State Intervention in Cross-Border Mergers and Acquisitions
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Oleg Deripaska Has Struggled for Legitimacy in the United States, Where He Has Been Dogged by Civil Lawsuits Questioning the Methods He Used to Build That Empire
The Globe and Mail (Canada) May 11, 2007 Friday Preferred by the Kremlin, shunned by the States BYLINE: SINCLAIR STEWART, With a report from Greg Keenan in Toronto SECTION: NEWS BUSINESS; STRONACH'S NEW PARTNER: 'ONE OF PUTIN'S FAVOURITE OLIGARCHS'; Pg. A1 LENGTH: 957 words DATELINE: NEW YORK He is perhaps the most powerful of Russia's oligarchs, a precocious - some would say ruthless - billionaire, who built his fortune against the bloody backdrop of that country's "aluminum wars" in the 1990s. He has nurtured close ties to the Kremlin, married the daughter of former president Boris Yeltsin's son-in-law, amassed an estimated $8-billion in personal wealth and built a corporate empire that stretches from metals and automobiles to aircraft and construction. Yet for all his success at home, 39-year-old Oleg Deripaska has struggled for legitimacy in the United States, where he has been dogged by civil lawsuits questioning the methods he used to build that empire. Mr. Deripaska has repeatedly denied allegations levelled against him, and he has not been specifically accused by American authorities of any crime. However, these whispers about shady business dealings may raise concerns about his $1.5-billion investment in Canada's Magna International, not to mention Magna's attempts to win control of DaimlerChrysler, an iconic American company. The United States has recently shown protectionist proclivities, citing national security concerns to quash both a Chinese state-owned oil company's bid for Unocal Ltd. and a planned acquisition of U.S. port service contracts by Dubai Ports World. -
Pace Through the Race
annual REPORT 2018 PACE THROUGH THE RACE RUSAL ANNUAL REPORT 2018 REPORT ANNUAL RUSAL CONTENTS FINANCIAL AND OPERATIONAL HIGHLIGHTS 2 CORPORATE PROFILE 5 CHAIRMAN’S STATEMENT 11 CEO’S REVIEW 14 BUSINESS OVERVIEW 17 MANAGEMENT DISCUSSION AND ANALYSIS 41 PROFILES OF DIRECTORS AND SENIOR MANAGEMENT 81 DIRECTORS’ REPORT 99 CORPORATE GOVERNANCE REPORT 177 FINANCIAL STATEMENTS 197 GLOSSARY 343 APPENDIX A 355 - Principal Terms of the Shareholders’ Agreement with the Company APPENDIX B 359 - Principal Terms of the Shareholders’ Agreement among Major Shareholders only CORPORATE INFORMATION 366 1 Financial and Operational Highlights Annual Report RUSAL 2018 FINANCIAL AND OPERATIONAL HIGHLIGHTS 2 Financial and Operational Highlights Annual Report RUSAL 2018 USD million (unless otherwise specified) 2018 2017 2016 2015 2014 Revenue 10,280 9,969 7,983 8,680 9,357 Adjusted EBITDA 2,163 2,120 1,489 2,015 1,514 Adjusted EBITDA Margin 21.0% 21.3% 18.7% 23.2% 16.2% EBIT 1,481 1,523 1,068 1,409 942 Share of Profits from Associates and joint ventures 955 620 848 368 536 Pre Tax Profit 1,953 1,288 1,354 763 147 Profit/(Loss) 1,698 1,222 1,179 558 (91) Profit/(Loss) Margin 16.5% 12.3% 14.8% 6.4% (1.0%) Adjusted Net Profit 856 1,077 292 671 17 Adjusted Net Profit Margin 8.3% 10.8% 3.7% 7.7% 0.2% Recurring Net Profit 1,695 1,573 959 1,097 486 Basic Earnings/(Loss) Per Share (in USD) 0.112 0.080 0.078 0.037 (0.006) Total Assets 15,777 15,774 14,452 12,809 14,857 Equity Attributable to Shareholders of the Company 5,209 4,444 3,299 1,391 2,237 Net Debt 7,442 7,648 8,421 8,372 8,837 3 Reduced weight Manoeuvring and speedy CORPORATE 01 PROFILE Corporate Profile Annual Report RUSAL 2018 CORPORATE PROFILE RUSAL is a low-cost, vertically integrated aluminium producer with core smelting operations located in Siberia, Russia. -
Russian Advocacy Coalitions
Russian Advocacy Coalitions A study in Power Resources This study examines the advocacy coalitions in Russia. Using the Advocacy Coalition Framework, it looks at the power resource distribution amongst the coalitions, and how this distribution affects Russian foreign policy. The power resources examined are: Formal Legal Authority; Public Opinion; Information; Mobilizable Troops; and Financial Resources. In addition to this, the study used quantitative and qualitative methods to identify these resources. There are a couple of conclusions we may draw from this study. The method is useful in identifying power resources. It is not enough to use only the distribution of resources amongst coalitions in order to explain policy changes. It is found that the distribution of resources, coupled with coalition interaction, is enough to explain changes in Russian foreign policy. KEYWORDS: Advocacy Coalition Framework, Russia, Power Resources, Natural Gas WORDS: 24,368 Author: Robert Granlund Supervisor: Fredrik Bynander Contents 1. INTRODUCTION ............................................................................................................................... 