...LOUGHBOROUGH UNIVERSITY ARM Holdings Valuation Report 12BSP058: Financial Statement Analysis & Business Valuation Group: Airan Zhang, Chao Liu, Jun Wang, Tong Qian ARM Holdings Valuation Report ARM Holdings is a semiconductor intellectual property (IP) supplier famous as low power compensation, high performance digital products. It was founded in 1990 in Cambridge UK, now has become an world’s leading semiconductor IP company which employing over 2,300 people and having 28 offices around the world. ARM licenses its technology as IP rather than manufacturing its own CPUs. Due to its own business model, the whole embodies all resources. The authorized capital can support the company cost and the royalties generated can be used as company revenue. Sectorial Analysis In 1990, the EU signed a voluntary agreement with Japanese government that stipulate the lowest price of the Japanese standard memory chip production in the European Common Market. Additionally, the European Commission anti-dumping measures not to accept the South Korean semiconductor supplier in 2007. The reason is that the Korean dumping the chip prices significantly lowers than the EU's acceptable price. The UK as second largest producer in electronics and semiconductors field its chip design technology has attracted worldwide attention. The UK has a free and high competitive market with a mature customer base than any other European countries. A rich source of investment funds and high-tech enterprise group...
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...complicity in the arms trade Banking on Bloodshed: UK high street banks’ complicity in the arms trade Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1. The arms trade – “theft from those who hunger” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1.1 Making a killing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1.2 Fuelling poverty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1.3 Profiting from war and human rights abuses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2. Financing the arms trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2.1 2.2 2.3 2.4 Providing banking services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Directly investing in arms companies . ...
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...SWOT Analysis of Intel Corporation Strengths: The Intel Corporation is the largest producer of computer processors and motherboards in the world. Holding 80% of the market share in the private, public and military sectors, Intel has been well rooted in the computing industry since it's inception 46 years ago. (Reuters) One of Intel's biggest strengths is it's high commitment to research and development. Intel has acquired many software and hardware companies over the past decade. These have boosted Intel's technological reach, allowing them to enter more into the software side of computing and expanding AI and user interface capabilities (TechCrunch). With a third quarter revenue of $14.6 billion, Intel owes some of it's growth to it's newly developed and acquired mobile phone markets.(Intel) With the world of computing technology being ever changing, Intel has stayed on top of it's competition as it reduces the size of its chips, to fit the smaller devices of today, without sacrificing the growing power of it's processors. Their in house manufacturing is also a great advantage, without having to pay another company to produce their chips. Intel is also a praised company when it comes diversity. With Intel's diversity initiative, it has many employee diversity groups based on race, nationality, religion and sexual identity. (Intel) In 1994, Intel was even one of the first companies to start a gay, lesbian, bisexual and transgender employee group. Intel has received very...
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...corporate principals. It is likely PSCs and PMCs will continue to play a key role in security Wiki in Sierra Leone stretching back to the country's founding as protectors of industrial operations Discussion sector reform in the country. The modern history of private security forces in Sierra Leone, particularly PMCs, began in 1995 when the government hired the British company Gurkah Search Wiki Security Guards (GSG) to fight the rebel Revolutionary United Front (RUF) forces which had overrun the diamond mines thereby strangling the governments revenues. GSG ultimately Home proved ineffective against the RUF and the government subsequently hired the now notorious About This Product South Africa-based Executive Outcomes (EO) to train and arm the national army, the Republic Final Reports of Sierra Leone Military Forces...
