Cedrus Deodara

The Million Dollar Homepage is a website conceived in 2005 by 21-year-old student Alex Tew from Wiltshire, England, to raise money for his university education. The home page consists of a million pixels arranged in a 1000 × 1000 pixel grid; the image-based links on it were sold for $1 per pixel in 10 × 10 blocks. The purchasers of these pixel blocks provided tiny images to be displayed on them, a Uniform Resource Locator (URL) to which the images were linked, and a slogan to be displayed when hovering a cursor over the link. The aim of the site was to sell all of the pixels in the image, thus generating a million dollars of income for the creator. The Wall Street Journal has commented that the site inspired other websites that sell pixels. Launched on 26 August 2005, the website became an Internet phenomenon. The Alexa ranking of web traffic peaked at around 127; as of 9 May 2009, it is 40,044. On 1 January 2006, the final 1,000 pixels were put up for auction on eBay. The auction closed on 11 January with a winning bid of $38,100 that brought the final tally to $1,037,100 in gross income. During the January 2006 auction, the website was subject to a distributed denial-of-service attack and ransom demand, which left it inaccessible to visitors for a week while its security system was upgraded. The Federal Bureau of Investigation and Wiltshire Constabulary investigated the attack and extortion attempt.

Mumbai, the financial centre of India

The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable public sector in strategic sectors. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 136th by GDP (nominal) and 125th by GDP (PPP). From independence in 1947 until 1991, successive governments followed the Soviet model and promoted protectionist economic policies, with extensive Sovietization, state intervention, demand-side economics, natural resources, bureaucrat driven enterprises and economic regulation. This is characterised as dirigism, in the form of the Licence Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India and indicative planning. Since the start of the 21st century, annual average GDP growth has been 6% to 7%., India has about 1,900 public sector company, Indian state has complete control and ownership of railways, highways; majority control and stake in banking, insurance, farming, dairy, fertilizers & chemicals, airports, nuclear, mining, digitization, defense, steel, rare earths, water, electricity, oil and gas industries and power plants, and has substantial control over digitalization, Broadband as national infrastructure, telecommunication, supercomputing, space, port and shipping industries, among other industries, were effectively nationalised in the mid-1950s. (Full article...)

"When I joined the conference, I was quite at sea as to what its outcome would be and frankly skeptical as to its prospects of success. During the first days sessions, Senator Aldrich was much inclined to discuss the possibilities of a full-fledged central bank on the European order-a model he seemed loath to abandon. But when the conference closed, after a week of earnest deliberation, the rough draft of what later became the Aldrich Bill had been agreed upon, and a plan had been outlined which provided for a "National Reserve Association", meaning a central reserve organization with an elastic note issue based on gold and commercial paper. This was not a central bank in the European sense. It was strictly a bankers' bank with branches under the control of separate directorates having superversion over the rediscount operations with member banks."

"In its main principles and in many important details the Aldrich Bill was closely akin to the plan proposed in the "United Reserve Bank of the United States," but there were quite a number of differences, with some of which I was in complete disagreement. For example, in regard to the question of control, I thought that somewhat large concessions should have been made to government influence and representation. Neither was I in full accord with the provisions regarding taxation, note issue, the uniform discount rate, the plan proposed for dealing with the 2 per cent government bonds, or the conditions attaching to the membership of state banks and trust companies. Moreover, the Senator had not yet agreed to a provision, which seemed to me of fundamental importance, that of giving the notes of the National Reserve Association the status of lawful reserve money when in the tills of member banks. The bill frankly followed the Republican doctrine of "keeping the government out of business;" but, as a starter, it was encouraging beyond all expectation. Indeed, the highest hopes seemed warranted that a most satisfactory piece of legislation could eventually be developed from it.

The results of the conference were entirely confidential. Even the fact that there had been a meeting was not permitted to become public."

—Paul M. Warburg, The Federal Reserve System, 1930

• ... that Daniel Davis was the first person in the United States to work with gold and silver electroplating as a business?
• ... that the studios of a California TV station were converted back into a movie theater after it went out of business?
• ... that "gig" in "gig economy" comes from the slang term for individual appearances by performing artists?
• ... that Eleanor Hadley, a 29-year-old doctoral candidate in economics, was recruited by the Supreme Commander for the Allied Powers to implement antitrust policies in occupied Japan?
• ... that small-business leaders such as Guillermo Torrez sympathized with the Movement for Socialism despite its anti-capitalist rhetoric?
• ... that the Electronic Arrays 9002 microprocessor was developed to get the company out of the calculator business, but instead led to their disappearance?

July 4:

• 1887 - Pio Pion, an Italian entrepreneur, known for founding the first Italian company producing movie projectors, the Fumagalli, Pion & C, was born on this day.

• ...that Gold Fixing is the procedure by which the price of gold is set on the London market by the five members of the London Bullion Market Association?

• ...that the Heroninos Archive contains examples of a complex and standardized system of accounting used in 3rd century Roman Egypt?

• ...that Jerry White, cofounder of the Landmine Survivors Network, delivered the 2005 commencement address at the University of Michigan's Ross School of Business?

• ...that the melting and export of cents and nickels can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years?

• ...that the Vatican City, has an Automated teller machine (ATM) with instructions in Latin?

• ... that the GDP deflator (implicit price deflator for GDP) is a price index measuring changes in prices of all new, domestically produced, final goods and services in an economy.

• ... that Paul Krugman introduced returns to scale to the field of international trade, now referred to as new trade theory?

Wikinews Economy and business portal

• July 21: Technological University Dublin senior lecturer Dr Lorcan Sirr speaks to Wikinews on housing market in Ireland
• July 15: California governor signs new state budget, eligible Californians to get stimulus payments
• July 4: 130 OECD countries agree to back global corporate tax rate
• June 30: 'Each makes the other more difficult to recover from': University of Sussex professor L. Alan Winters speaks to Wikinews on trade, COVID-19, Brexit
• June 16: Wikinews interviews Victor Kline, leader of newly registered The New Liberals party in Australia
• April 23: Irish Finance Minister Donohoe criticises OECD's global minimum corporate tax rate
• April 17: People protest in Berlin against German Court overturning five-year rent cap
• March 5: Chancellor Rishi Sunak announces UK budget 2021
• February 10: Disney to shut down Blue Sky Studios, animation studio behind 'Ice Age'
• January 24: World Trade Organization declares US tariff hike illegal, rules in South Korea's favour