146-510: Forbes ( / f ɔːr b z / ) is an American business magazine founded by B. C. Forbes in 1917 and owned by Hong Kong –based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes , and its CEO is Mike Federle . It is based in Jersey City, New Jersey . Competitors in the national business magazine category include Fortune and Bloomberg Businessweek . Published eight times
292-463: A proposed extradition amendment bill permitting the extradition of fugitives to mainland China. The protests are the largest in Hong Kong's history, with organisers claiming to have attracted more than three million Hong Kong residents. The Hong Kong regional government and Chinese central government responded to the protests with a number of administrative measures to quell dissent. In June 2020,
438-402: A 2021 thematic report by the Hong Kong government, after excluding foreign domestic helpers, the real number of non-Chinese ethnic minorities in the city was 301,344, or 4% of Hong Kong's population. About half the population have some form of British nationality , a legacy of colonial rule; 3.4 million residents have British National (Overseas) status, and 260,000 British citizens live in
584-721: A consequence of losing the First Opium War . The colony expanded to the Kowloon Peninsula in 1860 and was further extended when the United Kingdom obtained a 99-year lease of the New Territories in 1898. Hong Kong was occupied by Japan from 1941 to 1945 during World War II . The territory was handed over from the United Kingdom to China in 1997. Hong Kong maintains separate governing and economic systems from that of mainland China under
730-511: A contributor who argued that libraries should be closed, and Amazon should open bookstores in their place. As of 2019 the company published 100 articles each day produced by 3,000 outside contributors who were paid little or nothing. This business model, in place since 2010, "changed their reputation from being a respectable business publication to a content farm", according to Damon Kiesow, the Knight Chair in digital editing and producing at
876-524: A diverse ecosystem; over 3,000 species of vascular plants occur in the region (300 of which are native to Hong Kong), and thousands of insect, avian, and marine species. Hong Kong has a humid subtropical climate ( Köppen Cwa ), characteristic of southern China, despite being located south of the Tropic of Cancer , although closely bordering on a tropical climate . Summers are long, hot and humid, with occasional showers and thunderstorms and warm air from
1022-532: A division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics . Together these sites reach more than 27 million unique visitors each month. Forbes.com employs the slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most widely visited business web site. The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $ 70 million to $ 80 million
1168-845: A four-year term. Twenty are directly elected from geographical constituencies , thirty-five represent functional constituencies (FC), and forty are chosen by an election committee consisting of representatives appointed by the Chinese central government. Thirty FC councillors are selected from limited electorates representing sectors of the economy or special interest groups, and the remaining five members are nominated from sitting district council members and selected in region-wide double direct elections . All popularly elected members are chosen by proportional representation . The 30 limited electorate functional constituencies fill their seats using first-past-the-post or instant-runoff voting. Twenty-two political parties had representatives elected to
1314-707: A global systemically important bank by the Financial Stability Board since 2011. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . According to a 2020 article in the New Yorker , Deutsche Bank had long had an "abject" reputation among major banks, as it has been involved in major scandals across various issue areas. Deutsche Bank
1460-516: A government bailout. One of them claims that "If Lehman Brothers didn't have to mark its books for six months it might still be in business, and if Deutsche had marked its books it might have been in the same position as Lehman." Deutsche had become the biggest operator in this market, which were a form of credit derivative designed to behave like the most senior tranche of a CDO. Deutsche bought insurance against default by blue-chip companies from investors, mostly Canadian pension funds, who received
1606-744: A higher rate of a discount than English or French bills. The founding members were: Hermann Zwicker (Bankhaus Gebr. Schickler, Berlin); Anton Adelssen (Bankhaus Adelssen & Co., Berlin); Adelbert Delbrück (Bankhaus Delbrück, Leo & Co.); Heinrich von Hardt (Hardt & Co., Berlin, New York); Ludwig Bamberger (politician, former chairman of Bischoffsheim, Goldschmidt & Co); Victor Freiherr von Magnus (Bankhaus F. Mart Magnus); Adolph vom Rath [ de ] (Bankhaus Deichmann & Co., Cologne); Gustav Kutter (Bankhaus Gebrüder Sulzbach, Frankfurt); and Gustav Müller (Württembergische Vereinsbank, Stuttgart). The First directors were Wilhelm Platenius, Georg Siemens , and Hermann Wallich . Georg Siemens
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#17327908987981752-583: A merger with a special-purpose acquisition company called Magnum Opus Acquisition, and to trade on the New York Stock Exchange as FRBS. In February 2022, it was announced that Cryptocurrency exchange Binance would acquire a $ 200 million stake in Forbes as a result of the SPAC flotation. In June 2022, the company terminated its SPAC merger citing unfavorable market conditions. In August 2022,
1898-474: A minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now a part. A 2009 New York Times report said: "40 percent of the enterprise was sold... for a reported $ 300 million, setting the value of the enterprise at $ 750 million." Three years later, Mark M. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now." It
2044-491: A neutral zone to safeguard its status as a free port. The colonial government prepared for a possible attack, evacuating all British women and children in 1940. The Imperial Japanese Army attacked Hong Kong on 8 December 1941 , the same morning as its attack on Pearl Harbor . Hong Kong was occupied by Japan for almost four years before the British resumed control on 30 August 1945. Its population rebounded quickly after
2190-487: A quarterly magazine published by Steve Forbes's daughter, Moira Forbes , with a companion Web site. The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007. The company also formerly published American Heritage and Invention & Technology magazines. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 17, 2007. Both magazines were purchased by
2336-558: A required 9% core Tier 1 ratio after sovereign debt write-down starting in mid-2012. As of 2012, Deutsche Bank had negligible exposure to Greece , but Spain and Italy accounted for a tenth of its European private and corporate banking business with credit risks of about €18 billion in Italy and €12 billion in Spain. In 2017, Deutsche Bank needed to get its common equity tier-1 capital ratio up to 12.5% in 2018 to be marginally above
2482-466: A risk specialist from Merrill Lynch , who hired two other former Merrill Lynch risk specialists Anshu Jain and William S. Broeksmit. By the mid-1990s, the buildup of a capital-markets operation had got underway with the arrival of a number of high-profile figures from major competitors. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was added. Bankers Trust suffered losses during
2628-409: A second language. Slightly over half the population (58.7%) speaks English , the other official language; 4.6% are native speakers, and 54.1% speak English as a second language. Code-switching , mixing English and Cantonese in informal conversation, is common among the bilingual population. Post-handover governments have promoted Mandarin , which is currently about as prevalent as English; 54.2% of
2774-531: A series of protests in 2014 which became known as the Umbrella Revolution. Discrepancies in the electoral registry and disqualification of elected legislators after the 2016 Legislative Council elections and enforcement of national law in the West Kowloon high-speed railway station raised further concerns about the region's autonomy. In June 2019, mass protests erupted in response to
