The Wealth Report 2020 Welcome Private Clients Has Been Central to Our 124 Years As Astrid Recaldin and All of Its Content
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Report of the Regional Director
The W ork of WHO in the South-East Asia Region 2018 The Work of WHO in the South-East Asia Region Report of the Regional Director Report of the Regional Director This report describes the work of the World Health Organization in the South-East 1 January–31 December Asia Region during the period 1 January–31 December 2018. It highlights the achievements in public health and WHO's contribution to achieving the 1 January–31 December 2018 Organization's strategic objectives through collaborative activities. This report will be useful for all those interested in health development in the Region. ISBN 978 92 9022 717 5 www.searo.who.int https://twitter.com/WHOSEARO https://www.facebook.com/WHOSEARO 9 789290 227175 SEA/RC72/2 The work of WHO in the South-East Asia Region Report of the Regional Director 1 January–31 December 2018 The Work of WHO in the South-East Asia Region, Report of the Regional Director, 1 January–31 December 2018 ISBN: 978 92 9022 717 5 © World Health Organization 2019 Some rights reserved. This work is available under the Creative Commons Attribution-NonCommercial- ShareAlike 3.0 IGO licence (CC BY-NC-SA 3.0 IGO; https://creativecommons.org/licenses/by-nc-sa/3.0/ igo). Under the terms of this licence, you may copy, redistribute and adapt the work for non-commercial purposes, provided the work is appropriately cited, as indicated below. In any use of this work, there should be no suggestion that WHO endorses any specific organization, products or services. The use of the WHO logo is not permitted. -
Preview Chapter 7: a Few Good Women
7 A Few Good Women Zhou Qunfei grew up poor in Hunan Province, where she worked on her family’s farm to help support her family. Later, while working at a factory in Guangdong Province, she took business and computer courses at Shen- zhen University. She started a company with money she saved working for a watch producer. In 2015 she was the world’s richest self-made woman, with a fortune of $5.3 billion, according to Forbes. Her wealth comes from her company, Lens Technology, which makes touchscreens. It employs 60,000 people and has a market capitalization of nearly $12 billion. Lei Jufang was born in Gansu Province, one of the poorest areas of northwest China. After studying physics at Jiao Tong University, she cre- ated a new method for vacuum packaging food and drugs, which won her acclaim as an assistant professor. On a trip to Tibet she became fascinated by herbal medicines. In 1995 she founded a drug company, Cheezheng Tibetan Medicine, harnessing her skill in physics and engineering to exploit the untapped market for Tibetan medicine. Her company has a research institute and three factories that produce herbal healing products for con- sumers in China, Malaysia, Singapore, and North and South America. She has amassed a fortune of $1.5 billion. In most countries, women get rich by inheriting money. China is dif- ferent: The majority of its women billionaires are self-made. Zhou Qunfei and Lei Jufang are unusual because they established their own companies. Most of the eight Chinese female self-made company founders worth more than $1 billion made their money in real estate or in companies founded jointly with husbands or brothers. -
The-Single-Family-Office-Book.Pdf
i Family Office Help Line: (212) 729-5067 THE SINGLE FAMILY OFFICE Creating, Operating & Managing Investments of a Single Family Office By Richard C. Wilson Billionaire Family Office | Family Offices Group Association ii iii Family Office Help Line: (212) 729-5067 This book is dedicated to my amazing daughters Bella & Maya Wilson. iv v Family Office Help Line: (212) 729-5067 Table of Contents Chapter Page Preface 5 Part 1: Single Family Office Fundamentals 7 Chapter 1: Introduction to Single Family Offices 9 Chapter 2: Single Family Office Talent & Teams 17 Chapter 3: Single Family Office Operations 35 Chapter 4: Single Family Office Governance 47 Part 2: Starting a Single Family Office 59 Chapter 5: Creating Your Family Compass 61 Chapter 6: Starting a Single Family Office 69 Chapter 7: Partners, Vendors, & Service Providers 87 Chapter 8: Investment Committees & Advisory