DOCSLIB.ORG

Annual Report and Accounts 06

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report and Accounts 06 Annual Report and Accounts 06 Annual Review and Summary Financial Statement and Directors’ Report and Accounts 2006 WorldReginfo - 98675577-a5f8-41aa-ac01-37c1b8bcb2da About this combined Report The format of our reporting has been changed to accommodate the inclusion, for the first time, of an Operating and Financial Review (OFR). In preparing the OFR, we have sought to take into account, where considered appropriate, the best practice set out in the UK Accounting Standards Board’s ‘Reporting Statement: Operating and Financial Review’. We have responded to the spirit of the OFR by offering shareholders a balanced and comprehensive analysis of our current business and describing the significant industry trends that are likely to influence our future prospects. For the first time, we have published our Key Performance Indicators, some other important Business Measures and the Group’s Key Risk Factors. We have also attempted to avoid having too much information in one publication. Our corporate website bat.com has a wealth of material about the Group and, in May 2007, we plan to publish our latest Social Report, detailing progress during 2006 on a range of commitments and actions. We will carefully consider the structure and content of our future reporting in the light of developments in the field and the advice and comments we receive about this publication. The full content of this combined Report is under this flap. Leave it open as a reference to find your way to the different topics covered. Cautionary Statement: the Operating and Financial Review and certain other sections of this document contain forward looking statements which are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. WorldReginfo - 98675577-a5f8-41aa-ac01-37c1b8bcb2da Annual Report and Accounts 06 Annual Review Directors’ Report and Accounts OPERATING AND FINANCIAL REVIEW BRITISH AMERICAN TOBACCO GROUP Overview 49 Directors’ report 01 An introduction to British American Tobacco 53 Remuneration report 02 Chairman’s statement and financial highlights 67 Corporate governance statement 73 Report of the independent auditors Business and strategic review 74 Group income statement 04 Chief Executive’s industry overview 75 Group statement of changes in total equity 06 Our strategy 76 Group balance sheet (including Key Performance Indicators) 77 Group cash flow statement 10 Our strategy in action 78 Notes on the accounts (including Business Measures) 137 Five year summary Regional and financial review 139 Quarterly analyses of profit 20 Regional review 140 Principal subsidiary undertakings 26 Financial review 142 Principal associate undertakings 26 Profit from operations 26 Interest cover 26 Effective tax rate 27 Adjusted diluted earnings per share BRITISH AMERICAN TOBACCO p.l.c. 27 Dividends per share 143 Report of the independent auditors 28 Cash flow 144 Accounting policies 28 Treasury operations 145 Balance sheet 29 Changes in the Group 146 Notes on the accounts 29 Changes in accounting policies 30 Share buy-back programme ibc Contact information 30 Key Group risk factors SUMMARY CORPORATE GOVERNANCE AND SUMMARY FINANCIAL STATEMENT Summary corporate governance 33 Summary corporate governance 34 Board of Directors 35 Management Board 36 Summary remuneration report Summary financial statement 41 Independent auditors’ statement 42 Group income statement 43 Group balance sheet 44 Group statement of changes in total equity 45 Summary financial statement and notes Additional information 48 Shareholder information WorldReginfo - 98675577-a5f8-41aa-ac01-37c1b8bcb2da IN THIS COMBINED REPORT This year, for the first time, British American Tobacco has produced a combined report which amalgamates in one bound document, the Annual Review and Summary Financial Statement together with the Directors’ Report and Accounts. This combined report is bound together as the ‘Annual Report and Accounts 06’. Please read the explanatory notes below. Part 1 – Annual Review IN THE REVIEW The Annual Review and Summary Financial Statement of British American Tobacco p.l.c. for the year ended 31 December 2006 is intended for investors who do not require the full detail of the Directors’ Report and Accounts, which is produced as Part 2 of this combined report. The Annual Review comprises an Operating and Financial Review and a Summary Corporate Governance Statement, Summary Remuneration Report and Summary Financial Statement. The Operating and Financial Review has been prepared to a standard which fulfils the requirements for a business review in accordance with section 234ZZB of the Companies Act 1985, taking into account, where considered appropriate, the best practice set out in the UK Accounting Standards Board’s ‘Reporting Statement: Operating and Financial Review’. The Annual Review does not contain sufficient