...MarketLine Case Study Glencore & Xstrata Creating the fourth largest global mining company Reference Code: ML00007-065 Publication Date: January 2013 WWW.MARKETLINE.COM MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED GLENCORE & XSTRATA: CREATING THE FOURTH LARGEST GLOBAL MINING COMPANY © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED ML00007-065 /Published 01/2013 Page | 1 OVERVIEW Catalyst Glencore International, a commodity trading giant, is seeking to merge with diversified mining company Xstrata. The move was announced in February 2012 with the proposal accepted by shareholders in November 2012. The deal is worth $31bn and would create the fourth largest mining company in the world behind the top three of BHP Billiton, Vale, and Rio Tinto. The company would also possess leading positions in other commodities in power generation and agricultural products. Summary Glencore is a company which operates in commodity markets, including mining. The company engages in both industrial activity and marketing, which allows it to safeguard against volatilities in an individual market. Further, by engaging in marketing, the company is able to adapt more effectively to adverse conditions. Glencore has demonstrated value creation in its acquisitions, with notable acquisitions including Kazzinc and Viterra. The company’s size also now allows it to negotiate big contracts, as it did with Rusal. Glencore was...
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...Restructuring of the Global Copper Mining Industry in 2012 Diana Alvarez Valencia (1310200) University Canada West Dr. Paul Rome MGMT 661 Strategic Management Tuesday, May 12, 2015 Introduction and Problem Identification In this case study we will identify the problems that can be issued in the process of the merger between two of the largest commodities traders in the world, Glencore and Xstrata. It will provide the background of both companies, the situation analysis, identification of alternatives Companies Background. Glencore had been a trading company since their early years with the name of Marc Rich & Co. Glencore, was founded by March Rich; Rich was a consummate dealmaker, doing business with the entire world no matter their country background (fascist or communists). Moreover, Marc Rich always tried to get the cheapest price with his Middle Eastern contacts. His most important clients were embargoed nations like Israel and South Africa. In 1983, the US government indicted Rich on charges of illegal trading and tax evasion. After different issues and in the sake of create a better reputation the company – Marc Rich & Co. - rebranded itself as Glencore. (Hitt, Ireland & Hoskisson, 2013). Furthermore, one of the Glencore’s practices, is to get cheap tier 2 assets from doing business in developing countries considered high-risk by others rather than developing on its own. In 2002, Glasenberg become the CEO of the company.(Hitt, Ireland & Hoskisson, 2013). ...
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...Division of an Existing Business This paper will explain the strategic plan for Newmont Mining Corporation’s newest venture, while defining the vision, mission, and goals of this Corporation and how it will interlink. It will state the company’s values and will offer strategic direction while considering the culture, social responsibility, and ethics. It will show how the mission statement along with the vision and values will help the company to achieve success in its new venture of promoting gold in a new format, and how it will guide the strategic direction of the company. It will address the needs of the public and global economies and how the company will offer a competitive advantage over all other companies in this industry. Company History Newmont Mining Corporation is an exploration, refining, and marketing company of gold and copper. They operate in the US, Australia, Peru, Indonesia, Ghana, New Zealand, and Mexico. As of December 31, 2013 , Newmont employed 15,085 people with its headquarters in Denver, Colorado. For the year ended in December 2013, they recorded revenues of $8,322 million. They are considered to be one of the largest producers of gold in the world (“Newmont”, 2014). Vision They consider their mission, vision , and values are what has helped to successfully grow their business. Their Vision is to be the most valued and respected mining company through industry leading performance. Their sustainability as a business depends solely on...
