...Prepare a brief chronology of the key events that occurred during this takeover offer. Sep 1, 2005 Lion Made offical offer to take offer cooper offering $260/share for cooper shares Sept 1, 2005 Cooper board of director going to meet and discuss this offer, no action should be taken at this time. Sept 06, 2005 Board of Director of Cooper recommend shareholder should reject the offer Takeover panel review Sept 1, 2005 appeal by Cooper about Lion offer that does not explain the preemptive right. Panel ask Lion to make a join letter to explain the preemptive right Sept 09, 2005 appeal by Lion appealing that Cooper explanation of fair value in the statement of Cooper articles is misleading Sept 21, 2005 Coopers convened an EGM for shareholders by sending notice of meeting and explanatory memorandum to vote out Lion Nathan pre-emptive right from Cooper constitution. Sept 27, 2005 Lion Nathan commenced proceeding in Federal court against cooper, explaining that the explanatory memorandum is misleading October 11, 2005 Injunction was given against Cooper from holding EGM until bidder statement is out to give enough information to shareholder October 10, 2005 Lion Nathan bidder statement comes out. Offering $260 per share of Cooper under several conditions October 19, 2005 Full court of the Supreme Court in Adelaide reject Lion Nathan appeal on Sept 2 decision by Justice Perry. Cooper can hold an EGM to vote out Lion Nathan from its pre-emptive...
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...should SZLN take into account when assessing the acquisition? Opportunities - Utilize PEM's production capacity to support SZLN's underutilized smelters; - Significantly improve the grades of zinc and lead ore for production, which would greatly reduce the costs for SLZN in its production; - Possible capital gain after acquisition as the market recovers; - SZLN and PEM could draw advanced mining technologies from each other; - SZLN could improve its operational and managerial efficiencies by learning relevant skills from PEM; - Provide a platform to SZLN for future international expansion; Risks - Cultural differences between two countries; - Political risks The FIRB may rule the acquisition unfavourable to SZLN as SZLN's intention is to gain control over PEM and the FIRB may find it to be against the national interest of Australia; The supervision body SASAC in China may also find that SZLN's acquisition does not amount to efficient use of foreign exchange reserves, even though the overall strategy is to ‘go global'; - Market condition may continue deteriorating and the acquisition may then lead to massive losses to SZLN; - Risk of overpayment due to shareholders' holdup problem; Question 2 Determine the value range of PEM based on comparable transactions. Can PEM be valued using acquisition multiples such as the Price/Earnings and Price/Book ratio; The only comparable transaction here is the failed merger between PEM and CBH. - Latest market...
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... 6. Purchasing of attractive mines for a cheap price and future value rise after predictable increase in resources price. In other words the opportunity of capital gain after the market recovery. Risks 1. Political risks from both sides. On the one hand, the supervision of SASAC in China, that controls the efficiency of using of foreign exchange reserves, political relationship with the investee country and following the “global strategy”. On the other hand the impact of FIRB, that can find the acquisition to be against the national interest of Australia. 2. Risk of involving in long negotiation process with possible negative result. 3. Cultural differences between countries. 4. Risk of market deteriorating that can lead to losses for SZLN. 5. Risk of overpayment. 6. Negative influence from competitors. CBH has clear interest in purchasing PEM it could try to stop the deal by offering better price, by doing black PR against SZLN in media in order to force FIRB to block the deal. (2) Determine the value of the PEM shares to SZLN by employing DCF ‐ using the free cash flow to equity method (based...
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...that provides domain related software and consulting services.The products and services it provides are broadly catogarised into Banking and Finacial technologies SCM Software Enterprise IT Servies Aurionpro's Corporate Loan Origination System (LOS) is an end-to-end Credit Risk Management System incorporating the Basel II risk management framework as well as best of breed credit risk management practices from international banks. Developed by Aurionpro's Integro business and ma rketed under the SmartLender brand, the solution is a strategic risk-based lending platform to enhance credit quality and improve productivity. It is also the data gathering infrastructure for all three credit risk management approaches of Basel II (Standardized, FIRB, and AIRB). CGI GROUP CGI Group Inc. is a North American multinational information technology (IT) consulting, systems...
