94-532: The Turkmen Agricultural University named after Saparmurat Niyazov ( Turkmen : S.A.Nyýazow adyndaky Türkmen oba hojalyk Uniwersitety ), often abbreviated as TOHU , is the largest higher education institution in Turkmenistan. This university only provides studies in the fields of agriculture . It is named after Saparmyrat Nyýazow , Turkmenistan's first president. In 1930, the Agricultural Institute
188-551: A Republic within the USSR. In the years following independence, Turkmenistan invested heavily in plants and machinery in an attempt to convert it from being primarily a supplier of petroleum to a more advanced economy; such investments included oil refineries and a polyethylene plant. In an interview with Rossiyskaya Gazeta newspaper, Niyazov claimed that Turkmenistan was able to process 85% of its domestic output. Additionally, numerous petroleum transportation projects were completed such as
282-539: A division of the Turkmen Ground Forces was renamed after Atamyrat Nyýazow. Today, the 22nd Motor Rifle Division "Atamyrat Niyazov" deployed in Serdar carries his name. One of the earliest acts of Niyazov was to abolish the death penalty. He also granted official human rights to the people, though they were not respected in practice, with his government being criticized as one of the worst human rights violators in
376-419: A few weeks earlier for which the president had hand-picked all candidates. Niyazov and his wife, Muza Melnikova , who was of Russian and Jewish descent, had a son (Murat) and a daughter (Irina). Niyazov became president at the transition of Turkmenistan from a Soviet republic to an independent state. His presidency was characterised by an initial crumbling of the centralised Soviet model that in many respects
470-681: A global systemically important bank by the Financial Stability Board since 2011. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . According to a 2020 article in the New Yorker , Deutsche Bank had long had an "abject" reputation among major banks, as it has been involved in major scandals across various issue areas. Deutsche Bank
564-516: A government bailout. One of them claims that "If Lehman Brothers didn't have to mark its books for six months it might still be in business, and if Deutsche had marked its books it might have been in the same position as Lehman." Deutsche had become the biggest operator in this market, which were a form of credit derivative designed to behave like the most senior tranche of a CDO. Deutsche bought insurance against default by blue-chip companies from investors, mostly Canadian pension funds, who received
658-744: A higher rate of a discount than English or French bills. The founding members were: Hermann Zwicker (Bankhaus Gebr. Schickler, Berlin); Anton Adelssen (Bankhaus Adelssen & Co., Berlin); Adelbert Delbrück (Bankhaus Delbrück, Leo & Co.); Heinrich von Hardt (Hardt & Co., Berlin, New York); Ludwig Bamberger (politician, former chairman of Bischoffsheim, Goldschmidt & Co); Victor Freiherr von Magnus (Bankhaus F. Mart Magnus); Adolph vom Rath [ de ] (Bankhaus Deichmann & Co., Cologne); Gustav Kutter (Bankhaus Gebrüder Sulzbach, Frankfurt); and Gustav Müller (Württembergische Vereinsbank, Stuttgart). The First directors were Wilhelm Platenius, Georg Siemens , and Hermann Wallich . Georg Siemens
752-686: A pipeline from the Korpedje field to Kort-Koi in Iran. In 1991 and 2001, Niyazov issued decrees making water, gas, electricity, and refined salt free to use for ten-year periods. In 2005, Niyazov appointed Gurbanmyrat Ataýew as Minister of Oil and Gas, succeeding Atamyrat Berdyýew . Turkmenistan's other primary resources are cotton and grain. Niyazov continued the old practice of demanding yearly quotas in agricultural output, and then blaming and/or sacking deputy ministers when quotas were not met. Nevertheless, Turkmenistan had an emergent period during which there
846-550: A required 9% core Tier 1 ratio after sovereign debt write-down starting in mid-2012. As of 2012, Deutsche Bank had negligible exposure to Greece , but Spain and Italy accounted for a tenth of its European private and corporate banking business with credit risks of about €18 billion in Italy and €12 billion in Spain. In 2017, Deutsche Bank needed to get its common equity tier-1 capital ratio up to 12.5% in 2018 to be marginally above
940-463: A risk specialist from Merrill Lynch , who hired two other former Merrill Lynch risk specialists Anshu Jain and William S. Broeksmit. By the mid-1990s, the buildup of a capital-markets operation had got underway with the arrival of a number of high-profile figures from major competitors. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was added. Bankers Trust suffered losses during
1034-487: A specific Turkmen nature and introduced a new Latin-based Turkmen alphabet to replace Russian Cyrillic. The Latin Turkmen alphabet consists of: Aa, Bb, Çç, Dd, Ee, Ää, Ff, Gg, Hh, Ii, Jj, Žž, Kk, Ll, Mm, Nn, Ňň, Oo, Öö, Pp, Rr, Ss, Şş, Tt, Uu, Üü, Ww, Yy, Ýý, Zz. Despite emphasizing a need to move from central planning to a market economy and to a full democracy during his reign, neither plan progressed. Yearly plans set forth by
