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UBS client services are known for their strict bank—client confidentiality and culture of banking secrecy. UBS was founded in as the Bank in Winterthur alongside the advent of the Swiss banking industry. During the s, the Swiss Bank Corporation SBC was founded, forming a private banking syndicate that expanded aided by Switzerland's international neutrality. In the bank reoriented itself around wealth management and limited its sell side operations. Apart from private banking, UBS provides wealth management, asset management , and investment banking services for private, corporate, and institutional clients with international service.
UBS manages the largest amount of private wealth in the world, counting approximately half of the world's billionaires among its clients. Despite its trimming of sell side operations, the UBS Investment Bank is among the world's nine " Bulge Bracket " banks and is considered a global primary market maker. The bank also maintains numerous underground bank vaults, bunkers, and storage facilities for gold bars around the Swiss Alps and internationally. Partly due to its banking secrecy, it has been at the center of numerous tax avoidance investigations undertaken by U.
Its large market share makes UBS a multi-state systemically important and universal bank. The company's capital strength, security protocols, and reputation for discretion has yielded a substantial market share in banking and high level of brand loyalty.
Alternatively, it receives routine criticism for facilitating tax noncompliance and off-shore financing. UBS is a joint-stock company Aktiengesellschaft pursuant to Swiss laws. The company's global business groups are wealth management , investment banking and asset management.
Additionally, UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in As of 30 June , the geographical distribution of the shareholders presents itself as follows: UBS' corporate structure includes four divisions in total as of June UBS's wealth management division offers high-net-worth individuals around the world a range of advisory and investment products and services.
The business is further divided geographically with separate businesses focused on the U. With its headquarters in Switzerland, UBS Wealth Management is present in more than 40 countries with approximately offices of which are in Switzerland. UBS global wealth management operations in the Americas consists of U. The division offers a fully integrated set of wealth management solutions for ultra-high net worth and high net worth clients.
The products that this UBS division offers range from cash accounts , payments, savings and retirement solutions to investment fund products, residential mortgages and advisory services. UBS's main competitor in this division is Credit Suisse. UBS Asset Management offers equity, fixed income , currency , hedge fund , global real estate , infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies.
The investment teams were merged in and in the brands were consolidated to become UBS Global Asset Management. This acquisition will facilitate the expansion of the Northern Trust Corporation into these two countries, turning the American company into the major fund administrator in the local markets and into one of the ten global leaders in the sector.
At the end of the transaction, completed in October ,  the American company will administrate a total of CHF billion in assets. UBS Investment Bank provides services covering securities, other financial products, and research in equities , rates, credit , foreign exchange , precious metals and derivatives. Within the UBS Investment Bank division, the Investment Banking Department IBD provides a range of advisory and underwriting services including mergers and acquisitions , restructuring , equity offerings , investment grade and high yield debt offerings, leveraged finance and leveraged loan structuring, and the private placement of equity , debt , and derivatives.
UBS Europe operates in markets through a network of its branches. The step is said to help the bank simplify its governance structure and increase operational efficiency and therefore lead to cost savings. On a global scale, UBS competes with the large global investment banks , and it is regularly compared against its fellow Swiss banking giant, Credit Suisse. The official founding date of the bank is April , the year when its nucleus Bank in Winterthur was founded.
Therefore, UBS is no longer an acronym but is the company's brand. Its logo of three keys, carried over from SBC, stands for the company's values of confidence, security, and discretion.
UBS, through Swiss Bank Corporation, traces its history to when six private banking firms in Basel , Switzerland pooled their resources to form the Bankverein , a consortium that acted as an underwriting syndicate for its member banks. SBC subsequently experienced a period of growth, which was only interrupted by the onset of World War I , in which the bank lost investments in a number of large industrial companies.
The impact of the stock market crash of and the Great Depression was severe, particularly as the Swiss franc suffered major devaluation in The bank saw its assets fall from a peak of CHF 1.
