...Introduction The report presents a case about AMB, which is a leading pension real estate advisory firm that has recently proposed to turn itself into a publicly traded Real Estate Investment Trust (REITs) and is planning to persuade its client to contribute their real estate assets to create a new REIT. Furthermore, the report also includes considerations of Anne Shea, who is the Assistant Vice President at Curator’s Fund; which is considering exchanging her shares in the commingled fund for the shares in the REIT. Real Estate Investment Trust (REITs) Real Estate Investment Trust (REITs) invests in and own properties by offering investors a highly liquid method of investing in high-density markets. Most REITs earn their revenue from property rent and leases. In order to boost real estate investments, REIT receives special tax consideration for investing in highly liquid market i.e. if more than 75% of their profits are generated through rents from real estate property and they distribute at least 90% of their current period profits as dividend to shareholders, then the trust will not be subjected to corporate tax. Advantages and Disadvantages of Public Real Estate The advantages of a REIT are as follows: a) Liquidity: Public REITs are more liquidate as compared to private REITs. Public REIT shareholders can easily exchange their shares in the stock exchange. b) Low sales commission: Brokers charge low sales commission on public REITs as compared to private REITs, which...
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...of his time in acknowledging the “distinct form” of the IndoPacific region. Many believe that day has now arrived. Former Secretary of State Hillary Clinton used the term in her seminal 2011 Foreign Policy article “America’s Pacific Century.” More recently, India’s ambassador to the United States and former foreign secretary, Nirupama Rao, made the case for the Indo-Pacific in a speech at Brown University: “There is a seamless stretch of oceanic space that links the Indian and Pacific Oceans. The earlier concept of the Asia-Pacific had sought to exclude India— today the term Indo-Pacific encompasses the subcontinent as an integral part of this eastern world. We are glad that the mental map of the Asia Pacific has changed and that the center of gravity has moved westward to include India…The task before us is to concretely define this concept through expanding security, especially maritime, and economic cooperation.” Strategic thinkers are also arguing the case, including one of India’s most prominent, Dr. C Raja Mohan, author of the just released Samudra Manthan: Sino-Indian Rivalry in the IndoPacific:” (Continued on next page) Amb. Karl F. Inderfurth and Ted Osius For twenty years since India announced its “Look...
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...Causes of Collapse 1. The Education Act of 1992 The Education Act of 1992 is often referred to as the main reason of the collapse of the pre-need industry. The Act deregulated the education industry and the 15% capped tuition fee increase was removed. As a result, educational institutions increased their tuition fees tremendously. Ten years after the Education Act of 1992 was enacted, the cost of a four year educational plan increased by 1200 percent. The yield on investments by the pre-need companies cannot cope up with the tuition fee increases. Consequently, pre-need companies incurred deficiency in their trust fund. 5. Independent Trustee Some of the pre-need companies' trustee were affiliates. Pacific Plans' trustee is RCBC, both are under the Yuchengco Group of Companies. CAP's trustee is Bank of Commerce, both have Sobrepeña affiliation. Ayala Plans trustee is BPI, both under Ayala Corporation, Philam Plans trsustee is Philam Savings. Cocolife trustee is UCPB; and First Union's trustee is Union Bank. There is a possibility that a collusion between these two related companies may occur. Excerpts from Congressional Planning and Budget Department House of Representatives: Collusion between pre-need companies and their affiliates could result in possible diversion of the trust fund into business ventures other than the intended investment specified by the SEC. In 2005, Senator Serge Osmena, during committee hearings, mentioned about CAP and PPI impropriety in handling...
