...Cliffs Natural Resources Inc. (CLF) In this paper we examine the dynamics of cross-listing, particularly US companies that cross-list in the NYSE Euronext equity-based exchange. We look at the number of US firms cross-listed in this exchange and then study one of these companies specifically, Cliffs Natural Resources, Inc. In addition, we explore the importance of cross-listing in NYSE Euronext as well as: the benefits, costs and requirements of fast path cross-listing and the trading volumes of the shares transacted in the exchange. The foundation of our case study is based on Cliffs Natural Resources Inc. (CLF), an international mining and natural resources company headquartered in Cleveland, Ohio. Formerly known as Cleveland-Cliffs Inc., the company was founded in 1847 (Yahoo Finance). CLF is North America’s larger supplier of iron ore. The Company produces iron ore pellets and metallurgical coal. CLF operates in four segments: U.S. Iron Ore, Eastern Canadian Iron Ore, North American Coal and Asia Pacific Iron Ore. In the United States, it operates five iron ore mines in Michigan and Minnesota, five metallurgical coal mines located in West Virginia and Alabama and one thermal coal mine located in West Virginia. It also operates two iron ore mines in Eastern Canada that primarily provide iron ore to the seaborne market for Asian steel producers (NYSE Euronext). As part of their growth strategy and due to its largely increased presence in the international market, CLF...
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...Cross listing: a case study of Cliffs Natural Resources Inc. (CLF) About 50 U.S.-listed companies are cross-listed on NYSE Euronext, the EU's largest regulated equities market. What they've discovered is that Euronext listings are ideal for U.S.-listed companies that want to diversify their shareholder base, gain a European trading presence or increase their market visibility in the eurozone, the world's second largest source of capital. "Globalization means that companies, customers and suppliers have a presence in more locations than ever, and when these locations are in the eurozone, cross-listing on Euronext certainly increases the visibility of an enterprise or brand," says Marjorie Adams, chair of DLA Piper's capital markets group in the U.S. Other benefits of cross-listing on Euronext include the ability to trade and list in dollars and euros; the ability to attract investors whose mandates only allow investing in euro-denominated shares; the potential for a lower cost of capital through increased liquidity premiums on equity; typically lower bid-ask spreads than single exchange companies; and less information asymmetry between capital markets, as firms with multiple listings generally get twice the analyst coverage. A Euronext listing also allows European money managers to avoid certain regulatory filings and mandates for eurozone-only listed companies. In January 2008, Euronext made cross-listing even more attractive by introducing Fast Path, a streamlined and cost-effective...
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...A case study for a manufacturing company called AcuScan, Inc was fulfilled. The case study involves "Operation Optimize" which plans to bring a new retail iScanner to the market. The study is given in two parts. The first part summarizes the case study and provides the assumptions, arguments problems, and issues of the situation. The second part is an executive summary written for Cliff O'Conner, CEO at AcuScan, Inc. including recommendations for a solution for the company's crisis. Assumptions Four employees that are employed at AcuScan and are involved in this case study they are the following; Kelly Thomas, Chief Engineer of Products Software, Pat Lambert, Director of Marketing, Cliff O'Connor, CEO and Chris Martinas, Vice President of Product Development. The assumptions of each employee are recognized and discussed starting with Kelly Thomas. Kelly feels the budget and timeline to be impractical and thinks Optimize is putting the company on the line. He assumes that only one feature of the Optimize application can be developed by the company's dead line of August first. Based on his conversations and e-mails with Chris, Kelly believes that together the iScann project and financial plan are at risk. Kelly assumes that quality control is of greatest significance for this project. The company's reputation is at stake with new product development and should not be defined exclusively by the marketing department. Pat had an idea for the Optimize that came to her one evening...
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...Marketing Plan for Clif Bar, Inc. Marketing Management– MM522 DeVry University, Keller Graduate School of Management Professor Gary Myers By: Chameer Moses Table of Contents Executive Summary 3 Executive Summary………………………………………………………………………………………....3 Situation Analysis 3 Market Summary4 SWOT Analysis4 Prioritized SWOT Analysis5 Competition6 Product Offering………………………………………………………………………………....6 Keys to Success…………………………………………………………………………………...6 Critical Issues…………………………………………………………………………………6&7 Marketing Strategy………………………………………………………………………………7 Mission……………………………………………………………………………………….. 7&8 Marketing Objective…………………………………………………………………………….8 Financial Objective…………………………………………………………………………. 8&9 Target Markets…………………………………………………………………………. ..9,10,11 Positioning…………………………………………………………………………………...11,12 Strategies………………………………………………………………………………………12 Marketing Mix………………………………………………………………………………12,13 Marketing Research…………………………………………………………………………….13 Controls………………………………………………………………………………………….14 Implementation process…………………………………………………………………….14,15 Marketing Organization……………………………………………………………………….15 Contingency Plan……………………………………………………………………………….15 Conclusion…………………………………………………………………………………...15,16 References……………………………………………………………………………………….17 Executive Summary Clif Bar, Inc. was found in 1992 by Gary Erickson. The nature of Clif Bar is the planet, food and community. They are working to reduce their ecological footprint in everything that they...
