title: Staying Alive (1983 film)

text: Some "Fever" actors were to reprise their roles but ended up removed from the final cut: Donna Pescow appeared in the audience at Tony's Broadway debut, and Val Bisoglio appeared briefly as Tony's father. His scene was deleted, and the film instead vaguely implies that he has died.


title: Staying Alive (1983 film)

text: "Saturday Night Fever" producer and writer Robert Stigwood and Norman Wexler started planning a sequel soon after the original film came out in 1977, due to the film's success. They came up with the title "Staying Alive", and Wexler wrote a script. Travolta was open to the idea of a sequel, but did not like the pessimism of the script, thinking that his character, Tony Manero, needed to see more success as a dancer. Stigwood and executives from Paramount Pictures spent the next several years trying to convince Travolta to film the script as written, but with no success. The project was considered abandoned, but then, in 1981, Stigwood met with Travolta to get Travolta's views on how a sequel should go. Travolta stated that he wanted Manero to attempt a dance career on Broadway and end up in a leading role due to his talent. Wexler wrote another script based on Travolta's ideas, in which Manero becomes a Broadway dancer but remains in the chorus. Travolta agreed to participate in the film, though he preferred an ending more like the one he had envisioned: he agreed that Wexler's ending was a more realistic outcome, but felt that it would not be sufficiently exciting for audiences.


title: Staying Alive (1983 film)

text: It was then time to find a director for "Staying Alive", and Travolta, who had just seen the film "Rocky III" (which Stallone wrote, directed and starred in), told his agent that he wanted a director who could bring the energy and pacing of that film to "Staying Alive". To Travolta's surprise, Paramount, with the help of then-studio chief Michael Eisner, was able to bring in Stallone himself. Travolta told Stallone about his idea for a happier ending, and Stallone rewrote the script to more closely match Travolta's vision. Stallone also made the Manero character more mature – given that the character was now six years older than in the original film – and made the film's language tamer than that of the first film, to ensure that it got a PG rating.


title: Staying Alive (1983 film)

text: Under Stallone's supervision, Travolta spent five months doing rigorous training to develop a dancer's physique for the film, losing 20 pounds in the process.


title: Staying Alive (1983 film)

text: The soundtrack was released in 1983 and is mainly performed by the Bee Gees. Five new Bee Gees songs (all of which have lead vocals by Barry Gibb) took up the first side, with side two featuring various artists performing songs mostly written by Frank Stallone, brother of the film's director Sylvester Stallone. The soundtrack reached number 14 in the United Kingdom, number 6 in the United States, number 1 in Switzerland, and number 2 in Italy and Japan. The LP was the final soundtrack, and the final songs, by the Bee Gees released under RSO.


title: Staying Alive (1983 film)

text: All tracks on Side A are written and performed by the Bee Gees (Barry, Maurice, and Robin Gibb). "Stayin' Alive" was shortened exclusively for the soundtrack, the full song is actually used in the film.


title: Staying Alive (1983 film)

text: Out of the songs featured in "Staying Alive" (excluding instrumental Muzak tracks), only "Waking Up" by Frank Stallone and Cynthia Rhodes, and "The Winning End" by Joe Esposito did not make it to the soundtrack; and "Breakout" by the Bee Gees was not featured in the film. "Waking Up" would later be released as the B-side to the "Far from Over" single, except as a solo version with Rhodes' vocals removed. A brief excerpt of a third duet with Frank Stallone and Cynthia Rhodes titled "Hope We Never Change" is also featured in the film.


title: Staying Alive (1983 film)

text: Despite being a critical failure, "Staying Alive" was a commercial success. The film opened with the biggest weekend for a musical film ever (at the time) with a gross of $12,146,143 from 1,660 screens. Overall, the film grossed nearly $65 million domestically against its $22 million budget. Worldwide it grossed $127 million. Though the domestic box office intake was less than the $94.2 million earned by "Saturday Night Fever", the film nevertheless ranked in the top ten most financially successful films of 1983.


title: Staying Alive (1983 film)

text: "Staying Alive" received negative reviews from film critics. On review aggregator website Rotten Tomatoes, the film has a rare approval rating of 0% based on 25 reviews, with an average rating of 2.68/10. The site's consensus reads: "This sequel to "Saturday Night Fever" is shockingly embarrassing and unnecessary, trading the original's dramatic depth for a series of uninspired dance sequences." On Metacritic, on the other hand, which assigns a weighted average, the movie holds a score of 23 out of 100 based on 7 reviews, indicating "generally unfavorable reviews."


title: Staying Alive (1983 film)

text: Roger Ebert of "The Chicago Sun-Times", who had praised "Saturday Night Fever", called the dance productions in "Stayin' Alive" "laughably gauche", especially the final number, which he mocked for including "fire, ice, smoke, flashing lights and laser beams". Ebert added that what the film most lacked was "the sense of reality in "Saturday Night Fever"... There's no old neighborhood, no vulgar showdowns with his family (he apologizes to his mother for his "attitude"!) and no Brooklyn eccentricity." In 2006, "Entertainment Weekly" dubbed "Staying Alive" the "Worst Sequel Ever." Many critics were unanimous in agreeing that the film did not contain the grittiness and realism that was possessed by "Saturday Night Fever".


title: Staying Alive (1983 film)

text: The film is listed in Golden Raspberry Award founder John Wilson's book, "The Official Razzie Movie Guide", as one of the 100 Most Enjoyably Bad Movies Ever Made.


title: Cho Yeo-jeong

text: Cho Yeo-jeong (born February 10, 1981) is a South Korean actress. She is best known internationally for her role in the film "Parasite" (2019), which won four Academy Awards and became the first non-English language film to win the award for Best Picture.


title: Cho Yeo-jeong

text: Cho is also known for her roles in the films "The Servant" (2010), "The Concubine" (2012), and "Obsessed" (2014), as well as the television series "I Need Romance" (2011), "Lovers of Haeundae" (2012), "Divorce Lawyer in Love" (2015), "Woman of 9.9 Billion" (2019–2020), and "Cheat on Me If You Can" (2020–2021).


title: Cho Yeo-jeong

text: Cho Yeo-jeong was born in Seoul, South Korea. She debuted as a "CeCi" Magazine cover girl at the age of 16 in 1997, and began actively acting in 1999. Despite appearing in drama series, music videos, and TV commercials afterwards, she remained obscure. During this period, she was also unhappy with the limited roles being offered to her.


title: Cho Yeo-jeong

text: Then Cho rose to the spotlight in 2010 by starring as the ambitious Joseon woman of lower class in the erotic period drama "The Servant". The R-rated movie, which was a newly adapted and tragic version of Korea's famous folktale "The Story of Chunhyang", had been turned down by a number of actresses because it contained too many sex scenes. Cho, however, took advantage of the opportunity and it turned out to be a huge stepping stone in her career. Upon the release of the film, Cho successfully escaped being "another pretty face" in Korea's entertainment scene.


title: Cho Yeo-jeong

text: In 2011, Cho starred in hit cable series "I Need Romance", a sexually frank and funny comedy about a group of single thirty-something girlfriends navigating the dating scene in Seoul, which boasted stylish and slick production values.


title: Cho Yeo-jeong

text: Few would have expected her to star in another period drama that required full nudity, as doing so may have stigmatized her in Korea's film industry. Despite the collective concerns expressed by local media that she was "going nude too often," in 2012 the actress chose another period thriller with explicit sex scenes. She had admired the work of director Kim Dae-seung and wanted to work with him, so after reading his latest script, she pursued being cast as the complex titular character of "The Concubine". Despite the hype, the film was critically praised. In an interview for the film, Cho said that most of all, she wants to be seen as an adventurous and intriguing actress.


title: Cho Yeo-jeong

text: In the 2012 romantic comedy series "Haeundae Lovers", Cho played the bright and cheerful daughter of a Busan gangster, who falls in love with the amnesiac undercover prosecutor living with them. A year later, Cho's book "Healing Beauty" was published, containing tips and advice on health and beauty, based on the know-how she's amassed as an actress over her 16-year career.


title: Cho Yeo-jeong

text: In 2013, Cho became involved in a publicized contract dispute when she signed a new contract with Bom Entertainment while her contract with Didim531 was still in effect. The Korea Entertainment Management Association suggested that Cho avoid working with both agencies, and she joined Neos Entertainment in 2014.


title: Cho Yeo-jeong

text: Cho starred in two movies in 2014. She reunited with director Kim Dae-woo ("The Servant") in another erotic period film, this time set during the Vietnam War, titled "Obsessed". She also played an abducted wife in "The Target", a remake of French action-thriller "Point Blank".


title: Cho Yeo-jeong

text: In 2015, Cho starred in the sex comedy "", which she said made her realize "how gratifying it is to see people laughing because of me." She said further, ""Casa Amor: Exclusive for Ladies" is the first film I've done in a long time whose story focuses on women. I hope that, building on the success of this film, more films featuring women's voices and experiences are made."


title: Cho Yeo-jeong

text: Cho started in her first television series of 2020, "Cheat on Me If You Can" since "Woman of 9.9 Billion" in 2019.


title: Bubba Smith

text: Charles Aaron Smith (February 28, 1945 – August 3, 2011), commonly known as Bubba Smith, was an American football defensive end and actor. He first came into prominence at Michigan State University, where he twice earned All-American honors on the Spartans football team. Smith had a major role in a 10–10 tie with Notre Dame in 1966 that was billed as "The Game of the Century." He is one of only six players to have his jersey number retired by the program. He was inducted into the College Football Hall of Fame in 1988.


title: Bubba Smith

text: The first selection of the 1967 NFL/AFL draft, Smith played nine years in the National Football League (NFL) with the Baltimore Colts (1967–1971), Oakland Raiders (1973–1974), and Houston Oilers (1975–1976). He was the Colts' starting left defensive end for five seasons, playing in Super Bowls III and V. He was named to two Pro Bowls and was a First-team All-Pro in 1971. He had tremendous quickness despite being and , a combination which usually earned him a double-team.


title: Bubba Smith

text: During his acting career, Smith specialized in comedic roles in film, television, and television advertising. For about a decade following his retirement from football, he appeared in various commercials for Miller Lite. His best-known role was as Moses Hightower in the first six "Police Academy" movies.


