...The utilities sector is an industry that resembles the type of investment that our client is looking for. Utilities have long been considered a value investment that provides continuous and large dividends with little risk. It is a defensive industry that will continue to have consumers in all types of markets and even during volatile economic conditions, such as the state we currently reside in. The major issue that impacts utility companies is regulation by the government. There is a lot of concern about the environment and ensuring that pollutants are kept to a minimum and an effort to prevent monopolies. Looking toward the future, we expect to see an increase in the expenses for utility companies as more regulations are added, but also expect to see growth in the industry as power reaches more areas of the globe. “The Energy Information Administration projects that 355 gigawatts of new electric generating capacity - or more than 40% more than the industry currently supplies - will be needed by 2020 to meet growing demand.” Two companies that fit our expectations in the utility industry are The Southern Company (NYSE:SO) and Exelon Corporation (EXC). Exelon is a utility holding company that has more well-known subsidiaries such as ComEd and PECO Energy Company. Through its subsidiaries, Exelon does business in the generation of electricity as well as selling electricity to consumers. Southern Company is also a holding company that owns public utility companies in...
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...Introduction Why would a corporation that is in the business of making profit for its shareholders go beyond regulatory compliance? It’s nice to think that the reasons behind such actions are of good nature – perhaps even philanthropic. And while there are definitely good intentions behind such decision-making, there is also value added for the corporation. Exelon has outlined their goals to be compliant to regulations and their desire to go further. They’ve also positioned themselves as a carbon free alternative for energy by investing heavily in nuclear. However, they are also making a large financial bet by taking this stake. While they are going beyond compliance for greenhouse gas emissions, they are certainly hoping to profit from this stance as well. Greenhouse Gas Regulations Greenhouse gases from anthropogenic sources are one of the main contributors to the rapid climate change that the Earth is now experiencing. As a prominent source for carbon emissions, utilities seem to be a logical place to impose standards. Despite the dire situation, there currently are not strict regulatory concerns for utilities in the United States as far as greenhouse gas emissions are concerned. The President recently proposed a Climate Action Plan that would limit the amount of carbon emissions from new power plant sources. But the standards are for new plants and not existing ones. There have been some attempts at applying the Clean Air Act to greenhouse gas emissions, but these...
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...OVERVIEW Exelon Corporation is an electricity generating and distributing company headquartered in the Chase Tower in the Chicago Loop area of Chicago. Exelon came into existence in October 2000 after the merger between two large utilities: Unicom corp., the parent company of ComEd (Illinois) & PECO Energy Co. (Pennsylvania). Unicom owned Commonwealth Edison. Exelon has 5.4 million electricity customers and serves 485,000 natural gas customers in the Philadelphia suburbs. Exelon is the largest nuclear operator in the U.S. and the 4th largest power generator (in GW) of the nation. Question & Answers Question 1: How will branding benefit Exelon power? Answer: Exelon’s plan to brand Environmentally Preferable Power (EPP) serves 2 goals: * Charge a Premium for EPP and get better margins for a superior product. * To gain incremental business outside of its traditional served markets. Branding will send a strong signal to the market. Exelon is the 1st company attempting to market an ISO certified energy in the industry. Being the 1st mover not only gives Exelon the opportunity to shape the market but also to position Eco Preferred as a premium Product. The value of Eco Preferred comes from the fact that it is going to be a differentiating tool for companies purchasing it. Companies are used to purchasing electricity as a commodity & focusing only on price. Brand could help address this problem by giving a name and an identity to their clean...
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...majority of US companies are asleep at the wheel when it comes to tackling climate change, these corporations are best in class, according to a new report. Ceres highlighted 18 US corporations as best in class for their sustainability efforts. While the vast majority of US companies are asleep at the wheel when it comes to facing up to multiple sustainability challenges, a select group is waking up to the need for urgent action. In a new report, Ceres, a non-profit focused on sustainable business, lambasted the lack of progress across American corporations in general – but also highlighted some companies that deserve praise. Critics would rightly say that there is not a single major corporation that is doing enough to adequately confront issues such as climate change and resource scarcity. But Ceres says a small but growing number of companies rank in the "top tiers" of performance across multiple disciplines, ranging from supply chain management to carbon emissions reductions. Its latest research shows that "companies with strong accountability systems - board oversight, clear policies on human rights and environmental management, active stakeholder engagement and disclosure - in many cases also have strong results on greenhouse gas emissions, use of renewable energy, strong work with suppliers, as well as driving sustainability into product and services". In order to encourage other businesses to take action, Ceres has shined the spotlight on the following companies: Board...
