...to create a consortium of academic and private organisations with each having a strong motivation to succeed. He held strong veiw's about mangement processes and organisational structures. He believed that company’s should not employee more than 500 people at a time and that decision making should be democratic and also involve employees from all aspects of the team. The Riversimple company designs energy-efficient automobiles, including the Morgan LIFEcar and the Riversimple Urban Car. (hybarn). The name LIFECar was coined by the team at OSCar Automotive Ltd. The name LIFECar summarises key design principles advocated by RiverSimple. LIFECar stands for Lightweight Integrated Fuel `Efficient Car. Hugo Spowers (founder of OSCar Automotive Ltd and Managing Partner at RiverSimple LLP), sought to demonstrate with the LIFECar project that significant gains in fuel efficiency could be achieved with readily available technology. In order for this project to take place, and with the initial and far-sighted support of the Morgan Motor Company, he formed the LIFECar consortium of Cranfield University, Linde, Oxford University and QinetiQ; together they received support from BERR, formerly the DTI, to part fund the project. Key elements of the design (as the name suggest) include the lightweight structure and the integrated whole system design of the vehicle around the characteristics of a fuel cell. LIFECar combines a hydrogen fuel cell with a bank of ultra capacitors...
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...companies? What attributes might support family control? Family owned newspaper companies believe that the journalistic integrity of the newspaper demands family control, so called “family values”. The reason the families give is that the ownership of a newspaper is a "public trust" because of the role of the press in a democracy. Therefore, if a person unrelated to the founder (or some long-ago acquirer as in the New York Times case) takes control over the newspaper, they would manage it with the aim of maximizing profits and thus change the company’s value and reliability in providing quality information to its customers. Family-owned enterprises play a powerful role in the world economy. The auto Industry such as Porsche, Ford Motor Co., Hyundai Motor, and Peugeot Citroen S.A., and retail grocery and consumable business such as Walmart and Carrefour are great examples of family-controlled companies. In order to be successful as both the company and the family grow, a family business must achieve strong business performance and keep the family committed to and capable of carrying on as the owner. A prime determinant of how long a family dynasty will endure is how well its business is run and how effective its management is. Attributes such as control of ownership (how shares can be traded inside and outside de family), governance (keeping a strong board of directors), long-term view (long term growth and performance to avoid risking the family wealth and control), and most important:...
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...established markets, such as the United States and the European Union, as well as the fast-growing markets of India, China, Africa, and Latin America where there is significant potential for further growth. Our combined portfolio of brands and products will be amongst the most comprehensive in the industry. Funding the Cooper Deal In a deal that will make Apollo Tyres the world's seventh-largest tyre maker by revenue, the Onkar S Kanwar-promoted company will acquire a 100% stake in US-based tyre manufacturer Cooper Tire & Rubber Company for $2.5 billion, or around R14,500 crore. Apollo would fund the acquisition fully by raising fresh debt. The deal would be largest acquisition by an Indian company from the automotive sector, beating Tata Motors' acquisition of Jaguar Land Rover in 2008 for $2.3 billion. The deal will be an all-cash transaction where in Cooper's shareholders will receive $35 per share, a 40% premium to the 30-day volume-weighted average price. Cooper Tires is listed on the NYSE. The deal is valued at 4.4 times the Ebitda of Cooper. After the conclusion of the deal,...
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...Press All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Library of Congress Cataloging-in-Publication Data is available ISBN-13: 978-0-19-530792-4 ISBN-10: 0-19-530792-5 1 3 5 7 9 8 6 4 2 Printed in the United States of America on acid-free paper For Chaille Bianca and Vivienne Lael and William Grant who says he wants to be an investment banker ACKNOWLEDGEMENTS As a f i r s t - t i m e au t h o r , I have many people to thank. Luckily for the reader, most of them are current and former employees of Goldman Sachs and Morgan Stanley who would prefer not to be cited. Their support and insight were invaluable to this enterprise. For early encouragement and guidance I must also thank Clare Reihill at Harper Collins, Brian Kempner and Peter Kaplan at the New York Observer, L. Gordon Crovitz...
