Investing beyond the core: The case of Soares da Costa

This study aims to analyze how Grupo Soares da Costa, a diversified group centered on construction, behaved in terms of strategy to the current crisis. More specifically, it purposes to understand why Soares da Costa was forced to abandon its strategic plan “Ambições Renovadas”, which was about diversification and internationalization, to decide to focus on it core business. This study uses a SWOT analysis, the examination of the strategic plans and annual reports and the conclusions of two interviews that were carried out. Being the construction sector such a traditional and significant sector to the Portuguese economy, it is important to understand what a company can do to overcome such circumstances. To deal with all the negative circumstances, Soares da Costa should give priority to projects that require low levels of initial capital and diversify geographically to markets with similar characteristics of Angola and Mozambique, where Soares da Costa already excels.

Empirical evidence on the difference between the effective and the statutory tax rates for listed groups in Germany

The difference between the statutory and effective tax rate for listed groups is a complex variable influenced by a variety of factors. This paper aims to analyze whether this difference exists for listed groups in the German market and tests which factors have an impact on it. Thus the sample consists of 130 corporations listed in the three major German stock indices. The findings suggest that the companies that pay less than the statutory rate clearly outweigh the ones that pay more, and that the income earned from associated companies has a significant impact on this difference.

Reporting Income Taxes in the Banking Sector In Angola - Accounting, Tax Regulation and Financial Reporting Evidences

This research provides an insight into income taxes reporting in Angola, based on hand collected data from the annual reports of banks. Empirical studies on Angolan companies are scarce, in part due to the limited access to data. The results show that income taxes’ reporting has improved over the years 2010-2013, becoming more reliable and understandable. The Angolan Government is boosting the economic growth through tax benefits in the investment in public debt, which cause a reduction in the banks’ effective tax rate. The new income tax law will reduce the statutory tax rate from 2015 onwards and change the taxable income, resulting in shifting the focus to promoting private investment.

Public service reform and the role of the Auditor General /

The objective of this thesis is to study the involvement of the Auditor General in the proposal, implementation and review of major public service reform initiatives during a period spanning nearly forty years, from the early 1960s to 2001 . This period began with the Glassco Commission and concludes at the end of the term in office of Auditor General Denis Desautels in 2001. It has been demonstrated throughout this work that the role of the OAG has varied, from proponent to critic, from instigator to reviewer. In the past forty years the OAG's mandate has changed to meet the requirements of critical analysis of government operations and this has been aptly demonstrated in the office's relationship to the issue of public service reform. It has been argued that many of the problems facing the public service are cultural in nature. Reform initiatives have taken on a number of various forms with each addressing a different set of priorities. However, there has been a great deal of consistency in the cultural values that these initiatives articulate. Throughout this thesis attention has been paid to values. Values define a culture and cultural change is required within the Canadian federal public service. How and when this cultural change will occur is but one question to be answered. During the period under consideration in this thesis the government undertook several significant public service reform initiatives. Those examined in this thesis include: The Royal Commission on Government Organization, The Special Committee on the Review of Personnel Management and the Merit Principle, The Royal Commission on Financial Management and Accountability, Increased Ministerial Authority and Accountability, Public Service 2000, Program Review and finally La Releve. The involvement, or interest, of the Auditor General's Office on the subject of public service reform is generally articulated through the means of its annual reports to Parliament although there have been supplementary undertakings on this issue. Such material relevant to this study include: Towards Better Governance: Public Service Reform in New Zealand (1984-94) and its Relevance to Canada and Reform in the Australian Public Service. Annual reports to Parliament include: "Values, Service and Performance," (1990), "Canada's Public Service Reform and Lessons Learned from Selected Jurisdictions," (1993), "Maintaining a Competent and Efficient Public Service," (1997), and "Expenditure and Work Force Reduction in Selected Departments,"

Humberstone Shoe Company Limited Minute Book

Book contains meeting minutes of the Board of Directors of the Humberstone Shoe Company Ltd., held at the Office of McLeod, Young, Weir and Co. Limited, Metropolitan Building, Toronto. Board of Directors includes: H.H. Knoll (President), J.H. Radcliffe, E. K. Reiner, T.H. Kinnear, L.B. Spencer. There is some correspondence, annual reports, contracts, by-laws, statements of profit and loss etc. throughout the book.