title: Bubba Smith

text: Smith was posthumously diagnosed with CTE, a neurological condition generally related to concussion and sub-concussive head trauma.


title: Bubba Smith

text: Smith was born on February 28, 1945, in Orange, Texas, to Willie Ray Smith Sr. and Georgia Oreatha Curl Smith, and raised in nearby Beaumont. His father, Willie Ray Smith Sr., was a football coach who earned 235 victories at three high schools in the Beaumont area. Bubba had the opportunity to play for his father at Charlton-Pollard High School in Beaumont. He developed into one of the state's best-ever high school football players. Smith's younger brother Tody Smith played collegiately for the University of Southern California, and professionally for the Dallas Cowboys, Houston Oilers, and Buffalo Bills.


title: Bubba Smith

text: Smith originally had hopes of playing college football at the University of Texas. Even though Longhorns head coach Darrell Royal regarded him as worthy of an athletic scholarship, Royal was unwilling to offer one in the face of racial segregation which prevailed throughout the southern United States at the time. Texas was then a member of the Southwest Conference (SWC), which began to integrate in 1967. The university's football program lagged behind, before acquiescing in 1970.


title: Bubba Smith

text: The situation at UT motivated Smith to become a much better player at Michigan State University, where he was an All-American in both 1965 and 1966. He was a popular athlete at Michigan State, earning the arresting fan chant of "Kill, Bubba, Kill."


title: Bubba Smith

text: His final game at Michigan State was a 10–10 tie with Notre Dame at Spartan Stadium on November 19, 1966. With both teams undefeated, untied and ranked atop the national polls going in (The Fighting Irish were ranked #1 at 8–0–0, the Spartans #2 at 9–0–0), the match-up was hyped as the college "Game of the Century". Early in the first quarter, Smith tackled Notre Dame starting quarterback Terry Hanratty, who sustained a separated left shoulder. Hanratty was replaced for the remainder of the game by Coley O'Brien. Smith, who admitted that Hanratty's injury actually backfired on the Spartans, stated, "That didn't help us any. It just let them put in that O'Brien who's slippery and faster and gave us more trouble. The other guy just sits there and waits, and that's what we wanted." Michigan State finished second behind Notre Dame in the final voting for the national championship.


title: Bubba Smith

text: In 1988, Smith was enshrined in the College Football Hall of Fame. Michigan State retired his number 95 jersey on September 23, 2006, prior to the Spartans' home game against Notre Dame, amid repeated cheers of his old slogan from the student section. This game also celebrated the 40th anniversary of the "Game of the Century."


title: Bubba Smith

text: Smith was the No. 1 overall pick in the 1967 NFL draft, taken by the Baltimore Colts with a selection originally held by the expansion New Orleans Saints, which had been traded for quarterback Gary Cuozzo. Smith's Michigan State teammate, running back Clint Jones, followed him as the second pick. , Smith is the only Michigan State player to be taken first overall.


title: Bubba Smith

text: Smith spent nine seasons in the NFL as a defensive end and played in the Super Bowl twice in his first five seasons. The heavily-favored Colts lost Super Bowl III to the New York Jets and won Super Bowl V two years later following the 1970 season. It was Smith's only Super Bowl ring. However, in interviews, Smith stated that he would never wear the ring, out of a sense of disappointment that he and his teammates were unable to win Super Bowl III. He was injured in the 1972 preseason when he ran into a solid steel pole the NFL was using at the time to mark yardage and missed the season.


title: Bubba Smith

text: He was traded from the Colts to the Oakland Raiders for Raymond Chester on July 16, 1973. He finished his career with the Houston Oilers. He was selected All-Pro one year, All-Conference two years, and went to two Pro Bowls. His legacy is the inspiration behind the documentary, "Through the Banks of the Red Cedar", written and directed by MSU teammate Gene Washington's daughter, Maya Washington.


title: Bubba Smith

text: After retiring from professional football, Smith began acting in small movie and television roles in the late 1970s and early 1980s. He is perhaps best known for his role as Moses Hightower in the "Police Academy" movie series, a role he reprised in all but one of the "Police Academy" sequels. He also played as the chauffeur for Ned Beatty character, Clyde Torkle, in the movie "Stroker Ace" starring Burt Reynolds.


title: Bubba Smith

text: Smith starred in the short-lived television series "Blue Thunder", partnering with Pro Football Hall of Fame defensive star Dick Butkus, with whom he frequently costarred in advertisements for Miller Lite beer. Among other television series Smith appeared in were "Good Times", "Half Nelson", "The Odd Couple", "Wonder Woman", "Taxi", "Hart to Hart", "MacGyver", "Married... with Children" and "Family Matters".


title: Bubba Smith

text: In 1983, Smith published the autobiography entitled "Kill, Bubba, Kill", in which he stated he felt it was possible Super Bowl III had been rigged to enable the Jets to win in order to ensure the AFL–NFL merger proceeded smoothly.


title: Bubba Smith

text: Smith was found dead in his Los Angeles home by his caretaker on August 3, 2011. He died from acute drug intoxication and heart disease. Phentermine, a weight-loss drug, was found in his system. His heart weighed more than twice that of an average similar male. He was 66 years old.


title: Bubba Smith

text: On May 24, 2016, it was announced that Smith had the brain disease chronic traumatic encephalopathy (CTE), a neurodegenerative illness affecting unknown numbers of former athletes in contact sports. The findings were confirmed by researchers affiliated with the Department of Veterans Affairs, Boston University and the Concussion Legacy Foundation, and released with the permission of the executor of Smith's estate.


title: Bubba Smith

text: Smith is the 90th former NFL player found to have had CTE by the researchers at the Boston University brain bank; they have examined 94 former pro players. According to the Concussion Legacy Foundation, on a scale of 1 to 4 used by the neuropathologist who examined Smith's brain, Smith had Stage 3 CTE, with symptoms including cognitive impairment and problems with judgment and planning.


title: Arbitrage

text: In economics and finance, arbitrage (, ) is the practice of taking advantage of a difference in prices in two or more markets; striking a combination of matching deals to capitalise on the difference, the profit being the difference between the market prices at which the unit is traded. When used by academics, an arbitrage is a transaction that involves no negative cash flow at any probabilistic or temporal state and a positive cash flow in at least one state; in simple terms, it is the possibility of a risk-free profit after transaction costs. For example, an arbitrage opportunity is present when there is the possibility to instantaneously buy something for a low price and sell it for a higher price.


title: Arbitrage

text: In principle and in academic use, an arbitrage is risk-free; in common use, as in statistical arbitrage, it may refer to "expected" profit, though losses may occur, and in practice, there are always risks in arbitrage, some minor (such as fluctuation of prices decreasing profit margins), some major (such as devaluation of a currency or derivative). In academic use, an arbitrage involves taking advantage of differences in price of a "single" asset or "identical" cash-flows; in common use, it is also used to refer to differences between "similar" assets (relative value or convergence trades), as in merger arbitrage.


title: Arbitrage

text: The term is mainly applied to trading in financial instruments, such as bonds, stocks, derivatives, commodities, and currencies. People who engage in arbitrage are called arbitrageurs ().


title: Arbitrage

text: Arbitrage has the effect of causing prices of the same or very similar assets in different markets to converge.


title: Arbitrage

text: "Arbitrage" is a French word and denotes a decision by an arbitrator or arbitration tribunal (in modern French, "" usually means referee or umpire). In the sense used here, it was first defined in 1704 by Mathieu de la Porte in his treatise "" as a consideration of different exchange rates to recognise the most profitable places of issuance and settlement for a bill of exchange (" [, in modern spelling] ".)


title: Arbitrage

text: If the market prices do not allow for profitable arbitrage, the prices are said to constitute an arbitrage equilibrium, or an arbitrage-free market. An arbitrage equilibrium is a precondition for a general economic equilibrium. The "no arbitrage" assumption is used in quantitative finance to calculate a unique risk neutral price for derivatives.


title: Arbitrage

text: Arbitrage-free pricing for bonds is the method of valuing a coupon-bearing financial instrument by discounting its future cash flows by multiple discount rates. By doing so, a more accurate price can be obtained than if the price is calculated with a present-value pricing approach. Arbitrage-free pricing is used for bond valuation and to detect arbitrage opportunities for investors.


title: Arbitrage

text: For the purpose of valuing the price of a bond, its cash flows can each be thought of as packets of incremental cash flows with a large packet upon maturity, being the principal. Since the cash flows are dispersed throughout future periods, they must be discounted back to the present. In the present-value approach, the cash flows are discounted with one discount rate to find the price of the bond. In arbitrage-free pricing, multiple discount rates are used.


title: Arbitrage

text: The present-value approach assumes that the bond yield will stay the same until maturity. This is a simplified model because interest rates may fluctuate in the future, which in turn affects the yield on the bond. For this reason, the discount rate may differ for each cash flow. Each cash flow can be considered a zero-coupon instrument that pays one payment upon maturity. The discount rates used should be the rates of multiple zero-coupon bonds with maturity dates the same as each cash flow and similar risk as the instrument being valued. By using multiple discount rates, the arbitrage-free price is the sum of the discounted cash flows. Arbitrage-free price refers to the price at which no price arbitrage is possible.


title: Arbitrage

text: The idea of using multiple discount rates obtained from zero-coupon bonds and discounting a similar bond's cash flow to find its price is derived from the yield curve, which is a curve of the yields of the same bond with different maturities. This curve can be used to view trends in market expectations of how interest rates will move in the future. In arbitrage-free pricing of a bond, a yield curve of similar zero-coupon bonds with different maturities is created. If the curve were to be created with Treasury securities of different maturities, they would be stripped of their coupon payments through bootstrapping. This is to transform the bonds into zero-coupon bonds. The yield of these zero-coupon bonds would then be plotted on a diagram with time on the "x"-axis and yield on the "y"-axis.