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...1.0 Strength of Felda Global Ventures Holding Bhd(FGVH) FGVH is a global agribusiness group with operations in over 10 countries though its key operating assets are mostly in Malaysia. It is the third largest palm oil estate operator in the world and, through 49%-associate Felda Holdings Berhad, is the world’s largest CPO producer and the second largest Malaysian palm oil refiner. The group is the largest sugar refiner in Malaysia through MSM Holdings. The group’s dominant position in the palm oil space provides it with better economies of scale. There are plans to expand its agribusiness to ASEAN and Africa and build its downstream value-add. We expect the group to leverage its links with the government in its pursuit of overseas M&As. 1.1Room for growth There is scope to improve its estate yields and oil extraction rates at its mills by replanting old trees with higher-yield seeds and consolidating the management of its estates. The group plans to improve its estates’ age profile over the next five years through more aggressive replanting. Plans are also underway to merge the management of its smaller estates to reduce costs. We estimate every 1 tonne/ha gain in FFB yields would add 6% to its FY13 net profit forecast. Felda settlers already enjoy income from their own land and good dividends from their investments in Koperasi Permodalan Felda (KPF). What the listing will provide is wealth-creation opportunities from exposure to the largest palm oil producer in the world...
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...Investments in Marketable Equity and Debt Securities (SFAS #115, for fiscal years beginning after 12/5/1993) |Reporting Category |Classification Criteria | |Held to Maturity |Debt securities the investor has the positive intent and ability to hold to maturity | |Trading Securities | | | |Debt or equity securities | | |held for immediate resale | |Securities Available for Sale |Debt or equity securities not classified as either securities held to maturity or | |(“catch all”) |trading securities | Debt Securities: (creditor relationship) US Gov. bonds and notes, municipal securities, corp. bonds/notes/paper, convet. debt. Equity Securities: (ownership interest) common, preferred, or other capital stock, share rights, warrants, and call or put options. Reporting Categories For Investments |Types of Securities |Characteristics ...
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...Week one notes Note: These notes are not a substitute to the textbook. They merely highlight important points and add some needed information to the assigned text. The title of this course is Management of Financial Institutions. This is a very broad and a far reaching topic. To make it possible, the course will concentrate on Bank management. Many of the concepts we will learn in course are transferable to other financial institutions. To begin the discussion, let us define banks. What is a bank? What do Banks do? A bank is a chartered financial institution that accepts savings deposits and makes commercial loans. This is the most basic definition of a bank. However, if you look at banks, you will see that they take many types of deposits and make many types of loans. In addition, if you are familiar with banks, you will notice that they act as intermediaries in many financial transactions. The banking is a vital function of the economy; without banks, the economy will not function properly. Why? The answer is that banks provide the link between savers and borrowers. In the US, people are net savers and businesses are net borrowers. Without banks and some other financial institutions, the borrowers, businesses, will not be able to raise finds by borrowing from people, the savers. This function takes many forms. We will look at some if these forms in this course and in other courses in the finance concentration in the MBA program. The Nature of Banking in the US ...
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...and fall of the Washington Mutual the 119 year old bank. How JP Morgan acquired this bank? How it got bankrupt? CONTENTS Acknowledgement 2 Executive Summary……………………………………………………………………………….2 History of WASHINGTON MUTUAL 4 Principle Line of Business...............................................................................................................5 Reasons of Rise of Washington Mutual…………………………………………………………...6 Reasons of fall of Washington Mutual……………………………………………………………8 Conclusion……………………………………………………………………………………….12 Recommendations…………………………………………………………………………..........13 References………………………………………………………………………………………..14 Washington Mutual Introduction of Washington Mutual Washington Mutual, Inc. is a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association. Washington Mutual was incorporated as the Washington National Building Loan and Investment Association on September 25, 1889, after the great Seattle fire...