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#17328584361771128-505: A stream of insurance premiums as income in return for posting a small amount of collateral. The bank then sold protection to US investors via the CDX credit index , the spread between the two was tiny but was worth $ 270m over the 7 years of the trade. It was considered very unlikely that many blue chips would have problems at the same time, so Deutsche required collateral of just 10% of the contract value. The risk of Deutsche taking large losses if
1222-415: Is a stub . You can help Misplaced Pages by expanding it . Saparmurat Niyazov President of Turkmenistan Government election Others Family [REDACTED] [REDACTED] [REDACTED] Saparmurat Atayevich Niyazov ( Russian : Сапармурат Атаевич Ниязов ; Turkmen : Saparmyrat Ataýewiç Nyýazow ; 19 February 1940 – 21 December 2006), also known as Türkmenbaşy ,
1316-573: The 1998 Russian financial crisis since it had a large position in Russian government bonds, but avoided financial collapse by being acquired by Deutsche Bank for $ 10 billion in November 1998. On 4 June 1999, Deutsche Bank merged its Deutsche Morgan Grenfell and Bankers Trust to became Deutsche Asset Management (DAM) with Robert Smith as the CEO. This made Deutsche Bank the fourth-largest money management firm in
1410-550: The CSTO . Turkmenistan has not participated in any United Nations peacekeeping missions. It has however become a member of Interpol . The full independence of Turkmenistan was recognised by a UN General Assembly resolution "The permanent neutrality of Turkmenistan" of 12 December 1995. As a result, in 2005 Turkmenistan would downgrade its links with the Commonwealth of Independent States becoming only an associate member under article 8 of
1504-683: The Cabinet of Ministers . His self-given title Türkmenbaşy , meaning Head of the Turkmen , referred to his position as the founder and president of the Association of Turkmens of the World . In 1999, the Assembly of Turkmenistan declared Niyazov to be president for life . In his time, he was one of the world's most totalitarian , despotic , and repressive dictators. He promoted a cult of personality around himself and imposed his personal eccentricities upon
1598-634: The Communist Party of the Turkmen SSR in 1985. He gained this post after Soviet General Secretary Mikhail Gorbachev had removed his predecessor, Muhammetnazar Gapurov , following a cotton-related scandal. Under Niyazov, the Turkmen Communist Party had a reputation as one of the most hardline and unreformed party organizations in the Soviet Union. On 13 January 1990, Niyazov became Chairman of
1692-726: The Landesbank für Bosnien und Herzegowina in Sarajevo , together with the Société Générale de Belgique and its affiliate Banque Belge pour l'Étranger . In 1940, following the German invasion of Belgium , Deutsche Bank bought out the Belgian stake under duress and became the AJB's dominant shareholder, with 88 percent held either directly or through Creditanstalt. Deutsche Bank simultaneously took control of
1786-607: The Leningrad Polytechnic Institute , where in 1967 he received a diploma as an electrical engineer. After graduating, Niyazov went to study in Russia, but was expelled a few years later for academic failure. In 1962, Niyazov started his political career, becoming a member of the Communist Party . He quickly rose through the ranks, becoming First Secretary of the Ashgabat City Committee, and First Secretary of
1880-767: The National Bank of Greece during the Axis occupation of Greece , without however acquiring ownership out of consideration for Italian sensitivities. Through the Creditanstalt-Bankverein, Deutsche Bank also became a major shareholder of the Allgemeiner Jugoslawischer Bankverein (AJB), which had been formed in 1928 from the two former branches of the Wiener Bankverein in Belgrade and Zagreb, and of
1974-528: The New York Stock Exchange . Deutsche Bank was founded in 1870 in Berlin . From 1929 to 1937, following its merger with Disconto-Gesellschaft , it was known as Deutsche Bank und Disconto-Gesellschaft or DeDi-Bank. Other transformative acquisitions have included those of Mendelssohn & Co. in 1938, Morgan Grenfell in 1990, Bankers Trust in 1998, and Deutsche Postbank in 2010. As of 2018,
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#17328584361772068-935: The Northern Pacific Railroad in the US and the Baghdad Railway (1888). In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp (1879) and introduced the chemical company Bayer to the Berlin stock market. The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entry into Germany's main industrial regions. It thus formed community-of-interests partnerships with Bergisch-Märkische Bank [ de ] in Elberfeld and Schlesischer Bankverein [ de ] in Breslau , linked to
2162-551: The Ruhnama in schools, universities and governmental organizations, new governmental employees were tested on the book at job interviews and an exam on its teachings was a part of the driving test in Turkmenistan. Turkmen State University even had a "Department of the Holy Ruhnama of Türkmenbaşy, the Great", and Ruhnama Studies were pursued as a major research agenda in the country, often at
2256-663: The Seljuqs to their last full flowering. The new names came into effect with the introduction of a new labor law which stated that "the dates of professional holidays are specified by decrees of the President of Turkmenistan". These names were later abolished by his successor Berdymukhamedov in April 2008. His father Atamyrat Nyýazow 's Red Army service was used to shape how the country celebrates Victory Day on 9 May. Unlike other Central Asian countries, Turkmenistan under Niyazov put emphasis on