title: Arbitrage

text: Since the yield curve displays market expectations on how yields and interest rates may move, the arbitrage-free pricing approach is more realistic than using only one discount rate. Investors can use this approach to value bonds and find price mismatches, resulting in an arbitrage opportunity. If a bond valued with the arbitrage-free pricing approach turns out to be priced higher in the market, an investor could have such an opportunity:


title: Arbitrage

text: If the outcome from the valuation were the reverse case, the opposite positions would be taken in the bonds. This arbitrage opportunity comes from the assumption that the prices of bonds with the same properties will converge upon maturity. This can be explained through market efficiency, which states that arbitrage opportunities will eventually be discovered and corrected. The prices of the bonds in t move closer together to finally become the same at t.


title: Arbitrage

text: Arbitrage is not simply the act of buying a product in one market and selling it in another for a higher price at some later time. The transactions must occur "simultaneously" to avoid exposure to market risk, or the risk that prices may change in one market before both transactions are complete. In practical terms, this is generally possible only with securities and financial products that can be traded electronically, and even then, when each leg of the trade is executed, the prices in the market may have moved. Missing one of the legs of the trade (and subsequently having to trade it soon after at a worse price) is called 'execution risk' or more specifically 'leg risk'.


title: Arbitrage

text: In the simplest example, any good sold in one market should sell for the same price in another. Traders may, for example, find that the price of wheat is lower in agricultural regions than in cities, purchase the good, and transport it to another region to sell at a higher price. This type of price arbitrage is the most common, but this simple example ignores the cost of transport, storage, risk, and other factors. "True" arbitrage requires that there is no market risk involved. Where securities are traded on more than one exchange, arbitrage occurs by simultaneously buying in one and selling on the other.


title: Arbitrage

text: Arbitrage has the effect of causing prices in different markets to converge. As a result of arbitrage, the currency exchange rates, the price of commodities, and the price of securities in different markets tend to converge. The speed at which they do so is a measure of market efficiency. Arbitrage tends to reduce price discrimination by encouraging people to buy an item where the price is low and resell it where the price is high (as long as the buyers are not prohibited from reselling and the transaction costs of buying, holding, and reselling are small, relative to the difference in prices in the different markets).


title: Arbitrage

text: Arbitrage moves different currencies toward purchasing power parity. Assume that a car purchased in the United States is cheaper than the same car in Canada. Canadians would buy their cars across the border to exploit the arbitrage condition. At the same time, Americans would buy US cars, transport them across the border, then sell them in Canada. Canadians would have to buy American dollars to buy the cars and Americans would have to sell the Canadian dollars they received in exchange. Both actions would increase demand for US dollars and supply of Canadian dollars. As a result, there would be an appreciation of the US currency. This would make US cars more expensive and Canadian cars less so until their prices were similar. On a larger scale, international arbitrage opportunities in commodities, goods, securities, and currencies tend to change exchange rates until the purchasing power is equal.


title: Arbitrage

text: In reality, most assets exhibit some difference between countries. These, transaction costs, taxes, and other costs provide an impediment to this kind of arbitrage. Similarly, arbitrage affects the difference in interest rates paid on government bonds issued by the various countries, given the expected depreciation in the currencies relative to each other (see interest rate parity).


title: Arbitrage

text: Arbitrage transactions in modern securities markets involve fairly low day-to-day risks, but can face extremely high risk in rare situations, particularly financial crises, and can lead to bankruptcy. Formally, arbitrage transactions have negative skew – prices can get a small amount closer (but often no closer than 0), while they can get very far apart. The day-to-day risks are generally small because the transactions involve small differences in price, so an execution failure will generally cause a small loss (unless the trade is very big or the price moves rapidly). The rare case risks are extremely high because these small price differences are converted to large profits via leverage (borrowed money), and in the rare event of a large price move, this may yield a large loss.


title: Arbitrage

text: The main day-to-day risk is that part of the transaction fails; this is called execution risk. The main, rare risks are counterparty risk, and liquidity risk: that a counterparty to a large transaction or many transactions fails to pay, or that one is required to post margin and does not have the money to do so.


title: Arbitrage

text: In the academic literature, the idea that seemingly very low-risk arbitrage trades might not be fully exploited because of these risk factors and other considerations is often referred to as limits to arbitrage.


title: Arbitrage

text: Generally, it is impossible to close two or three transactions at the same instant; therefore, there is the possibility that when one part of the deal is closed, a quick shift in prices makes it impossible to close the other at a profitable price. However, this is not necessarily the case. Many exchanges and inter-dealer brokers allow multi legged trades (e.g. basis block trades on LIFFE).


title: Arbitrage

text: Competition in the marketplace can also create risks during arbitrage transactions. As an example, if one was trying to profit from a price discrepancy between IBM on the NYSE and IBM on the London Stock Exchange, they may purchase a large number of shares on the NYSE and find that they cannot simultaneously sell on the LSE. This leaves the arbitrageur in an unhedged risk position.


title: Arbitrage

text: In the 1980s, risk arbitrage was common. In this form of speculation, one trades a security that is clearly undervalued or overvalued, when it is seen that the wrong valuation is about to be corrected. The standard example is the stock of a company, undervalued in the stock market, which is about to be the object of a takeover bid; the price of the takeover will more truly reflect the value of the company, giving a large profit to those who bought at the current price, if the merger goes through as predicted. Traditionally, arbitrage transactions in the securities markets involve high speed, high volume, and low risk. At some moment a price difference exists, and the problem is to execute two or three balancing transactions while the difference persists (that is, before the other arbitrageurs act). When the transaction involves a delay of weeks or months, as above, it may entail considerable risk if borrowed money is used to magnify the reward through leverage. One way of reducing this risk is through the illegal use of inside information, and risk arbitrage in leveraged buyouts was associated with some of the famous financial scandals of the 1980s, such as those involving Michael Milken and Ivan Boesky.


title: Arbitrage

text: Another risk occurs if the items being bought and sold are not identical and the arbitrage is conducted under the assumption that the prices of the items are correlated or predictable; this is more narrowly referred to as a convergence trade. In the extreme case this is merger arbitrage, described below. In comparison to the classical quick arbitrage transaction, such an operation can produce disastrous losses.


title: Arbitrage

text: As arbitrages generally involve "future" movements of cash, they are subject to counterparty risk: the risk that a counterparty fails to fulfill their side of a transaction. This is a serious problem if one has either a single trade or many related trades with a single counterparty, whose failure thus poses a threat, or in the event of a financial crisis when many counterparties fail. This hazard is serious because of the large quantities one must trade in order to make a profit on small price differences.


title: Arbitrage

text: For example, if one purchases many risky bonds, then hedges them with CDSes, profiting from the difference between the bond spread and the CDS premium, in a financial crisis, the bonds may default "and" the CDS writer/seller may fail, due to the stress of the crisis, causing the arbitrageur to face steep losses.


title: Arbitrage

text: Arbitrage trades are necessarily synthetic, "leveraged" trades, as they involve a short position. If the assets used are not identical (so a price divergence makes the trade temporarily lose money), or the margin treatment is not identical, and the trader is accordingly required to post margin (faces a margin call), the trader may run out of capital (if they run out of cash and cannot borrow more) and be forced to sell these assets at a loss even though the trades may be expected to ultimately make money. In effect, arbitrage traders synthesise a put option on their ability to finance themselves.


title: Arbitrage

text: Prices may diverge during a financial crisis, often termed a "flight to quality"; these are precisely the times when it is hardest for leveraged investors to raise capital (due to overall capital constraints), and thus they will lack capital precisely when they need it most.


title: Arbitrage

text: Grey market arbitrage is the sale of goods purchased through informal channels to earn the difference in price. Excessive gray market arbitrage will lead to arbitrage behaviors in formal channels, which will reduce returns due to factors such as price confusion, and may even cause prices to plummet in severe cases.


title: Arbitrage

text: Also known as geographical arbitrage, this is the simplest form of arbitrage. In spatial arbitrage, an arbitrageur looks for price differences between geographically separate markets. For example, there may be a bond dealer in Virginia offering a bond at 100-12/23 and a dealer in Washington bidding 100-15/23 for the same bond. For whatever reason, the two dealers have not spotted the difference in the prices, but the arbitrageur does. The arbitrageur immediately buys the bond from the Virginia dealer and sells it to the Washington dealer.


title: Arbitrage

text: For very short amounts of time, the prices of two assets that are either fungible or related by a strict pricing relationship may temporarily go out of sync as the market makers are slow to update the prices. This momentary mispricing creates the opportunity for an arbitrageur to capture the difference between the two prices. For example, the price of calls and puts on an underlying should be related by put-call parity. If these prices are misquoted relative to the put-call parity relationship, it provides an arbitrageur the opportunity to profit from the mispricing.


title: Arbitrage

text: Latency arbitrage is often mentioned especially in an electronic trading environment, where the use of fast server hardware allows an arbitrageur to capture realize opportunities that may exist for as little as nanoseconds. A study by the Financial Conduct Authority of the United Kingdom found that this practice generates as much as $5 billion per year in profit.


title: Arbitrage

text: Also called risk arbitrage, merger arbitrage generally consists of buying/holding the stock of a company that is the target of a takeover while shorting the stock of the acquiring company.


title: Arbitrage

text: Usually, the market price of the target company is less than the price offered by the acquiring company.


title: Arbitrage

text: The spread between these two prices depends mainly on the probability and the timing of the takeover being completed as well as the prevailing level of interest rates.


title: Arbitrage

text: The bet in a merger arbitrage is that such a spread will eventually be zero, if and when the takeover is completed. The risk is that the deal "breaks" and the spread massively widens.


title: Arbitrage

text: Also called "municipal bond relative value arbitrage", "municipal arbitrage", or just "muni arb", this hedge fund strategy involves one of two approaches. The term "arbitrage" is also used in the context of the Income Tax Regulations governing the investment of proceeds of municipal bonds; these regulations, aimed at the issuers or beneficiaries of tax-exempt municipal bonds, are different and, instead, attempt to remove the issuer's ability to arbitrage between the low tax-exempt rate and a taxable investment rate.


title: Arbitrage

text: Generally, managers seek relative value opportunities by being both long and short municipal bonds with a duration-neutral book. The relative value trades may be between different issuers, different bonds issued by the same entity, or capital structure trades referencing the same asset (in the case of revenue bonds). Managers aim to capture the inefficiencies arising from the heavy participation of non-economic investors (i.e., high income "buy and hold" investors seeking tax-exempt income) as well as the "crossover buying" arising from corporations' or individuals' changing income tax situations (i.e., insurers switching their munis for corporates after a large loss as they can capture a higher after-tax yield by offsetting the taxable corporate income with underwriting losses). There are additional inefficiencies arising from the highly fragmented nature of the municipal bond market which has two million outstanding issues and 50,000 issuers, in contrast to the Treasury market which has 400 issues and a single issuer.