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...SAN MIGUEL OWNERSHIP The company is majority-owned by San Miguel Corporation. Kirin Brewery Company, through its investment arm Kirin Holdings Co. Ltd, holds the most significant minority stake. Philippine mall magnate Henry Sy also has a stake in the company. Other top shareholders as of December 2009 are as follows:[5] Top 10 Shareholders of San Miguel Brewery, Inc. | Name | Shares | Percent | San Miguel Corporation | 7,859,324,270 | 51.000 | Kirin Holdings Co. Ltd. | 7,458,864,880 | 48.388 | PCD Nominee Corporation (Filipino) | 62,538,710 | 0.406 | Henry Sy | 12,500,000 | 0.081 | Syntrix Holdings Inc. | 12,500,000 | 0.081 | PCD Nominee Corporation (Non-Filipino) | 1,209,600 | 0.008 | Isias and/or Melinda Lumanta | 132,000 | 0.001 | Marilyn Maranon | 124,000 | 0.001 | Virgilio Salonoy | 82,000 | 0.001 | Fadil III | 63,000 | 0.001 | John Devela & Jay P Noy CO | 3,000 | 0.00001 | San Miguel Brewery, Inc. (PSE: SMB), a subsidiary of San Miguel Corporation, is the largest beer producer in the Philippines, with a market share of over 95% as of 2008.It has five breweries spread across the country producing eight beer brands, led by its flagship brand San Miguel. Locations/Subsidiaries No. 40 San Miguel Avenue, Mandaluyong City, Manila, Philippines Fax: 63 632 6323099 Distileria Bago Inc. 6/F San Miguel Properties Ctr., St. Francis St., St. Francis St, Mandaluyong City, Philippines Ginebra San Miguel, Inc. 3rd & 6th Floors...
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... deeper-pocketed partner that can help finance its network overhaul and, eventually, pursue additional mergers. But SoftBank, an Internet and communications company, is making a risky wager that it can break the dominance of Verizon and AT&T in the United States the way it did a similar duopoly that long reigned over the Japanese market. “SoftBank brings so much more to Sprint than money,” Daniel R. Hesse, Sprint’s chief executive, said on an analyst call. “This investment provides the opportunity to benefit from the knowledge and expertise of a leader in mobile Internet technology with a proven track record of challenging larger incumbent carriers.” Together, the two companies would have $80 billion in revenue and $18 billion in earnings before interest and taxes. And they would nearly double Sprint’s customer base to 96 million, giving the company greater purchasing power. SoftBank’s founder and chief executive, Masayoshi Son, was blunt in his goal: creating the biggest and fastest wireless network in the United States. It is the strategy his own company is pursuing in Japan, aimed at drawing in users of the latest smartphones. Sprint is only beginning to roll out its next-generation Long Term Evolution network, trailing Verizon Wireless and AT&T. “U.S. citizens don’t have this experience of high speed,” Mr. Son said on the analyst call. “We’re going to bring that to the States.” Shareholders in Sprint and SoftBank appeared less pleased by the transaction. Sprint’s...
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...neighborhood; Providing an excellent after-sales and maintenance service that will preserve and enhance the long-term value of its residences; Delivering sustainable long-term growth and increasing shareholder value by exercising prudence in resource management based on the principles of good corporate governance; Becoming an employer of choice, offering comprehensive opportunities for career growth and enhancement; and, Assisting and nurturing the communities in which it operates by progressively building on its role as a responsible corporate citizen; SMDC Core Values Vision. Leadership. Focus. Hard Work. Integrity. Innovation. Prudence. Nurturing. Aggressive. Financially Conservative. SM Development Corporation is the real estate arm of the SM Group of Companies. As of December 6, 2010, its total market capitalization is P63.4 billion and its share price is P8.66. Business development SM Development Corporation was incorporated in 1974 as Ayala Fund, Incorporated, a closed-end investment company. It was listed on the Philippine Stock Exchange in March 1975. In 1986, the SM Group of Companies became the majority shareowner and renamed it to SM Fund, Incorporated, an investment company that provides investors with professional-managed vehicle to invest in diversified businesses. In 1996, SM Fund was renamed SM Development Corporation and its primary business was to...
