title: Beta (finance)

text: Academics tend to prefer to work with a value-weighted market portfolio due to its attractive aggregation properties and its close link with the CAPM. Practitioners tend to prefer to work with the S&P500 due to its easy in-time availability and availability to hedge with stock index futures.


title: Beta (finance)

text: A reasonable argument can be made that the U.S. stock market is too narrow, omitting all sorts of other domestic and international asset classes. Thus another occasional choice would be the use of international indexes, such as the MSCI EAFE. However, even these indexes have returns that are surprisingly similar to the stock market.


title: Beta (finance)

text: A benchmark can even be chosen to be similar to the assets chosen by the investor. For example, for a person who owns S&P 500 index funds and gold bars, the index would combine the S&P 500 and the price of gold. However, the resulting beta would no longer be a market-beta in the typical meaning of the term.


title: Beta (finance)

text: The choice of whether to subtract the risk-free rate (from both own returns and market rates of return) before estimating market-betas is similarly inconsequential. When this is done, usually one selects an interest rate equivalent to the time interval (i.e., a one-day or one-month Treasury interest rate.)


title: Beta (finance)

text: It is important to distinguish between a true market-beta that defines the true expected relationship between the rate of return on assets and the market, and a realized market-beta that is based on historical rates of returns and represents just one specific history out of the set of possible stock return realizations. The true market-beta could be viewed as the average outcome if infinitely many draws could be observed---but because observing more than one draw is never strictly the case, the true market-beta can never be observed "even in retrospect". Only the realized market-beta can be observed. However, "on average", the best forecast of the realized market-beta is also the best forecast of the true market-beta.


title: Beta (finance)

text: Despite these problems, a historical beta estimator remains an obvious benchmark predictor. It is obtained as the slope of the fitted line from the linear least-squares estimator. The OLS regression can be estimated on 1–5 years worth of daily, weekly or monthly stock returns. The choice depends on the trade off between accuracy of beta measurement (longer periodic measurement times and more years give more accurate results) and historic firm beta changes over time (for example, due to changing sales products or clients).


title: Beta (finance)

text: Other beta estimators reflect the tendency of betas (like rates of return) for regression toward the mean, induced not only by measurement error but also by underlying changes in the true beta and/or historical randomness. (Intuitively, one would not suggest a company with high return [e.g., a drug discovery] last year also to have as high a return next year.) Such estimators include the Blume/Bloomberg beta (used prominently on many financial websites), the Vasicek beta, the Scholes-Williams beta, and the Dimson beta.


title: Beta (finance)

text: These estimators attempt to uncover the instant prevailing market-beta. When long-term market-betas are required, further regression toward the mean over long horizons should be considered.


title: Beta (finance)

text: In the idealized capital asset pricing model (CAPM), beta risk is the only kind of risk for which investors should receive an expected return higher than the risk-free rate of interest. This is discussed in the CAPM article and the Security Market Line article.


title: Beta (finance)

text: When used within the context of the CAPM, beta becomes a measure of the appropriate expected rate of return. Due to the fact that the overall rate of return on the firm is weighted rate of return on its debt and its equity, the market-beta of the overall unlevered firm is the weighted average of the firm's debt beta (often close to 0) and its levered equity beta.


title: Beta (finance)

text: In fund management, adjusting for exposure to the market separates out the component that fund managers should have received given that they had their specific exposure to the market. For example, if the stock market went up by 20% in a given year, and a manager had a portfolio with a market-beta of 2.0, this portfolio should have returned 40% in the absence of specific stock picking skills. This is measured by the alpha in the market-model, holding beta constant.


title: Beta (finance)

text: Occasionally, other betas than market-betas are used. The arbitrage pricing theory (APT) has multiple factors in its model and thus requires multiple betas. (The CAPM has only one risk factor, namely the overall market, and thus works only with the plain beta.) For example, a beta with respect to oil price changes would sometimes be called an "oil-beta" rather than "market-beta" to clarify the difference.


title: Beta (finance)

text: Betas commonly quoted in mutual fund analyses often measure the exposure to a specific fund benchmark, rather than to the overall stock market. Such a beta would measure the risk from adding a specific fund to a holder of the mutual fund benchmark portfolio, rather than the risk of adding the fund to a portfolio of the market.


title: Beta (finance)

text: Utility stocks commonly show up as examples of low beta. These have some similarity to bonds, in that they tend to pay consistent dividends, and their prospects are not strongly dependent on economic cycles. They are still stocks, so the market price will be affected by overall stock market trends, even if this does not make sense.


title: Beta (finance)

text: Foreign stocks may provide some diversification. World benchmarks such as S&P Global 100 have slightly lower betas than comparable US-only benchmarks such as S&P 100. However, this effect is not as good as it used to be; the various markets are now fairly correlated, especially the US and Western Europe.


title: Beta (finance)

text: Derivatives are examples of non-linear assets. Beta relies on a linear model. An out of the money option may have a distinctly non-linear payoff. The change in price of an option relative to the change in the price of the underlying asset (for example a stock) is not constant. For example, if one purchased a put option on the S&P 500, the beta would vary as the price of the underlying index (and indeed as volatility, time to expiration and other factors) changed. (see options pricing, and Black–Scholes model).


title: The Sword and the Sorcerer

text: The Sword and the Sorcerer is a 1982 American sword and sorcery fantasy film co-written and directed by Albert Pyun, and starring Lee Horsley, Kathleen Beller, Simon MacCorkindale, George Maharis, Richard Lynch, and Richard Moll. The plot concerns a mercenary with a three-bladed projectile sword who rediscovers his royal heritage when he is recruited to help a princess foil the designs of a brutal tyrant, and a powerful sorcerer, in conquering the land.


title: The Sword and the Sorcerer

text: The film had initially mixed reviews, but a cult following developed. It was a box office success, grossing almost ten times its budget.


title: The Sword and the Sorcerer

text: King Titus Cromwell and his men land on Tomb Island in search of Xusia of Delos, a long-dead sorcerer who may be the key to overthrowing his rival King Richard, whose land of Ehdan is the richest in the world. Using one of Xusia's worshipers to awaken him, Cromwell convinces Xusia to join his cause. With the sorcerer's black magic at his command, Cromwell easily lays waste to Richard's formidable army.


title: The Sword and the Sorcerer

text: Eventually, Cromwell becomes eager to be rid of Xusia. Fearing that the sorcerer could turn against him, he stabs Xusia with a dagger and chases him off a cliff. With only one army left to defend the city, King Richard prepares to lead the charge against Cromwell in a last-ditch effort to save Ehdan. He orders his family to evacuate to the river, and entrusts his youngest son Talon with his triple-bladed projectile sword, instructing the boy to avenge his death should it occur.


title: The Sword and the Sorcerer

text: While searching the corpse-littered battlefield, Talon comes across Mogullen, his father's closest adviser. Gravely wounded, the old soldier confirms that the battle is lost. At that moment, Talon spies his father in the distance, just seconds before his execution. Enraged, Talon starts off to claim his revenge, but Mogullen warns him that Cromwell will be heading to the river to intercept the queen. Talon desperately races to the river on horseback, but is too late to prevent his mother's death at Cromwell's hands. After narrowly surviving an ambush, Talon manages to evade capture and flee from the kingdom.


title: The Sword and the Sorcerer

text: Eleven years later, Talon returns as a seasoned warrior seeking to avenge his family, even as the sinister Xusia vows to repay Cromwell for his treachery. In the city of Ehdan, a rebellion has begun under Prince Mikah, son of King Richard's closest adviser, who many believe to be the rightful heir to the throne. After confirming the final plans with Machelli, Cromwell's war chancellor (who is secretly a double agent), Mikah relays the news to his sister Alana, but Cromwell suddenly bursts into their hideout and a battle ensues. Although Mikah is captured, Alana flees through the city streets, but is eventually cornered by Cromwell's men. She is then rescued by Talon, who easily dispatches her assailants.


title: The Sword and the Sorcerer

text: At a nearby tavern, Alana learns of her brother's imprisonment and asks Talon to rescue him, along with a faction of rebels who have been recently trapped by Cromwell's forces. Unable to bribe the lustful mercenary with gold, Alana reluctantly offers herself to him for one night. Satisfied, Talon departs on his mission, but Cromwell's men arrive shortly thereafter and capture Alana as well.


title: The Sword and the Sorcerer

text: Successful in freeing the rebels, Talon infiltrates the castle through the sewers and is able to rescue Mikah, but is subsequently detected and captured by Cromwell. After forcing Alana to marry him, Cromwell invites the four neighboring kings to their wedding feast, where he intends to assassinate them with Talon crucified in the dining hall. Before the plot can be carried out, Talon summons the strength to pull himself free of the crucifix, just seconds before the rebels, led by Mikah, storm into the dining hall and overpower Cromwell's soldiers.


title: The Sword and the Sorcerer

text: Cromwell attempts to flee the castle with Alana in tow, but Talon intercepts them. While he and the rebels clash with Cromwell's guards, Machelli takes custody of Alana and brings her to the catacombs beneath the castle, where he reveals his true identity as Xusia. Although Cromwell tries to intercede, he is no match for the sorcerer, but Talon is able to resist Xusia's power long enough to strike him down with his projectile sword. He then engages Cromwell in combat, finally slaying the evil king. Afterwards, Talon saves Alana from a giant constrictor snake, but Xusia suddenly rises again, prompting Talon to finish off the sorcerer with a blade concealed in his gauntlet.


title: The Sword and the Sorcerer

text: Having no wish to rule the kingdom, Talon yields the crown of Ehdan to Mikah, and Alana honors her commitment to spend one night with her brother's savior. As Talon and the mercenaries prepare to leave Ehdan, they are approached by Rodrigo, a member of Mikah's rebellion, who asks to join them. Talon agrees, and the group sets off for another adventure.


title: The Sword and the Sorcerer

text: "The Sword and the Sorcerer" was released theatrically in the United States by Group 1 International Distribution Organization Ltd in April 1982.


title: The Sword and the Sorcerer

text: The film grossed $39,103,425 at the box office, making it the most profitable independent film of 1982. It even spawned a short-lived production line of three-bladed plastic swords in resemblance to Talon's.


title: The Sword and the Sorcerer

text: "Variety" gave the film a negative review, citing its lackluster script, lack of acting talent, and fast-paced, "atrocity-a-minute" action scenes. Similarly, "The New York Times" described it as "nonsensical" and "inept", and Roger Ebert gave it half a star, describing it as "an Identikit movie [which] doesn't care much about character".