2350-568: The Turkmenistani presidential election featured Niyazov as the sole candidate, and chosen as the country's first popularly elected president. A year later he declared himself Türkmenbaşy , meaning "Leader of all Turkmen". In 1994 a plebiscite extended Niyazov's term to 2002 so he could oversee a 10-year development plan. The official results showed that 99.9% of voters approved this proposal. On 28 December 1999, Parliament declared Niyazov President for life ; parliamentary elections had been held
2444-685: The Walk of Health to improve the health of his population and forced the members of the government to travel it once a year. In May 2000, the government revoked all Internet licenses except for the state-owned Turkmen Telecom and in June 2001 shut down all Internet cafés. By 2005, there were 36,000 Internet users in Turkmenistan, representing 0.7% of the population. In March 2004, 15,000 public health workers were dismissed including nurses , midwives , school health visitors and orderlies . In February 2005, all hospitals outside Ashgabat were ordered to be closed, with
2538-431: The clearing center for the three banks. Since the mid-1990s Deutsche Bank commercial real estate division offered Donald Trump financial backing, even though in the early 1990s Citibank , Manufacturers Hanover , Chemical , Bankers Trust , and 68 other entities refused to financially support him. In 2008, Trump sued Deutsche Bank for $ 3 billion and a few years later, he shifted his financial portfolio from
2632-628: The crisis summer of 1931 the Deutsche Golddiskontbank , a subsidiary of the Reichsbank , acquired 35 percent of DeDi-Bank's equity as part of a sector-wide rescue, bringing total government ownership of the bank to 38.5 percent. This did not, however, result in significant government interference in the management of the company, unlike at Dresdner Bank whose capital was near-completely nationalized. When Adolf Hitler became leader of Germany, Deutsche Bank increasingly became integrated into
2726-516: The 12% median CET1 ratio of Europe's 24 biggest publicly traded banks, so there would be no dividend for 2015 and 2016. Furthermore, 15,000 jobs were to be cut. In June 2015, the then co-CEOs, Jürgen Fitschen and Anshu Jain, both offered their resignations to the bank's supervisory board, which were accepted. Jain's resignation took effect in June 2015, but he provided consultancy to the bank until January 2016. Fitschen continued as joint CEO until May 2016. The appointment of John Cryan as joint CEO
2820-415: The 12.25% required by regulators. In January 2014, Deutsche Bank reported a €1.2 billion ($ 1.6 billion) pre-tax loss for the fourth quarter of 2013. This came after analysts had predicted a profit of nearly €600 million, according to FactSet estimates. Revenues slipped by 16% versus the prior year. Deutsche Bank's Capital Ratio Tier-1 (CET1) was reported in 2015 to be only 11.4%, lower than
2914-717: The 39-story building continued for nearly a decade, and was completed in early 2011. In October 2001, Deutsche Bank was listed on the New York Stock Exchange . This was the first NYSE listing after interruption due to 11 September attacks . The following year, Josef Ackermann became CEO of Deutsche Bank and served as CEO until 2012 when he became involved with the Bank of Cyprus . Then, beginning in 2002, Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments. Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie (2002) and
Turkmen Agricultural University - Misplaced Pages Continue
3008-640: The CIS charter, as such it would not participate in any of the military structures of the CIS. In 2006 the European Commission and the international trade committee of the European Parliament voted to grant Turkmenistan " most favoured nation " trading status with the European Union , widely seen as motivated by interest in natural gas, after Niyazov announced he would enter a "human rights dialogue" with
3102-757: The Creditanstalt expanded its operations into Nazi-occupied Czechoslovakia, Poland, Yugoslavia, and in Nazi-allied Bulgaria. In September 1938, following the Munich Agreement , Deutsche Bank took over the branches of Prague-based Böhmische Union Bank (BUB) in the Sudetenland . In March 1939, it forcibly took over control of the BUB itself, in which it built a majority stake complemented with prior shareholding of Creditanstalt. It also took over management control of
3196-698: The EU. In January 1996, Niyazov met with Sayid Abdulloh Nuri in Tehran to inform him that the attendees of a CIS summit in Moscow had agreed to renew the mandate of CIS peacekeepers in Tajikistan, which was going through a civil war at the time. On 25 November 2002, Niyazov's motorcade was fired upon at about 7 a.m. in downtown Ashgabat as he was traveling to his office from his official residence in Arshabil. Niyazov claimed that it
3290-817: The Landesbank in Sarajevo. Following the German invasion of Yugoslavia , the AJB was divided into two separate institutions, respectively the Bankverein AG Belgrad in occupied Serbia , and the Bankverein für Kroatien AG in the Independent State of Croatia . Both these banks' assets were eventually confiscated by the newly established Communist authorities in October 1944, and they were subsequently liquidated. During
