The Value of Privacy: Strategic Data Subjects, Incentive Mechanisms and Fundamental Limits

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The United Fruit Company was domain trade brokerage and dispatch incentives American corporation that traded in tropical fruit primarily bananasgrown on Central and South American plantations, and sold in the United States and Europe. The company was formed infrom the merger of Minor C. Keith 's banana-trading concerns with Andrew W. Preston 's Boston Fruit Company. It flourished in the early and midth century, and it came to control vast territories and transportation networks in Central America, the Caribbean coast of ColombiaEcuadorand the West Indies.

Though it competed with the Standard Fruit Company later Dole Food Company for dominance in the international banana trade, it maintained a virtual monopoly in certain regions, some of which came to be called banana republicssuch as Costa Rica, Honduras, and Guatemala. United Fruit had a deep and long-lasting impact on the economic and political development of several Domain trade brokerage and dispatch incentives American countries.

Critics often accused it of exploitative neocolonialismand described it as the archetypal example of the influence of a multinational corporation on the internal politics of the banana republics. After a period of financial decline, United Fruit was merged with Eli M. InCarl Lindner, Jr. Meiggs was assisted in the project by his young nephew Minor C. Keithwho domain trade brokerage and dispatch incentives over Meiggs's business concerns in Costa Rica after his death in Keith began experimenting with the planting of bananas as a cheap source of food for his workers.

The railroad was completed inbut the flow of passengers proved insufficient to finance Keith's debt.

Keith eventually came to dominate the banana trade in Central America and along the Caribbean coast of Colombia. Boston Fruit had been established by Lorenzo Dow Bakera sailor who, inhad bought his first bananas in Jamaicaand by Andrew W. Preston's lawyer, Bradley Palmerhad devised a scheme for the solution of the participants' domain trade brokerage and dispatch incentives flow problems and was in the process of implementing it.

Palmer became a permanent member of the executive committee and for long periods of time the director. From a business point of view, Bradley Palmer was United Fruit. Preston brought to the partnership his plantations in the West Indiesa fleet of steamships, and his market in the U. Keith brought his plantations and railroads in Central America and his market in the U.

The company catapulted into financial success. Bradley Palmer domain trade brokerage and dispatch incentives became a much-sought-after expert in business law, as well as a wealthy man. He later became a consultant to presidents and an adviser to Congress. The travel book featured landscapes and portraits of the inhabitants pertaining to the regions where the United Fruit Company possessed land.

It also described the voyage of the United Fruit Company's steamer, and Blaney's descriptions and encounters of his travels. By then, the company held a major role in the national economy and eventually became a symbol of the exploitative export economy. This led to serious labor disputes by the Costa Rican peasants, involving more than 30 separate unions andworkers, in The Great Banana Strike ofone of the most significant actions of the era by trade unions in Costa Rica.

By the s the company owned 3. Such holdings gave it great power over the governments of small countries. That was one of the factors that led to the coining of the phrase " banana republic ". Inconcerned that the company was mismanaged and that its market value had plunged, Zemurray staged a hostile takeover.

Zemurray moved the company's headquarters to New OrleansLouisianawhere he was based. United Fruit went on to prosper under Zemurray's management; [7] [8] Zemurray resigned as president of the company in In addition to many other labor actions, the company faced two major strikes of workers in Central America, in Colombia in and the Great Banana Strike of in Costa Rica.

Corporate raider Eli M. Black boughtshares of United Fruit inbecoming the company's largest shareholder. United Fruit had far less cash than Black had counted on and Black's mismanagement led to United Brands becoming crippled with debt. The company's losses were exacerbated by Hurricane Fifi domain trade brokerage and dispatch incentiveswhich destroyed many domain trade brokerage and dispatch incentives plantations in Honduras. Later that year, the U.

The headquarters was moved to Cincinnati in The United Fruit Company was [ when? Latin American journalists sometimes referred to the company as el pulpo "the octopus"and leftist domain trade brokerage and dispatch incentives in Central and South America encouraged the company's workers to strike. Criticism of the United Fruit Company became a staple of the discourse of the communist parties in several Latin American countries, where its activities were often interpreted as illustrating Vladimir Lenin 's theory of capitalist imperialism.

