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Topic: Conglomerates

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	NationMaster - Encyclopedia: Conglomerates
		The Financial Conglomerates Directive will enhance the prudential soundness and effective supervision of financial conglomerates; will promote convergence in national supervisory approaches, and between sectors; will enhance financial stability and is a significant improvement in the protection of depositors, insurance policy holders and investors.
		In banking, for instance, local conglomerates, in effect, held depositors captive until recently, but they are now confronting the likes of Citibank and HSBC, who have global back offices and lower costs of capital.
		Conglomeration across financial sectors, especially between insurance and banking is definitely an opportunity, but is can also be a risk for the stability of the financial system.
	www.nationmaster.com /encyclopedia/Conglomerates (343 words)

	Dealing with Distress in Financial Conglomerates (Site not responding. Last check: 2007-11-02)
		Dealing with distress in financial conglomerates is therefore an issue which affects the conglomerates themselves as well as market participants generally and the public authorities (supervisors, central banks and finance ministries).
		Although relatively few financial conglomerates have become 'fallen angels', it is likely that a financial conglomerate in distress would also have access to the high-yield debt markets similar to that enjoyed by non-financial firms that become distressed.
		In the United States, conglomerates that contain an insured bank as a subsidiary are deemed to be financial holding companies, and are subject to 'umbrella supervision' by the Federal Reserve Board.
	www.fsa.gov.uk /pages/Library/Communication/Speeches/2005/0602_th.shtml (10314 words)

	Internal Market - Financial Conglomerates - Homepage
		It is the first comprehensive implementation in the world of internationally-agreed recommendations on supervision of financial conglomerates.
		Appropriate supervision of financial conglomerates - large financial groups active in different financial sectors, often across borders - is important because these firms are often systemically important, either in one Member State of the European Union or for the European Union as a whole.
		The Financial Conglomerates Directive will enhance the prudential soundness and effective supervision of financial conglomerates; will promote convergence in national supervisory approaches, and between sectors; will enhance financial stability and is a significant improvement in the protection of depositors, insurance policy holders and investors.
	ec.europa.eu /internal_market/financial-conglomerates/index_en.htm (142 words)

	Conglomerates in Emerging Markets: Tigers or Dinosaurs? (Site not responding. Last check: 2007-11-02)
		When we start moving to point B in our framework and large-scale privatization is launched, these conglomerates are in unique positions to reap the benefits of their dominant positions with privileged access to influence and financial and managerial resources, as well as being attractive to the most capable foreign partners.
		Emerging-market conglomerates have sensed these realities and understand that while they need to reduce their level of diversification to stay in tune with their evolving environment, they can afford to do it at a measured pace.
		The conglomerate needs to have "good in class" or better capabilities in the chosen businesses at home, be able to spot and capture opportunities at its doorstep and use good instincts when it comes to operating in a culture that is closer to its own than to those of the global sector leaders.
	www.strategy-business.com /press/16635507/16137 (4932 words)

	European Union - Financial Conglomerates Directive \| Financial Conglomerates Directive Presentations, Training, ...
		It is not too difficult to transfer assets between conglomerate divisions in order to avoid high capital charges.
		In conglomerates is very difficult even to understand the full range of businesses (and how these businesses interact).
		This directive is targeting the large global financial groups to ensure that their activities do not destabilise the financial system (the same with Basel ii).
	www.financial-conglomerates-directive.com (577 words)

	Financial Conglomerates: The Future of Finance? (Site not responding. Last check: 2007-11-02)
		Walter concludes that the answer to this conclusion is "no." The available evidence, in his survey, suggests that firm performance in financial services is essentially unrelated to size, and that evidence relating to economies or diseconomies of scope is inconclusive.
		Financial conglomerates are important features of the financial landscape in emerging markets as well, as Stijn Claessens of the University of Amsterdam reported in his paper.
		A main aim of regulating financial conglomerates is to prevent "double leveraging," or the issuance of debt by a parent company to provide equity to its subsidiaries.
	www.brookings.edu /comm/conferencereport/cr14.htm (3351 words)

	Bain & Company: Conglomerates < Industries < Consulting expertise
		In contrast to the behemoths of the late 1980s, today's successful conglomerates play to their strengths and streamline their organizations accordingly.
		For conglomerates seeking effective advice on strategy, operations and organizational projects, Bain is the consultancy of choice.
		Increasingly, conglomerates are turning to us to streamline and enhance their supply chains.
	www.bain.com /bainweb/Consulting_Expertise/industries_detail.asp?indID=3 (286 words)