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...DRAFT Chinese Foreign Direct Investment in Australia: Policy Issues for the Resource Sector Peter Drysdale Crawford School of Economics and Government The Australian National University and Christopher Findlay School of Economics University of Adelaide Abstract The last nine months has seen Chinese foreign direct investment in the Australian resource sector become an issue of policy interest. There are two big questions that the prospects of a significant rise in foreign direct investment (FDI) from China into the Australian resources sector have raised. Is the surge of FDI into Australian mining and energy consistent with achieving the traditional gains from foreign investment? And are there any particular problems associated with investment from foreign state-owned enterprises or state managed sovereign wealth funds? These are among the questions addressed in this paper. The paper argues that there are no issues that cannot be dealt with under the umbrella of the established test of ‗national interest‘ in managing the growth of Chinese FDI into the Australian minerals sector. It argues that a confusion has been introduced into policy over the questions of state-ownership and supplier-buyer relations in respect of Chinese investments and that clarifying these issues is likely to be important to Australia‘s capturing the full benefits from the growth of Chinese resources demand and longer term economic and strategic interests in China. Paper for Presentation to Crawford...
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...1) Product: Shoes The raw material is plastic, then transformed into stylish shoes and sandals, that can be used day or night, for work or party time, each shoe has its own style and message to pass on. 2) Target Market: Age: 15 – 35 Gender: Female Income: 20.000 per year and above Marital Status: Any Sexual Orientation: Any Occupation: Student, worker, stay at home mum Social Activities: Shopping, hang out with friends, drinking, dinning out, internet, movies and partying. 3) Benefits: • All shoes and sandals are made of plastic, therefore they are easy to be cleaned, and can be used in any weather. • With different styles, you can have one for each occasion, or you can use the same one to work and party, depending on your own style. 4) Brand Name: Melissa Logo: [pic] Slogan: Style at your feet Image: Fashionable Women [pic] 5) Packaging A carton box that will come in different colours and designs that can be used for storage, each shoe will come in a stylish plastic bag inside the box. [pic] 6) Promotional Deals: ...
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...(CAD) monitors the documentation aspects of approved credits and finally the Legal Recovery Department manages the deteriorating accounts. It is mentionable that the bank has own credit risk management guideline. All other remaining risk in regards to credit portfolio are addressed by the Risk Management Unit (RMU), the primary responsibility of this unit isto identify and assess the severity of risks and highlight the same to the management for strategic decision making. Below are risk wise list of few global model that RMU is currently using or intends to use in the future: Residual Risk (e.g. wrong valuation of collateral, Capital computation under Pillar –II using the foundation documentation error etc) Internal Rating Based (FIRB) approach Concentration Risk Herfindahl-Hirschman Index ( HHI) index Foreign Exchange Risk Management: The Foreign Exchange Risk arises from transaction...
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...THE BASEL CAPITAL ACCORDS BY JOE LARSON APRIL 2011 I. Introduction Banks are a vital part of a nation’s economy. In their traditional role as financial intermediaries, banks serve to meet the demand of those who need funding. As such, banks make it possible for people to buy homes and for businesses to expand. Banks therefore facilitate spending and investment, which fuel growth in the economy. However, despite their important role in the economy, banks are nevertheless susceptible to failure. Banks, like any other business, can go bankrupt. However, unlike most other businesses, the failure of banks, especially very large ones, can have far-reaching implications. As we saw during the Great Depression and, most recently, during the global financial crisis and the ensuing recession, the health of the bank system (or lack thereof) can trigger economic calamities affecting millions of people. Consequently, it is imperative that banks operate in a safe and sound manner to avoid failure. One way to ensure this is for governments to provide diligent regulation of banks. Yet, with the advent of globalization, banking activities are no longer confined to the borders of any individual country. With cross-border banking activities rapidly increasing, the need for international cooperation in bank regulation has likewise increased. Ready to meet this need is the Basel Committee on Bank Supervision (BCBS). In its role as the international advisory authority on bank regulation, the BCBS...
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...I. Introduction This is a country that has abundant and diverse natural resources and naturally attracts high levels of foreign investment. It includes extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. The country also has a large services sector and is a significant exporter of natural resources, energy, and food. Key principles of it’s trade policy include support for open trade and the successful culmination of the Doha Round, (aimed to achieve major reform of the international trading system through the introduction of lower trade barriers and revised trade rules), for multilateral trade negotiations, particularly agriculture and services. The economy grew for 17 consecutive years before the global financial crisis. Subsequently, the government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the economy rebound after just one quarter of negative growth. As a result of an improved economy, the government could return to budget surpluses as early as 2015. It was one of the first advanced economies to raise interest rates as well, with seven rate hikes between October...