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...ones that I overheard my mom telling Sidney’s mom over the phone are totally wasted on a guy. He snaked an arm around my waist and gave me a squeeze. “Hi,” I said, a little breathlessly. Not just because of the squeeze, but because I had a twelve-top (Mrs. Hogarth’s ninety-seventh birthday party) that was running me ragged, refilling their iced tea glasses and such, so I was panting a little anyway. “How was the movie?” “Lame,” Sidney answered for everyone. “You didn’t miss anything. Lindsay should stick with red; blond does nothing for her. Seriously, though. What’s Morgan Castle doing here?” Sidney used the menu I’d just given her to point at a table over in Shaniqua’s section. “I mean, she’s got some nerve.” I started to say Sidney was wrong—no way would Morgan Castle be caught dead at the Gull ’n Gulp. Especially at the height of the summer season, when the place was so packed. Locals—like Morgan—know better than to try to set foot near this place during high season. At least, not without a reservation. If you don’t have a reservation at the Gull ’n Gulp—even on a Tuesday night, like tonight—during high season, you...
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...How News Lifts- or Sinks- Worlds Stock This paper will speak about the changes in consumer demand trends after the crash for two different stock companies as well as the attempt the companies made to make profits from rising consumer demands after the crash. The local news that some of us can do without, while others must have it like a morning cup of coffee can get the world wrapped up in 30 minutes to an hour. We get the good, the bad, the ugly, and let us not forget our local weather. News has a very profound effect on us whether we realize it or not. How many times has the weather man been wrong, but regardless, we prepare for the weather they predict? After all, they do have the latest Doppler forecasts. We feed into the frenzy fed to us by our local newscasters. We rely on them to keep us up to date concerning the world around us. It is because of this insatiable need for the news is precisely why it has such an impact on our lives. So it goes without saying, that when the local news reports on how bad our economy is doing, it strikes fear into all viewers. Fear unchecked will inevitably lead to panic. A few short years ago, our country faced the worst recession since The Great Depression. One company after another failed. Companies that had been around for generations fell victim and had to close their doors. And how did we stay abreast, by watching the news daily. Not only did we hear of the many companies that were failing daily, we were also privileged...
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...Google’s Cash Management Google Inc., the world’s largest searching engine operator, has huge cash amount during operation. According to the news on Bloomberg, the company wants to keep money on hand in order to be able to invest quickly when needed, (2013). On Feb 28th, Patrick Pichette, Chief Financial Officer of Google, disclosed the company’s strategy to retain its “strategic ability to pounce” at a Morgan Stanley conference. In general, Google wants to maintain the ability of quick acquisition in cash to make the investment more sufficient, just like the $12.5 billion acquisition of Motorola in 2011(Pichette, 2013). At the end of 2012, Google had $48.1 billion in cash and short-term investment, and the number increased to $44.4 billion on Jun 30th, 2013(Yahoo, 2013). Patrick Pichette also mentioned that the accumulating money on hand might increase the pressure to return more to shareholder, but Google thought preparing for future investment was the best use of money for shareholders(2012). In addition, while the cash is increasing, Google keeps most of its cash overseas to reduce its tax bill, and in order to avoid large transfer fee, Google mostly uses the foreign cash outside the United States (Washington Times, 2013). Basically, Google’s cash management strategy shows the company’s stress on speculative purposes of cash, which enable the company to quickly take advantage of bargains, discounts, new investments, shifts in interest rates and...
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...MORGAN STANLEY RESEARCH ASIA/PACIFIC Morgan Stanley Asia Limited+ Brian Y Leung Brian.Leung@morganstanley.com +852 2848 5220 Jacky Chan Jacky.K.Chan@morganstanley.com +852 2848 5973 Angus Chan, CFA October 25, 2013 Industry View In-Line Angus.Kon.Chan@morganstanley.com +852 2848 5259 China Property Asia Insight: Is 2014 Another Robust Year? We expect 2014 contracted sales growth to be flat while policy risk is on the rise given the strong ASPs. We downgrade our industry view to In-Line. We favor stocks with greater exposure to the mass market segment of non-top-tier cities; Vanke, CG and Shimao are our top picks. Industry view downgraded to In-Line: We are less optimistic than consensus about the contracted sales and ASP outlook in 2014; we expect flat growth amid the increased policy risk and steady demand. MSCI China Real Estate index has outperformed MSCI China by 15% in the last 12 months. The average share price upside of our coverage universe has narrowed to 11%. Favor non-HPR/mass-market: We are more skeptical about tier-one cities given the 56% jump in land sales volume YTD and heightened policy risk amid the surge in ASPs. Demand-supply in lower-tier cities should continue to improve; we think there could be a third consecutive year of zero growth/decline in land sales in 2013, bringing down inventory-turnover. 17% contracted sales growth in 2014: We expect our coverage universe to continue to gain market share but they may only achieve half...