3384-550: The Nazi government fully re-privatized Deutsche Bank in 1935–1937, largely out of budgetary considerations. Its name changed back to Deutsche Bank in 1937. While the Nazi policies of financial repression were largely unhelpful to the domestic business of Deutsche and other German commercial banks, its expansionary behavior created opportunities that Deutsche Bank pursued. In 1938 following Hitler's Anschluss of Austria , Deutsche Bank gradually took control of Creditanstalt-Bankverein ,
3478-511: The Nazi power structures, and fully implemented the Nazi policy of aryanization . In 1934 it dismissed its three Jewish management board members, Oscar Wassermann , Theodor Frank, and Georg Solmssen ; in 1938 it dismissed its last Jewish supervisory board member. By the end of 1938, it had been involved as an intermediary and lender in at least 363 cases of expropriation of Jewish-owned businesses. In 1938, it acquired Jewish-controlled German bank Mendelssohn & Co. under duress. Meanwhile,
3572-611: The Reichsbank, of which 744 kg came from Holocaust victims. In an effort to come to terms with its past during the Nazi era, Deutsche Bank in 1995 published a history volume that detailed its entanglement with the dictatorship. In December 1999, along with other major German companies, Deutsche Bank contributed to a US$ 5.2 billion compensation fund following lawsuits brought by Holocaust survivors; U.S. officials had reportedly threatened to block Deutsche Bank's $ 10 billion purchase of Bankers Trust if it did not contribute to
3666-861: The Russian investment bank United Financial Group (2005) founded by the United States banker Charles Ryan and the Russian official Boris Fyodorov which followed Anshu Jain 's aggressive expansion to gain strong relationships with state partners in Russia. Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later, in April 2007, sent the president and chairman of the management board of VTB Bank Andrey Kostin 's son Andrey to Deutsche Bank's Moscow office. Later, in 2008, to establish VTB Capital , numerous bankers from Deutsche Bank's Moscow office were hired by VTB Capital. In Germany, further acquisitions of Norisbank , Berliner Bank and Deutsche Postbank strengthened Deutsche Bank's retail offering in its home market. This series of acquisitions
3760-545: The Supreme Soviet of the Turkmen SSR , the supreme legislative body in the republic. The post was equivalent to that of president. Niyazov supported the Soviet coup attempt of 1991 . However, after the coup collapsed, he set about separating Turkmenistan from the dying Soviet Union. The Turkmen Supreme Soviet declared Turkmenistan independent and appointed Niyazov as the country's first president on 27 October 1991. On 21 June 1992
3854-506: The Turkmen society. Let the entire world know that there has never been a place for evil and violence on the blessed Turkmen soil. I watched young dogs when I was young. They were given bones to gnaw to strengthen their teeth. Those of you whose teeth have fallen out did not chew on bones. This is my advice... Niyazov promoted a policy of strict neutrality in foreign affairs, refraining from seeking membership in NATO or GUAM and almost ignoring
Turkmen Agricultural University - Misplaced Pages Continue
3948-430: The U.S. in 1939 after more than one year in custody. Later in 1938, Creditanstalt was jointly taken over, without compensation, by German government holding VIAG [ de ] , Deutsche Bank, and the Reichsbank , which held respectively 51 percent, 25 percent, and 12 percent of its capital. In April 1942, Deutsche Bank raised its ownership to 51 percent by acquiring a block of shares from VIAG. During wartime,
4042-542: The US government said that by the time he died, "Niyazov's personality cult ... had reached the dimensions of a state-imposed religion." Deutsche Bank Deutsche Bank AG ( German pronunciation: [ˈdɔʏtʃə ˈbaŋk ʔaːˈɡeː] ) is a German multinational investment bank and financial services company headquartered in Frankfurt , Germany, and dual-listed on the Frankfurt Stock Exchange and
4136-701: The acquisition in 1993 of Banca Popolare di Lecco from Banca Popolare di Novara for about $ 476 million. In 1999, it acquired a minority interest in Cassa di Risparmio di Asti . In the 11 September 2001 terrorist attacks the Deutsche Bank Building in Lower Manhattan , formerly Bankers Trust Plaza, was heavily damaged by the collapse of the South Tower of the World Trade Center. Demolition work on
4230-550: The bank developed and owned the Cosmopolitan of Las Vegas , after the casino's original developer defaulted on its borrowings. Deutsche Bank ran it at a loss until its sale in May 2014. The bank's exposure at the time of sale was more than $ 4 billion, and sold the property to Blackstone Group for $ 1.73 billion. On 3 January 2014, it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders, who had accused
4324-561: The bank entered retail banking by introducing small personal loans. In the 1970s, the bank pushed ahead with international expansion, opening new offices in new locations, such as Milan (1977), Moscow , London , Paris , and Tokyo . In the 1980s, this continued when the bank paid U$ 603 million in 1986 to acquire Banca d'America e d'Italia . In 1972, the bank established its Fiduciary Services Division which provides support to its private wealth division . At 8:30 am on 30 November 1989, Alfred Herrhausen , chairman of Deutsche Bank,