title: Arbitrage

text: Second, managers construct leveraged portfolios of AAA- or AA-rated tax-exempt municipal bonds with the duration risk hedged by shorting the appropriate ratio of taxable corporate bonds. These corporate equivalents are typically interest rate swaps referencing Libor or SIFMA. The arbitrage manifests itself in the form of a relatively cheap longer maturity municipal bond, which is a municipal bond that yields significantly more than 65% of a corresponding taxable corporate bond. The steeper slope of the municipal yield curve allows participants to collect more after-tax income from the municipal bond portfolio than is spent on the interest rate swap; the carry is greater than the hedge expense. Positive, tax-free carry from muni arb can reach into the double digits. The bet in this municipal bond arbitrage is that, over a longer period of time, two similar instruments—municipal bonds and interest rate swaps—will correlate with each other; they are both very high quality credits, have the same maturity and are denominated in the same currency. Credit risk and duration risk are largely eliminated in this strategy. However, basis risk arises from use of an imperfect hedge, which results in significant, but range-bound principal volatility. The end goal is to limit this principal volatility, eliminating its relevance over time as the high, consistent, tax-free cash flow accumulates. Since the inefficiency is related to government tax policy, and hence is structural in nature, it has not been arbitraged away.


title: Arbitrage

text: A convertible bond is a bond that an investor can return to the issuing company in exchange for a predetermined number of shares in the company.


title: Arbitrage

text: Given the complexity of the calculations involved and the convoluted structure that a convertible bond can have, an arbitrageur often relies on sophisticated quantitative models in order to identify bonds that are trading cheap versus their theoretical value.


title: Arbitrage

text: Convertible arbitrage consists of buying a convertible bond and hedging two of the three factors in order to gain exposure to the third factor at a very attractive price.


title: Arbitrage

text: For instance an arbitrageur would first buy a convertible bond, then sell fixed income securities or interest rate futures (to hedge the interest rate exposure) and buy some credit protection (to hedge the risk of credit deterioration).


title: Arbitrage

text: Eventually what he or she would be left with is something similar to a call option on the underlying stock, acquired at a very low price.


title: Arbitrage

text: He or she could then make money either selling some of the more expensive options that are openly traded in the market or delta hedging his or her exposure to the underlying shares.


title: Arbitrage

text: A depositary receipt is a security that is offered as a "tracking stock" on another foreign market. For instance, a Chinese company wishing to raise more money may issue a depository receipt on the New York Stock Exchange, as the amount of capital on the local exchanges is limited. These securities, known as ADRs (American depositary receipt) or GDRs (global depository receipt) depending on where they are issued, are typically considered "foreign" and therefore trade at a lower value when first released. Many ADR's are exchangeable into the original security (known as fungibility) and actually have the same value. In this case, there is a spread between the perceived value and real value, which can be extracted. Other ADR's that are not exchangeable often have much larger spreads. Since the ADR is trading at a value lower than what it is worth, one can purchase the ADR and expect to make money as its value converges on the original. However, there is a chance that the original stock will fall in value too, so by shorting it one can hedge that risk.


title: Arbitrage

text: Example: Apple is trading on NASDAQ at US$108.84. The stock is also traded on the German electronic exchange, XETRA. If 1 euro costs US$1.11, a cross-border trader could enter a buy order on the XETRA at €98.03 per Apple share and a sell order at €98.07 per share.


title: Arbitrage

text: Some brokers in Germany do not offer access to the U.S. exchanges. Hence if a German retail investor wants to buy Apple stock, he needs to buy it on the XETRA. The cross-border trader would sell the Apple shares on XETRA to the investor and buy the shares in the same second on NASDAQ. Afterwards, the cross-border trader would need to transfer the shares bought on NASDAQ to the German XETRA exchange, where he is obliged to deliver the stock.


title: Arbitrage

text: In most cases, the quotation on the local exchanges is done electronically by high-frequency traders, taking into consideration the home price of the stock and the exchange rate. This kind of high-frequency trading benefits the public, as it reduces the cost to the German investor and enables them to buy U.S. shares.


title: Arbitrage

text: A dual-listed company (DLC) structure involves two companies incorporated in different countries contractually agreeing to operate their businesses as if they were a single enterprise, while retaining their separate legal identity and existing stock exchange listings. In integrated and efficient financial markets, stock prices of the twin pair should move in lockstep. In practice, DLC share prices exhibit large deviations from theoretical parity. Arbitrage positions in DLCs can be set up by obtaining a long position in the relatively underpriced part of the DLC and a short position in the relatively overpriced part. Such arbitrage strategies start paying off as soon as the relative prices of the two DLC stocks converge toward theoretical parity. However, since there is no identifiable date at which DLC prices will converge, arbitrage positions sometimes have to be kept open for considerable periods of time. In the meantime, the price gap might widen. In these situations, arbitrageurs may receive margin calls, after which they would most likely be forced to liquidate part of the position at a highly unfavorable moment and suffer a loss. Arbitrage in DLCs may be profitable, but is also very risky.


title: Arbitrage

text: A good illustration of the risk of DLC arbitrage is the position in Royal Dutch Shell—which had a DLC structure until 2005—by the hedge fund Long-Term Capital Management (LTCM, see also the discussion below). Lowenstein (2000) describes that LTCM established an arbitrage position in Royal Dutch Shell in the summer of 1997, when Royal Dutch traded at an 8 to 10 percent premium. In total, $2.3 billion was invested, half of which was long in Shell and the other half was short in Royal Dutch (Lowenstein, p. 99). In the autumn of 1998, large defaults on Russian debt created significant losses for the hedge fund and LTCM had to unwind several positions. Lowenstein reports that the premium of Royal Dutch had increased to about 22 percent and LTCM had to close the position and incur a loss. According to Lowenstein (p. 234), LTCM lost $286 million in equity pairs trading and more than half of this loss is accounted for by the Royal Dutch Shell trade. (See further under Limits to arbitrage.)


title: Arbitrage

text: The market prices for privately held companies are typically viewed from a return on investment perspective (such as 25%), whilst publicly held and or exchange listed companies trade on a Price to earnings ratio (P/E) (such as a P/E of 10, which equates to a 10% ROI). Thus, if a publicly traded company specialises in the acquisition of privately held companies, from a per-share perspective there is a gain with every acquisition that falls within these guidelines. E.g., Berkshire Hathaway. Private to public equities arbitrage is a term that can arguably be applied to investment banking in general. Private markets to public markets differences may also help explain the overnight windfall gains enjoyed by principals of companies that just did an initial public offering (IPO).


title: Arbitrage

text: Regulatory arbitrage "is an avoidance strategy of regulation that is exercised as a result of a regulatory inconsistency". In other words, where a regulated institution takes advantage of the difference between its real (or economic) risk and the regulatory position. For example, if a bank, operating under the Basel I accord, has to hold 8% capital against default risk, but the real risk of default is lower, it is profitable to securitise the loan, removing the low-risk loan from its portfolio. On the other hand, if the real risk is higher than the regulatory risk then it is profitable to make that loan and hold on to it, provided it is priced appropriately. Regulatory arbitrage can result in parts of entire businesses being unregulated as a result of the arbitrage.


title: Arbitrage

text: This process can increase the overall riskiness of institutions under a risk insensitive regulatory regime, as described by Alan Greenspan in his October 1998 speech on The Role of Capital in Optimal Banking Supervision and Regulation.


title: Arbitrage

text: The term "Regulatory Arbitrage" was used for the first time in 2005 when it was applied by Scott V. Simpson, a partner at law firm Skadden, Arps, to refer to a new defence tactic in hostile mergers and acquisitions where differing takeover regimes in deals involving multi-jurisdictions are exploited to the advantage of a target company under threat.


title: Arbitrage

text: In economics, regulatory arbitrage (sometimes, tax arbitrage) may refer to situations when a company can choose a nominal place of business with a regulatory, legal or tax regime with lower costs. This can occur particularly where the business transaction has no obvious physical location. In the case of many financial products, it may be unclear "where" the transaction occurs.


title: Arbitrage

text: Regulatory arbitrage can include restructuring a bank by outsourcing services such as IT. The outsourcing company takes over the installations, buying out the bank's assets and charges a periodic service fee back to the bank. This frees up cashflow usable for new lending by the bank. The bank will have higher IT costs, but counts on the multiplier effect of money creation and the interest rate spread to make it a profitable exercise.


title: Arbitrage

text: Suppose the bank sells its IT installations for US$40 million. With a reserve ratio of 10%, the bank can create US$400 million in additional loans (there is a time lag, and the bank has to expect to recover the loaned money back into its books). The bank can often lend (and securitize the loan) to the IT services company to cover the acquisition cost of the IT installations. This can be at preferential rates, as the sole client using the IT installation is the bank. If the bank can generate 5% interest margin on the 400 million of new loans, the bank will increase interest revenues by 20 million. The IT services company is free to leverage their balance sheet as aggressively as they and their banker agree to. This is the reason behind the trend towards outsourcing in the financial sector. Without this money creation benefit, it is actually more expensive to outsource the IT operations as the outsourcing adds a layer of management and increases overhead.


title: Arbitrage

text: According to PBS Frontline's 2012 four-part documentary, "Money, Power, and Wall Street," regulatory arbitrage, along with asymmetric bank lobbying in Washington and abroad, allowed investment banks in the pre- and post-2008 period to continue to skirt laws and engage in the risky proprietary trading of opaque derivatives, swaps, and other credit-based instruments invented to circumvent legal restrictions at the expense of clients, government, and publics.


title: Arbitrage

text: Due to the Affordable Care Act's expansion of Medicaid coverage, one form of Regulatory Arbitrage can now be found when businesses engage in “Medicaid Migration”, a maneuver by which qualifying employees who would typically be enrolled in company health plans elect to enroll in Medicaid instead. These programs that have similar characteristics as insurance products to the employee, but have radically different cost structures, resulting in significant expense reductions for employers.