title: The Sword and the Sorcerer

text: After this criticism, the film became a cult classic and is regarded as one of Pyun's best. The review aggregator website Rotten Tomatoes reported that 67% of critics have given the film a positive review based on 12 reviews, with an average rating of 6.10/10, making it Pyun's highest-rated film to date.


title: The Sword and the Sorcerer

text: Ain't It Cool News reported on August 5, 2007 that Pyun said the sequel was in preproduction "Tales of an Ancient Empire" (as trailed at the end of "The Sword and the Sorcerer"). In 2008 Lee Horsley, Christopher Lambert, Kevin Sorbo, Yancy Butler, and Victoria Maurette were named among the cast of this "sequel in spirit". On January 24, 2012, "Tales of an Ancient Empire" was released on DVD. Lambert and Butler, however, do not appear.


title: Jake Scott (director)

text: Jason "Jake" Scott (born August 1965) is a British film director who works primarily in the field of music videos and commercials. His father is film director Sir Ridley Scott.


title: Jake Scott (director)

text: Most of his works were produced under the Ridley Scott Associates banner or RSA's music video subdivision Black Dog Films. He has made videos for Soundgarden, The Smashing Pumpkins, Bush, Live, Blind Melon, Tori Amos, Tricky, Radiohead, Lily Allen, No Doubt, Oasis, The Supernaturals, The Strokes, The Verve, R.E.M., U2, and George Michael.


title: Jake Scott (director)

text: In January, 2014, he oversaw the production, with 21 editors & 15 cinematographers, of the '1.24.14' film, aired on Apple.com. He was featured in the 'Behind the Scenes' video.


title: Jake Scott (director)

text: Jake Scott is also the director of The HBO Voyeur Project, a theatrical multimedia experience and marketing campaign launched in the summer of 2007. The project used the concept of voyeurism to show the interconnected stories of fictional characters in a New York apartment building. Voyeur was met with critical and commercial success, attracting millions of viewers and numerous awards including a Cannes Grand Prix for Outdoor Advertising.


title: Jake Scott (director)

text: He has also made three feature films: "Plunkett & Macleane" (1999), "Welcome to the Rileys" (2010) and "American Woman" (2018).


title: Jake Scott (director)

text: He is the son of director Sir Ridley Scott, and nephew of Tony Scott and brother of directors Jordan Scott and Luke Scott.


title: Prafulla Chandra Ray

text: Sir Prafulla Chandra Ray, CIE, FNI, FRASB, FIAS, FCS (also spelled Prafulla Chandra Rây and Prafulla Chandra Roy; "Praphulla Chandra Rāy"; 2 August 1861 – 16 June 1944) was an eminent British Indian chemist, educationist, historian, industrialist and philanthropist. He established the first modern Indian research school in chemistry (post classical age) and is regarded as the father of chemical science in India.


title: Prafulla Chandra Ray

text: The Royal Society of Chemistry honoured his life and work with the first ever Chemical Landmark Plaque outside Europe. He was the founder of Bengal Chemicals & Pharmaceuticals, India's first pharmaceutical company. He is the author of " A History of Hindu Chemistry from the Earliest Times to the Middle of the Sixteenth Century" (1902).


title: Prafulla Chandra Ray

text: Prafulla Chandra Ray was born in the village of Raruli-Katipara, then in Jessore District (subsequently in Khulna District), in the eastern region of the Bengal Presidency of British India (now in present-day Bangladesh). He was the third child and son of Harish Chandra Raychowdhury (d. 1893), a Kayastha "zamindar" and his wife Bhubanmohini Devi (d. 1904), the daughter of a local "taluqdar". Ray was one of seven siblings, having four brothers – Jnanendra Chandra, Nalini Kanta, Purna Chandra and Buddha Dev – and two sisters, Indumati and Belamati, both born after their brothers; of Ray's siblings, all except Buddha Dev and Belamati survived to adulthood.


title: Prafulla Chandra Ray

text: Ray's great-grandfather Maniklal had been a "dewan" under the British East India Company's district collector of Krishnanagar and Jessore, and had amassed considerable wealth in the service of the company. After succeeding to his father's post, Ray's grandfather Anandlal, a progressive man, sent his son Harish Chandra to receive a modern education at Krishnagar Government College. At the college, Harish Chandra received a thorough grounding in English, Sanskrit and Persian, though he was ultimately forced to end his studies to help support his family. Liberal and cultured, Harish Chandra pioneered English-medium education and women's education in his village, establishing both a middle school for boys and one for girls, and admitting his wife and sister to the latter. Harish Chandra was strongly associated with the Brahmo Samaj, and Ray would maintain his connections with the Samaj throughout his life.


title: Prafulla Chandra Ray

text: After recovering from an illness, Ray moved to Calcutta in 1876 and was admitted to the Albert School, established by the Brahmo reformer Keshub Chandra Sen; owing to his concentrated self-study over the preceding two years, his teachers found him to have advanced much further than the rest of the students in his assigned class. During this period, he attended Sen's Sunday evening sermons and was deeply influenced by his "Sulabha Samachar". In 1878, he passed the school's Entrance Examination (matriculation exams) with a First Division, and was admitted as an FA (First Arts) student to the Metropolitan Institution (later Vidyasagar College) which was established by Pandit Ishwar Chandra Vidyasagar. The English literature teacher at the Institution was Surendranath Banerjee, the prominent Indian nationalist and future president of the Indian National Congress, whose passionately held ideals, including an emphasis on the value of service and the need to continually strive for India's rejuvenation, left a definite and lasting impression on Ray, who took those values to heart. While deeply influenced by Sen, Ray preferred a more democratic environment than the mainstream Brahmo Samaj under Sen's guidance could provide; consequently, in 1879 he joined the Sadharan Brahmo Samaj, a more flexible offshoot of the original Samaj.


title: Prafulla Chandra Ray

text: Though Ray had primarily focused on history and literature until this stage, chemistry was then a compulsory subject in the FA degree. As the Metropolitan Institution offered no facilities for science courses at the time, Ray attended physics and chemistry lectures as an external student at the Presidency College. He was especially drawn to the chemistry courses taught by Alexander Pedler, an inspiring lecturer and experimentalist who was among the earliest research chemists in India. Soon captivated by experimental science, Ray decided to make chemistry his career, as he recognised that his country's future would greatly depend on his progress in science. His passion for experimentation led him to set up a miniature chemistry laboratory at a classmate's lodgings and reproducing some of Pedler's demonstrations; on one occasion, he narrowly escaped injury when a faulty apparatus exploded violently. He passed the FA exam in 1881 with a second division, and was admitted to the BA (B-course) degree of the University of Calcutta as a chemistry student, with a view towards pursuing higher studies in the field. Having learnt Latin and French in addition to achieving a "fair mastery" of Sanskrit, a compulsory subject at the FA level, Ray applied for a Gilchrist Prize Scholarship while studying for his BA examination; the scholarship required a knowledge of at least four languages. After an all-India competitive examination, Ray won one of the two scholarships, and enrolled as a BSc. student at the University of Edinburgh without completing his original degree. He sailed for the United Kingdom in August 1882, aged 21.


title: Prafulla Chandra Ray

text: At Edinburgh, Ray began his chemistry studies under Alexander Crum Brown and his demonstrator John Gibson, a former student of Brown's who had also studied under Robert Bunsen at the University of Heidelberg. He received his BSc. in 1885. During his student years at Edinburgh, Ray continued to nurture his strong interests in history and political science, reading works by prominent authors including Rousselet's "L'Inde des Rajas", Lanoye's "L'Inde contemporaine", "Revue dex deux mondes". He also read Fawcett's book on political economy and "Essays on Indian Finance". In 1885, he entered an essay competition held by the university for the best essay on "India before and after the Mutiny." His submission, which was strongly critical of the British Raj and warned the British government of the consequences of its reactionary attitudes, was nonetheless assessed as one of the best entries and was highly praised by William Muir, the recently appointed Principal of the University and a former lieutenant-governor of the North-Western Provinces in India. Ray's essay was widely publicised in Britain, with "The Scotsman" observing "It contains information in reference to India which will not be found elsewhere, and is deserving of the utmost notice." A copy of the paper was read by the distinguished orator and Liberal Member of Parliament for Birmingham John Bright; Bright's sympathetic reply to Ray was published in leading newspapers across Britain under the title "John Bright's Letter to an Indian Student." The following year, Ray published his paper as a booklet entitled "Essay on India," which likewise earned its author wide attention in British political circles.


title: Prafulla Chandra Ray

text: After obtaining his BSc degree, Ray embarked on his doctoral studies. Although his thesis advisor Crum Brown was an organic chemist, Ray was drawn towards inorganic chemistry at a time when research in the field appeared to be making limited progress compared to organic chemistry. Following an extensive review of available inorganic chemistry literature, Ray decided to explore the specific natures of structural affinities in double salts as the subject of his thesis. Within this area, Ray chose to research metal double sulfates.


title: Prafulla Chandra Ray

text: For some years, science had recognised numerous double sulfates (then also known as "vitriols") occurred in nature as mineral salts. The natural combination of sulfates of bivalent metals with monovalent metal sulfates in a 1:1 ratio results in the formation of double sulfates chemically distinct from their original constituent species. By the 1850s, a number of double sulfates had been artificially synthesized, including ammonium iron(II) sulfate or "Mohr's salt" by Karl Friedrich Mohr. Some chemists, including one Vohl, subsequently claimed to have isolated numerous double-double and multiple-double sulfates including supposed "triple-double," and "quadruple-double" structures. These were purportedly the result of two double sulfates of Type I (differing in the bivalent metal Mb) combining in definite integral proportions to yield new molecular double salts. Others who had attempted to reproduce those experiments reported their inability to do so. Prior to Ray's taking up the problem, in 1886, Percival Spencer Umfreville Pickering and Emily Aston had concluded in their paper that double-double and higher-order sulfate salts did not exist as definite structures, deeming Vohl's experimental findings inexplicable. While Ray noted such findings placed Vohl's research in doubt, he reasoned "the position was unclear and further research was called for."


title: Prafulla Chandra Ray

text: Ray was awarded the Hope Prize which allowed him to work on his research for a further period of one year after completion of his doctorate. His thesis title was "Conjugated Sulphates of the Copper-magnesium Group: A Study of Isomorphous Mixtures and Molecular Combinations". While a student he was elected vice-president of the University of Edinburgh Chemical Society in 1888.