2920-432: A severe amount of income inequality, which has risen since the handover, as the region's ageing population has gradually added to the number of nonworking people. Although median household income steadily increased during the decade to 2021, the wage gap remained high; the 90th percentile of earners receive 41% of all income. The city has the most billionaires per capita, with one billionaire per 109,657 people, as well as
3066-503: A small inlet located between Aberdeen Island and the southern coast of Hong Kong Island. Aberdeen was an initial point of contact between British sailors and local fishermen. Although the source of the romanised name is unknown, it is generally believed to be an early phonetic rendering of the Cantonese (or Tanka Cantonese ) phrase hēung góng . The name translates as "fragrant harbour" or "incense harbour". "Fragrant" may refer to
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#17327908987983212-508: A stream of insurance premiums as income in return for posting a small amount of collateral. The bank then sold protection to US investors via the CDX credit index , the spread between the two was tiny but was worth $ 270m over the 7 years of the trade. It was considered very unlikely that many blue chips would have problems at the same time, so Deutsche required collateral of just 10% of the contract value. The risk of Deutsche taking large losses if
3358-430: A year in revenue, [it] never yielded the hoped-for public offering ". Forbes.com uses a contributor network in which a wide network of freelancers ("contributors") writes and publishes articles directly on the website. Contributors are paid based on traffic to their respective Forbes.com pages; the site has received contributions from over 2,500 individuals, and some contributors have earned over US$ 100,000, according to
3504-559: A year, Forbes features articles on finance, industry, investing, and marketing topics. It also reports on related subjects such as technology, communications, science, politics, and law. It has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine is known for its lists and rankings, including of the richest Americans (the Forbes 400 ), lists of 30 notable young people under
3650-431: Is a special administrative region of China , with executive, legislative, and judicial powers devolved from the national government . The Sino-British Joint Declaration provided for economic and administrative continuity through the handover, resulting in an executive-led governing system largely inherited from the territory's history as a British colony. Under these terms and the "one country, two systems" principle,
3796-845: Is a German multinational investment bank and financial services company headquartered in Frankfurt , Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange . Deutsche Bank was founded in 1870 in Berlin . From 1929 to 1937, following its merger with Disconto-Gesellschaft , it was known as Deutsche Bank und Disconto-Gesellschaft or DeDi-Bank. Other transformative acquisitions have included those of Mendelssohn & Co. in 1938, Morgan Grenfell in 1990, Bankers Trust in 1998, and Deutsche Postbank in 2010. As of 2018,
3942-426: Is consistently in high demand . Hong Kong is a highly developed territory and has a Human Development Index (HDI) of 0.956, ranking fourth in the world and currently the only place in Asia to be in the top 5. The city has the highest life expectancy in the world , and a public transport usage exceeding 90 per cent. The name of the territory, first romanised as "He-Ong-Kong" in 1780, originally referred to
4088-410: Is governed by a hybrid regime that is not fully representative of the population. Legislative Council members elected by functional constituencies composed of professional and special interest groups are accountable to these narrow corporate electorates and not the general public. This electoral arrangement has guaranteed a pro-Beijing camp majority in the legislature since the handover. Similarly,
4234-420: Is the ninth most traded currency in the world. Home to the seventh-highest number of billionaires of any city in the world, Hong Kong has the largest number of ultra high-net-worth individuals . Although the city has one of the highest per capita incomes in the world, severe income inequality exists among the population. Despite being the city with the most skyscrapers in the world , housing in Hong Kong
4380-586: The 1998 Russian financial crisis since it had a large position in Russian government bonds, but avoided financial collapse by being acquired by Deutsche Bank for $ 10 billion in November 1998. On 4 June 1999, Deutsche Bank merged its Deutsche Morgan Grenfell and Bankers Trust to became Deutsche Asset Management (DAM) with Robert Smith as the CEO. This made Deutsche Bank the fourth-largest money management firm in
4526-542: The Basic Law of Hong Kong for 50 years after the handover. It does not specify how Hong Kong will be governed after 2047, and the central government's role in determining the territory's future system of government is the subject of political debate and speculation. Hong Kong's political and judicial systems may be integrated with China's at that time, or the territory may continue to be administered separately. However, in response to large-scale protests in 2019 and 2020 ,
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4672-591: The Basic Law of Hong Kong is the regional constitution. The regional government is composed of three branches: The chief executive is the head of government and serves for a maximum of two five-year terms. The State Council (led by the Premier of China ) appoints the chief executive after nomination by the Election Committee , which is composed of 1500 business, community, and government leaders. The Legislative Council has 90 members, each serving
4818-604: The Chinese People's Political Consultative Conference appointed by the central government. Chinese national law does not generally apply in the region, and Hong Kong is treated as a separate jurisdiction. Its judicial system is based on common law , continuing the legal tradition established during British rule. Local courts may refer to precedents set in English law and overseas jurisprudence. However, mainland criminal procedure law applies to cases investigated by
4964-563: The Chinese central government 's adherence to the "one country, two systems" principle. After reversal of the last colonial era Legislative Council democratic reforms following the handover, the regional government unsuccessfully attempted to enact national security legislation pursuant to Article 23 of the Basic Law . The central government decision to implement nominee pre-screening before allowing chief executive elections triggered
5110-603: The Committee on Foreign Investment in the United States . Russell denied reports that Russian businessman Magomed Musaev was involved in the transaction. In November 2023, the deal collapsed, as Russell was unable to put together the necessary funds. Apart from Forbes and its lifestyle supplement, Forbes Life , the magazine has 42 international editions covering 69 countries: Chairman / Editor-in-chief Steve Forbes and his magazine's writers offer investment advice on
5256-670: The Former Marine Police Headquarters was redeveloped into a commercial and retail complex, and Béthanie (built in 1875 as a sanatorium ) houses the Hong Kong Academy for Performing Arts . The Tin Hau Temple , dedicated to the sea goddess Mazu (originally built in 1012 and rebuilt in 1266), is the territory's oldest existing structure. The Ping Shan Heritage Trail has architectural examples of several imperial Chinese dynasties, including
5402-757: The Landesbank für Bosnien und Herzegowina in Sarajevo , together with the Société Générale de Belgique and its affiliate Banque Belge pour l'Étranger . In 1940, following the German invasion of Belgium , Deutsche Bank bought out the Belgian stake under duress and became the AJB's dominant shareholder, with 88 percent held either directly or through Creditanstalt. Deutsche Bank simultaneously took control of