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...Contenido ------------------------------------------------- 1. – Datos de la industria financiera en México 1 2.- Sector bancario 2 3.- Sector seguros y fianzas 4 4.- Casas de bolsa 5 5.- PEGs y VCs 6 6.- Noticias de M&A en la industria 7 7.- Asociaciones en la industria 13 ------------------------------------------------- Industria Financiera El sector financiero está compuesto por diferentes empresas, entre las que destacan bancos, bancos de desarrollo, casas de bolsa, el mercado de valores, compañías de seguros y fianzas, uniones de crédito, SOFOLes, SOFOMes, sociedades de inversión, banca de inversión, grupos de capital privado, venture capital, pensiones y otros servicios complementarios. La parte bancaria del sector se desenvuelve mejor en un ambiente macroeconómico de bajas tasas de interés, inflación controlada y crecimiento sostenido ya que los bancos ganan de poder obtener recursos con bajo costo y prestarlos con ganancia. Una economía fuerte es una economía que requiere créditos para la inversión y el consumo, lo que beneficia al sector bancario. Datos de la industria en México * El sector financiero representa 4.8% del PIB mexicano al cuarto trimestre del 2011, de acuerdo al INEGI. * Se cuenta con sólo una bolsa de valores, la cual contaba con una capitalización de 729B de USD al término de 2010. Es la segunda más grande de Latinoamérica después de Brasil. * De acuerdo a BBVA Research el crédito bancario es la segunda fuente...
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...Special class A special class is a class consisting of students with disabilities who have been grouped together because of similar individual needs so that they can receive specially designed instruction. In special classes, the content, methodology, or delivery of instruction is adapted to ensure the student has access to the general curriculum and the opportunity to meet the educational standards that apply to all students. Special Class Services serve students with disabilities whose needs cannot be met within a general education class, even with the use of supplementary aids and services. Supplementary aids and services are aids, services and other supports that are provided in the general education classroom so that a student with a disability can be educated with his or her peers to the maximum extent appropriate. Some examples include a notetaker, instructional materials in other formats (e.g., Braille or large print), special seating arrangements, books on tape, highlighted work, study guide outlines of key concepts, paraprofessional support, a behavior management plan. Prior to the special education reform, placement in a special class was usually an all-or-nothing proposition. Under the reform, schools are encouraged to program students on an individual subject basis according to their strengths, needs, preferences and interests and maximize time spent with their non-disabled peers. Schools, in turn, have been encouraged to improve fluidity between general and...
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...IN-COMPANY TRAINING REPORT ON MARKETING STRATEGY OF TOMMY HILFIGER COMPLETED IN TOMMY HILFIGER LTD SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF BACHELOR OF BUSINESS ADMINISTRATION (BBA) GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY, HISAR TRAINING SUPERVISOR: SUBMITTED BY: MR. SAUMYA GHOSH MANDEEP SINGH (Senior Marketing Manager) Batch: 2007-2010 Enrollment No.: 07511213132 Session: 2007-2010 RNIS COLLEGE OF MANAGEMENT DIRECTORATE OF DISTANCE EDUCATION GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY, HISAR-125001 PROJECT REPORT ON MARKETING STRATEGY OF TOMMY HILFIGER COMPLETED IN TOMMY HILFIGER LTD SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF BACHELOR OF BUSINESS ADMINISTRATION (BBA) GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY, HISAR TRAINING SUPERVISOR: SUBMITTED BY: MR. SAUMYA GHOSH MANDEEP SINGH (Senior Marketing Manager) Batch: 2007-2010 Enrollment No.: 07511213132 Session: 2007-2010 RNIS COLLEGE OF MANAGEMENT DIRECTORATE OF DISTANCE EDUCATION GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY, HISAR-125001 STUDENT DECLARATION I hereby declare that the Summer Training Report conducted at “Marketing Strategy Of Tommy Hilfiger” submitted in partial fulfillment of the requirement of bachelor of business administration (BBA) RNIS College...
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...Resources, Conservation and Recycling 36 (2002) 211 Á/240 www.elsevier.com/locate/resconrec Shipping news: the implications of electronic commerce for logistics and freight transport Markus Hesse * Department of Earth Sciences, Geographic Sciences and Urban Research, Free University of Berlin, Malteserstr. 74-100, 12249 Berlin, Germany Accepted 24 June 2002 Abstract The paper considers the significance of electronic commerce (e-commerce) for freight transport, logistics and physical distribution, regarding both business to business and business to consumer commerce. The possible implications of e-commerce are analysed in the broader context of structural change, going beyond narrow assessments that overstate the significance of e-commerce and its potential to make freight traffic more efficient. The main argument of the paper is threefold: first, most recent analyses of freight transport and logistics implications of e-commerce are overstating the current relevance of e-commerce applications on the one hand, and neglecting the influence of the underlying structural change in the entire logistics system on the other. Second, conventional analyses of certain efficiency benefits of ecommerce are probably too optimistic, whereas its negative effects are underestimated at the same time. E-commerce is likely to support longer transport distances and often higher delivery frequencies, increasing demand for land, due to the establishment of new transhipment points (distribution...
