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61-471: A central business district ( CBD ) is the commercial and business center of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district . Geographically, it often coincides with the " city centre " or " downtown ". However, these concepts are not necessarily synonymous: many cities have a central business district located away from its traditional city center, and there may be multiple CBDs within

122-508: A country and the rest of the world is called foreign or international trade , which consists of import trade and export trade, both being wholesale in general. Commerce not only includes trade as defined above, but also the auxiliary services or aids to trade and means that facilitate such trade. Auxiliary services aid trade by providing services which such as transportation , communication , warehousing , insurance , banking , credit financing to companies, advertising , packaging , and

183-713: A country. International commerce can be regulated by bilateral treaties between countries. After the second world war and the rise of free trade among nations, multilateral arrangements such as the GATT and later the World Trade Organization became the principal systems regulating global commerce. The International Chamber of Commerce (ICC) is another important organization which sets rules and resolves disputes in international commerce. Where national government bodies undertake commercial activity with or inside other states, this commercial activity may fall outside

244-498: A general sense, business is the activity of earning money and making one's living through engaging in commerce. However, in a more specific sense, a business is an organization or activity for making a profit by providing goods and services which meet the needs of its customers or consumers. Business organizations typically operate in the primary (dealing with the extraction and sourcing of raw materials) and secondary (dealing with manufacturing intermediate or finished goods) sectors of

305-700: A newly built business district near the Potsdamer Platz . The city's historic center (home to the Reichstag building , as well as the Brandenburg Gate and most federal ministries) was largely abandoned when the Berlin Wall cut through the area. Only after the reunification with the redevelopment of Potsdamer Platz , and the construction of numerous shopping centers, government ministries, embassies, office buildings and entertainment venues,

366-598: A single urban area. The CBD will often be highly accessible and have a large variety and concentration of specialised goods and services compared to other parts of the city. Midtown Manhattan is the largest central business district in New York City and in the United States. In Chicago , the Chicago Loop is the second-largest central business district in the United States. It is also referred to as

427-533: A whole. Singapore's CBD is the historic heart of the city-state, which makes it a mix of a tourist attraction and a business center. The CBD includes several multinational corporate headquarters, Singapore Management University , and historical buildings and museums. As of 2016, the Singaporean government intends to redevelop Jurong East into a second CBD in Singapore. The area has also been earmarked as

488-681: A wider variety of goods and services, and encourages innovation and competition for better products . On the other hand, commerce can worsen economic inequality by concentrating wealth (and power ) into the hands of a small number of individuals , and by prioritizing short-term profit over long-term sustainability and ethical , social , and environmental considerations, leading to environmental degradation , labor exploitation and disregard for consumer safety . Unregulated, it can lead to excessive consumption (generating undesirable waste ) and unsustainable exploitation of nature (causing resource depletion ). Harnessing commerce's benefits for

549-633: Is Government Hill , the site of the old government headquarters. As the Hong Kong SAR Government Headquarters moved to Tamar, Admiralty, the nearby area is also considered part of the CBD. In Quarry Bay , Taikoo Place and areas nearby, including Admiralty , Wan Chai and Causeway Bay , and Tsim Sha Tsui , Kwun Tong , and Kowloon Bay are regarded as major business districts of Hong Kong. India 's capital New Delhi has been known for its CBD at Connaught Place . For

610-504: Is a beachfront neighborhood ( bairro ) in Rio de Janeiro , Brazil . It is a mostly upper middle class and small commerce community, and is located between the hills of Mundo Novo, Dona Marta (which separates it from Laranjeiras ) and São João (which separates it from Copacabana ). The word Botafogo also refers to a Latin American ballroom dance move that originated in this area. Botafogo