Bright’s Wines Limited fonds, 1983-1989

One of the oldest wineries in Ontario, Bright’s Wines is now a part of Vincor International Inc. and still producing wines today. In the year 1874 Thomas G. Bright and Francis A. Shirriff came together in a partnership and formed a wine company in Toronto, Ontario. As the company began to prosper the gentlemen decided to move the location to Niagara, Ontario. Sixteen years later the Niagara Falls Wine Company opened on Dorchester Road. In 1911, Bright bought out all of Shirriff’s shares in the company and the name became the T. G. Bright and Co. Limited. A few years later in 1933 Harry C. Hatch bought the wine company from the Bright family and began changing how Bright’s operated through greater, more diverse wine production, as well as research and development. Bright’s leadership in wine research and development in Canada helped bring Canadian wines to their position of respect around the world. In 1934 Bright’s began a viticultural and vinicultural program, changing the way the Canadian wine industry worked. They put more money into research and development than any other winery in all of Canada. Soon, gold medals and “best of class” international designations were being awarded to Bright’s wines. As a result of their success, the founders soon discovered that they needed additional money to develop their business. So they borrowed money from a local bank and other lenders, or creditors, and used the funds to expand the business. Subsequent acquisition of other companies and consolidations in the wine industry led to the creation of Vincor International in 1993. Today, Vincor has established itself as a major participant in the North American super-premium wine market. By acquiring other companies, Vincor has fuelled growth in its sales from $114 million in 1995 to $654 million in 2005. The company’s success attracted the attention of its competitors. On September 27, 2005, Constellation Brands, Inc. announced its intention to buy Vincor and subsequently acquired the company in June 2006.

Port Dalhousie Municipal Records collection, 1863-1940, 1943, n.d.

Benjamin Pawling and Peter Ten Broeck were the earliest known settlers of this area. The village of Port Dalhousie owes its existence to the building of the first Welland Canal in 1824. The village was incorporated in 1862 and as a town in 1948. In the early 1960s it became amalgamated with the city of St. Catharines. Port Dalhousie remains a distinctive part of the city today (2009).

Retired Women Teachers of Ontario—St. Catharines branch fonds, 1970-2013.

The Retired Women Teachers of Ontario (RWTO) was founded in Toronto by a small group of retired women teachers known as the Rendezvous Club. This group brought together several branches in 1956 to form the Ontario Association of Superannuated Teachers (OAWST), which was changed to the RWTO in 1999. The group was initially formed in order to provide retired women teachers with the same pension that was received by their male colleagues. The group came to the realization that they would have a better chance of success if they had a larger group of supporters. As a result, new branches were formed throughout Ontario. In 1967, the government concurred that the pension should be raised, and the minimum pension level was increased to $1200 a year. The following year the Retired Teachers of Ontario was formed, representing both male and female retired teachers. This new group was now responsible for communicating and negotiating with the government concerning pension matters. However, the RWTO continued to exist with a focus on the special interests and well-being of retired women teachers. There are currently 53 branches throughout Ontario.

Pelham Cares Inc. fonds, 1980-2015

The beginnings of Pelham Cares occurred in 1982 when the Mayor of Pelham, Eric Bergenstein, received a letter from Janet Hassall, a social worker with Niagara Regional Home Care. Hassall requested that a Social Service Committee be established in Pelham to address gaps in community services, a practice that several other communities in the Region had adopted. Such committees were commonly composed of church parishioners, so Bergenstein contacted Canon J. Nowe of the Holy Trinity Anglican Church, who expressed an interest in participating in such a committee. Bergenstein arranged a meeting in June, 1982 at the United Church Hall in Fonthill, for any interested parties to learn more about the existing Social Service Committees in the Region. The meeting was not part of a Town Council project, but rather an initiative undertaken by Mayor Bergenstein in a personal capacity. Subsequent meetings chaired by Eric Bergenstein were held throughout the remainder of that year, during which the name of Pelham Cares was decided, a steering committee established, and services to be offered were determined. These initially included “visits with the lonely, the shut-ins, at home, hospital or on an outing ; run errands for those who are “stuck”; step in, in emergencies, or regularly, to free a parent or spouse who can’t otherwise get a “break”; in emergencies, provide food, clothing, furniture, medicine and other necessities”. The first official meeting of Pelham Cares occurred in January 1983. Currently, the main services offered by Pelham Cares are a food bank; transportation services to medical appointments; and sponsorship programs to allow youth with limited financial means to participate in sports, recreational and educational activities. The organization also provides emergency food, supplies or short term accommodation due to fire or other catastrophic loss, as well as providing referrals to appropriate organizations or agencies. Pelham Cares is dependent on the funding from community partners such as service clubs, citizens, local businesses, financial institutions and churches. These services are provided by volunteers and one part-time employee. A permanent location for Pelham Cares was established in 2014 with the purchase of a property on Highway 20 East in Fonthill, after a 30 years search for a permanent facility.