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...a happy, empowered and sustainable life for everyone Bharti Airtel Ltd. India Sustainability Report 2011- ‘12 mob ile m oney know ledge mobile health mobile education l TV digita mobil e agri cultur e internet the backdrop The Indian economy has seen a significant development in the last two decades. Several hundred million people are benefiting from the country’s progress. Concurrently, India’s population too has risen to more than 1.2 billion, placing an increasing burden on existing resources. Access to basic services like education, health, financial services, banking etc. are often beyond the means of the common person. Airtel’s sustainability journey endeavours to contribute further to our society and to our environment. It is our firm belief that not a single man, woman or child should be denied access to education, health and prosperity. We believe in social inclusion of people everywhere, and have made this the cornerstone of our sustainability programme. We leverage our network presence, reach and accessibility, through mobile telephony, direct-to-home television and broadband services, to contribute towards a sustainable future, not just for people everywhere but also for our planet and economy. We are confident that we can be a force of good, positive change, in society and also augment the efforts of the government, public-private groups, Bharti Foundation and NGOs in the area of sustainability. In 2011, we made a commitment...
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...GENERAL GROWTH PROPERTIES: TO THE BRINK AND BACK December 6, 2011 Students: Yu (Cherry) Chen, Kevin Connolly, Bill Davis, Stephen Duncan, James Faello, Michael Hazinski, Noah Johnson Faculty Supervisor: Joseph L. Pagliari, Jr. Copyright © 2011 The Real Estate Group at The University of Chicago Booth School of Business All Rights Reserved This case study has been prepared solely for academic purposes. It should not be construed as a judgment about or an endorsement of any particular business matter. Moreover, the information contained herein has been obtained from sources we believe to be reliable; however, we make no representation or warranty as to its accuracy. TABLE OF CONTENTS EXECUTIVE SUMMARY ...................................................................................................... - 1 GENERAL GROWTH BACKGROUND ............................................................................ - 7 2004: A Historic Year for General Growth........................................................................ - 9 2005-2006: Secured Mortgages and Increasing Debt ..................................................... - 16 Simon vs. GGP - Capital Markets Strategy ..................................................................... - 24 IMPACT OF THE CREDIT CRISIS .................................................................................. - 31 GGP Faces Liquidity Challenge .................................................................................
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...Together good things happen... Bharti Airtel Annual Report 2009-10 Airtel centre The Airtel Centre – Inaugurated on November 13, 2009 Centre of excellence that houses more than 3,000 employees, 13 offices and spread over 600,000 sq.ft. Table Bharti Airtel Annual Report 2010 of contents 1 Corporate information 2 Corporate history and Top 30 shareholders 3 Performance at a glance 4 Awards & honours 5 Chairman’s message 6 Board of directors 7 CEO (International) & JMD’s message 8 CEO (India & South Asia)‘s message 9 Together good things happen 10 Corporate social responsibility 11 Directors’ report 12 Management discussion & analysis 13 Report on corporate governance 14 Secretarial audit report 15 Standalone financial statements with Auditors’ report 16 Consolidated financial statements with Auditors’ report 17 Notice of annual general meeting 2 3 4 5 6 8 12 14 18 24 32 40 46 63 64 115 159 1 Corporate Board of directors Sunil Bharti Mittal Chairman and Managing Director information Group General Counsel & Company Secretary Vijaya Sampath Statutory Auditors Manoj Kohli CEO (International) & Joint Managing Director Non-executive directors Ajay Lal Akhil Gupta Arun Bharat Ram Chua Sock Koong Craig Edward Ehrlich Lim Chuan Poh N. Kumar Nikesh Arora Pulak Chandan Prasad Rajan Bharti Mittal Rakesh Bharti Mittal Tan Yong Choo CEO (India & South Asia) Sanjay Kapoor S.R. Batliboi & Associates, Chartered Accountants Auditors – US GAAP Ernst & Young...
