The Business and Economics PortalBusiness is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company such as a corporation or cooperative. Colloquially, the terms are used interchangeably. (Full article...) Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses the economy as a system where production, distribution, consumption, savings, and investment expenditure interact, and factors affecting it: factors of production, such as labour, capital, land, and enterprise, inflation, economic growth, and public policies that have impact on these elements. (Full article...) Selected articleAmerican International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list. AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000. AIG was ranked 60th on the 2018 Fortune 500 list. According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2017, AIG had $65.2 billion (~$79.7 billion in 2023) in shareholder equity. Selected image
Selected economyThe economy of Singapore is a highly developed mixed market economy with dirigiste characteristics. Singapore's economy has been consistently ranked as the most open in the world, the joint 4th-least corrupt, and the most pro-business. Singapore has low tax-rates and the highest per-capita GDP in the world in terms of purchasing power parity (PPP). The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore. Alongside the business-friendly reputation for global and local privately held companies and public companies, various national state-owned enterprises play a substantial role in Singapore's economy. The sovereign wealth fund Temasek Holdings holds majority stakes in several of the nation's largest bellwether companies, such as Singapore Airlines, Singtel, ST Engineering and Mediacorp. With regards to foreign direct investment (FDI), the Singaporean economy is a major FDI outflow-financier in the world. In addition, throughout its history, Singapore has benefited from the large inward flows of FDI from global investors, financial institutions and multinational corporations (MNCs) due to its highly attractive investment climate along with a stable and conducive political environment throughout its modern years. (Full article...) Selected quote"We close this chapter with a hint on the next discussion of resistance to randomness. Recall that Nero can be considered prosperous but not "very rich" by his day's standards. However, according to some strange accounting measure we will see in the next chapter, he is extremely rich on the average of lives he could have led-he takes so little risk in his trading career that there could have been very few disastrous outcomes. The fact that he did not experience John's success was the reason he did not suffer his downfall. He would be therefore wealthy according to this unusual (and probabilistic) method of accounting for wealth. Recall that Nero protects himself from the rare event. Had Nero had to relive his professional life a few million times, very few sample paths would be marred by bad luck-but, owning to his conservatism, very few as well would be affected by extreme good luck. That is, his life in stability would be similar to that an ecclesiastic clock repair-man. Naturally, we are discussing only his professional life, excluding his (sometimes volatile) private life. Arguably, in expectation, a dentist is considerably richer than the rock musician who is driven in a pink Rolls Royce, the speculator who bids up the price of impressionist paintings, or the entrepreneur who collects private jets. For one cannot consider a profession without taking into account the average of the people who enter it, not the sample of those who have succeeded in it. We will examine the point later from the vantage point of the survivorship bias, but here, in Part I, we will look at it with respect to resistance to randomness."
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