title: Prafulla Chandra Ray

text: Around 1895 Prafulla Chandra started his work in the field of discovering nitrite chemistry which turned out to be extremely effective. In 1896, he published a paper on preparation of a new stable chemical compound: mercurous nitrite. This work made way for a large number of investigative papers on nitrites and hyponitrites of different metals, and on nitrites of ammonia and organic amines. He and his students had crumbled this field for several years, leading to a long discipline of research laboratories. Prafulla Chandra said that it was a new chapter in life that started with the unanticipated discovery of mercurous nitrite (NOT mercurous nitrate). Prafulla Chandra, in 1896, noticed the formation of a yellow crystalline solid with the reaction of excess mercury and dilute nitric acid. Unfortunately multiple sources wrongly attribute this as mercurous nitrate instead of mercurous nitrite. The ionic reactions involved are


title: Prafulla Chandra Ray

text: This result was first published in the Journal of the Asiatic Society of Bengal. That was forthwith noticed by Nature magazine on 28 May 1896.Thermodynamically unstable mercurous nitrite survives because of its kinetic stability under the experimental condition of its preparation.


title: Prafulla Chandra Ray

text: Ammonium nitrite synthesis in pure form through double displacement ammonium between chloride and silver nitrite is one of the notable contributions of P. C. Ray. He proved that the pure ammonium nitrite is indeed stable by bring to pass a lot of experiments and explained then it can be sublimed even at 60 °C without decomposition.


title: Prafulla Chandra Ray

text: On a conference of the Chemical Society in London, he submitted the result. Nobel laureate William Ramsay congratulated him for his achievement. On 15 August 1912 Nature magazine published the news of 'ammonium nitrite in tangible form' and the determination of the vapour density of 'this very fugitive salt'. The Journal of Chemical Society, London published the experimental details in the same year.


title: Prafulla Chandra Ray

text: He prepared a lot of such compounds by double displacement. After that he worked on mercury alkyl- and mercury alkyl aryl-ammonium nitrites.


title: Prafulla Chandra Ray

text: He started a new Indian School of Chemistry in 1924. Ray was president of the 1920 session of the Indian Science Congress.


title: Prafulla Chandra Ray

text: He was a synthetic Inorganic chemist with active research in organic molecules and reactions more specifically to thio-organic compounds. The initial work that made him famous was based on the chemistry of inorganic and organic nitrites, he was regarded as “"Master of Nitrites"”. British Chemist, Henry H. Armstrong stated: ‘The way in which you have gradually made yourself “master of nitrites” is very interesting and the fact that you have established that as a class they are far from being the unstable bodies, chemists had supposed, is an important addition to our knowledge.’


title: Prafulla Chandra Ray

text: Prafulla Chandra retired from the Presidency College in 1916, and joined the Calcutta University College of Science (also known as


title: Prafulla Chandra Ray

text: Rajabazar Science College) as its first ""Palit Professor of Chemistry"", a chair named after Taraknath Palit. Here also he got a dedicated team and he started working on compounds of gold, platinum, iridium etc. with mercaptyl radicals and organic sulphides. A number of papers were published on this work in the Journal of the Indian Chemical Society.


title: Prafulla Chandra Ray

text: In 1936, at the age of 75, he retired from active service and became Professor Emeritus. Long before that, on the completion of his 60th year in 1921, he made a free gift of his entire salary to the Calcutta University from that date onward, to be spent for the furtherance of chemical research, and the development of the Department of Chemistry in the University College of Science.


title: Prafulla Chandra Ray

text: P C Ray was a staunch nationalist who had observed the deterioration the Indian society had undergone due to suppression by the British. He was sympathetic towards the revolutionaries and would make arrangements for their shelter and food at his factories. After his death, many revolutionaries and his colleagues mentioned about his indirect support and help in manufacturing explosives. The Government records of that time mention him as a “"Revolutionary in the garb of a Scientist."


title: Prafulla Chandra Ray

text: He contributed articles in Bengali to many monthly magazines, particularly on scientific topics. He published the first volume of his autobiography "Life and Experience of a Bengali Chemist" in 1932, and dedicated it to the youth of India. The second volume of this work was issued in 1935.


title: Prafulla Chandra Ray

text: In 1902, he published the first volume of "A History of Hindu Chemistry from the Earliest Times to the Middle of Sixteenth Century". The second volume was published in 1909. The work was result of many years' search through ancient Sanskrit manuscripts and through works of orientalists.


title: Prafulla Chandra Ray

text: He donated money regularly towards welfare of Sadharan Brahmo Samaj, Brahmo Girls' School and Indian Chemical Society. In 1922, he donated money to establish Nagarjuna Prize to be awarded for the best work in chemistry. In 1937, another award, named after Ashutosh Mukherjee, to be awarded for the best work in zoology or botany, was established from his donation.


title: Carpool

text: Carpooling (also car-sharing, ride-sharing and lift-sharing) is the sharing of car journeys so that more than one person travels in a car, and prevents the need for others to have to drive to a location themselves.


title: Carpool

text: By having more people using one vehicle, carpooling reduces each person's travel costs such as: fuel costs, tolls, and the stress of driving. Carpooling is also a more environmentally friendly and sustainable way to travel as sharing journeys reduces air pollution, carbon emissions, traffic congestion on the roads, and the need for parking spaces. Authorities often encourage carpooling, especially during periods of high pollution or high fuel prices. Car sharing is a good way to use up the full seating capacity of a car, which would otherwise remain unused if it were just the driver using the car.


title: Carpool

text: In 2009, carpooling represented 43.5% of all trips in the United States and 10% of commute trips. The majority of carpool commutes (over 60%) are "fam-pools" with family members.


title: Carpool

text: Carpool commuting is more popular for people who work in places with more jobs nearby, and who live in places with higher residential densities. Carpooling is significantly correlated with transport operating costs, including fuel prices and commute length, and with measures of social capital, such as time spent with others, time spent eating and drinking and being unmarried. However, carpooling is significantly less likely among people who spend more time at work, elderly people, and homeowners.


title: Carpool

text: Drivers and passengers offer and search for journeys through one of the several mediums available. After finding a match they contact each other to arrange any details for the journey(s). Costs, meeting points and other details like space for luggage are agreed on. They then meet and carry out their shared car journey(s) as planned.


title: Carpool

text: Carpooling is commonly implemented for commuting but is increasingly popular for longer one-off journeys, with the formality and regularity of arrangements varying between schemes and journeys.


title: Carpool

text: Carpooling is not always arranged for the whole length of a journey. Especially on long journeys, it is common for passengers to only join for parts of the journey, and give a contribution based on the distance that they travel. This gives carpooling extra flexibility and enables more people to share journeys and save money.


title: Carpool

text: Some carpooling is now organized in online marketplaces or ride-matching websites that allow drivers and passengers to find a travel match and/or make a secured transaction to share the planned travel cost. Like other online marketplaces, they use community-based trust mechanisms, such as user-ratings, to create an optimal experience for users.


title: Carpool

text: Arrangements for carpooling can be made through many different mediums including public websites, social media, acting as marketplaces, employer websites, smartphone applications, carpooling agencies and pick-up points.


title: Carpool

text: In an effort to reduce traffic and encourage carpooling, some governments have introduced high-occupancy vehicle (HOV) lanes in which only vehicles with two or more passengers are allowed to drive. HOV lanes can create strong practical incentives for carpooling by reducing travel time and expense. In some countries, it is common to find parking spaces reserved for carpoolers.


title: Carpool

text: In 2011, an organization called Greenxc created a campaign to encourage others to use this form of transportation in order to reduce their own carbon footprint.


title: Carpool

text: Carpooling, or car sharing as it is called in British English, is promoted by a national UK charity, Carplus, whose mission is to promote responsible car use in order to alleviate financial, environmental and social costs of motoring today, and encourage new approaches to car dependency in the UK. Carplus is supported by Transport for London, the British government initiative to reduce congestion and parking pressure and contribute to relieving the burden on the environment and to the reduction of traffic-related air-pollution, in London.


title: Carpool

text: However, not all countries are helping carpooling to spread: in Hungary it is a tax crime to carry someone in a car for a cost share (or any payment) unless the driver has a taxi license and there is an invoice issued and taxes are paid. Several people were fined by undercover tax officers during a 2011 crackdown, posing as passengers looking for a ride on carpooling websites. On 19 March 2012 Endre Spaller, a member of the Hungarian Parliament interpellated Zoltán Cséfalvay, Secretary of State for the National Economy, about this practice who replied that carpooling should be endorsed instead of punished, however care must be taken for some people trying to turn it into a way to gain untaxed profit.


title: Carpool

text: Carpooling usually means to divide the travel expenses equally between all the occupants of the vehicle (driver or passenger). The driver does not try to earn money, but to share with several people the cost of a trip he/she would do anyway. The expenses to be divided basically include the fuel and possible tolls. But if we include in the calculation the depreciation of the vehicle purchase and maintenance, insurance and taxes paid by the driver, we get a cost around $1/mile.


title: Carpool

text: There are platforms that facilitate carpooling by connecting people seeking respectively passengers and drivers. Usually there is a fare set up by the car driver and accepted by passengers because they get an agreement before trip start.


title: Carpool

text: The second generation of these platforms is designed to manage urban trips in real time, using the traveler's smartphones. They make possible to occupy the vehicle's empty seats on the fly, collecting and delivering passengers along its entire route (and not only at common points of origin and destination). This system automatically performs an equitable sharing of travel costs, allowing each passenger to reimburse the driver a fair share according to the benefit actually gained by the vehicle usage, proportional to the distance traveled by the passenger and the number of people that shared the car.


title: Carpool

text: Carpooling first became prominent in the United States as a rationing tactic during World War II. Ridesharing began during World War II through “car clubs” or “car-sharing clubs”. The US Office of Civilian Defense asked neighborhood councils to encourage four workers to share a ride in one car to conserve rubber for the war effort. It also created a ride sharing program called the Car Sharing Club Exchange and Self-Dispatching System. Carpooling returned in the mid-1970s due to the 1973 oil crisis and the 1979 energy crisis. At that time the first employee vanpools were organized at Chrysler and 3M.


title: Carpool

text: Carpooling declined precipitously between the 1970s and the 2000s, peaking in the US in 1970 with a commute mode share of 20.4%. By 2011 it was down to 9.7%. In large part this has been attributed to the dramatic fall in gas prices (45%) during the 1980s. In the 1990s it was popular among college students, where campuses have limited parking space. Together with Prof. James Davidson from Harvard, Dace Campbell, Ivan Lin and Habib Rached from Washington, and others, began to investigate the feasibility of further development although the comprehensive technologies were not commercially available yet at the time. Their work is considered by many to be a forerunner of carpooling & ridesharing systems technology used by Garrett Camp, Travis Kalanick, Oscar Salazar and Conrad Whelan at Uber.