The business practices of United Fruit were also frequently criticized by journalists, politicians, and artists in the United States. Little Steven released a song in called Bitter Fruit with lyrics that referred to a hard life for a company "far away," and whose accompanying video depicted orange groves worked by peasants overseen by wealthy managers.

The lyrics and scenery are generic, but United Fruit or its successor Chiquita was reputedly the target. It also dominated regional transportation networks through its International Railways of Central America and its Great White Fleet of steamships. UFCO's policies of acquiring tax breaks and other benefits from host governments led to it building enclave economies in the regions, in which a company's investment is largely self-contained for its employees and overseas investors and the benefits of the export earnings are not shared with the host country.

One of the company's primary tactics for maintaining market dominance was to control the distribution of banana lands. UFCO claimed that hurricanes, blight and other natural threats required them to hold extra land or reserve land. In practice, what this meant was that UFCO was able to prevent the government from distributing banana lands to peasants who wanted a share of the banana trade. The fact that the UFCO relied so heavily on manipulating land use rights to maintain their market dominance had a number of long-term consequences for the region.

For the company to maintain its unequal land holdings it often required government concessions. And this in turn meant that the company had to be politically involved in the region even though it was an American company. In fact, the heavy-handed involvement of the company in often-corrupt governments created the term " banana republic ", which represents a servile dictatorship. The United Fruit Company's entire process of creating a plantation to farming the banana and the effects of these practices created noticeable environmental degradation when it was a thriving company.

Infrastructure built by domain trade brokerage and dispatch incentives company was constructed by clearing out forests, filling in low, swampy domain trade brokerage and dispatch incentives, and installing sewage, drainage, and water systems. Ecosystems that existed on these lands were destroyed, devastating biodiversity. Techniques used for farming were domain trade brokerage and dispatch incentives fault for loss of biodiversity and harm to the land as well.

To create farm land, the Domain trade brokerage and dispatch incentives Fruit Company would either clear forests as mentioned or would drain marshlands to reduce avian habitats and to create "good" soil domain trade brokerage and dispatch incentives banana plant growth.

This is done by using produced soil fertility and hydrological resources in the most intense manner, then relocating when yields fell and pathogens followed banana plants. Techniques like this destroy land and when the land is unusable for the company, then they move to other regions. UFCO had a mixed record on promoting the development of the nations where it operated. In Central America, the Company built extensive railroads and ports and provided employment and transportation. UFCO also created numerous schools for the people who lived and worked on Company land.

On the other hand, it allowed vast tracts of land under its ownership to remain uncultivated and, in Guatemala and elsewhere, it discouraged the government from building highways, which would lessen the profitable transportation monopoly of the railroads under its control. UFCO had also destroyed at least one of domain trade brokerage and dispatch incentives railroads upon leaving its area of operation.

Domain trade brokerage and dispatch incentives by the Eisenhower administration, this military opposition was armed, trained and organized by the U. Its stock market value declined along with its profit margin. The Eisenhower administration proceeded with antitrust action against the company, which forced it to divest in Inthe company sold off the last of their Guatemalan holdings after over a decade of decline. Even as the Arbenz government was being overthrown, in a general strike against the company organized by workers in Honduras rapidly paralyzed the country and thanks to the United States' concern about the domain trade brokerage and dispatch incentives in Guatemala, was settled more favorably for the workers to gain leverage for the Guatemala operation.

Company holdings in Cubawhich included sugar mills in the Oriente region of the island, were expropriated by the revolutionary government led by Fidel Castro. By April Castro was accusing the company of aiding Cuban exiles and supporters of former leader Fulgencio Batista in initiating domain trade brokerage and dispatch incentives seaborne invasion of Cuba directed from the United States. One of the most notorious strikes by United Fruit workers broke out on 12 November on the Caribbean coast of Colombia, near Santa Marta.

Estimates of the number of casualties vary from 47 to Vargas issued the order so the United States would not invade Colombia. Secretary of State, dated December 5,stated: Government now talks of general offensive against strikers as soon as all troopships now on the way arrive early next week. The Dispatch from U. Secretary of State, dated December 29,stated: Secretary of State, dated January 16,stated: The Banana massacre is said to be one of the main events that preceded the Bogotazothe subsequent era of violence known as La Violenciaand the guerrillas who developed in the bipartisan National Front period, creating the ongoing armed conflict in Domain trade brokerage and dispatch incentives.

