and asset management professionals, who over twenty years or more, each ran or created successful businesses in the institutional banking, finance and investment management sectors. We are supported by a superior team of expert managers, analysts and internal administrators. We believe our close team and reward culture helps drive our very high retention rate which makes each team member a unique stakeholder and valuable asset in the long term performance of the firm and the funds under management.

Stark Investments

How Much $$$ Can You Really Make on Wall Street?

Most people are familiar with Harbinger's woes by now, with the SEC charges and all.

Still can anyone tell me what happened to Stark Investments? This venerable Milwaukee based shop used to have one of the largest current AUM among hedge funds but has been bleeding capital rapidly and appears to be in a free fall. The firm now manages less than $1 B, having at one point had more than $14 B under management.

Would this illiquid investment possibly be some sort of robotic power-suit?

And do you think one of the major catalysts to redemption was the death of Don Cheadle?

They were hurt badly during the downturn then suffered an exodus of partners.

They just had to shut down their flagship multi-strategy fund, among other funds. I wonder how all of these affect their head counts.

If you think it's easy doin' one night stands Try playin' in a rock roll band

They had issues surrounding the liquidity of their investments. A lot of their funds were locked up in illiquid investments, the more liquid stuff had to be sold to meet redemption requests. When the bounce came, this harmed them as the remaining investments they had left were of a weaker quality than their original pre crisis portfolio. Also I think there were more general latent issues of style drift and too rapid growth that were tolerated by investors while performance was strong, but were another reason to exit when things got bad.

petroleum glande sudoripare

Glande sudoripare

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Une glande sudoripare est une glande située sous la peau qui sécrète la sueur. Il en existe deux types différents chez l’Homme en fonction de sa localisation et du type de sueur qu’elle sécrète.

Les glandes sudoripares sont très nombreuses et permettent le dégagement de chaleur par la peau.

Les glandes sudoripares eccrines

Situées sur tout le corps (excepté sur les parties génitales), les glandes sudoripares eccrines sont surtout présentes au niveau des paumes des mains, sous les pieds et sur le front. La partie la plus interne de la glande est située dans le derme, alors que la plus externe forme un pore à la surface de la peau.

Elles sécrètent de la sueur, qui est un liquide hypotonique dérivé de la filtration du plasma sanguin (composé d’eau, d’électrolytes), ce qui permet la thermorégulation par transpiration.

Les glandes sudoripares apocrines

N’étant actives qu’à partir de la puberté, les glandes sudoripares apocrines sont associées à des follicules pileux des aisselles, autour de l’anus et des mamelons. Ne participant que peu à la thermorégulation, ces glandes sécrètent des phéromones ayant un rôle chez les animaux dans la sexualité, la lutte de territoire… mais peut-être aussi chez l’Homme.



Petroleum

C’est le pétrole qui rentre dans la composition de ce remède homéopathique. Le pétrole est roche liquide carbonée mondialement connu comme le grand pollueur universel de la planète via les petites voitures et les grands avions sert donc également à l’élaboration de petits granules blancs.
En homéopathie, petroleum est un remède prescrit contre des problèmes cutanés comme l’eczéma. Petroleum améliore les peaux sèches, rugueuses ayant tendance à se craqueler. Petroleum régule en fait l’action des glandes sudoripares qui lubrifie la peau, surtout par temps froid et humide.
Petroleum est également souvent utilisé contre le mal de mer.
Petroleum est particulièrement adapté aux personnes émotives, distraites et irritables.
Autres domaines d’action liés :
Nausées
Entorses chroniques
Articulations douloureuses
Démangeaisons
Engelures
Herpès

Glandes sudoripares

Glandes sudoripares
Elles sont, et de loin, les plus nombreuses (on en compte environ trois millions). Elles se localisent sur presque tout le corps mais surtout sur la paume des mains, sur la plante des pieds, et sur le front (elles sont cependant absentes au niveau des petites lèvres, du gland et du clitoris).
Chacune d'elle est une glande simple, tubuleuse et en spirale, dont l'extrémité, le glomérule, se situe dans l'épaisseur du derme ou dans le tissu sous-cutané.
La partie sécréteuse se trouve enroulée dans le derme ; le canal excréteur s'étend vers le haut et débouche sur un pore en forme d'entonnoir à la surface de la peau. La sécrétion des glandes eccrines, la sueur qui participe à une grande partie de la transpiration (les poumons sont aussi une source de transpiration) est une solution aqueuse hypotonique, dérivée du plasma sanguin par filtration passive.
Elles jouent un rôle important dans la thermorégulation du corps ou de certains organes (dont le scrotum et les testicules chez l'Homme). Lorsque le corps risque la surchauffe (par exemple pour cause de fièvre, d'effort intense, ou d'une chaleur externe intense) la production de sueur permet d'humidifier la surface de la peau et des poils, ce qui via l'évaporation, facilite l'abaissement de la température corporelle.
Une autre fonction est l'hydratation de l'épiderme. Elles ont aussi un rôle immunologique.
La sueur sécrétée par les glandes sudoripares eccrine est composée à 99 % d'eau et d'électrolytes, représentés surtout par le chlorure de sodium (qui confère à la sueur une légère saveur salée) et en proportion moindre, les ions potassium, calcium et magnésium.
Le pour cent restant est constitué de composés organiques. L'acide lactique est le principal composé organique présent dans la sueur. D'autres acides sont également décelables à l'état de traces, comme l'acide acétique, acide propionique, acide butyrique ou encore acide urique (urée).
Le pH de la sueur varie entre 3,8 et 6,5, en relation étroite avec la quantité d'acide lactique excrété, ce qui freine la reproduction de certaines bactéries.

Glandes sudoripares

Glandes sudoripares
Chez l'Homme ces glandes se trouvent sous les aisselles (dans l'organe axillaire, sur la peau autour de l'anus et autour des mamelons. Elles sont plus grosses que les glandes eccrines et leur conduit excréteur débouche dans un follicule pileux.
Outre les composants de base identiques à ceux de la sueur des glandes eccrines, les sécrétions des glandes apocrines contiennent des molécules organiques (lipides et protéines) dont des phéromones.
À cause de bactéries qui transforment ces molécules, ces sécrétions occasionnent la typique "odeur de transpiration".
Les glandes sudoripares apocrines ne s'activent qu'à partir de la puberté, sous l'influence du système hormonal.
Chez les animaux, ces glandes jouent un rôle dans la reconnaissance mutuelle, la délimitation du territoire et le pouvoir d'attraction (sexuelle). Un sujet populaire d'études est de vérifier à quel point ces fonctions - particulièrement la dernière - jouent un rôle chez les humains.
La sécrétion de sueur apocrine débute à la puberté (c'est une sueur non permanente). Son fonctionnement est notamment lié aux étapes de la vie génitale. Les glandes sudoripares apocrines sont toujours annexées à un poil et débouchent dans l'entonnoir folliculaire (infundibulum) en dessus du canal excréteur de la glande sébacée.