August 17, 2010
Bohemian Grove is a 2,700-acre campground located at 20601 Bohemian Avenue, in Monte Rio, California, belonging to a private San Francisco-based men’s art club known as the Bohemian Club. In mid-July each year, Bohemian Grove hosts a three-week encampment of some of the most powerful men in the world. The Club motto is ‘Weaving Spiders Come Not Here,’ which implies that outside concerns and business deals are to be left outside.
The Grove is particularly famous for a Manhattan Project planning meeting that took place there in September 1942, which subsequently led to the atomic bomb. Those attending this meeting, apart from Ernest Lawrence and military officials, included the president of Harvard and representatives of Standard Oil and General Electric. Grove members take particular pride in this event and often relate the story to new attendees.
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August 16, 2010
Svalbard Global Seed Vault is a secure seedbank located on the Norwegian island of Spitsbergen in the remote Arctic Svalbard archipelago, about 1,300 kilometres from the North Pole. The facility preserves a wide variety of plant seeds in an underground cavern. The seed vault will provide insurance against the loss of seeds in genebanks, as well as a refuge for seeds in the case of large scale regional or global crises. The seed vault is managed under terms spelled out in a tripartite agreement between the Norwegian government, the Global Crop Diversity Trust (GCDT) and the Nordic Genetic Resource Center.
Construction of the seed vault, which cost approximately $9 million, was funded entirely by the Government of Norway. Storage of seeds in the vault is free of charge. Operational costs are paid by Norway and the Global Crop Diversity Trust. The primary funding of the Trust came from the Bill & Melinda Gates Foundation, United Kingdom, Norway, Australia, Switzerland, and Sweden, though funding has been received from a wide variety of sources including four developing countries: Brazil, Colombia, Ethiopia, and India.
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August 16, 2010
Baidu is a Chinese search engine established in 2000 by co-founders, Robin Li and Eric Xu. Both of the co-founders are Chinese nationals who have studied and worked overseas before returning to China. Baidu.com Inc. is registered in the Cayman Islands. In April 2010, Baidu ranked 7th overall in Alexa’s internet rankings.
In December 2007, Baidu became the first Chinese company to be included in the NASDAQ-100 index. Baidu proactively censors its content in line with government regulations. The name Baidu, whose literal meaning is ‘hundreds of times,’ is taken from the last line of Xin Qiji’s classical poem ‘Green Jade Table in The Lantern Festival.’
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August 16, 2010
Yandex is a Russian IT company which operates the largest search engine in Russia (with 64% market share, ranked eighth-largest in the world) and develops a number of Internet-based services and products. Yandex was launched in 1997 and began earning a profit in 2002. Its name stands for ‘Yet Another iNDEXer.’
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August 12, 2010
Fan death is a putative phenomenon, generally accepted only in South Korea, in which an electric fan left running overnight in a closed room can cause the death of those inside. Fans sold in Korea are equipped with a timer switch that turns them off after a set number of minutes, which users are frequently urged to set when going to sleep with a fan on.
The genesis of this misconception is unclear. Some have speculated that the South Korean government created the idea of fan death as propaganda in order to curb the energy consumption of Korean households. This theory is based on the fact that reports of fan death first appeared in the 1970s. This coincided with the 1970s energy crisis, which led to a short supply and high prices of oil; it also coincided with the rule of President Park Chung-hee, who listed attaining a self-reliant economy and modernization as his top goals, as announced in his Five Year Economic development Plan.
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August 11, 2010
Hollywood accounting refers to the notoriously opaque accounting methods used by Hollywood to budget and record profits for film projects. Expenditures can be inflated to reduce or eliminate the profit of the project thereby reducing the amount which the corporation must pay in royalties or other profit-sharing agreements based on the net profit.
For example, Winston Groom’s price for the screenplay rights to his novel Forrest Gump included a share of the profits; however, due to Hollywood accounting, the film’s commercial success was converted into a net loss, and Groom received nothing. That being so, he has refused to sell the screenplay rights to the novel’s sequel, stating that he, ‘cannot in good conscience allow money to be wasted on a failure.’
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August 10, 2010
In economics, a monopsony [muh-nop-suh-nee] is a market form in which only one buyer faces many sellers. It is an example of imperfect competition, similar to a monopoly, in which only one seller faces many buyers. As the only purchaser of a good or service, the ‘monopsonist’ may dictate terms to its suppliers in the same manner that a monopolist controls the market for its buyers.
The term was first introduced by Joan Robinson in her influential book, ‘The Economics of Imperfect Competition.’ Robinson credits classics scholar Bertrand Hallward of Peterhouse College, Cambridge with coining the term. A single-payer universal health care system, in which the government is the only ‘buyer’ of health care services, is an example of a monopsony. It has also been argued that Wal-Mart, in the United States, functions as a monopsony in certain market segments, as its buying power for a given item may dwarf the remaining market. The Canadian Wheat Board, established by the Parliament of Canada in 1935 as a producer marketing system, is a monopsonistic buyer of wheat and barley.
