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The Profitable and Untethered March to Global Resource Dominance!
Athens Journal of Business and Economics X Y GlencoreXstrata… The Profitable and Untethered March to Global Resource Dominance! By Nina Aversano Titos Ritsatos† Motivated by the economic causes and effects of their merger in 2013, we study the expansion strategy deployment of Glencore International plc. and Xstrata plc., before and after their merger. While both companies went through a series of international acquisitions during the last decade, their merger is strengthening effective vertical integration in critical resource and commodity markets, following Hymer’s theory of internationalization and Dunning’s theory of Eclectic Paradigm. Private existence of global dominant positioning in vital resource markets, posits economic sustainability and social fairness questions on an international scale. Glencore is alleged to have used unethical business tactics, increasing corruption, tax evasion and money laundering, while attracting the attention of human rights organizations. Since the announcement of their intended merger, the company’s market performance has been lower than its benchmark index. Glencore’s and Xstrata’s economic success came from operating effectively and efficiently in markets that scare off risk-averse companies. The new GlencoreXstrata is not the same company anymore. The Company’s new capital structure is characterized by controlling presence of institutional investors, creating adherence to corporate governance and increased monitoring and transparency. Furthermore, when multinational corporations like GlencoreXstrata increase in size attracting the attention of global regulation, they are forced by institutional monitoring to increase social consciousness. When ensuring full commitment to social consciousness acting with utmost concern with regard to their commitment by upholding rules and regulations of their home or host country, they have but to become “quasi-utilities” for the global industry. -
Foreignpolicyleopold
Foreign Policy VOICE The 750 Million Dollar Man How a Swiss commodities giant used shell companies to make an Angolan general three-quarters of a billion dollars richer. BY Michael Weiss FEBRUARY 13, 2014 Revolutionary communist regimes have a strange habit of transforming themselves into corrupt crony capitalist ones and Angola -- with its massive oil reserves and budding crop of billionaires -- has proved no exception. In 2010, Trafigura, the world’s third-largest private oil and metals trader based in Switzerland, sold an 18.75-percent stake in one of its major energy subsidiaries to a high-ranking and influential Angolan general, Foreign Policy has discovered. The sale, which amounted to $213 million, appears on the 2012 audit of the annual financial statements of a Singapore-registered company, which is wholly owned by Gen. Leopoldino Fragoso do Nascimento. Details of the sale and purchaser are also buried within a prospectus document of the sold company which was uploaded to the Luxembourg Stock Exchange within the last week. “General Dino,” as he’s more commonly called in Angola, purchased the 18.75 percent stake not in any minor bauble, but in a $5 billion multinational oil company called Puma Energy International. By 2011, his shares were diluted to 15 percent; but that’s still quite a hefty prize: his stake in the company is today valued at around $750 million. The sale illuminates not only a growing and little-scrutinized relationship between Trafigura, which earned nearly $1 billion in profits in 2012, and the autocratic regime of 71-year-old Angolan President Jose Eduardo dos Santos, who has been in power since 1979 -- but also the role that Western enterprise continues to play in the Third World. -
GLENCORE: a Guide to the 'Biggest Company You've Never Heard