5548-803: The Middle Neolithic period, about 6,000 years ago, the region had been widely occupied by humans. Neolithic to Bronze Age Hong Kong settlers were semi-coastal people. Early inhabitants are believed to be Austronesians in the Middle Neolithic period and later the Yue people. As hinted by the archaeological works in Sha Ha, Sai Kung, rice cultivation had been introduced since Late Neolithic period. Bronze Age Hong Kong featured coarse pottery, hard pottery, quartz and stone jewelry, as well as small bronze implements. The Qin dynasty incorporated
5694-816: The National Bank of Greece during the Axis occupation of Greece , without however acquiring ownership out of consideration for Italian sensitivities. Through the Creditanstalt-Bankverein, Deutsche Bank also became a major shareholder of the Allgemeiner Jugoslawischer Bankverein (AJB), which had been formed in 1928 from the two former branches of the Wiener Bankverein in Belgrade and Zagreb, and of
5840-967: The Northern Pacific Railroad in the US and the Baghdad Railway (1888). In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp (1879) and introduced the chemical company Bayer to the Berlin stock market. The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entry into Germany's main industrial regions. It thus formed community-of-interests partnerships with Bergisch-Märkische Bank [ de ] in Elberfeld and Schlesischer Bankverein [ de ] in Breslau , linked to
5986-734: The Office for Safeguarding National Security of the CPG in the HKSAR . Interpretative and amending power over the Basic Law and jurisdiction over acts of state lie with the central authority, making regional courts ultimately subordinate to the mainland's socialist civil law system. Decisions made by the Standing Committee of the National People's Congress override any territorial judicial process. Furthermore, in circumstances where
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6132-717: The People's Liberation Army is responsible for the region's defence. Although the Chairman of the Central Military Commission is supreme commander of the armed forces, the regional government may request assistance from the garrison. Hong Kong residents are not required to perform military service, and current law has no provision for local enlistment, so its defence is composed entirely of non-Hongkongers. The central government and Ministry of Foreign Affairs handle diplomatic matters, but Hong Kong retains
6278-595: The Safeguarding National Security Ordinance was passed by the Legislative Council to grant officials "even more powers to crack down on opposition to Beijing and the Hong Kong government" and includes penalties such as life imprisonment for political crimes such as treason and insurrection . Critics state that this expansion "will strike a lasting blow to the partial autonomy the city had been promised by China [in
6424-713: The Shanghai Street shophouses in Mong Kok . Mass-produced public-housing estates , built since the 1960s, are mainly constructed in modernist style . The Census and Statistics Department estimated Hong Kong's population at 7,413,070 in 2021. The overwhelming majority (91.6%) is Han Chinese , most of whom are Taishanese , Teochew , Hakka , and other Cantonese peoples . The remaining 8.4% are non-ethnic Chinese minorities, primarily Filipinos , Indonesians , and South Asians . However, most Filipinos and Indonesians in Hong Kong are short-term workers. According to
6570-502: The Sino-British Joint Declaration ]." Hong Kong's administrative divisions are divided into three levels: Areas (區域), Districts (地區), and Sub-districts (分區). Hong Kong is administratively divided into three areas: Hong Kong Island , Kowloon , and the New Territories . They are further divided into 18 districts. The area of Hong Kong Island has four districts, the area of Kowloon has five districts, and
6716-457: The Standing Committee of the National People's Congress passed the controversial Hong Kong national security law . The law criminalises secession, subversion, terrorism and collusion with foreign elements and establishes the Office for Safeguarding National Security of the CPG in the HKSAR, an investigative office under Central People's Government authority immune from HKSAR jurisdiction. Some of
6862-615: The Tsui Sing Lau Pagoda (Hong Kong's only remaining pagoda). Tong lau , mixed-use tenement buildings constructed during the colonial era, blended southern Chinese architectural styles with European influences. These were especially prolific during the immediate post-war period, when many were rapidly built to house large numbers of Chinese migrants. Examples include Lui Seng Chun , the Blue House in Wan Chai , and
7008-617: The central government in Beijing in June 2020 resulted in the suspension of bilateral extradition treaties by the United Kingdom, Canada, Australia, New Zealand, Finland, and Ireland. The United States ended its preferential economic and trade treatment of Hong Kong in July 2020 because it was no longer able to distinguish Hong Kong as a separate entity from the People's Republic of China. In 2024,
7154-431: The clearing center for the three banks. Since the mid-1990s Deutsche Bank commercial real estate division offered Donald Trump financial backing, even though in the early 1990s Citibank , Manufacturers Hanover , Chemical , Bankers Trust , and 68 other entities refused to financially support him. In 2008, Trump sued Deutsche Bank for $ 3 billion and a few years later, he shifted his financial portfolio from
7300-644: The crisis summer of 1931 the Deutsche Golddiskontbank , a subsidiary of the Reichsbank , acquired 35 percent of DeDi-Bank's equity as part of a sector-wide rescue, bringing total government ownership of the bank to 38.5 percent. This did not, however, result in significant government interference in the management of the company, unlike at Dresdner Bank whose capital was near-completely nationalized. When Adolf Hitler became leader of Germany, Deutsche Bank increasingly became integrated into
7446-478: The second-highest number of billionaires of any city in the world, the highest number of billionaires of any city in Asia, and the largest concentration of ultra high-net-worth individuals of any city in the world. Despite government efforts to reduce the growing disparity, median income for the top 10% of earners is 57 times that of the bottom 10%. Deutsche Bank Deutsche Bank AG ( German pronunciation: [ˈdɔʏtʃə ˈbaŋk ʔaːˈɡeː] )
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#17327908987987592-730: The tallest buildings in Hong Kong and are among the tallest in the Asia-Pacific region. Other distinctive buildings lining the Hong Kong Island skyline include the HSBC Main Building , the anemometer -topped triangular Central Plaza , the circular Hopewell Centre , and the sharp-edged Bank of China Tower . Demand for new construction has contributed to frequent demolition of older buildings, freeing space for modern high-rises. However, many examples of European and Lingnan architecture are still found throughout
7738-516: The 12% median CET1 ratio of Europe's 24 biggest publicly traded banks, so there would be no dividend for 2015 and 2016. Furthermore, 15,000 jobs were to be cut. In June 2015, the then co-CEOs, Jürgen Fitschen and Anshu Jain, both offered their resignations to the bank's supervisory board, which were accepted. Jain's resignation took effect in June 2015, but he provided consultancy to the bank until January 2016. Fitschen continued as joint CEO until May 2016. The appointment of John Cryan as joint CEO
7884-415: The 12.25% required by regulators. In January 2014, Deutsche Bank reported a €1.2 billion ($ 1.6 billion) pre-tax loss for the fourth quarter of 2013. This came after analysts had predicted a profit of nearly €600 million, according to FactSet estimates. Revenues slipped by 16% versus the prior year. Deutsche Bank's Capital Ratio Tier-1 (CET1) was reported in 2015 to be only 11.4%, lower than
8030-636: The 1279 Battle of Yamen by the Yuan Dynasty. By the end of the Yuan dynasty , seven large families had settled in the region and owned most of the land. Settlers from nearby provinces migrated to Kowloon throughout the Ming dynasty . The earliest European visitor was Portuguese explorer Jorge Álvares , who arrived in 1513. Portuguese merchants established a trading post called Tamão in Hong Kong waters and began regular trade with southern China. Although
