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Wednesday, June 25, 2008
history of bride
The term appears in combination with many words, some of them obsolete. Thus "bridegroom" is the newly married man, and "bride-bell," "bride-banquet" are old equivalents of wedding-bells, wedding-breakfast. "Bridal" (from Bride-ale), originally the wedding-feast itself, has grown into a general descriptive adjective, e.g. the bridal party, the bridal ceremony. The bride-cake had its origin in the Roman confarreatio, a form of marriage, the essential features of which were the eating by the couple of a cake made of salt, water and spelt flour, and the holding by the bride of three wheat-ears, a symbol of plenty.Under Tiberius the cake-eating fell into disuse, but the wheat ears survived. In the Middle Ages they were either worn or carried by the bride. Eventually it became the custom for the young girls to assemble outside the church porch and throw grains of wheat over the bride, and afterwards a scramble for the grains took place. In time the wheat-grains came to be cooked into thin dry biscuits, which were broken over the bride's head, as is the custom in Scotland to-day, an oatmeal cake being used. In Elizabeth's reign these biscuits began to take the form of small rectangular cakes made of eggs, milk, sugar, currants and spices. Every wedding guest had one at least, and the whole collection were thrown at the bride the instant she crossed the threshold. Those which lighted on her head or shoulders were most prized by the scramblers. At last these cakes became amalgamated into a large one which took on its full glories of almond paste and ornaments during Charles II's time. But even to-day in rural parishes, e.g. north Notts, wheat is thrown over the bridal couple with the cry "Bread for life and pudding for ever," expressive of a wish that the newly wed may be always affluent. The throwing of rice, a very ancient custom but one later than the wheat, is symbolical of the wish that the bridal may be fruitful.
The bride-cup was the bowl or loving-cup in which the bridegroom pledged the bride, and she him. The custom of breaking this wine-cup, after the bridal couple had drained its contents, is common to both the Jews and the members of the Greek Church. The former dash it against the wall or on the ground, the latter tread it under foot. The phrase "bride-cup" was also sometimes used of the bowl of spiced wine prepared at night for the bridal couple. Bride-favours, anciently called bride-lace, were at first pieces of gold, silk or other lace, used to bind up the sprigs of rosemary formerly worn at weddings. These took later the form of bunches of ribbons, which were at last metamorphosed into rosettes.
Bridegroom-men and bridesmaids had formerly important duties. The men were called bride-knights, and represented a survival of the primitive days of marriage by capture, when a man called his friends in to assist to "lift" the bride. Bridesmaids were usual in Saxon England. The senior of them had personally to attend the bride for some days before the wedding. The making of the bridal wreath, the decoration of the tables for the wedding feast, the dressing of the bride, were among her special tasks. In the same way the senior groomsman (the best man) was the personal attendant of the husband.
The bride-wain, the wagon in which the bride was driven to her new home, gave its name to the weddings of any poor deserving couple, who drove a "wain" round the village, collecting small sums of money or articles of furniture towards their housekeeping. These were called bidding-weddings, or bid-ales, which were in the nature of "benefit" feasts. So general is still the custom of "bidding-weddings" in Wales, that printers usually keep the form of invitation in type. Sometimes as many as six hundred couples will walk in the bridal procession.
The bride's wreath is a Christian substitute for the gilt coronet all Jewish brides wore. The crowning of the bride is still observed by the Russians, and the Calvinists of Holland and Switzerland. The wearing of orange blossoms is said to have started with the Saracens, who regarded them as emblems of fecundity. It was introduced into Europe by the Crusaders. The bride's veil is the modern form of the flammeum or large yellow veil which completely enveloped the Greek and Roman brides during the ceremony. Such a covering is still in use among the Jews and the Persian
Building construction
Building construction for several apartment blocks. The blue material is insulation cladding, which will be covered later.
A large unfinished building.
Building construction is the process of adding structure to real property. The vast majority of building construction projects are small renovations, such as addition of a room, or renovation of a bathroom. Often, the owner of the property acts as laborer, paymaster, and design team for the entire project. However, all building construction projects include some elements in common - design, financial, and legal considerations. Many projects of varying sizes reach undesirable end results, such as structural collapse, cost overruns, and/or litigation reason, those with experience in the field make detailed plans and maintain careful oversight during the project to ensure a positive outcome.
Building construction is procured privately or publicly utilizing various delivery methodologies, including hard bid, negotiated price, traditional, management contracting, construction management-at-risk, design & build and design-build bridging.