Comment comprendre les transformations du mouvement des femmes au Québec? : analyse des répercussions de l’antiféminisme

Le mouvement des femmes québécois a connu des transformations importantes au cours des dernières décennies. Plusieurs causes ont été mises de l’avant pour expliquer ces changements, telles que la mondialisation, le néolibéralisme ou des causes internes. Dans les années 1980, nous observons une montée de l’antiféminisme au Québec et l’émergence de sa forme masculiniste. Ce phénomène a modifié le contexte dans lequel évolue le mouvement des femmes. L’objectif de ce mémoire est d’analyser les répercussions de l’antiféminisme sur les transformations du mouvement des femmes. Afin d’analyser les interactions entre le mouvement des femmes et le masculinisme, nous étudions les discours antiféministes dans les médias de 1985 à 2009. Plus précisément, nous analysons les thématiques masculinistes contenues dans La Presse et Le Soleil durant cette période. Par la suite, nous analysons diverses publications (rapports d’activités, la Petite Presse et le Féminisme en bref) de la Fédération des femmes du Québec dans le but de voir si le mouvement des femmes a modifié ses analyses, ses stratégies et ses actions en réaction à cette montée de l’antiféminisme. Finalement, à l’aide de la théorie de la mobilisation des ressources et de l’approche des contre-mouvements, nous étudions les interactions entre le mouvement des femmes et son contre-mouvement, soit l’antiféminisme. Nous arrivons à la conclusion qu’il existe véritablement des interactions entre ceux-ci et que la montée de l’antiféminisme a eu des répercussions sur le mouvement des femmes, qui ont modifié ses analyses, ses stratégies et ses actions.

Le gouvernement du Québec, les relations internationales et l'environnement économique international (1973-1994)

L'objectif de ce mémoire est de jeter les bases d'un nouveau récit historique portant sur les relations internationales du Québec, en rupture partielle avec le récit traditionnel, essentiellement issu des écrits provenant de la science politique, qui décrit l'activité internationale du gouvernement québécois en cherchant dans les particularités de l'histoire québécoise elle-même les forces de changement. Ce faisant, nous tentons plutôt de montrer que l'histoire des relations internationales du Québec est inexorablement enchâssée dans l'histoire canadienne, dans l'histoire nord-américaine et surtout dans l'histoire du capitalisme et du néolibéralisme. Depuis le début de son existence en tant qu'entité politique moderne, le gouvernement québécois entretient des liens avec des gouvernements étrangers, l'intensité de ceux-ci étant function des grandes transformations affectant le système capitaliste international au grand complet. Vers la fin de la période 1867-1973, la politique internationale du gouvernement québécois est institutionnalisée politiquement et juridiquement grâce à la formulation de la doctrine Gérin-Lajoie, qui s'appuie sur les dispositions constitutionnelles propres au Canada pour élaborer la politique internationale québécoise. Dans la période 1973-1981, les relations internationales du Québec se focalisent davantage sur des questions économiques, telles que la quête de capitaux étrangers et la projection d'une image de marque positive sur les marchés étrangers. Puis, dans la période 1981-1994, l'activité internationale du Québec est marquée par le virage néolibéral qui affecte tous les gouvernements capitalistes dans le monde. Ainsi, l'appareil diplomatique du Québec est de plus en plus perçu comme un outil de promotion des exportations des entreprises québécoises et d'adaptation à l'augmentation de l'interdépendance économique, et de moins en moins comme un réseau de contacts politiques et culturels. Afin de faire cette démonstration, nous puisons essentiellement dans deux types de sources primaires : d'une part, des sources gouvernementales, dont les rapports annuels des différents ministères associés aux relations internationales du Québec et du Canada au fil de la période et les livres blancs de politique internationale qu'ils ont publié, et d'autre part, des publications issues du milieu des affaires, dont la revue Les Affaires, excellent baromètre de la mentalité dominante de la classe entrepreneuriale du Québec et du Canada francophone.