1 1.1 PURPOSE .................................................................................................................................. 1 1.2 RESEARCH QUESTIONS ............................................................................................................ 2 1.3 OUTLINE.................................................................................................................................. -
Mein Nachbar
Das deutsche Nachrichten-Magazin Leitartikel Partner und Gegner zugleich Warum der SPIEGEL weitere geheime Dokumente über die NSA-Affäre enthüllt as Verhältnis Deutschlands zu den USA in Zeiten der Die Bundesregierung hat die Selbstherrlichkeit der Welt- NSA-Affäre gleicht dem Ritt auf einer Schiffschaukel: macht lange hingenommen. Sie hat manches geahnt, vieles DAus luftigen Höhen geht es atemberaubend in die verdrängt und einiges über die Allgegenwart der NSA gewusst, Tiefe. Im Sommer vergangenen Jahres, als die ersten Snowden- weil der Bundesnachrichtendienst bei den Operationen mit- Enthüllungen bekannt wurden, erklärte die Regierung Merkel mischt. Dass der BND mit der NSA intensiv kooperiert, nicht die Affäre schon für beendet, bevor sie ihre Wucht entfaltete. nur bei der Terrorbekämpfung, sondern auch bei der unter- Im Herbst aber, als bekannt wurde, das private Handy der schiedslosen Massenüberwachung globaler Kommunikations- Bundeskanzlerin sei überwacht worden, erreichte das Ver- ströme, belegen die neuen Snowden-Dokumente. Die Deut- hältnis einen Tiefpunkt. Nun war von Konsequenzen die Rede, schen sind Partner und Gegner zugleich. von einem anderen Umgang unter Verbündeten. Die Bundeskanzlerin hat einen Amtseid auf das Grund- Dann reiste die Kanzlerin nach Washington, und wieder gesetz geschworen. Spionage gegen Deutschland ist nach kehrte Friede ein. Seither würden Transatlantiker wie Sicher- dem Strafgesetz verboten. Die Grundrechte der Bürger sind heitsbehörden am liebsten zum normalen Geschäft übergehen, also keine flexible Größe, abhängig davon, wie es um das Ver- bei dem die Aufgaben verteilt hältnis Deutschlands zu den sind: Die NSA ist der omnipo- USA gerade bestellt sein mag. tente Weltgeheimdienst, die Entweder haben die ameri- Deutschen sind der verständ- kanische und die deutsche nisvolle, hilfreiche Bündnis- Regierung miteinander ab - partner. -
Penetrate, Exploit, Disrupt, Destroy: the Rise of Computer Network Operations As a Major Military Innovation
PENETRATE, EXPLOIT, DISRUPT, DESTROY: THE RISE OF COMPUTER NETWORK OPERATIONS AS A MAJOR MILITARY INNOVATION by Craig J. Wiener A Dissertation Submitted to the Graduate Faculty of George Mason University in Partial Fulfillment of The Requirements for the Degree of Doctor of Philosophy Biodefense Committee: _______________________________________ Gregory Koblentz, Chair _______________________________________ A. Trevor Thrall _______________________________________ Stuart Malawer _______________________________________ Gregory Koblentz, Program Director _______________________________________ Mark J. Rozell, Dean Date: __________________________________ Fall Semester 2016 George Mason University Fairfax, VA Penetrate, Exploit, Disrupt, Destroy: The Rise of Computer Network Operations as a Major Military Innovation A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy at George Mason University By Craig J. Wiener Master of Science George Mason University, 2010 Bachelor of Arts New York University 1992 Director: Gregory Koblentz, Associate Professor Schar School of Policy and Government Fall Semester 2016 George Mason University Fairfax, VA Copyright 2016 Craig J. Wiener All Rights Reserved ii DISCLAIMER Any errors herein are solely those of the author. Additionally, the views expressed herein are those of the author. iii DEDICATION To Betty: I wish you were here. iv ACKNOWLEDGEMENTS I have a tremendous number of people to thank who have helped me throughout my Master of Science and PhD studies, leading to the submission of my dissertation. It literally took a village, and although I cannot thank everyone here, please know the depth of my gratitude is significant and ongoing. I would like to thank the faculty and staff of the George Mason School of Policy, Government and International Affairs, and the Graduate School of Public and International Affairs for giving me an opportunity to pursue my studies in national security. -