In , SBC adopted its three-keys logo , designed by Warja Honegger-Lavater , symbolizing confidence, security, and discretion, which remains an integral part in the current-day logo of UBS. SBC remained among the Swiss government's leading underwriters of debt in the post-war years. The activities of the Union Bank of Switzerland during World War II were not publicly known until decades after the war, when it was demonstrated that UBS likely took active roles in trading stolen gold, securities , and other assets during World War II.
UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 31 offices in to 81 offices by the early s. By the s, Union Bank of Switzerland established a position as a leading European underwriter of Eurobonds. During the mids, Union Bank of Switzerland came under fire from dissident shareholders critical of its conservative management and lower return on equity.
At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively. Colloquially referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world at the time, behind only the Bank of Tokyo-Mitsubishi.
The acquisition pushed UBS to the top wealth and asset management firm in the world. However, by the end of , UBS began to experience changing fortunes. After Moelis, other notable departures included investment banking co-head Jeff McDermott in early and, as the financial crisis set in, other high-profile bankers such as Oliver Sarkozy in early and Ben Lorello in At the beginning of , UBS became the first Wall Street firm to announce a heavy loss in the subprime mortgage sector as the subprime mortgage crisis began to develop.
In response to the growing series of problems at UBS, and possibly his role in spearheading Costas' departure from the bank, Peter Wuffli unexpectedly stepped down as CEO of the firm during the second quarter of However, the bank's problems continued through the end of , when the bank reported its first quarterly loss in over five years.
UBS cut its dividend in order to protect its traditionally high Tier 1 capital ratio, seen by investors as a key to its credibility as the world's largest wealth management company. By the spring of , UBS announced another management restructuring and initiated a plan to return to profitability. Jerker Johansson , the head of the investment bank division, resigned in April and was replaced by Alex Wilmot-Sitwell and Carsten Kengeter. Under the plan, no more than one-third of any cash bonus would be paid out in the year it is earned with the rest to be held in reserve and stock-based incentives that would vest after three years.
In August , UBS launched a new advertising campaign featuring the slogan: After the elimination of almost 5, jobs, UBS announced on 23 August that it was further cutting another 3, positions in order to "improve operating efficiency" and save CHF 1.
The firm has seen profits fall due to the rise of the Swiss franc. On 30 October , UBS announced that it was cutting 10, jobs worldwide in an effort to slim down its investment banking operations, of which 2, would be in Switzerland , followed by the United States and Great Britain. This percent staff cut would make overall staff count come down from 63, to 54, For comparison, the peak employment level in before the financial crisis was 83, In late , the bank created the digital currency "Utility Settlement Coin" USC to accelerate inter-bank settlements and established a blockchain technology research laboratory in London.
As it exists today, UBS represents a conglomeration of dozens of individual firms, many of which date back to the 19th century. The following is a visual illustration of the company's major mergers and acquisitions and historical predecessors, although this is not necessarily a comprehensive list: Bank in Winterthur est. Chase Investors Management Corporation est.
Chairman Marcel Ospel did not apply for re-election at the annual general meeting of shareholders held on 23 April , and was succeeded by Peter Kurer , who was general counsel. Former Bundesbank president Axel A. Weber was nominated in mid for election to the board at the annual meeting and, at that time, intended to be elected as a chairman of the board after Villiger's retirement in Scully and Dieter Wemmer were elected as new members of the Board.
As of 31 December , shareholdings of the Group were distributed as follows: UBS frequently cites Swiss culture —specifically its penchant for privacy, security and neutrality —as foundational to its company culture. While UBS maintains the strictest banking secrecy policies in Switzerland, its policies across Europe and especially the United States are comparable.
UBS, along with other Swiss banks, maintains a variety hidden assets and numbered bank accounts in an effort to preserve anonymity and confidentiality. The Swiss government has taken steps to curb the usage of hidden services by foreign account holders as they have been frequently used to facilitate the transfer of " black money ". UBS, along with other Swiss banks, owns and operates undisclosed or otherwise secretive bank vaults, storage facilities or underground bunkers for gold bars, diamonds, cash, or other valuable physical assets.
