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Lluís Companys Lluís Companys i Jover (Catalan pronunciation: [ʎuˈis kumˈpaɲs]; 21 June 1882 – 15 October 1940) was a Spanish politician from Catalonia who served as president of Catalonia from 1934 and during the Spanish Civil War.\nCompanys was a lawyer close to labour movement and one of the most prominent leaders of the Republican Left of Catalonia (ERC) political party, founded in 1931.
Passeig de Lluís Companys, Barcelona Passeig de Lluís Companys (Catalan pronunciation: [pəˈsɛdʒ də ʎuˈis kumˈpaɲs]) is a promenade in the Ciutat Vella and Eixample districts of Barcelona, Catalonia, Spain, and can be seen as an extension of Passeig de Sant Joan. It was named after President Lluís Companys, who was executed in 1940.
Company A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals.
Conxita Julià Conxita Julià i Farrés (Catalan pronunciation: [kuɲˈʃitə ʒuliˈa j fəˈres]; 11 June 1920 – 9 January 2019), also known as Conxita de Carrasco, was a Catalan woman noted for her dealings with Lluís Companys, President of Catalonia, in the 1930s, and for her poetry. Julià died in January 2019 at the age of 98.
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Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
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East India Company The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600. It was formed to trade in the Indian Ocean region, initially with the East Indies (the Indian subcontinent and Southeast Asia), and later with East Asia.
Financial statement Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.\nRelevant financial information is presented in a structured manner and in a form which is easy to understand.
Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability, and profitability of a business, sub-business or project. \nIt is performed by professionals who prepare reports using ratios and other techniques, that make use of information taken from financial statements and other reports.
Financial law Financial law is the law and regulation of the insurance, derivatives, commercial banking, capital markets and investment management sectors. Understanding Financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.
Competition Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc.
Competitor analysis Competitive analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.
Competitors for the Crown of Scotland When the crown of Scotland became vacant in September 1290 on the death of the seven-year-old child Queen Margaret, 13 claimants to the throne came forward. Those with the most credible claims were John Balliol, Robert Bruce, John Hastings and Floris V, Count of Holland.
Sport of athletics Athletics is a group of sporting events that involves competitive running, jumping, throwing, and walking. The most common types of athletics competitions are track and field, road running, cross country running, and racewalking.
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Credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
Risk Factors
FIRST DATA CORP ITEM 1A RISK FACTORS The following are certain risks that could affect the Company’s business and its results of operations
The risks identified below are not all encompassing but should be considered in establishing an opinion of the Company’s future operations
Acquisitions and integrating such acquisitions create certain risks and may affect operating results
The Company has been, and expects to continue to be, an active business acquirer both in the US and internationally
The acquisition and integration of businesses involves a number of risks
The core risks are in the areas of valuation (negotiating a fair price for the business based on inherently limited diligence) and integration (managing the complex process of integrating the acquired company’s people, products, technology and other assets so as to realize the projected value of the acquired company and the synergies projected to be realized in connection with the acquisition)
In addition, international acquisitions often involve additional or increased risks including, for example: • managing geographically separated organizations, systems and facilities; • integrating personnel with diverse business backgrounds and organizational cultures; • complying with foreign regulatory requirements; • fluctuations in currency exchange rates; • enforcement of intellectual property rights in some foreign countries; • difficulty entering new foreign markets due to, among other things, customer acceptance and business knowledge of these new markets; and • general economic and political conditions
The process of integrating operations could cause an interruption of, or loss of momentum in, the activities of one or more of the combined Company’s businesses and the possible loss of key personnel
The diversion of management’s attention and any delays or difficulties encountered in connection with acquisitions and the integration of the two companies’ operations could have an adverse effect on the business, results of operations, financial condition or prospects of the Company
The ability to adopt technology to changing industry and customer needs or trends
Changes in technology may limit the competitiveness of and demand for the Company’s services
The Company’s businesses operate in industries that are subject to technological advancements, developing industry standards and changing customer needs and preferences
Also, the Company’s customers continue to adopt new technology for business and personal uses