GLENCORE: a guide to the ‘biggest company you’ve never heard of’ WHO IS GLENCORE? Glencore is the world’s biggest commodities trading company and 16th largest company in the world according to Fortune 500. When it went public, it controlled 60% of the zinc market, 50% of the trade in copper, 45% of lead and a third of traded aluminium and thermal coal. On top of that, Glencore also trades oil, gas and basic foodstuffs like grain, rice and sugar. Sometimes refered to as ‘the biggest company you’ve never heard of’, Glencore’s reach is so vast that almost every person on the planet will come into contact with products traded by Glencore, via the minerals in cell phones, computers, cars, trains, planes and even the grains in meals or the sugar in drinks. It’s not just a trader: Glencore also produces and extracts these commodities. It owns significant mining interests, and in Democratic Republic of Congo it has two of the country’s biggest copper and cobalt operations, called KCC and MUMI. Glencore listed on the London Stock Exchange in 2011 in what is still the biggest ever Initial Public Offering (IPO) in the stock exchange’s history, with a valuation of £36bn. Glencore started life as Marc Rich & Co AG, set up by the eponymous and notorious commodities trader in 1974. In 1983 Rich was charged in the US with massive tax evasion and trading with Iran. He fled to Switzerland and lived in exile while on the FBI's most-wanted list for nearly two decades. -
Chapter 48 – Creative Destructor
Chapter 48 Creative destructor Starting in the late 19th century, when the Hall-Heroult electrolytic reduction process made it possible for aluminum to be produced as a commodity, aluminum companies began to consolidate and secure raw material sources. Alcoa led the way, acquiring and building hydroelectric facilities, bauxite mines, alumina refineries, aluminum smelters, fabricating plants and even advanced research laboratories to develop more efficient processing technologies and new products. The vertical integration model was similar to the organizing system used by petroleum companies, which explored and drilled for oil, built pipelines and ships to transport oil, owned refineries that turned oil into gasoline and other products, and even set up retail outlets around the world to sell their products. The global economy dramatically changed after World War II, as former colonies with raw materials needed by developed countries began to ask for a piece of the action. At the same time, more corporations with the financial and technical means to enter at least one phase of aluminum production began to compete in the marketplace. As the global Big 6 oligopoly became challenged on multiple fronts, a commodity broker with a Machiavellian philosophy and a natural instinct for deal- making smelled blood and started picking the system apart. Marc Rich began by taking advantage of the oil market, out-foxing the petroleum giants and making a killing during the energy crises of the 1970s. A long-time metals trader, Rich next eyed the weakened aluminum industry during the 1980s, when depressed demand and over-capacity collided with rising energy costs, according to Shawn Tully’s 1988 account in Fortune. -
Wertheimer, Editor Imagining the Seth Farber an American Orthodox American Jewish Community Dreamer: Rabbi Joseph B
Imagining the American Jewish Community Brandeis Series in American Jewish History, Culture, and Life Jonathan D. Sarna, Editor Sylvia Barack Fishman, Associate Editor For a complete list of books in the series, visit www.upne.com and www.upne.com/series/BSAJ.html Jack Wertheimer, editor Imagining the Seth Farber An American Orthodox American Jewish Community Dreamer: Rabbi Joseph B. Murray Zimiles Gilded Lions and Soloveitchik and Boston’s Jeweled Horses: The Synagogue to Maimonides School the Carousel Ava F. Kahn and Marc Dollinger, Marianne R. Sanua Be of Good editors California Jews Courage: The American Jewish Amy L. Sales and Leonard Saxe “How Committee, 1945–2006 Goodly Are Thy Tents”: Summer Hollace Ava Weiner and Kenneth D. Camps as Jewish Socializing Roseman, editors Lone Stars of Experiences David: The Jews of Texas Ori Z. Soltes Fixing the World: Jewish Jack Wertheimer, editor Family American Painters in the Twentieth Matters: Jewish Education in an Century Age of Choice Gary P. Zola, editor The Dynamics of American Jewish History: Jacob Edward S. Shapiro Crown Heights: Rader Marcus’s Essays on American Blacks, Jews, and the 1991 Brooklyn Jewry Riot David Zurawik The Jews of Prime Time Kirsten Fermaglich American Dreams and Nazi Nightmares: Ranen Omer-Sherman, 2002 Diaspora Early Holocaust Consciousness and and Zionism in Jewish American Liberal America, 1957–1965 Literature: Lazarus, Syrkin, Reznikoff, and Roth Andrea Greenbaum, editor Jews of Ilana Abramovitch and Seán Galvin, South Florida editors, 2001 Jews of Brooklyn Sylvia Barack Fishman Double or Pamela S. Nadell and Jonathan D. Sarna, Nothing? Jewish Families and Mixed editors Women and American Marriage Judaism: Historical Perspectives George M. -