title: Arbitrage

text: Telecom arbitrage companies allow phone users to make international calls for free through certain access numbers. Such services are offered in the United Kingdom; the telecommunication arbitrage companies get paid an interconnect charge by the UK mobile networks and then buy international routes at a lower cost. The calls are seen as free by the UK contract mobile phone customers since they are using up their allocated monthly minutes rather than paying for additional calls.


title: Arbitrage

text: Such services were previously offered in the United States by companies such as FuturePhone.com. These services would operate in rural telephone exchanges, primarily in small towns in the state of Iowa. In these areas, the local telephone carriers are allowed to charge a high "termination fee" to the caller's carrier in order to fund the cost of providing service to the small and sparsely populated areas that they serve. However, FuturePhone (as well as other similar services) ceased operations upon legal challenges from AT&T and other service providers.


title: Arbitrage

text: Statistical arbitrage is an imbalance in expected nominal values. A casino has a statistical arbitrage in every game of chance that it offers, referred to as the house advantage, house edge, vigorish, or house vigorish.


title: Arbitrage

text: To accomplish arbitrage, the grey market buys items through marketing channels that sell them without the permission of the product trademark owner and sells them in the legitimate market.


title: Arbitrage

text: A Swiss watch sold by an approved dealer for £42,600 is an excellent example of a grey market product; customers can buy the identical watch for £27,227 on the Chrono24 website, which is an unlicensed 'grey market.'


title: Arbitrage

text: Long-Term Capital Management (LTCM) lost 4.6 billion U.S. dollars in fixed income arbitrage in September 1998. LTCM had attempted to make money on the price difference between different bonds. For example, it would sell U.S. Treasury securities and buy Italian bond futures. The concept was that because Italian bond futures had a less liquid market, in the short term Italian bond futures would have a higher return than U.S. bonds, but in the long term, the prices would converge. Because the difference was small, a large amount of money had to be borrowed to make the buying and selling profitable.


title: Arbitrage

text: The downfall in this system began on August 17, 1998, when Russia defaulted on its ruble debt and domestic dollar debt. Because global markets were already nervous due to the 1997 Asian financial crisis, investors began selling non-U.S. treasury debt and buying U.S. treasuries, which were considered a safe investment. As a result, the price on US treasuries began to increase and the return began decreasing because there were many buyers, and the return (yield) on other bonds began to increase because there were many sellers (i.e. the price of those bonds fell). This caused the difference between the prices of U.S. treasuries and other bonds to increase, rather than to decrease as LTCM was expecting. Eventually this caused LTCM to fold, and their creditors had to arrange a bail-out. More controversially, officials of the Federal Reserve assisted in the negotiations that led to this bail-out, on the grounds that so many companies and deals were intertwined with LTCM that if LTCM actually failed, they would as well, causing a collapse in confidence in the economic system. Thus LTCM failed as a fixed income arbitrage fund, although it is unclear what sort of profit was realised by the banks that bailed LTCM out.


title: Northern white rhinoceros

text: The northern white rhinoceros or northern white rhino (Ceratotherium simum cottoni) is one of two subspecies of the white rhinoceros (the other being the southern white rhinoceros). Formerly found in several countries in East and Central Africa south of the Sahara, this subspecies is a grazer in grasslands and savanna woodlands. Since 19 March 2018, there are only two known rhinos of this subspecies left, called Najin and Fatu, both of which are female; barring the existence of unknown or misclassified male northern white rhinos elsewhere in Africa, this makes the subspecies functionally extinct. The two female rhinos belong to the Dvůr Králové Zoo in the Czech Republic but live in the Ol Pejeta Conservancy in Kenya and are protected round-the-clock by armed guards.


title: Northern white rhinoceros

text: According to the latest International Union for Conservation of Nature (IUCN) assessment from 2020, the subspecies is considered "Critically Endangered (Possibly Extinct in the Wild)."


title: Northern white rhinoceros

text: They both belong to the Dvůr Králové Zoo in the Czech Republic, but live in Ol Pejeta Conservancy in Kenya, Africa. They arrived at the conservancy after an air and road trip on 20 December 2009, along with two male northern white rhinos from the Dvůr Králové Zoo, Suni and Sudan. However, Suni, a male born at Dvůr Králové Zoo in 1980, died from natural causes in Ol Pejeta Conservancy in 2014. Sudan, caught from the wild in 1975, died on 19 March 2018.


title: Northern white rhinoceros

text: After the transport, the four rhinos were under constant watch by specialists and staff, and lived in specially constructed bomas with access to a 400×400-metre paddock area, allowing them to acclimatize to their new surroundings. Ol Pejeta provides 24-hour armed security for the rhino enclosure. To prevent any unnecessary injuries they might inflict on each other while interacting in their fenced area, and give their horns an opportunity to regrow to a natural shape (as their front horns had grown bent by much rubbing against enclosure bars in captivity), all the rhinos were sedated and their horns were sawn off. This also made them less vulnerable to the poaching that drove their species to near extinction, as the horn is what the poachers are after. In place of their horns, radio transmitters have been installed to allow closer monitoring of their whereabouts. They are protected round-the-clock by armed guards. Poachers have been selling their horns for $110,000 per kilogram ($50,000 per pound).


title: Northern white rhinoceros

text: Since May 2010, the northern white rhino male Sudan was moved from the initial holding pens to a much larger semiwild enclosure. There he roamed among many African animals, including several southern white rhino females and many plains animals. On 26 October 2011, the females were coaxed into the larger enclosure. Because Najin was overly protective of her daughter Fatu's chance at mating, one of the two moved back into the smaller enclosure two weeks later.


title: Northern white rhinoceros

text: Until 2011, the progress of this attempt at saving the northern white rhinoceros was documented on the initiative's website; and their life in Ol Pejeta Conservancy is commented on the Conservancy's website. Several documentaries are in the works, including an episode of "Ol Pejeta Diaries" titled "Return of the African Titans" for Oasis HD Canada in fall 2010, and a follow-up half-hour episode to follow. This translocation was also the subject of a special edition of the BBC's "Last Chance to See", titled "Return of the Rhino", presented by Stephen Fry and the zoologist Mark Carwardine; the TV program reported at the end that the two pairs of rhinos were "flirting".


title: Northern white rhinoceros

text: On 25 April 2012, and on 27 May 2012, Suni and Najin mated. Pregnancy of the female rhinos was monitored weekly. Rhinoceros gestation takes 16 to 18 months, so in January 2014 the Conservancy considered Najin not pregnant, and a male southern white rhino from Lewa Wildlife Conservancy was put to Najin and Fatu enclosure in Ol Pejeta to at least intercross the subspecies. To achieve this, both female northern white rhinos were separated from their male counterparts, which prevented them from producing a pure northern white rhino offspring. In 2015, however, tests conducted by Czech specialists revealed that neither of the females are "capable of natural reproduction". According to the director of the Dvůr Králové Zoo, it was possible Najin became pregnant but miscarried shortly thereafter, which resulted in pathological changes in her uterus, preventing another impregnation.


title: Northern white rhinoceros

text: At the end of 2015, scientists from the Leibniz Institute for Zoo and Wildlife Research, San Diego Zoo Global, Tiergarten Schönbrunn, and Dvůr Králové Zoo developed a plan to reproduce northern white rhinos using natural gametes of the living rhinos and induced pluripotent stem cells. Subsequently, in the future, it might be possible to specifically mature the cells into specific cells such as neurons and muscle cells, in a similar way in which Katsuhiko Hayashi has grown mouse oocytes out of simple skin cells. The DNA of a dozen northern white rhinos has been preserved in genetic banks in Berlin and San Diego.


title: Northern white rhinoceros

text: In August 2019, ten egg cells (five from Najin and five from Fatu) were harvested to be artificially inseminated with the frozen sperm of a northern white rhino as part of a project by the Leibniz Institute for Zoo and Wildlife Research, Dvůr Králové Zoo, Kenya Wildlife Service, and Avantea. In September 2019, scientists announced that they fertilized in vitro the eggs with frozen sperm taken from dead males; two of the resulting embryos were viable. In January 2020, it was announced that "another embryo" was created using the same techniques; all three embryos are "from Fatu", until they can be placed into a surrogate mother, probably a southern white rhino. In December 2020, 14 egg cells were retrieved from Fatu; eight of them were fertilised by the sperm of the dead northern white rhino Suni, resulting in two viable embryos. No egg cells were retrieved from Najin. As of February 2022, there are a total of fourteen northern white rhino embryos created, 11 eggs from Fatu inseminated by sperm from Suni and 3 inseminated by sperm from Angalifu.


title: Northern white rhinoceros

text: The northern white rhino formerly ranged over parts of northwestern Uganda, southern South Sudan, the eastern part of Central African Republic, and northeastern Democratic Republic of the Congo. Their range possibly extended as far west as Lake Chad, into Chad and Cameroon.


title: Northern white rhinoceros

text: Poachers reduced their population from 500 to 15 in the 1970s and 1980s. From the early 1990s through mid-2003, the population recovered to more than 32 animals. Since mid-2003, poaching has intensified and further reduced the wild population.


title: Northern white rhinoceros

text: The last known surviving population of wild northern white rhinos was in Garamba National Park, Democratic Republic of the Congo (DRC).


title: Northern white rhinoceros

text: In January 2005, the government of the DRC approved a two-part plan for five northern white rhinos to be moved from Garamba National Park to a wildlife sanctuary in Kenya. The second part commits the government and its international partners to increase conservation efforts in Garamba, so the northern white rhinos can be returned when it is safe again. However, the translocation did not occur.


title: Northern white rhinoceros

text: In August 2005, ground and aerial surveys conducted under the direction of African Parks Foundation and the African Rhino Specialist Group (ARSG) had only found four animals, a solitary adult male and a group of one adult male and two adult females. They were the last known wild northern white rhinos, according to the World Wide Fund for Nature.