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...Pumping Iron at Cliffs & Associates The Circored Iron Ore Reduction Plant in Trinidad 09/2004-5041 This case was written by Christoph H. Loch, Professor of Technology Management at INSEAD, and Christian Terwiesch, Associate Professor of Operations Management at the Wharton School, as a basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. Copyright © 2002 INSEAD-Wharton, France/USA. Revised Version, copyright © 2004 INSEAD-Wharton, France/USA. N.B. PLEASE PERMISSION. NOTE THAT DETAILS OF ORDERING INSEAD CASES ARE FOUND ON THE BACK COVER. COPIES MAY NOT BE MADE WITHOUT 1 5041 “There are worse places in the world to be in December than Trinidad,” thought Ed Dowling, as he spotted the first white beaches from his seat on the Miami-Trinidad flight. “Look, Steve, we are flying close by our plant,” he said to Steve Elmquist, pointing at a significant landmark on the coastline below them (see Exhibit 1). Dowling was executive vice-president for operations at Cleveland Cliffs Inc., and Elmquist was the general manager of Cliffs and Associates Ltd. (CAL), which was co-owned by Cleveland Cliffs and Lurgi Metallurgie GmbH, the German process technology company, following a recent joint venture. Neither had said much since starting their journey some eight hours before in Cleveland, Ohio, where they had reported to the board members of Cleveland Cliffs on the status of...
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...Pumping Iron at Cliffs & Associates The Circored Iron Ore Reduction Plant in Trinidad 09/2004-5041 This case was written by Christoph H. Loch, Professor of Technology Management at INSEAD, and Christian Terwiesch, Associate Professor of Operations Management at the Wharton School, as a basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. Copyright © 2002 INSEAD-Wharton, France/USA. Revised Version, copyright © 2004 INSEAD-Wharton, France/USA. N.B. PLEASE PERMISSION. NOTE THAT DETAILS OF ORDERING INSEAD CASES ARE FOUND ON THE BACK COVER. COPIES MAY NOT BE MADE WITHOUT 1 5041 “There are worse places in the world to be in December than Trinidad,” thought Ed Dowling, as he spotted the first white beaches from his seat on the Miami-Trinidad flight. “Look, Steve, we are flying close by our plant,” he said to Steve Elmquist, pointing at a significant landmark on the coastline below them (see Exhibit 1). Dowling was executive vice-president for operations at Cleveland Cliffs Inc., and Elmquist was the general manager of Cliffs and Associates Ltd. (CAL), which was co-owned by Cleveland Cliffs and Lurgi Metallurgie GmbH, the German process technology company, following a recent joint venture. Neither had said much since starting their journey some eight hours before in Cleveland, Ohio, where they had reported to the board members of Cleveland Cliffs on the status of...
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...Pumping Iron at Cliffs & Associates The Circored Iron Ore Reduction Plant in Trinidad 09/2004-5041 This case was written by Christoph H. Loch, Professor of Technology Management at INSEAD, and Christian Terwiesch, Associate Professor of Operations Management at the Wharton School, as a basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. Copyright © 2002 INSEAD-Wharton, France/USA. Revised Version, copyright © 2004 INSEAD-Wharton, France/USA. N.B. PLEASE PERMISSION. NOTE THAT DETAILS OF ORDERING INSEAD CASES ARE FOUND ON THE BACK COVER. COPIES MAY NOT BE MADE WITHOUT 1 5041 “There are worse places in the world to be in December than Trinidad,” thought Ed Dowling, as he spotted the first white beaches from his seat on the Miami-Trinidad flight. “Look, Steve, we are flying close by our plant,” he said to Steve Elmquist, pointing at a significant landmark on the coastline below them (see Exhibit 1). Dowling was executive vice-president for operations at Cleveland Cliffs Inc., and Elmquist was the general manager of Cliffs and Associates Ltd. (CAL), which was co-owned by Cleveland Cliffs and Lurgi Metallurgie GmbH, the German process technology company, following a recent joint venture. Neither had said much since starting their journey some eight hours before in Cleveland, Ohio, where they had reported to the board members of Cleveland Cliffs on the status of...