8176-725: The 39-story building continued for nearly a decade, and was completed in early 2011. In October 2001, Deutsche Bank was listed on the New York Stock Exchange . This was the first NYSE listing after interruption due to 11 September attacks . The following year, Josef Ackermann became CEO of Deutsche Bank and served as CEO until 2012 when he became involved with the Bank of Cyprus . Then, beginning in 2002, Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments. Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie (2002) and
8322-720: The American Heritage Publishing Company and resumed publication as of the spring of 2008. Forbes has published the Forbes Travel Guide since 2009. In 2013, Forbes licensed its brand to Ashford University , and assisted with the launch of the Forbes School of Business & Technology . CEO Mike Federle justified the licensing in 2018, stating that "Our licensing business is almost a pure- profit business , because it's an annual annuity ." Forbes would launch limited promotions for
8468-481: The Creditanstalt expanded its operations into Nazi-occupied Czechoslovakia, Poland, Yugoslavia, and in Nazi-allied Bulgaria. In September 1938, following the Munich Agreement , Deutsche Bank took over the branches of Prague-based Böhmische Union Bank (BUB) in the Sudetenland . In March 1939, it forcibly took over control of the BUB itself, in which it built a majority stake complemented with prior shareholding of Creditanstalt. It also took over management control of
8614-456: The Hong Kong area into China for the first time in 214 BCE, after conquering the indigenous Baiyue . The region was consolidated under the Nanyue kingdom (a predecessor state of Vietnam ) after the Qin collapse and recaptured by China after the Han conquest . During the Mongol conquest of China in the 13th century, the Southern Song court was briefly located in modern-day Kowloon City (the Sung Wong Toi site) before its final defeat in
8760-422: The Hongkong and Shanghai Banking Corporation (HSBC). Earliest known human traces in what is now Hong Kong are dated by some to 35,000 and 39,000 years ago during the Paleolithic period. The claim is based on an archaeological investigation in Wong Tei Tung , Sai Kung in 2003. The archaeological works revealed knapped stone tools from deposits that were dated using optical luminescence dating . During
8906-444: The Landesbank in Sarajevo. Following the German invasion of Yugoslavia , the AJB was divided into two separate institutions, respectively the Bankverein AG Belgrad in occupied Serbia , and the Bankverein für Kroatien AG in the Independent State of Croatia . Both these banks' assets were eventually confiscated by the newly established Communist authorities in October 1944, and they were subsequently liquidated. During
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#17327908987989052-406: The Legislative Council and the requirement that all candidates be vetted and approved by a Beijing-appointed Candidate Eligibility Review Committee . In May 2023, the Legislative Council also introduced legislation to reduce the number of directly elected seats in the district councils, and a District Council Eligibility Review Committee was similarly established to vet candidates. Hong Kong
9198-484: The Legislative Council in the 2016 election . These parties have aligned themselves into three ideological groups: the pro-Beijing camp (the current government), the pro-democracy camp , and localist groups . The Chinese Communist Party does not have an official political presence in Hong Kong, and its members do not run in local elections. Hong Kong is represented in the National People's Congress by 36 deputies chosen through an electoral college and 203 delegates in
9344-432: The Legislative Council passed the National Anthem Ordinance , which criminalised "insults to the national anthem of China". The Chinese central government meanwhile enacted the Hong Kong national security law to help quell protests in the region. Nine months later, in March 2021, the Chinese central government introduced amendments to Hong Kong's electoral system , which included the reduction of directly elected seats in
9490-503: The Nazi government fully re-privatized Deutsche Bank in 1935–1937, largely out of budgetary considerations. Its name changed back to Deutsche Bank in 1937. While the Nazi policies of financial repression were largely unhelpful to the domestic business of Deutsche and other German commercial banks, its expansionary behavior created opportunities that Deutsche Bank pursued. In 1938 following Hitler's Anschluss of Austria , Deutsche Bank gradually took control of Creditanstalt-Bankverein ,
9636-511: The Nazi power structures, and fully implemented the Nazi policy of aryanization . In 1934 it dismissed its three Jewish management board members, Oscar Wassermann , Theodor Frank, and Georg Solmssen ; in 1938 it dismissed its last Jewish supervisory board member. By the end of 1938, it had been involved as an intermediary and lender in at least 363 cases of expropriation of Jewish-owned businesses. In 1938, it acquired Jewish-controlled German bank Mendelssohn & Co. under duress. Meanwhile,
9782-438: The New Territories. Much of this is built on reclaimed land ; 70 km (27 sq mi) (6% of the total land or about 25% of developed space in the territory) is reclaimed from the sea. Undeveloped terrain is hilly to mountainous, with very little flat land, and consists mostly of grassland, woodland, shrubland, or farmland. About 40% of the remaining land area is country parks and nature reserves. The territory has
9928-450: The Odds , Indie Nation and Titans on the Rocks . Hong Kong Hong Kong is a special administrative region of China . With 7.4 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is the fourth most densely populated region in the world. Hong Kong was established as a colony of the British Empire after the Qing dynasty ceded Hong Kong Island in 1841–1842 as
10074-418: The Philippines and Indonesia, have little protection under regional law. Although they live and work in Hong Kong, these workers are not treated as ordinary residents and do not have the right of abode in the territory. Sex trafficking is also an issue, local, mainland Chinese, and foreign women have been trafficked for sex in brothels , homes, and businesses in the city. The Joint Declaration guarantees
10220-558: The Reichsbank, of which 744 kg came from Holocaust victims. In an effort to come to terms with its past during the Nazi era, Deutsche Bank in 1995 published a history volume that detailed its entanglement with the dictatorship. In December 1999, along with other major German companies, Deutsche Bank contributed to a US$ 5.2 billion compensation fund following lawsuits brought by Holocaust survivors; U.S. officials had reportedly threatened to block Deutsche Bank's $ 10 billion purchase of Bankers Trust if it did not contribute to
10366-805: The Russian investment bank United Financial Group (2005) founded by the United States banker Charles Ryan and the Russian official Boris Fyodorov which followed Anshu Jain 's aggressive expansion to gain strong relationships with state partners in Russia. Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later, in April 2007, sent the president and chairman of the management board of VTB Bank Andrey Kostin 's son Andrey to Deutsche Bank's Moscow office. Later, in 2008, to establish VTB Capital , numerous bankers from Deutsche Bank's Moscow office were hired by VTB Capital. In Germany, further acquisitions of Norisbank , Berliner Bank and Deutsche Postbank strengthened Deutsche Bank's retail offering in its home market. This series of acquisitions
10512-538: The Standing Committee declares a state of emergency in Hong Kong, the State Council may enforce national law in the region. The territory's jurisdictional independence is most apparent in its immigration and taxation policies. The Immigration Department issues passports for permanent residents which differ from those of the mainland or Macau, and the region maintains a regulated border with