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...technology, and environmental concerns—influences contemporary business. 5 Explain how today’s business workforce and the nature of work itself is changing. 6 Identify the skills and attributes managers need to lead businesses in the 21st century. 7 Outline the characteristics that make a company admired by the business community. iStockphoto The Changing Face of Business S nuggie: The Break-out Blanket Hit I f the first thing you do when preparing to curl up with a good textbook like this one is to reach for your Snuggie, you have plenty of company. Sales of the funky blanket with sleeves were expected to reach as high as 20 million units in just the second year the cozy accessory was available. Combined with the 5 million blankets sold in the first year, that volume will bring the value of total retail sales of the Snuggie to more than $300 million. That’s a respectable profit for an inexpensive product whose unique design and ungainly shape have made it the butt of YouTube parodies and late-night talkshow jokes. It means Allstar Marketing Group, which markets the Snuggie, is obviously doing something right, though Scott Boilen, president of the company, does admit to being surprised at his unlikely product’s rapid rise to pop-culture success. Despite being compared to a backwards coat, the fleecy Snuggie has ridden its growing popularity in two new directions: into much greater availability in a wider variety of stores and into a whole...
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...EXAMINING THE CRACKS IN THE CEILING: A Survey of Corporate Diversity Practices of the S&P 100 March 2013 Table of Contents FOREWORD ....................................................................................................... 1 EXECUTIVE SUMMARY ................................................................................. 2 EXAMINING THE 10 KEY INDICATORS .................................................... 7 1. Equal Employment Opportunity (EEO) Policy ........................... 8 2. Internal Diversity Initiatives ...........................................................10 3. External Diversity Initiatives ..........................................................12 4. Scope of Diversity Initiatives...........................................................13 5. Family-Friendly Benefits....................................................................14 6. EEO-1 Disclosure ..................................................................................15 7. Highest-Paid Executives ...................................................................16 8. Board Representation .......................................................................18 9. Director Selection Criteria ...............................................................20 10. Corporate Commitment ................................................................21 DIVERSITY SCORES BY SECTOR ................................................................22 CONCLUSIONS AND NEXT STEPS...
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...PART I COMPANY PROFILE 1.1Name of the Company McDonald's Corporation McDonald's 1.2 Location of the Company (Head Office) Golden Arches Development Corporation 17th Floor Citibank Centre, Paseo De Roxas Avenue, Makati City 1.3 Locations of McDonald’s All over the Philippines there are McDonald’s. McDonald’s has grown to become one of the leading fast food chains with close to 300 restaurants nationwide. Mostly branches were strategically located at the malls and commercial buildings. 1.4 Website Address www.mcdonalds.com.ph 1.5 Background History of the Company The business began in 1940, with a restaurant opened by brothers Richard and Maurice McDonald at 1398 North E Street at West 14th Street in San Bernardino, California . Their introduction of the "Speedee Service System" in 1948 furthered the principles of the modern fast-food restaurant that the White Castle hamburger chain had already put into practice more than two decades earlier. The original mascot of McDonald's was a man with a chef's hat on top of a hamburger shaped head whose name was "Speedee". Speedee was eventually replaced with Ronald McDonald by 1967 when the company first filed a U.S. trademark on a clown shaped man having puffed out costume legs. McDonald's first filed for a U.S. trademark on the name "McDonald's" on May 4, 1961, with the description "Drive-In Restaurant Services", which continues to be renewed through the end of December 2009. In the same year, on September 13, 1961, the...
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...national, nonprofit organization of scientists, lawyers and environmental specialists dedicated to protecting public health and the environment. Founded in 1970, NRDC has more than 1 million members and e-activists nationwide, served from offices in New York, Washington, Los Angeles and San Francisco. For more information, visit www.nrdc.org. Copyright 2005 by the Natural Resources Defense Council. Natural Resources Defense Council issue paper Commercial Nuclear Power EXECUTIVE SUMMARY Because of the sheer magnitude and urgency of the global climate challenge, the United States must consider all forms of energy—as long as they do not otherwise undermine international and environmental security. Unfortunately, the nuclear power industry in its present state suffers from too many security, safety, and environmental exposure problems and excessive costs to qualify as a leading means to combat global warming pollution. Large-scale nuclear plants remain uneconomic to build. And while the nuclear fuel cycle emits little global warming pollution, nuclear power still poses globally significant risks that need to be further reduced, including: • Diversion of “peaceful” nuclear facilities and materials to secret nuclear weapons programs; • Theft and terrorist use of nuclear materials; • Accidental releases of radioactivity, ranging from locally harmful to potentially catastrophic; • The vulnerability of some spent nuclear fuel storage pools to terrorist attack; • Occupational and...