information to allow for a full understanding of the results of the Group and state of affairs of the Company or of the Group. For further information, reference should be made to the Directors’ Report and Accounts 2006 (see below) which incorporates the full accounts, the Report of the independent auditors on those accounts, the Directors’ Report and the Remuneration Report. The Annual Review is issued to all shareholders. Special feature As part of the OFR, we have produced a special feature on our Brazilian subsidiary, Souza Cruz, to highlight how our strategy is working in a key market. Part 2 – Directors’ Report and Accounts IN THE REPORT The Directors’ Report and Accounts of British American Tobacco p.l.c. for the year ended 31 December 2006 is produced as Part 2 of this combined report. By reference to the Annual Review in Part 1 above, it incorporates the Operating and Financial Review as part of the Directors’ Report on page 49. The Directors’ Report and Accounts is issued, as part of this combined report, to shareholders who elected to receive it together with the Annual Review. WorldReginfo - 98675577-a5f8-41aa-ac01-37c1b8bcb2da Annual Review 2006 British American Tobacco 01 Operating and financial review AN INTRODUCTION TO BRITISH AMERICAN TOBACCO British American Tobacco was ‘born’ international over 100 years ago. We now employ over 55,000 people and are the second largest stockmarket listed tobacco group in the world. OVERVIEW We are also well positioned in all regions of the world, operating in over 180 markets. This geographical balance provides stability, while our presence in markets where volumes and profits are expected to grow gives us confidence for the future. AN INTRODUCTION TO BRITISH AMERICAN TOBACCO We produce and market a wide and diverse range of brands Our vision is to achieve leadership of the global tobacco to suit consumers’ preferences, with a particular focus industry through strategies focused on delivering growth, on our four Global Drive Brands (GDBs) – Dunhill, Kent, improving productivity, demonstrating responsibility and Lucky Strike and Pall Mall. Offering consumers choice and developing a winning organisation. These linked strategies innovation in our brands sets us apart from our competitors are working well, as we continue to build a business that is and is contributing to the continuing growth of our GDBs. sustainable and creates long term value for our shareholders. WorldReginfo - 98675577-a5f8-41aa-ac01-37c1b8bcb2da 02 British American Tobacco Annual Review 2006 Operating and financial review CHAIRMAN’S STATEMENT AND FINANCIAL HIGHLIGHTS “These strong results based on excellent organic growth continue to provide a solid platform for a sustainable business. Our consistent and balanced approach to the four elements of our strategy for creating shareholder value is working well.” Jan du Plessis, Chairman British American Tobacco has had another good year, exceptional items are excluded, reflecting higher profits with 7 per cent growth in our underlying profit from from Reynolds American and ITC. The contribution from operations and a 10 per cent increase in adjusted diluted Reynolds American was £285 million, with the early OVERVIEW earnings per share. The improvement in profit was driven results from the acquisition of the Conwood smokeless by volume growth of 2 per cent and net revenue growth tobacco business being distinctly encouraging. of 5 per cent. The impact of exchange rates for the year The improvement in profit from both subsidiaries and as a whole was not material, although it was significantly associates, together with a lower effective tax rate and negative in the last six months, especially in the last the benefit of the share buy-back programme, more quarter, and has continued into the current year. than offset the impact of higher net finance costs and Our Global Drive Brands were exceptionally successful, minorities. As a result, adjusted diluted earnings per share growing by 17 per cent. They now represent over rose by 10 per cent to 98.12p, just ahead of our long 21 per cent of the Group’s volume from subsidiaries, term goal of achieving, on average, high single figure while international brands as a whole account for some growth in earnings. 40 per cent of the total. By the close of business on 1 March, we expect that Kent volume grew by 16 per cent to 45 billion, while some 35 million shares will have been bought back Dunhill improved by 6 per cent, with encouraging since 1 January 2006 at a cost of £500 million and at performances both in its new and its existing markets. an average price of £14.19 per share. Since 2003, when CHAIRMAN’S STATEMENT AND FINANCIAL HIGHLIGHTS Lucky Strike grew marginally and the star, once again, the buy-back programme started, around 246 million was Pall Mall, up 40 per cent. shares have been repurchased at a cost of £2,191 million, equivalent to an average price of £8.91 per share.