The Company must anticipate and respond to these industry and customer changes in order to remain competitive within its relative markets
The ability to adopt technological advancements surrounding POS technology available to merchants could have an impact on the Company’s Merchant Services business
Likewise, within the Payment Services segment, the Company will need to adapt to new competitors as well as new types of technology-based money transfer services such as web, land and mobile phone based money transfer services, prepaid, stored-value and other card-based money transfer products
The Company’s inability to respond to new competitors and technological advancements could impact the Company’s Payment Services business
The spin-off of Western Union could adversely impact the Company
The Company’s Payment Services segment (primarily the Western Union, Orlandi Valuta and Vigo money transfer businesses) provides the Company with many benefits, the absence of which could have an adverse 22 ______________________________________________________________________ impact on its results of operations and financial position
Risks associated with the Company’s decision to separate the money transfer business into an independent publicly traded company may include, but are not limited to, the following: • The separation may have an effect on the resulting Company’s debt rating depending on the resulting capital structure
• Absence of Western Union’s cash flows could subject the Company to various restrictions with external lenders
• The division of the current Company’s Board of Directors and key employees may create a knowledge and skill gap
• The potential migration of investors to one company or the other may affect the resulting companies’ stock prices
• The spin-off is subject to certain conditions, including regulatory approvals, the receipt of a favorable tax ruling from the Internal Revenue Service and final approval by FDC’s Board of Directors
If the spin-off does not qualify as a tax free transaction, tax could be imposed on both the Company and its shareholders
Subsequent to the spin-off the two independent companies could become competitors in meeting existing or new consumer needs
• Certain costs will no longer be leveraged with Western Union’s profitability and therefore could reduce margins
Current or future card association rules and practices could adversely affect the Company’s business, transaction volumes, operating results and financial condition
Current Visa and MasterCard operating rules prohibit the coexistence of competing national marks on their credit and branded debit cards
If Visa or MasterCard were to determine that STAR is a competing national network and trade name, they could attempt to prohibit their members from issuing STAR-branded cards and/or prohibit the coexistence of the STAR trade name with the Visa and/or MasterCard marks on debit and credit cards
If this occurred, the Company cannot predict whether, when forced to choose between STAR and other brands, issuing banks would favor STAR over Visa or MasterCard
Further, the Company could lose access to the Visa or MasterCard network and cardholders, which could adversely affect elements of the business, such as ATM transactions, personal identification number (“PIN”) secured and signature debit transactions, credit card transactions, operating results and financial condition
Card issuers who participate in both STAR and Visa or MasterCard networks also may provide incentives for cardholders to use Visa or MasterCard signature-based systems instead of the STAR PIN-based system
Such incentives may adversely affect the business, operating results and financial condition
Changes in card association and debit network fees or products could increase costs or otherwise limit the Company’s operations
From time to time, card associations and debit networks increase the organization and/or processing fees (known as interchange fees) that they charge
It is possible that competitive pressures will result in the Company absorbing a portion of such increases in the future, which would increase its operating costs, reduce its profit margin and adversely affect its business, operating results and financial condition
Furthermore, the rules and regulations of the various card associations and networks prescribe certain capital requirements
Any increase in the capital level required would further limit the Company’s use of capital for other purposes
Maintaining the Western Union agent base
Maintenance of the Western Union agent base is key to the Company’s continued growth and expansion in the consumer-to-consumer money transfer business
Most of Western Union’s revenue is derived through its 23 ______________________________________________________________________ global agent network
Existing agents grow due to increasing demand and many new agents provide Western Union with additional revenue from new markets
Maintaining a strong agent network is critical to success in the money transfer business
Increased agent attrition rates, fewer agents added or a combination of the two would negatively impact the current revenue and profit growth rates
Attrition may occur due to a competitor signing a Western Union agent to a contract, dissatisfaction of the relationship or reduced cost benefits
In addition, agents may become less productive due to competitors being geographically close to the Company’s agent locations
First Data is the subject of various legal proceedings
First Data is involved in various litigation matters
The Company is also involved in or is the subject of governmental or regulatory agency inquiries or investigations from time to time