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...Types and Uses of Renewable Energy and Their Influences DeVry University LAS-432 Professor Anthony Baker Team E Vincent Murr, Alisia Ngo, Mark Pick, Kristine Reed & Venrick Richards 02/25/14 Contents Introduction-Alisia Ngo 3 The Uses and Science of renewable Energy 7 History of Renewable Energy- Vincent Murr 10 Political Influence-Vincent Murr 15 Impact on the economy – Mark Pick 20 Cultural Issues-Kristine Reed 31 Environmental Effects- Kristine Reed 34 Moral and Ethical Concerns-Venrick Richards 38 Conclusion-Venrick Richards 46 References 50 Introduction-Alisia Ngo Throughout the 20th and 21st century, fossil fuels such as coal, petroleum, and natural gas have been essential to our way of life. In the past several decades scientists have warned that coal and oil have been diminishing and that it could take thousands of years for the earth to replenish what we have already used. With that being said finding other resources of energy is crucial to the conservation of our way of life as we know it. Evidence has shown that the U.S. relies heavily on oil, coal, and natural gas for its energy. So finding new ways to substitute these sources of energy through renewable energy like wind, and sunlight needs to be a high priority for local and state governments nationwide. In this paper I will explain why the need for renewable energy is so important to the environment and our way of life. I will speak specifically on the many types of renewable...
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...MORGAN NORTH STANLEY RESEARCH AMERICA Morgan Stanley & Co. LLC Adam S. Parker, Ph.D Adam.Parker@morganstanley.com +1 212 761 1755 Brian T. Hayes, Ph.D Brian.T.Hayes@morganstanley.com Antonio Ortega Antonio.Ortega@morganstanley.com November 26, 2012 Adam J. Gould, CFA Adam.Gould@morganstanley.com US Equity Strategy The 2013 Playbook We are launching our 2013 US equity outlook today. We have been cautious on US equities for much of the last two years. Our concerns around US deficit / debt and the obvious borrowing from the future that occurs from unconventional policy, the European sovereign crisis, and slower growth in emerging markets generally remain, but the acuteness of these issues appears for now to be less sharp. Our 2013 year-end target calls for low-to-mid single digit upside (Exhibit 1) predicated on our view that 2014 corporate earnings are likely to modestly recover from our 2013 forecasted level, perhaps with profits troughing during the April 2013 earnings season. Our year-end 2013 S&P500 price target is 1434, and our bull and bear targets are 1733 and 1135 (Exhibit 1). Our EPS outlook for 2014 is $110.21, up from our 2013 forecast of $98.71, both well below consensus. Improving Michigan Confidence and tightening corporate spreads drive the relative improvement in our earnings outlook. Please see our Interactive Model: S&P500: 2013 Year-End Forecast, also published today, to play with key assumptions and change assumptions for EPS...
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...Notice of 2013 Annual Shareholders’ Meeting and Proxy Statement b McDonald’s Corporation 2013 Contents 3 7 8 8 8 14 14 14 42 Proxy Summary Notice of the Annual Shareholders’ Meeting Election of Directors Proposal No. 1. Election of Directors Director qualifications and biographical information Executive compensation Compensation Committee Report Compensation discussion and analysis Proposal No. 2. Advisory vote to approve executive compensation Other management proposal Proposal No. 3. Advisory vote to approve the appointment of Ernst & Young LLP as independent auditor for 2013 59 Stock ownership 59 Stock ownership guidelines 59 Security ownership of certain beneficial owners 60 Security ownership of management 61 Compliance with Section 16(a) of the Exchange Act Transactions with related persons, promoters and certain control persons Policies and procedures for related person transactions 61 61 62 Related person transactions 62 Communications 62 Communications with the Board of Directors and non-management Directors 62 Consideration of Director nominations for the 2014 Annual Shareholders’ Meeting 63 Shareholder proposals for inclusion in next year’s Proxy Statement 63 Other shareholder proposals for presentation at the 2014 Annual Shareholders’ Meeting 64 Solicitation of proxies and voting 64 Notice and access 64 Record date 64 Voting prior to the Annual Shareholders’ Meeting 64 Voting at the Annual Shareholders’ Meeting 64 Quorum 64 Voting tabulation 65...
