...sold. Germany has a 21.0% stake in Deutsche Post but it’s considering the sale of at least part of its stake. Austria Post: In 2006 the post office in Austria has been privatized to varying degrees. However, the government still has a controlling interest. The Austrian Government indirectly owns the 52.8% of its post office. In the following table compares Royal Mail with Deutsche Post and Austria Post, in terms of revenues, earnings and profits. | Royal Mail | Deutsche Post | Austria Post | Revenues (£m) | 9,279 | 46,347 | 1,975 | Earnings before interest and taxation (£m) | 367 | 2,225 | 152 | Earnings (or profit) | 562 | 1,384 | 103 | Share Price (£m) | £5.64 | £20.48 | £30.01 | Market Capitalization (£m) | 5,640 | 24,758 | 2,028 | Earnings per share | £0.56 | £1.15 | £1.52 | P/E ratio | 10.0 | 17.9 | 19.7 | Return on Sales | 3.96% | 4.80% | 7.70% | % state of ownership | 30.00% | 21.00% | 52.80% | | | | | Financial performance The revenues of Royal Mail, at £9.3 billion, are significantly higher than Austrian (£2.0 billion). However, Deutsche Post’s revenues, at £46.3 billion are nearly five times greater than the revenues for Royal Mail. Profits measured by earnings before interest and taxation has increased for Royal Mail from £277 million in 2010/11 to £367 million in 2011/12. This is mainly due to revenue growth. Parcel revenue increased 13 per cent year on year, with letters revenue growing three per cent. Whilst this is...
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...Factors that led to the formation of hostile alliance in Europe from 1800-1900 Odugbesan Opeyemi .A 137479 Umoh nse lina 137493 Idowu Babagbemi .A 13794 Introduction This paper attempts to explain the reason why some European countries joined or formed secret alliances, which was to undermine its purpose of maintaining peace in Europe during our period of study. Shortly after the Franco-Prussian war in 1870, Germany became the European strongest power until the fall of Germany in 1914. The unification of Germany brought about changes to the European diplomatic scene, with the appointment of Otto von Bismarck as the German chancellor in 1871 by Kaiser Williams 1, he reorganized the German military and increased industrialization in Germany. Through Bismarck’s political strategies Germany was able to become European’s instrument for peace and balance of power. According to some research we realize that during the reign of Napoleon Bonarphte coalition were also formed against the French aggression, therefore we can say the alliance systems had been occurring in Europe before the coming of Bismarck, but for the purpose of our study the system of alliance that was going to change the political order of Europe, both in the east and west was formed between 1871-1907. This system of alliance was not aggressive but gradually it generated into the outbreak of the First World War which occurred as a result to the Balkan crisis and various territorial dispute in...
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...deli~lcdArmed Camps of the Two Worid Wars 30.4.2 Political Spectrum of Eurclpc at the Outhrcak ol' the War Beginning of the Cold War Let Us Srlnl Up Key Words Ans~versto Check Your Progress Exercises 30.0 OBJECTIVES In this Unit you will learn about : changes introduced in intcrnalional relat!ons due to industrializaiion. continuities that came to be establislled between the two world wars as a single. unintcrrupted process, and the ideological factors that kcpt the groupings in the wars identical in both cases. 30.1 INTRODUCTION We have so far discussed the nature and conscquences of industrial capitalis~nand tlle consequent rise of nlodern politics. In the earlier Units. the growth of nation-states and thc nature of i~nperialist rivalries have also been discussed. We understand yo11 arc now bcttcr placed to see the two world wars as culmination of these diverse proccsses. Industrialization had signalled in fact the growth of new states that conlpeted with each other for global domination: and in the absence of riicclianis~iisfor peacefiil resolutions of internatiooa\ rivalries, armed conflicts on an al~llostglobal scale becanle incvit;ible. Since Europc had tdzological already been divided into ideologically defined camps, the war also ass~~rncd dimensions. In the first World War ideology was still in the background Rut the Socolld World War definitely saw tlie alliance of liberal democracy and sociali:;!n opposed to 1lie rightist dictatorial regimes. Interestingly the...
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...How far does the role of individuals explain the outbreak of the German Wars of Unification? The German Wars of Unification can be blamed on a myriad of reasons however the pragmatism of Otto Von Bismarck often allowed him to take advantage and shape the course of German history. Conversely it would be remiss to state that Bismarck was solely responsible for the German Wars of Unification, nationalist elements as well as growing calls for liberalism all spurred the way for the beginning of a German state. Compounding this was the economic prosperity of Prussia, as Prussia grew economically stronger it diminished Austria’s sphere of influence in the region. This would also spur calls for greater German unity whilst isolating Austria. Prussian ambition can be first seen to rival Austria with the creation of the Zollverein. Prussia in 1818 created a law to integrate Prussian customs systems onto neighbouring small states, over the next fifteen years through a complex mixture of threats and concessions the Prussians managed to create a concrete policy that would lay the foundations for the Zollverein. In 1833 the Zollverein was created and most importantly Austria was firmly excluded. The importance of this is summed up in Metternich’s quote “a smaller rival confederation..which all too quickly will become accustomed to following its own objectives with its own means”. Metternich’s fears would eventually become a reality, this is reiterated by the historian Treitschke...