Load more

Recommended publications
  • Corporate Governance
    Strategic report Governance and remuneration Financial statements Investor information Corporate Governance In this section Chairman’s Governance statement 78 The Board 80 Corporate Executive Team 83 Board architecture 85 Board roles and responsibilities 86 Board activity and principal decisions 87 Our purpose, values and culture 90 The Board’s approach to engagement 91 Board performance 94 Board Committee information 96 Our Board Committee reports 97 Section 172 statement 108 Directors’ report 109 GSK Annual Report 2020 77 Chairman’s Governance statement In last year’s Governance statement, I explained that our primary Education and focus on Science objective for 2020 was to ensure there was clarity between the Given the critical importance of strengthening the pipeline, Board and management on GSK’s execution of strategy and its the Board has benefitted from devoting a higher proportion of operational priorities. We have aligned our long-term priorities its time in understanding the science behind our strategy and of Innovation, Performance and Trust powered by culture testing its application. It is important that the Board has a and agreed on the metrics to measure delivery against them. working understanding of the key strategic themes upon The Board’s annual cycle of meetings ensures that all major which our R&D strategy is based. These themes have been components of our strategy are reviewed over the course complemented by Board R&D science thematic deep dives. of the year. Our focus was on the fundamentals of our strategy: human The COVID-19 pandemic impacted and dominated all our genetics, the immune system and AI and ML, as well as to lives for the majority of 2020.
    [Show full text]
  • To Arrive at the Total Scores, Each Company Is Marked out of 10 Across
    BRITAIN’S MOST ADMIRED COMPANIES THE RESULTS 17th last year as it continues to do well in the growing LNG business, especially in Australia and Brazil. Veteran chief executive Frank Chapman is due to step down in the new year, and in October a row about overstated reserves hit the share price. Some pundits To arrive at the total scores, each company is reckon BG could become a take over target as a result. The biggest climber in the top 10 this year is marked out of 10 across nine criteria, such as quality Petrofac, up to fifth from 68th last year. The oilfield of management, value as a long-term investment, services group may not be as well known as some, but it is doing great business all the same. Its boss, Syrian- financial soundness and capacity to innovate. Here born Ayman Asfari, is one of the growing band of are the top 10 firms by these individual measures wealthy foreign entrepreneurs who choose to make London their operating base and home, to the benefit of both the Exchequer and the employment figures. In fourth place is Rolls-Royce, one of BMAC’s most Financial value as a long-term community and environmental soundness investment responsibility consistent high performers. Hardly a year goes past that it does not feature in the upper reaches of our table, 1= Rightmove 9.00 1 Diageo 8.61 1 Co-operative Bank 8.00 and it has topped its sector – aero and defence engi- 1= Rotork 9.00 2 Berkeley Group 8.40 2 BASF (UK & Ireland) 7.61 neering – for a decade.
    [Show full text]
  • British American Tobacco's Submission to the WHO's
    British American Tobacco’s submission to the WHO’s Framework Convention on Tobacco Control This is the submission of the British American Tobacco group of companies commenting on the WHO’s Framework Convention on Tobacco Control. We are the world’s most international tobacco group with an active presence in 180 countries. Our companies sell some of the world’s best known brands including Dunhill, Kent, State Express 555, Lucky Strike, Benson & Hedges, Rothmans and Pall Mall. Executive summary • The WHO’s proposed ‘Framework Convention on Tobacco Control’ is fundamentally flawed and will not achieve its objectives. • The tobacco industry, along with other industries involved in the manufacture and distribution of legal but risky products, is the subject of considerable public attention. It is important that the debate about tobacco remains open, objective, constructive and free from opportunistic criticism if we are effectively to address the real issues associated with tobacco. • British American Tobacco is responsible tobacco. We seek to operate in partnership with governments, who are significant stakeholders in our business, and other interested parties, based on our open acknowledgement that we make a risky product and therefore support sensible regulation. • British American Tobacco shares the World Health Organisation’s desire to reduce the health impact of tobacco use. This paper outlines British American Tobacco’s proposal for the sensible regulation of tobacco. • Our proposal will relieve the WHO of the cost and bureaucracy involved in its wish to become a single global tobacco regulator, leaving it free to do what it should be doing – policy orientation. Some facts about tobacco • Today over one billion adults, about one third of the world’s adult population, choose to smoke.
