4. Though the Dutch financial markets then had none of today’s technology, they employed many of the same practices that traders use today. Investors bought securities, sometimes borrowing money with loans secured by the shares they were buying. In today's language, they bought shares on margin. Lenders protected themselves by demanding a “haircut” – collateral in cash or securities that exceeded the loan amount by a specified percentage. If the value of the securities dropped below that specified percentage, the lender would demand that the investor put up additional money to stay in line with the haircut. If the investor couldn’t come up with the added margin, the lender was entitled to liquidate the securities and recoup the loan amount.
西西软件园 The first is the establishment of the Aero Engine Corp. of China (AECC) last year, which consolidates Chinese aero-engine know-how and capabilities, indicating that the indigenous development of aircraft engines is now a strategic priority for China. This focus is even more striking when one realizes that China now has access to rhenium, a rare metal that helps create strong superalloys necessary for the manufacture of high-pressure jet engine turbine blades. Since the 2010 discovery in the Shaanxi province of reserves, which account for 7% of the world’s total, considerable effort has been made to exploit and process this metal. Moreover, a major technological milestone was recently achieved that opens the door for mass production of single-crystal turbine blades, a key component of modern jet engines. It is thus no surprise that one of the cornerstones of the newly established joint Sino-Russian widebody aircraft program is the development of a dedicated, state-of-the-art engine.