Procurement
Procurement describes the merging of activities undertaken by the client to obtain a building. There are many different methods of construction procurement; however the three most common types of procurement are:
1. Traditional (Design-bid-build)
2. Design and Build
3. Management Contracting
Traditional (Design-bid-build)
This the most common method of construction procurement and is well established and recognised. In this arrangement, the architect or engineer acts as the project coordinator. His or her role is to design the works, prepare the specifications and produce construction drawings, administer the contract, tender the works, and manage the works from inception to completion. There are direct contractual links between the architect's client and the main contractor. Any subcontractor will have a direct contractual relationship with the main contractor.
Design and build
This approach has become more common in recent years and includes an entire completed package, including fixtures, fittings and equipment where necessary, to produce a completed fully functional building. In some cases, the Design and Build (D & B) package can also include finding the site, arranging funding and applying for all necessary statutory consents.
The owner produces a list of requirements for a project, giving an overall view of the project's goals. Several D&B contractors present different ideas about how to accomplish these goals. The owner selects the ideas he likes best and hires the appropriate contractor. Often, it is not just one contractor, but a consortium of several contractors working together. Once a contractor (or a consortium/consortia) has been hired, they begin building the first phase of the project. As they build phase 1, they design phase 2. This is in contrast to a design-bid-build contract, where the project is completely designed by the owner, then bid on, then completed.
Kent Hansen, director of engineering for the National Asphalt Pavement Association (NAPA), pointed out that state departments of transportation (DOTs) usually use design build contracts as a way of getting projects done when states don't have the resources. In DOTs, design build contracts are usually used for very large projects. [1]
Management procurement systems
Construction management
In this arrangement the client plays an active role in the procurement system by entering into separate contracts with the designer (architect or engineer), the construction manager, and individual trade contractors. The client takes on the contractual role, while the construction or project manager provides the active role of managing the separate trade contracts, and ensuring that they all work smoothly and effectively together.
Management procurement systems are often used to speed up the procurement processes, allow the client greater flexibility in design variation throughout the contract, the ability to appoint individual work contractors, separate contractual responsibility on each individual throughout the contract, and to provide greater client control.
A large unfinished building.
Building construction is the process of adding structure to real property. The vast majority of building construction projects are small renovations, such as addition of a room, or renovation of a bathroom. Often, the owner of the property acts as laborer, paymaster, and design team for the entire project. However, all building construction projects include some elements in common - design, financial, and legal considerations. Many projects of varying sizes reach undesirable end results, such as structural collapse, cost overruns, and/or litigation reason, those with experience in the field make detailed plans and maintain careful oversight during the project to ensure a positive outcome.
Building construction is procured privately or publicly utilizing various delivery methodologies, including hard bid, negotiated price, traditional, management contracting, construction management-at-risk, design & build and design-build bridging.
Procurement
Procurement describes the merging of activities undertaken by the client to obtain a building. There are many different methods of construction procurement; however the three most common types of procurement are:
1. Traditional (Design-bid-build)
2. Design and Build
3. Management Contracting
Traditional (Design-bid-build)
This the most common method of construction procurement and is well established and recognised. In this arrangement, the architect or engineer acts as the project coordinator. His or her role is to design the works, prepare the specifications and produce construction drawings, administer the contract, tender the works, and manage the works from inception to completion. There are direct contractual links between the architect's client and the main contractor. Any subcontractor will have a direct contractual relationship with the main contractor.
Design and build
This approach has become more common in recent years and includes an entire completed package, including fixtures, fittings and equipment where necessary, to produce a completed fully functional building. In some cases, the Design and Build (D & B) package can also include finding the site, arranging funding and applying for all necessary statutory consents.
The owner produces a list of requirements for a project, giving an overall view of the project's goals. Several D&B contractors present different ideas about how to accomplish these goals. The owner selects the ideas he likes best and hires the appropriate contractor. Often, it is not just one contractor, but a consortium of several contractors working together. Once a contractor (or a consortium/consortia) has been hired, they begin building the first phase of the project. As they build phase 1, they design phase 2. This is in contrast to a design-bid-build contract, where the project is completely designed by the owner, then bid on, then completed.
Kent Hansen, director of engineering for the National Asphalt Pavement Association (NAPA), pointed out that state departments of transportation (DOTs) usually use design build contracts as a way of getting projects done when states don't have the resources. In DOTs, design build contracts are usually used for very large projects. [1]
Management procurement systems
Construction management
In this arrangement the client plays an active role in the procurement system by entering into separate contracts with the designer (architect or engineer), the construction manager, and individual trade contractors. The client takes on the contractual role, while the construction or project manager provides the active role of managing the separate trade contracts, and ensuring that they all work smoothly and effectively together.