    [Show full text]
  • Tobacco Labelling -.:: GEOCITIES.Ws
    Council Directive 89/622/EC concerning the labelling of tobacco products, as amended TAR AND NICOTINE CONTENTS OF THE CIGARETTES SOLD ON THE EUROPEAN MARKET AUSTRIA Brand Tar Yield Nicotine Yield Mg. Mg. List 1 A3 14.0 0.8 A3 Filter 11.0 0.6 Belvedere 11.0 0.8 Camel Filters 14.0 1.1 Camel Filters 100 13.0 1.1 Camel Lights 8.0 0.7 Casablanca 6.0 0.6 Casablanca Ultra 2.0 0.2 Corso 4.0 0.4 Da Capo 9.0 0.4 Dames 9.0 0.6 Dames Filter Box 9.0 0.6 Ernte 23 13.0 0.8 Falk 5.0 0.4 Flirt 14.0 0.9 Flirt Filter 11.0 0.6 Golden Smart 12.0 0.8 HB 13.0 0.9 HB 100 14.0 1.0 Hobby 11.0 0.8 Hobby Box 11.0 0.8 Hobby Extra 11.0 0.8 Johnny Filter 11.0 0.9 Jonny 14.0 1.0 Kent 10.0 0.8 Kim 8.0 0.6 Kim Superlights 4.0 0.4 Lord Extra 8.0 0.6 Lucky Strike 13.0 1.0 Lucky Strike Lights 9.0 0.7 Marlboro 13.0 0.9 Marlboro 100 14.0 1.0 Marlboro Lights 7.0 0.6 Malboro Medium 9.0 0.7 Maverick 11.0 0.8 Memphis Classic 11.0 0.8 Memphis Blue 12.0 0.8 Memphis International 13.0 1.0 Memphis International 100 14.0 1.0 Memphis Lights 7.0 0.6 Memphis Lights 100 9.0 0.7 Memphis Medium 9.0 0.6 Memphis Menthol 7.0 0.5 Men 11.0 0.9 Men Light 5.0 0.5 Milde Sorte 8.0 0.5 Milde Sorte 1 1.0 0.1 Milde Sorte 100 9.0 0.5 Milde Sorte Super 6.0 0.3 Milde Sorte Ultra 4.0 0.4 Parisienne Mild 8.0 0.7 Parisienne Super 11.0 0.9 Peter Stuyvesant 12.0 0.8 Philip Morris Super Lights 4.0 0.4 Ronson 13.0 1.1 Smart Export 10.0 0.8 Treff 14.0 0.9 Trend 5.0 0.2 Trussardi Light 100 6.0 0.5 United E 12.0 0.9 Winston 13.0 0.9 York 9.0 0.7 List 2 Auslese de luxe 1.0 0.1 Benson & Hedges 12.0 1.0 Camel 15.0 1.0
    [Show full text]
  • Companies Subject to Exclusion
    Opdateret 01-08-2021 Vellivs Ekslusionsliste Velliv ønsker ikke at investere i selskaber, som bryder med Vellivs ESG-kriterier fastlagt i politikken for ansvarlig investering og aktivt ejerskab og som ikke udviser forandringsvilje i forhold til deres håndtering af ESG-risici. Endelig ønsker Velliv ikke at investere i tobaksselselskaber, selskaber med aktivteter i kontroversielle våben eller selskaber, hvor mere end 5 pct. af omsætningen stammer fra udvinding af kul og oliesand. Selsakb Kommentar 22nd Century Group, Inc. Tobacco AECOM Contr.Weapons Aerojet Rocketdyne Holdings, Inc. Contr.Weapons Aerojet Rocketdyne, Inc. Contr.Weapons Aeroteh SA Contr.Weapons Airbus SE Contr.Weapons Al-Eqbal Co. for Investment Plc Tobacco ALLETE, Inc. Kul Alliance Holdings GP LP Coal Alliance Resource Operating Partners LP Coal Alliance Resource Partners LP Coal Alpha Metallurgical Resources, Inc Coal Alpha Natural Resources Inc Coal Altadis Emisiones Financieras SA Tobacco Altadis SA Tobacco AltaGas Ltd. Gas/ESG Altius Minerals Corporation Coal Altria Group, Inc. Tobacco Anglo American plc Kul Anglo Pacific Group plc Coal Arch Resources, Inc. Coal Arcis Resources Corp. Tobacco Aryt Industries Ltd. Contr.Weapons Asenovgrad Tabac AD Tobacco Ashtrom Group Ltd. Normviolation>human rights Athabasca Oil Corporation Oilsand Avco Corp. Contr.Weapons B.A.T. Capital Corp. Tobacco B.A.T. Finance BV Tobacco B.A.T. International Finance Plc Tobacco Babcock International Group plc Contr.Weapons BADECO ADRIA dd Tobacco BAE Systems (Finance) Ltd. Contr.Weapons BAE Systems plc Contr.Weapons Bat Brasil Tobacco Bathurst Resources Limited Coal Baytex Energy (LP) Ltd. Oilsand Baytex Energy Corp. Oilsand Bellatora, Inc. Tobacco BHP Group Limited Kul BHP Group Plc Kul BlackPearl Resources, Inc.
    [Show full text]
  • Institute for Social Marketing