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...access to bank account and have to pay out time and money for manifold visits to gain the banking services, and then it may be opening a savings bank account or availing a loan. Such families find it more complex to save and to plan financially for the future. Thus this paper is an attempt to discuss all this issues & have overview of financial inclusion in India. Key Words: Financial Inclusion, Reserve Bank, Inclusive Growth, Financial services. Introduction: Looking at the area of Financial Inclusion it can seen that policymakers across the world are now giving faster and closer concentration to escalating financial inclusion due in no small part to the motivation provided by the United Nation. Financial Inclusion is concerned with providing timely and adequate delivery of financial services needed by the unbanked areas of society. By the reviews that were taken in last ten years it is been considered that inclusive and properly functioning of financial system lead to earlier and reasonable growth. Still there is scarcity of information concerning right way or access to finance in spite of all the efforts taken & concentration provided to financial inclusion and policies. Even if efforts or measures were taken for collection of information; still access to finance does not mean its proper usage. This information breach results in disputes or problems in crafting policy interventions. It can be seen since 2005 that Reserve Bank of India has introduced a drive for financial...
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...with Germany | France | President Raymond Poincaire Parliamentary Democracy | Britain, Russia | Wanted the return of the provinces of Alsace and Lorraine from Germany | Russia | Tsar Nicholas II (1894-1917) Monarchy | Britain, France | Rivals with Austria for control of the Balkans Strained relations with Britain. | Triple Alliance | Germany | Kaiser William II (1888-1918) Constitutional Monarchy | Italy, Austria- Hungary. | Rivals with France over Alsace, Britain over her navy. | Austria- Hungary | Kaiser Franz Joseph (1848-1916) Constitutional Monarchy | Italy, Germany | Rivalry with Russia over the Balkans, Territorial disputes with her ally, Italy | Italy | King Victor Emmanuel III (1900-1946) Constitutional Monarchy | Austria, Germany | Disputes with France in North Africa large Italian communities lived in the Austrian Empire. | The direct cause of WWI was the assassination of Archduke Franz Ferdinand at Sarajevo on 28 June 1914. However historians feel that a number of factors contributed to the rivalry between the Great powers that allowed war on such a wide-scale to break out. A major historical debate still rages about who has the ultimate responsibility for the outbreak of war. Germany and Austria are usually regarded as the main culprits. However unlike World War Two there is no one easily identifiable bad guy! Below are some of the main long-term causes that are identified by historians:- The System of Alliances / rivalry between the powers ...
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...CHAPTER 1 Italy in the early nineteenth century INTRODUCTION In September 1870, the troops of King Victor Emmanuel II of Italy entered Rome. Italian unification, the bringing together different states of the Italian peninsula under one government, was complete. The Risorgimento, the reawakening of Italy, had reached its climax. However, the creation of the new Italian state was neither inevitable nor had it been planned. Although Italian unification had taken place, there was little enthusiasm for the new state among the Italian people. In 1861, an Italian politician named Massimo d’Azeglio remarked to Victor Emmanuel: ‘Sir, we have made Italy. Now we must make Italians.’ The story of what follows is of how Italy was made, but it is also a story of division and the failure to ‘make Italians’. THE STATES OF THE PENINSULA Towards the end of the eighteenth century the peninsula of Italy was home to a number of states. The Kingdom of Sardinia (Piedmont) From its capital city of Turin, the House of Savoy ruled this relatively poor part of Italy. Despite its poverty, successive rulers built up a strong army and governed with an effective civil service. The island of Sardinia was particularly backward and was sparsely populated. Until 1815, the important port of Genoa was part of the Republic of Genoa. It was politically separate from the Kingdom of Sardinia. Lombardy and Venetia In the 1790s, Lombardy was part of the Austrian Empire. Its capital, Milan, was the second largest city of that...
