Oscil.lacions del nivell del mar i sediments associats durant l'Holocè a la Costa Brava Meridional (Girona)

Several marine deposits in the southern Costa Brava shoreline have been studied. They appear at different heights above and below the present sea level. Three groups are defined in relation to their origin: conglomerate levels at the bottom of the cliffs, not-cementedemerged beaches and cemented submerged beaches. The age of the emerged beaches has been accurately determined by means of the ceramic content and radiocarbon dating. Chronological succession of the deposits and their stratigraphic and paleontological characteristics allow to define a sequence of the sea level changes during the latest stages of the versiliane transgression in the studied area

1st datings of ammonite-bearing Bajocian suites from Caucasus (Georgia) - K-Ar ages of volcanic hornblendes

Volcanic flows and tuffs interbedded with ammonite-bearing sediments directly correlatable with the stratotype section of the Bajocian stage have been dated for the first time within the Caucasus area. Three samples, each from a different section, allowed separation of well-preserved brown hornblende; these are considered reliable geochronometers in a region where subsequent volcanic activity occurred. The dated separates are V139: a volcanic layer probably near the base, V142 another layer near the top of the Lower Bajocian substage; V141 a boulder from a latest Bajocian volcanic conglomerate. From bottom to top, apparent ages at 173.5 +/- 2.6, 164.8 +/- 2.5 and 167.1 +/- 1.9 Ma (analytical uncertainty, 95% confidence level) respectively, can be calculated. The consistency of the results is obtained if the dated boulder is interpreted as derived from an underlying layer, The Bajocian-Bathonian boundary is much younger than commonly accepted and younger than 164 Ma.

Simultaneous renal oncocytoma and lymphoma: interest of lymphadenectomy

Kidney lesions may be difficult to diagnose only by radiological exams, often requiring proof by tissue biopsy. Moreover, if enlarged regional lymph nodes are also present, the spectrum of differential diagnoses is even greater. The role of regional lymph node dissection in this setting is not clearly established. We show the case of a patient with a kidney mass associated with a conglomerate of para-aortic and iliac lymphadenopathies corresponding to an oncocytoma and a nodular lymphocyte predominant Hodgkin' lymphoma, respectively. Diagnosis of these two lesions was performed by morphology and immunohistochemistry. This case reflects how imaging can mislead to diagnosis and how histological confirmation helps decide treatment management.

Detrital zircon and micropalaeontological ages as new constraints for the lowermost tectonic unit (Talea Ori unit) of Crete, Greece

The Talea Ori unit is the lowermost known tectonic unit of Crete and the most external part of the Hellenides. Its stratigraphy ranges from Late Carboniferous to Oligocene and outcrops of the lower part are only known in the Talea Ori mountains (central Crete). In this area, a black sandstone at the base of the Galinos Beds, thought to be the oldest formation, contains zircons which were dated using the single grain evaporation method. The majority of these grains yielded Late Carboniferous ages (Variscan), while a small group yielded Early Proterozoic ages. The age distribution of these zircons suggests that, at the Carboniferous-Permian boundary, not much of the older North Gondwanan basement was exposed and that a river system carried detrital material from the Variscan belt towards the forming Neotethyan rift. Additionally, higher up in the stratigraphy benthic foraminifers (miliolids) were found in clasts from a conglomerate which was so far thought to be of Early Triassic age [Epting, M., Kudrass, H.-R., Leppig, U., Schaffer, A., 1972. Geologie der Talea Ori/Kreta. N. Jb. Geol. Palaont. Abh. 141, 259-285.]. These miliolids belong to the species Hoyenella inconstans [Michalik, J., Jendrejakova, O., Borza, K., 1979. Some new foraminifera species of the Fatra-Formation (Uppermost Triassic) in the West Carpathians. Geol. Carpath. 30 (1), 61-91.], thus attributing a Late Triassic (Carnian-Norian?) maximal age to this conglomerate. The carbonate platform from which the miliolids-bearing clasts come is not known. The presence to the north of a continuous hemipelagic record from the Carboniferous to the Triassic (Phyllite-Quartzite and Tripali units), attributed to the Palaeotethys realm, allows the Talea Ori unit and its lateral equivalents (the Ionian zone) to be assigned to the westward continuation of the Cimmerian block and therefore to the northern margin of the East Mediterranean Neotethys ocean. (c) 2006 Elsevier B.V. All rights reserved.