    TGP96 Tobacco and Primary Medical Services (Scotland) Bill Institute for Social Marketing We appreciate the opportunity to contribute to this consultation. One of the primary purposes of the Bill is to control the display of tobacco products in order to reduce the attractiveness of cigarettes, which will be the exclusive focus of our submission. We demonstrate the need for the removal of point-of- sale (POS) tobacco displays via summation of the business literature, recent UK research and tobacco industry documents. Business case: Why a ban on tobacco displays will be good for small shops There has been a lot of misleading debate about the business impact of removing POS display. In reality, far from harming small shops, this legislation will help them move their businesses in a progressive and forward looking direction. Small shops succeed because they provide good, personalised service that meets the needs of their customers and local communities. Customers are important for obvious reasons, and getting plenty of them into the shop - increasing ‘footfall’ - is a key concern. Community support is equally important, however, because small shops draw most (60%) of their custom from people living within 440 yards of the outlet (Convenience Store, 2007). In deference to this local focus the Association of Convenience Stores has for years run a major promotional campaign to find stores that are ‘Community Heroes’, arguing that “more and more retailers are recognising the importance of being at the heart of their community” (ACS, 2009). The massive tobacco gantries that currently dominate many small shops, far from helping small shopkeepers meet these key objectives, actually hinder them.
    [Show full text]
  • Local Business Database Local Business Database: Alphabetical Listing
    Local Business Database Local Business Database: Alphabetical Listing Business Name City State Category 111 Chop House Worcester MA Restaurants 122 Diner Holden MA Restaurants 1369 Coffee House Cambridge MA Coffee 180FitGym Springfield MA Sports and Recreation 202 Liquors Holyoke MA Beer, Wine and Spirits 21st Amendment Boston MA Restaurants 25 Central Northampton MA Retail 2nd Street Baking Co Turners Falls MA Food and Beverage 3A Cafe Plymouth MA Restaurants 4 Bros Bistro West Yarmouth MA Restaurants 4 Family Charlemont MA Travel & Transportation 5 and 10 Antique Gallery Deerfield MA Retail 5 Star Supermarket Springfield MA Supermarkets and Groceries 7 B's Bar and Grill Westfield MA Restaurants 7 Nana Japanese Steakhouse Worcester MA Restaurants 76 Discount Liquors Westfield MA Beer, Wine and Spirits 7a Foods West Tisbury MA Restaurants 7B's Bar and Grill Westfield MA Restaurants 7th Wave Restaurant Rockport MA Restaurants 9 Tastes Cambridge MA Restaurants 90 Main Eatery Charlemont MA Restaurants 90 Meat Outlet Springfield MA Food and Beverage 906 Homwin Chinese Restaurant Springfield MA Restaurants 99 Nail Salon Milford MA Beauty and Spa A Child's Garden Northampton MA Retail A Cut Above Florist Chicopee MA Florists A Heart for Art Shelburne Falls MA Retail A J Tomaiolo Italian Restaurant Northborough MA Restaurants A J's Apollos Market Mattapan MA Convenience Stores A New Face Skin Care & Body Work Montague MA Beauty and Spa A Notch Above Northampton MA Services and Supplies A Street Liquors Hull MA Beer, Wine and Spirits A Taste of Vietnam Leominster MA Pizza A Turning Point Turners Falls MA Beauty and Spa A Valley Antiques Northampton MA Retail A.