title: Carpool

text: The character of carpool travel has been shifting from "Dagwood Bumstead" variety, in which each rider is picked up in sequence, to a "park and ride" variety, where all the travelers meet at a common location. Recently, however, the Internet has facilitated growth for carpooling and the commute share mode has grown to 10.7% in 2005. In 2007 with the advent of smart phones and GPS, which became commercially available, John Zimmer and Logan Green, from Cornell University and University of California, Santa Barbara respectively, rediscovered and created carpooling system called Zimride, a precursor to Lyft. The popularity of the Internet and smart phones has greatly helped carpooling to expand, enabling people to offer and find rides thanks to easy-to-use and reliable online transport marketplaces. These websites are commonly used for one-off long-distance journeys with high fuel costs.


title: Carpool

text: In Europe, long-distance car-pooling has become increasingly popular over the past years, thanks to BlaBlaCar. According to its website, , Blablacar counted more than 80 million users, across Europe and beyond.


title: Carpool

text: , Uber and Lyft have suspended carpooling services in the U.S. and Canada in efforts to control the COVID-19 pandemic via social distancing.


title: Darren McMullen

text: Darren McMullen (born 10 February 1982) is a Scottish-Australian television and radio presenter and personality, music journalist and music critic. He was born in Glasgow, Scotland, and immigrated with his family to Australia at the age of 12. He is best known as the co-host of "The Voice Australia". Prior to his career as a presenter, he was a student at Bradfield College and then an advertising executive.


title: Darren McMullen

text: In August 2019, McMullen performed as the 'Prawn' in the first season of "The Masked Singer Australia".


title: Darren McMullen

text: McMullen's career as a host and presenter began as a presenter with Arena's Exclusive news on Foxtel and with appearances in major advertising campaigns for Westfield and Gloria Jean's. Darren appeared weekly on MTV Australia's "The Lair" in 2007 and 2008. In addition to hosting on "The Lair", McMullen also hosted a monthly car DVD called "Ignition".


title: Darren McMullen

text: In 2009, he hosted "Commercial Breakdown" on the Nine Network. In 2010, McMullen signed with the Seven Network as host of their new primetime game show "Minute to Win It".


title: Darren McMullen

text: On 29 June 2011, McMullen debuted as the host of the prime-time reality show "Love in the Wild" on NBC in the USA and CTV in Canada. McMullen also returned to his native United Kingdom to host the British version of "Minute to Win It" on ITV2 (which was cancelled after one eight-episode season) and hosted Series 2 of "The Magicians" on BBC One.


title: Darren McMullen

text: It was announced that McMullen would host "The Voice Australia" when it debuted in 2012. For the first and second seasons in 2012 and 2013, McMullen co-hosted the show with Faustina Agolley. He took over as a solo host in Season 3 in 2014 and then was joined by Nine Network personality Sonia Kruger for Season 4 in 2015. McMullen announced via social media that he was leaving "The Voice" after four seasons. Sonia Kruger will stay as solo host.


title: Darren McMullen

text: In 2014, McMullen hosted the six-episode series "Darren McMullen's Outsiders" on National Geographic Channel, which focused on alternative lifestyles taking him on taboo adventures.


title: Darren McMullen

text: On 13 March 2016, it was announced that McMullen had re-joined the Seven Network once again to host a new show, "The Big Music Quiz".


title: Darren McMullen

text: In late 2019, McMullen appeared in the first season of "The Masked Singer Australia" as the Prawn and he was fifth voted out of the show.


title: Darren McMullen

text: In 2022, McMullen competed on the sixth season of "The Celebrity Apprentice Australia". He finished the series as the runner-up, raising over $500,000 for his chosen charity Feel the Magic. He is also set to host Australia's version of "The Real Love Boat" on Network 10.


title: Darren McMullen

text: McMullen was in a relationship with Crystal Reed from July 2013 to early 2019. McMullen had previously said that the two had planned on marriage and children, but he was not willing to get married until his country of Australia legalised same-sex marriage. It was legalised in December 2017.


title: Foreign relations of Bhutan

text: Bhutan has diplomatic relations with 54 of 193 member states of the United Nations and the European Union. Bhutan's limited number of such relations, including the absence of formal relations with any of the permanent members of the United Nations Security Council, is part of a deliberate isolationist policy of limiting foreign influence in the state. This stance has been safeguarded by close relations with India, of which Bhutan has previously been considered a protected state.


title: Foreign relations of Bhutan

text: In 1971, sponsored by India, Bhutan began to develop its foreign relations by joining the United Nations. In 1981, Bhutan joined the International Monetary Fund and World Bank, followed by the World Health Organization and UNESCO in 1982. It is also an active member of the South Asian Association for Regional Cooperation (SAARC). Bhutan is currently a member of 45 international organizations.


title: Foreign relations of Bhutan

text: Under Article 20 of the Constitution of Bhutan enacted in 2008, Bhutan's foreign relations fall under the purview of the Druk Gyalpo on the advice of the Executive, namely the Prime Minister and other Ministers of the Lhengye Zhungtshog including the Minister of Foreign Affairs.


title: Foreign relations of Bhutan

text: Bhutan has embassies in Bangladesh, Belgium, India, Kuwait, Australia and Thailand. Conversely, only Bangladesh, India, and Kuwait have embassies in Thimphu. Moreover, Denmark has a representative office in Thimphu. Israel is the latest country to establish diplomatic relations with Bhutan. The following is a list of countries which have established diplomatic relations with Bhutan.


title: Foreign relations of Bhutan

text: Bangladesh is one of only three nations to maintain a residential embassy in Thimphu. Bhutan was the first country in the world to recognize Bangladeshi independence in 1971. The two states have agreed to develop hydropower in the Himalayas, as well as initiate free trade and transshipment through Bangladeshi ports. They also cooperate in water resources management.


title: Foreign relations of Bhutan

text: Bhutan has no diplomatic relations with its northern neighbor, the People's Republic of China, and is one of the few countries to not recognise or have relations with either of the Two Chinas. The border between Bhutan and the PRC has been closed since the invasion of Tibet in 1950, causing an influx of refugees. The border also remains undelineated; in 1961 China published a map that altered the traditional border. Tensions have since lessened, especially after the signing of a 1998 agreement on border peace and tranquility, the first bilateral agreement between China and Bhutan. Despite the lack of formal diplomatic relations, Bhutan has also maintained an Honorary Consul in Macau since 2000 and Hong Kong since 2004.


title: Foreign relations of Bhutan

text: In late 2005, Bhutan claimed that PLA soldiers were building roads and bridges within Bhutanese territory. Bhutanese Foreign Minister Khandu Wangchuk took up the matter with Chinese authorities after the issue was raised in the Bhutanese parliament. In response, Foreign Ministry spokesman Qin Gang of the People's Republic of China has said that the border remains in dispute and that the two sides are continuing to work for a peaceful and cordial resolution of the dispute. The Bhutanese newspaper "Kuensel" has said that China might use the roads to further Chinese claims along the border.


title: Foreign relations of Bhutan

text: Historically, ties with India have been close. Both countries signed a first ever Friendship treaty in 1865 between Bhutan and British India. When Bhutan became a monarchy, British India was the first country to recognize it and renewed the treaty in 1910. Bhutan was the first country to recognize Indian independence and renewed the age old treaty with the new government in 1949, including a clause that India would assist Bhutan in foreign relations. On February 8, 2007, the Indo-Bhutan Friendship Treaty was substantially revised under the Bhutanese King, Jigme Khesar Namgyel Wangchuck. In the Treaty of 1949 Article 2 read as "The Government of India undertakes to exercise no interference in the internal administration of Bhutan. On its part the Government of Bhutan agrees to be guided by the advice of the Government of India in regard to its external relations." In the revised treaty this now reads as, "In keeping with the abiding ties of close friendship and cooperation between Bhutan and India, the Government of the Kingdom of Bhutan and the Government of the Republic of India shall cooperate closely with each other on issues relating to their national interests. Neither government shall allow the use of its territory for activities harmful to the national security and interest of the other." The revised treaty also includes in it the preamble "Reaffirming their respect for each other's independence, sovereignty and territorial integrity", an element that was absent in the earlier version. The Indo-Bhutan Friendship Treaty of 2007 strengthens Bhutan's status as an independent and sovereign nation.


title: Foreign relations of Bhutan

text: There also exists bi-lateral agreement between Bhutanese and Indian Government where-in citizens of both nations can travel freely in other country without passport and visa.


title: Foreign relations of Bhutan

text: Bhutan and Israel established formal diplomatic relations in 2020, with the key areas of cooperation being economic, technological and agricultural development.


title: Foreign relations of Bhutan

text: Nepal and Bhutan established relations in 1983. However, since 1992, relations with Nepal have been tense due to the repatriation of refugees from Bhutan.


title: Foreign relations of Bhutan

text: The Philippines and Bhutan have no formal relations yet. The Philippines has an embassy in New Delhi, India as representative to dialogues with Bhutan. Numerous senators and high-profile personalities from the Philippines have visited Bhutan and have been pushing for the Gross National Happiness to also be applied in the Philippines, citing its effectiveness and efficiency in nation-building, environmental and cultural conservation, and human rights upholding. Filipino senator Loren Legarda, a United Nations Global Champion for Resilience, has been pushing for greater diplomatic relations between the two countries. In September 2014, the Prime Minister of Bhutan visited the Philippines and the Asian Development Bank headquarters in Manila. In 2018, the Philippines sent its engineers to Bhutan's capital in a bid to develop Bhutan's space program that will be launched in May.


title: Foreign relations of Bhutan

text: Bhutan and South Korea established formal relations on 24 September 1987. South Korea granted Bhutan a total of US$6.21 million in aid between 1987 and 2012. Imports into South Korea are about $382,000 and imports into Bhutan are about $3.27 million ().


title: Foreign relations of Bhutan

text: Both countries established diplomatic relations in 2012. Bhutan and Turkey cooperate through their respective embassies in New Delhi. Trade volume between the two countries was 1.58 million USD in 2018 (Bhutanese exports/imports: 1.48/0.1 million USD).


title: Foreign relations of Bhutan

text: The United States and Bhutan have no official diplomatic ties, however, they both maintain "warm, informal relations" with each other.


title: Foreign relations of Bhutan

text: Bhutan is represented by its permanent mission in the United Nations, while the American embassy in New Delhi is currently accredited for Bhutan.


