Portal:Business

Bank of China (Hong Kong) Limited (BOCHK, 中國銀行(香港)有限公司) is the second-largest commercial banking group in Hong Kong in terms of assets and customer deposits, with more than 300 branches in Hong Kong. It was established on October 1, 2001 from a merger of 12 subsidiaries and associates of the Bank of China in Hong Kong, and listed on the Hong Kong Stock Exchange in October 2002. As of the end of 2003, the bank had HK$763 billion in assets and earned net profit of HK$8 billion in 2003.

BOCHK is one of the three banks which issue banknotes for Hong Kong, the biggest member and a founder of the JETCO ATM and payment system, and the designated clearing bank in Hong Kong for transactions involving the renminbi, Mainland China's currency. It is legally separate from its parent, Bank of China (BOC), although they maintain close relations in management and administration and cooperate in several areas including reselling BOC's insurance and securities services. It also shares its Hong Kong headquarters, the Bank of China Tower, with its parent; completed in 1988, this was the first building outside of North America to exceed 1,000 feet (300 m).

Shanghai, the financial center of China

China has an upper middle income, developing, mixed, socialist market economy incorporating industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP). China accounted for 19% of the global economy in 2022 in PPP terms, and around 18% in nominal terms in 2022. The economy consists of public sector enterprises, state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector and openness to foreign businesses in their system. According to the annual data of major economic indicators released by the National Bureau of Statistics since 1952, China's GDP grew by an average of 6.17% per year in the 26 years from 1953 to 1978. China implemented economic reform in 1978, and from 1979 to 2023, the country's GDP growth rate grew by an average of 8.93% per year in the 45 years since its implementing economic reform. According to preliminary data released by the authorities, China's GDP in 2023 was CN￥126.06 trillion (US$ 17.89 trillion) with a real increase of 5.2% than the last year. (Full article...)

"Two fundamental questions that must be answered in controlling the inventory of any physical good are when to replenish the inventory and how much to order for replenishment. In this book we shall attempt to show how these questions can be answered under a variety of circumstances. Essentially every decision which is made in controlling inventoried in any organization, regardless of how complicated the inventory supply system may be, is in one way or another associated with the questions of when to order and how much to order. There are certain types of inventory problems, such as those concerned with the storage of water within dams, in which one has no control over the replenishment industry. (In other words, the ressuply of the inventory of water within the dam depends on the rainfall, and the organization operating the dam has no control over this.) We shall not consider this type of problem here. The only problems with which we shall concern ourselves are those in which the organization controlling the inventory has some freedom in determining when, and in what quantity, the inventory should be replaced. On other hand, we shall assume that, in general, the inventory system has no control over the demands which occur for the item, or items, which it stocks. Again, this is just the opposite of what one encounters in dealing with inventory problems such as storage of water within dams, since the efflux of water through the dam is completely within the control of the organization operating the dam. In short, we are going to consider the type of inventory problem encountered in business, industry, and the military.

We shall concentrate on showing how mathematical analysis can be used to help develop operating rules for controlling inventory systems. When mathematics is applied to the solution of inventory problems, it is necessary to describe mathematically the system to be studied. Such a description is often referred to as a mathematical model. The procedure is to construct a mathematical model of the system of interest and then to study the properties of the model. Because it is never possible to represent the real world with complete accuracy, certain approximations and simplifications must be made when constructing a mathematical model. There are many reasons on this. One is that it is essentially impossible to find out what the real world is like. Another is that a very accurate model the real world can become impossibly difficult to work with mathematically. A final reason is that accurate models often cannot be justified on economic grounds. Simple approximate ones will yield results which are good enough so that the additional improvement obtained from a better model is not sufficient to justify its additional cost."

—Thomson McLintock Whitin and George F. Hadley, Analysis Of Inventory Systems, 1963

• ... that the University of Maryland's Iribe Center was partly funded by a businessman who dropped out of the university?
• ... that John Blackinger quit his job as the general manager of a professional football team to work in the dairy business?
• ... that the Lebon Patisserie & Café in Istanbul closed in 2022, after 212 years of business, due to the high increase of monthly rent?
• ... that despite little formal education, Earnest Andersson was a successful inventor, businessman, amateur athlete, race car driver, pilot, photographer, radio operator, pro golfer, and composer?
• ... that small-business leaders such as Guillermo Torrez sympathized with the Movement for Socialism despite its anti-capitalist rhetoric?
• ... that in 1958, Virginia Ali and her husband Ben Ali founded Ben's Chili Bowl, a landmark Washington, D.C. restaurant where Martin Luther King Jr., Jesse Jackson, and Stokely Carmichael would often eat?

July 9:

• 1855 - King C. Gillette, an American businessman, founder of The Gillette Company, was born on this day.

• ...that Luca Pacioli, codified the double-entry bookkeeping system in his mathematics textbook Summa de arithmetica, geometria, proportioni et proportionalità published in Venice in 1494?

• ...that, as of August 2008, more than 113 countries around the world, including all of Europe, required or permitted IFRS reporting and 85 required IFRS reporting for all domestic, listed companies?

• ...that IFRS financial statements consist of a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a Statement of Cash Flows and a Notes to the Financial Statements?

• ...that in the circular flow model, the inter-dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income?

• ...that Wassily Leontief was the first to use a matrix representation of a national economy, in his input-output model?

• ...that the balance of payments of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period?

• ...that the existence of property rights, besides being a fundamental item in many legal systems, constitutes also the fundamental presupposition for the mathematical validity of both the accounting equation (financial statements) and the equality of gross value added and net output (national accounts)?

Wikinews Economy and business portal

• July 21: Technological University Dublin senior lecturer Dr Lorcan Sirr speaks to Wikinews on housing market in Ireland
• July 15: California governor signs new state budget, eligible Californians to get stimulus payments
• July 4: 130 OECD countries agree to back global corporate tax rate
• June 30: 'Each makes the other more difficult to recover from': University of Sussex professor L. Alan Winters speaks to Wikinews on trade, COVID-19, Brexit
• June 16: Wikinews interviews Victor Kline, leader of newly registered The New Liberals party in Australia
• April 23: Irish Finance Minister Donohoe criticises OECD's global minimum corporate tax rate
• April 17: People protest in Berlin against German Court overturning five-year rent cap
• March 5: Chancellor Rishi Sunak announces UK budget 2021
• February 10: Disney to shut down Blue Sky Studios, animation studio behind 'Ice Age'
• January 24: World Trade Organization declares US tariff hike illegal, rules in South Korea's favour