Volcanic stratigraphy of Hannah Point, Livingston Island, South Shetland Islands, Antarctica

The Upper Cretaceous volcanic succession of Hannah Point is the best exposure of the Antarctic Peninsula Volcanic Group on L ivingston Island. The aim of the present paper is to contribute to the characterisation of the stratigr a p hy and petrogr a p hy of this little studied succession, and briefly discuss some aspects of the eru p t ive style of its volcanism. The succession is about 470 m thick and is here subdivided into five lithostratigraphic units (A to E from base to top). Unit A, approximately 120 m thick, is mainly composed of polymict clast-supported volcaniclastic breccias and also includes a dacitic lava laye r. Interstratified in the breccias of this unit, there is a thin laminated devitrified layer which shows some degree of welding. Unit B, approx imately 70 m thick, is almost entirely composed of volcaniclastic breccias, and includes a volcaniclastic conglomerate laye r. Breccias in this unit can be subdivided into two distinct types; polymict clast-supported breccias, and monomict matrix-supported breccias rich in juvenile components and displaying incipient welding. Unit C, about 65 m thick, is mainly composed of basaltic lavas, which are interlayered with minor vo lcaniclastic breccias. Unit D, approximately 65 m thick, is lithologically similar to unit B, composed of an alternation of polymict clasts upported breccias and matrix-supported breccias, and includes a volcaniclastic conglomerate laye r. Unit E, about 150 m thick, is mainly formed of thick andesitic lava layers. Minor basaltic dykes and a few normal faults cut the succession, and the contact betwe e n units A and B can be interpreted both as an unconformity or a fault. The matrix-supported breccias included in the succession of Hannah Point have high contents of juvenile components and incipient welding, which suggest that part of the succession is the result of pyroclastic fragmentation and emplacement from pyroclastic flows. In contrast, the polymict clast-supported breccias suggest reworking of previous deposits and deposition from cool mass flows. The lavas indicate eff u s ive volcanic eruptions, and the absence of features indicative of subaqueous volcanism suggests that at least these portions of the succession were emplaced in a subaerial environment .

La vegetació de la serra de Moixeró i el massís de la Tosa d'Alp (Pirineus orientals).

This work offers an approach to the vegetation of the Pyrenean area mentioned above according to three successive and related levels -vascularflora, plant communities and plant landscape. The study area stretches over 147.5 square km (projected surface), nearly 70% belonging to Cadí-Moixeró Natural Park. Altitudes rise from 720 m a.s.l. (Southern part) and 1100 m a.s.l. (Northern part) to 2536 m a.s.l. at the top ofla Tosa d'Alp. Limestone, the most common substrate, constitutes the highest mountain ranges in the area and also the roughest relief. Slate, carbonated slate, marl, sandstone and different kinds of conglomerate are also present. The bioclimate of lower parts is axeromeric sub-mediterranean type in the Gaussen scale, with a marked continental factor in the Northern sector (Cerdanya district). High parts have high mountain climates -cold axeric, subalpine and alpine types.

Lignes ferroviaires régionales : ouvrir, fermer ou moderniser? : obstacles juridiques, techniques, géopolitiques ou absence de volonté politique? : études de quatre lignes ferroviaires franco-belges et franco-suisses