Cyber Center for Education & Innovation
VISION FOR THE NEW CYBER CENTER FOR EDUCATION & INNOVATION Home of the National Cryptologic Museum A PUBLIC-PRIVATE PARTNERSHIP WITH UNPARALLELED CYBER DEFENSE EXPERTISE. PLEASE JOIN US AND GET INVOLVED! The Cyber Center and our participation, volunteer Yleadership and support are urgently Museum Master needed to help us conceptualize, Plan includes: capitalize and construct the new Cyber Center for Education & Innovation, n A new state-of-the-art Home of the National Cryptologic Museum. Join us now! Museum To discuss your interest in supporting our efforts to create n The Conference Center this vital new resource, please contact: n Vigilance Air Park MGEN Roderick J. Isler, USA (Ret) n Classroom facilities Vice President, Cyber Center for Education & Innovation, New Museum Project Campaign n World class research National Cryptologic Museum Foundation and rare books library P.O. Box 1563 Millersville, MD 21108 n A comprehensive site and Office: 443-292-0091 land use concept Cell: 301-785-0896 Continued strong private and [email protected] public leadership is needed to realize this challenging vision. 1 CCEI-NCM Parking 498 Spaces 2 CCEI-NCM 3 Museum and Conference Center Drop-off 4 Service Road/ Loading Dock 5 Existing Museum 6 National Vigilance Park 7 Security Check Point 8 Colony Seven Road 9 Current NSA Parking (N1) 10 Current NSA Parking (N10) 11 Future VCP-1 12 86 foot Security Set Back 13 Entrance Signage PROPOSED SITE PLAN HELP US BUILD AND COMPLETE THIS NEW NATIONAL TREASURE. THE CYBER CENTER FOR EDUCATION & INNOVATION, HOME OF THE NATIONAL CRYPTOLOGIC MUSEUM is envisioned to be an integrated multi-purpose facility serving public and private stakeholders. -
Airpower Journal, Published Quarterly, Is the Professional Journal of the United States Air Force
Wínter 1994 JOURNAL rrM . Lü 1 Secretary of the Air Force Dr Sheila E. Widnall Air Force Chief of Staff Gen Ronald R. Fogleman Commander, Air Education and Training Command Gen Henry Viccellio, Jr. Commander, Air University Lt Gen Jay W. Kelley Commander, College of Aerospace Doctrine, Research, and Education Col Leroy Barnidge, Jr. Editor Col Thomas M. Kearney Associate Editor Maj John M. Poti Professional Staff Hugh Richardson, Contributing Editor Marvin W. Bassett, Contributing Editor Steven C. Garst, Director ofArt and Production Daniel M. Armstrong, Illustrator L. Susan Fair, Illustrator Thomas L. Howell, Prepress Production Manager The Airpower Journal, published quarterly, is the professional journal of the United States Air Force. It is designed to serve as an open forum for the presentation and stimulation of innovative think- ing on military doctrine, strategy, tactics, force structure, readiness, and other matters of national defense. The views and opinions expressed or im- plied in the Journal are those of the authors and should not be construed as carrying the official sanction of the Department of Defense, the Air Force, Air Education and Training Command, Air University, or other agencies or departments of the US government. Articles in this edition may be reproduced in whole or in part without permission. If they are reproduced, the Airpower Journal requests a cour- tesy line. JOURNAL Wlnter 1994. Vol. Vlll. No. 4 AJRP 101 Editorial 2 Desert Storm: The First Inform ation W ar? Col Edward Mann, USAF 4 M ilitary Ethics Col Richaxd Szafranski, USAF Dr James H. Toner lst Lt William D. Casebeer, USAF 15 N onlethal Concepts: Im plications for Air Force Intelligence Capt Edward F. -
Crafting a Green Future