Management procurement systems are often used to speed up the procurement processes, allow the client greater flexibility in design variation throughout the contract, the ability to appoint individual work contractors, separate contractual responsibility on each individual throughout the contract, and to provide greater client control.
Building code
Building code
It is possible to have multiple occupancies (or building uses) within one building. For instance, one may have a high-rise building, where the lower levels are occupied by retail stores, whereas the upper levels could be residential.
Different occupancies within one building are separated by a fire barrier[1] with a defined fire-resistance rating. It is common for a penetration, such as a fire door, to have a fire protection rating lower than the wall fire resistance rating in which it is installed[2]. For example, a two-hour fire separation normally requires fire doors rated at 90-minutes.
For some high challenge occupancies[3] the code requirements for an occupancy separation are more stringent than for other fire-barriers, even with an identical fire-resistance rating. In this case, an oc
cupancy separation with a two-hour fire-resistance rating may not be able to de-rate its closures, such fire doors or firestops. For example, a two-hour rated high challenge fire wall[4] requires 2 hr rated fire doors.
Firestops in occupancy separations are also more likely to be required not only an equal fire protection rating (a fire-resistance rating for closures) but must also provide a temperature rating, such that the components of the firestop systems, including the penetrants, are not permitted to rise in temperature above 140°C (284°F) on average or 180°C (356°F) on any single point, so as to lower the likelihood of auto-ignition on the unexposed side. In this manner, occupancy separations are treated similarly to fire walls, which are structurally stable in case of a fire, limiting fire-induced building collapse.
In this sense, there are two occupancies in most single-family homes: the garage and the living space of the home. Because automobile gasoline or petrol is flammable, an occupancy separation is often required between the two, should there be a vehicle fire. Water heaters and central heating are often placed in this space as well, for their use of natural gas, propane, or other fossil fuels in combustion. This also helps to prevent carbon monoxide poisoning.
Building utilisation
The interior of a vacant building showing signs of vandalism and decay
Occupancy can also refer to the number of units in use, such as hotel rooms, apartment flats, or offices. When a motel is at full (100%) occupancy, a NO VACANCY neon sign is often turned on (though the sign often still says VACANCY at other times). Office buildings and apartments in particular aim for full occupancy, but if too many are built in an area this is often not the case. Completely vacant buildings can also attract crime, and are eventually targeted for redevelopment or at least renovation.
Occupancy can also mean the number of persons using an undivided space, such as a meeting room, ballroom, auditorium, or stadium. As with building codes, fire-protection authorities often set a limit on the number of people that can occupy a space, primarily because they must be able to leave the building through the available number of exits in a reasonable amount of time, without tripping or trampling each other in a panicked stampede, possibly blinded by smoke. The integrity of a structure may also be at stake, because too many people will put excessive weight and other forces, leading in some cases to a collapse.
An occupancy sensor is a device that can tell if someone is in a room, and is often used in home automation and security systems. These are typically more advanced than motion sensors, which can only detect motion.
It is possible to have multiple occupancies (or building uses) within one building. For instance, one may have a high-rise building, where the lower levels are occupied by retail stores, whereas the upper levels could be residential.
Different occupancies within one building are separated by a fire barrier[1] with a defined fire-resistance rating. It is common for a penetration, such as a fire door, to have a fire protection rating lower than the wall fire resistance rating in which it is installed[2]. For example, a two-hour fire separation normally requires fire doors rated at 90-minutes.
For some high challenge occupancies[3] the code requirements for an occupancy separation are more stringent than for other fire-barriers, even with an identical fire-resistance rating. In this case, an oc
cupancy separation with a two-hour fire-resistance rating may not be able to de-rate its closures, such fire doors or firestops. For example, a two-hour rated high challenge fire wall[4] requires 2 hr rated fire doors.Firestops in occupancy separations are also more likely to be required not only an equal fire protection rating (a fire-resistance rating for closures) but must also provide a temperature rating, such that the components of the firestop systems, including the penetrants, are not permitted to rise in temperature above 140°C (284°F) on average or 180°C (356°F) on any single point, so as to lower the likelihood of auto-ignition on the unexposed side. In this manner, occupancy separations are treated similarly to fire walls, which are structurally stable in case of a fire, limiting fire-induced building collapse.
In this sense, there are two occupancies in most single-family homes: the garage and the living space of the home. Because automobile gasoline or petrol is flammable, an occupancy separation is often required between the two, should there be a vehicle fire. Water heaters and central heating are often placed in this space as well, for their use of natural gas, propane, or other fossil fuels in combustion. This also helps to prevent carbon monoxide poisoning.