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...Basel II to Basel III: Changes and Requirements Hesham Hamdy Chief Risk Officer, Arab International Bank Nairobi, 7-8 March 2012 Basel; what is it? • A New Standard for the Measurement of Risks in Banks, and for the Allocation of Capital to cover those risks, published by the Basel Committee of G10 Central Banks. • What Does Basel Committee Do? - Acts as Think-Tank for banking regulators - Issues guidance on best practice for banks - Standards accepted worldwide - Generally incorporated in national banking regulations Basel I • Basel I was the round of deliberations by central banks from around the world, and in 1988, the Basel Committee (BCBS) in Basel, Switzerland, published a set of minimum capital requirements for banks. This was known as the 1988 Basel Accord, and was enforced by law in the Group of Ten (G-10) countries in 1992 . • Basel I primarily focused on credit risk. Assets of banks were classified and grouped in five categories according to credit risk, carrying risk weights of zero (for example home country sovereign debt), ten, twenty, fifty, and up to one hundred percent (this category has, as an example, most corporate debt). Basel I (continued) • Banks with international presence were required to hold capital equal to 8 % of the risk-weighted assets. • Basel I was then widely viewed as outmoded because the world has changed as financial corporations, financial innovation and risk management have developed. Therefore, a more comprehensive set of...
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...XẾP HẠNG TÍN DỤNG NỘI BỘ TẠI CÁC NHTM VIỆT NAM – THỰC TRẠNG & GIẢI PHÁP HOÀN THIỆN Hoạt động tín dụng là hoạt động mang lại nguồn thu nhập chủ yếu cho các ngân hàng thương mại (NHTM), nhưng cũng hàm chứa nhiều rủi ro. Xếp hạng tín dụng (XHTD) là một trong những công cụ quản trị rủi ro tín dụng hiệu quả mà các NHTM đã và đang áp dụng khi cấp tín dụng cho khách hàng. Tuỳ thuộc vào mỗi ngân hàng mà thuật ngữ “credit ratings” có tên gọi khác nhau. Có ngân hàng gọi là “xếp hạng tín dụng nội bộ”, có ngân hàng gọi là “chấm điểm tín dụng”, có ngân hàng gọi là “xếp hạng tín nhiệm”…nhưng bản chất đều nhằm đánh giá mức độ tín nhiệm, khả năng trả nợ trong tương lai của khách hàng dựa trên hệ thống xếp hạng. Như vậy XHTD khách hàng vay vốn là việc NHTM đánh giá năng lực tài chính, tình hình hoạt động hiện tại và triển vọng phát triển trong tương lai của khách hàng được xếp hạng, qua đó xác định mức độ rủi ro không trả được nợ và khả năng trả nợ trong tương lai. 1. Xếp hạng tín dụng là căn cứ quan trọng để quản trị rủi ro tín dụng theo chuẩn Bassel. Để quản trị rủi ro tín dụng, cần phải xây dựng môi trường rủi ro tín dụng phù hợp với quy trình cấp tín dụng lành mạnh; hệ thống quản lý, đo lường và theo dõi tín dụng phù hợp; và phải kiểm soát được rủi ro tín dụng. XHTD nói chung và xếp hạng doanh nghiệp nói riêng đề cập đến cả bốn lĩnh vực của quản trị rủi ro tín dụng. Trước hết, bằng việc cung cấp các thông tin và báo cáo chuẩn mực về rủi ro tín dụng ở cấp độ tổng thể như: danh mục đầu tư...
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...Abstract: While knowledge is increasingly considered to be a key resource for companies, the models for formulating business strategies that explicitly include it as a core component are still lacking. The paper investigates such issues by considering the particular case of computer service companies, which can be seen as Knowledge Intensive Business Services (KIBS) firms connecting the sources of innovation (i.e. large multinationals, research laboratories, universities, etc.) to the individual needs of the local customers. In doing so they operate as mediators between the local cognitive requirements and the more generic knowledge available in the global environment. Since those companies base their competitiveness on the capability to manage knowledge flows among various actors, the formulation of their business strategies requires new approaches that directly focus on knowledge assets and relevant processes. The paper describes the results of a survey involving twenty-one computer service companies located in the Northeast of Italy. The study allows the user to draw useful schemes for the identification of knowledge-based strategies, which can be of use beyond the specific context of investigation. In particular, rather than proposing completely new models for knowledge-based strategic formulations, the paper analyses the way knowledge can be integrated into more traditional strategic frameworks. The assumption is that these approaches can be more comfortable and understandable...
