FINANCE

FOR TREASURE HUNTERS: 100 MANILA GALLEONS FULL OF GOLD IN SHALLOW SAN BERNARDINO STRAIT, PHILIPPINES

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  •  Of the approximately 130 Manila Galleons lost, close to 100 sank within a 50-mile radius of the entrance to shallow but dangerous St. Bernardino Strait, located on the eastern end of Luzon in the Philippine Archipelago, which separates the Pacific from the China Sea.
  • Five Manila Galleons are known to have sunk off the west coast of the United States. One, the San Agustin, sank in 1595, victim of a gale in Drakes Bay, northwest of San Francisco.
  • The sliver and gold was waggishly referred to as “silk money

The Manila Galleons: Treasures For The ”Queen Of The Orient”

 

Picture if you will, a four-deck, 100-gun, 2,500-ton vessel crossing the Pacific loaded with treasure and not making landfall for six months. Picture it as short and broad—with high fore and stern castles—carrying so much silver and gold, it draws 40 feet of water while skirting coral reefs 30 feet deep. It’s no wonder that close to 100 of them sank from 1570 to 1815, leaving a trail of treasure across the globe, while enhancing the image of adventure on the high seas aboard the MANILA GALLEONS.

 

Nowhere in the annals of the Spanish Empire’s colonial history did a treasure fleet attract so much intrigue and notoriety for its precious cargoes bound for the Far East. Maritime historians continue to pay homage to these vessels and their influence on international commerce that lasted for over 200 years. These were the largest ships afloat, plying long and risky routes. Convoys of two to five ships left Acapulco, Mexico, setting sail for the Spanish colony of Manila in the Philippines. On an average, three to five million silver pesos were shipped annually from Mexican mints to Manila, the “Queen of the Orient.”

The sliver and gold was waggishly referred to as “silk money.” Silk stockings were prized by the fashionable Spanish gentry in Mexico and Spain. But the silver and gold bought other lavish exports as well. They came from all over the Far East: spices, Ming porcelain, opals, amethysts, pearls and jade. There were art treasures, ebony furniture, carved ivory and other exquisite rarities found only in China, Japan, India, Burma and Siam.

The galleons, after a long and laborious return voyage eastward, often made landfall around Cape Mendocino, California, then sailed on to Acapulco. Once unloaded, the cargoes were transported overland by mule train to Veracruz and then taken by Spanish galleons to Seville, Spain. Five Manila Galleons are known to have sunk off the west coast of the United States. One, the San Agustin, sank in 1595, victim of a gale in Drakes Bay, northwest of San Francisco.

Manifests show that one third of all the silver and gold mined in the Spanish New World made its way to the Far East aboard the lumbering Manila Galleons. Ingots and heavy chests of coins were stored over the keel in the main hold, often the only ballast used for draft and stability. The ships also carried supplies to colonists in the Marianas and Philippines. The Strait of San Bernardino, on the eastern end of Luzon in the Philippine Archipelago, separates the Pacific from the China Sea and remains one of the most treacherous passages ships must ply. Even the most seasoned mariners fear entering and exiting the shallow poorly marked waterway. Of the approximately 130 Manila Galleons lost, close to 100 sank within a 50-mile radius of the entrance to this dangerous strait. Some of the vessels simply ran aground on reefs or shoals, while others were lost in storms or sunk by British and Dutch privateers.

Read more: http://www.numa.net/2012/07/the-manila-galleons-treasures-for-the-queen-of-the-orient/

San Bernardino Strait, Philippines

 

 

 

Galleon Trade Route

 

 

 

 

THE TOP ATHLETES EARN MORE THAN THOSE ‘GREEDY’ CEOS

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THE TOP ATHLETES EARN MORE THAN THOSE GREEDY CEOS

by Kevin Ryan

The top 100 CEO’s earn a combined $3.0 billion a year. The 100 companies they run employ tens of millions of people, with revenues of $7.7 trillion. The CEO’s are paid 0.04% of these company’s revenues. Despite their huge responsibilities, they are reviled by many for their income.

The top 100 athletes earn a combined $3.1 billion a year. The teams they play for employ thousands of people. Total revenue for the ENTIRE sporting industry worldwide is $130 billion. The top 100 players make 2.2% of all sporting revenue in the world. They are worshiped by many of the same people who hate CEOs, despite having higher incomes and far fewer responsibilities than CEOs.

SOURCES: http://www.forbes.com/athletes/list

 

 

 

 

 

 

NEW MEXICO OBAMACARE TO SEE RECORD HIGH PREMIUM INCREASES

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Health Insurers in New Mexico To Implement Record-High Premium Increases

Insurance superintendent says premiums are spiking because not enough people are signing up for coverage

 

Washington Free Beacon BY:

Health insurers in New Mexico are increasing premiums at the highest rate seen in the four-year history of the state’s exchanges, the Albuquerque Journal reported.

Insurers will increase premiums next year from a range of 36 to 41 percent for midlevel insurance plans. For all plans, premiums are expected to rise a range of 17 to 49 percent.

Sixty percent of consumers in New Mexico will qualify for subsidies to lower the cost of the increasing premium.