title: Foreign relations of Bhutan

text: Bhutan has relations with other nations based on transnational issues. Among these issues are extradition, terrorism, and refugees. To a limited extent, Bhutanese law provides frameworks for cooperation with countries which Bhutan has no formal mission.


title: Foreign relations of Bhutan

text: Bhutan has a legislated policy on extradition of criminals, both to and from the kingdom. Any nation, with or without formal relations, may request the extradition of fugitives who abscond to Bhutan. The Extradition Act requires nations to provide "all relevant evidence and information" about the accused, after which the Royal Government may in its discretion refer the matter to the High Court of Bhutan. The Court may then issue a summons or warrant, conduct an inquiry, and collect evidence, holding the accused for a maximum of 30 days. Alternatively, the Royal Government may refer the matter to the courts for trial within Bhutan. Bhutan imposes punishments for offenses committed in treaty states generally, and for offenses in other states resulting in return to Bhutan. Offenses are weighed according to gravity, determined by a schedule and two-part test: extraditable offenses are those enumerated (including murder, theft, forgery, and smuggling), or which in Bhutan would be punished by a prison term exceeding twelve months. All felonies in Bhutan are punishable by a minimum of three years' imprisonment.


title: Foreign relations of Bhutan

text: Bhutan will refuse requests for extradition if the Royal Government or its courts determine the person is accused of a political offense.


title: Foreign relations of Bhutan

text: Bhutan cooperates with India to expel Nagaland separatists; lacking any treaty describing the boundary, Bhutan and China continue negotiations to establish a common boundary alignment to resolve territorial disputes arising from substantial cartographic discrepancies, the largest of which lie in Bhutan's northwest and along the Chumbi salient.


title: Foreign relations of Bhutan

text: The U.S. has offered to resettle 60,000 of the 107,000 Bhutanese refugees of Nepalese origin now living in seven U.N. refugee camps in southeastern Nepal. Six other nations—Australia, Canada, Norway, Netherlands, New Zealand and Denmark—have offered to resettle 10,000 each.


title: Foreign relations of Bhutan

text: Other countries also operate resettlement programs in the camps. Norway has already settled 200 Bhutanese refugees, and Canada has agreed to accept up to 5,000 through to 2012.


title: Battle of Bakhmut

text: The Battle of Bakhmut is an ongoing series of military engagements near the city of Bakhmut between Ukrainian Armed Forces and the Russian Armed Forces during the battle for Donbas in 2022. Shelling of Bakhmut began in May 2022, but the main assault towards the city began on 1 August after Russian forces pushed in from the Popasna area after the Ukrainian forces withdrew from the city. The main assault force primarily consists of mercenaries from the Russian paramilitary organization Wagner Group, supported by regular Russian troops and DPR and LPR separatist elements.


title: Battle of Bakhmut

text: As of late 2022, following Ukraine's Kharkiv and Kherson counteroffensives, the Bakhmut front was one of the few front lines in Ukraine where Russia remained on the offensive. Attacks on the city intensified in November 2022 as assaulting Russian forces were reinforced by units redeployed from the Kherson front, together with newly mobilized recruits. By this time, much of the front line had descended into positional trench warfare, with both sides suffering high casualties without any significant advances.


title: Battle of Bakhmut

text: During the 2022 Russian invasion of Ukraine, a key Russian goal was to capture the Donbas region, consisting of Donetsk and Luhansk oblasts. Following the battles of Sievierodonetsk and Lysychansk in early July, Russia and separatist forces captured all of Luhansk oblast, and the battlefield shifted towards the cities of Sloviansk, Bakhmut, and Soledar. Prior to the battle in Bakhmut, Ukrainian Brigadier General Oleksandr Tarnavskiy claimed that Russia held a five-to-one manpower advantage over Ukraine along the eastern front.


title: Battle of Bakhmut

text: Starting on 17 May, Russian forces began shelling Bakhmut, killing five people including a two-year-old child. After the fall of Popasna on 22 May, Ukrainian forces withdrew away from the city to reinforce positions at Bakhmut. Meanwhile, Russian forces managed to advance on the Bakhmut-Lysychansk highway, endangering the remaining Ukrainian troops in the Lysychansk-Sievierodonetsk area. The Russian checkpoint along the highway was later demolished, although fighting resumed on 30 May along the Kostiantynivka-Bakhmut highway, where Ukrainian forces successfully defended the highway.


title: Battle of Bakhmut

text: Shelling of Bakhmut continued throughout the rest of June and July, escalating after the battle of Siversk began on 3 July. On 25 July, Ukrainian forces withdrew from the Vuhlehirska Power Station, along with the nearby town of Novoluhanske, giving Russian and separatist forces a "small tactical advantage" towards Bakhmut. Two days later on 27 July, Russian shelling of Bakhmut killed three civilians and wounded three more.


title: Battle of Bakhmut

text: On 1 August, Russian forces launched massive ground attacks on settlements south and southeast of Bakhmut. Both the Russian Ministry of Defense and pro-Russian Telegram pages claimed that the battle of Bakhmut had begun. The following day, Ukraine reported that Russian forces had ramped up airstrikes and shelling of the city, beginning a ground attack on the southeastern part of the city. On 4 August, Wagner Group mercenaries managed to break through Ukrainian defenses and reach Patrice Lumumba street, on the eastern outskirts of Bakhmut.


title: Battle of Bakhmut

text: In the following days, Russian forces continued to push towards Bakhmut from the south, with the Ukrainian general staff stating on 14 August that Russian forces had achieved "partial success" near Bakhmut, but offering no specifics.


title: Battle of Bakhmut

text: Night shelling in the city center on 21 September burned the Martynov Palace of Culture, where the humanitarian headquarters worked. During the extinguishing of the fire, the local fire department was shelled, which reported that two SES staff were injured and equipment damaged. At night, a five-story building was partially destroyed by Russian shelling.


title: Battle of Bakhmut

text: On 7 October, Russian forces advanced into the villages of Zaitseve and Opytne on the southern and southeastern outskirts of Bakhmut, while on 10 October, the UK Defence Ministry claimed that Russian troops advanced closer to Bakhmut. On 12 October, Russian forces claimed to have captured Opytne, located 3km south of Bakhmut, and Ivanhrad, although these towns were still contested. Ukrainian sources said a minor counteroffensive on 24 October pushed Russian forces from some factories on the eastern outskirts of the city.


title: Battle of Bakhmut

text: By early November, the fighting around Bakhmut had descended into trench warfare conditions, with neither side making any significant breakthroughs and hundreds of casualties reported daily amid fierce shelling and artillery duels. On 1 November, Ukrainian journalist Yurii Butusov described the evolving nature of the battle in an interview. Butusov noted that Russian forces had suffered "huge losses every day" assaulting Bakhmut and its outskirts since early May, but insisted that they were adapting their tactics against increasingly exhausted Ukrainian defenders. He noted that the Russians were concentrating multiple small groups of infantry to break defense lines on "narrow" sections of the front.


title: Battle of Bakhmut

text: Russian forces breached defense lines along Bakhmut's southern flank, capturing the villages of Andriivka, Ozarianivka, and Zelenopillia, and making minor advances in Opytne through 28–29 November. Wagner troops attacked Kurdyumivka, adjacent to Ozarianivka, with some Russian milbloggers claiming the settlement was captured. Russian forces also attacked Ukrainian positions southeast of Bakhmut. On 3 December, Serhii Cherevatyi, a spokesperson for Ukraine's Eastern Command, described the Bakhmut front as "the most bloody, cruel and brutal sector ... in the Russian-Ukrainian war so far," adding that the Russians had conducted 261 artillery attacks in the past day alone. The same day, a Georgia military volunteer told the media that a group of Georgian volunteers had been surrounded during clashes near Bakhmut. The commander was wounded and five or six volunteers, serving in Ukraine's 57th Brigade, had been killed, prompting Georgian president Salome Zourabichvili to express condolences. On 6–7 December, the Russian defense ministry claimed that their forces, including Wagner fighters, had successfully repelled Ukrainian counterattacks south of Bakhmut.


title: Battle of Bakhmut

text: On 9 December, President Zelenskyy accused Russia of "destroying" Bakhmut, calling it "another Donbas city that the Russian army turned into burnt ruins." Former soldier and eyewitness to the battle Petro Stone called the Bakhmut front a "meat grinder," saying the Russians were "covering Bakhmut with fire 24/7". Soldiers of Ukraine's 24th Mechanized Brigade recounted recent battlefield engagements to media, such as one multi-day firefight with 50 Russian troops dug into a treeline where in some places "we were only 100 metres apart." Ukrainian soldiers claimed that front line Russian troops often attacked with little tank support, with Wagner PMC fighters serving as the main assault troops and under-equipped "mobiks" (recently mobilized Russian recruits) holding defensive positions. One Ukrainian artillerymen alleged that "80 percent" of the remaining civilian population, surviving in basements and supplied by mobile grocery trucks that periodically enter the city, was pro-Russian.


title: Battle of Bakhmut

text: On 11–13 December, Russian sources claimed that Wagner fighters had breached defenses in east Bakhmut, occupying the northern section of Fyodor Maksimenko Street and having advanced along Patrice Lumumba street in the industrial zone, fully capturing the Siniat ALC factory and sparkling wine/"artwinery" plant. On the outskirts, Wagner also purportedly stormed Pidhorodne, located on Bakhmut's northeastern flank, and made minor advances amid heavy fighting in Opytne, on the southern approach to Bakhmut. The claims of Russian advances were not independently verified at the time, but the Ukrainian General Staff confirmed clashes in Bakhmutske, Soledar, and Pidhorodne, though it claimed it repelled all assaults. On 11 December a railway bridge over the E40 (M-03) highway north of Bakhmut was destroyed; the Russians accused the Ukrainians of demolishing it to hamper future Russian advances towards Sloviansk. By 13 December, Russian sources claimed that proper urban street fighting had begun in the eastern and southeastern sectors of Bakhmut, particularly along Pershotravnevyy avenue up to Dobroliubova street, while also claiming that 90% Opytne had been captured amid fierce Ukrainian resistance. The Ukrainian General Staff said they successfully repelled assaults northeast and south of Bakhmut from the Soledar and Kurdiumivka directions, respectively. On 17 December, footage emerged online of trenches in Bakhmut's city center, indicating Ukrainian defenders were preparing for urban combat.