    [Show full text]
  • September 2, 2020 TO
    7772 N. Palm Ave. Fresno, CA 93711 (559) 457-0681 p. (559) 457-0318 f. FresnoCountyRetirement.org DATE: September 2, 2020 TO: Board of Retirement FROM: Donald C. Kendig, CPA, Retirement Administrator Staff Contact: Conor Hinds, Supervising Accountant SUBJECT: Receipt and Filing of the Equity Investment Manager Annual Proxy Voting – RECEIVE AND FILE Recommended Action 1. Receive and File. Fiscal and Financial Impacts There are no fiscal impacts to receiving the annual investment manager proxy voting reports as an informational item. Background and Discussion Prior to February 2003 FCERA had contracted with International Shareholder Services (ISS) to provide proxy voting services in order to exercise the right on behalf of the Board to respond timely and accurately to domestic and international proxy voting requests with the focus on maximizing shareholder value. At the February 5, 2003 Board of Retirement meeting, the Board voted unanimously to allow the ISS contract to expire and to allocate the responsibility of proxy voting to the investment managers as these services were already available under the normal management fee structure. The Board’s decision saves approximately $50,000 annually. As a result of the shift in responsibility of proxy voting to the investment managers, the Investment Policy Statement was revised and now states the Board’s authority in this area and sets the expectation for the proxy voting process by the investment managers. In keeping with the Board’s Investment Policy Statement, FCERA staff has obtained the proxy voting records of our current domestic and international equity managers. Attached for your review is the most recent proxy voting reports for the following equity managers: AJO, Artisan, Mondrian Emerging, Mondrian International, PIMCO Stocks Plus, Research Affiliates and T.
    [Show full text]
  • UNLOCKING OPPORTUNITIES for WOMEN and BUSINESS a Toolkit of Actions and Strategies for Oil, Gas, and Mining Companies
    UNLOCKING OPPORTUNITIES FOR WOMEN AND BUSINESS A Toolkit of Actions and Strategies for Oil, Gas, and Mining Companies INTRODUCTION AND EXECUTIVE SUMMARY IFC 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 U.S.A. ifc.org IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org. All rights reserved The Umbrella Facility for Gender Equality (UFGE) is a World Bank Group multi-donor trust fund expanding evidence, knowledge and data needed to identify and address key gaps between men and women to deliver better development solutions that boost prosperity and increase opportunity for all. The UFGE has received generous contributions from Australia, Canada, Denmark, Finland, Germany, Iceland, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom, and the United States. First printing, May 2018 The findings, interpretations, views, and conclusions expressed herein are those of the authors and do not necessarily reflect the views of the Executive Directors of the International Finance Corporation or of the International Bank for Reconstruction and Development (the World Bank) or the governments they represent. Rights and Permissions The material in this publication is copyrighted.