671-922: Is a concentration of business in Botafogo harbor and in Barra da Tijuca , a newer Rio de Janeiro suburb located in city's west region. The largest CBD in Colombia is Bogotá 's Centro Internacional , where some of the tallest buildings in South America have been repurposed as national headquarters for Scotiabank Colpatria , Davivienda , and Bancolombia , among others. Over the years, Bogotá has developed minor business districts, which include Avenida Chile , Ciudad Salitre , with companies like Avianca , Rappi , Johnson & Johnson , Terpel , Hilton , Hyatt , Marriott , Sheraton , Ramada , City Express , Aloft and Novotel ; or Complejo Santa Bárbara ,

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732-481: Is a part of commerce and commerce is an aspect of business. Historian Peter Watson and Ramesh Manickam date the history of long-distance commerce from circa 150,000 years ago. In historic times, the introduction of currency as a standardized money facilitated the exchange of goods and services. Commerce was a costly endeavor in the antiquities because of the risky nature of transportation, which restricted it to local markets. Commerce then expanded along with

793-538: Is also one of the most important business districts of Pakistan. Gulberg, Lahore has a large number of important office buildings as well as many high-rises and shopping malls. Pakistan established its first central business district, Lahore Central Business District, also known as Central Business District Punjab (CBD Punjab) by an ACT of Parliament (LCBDDA Act, 2021) in February 2021. Jinnah Avenue in Islamabad

854-437: Is not concerned with the extraction of raw materials and the manufacturing of goods. Viewed in this way, commerce is a broader concept and an overall, all-encompassing aspect of business. Commerce provides the underlying large-scale transactional environment comprising all kinds of exchanges within which individual business organizations operate for generating profits. Commerce is distinguishable from trade as well. Trade

915-678: Is the first of its kind in Indonesia, and one of the largest commercial center developments in the city. Jakarta started developing its business district in the early 1960s before hosting the Asian Games in 1962 . Surabaya in East Java built its first central business district in the Darmo region. The construction was expected to be completed by 2018 with 150 SOHO units and 500 residences. In Italy , business districts do not coincide with

976-469: Is the main business district of the city. Blue Area is the central business district of Islamabad . D Ground is the central business district of Faisalabad and Saddar is the main central business district of Rawalpindi . In Peru , the central business district is San Isidro , in Lima , which hosts the majority of Peru's financial industry headquarters. Although still a largely residential district,

1037-412: Is the transaction (buying and selling) of goods and services that makes a profit for the seller and satisfies the want or need of the buyer. When trade is carried out within a country, it is called home or domestic trade , which can be wholesale or retail . A wholesaler buys from the producer in bulk and sells to the retailer who then sells again to the final consumer in smaller quantities. Trade between

1098-894: Is within Guanabara Bay , sheltered from the Atlantic Ocean by the Urca peninsula and Sugarloaf Mountain . Attractions include the Home of Ruy Barbosa , the Museu do Índio —which explores the culture and history of the major indigenous peoples of Brazil—and the Villa-Lobos Museum. The Public Archive for the State of Rio de Janeiro (APERJ) is also located in Botafogo. Botafogo is the home of Botafogo de Futebol e Regatas ,

1159-669: The COEX mall, are major thoroughfares in Seoul. The tallest buildings in Gangnam include Tower Palace One , a residential complex, Trade Tower , Gangnam Finance Center, and Parnas Tower. Seoul's third business district is Yeouido , an island located in central Seoul in the Yeongdeungpo District . Yeouido was developed in the 1970s; since the 1990s, however, it has become Seoul's financial center. Smaller in geographic size that

1220-538: The European Union ) or coalitions (like BRICS ) leading to its reconfiguration. The English-language word commerce has been derived from the Latin word commercium , from com ("together") and merx ("merchandise"). Despite many similarities (to the extent that they are sometimes used as synonyms in layman's terms and in other contexts), commerce, business and trade are distinct concepts. In

1281-478: The Industrial Revolution fundamentally reshaped commerce. In the post-colonial 20th century, free market principles gained ground, multinational corporations and consumer economies thrived in U.S.-led capitalist countries and free trade agreements (like GATT and WTO ) emerged, whereas communist economies encountered trade restrictions , limiting consumer choice . Furthermore, in