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...Taylor Covert (3/9/16)- ISP Country Analysis Report I. Country Introduction: Chile v. Peru Extending 2,880 miles down the western coast of South America, between the Pacific Ocean and the Andes mountains, is the remarkably slender country known as Chile. Due to its large geographical scale, encompassing 38 degrees in latitude, Chile has a range of climatic zones, from the arid Atacama Dessert in the north to the subtropical regions in the south. These diverse climates and topographies provide Chile with a wealth of natural resources including timber, iron ore, hydropower and most prominently, copper, an element known for its inherent ductility and electrical conductivity. Beginning in the mid 1960s, concurrent with China’s exploding GDP growth rate, the value of copper in the modern industrial market place began to soar due increased global demand. Chile, whose copper reserves account for 28% of the world’s total supply, experienced the positive economic impact from this increased demand, as seen through the country’s GDP growth of over 400% between 1970 and 2014, adjusting for inflation, (Appendix 1). Coupled with the solid GDP growth over the last 45 years, Chile was also able to establish strong institutions, an efficient government with relatively low levels of corruption, and solid macroeconomic stability, which subsequently established Chile as the most competitive economy in Latin America according the 2015 Global Competitiveness Report (GCR) (Appendix 2). Directly...
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...growing between them. 2. Closed forests, which have trees very close together and a shaded, moss-covered forest floor. The major aquatic zones of the coniferous forest are marine, freshwater, and brackish. The average salinity of marine is 3%, freshwater 1% or less, and brackish mixture of salt and fresh. Clear-cut logging is the biggest threat to the Coniferous forest. Replanting after logging leads to single-species conifer monocultures. Clear cutting accelerates soil erosion, degrades wildlife habitat and leads to the loss of biodiversity. The land is being cleared for ski slopes, landfills, housing, and new roads. In Canada, one acre of forest is cut every 12.9 seconds! Mining operations is another threat to the Coniferous forests because of the chemicals used in mining and the silt released by mining. Road construction destroys the forest and also acts as a barrier to wildlife. Roads isolate populations of species from feeding grounds, natural migration routes and limits breeding between larger groups. Wolverine The wolverine is a stocky and muscular animal. With short legs, broad and rounded head, and small eyes with short rounded ears. Its legs are short. The single species of wolverine is a heavily built animal, immensely strong for its size and capable of killing animals larger than itself. The adult wolverine is about the size of a medium...
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...History of the Quapaw Peoples and the Tar Creek Superfund Site: A Case Study The Quapaw peoples of north-eastern Oklahoma have suffered extensively at the hand of both the government and mining companies over the past few hundred years. Through forced removal from their home to later extensive environmental degradation as a result of mining in the area, the Quapaw have an elaborate and complex history. Today, their acquired homelands in northeastern Oklahoma are known as the Tar Creek Superfund site, and the area is considered the most contaminated place in the country (Sonwalkar, 2010). While government funds have helped to clean up the area, the Quapaw have taken the lead in the effort to restore the environment and health of the peoples...
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...THE HISTORY OF WELCH WEST VIRGINIA The first setter in what would eventually become Welch was Moses A. Cartwright. Cartwright was a cattleman from Mason, Indiana and built a homestead along the Tug River where the Coney Island amusement park would be operated. The next known settlers were the Hunt brothers and their families. In 1884 William G. Hunt built a house near the current location of the Welch Emergency hospital and operated a small store near at the future intersection of Sudduth Street and McDowell Street. His brother John H. Hunt would settle at the confluence of Elkhorn Creek and the Tug River the following year. His farm of a little more than 160 acres would later become downtown Welch. (1) Rose Marino page 4. The Hunt farm would attract the attention of a trio of investors associated with the development of the Flattop-Pocahontas Coalfield. Their leader was Captain Isaiah A. Welch a former soldier in the Confederate army and Virginia state legislator from Kanawha County. Welch had surveyed the 500,000 acres Wilson Cary Nicolas tract that included the Flattop-Pocahontas Coalfield in 1873. Welch had been instrumental in the efforts of another Confederate officer, Major Jedediah Hotchkiss, to develop the coal and timber resources of the area. The second man in the group was an Englishman named Joseph H. Bramwell. Bramwell was a mine engineer who had managed steel mills in Pennsylvania and Ohio and was allied with Crozer Coal interests in the nearby Elkhorn...