The largest disclosed Swiss bank vault is five floors 65 ft. The strict banking secrecy policies and bank-client confidentiality agreements at UBS have frequently been used to avoid, evade or otherwise escape foreign direct taxation.
UBS reached multilateral agreements with the U. HM Revenue and Customs in and , respectively. Swiss banks are only allowed to disclose client information if a client is legally charged with proof of deliberate financial fraud , not merely the non-reporting of assets to avoid taxation.
The banking privacy policies of UBS have led to numerous controversies and disagreements with foreign governments:. In January , UBS issued a new code of conduct and business ethics which all employees were encouraged to sign. The code addressed issues such as financial crime, competition, confidentiality, as well as human rights and environmental issues. The eight-page code also lays out potential sanctions against employees who violate it, including warnings, demotions, or dismissal.
In , UBS expanded its global compliance database to include information on environmental and social issues provided by RepRisk ,  a global research firm specialized in environmental, social and corporate governance e. ESG risk analytics and metrics. In a year of extremes for equity markets, money managers say that no firm did a better job than UBS to keep them informed about which European sectors, countries, and industries offered the greatest potential. Research tenth year ; Sales ninth year running ; and Equity Trading and Execution up from second place in UBS was also named as the number one leading pan-European brokerage firm for economics and strategy research.
In , as already in both previous years, RobecoSAM, an organization specialized exclusively on Sustainability Investing and conducting extensive research,  named UBS in its Industry group leader report for each of the industry groups represented in the Dow Jones Sustainability Index the group leader  in Diversified Financials.
The selection criteria are focused less on the size, but rather on qualities that companies look for when choosing a provider. UBS is particularly active in sponsoring various golf tournaments , cross-country skiing in Switzerland, ice hockey , and a range of other events around the world.
UBS has been or currently is a sponsor of the following sporting events and organizations:. UBS's cultural sponsorships are typically related to classical music and contemporary art, although the company also sponsors a range of film festivals , music festivals, and other cultural events and organizations.
UBS has previously been or currently is a sponsor of the following cultural events and organizations:.
The fact that there appeared to be no direct relationship between respiration and glycolysis lead to the conclusion that in cancer cells, glycolysis was a reaction which could produce energy, independent of respiration oxygen consumption. In other experiments with varying glucose and bicarbonate concentrations, it was shown that there was no generalizable difference in oxygen consumption between the tumor and the respective normal epithelial tissue [ 6 ].
In , Warburg hypothesized that there was a defect in the relationship between glycolysis and respiration. Even though this observation was corroborated with other tumors by several contemporary scientists [ 7 ], the observation that oxygen could not suppress glycolysis prompted him to propose that a damage in respiration leads to carcinogenesis [ 8 ].
This came to be a highly controversial issue climaxing in his famous papers in Science in [ 9 ]. The rate of CO 2 -production interpreted as glycolysis increased with increasing alkaline pH. Moreover, a tenfold increase in bicarbonate concentration at a defined pH of 7. Warburg interpreted these conditions as being similar to those in blood passing through capillaries, leading at the same time to a modest acidification and to an increase in bicarbonate concentration.
In the balance, glycolysis of the tissues would not change. On the other hand, other studies showed that in tissue homogenates, alkalinity increased with dedifferentiation and necrosis of tumors [ 11 ], suggesting that the tumor itself may have a different pH. However, the influence of pH on the growth of tumor cells appeared never to be of particular interest to Warburg, in spite of his interest in hydrogen-transferring systems such as the coenzymes NAPDH and NADH see below , which lead to the characterization of the activity of most glycolytic enzymes in later years.