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1342-426: The 15th to the early 20th century, European colonial powers dominated global commerce on an unprecedented scale, giving rise to maritime trade empires with their powerful colonial trade companies (e.g., Dutch East India Company and British East India Company ) and ushering in an unprecedented global exchange (see Columbian exchange ). In the 19th century, modern banking and related international markets along with

1403-766: The 555-metre tall Lotte World Tower , Guro Digital Complex, Gasan Digital Complex, the Magok Business District, the Sangam Digital Media City, the Munjeong Administrative Town, and Mapo Avenue. The area near Yongsan Station , including the proposed Yongsan International Business District , is considered an emerging major commercial district that will exist in synergy with nearby Yeouido . Commerce Commerce consists of trade and aids to trade (i.e. auxiliary commercial services) taking place along

1464-571: The CBD. An example is Parramatta , which is considered the financial hub of Western Sydney . São Paulo is a multipolar city, with several business districts. Avenida Faria Lima and the neighboring districts, Itaim Bibi and Vila Olímpia , now concentrate a large part of the financial activities in São Paulo and Brazil . Avenida Paulista and nearby streets is a well-established financial center that has several banking offices and corporate headquarters, as well as hospitals. Its Historic Center

1525-874: The Philippines. In Poland , the terms śródmieście or centrum are often used to describe the central business district. The largest central business district in Russia is the Moscow International Business Center (MIBC) in Moscow , a commercial development located just east of the Third Ring Road at the western edge of the Presnensky District in the Central Administrative Okrug of

1586-574: The central business district. These terms can be literally translated as " inner city " and "city center". Some of the larger cities have more than one central business district. For example, Berlin alone has three. Due to Berlin's history of division during the Cold War , the city contains central business districts both in West ( Kurfürstendamm ) and in East Berlin ( Alexanderplatz ), as well as

1647-604: The city's CBD. In South Korea , the national capital of Seoul includes three central business districts. The Downtown Seoul , a historic area inside the Fortress Wall of Seoul in the Jongno and Jung districts has historically been the city's political, social and cultural heart, and still houses many corporate headquarters and political institutions in South Korea. It is also the most popular area for tourists and

1708-468: The city's history. Cities with strong preservation laws and maximum building height restrictions to retain the character of the historic and cultural core may have a CBD quite a distance from the city centre (and in some cases, outside the city limits itself). This distinction is quite common in European cities such as Paris , Moscow , Vienna , Prague and Budapest . The New World grew quickly after

1769-648: The city's main commercial district. While the district has a high density of high rise buildings, the tallest building, the SK Building, only reaches a height of 160m due to historic preservation regulations. The second main district, located in the southeast part of Seoul, is Gangnam District , an area that was developed in the 1980s and is now among the city's most affluent neighborhoods. The Gangnam District has concentration mainly in economic power of Seoul, as many of prominent company HQs are located on Teheran Avenue . Gangnam Avenue and Yeondong Avenue, which includes

1830-724: The city. As of 2021, it is still under development. The construction of the MIBC takes place on the Presnenskaya Embankment of the Moskva River , approximately 4 kilometers (2.5 mi) west of Red Square , overlooked by the Third Ring Road. The project occupies an area of 60 hectares. The second-largest central business district is Yekaterinburg-City in Yekaterinburg , the fourth-largest city in

1891-508: The commercial and business activity located in or in the vicinity of the area. It has a permanent population of around 63,000 inhabitants and, during weekday business hours, a floating population that exceeds 700,000 daily commuters from other districts in Lima , the national capital. San Isidro is served by three stations of El Metropolitano , Lima's bus rapid transit system: Estación Javier Prado , Estación Canaval y Moreyra (with over 16,000 daily passengers) and Estación Aramburú . In