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...Assessment #1: Economics and Ethical Issues “Markets bring together buyers (“demanders”) and sellers (“suppliers”)…” (McConnell-Brue, p. 43) In order to predict the economic issues associated with supply, demand, and equilibrium price of a particular product, I will need to explain the relationship between these components. Supply is the number of goods and services that businesses are willing to sell at different prices at a specific time, and demand is the number of goods and services that consumers are willing to buy at different prices at a specific time. (Ferrell, p.13) Supply and demand will meet at a certain point where the sellers are willing to sell products and services at a certain price and consumers are willing to buy at a certain price, this point is called the equilibrium price. The equilibrium price will also help to determine the equilibrium quantity, the price and the amount of product and services demanded and supplied at the equilibrium price in a competitive market. At this amount of equality, there is neither a shortage nor a surplus of product and services. The supply and demand of the products Tylenol, Aleve, and Advil depends basically on the consumer’s preference and taste. First, let me state that all of these products serve the same purpose, to relieve headaches and pain. What makes the difference is the characteristic of each product which is the active ingredient. “Tylenol and certain generic brands rely on acetaminophen. The active ingredient...
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...Why commodity markets were started The first recorded instance of futures trading occurred with rice in 17th Century Japan. There is some evidence that there may also have been rice futures traded in China as long as 6,000 years ago. Futures’ trading is a natural outgrowth of the problems of maintaining a year-round supply of seasonal products like agricultural crops. In Japan, merchants stored rice in warehouses for future use. In order to raise cash, warehouse holders sold receipts against the stored rice. These were known as "rice tickets." Eventually, such rice tickets became accepted as a kind of general commercial currency. Rules came into being to standardize the trading in rice tickets. These rules were similar to the current rules of American futures trading. In the United States, futures trading started in the grain markets in the middle of the 19th Century. The Chicago Board of Trade was established in 1848. In the 1870s and 1880s the New York Coffee, Cotton and Produce Exchanges were born. Today there are ten commodity exchanges in the United States. The largest are the Chicago Board of Trade, The Chicago Mercantile Exchange, the New York Mercantile Exchange, the New York Commodity Exchange and the New York Coffee, Sugar and Cocoa Exchange. Worldwide there are major futures trading exchanges in over twenty countries including Canada, England, France, Singapore, Japan, Australia and New Zealand. The products traded range from agricultural staples like Corn and...
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...Part A The California Gold Rush was an important discovery that contributed to the development and expansion of the United States. Prior to the Gold Rush California was a remote and sparsely populated area with no government control. People could come by sea or land which made it a great location when the Gold Rush exploded. The California Gold Rush brought 300,000 people across the United States to the West (Wikipedia, 2004). Of the 300,000 half arrived by sea and half came from the east overland on the California Trail and the Gila River Trail (Wikipedia, 2004). At first the gold nuggets could be picked off the ground. Later, gold was recovered from streams and riverbeds using simple techniques. Towards the end heavier equipment was used to retrieve the gold. When the gold was first discovered they wanted to keep it quiet. There was fear of what would happen to the land and agriculture if there was a mass gold search, but rumors spread and people saw the profits that could be made. Many hurried to set up stores to sell gold digging supplies and then announced and spread word of gold. It didn’t take long for this exciting news to take off. Soon all the newspapers along the east coast were reporting the findings and wealth to be made in California. The effects of the Gold Rush were substantial. In six years, San Francisco grew from a small settlement of about 200 residents to a boomtown of about 36,000 (Udall, 2003). Roads, churches, schools and other towns...
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...Assignment: TLE *Choose your desired topic to research on the internet Topic #1 Puerto Prinsesa subterranean river #2 Tubataha Reef #3 Coron Island Visit websites associated to the chosen topic & complete information of the following areas: 1.Unique description of the tourist destinations. 2. Government and NGO environmental programs. 3. Role of the public in the reservation of the environmental and heritage sites. Coron Island Coron Island or Calis as the Tagbanuas called it, is the third largest island among the Calamianes group Islands. Coron is a part of the ancestral domain of the Tagbanuas. Meaning, some of the places here in Coron are exclusive and are not open for the public. The Government of the Philippines gave the right to them due to these following reasons: Many Tagbanuas spend their lives protecting and maintaining the beauty of the island, and this Island serves as the burial place of their loved ones. Due to this ancestral right, Tagbanuas are very cautious when it comes in allowing tourists to enter certain places. Coron is one of the best tourist attractions here at the Philippines. Along the Island, you can find white sand beaches, lagoons, and many more attractions. These include Kayangan lake, Barracuda lake, Twin Lagoons, Banol beach, Beach 91, Atuwayan Beach, Maynuno Beach, Skeleton wreck and many more. One of the attractions here is the Siete Pecados Marine Park. It is a cluster of 7 limestone islets in the entrance of the Coron...