Decades following the Honduran declaration of independence in from the Central American Federation, Honduras was in a state of economic and political strife due to constant conflict with neighboring countries for territorial expansion and control. The Agrarian Law would grant international, multinational companies leniency in tax regulations along with other financial incentives. Davila inthe Vaccaro brothers and Company, helped set the foundation on which the banana republic would struggle to balance and regulate the relationships between American capitalism and Honduran politics.

Samuel Zemurray, a small-sized American entrepreneur, rose to be another contender looking to invest in the Honduran agricultural trade. InGeneral Bonilla took no time in granting the second railroad concession to the newly incorporated Cuyamel Fruit Company owned by Zemurray. The time frame for some of these exclusive land, railroad concessions would last up to 99 years. The 1st railroad concession leased the National railroad of Honduras to the Vaccaro Bros. Zemurray granted his concession to the Tela Railroad Company—another division within his own company.

United Fruit Company currently Chiquita Brands International would partner with the President Bonilla in the exchange of access and control to Honduras' natural resources plus tax and financial incentives. In return, President Bonilla would receive cooperation, protection, along with an substantial amount of U.

The granting of land ownership in exchange for the railroad concession started the first official competitive market for bananas and giving birth to the banana republic.

Cuyamel Fruit Company and the Vaccaro Bros. Bringing western modernization and industrialization to the welcoming Honduran nation. All the while Honduran bureaucrats would continue to take away the indigenous communal lands to trade for capital investment contracts as well as neglect the fair rights of Honduran laborers. After the peak of the banana republic era, resistance eventually began to grown between small-scale producers and production laborers because the domain trade brokerage and dispatch incentives rate in growth of the wealth gap and extreme collusion between the Honduran working and poor class versus the profiting Honduran government officials and the U.

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This Master Circular consolidates instructions on the above matters issued up to June 30, Banks are also advised to ensure that copies of the circular are available in all their branches so that the customers can peruse the same. Customer service has great significance in the banking industry. The banking system in India today has perhaps the largest outreach for delivery of financial services and is also serving as an important conduit for delivery of financial services.

While the coverage has been expanding day by day, the quality and content of dispensation of customer service has come under tremendous pressure mainly owing to the failure to handle the soaring demands and expectations of the customers.

The vast network of branches spread over the entire country with millions of customers, a complex variety of products and services offered, the varied institutional framework — all these add to the enormity and complexity of banking operations in India giving rise to complaints for deficiencies in services.

This is evidenced by a series of studies conducted by various committees such as the Talwar Committee, Goiporia Committee, Tarapore Committee, etc. Reserve Bank, as the regulator of the banking sector, has been actively engaged from the very beginning in the review, examination and evaluation of customer service in banks. Depositors' interest forms the focal point of the regulatory framework for banking in India.

There is a widespread feeling that the customer does not get satisfactory service even after demanding it and there has been a total disenfranchisement of the depositor. There is, therefore, a need to reverse this trend and start a process of empowering the depositor. Broadly, a customer can be defined as a user or a potential user of bank services.

Banks' systems should be oriented towards providing better customer service and they should periodically study their systems and their impact on customer service.

Banks should have a Board approved policy for general management of the branches which may include the following aspects: Business posters at semi-urban and rural branches of banks should also be in the concerned regional languages. Training in Technical areas of banking to the staff at delivery points. Matters relating to customer service should be deliberated by the Board to ensure that the instructions are implemented meaningfully.

Commitment to hassle-free service to the customer at large and the Common Person in particular under the oversight of the Board should be the major responsibility of the Board. Banks are required to constitute a Customer Service Committee of the Board and include experts and representatives of customers as invitees to enable the bank to formulate policies and assess the compliance thereof internally with a view to strengthening the corporate governance structure in the banking system and also to bring about ongoing improvements in the quality of customer service provided by the banks.

