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The list of good-for-you attributes goes on and on, but to name a few: it supports heart health and cellular energy, helps maintain healthy glucose


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After-tax operating income (ATOI) is a company's total operating income after taxes. This non-GAAP measure excludes any after-tax benefits or charges such as effects from accounting changes.

Where operating income is (gross revenue - operating expenses - depreciation), also known as the pre-tax operating income (PTOI).

The operating income is a measure of how much of a company's revenue will eventually become profit. After-tax operating income (ATOI) measures a company's ability to generate income from its operations for a specified time period. It is simply the operating income (or loss) generated by a company after factoring in the effect of taxes. In effect, it is earnings before interest and taxes (EBIT), adjusted for taxes. Thus, it can also be calculated as:

Some analysts choose to use the effective tax rate of the firm, others opt for the marginal tax rate. Furthermore, some calculate after-tax operating income as:

The after-tax operating income can also be defined as earnings before interest and after taxes (EBIAT). It measures a company's profitability without taking into account the capital structure (debt to equity). ATOI is an approximation of after-tax cash flows without the tax advantage of debt. A company that does not have debt, will have its ATOI equal its net income after tax (NIAT).

Due to its non-GAAP nature, what is included and excluded in the measure differs across companies and industries, therefore, it is important to understand how the company under analysis arrived at its ATOI value.


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Ahrefs is one of the tools used by the SEO and Digital Marketing industry. The tool's purpose is linking profile analysis. With its help, you can gather all vital information about backlinks and, at the same time, measure the website parameters and the quality of links.


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Sham surgery (placebo surgery) is a faked surgical intervention that omits the step, thought to be therapeutically necessary. In clinical trials of surgical


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The Fédération Internationale de Football Association (FIFA), the sport's global governing body, organizes the Club World Cup. The first competition was the Club World Championship. It was not held from 2001 to 2004 due to a combination of factors in the canceled 2001 tournament, most importantly the collapse of FIFA's marketing partner International Sport and Leisure (ISL), but since 2005 it has been held every year, and has been hosted by Brazil, Japan, the United Arab Emirates, Morocco and Qatar. The cup is the object of heated debate in South America and struggles to attract interest in most of Europe.

The first club world championship was held in Brazil. The Intercontinental Cup, a competition played by the winners of the European and South American club tournaments from 2000 to 2004, was recognized as club world champion in 2017).

In 2005, the Intercontinental Cup was merged with the Club World Championship, and in 2006 it was renamed as the Club World Cup. The winner of the Club World Cup gets a trophy and a certificate.

The current format of the tournament involves seven teams competing for the title at venues within the host nation over a period of about two weeks; the winners of that year's AFC Champions League (Asia), CAF Champions League (Africa), CONCACAF Champions League (North America), CONMEBOL Libertadores (South America), OFC Champions League (Oceania) and UEFA Champions League (Europe), along with The host nation's national champions, participate in a straight knock-out tournament. The winner of the play-off between the host nation's national champion and the Oceania champion will join the other winners in the quarter-finals. The winners of the quarter-finals will face the European and South American winners in the semi-finals.

Real Madrid have won the competition on four occasions. The best result from a host nation's national league champion is the first victory by Corinthians. Spain has won the tournament seven times, the most of any nation. In the Club World Cup Final in the year 2021, the current world champion is the team from England, who defeated Palmeiras 2–1.

The first club tournament to be called the Football World Championship was held in 1887, in which FA Cup winners Villa beat Scottish Cup winners Hibernian. The first time when the champions of two European leagues met was in what was nicknamed the 1895 World Championship, when English champions Sunderland beat Scottish champions Heart of Midlothian 5–3. Ironically, the Sunderland lineup in the 1895 World Championship consisted entirely of Scottish players – Scottish players who moved to England to play professionally in those days were known as the Scotch Professors.