10658-430: The U.S. in 1939 after more than one year in custody. Later in 1938, Creditanstalt was jointly taken over, without compensation, by German government holding VIAG [ de ] , Deutsche Bank, and the Reichsbank , which held respectively 51 percent, 25 percent, and 12 percent of its capital. In April 1942, Deutsche Bank raised its ownership to 51 percent by acquiring a block of shares from VIAG. During wartime,
10804-528: The University of Missouri School of Journalism. Similarly, Harvard University's Nieman Lab deemed Forbes "a platform for scams, grift, and bad journalism" as of 2022. In 2017 the website blocked internet users using ad blocking software from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access was granted. Forbes argued that this is done because customers using ad blocking software do not contribute to
10950-803: The ability to maintain separate economic and cultural relations with foreign nations . The territory actively participates in the World Trade Organization , the Asia-Pacific Economic Cooperation forum, the International Olympic Committee , and many United Nations agencies. The regional government maintains trade offices in Greater China and other nations. The imposition of the Hong Kong national security law by
11096-736: The acquisition in 1993 of Banca Popolare di Lecco from Banca Popolare di Novara for about $ 476 million. In 1999, it acquired a minority interest in Cassa di Risparmio di Asti . In the 11 September 2001 terrorist attacks the Deutsche Bank Building in Lower Manhattan , formerly Bankers Trust Plaza, was heavily damaged by the collapse of the South Tower of the World Trade Center. Demolition work on
11242-586: The aforementioned acts were previously considered protected speech under Hong Kong law. The United Kingdom considers the law to be a serious violation of the Joint Declaration. In October 2020, the Hong Kong Police arrested seven pro- democracy politicians over tussles with pro-Beijing politicians in the Legislative Council in May. They were charged with contempt and interfering with members of
11388-651: The age of 30 ( Forbes 30 Under 30 ), America's Wealthiest Celebrities, the world's top companies (the Forbes Global 2000 ), Forbes list of the World's Most Powerful People , and The World's Billionaires . The motto of Forbes magazine is "Change the World". B. C. Forbes , a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street , founded Forbes magazine on September 15, 1917. Forbes provided
11534-635: The agreement. After more than a year of further hostilities, Hong Kong Island was formally ceded to the United Kingdom in the 1842 Treaty of Nanking . Administrative infrastructure was quickly built by early 1842, but piracy, disease, and hostile Qing policies initially prevented the government from attracting commerce. Conditions on the island improved during the Taiping Rebellion in the 1850s, when many Chinese refugees, including wealthy merchants, fled mainland turbulence and settled in
11680-464: The area of the New Territories has nine districts. Each district is represented by a district council . The district councils advise the government on local issues such as public facility provisioning, community programme maintenance, cultural promotion, and environmental policy. As of 2024, there are a total of 470 district council seats, 88 of which are directly elected. In May 2023,
11826-510: The bank developed and owned the Cosmopolitan of Las Vegas , after the casino's original developer defaulted on its borrowings. Deutsche Bank ran it at a loss until its sale in May 2014. The bank's exposure at the time of sale was more than $ 4 billion, and sold the property to Blackstone Group for $ 1.73 billion. On 3 January 2014, it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders, who had accused
11972-561: The bank entered retail banking by introducing small personal loans. In the 1970s, the bank pushed ahead with international expansion, opening new offices in new locations, such as Milan (1977), Moscow , London , Paris , and Tokyo . In the 1980s, this continued when the bank paid U$ 603 million in 1986 to acquire Banca d'America e d'Italia . In 1972, the bank established its Fiduciary Services Division which provides support to its private wealth division . At 8:30 am on 30 November 1989, Alfred Herrhausen , chairman of Deutsche Bank,
12118-486: The bank of bundling and selling bad real estate loans before the 2008 downturn. This settlement came subsequent and in addition to Deutsche's $ 1.93 billion settlement with the US Housing Finance Agency over similar litigation related to the sale of mortgage-backed securities to Fannie Mae and Freddie Mac . Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that, during
12264-672: The bank purchased the state's share of Universum Film Aktiengesellschaft ( UFA ). In 1926, the bank assisted in the merger of Daimler and Benz. The bank merged with Disconto-Gesellschaft in 1929 and rebranded itself Deutsche Bank und Disconto-Gesellschaft , sometimes referred to as DeDi-Bank. By 1930, Deutsche Bank & Disconto-Gesellschaft maintained a similar dominant position as before World War I, with 4.8 billion Reichsmarks in total deposits ahead of Danat-Bank (2.4 billion), Dresdner Bank (2.3 billion), Commerz- und Privatbank (1.5 billion), Reichs-Kredit-Gesellschaft (619 million), and Berliner Handels-Gesellschaft (412 million). In
12410-586: The bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia. It is a component of the DAX stock market index and is often referred to as the largest German banking institution , with Deutsche Bank holding the majority stake in DWS Group for combined assets of 2.2 trillion euros, rivaling even Sparkassen-Finanzgruppe in terms of combined assets. Deutsche Bank has been designated
12556-399: The basis that Deutsche may be forced to book another €3 billion to €4 billion of litigation charges in 2016." May 2017, Chinese conglomerate HNA Group became its biggest shareholder, owning 9.90% of its shares. However, HNA Group's stake reduced to 8.8% as of 16 February 2018. In November 2018, the bank's Frankfurt offices were raided by police in connection with investigations around
12702-1165: The chief executive is selected by establishment politicians and corporate members of the Election Committee rather than directly elected. Despite universal suffrage being established as ultimate goals for the election of the chief executive and all members of the Legislative Council in Articles 45 and 68 of the basic law, the legislature is only partially directly elected, and the executive continues to be nominated by an unrepresentative body. The government has been repeatedly petitioned to introduce direct elections for these positions, but has not introduced these direct elections as of 2024. Ethnic minorities (except those of European ancestry) have marginal representation in government and often experience discrimination in housing, education, and employment. Employment vacancies and public service appointments frequently have language requirements which minority job seekers do not meet, and language education resources remain inadequate for Chinese learners. Foreign domestic helpers , mostly women from
12848-400: The collateral was wiped out in a crisis was called the gap option. Ben-Artzi claims that after modeling came up with "economically unfeasible" results, Deutsche accounted for the gap option first with a simple 15% "haircut" on the trades (described as inadequate by another employee in 2006) and then in 2008 by a $ 1–2bn reserve for the credit correlation desk designed to cover all risks, not just
12994-635: The colony. Further tensions between the British and Qing over the opium trade escalated into the Second Opium War . The Qing were again defeated and forced to give up Kowloon Peninsula and Stonecutters Island in the Convention of Peking . By the end of this war, Hong Kong had evolved from a transient colonial outpost into a major entrepôt . Rapid economic improvement during the 1850s attracted foreign investment, as potential stakeholders became more confident in Hong Kong's future. The colony