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...Jessica Genockey DATE \@ "dddd, d MMMM y" Wednesday, 29 October 2014 How far was Nicholas II responsible for his own downfall? Tsar Nicholas was to a great extent responsible for his own downfall, the main factor being his decision to take over as Commander-in-Chief of the armed forces during World War One. Russia was economically and socially ill-prepared for war and the effects and the outcome of the war had a devastating impact upon the Russian people. There had been a continual build-up of discontent towards the Tsar as a result of Russia’s failure in the Russo-Japanese War, the ‘Bloody Sunday’ massacre and the failure of the Duma. However, it was World War One that was the ultimate factor in which the people acted upon their discontent toward the Tsar. Nicholas Romanov was appointed the Tsar of Russia in 1894 after the premature death of his father, Alexander III. Nicholas was thrust into being the Tsar of Russia at an extremely fast pace and was faced with the task of modernising the biggest country in the world to keep pace with the other super powers in the world such as Germany, Britain and the United States. Nicholas did not have the best of relationships with the people of Russia. Russia’s defeats in the Russo-Japanese war damaged the Tsar’s relationship with the people of Russia. ‘Bloody Sunday’ and the 1905 Revolution which followed, the failure of the Dumas, and the relationship that Rasputin had with the Tsar and Tsarina all led to a deteriorating relationship...
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... Thomas Kodden Ahnaíssa Christiaans Esmay Zoontjes Jost Pannhausen Thomas Kodden || Project International Business IBMS-1 || Final Report Ahnaíssa Christiaans Esmay Zoontjes Jost Pannhausen Thomas Kodden Magdalena Sztych - de Vries Saxion University of Applied Sciences Enschede, The Netherlands 18 December 2015 Preface This assignment is written by four first year students of the IBMS course at Saxion Enschede. This final assignment will cover the overall recommendations and evaluation for the export plan of Albert Heijn supermarket stores to Austria. For this assessment we have overviewed the internal analysis and external analysis, the external analysis being the macro environment and meso environment. There was also the SWOT analysis with the confrontation-matrix. This all has been used to conclude the entry strategy and introduction plan. Ahnaíssa Christiaans, Esmay Zoontjes, Jost Pannhausen & Thomas Kodden December, 2015 Table of Contents Preface 1 Executive Summary 3 Introduction 5 1. Internal Research 6 1) Markets 6 2) Strengths & Weaknesses 6 2. External Research 7 1) Macro Environment 7 2) Filtering Process-1 9 3) Meso Environment 9 4) Filtering Process-2 11 5) Opportunities & Threats 11 3. SWOT, Export strategy & Introduction...
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...1297–1321 www.elsevier.com/locate/econbase Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment Klaus Gugler * Department of Economics, University of Vienna, WP No. 9803, Br€nnerstrasse 72, 1210 Vienna, Austria u Received 12 October 2000; accepted 5 November 2001 Abstract This paper investigates the relationship between dividends and the ownership and control structure of the firm. For a panel of Austrian firms over the 1991/99 period, we find that statecontrolled firms engage in dividend smoothing, while family-controlled firms do not. The latter choose significantly lower target payout levels. Consistently, state-controlled firms are most reluctant and family-controlled firms are least reluctant to cut dividends when cuts are warranted. The dividend behavior of bank- and foreign-controlled firms lies in between stateand family-controlled firms. This is consistent with the expected ‘‘ranking’’ of information asymmetries and managerial agency costs. The above results hold for firms with good investment opportunities. We find that firms with low growth opportunities optimally disgorge cash irrespective of who controls the firm. Ó 2002 Elsevier Science B.V. All rights reserved. JEL classification: G3; L2; D9 Keywords: Corporate governance; Dividend policy; Simultaneous equations 1. Introduction In March 1999, Richard Schenz, the CEO of OMV AG, the largest Austrian corporation, announced a dividend increase of 10% despite the...
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...com/locate/foodpol The China melamine milk scandal and its implications for food safety regulation Xiaofang Pei a, Annuradha Tandon b, Anton Alldrick c, Liana Giorgi b,⇑, Wei Huang a, Ruijia Yang a a West China School of Public Health, Sichua University, Chengdu, China The Interdisciplinary Centre for Comparative Research in the Social Sciences, Austria c Camden BRI Food and Drink Research and Services, United Kingdom b a r t i c l e i n f o a b s t r a c t This article examines the development of the Chinese dairy sector since 2000 and investigates how this has affected food safety. The ongoing problems caused by melamine contamination are linked to the rapid and unregulated development of this sector. Currently, China is faced with demands – both from home and abroad – to improve its food safety record. This will necessitate it upgrades its regulatory framework to meet the standards of Codex Alimentarius and the EU. A serious restructuring of the dairy sector as well as of the public food safety control agencies is called for. The costs and benefits to be accrued by these reforms are the subject of this article. Ó 2011 Elsevier Ltd. All rights reserved. Article history: Received 16 February 2010 Received in revised form 20 January 2011 Accepted 3 March 2011 Available online 8 April 2011 Keywords: Safety Melamine Dairy China EU Regulations Introduction Fewer than three years ago, melamine was a term known only to chemists. This changed almost overnight in 2006 when the pet...