The first attempt at creating a global club football tournament, according to FIFA, was in 1909, 21 years before the first FIFA World Cup. The Sir Thomas Lipton Trophy was held in Italy in 1909 and 1911, and contested by English, Italian, German and Swiss clubs. English amateur team West Auckland won on both occasions. The idea that FIFA should organize international club competitions dates from the beginning of the 1950s. In 1951, FIFA President Jules Rimet was asked about FIFA's involvement in Copa Rio, the competition created by the Brazilian FA with a view to being a Club World Cup (a "club version" of the FIFA World Cup), and Rimet stated that it was not under FIFA's jurisdiction since it was organized and sponsored by the Brazilian FA. FIFA board officials Stanley Rous and Ottorino Barassi participated personally, albeit not as FIFA assignees, in the organization of Copa Rio in 1951.

Brazilian side Palmeiras beat Italian side Juventus in Maracanã Stadium with over 200 thousand spectators, being considered by many the first Club World Cup Champion. Rous' role was the negotiations with European clubs, whereas Barassi did the same and also helped form the framework of the competition. The Italian press regarded the competition as an "impressive project" that "was greeted so enthusiastically by FIFA officials Stanley Rous and Jules Rimet to the extent of almost giving it an official FIFA stamp." Because of the difficulty the Brazilian FA found in bringing European clubs to the competition, the O Estado de S. Paulo newspaper suggested that there should be FIFA involvement in the programming of international club competitions saying that, "ideally, international tournaments, here or abroad, should be played with a schedule set by FIFA". Still in the 1950s, the Pequena Copa del Mundo (Spanish for Small World Cup) was a tournament held in Venezuela between 1952 and 1957, with some other club tournaments held in Caracas from 1958 onwards also often referred to by the name of the original 1952 –1957 tournament. It was usually played by four participants, half from Europe and half from South America.

The first Tournoi de Paris was played in 1957 and it was meant to bring together teams from Europe and South America. The victory was hailed in France and Brazil as a "best of Europe X best of South American" club match as it was Real Madrid's first intercontinental competition as European champions (the Madrid team played the 1956 Small World Cup, but confirmed their participation in the Venezuelan tournament before becoming European champions). In 1958, Real Madrid declined to participate in the Paris competition claiming that the final of the 1957/58 European Cup was just 5 days after the Paris Tournoi. On October 8, 1958, the Brazilian FA President João Havelange announced, at a UEFA meeting he attended as an invitee, the decision to create the Copa Libertadores and the Intercontinental Cup, the latter being a UEFA/CONMEBOL-endorsed "best club of the world" contest between the champion clubs of both confederations.

Real Madrid won the first Intercontinental Cup in 1960, and titled themselves world champions until FIFA stepped in and objected, citing that the competition did not include any other champions from the other confederations; FIFA stated that they can only claim to be intercontinental champions of a competition played between two continental organizations in which no other continents had the opportunity to participate. FIFA stated that they would prohibit the 1961 edition to be played out unless the organizers regarded the competition as a friendly or a private match between two organisations. The same year the Intercontinental Cup was first played, 1960, FIFA authorized the International Soccer League, created (along the lines of the 1950s Copa Rio) with a view to creating a Club World Cup, with ratification from Sir Stanley Rous, who then had become FIFA President.

The Intercontinental Cup attracted the interest of other continents. The North and Central America confederation, CONCACAF, was created in 1961 in order to, among other reasons, try to include its clubs in the Copa Libertadores and, by extension, the Intercontinental Cup. However, their entry into both competitions was rejected. In 1962, the CONCACAF Champion's Cup began.

Due to the brutality of the Argentine and Uruguayan clubs at the Intercontinental Cup, FIFA was asked several times during the late 1960s to assess penalties and regulate the tournament. However, FIFA refused each request. The first of these requests was made in 1967, after a play-off match labeled The Battle of Montevideo. The Scottish Football Association, via President Willie Allan, wanted FIFA to recognize the competition in order to enforce football regulation; FIFA responded that it could not regulate a competition it did not organize. Allan's crusade also suffered after CONMEBOL, with the backing of its President Teofilo Salinas and the Argentine Football Association (Asociación del Fútbol Argentino; AFA), refused to allow FIFA to have any hand in the competition stating:

The Intercontinental Cup was viewed as a European-South American friendly match by René Courte, the General Sub-Secretary of the Federation.