4418-475: The bank of bundling and selling bad real estate loans before the 2008 downturn. This settlement came subsequent and in addition to Deutsche's $ 1.93 billion settlement with the US Housing Finance Agency over similar litigation related to the sale of mortgage-backed securities to Fannie Mae and Freddie Mac . Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that, during
4512-672: The bank purchased the state's share of Universum Film Aktiengesellschaft ( UFA ). In 1926, the bank assisted in the merger of Daimler and Benz. The bank merged with Disconto-Gesellschaft in 1929 and rebranded itself Deutsche Bank und Disconto-Gesellschaft , sometimes referred to as DeDi-Bank. By 1930, Deutsche Bank & Disconto-Gesellschaft maintained a similar dominant position as before World War I, with 4.8 billion Reichsmarks in total deposits ahead of Danat-Bank (2.4 billion), Dresdner Bank (2.3 billion), Commerz- und Privatbank (1.5 billion), Reichs-Kredit-Gesellschaft (619 million), and Berliner Handels-Gesellschaft (412 million). In
4606-426: The bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia. It is a component of the DAX stock market index and is often referred to as the largest German banking institution , with Deutsche Bank holding the majority stake in DWS Group for combined assets of 2.2 trillion euros, rivaling even Sparkassen-Finanzgruppe in terms of combined assets. Deutsche Bank has been designated
4700-399: The basis that Deutsche may be forced to book another €3 billion to €4 billion of litigation charges in 2016." May 2017, Chinese conglomerate HNA Group became its biggest shareholder, owning 9.90% of its shares. However, HNA Group's stake reduced to 8.8% as of 16 February 2018. In November 2018, the bank's Frankfurt offices were raided by police in connection with investigations around
4794-463: The capital city Ashgabat , in a country where at that time more than half the population lived in rural areas, once stating that, "If people are ill, they can come to Ashgabat." Under his rule, Turkmenistan had the lowest life expectancy in Central Asia. Global Witness , a London-based human rights organisation, reported that money under Niyazov's control and held overseas may be in excess of US$ 3 billion, of which between $ 1.8–$ 2.6 billion
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#17328584361774888-400: The collateral was wiped out in a crisis was called the gap option. Ben-Artzi claims that after modeling came up with "economically unfeasible" results, Deutsche accounted for the gap option first with a simple 15% "haircut" on the trades (described as inadequate by another employee in 2006) and then in 2008 by a $ 1–2bn reserve for the credit correlation desk designed to cover all risks, not just
4982-444: The communist system, with his image replacing those of Marx and Lenin . During his rule, Niyazov created a strong cult of personality around himself, which resembled the one around the Kim dynasty in North Korea. He renamed the town of Janga and city of Krasnovodsk after his nickname Türkmenbaşy , and renamed schools, airports, Ashgabat streets, and even a meteorite after himself and members of his family. The city of Kerki
5076-456: The company is to transact banking business of all kinds, in particular, to promote and facilitate trade relations between Germany, other European countries and overseas markets. Prior to the founding of Deutsche Bank, German importers and exporters were dependent upon British and French banking institutions in the world markets—a serious handicap in that German bills were almost unknown in international commerce, generally disliked and subject to
5170-424: The cost of academic disciplines. Niyazov claimed those who read it thrice were destined for heaven. Like Kim Il Sung , there is even a creation myth surrounding him. During Niyazov's presidency there was no freedom of the press nor was there freedom of speech. This further meant that opposition to Niyazov was strictly forbidden and major opposition figures were imprisoned, institutionalized, deported, or fled
5264-428: The country's sacrifice during the Second World War. In 2005, Niyazov flew to Moscow to celebrate the diamond jubilee of the war's end, and just days prior, he congratulated Turkmen veterans of the war as well as Russian veterans on behalf of Vladimir Putin and Ukrainian veterans on behalf of Viktor Yushchenko . Individually, Niyazov's father was awarded the honorary title of Hero of Turkmenistan in 1994 and in 2004,
5358-431: The country, and their family members were routinely harassed by the authorities. A silhouette of Niyazov was used as a logo on television broadcasts. The eccentric nature of some of his decrees, and the vast number of images of the president led to the perception, especially in western countries, of a despotic leader, rich on oil wealth glorifying himself whilst the population gained no benefit. For these, and other reasons,