title: Northern white rhinoceros

text: In June 2008, it was reported that the species may have gone extinct in the wild, since there has been no sighting of these four known remaining individuals since 2006, or of their signs since 2007, despite intensive systematic ground and aerial searches in 2008. One carcass has been found. On 28 November 2009, two Russian helicopter pilots reported seeing rhinoceroses in southern Sudan. It was assumed that the three rhinos that were spotted belonged to the northern white rhinoceros subspecies, as black rhinos had not lived in the area for a long time and southern white rhinos never lived in southern Sudan. However, as of August 2011, no other sightings have been reported, and this population is now considered to have probably gone extinct.


title: Northern white rhinoceros

text: At the beginning of 2015, the fully captive northern white rhino population consisted of only two animals maintained in two zoological institutions: in the United States (San Diego Zoo Safari Park) and the Czech Republic (Dvůr Králové Zoo). However, both of them died later the same year, and no zoo in the world has any northern white rhinos any longer.


title: Northern white rhinoceros

text: In 1975, the Dvůr Králové Zoo, located in Dvůr Králové nad Labem, Czech Republic, got six northern white rhinos from Sudan and, in later years, two more from English zoos. One rhino from an English zoo arrived pregnant. The Dvůr Králové Zoo is the only zoo in the world where northern white rhinos birthed offspring, with the last calf being born in 2000; the current world population consists of their shared descendants.


title: Northern white rhinoceros

text: Dvůr Králové Zoo sent Suni, Sudan and two females, which are still alive, to the Ol Pejeta Conservancy in Kenya on 19 December 2009 in a joint effort by the zoo, Fauna and Flora International, Back to Africa, Lewa, and Kenya Wildlife Service. Hoping to stimulate the rhinos' sexual appetite, the zoo decided to send them back into their natural habitat in Kenya. The agreement with the Kenyan government expects the rhinos never to be returned to the Czech Republic.


title: Northern white rhinoceros

text: The female named Nabire stayed in Dvůr Králové Zoo, because, as Jan Stejskal, a projects coordinator at the zoo, stated, "she is no longer capable of breeding naturally. But it seems she has one healthy ovary and this could provide us with material from which to create an embryo in artificial conditions." Efforts to do so began in autumn 2014. Immediately after the death of Nabire in 2015, her ovary with four oocytes was removed and transferred to a laboratory in Cremona, Italy. The laboratory was able to extract two egg cells and fertilise them. However, without consulting the Dvůr Králové Zoo, the semen of a southern white rhino was used instead of a northern white rhino, which the zoo considers a wasted opportunity. Nevertheless, the experiment showed that viable hybrid embryos of the northern and southern white rhino are possible through IVF, as well as a path to the creation of pure northern white rhino embryos.


title: Northern white rhinoceros

text: The San Diego Wild Animal Park provided Angalifu's semen to female rhinos at the Dvůr Králové Zoo but the insemination attempts were unsuccessful. The only reproductive animals of this subspecies were transported to Ol Pejeta Conservancy in Kenya.


title: Northern white rhinoceros

text: In 2016, it was reported that scientists were exploring alternatives (such as artificial insemination, in vitro fertilization and embryo transfer) to develop northern white rhino embryos and implant them in female southern white rhinos at the San Diego Zoo.


title: Northern white rhinoceros

text: Following the phylogenetic species concept, recent research has suggested the northern white rhinoceros may be an altogether different species, rather than a subspecies of white rhinoceros, in which case the correct scientific name for the former is "Ceratotherium cottoni". Distinct morphological and genetic differences suggest the two proposed species have been separated for at least a million years. However, the results of the research were not universally accepted by other scientists.


title: Clothing in India

text: Clothing in India is dependent upon the different ethnicities, geography, climate, and cultural traditions of the people of each region of India. Historically, male and female clothing has evolved from simple garments like kaupina, langota, achkan, lungi, sari, well as rituals and dance performances. In urban areas, western clothing is common and uniformly worn by people of all social levels. India also has a great diversity in terms of weaves, fibers, colours, and material of clothing. Sometimes, color codes are followed in clothing based on the religion and ritual concerned. The clothing in India also encompasses the wide variety of Indian embroidery, prints, handwork, embellishment, styles of wearing clothes. A wide mix of Indian traditional clothing and western styles can be seen in India.


title: Clothing in India

text: India's recorded history of clothing goes back to the fifth millennium BC in the Indus Valley Civilisation where cotton was spun, woven and dyed. Bone needles and wooden spindles have been unearthed in excavations at the site. The cotton industry in ancient India was well developed, and several of the methods survive until today. Herodotus, an ancient Greek historian described Indian cotton as "a wool exceeding in beauty and goodness that of sheep". Indian cotton clothing was well adapted to the dry, hot summers of the subcontinent. The grand epic Mahabharata, composed by about 400 BC, tells of the god Krishna staving off Draupadi's disrobing by bestowing an unending "cheera" upon her. Most of the present knowledge of ancient Indian clothing comes from rock sculptures and paintings in cave monuments such as Ellora. These images show dancers and goddesses wearing what appears to be a dhoti wrap, a predecessor to the modern sari. The upper castes dressed themselves in fine muslin and wore gold ornaments The Indus civilisation also knew the process of silk production. A recent analysis of Harappan silk fibres in beads have shown that silk was made by the process of reeling, a process allegedly is known only to China until the early centuries AD. Kimkhwab is an Indian brocade woven of silk and gold or silver thread. word "kimkhwāb," derived from the Persian, means "a little dream", "Kimkhwāb," known in India from ancient times, was called "hiraṇya," or cloth of gold, in Vedic literature ("c." 1500 BC). In the Gupta period (4th–6th century AD) it was known as "puṣpapaṭa a, " or cloth with woven flowers. During the Mughal period (1556–1707), when "kimkhwāb" was extremely popular with the rich, the great centres of brocade weaving were Benares (Vārānasi), Ahmādābād, Surat, and Aurangābād. Benares is now the most important centre of "kimkhwāb" production. When Alexander invaded Gandhara in 327 BC, block-printed textiles from India were noticed.


title: Clothing in India

text: "The Indians use linen clothing, as says Nearchus, made from the flax taken from the trees, about which I have already spoken. And this flax is either whiter in colour than any other flax, or the people being black make the flax appear whiter. They have a linen frock reaching down halfway between the knee and the ankle, and a garment which is partly thrown round the shoulders and partly rolled round the head. The Indians who are very well-off wear earrings of ivory; for they do not all wear them. Nearchus says that the Indians dye their beards various colours; some that they may appear white as the whitest, others dark blue; others have them red, others purple, and others green. Those who are of any rank have umbrellas held over them in the summer. They wear shoes of white leather, elaborately worked, and the soles of their shoes are many-coloured and raised high, in order that they may appear taller."


title: Clothing in India

text: Evidence from the first century AD shows the Buddhas were portrayed as wearing saṃghāti that forms a part of the Kasaya of Buddhist monks. During the Maurya and Gupta period, the people wore both stitched and non-stitched clothing. The main items of clothing were the Antariya made of white cotton or muslin, tied to the waist by a sash called "Kayabandh" and a scarf called the Uttariya used to drape the top half of the body.


title: Clothing in India

text: New trade routes, both overland and overseas, created a cultural exchange with Central Asia and Europe. Romans bought indigo for dyeing and cotton cloth as articles of clothing. Trade with China via the Silk Road introduced silk textiles using domesticated silkworms. Chanakya's treatise on public administration, the Arthashastra written around third century BC, briefly describes the norms followed in silk weaving.


title: Clothing in India

text: A variety of weaving techniques were employed in ancient India, many of which survive to the present day. Silk and cotton were woven into various designs and motifs, each region developing its distinct style and technique. Famous among these weaving styles were the Jamdani, "Kasika vastra" of Varanasi, "butidar", and the Ilkal saree. Brocades of silk were woven with gold and silver threads. The Mughals played a vital role in the enhancement of the art, and the paisley and "Latifa Buti" are fine examples of Mughal influence.


title: Clothing in India

text: Dyeing of clothes in ancient India was practised as an art form. Five primary colours ("Suddha-varnas") were identified and complex colours ("Misra – varnas") were categorised by their many hues. Sensitivity was shown to the most subtlest of shades; the ancient treatise, Vishnudharmottara states five tones of white, namely Ivory, Jasmine, August moon, August clouds after the rain and the conch shell. The commonly used dyes were indigo("Nila"), madder red and safflower. The technique of mordant dyeing was prevalent in India since the second millennium BC. Resist dyeing and Kalamkari techniques were hugely popular and such textiles were the chief exports.


title: Clothing in India

text: Integral to the history of Indian clothing is the Kashmiri shawl. Kashmiri shawl varieties include the Shahtoosh, popularly known as the 'ring shawl' and the pashmina wool shawls, historically called "pashm". Textiles of wool find mention as long back as the Vedic times in association with Kashmir; the Rig Veda refers to the Valley of Sindh as being abundant in sheep, and the god Pushan has been addressed as the 'weaver of garments', which evolved into the term "pashm" for the wool of the area. Woolen shawls have been mentioned in Afghan texts of the third century BC, but reference to the Kashmir work is done in the 16th century AD. The sultan of Kashmir, Zain-ul-Abidin is generally credited with the founding of the industry. A story says that the Roman emperor Aurelian received a purple pallium from a Persian king, made of Asian wool of the finest quality. The shawls were dyed red or purple, red dye procured from cochineal insects and purple obtained by a mixture of red and blue from indigo The most prized Kashmiri shawls were the Jamavar and the "Kanika Jamavar", woven using weaving spools with coloured thread called "kani" and a single shawl taking more than a year for completion and requiring 100 to 1500 "kanis" depending on the degree of elaboration.


title: Clothing in India

text: Indian textiles were traded from ancient times with China, Southeast Asia, and the Roman Empire. The Periplus of the Erythraean Sea mentions mallow cloth, muslins and coarse cottons. Port towns like Masulipatnam and Barygaza won fame for its production of muslins and fine cloth. Trade with the Arabs who were middlemen in the spice trade between India and Europe brought Indian textiles into Europe, where it was favored by royalty in the 17th–18th century. The Dutch, French and British East India Companies competed for monopoly of the spice trade in the Indian Ocean but were posed with the problem of payment for spices, which was in gold or silver. To counter this problem, bullion was sent to India to trade for the textiles, a major portion of which were subsequently traded for spices in other trade posts, which then were traded along with the remaining textiles in London. Printed Indian calicos, chintz, muslins and patterned silk flooded the British market and in time the designs were copied onto imitation prints by textile manufacturers in Britain, reducing the dependence on India.