Boards 93 Part 3: Single Family Office Investment Portfolios 109 Chapter 9: Family Office Investment Management 111 Chapter 10: Investment Fund Manager Selection & Monitoring 113 Chapter 11: Direct Investing & Operating Businesses 131 Chapter 12: Co-Investing & Club Deals 171 Chapter 13: Real Estate Investments and Hard Assets 191 Part 4: Single Family Office Best Practices & Models to Emulate 205 Chapter 14: $1 Billion+ Single Family Offices 207 Chapter 15: Intergenerational Money Management 227 Chapter 16: Converting from a Single Family Office into a Multi-Family Office 233 Chapter 17: Outsourced Chief Investment Officers 243 Chapter 18: Virtual Family Offices 247 Chapter 19: The Future of the Single Family Office Industry 261 vi vii Acknowledgements The Single Family Office book would not have been possible to write without the help of many smart and dedicated professionals. -
Q&A with Denmark West
SEPTEMBER 2017 V OL. 5 | ISS U E 134 R E P O R T Q&A with Denmark West. Founding Partner of Connectivity Capital Partners (“CVF”). Principle Series: Family Office Insights sits down with Denmark West, Founding Partner of Connectivity Capital Partners & CIO of Connectivity Ventures Fund, to discuss the early stage, mission-oriented fund of CVF that works to improve the human condition in the areas of health, finance, and work. Family Office Insights is a voluntary, “opt-in” collaborative peer-to-peer community of single family offices, qualified investors and institutional investors. If you care to learn more, and perhaps join the community, you are welcome to visit us here at FamilyOfficeInsights.com. P AGE 1 Q: Tell us about your background and your company, Connectivity Capital Partners. A: I started in investment banking after graduating from Harvard and focused on technology. I quickly realized I actually wanted to work inside the technology industry. So while still in my twenties, I found a role at Microsoft, where I had the opportunity to work directly with top executives including CFOs Greg Maffei and John Connors, and CEOs Bill Gates and Steve Ballmer among others. I was tasked with leading some strategic projects, ranging from Software as a Service to Open Source Software, which shape my thinking even today. I was also given the opportunity to lead internet infrastructure investments within a nascent corporate ventures effort. I led investments in Akamai (IPO), InterVU (sold to Akamai), and iBeam (IPO) among others. In 2004, Viacom recruited me to lead strategy and business development. -
Download Article (PDF)
5th International Conference on Accounting, Auditing, and Taxation (ICAAT 2016) TAX TRANSPARENCY – AN ANALYSIS OF THE LUXLEAKS FIRMS Johannes Manthey University of Würzburg, Würzburg, Germany Dirk Kiesewetter University of Würzburg, Würzburg, Germany Abstract This paper finds that the firms involved in the Luxembourg Leaks (‘LuxLeaks’) scandal are less transparent measured by the engagement in earnings management, analyst coverage, analyst accuracy, accounting standards and auditor choice. The analysis is based on the LuxLeaks sample and compared to a control group of large multinational companies. The panel dataset covers the years from 2001 to 2015 and comprises 19,109 observations. The LuxLeaks firms appear to engage in higher levels of discretionary earnings management measured by the variability of net income to cash flows from operations and the correlation between cash flows from operations and accruals. The LuxLeaks sample shows a lower analyst coverage, lower willingness to switch to IFRS and a lower Big4 auditor rate. The difference in difference design supports these findings regarding earnings management and the analyst coverage. The analysis concludes that the LuxLeaks firms are less transparent and infers a relation between corporate transparency and the engagement in tax avoidance. The paper aims to establish the relationship between tax avoidance and transparency in order to give guidance for future policy. The research highlights the complex causes and effects of tax management and supports a cost benefit analysis of future tax regulation. Keywords: Tax Avoidance, Transparency, Earnings Management JEL Classification: H20, H25, H26 1. Introduction The Luxembourg Leaks (’LuxLeaks’) scandal made public some of the tax strategies used by multinational companies. -