Metal Men Metal Men Marc Rich and the $10 Billion Scam A
Metal Men Metal Men Marc Rich and the $10 Billion Scam A. Craig Copetas No part of this publication may be reproduced or transmitted in any form or by any means, electronic, or mechanical, including photocopy, recording, scanning or any information storage retrieval system, without explicit permission in writing from the Author. © Copyright 1985 by A. Craig Copetas First e-reads publication 1999 www.e-reads.com ISBN 0-7592-3859-6 for B.D. Don Erickson & Margaret Sagan Acknowledgments [ e - reads] Acknowledgments o those individual traders around the world who allowed me to con- duct deals under their supervision so that I could better grasp the trader’s life, I thank you for trusting me to handle your business Tactivities with discretion. Many of those traders who helped me most have no desire to be thanked. They were usually the most helpful. So thank you anyway. You know who you are. Among those both inside and outside the international commodity trad- ing profession who did help, my sincere gratitude goes to Robert Karl Manoff, Lee Mason, James Horwitz, Grainne James, Constance Sayre, Gerry Joe Goldstein, Christine Goldstein, David Noonan, Susan Faiola, Gary Redmore, Ellen Hume, Terry O’Neil, Calliope, Alan Flacks, Hank Fisher, Ernie Torriero, Gordon “Mr. Rhodium” Davidson, Steve Bronis, Jan Bronis, Steve Shipman, Henry Rothschild, David Tendler, John Leese, Dan Baum, Bert Rubin, Ernie Byle, Steven English and the Cobalt Cartel, Michael Buchter, Peter Marshall, Herve Kelecom, Misha, Mark Heutlinger, Bonnie Cutler, John and Galina Mariani, Bennie (Bollag) and his Jets, Fredy Haemmerli, Wil Oosterhout, Christopher Dark, Eddie de Werk, Hubert Hutton, Fred Schwartz, Ira Sloan, Frank Wolstencroft, Congressman James Santini, John Culkin, Urs Aeby, Lynn Grebstad, Intertech Resources, the Kaypro Corporation, Harper’s magazine, Cambridge Metals, Redco v Acknowledgments [ e - reads] Resources, the Swire Group, ITR International, Philipp Brothers, the Heavy Metal Kids, and . -
JO1989-V22-N09.Pdf
Not ,iv.st a cheese, a traa1t1on... ~~ Haolam, the most trusted name in Cholov Yisroel Kosher Cheese. Cholov Yisroel A reputation earned through 25 years of scrupulous devotion and kashruth. With 12 delicious varieties. Haolam, a tradition you'll enjoy keeping. A!I Haolam Cheese products are under the strict Rabbinical supervision of: ~ SWITZERLAND The Rabbinate of K'hal Ada th Jeshurun Rabbi Avrohom Y. Schlesinger Washington Heights. NY Geneva, Switzerland THl'RM BRUS WORLD CHFf~~ECO lNC. 1'!-:W YORK. 1-'Y • The Thurm/Sherer Families wish Klal Yisroel n~1)n 1)J~'>'''>1£l N you can trust ... It has to be the new, improved parve Mi dal unsalted margarine r~~ In the Middle of Boro Park Are Special Families. They Are Waiting For A Miracle It hurts ... bearing a sick and helpless child. where-even among the finest families in our It hurts more ... not being able to give it the community. Many families are still waiting for proper care. the miracle of Mishkon. It hurts even more ... the turmoil suffered by Only you can make that miracle happen. the brothers and sisters. Mishkon. They are our children. Mishkon is helping not only its disabled resident Join in Mishkon's campaign to construct a children; it is rescuing the siblings, parents new facility on its campus to accommodate entire families from the upheaval caused by caring additional children. All contributions are for a handicapped child at home. tax-deductible. Dedication opportunities Retardation and debilitation strikes every- are available. Call 718-851-7100. Mishkon: They are our children. -
Official Records