L'objectif de la présente étude est de cerner les facteurs de succès et d'échec des réouvertures et modernisations de lignes ferroviaires transfrontalières dans les zones limitrophes. L'enquête prend pour base deux lignes franco-belges (Mons-Valenciennes et Namur- Charleville-Mézières) et deux lignes franco-suisses (Delémont-Belfort et Neuchâtel- Besançon). Le problème public réside dans l'absence de moyens de transports publics exploitant le potentiel existant dans le bassin de vie concerné (sous-exploitation du marché des transports). Les obstacles à franchir dans le domaine des transports ferroviaires peuvent être de nature juridique. Ainsi, des prescriptions légales telles que certains standards d'interopérabilité, l'absence d'une définition de l'expression «train régional» au niveau européen, la sécurité (passages à niveau) ou des mesures en faveur des personnes à mobilité réduite, peuvent entraver, voire empêcher des réouvertures ou modernisations de lignes régionales, car ces standards ne sont pas adaptés à la réalité des lignes dont le potentiel est faible en termes de voyageurs et de fret. À un autre niveau, il est rare que les aspects techniques constituent des obstacles. C'est cependant le cas lorsque deux réseaux ferroviaires nourrissent des philosophies antagonistes (réseau cadencé et non cadencé). Pour la réouverture des lignes, on constate l'absence de définitions claires, au niveau politique, de la desserte de base et des seuils de fréquentation minimale. Il y a parfois un contraste marqué entre une infrastructure dégradée et un matériel roulant très moderne, signe d'absence de sensibilisation à l'entretien des infrastructures ferroviaires. Pourtant, ces infrastructures jouent un rôle important à l'échelon géopolitique. Correctement aménagées (offre, temps de parcours, correspondances), elles permettent le désenclavement de toute une région. La réouverture d'un chaînon manquant peut changer la position géopolitique d'une région, comme dans le cas de Mons-Valenciennes; mais en même temps, l'argument de l'impact géopolitique peut entraver une réouverture, même lorsqu'il n'est pas fondé, comme le montre le cas de Dinant-Givet qui semble concurrencer une autre ligne existante. L'impact des lignes à grande vitesse sur les régions limitrophes est souvent surestimé. En revanche, la praticabilité du concept des quatre capitaux (capital manufacturé, social, naturel et humain) est sous-estimée dans le domaine des transports publics. Les grilles d'analyse des quatre capitaux nous ont en effet permis de prouver l'applicabilité du concept aux lignes ferroviaires transfrontalières, en dépit du manque de me- surabilité de certains indicateurs. L'évaluation des lignes retenues à l'aide de notre grille d'analyse montre que les lignes régionales françaises accusent un lourd retard en termes de performance. Ce fait est confirmé dans les quatre capitaux. En appliquant notre méthode de planification à des lignes ferroviaires (transfrontalières), on observe que les lignes actuelles n'exploitent pas suffisamment leur potentiel. L'approche proposée se base sur le triangle «offre - infrastructure - matériel roulant» et s'articule autour des usagers. Avant toute planification, il faut développer une vision pour la région et la ligne concernée, dans laquelle la voie ferrée servira d'axe structurant. La vision se manifeste par un horaire qui traduit l'offre sou-haitée à long terme avec des temps de parcours idéaux, et des noeuds de correspondance avec d'autres moyens de transport. Alors, les lignes régionales peuvent contribuer à un changement de paradigme qui favorise un mode de vie axé davantage sur les services des transports publics que sur le transport individuel, également dans les régions limitrophes. - Het doel van deze Studie is het onderzocken von de redenen van het succès en van het falen van de heropening of modernisering van al of niet grensoverschrijdende spoorlijnen. Het on- derzoek is gebaseerd op twee Frans-Belgische lijnen (Bergen-Yalenciennes en Namen- Charleville-Mezières) en twee Frans-Zwitserse lijnen (Delémont-Belfort en Neuchâtel- Besançon). Het probleem is de afwezigheid van openbare transportmogelijkheden in de uitbating van de betrokken woongebieden (onderbenutting van de transportmarkt). De te overschrijden hindernissen op het gebied van spoorwegvervoer kunnen van juridische oorsprong zijn. Dat wil zeggen dat wettelijke vereisten zoals bepaalde standaarden voor inte- roperabiliteit, het ontbreken van een definitie van «regionale trein» op Europees niveau, de beveiliging (spoorwegovergangen) of maatregelen voor mensen met verminderde mobiliteit de heropening of modernisering van de regionale lijnen kunnen verhinderen, aangezien deze normen niet zijn aangepast aan de realiteit op aan de lijnen waarvan het potenti eel laag is, zowel voor reizigers als voor goederen. Op een ander niveau is het zeldzaam dat de technische as-pecten voor obstakels zorgen. Het is nochtans het geval wanneer twee spoorwegnetten zorgen voor tegenstrijdige ideeën (regelmatig of onregelmatig bezet net). Om de lijnen te