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... Restraint and obedience to others were what he did not like at home; he would try his fortune in the mountains; he did not care for missionaries, Hudson’s Bay men, nor Indians; he was determined to be his own man.” For the next decade, Miles Goodyear trapped, traded, and was by all accounts a successful mountain man. By 1839 he had married Pomona, daughter of the Ute Chief Pe-teet-neet, and by 1842 they had two children, William Miles and Mary Eliza. Goodyear ranged widely across the Rocky Mountains, trapping, trading, and visiting various gatherings of mountain men and Indians, including the rendezvous of 1843. In a letter sent to his brother in 1842, Goodyear wrote that he had not yet made his fortune but did have “property, horses, beaver, and $2,500.” As the fur trades declined and way stations such as Fort Bridger began to spring up on the overland trails, Goodyear decided to build an enclosed fort on the large westward bend of the Weber River, approximately two miles south of its confluence with the Ogden River and about one-quarter mile west of the present end of Ogden’s 28th Street. The stockade was constructed with cottonwood logs set upright in the ground that enclosed about one-half acre of land adjacent to the river. It was begun in 1845 and completed by the end of 1846. Four log cabins occupied the corners of the fort, and sheds, corrals, and a garden were also located within the enclosure. Additional corrals were located on the outside to accommodate cattle, horses...
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...William Frederick Cody lived from till 1846–1917, he become Buffalo Bill, was born in a log cabin near LeClaire, Iowa Territory, on February 26, 1846. His dad Isaac, worked variously as a trader, a surveyor, and as overseer for an absentee landowner. Isaac Cody himself was a product of westering pioneers. The first Codys in America were Huguenots who fled France for the Isle of Jersey to escape religious persecution. By 1698 they owned land in Massachusetts. Isaac was born in Ontario in 1811 and grew up in Ohio. Twice widowed, he wed schoolteacher Mary Bonsell Laycock in 1840 in Cincinnati. She was descended of Pennsylvania Quaker pioneers. With Martha, Isaac's five-year-old daughter from his first marriage, they moved to Scott County, Iowa, where six of their seven children were born: Samuel, 1841; Julia, 1843; William, 1846; Eliza, 1848; Helen, 1850; and May, 1853. Only prolonged illness kept Isaac from striking out for California during the gold rush. After the accidental death of Samuel in 1853, the Codys headed west, moving briefly to Missouri then to Kansas where Isaac supplied hay and wood to Ft. Leavenworth and traded with the Kickapoo Indians. Another son, Charles, was born in 1855. Isaac, a man of principal and an active civic leader, was stabbed in 1854 while making a speech against slavery. The attack did not deter him from his economic or political activities, but its lingering effects led to his death in 1857. Bill ("Willie" to his family) and Julia supported...
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...sustain their way of living and to ensure that their traditions and way of life will continue for generations to follow? As the world becomes smaller, even people that have remained unchanged for thousands of years are being forced to deal with changes that will alter their future and their traditions because of living near valuable resources that are in high demand in our modern day world. And, like so many indigenous people from history, they are desperately praying, advocating, and becoming very political with their fight so that their way of life can continue without disruption to their ecosystems. Native to the area of Bristol Bay, Alaska for thousands of years, the Yupik people have depended on salmon, along with pike, whitefish, beavers, caribou, moose, berries, and plants. Bristol Bay still possess abundance in salmon fisheries that have been destroyed in the lower 48 states by habitat degradation, dams, weakening of the genetic pool through the use of hatcheries, and over-harvesting which have destroyed the salmon stock in dozens of places and reduced the rest to remnants. The Bristol Bay Watershed is located about 250 miles southwest of Anchorage which is tucked between...
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...p a g e : w w w. e l s ev i e r. c o m / l o c a t e / d s s Detection of financial statement fraud and feature selection using data mining techniques P. Ravisankar a, V. Ravi a,⁎, G. Raghava Rao a, I. Bose b a b Institute for Development and Research in Banking Technology, Castle Hills Road #1, Masab Tank, Hyderabad 500 057, AP, India School of Business, The University of Hong Kong, Pokfulam Road, Hong Kong a r t i c l e i n f o a b s t r a c t Recently, high profile cases of financial statement fraud have been dominating the news. This paper uses data mining techniques such as Multilayer Feed Forward Neural Network (MLFF), Support Vector Machines (SVM), Genetic Programming (GP), Group Method of Data Handling (GMDH), Logistic Regression (LR), and Probabilistic Neural Network (PNN) to identify companies that resort to financial statement fraud. Each of these techniques is tested on a dataset involving 202 Chinese companies and compared with and without feature selection. PNN outperformed all the techniques without feature selection, and GP and PNN outperformed others with feature selection and with marginally equal accuracies. © 2010 Elsevier B.V. All rights reserved. Article history: Received 20 November 2009 Received in revised form 14 June 2010 Accepted 3 November 2010 Available online 12 November 2010 Keywords: Data mining Financial fraud detection Feature selection t-statistic Neural networks SVM GP 1. Introduction Financial fraud is a serious problem...