Submission on the Bays Precinct Report on Consultation
SUBMISSION ON THE BAYS PRECINCT REPORT ON CONSULTATION FEBRUARY 2011 SUBMISSION ON THE BAYS PRECINCT Infrastructure Partnerships Australia is REPORT ON CONSULTATION 2011 a national forum, comprising public and private sector CEO M embers, advocating the public policy interests of Australia’s infrastructure industry . FOR MORE INFORMATION PLEASE CONTACT: BRENDAN LYON ERIC MILLER CHIEF EXECUTIVE OFFICER TRANSPORT POLICY OFFICER INFRASTRUCTURE PARTNERSHIPS AUSTRALIA INFRASTRUCTURE PARTNERSHIPS AUSTRALIA Level 8, 8-10 Loftus Street, Sydney NSW 2000 Level 8, 8-10 Loftus Street, Sydney NSW 2000 PO Box R1804, Royal Exchange NSW 1225 PO Box R1804, Royal Exchange NSW 1225 P | 02 9240 2051 P | 02 9240 2062 E | [email protected] E | [email protected] SUBMISSION ON THE BAYS PRECINCT REPORT ON CONSULTATION 2011 EXECUTIVE SUMMARY Infrastructure Partnerships Australia (IPA) is pleased to provide this submission to Sydney Harbour Foreshore Authority in response to ‘Report on Outcomes: Stage 1 Consultation Process February 2011’. IPA supports the planning principles that have resulted from the first phase of consultation on the Bays Precinct and looks forward to seeing them implemented during Stage 2 and into the future. IPA particularly supports the position on the Rozelle Rail Yards – the yards should remain reserved for future transport infrastructure is vital to Sydney’s future public transport provision. Much of the Bays Precinct will be utilised for mixed land-use such as residential, commercial and open space. However, the decision to set aside potential transport and infrastructure corridors and bases, including the rail yards at Rozelle and possible ferry infrastructure at White Bay and Glebe Island, demonstrates a coordinated strategic approach to land-use planning - an approach that has been lacking in NSW’s recent history. -
Pakistan) Kumari Navaratne (Sri Lanka) G
Public Disclosure Authorized BETTER REPRODUCTIVE HEALTH FOR POOR WOMEN IN SOUTH ASIA Public Disclosure Authorized Public Disclosure Authorized Report of the South Asia Region Public Disclosure Authorized Analytical and Advisory Activity MAY 2007 Authors Meera Chatterjee Ruth Levine Shreelata Rao-Seshadri Nirmala Murthy Team Meera Chattejee (Team Leader) Ruth Levine (Adviser) Bina Valaydon (Bangladesh) Farial Mahmud (Bangladesh) Tirtha Rana (Nepal) Shahnaz Kazi (Pakistan) Kumari Navaratne (Sri Lanka) G. Srihari (Program Assistant) Research Analysts Pranita Achyut P.N. Rajna Ruhi Saith Anabela Abreu: Sector Manager, SASHD Julian Schweitzer: Sector Director, SASHD Praful Patel: Vice President, South Asia Region Consultants Bangladesh International Center for Diarrheal Disease Research, Bangladesh Data International, Bangladesh India Indicus Analytics, New Delhi Foundation for Research in Health Systems, Bangalore Nepal New Era, Kathmandu Maureen Dar Iang, Kathmandu Pakistan Population Council, Pakistan Sri Lanka Medistat, Colombo Institute for Participation in Development, Colombo Institute of Policy Studies, Sri Lanka This study and report were financed by a grant from the Bank-Netherlands Partnership Program (BNPP) BETTER REPRODUCTIVE HEALTH FOR POOR WOMEN IN SOUTH ASIA CONTENTS ACRONYMSAND ABBREVIATIONS .................................................................................. V Chapter 1. Reproductive Health in South Asia: Poor and Unequal... 1 WHY FOCUS ON REPRODUCTIVE HEALTH INSOUTH ASIA? ........................ 2 HOW THIS -
European Parliament Resolution of 26 March 2019 on Financial Crimes, Tax Evasion and Tax Avoidance (2018/2121(INI)) (2021/C 108/02)
C 108/8 EN Official Journal of the European Union 26.3.2021 Tuesday 26 March 2019 P8_TA(2019)0240 Report on financial crimes, tax evasion and tax avoidance European Parliament resolution of 26 March 2019 on financial crimes, tax evasion and tax avoidance (2018/2121(INI)) (2021/C 108/02) The European Parliament, — having regard to Articles 4 and 13 of the Treaty on European Union (TEU), — having regard to Articles 107, 108, 113, 115 and 116 of the Treaty on the Functioning of the European Union (TFEU), — having regard to its decision of 1 March 2018 on setting up a special committee on financial crimes, tax evasion and tax avoidance (TAX3), and defining its responsibilities, numerical strength and term