title: Clothing in India

text: Opposition to British rule in India, in particular the 1905 partition of Bengal, sparked the nationwide Swadeshi movement. One of the integral aims of the movement was to attain self-sufficiency, and to promote Indian goods while boycotting British goods in the market. This was idealised in the production of Khadi. Khadi and its products were encouraged by the nationalist leaders over British goods, while also being seen as a means to empower the rural artisans.


title: Clothing in India

text: In India, women's clothing varies widely and is closely associated with the local culture, religion and climate.


title: Clothing in India

text: Traditional Indian clothing for women in the north and east are saris worn with choli tops; a long skirt called a lehenga worn with choli and a dupatta scarf to create an ensemble called a ghagra choli; or shalwar kameez suits, while many south Indian women traditionally wear sari and children wear "pattu langa". Saris made out of silk are considered the most elegant. Mumbai, formerly known as Bombay, is one of India's fashion capitals. In many rural parts of India, traditional clothing is worn. Women wear a sari, a long sheet of colourful cloth, draped over a simple or fancy blouse. Little girls wear a "pavada". Both are often patterned. Bindi is a part of women's make-up. Indo-Western clothing is the fusion of Western and Subcontinental fashion. Other clothing includes the churidar, gamucha, kurti and kurta, and sherwani.


title: Clothing in India

text: The traditional style of clothing in India varies with male or female distinctions. This is still followed in rural areas, though is changing in the urban areas.


title: Clothing in India

text: A "saree" or "sari" is a female garment in the Indian subcontinent. A sari is a strip of unstitched cloth, ranging from four to nine meters in length, that is draped over the body in various styles. These include: Sambalpuri Saree from East, Mysore silk and Ilkal of Karnataka and, Kanchipuram of Tamil Nadu from South, Paithani from Maharashtra and Banarasi from North among others. The most common style is for the sari to be wrapped around the waist, with one end then draped over the shoulder baring the midriff. The sari is usually worn over a petticoat. Blouse may be "backless" or of a halter neck style. These are usually more dressy with a lot of embellishments such as mirrors or embroidery and may be worn on special occasions. Women in the armed forces, when wearing a sari uniform, don a half-sleeve shirt tucked in at the waist. Teenage girls may wear half-sarees, a three piece set consisting of a langa, a choli and a stole wrapped over it like a saree. Women usually wear full sarees. Indian wedding saris are typically red or pink, a tradition that goes back to India's pre-modern history.


title: Clothing in India

text: Saris are usually known with different names in different places. In Kerala, white saris with golden border, are known as "kavanis" and are worn on special occasions. A simple white sari, worn as a daily wear, is called a "mundu". Saris are called "pudavai" in Tamil Nadu. In Karnataka, saris are called "Seere". The traditional production of handloom sarees is important to economic development in rural communities. The Sari Series provides a documented resource of over 80 different regional drapes of India.


title: Clothing in India

text: "Mundum Neriyathum" is the oldest remnant of the ancient form of the saree which covered only the lower part of the body. It is the traditional dress of women in Kerala, a state in the southwestern part of India.


title: Clothing in India

text: The basic traditional piece is the "mundu" or lower garment which is the ancient form of the saree denoted in Malayalam as 'Thuni' (meaning cloth), while the "neriyathu" forms the upper garment the mundu.


title: Clothing in India

text: Mekhela Sador (Assamese: মেখেলা চাদৰ) is the traditional Assamese dress worn by women. It is worn by women of all ages.


title: Clothing in India

text: The bottom portion, draped from the waist downwards is called the "Mekhela" (Assamese: মেখেলা). It is in the form of a sarong—a very wide cylinder of cloth—that is folded into pleats to fit around the waist and tucked in. The folds are to the right, as opposed to the pleats in the Nivi style of the saree, which are folded to the left. Strings are never used to tie the mekhela around the waist, though an underskirt with a string is often used.


title: Clothing in India

text: The top portion of the three-piece dress, called the "Sador" (Assamese: চাদৰ), is a long length of cloth that has one end tucked into the upper portion of the Mekhela and the rest draped over and around the rest of the body. The Sador is tucked in triangular folds. A fitted blouse is worn to cover the breasts.


title: Clothing in India

text: The third piece is called a "Riha", which is worn under the Sador. It is narrow in width. This traditional dress of the Assamese women is very famous for their exclusive patterns on the body and the border. Women wear them during important religious and ceremonious occasions of marriage. Riha is worn exactly like a Sador and is used as "Orni".


title: Clothing in India

text: Rignai is the traditional dress of Tripuri women, the native inhabitants of Tripura. It is worn by wrapping it around the waist. It's worn with "Rikutu" which covers the upper half of the body. It is worn by the every Tripuri women in Tripura.


title: Clothing in India

text: The most significant rignai is called the "Chamathwi bar" and comprises white cloth bordered by maroon or other colors. The "Chamathwi bar" is worn during important occasions like wedding ceremonies and festivals like Goria Puja and Hangrai.


title: Clothing in India

text: The salwar is a generic description of the lower garment incorporating the Punjabi salwar, Sindhi suthan, Dogri pajama (also called suthan), and the Kashmiri suthan. The "salwar kameez" has been traditionally worn by the women of the Punjab region and neighbouring areas, including Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir, where the ensemble has been called the "Punjabi suit", "salwar suit" or simply "suit". The Punjabi suit also includes the "churidaar" and "kurta" ensemble which is also popular in Southern India where it is known as the "churidaar".


title: Clothing in India

text: The salwar kameez consists of loose trousers (the salwar) narrow at the ankles, topped by a tunic top (the kameez). Women generally wear a "dupatta" or "odani" (Veil) with "salwar kameez" to cover their head and shoulders. It is always worn with a scarf called a "dupatta", which is used to cover the head and drawn over the bosom.


title: Clothing in India

text: The material for the "dupatta" usually depends upon that of the suit and is generally of cotton, georgette, silk, chiffon among others.


title: Clothing in India

text: The suthan, similar to the salwar is common in Sindh where it is worn with the cholo and Kashmir where it is worn with the Phiran. The Kashmiri phiran is similar to the Dogri pajama. The patiala salwar is an exaggeratedly wide version of the salwar, its loose pleats stitched together at the bottom.


title: Clothing in India

text: "Churidaar" is a variation on the salwar, loose above the knees and tightly fitted to the calf below. While the salwar is baggy and caught in at the ankle, the churidar fits below the knees with horizontal gathers near the ankles. The "churidaar" can be worn with any upper garment such as a long "kurta", which goes below the knees, or as part of the Anarkali suit.


title: Clothing in India

text: The Anarkali suit is made up of a long, frock-style top and features a slim fitted bottom. The Anarkali is an extremely desirable style that is adorned by women located in Northern India, Pakistan, and the Middle East. The Anarkali suit varies in many different lengths and embroideries including floor length Anarkali styles. Many women will also opt for heavier embroidered Anarkali suits on wedding functions and events. Indian women wear Anarkali suits on various other occasions as well such as traditional festivals, casual lunch, anniversary celebrations, etc. The kameez of the Anarkali can be sleeveless or with sleeves ranging from cap- to wrist-length.


title: Clothing in India

text: A "Ghagra Choli" or a "Lehenga Choli" is the traditional clothing of women in Rajasthan and Gujarat. Punjabis also wear them and they are used in some of their folk dances. It is a combination of "lehenga", a tight "choli" and an "odhani". A "lehenga" is a form of a long skirt that is pleated. It is usually embroidered or has a thick border at the bottom. A "choli" is a blouse shell garment, which is cut to fit the body and has short sleeves and a low neck.


title: Clothing in India

text: Different styles of "ghagra cholis" are worn by the women, ranging from a simple cotton lehenga choli as daily wear, a traditional ghagra with mirrors embellished usually worn during Navratri for the "garba" dance or a fully embroidered lehenga worn during marriage ceremonies by the bride.


title: Clothing in India

text: "Pattu Pavadai" or "Langa davani" is a traditional dress in south India and Rajasthan, usually worn by teenage and small girls. The "pavada" is a cone-shaped skirt, usually of silk, that hangs down from the waist to the toes. It normally has a golden border at the bottom.


title: Clothing in India

text: Girls in Rajasthan wear this dress before marriage (and after marriage with sight modification in certain sections of society.)


title: Clothing in India

text: This is a type of South Indian dress mainly worn in Karnataka, Andhra Pradesh, and Tamil Nadu, as well as in some parts of Kerala. This dress is a three-piece garment where the langa or lehenga is the cone-shaped long flowing skirt.


title: Clothing in India

text: For men, traditional clothes are the Achkan/Sherwani, Bandhgala, Lungi, Kurta, Angarkha, Jama, Shalwar Kameez and Dhoti or Kurta Pajama. Additionally, recently western clothing such as trousers and shirts have been accepted as traditional Indian dress by the Government of India.


title: Clothing in India

text: Kaupin is unsewn and langota is sewn loincloth worn as underwear in dangal held in akharas especially wrestling, to prevent hernias and hydrocele.


title: Clothing in India

text: "Dhotis" are one of the most common male dresses found in India. A dhoti is from four to six feet long white or colour strip of cotton. This traditional attire is mainly worn by men in villages. It is held in place by a style of wrapping and sometimes with the help of a belt, ornamental and embroidered or a flat and simple one, around the waist.


title: Clothing in India

text: Owing to its widespread popularity throughout India, different languages have different terms to describe dhotis. In Marathi, it is called "dhotar". In Punjabi, it is known as a "chadra." In Gujarati it's known as "Dhotiyu", while in Telugu they are called "Pancha." In Tamil, they are called "veyti," and in Kannada it is called "Panche/Lungi". Over the dhoti, men wear shirts or kurtas.


title: Clothing in India

text: A "Lungi", also known as sarong, is another traditional garment of India. A "Mundu" is a lungi, except that it is always white. It is either tucked in, over the waist, up to knee-length, or is allowed to lie over and reach up to the ankle. It is usually tucked in when the person is working, in fields or workshops, and left open usually as a mark of respect, in worship places, or when the person is around dignitaries.