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...中国投资澳大利亚葡萄酒业分析 锐勤资本集团 www.origincapital.com.au 2012 年 1 月 中国投资澳大利亚葡萄酒业分析 中国投资澳大利亚葡萄酒业分析 内容大纲 一、概要 ........................................................................................................................................................... 2 二、酒业数据概览 ........................................................................................................................................... 2 葡萄生产情况 ........................................................................................................................................... 2 葡萄酒生产情况 ....................................................................................................................................... 4 进口葡萄酒与国内市场 ........................................................................................................................... 4 出口情况 ................................................................................................................................................... 4 三、现在是收购或投资澳大利亚葡萄酒业的最佳时机 ............................................................................... 5 四、澳大利亚葡萄酒庄寻找投资者的原因 ................................................................................................... 6 五、中国投资澳大利亚葡萄业的需要考虑的问题 ....................................................................................... 6 投资方式 ................................................................................................................................................... 6 投资过程中需要考虑的问题...
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...HABIB BANK LIMITED UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2012 2012 2011 (US $ in '000) ASSETS 1,567,935 246,090 255,567 7,999,874 4,735,688 218,067 59,120 541,385 15,623,726 1,061,044 360,123 428,010 4,116,734 4,284,742 176,092 71,614 452,305 10,950,664 Cash and balances with treasury banks Balances with other banks Lendings to financial institutions Investments Advances Operating fixed assets Deferred tax asset Other assets LIABILITIES 194,325 1,977,449 11,746,459 50,000 393,435 14,361,668 1,262,058 143,022 347,041 9,009,895 50,000 356,395 9,906,353 Bills payable Borrowings Deposits and other accounts Sub-ordinated loans Liabilities against assets subject to finance lease Deferred tax liability Other liabilities 13 14 15 16 17 18,878,652 192,108,597 1,141,164,975 4,857,485 38,221,804 1,395,231,513 122,608,652 13,894,502 33,714,904 875,308,597 4,497,285 34,983,770 962,399,058 101,454,590 5 6 7 8 9 10 11 12 152,324,425 23,907,534 24,828,255 777,185,323 460,070,634 21,185,101 5,743,464 52,595,429 1,517,840,165 103,080,076 34,985,809 41,581,029 399,939,469 416,261,389 17,107,263 6,957,290 43,941,323 1,063,853,648 Note 2012 2011 (Rupees in '000) 1,044,311 NET ASSETS REPRESENTED BY: 124,784 374,036 639,514 1,138,334 123,724 1,262,058 Shareholders' equity 113,440 Share capital 310,898 Reserves 537,610 Unappropriated profit 961,948 82,363 Surplus on revaluation of assets - net of deferred tax 1,044,311 CONTINGENCIES AND COMMITMENTS 18 12,122...
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...CHAPTER I: INTRODUCTION 1. THEME OF THE STUDY Risk management underscores the fact that the survival of an organization depends heavily on its capabilities to anticipate and prepare for the change rather than just waiting for the change and react to it. The objective of risk management is not to prohibit or prevent risk taking activity, but to ensure that the risks are consciously taken with full knowledge, purpose and clear understanding so that it can be measured and mitigated. It also prevents an institution from suffering unacceptable loss causing an institution to suffer or materially damage its competitive position. Functions of risk management should actually be bank specific dictated by the size and quality of balance sheet, complexity of functions, technical/ professional manpower and the status of MIS in place in that bank. 1.2 INTRODUCTION Risk: the meaning of ‘Risk’ as per Webster’s comprehensive dictionary is “a chance of encountering harm or loss, hazard, danger” or “to expose to a chance of injury or loss”. Thus, something that has potential to cause harm or loss to one or more planned objectives is called Risk. The word risk is derived from an Italian word “Risicare” which means “To Dare”. It is an expression of danger of an adverse deviation in the actual result from any expected result. Banks for International Settlement (BIS) has defined it as- “Risk is the threat that an event or action will adversely affect an organization’s ability...
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