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...Introduction Originally established in Thailand in 1962 under the name Krating Daeng, Red Bull was incorporated in 1984 with its head office in Austria. It is now a market leader in the energy drink segment with presence in over 130 countries and an employee base of over 3,900 worldwide. It recorded a turnover of $2.6 billion in 2006 with a whopping 300% increase in global sales as compared to the year 2000. Starting with its first international foray in the neighbouring Hungary in 1993, it has since then entered and established a foothold in various key markets like United States, Germany and United Kingdom. Through its well developed network of local subsidiaries in these and other key markets, it manages to make its products available in more than 100 countries. The brand Red Bull has a reputation of unconventional marketing strategies, first mover in the energy drinks market and a strong player in the overall functional drinks market. This report is based on Red Bull GmbH’s international development and is divided into four distinct sections. Firstly, the key strategic challenges that it faces internationally in the functional drinks sector would be identified and evaluated. Secondly, the existing product mix of Red Bull and any suitable changes to the same will be analysed and discussed. Third section of the report will talk about Red Bull’s existing market entry mode into non-domestic markets and relevant alternative strategies. The final section will cover the company’s...
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...Hitler’s plans- Abolish the Treaty of Versailles – Hitler hated the Treaty and called people who signed it November Criminals., and was a living reminder of the losses in WWI; and that when Hitler came into power he would reverse ToV., and he stopped paying reparations. Expanding Territory- Hitler wanted to reclaim territory, and Anschluss with Austria., and German minorities to rejoin Germany, and give more lebensraum (living space.) Defeat Communism – A German empire carved out of Soviet Union would help Hitler to defeat communism, because Bolsheviks had brought the defeat of Germany in WWI, and believed they wanted control of Germany. Rearmament After coming into power in 1933, Hitler began to rearm, while thousands of unemployed joined the army reducing unemployment., a v large problem, and allowed him to deliver on his promise to make Germany great again, challenging ToV. He knew Gs supported rearmament, but others would not, so he rearmed secretly. He then chose to leave the league, following Japans example. 1935, Hitler formed a rally celebrating German armed forces, and in 36 reintroduced conscription, breaking the ToV and was getting away with it, in this point many other countries were using rearmament to fight unemployment. Failure of disarmament conference meant that other nations were not prepared to disarm. Hitler knew Britain had sympathy with Germany over armament, and the limits on Germany were too strict, and that Germany could be a good ally against...
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...be “nation-states”, in tern proto-industrialization in europe (innovation) Europe started into three major processes: Revolution, (and nationalism) Industrialization Imperialism Lastly the Rise of the “nation-state” Age of Enlightenment (1650-1780’s) There were plenty of forward thinkers. Each was moving toward science as the new way of thinking. They used the application of universal laws of the natural world to social world. They valued ration over revelation. The government was as a contract. The ideas of Freedom, equality and sovereignty were held as the highest. The belief was to move forward in progress. French Revolution (1789-1799) The aim was to abolish the monarchy that was in france, it ultimately failed. It was far more radical than the American, but still failed. Mostly because they had no idea how to run a government. Whereas the Americans had some knowledge about their own rule. Napoleon Bonaparte (1769-1821) Declared himself emperor and attempted to bring political stability to post-revolutionary france. He was however forced to abdicate the throne and exiled to Elba. He then escaped and ruled again for another 100 days, he was defeated by the british at waterloo, and exiled to St. Helena. Haitian Revolution (1791-1804) Most successful slave revolt in history. There were 3 sides to the revolut. White colonialists, Creoles and the slave...
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...each ID, being sure to define the term, explain its context, and identify its significance. Terms in BOLD are primarily from American Society since 1900. Paul Robeson: African American singer and actor who became involved with the Civil Rights Movement. He became politically involved in response to the Spanish Civil War, Fascism, and social injustices. His advocacy of anti-imperialism, affiliation with Communism, and his criticism of the US government caused him to be blacklisted during McCarthyism. Furthermore, Native Land was labeled by the FBI as communist propaganda. Anschluss: the occupation and annexation of Austria into Nazi Germany in 1938.[2] This was in contrast with the Anschluss movement (Austria and Germany united as one country) which had been attempted since as early as 1918 when the Republic of German-Austria attempted union with Germany which was forbidden by the Treaty of Saint Germain and Treaty of Versailles peace treaties. Germany became a dictatorship in 1933, when Adolf Hitler became chancellor. Hitler openly defied the terms of the Treaty of Versailles, which stated that Germany was not to acquire new territory or build up its military. Hitler, originally from Austria, saw the opportunity to take over Austria as beneficial to his plan of a German Reich (empire). Appeasement: Appeasement, the policy of making concessions to the dictatorial powers in order to avoid conflict, governed Anglo-French foreign policy during the 1930s. It became indelibly...
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