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August 10, 2010
A bearer bond is a debt security issued by a business entity, such as a corporation, or by a government. It differs from the more common types of investment securities in that it is unregistered – no records are kept of the owner, or the transactions involving ownership. Whoever physically holds the paper on which the bond is issued owns the instrument. This is useful for investors who wish to retain anonymity. Recovery of the value of a bearer bond in the event of its loss, theft, or destruction is usually impossible.
Bearer bonds have historically been the financial instrument of choice for money launderers, tax evaders, and those just generally trying to conceal business transactions. In response, new issuances of bearer bonds were banned in the United States in 1982. All the bearer bonds issued by the U.S. Treasury have matured. They no longer pay interest to the holders. As of May 2009, the approximate amount outstanding is $100 million. Bearer bonds are still used in some parts of the world, notably in Central America.
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August 10, 2010
The Luddites [luhd-ahyts] were a social movement of British textile artisans in the nineteenth century who protested – often by destroying mechanized looms – against the changes produced by the Industrial Revolution. It took its name from Ned Ludd, a proletariat folk hero, who was credited with being the first to fight back against mechanization. The principal objection of the Luddites was to the introduction of automated looms that could be operated by cheap, relatively unskilled labour, resulting in the loss of jobs for many skilled textile workers. The movement began in 1811 when mills and pieces of factory machinery were burned by handloom weavers, and for a short time was so strong that Luddites clashed in battles with the British Army. Measures taken by the British government to suppress the movement included a mass trial at York in 1812 that resulted in many executions and penal transportations.
The action of destroying new machines had a long tradition before the Luddites, especially within the textile industry. Many inventors of the 18th century were attacked by vested interests who were threatened by new and more efficient ways of making yarn and cloth. Samuel Crompton, for example, had to hide his new spinning mule in the roof of his house at Hall i’ th’ Wood in 1779 to prevent it being destroyed by the mob. In modern usage, ‘Luddite’ is a term describing those opposed to industrialization, automation, computerization or new technologies in general.
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August 9, 2010
In electronic financial markets, algorithmic trading or automated trading, also known as algo trading, black-box trading or robo trading, is the use of computer programs for entering trading orders with the computer algorithm deciding on aspects of the order such as the timing, price, or quantity of the order, or in many cases initiating the order without human intervention. Investment decisions and implementation may be augmented at any stage with algorithmic support or may operate completely automatically (‘on auto-pilot’).
Algorithmic Trading is widely used by pension funds, mutual funds, and other buy side (investor driven) institutional traders, to divide large trades into several smaller trades in order to manage market impact, and risk. Sell side traders, such as market makers and some hedge funds, provide liquidity to the market, generating and executing orders automatically. A special class of algorithmic trading is ‘high-frequency trading’ (HFT), in which computers make elaborate decisions to initiate orders based on information that is received electronically, before human traders are capable of processing the information.
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August 2, 2010
A morganatic [mor-ga-nat-ic] marriage is a type of marriage which can be contracted in certain countries, usually between people of unequal social rank, which prevents the passage of the husband’s titles and privileges to the wife and any children born of the marriage. It is also known as a left-handed marriage because in the wedding ceremony the groom holds his bride’s right hand with his left hand instead of his right.
Generally, this is a marriage between a male of high birth (such as from a royal or reigning house), and a woman of lesser status (such as from a non-royal or non-reigning house, or with a profession that is traditionally considered lower-status). Neither the bride nor any children of the marriage has any claim on the groom’s titles, rights, or entailed property. The children are considered legitimate on other counts and the prohibition of bigamy applies.
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August 1, 2010
The Macondo Prospect (Mississippi Canyon Block 252, abbreviated MC252) is an oil and gas prospect in the United States Exclusive Economic Zone of the Gulf of Mexico, off the coast of Louisiana. The prospect was the site of the Deepwater Horizon drilling rig explosion in April 2010 that led to a major oil spill in the region.
The name Macondo is the same name as the fictitious cursed town in the novel ‘One Hundred Years of Solitude’ by Colombian nobel-prize winning writer Gabriel Garcia Marquez. Oil companies routinely assign code names to offshore prospects early in the exploration effort. This practice helps ensure secrecy during the confidential pre-sale phase, and later provides convenient names for casual reference rather than the often similar-sounding official lease names. Names in a given year or area might follow a theme such as beverages (e.g., Cognac), heavenly bodies (e.g., Mars), or even cartoon characters (e.g., Bullwinkle), but usually have no geological or geographical significance to the prospect itself.
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