13140-433: The colour of soil over which a waterfall on the island flowed. The simplified name Hong Kong was frequently used by 1810. The name was also commonly written as the single word Hongkong until 1926, when the government officially adopted the two-word name. Some corporations founded during the early colonial era still keep this name, including Hongkong Land , Hongkong Electric Company , Hongkong and Shanghai Hotels and
13286-518: The company announced that it was exploring a sale of its business. In May 2023, it was announced that billionaire Austin Russell , founder of Luminar Technologies , agreed to acquire an 82 percent stake in a deal valuing the company at $ 800 million. His majority ownership was to include the remaining portion of the company owned by the Forbes family which was not previously sold to Integrated Whale Media. The transaction attracted scrutiny by
13432-456: The company is to transact banking business of all kinds, in particular, to promote and facilitate trade relations between Germany, other European countries and overseas markets. Prior to the founding of Deutsche Bank, German importers and exporters were dependent upon British and French banking institutions in the world markets—a serious handicap in that German bills were almost unknown in international commerce, generally disliked and subject to
13578-407: The company. The contributor system has been criticized for enabling "pay-to-play journalism" and the repackaging of public relations material as news. Forbes currently allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 percent of its digital revenue. In July 2018 Forbes deleted an article by
13724-590: The council, while none of the pro-Beijing lawmakers were detained. Annual commemorations of the 1989 Tiananmen Square protests and massacre were also cancelled amidst fears of violating the national security law. In March 2021, the Chinese central government unilaterally changed Hong Kong's electoral system and established the Candidate Eligibility Review Committee , which would be tasked with screening and evaluating political candidates for their "patriotism", effectively crushing
13870-816: The creation of the Deutsch-Asiatische Bank in Shanghai , in 1894, of the Banca Commerciale Italiana in Milan , and in 1898, of the Banque Internationale de Bruxelles . In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Überseeische Bank in 1886 and
14016-430: The crisis, Deutsche failed to recognize up to $ 12 billion of paper losses on its $ 130 billion portfolio of leveraged super senior trades, although the bank rejects the claims. A company document of May 2009 described the trades as "the largest risk in the trading book", and the whistleblowers allege that had the bank accounted properly for its positions its capital would have fallen to the extent that it might have needed
14162-505: The deal were not publicly reported, but Forbes was to continue to occupy the space under a five-year sale-leaseback arrangement. The company's headquarters moved to the Newport section of downtown Jersey City , New Jersey, in 2014. In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale. This was encouraged by minority shareholders Elevation Partners . Sale documents prepared by Deutsche Bank revealed that
14308-404: The end of the New Territories lease approached, and Governor Murray MacLehose raised the question of Hong Kong's status with Deng Xiaoping in 1979. Diplomatic negotiations with China resulted in the 1984 Sino-British Joint Declaration , in which the United Kingdom agreed to the handover of the colony in 1997 and China would guarantee Hong Kong's economic and political systems for 50 years after
14454-809: The fast-growing industrial economies of the Rhineland and Silesia respectively; it eventually acquired the two banks in 1914 and 1917 respectively. Joint ventures were symptomatic of the concentration then under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time; the Frankfurt branch dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig in 1901. In 1889, Deutsche Bank participated in
14600-456: The former country's leading bank. On 26 March 1938 the latter was coerced to enter a "friendship agreement" with Deutsche Bank, by which the latter secured a presence in its board of directors. Creditanstalt executive Louis de Rothschild was immediately arrested and imprisoned, deprived of his position and property, then released upon payment of $ 21,000,000, believed to have been the largest bail bond in history for any individual, and migrated to
14746-523: The fund. Following Germany's defeat in World War II , the Allied authorities, in 1948, ordered Deutsche Bank's break-up into regional banks. These regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt. In 1959,
14892-564: The gap option but actively mismarking the value of their trades. In 2008, Deutsche Bank reported its first annual loss in five decades, despite receiving billions of dollars from its insurance arrangements with AIG , including US$ 11.8 billion from funds provided by US taxpayers to bail out AIG. Based on a preliminary estimation from the European Banking Authority (EBA), in late 2011, Deutsche Bank AG needed to raise capital of about €3.2 billion as part of
15038-429: The gap option. In October 2008, it stopped modeling the gap option and just bought S&P put options to guard against further market disruption, but one of the whistleblowers has described this as an inappropriate hedge. A model from Ben-Artzi's previous job at Goldman Sachs suggested that the gap option was worth about 8% of the value of the trades, worth $ 10.4bn. Simpson claims that traders were not simply understating
15184-572: The government proposed reforms to the District Council electoral system which further cut the number of directly elected seats from 452 to 88, and total seats from 479 to 470. A requirement that district council candidates be vetted and approved by the District Council Eligibility Review Committee was also proposed. The Legislative Council approved the reforms in July 2023. Hong Kong
15330-418: The handover. The impending handover triggered a wave of mass emigration as residents feared an erosion of civil rights, the rule of law, and quality of life. Over half a million people left the territory during the peak migration period, from 1987 to 1996. The Legislative Council became a fully elected legislature for the first time in 1995 and extensively expanded its functions and organisations throughout
15476-478: The investment banking division to Deutsche Bank private wealth division with Rosemary Vrablic , formerly of Citigroup , Bank of America , and Merrill Lynch , becoming Trump's new personal banker at Deutsche Bank. In 2007, the company's headquarters, the Deutsche Bank Twin Towers building, was extensively renovated for three years, certified LEED Platinum and DGNB Gold. In 2010,
15622-401: The last years of the colonial rule. The handover of Hong Kong to China was at midnight on 1 July 1997, after 156 years of British rule. Immediately after the handover, Hong Kong was severely affected by several crises. The Hong Kong government was forced to use substantial foreign exchange reserves to maintain the Hong Kong dollar's currency peg during the 1997 Asian financial crisis , and
15768-501: The magazine's circulation nearly doubled. On Bruce's death, his brother Malcolm Forbes became president and chief executive officer of Forbes, and editor-in-chief of Forbes magazine. Between 1961 and 1999 the magazine was edited by James Michaels . In 1993, under Michaels, Forbes was a finalist for the National Magazine Award . In 2006, an investment group Elevation Partners that includes rock star Bono bought
15914-536: The maritime area is included) consists of Hong Kong Island , the Kowloon Peninsula , the New Territories , Lantau Island , and over 200 other islands. Of the total area, 1,073 km (414 sq mi) is land and 35 km (14 sq mi) is water. The territory's highest point is Tai Mo Shan , 957 metres (3,140 ft) above sea level. Urban development is concentrated on the Kowloon Peninsula, Hong Kong Island, and in new towns throughout
16060-590: The money and the name and Drey provided the publishing expertise. The original name of the magazine was Forbes: Devoted to Doers and Doings . Drey became vice-president of the B.C. Forbes Publishing Company, while B.C. Forbes became editor-in-chief, a post he held until his death in 1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) and Malcolm Forbes (1919–1990). Bruce Forbes took over after his father's death, and his strengths lay in streamlining operations and developing marketing. During his tenure, from 1954 to 1964,