of office (1), — having regard to its TAXE committee resolution of 25 November 2015 (2) and its TAX2 committee resolution of 6 July 2016 (3) on tax rulings and other measures similar in nature or effect, — having regard to its resolution of 16 December 2015 with recommendations to the Commission on bringing transparency, coordination and convergence to corporate tax policies in the Union (4), — having regard to the results of the Committee of Inquiry into money laundering, tax avoidance and tax evasion, which were submitted to the Council and the Commission on 13 December 2017 (5), — having regard to the Commission’s follow-up to each of the above-mentioned Parliament resolutions (6), — having regard to the numerous revelations by investigative journalists, such as the LuxLeaks, the Panama Papers, the Paradise Papers and, more recently, the cum-ex scandals, as well as the money laundering cases involving, in particular, banks in Denmark, Estonia, Germany, Latvia, the Netherlands and the United Kingdom, — having regard to its resolution of 29 November 2018 on the cum-ex scandal: financial crime and loopholes in the current legal framework (7), (1) Decision of 1 March 2018 on setting up a special committee on financial crimes, tax evasion and tax avoidance (TAX3), and defining its responsibilities, numerical strength and term of office, Texts adopted, P8_TA(2018)0048. -
TITLE Fulbright-Hays Seminars Abroad Program: Malaysia 1995
DOCUMENT RESUME ED 405 265 SO 026 916 TITLE Fulbright-Hays Seminars Abroad Program: Malaysia 1995. Participants' Reports. INSTITUTION Center for International Education (ED), Washington, DC.; Malaysian-American Commission on Educational Exchange, Kuala Lumpur. PUB DATE 95 NOTE 321p.; Some images will not reproduce clearly. PUB TYPE Guides Non-Classroom Use (055) Reports Descriptive (141) Collected Works General (020) EDRS PRICE MFO1 /PC13 Plus Postage. DESCRIPTORS Area Studies; *Asian History; *Asian Studies; Cultural Background; Culture; Elementary Secondary Education; Foreign Countries; Foreign Culture; *Global Education; Human Geography; Instructional Materials; *Non Western Civilization; Social Studies; *World Geography; *World History IDENTIFIERS Fulbright Hays Seminars Abroad Program; *Malaysia ABSTRACT These reports and lesson plans were developed by teachers and coordinators who traveled to Malaysia during the summer of 1995 as part of the U.S. Department of Education's Fulbright-Hays Seminars Abroad Program. Sections of the report include:(1) "Gender and Economics: Malaysia" (Mary C. Furlong);(2) "Malaysia: An Integrated, Interdisciplinary Social Studies Unit for Middle School/High School Students" (Nancy K. Hof);(3) "Malaysian Adventure: The Cultural Diversity of Malaysia" (Genevieve M. Homiller);(4) "Celebrating Cultural Diversity: The Traditional Malay Marriage Ritual" (Dorene H. James);(5) "An Introduction of Malaysia: A Mini-unit for Sixth Graders" (John F. Kennedy); (6) "Malaysia: An Interdisciplinary Unit in English Literature and Social Studies" (Carol M. Krause);(7) "Malaysia and the Challenge of Development by the Year 2020" (Neale McGoldrick);(8) "The Iban: From Sea Pirates to Dwellers of the Rain Forest" (Margaret E. Oriol);(9) "Vision 2020" (Louis R. Price);(10) "Sarawak for Sale: A Simulation of Environmental Decision Making in Malaysia" (Kathleen L. -
Frank Knight 1933-2007 After Receiving His Ph.D
Frank Knight 1933-2007 After receiving his Ph.D. from Princeton University in 1959, Frank Knight joined the mathematics department of the University of Minnesota. Frank liked Minnesota; the cold weather proved to be no difficulty for him since he climbed in the Rocky Mountains even in the winter time. But there was one problem: airborne flour dust, an unpleasant output of the large companies in Minneapolis milling spring wheat from the farms of Minnesota. Frank discovered that he was allergic to flour dust and decided that he would try to move to another location. His research was already recognized as important. His first four papers were published in the Illinois Journal of Mathematics and the Transactions of the American Mathematical Society. At that time, J.L. Doob was one of the editors of the Illinois Journal and attracted some of the best papers in probability theory to the journal including some of Frank's. He was hired by Illinois and served on its faculty from 1963 until his retirement in 1991. After his retirement, Frank continued to be active in his research, perhaps even more active since he no longer had to grade papers and carefully prepare his classroom lectures as he had always done before. In 1994, Frank was diagnosed with Parkinson's disease. For many years, this did not slow him down mathematically. He also kept physically active. At first, his health declined slowly but, in recent years, more rapidly. He died on March 19, 2007. Frank Knight's contributions to probability theory are numerous and often strikingly creative. -