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...Raising Capital 10 Goldman Sachs 2011 Annual Report For Prada, the time had come to capitalize on the power of a global brand In 2010, Prada, one of the world’s most recognizable fashion brands, knew it was time to go public, and that the place to do it was Hong Kong. The reason for choosing Hong Kong was simple: Asia, with its fast-growing economies, had become Prada’s biggest growth market. By 2010, Asia had rivaled Europe and had outpaced North America, accounting for 43 percent of Prada’s annual sales. With Goldman Sachs’ London investment banking team working with the family-owned company, Prada began preparing to go public in 2007. Postponed by the global financial crisis, the IPO was moving forward again in 2011, with Goldman Sachs as lead underwriter. As the IPO approached, work on the complex transaction stretched across continents and disciplines. While our London team worked with the company on capital markets strategy, our Hong Kong investment banking team took responsibility for deal execution. In marketing the offering worldwide, Goldman Sachs helped Prada present its story to more than 250 leading investors. The IPO raised $2.5 billion. It was the largest consumer goods IPO ever in Hong Kong, and the largest IPO to date of any global luxury brand. The offering enabled Prada to reduce its debt while funding future growth across China and the rest of Asia. By 2015, China alone is estimated to comprise 20 percent of the world’s luxury goods market. Prada...
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...Morgan Stanley (MS) * Describe the nature of this company’s business according to the Annual Report. Morgan Stanley is a financial services holding company that operates on a global basis through its subsidiaries and affiliates to maintain a competitive market position within its business segments. The three segments MS primarily positions itself in are the following: Institutional Securities, Global Wealth Management Group, and Asset Management. MS provides these services to a wide and varying client base consisting of governments, individuals, and almost everything in between. (p 50) * Was that description of business in line with what you thought the company’s main business was before reading the MD&A? Yes, it was in line with what I thought MS, and their subsidiaries business interests were involved with. I was however unaware that the Global Wealth Management Group position of MS made up 65% of the company’s operating interest. * List five positive events (outcomes) mentioned in the MD&A. What is the source of/reasons for these positive things? Were those things good/positive due to management’s effort or due to external factors? In other words, who should/did take credit for these good things? 1. Morgan Stanley’s DVA income increased from 2011 to 2012 by $721 million. This can be considered a positive event because the decrease in the company’s liabilities is in a sense, a source of profit. (p 58) 2. Global Wealth Management Group...
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...During the past two decades many organisations in both the manufacturing and service sectors have faced dramatic changes in their business environment. The secondary sector of the economy includes those economic sectors that create a finished, usable product: manufacturing and construction. Some economists contrast the wealth-producing sectors in an economy such as manufacturing with the service sector. Service’ can range from retail, insurance and government. Economists state that an economy begins to decline as its wealth-producing sector loses influence. Along with the service sector producing a service instead of an end product, both these sectors have faced dramatic changes in their business environments during the past two decades. In the last twenty years, there has been a ‘sectoral shift’, manufacturing, or the secondary industry has declined in parallel to the service sector, this has been more apparent in the UK business environment. One argument is that service costs have escalated, resulting in a greater influence being put on the home e.g. laundrettes having being replaced by washing machines globally. Manufacturing firms have recognised the wider markets here and have put increased emphasis on their marketing activities. The service sector following deindustrialisation has seen a decline in public transport although during the 1980’s financial and business services grew. One good example of this is the banking industry, in the service sector, which has gone...