With the Asian and North American club competitions in place in 1967, FIFA opened the idea of ​​supervising the Intercontinental Cup if it included those confederations, with Stanley Rous saying that CONCACAF and the Asian Football Confederation had requested in 1967 participation of their champions in the Intercontinental Cup; the proposal was met with a negative response from UEFA and CONMEBOL. Manchester United manager Matt Busby said that the Argentineans should be banned from all competitive football after the 1969 Intercontinental Cup. The idea of a multicontinental Club World Cup was proposed by the Executive Committee in 1970, but it did not go forward due to the resistance of the European confederation.

In 1973, French newspaper L'Equipe, who helped bring about the birth of the European Cup, volunteered to sponsor a Club World Cup contested by the champions of Europe, South America, North America and Africa, the only continental club tournaments in existence at the time; the competition was to potentially take place in Paris between September and October 1974, with an eventual finale to be held at the Parc des Princes. The extreme negativity of the Europeans prevented this from happening. The same newspaper tried once again in 1975 to create a Club World Cup, in which participants would have been the four semi-finalists of the European Cup, both finalists of the Copa Libertadores, as well as the African and Asian champions; once more, the proposal was to not avail. UEFA, via its president, Artemio Franchi, declined once again and the proposal failed. The idea for a multicontinental, FIFA-endorsed Club World Cup was also endorsed by João Havelange in his campaigning for FIFA presidency in 1974.

The Mexican clubs América and Pumas UNAM, and the Mexican Football Association, demanded participation in the Intercontinental Cup (either as the American-continent representatives in the Intercontinental Cup or as part of a UEFA-CONMEBOL-CONCACAF new Intercontinental Cup) after winning the 1977/1978 and 1980/1981 editions of the Inter-American Cup against the South American champions; the request was unsuccessful.

With the Intercontinental Cup in danger of being dissolved, West Nally, a British marketing company, was hired by UEFA and CONMEBOL to find a viable solution in 1980; Toyota Motor Corporation, via West Nally, took the competition under its wing and rebranded it as the Toyota Cup, a one-off match played in Japan. Toyota invested over US$700,000 in the 1980 edition to take place in Tokyo's National Olympic Stadium, with over US$200,000 awarded to each participant. The Toyota Cup, with its new format, was received with skepticism, as the sport was unfamiliar in the Far East. However, the financial incentive was welcomed, as European and South American clubs were suffering financial difficulties. To protect themselves against the possibility of European withdrawals, Toyota, UEFA and every European Cup participant signed annual contracts requiring the eventual winners of the European Cup to participate at the Intercontinental Cup, as a condition UEFA stipulated to the clubs' participation in the European Cup , or risk facing an international lawsuit from UEFA and Toyota. In 1983, the English Football Association tried organizing a Club World Cup to be played in 1985 and sponsored by West Nally, only to be denied by UEFA.

The framework of the 2000 FIFA Club World Championship was laid years in advance. According to Sepp Blatter, the idea of ​​the tournament was presented to the executive committee in December 1993 in Las Vegas, United States by Silvio Berlusconi, AC Milan's president. Since every confederation had, by then, a stable, continental championship, FIFA felt it was prudent and relevant to have a Club World Championship tournament. Only Saudi Arabia, Mexico, Brazil and Brazil confirmed their interest in hosting the competition, as there were nine other candidates. On 6 June 1999, FIFA selected Brazil to host the competition, which was initially scheduled to take place in 1999. Manchester United legend Bobby Charlton, a pillar of England's victorious campaign in the 1966 FIFA World Cup, stated that the Club World Championship provided "a fantastic chance of becoming the first genuine world champions." The competition gave away US$28 million in prize money and its TV rights, worth US$40 million, were sold to 15 broadcasters across five continents. The final draw of the first Club World Championship was done on October 19, 1999 at the Copacabana Palace Hotel in Rio de Janeiro.