Warburg corroborated his in vitro results in rats having either a hepatoma or sarcoma, where he found a higher lactic acid content chemically determined in blood vessels leaving the tumor than in vessels entering the tumors [ 12 ]. Similar experiments had been performed by Carl and Gerty Cori [ 13 ], who also found different lactic acid levels in the blood of the two wings of same chicken: In other words, his hypothesis was that chronic hypoxia would damage respiration.
The basis for this line of thinking was that, according to the Pasteur Effect, the presence of oxygen should completely suppress glycolysis. This issue was critically discussed by Dean Burk at a Cold Spring Harbor Symposium on Quantitative Biology in , where he presented a collection of data from different tumors showing that tumor cells also displayed a Pasteur Effect since a fraction of glycolysis was indeed attenuated by oxygen, often to a similar extent as in normal growing cells [ 15 ].
Even though Warburg was also nominated for the Nobel Prize in —for which he considered himself duly eligible—the Nobel committee decided to award it solely to Johannes Fibiger, honoring his findings on a gastric tissue growth condition believed to be a cancer induced by a nematode spiroptera carcinoma. This has been considered as a misjudgment of the Nobel committee, as it later turned out not to be true [ 3 , 16 ].
Warburg had already postulated in that iron had a catalytic function in cellular respiration. Also, Warburg knew David Keilin, who in had spectroscopically detected three cytochromes with iron-containing porphyrins hemins in respiring cells. This allowed Warburg to characterize the oxygen-sensitive ferment by relating changes in the absorption coefficient determined by spectrometry with increases in the respiratory activity upon increasing the illumination [ 17 ].
In this way, Warburg identified cytochrome a 3 cytochrome oxidase as being the CO-sensitive respiratory enzyme, i. Today, we know that there are indeed five proteins with iron for the electron transport and that cytochrome oxidase is part of complex IV.
It was quite clear that if there were oxidative processes in life, there must also be reductive reactions, i. From the beginning of the twentieth century, it was already known that some enzymes required hydrogen-mediated activation.
While O 2 was considered to be the physiological acceptor in the respiratory process, live cells were also able to reduce the non-physiological molecule methylene blue to a colorless compound in the presence of hydrogen donors such as succinate, malate, citrate, or glutamate.
However, Warburg doubted that this synthetic methylene blue reduction reflected a physiological process until he visited E. They performed experiments with rabbit red blood cells i. The result was the production of pyruvate and CO 2 along with the reduction of methylene blue [ 3 ]. Subsequently, Warburg sought for the chemical basis of this reaction. Having discovered that cell lysates incubated with phosphorylated glucose were also able to oxidize methylene blue, he now had an in vitro system for separating the components involved.
Upon dialysis of the reaction solution, two essential molecular entities were discerned: Three constituents of this molecule were soon identified as being phosphate, adenine, and a pentose; but one component remained elusive and its identification needed more material. As the anecdote from Hugo Theorell goes, Warburg who loved and rode horses had calculated that to have enough substance purified for further chemical analysis, he would need the blood from all the horses in Germany.
Indeed, there, he found it; it had already been synthesized in and was cheaply commercially available: The complete molecule exists in either its phosphorylated or non-phosphorylated form, today known as NADPH and NADH, respectively, and is the catalytic active group for hydrogen transfers in about known enzymes, i.
Moreover, Warburg hoped this coenzyme would have anti-cancer effects. This was not to be the case; but it was the basis for a medication against tuberculosis [ 4 ]. The discovery of differences in the spectral lines with the state of hydrogenation opened novel possibilities to measure the activity of enzyme reactions, which involved the transfer of molecular hydrogens from or to these pyridine nucleotides.
NADPH-linked analysis was the advent for measuring numerous enzyme activities, today known as the optical test. Among them are lactate dehydrogenase, enolase, glyceraldehyde phosphate dehydrogenase GAPDH , and pyruvate kinase—all key enzymes now again being studied in cancer metabolism.
Further technical improvements on the photometer in cooperation with California-based Beckman Instruments made the device commercially available, and thereby this optical test became a world-wide enzymatic and analytical tool.