Besides, the Committee could also examine any other issues having a bearing on the quality of customer service rendered. The Scheme of Banking Ombudsman was introduced with the object of enabling resolution of complaints relating to provision of banking services and resolving disputes between a bank and its constituent through the process of conciliation, mediation and arbitration in respect of deficiencies in customer service. Banks should ensure that the Awards of the Banking Ombudsmen are implemented expeditiously and with active involvement of Top Management.

Further, with a view to enhancing the effectiveness of the Customer Service Committee, banks should also:. The Committee on Procedures and Performance Audit of Public Services CPPAPS examined the issues relating to the continuance or otherwise of the Ad hoc Committees and observed that there should be a dedicated focal point for customer service in banks, which should have sufficient powers to evaluate the functioning in various departments. On the basis of the above recommendation, banks are required to convert the existing Ad hoc Committees into a Standing Committee on Customer Service.

Thus the two Committees would be mutually reinforcing with one feeding into the other. The Standing Committee may be chaired by the CMD or the ED and include non-officials as its members to enable an independent feedback on the quality of customer service rendered by the bank.

The Standing Committee may be entrusted not only with the task of ensuring timely and effective compliance of the RBI instructions on customer service, but also that of receiving the necessary feedback to determine that the action taken by various departments of the bank is in tune with the spirit and intent of such instructions. The Standing Committee may review the practice and procedures prevalent in the bank and take necessary corrective action, on an ongoing basis as the intent is translated into action only through procedures and practices.

Banks were advised to establish Customer Service Committees at branch level. In order to encourage a formal channel of communication between the customers and the bank at the branch level, banks should take necessary steps for strengthening the branch level committees with greater involvement of customers.

It is desirable that branch level committees include their customers too. Further, as senior citizens usually form an important constituent in banks, a senior citizen may preferably be included therein. Customer service should be projected as a priority objective of banks along with profit, growth and fulfilment of social obligations. Banks should have a Board approved policy for the following:.

Banks should formulate a transparent and comprehensive policy setting out the rights of the depositors in general and small depositors in particular. The policy would also be required to cover all aspects of operations of deposit accounts, charges leviable and other related issues to facilitate interaction of depositors at branch levels.

Such a policy should also be explicit in regard to secrecy and confidentiality of the customers. Providing other facilities by "tying-up" with placement of deposits is clearly a restrictive practice.

Banks should formulate a comprehensive and transparent policy taking into account their technological capabilities, systems and processes adopted for clearing arrangements and other internal arrangements for collection through correspondents.

The policy should cover the following three aspects:. Broad principles enumerated in paragraph Banks must have a well documented Customer Compensation Policy duly approved by their Boards. They could use the model policy formulated by the Indian Banks' Association IBA in this regard in formulating their own policy. Banks policy should, at a minimum, incorporate the following aspects: The Policy should be framed based on the broad principles enumerated in paragraph 16 of this Circular.

Banks are advised to offer a 'Basic Savings Bank Deposit Account' which will offer following minimum common facilities to all their customers:.

The 'Basic Savings Bank Deposit Account' should be considered a normal banking service available to all. While there will be no limit on the number of deposits that can be made in a month, account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals.

The above facilities will be provided without any charges. Banks would be free to evolve other requirements including pricing structure for additional value-added services beyond the stipulated basic minimum services on reasonable and transparent basis and applied in a non-discriminatory manner. If such account is opened on the basis of simplified KYC norms, the account would additionally be treated as a 'Small Account' and would be subject to conditions stipulated for such accounts as indicated in paragraph 3.

Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings bank deposit account in that bank. The existing basic banking 'no-frills' accounts should be converted to 'Basic Savings Bank Deposit Account' as per the instructions contained above.

Though the banks make available a Basic Savings Bank Deposit Account so as to achieve the objective of greater financial inclusion, yet financial inclusion objectives would not be fully met if the banks do not increase the banking outreach to the remote corners of the country. This has to be done with affordable infrastructure and low operational costs with the use of appropriate technology.

This would enable banks to lower the transaction costs to make small ticket transactions viable. Banks are, therefore, urged to scale up their financial inclusion efforts by utilizing appropriate technology. Care may be taken to ensure that the solutions developed are:. In order to ensure that banking facilities percolate to the vast sections of the population, banks should make available all printed material used by retail customers including account opening forms, pay-in-slips, passbooks, etc.