he- ropenen, is er een gebrek aan duidelijke afspraken op politiek niveau, voor een minimale be- diening en een minimale opkomst. Soms is er een groot contrast tussen een verouderde infras- tructuur en een zeer modem rollend materieel, een teken van gebrek aan gezond verstand bij het onderhoud van de spoorweginfrastructuur. Deze infrastructuur speelt echter een belan- grijke roi in het geopolitieke niveau. Goed beheerd (aanbod, reistijd, verbindingen) zorgen ze voor een heropening van een hele regio. De heropening van een ontbrekende schakel kan de geopolitieke positie van een regio veranderen, zoals in het geval van Bergen-Valenciennes, maar terzelfder tijd kan het argument van de geopolitieke impact een heropening verhinderen, zelfs als het ongegrond is, zoals in het geval van Dinant-Givet dat blijkt te concurreren met een andere bestaande lijn. De impact van hogesnelheidslijnen op grensoverschrijdende regio's wordt vaak overschat. Daartegenover wordt de haalbaarheid van het concept van de vier kapi- taalvlakken (opbouwend, sociaal, natuurlijk en menselijk kapitaal) onderschat op het gebied van openbaar vervoer. De analyse van de vier kapitaalvlakken heeft ons toegelaten de toepas- baar-heid van het concept van de grensoverschrijdende spoorlijnen aan te tonen, ondanks het ge-brek aan meetbaarheid van bepaalde indicatoren. Evaluatie van de lijnen, geselecteerd met behulp van ons analysekader, heeft aangetoond dat Franse regionale lijnen achterblijven op het gebied van prestaties. Dit wordt bevestigd op de vier kapitaalvlakken. Door het toepassen van onze planningsmethode op spoorlijnen (in grenszones), zien we dat de huidige lijnen hun potentieel onvoldoende benutten. De voorgestelde aanpak is gebaseerd op de driehoek «aan- bieding - infrastructuur - rollend materieel» en rieht zieh op de gebruikers. Vooraleer een planning opgesteld kan worden, moeten we een visie ontwikkelen voor de betrokken lijn en de regio waarin de spoorweg zal dienen als structurele as. De visie baseert zieh op een diens- tregeling die uitgaat van een aanbod op lange termijn met ideale rijtijden en knooppunten met an-dere transportmiddelen. Zodoende kunnen regionale lijnen bijdragen aan een paradigma- vers-chuiving die een levensstijl promoot die meer gericht is op het openbaar vervoer dan op het individueel vervoer, ook in naburige regio's. - Das Ziel der Studie ist die Identifizierung von Erfolgs- und Misserfolgsfaktoren bei Wiedereröffnungen und Modernisierungen von (grenzüberschreitenden) Regionalverkehrslinien in Randregionen. Die Untersuchung stützt sich auf zwei belgisch-französische (Mons- Valenciennes und Namur-Charleville-Mézières) sowie zwei schweizerisch-französische Linien (Delémont-Belfort und Neuchâtel-Besançon). Das öffentliche Problem besteht im Fehlen eines öffentlichen Verkehrsmittels, welches das vorhandene Potential im Einzugsbereich der betrachteten Linien vollständig ausnützt (unvollständige Ausnützung des vorhandenen Transportmarktes). Die zu überwindenden Hindernisse auf dem Gebiet des Eisenbahnwesens können juristischer Natur sein. Es handelt sich dabei um gewisse juristische Vorschriften w. z. B. Interoperabili- tätsstandards, die Abwesenheit einer klaren Definition des Begriffes «Regionalverkehr» auf europäischer Ebene, Sicherheitsstandards (Bahnübergänge) oder Massnahmen zu Gunsten von Behinderten, die Wiedereröffnungen behindern können, weil diese Standards keine Rücksicht auf die Gegebenheiten von Regionallinien mit einem geringen Nachfragepotential nehmen. Technische Vorgaben stellen nur selten ein Hindernis bei Wiedereröffnungen dar. Dies kann dann der Fall sein, wenn zwei Eisenbahnnetze mit unterschiedlichen Betriebsphilosophien aufeinander treffen (Netz mit Taktverkehr und unvertaktete Netze). Bei Wiedereröffnung von Eisenbahnlinie ist festzustellen, dass auf politischer Ebene keine Definitionen in Bezug auf Basisangebot und der minimalen Nachfrage bestehen. Bisweilen ist ein starker Kontrast zwischen einem schlechten Infrastrukturzustand und einem darauf verkehrenden modernem Rollmaterial festzustellen. Gerade diese Infrastruktur spielt auf geopolitischer Ebene eine wichtige Rolle. Wird diese korrekt betrieben (attraktives Angebot, Fahrzeit, Umsteigeverbindungen), erlaubt sie einer ganzen Region eine Lösung aus der Isolation. Die Wiedereröffnung eines fehlenden Teilstücks kann die geopolitische Situation einer Region positiv verändern, wie das Beispiel der Linie Mons-Valenciennes zeigt. Gleichzeitig kann das Argument der geopolitischen Position eine Wiedereröffnung behindern, auch wenn die vorgebrachten Argumente nicht stichhaltig sind, wie das Beispiel der Linie Dinant-Givet beweist, die angeblich einen bestehenden Eisenbahgüterverkehrskorridor konkurrenzieren soll. Der Einfluss von Hochgeschwindigkeitsstrecken auf Randregionen wird oft überschätzt. Im Gegensatz dazu wird die Anwendbarkeit des Konzeptes der vier Kapitalien (konstruiertes, soziales, natürliches und Human-Kapital) bei der Anwendbarkeit im öffentlichen Verkehr unters-chätzt. Der verwendete Analyseraster der vier Kapitalien erlaubt die