5452-435: The country, such as renaming Turkmen months and days of the week to references of his autobiography the Ruhnama . He made it mandatory to read the Ruhnama in schools, universities and governmental organizations; new governmental employees were tested on the book at job interviews and an exam on its teachings was a part of the driving test in Turkmenistan. In 2005, he closed down all rural libraries and hospitals outside of
5546-470: The country. In Ashgabat, he erected a rotating, $ 12 million, golden statue of himself that always faces the sun. Niyazov gave every citizen a watch with his portrait in its dial. Niyazov simultaneously cut funding to and partially disassembled the education system in the name of "reform", while injecting ideological indoctrination into it by requiring all schools to use his own book, the Ruhnama , as their primary text. He also made it mandatory to read
5640-417: The creation of the Deutsch-Asiatische Bank in Shanghai , in 1894, of the Banca Commerciale Italiana in Milan , and in 1898, of the Banque Internationale de Bruxelles . In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Überseeische Bank in 1886 and
5734-430: The crisis, Deutsche failed to recognize up to $ 12 billion of paper losses on its $ 130 billion portfolio of leveraged super senior trades, although the bank rejects the claims. A company document of May 2009 described the trades as "the largest risk in the trading book", and the whistleblowers allege that had the bank accounted properly for its positions its capital would have fallen to the extent that it might have needed
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#17328584361775828-460: The days of the week , to Turkmen heroes, poets, historical events, family members and himself was an unexpected development. For example, September was renamed Ruhnama in honour of the book written by Niyazov (which he finished writing on 19 September 2001). Not all the changes promoted Niyazov; October was renamed Garaşsyzlyk (Independence) to mark the state's founding on 27 October 1991, and November Sanjar in honour of Sultan Sanjar who led
5922-535: The fast-growing industrial economies of the Rhineland and Silesia respectively; it eventually acquired the two banks in 1914 and 1917 respectively. Joint ventures were symptomatic of the concentration then under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time; the Frankfurt branch dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig in 1901. In 1889, Deutsche Bank participated in
6016-456: The former country's leading bank. On 26 March 1938 the latter was coerced to enter a "friendship agreement" with Deutsche Bank, by which the latter secured a presence in its board of directors. Creditanstalt executive Louis de Rothschild was immediately arrested and imprisoned, deprived of his position and property, then released upon payment of $ 21,000,000, believed to have been the largest bail bond in history for any individual, and migrated to
6110-410: The fund. Following Germany's defeat in World War II , the Allied authorities, in 1948, ordered Deutsche Bank's break-up into regional banks. These regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt. In 1959,
6204-485: The gap option but actively mismarking the value of their trades. In 2008, Deutsche Bank reported its first annual loss in five decades, despite receiving billions of dollars from its insurance arrangements with AIG , including US$ 11.8 billion from funds provided by US taxpayers to bail out AIG. Based on a preliminary estimation from the European Banking Authority (EBA), in late 2011, Deutsche Bank AG needed to raise capital of about €3.2 billion as part of
6298-429: The gap option. In October 2008, it stopped modeling the gap option and just bought S&P put options to guard against further market disruption, but one of the whistleblowers has described this as an inappropriate hedge. A model from Ben-Artzi's previous job at Goldman Sachs suggested that the gap option was worth about 8% of the value of the trades, worth $ 10.4bn. Simpson claims that traders were not simply understating
6392-592: The government and a centralised economy gave little indication of moving away from state-dominated economics, and the dictatorial nature of many of his decrees and his declaring himself "President for Life" gave little hope as to much progress in these two areas. Turkmenistan has the second-largest oil reserves in the former Soviet Union, generating high revenue for the state. The government has used central planning , such as state control of production and procurement, direct bank credits with low interest rates, exchange rate restrictions, and price controls, since it existed as
6486-434: The government staged the attempt to crack down on mounting domestic and foreign political opposition. Ethnic Russians in Turkmenistan were disproportionately targeted in the aftermath. The summer of 2004 saw a leaflet campaign in the capital, Aşgabat, calling for the overthrow and trial of Niyazov. The authorities were unable to stop the campaign and the President responded by firing his Interior minister and director of
6580-400: The investment banking division to Deutsche Bank private wealth division with Rosemary Vrablic , formerly of Citigroup , Bank of America , and Merrill Lynch , becoming Trump's new personal banker at Deutsche Bank. In 2007, the company's headquarters, the Deutsche Bank Twin Towers building, was extensively renovated for three years, certified LEED Platinum and DGNB Gold. In 2010,
