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Arendal Crash
The Arendal crash (''Arendalskrakket'') was an economic crisis in Arendal, Norway, that occurred when the bank Arendals Privatbank went bankrupt in 1886 and the bank's co-owner Axel Nicolai Herlofson was revealed to have defrauded customers and co-owners systemically. The crash led to several other bankruptcies and unemployment in Southern Norway Southern Norway ( no, Sørlandet; lit. "The Southland") is the geographical region (''landsdel'') along the Skagerrak coast of southern Norway. The region is an informal description since it does not have any governmental function. It rough ..., and marked the end of Arendal as an important shipping town. It took over 80 years to overcome the effects of the crash. Herlofson was sentenced to six years penal labour. Only two years after its start in 1874, the bank was in reality bankrupt, but the bank was continued for nine years due to corruption and poor routines or a lack of routines. The debt to Herlofson, his brother Oskar an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Axel Nicolai Herlofson
Axel Nicolai Herlofson (29 August 1845 in Østre Moland – 1910 in Christiania) was a Norwegian fraudster who is known for causing the Arendal crash, after defrauding customers and co-owners of Arendals Privatbank which he had co-founded in 1874. His scheme had some similarities to a Ponzi scheme, and he had systemically falsified the bank's accounts for several years to cover up being insolvent. In 1886 the bank went bankrupt, and an investigation of Herlofson was initiated. He attempted to flee the country, but was arrested in the last minute and sentenced to six years imprisonment with hard labour, which he served in Norway's strictest prison at Akershus Fortress. He died in Christiania."Da alt raknet for sørlendingene", Aftenposten Amagasinet, 12 July 2013 (feature on Axel Nicolai Herlofson and the Arendal crash) He was the son of businessman Nicolai Benjamin Aall Herlofson (1807-1884) and Elisabeth Catharine Cappelen (1809-1880). His mother was a daughter of the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arendal
Arendal () is a List of municipalities of Norway, municipality in Agder counties of Norway, county in southeastern Norway. Arendal belongs to the Districts of Norway, region of Southern Norway, Sørlandet. The administrative centre of the municipality is the Arendal (town), city of Arendal (which is also the seat of Agder county). Some of the notable villages in Arendal include Rykene, Eydehavn, Færvik, Strengereid, Kongshavn, Kilsund, Brattekleiv, Torsbudalen, Longum, Aust-Agder, Longum, Saltrød, Staubø, Vrengen, Aust-Agder, Vrengen, and Kolbjørnsvik. The offices of UNEP/GRID-Arendal are also located in the city of Arendal. The municipality is the 273rd largest by area out of the 356 municipalities in Norway. Arendal is the 23rd most populous municipality in Norway with a population of 45,509. The municipality's population density is and its population has increased by 6.3% over the previous 10-year period. General information Municipal history The town of Arendal was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norway
Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and the archipelago of Svalbard also form part of Norway. Bouvet Island, located in the Subantarctic, is a dependency of Norway; it also lays claims to the Antarctic territories of Peter I Island and Queen Maud Land. The capital and largest city in Norway is Oslo. Norway has a total area of and had a population of 5,425,270 in January 2022. The country shares a long eastern border with Sweden at a length of . It is bordered by Finland and Russia to the northeast and the Skagerrak strait to the south, on the other side of which are Denmark and the United Kingdom. Norway has an extensive coastline, facing the North Atlantic Ocean and the Barents Sea. The maritime influence dominates Norway's climate, with mild lowland temperatures on the se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for Work (human activity), work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). Unemployment can have many sources, such as the following: * new technology, technologies and inventions * the status of the economy, which can be influenced by a recession * competition caused by globalization and international trade * Policy, policies of the government * regulation and market (economics), market Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Southern Norway
Southern Norway ( no, Sørlandet; lit. "The Southland") is the geographical region (''landsdel'') along the Skagerrak coast of southern Norway. The region is an informal description since it does not have any governmental function. It roughly corresponds to the old petty kingdom of Agder as well as the two former counties of Vest-Agder and Aust-Agder. From New Year 2020, the two counties have been merged into one county, Agder. The total combined area of Vest-Agder and Aust-Agder counties is . The name is relatively new, having first been used in Norway around 1900. The region includes coastal areas along the Skagerrak and extends inland to the Setesdalsheiene mountains. There are many large valleys running from the mountains to the south and east to the sea. The highest point in the region is Sæbyggjenuten at . Etymology ''Sørlandet'' refers to the region along the Skaggerak in southeastern Norway. This name should not be confused with the Norwegian term ''Sør-Norg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aftenposten
( in the masthead; ; Norwegian for "The Evening Post") is Norway's largest printed newspaper by circulation. It is based in Oslo. It sold 211,769 copies in 2015 (172,029 printed copies according to University of Bergen) and estimated 1.2 million readers. It converted from broadsheet to compact format in March 2005. ''Aftenposten''s online edition is at Aftenposten.no. It is considered a newspaper of record for Norway. ''Aftenposten'' is a private company wholly owned by the public company Schibsted ASA. Norway's second largest newspaper, ''VG'', is also owned by Schibsted. Norwegian owners held a 42% of the shares in Schibsted at the end of 2015. The paper has around 740 employees. Trine Eilertsen was appointed editor-in-chief in 2020. History and profile ''Aftenposten'' was founded by Christian Schibsted on 14 May 1860 under the name ''Christiania Adresseblad''. The following year, it was renamed ''Aftenposten''. Since 1885, the paper has printed two daily editions. A Sund ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arendals Tidende
''Arendals Tidende'' (The Arendal Times) is a local newspaper published in Arendal two days a week, on Mondays and Fridays. On Mondays ''Arendals Tidende'' is issued as an ordinary newspaper, and on Fridays it is issued in glossy magazine format. The newspaper covers the municipality of Arendal, and it was launched in the fall of 2005 as a sample edition. Since January 1, 2006 it has been published as a subscription newspaper. ''Arendals Tidende'' celebrated its tenth year of publication in the fall of 2015. ''Arendals Tidende'' is a politically independent publication that follows the Ethical Code of Practice for the Norwegian Press. The paper was started by Nils Petter Vigerstøl as chief editor, who was succeeded by Morten Kraft. The paper's current chief editor is Grete Aronsen Husebø, and the culture editor is Linda Christensen. In 2006, ''Arendals Tidende'' was the fastest-growing newspaper in the Agder district. In April 2007, ''Arendals Tidende'' won the National Asso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crises
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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