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...1.Evaluate the effectiveness of the Morgan Stanley performance assessment and mgmt system. The strategic goal at Morgan Stanley is to transform the company’s work environment into one that promotes teamwork, innovation and absolute integrity. In order to achieve this goal, President John Mack and his executive team recognized that a culture change in the way staff were evaluated and compensated would be necessary. They instituted a 360-degree performance evaluation system two years ago allowing professionals in the firm to be evaluated by superiors, subordinates and peers. According to the textbook, the advantages of such a system are numerous when compared to traditional assessment systems. The authors state that “supervisors, peers, subordinates and employees themselves differ in their ability to appraise various dimensions of performance” and that “these raters observe different behaviors and may interpret them with divergent standards.” Therefore, the purpose of 360-degree feedback is to give staff a better understanding of their strengths and weaknesses which, in turn, allows them to better identify aspects of their work needing professional development. The fact that Morgan Stanley introduced a 360-degree performance assessment tool is commendable. However, the effectiveness of this tool in its current state has not yet been optimized. In particular, the company’s vision statement appears to be very solid as it clearly articulates how employee abilities should...
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...has changed as a result of the financial crisis," said Global Finance publisher Joseph D. Giarraputo. "The best institutions are those that have a business model focused on customer needs." For editorial information please contact: Dan Keeler, Editor, email: dan@gfmag.com GLOBAL AWARDS | Best Investment Bank | Morgan Stanley | Best Equity Bank | Morgan Stanley | Best Debt Bank | Barclays Capital | Best M&A Bank | Morgan Stanley | Best Up-and-Comer | QInvest | Most Creative | Bank of America Merrill Lynch | SECTORS | Consumer | Credit Suisse | Financial Institutions | Bank of America Merrill Lynch | Health Care | J.P. Morgan | Infrastructure | Scotia Capital | Industrial/Chemicals | J.P. Morgan | Media/Entertainment | J.P. Morgan | Metals & Mining | BMO Capital Markets | Oil & Gas | Bank of America Merrill Lynch | Power | Morgan Stanley | Real Estate | J.P. Morgan | Technology | Credit Suisse | Telecom | J.P. Morgan | REGIONAL AWARDS | NORTH AMERICA | | Best Investment Bank | Morgan Stanley | Best Equity Bank | Morgan Stanley | Best Debt Bank | Barclays Capital | Best M&A Bank | Morgan Stanley | WESTERN EUROPE | |...
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...Shawshank Redemption Paper In society, one of the most popular forms of punishment for deviant individuals who commit criminal acts is to send them to a correctional facility. Although the rest of society has rejected this person as a result of this behavior - in a restricted setting like prison - people begin to adapt to their surroundings. Inevitably, the longer one stays in this setting, the more institutionalized people become. Criminals will soon readily accept their status as a prisoner as well as establish a new identity within this community. In the film Shawshank Redemption, this is further explored as it follows several characters who spend a significant amount of time being incarcerated. Through their time in jail, they learn to adapt to to their surroundings and essentially create a society in which they are functioning and important members. However, as the incarcerated band together, those who are in charge of them may abuse their power in an attempt to further demoralize the prisoners and increase their own personal and economic gain. By attempting to understand sociological theories such as Functionalism, one can better understand the rationale for some of the behaviors shown by the characters as portrayed in Shawshank Redemption. The ability to feel like an active member of a society offers fulfillment not only to the person initiating their role in society, but also to others around them. Without the ability to feel like a productive member of society...
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...maybe I just don't want to. Five hundred yards: that's the length of five football fields, just shy of half a mile, only to come out clean on the other side”. I have adapted that quote into my life and how one should deal with adversity. But, I digress. What I am going to address has nothing to do with my life or how to overcome obstacles, but how that movie demonstrated a few of the concepts of classicism, particularly for the time period, and length of time, the movie was based upon. The themes and characters in the movie “Shawshank Redemption” represent the socio-economic climate of the time. The classicism displayed in the movie did not occur until our main character was several months, up to a year, into his term. As Red, played by Morgan Freeman, starts a friendly bond with Andy, played by Tim Robbins, you can see the symmetry between them. At first, the two seem to feel each other out, although Red is more the extravert to Andy’s introversive tactics. As time progresses, what starts off as business turns into life long friendship. Red is a simple, common sense driven individual whereas Andy has the upscale businessman persona with a higher than average scale of intelligence than many of his counterparts. When the two interact you can see the symmetry between them as street knowledge gives way to book smarts and vice versa. There is also a level of humanism that is outspoken in the scene when Andy locks the door to the warden’s office and plays “The Marriage of Figaro”...
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