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...2011 Annual Report Notice of Annual Meeting and Proxy Statement We bring easy to your office. Staples is the world’s largest office products company and y a trusted source for office solutions. The company proy Revenue Mix2 2008 2007 2009 North American Delivery North American Retail vides products, services and expertise in office supplies, copy & print, technology, facilities and breakroom, and furniture. Staples invented the office superstore concept in 1986 and has annua sales Revenues ($B)1 2007 2008 2009 2010 2011 2010 2011 Diluted Earnings Per Share 3 in the world in eCommerce sales. With 88,000 associates worldwide, Staples operates in 26 countries throughout North and South America, Europe, Asia and Australia, making it easy for businesses y r of all sizes and consumers. f The company is headquartered outside Boston. More information about Staples (Nasdaq: SPLS) is available at www.staples.com/media. Cash Flow Generation ($M) of $25 billion, ranking second f Operating Cash Flow 2007 As Adjusted 2007 2008 2009 2010 2011 2008 2009 2010 2011 Free Cash Flow Capita Expenditures 2007 2008 2009 2010 2011 Stores Open at Fiscal Year End 2007 Dividends Per Share 2008 2009 2010 2011 1 2 2008 revenues include $4.2 billion of revenues from Corporate Express for the period July 2008–January 2009. f 2008 revenue mix includes $2.3 billion of North American Delivery...
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...Bharti Airtel Limited Annual Report 2010-11 Board of directors Sunil Bharti Mittal Akhil Gupta Chua Sock Koong N. Kumar Ajay Lal Craig Ehrlich Pulak Prasad Rakesh Bharti Mittal Tan Yong Choo Evan Mervyn Davies Rajan Bharti Mittal Hui Weng Cheong Nikesh Arora Salim Ahmed Salim Tsun-yan Hsieh Manoj Kohli Table of contents Corporate information Performance at a glance rformance Chairman's message airman's CEO (International) & JMD's message O (Internation onal) on CEO (India & South Asia)'s message O (India dia Corporate social responsibility rporate po Directors' report rectors' e Management discussio & analysis nage agement discussion ssio ssion Report on corporate governance governance port ver ve Secretarial audit report report cretarial o Standalone financial stateme with Aud ors' report Auditors' ndalone a statements ments me e uditors r Consolidated financial statements with Auditors' report nsolidated financial statements w i nt with t 2 3 4 6 8 10 0 1 14 24 30 47 48 103 1 Bharti Airtel Annual Report 2010-11 Corporate information Board of directors Mr. Sunil Bharti Mittal Chairman & Managing Director Mr. Manoj Kohli CEO (International) & Joint Managing Director Non-executive directors Mr. Ajay Lal Mr. Akhil Gupta Ms. Chua Sock Koong Mr. Craig Ehrlich Lord Evan Mervyn Davies Mr. Hui Weng Cheong Mr. N. Kumar Mr. Nikesh Arora Mr. Pulak Prasad Mr. Rajan Bharti Mittal Mr. Rakesh Bharti Mittal H.E. Dr. Salim Ahmed...