6674-407: The police academy on national television. He accused the minister of incompetence and declared: "I cannot say that you had any great merits or did much to combat crime." Niyazov later announced that surveillance cameras were to be placed at all major streets and sites in Turkmenistan, an apparent precaution against future attempts. Niyazov became a substitute for the vacuum left by the downfall of
6768-495: The predominantly Islamic nature of Turkmen society, Niyazov granted pardons each year on the Laylat al-Qadr ( Night of Power ) in the month of Ramadan . For example, in 2005, 8,145 convicts were pardoned, including 229 foreign nationals. In 2006 Turkmenistan set free 10,056 prisoners, including 253 foreign nationals from 11 countries. Niyazov said: Let this humane act on the part of the state serve strengthening truly moral values of
6862-489: The reason being that the sick should come to the capital for treatment. All libraries outside of the capital were also closed, as Niyazov believed that the only books that most Turkmens needed to read were the Quran and his Ruhnama. In January 2006, one-third of the country's elderly had their pensions discontinued, while another 200,000 had theirs reduced. Pensions received during the prior two years were ordered to be paid back to
6956-487: The revival of Turkmen culture as one of the top priorities in Turkmenistan's development. He introduced a new Turkmen alphabet based on the Latin alphabet to replace Cyrillic . The National Revival Movement , an organisation to promote Turkmen culture (Turkmen: "Galkynish"), was also founded. In many respects, Niyazov's cultural ideas and changes were most visible to external viewers. His renaming of months, as well as most of
7050-496: The stake taken in the newly established Deutsch-Asiatische Bank three years later, but the success of those companies showed that their existence made sound commercial sense. By end-1908, Deutsche was by far the largest German joint-stock bank by total deposits, with a total of 489 million Marks ahead of Dresdner Bank (225 million), Disconto-Gesellschaft (219 million), Darmstädter Bank (109 million) and A. Schaaffhausen'scher Bankverein (72 million). At that time, Deutsche Bank
7144-426: The state. The Ministry of Foreign Affairs of Turkmenistan strongly denied allegations that the cut in pensions resulted in the deaths of many elderly Turkmens, accusing foreign media outlets of spreading "deliberately perverted" information on the issue. On 19 March 2007, Niyazov's successor Gurbanguly Berdimuhamedow reversed his decision by restoring pensions to more than 100,000 elderly citizens. In keeping with
7238-573: The war, Deutsche Bank provided banking facilities for the Gestapo and, through its branch in Katowice , loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities. Deutsche Bank publicly acknowledged its involvement at Auschwitz in 1999. It also was a principal participant in the Nazi regime's gold transactions. Between 1942 and 1944, Deutsche Bank purchased 4,446 kg of gold from
7332-513: The world after UBS , Fidelity Investments , and the Japanese post office's life insurance fund. At the time, Deutsche Bank owned a 12% stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial companies, so Deutsche Bank received an exception to this prohibition through 1978 legislation from Congress. Deutsche continued to build up its presence in Italy with
7426-463: The world. Press freedom under Niyazov's leadership was much criticised as it was with other post-Soviet Central Asian states. The Turkmen media constantly doted on the president and helped build his cult of personality. In 1998, Niyazov closed the Academy of Sciences of Turkmenistan . It was reopened in 2009 after his death by his successor Gurbanguly Berdimuhamedow . In January 2000, Niyazow inaugurated
7520-513: Was a Turkmen politician who led Turkmenistan from 1985 until his death in 2006. He was the first secretary of the Communist Party of Turkmenistan from 1985 until 1991 and supported the 1991 Soviet coup attempt . He continued to rule Turkmenistan as president for 15 years after independence from the Soviet Union in 1991. Turkmen media referred to him using the title His Excellency Saparmurat Türkmenbaşy, President of Turkmenistan and Chairman of
7614-522: Was a prime necessity for the establishment of credit for the German trade in what was then the world's money center. Deutsche Bank also took advantage of the Panic of 1873 by taking over a number of banks in liquidation, including the Berlin-based Deutsche Union which had itself consolidated a number of failed banks in the early 1870s. Major projects in the early years of the bank included
7708-846: Was a son of a cousin of Werner von Siemens . The bank initially operated from the first floor of a building at 21 Französische Strasse, then in 1871 moved to premises near the Berlin Stock Exchange , and in 1876 started building its massive head office complex on Mauerstrasse. The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen and Hamburg . Its first overseas offices opened in Shanghai and Yokohama in 1872, and London in 1873, followed by South American offices between 1874 and 1886. The branch opening in London, after one failure and another partially successful attempt,