Anwendbarkeit dieses Ansatzes auf grenzüberschreitende Eisenbahnlinien, trotz des Fehlens von Daten für zahlreiche Indikatoren, zu untermauern. Die Evaluation der betrachteten Linien hat gezeigt, dass die französischen Schienenregionalverkehrslinien einen bedeutenden Rückstand in Bezug auf die Leistungsfähigkeit vorweisen. Dies wird durch die Anwendung des Analyseraster der vier Kapitalien bestätigt. Der Einsatz, der in dieser Arbeit entwickelten Planungsmethode auf die vier grenzüberschreitenden Regionalverkehrslinien hat gezeigt, dass die heutige Betriebsweise von Regionalverkehrslinien das vorhandene Potential nicht ausschöpft. Der vorgeschlagene Ansatz basiert auf dem Dreieck «Angebot - Infrastruktur - Rollmaterial» in dem die Benützerlnnen im Zentrum stehen. Jedoch steht die Entwicklung einer Vision für die betroffene Region und Linie vor dem Beginn jeder Planung im Zentrum, bei der die Eisenbahnlinie als strukturierende Achse benützt wird. Diese manifestiert sich in einer Fahrplanstruktur, die das langfristig gewünschte Angebot mit idealen Fahrzeiten und Umsteigeknoten mit anderen Verkehrsmitteln beinhaltet. In dieser Weise können die Regionalverkehrslinien einen Beitrag zu einem Paradigmawechsel beitragen, der auch in Randregionen einen Lebensstil fördert, der vermehrt auf den öffentlichen Verkehr als auf den motorisierten Individualverkehr setzt. - L'obiettivo di questo studio è quello di identificare i fattori di successo e di fallimento relativi alla riapertura e modernizzazione di linee ferroviarie transfrontaliere e non in aree limitrofe. L'indagine si basa su due linee franco-belghe (Mons-Valenciennes e Namur-Charleville- Mézières) e due linee franco-svizzere (Delémont-Belfort e Neuchâtel-Besançon). Il problema pubblico è la mancanza di mezzi di trasporto pubblico che sfruttino il potenziale esistente nel bacino d'utenza interessato (sottoutilizzazione del mercato dei trasporti). Gli ostacoli da superare nel settore del trasporto ferroviario possono essere di natura giuridica - vale a dire, requisiti legali come alcuni standard d'interoperabilità, l'assenza di una definizione del termine «treno regionale» a livello europeo, la sicurezza (passaggi a livello) o misure a favore di persone a mobilità ridotta, che possono ostacolare o impedire la riapertura o modernizzazione di linee regionali poiché queste norme non vengono adattate alla realtà delle linee il cui potenziale è basso in termini di viaggiatori e merci. A un altro livello è raro che aspetti tecnici costituiscano degli ostacoli. Tuttavia è il caso quando due reti ferroviarie perseguono filosofie antagoniste (rete cadenzata e non cadenzata). Per riaprire le linee si rileva una mancanza di definizioni chiare, a livello politico, del collegamento di base e delle soglie minime di frequentazione. A volte vi è un netto contrasto tra un'infrastruttura degradata e un modernissimo materiale rotabile, segno della mancanza di sensibilizzazione per la manutenzione delle infrastrutture ferroviarie. Eppure queste strutture svolgono un ruolo importante a livello geopolitico. Correttamente gestite (offerta, tempi di percorrenza, coincidenze), permettono l'apertura verso l'esterno di un'intera regione. La riapertura di un tassello mancante può cambiare la posizione geopolitica di una regione, come nel caso di Mons-Valenciennes. Allo stesso tempo, tuttavia, l'argomento dell'impatto geopolitico, anche se infondato, può ostacolare una riapertura - come nel caso di Dinant-Givet che sembra fare concorrenza a un'altra linea esistente. L'impatto delle linee ad alta velocità sulle regioni limitrofe è spesso sovrastimato. In compenso, l'attuabilità del concetto dei quattro capitali (capitale fabbricato, sociale, naturale e umano) è sottovalutata nel settore dei trasporti pubblici. Le griglie d'analisi dei quattro capitali ci hanno effettivamente permesso di dimostrare l'applicabilità del concetto alle linee ferroviarie transfrontaliere, nonostante la mancanza di misurabilità di alcuni indicatori. La valutazione delle linee selezionate in supporto alla nostra griglia d'analisi mostra che le linee regionali francesi accusano un pesante ritardo in termini di prestazioni. Questo dato di fatto è confermato nei quattro capitali. Applicando il nostro metodo di pianificazione alle linee ferroviarie (transfrontaliere), si osserva che le attuali linee non sfruttano a sufficienza il loro potenziale. L'approccio proposto è basato sul triangolo «offerta / infrastrutture / materiale rotabile» e si articola attorno agli utenti. Prima di qualsiasi pianificazione, è necessario sviluppare una visione per la regione e la linea coinvolta, in cui la ferrovia servirà come asse strutturale. La visione si manifesta attraverso un orario che rifletta l'offerta desiderata a lungo termine, con tempi di percorrenza ideali e nodi di coincidenza con altri mezzi di trasporto. In questo modo, le linee regionali possono contribuire a un cambiamento di paradigma che favorisca uno stile di vita più focalizzato sui servizi di trasporto pubblico che sul trasporto individuale - anche nelle regioni limitrofe.