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...GLOSSARY OF FOREIGN DIRECT INVESTMENT TERMS AND DEFINITIONS This glossary forms part of the 4th Edition of the OECD Benchmark Definition of Foreign Direct Investment and is intended to assist both the compilers and users of direct investment statistics. Acquisition An acquisition is a business transaction between unrelated parties based on terms established by the market where each enterprise acts in its own interest. The acquiring enterprise purchases the assets and liabilities of the target enterprise. In some cases, the target enterprise becomes a subsidiary or part of a subsidiary of the acquiring enterprise. In principle quantitative or qualitative information directly concerning multinational firms could be classified under activity of multinational enterprises. However, within the framework of the OECD Handbook on Economic Globalisation Indicators, data on the activity of multinationals covers all economic and industrial data which are not associated with FDI, portfolio or other financial transactions. Data collected by the OECD within the framework of the surveys on the economic activity of multinationals include 18 variables, notably gross output, turnover, value added, number of people in employment, employee compensation, gross operating surplus, gross fixed capital formation, R&D expenditures, number of researchers, total exports and imports, intra-firm exports and imports, and technological payments and receipts. Affiliated enterprises are enterprises in a direct...
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...predict given the fact that economic conditions can change without warning. If a housing bubble swells to an extremely high level, the aftermath of a burst may set the housing market back years. There is little consensus as to the cause of the housing bubble that precipitated the financial crisis of 2008. Numerous explanations exist: misguided monetary policy; a global savings surplus; government policies encouraging affordable homeownership; irrational consumer expectations of rising housing prices; inelastic housing supply. Some explanations, based on macroeconomics, posit that the bubble was caused by excessively easy monetary policy. Thus, some scholars have argued that the Bubble was the result of the Federal Reserve holding interest rates too low for too long, resulting in artificially cheap mortgage credit and stoked housing demand. Other scholars have pointed to the global savings glut that pushed down interest rates....
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...Introduction Wouldn't you love to be a business owner without ever having to show up at work? Imagine if you could sit back, watch your company grow, and collect the dividend checks as the money rolls in! This situation might sound like a pipe dream, but it's closer to reality than you might think. As you've probably guessed, we're talking about owning stocks. This fabulous category of financial instruments is, without a doubt, one of the greatest tools ever invented for building wealth. Stocks are a part, if not the cornerstone, of nearly any investment portfolio. When you start on your road to financial freedom, you need to have a solid understanding of stocks and how they trade on the stock market. Over the last few decades, the average person's interest in the stock market has grown exponentially. What was once a toy of the rich has now turned into the vehicle of choice for growing wealth. This demand coupled with advances in trading technology has opened up the markets so that nowadays nearly anybody can own stocks. Despite their popularity, however, most people don't fully understand stocks. Much is learned from conversations around the water cooler with others who also don't know what they're talking about. Chances are you've already heard people say things like, "Bob's cousin made a killing in XYZ company, and now he's got another hot tip..." or "Watch out with stocks--you can lose your shirt in a matter of days!" So much of this misinformation is based on a...
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...STATE STREET CORPORATION (STT) MBA AF 603 Paper Ankita Mantry Introduction: State Street Corporation is a US-based financial services firm. It is the second oldest financial institution in the United States and the largest financial institute globally. It started as a teller bank and now it is the largest trustee for mutual funds and pension funds with $25 trillion under custody and $2 trillion under management while also being the sixth largest investment manager. It has over 30,000 employees working under it worldwide. It is a publically traded company at NYSE and is a part of S&P 500. State Street operates in 26 countries and in more than 100 geographic markets worldwide. Company Background: State Street Corporation started as Union bank in 1792 and received the bank’s charter on June 25th, 1792 in Massachusetts. It’s headquartered at Boston, Massachusetts. At that time State Street was the main thoroughfare in colonial Boston and a significant crossroads in the United States. Bracketed by the State House at one end and the Long Wharf at the other, State Street was a center of both commerce and politics. State Street was also known as the "Great Street to the Sea," and the economic growth of the new bank was closely tied to Boston's flourishing shipping industry. During that period, clippers crisscrossed Boston Harbor, welcoming incoming ships, loaded with cargo, to shore. Boston was a maritime capital by the mid-19th century. Some of the wealth from that...
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