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...Running Head: PERSONAL LEADERSHIP STYLE Personal Leadership Style Shannon Hicks University of Phoenix Personal Leadership Style For one to understand the significance of a leader, the term must first be understood. The term leadership is a word taken from the common vocabulary and incorporated into the technical vocabulary of a scientific discipline without being precisely redefined (Yukl, 2006). One of the many examples of leadership is defined as the ability of an individual to influence, motivate, and enable others to contribute toward the effectiveness and success of the organization (2006). Common, but significant vocabulary words used in the above definition would be influence, motivation, and contribution. An effective leader has to be able to influence the team. Without influence, followers will be reluctant to support the leader in the task. The leader must gear up to articulate the goals of team. Different methods of influence can be used to accomplish different outcomes depending on the nature of the situation. An experienced leader can manipulate people into doing something, may become committed to the task, subsequently discovering the act is the best option for the team. Ethical use of power is encouraged, but should not abused. Motivation is the desire a person has for achieving a goal, combined with the energy to work toward the goal ((Lintem, 2002). Leaders should concern themselves with what things mean to people, and try to get people...
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... there is also an inherent yearning to seek out one’s own best interest. This brings about a discussion regarding the difference between psychological egoism and ethical egoism. To understand the similarities and differences, one must first understand the two concepts including their natures, as well as their doctrines of motivation. Psychological Egoism and Ethical Egoism: A Comparison Human beings place great value on the interests of both themselves and others. There is a certain innate desire to help others, just as others will feel that same fulfillment for returning that aid. At the same time, however, there is also an inherent yearning to seek out one’s own best interest. That being said, which is the more natural desire, and which of these will prevail when a decision must be made between self-interest, and the interest of others? This brings about a discussion regarding the difference between psychological egoism and ethical egoism. Philosophers as far back as Plato and Socrates – and likely further – have been pondering over these notions which remain just as relevant today. To understand the similarities and differences, one must first understand the two concepts including their natures, as well as their doctrines of motivation. Psychological egoism is a theory which states that people will always behave selfishly in order to achieve their own happiness and pleasure. This, therefore, means that humans are essentially selfish by nature...
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...ENERGY Renewable Energy: An Overview DOE/GO-102001-1102 FS175 March 2001 EFFICIENCY AND RENEWABLE ENERGY What is Renewable Energy? Renewable energy uses energy sources that are continually replenished by nature—the sun, the wind, water, the Earth’s heat, and plants. Renewable energy technologies turn these fuels into usable forms of energy—most often elec- tricity, but also heat, chemicals, or mechanical power. Why Use Renewable Energy? Today we primarily use fossil fuels to heat and power our homes and fuel our cars. It’s convenient to use coal, oil, and natural gas for meeting our energy needs, but we have a limited supply of these fuels on the Earth. We’re using them much more rapidly than they are being created. Even- tually, they will run out. And because of safety concerns and waste disposal prob- lems, the United States will retire much of its nuclear capacity by 2020. In the mean- time, the nation’s energy needs are expected to grow by 33 percent during the next 20 years. Renewable energy can help fill the gap. Even if we had an unlimited supply of fos- sil fuels, using renewable energy is better for the environment. We often call renew- able energy technologies “clean” or “green” because they produce few if any pollutants. Burning fossil fuels, however, sends greenhouse gases into the atmos- phere, trapping the sun’s heat and con- tributing to global warming. Climate scientists generally agree that the Earth’s average temperature has risen in the past century...
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...exploitation of natural resources in conjunction with natural disasters provokes stress on the environment, which result in harmful psychosocial effects like social withdrawal and depression. Guide Questions 1. What are the pressures that can cause environmental stress? 2. What are the natural events of the environment and how can these cause stress? 3. Are social withdrawal and depression the psychosocial effects of the mentioned environmental stressors? What are the symptoms of one being affected by these? Topic Outline ENVIRONMENTAL STRESSES AND THEIR PSYCHOSOCIAL EFFECTS Thesis Statement: The hyper exploitation of natural resources in conjunction with natural disasters provokes stress on the environment, which result in harmful psychosocial effects like social withdrawal and depression. Introduction: Environmental Stress Body: I. Pressures on the environment A. Population B. Noise II. Natural Events A. Natural Disasters III. Psychosocial Effects A. Social Withdrawal B. Depression IV. Symptoms of Environmental Stress A. Headache B. Suicidal intentions C. Panic Attack D. Feeling of helplessness E. Change in one’s mood Conclusion: knowing and understanding environmental stresses and their psychosocial effects. Sentence Outline ENVIRONMENTAL STRESSES AND THEIR PSYCHOSOCIAL EFFECTS Thesis Statement: The hyper exploitation of natural resources in conjunction with natural disasters provokes...
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