The business of insuring against risk. The term is generally used to describe the basic activity of insurance. An underwriter — for a commission or premium — bears a risk or a part thereof. An Initial Public Offer is also underwritten — if the public does not buy 90% of the issue, the balance is taken up by the underwriters.
A bank providing a wide range of financial services in a largely unified structure e.g. retail banking services, corporate and institutional banking, loans, distribution of insurance plans, mutual funds, pensions and issue of credit cards etc. In India, the new-age banks like ICICI Bank and HDFC Bank can be rightly described as universal banks.
A general tax applied at each point of exchange of goods from primary production to final consumption. It is levied on the difference between the sale price of the goods (output) and the cost of goods and services (inputs) used for its production. The cost of these inputs is taken to include all charges, including all taxes except VAT itself.
A nation that provides to all at least the minimum standards in respect of education, health, housing, pensions and other social benefits.
The World Trade Organization (WTO) was set up in Geneva in 1995 after the Uruguay Round of Trade Negotiations. It replaced the General Agreement on Tariffs and Trade (GATT). The WTO is charged with further development and regulation of the multilateral trading system on the principles followed by GATT trade negotiations. It provides the resources and the legal status for resolving trade disputes through independent disputes panels. A member may appeal to the WTO Appeals Tribunal but must accept its ruling. The failure of a member country to accept the WTO ruling would subject it to trade sanctions. The working of WTO is financed by contributions from its member states based on their shares of global trade.