16206-735: The north and occasionally result in chilly weather. Autumn is the sunniest season, whilst spring is generally cloudy. Snowfall has been extremely rare in Hong Kong; the last reported instance was on Tai Mo Shan in 1975. Hong Kong averages 1,709 hours of sunshine per year. Historic temperature extremes at the Hong Kong Observatory are 36.6 °C (97.9 °F) on 22 August 2017 and 0.0 °C (32.0 °F) on 18 January 1893. The highest and lowest recorded temperatures in all of Hong Kong are 39.0 °C (102 °F) at Wetland Park on 22 August 2017, and −6.0 °C (21.2 °F) at Tai Mo Shan on 24 January 2016 . Hong Kong has
16352-426: The opium trade. The commissioner destroyed opium stockpiles and halted all foreign trade, triggering a British military response and the First Opium War . The Qing surrendered early in the war and ceded Hong Kong Island in the Convention of Chuenpi . British forces began controlling Hong Kong shortly after the signing of the convention, from 26 January 1841. However, both countries were dissatisfied and did not ratify
16498-480: The peak of media coverage of alleged Toyota sudden unintended acceleration in 2010, it exposed the California "runaway Prius" as a hoax, as well as running five other articles by Michael Fumento challenging the entire media premise of Toyota's cars gone bad. The website (like the magazine) publishes lists focusing on billionaires and their possessions, especially real estate. Forbes.com is part of Forbes Digital,
16644-591: The population speak Mandarin, with 2.3% native speakers and 51.9% as a second language. Traditional Chinese characters are used in writing, rather than the simplified characters used in the mainland . Among the religious population, the traditional " three teachings " of China, Buddhism , Confucianism , and Taoism , have the most adherents (20%), followed by Christianity (12%) and Islam (4%). Followers of other religions, including Sikhism , Hinduism , and Judaism , generally originate from regions where their religion predominates. Life expectancy in Hong Kong
16790-440: The post-war decades to provide safer housing, integrity in the civil service, and more reliable transportation. Nevertheless, widespread public discontent resulted in multiple protests from the 1950s to 1980s, including pro- Republic of China and pro- Chinese Communist Party protests. In the 1967 Hong Kong riots , pro- PRC protestors clashed with the British colonial government. As many as 51 were killed and 802 were injured in
16936-412: The principle of one country, two systems . Originally a sparsely populated area of farming and fishing villages, the territory is now one of the world's most significant financial centres and commercial ports. Hong Kong is the world's third-ranked global financial centre (behind New York City and London ), ninth-largest exporter, and eighth-largest importer. Its currency, the Hong Kong dollar ,
17082-887: The publisher's 2012 earnings before interest, taxes, depreciation, and amortization was US$ 15 million. Forbes reportedly sought a price of US$ 400 million. In July 2014, the Forbes family bought out Elevation and then Hong Kong-based investment group Integrated Whale Media Investments purchased a 51 percent majority of the company. In 2017, Isaac Stone Fish, a senior fellow of the Asia Society , wrote in The Washington Post that "Since that purchase, there have been several instances of editorial meddling on stories involving China that raise questions about Forbes magazine's commitment to editorial independence." On August 26, 2021, Forbes announced plans to go public via
17228-476: The recovery from this was muted by an H5N1 avian-flu outbreak and a housing surplus. This was followed by the 2003 SARS epidemic , during which the territory experienced its most serious economic downturn. Chinese communists portrayed the return of Hong Kong as key moment in the PRC's rise to great power status. Political debates after the handover have centred around the region's democratic development and
17374-543: The region into a wasteland. The Kangxi Emperor lifted the maritime trade prohibition, allowing foreigners to enter Chinese ports in 1684. Qing authorities established the Canton System in 1757 to regulate trade more strictly, restricting non-Russian ships to the port of Canton . Although European demand for Chinese commodities like tea, silk, and porcelain was high, Chinese interest in European manufactured goods
17520-731: The remainder of the Pro-Democracy camp . Hong Kong is on China's southern coast, 60 km (37 mi) east of Macau, on the east side of the mouth of the Pearl River estuary . It is surrounded by the South China Sea on all sides except the north, which neighbours the Guangdong city of Shenzhen along the Sham Chun River . The territory's 1,110.18 km (428.64 sq mi) area (2,754.97 km if
17666-412: The rest of the country. All travellers between Hong Kong and China and Macau must pass through border controls, regardless of nationality. Mainland Chinese citizens do not have right of abode in Hong Kong and are subject to immigration controls. Public finances are handled separately from the national government; taxes levied in Hong Kong do not fund the central authority. The Hong Kong Garrison of
17812-661: The school in limited issues. Forbes has never formally endorsed the school. On January 6, 2014, Forbes magazine announced that, in partnership with app creator Maz, it was launching a social networking app called "Stream". Stream allows Forbes readers to save and share visual content with other readers and discover content from Forbes magazine and Forbes.com within the app. David Churbuck founded Forbes ' s web site in 1996. The site uncovered Stephen Glass 's journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism . At
17958-411: The site's revenue. Malware attacks have been noted to occur from the Forbes site. Forbes won the 2020 Webby People's Voice Award for Business Blog/Website . In November 2019, Forbes launched a streaming platform Forbes8, highlighting notable entrepreneurs and sharing business tips. In 2020, the network announced the release of several documentary series including Forbes Rap Mentors , Driven Against
18104-481: The southwest. The humid nature of Hong Kong exacerbates the warmth of summer. Typhoons occur most often then, sometimes resulting in floods or landslides. Also rarely occurring are waterspouts and tornadoes , which occurred at Hong Kong International Airport on 26 September 2020 and at Victoria Harbour on 28 September 2024. Winters are short, mild and usually sunny at the beginning, becoming cloudy towards February. Frequent cold fronts bring strong, cooling winds from
18250-496: The stake taken in the newly established Deutsch-Asiatische Bank three years later, but the success of those companies showed that their existence made sound commercial sense. By end-1908, Deutsche was by far the largest German joint-stock bank by total deposits, with a total of 489 million Marks ahead of Dresdner Bank (225 million), Disconto-Gesellschaft (219 million), Darmstädter Bank (109 million) and A. Schaaffhausen'scher Bankverein (72 million). At that time, Deutsche Bank
18396-467: The sweet taste of the harbour's freshwater influx from the Pearl River or to the odour from incense factories lining the coast of northern Kowloon . The incense was stored near Aberdeen Harbour for export before Victoria Harbour was developed. Sir John Davis (the second colonial governor) offered an alternative origin; Davis said that the name derived from "Hoong-keang" ("red torrent"), reflecting
18542-465: The territory. The vast majority also hold Chinese nationality , automatically granted to all ethnic Chinese residents at the handover. Headline population density exceeds 7,060 people/km , and is the fourth-highest in the world. The predominant language is Cantonese , a variety of Chinese originating in Guangdong. It is spoken by 93.7% of the population, 88.2% as a first language and 5.5% as