The Intercontinental Cup winners and the host nation's national club champion were supposed to compete in the inaugural competition in 1999, but it was put off for a year. When it was rescheduled, the competition had eight new participants from the continental champions of 1999: Brazilian clubs Corinthians and Vasco da Gama, English side Manchester United, Mexican club Necaxa, Moroccan club Raja Casablanca, Spanish side Real Madrid, Saudi club Al-Nassr , and Australian club South Melbourne. The first goal of the competition was scored by Real Madrid's Nicolas Anelka against Al-Nassr; Real Madrid went on to win the match 3–1. The final was an all-Brazilian affair, as well as the only one which saw one side have home advantage. Vasco da Gama could not take advantage of its local support, being beaten by Corinthians 4–3 on penalties after a 0–0 draw in 90 minutes and extra time.

The second edition of the competition was planned for Spain in 2001, and would have featured 12 clubs. The draw was performed at A Coruña on 6 March 2001. However, it was canceled on 18 May, due to a combination of factors, most importantly the collapse of FIFA's marketing partner International Sport and Leisure. The participants of the canceled edition received US$750,000 each in compensation; the Royal Spanish Football Federation (RFEF) also received US$1 million from FIFA. Another attempt to stage the competition in 2003, in which 17 countries were looking to be the host nation, also failed to happen. FIFA agreed with UEFA, CONMEBOL and Toyota to merge the Intercontinental Cup and Club World Championship into one event. The final Intercontinental Cup, played by representative clubs of most developed continents in the football world, was in 2004, with a relaunched Club World Championship held in Japan in December 2005. All the winning teams of the Intercontinental Cup were regarded by worldwide mass media and football's community as de facto "world champions" until 2017 when FIFA officially (de jure) recognized all of them as official club world champions in equal status to the FIFA Club World Cup winners.

The 2005 World Championship was shorter than the previous one, which made it easier to schedule the tournament around club seasons.

The six reigning continental champions received byes to the semi-finals, while the other two groups were given byes. The Intercontinental trophy, Toyota trophy and the trophy of 2000 were replaced by a new trophy. The draw for the 2005 edition of the competition took place in Tokyo on July 30, 2005 at The Westin Tokyo. The 2005 edition saw São Paulo pushed to the limit by Saudi side Al-Ittihad to reach the final. In the final, one goal from Mineiro was enough to dispatch English club Liverpool; Mineiro became the first player to score in a Club World Cup final.

Internacional defeated defending World and South American champions São Paulo in the 2006 Copa Libertadores finals in order to qualify for the 2006 tournament. At the semi-finals, International beat Egyptian side Al Ahly in order to meet Barcelona in the final. A late goal from Adriano Gabiru kept the trophy in Brazil. It was in 2007 when Brazilian hegemony was finally broken: AC Milan won a close match against Japan's Urawa Red Diamonds, who were pushed by over 67,000 fans at Yokohama's International Stadium, and won 1–0 to reach the final. In the final, Milan crushed Boca Juniors 4–2, in a match that saw the first player sent off in a Club World Cup final: Milan's Kakha Kaladze from Georgia in the 77th minute. Eleven minutes later, Boca Junior's Pablo Ledesma would join Kaladze as he too was sent off. The following year, Manchester United would emulate Milan by beating their semi-final opponents, Japan's Gamba Osaka, 5–3. They saw off Ecuadorian club LDU Quito 1–0 to become world champions in 2008.