It has been brought to our notice that transgender persons face difficulties in opening accounts as there is no provision for them in the account opening and other forms. In this connection, banks are advised to refer to the judgement dated April 15, of the Supreme Court in the case of National Legal Services Authority v.

Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account.

Periodical updation of KYC data would continue to be done by bank as per prescribed periodicity. As many banks are now issuing statement of accounts in lieu of pass books, the Savings Bank Rules must be annexed as a tear-off portion to the account opening form so that the account holder can retain the rules. Only banks, Local Authorities and Government Departments excluding public sector undertakings or quasi-Government bodies will be exempt from the requirement of photographs.

The banks should pay 'self' or 'bearer' cheques taking usual precautions. The applications for different types of deposit accounts should be properly referenced. Savings Bank and Current accounts, photographs of persons authorised to operate them should be obtained. In case of other deposits, viz. At the time of opening the accounts, banks should inform their customers in a transparent manner the requirement of maintaining minimum balance and levying of charges, etc. The banks should inform, at least one month in advance, the existing account holders of any change in the prescribed minimum balance and the charges that may be levied if the prescribed minimum balance is not maintained.

With effect from May 6, , banks are not permitted to levy penal charges for non-maintenance of minimum balances in any inoperative account.

With effect from April 1, , while levying charges for non-maintenance of minimum balance in savings bank accounts, banks shall adhere to the following additional guidelines:.

In other words, the charges should be a fixed percentage levied on the amount of difference between the actual balance maintained and the minimum balance as agreed upon at the time of opening of account.

A suitable slab structure for recovery of charges may be finalized. These guidelines should be brought to the notice of all customers apart from being disclosed on the bank's website.

There may be occasions when Clearing House operations may have to be temporarily suspended for reasons beyond the control of the authorities concerned. Such suspension entails hardship to the constituents of the banks because of their inability to realize promptly the proceeds of cheques, drafts, etc. Some remedial action has to be taken during such contingencies to minimise, as far as possible, the inconvenience and hardship to banks' constituents as also to maintain good customer service.

Thus, whenever clearing is suspended and it is apprehended that the suspension may be prolonged, banks may temporarily accommodate their constituents, both borrowers and depositors, to the extent possible by purchasing the local cheques, drafts, etc. While extending this facility, banks would no doubt take into consideration such factors as creditworthiness, integrity, past dealings and occupation of the constituents, so as to guard themselves against any possibility of such instruments being dishonoured subsequently.

Use of statements has some inherent difficulties viz. As such, non-issuance of pass-books to such small customers would indirectly lead to their financial exclusion. Banks are therefore advised to invariably offer pass book facility to all its savings bank account holders individuals and in case the bank offers the facility of sending statement of account and the customer chooses to get statement of account, the banks must issue monthly statement of accounts.

The cost of providing such Pass Book or Statements should not be charged to the customer. Banks are, therefore, advised to strictly adhere to the extant instructions. Customers may be made conscious of the need on their part to get the pass-books updated regularly and employees may be exhorted to attach importance to this area.

Wherever pass-books are held back for updating, because of large number of entries, paper tokens indicating the date of its receipt and also the date when it is to be collected should be issued. It is sometimes observed that customers submit their passbooks for updation after a very long time.

In addition to the instructions printed in the passbook, whenever a passbook is tendered for posting after a long interval of time or after very large number of transactions, a printed slip requesting the depositor to tender it periodically should be given.

Banks should give constant attention to ensure entry of correct and legible particulars in the pass books and statement of accounts. In some cases, computerized entries use codes which just cannot be deciphered. Negligence in taking adequate care in the custody of savings bank pass books facilitates fraudulent withdrawals from the relative accounts.

A few precautions in this regard are given below:. Pass books remaining with the branches should be held in the custody of named responsible officials. Banks may ensure that they adhere to the monthly periodicity while sending statement of accounts.

The statements of accounts for current account holders may be sent to the depositors in a staggered manner instead of sending by a target date every month. The customers may be informed about staggering of the preparation of these statements.