18688-512: The territory. Older government buildings are examples of colonial architecture. The 1846 Flagstaff House , the former residence of the Commander of the British forces in Hong Kong , is the oldest Western-style building in Hong Kong. Some buildings, such as the Court of Final Appeal Building and the Hong Kong Observatory retain their original functions, and others have been adapted and reused ;
18834-575: The traders were expelled after military clashes in the 1520s, Portuguese-Chinese trade relations were re-established by 1549 . Portugal acquired a permanent lease for Macau in 1887. After the Qing conquest , maritime trade was banned under the Haijin policies. From 1661 to 1683, the population of most of the area forming present day Hong Kong was cleared under the Great Clearance , turning
18980-485: The violence, including dozens killed by the Royal Hong Kong Police via beatings and shootings. Although the territory's competitiveness in manufacturing gradually declined because of rising labour and property costs, it transitioned to a service-based economy. By the early 1990s, Hong Kong had established itself as a global financial centre and shipping hub. The colony faced an uncertain future as
19126-639: The war, Deutsche Bank provided banking facilities for the Gestapo and, through its branch in Katowice , loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities. Deutsche Bank publicly acknowledged its involvement at Auschwitz in 1999. It also was a principal participant in the Nazi regime's gold transactions. Between 1942 and 1944, Deutsche Bank purchased 4,446 kg of gold from
19272-756: The war, as skilled Chinese migrants fled from the Chinese Civil War and more refugees crossed the border when the Chinese Communist Party took control of mainland China in 1949. Hong Kong became the first of the Four Asian Tiger economies to industrialise during the 1950s. With a rapidly increasing population, the colonial government attempted reforms to improve infrastructure and public services. The public-housing estate programme , Independent Commission Against Corruption , and Mass Transit Railway were all established during
19418-455: The weekly Fox TV show Forbes on Fox and on Forbes on Radio . Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From the 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India , bringing the number of foreign editions to 10." In addition, that year the company began publishing ForbesWoman ,
19564-525: The world after UBS , Fidelity Investments , and the Japanese post office's life insurance fund. At the time, Deutsche Bank owned a 12% stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial companies, so Deutsche Bank received an exception to this prohibition through 1978 legislation from Congress. Deutsche continued to build up its presence in Italy with
19710-494: The world's largest number of skyscrapers , with 554 towers taller than 150 metres (490 ft), and the third-largest number of high-rise buildings in the world. The lack of available space restricted development to high-density residential tenements and commercial complexes packed closely together on buildable land. Single-family detached homes are uncommon and generally only found in outlying areas. The International Commerce Centre and Two International Finance Centre are
19856-420: Was 81.3 years for males and 87.2 years for females in 2022, one of the highest in the world. Cancer , pneumonia , heart disease , cerebrovascular disease , and accidents are the territory's five leading causes of death. The universal public healthcare system is funded by general-tax revenue, and treatment is highly subsidised; on average, 95% of healthcare costs are covered by the government. The city has
20002-537: Was a prime necessity for the establishment of credit for the German trade in what was then the world's money center. Deutsche Bank also took advantage of the Panic of 1873 by taking over a number of banks in liquidation, including the Berlin-based Deutsche Union which had itself consolidated a number of failed banks in the early 1870s. Major projects in the early years of the bank included
20148-813: Was a son of a cousin of Werner von Siemens . The bank initially operated from the first floor of a building at 21 Französische Strasse, then in 1871 moved to premises near the Berlin Stock Exchange , and in 1876 started building its massive head office complex on Mauerstrasse. The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen and Hamburg . Its first overseas offices opened in Shanghai and Yokohama in 1872, and London in 1873, followed by South American offices between 1874 and 1886. The branch opening in London, after one failure and another partially successful attempt,
20294-420: Was announced, effective July 2015; he became sole CEO at the end of Fitschen's term. In January 2016, Deutsche Bank pre-announced a 2015 loss before income taxes of approximately €6.1 billion and a net loss of approximately €6.7 billion. Following this announcement, a bank analyst at Citi declared: "We believe a capital increase now looks inevitable and see an equity shortfall of up to €7 billion, on
20440-419: Was closely aligned with the bank's strategy of bolt-on acquisitions in preference to so-called "transformational" mergers. These formed part of an overall growth strategy that also targeted a sustainable 25% return on equity , something the bank achieved in 2005. On 1 October 2003, Deutsche Bank and Dresdner Bank entered into a payment transaction agreement with Postbank to have Postbank process payments as
20586-528: Was founded in 1870 in Berlin as a specialist bank for financing foreign trade and promoting German exports. It subsequently played a large part in developing Germany's financial services industry, as its business model focused on providing finance to industrial customers. The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking license. The statute laid great stress on foreign business: The object of
20732-538: Was further expanded in 1898 when the United Kingdom obtained a 99-year lease of the New Territories. The University of Hong Kong was established in 1911 as the territory's first institution of higher education. Kai Tak Airport began operation in 1924, and the colony avoided a prolonged economic downturn after the 1925–26 Canton–Hong Kong strike . At the start of the Second Sino-Japanese War in 1937, Governor Geoffry Northcote declared Hong Kong
20878-531: Was insignificant, so that Chinese goods could only be bought with precious metals. To reduce the trade imbalance, the British sold large amounts of Indian opium to China. Faced with a drug crisis, Qing officials pursued ever more aggressive actions to halt the opium trade. In 1839, the Daoguang Emperor rejected proposals to legalise and tax opium and ordered imperial commissioner Lin Zexu to eradicate
21024-520: Was killed when a car that he was in exploded while he was traveling in the Frankfurt suburb of Bad Homburg . The Red Army Faction claimed responsibility for the blast. In 1989, the first steps towards creating a significant investment-banking presence were taken with the acquisition of Morgan, Grenfell & Co. , a UK-based investment bank which was renamed Deutsche Morgan Grenfell in 1994. In 1995 to greatly expand into international investments and money management, Deutsche Bank hired Edson Mitchell,
21170-600: Was later revealed that the price had been US$ 264 million. In 2021, Forbes Media reported a return to profit, with revenue increasing by 34 percent to $ 165 million. Much of the revenue growth was attributed to Forbes’ consumer business, which was up 83 percent year-over-year. CEO Mike Federle says that Forbes is built on an audience and business scale with 150 million consumers. In January 2010, Forbes reached an agreement to sell its headquarters building on Fifth Avenue in Manhattan to New York University ; terms of
21316-659: Was referred to as one of the four "D-Banks" (all of which had names starting with a D) that dominated German commercial banking, together with Darmstädter Bank, Disconto-Gesellschaft, and Dresdner Bank. During World War I and in its immediate aftermath, the operations of Deutsche Bank in Brussels, London, Tokyo and Yokohama were expropriated; conversely, its activity in the Ottoman Empire expanded considerably, and it greatly expanded its footprint in Germany. In 1919,
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