United Arab Emirates successfully applied for the right to host the FIFA Club World Cup in 2009 and 2010. Barcelona dethroned World and European champions Manchester United in the 2009 UEFA Champions League Final to qualify for the 2009 Club World Cup. Barcelona beat Mexican club Atlante in the semi-finals 3–1 and met Estudiantes in the final. After a very close encounter which saw the need for extra-time, Lionel Messi scored from a header to snatch victory for Barcelona and complete an unprecedented sextuple. The 2010 edition saw the first non-European and non-South American side to reach the final: TP Mazembe from the Democratic Republic of Congo defeated Brazil's Internacional 2–0 in the semi-final to face Internazionale, who beat South Korean club Seongnam Ilhwa Chunma 3–0 to reach the final. Internazionale went on to beat Mazembe with the same scoreline to complete their quintuple.

The FIFA Club World Cup returned to Japan for the 2011 and 2012 edition. In 2011, Barcelona comfortably won their semi-final match 4–0 against Qatari club Al Sadd. In the final, Barcelona would repeat their performance against Santos; this is, to date, the largest winning margin in the final of the competition. Messi also became the first player to score in two different Club World Cup finals. The 2012 edition saw Europe's dominance come to an end as Corinthians, boasting over 30,000 traveling fans which was dubbed the "Invasão da Fiel", traveled to Japan to join Barcelona in being two-time winners of the competition. In the semi-finals, Al-Ahly managed to keep the scoreline close as Corinthians' Paolo Guerrero scored to send the Timão into their second final. Guerrero would once again come through for Corinthians as the Timão saw off English side Chelsea 1–0 in order to bring the trophy back to Brazil.

The Club World Cup was moved to Morocco in the years 2013 and 2014. The first edition saw a Cinderella run of host team Raja Casablanca, who had to start in the play-off round and became the second African team to reach the final, after defeating Brazil's Atlético Mineiro in the semi-final. Like Mazembe, Raja also lost to the European champion, this time a 2–0 defeat to Bayern Munich. 2014 again had a decision between South America and Europe, and Real Madrid beat San Lorenzo 2–0.

Japan hosted the 7th and 8th time in the 12th and 13th editions of the Club World Cup. FC Barcelona defeated River Plate in the final. Lionel Messi and Luis Suarez scored two goals each as FC Barcelona won the Club World Cup for the third time. Sanfrecce Hiroshima made it to third place in the tournament, which was the farthest a Japanese club had ever gone. The 2016 edition saw the J1 League winners Kashima Antlers defeat Real Madrid in the Final.

A Gaku Shibasaki inspired Kashima attempted to win their first FIFA Club World Cup (a feat never done by any club outside of Europe and South America), but were denied by Real Madrid, who won 4–2 in extra time, thanks to a hat -trick by Cristiano Ronaldo.

Real Madrid became the first team in Club World Cup history to return to the tournament to defend their title when they hosted the event in the United Arab Emirates. Real Madrid became the first team to successfully defend their title after defeating Grmio in the Final.

The first Emirati team to reach the Club World Cup final was Al-Ain. Real Madrid became the first team in the history of the tournament to win four times in a row when they defeated Al-Ain in the final. Real Madrid won seven international titles in the last edition, including three Intercontinental Cup titles.

On June 3, 2019, FIFA selected Qatar as the host of both the 2019 and 2020 events. Gonzalo Belloso, the Deputy Secretary General and development director of CONMEBOL, had said earlier that the 2019 and 2020 editions will both be held in Japan. The 2019 edition saw Liverpool defeat Flamengo to win the competition for the first time. In the 2020 edition, Bayern Munich beat Tigres UANL 1–0, completing their sextuple. The 2021 tournament was won by Chelsea, who defeated Palmeiras 2–1 after extra time for their first title.

In late 2016, FIFA President Gianni Infantino suggested an expansion of the Club World Cup to 32 teams beginning in 2019 and the reschedule to June to be more balanced and more attractive to broadcasters and sponsors. In late 2017, FIFA discussed proposals to expand the competition to 24 teams and have it be played every four years by 2021, replacing the FIFA Confederations Cup.