title: Battle of Bakhmut

text: Due to the fog of war and deliberately unpublished casualty figures from both sides, the true number of military and civilian casualties due to the battle is unknown. Casualties can be presumed to be heavy, though, amid battlefield conditions remniscent of the First and Second World Wars. Western media outlets estimated hundreds of civilians and military from both sides killed and wounded each day.


title: Battle of Bakhmut

text: On 10 November, the Ukrainians claimed that the Wagner group had suffered nearly 140 casualties in the last 24 hours, including over 40 men killed, in fighting near Bakhmut. On 27 November, "The New York Times" reported a high level of casualties for both armies, also placing the number of Ukrainian wounded at 290 in the previous 36 hours.


title: Battle of Bakhmut

text: In early December the Ukrainian government estimated that 50-100 Russian soldiers were killed in the Bakhmut sector each day.


title: Battle of Bakhmut

text: By 5 November, the deputy mayor of Bakhmut claimed that over 120 civilians had been killed in the city proper. By early December, only between 7,000 and 15,000 of Bakhmut's prewar population of 80,000 remained in the city.


title: Battle of Bakhmut

text: The battle of Bakhmut has been described as one of the bloodiest battles of the 21st century, with the battlefield being described as a "meat grinder" and a "vortex" for both the Ukrainian and Russian militaries. With extremely high casualties, costly ground assaults with very little ground gained, and shell-pocked landscapes, volunteers, media, and government officials alike compared fighting in Bakhmut to battlefield conditions on the western front of World War I. Retired U.S. Marine Corps Colonel Andrew Milburn, the leader of a foreign volunteer group in Ukraine called the Mozart Group and an eyewitness to the battle, compared conditions in the Bakhmut countryside to Passchendaele and the city itself to Dresden in World War II.


title: Battle of Bakhmut

text: Russian assault forces have primarily composed of Wagner Group mercenaries, reinforcements from other front lines in Ukraine, and newly–mobilized recruits the Ukrainians refer to as "mobiks". Some observers likened Russian tactics to Soviet-style human wave attacks, repeatedly assaulting Ukrainian positions with waves of infantry, while some Ukrainian soldiers alleged that Wagner used its recruited ex–convicts as first wave "human bait" to reveal Ukrainian positions. Russia has also targeted Bakhmut with Iranian made drones after 450 of them were sent to Russia in mid-October. The Ukrainian defenders consist of a "hodgepodge of units", consisting of the 93rd Mechanized Brigade and the 58th Motorized Brigade, who were later reinforced by many other units–including special forces and territorial defense units–in order to fill in gaps caused by heavy casualties.


title: Battle of Bakhmut

text: The overall strategic value of Bakhmut has been considered dubious by many analysts, observing that the resources and lives Russia has spent assaulting the city far outweigh its importance. The UK defence ministry insisted capturing Bakhmut would only be a "symbolic" victory for Russia rather than a strategic one. Konrad Muzyka, and expert on Russian security Mark Galeotti, argued that Russia's costly assault is a matter of preserving prestige and sunk cost fallacy–that Russian forces had already expended so much manpower in the war effort on other fronts that it "may as well do everything they can" to seize the city. Retired Ukrainian colonel Serhiy Hrabskyi suggested Wagner Group was seeking glory in capturing Bakhmut, as leader Yevgeny Prigozhin is poised to reap significant monetary and political rewards if Wagner captures the city on behalf of the Russian government. Prighozhin himself had previously suggested Wagner was deliberately turning Bakhmut into a "meat grinder" to inflict heavy attritional casualties on Ukrainian forces.


title: Abolition of the Ottoman sultanate

text: The abolition of the Ottoman sultanate () by the Grand National Assembly of Turkey on 1 November 1922 ended the Ottoman Empire, which had lasted since 1299. On 11 November 1922, at the Conference of Lausanne, the sovereignty of the Grand National Assembly exercised by the Government in Angora (now Ankara) over Turkey was recognized. The last sultan, Mehmed VI, departed the Ottoman capital, Constantinople (now Istanbul), on 17 November 1922. The legal position was solidified with the signing of the Treaty of Lausanne on 24 July 1923. In March 1924, the Caliphate was abolished, marking the end of Ottoman influence.


title: Abolition of the Ottoman sultanate

text: The Ottoman entry into World War I with the Central Powers occurred on 11 November 1914. The Middle Eastern theatre of World War I ended with the signing of the Armistice of Mudros on 30 October 1918. The Occupation of Constantinople by British, French and Italian forces occurred on 13 November 1918.


title: Abolition of the Ottoman sultanate

text: The partitioning of the Ottoman Empire began with the Treaty of London (1915) and continued with multiple agreements, mostly unilateral among the Allies. British troops began to occupy the key buildings of the Empire and arrest nationalists after the establishment of military rule on the night of 15 March 1920. On 18 March 1920 the Ottoman parliament met and sent a protest to the Allies that it was unacceptable to arrest five of its members. That was the last meeting of the body and marked the end of the Ottoman political system. Sultan Mehmed VI dissolved the General Assembly of the Ottoman Empire on 11 April 1920. The Constantinople government, with the bureaucracy, but without the parliament, was left active with the Sultan as the decision maker.


title: Abolition of the Ottoman sultanate

text: The Treaty of Sèvres on 10 August 1920 finalized the partitioning of the Empire. At the time, in waves, approximately 150 politicians were exiled to Malta. The Turkish national movement, led by Mustafa Kemal, established the Grand National Assembly of Turkey in Ankara on 23 April 1920.


title: Abolition of the Ottoman sultanate

text: The Grand National Assembly of Turkey waged the Turkish War of Independence. The war was against the monarchist Constantinople government. Sultan Mehmed VI was the Caliph. The Constantinople government, without a parliament, formed the Kuva-yi Inzibatiye, known as the "Army of the Caliphate", to defeat the Grand National Assembly's Kuva-yi Milliye.


title: Abolition of the Ottoman sultanate

text: Conflicts occurred at Bolu, Düzce, Hendek, Adapazarı, along with the other revolts during the Turkish War of Independence. The Caliphate army was sympathetic to the caliphate, hence the name, and armed by the British. The strategic goal of the Caliphate army and of the British was to prevent the National Forces advancing towards the Bosporus straits. The Army of the Caliphate was defeated by the Kuva-yi Milliye. Although the Kuva-yi Milliye was regarded as the first step of resistance in the liberation of Turkey, irregular warfare was abandoned later. Before the Greek war began, Kuva-yi Milliye became the seed of an organized Turkish army, which then became the Turkish Armed Forces with the declaration of a Republic.


title: Abolition of the Ottoman sultanate

text: The Ottoman Empire's sovereignty was embodied in the dynasty of Osman I, who was its founder and namesake. His family had ruled since 1299 in an unbroken lineage throughout the empire's history. The Ottoman sultan maintained supreme authority over the Ottoman Empire's polity. The sultan was the empire's sole and absolute regent, head of state and head of government. The grand viziers and polity established by the Ottoman Constitution functioned at the pleasure of the sultan.


title: Abolition of the Ottoman sultanate

text: An Allied invitation was given to both the Constantinople and Ankara governments to appear at the Conference of Lausanne. Mustafa Kemal was determined that only the Ankara government would be represented at the conference. On 1 November 1922, the Grand National Assembly declared that the Sultanate's Constantinople government was no longer the legal representative. The Grand National Assembly also resolved that Constantinople had not been the capital of the nation since its occupation by the Allies. Furthermore, they declared that the Sultanate was to be abolished. The abolition of the sultanate ended the Ottoman Empire. After hearing of the resolution, Mehmed VI sought refuge aboard the British warship "Malaya" on 17 November. The remaining ministers in his government accepted the new political reality. There is no official document that declared the state capitulated by the Ottoman Government or sultan; the system resolved by itself. The Conference of Lausanne, on 11 November 1922, recognized the sovereignty of the Grand National Assembly of Turkey replacing the Ottoman Empire. The last sultan, Mehmed VI, departed Constantinople on 17 November 1922.


title: Abolition of the Ottoman sultanate

text: A list of 600 names to the Conference of Lausanne was presented, and were to be declared "personae non gratae". The list, which is a Who's Who of the Ottoman Empire, had the purpose of eliminating the ruling elite of the Ottomans. Negotiations at Lausanne limited the number to 150, and the treaty was signed on 24 July 1923.


title: Abolition of the Ottoman sultanate

text: The Ottoman dynasty embodied the Ottoman Caliphate since the fourteenth century, starting with the reign of Murad I. The head of the Ottoman family kept the title caliph, power over all Muslims, as Mehmed's cousin Abdülmecid II took the title. The Ottoman dynasty was left as a political-religious successor to Muhammad and a leader of the entire Muslim community without borders in a post Ottoman Empire. Abdülmecid II's title was challenged in 1916 by the leader of the Arab Revolt King Hussein bin Ali of Hejaz, who denounced Mehmet V, but his kingdom was defeated and annexed by Ibn Saud in 1925.


title: Abolition of the Ottoman sultanate

text: Greek, Bulgarian and Serb subjects left the empire during the decline and modernization of the Ottoman Empire (1828–1908), while the Albanian and Armenian (Armenian national movement and First Republic of Armenia) subjects left or were killed during the defeat and dissolution of the Ottoman Empire (1908–1922). By 1922 most of the remaining inhabitants of Turkey were Muslims of either Turkish or Kurdish ethnicity. The Grand National Assembly of Turkey declared itself the Republic of Turkey on 29 October 1923.


title: Abolition of the Ottoman sultanate

text: There were members of the Ottoman dynasty who were in Turkey after the declaration of the republic. An exile list was also created and put into effect by the Republic of Turkey on April 23, 1924 (revised on June 1, 1924) which included the names of 120 adherents of the deposed Ottoman dynasty.


title: Tuzla

text: Tuzla (, ) is the third-largest city of Bosnia and Herzegovina and the administrative center of Tuzla Canton of the Federation of Bosnia and Herzegovina. As of 2013, it has a population of 110,979 inhabitants.


title: Tuzla

text: Tuzla is the economic, cultural, educational, health and tourist centre of northeast Bosnia. It is an educational center and is home to two universities. It is also the main industrial machine and one of the leading economic strongholds of Bosnia with a wide and varied industrial sector including an expanding service sector thanks to its salt lake tourism.


title: Tuzla

text: The city of Tuzla is home to Europe's only salt lake as part of its central park and has more than 350,000 people visiting its shores every year. The history of the city goes back to the 9th century; modern Tuzla dates back to 1510 when it became an important garrison town in the Ottoman Empire.


