the markets of France, Scotland, Germany, England and the Baltic. The war with Spain led many financiers and traders to emigrate from Antwerp, a major city in Flanders and then one of Europe's most important commercial centres, to Dutch cities, particularly Amsterdam, which became Europe's foremost centre for shipping, banking, and insurance. Efficient access to capital enabled the Dutch in the 1580s to extend their trade routes beyond northern Europe to new markets in the Mediterranean and the Levant. In the 1590s, Dutch ships began to trade with Brazil and the Dutch Gold Coast of Africa, towards the Indian Ocean, and the source of the lucrative spice trade. This brought the Dutch into direct competition with Portugal, which had dominated these trade routes for several decades, and had established colonial outposts on the coasts of Brazil, Africa and the Indian Ocean to facilitate them. The rivalry with Portugal, however, was not entirely economic: from 1580, after the death of the King of Portugal, Sebastian I, and much of the Portuguese nobility in the Battle of Alcácer Quibir, the Portuguese crown had been joined to that of Spain in an "Iberian Union" under the heir of Emperor Charles V, Philip II of Spain. By attacking Portuguese overseas possessions, the Dutch forced Spain to divert financial and military resources away from its attempt to quell Dutch independence. Thus began the several decade-long Dutch–Portuguese War. In 1594, the Compagnie van Verre ("Company of Far Lands") was founded in Amsterdam, with the aim of sending two fleets to the spice islands of Maluku. The first fleet sailed in 1596 and returned in 1597 with a cargo of pepper, which more than covered the costs of the voyage. The second voyage (1598–1599), returned its investors a 400% profit. The success of these voyages led to the founding of a number of companies competing for the trade. The competition was counterproductive to the companies' interests as it threatened to drive up the price of spices at their source in Indonesia whilst driving them down in Europe. Rise of Dutch economic hegemony (1602–1652) As a result of the problems caused by inter-company rivalry, the Dutch East India Company (, VOC) was founded in 1602. The charter awarded to the Company by the States-General granted it sole rights, for an initial period of 21 years, to Dutch trade and navigation east of the Cape of Good Hope and