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1952-488: The core of the city's downtown. Mexico City also has its own historic city center , the colonial era "Centro Histórico", along with two CBDs: the mid-late 20th century Paseo de la Reforma in Polanco , and the new Santa Fe , respectively. Russia 's largest central business district is the Moscow International Business Center in Moscow . The shape and type of a central business district almost always closely reflect

2013-656: The country. It is located on the Iset River , and is under development as of 2021. The area occupies five hectares. Saudi Arabia has several business districts, including: In Singapore , the CBD is in the Downtown Core , one of the constituent planning areas of the Central Area , the country's city center . Its densest point is centered around Raffles Place , where most of Singapore's skyscrapers are located. The CBD sometimes also describes Central Area as

2074-403: The early 21st century, the southeastern district of Surco experienced a significant increase in upscale corporate developments in the area comprised by avenues Manuel Holguín, El Derby, El Polo, and La Encalada due to lower restrictions to grant construction permit and proximity to residential middle and upper class districts and is set to become, after traditional San Isidro and Miraflores ,

2135-411: The economy and their goal is to sell raw materials or manufactured goods for profit. In the tertiary sector , businesses sell services for profit. Commerce, in contrast to the concept of business discussed above, deals with the movement and distribution of raw materials as well as finished or intermediate (but valuable) goods and services from the manufacturers to the end customers on a large scale. It

2196-513: The emergence of modern transport, therefore a single centre often included many of the region's tallest buildings and served as both a commercial and cultural city centre. In the 21st century, increasing urbanisation has led to the development of megacities that often have multiple CBDs scattered across the urban area. Downtown sections of cities, especially in North America , often are distinct from CBDs and city centres. No two CBDs have

2257-712: The entire supply chain . Trade is the exchange of goods (including raw materials , intermediate and finished goods ) and services between buyers and sellers in return for an agreed-upon price at traditional (or online ) marketplaces . It is categorized into domestic trade , including retail and wholesale as well as local, regional, inter-regional and international/foreign trade (encompassing import , export and entrepôt/re-export trades). The exchange of currencies (in foreign exchange markets ), commodities (in commodity markets /exchanges) and securities and derivatives (in stock exchanges and financial markets ) in specialized exchange markets also falls under

2318-703: The extended area of Gomti Nagar , and Aminabad in old Lucknow. Kolkata also has central business districts, including B.B.D. Bagh , Park Circus , Esplanade , Salt Lake Sector V , and New Town . The largest CBD in Indonesia is the Golden Triangle ( Segitiga Emas in Indonesian ) in Jakarta . Sudirman Central Business District , a super block that is located within the Golden Triangle,

2379-599: The financial capital of the country, the famous CBD is The Bandra Kurla Complex in Mumbai . In Mumbai itself there is Nariman Point , which is another CBD including Andheri and Parel . Parry's Corner and Nungambakkam are among the main CBDs of Chennai . Bangalore has five notable business districts: UB City , Brigade Gateway, Koramangala , Indiranagar , and Electronic City . Lucknow has three business districts, including Hazratganj Market , Gomti Nagar Extension at

2440-579: The fourth in the world. La Défense hosts 19 of the world's biggest 500 companies , whilst the Paris region as a whole hosts 29 of the world's 500 largest companies, establishing itself as the first city in Europe (and the third worldwide) for the number of companies classified in Fortune Fortune Global 500 . In Germany , the terms Innenstadt and Stadtzentrum may be used to describe

2501-573: The geographical centers of the city because the city center is the historical center of the city, and usually not very suitable to function as a modern business district. A precursor to modern business districts is EUR in Rome , which is now home to several national and international companies and public bodies. The EUR, the Napoli business district , the Milan business district , and City Life , are among

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2562-540: The improvement of transportation systems over time. In the Middle Ages, long-distance and large-scale commerce was still limited within continents. Banking systems developed in medieval Europe, facilitating financial transactions across national boundaries. Markets became a feature of town life, and were regulated by town authorities. With the advent of the age of exploration and oceangoing ships, commerce took an international, trans-continental stature. Currently