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...out for the company’s/employees’ best interest, the lack of a solid game plan has led us to this point where the working relationship between management has failed. While attempting to uncover the optimal solution I will look at the factors that should be considered when evaluating all options. My hopes are to bring to light why one solution is better than the next as it relates to the vision and goals of the company. This will be done by examining evidence from outside sources that have been through similar situations. This solution will be centered on transformational leadership and organizational culture. By identifying the primary causes of the failed strategy’s implementation, I will dissect and attempt to salvage the IPO strategy that Gene One will still need to carry out. In reading this scenario, one thing obvious from the onset; the senior leadership team at Gene One is not all on the same page. Anytime there is a culture change within an organization there will be resistance by some to change. In the case of Gene One they are no more immune than any other company. Evidence of this could be seen from the interactions of Teri and Michelle at the 1st leadership meeting after the board’s approval of the IPO plan. “What’s the matter, Michelle? Not finding enough challenges in finance, so you want to get into research? We’re in the plant research and bio-agriculture industry. I would assume you know that cancer is a whole different business that would require a different set...
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...Rev Account Stud (2009) 14:534–558 DOI 10.1007/s11142-008-9080-5 Bankruptcy prediction: the case of Japanese listed companies Ming Xu Æ Chu Zhang Published online: 26 July 2008 Ó Springer Science+Business Media, LLC 2008 Abstract This paper investigates if bankruptcy of Japanese listed companies can be predicted using data from 1992 to 2005. We find that the traditional measures, such as Altman’s (J Finance 23:589–609, 1968) Z-score, Ohlson’s (J Accounting Res 18:109–131, 1980) O-score and the option pricing theory-based distance-todefault, previously developed for the U.S. market, are also individually useful for the Japanese market. Moreover, the predictive power is substantially enhanced when these measures are combined. Based on the unique Japanese institutional features of main banks and business groups (known as Keiretsu), we construct a new measure that incorporates bank dependence and Keiretsu dependence. The new measure further improves the ability to predict bankruptcy of Japanese listed companies. Keywords Bankruptcy risk measure Á Accounting information Á Option pricing theory Á Japanese listed companies Á Bank dependence Á Keiretsu JEL Classifications G15 Á G33 1 Introduction When a company falls into bankruptcy, its stakeholders lose some or all the value they invested in the company. From an investor’s point of view, it is important to M. Xu (&) School of Accounting and Finance, The Hong Kong Polytechnic University, Kowloon, Hong Kong, China e-mail:...
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...July 25, 1999 Chapter 2: Normative Accounting Theory The purpose of this chapter is to identify those characteristics of accounting information that are thought to make one system of accounting better than another. Since the material is based on eighty years of accounting research, by countless researchers, it is clearly neither possible nor desirable to review all the arguments, or even the main arguments, used by advocates of all the different competing accounting systems. For instance, it would be difficult to improve on Henderson and Peirson's [1983] 268-page thorough, balanced, well-documented portrayal of the evolutionary development of accounting thought from the "pre-theory period" (1494-1800), through the "general scientific theory period" (1800-1955), and the "general normative theory period" (1956-1970), to the "scientific theory period" (post-1970). The approach adopted for this chapter is therefore to aim for a concise summary of the products of normative accounting theory. The objective is to search for common ground wherever possible, without ignoring important differences. What is reported is intended to cover most of what is said to be "good", "useful", or "desirable" about accounting information. The four-step structure of this chapter is depicted in Figure 2.1 (next page). To begin with, a search of the literature identifies three main Objectives of Accounting. This list of objectives, which is presented and discussed in Section 2.1, is intended...
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...Table of Contents: Item Topic ….. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page Geography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 Educational System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 Famous Historical Germans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Landshut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
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