Building utilisation
The interior of a vacant building showing signs of vandalism and decay
Occupancy can also refer to the number of units in use, such as hotel rooms, apartment flats, or offices. When a motel is at full (100%) occupancy, a NO VACANCY neon sign is often turned on (though the sign often still says VACANCY at other times). Office buildings and apartments in particular aim for full occupancy, but if too many are built in an area this is often not the case. Completely vacant buildings can also attract crime, and are eventually targeted for redevelopment or at least renovation.
Occupancy can also mean the number of persons using an undivided space, such as a meeting room, ballroom, auditorium, or stadium. As with building codes, fire-protection authorities often set a limit on the number of people that can occupy a space, primarily because they must be able to leave the building through the available number of exits in a reasonable amount of time, without tripping or trampling each other in a panicked stampede, possibly blinded by smoke. The integrity of a structure may also be at stake, because too many people will put excessive weight and other forces, leading in some cases to a collapse.
An occupancy sensor is a device that can tell if someone is in a room, and is often used in home automation and security systems. These are typically more advanced than motion sensors, which can only detect motion.
History of financial services
History of financial services
In the United States
The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies operating in the US financial services industry at that time to merge.[citation needed] In the USA almost every company now which previously described themselves as a bank, insurance company, or brokerage house, now describes themselves in some way as a financial services institution.
Companies usually have two distinct approaches to this new type of business. One approach
would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S., e.g., in Japan, non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc.
In the other style, a bank would simply create its own brokerage division or insurance division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company.
Banks
A "commercial bank" is what is commonly referred to as simply a "bank". The term "commercial" is used to distinguish it from an "investment bank", a type of financial services entity which, instead of lending money directly to a business, helps businesses raise money from other firms in the form of bonds (debt) or stock (equity).
Banking services
The primary operations of banks include:
* Keeping money safe while also allowing withdrawals when needed
* Issuance of checkbooks so that bills can be paid and other kinds of payments can be delivered by post
* Provide personal loans, commercial loans, and mortgage loans (typically loans to purchase a home, property or business)
* Issuance of credit cards and processing of credit card transactions and billing
* Issuance of debit cards for use as a substitute for checks
* Allow financial transactions at branches or by using Automatic Teller Machines (ATMs)
* Provide wire transfers of funds and Electronic fund transfers between banks
* Facilitation of standing orders and direct debits, so payments for bills can be made automatically
* Provide overdraft agreements for the temporary advancement of the Bank's own money to meet monthly spending commitments of a customer in their current account.
* Provide Charge card advances of the Bank's own money for customers wishing to settle credit advances monthly.
* Provide a cheque guaranteed by the Bank itself and prepaid by the customer, such as a cashier's check or certified check.
* Notary service for financial and other documents
Private banking
The providing of banking services to very wealthy individuals and families. Many financial services firms require a person or family to have a certain minimum net worth to qualify for private banking services.
Services are provided by a bank or a division of a financial services company.
This table displays the results of the Ultra high net worth (US$30m+) category of the 2006 private banking awards
Rank 06 Company Rank 05
1. JPMorgan Private Bank 1
2. Goldman Sachs 3
3. UBS 2
4. Citigroup Private Bank 4
5. Credit Suisse Private Banking 5
6. HSBC Private Bank 7
7. Pictet & Cie 6
8. Merrill Lynch n
9. N M Rothschild & Sons 8
10. ABN Amro Private Banking 10
Ranking: 'n' denotes 'nominated'
In the United States
The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies operating in the US financial services industry at that time to merge.[citation needed] In the USA almost every company now which previously described themselves as a bank, insurance company, or brokerage house, now describes themselves in some way as a financial services institution.
Companies usually have two distinct approaches to this new type of business. One approach
would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S., e.g., in Japan, non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc.In the other style, a bank would simply create its own brokerage division or insurance division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company.
Banks
A "commercial bank" is what is commonly referred to as simply a "bank". The term "commercial" is used to distinguish it from an "investment bank", a type of financial services entity which, instead of lending money directly to a business, helps businesses raise money from other firms in the form of bonds (debt) or stock (equity).
Banking services
The primary operations of banks include:
* Keeping money safe while also allowing withdrawals when needed
* Issuance of checkbooks so that bills can be paid and other kinds of payments can be delivered by post
* Provide personal loans, commercial loans, and mortgage loans (typically loans to purchase a home, property or business)
* Issuance of credit cards and processing of credit card transactions and billing
* Issuance of debit cards for use as a substitute for checks
* Allow financial transactions at branches or by using Automatic Teller Machines (ATMs)
* Provide wire transfers of funds and Electronic fund transfers between banks
* Facilitation of standing orders and direct debits, so payments for bills can be made automatically
* Provide overdraft agreements for the temporary advancement of the Bank's own money to meet monthly spending commitments of a customer in their current account.