“I feel sorry for the other 40 percent though,” said John Franchini, the state’s insurance superintendent. “Forty percent have to pay the full brunt of the rate increases.”

 

Read more: Health Insurers In NM To Implement Record-High Premium Increases…

Retail Apocalypse: 20 big retailers closing stores in 2017

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(Fox Business) The rise of eCommerce outlets like Amazon.com have made it harder for traditional retailers to attract customers to their stores and forced some of America’s most prominent retailers to shutter stores this year amid sagging sales.

 

A list of some of the top retailers to close stores this year can be found below.

 

Abercrombie & Fitch

Facing declining sales, the once-prominent fashion brand announced last March that it would close 60 of its U.S. stores with expiring leases during its 2017 fiscal year. The chain has closed hundreds of store locations over the last few years while placing an increased emphasis on online sales.

Aerosoles

The New Jersey-based women’s footwear company filed for bankruptcy earlier this month and announced plans to move forward with a “significant reduction” of its retail locations. While it’s unclear how many of Aerosoles’ 88 locations will be affected, the chain said it plans to keep four flagship stores in New York and New Jersey operational, NJ.com Opens a New Window. reported.

American Apparel

A fashion brand known for its edgy offerings, American Apparel shuttered all of its 110 U.S. locations earlier this year after filing for bankruptcy. The brand has since been acquired by Canada-based Gildan Activewear, which acquired its intellectual property in an $88 million deal.

BCBG

The Los Angeles-based brand listed liabilities of more than $500 million when it filed for bankruptcy last February. The chain closed 118 store locations nationwide this year, though more than 300 remained in operation under a company-wide reorganization.

Bebe

The women’s apparel chain closed all of its remaining 168 stores by last May, days after it said it was exploring “strategic alternatives for the company” amid plunging sales.

The Children’s Place

A fixture at shopping malls, the children’s clothing retail said it will close hundreds of store locations by 2020 as part of a shift toward digital commerce.

CVS

The pharmacy retailer said it would close 70 store locations in 2017 as part of a bid to cut costs and streamline its business. CVS still operates thousands of stores nationwide.

Guess

Guess announced plans to close 60 of its struggling U.S. store locations in 2017 as part of a plan to refocus on international markets.

 

Read the rest of this entry »

TOYS ‘R’ US FILES FOR BANKRUPTCY AFTER CRUSHING DEBT, ONLINE COMPETITION

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Shoppers push their carts toward a Toys 'R' Us store entrance in Arlington Heights, Illinois in January 2006. The company has filed for bankruptcy protection

 

Bloomberg – Toys “R” Us Inc., the ultimate toyland for a generation of postwar baby boomers, filed for bankruptcy thanks to a crushing debt load from a buyout and relentless competition from warehouse and online retailers.

The retailer, which has 1,600 stores in 38 countries, said its hand was forced after an attempt to restructure out of court sparked a press report about a potential bankruptcy, spooking critical vendors and credit insurers. But it intends to make the best of the situation and reorganize in time to come back in force for the holiday shopping season.

“Chapter 11 was certainly not the company’s preferred outcome,” Chief Executive David Brandon said in a court filing. “The timing of all of this could not have been worse.” He cited the immediate need to build inventory for the holiday season, which accounts for 40 percent of annual revenue. Thanks to a new $3.1 billion operating loan, the company plans to stabilize operations and reopen supply channels while in bankruptcy, he said.

Read more: Toys ¿R¿ Us Seeks Bankruptcy, Crushed by Online Competition – Bloomberg

EQUIFAX PUT A MUSIC MAJOR SUSAN MAULDIN AS CHIEF INFORMATION SECURITY OFFICER

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Equifax Credit Rating Services announced last week a data breach on 143 million customers. Its now discovered its Chief Information Security Officer Susan Mauldin, who has been with the company since 2013, is a music major.

Susan graduated with a degree in music from the University on Georgia and also holds a Masters of Music Composition.

More on Susan Maudlin here:

 

 

More on Susan Maudlin here:

 

 

WOW! TEXAS BILLIONAIRE MICHAEL DELL PLEDGES $36 MILLION TO HURRICANE HARVEY RELIEF

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Michael and Susan Dell have pledged a total of $36million to Hurricane Harvey relief and have launched the Rebuild Texas Fund

 

( Daily Mail ) The Michael & Susan Dell Foundation has ponied up the largest contribution for Hurricane Harvey relief to date.

The couple launched the Rebuild Texas Fund, with a marathon matching weekend of donations ahead. The pair is pledging a whopping $36million to the fund, and expects to raise more through contributors donations.

From Friday through midnight Monday the foundation will match $1 for every $2 donated.

The Texas natives, Michael Dell, the CEO and founder of Dell and his wife Susan Dell, made the enormous contribution announcement alongside Texas Governor Greg Abbott on Good Morning America.

‘These are such great Texans and a storm that has been as large as Texas requires a response as big as Texas and I think Michael and Susan Dell and their foundation, you know they’ve been innovation and technology leaders in the world and they’ve also now been leaders in the foundation area and we need their support as well as the support of people across the world,’ Abbott said on GMA.

 

Read more: Dell billionaire and Houston native makes the biggest donation to Hurricane Harvey relief by pledging $36MILLION