title: Tuzla

text: In Bosnia and Herzegovina, Tuzla is also regarded as one of the most multicultural cities in the country and has managed to keep the pluralist character of the city throughout the Bosnian War and after, with Bosniaks, Serbs, Croats and a small minority of Bosnian Jews residing in Tuzla.


title: Tuzla

text: The name Tuzla is the Ottoman Turkish word for salt mine, "tuzla", and refers to the extensive salt deposits found underneath the city. Leveraging on their shared name, the city is twinned with Tuzla, a suburb of Istanbul, Turkey.


title: Tuzla

text: Archaeological evidence suggests that Tuzla was a rich Neolithic settlement. Being inhabited continuously for more than 6,000 years, Tuzla is one of the oldest European sustained settlements. During the period of the Roman Republic (before the area was conquered by Rome), Tuzla (or Salines as it was called at the time) was ruled by the Illyrian tribe Breuci.


title: Tuzla

text: The city was first mentioned in 950 by Constantine Porphyrogenitus in his De Administrando Imperio as a fort named "Salines" (). The name "Soli" was used in the Middle Ages. It means "salts" in Bosnian and the city's present name means "place of salt" in Ottoman Turkish.


title: Tuzla

text: After the fall of the kingdom to the Ottoman Empire in 1463, the region was controlled by the House of Berislavić before the Ottomans occupied the villages of "Gornje Soli" and "Donje Soli" around 1512, and took control of the entire Usora in the 1530s.


title: Tuzla

text: It remained under Ottoman rule for nearly 400 years, where it was administered as part of the Sanjak of Zvornik. In 1878 it was occupied by Austria-Hungary. After the dissolution of the monarchy it became the part of the newly formed Kingdom of Yugoslavia. The Husino uprising took place in 1920.


title: Tuzla

text: During the Second World War, Tuzla was included in the puppet Independent State of Croatia and controlled by the mainly Muslim Hadžiefendić Legion of the Croatian Home Guard.


title: Tuzla

text: Tuzla was among the first areas in Europe to be liberated, when Tito's Yugoslav Partisans freed it from the German occupiers on 2 October 1943. Many members of the Legion deserted to the Partisans at this time.


title: Tuzla

text: In December 1944, the city was unsuccessfully attacked by Chetnik forces of Draža Mihailović along with the Serbian State Guard.


title: Tuzla

text: After the war it developed into a major industrial and cultural centre during the Communist period in the former Yugoslavia.


title: Tuzla

text: In the 1990 elections the Reformists won control of the municipality being the only municipality in Bosnia where non-nationalists won. During the Bosnian war for independence between 1992 and 1995 the town was the only municipality not governed by the SDA party-led authorities. After Bosnia and Herzegovina declared independence and was recognized by the United Nations the city was besieged by Serbian forces. A few days later Serbian forces attacked Tuzla. The town was not spared the atrocities of the Bosnian War.


title: Tuzla

text: Early in the war, troops, of the 92nd Motorised Brigade of the Yugoslav National Army, were ambushed by units of Bosnia's Territorial Defence Force, while attempting to withdraw from the city. During the incident, an estimated 92-200 Yugoslav troops were killed, and 33 wounded. It was regarded as a war crime.


title: Tuzla

text: On 25 May 1995, an attack on Tuzla killed 71 people and injured 200 persons in what is referred to as the Tuzla massacre, when a shell fired from Serb's positions on the Ozren mountain (130 mm towed field gun M-46) hit the central street and its promenade. The youngest civilian who died in that massacre was only two years old.


title: Tuzla

text: Following the Dayton Peace Accords, Tuzla was the headquarters of the U.S. forces for the Multinational Division (MND) during Operation Joint Endeavour IFOR and subsequent SFOR.


title: Tuzla

text: In February 2014 the city was the scene of the beginning of the 2014 unrest in Bosnia and Herzegovina, which quickly spread to dozens of cities and towns throughout Bosnia and Herzegovina.


title: Tuzla

text: After couple of days of calm protests, people lost patience and started burning cars in front of the canton government building, and later building itself. The building has yet to be repaired.


title: Tuzla

text: Tuzla is located in the northeastern part of Bosnia, settled just underneath the Majevica mountain range, on the Jala River. The central zone lies in an east–west oriented plain, with residential areas in the north and south of the city located on the Ilinčica, Kicelj and Gradina Hills. It is above sea level. The climate is moderate continental. There are abundant coal deposits in the region around Tuzla. 6 coal mines continue to operate around the city. Much of the coal mined in the area is used to power the Tuzla Power Plant, which is the largest power plant in Bosnia and Herzegovina.


title: Tuzla

text: Extractions of the city's salt deposits, particularly in the 20th century, have caused sections of the city center to sink. Structures in the "sinking area" either collapsed or were demolished, and there are few structures in the city that predate the 20th century, despite the fact that the city was founded over 1000 years ago. In the northeastern part of the town is an area known as Solina, named after the salt deposits.


title: Tuzla

text: Tuzla is the only city in Europe that has a salt lake at its centre. The ancient Pannonian Sea dried up around 10 million years ago, but work by researchers and scientists has now enabled a level of saline water to be kept stable at the surface, and in 2003 the Pannonian Lake was opened.


title: Tuzla

text: A second lake that includes artificial waterfalls was inaugurated in 2008. An archaeological park and replica Neolithic lake dwellings were also incorporated into the scheme, providing information about the different cultures which left their material and spiritual mark here. The site has become an international tourist destination.


title: Tuzla

text: A third lake was completed in August 2012. Construction expenses for this were nearly 2 million Bosnian marks (ca. 1 million euros). This third lake also contains 2 water slides which are an attraction for the younger population.


title: Tuzla

text: Tuzla has a temperate oceanic climate (Köppen climate classification "Cfb") with hot summers with cool nights and cool winters with chilly nights.


title: Tuzla

text: Tuzla is the seat of the Tuzla Canton, which is a canton of the Federation of Bosnia and Herzegovina, as well as of Tuzla Municipality, which is one of the 13 municipalities that together constitute the Tuzla Canton. Administratively, Tuzla is divided into 39 "mjesne zajednice" (local districts).


title: Tuzla

text: Apart from Tuzla, the municipality incorporates several other adjacent settlements, including the town of Gornja Tuzla ("Upper Tuzla"), as well as the villages of Husino, Par Selo, Simin Han, Obodnica, Kamenjaši, Plane, Šići and others.


title: Tuzla

text: The current mayor of Tuzla is Zijad Lugavić, born in 1973, of the Social Democratic Party (SDP BiH). He succeeded long-time mayor Jasmin Imamović in 2022.


title: Tuzla

text: One of the most influential writers in the Balkans, Meša Selimović hails from Tuzla, and Tuzla hosts the annual Meša Selimović book festival in July, where an award for the best novel written in the languages of Bosnia and Herzegovina, Croatia, Serbia and Montenegro is presented.


title: Tuzla

text: The first professional theatre in Tuzla, the Tuzla National Theatre, was founded by the brothers Mihajlo and Živko Crnogorčević in 1898 during Austro-Hungarian rule, and is the oldest theatre in the country. The theatre is working continuously since 1944.


title: Tuzla

text: The Eastern Bosnia Museum exhibits archaeological, ethnological, historical and artistic pieces and artifacts from the whole region.


title: Tuzla

text: Apart from Tuzla's many mosques, there is also an Orthodox church that went untouched throughout the war.


title: Tuzla

text: The Franciscan monastery of “St. Peter and Paul” in town is still very active as there is a sizable Catholic community in Tuzla. The church of St.Francis (sv. Franjo) which had been demolished after being hit by a landslide in 1987 is being rebuilt since 2011 and should open by 2019.


title: Tuzla

text: Just outside the town, in the nearby village of Breska, is a 200-year-old Catholic church. Tuzla is also home to an old Jewish cemetery which recently underwent renovations, organized by the OPEN Organization of Tuzla and the Jewish Municipality of Tuzla.


title: Tuzla

text: According to a 2013 census, most of the citizens living in Tuzla are Muslims, to be precise 75.4%, with Catholics accounting for 13.7%, while 3.3% of the population being Orthodox, 3.6% of people belong to other religions, and 3.9% of people are not religious.


title: Tuzla

text: Bosnian roots music came from Middle Bosnia, Posavina, the Drina valley and Kalesija. It is usually performed by singers with two violinists and a šargija player. These bands first appeared around World War I and became popular in the 1960s. This is the third oldest music following after the sevdalinka and ilahija. Self-taught people, mostly in two or three members of the different choices of old instruments, mostly in the violin, sacking, saz, drums, flutes () or wooden flute, as others have already called, the original performers of Bosnian music that can not be written notes, transmitted by ear from generation to generation, family is usually hereditary. It is thought to be brought from Persia-Kalesi tribe that settled in the area of present Sprecanski valleys and hence probably the name Kalesija. In this part of Bosnia it is the most common. Again, it became the leader of First World War onwards, as well as 60 years in the field Sprecanski doline. This kind of music was enjoyed by all three peoples in Bosnia, Bosniaks, Croats and Serbs, and it contributed a lot to reconcile people socializing, entertainment and other organizations through festivala. In Kalesija it's maintained each year with the Bosnian Festival Original music.


title: Tuzla

text: Studio Kemix firm Dzemal Dzihanovic from Živinice together with his artists brought this kind of music to perfection at the end 20th century. With its entirely new form of modernity, it is most common in the Tuzla Canton and the cradle of this music city Živinice was named Bosnian town of original music. Songs are performed preferably in a diphthong, the first and second voice which is a special secret performance of this music and some performers sing in troglasju as they do Kalesijski triple that was recorded in 1968, as the first written record of the tone on the album, along with Higurashi no naku.


title: Tuzla

text: Founded in 1927, the Workers Sports Society Sloboda became the first sporting organization in Tuzla. It has 14 member clubs. The city is home to two football clubs. "FK Sloboda" and "FK Tuzla City". Both teams play in the top tier Premier League of Bosnia and Herzegovina with home games played at the Tušanj City Stadium.


title: Tuzla

text: OKK Sloboda basketball club and RK Sloboda handball club play their home games in the Mejdan Sports Arena which has a seating capacity of 4,900.


title: Tuzla

text: Jedinstvo Tuzla is the female counterpart to Sloboda. The women's basketball team Jedinstvo Aida won the FIBA Women's European Champions Cup, with the most famous sportswoman from Tuzla, Razija Mujanović. She was inducted to the FIBA Hall of Fame in 2017.