Stratigraphy and petrology of the Miocene Montjuic delta: (Barcelona, Spain).

The Neogene rift in the Catalan Coastal Ranges, which is located in the NE part of the Eastern Iberian Margin, corresponds to a system of grabens formed at the nort h - we s t e rn edge of the Valencia Trough. In the central part of the Catalan Coastal Ranges are the Valls - Peneds half-graben in the onshore and the Barcelona half-graben in the offshore, which are separated by the Garraf and the Collserola-Montnegre horsts. Montjuc hill is a tilted block, which is located to the S of the Barcelona city, between the Collserola-Montn egre horst and the Barcelona half-graben . The Middle Miocene section of Montjuc is constituted by an alternation of conglomerate, sandstone, mudstone and marlstone beds. The Montjuc section was divided into four lithostratigraphic units from base to top: (1) The Morrot conglomerate and sandstone Unit, interpreted as delta plain deposits; (2) the Castell conglomerate, sandstone and mudstone Unit considered as proximal delta front deposits; (3) the Miramar marlstone Unit attributed

Quiralidade em moléculas e cristais

The present contribution describes some concepts of stereochemistry and chirality in molecules and crystals. This paper also reports on the development of a simple and fast experiment to prepare and recognize conglomerate and true racemate of tartaric acid produced by mechanic mixture of commercial enantiomers and recristalization. Optical activity and melting point of mixtures are also used in the analysis.

Metsäteollisuusyhtiön liiketoimintaportfolion synergioiden määrittäminen ja optimointi: Case UPM-Kymmene Oyj

Tutkielmassa selvitettiin UPM-Kymmene Oyj:n liiketoimintaportfolion muodostamia synergioita julkisiin lähteisiin pohjautuen. Synergioiden määrittämistä varten muodostettiin malli, jonka avulla määritettiin synergiat montaa eri liiketoimintaa harjoittavalle yhtiölle. Synergianäkemystä hyödynnettiin portfolion optimoinnissa uudella lähestymistavalla. Synergian mittausmallissa arvotettavan yhtiön liiketoiminta-alueille valittiin vertailuyhtiöt, joiden taloudellista suoriutumista arvioimalla pystyttiin määrittämään arvio synergian määristä. Tutkielman aihe synergioiden muodostumisesta ja mittaamisesta on tärkeä, sillä montaa liiketoimintaa harjoittavat yhtiöt oikeuttavat olemassa olonsa vetoamalla liiketoimintojen välillä syntyviin hyötyihin ja synergioihin. Synergiat ja portfolion optimointi ovat johdolle tärkeä aihe, sillä portfolion hallinta on yrityksen liiketoiminnan jatkuvuuden, taloudellisen suoriutumisen ja olemassa olon kannalta erittäin keskeistä Tutkielman tulosten perusteella UPM:n liiketoimintaportfoliossa muodostuvien synergioiden voidaan arvioida olevan vuosittain 44 miljoonasta eurosta 117 miljoonaan euroon. Portfolion optimoinnin tuloksena ainoastaan paperin ja vaneriliiketoimintojen suhteellista painoarvoa tulee laskea, mikä johtuu lähinnä näiden liiketoimintojen jatkuvasta huonosta taloudellisesta suoriutumisesta.