CRAFTING A GREEN FUTURE RUSAL ANNUAL REPORT 2019 REPORT ANNUAL RUSAL ANNUAL REPORT 2019 Contents CONTENTS Financial and Operational Highlights 3 Corporate Profile 7 Chairman’s Statement 15 CEO’s Review 18 Business Overview 21 Management Discussion and Analysis 45 Profiles of Directors and Senior Management 77 Directors’ Report 95 Corporate Governance Report 129 Financial Statements 145 Glossary 236 Appendix A 247 Principal terms of the Shareholders’ Agreement with the Company Appendix B 251 Principal terms of the Shareholders’ Agreement among Major Shareholders only Corporate Information 258 1 Annual Report RUSAL 2019 01 FINANCIAL AND OPERATIONAL HIGHLIGHTS Financial and Operational Highlights FINANCIAL AND OPERATIONAL HIGHLIGHTS USD million (unless otherwise 2019 2018 2017 2016 2015 specified) Revenue 9,711 10,280 9,969 7,983 8,680 Adjusted EBITDA 966 2,163 2,120 1,489 2,015 Adjusted EBITDA Margin 9.9% 21.0% 21.3% 18.7% 23.2% EBIT 87 1,481 1,523 1,068 1,409 Share of Profits from Associates and 1,669 955 620 848 368 joint ventures Pre Tax Profit 1,054 1,953 1,288 1,354 763 Profit 960 1,698 1,222 1,179 558 Profit Margin 9.9% 16.5% 12.3% 14.8% 6.4% Adjusted Net(Loss)/ Profit (270) 856 1,077 292 671 Adjusted Net Profit (Loss)/Margin (2.8%) 8.3% 10.8% 3.7% 7.7% Recurring Net Profit 1,273 1,695 1,573 959 1,097 Basic Earnings Per Share 0.063 0.112 0.080 0.078 0.037 (in USD) Total Assets 17,814 15,777 15,774 14,452 12,809 Equity Attributable to Shareholders of 6,747 5,209 4,444 3,299 1,391 the Company Net Debt 6,466 7,442 7,648 8,421 8,372 Annual Report RUSAL 2019 4 Financial and Operational Highlights 5 Annual Report RUSAL 2019 02 CORPORATE PROFILE Corporate Profile CORPORATE PROFILE RUSAL is a low-cost, vertically integrated aluminium producer with core smelting operations located in Siberia, Russia. -
Annual Review 2009
ANNUAL REVIEW and Summary Financial Statements 2009 PEOPLE, TECHNOLOGY, EFFICIENCY A new production center in the Uvat district in the south south the in district Uvat the in center production new A 2009 February in commissioned region Tyumen the of >> ABBREVIATIONS 2P (reserves) proved and probable (reserves) 3P (reserves) proved, probable, possible (reserves) APG associated petroleum gas B2B business to business DAFWC days away from work cases ESP electric submersible pump HSE health, safety and environment LOF life of field NGOs non-governmental organizations OFS oilfield services OGP The International Association of Oil and Gas Producers PRMS Petroleum Resources Management System RUR Russian roubles SEC Securities and Exchange Commission USD US dollars UNITS bbl barrel (1 bbl = 0.134 metric tons) boe barrel of oil equivalent bcm billion cubic meters bcma billion cubic meters per year bn billion ha hectare km kilometer mmboed million barrels of oil equivalent per day mbpd thousand barrels per day mmbpd million barrels per year CAUTIONARY STATEMENT This publication contains forward-looking state- ments regarding TNK-BP's assets and financial and operational performance and strategy. Actual results may differ depending on a variety of factors. SLAVNEFT TNK-BP shareholders own close to 50% of Slavneft, which is managed independently and reports as a separate entity. TNK-BP’s Net Income and EBITDA numbers include its share of Slavneft’s results. Any other figures quoted in this publica- tion exclude Slavneft unless stated otherwise. Contents 1. KEY EVENTS IN 2009 ................................................................. > 2 7. KEY FIGURES IN 2009 ............................................................ > 34 7.1: Health and safety data. > 34 2. -
Corporate Sustainability and Environmental Reporting in the Russian Federation 1
Paper 4 UNITED NATIONS ECONOMIC COMMISSION FOR EUROPE COMMITTEE ON ENVIRONMENTAL POLICY Working Group on Environmental Monitoring and Reporting Workshop on Environmental Monitoring and Reporting by Enterprises Warsaw, 4-6 September 2006 CORPORATE SUSTAINABILITY AND ENVIRONMENTAL REPORTING IN THE RUSSIAN FEDERATION 1 Sustainability and Corporate Social Responsibility (CSR) In recent years, the problem of socially responsible business (i.e. responsible to the nation or public in general) has been evolving controversially in the Russian Federation. In fact, after the 13 th Congress of the Russian Union of Industrialists and Entrepreneurs in 2003, when the President of the Russian Federation called on Russian businesses to become socially responsible, quite an evident process of voluntary activity in this sphere started among the most concerned and strategically thinking representatives of the Russian business community. Basically, those were big private businesses, which entered into an active dialogue with the interested public groups. They began to introduce modern international standards of socially-oriented and environmental management and published their first social reports, sometimes in the sustainability reporting format recognized as the most advanced by the world business leaders. Such businesses mainly comprised major Russian companies and a number of banks, including JSC Norilsk Nickel, JSC LUKOIL, JSC Unified Energy System of Russia, JSC Tatneft, Ilim Pulp Corporation, NOVOGOR-Prikamie LLC, YevrazHolding Ltd, SUAL Group, JSC Magnitogorsk Metallurgical Plant, AKB Rosbank, Togliatti FIA-Bank, etc. However for now, it is only a small group of enthusiastic companies aware of how this work is strategically important for business sustainability. Their activity in this sphere is also aimed at creating clear, effective and regular relationship with regional and municipal authorities, as well as with the civil society. -
