Although letters of credit first existed only as paper documents, they were regularly issued by telegraph in the late 19th century, and by telex in the __24__ half of the 20th century. Beginning in 1973 with the creation of SWIFT, banks began to migrate to electronic data interchange as a __25__ of controlling costs, and in 1983 the UCP was amended to allow “teletransmission” of letters of credit. By the 21st century, the vast majority of LCs were issued in electronic form and entirely “paperless” LCs were becoming more common.

      The stock market boom changed the way investors viewed the stock market. No longer was the stock market only for long-term investment. Rather, in 1928, the stock market had become a place where everyday people truly believed that they could become rich. Interest in the stock market reached a fevered pitch. Stocks had become the talk of every town. Discussions about stocks could be heard everywhere, from parties to barbershops. As newspapers reported stories of ordinary people, like chauffeurs, maids, and teachers, making millions off the stock market, the fervor to buy stocks grew exponentially. 

       An increasing number of people wanted to buy stocks, but not everyone had the money to do so. When someone did not have the money to pay the full price of stocks, they could buy stocks "on margin." Buying stocks on margin means that the buyer would put down some of his own money, but the rest he would borrow from a broker. In the 1920s, the buyer only had to put down 10–20% of his own money and thus borrowed 80–90% of the cost of the stock. 

     Buying on margin could be very risky. If the price of stock fell lower than the loan amount, the broker would likely issue a “margin call,” which means the buyer must come up with the cash to pay back his loan immediately. 

     In the 1920s, many speculators (people who hoped to make a lot of money on the stock market) bought stocks on margin. Confident in what seemed a never-ending rise in prices, many of these speculators neglected to seriously consider the risk they were taking.

       A Chinese-born former Coca-Cola chemist has been sentenced to 14 years in prison in the US for stealing trade secrets for China. A Tennessee federal jury found You Xiaorong guilty of trade secret theft, wire fraud, economic espionage and other charges related to the manufacture of coatings inside drink cans that are made without the use of bisphenol-A (BPA). You allegedly stole the trade secrets to start her own BPA-free coating company in China. But prosecutors said she intended to aid the Chinese government. Stealing technology isn’t just a crime against a company. It is also a crime against American workers whose jobs and livelihoods are impacted. Last year, You was convicted in a 13-day jury trial. As the evidence at trial showed, the defendant stole valuable trade secrets and intended to use them to benefit not only a foreign company, but also the government of China.

        According to court documents and evidence presented at trial, You stole valuable trade secrets related to formulations for BPA-free coatings for the inside of beverage cans. BPA was once commonly used to coat the inside of cans and other food and beverage containers to help minimise flavour loss and prevent the container from corroding or reacting with the food or beverage in it. However, due to BPA’s potential health risks, companies began searching for BPA-free alternatives. You was granted access to the BPA-free compound trade secrets while working at Coca-Cola in Atlanta and Eastman Chemical Company in Kingsport, Tennessee. The stolen trade secrets were the intellectual property of major chemical and coating companies and cost nearly $120 million to develop. You stole the trade secrets to set up a new BPA-free coating company in China. You and her Chinese corporate partner, Weihai Jinhong Group, received millions of dollars in Chinese government grants to support the new company. You was a recipient of grants in China’s Thousand Talents. Prosecutors said she intended to benefit not only Weihai Jinhong Group, but also the governments of China, Shandong province, and Weihai city.