The new tournament would feature 24 teams and 31 matches and be held every four years. It would include all UEFA Champions League winners, UEFA Champions League runners-up, UEFA Europa League winners and Copa Libertadores winners from the four seasons up to and including the year of the event, with the remainder qualifying from the other four confederations. ] Along with a new UEFA Nations League competition, revenues of $25 billion would be expected during the period from 2021 to 2033.

In March 2019, FIFA decided to expand the Club World Cup starting in 2021, with the first tournament to be played in China, however the tournament was postponed indefinitely due to scheduling issues caused by the COVID-19 pandemic. As of 2022, the format, venue and timing of any future tournaments is unclear.

TP Mazembe from the Democratic Republic of the Congo and Raja Casablanca from the Kingdom of Morocco were the best representation of Africa. Kashima Antlers from Japan and Al-Ain from the United Arab Emirates finished second and third, respectively, in the last two years. Tigres UANL, a Mexican team, finished second in the 2020 race. Five clubs from outside Europe and South America are in the final.

The only time that an Oceanian team reached the semi-finals of the tournament was in the year of the third place finish by New Zealand's Auckland City.

Most teams qualify to the Club World Cup by winning their continental competition, be it the OFC or the CCL. The host nation's national league champion qualifies as well.

The first edition of this competition was split into two rounds. The eight participants were divided into groups. The winner of each group played for third place. The competition changed its format in 2005 to a single-elimination tournament in which teams play each other in one-off matches, with extra time and penalty shoot-outs used to decide the winner. Six clubs competed over two weeks.

There were three stages, the quarter-final round, semi-final round and the final. The winners of the Oceanian, African, Asian, and North American league's were grouped together in the quarter-finals. The winners of those games will play the European and South America's winners in the semi-finals.

The victors of the semi-finals would play in the final.

The format was slightly changed with the introduction of the current format which now has a fifth place match and a place for the national league champion. The play-off round is the first of four stages. The host nation's national league champion will face the Oceanian League winners.

The winner of that stage would join the winners of the African, Asian, and North American CCLs in the quarter-finals. The winners of those games will play the winners of the European and South American cups. The winners of the semi-finals play each other in the final.

The inaugural competition was called the Club World Championship Cup. Sawaya & Moroni is an Italian designer company that produces contemporary designs with cultural background and design concepts.

The firm is based in Milan. The trophy had a weight of 8.6 lbs and a height of 38.6 cm. Its widest points are 10 cm. The trophy had a base with four pillars.

The phrase "FIFA Club World Championship" was written on one of the pillars. The letters "FIFA" were on the other. There is a football based on the 1998 World Cup ball. The production costs for the laurel were US$25,000. It was presented for the first time at a hotel in Rio de Janeiro.

The current trophy, also called the Club World Cup, is awarded to the winner of the current tournament. It was unveiled in Tokyo on July 30, 2005 during the draw of the competition. English designer Jane Powell and her assistant Dawn Forbes were hired by the soccer organization to design the laurel. The trophy has a height of 20 in and is 11 lbs. Its base and widest points are measured at 20 cm.

It is made from a mixture of brass, copper, sterling silver, gilding metal, aluminum, chrome and rhodium. The trophy is gold plated

The design shows six staggered pillars, representing the six participating teams from the respective six confederations, and one separate metal structure referencing the winner of the competition. They hold up a globe in the shape of a football, which is a consistent feature in almost all of the trophies. The phrase, "FIFA Club World Cup", is written at the bottom of the golden pedestal.

Awards are given to the players and teams at the end of the Club World Cup for achievements other than their final team positions. There are currently three awards.


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  • 1, West End. Edinburgh's West End is a great choice if you want to live centrally.
  • 2, Corstorphine.
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Luxury cars are heavier and they need to have bigger engines which can carry the car's weight and move it around easily.


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