Historical Dictionary of International Intelligence Second Edition
The historical dictionaries present essential information on a broad range of subjects, including American and world history, art, business, cities, countries, cultures, customs, film, global conflicts, international relations, literature, music, philosophy, religion, sports, and theater. Written by experts, all contain highly informative introductory essays on the topic and detailed chronologies that, in some cases, cover vast historical time periods but still manage to heavily feature more recent events. Brief A–Z entries describe the main people, events, politics, social issues, institutions, and policies that make the topic unique, and entries are cross- referenced for ease of browsing. Extensive bibliographies are divided into several general subject areas, providing excellent access points for students, researchers, and anyone wanting to know more. Additionally, maps, pho- tographs, and appendixes of supplemental information aid high school and college students doing term papers or introductory research projects. In short, the historical dictionaries are the perfect starting point for anyone looking to research in these fields. HISTORICAL DICTIONARIES OF INTELLIGENCE AND COUNTERINTELLIGENCE Jon Woronoff, Series Editor Israeli Intelligence, by Ephraim Kahana, 2006. Russian and Soviet Intelligence, by Robert W. Pringle, 2006. Cold War Counterintelligence, by Nigel West, 2007. World War II Intelligence, by Nigel West, 2008. Sexspionage, by Nigel West, 2009. Air Intelligence, by Glenmore S. Trenear-Harvey, 2009. Middle Eastern Intelligence, by Ephraim Kahana and Muhammad Suwaed, 2009. German Intelligence, by Jefferson Adams, 2009. Ian Fleming’s World of Intelligence: Fact and Fiction, by Nigel West, 2009. Naval Intelligence, by Nigel West, 2010. Atomic Espionage, by Glenmore S. Trenear-Harvey, 2011. Chinese Intelligence, by I. C. -
THE VULNERABLE Our Military Problems and How to Fix Them
AMERICA THE VULNERABLE Our Military Problems And How To Fix Them EDITED BY JOHN F. LEHMAN AND HARVEY SICHERMAN FOREIGN POLICY RESEARCH INSTITUTE PHILADELPHIA Dedication On a sad note, Colonel Harry G. Summers Jr., U.S. Army (ret.), who penned the article dealing with operations, procurement, and the defense industrial base and sat as a panelist for our second conference, passed away on November 14, 1999. Colonel Summers, a veteran of the Korean and Vietnam Wars, was the recipient of two Legions of Merit, the Silver Star, three Bronze Stars, two Purple Hearts, two Air Medals, and two awards of the Combat Infantryman’s Badge, and also authored numerous books, articles, and columns. He was, in short, the quintessential soldier- scholar. We dedicate this volume to his memory. TABLE OF CONTENTS Preface vii John H. Ball America the Vulnerable 1 John F. Lehman and Harvey Sicherman Roles and Missions 12 Donald Kagan Superpowers Don’t Do Windows 27 John Hillen The U.S. Presumption of Quick, Costless Wars 48 Andrew P. N. Erdmann Operations, Procurement, and Industrial Base 73 Harry G. Summers Jr. Civil-Military Relations 84 Eliot A. Cohen The U.S. Military Must Find Its Voice 96 Sam C. Sarkesian An Uninformed Debate on Military Culture 115 Don M. Snider Does Military Culture Matter? 134 Williamson Murray Must U.S. Military Culture Reform? 152 John Hillen The Case for National Missile Defense 171 Keith B. Payne v AMERICA THE VULNERABLE Rethinking Bio-Chemical Dangers 182 Henry Sokolski PREFACE Bad Medicine for Biological Terror 196 Andrew J. Bacevich Asymmetrical Adversaries 215 In 1996, the Foreign Policy Research Institute convened a Defense Winn Schwartau Task Force composed of distinguished scholars and practitioners The Risks of a Networked Military 225 to examine the increasingly important debates over U.S.