    [Show full text]
  • The Reason Given for the UK's Decision to Float Sterling Was the Weight of International Short-Term Capital
    - Issue No. 181 No. 190, July 6, 1972 The Pound Afloat: The reason given for the U.K.'s decision to float sterling was the weight of international short-term capital movements which, despite concerted intervention from the Bank of England and European central banks, had necessitated massive sup­ port operations. The U.K. is anxious that the rate should quickly o.s move to a "realistic" level, at or around the old parity of %2. 40 - r,/, .• representing an effective 8% devaluation against the dollar. A w formal devaluation coupled with a wage freeze was urged by the :,I' Bank of England, but this would be politically embarrassing in the }t!IJ light of the U.K. Chancellor's repeated statements that the pound was "not at an unrealistic rate." The decision to float has been taken in spite of a danger that this may provoke an international or European monetary crisis. European markets tend to consider sterling as the dollar's first line of defense and, although the U.S. Treasury reaffirmed the Smithsonian Agreement, there are fears throughout Europe that pressure on the U.S. currency could disrupt the exchange rate re­ lationship established last December. On the Continent, the Dutch and Belgians have put forward a scheme for a joint float of Common Market currencies against the dollar. It will not easily be implemented, since speculation in the ex­ change markets has pushed the various EEC countries in different directions. The Germans have been under pressure to revalue, the Italians to devalue. Total opposition to a Community float is ex­ pected from France (this would sever the ties between the franc and gold), and the French also are adamant that Britain should re­ affirm its allegiance to the European monetary agreement and return to a fixed parity.
    [Show full text]
  • Ritz-Carlton Half Moon Bay, Ca
    RITZ-CARLTON HALF MOON BAY, CA APRIL 23-25, 2017 CLICK HERE TO DOWNLOAD PDF TABLE OF CONTENTS 2017 Value Program Members .......................................................... 3 Gold Value Program Members ...................................................... 4 Silver Value Program Members ................................................... 13 Bronze Value Program Members ................................................ 18 Agenda................................................................................................. 29 Hotel Map ........................................................................................... 32 Speaker Biographies ......................................................................... 33 Attendees ............................................................................................ 42 By Name ......................................................................................... 42 By Company ................................................................................... 45 Meeting Dates .................................................................................... 48 Board of Directors ............................................................................. 50 Current Data ....................................................................................... 53 SVIA Annual Investment and Policy Survey for 2016 ................ 53 SVIA Quarterly Characteristics Survey through 4Q2016 .......... 73 Stable Times Volume 20 Issue 2 .....................................................
    [Show full text]
  • Tobacco Enforcement Program Annual Report April 1, 2015 – March 31, 2016
    Youth Access Tobacco Enforcement Program Report April 1, 2015 – March 31, 2016 Questions or requests for additional copies of this report: New York State Department of Health Bureau of Community Environmental Health & Food Protection Tobacco Enforcement Program Empire State Plaza - Corning Tower Room 1395 Albany, New York 12237 Telephone: (518) 402-7600 Fax: (518) 402-7609 ACKNOWLEDGEMENTS Special thanks go to the local health department enforcement officers, the New York City Department of Consumer Affairs and the youth who participated in the access compliance check surveillance program. For more than 18 years, these dedicated agencies and individuals have been the leaders in the State’s effort to increase retailer compliance with the public health law in our communities. Staff of the New York State Department of Health’s Bureau of Community Environmental Health and Food Protection, Tobacco Enforcement Program prepared this report with data provided from the local enforcement officers, other state agencies and programs within the Department of Health. The New York State Department of Health’s Tobacco Control Program and the New York State Education Department supplied information regarding tobacco use and trends among minors. The State Department of Taxation and Finance provided registration and revenue data. The Department of State’s Office of Fire Prevention and Control supplied data regarding fires. TABLE OF CONTENTS PREFACE ……………………………………………………………………………………….. 5 PROGRAM OVERVIEW………………………………………………………………………. 6 PROGRAM PURPOSE ………………………………………………………………………… 8 STATUS AND ACCOMPLISHMENTS …………………………………………………….… 8 APPENDICES ……………………………………………………………………………………17 APPENDIX 1: Number and Type of Investigations, April 1, 2015 - March 31, 2016. APPENDIX 1A: Sale to Minor Violation Rate by County, 5 year Summary APPENDIX 2: Penalized Tobacco Retailers and Vendors, April 1, 2015 - March 31, 2016.
    [Show full text]