title: Clothing in India

text: Lungis, generally, are of two types: the open lungi and the stitched lungi. The open lungi is a plain sheet of cotton or silk, whereas the stitched one has both of its open ends stitched together to form a tube-like structure.


title: Clothing in India

text: Though mostly worn by men, elderly women also prefer lungi to other garments owing to its good aeration. It is most popular in south India, though people of Bangladesh, Brunei, Indonesia, Malaysia, Myanmar, and Somalia also can be seen in lungis, because of the heat and humidity, which create an unpleasant climate for trousers, though trousers have now become common outside the house.


title: Clothing in India

text: Achkan is a small-jacket that usually sports exposed buttons through the length of the jacket. The length is usually just at the knees and the jacket ends just below the knee. Achkan is very similar to the Sherwani which is a much longer coat-jacket dress. The jacket has a Nehru collar. The Achkan was mostly worn with tight-fitting pants or trousers called churidars. Achkan is made from various fabrics for both formal and informal occasions. The achkan features traditional Indian embroidery like gota and badla. Achkan was commonly worn by the grooms during wedding ceremonies or other formal festive occasions in the Indian subcontinent but when it evolved into the Nehru Jacket, the achkan became less worn. It was used by men. In India, the achkan is generally worn for formal occasions in winter, especially by those from Rajasthan, Punjab, Uttar Pradesh and Hyderabad. The achkan later evolved into the Nehru Jacket, which is now popular in India. It may be embroidered with gold or silver. A scarf called a dupatta is sometimes added to the achkan.


title: Clothing in India

text: A "Jodhpuri" or a "Bandhgala" is a formal evening suit from India. It originated in the Jodhpur State, and was popularized during the British Raj in India. Also known as "Jodhpuri Suit", it is a western style suit product, with a coat and a trouser, at times accompanied by a vest. It brings together the western cut with Indian hand-embroidery escorted by the Waist coat. It is suitable for occasions such as weddings and formal gatherings.


title: Clothing in India

text: The material can be silk or any other suiting material. Normally, the material is lined at the collar and at the buttons with embroidery. This can be plain, jacquard, or "jamewari" material. Normally, the trousers match that of the coat. There is also a trend now to wear contrasting trousers to match the coat colour. Bandhgala quickly became a popular formal and semi-formal uniform across Rajasthan and eventually throughout India.


title: Clothing in India

text: The term angarkha is derived from the Sanskrit word , which means protection of the body. The angarkha was worn in various parts of the Indian subcontinent, but while the basic cut remained the same, styles and lengths varied from region to region. Angarakha is a traditional upper garment worn in the Indian subcontinent which overlaps and is tied to the left or right shoulder. Historically, the Angrakha was a court outfit that a person could wrap around himself, offering flexible ease with the knots and ties appropriate for wearing in the various principalities of ancient India.


title: Clothing in India

text: The jama is a long coat that was popular during the Mughal period. There are many types of jama costumes which were worn in various regions of South Asia, the use of which began to wane by the end of the 19th century A.D. However, men in parts of Kutch still wear the "jama" also known as the angarkha which has an asymmetric opening with the skirt flaring out to around the hips. However, some styles fall to below the knees.


title: Clothing in India

text: The Indian turban or the "pagri" is worn in many regions in the country, incorporating various styles and designs depending on the place. Other types of headgear such as the Taqiyah and Gandhi cap are worn by different communities within the country to signify a common ideology or interest.


title: Clothing in India

text: The Dastar, also known as a pagri, is a turban worn by the Sikh community of India. Is a symbol of faith representing values such as valour, honour and spirituality among others. It is worn to protect the Sikh's long, uncut hair, the Kesh which is one of the Five Ks of Sikhism. Over the years, the dastar has evolved into different styles pertaining to the various sects of Sikhism such as the Nihang and the Namdhari.


title: Clothing in India

text: "Pheta" is the Marathi name for turbans worn in the state of Maharashtra. Its usually worn during traditional ceremonies and occasions. It was a mandatory part of clothing in the past and have evolved into various styles in different regions. The main types are the Puneri Pagadi, Kolhapuri and Mawali "pheta".


title: Clothing in India

text: Originally worn by the kings of Mysore during formal meeting in durbar and in ceremonial processions during festivals, and meeting with foreign dignitaries, the Mysore peta has come to signify the cultural tradition of the Mysore and Kodagu district. The Mysore University replaced the conventional mortarboard used in graduation ceremonies with the traditional "peta".


title: Clothing in India

text: Turbans in Rajasthan are called "pagari" or "safa". They are distinctive in style and colour, and indicate the caste, social class and region of the wearer. In the hot and dry regions, turbans are large and loose. The "paggar" is traditional in Mewar while the "safa" is to Marwar. The colour of the "pagaris" have special importance and so does the "pagari" itself. In the past, saffron stood for valour and chivalry. A white turban stood for mourning. The exchange of a turban meant undying friendship.


title: Clothing in India

text: The Gandhi cap, a white coloured cap made of khadi was popularised by Mahatma Gandhi during the Indian independence movement. The practice of wearing a Gandhi cap was carried on even after independence and became a symbolic tradition for politicians and social activists. The cap has been worn throughout history in many states such as Gujarat, Maharashtra, Uttar Pradesh and West Bengal and is still worn by many people without political significance. In 2013, the cap regained its political symbolism through the Aam Aadmi Party, which flaunted Gandhi caps with "I am a Common Man" written over it. This was partly influenced by the "I Am Anna" caps used during Anna Hazare's Lokpal movement. During the 2013 Delhi Legislative Assembly election, these caps led to a scuffle between Aam Aadmi Party and Congress workers, based on the reasoning that Gandhi caps were being used for political benefits.


title: Clothing in India

text: One of India's most famous exports was the Kashmir shawl, distinctive for its Kashmiri weave, and traditionally made of "shahtoosh" or "pashmina" wool. Valued for its warmth, lightweight, and characteristic "buta" design, the Kashmir shawl was originally used by Mughal royalty and nobility. In the late 18th century, it arrived in Europe, where its use by Queen Victoria of the United Kingdom and Empress Joséphine of France popularised it as a symbol of exotic luxury and status. It became a toponym for the Kashmir region itself (as cashmere), inspiring mass-produced imitation industries in Europe, and popularising the "buta", today known as the Paisley motif. Today, it continues to be a symbol of luxury in the Western world, commonly used as a gift to visiting dignitaries and used by public figures.


title: Clothing in India

text: During the 1960s and 1970s, at the same time as Western fashion was absorbing elements of Indian dress, Indian fashion also began to actively absorb elements of Western dress. Throughout the 1980s and 1990s, Western designers enthusiastically incorporated traditional Indian crafts, textiles and techniques in their work at the same time as Indian designers allowed the West to influence their work. By the turn of the 21st century, both Western and Indian clothing had intermingled creating a unique style of clothing for the typical urban Indian population. Women started wearing more comfortable clothing and exposure to international fashion led to a fusion of western and Indian styles of clothing. While women have the choice to wear either Western or traditional dress to work, most Indian multinational companies insist that male employees wear Western dress.


title: Clothing in India

text: Women's clothing in India nowadays consists of both formal and casual wear such as gowns, pants, shirts, and tops. Traditional Indian clothing such as the "kurti" have been combined with jeans to form part of casual attire. Fashion designers in India have blended several elements of Indian traditional designs into conventional western wear to create a unique style of contemporary Indian fashion.


title: Wonder Egg Priority

text: "Wonder Egg Priority" was the first anime production written by Shinji Nojima, who had previously scripted several live-action Japanese dramas. Nojima became interested in writing an anime series as he desired to reach a younger audience than he had been able to previously and to write a story which would not be feasible to achieve in a live-action production. He conceived "Wonder Egg Priority" as a coming-of-age drama that would blend the realistic feel of live-action television with the more exaggerated "fantasy" qualities of anime. Series director Shin Wakabayashi, in his first time directing a television anime, was recommended by a producer at Nippon TV as an ideal director to realize Nojima's vision for the series. Wakabayashi recruited numerous other young animators, often with minimal or no experience in directing television anime episodes, to join the production staff.


title: Wonder Egg Priority

text: Upon commencing its broadcast, "Wonder Egg Priority" received critical acclaim from English-speaking reviewers, with praise for its high production value, elaborate narrative, characters, themes, and handling of controversial subject matter. However, reviews of the series after the conclusion of its broadcast have proven more polarized, with the eleventh episode's focus on the backstory of a previously unseen character and the special episode's conclusion to the story, often seen as unsatisfying, being particular objects of criticism. The series was also widely noted amongst industry experts and anime-focused publications for facing significant production challenges due to its small and inexperienced animation team coupled with an unaccommodating schedule, leading to the production falling behind as the staff struggled to maintain the anime's high production value. Later in the production cycle, hobbyist animators from abroad were recruited via the internet to help finish some episodes on time. Some critics correlated their polarized responses to the troubled production.


title: Wonder Egg Priority

text: The series follows Ai Ohto, a junior high school student who is temporarily not attending school following the suicide of her close friend Koito Nagase. During a late-night walk, Ai is guided by a mysterious voice to a deserted arcade, where she finds a gachapon machine that dispenses a "Wonder Egg". That night, Ai gets drawn into a dream world where the Wonder Egg cracks open to reveal a girl, whom Ai must protect from a horde of monsters called "Seeno Evils". When the voice tells Ai that saving enough people in this world may bring Koito back, she resolves to continue buying Wonder Eggs and protecting their inhabitants. Along the way, Ai meets three other girls in the same situation as her: Neiru Aonuma, Rika Kawai, and Momoe Sawaki.


title: Wonder Egg Priority

text: "Wonder Egg Priority" is a co-production between Aniplex, Nippon Television, and D.N. Dream Partners. It was directed by Shin Wakabayashi, written by Shinji Nojima and features character designs by Saki Takahashi. Taracod served as concept artist, Keisuke Kobayashi as core animator, Yūki Funao as art director, and De De Mouse and Mito as music composers. The series was Wakabayashi's first time serving as series director for a television anime; he had previously directed the web short series "." "Wonder Egg Priority" also marked the first time Kanata Aikawa had been cast in a leading voice role, and De De Mouse had been a music composer of an anime work.