Sustainable Development – the Key to Competitiveness CSR as an added value to Alstom’s corporate performance

Corporate social responsibility or CSR is today a widely recognized concept which is receiving in- creasing popularity extremely rapidly, especially in the business world. The pressure on companies to carry out their business practices in ethical manners, which promote the wellbeing of the environment and society, is coming from all directions and all stakeholders. Alstom, a French multinational conglomerate operating in the rail transport and energy industry, is no exception to this norm. This company, which will be used as the case example in this thesis, is being brought to bay in terms of engaging in CSR practices and practicing business with high ethics. It is surely not a negatively conceived phenomenon that CSR is being put on a pedestal – quite the opposite. Instead of corporations practicing CSR only to meet their stakeholder requirements through practicing window dressing, many corporations actually strive to benefit from the practice of corporate social business. In addition to bringing benefit to externals a corporation such as Alstom itself can benefit from being involved in CSR. The purpose of this thesis is to evaluate the current strategic values and the future perspectives of CSR at Alstom and moreover the added value which the practice of CSR could bring Alstom as a business. A set of perspectives from a futures studies viewpoint is looked at, with critical examination of the company’s current corporate practices as well as the CSR related studies and theories written for corporations. Through this, some solutions and practices will be suggested to Alstom in order for it to fully utilize the potential of corporate social business and the value it can bring in the most probable futures that the company is expected to face. By utilizing the Soft Systems Methodology (SSM), a method mainly used in organizations to solve problematic issues in management and policy contexts, a process is developed to see what improvements could be of help in improving Alstom and its way towards involving CSR in its business practices even more than it currently does. Alstom is already deeply involved in the practicing of CSR and its vision has a strong emphasis on this popular concept of today. In order to stay in the game and to use CSR as a competitive advantage to the company, Alstom ought to embed corporate social practices even deeper in its organizational culture by using them as a tool to reduce risk and costs, increasing employee commitment and customer loyalty and to attract socially responsible investors, just to name a few. CSR as a concept is seen to have great potential in the future, an opportunity Alstom will not miss.

Competitive Effects of Non-Controlling Minority Acquisitions – Sufficient to merit further EU merger regulation?

Partial ownership interests are a widespread phenomenon in modern corporate environment. Unless minority shareholding affords the target to exercise control over the target, they do currently not have to be notified to the European Commission under EU merger regime. However, economic research has long suggested that when linking competing or non-horizontally positioned undertakings particularly in industries with few competitors, minority shareholdings even far below the majority of shares or voting rights could lead to higher prices or lower output volumes to the detriment of consumers. The Commission has recognized this issue and proceeded to suggest an extension of the merger regime to catch also certain non-controlling minority acquisitions. Horizontal non-controlling minority shareholdings create a positive correlation between the sales revenues of the partial acquirer and target. Through the equity interest the acquirer will internalise a fraction, proportional to the financial rights attached to the shareholding, of the profit of the target. This will incentivise the acquirer to contribute to increasing the target’s business profits by increasing its own sales price (horizontal unilateral effects). When a minority stake is held in a vertically related or a conglomerate company, the minority acquirer could be allowed to hamper or eliminate the target’s rivals’ access either to inputs (input foreclosure) or customers (customer foreclosure), depending on which level of the supply chain the parties are (vertical unilateral effects). Under certain circumstances minority share acquisitions could also lessen competition because they facilitate collusion between companies active in the market (coordinated effects). Economic theory confirms that non-controlling minority shareholdings may under certain circumstances create anti-competitive effects that are unlikely to be remedies by pro-competitive effects. However, they are likely to be of less significant nature than anticompetitive effects created by full mergers. This derives fore mostly from the fact that a minority share acquirer carries all the costs associated with its unilateral action but will internalise only a fraction of the lost profits. This is likely to limit the acquirer’s incentive to raise price and the profitability of such behavior. Having in mind that the number of potentially problematic cases is expected to be next to negligible, the limited potential competitive effects of non-controlling minority share acquisitions cannot be seen to clearly merit extension of the scope of the EUMR. The system suggested by the Commission is particularly ill-fitted for such purpose given the clear lack of legal certainty and considerable administrative burden associated with it.

The Impact of Acquisitions on Share Pricing and Long Term Performance – Empirical Evidence from the Global Automotive Industry

Automotive industry has faced intense consolidation pressure, which has lead to increasing number of M&As. However, empirical evidence has given controversial results suggesting that most of M&As are value destructive for acquiring companies and for acquiring companies’ shareholders. The objective of this master’s thesis is to examine how acquiring companies’ shareholders react to acquisition announcement and is the reaction in line with the long-term performance. This study uses empirical evidence from automotive industry, which has been characterized as an industry that holds large amount of vertical and horizontal synergies. Transaction data consists of 65 acquisitions made by publicly listed companies between 2008-2010. The short-term impact is tested by applying event study methodology while the long term operative performance is examined with accounting study methodology. The event study results indicate that during the three days after acquisition (t= 0-2), the acquiring firms’ stocks generate an abnormal return of 1.22% on average across all acquisitions. When long term performance is studied it is evident that acquiring companies perform better than the industry median pre- and post-transaction but there is no statistically significant evidence that the performance has increased. The only performance ratio indicating statistically significant decrease is Return on Equity (ROE). On long-term horizontal acquisitions seem to outperform conglomerate ones but otherwise deal characteristics do not have any statistically significant impact.