Bays West Draft Place Strategy
Draft Bays West Place Strategy NSW Department of Planning, Industry and Environment March 2021 Welcome to Country The stretch of Country now known as Bays West Welcome to Country provided by Shannon Foster, has been known for millennia as Gari Gurad/ D'harawal Sydney Traditional Owner and Knowledge Nura (Saltwater Country) and Nattai Gurad/ Keeper. Artwork titled 'Guriwal Dreaming' by Shannon Nura (Freshwater Country). This Country is Foster. celebrated for vast expanses of garaban (rock Within the Bays West Place Strategy, you will and sandstone) which in some places provides encounter stories of the Bays West location gibbaragunya (stone/cave shelters), and in other specifically. These are a small selection of the places creates yiningmah (steep cliffs) where D'harawal stories of this place. They are shared by a ceremony can be performed privately without contributor to this document, D'harawal Knowledge uninitiated onlookers. Keeper Shannon Foster, whose Ancestors kept these knowledges alive, and whose Elders and Knowledge For thousands of generations, local Aboriginal Keepers still celebrate, live by and share them today. people have lived an abundant and sustainable lifestyle within a complex kinship system of The cultural Intellectual Property (IP) of all Aboriginal numerous families and clans on this Country peoples, including the cultural IP of these stories, including the D’harawal, Dharug, Eora, Gai- remains with the people they belong to and can never maragal, Gundangara and Guringai peoples, be vested or assigned. In this case the stories belong among others. We pay our respects to their to the D'harawal people of the Sydney region who Ancestors and Elders past, present and know themselves as Iyora here, and these stories emerging and acknowledge that through may not be duplicated or used without the express honouring Country, we also honour their timeless permission of Sydney D'harawal Elders or Knowledge connections to Country. -
Managing an Iconic Old Luxury Brand in a New Luxury Economy: Hermès Handbags in the US Market
GFB pp. 167–178 Intellect Limited 2014 Global Fashion Brands: Style, Luxury & History © 2014 Intellect Ltd Chapter. English language. doi: 10.1386/gfb.1.167_1 Tasha L. Lewis Cornell University BriTTany haas Hermès of Paris Managing an iconic old luxury brand in a new luxury economy: hermès handbags in the Us market aBsTracT Keywords The Hermès brand is synonymous with a wealthy global elite clientele and its prod- European luxury ucts have maintained an enduring heritage of craftsmanship that has distinguished Hermès it among competing luxury brands in the global market. Hermès has remained a American consumers family business for generations and has successfully avoided recent acquisition women’s accessories attempts by luxury group LVMH. Almost half of the luxury firm’s revenue ($1.5bn status consumption in 2012) is derived from the sale of its leather goods and saddlery, which includes its aspirational brands handbags. A large contributor to sales is global demand for one of its leather acces- sories, the Birkin bag, ranging in price from $10,000 to $250,000. Increased demand for the bag in the United States since 2002 resulted in an extensive customer waitlist lasting from months to a few years. Hermès retired the famed waitlist (sometimes called the ‘dream list’) in the United States in 2010, and while the waitlist has been removed, demand for the Birkin bag has not diminished and making the bag available to luxury consumers requires extensive, careful distribution management. In addition to inventory constraints related to demand for the Birkin bag in the 167 03574_Ch10_Lewis_p165-178.indd 167 3/1/14 9:46:00 AM Tasha L.