7802-793: Was allegedly situated in the Foreign Exchange Reserve Fund at Deutsche Bank in Germany. Niyazov was born on 19 February 1940 in Gypjak (or Kipchak), just outside Ashgabat in the Turkmen SSR . He was a member of the influential Teke tribe of the Turkmens . According to the official version of his biography, his father, Atamyrat Nyýazow , died in World War II fighting against Nazi Germany , while other sources contend that he dodged fighting and
7896-503: Was an attempt at a coup, and as a result, the Turkmen government arrested thousands of suspected conspirators and members of their families. Among the figures who were arrested/purged were former Foreign Ministers Boris Şyhmyradow and Batyr Berdiýew , as well as Major Begench Beknazarov of the Turkmen Ground Forces and Chief of the General Staff Lieutenant General Serdar Charyyarov. Critics claim
7990-420: Was announced, effective July 2015; he became sole CEO at the end of Fitschen's term. In January 2016, Deutsche Bank pre-announced a 2015 loss before income taxes of approximately €6.1 billion and a net loss of approximately €6.7 billion. Following this announcement, a bank analyst at Citi declared: "We believe a capital increase now looks inevitable and see an equity shortfall of up to €7 billion, on
8084-419: Was closely aligned with the bank's strategy of bolt-on acquisitions in preference to so-called "transformational" mergers. These formed part of an overall growth strategy that also targeted a sustainable 25% return on equity , something the bank achieved in 2005. On 1 October 2003, Deutsche Bank and Dresdner Bank entered into a payment transaction agreement with Postbank to have Postbank process payments as
8178-550: Was constructed in the capital city of Ashgabat. Until 1998, the institution was named after Mikhail Kalinin , after which, it was named after the then-serving president Saparmurat Niyazov . In 1998, was awarded university status, and had a name change. In 2012, the training center CLAAS was opened. The university consists of 8 departments: 37°57′09″N 58°20′33″E / 37.9525479°N 58.34239125°E / 37.9525479; 58.34239125 This Turkmen university, college or other education institution article
8272-523: Was founded in 1870 in Berlin as a specialist bank for financing foreign trade and promoting German exports. It subsequently played a large part in developing Germany's financial services industry, as its business model focused on providing finance to industrial customers. The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking license. The statute laid great stress on foreign business: The object of
8366-424: Was heavy investment in plant and machinery so the country could change from a producer of raw cotton to a cotton processor. During Niyazov's presidency, a textile industry was founded in Turkmenistan. Niyazov introduced the practice of " Melon Day ", a harvest festival celebrated on the 2nd Sunday of August; unlike some of his other creations, the celebration of "Melon Day" has continued after his death. Niyazov put
8460-520: Was killed when a car that he was in exploded while he was traveling in the Frankfurt suburb of Bad Homburg . The Red Army Faction claimed responsibility for the blast. In 1989, the first steps towards creating a significant investment-banking presence were taken with the acquisition of Morgan, Grenfell & Co. , a UK-based investment bank which was renamed Deutsche Morgan Grenfell in 1994. In 1995 to greatly expand into international investments and money management, Deutsche Bank hired Edson Mitchell,
8554-592: Was referred to as one of the four "D-Banks" (all of which had names starting with a D) that dominated German commercial banking, together with Darmstädter Bank, Disconto-Gesellschaft, and Dresdner Bank. During World War I and in its immediate aftermath, the operations of Deutsche Bank in Brussels, London, Tokyo and Yokohama were expropriated; conversely, its activity in the Ottoman Empire expanded considerably, and it greatly expanded its footprint in Germany. In 1919,
8648-470: Was renamed for his father, and city of Ýylanly for his mother. The doting actions of the official Turkmen media supported his cult of personality. The national anthem of Turkmenistan referred to him. According to the newspaper Neytralny Turkmenistan physicians were ordered to swear an oath to the President, replacing the Hippocratic Oath . Statues and portraits of him were put everywhere throughout
8742-439: Was therefore sentenced by a military court. His mother and two brothers were killed in the devastating 1948 Ashgabat earthquake . His mother, Gurbansoltan Eje , was part of the cult of personality later. He grew up in a Soviet orphanage before the state put him in the custody of a distant relative. After finishing school in 1959, he worked as an instructor in the Turkmen trade-union exploratory committee. He then studied at
8836-509: Was unsuited for a transition to smaller, separate states. There was outside concern about press freedom and to a lesser extent religious rights of minority religious groups. Niyazov made a personal attempt to create a cultural background for the new state of Turkmenistan by writing and promoting the Ruhnama , an autobiography meant to guide the people of Turkmenistan with his ideas and promote native culture (and by extension prohibiting foreign culture). He also took part in creating new holidays with
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