Germany's stance on the TTIP. Background, interests and concerns. OSW Studies 52, March 2015

Co-operation between the United States and Germany has for many years been a subject of disputes. In addition to the differences over the US engagement in the resolution of international conflicts, bilateral relations have been strained as a consequence of the so-called Snowden scandal and the unproved allegations that Chancellor Angela Merkel’s telephone was wiretapped. The Transatlantic Trade and Investment Partnership offers a chance for improving relations between Germany and the USA for the first time in many years. Companies from the two countries may benefit from the lifting of some barriers to transatlantic economic co-operation. Furthermore, the emergence of in fact an internal EU and US market, with reduced customs tariffs and harmonised legal and economic rules, will pressure the emerging economies to make their markets more open. The TTIP may create conditions for exporting US raw materials from unconventional sources to the European Union; and this will be a benefit of geopolitical significance for Germany. The German government is aware of the fact that diversification of supplies of fossil fuels will make Europe less dependent on pressure from Moscow.

The twilight of the oil Eldorado. How the activity of Russian oil companies on the EU market has evolved. OSW Studies 55, April 2016

The European Union has traditionally been the most important outlet for Russian oil exports. At the same time, during the period 2011-2014 a systematic decline was observed in crude oil supplies to the EU, while at the same time the export of petroleum products increased. It is now difficult to say that Russia is following a coherent oil strategy vis-a-vis the EU. The current shape of Russian activity is more the result of the business interests of individual companies, rather than the result of activities coordinated by the state. Although in the short term (up to 2020), the negative trend in crude oil exports to the EU could be halted (as confirmed by the figures for 2015), the long-term prospects for Russia's position on the EU market are pessimistic. This is because the importance of factors unfavourable to Russia is rising, such as the decrease in consumption of oil in the EU, the increased competition among exporters to the EU market, and the deterioration of the climate of Russian/EU cooperation in the context of the anti-Russian sanctions, as well as unclear prospects for the development of the upstream sector in Russia.

The influence of corporate governance characteristics on changes in risk following the global financial crisis evidence from companies listed in the portuguese stock market

Apesar da crescente regulação da atividade empresarial e do estabelecimento de normas e recomendações relativamente ao governo das sociedades verificados desde o início da década passada, as empresas de grande parte dos sectores de atividade económica foram seriamente afetadas durante a crise financeira global. Este estudo permite concluir que houve aumentos significativos no risco total e idiossincrático das empresas não financeiras cotadas na Euronext Lisboa após a falência do banco Lehman Bothers, a 15 de Setembro de 2008. Estes resultados são coerentes com o aumento da incerteza dos investidores verificado durante o período de crise, resultante do colapso de alguns dos maiores bancos do último século, que se traduziu numa falta de confiança generalizada nas instituições financeiras que resultou em maiores dificuldades na obtenção de créditos bancários e num aumentos dos custos de capital, durante este período. Os resultados sugerem que as alterações verificadas nas medidas do risco variaram de acordo com as características de governação e características específicas das empresas, quer num horizonte temporal mais curto, quer num horizonte temporal mais alargado. O mercado de capitais premiou as empresas com um número relativamente maior de administradores não-executivos e com administradores que exercem (em média) cargos de gestão num maior número de empresas ou instituições. Por outro lado, o mercado de capitais penalizou as empresas com um número relativamente maior de administradores independentes, maior concentração de capital, maiores oportunidades de crescimento, maior alavancagem financeira e maior liquidez corrente.

City companies charities. Report of the Educational Endowments Committee. February, 1881.

"The charities described ... are exclusively those under the trust of the guilds or companies of the city of London."

Captains of the three student companies in 1861

Handwritten on verso: civil war volunteer. Printed sticker on verso: W. Nessler