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...TRADE AND ENVIRONMENT A RESOURCE BOOK Edited by Adil Najam Mark Halle Ricardo Meléndez-Ortiz TRADE AND ENVIRONMENT A RESOURCE BOOK Edited by Adil Najam Mark Halle Ricardo Meléndez-Ortiz Trade and Environment: A Resource Book © 2007 International Institute for Sustainable Development (IISD), International Centre for Trade and Sustainable Development (ICTSD) and the Regional and International Networking Group (The Ring). Trade and Environment: A Resource Book Edited by Adil Najam, Mark Halle and Ricardo Meléndez-Ortiz ISBN 978-1-895536-99-7 Published by International Institute for Sustainable Development, International Centre for Trade and Sustainable Development, The Regional and International Networking Group This publication is available online at http://www.trade-environment.org http://www.iisd.org http://www.ictsd.org http://www.ring-alliance.org Cover photos from iStockphoto. Readers are encouraged to quote and reproduce this material for educational, not-for-profit purposes, provided the source is acknowledged. Printed on 100% post-consumer recycled paper. Trade and Environment: A Resource Book The International Institute for Sustainable Development (IISD, http://www.iisd.org) contributes to sustainable development by advancing policy recommendations on international trade and investment, economic policy, climate change, measurement and assessment, and natural resources management. Through the Internet, we report on international negotiations and...
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...A abandon s.n. 1. {de drepturî) (dr.) desertion/renunciation of rights 2. (a/ navei, al încărcăturiî) (mar.) abandonment 3. (retragerea dintr-o operaţiune cu primâ contra cedării unei prime) {bur.) abandon ~ pe mare rea - abandon in heavy sea abandona v.t. 1. (drepttiri, pretenţii) to relinquish, to waive 2. (nava, încarcătura etc.) to abandon, to leave abandonare s.f. 1. (de drepturi, pretenţii) relinquishment 2. abandonment, abandoning ~ a navei - (de întregul echipqf, când nava nu mai poate fi salvaîa) abandonment of ship ~ a postului - dereliction ofduty ~ a produsului - (a prodncerii şi a comercializăru acestuia) product abandonment/elimination ~ a unui bun - (asig. mar.) dereliction abandonat adj. {asig. mar.) abandoned, derelict ~ temporar - temporarily abandoned abata v.t. (a exploata un zâcâmdnî} to work abataj s.f. 1. (loc) coal-face. stope, workings 2. (acţiune') mining. cutting, hewing 3. (al arborilor) felling 4. (al vitelor) slaughter abate v.t. 1. (din drnm) to turn oft7 aside/away, to divert, to deviate: to sheer, to v.'ander, 10 escape 2. (mar.} to steer off 3. (a/'boti) to fcll v.r. {de la} (dr.) to iniriiige, to vioîaie, to transgress abatere s.f. 1. tuming off/away, diverting, deviation 2. (dr.) infringe-ment, violation, transgression; trespass(ing) 3. {de la regulă) exception ~ de la datorie - breach ofduty ~ din drum - (niar.) deviation ~ disciplinară - misbehaviour, infraction ofdiscipline ~ medie - mean deviation ~ standard (concept statistic care indicâ...
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...Towards a conceptual framework for strategic cost management - The concept, objectives, and instruments - Von der Fakultät für Wirtschaftswissenschaften der Technischen Universität Chemnitz genehmigte Dissertation zur Erlangung des akademischen Grades Doctor rerum politicarum (Dr. rer. pol.) vorgelegt von Ibrahim Abd El Mageed Ali El Kelety geboren am 11.01.1965 in El Menoufia - Ägypten eingereicht am: 14. Juni 2006 Gutachter: Prof. Dr. Uwe Götze Prof. Dr. Dr. h.c. Jürgen Bloech Prof. Dr. Peter Schuster Tag der mündlichen Prüfung: 18. Juli 2006 Acknowledgement To the Almighty God “ALLAH” Who have granted me all these graces to fulfill this work and Who supported me in all my life. To Him I extend my heartfelt thanks. It is a pleasure to express my sincere and deepest heartfelt gratitude to my “Doktorvater“ Prof. Dr. Uwe Götze for his kind supervision, continuous encouragement, valuable enthusiastic discussion and unfailing advice throughout the present work, as well as financial support during my latest period of study in Germany. He assisted in all matters, provided solutions to different problems. Prof. Dr. Uwe Götze supported and helped me during my learning period in Germany and writing this thesis. I am very lucky being one of his students. I would like to express my deep thanks to Prof. Dr. Dr. h.c. Jürgen Bloech - Georg-August University of Göttingen - for his kind acceptance to act as an examiner. I would also like to express my sincere thanks to Prof. Dr. Peter...
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