* Provide Charge card advances of the Bank's own money for customers wishing to settle credit advances monthly.
* Provide a cheque guaranteed by the Bank itself and prepaid by the customer, such as a cashier's check or certified check.
* Notary service for financial and other documents
Private banking
The providing of banking services to very wealthy individuals and families. Many financial services firms require a person or family to have a certain minimum net worth to qualify for private banking services.
Services are provided by a bank or a division of a financial services company.
This table displays the results of the Ultra high net worth (US$30m+) category of the 2006 private banking awards
Rank 06 Company Rank 05
1. JPMorgan Private Bank 1
2. Goldman Sachs 3
3. UBS 2
4. Citigroup Private Bank 4
5. Credit Suisse Private Banking 5
6. HSBC Private Bank 7
7. Pictet & Cie 6
8. Merrill Lynch n
9. N M Rothschild & Sons 8
10. ABN Amro Private Banking 10
Ranking: 'n' denotes 'nominated'
The main techniques and sectors of the financial industry
The main techniques and sectors of the financial industry
Main article: Financial services
An entity whose income exceeds its expenditure can lend or invest the excess income. On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity claims, decreasing its expenses, or increasing its income. The lender can find a borrower, a financial intermediary such as a bank, or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary pockets the difference.
A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays the interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity. Banks are thus compensators of money flows in space.
A specific example of corporate finance is the sale of stock by a company to institutional investors like investment banks, who in turn generally sell it to the public. The stock gives whoever owns it part ownership in that company. If you buy one share of XYZ Inc, and they have 100 shares outstanding (held by investors), you are 1/100 owner of that company. Of course, in return for the stock, the company receives cash, which it uses to expand its business in a process called "equity financing". Equity financing mixed with the sale of bonds (or any other debt financing) is called the company's capital structure.
Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments, with consideration to their institutional setting.
Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is essential to ensure a secure future, both for the individual and an organization.
Personal finance
Questions in personal finance revolve around
Main article: Financial services
An entity whose income exceeds its expenditure can lend or invest the excess income. On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity claims, decreasing its expenses, or increasing its income. The lender can find a borrower, a financial intermediary such as a bank, or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary pockets the difference.
A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays the interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity. Banks are thus compensators of money flows in space.
A specific example of corporate finance is the sale of stock by a company to institutional investors like investment banks, who in turn generally sell it to the public. The stock gives whoever owns it part ownership in that company. If you buy one share of XYZ Inc, and they have 100 shares outstanding (held by investors), you are 1/100 owner of that company. Of course, in return for the stock, the company receives cash, which it uses to expand its business in a process called "equity financing". Equity financing mixed with the sale of bonds (or any other debt financing) is called the company's capital structure.
Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments, with consideration to their institutional setting.
Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is essential to ensure a secure future, both for the individual and an organization.
Personal finance
Questions in personal finance revolve around
- How much money will be needed by an individual (or by a family) at various points in the future?
- Where will this money come from (e.g. savings or borrowing)?
- How can people protect themselves against unforeseen events in their lives, and risk in financial markets?
- How can family assets be best transferred across generations (bequests and inheritance)?
- How do taxes (tax subsidies or penalties) affect personal financial decisions?
- How does credit affect an individual's financial standing?
- How can one plan for a secure financial future in an environment of economic instability?
Personal financial decisions may involve paying for education, financing durable goods such as real estate and cars, buying insurance, e.g. health and property insurance, investing and saving for retirement.
Personal financial decisions may also involve paying for a loan.
Corporate finance
Managerial or corporate finance is the task of providing the funds for a corporation's activities. For small business, this is referred to as SME finance. It generally involves balancing risk and profitability, while attempting to maximize an entity's wealth and the value of its stock.
Long term funds are provided by ownership equity and long-term credit, often in the form of bonds. The balance between these forms the company's capital structure. Short-term funding or working capital is mostly provided by banks extending a line of credit.
Another business decision concerning finance is investment, or fund management. An investment is an acquisition of an asset in the hope that it will maintain or increase its value. In investment management -- in choosing a portfolio -- one has to decide what, how much and when to invest. To do this, a company must:
- Identify relevant objectives and constraints: institution or individual goals, time horizon, risk aversion and tax considerations;
- Identify the appropriate strategy: active v. passive -- hedging strategy
- Measure the portfolio performance
Financial management is duplicate with the financial function of the Accounting profession. However, financial accounting is more concerned with the reporting of historical financial information, while the financial decision is directed toward the future of the firm.
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