Warburg deemed academic tourism a waste of time, but he did make two visits to the USA in the s, visits which would have profound consequences on his career. On the first occasion in , he visited Jacob Loeb, a friend of the Warburg family, at the Rockefeller Institute in New York, and gave talks also at other universities. In , he was guest in the laboratory of Barron at Johns Hopkins Medical School, where he performed the experiments on the enzymatic nature of chemical reductions in blood cells.
On this visit, with the support of Jacob Loeb, he also negotiated with the Rockefeller Foundation, who was interested in establishing research institutes in Germany. The Institute of Cell Physiology was inaugurated in December and Otto Warburg became to be its one and only director.
The year was also the one in which Otto Warburg received the Nobel Prize in Medicine and Physiology for unraveling the oxygen-transferring ferment of respiration [ 17 ]. His father had missed this event by only a few months, having died in July.
A controversial and enigmatic issue is how Warburg could continue working in Berlin during the Third Reich, since his Jewish colleagues had departed or been expelled. Warburg himself was half-Jewish, but like his father considered himself to be a German Christian and even denied being related to the other Jewish descendants in the family. On the other hand, he was quite aware of the political situation from the very beginning and supported his Jewish coworkers in getting jobs outside of the country; he advised Hans Krebs to take a position in England.
His rather disrespectful behavior toward a visiting governmental official jeopardized the institute being delivered with required chemicals. Moreover, in , he was to be removed from his position as a director. However, probably mediated through indirect contacts to officials close to Hitler, he was allowed to keep this position and continue working in the institute.
One explanation proposed for this salvation is that Hitler, having had a benign larynx polyp removed, was obsessed with cancer phobia and probably hoped for a rapid cure to be discovered. In , due to the bombings on Berlin, Warburg along with very few remaining coworkers had to move the laboratory to a small location in the countryside northwest of Berlin [ 4 ].
After the war, it took some years until Warburg could go back to acceptable working conditions. The Russians had confiscated the laboratory equipment.
His institute in Dahlem in West Berlin was occupied by American troops. He was examined on his role in Nazi Germany. However, he finally was elected as a member of the Academy of Sciences reestablished in East Berlin , of which his father along with Albert Einstein and Max Planck had already been members.
Eventually, in , he traveled to the USA, accepting the invitations from Robert Emerson at the University of Illinois and Dean Burk at the Cancer Institute at Bethesda to perform experiments on photosynthesis in their laboratories. In the summer of , he also visited Woods Hole in Cape Cod and the Cancer Institute at Bethesda, where he met friends, expatriates, and critical colleagues, with anecdotal incidences of polemic scientific disputes.
During the last period of his life, Warburg continued working on both photosynthesis and tumor metabolism, particularly on the role of respiration in tumorigenesis. For the latter, he now also used cultures of cells which had been isolated from normal tissues by trypsinization based on a method which had just been developed by Dulbecco and Vogt [ 19 , 20 ].
He presented these concepts at prestigious meetings, one being the Annual Meeting of the Nobel Laureates in in Lindau, an island in the Lake of Constance Germany. On this occasion, he received much scientific dissent. It is inferred that Melvin Calvin, who had received the Nobel Prize on photosynthesis in and had expanded his interests to carcinogenesis, may have avoided these harsh confrontations with Warburg by not attending the Lindau meetings until , after the death of Warburg [ 24 ].
Warburg considered cancer to be a nutritional problem, one that could be avoided by maintaining an appropriate natural diet. This line of thinking led him to consider the administration of vitamin supplements, which would enhance respiration and was considered to be a natural and safe application. Already in the s, Warburg, who was asserted having cancer phobia, practiced his own recommendations in maintaining a disciplined lifestyle: And, he did sports: After his favorite sister Lotte died of cancer in , Warburg also quit smoking [ 4 ].
Warburg, being sensitized to the dangers of smoking, alcohol, and drugs, proposed to the German Ministry of Health to reduce cigarette smoking, motor vehicle exhausts, air pollution, and chemical additives in foods as cancer prevention measures. This was in and at that time without avail [ 3 ].