Analyse géographique des investissements internationaux de la China National Petroleum Corporation

Ce mémoire propose une analyse de l’expansion internationale de la China National Petroleum Corporation (CNPC) et des impacts de cette expansion sur la sécurité énergétique de la Chine. Dans le cadre de cette recherche, l’approvisionnement énergétique d’un pays est jugé sécuritaire lorsqu’une quantité suffisante de ressources nécessaires pour combler sa demande en énergie sont présentes, disponibles et accessibles et que son approvisionnement en services énergétiques demeure fiable et abordable. La recherche comporte quatre volets. Le premier volet porte sur les étapes de la restructuration de l’industrie pétrolière chinoise depuis 1949. Celle-ci est analysée au travers des changements dans les modes de gestion des compagnies pétrolières nationales et dans leurs relations avec le gouvernement chinois. Le deuxième volet traite de la diversification et des nouvelles spécialisations de CNPC. Ces aspects sont étudiés dans le cadre d’une analyse du pourcentage de ses actifs dans chaque segment industriel (aval, intermédiaire et amont) obtenus grâce à ses rapports annuels. Le troisième volet aborde la répartition géographique des activités de la compagnie que l’on étudie à l’aide d’une analyse approfondie de près de 150 investissements, acquisitions et contrats réalisés à l’étranger entre 1992 et 2014. Le quatrième volet aborde les impacts des investissements à l’étranger de la compagnie sur la sécurité énergétique de la Chine. Ces impacts sont mesurés par l’entremise d’une analyse des flux pétroliers internationaux vers la Chine que l’on compare à la production de CNPC par pays. Ce mémoire permet de déterminer que l’expansion internationale de CNPC sert d’abord et avant tout les intérêts économiques de la compagnie. Ce sont surtout ses investissements dans la construction d’infrastructures de transport (oléoducs, gazoducs ainsi que les usines et terminaux de liquéfaction de gaz naturel liquéfié) qui apportent des bénéfices directs à la sécurité énergétique de la Chine. La contribution des investissements dans les autres secteurs est beaucoup moins systématique et dépend largement de la période au cours de laquelle ils ont été effectués.

Efficiency in Central Public Sector Enterprises in Kerala

For the analysis of productivity, capacity utilisation and profitability the data relating to the manufacturing central public sector enterprises in Kerala have been collected from the published annual reports of the companies, public enterprises surveys of Bureau of Public Enterprises (BPE), Economic Review of State Planning Board (SPB) and statistical review of central government enterprises by Centre for Monitoring Indian Economy (CMIE). Primary data have been collected by conducting personal interview with the high and middle level executives.

Dinámicas de externalización entre las ONG locales y las ONG extranjeras (terceros actores) presentes en Egipto: 2004-2009 (TERCEROS ACTORES) PRESENTES EN EGIPTO: 2004-2009

El propósito de la presente monografía es evaluar el papel de las ONG internacionales en la apertura de espacios de participación política para la sociedad civil en Egipto. En ese sentido, se analiza el contexto de oportunidades políticas locales y transnacionales del país, así como los procesos de articulación entre la política local e internacional a través de los niveles de integración entre sus actores. Mediante una investigación de tipo cualitativa basada en los desarrollos sobre teorías de la acción colectiva planteados por Sidney Tarrow, Charles Tilly, Robert Benford y David Snow, y las teorías sobre redes transnacionales de defensa desarrolladas por Margaret Keck y Kathryn Sikkink, se avanza hacia la identificación del desarrollo de procesos de externalización como medio para el fortalecimiento de organizaciones locales como alternativa de oposición política.

salud financiera y riesgo en los estados financieros de la empresa avianca del sector aeronautico

La globalización y la competitividad como realidad de las empresas, implica que los gerentes preparen a sus empresas de la mejor manera para sobrevivir en este mundo tan inestable y cambiante. El primer paso consta de investigar y medir como se encuentra la empresa en cada uno de sus componentes, tales como recurso humano, mercadeo, logística, operación y por último y más importante las finanzas. El conocimiento de salud financiera y de los riesgos asociados a la actividad de las empresas, les permitirá a los gerentes tomar las decisiones correctas para ser rentables y perdurables en el mundo de los negocios inmerso en la globalización y competitividad. Esta apreciación es pertinente en Avianca S.A. esto teniendo en cuenta su progreso y evolución desde su primer vuelo el 5 de diciembre de 1919 comercial, hasta hoy cuando cotiza en la bolsa de Nueva York. Se realizó un análisis de tipo descriptivo, acompañado de la aplicación de ratios y nomenclaturas, dando lugar a establecer la salud financiera y los riesgos, no solo de Avianca sino también del sector aeronáutico. Como resultado se obtuvo que el sector aeronáutico sea financieramente saludable en el corto plazo, pero en el largo plazo su salud financiera se ve comprometida por los riegos asociados al sector y a la actividad desarrollada.