title: Tuzla

text: On 1 September 2007, 6,980 couples kissed for 10 seconds in Tuzla, Bosnia erasing the previous Guinness World kissing Records of the Philippines and Hungary (for synchronised osculation in 2004 with 5,327 Filipino couples, overtaken by Hungary in 2005 with 5,875 couples; Filipinos came back in February 2010 with 6,124 couples but the Hungarians responded in June 2010 with 6,613 couples). The record now awaits official certification.


title: Tuzla

text: On 7 May 2010, Tuzla tried to break the World Record for the world's largest mass waltz dance. It is estimated that over 1,521 couples danced together on the main city square.


title: Tuzla

text: Tuzla has an international airport located at Dubrave (IATA code: TZL), and an effective and well-developed public bus network. There are plans to introduce a trolleybus network in the city soon.


title: Tuzla

text: The airport was opened and obtained ICAO certificate for civilian Air traffic in 2008. The airport had comprised a portion of "Eagle Base", an American military base that has been home to NATO troops serving in SFOR, Bosnia's stabilization force. Nowadays former Eagle Base become home of Bosnian Military Forces. In 2013. the airport became a base for Wizz Air. Tuzla International Airport nowadays has connection to 17+ European cities and expanding. More than 300000 passengers have been traveled via Tuzla International Airport in 2016.In 2017 Tuzla International Airport broke its own record for most passengers in one year with 535.596 passengers. While in 2018 that number again rose up to 584.471.


title: Tuzla

text: Tuzla has a railway station that has passenger services to Doboj, from where trains run to Sarajevo, Zagreb, and Belgrade. The services to Brčko were discontinued in 2012.


title: Tuzla

text: Tuzla is well connected with other major cities in Bosnia and Herzegovina and even with some European cities via its bus connections. Bus and taxi traffic is very well organised in Tuzla and is affordable to its citizens. Bus stations were built in 1970 and completely renovated and modernized in 2017.


title: Tuzla

text: Tuzla is home to the University of Tuzla, with 16,500 students, and also the American University in Bosnia and Herzegovina.


title: Federal Reserve Bank of New York

text: The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the State of New York, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Located at 33 Liberty Street in Lower Manhattan, it is by far the largest (by assets), the most active (by volume), and the most influential of the Reserve Banks.


title: Federal Reserve Bank of New York

text: The Federal Reserve Bank of New York is solely responsible for implementing monetary policy on behalf of the Federal Open Market Committee and acts as the market agent of the entire Federal Reserve System (as it houses the Open Market Trading Desk and manages System Open Market Account). It is also the sole fiscal agent of the U.S. Department of the Treasury, the bearer of the Treasury's General Account, and the custodian of the world's largest gold storage reserve. Aside from these distinct functions, the New York Fed also performs the same responsibilities and tasks as the other Reserve Banks do, such as supervision and research.


title: Federal Reserve Bank of New York

text: Given its central role within the Federal Reserve System, the New York Fed and its president are therefore considered first among equals among the other regional Reserve banks. Its current president is John C. Williams.


title: Federal Reserve Bank of New York

text: The Federal Reserve Bank of New York opened for business on November 16, 1914, under the leadership of Benjamin Strong Jr., who had previously been president of the Bankers Trust Company. He led the Bank until his death in 1928. Strong became the executive officer (then called the "governor"—today, the term would be "president"). As the leader of the Federal Reserve's largest and most powerful district bank, Strong became a dominant force in U.S. monetary and banking affairs. One biographer has termed him the "de facto leader of the entire Federal Reserve System". This was not only because of Strong's abilities, but also because the central board's powers were ambiguous and, for the most part, limited to supervisory and regulatory functions under the 1913 Federal Reserve Act because many Americans were antagonistic to centralized control.


title: Federal Reserve Bank of New York

text: When the United States entered World War I, Strong was a major force behind the campaigns to fund the war effort via bonds owned primarily by U.S. citizens. This enabled the United States to avoid many of the post-war financial problems of the European belligerents. Strong gradually recognized the importance of open market operation, or purchases and sales of government securities, as a means of managing the quantity of money in the U.S. economy and thus affecting interest rates. This was particularly important at the time because gold had flooded into the United States during and after World War I. Thus, its gold-backed currency was well-protected, but prices had been pushed up substantially by the currency expansion due to the gold standard-imposed expansion of currency. In 1922, Strong unofficially scrapped the gold standard and instead began aggressively pursuing open market operations as a means of stabilizing domestic prices and thus internal economic stability. Thus, he began the Federal Reserve's practice of buying and selling government securities as monetary policy. John Maynard Keynes, a prominent British economist who had previously not questioned the gold standard, used Strong's activities as an example of how a central bank could manage a nation's economy without the gold standard in his book "A Tract on Monetary Reform" (1923). To quote one authority:


title: Federal Reserve Bank of New York

text: It was Strong more than anyone else who invented the modern central banker. When we watch ... [central bankers of today] describe how they are seeking to strike the right balance between economic growth and price stability, it is the ghost of Benjamin Strong who hovers above him. It all sounds quite prosaically obvious now, but in 1922 it was a radical departure from more than two hundred years of central banking history.


title: Federal Reserve Bank of New York

text: Strong's policy of maintaining price levels during the 1920s through open market operation and his willingness to maintain the liquidity of banks during panics have been praised by monetarists and harshly criticized by Austrian economists.


title: Federal Reserve Bank of New York

text: With the European economic turmoil of the 1920s, Strong's influence became worldwide. He was a strong supporter of European efforts to return to the gold standard and economic stability. Strong's new monetary policies not only stabilized U.S. prices, they encouraged both U.S. and world trade by helping to stabilize European currencies and finances. However, with virtually no inflation, interest rates were low and the U.S. economy and corporate profits surged, fueling the stock market increases of the late 1920s. This worried him, but he also felt he had no choice because the low interest rates were helping Europeans (particularly Great Britain) in their effort to return to the gold standard.


title: Federal Reserve Bank of New York

text: Economic historian Charles P. Kindleberger states that Strong was one of the few U.S. policymakers interested in the troubled financial affairs of Europe in the 1920s, and that had he not died in 1928, just a year before the Great Depression, he might have been able to maintain stability in the international financial system.


title: Federal Reserve Bank of New York

text: A public competition for the design of the building was held and the architectural firm of York and Sawyer submitted the winning design. The Bank moved to the new Federal Reserve Bank of New York Building in 1924.


title: Federal Reserve Bank of New York

text: Since the founding of the Federal Reserve system, the Reserve Bank of New York has been the place where monetary policy in the United States is implemented, although policy is decided in Washington, D.C. by the Federal Open Market Committee (FOMC). It is the only Reserve Bank with a permanent seat on the Committee, and its president is traditionally selected as the Committee's vice chairman. Operating in the financial capital of the U.S., the Bank conducts open market operations—the buying and selling of outstanding Treasury securities and agency securities—through its trading desk. Like other regional Reserve Banks, the Reserve Bank of New York distributes coins and currency, participates in the Fedwire system that transfers payments and securities between domestic banks, and conducts economic research.


title: Federal Reserve Bank of New York

text: The Bank is the exclusive fiscal agent of the U.S. Treasury. In this role, it conducts all primary auctions of marketable Treasury securities, as well as government buybacks when authorized. It carries out exchange rate policy by swapping dollars with foreign currencies under the Treasury's direction. The Treasury receives all direct federal revenue and borrowed funds, and pays nearly all federal expenses, through its General Account at the Reserve Bank of New York.


title: Federal Reserve Bank of New York

text: The Bank's underground gold bullion depository lies below street level and below sea level, resting on Manhattan bedrock. By 1927, the vault contained 10% of the world's official gold reserves. The vault (designed by Frederick S. Holmes) is the largest known and confirmed gold store in the world, and holds approximately of gold bullion, more than Fort Knox does. The gold does not belong to the Bank, which transferred all of its domestic gold reserves to the Treasury under the Gold Reserve Act of 1934. Nearly 98% of it belongs to the central banks of foreign governments. The rest belongs to the United States and international organizations such as the IMF. The Bank stores the gold at no charge, but charges for handling whenever it is moved.


title: Federal Reserve Bank of New York

text: The Bank publishes a monthly recession probability prediction derived from the yield curve and based on the work by Esteban Rodriguez Jr. Their models show that, when the difference between short-term interest rates (using three-month T-bills) and long-term interest rates (using ten-year Treasury notes) at the end of a Federal Reserve tightening cycle is negative or less than 93 basis points positive, a rise in unemployment usually occurs.


title: Federal Reserve Bank of New York

text: The Federal Reserve Bank of New York Buffalo Branch was the Bank's only branch. It was formally disbanded on October 31, 2008.


title: Federal Reserve Bank of New York

text: In 2009, the Bank commissioned a probe into its own practices. David Beim, finance professor at Columbia Business School submitted a report in 2009, released by the Financial Crisis Inquiry Commission in 2011, saying "that a number of people he interviewed at the reserve bank believe that supervisors paid excessive deference to banks and, as a result, they were less aggressive in finding issues or in following up on them in a forceful way".


title: Federal Reserve Bank of New York

text: In 2012, Carmen Segarra, then an examiner for the Bank, told her superiors that Goldman Sachs had no policy governing conflicts of interest. She was dismissed in May 2012 and brought a lawsuit for whistle-blower retaliation in October 2013. In April 2014 the U.S. District court in Manhattan dismissed the case, "ruling that Segarra failed to make a legally sufficient claim under the whistle-blower protections of the Federal Deposit Insurance Act". In September 2014, Segarra's secretly recorded conversations were aired by "This American Life" and the Bank was accused of political corruption by being a "captured agency", "i.e.", subject to regulatory capture, of the banks which it supervises.


title: Federal Reserve Bank of New York

text: The following people serve on the board of directors . Terms expire on December 31 of their final year on the board.


title: Federal Reserve Bank of New York

text: In the first "Godfather" movie, the "meeting of the Dons" scene uses the Federal Reserve building exterior, even though the interior of another New York building (the Penn Central railway boardroom) was also used for filming.


title: Federal Reserve Bank of New York

text: In the 1984 film "Once Upon a Time in America" Max suggests a New York Federal Reserve Bank heist, which Noodles and Carol deem a suicide mission.


title: Federal Reserve Bank of New York

text: In the 1974 film "The Taking of Pelham One Two Three" hijackers take over a subway train car and demand $1 million for release of the car and 19 passengers, and the city must deliver it to the train car within one hour or the hijackers will start killing passengers at the rate of one per minute until it is delivered. The money for the ransom, to be provided in bundles of used $50 and $100 bills, is frantically assembled by workers at the Federal Reserve Bank of New York while a police cruiser waits at the front entrance for it to be assembled for delivery.