2623-543: The last of the original farmland was turned over to build a new home for St. Ignatius School as Botafogo completed its transformation from elite hideaway to mostly-middleclass stronghold. In this time the construction of the New and Old Tunnels also marked a new chapter in the city's expansion, as Botafogo became the connective tissue between the old city center and new developments in Ipanema and Copacabana . Botafogo's beach

2684-574: The last of which features the only W Hotel in the city. Colombia's other notable CBDs include Parque Berrío in Medellín , Bocagrande in Cartagena (the largest touristic CBD in the country), and Paseo de Bolívar in Barranquilla . La Défense , west of Paris , is France 's largest central business district. La Défense was in 2017 ranked as the leading CBD in continental Europe, and

2745-546: The master planning of Bonifacio Global City. Ortigas Center (fourth), with an area of more than 100 hectares (250 acres), is the Philippines' second most important business district after the Makati CBD and is home to Asian Development Bank. Meanwhile, the Makati Central Business District (third), also known as the Makati CBD, is the leading financial and the largest central business district in

2806-430: The mid-19th century, English language speakers also called it Boto Fogo. The neighborhood dates back to 1702, when the process of distributing lands began with the establishment of three large farms on the outskirts of newly-minted Rio. By 1808, the city's elite had begun to build mansions in the parish of Botafogo, giving rise to a small collective of nobles, merchants, and court officials. By 1820 several roads through

2867-512: The mid-20th century, the adoption of standardized shipping containers facilitated seamless and efficient intermodal freight transport , leading to a surge in international trade. By the century's end, developing countries saw their share in world trade rise from a quarter to a third. 21st century commerce is increasingly technology-driven (see e-commerce ), globalized , intricately regulated , ethically responsible and sustainability -focused, with multilateral economic integrations (like

2928-581: The most important commercial areas in Italy. Other important business and financial centers are present in Genoa and Brescia . In Pakistan, a central business district or a large, concentrated urban setting within a settlement is called a shehar . Karachi is Pakistan's largest city and the country's economic hub; the I. I. Chundrigar Road acts as Karachi's main financial district. Shahra-e-Faisal in Karachi

2989-479: The new financial center of Lima . The Philippines has three major central business districts, which are all located in Metro Manila. Bonifacio Global City (second) is the newest and one of the largest central business districts in the Philippines. The Bases Conversion and Development Authority (BCDA), Ayala Land, Inc. and Evergreen Holdings, Inc. controls Fort Bonifacio Development Corporation, which oversees

3050-522: The other two business districts, Yeouido has some of Seoul's tallest skyscrapers, including Parc1 Tower , International Finance Center Seoul , and the 63 Building . Yeouido is where the National Assembly of South Korea and many media companies and political institutions are based. Smaller but notable central business districts in South Korea include the Jamsil area, which is the location of

3111-419: The protection of the international rules which govern legal relationships between independent states: see, for example, the "commercial activity exception" applicable under the United States' Foreign Sovereign Immunities Act of 1976. Botafogo Botafogo ( local/standard Portuguese pronunciation: [bɔtaˈfoɡu] alternative Brazilian Portuguese pronunciation: [botɐˈfoɡu] )

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3172-681: The reliability of international trans-oceanic shipping and mailing systems and the facility of the Internet has made commerce possible between cities, regions and countries situated anywhere in the world. In the 21st century, Internet-based electronic commerce (where financial information is transferred over Internet), and its subcategories such as wireless mobile commerce and social network -based social commerce have been and continue to get adopted widely. Legislative bodies and ministries or ministerial departments of commerce regulate, promote and manage domestic and foreign commercial activities within