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...GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1H 2014 1H 2014 GLOBAL M&A FINANCIAL ADVISORY RANKINGS CONTENTS 1. Introduction 2. Global Market Commentary 8. Global M&A Activity by Region 9. Global M&A Activity by Industry 10. Global Announced Deals 11. Cross Border Announced Deals 12. Global Private Equity Announced Deals 13. North America Announced Deals 17. Latin America Announced Deals 19. EMEA Announced Deals 30. APAC Announced Deals 38. Disclaimer The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG...
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...Creative Director Senior Designer Text Designer Cover Designer Production Management Services Senior Illustration Editor Photo Editor Photo Researcher Senior Editorial Assistant Executive Media Editor Media Editor George Hoffman Franny Kelly Maria Guarascio Dorothy Sinclair Valerie A. Vargas Karolina Zarychta Harry Nolan Madelyn Lesure 4 Design Group Wendy Lai Elm Street Publishing Services Anna Melhorn Hilary Newman Teri Stratford Emily McGee Allison Morris Elena Santa Maria This book was set in Janson TextLTStd-Roman 10/13 by MPS Limited, a Macmillan Company, Chennai, India and printed and bound by R. R. Donnelley & Sons. The cover was printed by R. R. Donnelley & Sons. This book is printed on acid free paper. ∞ Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live and work. In 2008, we launched a Corporate Citizenship Initiative, a global effort to address the environmental, social, economic, and ethical challenges we face in our business. Among the issues we are addressing are carbon impact, paper specifications and procurement, ethical conduct within our business and among our vendors, and community and charitable support. For more information,...
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...AllianceBernstein Holding, L.P. Advanced Battery Technologies, Inc. Abaxis Inc ABB Ltd. AmerisourceBergen Corp. Arkansas Best Corp AMBAC Financial Group Abiomed Inc Abbott Laboratories AmBev Compamhia De Bebidas Das Ame Barrick Gold Corp. Acadia Pharmaceuticals Inc. American Capital Ltd American Campus Communities, Inc. Accelrys, Inc. ACE Limited Arch Capital Group Ltd Acergy S.A. Alum Corp of China Limited Arch Coal, Inc. ALCON Aecom Technology Corporation Accenture PLC Ancestry.com, Inc. Acorda Therapeutics, Inc. Adobe Systems Inc Analog Devices, Inc. Adolor Corp Archer-Daniels-Midland Co Automatic Data Processing Alliance Data Systems Autodesk Inc Adtran Inc AMERICAN DAIRY INC Associated Estates Realty Ameren Corporation Advanced Energy Industries Inc Agnico-Eagle Mines Ltd. American Eagle Outfitters American Electric Power Aercap Holdings N.V. NYSE Arca Lead Market Maker UBS SECURITIES, LLC MORGAN STANLEY & CO CITADEL SECURITIES LLC CITADEL SECURITIES LLC TIMBER HILL LLC GOLDMAN SACHS & CO WOLVERINE TRADING, L.P. GOLDMAN SACHS & CO WOLVERINE TRADING, L.P. CUTLER GROUP, LP CITADEL SECURITIES LLC TIMBER HILL LLC CITIGROUP DERIVATIVES MKTS INC. GOLDMAN SACHS & CO CITADEL SECURITIES LLC WOLVERINE TRADING, L.P. CITADEL SECURITIES LLC MORGAN STANLEY & CO WOLVERINE TRADING, L.P. CITIGROUP DERIVATIVES MKTS INC. CITADEL SECURITIES LLC WOLVERINE TRADING,...
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...Mergers and Acquisitions Basics Mergers and Acquisitions Basics All You Need To Know Donald DePamphilis Amsterdam • Boston • Heidelberg • London New York • Oxford • Paris • San Diego San Francisco • Singapore • Sydney • Tokyo Academic Press is an imprint of Elsevier Academic Press is an imprint of Elsevier 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA Elsevier, The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB, UK Copyright © 2011 Elsevier Inc. All rights reserved No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage and retrieval system, without permission in writing from the publisher. Details on how to seek permission, further information about the Publisher’s permissions policies and our arrangements with organizations such as the Copyright Clearance Center and the Copyright Licensing Agency, can be found at our website: www.elsevier.com/permissions. This book and the individual contributions contained in it are protected under copyright by the Publisher (other than as may be noted herein). Notices Knowledge and best practice in this field are constantly changing. As new research and experience broaden our understanding, changes in research methods, professional practices, or medical treatment may become necessary. Practitioners and researchers must always rely on their own experience and knowledge...
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