abhishreshthaa
Abhijeet S
BB&T Corporation (Branch Banking & Trust) (NYSE: BBT) is an American bank with assets of $165.3 billion (June 2009), offering full-service commercial and retail banking services along with other financial services like insurance, investments, retail brokerage, mortgage, corporate finance, consumer finance, payment services, international banking, leasing and trust. Based in Winston-Salem, North Carolina, BB&T operates more than 1,850 financial centers in the United States of North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, and in Washington, D.C..
It is also notable for certain ideological stances taken by its management, and for its financial support of academic programs concerning "libertarianism" and the "moral foundations of capitalism."[1]
In June 2009, its chairman, John A. Allison IV delivered a keynote address to a meeting of the center-right Competitive Enterprise Institute, where he said government regulation caused the 2007-2009 financial collapse.[2] The bank had recently been forced to accept $3.1 billion in bailout money through the U.S. Treasury's Troubled Asset Relief Program.[3]
Earlier, in 2006, BB&T said it wouldn't lend money for commercial projects on property acquired through eminent domain. This was a reaction to the United States Supreme Court's decision in Kelo v. New London in 2005 that such transfers are permissible.
BB&T's beginnings date back to 1872, when Alpheus Branch and Thomas Jefferson Hadley founded the "Branch and Hadley" merchant bank in their small hometown of Wilson, North Carolina. After many transactions, mostly with local farmers, Branch bought out Hadley's shares in 1887 and renamed the company to "Branch and Company, Bankers". Two years later, Branch, his father father-in-law Gen. Joshua Barnes, Hadley, and three other men, secured a charter from the North Carolina General Assembly to operate the "Wilson Banking and Trust Company". After numerous additional name changes, the company finally settled on the name "Branch Banking and Company". Branch remained an active member in the company until his death in 1893.
In 1900, all of Branch's banking companies consolidated as Branch Banking and Company, allowing the institution to expand its services. In 1902 a savings department was created and in 1907 a trust department was authorized; this made Branch's company the first in the state to engage in trust activities. The bank made its final name change in 1913 to "Branch Banking and Trust", or BB&T, to reflect its new activities.
BB&T sold Liberty Bonds during World War I and grew to have more than $4 million in assets by 1923. An insurance division was added in 1922, followed by a mortgage division in 1923. As banks across the nation failed as a result of the 1929 Stock Market Crash, BB&T survived; it was the only one to do so in the town of Wilson.
The Maldives is a unique state comprised of 1,200 islands with a population of a quarter of a million scattered over two hundred inhabited islands. These physical factors cause problems such as unequal development between rural and urban areas, isolation and lack of access to infrastructure; areas with high population density and other areas where populations are too small to be economically viable.
The land is poor, water is scarce and the low-lying islands are vulnerable to damage from the sea and climate. Agricultural production is limited to basic subsistence crops and provides only three percent of employment. Because of this, diet is limited and malnutrition common, particularly among more isolated sectors of the population including women.
Fishing and tourism are the main sources of livelihood and income. In addition, trade has historically been important and Maldives has a very liberal trade policy. However, the Maldives needs to import many items, including food, but its export base is very narrow, and vulnerable to shocks in the world market. The fishing industry has been affected by low prices of fish on the global market, while the tourism industry has been adversely affected by global events and the general decrease in overseas travel.
The production of clothing is the second most important export commodity for the Maldives. Those produced for export are processed at garment factories set-up in Seenu, Kaafu, Haa Dhaalu and Laamu atolls, with foreign investment. However, the income generating capacity of the industry has declined considerably over the last five years. The high cost of expatriate labor and competition from better-established garment factories such as in Vietnam has led to the closure of a number of factories. One of the objectives of setting up the garment factories was to create employment opportunities in atolls. However, that objective was not achieved as most of the factories relied on a large expatriate workforce
It is also notable for certain ideological stances taken by its management, and for its financial support of academic programs concerning "libertarianism" and the "moral foundations of capitalism."[1]
In June 2009, its chairman, John A. Allison IV delivered a keynote address to a meeting of the center-right Competitive Enterprise Institute, where he said government regulation caused the 2007-2009 financial collapse.[2] The bank had recently been forced to accept $3.1 billion in bailout money through the U.S. Treasury's Troubled Asset Relief Program.[3]
Earlier, in 2006, BB&T said it wouldn't lend money for commercial projects on property acquired through eminent domain. This was a reaction to the United States Supreme Court's decision in Kelo v. New London in 2005 that such transfers are permissible.
BB&T's beginnings date back to 1872, when Alpheus Branch and Thomas Jefferson Hadley founded the "Branch and Hadley" merchant bank in their small hometown of Wilson, North Carolina. After many transactions, mostly with local farmers, Branch bought out Hadley's shares in 1887 and renamed the company to "Branch and Company, Bankers". Two years later, Branch, his father father-in-law Gen. Joshua Barnes, Hadley, and three other men, secured a charter from the North Carolina General Assembly to operate the "Wilson Banking and Trust Company". After numerous additional name changes, the company finally settled on the name "Branch Banking and Company". Branch remained an active member in the company until his death in 1893.
In 1900, all of Branch's banking companies consolidated as Branch Banking and Company, allowing the institution to expand its services. In 1902 a savings department was created and in 1907 a trust department was authorized; this made Branch's company the first in the state to engage in trust activities. The bank made its final name change in 1913 to "Branch Banking and Trust", or BB&T, to reflect its new activities.
BB&T sold Liberty Bonds during World War I and grew to have more than $4 million in assets by 1923. An insurance division was added in 1922, followed by a mortgage division in 1923. As banks across the nation failed as a result of the 1929 Stock Market Crash, BB&T survived; it was the only one to do so in the town of Wilson.
The Maldives is a unique state comprised of 1,200 islands with a population of a quarter of a million scattered over two hundred inhabited islands. These physical factors cause problems such as unequal development between rural and urban areas, isolation and lack of access to infrastructure; areas with high population density and other areas where populations are too small to be economically viable.
The land is poor, water is scarce and the low-lying islands are vulnerable to damage from the sea and climate. Agricultural production is limited to basic subsistence crops and provides only three percent of employment. Because of this, diet is limited and malnutrition common, particularly among more isolated sectors of the population including women.
Fishing and tourism are the main sources of livelihood and income. In addition, trade has historically been important and Maldives has a very liberal trade policy. However, the Maldives needs to import many items, including food, but its export base is very narrow, and vulnerable to shocks in the world market. The fishing industry has been affected by low prices of fish on the global market, while the tourism industry has been adversely affected by global events and the general decrease in overseas travel.
The production of clothing is the second most important export commodity for the Maldives. Those produced for export are processed at garment factories set-up in Seenu, Kaafu, Haa Dhaalu and Laamu atolls, with foreign investment. However, the income generating capacity of the industry has declined considerably over the last five years. The high cost of expatriate labor and competition from better-established garment factories such as in Vietnam has led to the closure of a number of factories. One of the objectives of setting up the garment factories was to create employment opportunities in atolls. However, that objective was not achieved as most of the factories relied on a large expatriate workforce