For one, there is the Warburg effect, i. While this is a reproducible observation, the scientific controversies continue on how the Warburg effect is related to the origin of cancer, what it means in molecular terms, how it can be connected to the genomics, proteomics, and molecular biology of cancer cells, and last but not least, how it can be utilized for diagnostics and therapy.
The renaissance of the Warburg effect has put cancer metabolism back into the lime light of cancer research. Probably the most controversial legacy for tumor metabolism is the hypothesis on the origin of cancer: In spite of its disaffirmation by numerous data and alternative explanations [ 31 ] providing evidence that there are also tumor cells which have apparently normal mitochondria and respiratory activity, what makes this hypothesis so attractive?
A popular hypothesis always has two sides. The shiny side of the coin is the myriad of ideas it evokes and the new experiments and concepts it stimulates, especially when the hypothesis comes from a Nobel Laureate. On the other side, however, there is the danger of oversimplification and non-reflected universal application, as well as the uncritical acceptance of a hypothesis as a given fact.
For the latter, Warburg alone cannot be held responsible—it is the challenge and responsibility of every scientist to question the validity of a hypothesis. He has set an example of meticulous work, bringing forth a gain of knowledge, which is now taken for granted as common textbook knowledge. He has, moreover, set an example for ingenious thinking, even if not all of it has been proven right. Reflecting this statement could also be a Warburg effect.
I am indebted to Prof. Moreover, I appreciate him sharing his controversial views and personal insights into the history of tumor metabolism. Otto was born also in Freiburg in Breisgau Germany , her father at that time studying physics at the University of Freiburg.
After returning to Germany, AO went to the University of Freiburg to study biology, majoring in biochemistry and genetics. From that time, she has only faint memories about Warburg, the manometer, and tumor metabolism—not yet really appreciating the meaning of the differences in the metabolic processes of normal and tumor cells.
After her PhD on sugar-labeled compounds produced by cultures of embryonic fibroblasts, she did her postdoc on the role of the cytoskeleton in regulating the onset of cell proliferation at the Friedrich Miescher Institute in Basel Switzerland and at St.
Returning to Germany, she did her Habilitation at the University of Regensburg on the estrogen receptor of breast cancer cells as a potential target for platin-based chemotherapeutic drugs. Since , AO has been working at the Technical University of Munich in cooperation with engineers and physicists on projects related to developing new technologies for monitoring energy metabolism of tumor cells in a clinical setting.
And, this brought her back to the biochemistry of tumor metabolism and the work of Otto Warburg. National Center for Biotechnology Information , U. Journal List Cancer Metab v.
Published online Mar 8. Author information Article notes Copyright and License information Disclaimer. Received Jan 20; Accepted Feb Turmoil in Sri Lanka: Mahinda Rajapaksa's return poses challenges for India but it may not be a zero sum game. Mard Ko Dard Nahi Hota movie review: A cocktail of gorgeous action sequences, absurd laugh-out-loud moments.
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Warburg Micro syndrome is a rare autosomal recessive syndrome characterized by microcephaly, microphthalmia, microcornea, congenital cataracts, optic atrophy, cortical dysplasia, in particular corpus callosum hypoplasia, severe mental retardation, spastic diplegia, and hypogonadism (summary by Morris-Rosendahl et al., ).. Genetic Heterogeneity of Warburg Micro Syndrome. The Warburg Effect was the biggest breakthrough in cancer research until the U of A discovery; it came over 80 years ago but was ignored by . Dr. Otto Warburg's Cancer Research Papers (Understand Cancer Series Book 6) - Kindle edition by Otto Warburg, Trung Nguyen. Download it once and read it on your Kindle device, PC, phones or tablets. Use features like bookmarks, note taking and highlighting while reading Dr. Otto Warburg's Cancer Research Papers (Understand Cancer Series .