SECTION C SEPTEMBER 25, 2017 BANKER & TRADESMAN Official Records MASSACHUSETTS MARKET STATISTICS INDEX County Sales Charts In This Week’s Issue Number Of Condo Sales None 35003,500 Real Estate Records 28002,800 PAGE COUNTY TRANSACTIONS THRU PAGE COUNTY TRANSACTIONS THRU C2 Suffolk ........ 09/08/17 C11 Franklin ....... 09/08/17 21002,100 C4 Barnstable ..... 09/08/17 C11 Hampden ...... 09/08/17 14001,400 C6 Berkshire Middle 09/08/17 C12 Hampshire ..... 09/08/17 C6 Berkshire North .09/08/17 C13 Middlesex North. 09/08/17 700 700 C6 Berkshire South .09/08/17 C14 Middlesex South. 09/08/17 0 C7 Bristol Fall River 09/08/17 C17 Nantucket ...... 09/08/17 0 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 ’16 ’17 C7 Bristol North ... 09/08/17 C17 Norfolk ........ 09/08/17 Number Change C8 Bristol South ... 09/08/17 C19 Plymouth ...... 09/08/17 3000 Year of Sales Prior Year 3,000 C8 Dukes ......... 09/08/17 C21 Worcester ...... 09/08/17 2400 Aug. 2012 2,481 42.34% 2,400 C9 Essex North .... 09/08/17 C23 Worcester North. 09/08/17 Aug. 2013 2,480 -0.04% 1,8001800 C9 Essex South .... 09/08/17 Aug. 2014 2,226 -10.24% 1,2001200 Aug. 2015 2,434 9.34% Credit Records 600600 Aug. 2016 2,794 14.79% C24 Voluntary Bankruptcies C25 Attachments 00 Aug. 2017 2,643 -5.40% 2007Aug. 2008Aug. 2009Aug. 2010Aug. -
Glencore: Notorious Crimes and Failures
Glencore: Notorious crimes and failures Mining giant Glencore has made aggressive use Presence: 50+ countries of complex corporate structure and tax havens Number of employees: 155.000 (2016)5 to deprive developing nations of tax revenues, while frequently being accused of human and Company activity environmental rights violations in the course of Main activities: production, sourcing, processing, refining, its business. transporting, storage, financing and supply of metals and minerals, energy products and agricultural products. Problem Analysis Country and location in which Swiss mining giant Glencore has made extensive efforts to exploit corporate power for its own advantage, often the violation occurred at the expense of human and environmental rights. It has As Glencore owns over 150 mining & metallurgical, oil made use of Investor–State dispute mechanisms when production and agricultural assets around the world, there governments have restricted its activity. It has adopted are many different countries involved and affected. a complex international structure to minimise its tax Ghana, Chad, Zambia, Bolivia, Colombia, Philippines, exposure and so deprived a number of developing nations Argentina etc.7 of tax revenues, including Zambia and Burkina Faso. It has been accused of causing human rights violations and Summary of the case environmental damage at mining operations as far afield as Response of Glencore to several of these issues http:// Peru and Australia. www.glencore.com/assets/public-positions/doc/ Company Glencores-response-to-the-2015-Public-Eye-Nomination. pdf & http://www.glencore.com/public-positions Main Company: Glencore plc. 1. ISDS cases Head office: Baar, Switzerland In 2016, Glencore initiated two ISDS (Investor State Registered office: Saint Helier, Jersey Dispute Settlement) cases. -
Washington Notes on Africa
AUTUMN, 1982 WASHINGTON NOTES ON AFRICA Scholarships: Education or Indoctrination? The Reagan Admini- promoted by Assistant stration is once again Secretary Chester Crock moving to thwart South A Decade of Struggle: 1972-1982 er as a complement to Africa's liberation strug scholarship opportun gle. Over the past year, We are proud to present this special anniversary edition to you. ities. Crocker has con the White House and For ten years, the Washington Notes on Africa has kept you demned solely "exter Congress have ad informed about events in Southern Africa and US policy responses. nal" programs which vanced characteris We take pride in knowing that this publication has played an bring South African tically different ap important role in the struggle for the liberation of Southern Africa. students and refugees proaches to the educa As in this issue, we have exposed US complicity with white minority to the US because they tional needs of Black regimes and have probed South Africa's efforts to gain support for "benefit the top achiev South Africans. Con its racist apartheid system in this country. In our endeavor to make ers within apartheid gress, rather than in each issue informative and readable, we have sought to provide you education, while writ creasing funding for with the informational resources to educate, to motivate, and to ing off apartheid's sad refugee education, has agitate for an end to the unjust racist system and US support for it. dest victims." initiated a new scholar You, our readers, have given us the political, moral, and financial Actually, the Reagan ship program to permit support to keep us going through the good and lean times. -
2017 and 2018 Source File from IQ
Office of the Pardon Attorney FOIA Log - 2017 DRAFT Request No. Received Date Closed Date Status Outcome Exemptions Request 2017-001 11/8/2016 11/25/2016 CLOSED Improper FOIA requests commutation Request/Unperfected 2017-002 11/8/2016 11/25/2016 CLOSED Full Denial b6, b5 Attorney request for information regarding the Pardon request sought by Bernard Donald Miskiv and denied by President George W. Bush on March 20, 2002 2017-003 10/4/2016 12/8/2016 CLOSED Improper FOIA the clemency case file of Damon Burkhalter Request/Unperfected 2017-004 10/18/2016 12/8/2016 CLOSED Improper FOIA advice on immigration issue as a result of ineffective counsel and police misconduct Request/Unperfected 2017-006 10/18/2016 12/8/2016 CLOSED No Record the race and gender of these individuals granted commutation 2017-007 10/20/2016 12/8/2016 CLOSED Full Grant copies of the public elements of the executive clemency file and any related documents for Danielle Metz, whose life sentence was commuted by President Barack Obama earlier this year 2017-008 10/28/2016 12/8/2016 CLOSED Full Grant list of people who have had their sentences commuted by the President 2017-009 10/28/2016 12/8/2016 CLOSED No Record list of pardon and commutation recipients in Excel format 2017-010 11/11/2016 12/8/2016 CLOSED No Record requesting to know if Robert Gallo received a pardon 2017-011 11/14/2016 12/9/2016 CLOSED Full Grant b6 any and all correspondence between the Office of the Pardon Attorney and Senator Jeff Sessions between January 2010 to November 14, 2016 2017-012 11/14/2016 12/9/2016 CLOSED No Record all correspondence to or from Rudy Giuliani or correspondence written on his behalf between January 1, 2001 to November 14, 2016 2017-013 11/21/2016 12/9/2016 CLOSED No Record correspondence logs documenting letters and other communication between your agency and Rep. -
We Sa U President Richard Ix• Because
THE WASHINGTON POST Thursday, Not. 8,1973 to 1 Advertisement Advertisement Vtr Advertisement Advertisement We sa u President Richard ix• because. 4:1 ft:e 'rrso; . he has taken bold initiatives in interna--: tional affairs which will hopefully ushei in a: generation of peace. he has moved with. vision and determina-. tion to contain the influence Of Russia in the , volatile Middle East. he has the wisdom and the courage to help Israel, remnant of the Holocaust, to defend herself in her struggle for survival and to in- sure a just and durable peace, which are ulti- mately in the highest interests of .the United States. We hope & • • . that the President will remain firm in his "'resolve to maintaini7 he security of Israel by continuing American support to insure a just and lasting peace. _ , . that he will use his good offices to hasten '4Zt,. e exchange of did *igiiters of war in the Mid- ast conflict, upholding the principle of sepa- rating humanitarian considerations from the ultimate political solution. ,. that all Americans will unite in this critical period to mobilize our vast energies and talents to solve together, with the help of the Almighty, the grave problems facing our nation and the world. Max Berg Rabbi Joseph Karasick Rabbi Herschel Schacter Rabbi Bernard Bergman Rabbi Elya Kaufman David Scharf Rabbi Louis Bernstein Rabbi Wolfe Kehnan Dr. Alfred L. Schnell Morris Brafman Nash Kestenbaum Rabbi Fabian Schonfeld Ludwig Bravmann Rabbi Shalom Klass Rabbi Nathan Schorr Hirsh Chitrik George Klein Rabbi Israel Schorr Rabbi Noah Chodosh William Kotkes Rabbi David Schwartz Rabbi Sheldon Chwat Abraham J.