The Agence Havas was founded in 1835 by a Parisian translator and advertising agent, Charles-Louis Havas[4] as Agence Havas. Two of his employees, Paul Reuter and Bernhard Wolff, later set up rival news agencies in London and Berlin respectively, starting 1848. In order to reduce overhead and develop the lucrative advertising side of the business, Havas's sons, who had succeeded him in 1852, signed agreements with Reuter and Wolff, giving each news agency an exclusive reporting zone in different parts of Europe. This arrangement lasted until the 1930s, when the invention of short-wave wireless improved and cut communications costs. To help Havas extend the scope of its reporting at a time of great international tension, the French government financed up to 47% of its investments.