3233-439: The same spatial shape, but there are certain common geometric patterns, which are largely a result of centralised commercial and industrial activities. In Australia , the term CBD is widely used officially and colloquially, in the sense of city centre. The two biggest cities, Melbourne and Sydney , have large CBDs. Sydney features growing micro central business districts, which serve as the hub for their respective areas outside

3294-468: The services of commercial agents and agencies. In other words, commerce encompasses a wide array of political, economical, technological, logistical, legal, regulatory, social and cultural aspects of trade on a large scale. From a marketing perspective, commerce creates time and place utility by making goods and services available to the customers at the right place and at the right time by changing their location or placement. Described in this manner, trade

3355-530: The site of the rail terminus for the Kuala Lumpur–Singapore High Speed Rail . South Africa 's largest cities, Cape Town , Durban , Johannesburg , Pretoria , and Port Elizabeth , have CBDs that include the corporate headquarters for many of South Africa's largest companies, its convention centers , and many of the country's tallest buildings. Cape Town has one of South Africa's most iconic skyline (which includes Table Mountain ) and

3416-566: The society while mitigating its drawbacks remains vital for policymakers , businesses and other stakeholders . Commerce traces its origins to ancient localized barter systems, leading to the establishment of periodic marketplaces, and culminating in the development of currencies for efficient trade. In medieval times, trade routes (like the Silk Road ) with pivotal commercial hubs (like Venice ) connected regions and continents, enabling long-distance trade and cultural exchange . From

3477-434: The swampy area had been established that remain to this day, including Rua Marquês de Abrantes, São Clemente, Rua da Passagem, Rua General Polidoro, and the eponymous Praia de Botafogo. With the establishment of a ferry and animal-drawn trams in the 1867 and 1871 respectively, the neighborhood began expanding inland and becoming more dense alongside the introduction of amenities like running water and gas lighting. In 1903

3538-1414: The umbrella of trade. On the other hand, auxiliary commercial activities (aids to trade) which can facilitate trade include commercial intermediaries , banking , credit financing and related services, transportation , packaging , warehousing , communication , advertising and insurance . Their purpose is to remove hindrances related to direct personal contact, payments , savings , funding , separation of place and time, product protection and preservation, knowledge and risk . The broader framework of commerce incorporates additional elements and factors such as laws and regulations (including intellectual property rights and antitrust laws ), policies , tariffs and trade barriers , consumers and consumer trends , producers and production strategies, supply chains and their management , financial transactions for ordinary and extraordinary business activities, market dynamics (including supply and demand ), technological innovation , competition and entrepreneurship , trade agreements , multinational corporations and small and medium-sized enterprisess (SMEs), and macroeconomic factors (like economic stability ). Commerce drives economic growth , development and prosperity , promotes regional and international interdependence , fosters cultural exchange , creates jobs , improves people's standard of living by giving them access to

3599-434: Was named after João Pereira de Sousa Botafogo (1540–1627), who was responsible for the galleon Botafogo 's artillery. Because of that, he received the nickname "Botafogo" and included it in his family name . When he went to live in Brazil, the Portuguese Crown granted him the land known today as Botafogo. The name literally means "set it on fire" in Portuguese (a reference to the Botafogo galleon's artillery power). In

3660-512: Was the area revived. In Frankfurt am Main 's city center, there is a business district called the " Bankenviertel ". In Düsseldorf , there is a business district which is located around the famous high street Königsallee with banks, shops and offices. Traditionally, the Central Business District "CBD" of Hong Kong is Central , where many multinational financial services corporations have their headquarters. Consulates general and consulates of many countries are also located in this area, as

3721-441: Was the city's first business center; There, the São Paulo Stock Exchange is located. The region comprising Avenidas Berrini, Doutor Chucri Zaidan, and Nações Unidas, the city's newest commercial district, has offices of multinational companies and also commercial services. In Rio de Janeiro , Brazil's second-largest city, the main business district still is in downtown, where Petrobrás and Vale headquarters are located, but there

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