A Business Incubator, Accelerator, or Coworking Space? Case Health Innovation Village at GE

Health Innovation Village at GE is one of the new communities targeted for startup and growth-oriented companies. It has been established at the premises of a multinational conglomerate that will promote networking and growth of startup companies. The concept combines features from traditional business incubators, accelerators, and coworking spaces. This research compares Health Innovation Village to these concepts regarding its goals, target clients, source of income, organization, facilities, management, and success factors. In addition, a new incubator classification model is introduced. On the other hand, Health Innovation Village is examined from its tenants’ perspective and improvements are suggested. The work was implemented as a qualitative case study by interviewing GE staff with connections to Health Innovation Village as well as startup entrepreneurs and employees’ working there. The most evident features of Health Innovation Village correspond to those of business incubators although it is atypical as a non-profit corporate business incubator. Strong network orientation and connections to venture capitalists are common characteristics of these new types of accelerators. The design of the premises conforms to the principles of coworking spaces, but the services provided to the startup companies are considerably more versatile than the services offered by coworking spaces. The advantages of Health Innovation Village are that there are first-class premises and exceptionally good networking possibilities that other types of incubators or accelerators are not able to offer. A conglomerate can also provide multifaceted special knowledge for young firms. In addition, both GE and the startups gained considerable publicity through their cooperation, indeed a characteristic that benefits both parties. Most of the expectations of the entrepreneurs were exceeded. However, communication and the scope of cooperation remain challenges. Micro companies spend their time developing and marketing their products and acquiring financing. Therefore, communication should be as clear as possible and accessible everywhere. The startups would prefer to cooperate significantly more, but few have the time available to assume the responsibility of leadership. The entrepreneurs also expected to have more possibilities for cooperation with GE. Wider collaboration might be accomplished by curation in the same way as it is used in the well-functioning coworking spaces where curators take care of practicalities and promote cooperation. Communication issues could be alleviated if the community had its own Intranet pages where all information could be concentrated. In particular, a common calendar and a room reservation system could be useful. In addition, it could be beneficial to have a section of the Intranet open for both the GE staff and the startups so that those willing to share their knowledge and those having project offers could use it for advertising.

Structural studies in the Southern Province, South of Sudbury, Ontario

Rocks correlated with the Hough Lake and Quirke Lake Groups of the Huronian Supergroup form part of a northeasterly trending corridor that separates 1750 Ma granitic intrusive rocks of the Chief Lake batholith from the 1850 Ma mafic intrusive rocks of the Sudbury Igneous Complex. This corridor is dissected by two major structural features; the Murray Fault Zone (MFZ) and the Long Lake Fault (LLF). Detailed structural mapping and microstructural analysis indicates that the LLF, which has juxtaposed Huronian rocks of different deformation style and metamorphism grade, was a more significant plane of dislocation than the MFZ. The sense of displacement along the LLF is high angle reverse in which rocks to the southeast have been raised relative to those in the northwest. South of the LLF Huronian rocks underwent ductile defonnation at amphibolite facies conditions. The strain was constrictional, defined by a triaxial strain ellipsoid in which X > Y > z. Calculations of a regional k value were approximately 1.3. Penetrative ductile defonnation resulted in the development of a preferred crystallographic orientation in quartz as well as the elongation of quartz grains to fonn a regional southeast-northwest trending, subvertical lineation. Similar lithologies north of the LLF underwent dominantly brittle deformation under greenschist facies conditions. Deformation north of the LLF is characterized by the thrusting of structural blocks to form angular discordances in bedding orientation which were previously interpreted as folds. Ductile deformation occurred between 1750 and 1238 Ma and is correlated with a regional period of south over north reverse faulting that effected much of the southern Sudbury region. Post dating the reverse faulting event was a period of sedimentation as a conglomerate unit was deposited on vertically bedded Huronian rocks. Rocks in the study area were intruded by both mafic and felsic dykes. The 1238 Ma mafic dykes appear to have been offset during a period of dextral strike slip displacement along the major fault'). Indirect evidence indicates that this event occurred after the thrusting at 950 to 1100 Ma associated with the Grenvillian Orogeny.