	A Case for Conglomerates - CFO.com
		And like other premium conglomerates identified in Shulman's research, including ConAgra, Berkshire Hathaway, and AlliedSignal (now part of Honeywell International Inc., which is in the process of being acquired by GE), both Tyco and GE are unwilling to tolerate business units that perform poorly.
		In fact, the low-performing conglomerates invested three and a half times more capital in negative-spread businesses than in positive- spread businesses, and allocated nearly 75 percent of new capital to businesses that on average were earning just about the cost of that capital.
		By their very nature, conglomerates and other highly diversified companies can place special demands on CFOs and their finance teams, especially as they try to manage units that may be subject to unrelated economic or business cycles.
	www.cfo.com /printable/article.cfm/2991917 (3233 words)

	Media Monopoly: A Data Analysis of Current Media Conglomerates
		The operating revenues and holdings of such conglomerates as Viacom and Gannett were analyzed in 1995 and 2000 to determine the extent to which these organizations were succeeding in expanding news outlets of various media.
		Media conglomerates have to produce new materials in accordance with the interests of the users, because they are ultimately the source of their income.
		Within the individual media conglomerates, there are multiple media types and content, which most likely provide various points of views by employing additional syndicated columnists, reporters, editors, etc. Although the data did not fully support diversification efforts by current media conglomerates, all the selected companies individually illustrated an interest in diversifying their media.
	www.niu.edu /acad/powers/MediaConglom02.htm (4542 words)

	Description of Financial Conglomerates and their Structures
		In view of the increasing importance of financial conglomerates, however, this report discusses whether the traditional organisation, procedures and instruments of prudential supervision enable the objectives of the various supervisory authorities to be met.
		Because financial conglomerates are often made up of entities coming under various jurisdictions and subject to differing supervisory regimes, cooperation among regulatory authorities both domestically and internationally will clearly be an important prerequisite of any effort to improve the prudential supervision of financial conglomerates.
		A financial conglomerate engaged primarily in insurance would typically be one in which the parent or dominant group entity is an insurance company which has a relatively small banking subsidiary (over which banking supervision can be exercised in the traditional way by the bank supervisor).
	riskinstitute.ch /136350.htm (998 words)

	Remembering the Conglomerates by Michael S. Rozeff
		The conglomerates and financial writers manufactured rationales for their success, which seemed to be plainly evident in the rising stock prices.
		Occasionally, the conglomerate would discover that the prince it had purchased with high hopes was really a toad and no amount of kissing could transform it.
		The research showed that, after the glamour period, conglomerates came to sell at a discount to what their pieces will bring if they are sold off in the open market.
	www.lewrockwell.com /rozeff/rozeff89.html (3249 words)

	Conglomerate
		Each of a conglomerate's subsidiary businesses runs independently of the other business divisions, but the subsidiaries' management reports to senior management at the parent company.
		The largest conglomerates diversify business risk by participating in a number of different markets, although some conglomerates elect to participate in a single industry - for example, mining.
		Since the height of their popularity in the period between the 1960s and the 1980s, many conglomerates have reduced the number of businesses under their management to a few choice subsidiaries through divestiture and spinoffs.
	www.investopedia.com /terms/c/conglomerate.asp (362 words)

	TAPHONOMY: MICROVERTEBRATE CONCENTRATIONS IN PEDOGENIC NODULE CONGLOMERATES: RECOGNIZING
		Fossiliferous, nodule-rich conglomerates form in areas where pedogenic nodules and vertebrate remains are a substantial part of the coarse fraction of sediments available; i.e., they are likely to be prominent in fine-grained systems in regions where calcareous soils tend to form, and where rates of deposition are comparatively slow, allowing good development of soils.
		The accumulation of the DISC main conglomerate probably took more time than the development of regular paleosol fossil assemblages, because it includes a period of denudation and concentration in addition to paleosol formation, and probably less time than the thicker and more extensive South African deposit.
		Clayey conglomerates like DISC (Movie 1, Figure 21) have fewer fossils because they represent both less erosion and concentration of the harvest of small teeth from soils, and less transport which added remains such as those of fresh-water fish.
	palaeo-electronica.org /1998_2/schiebt/tap.htm (1253 words)

	Conglomerates Series: The Paradoxes
		It was only when other beings attacked Actuse that the Conglomerates took to war and used their awesome science for salvation.
		The Conglomerates philosophy is different and more perfect." He swallowed a large portion of the liquid and glared an eight- eyed challenge at Crowley.
		Conglomerates and Men may not be the only troops on the battlefield.
	www.angelfire.com /co2/thezone2/paradox.html (9299 words)

	The world's BEST conglomerates
		Of the top five conglomerates in our list of high-performing global public companies, two are tight-knit, by the standards of such families.
		Norsk Hydro, with annual sales of $25.8 billion, is the largest of our five top-performing conglomerates but only ranks as the sixth largest conglomerate in our latest annual rankings of the world's biggest companies.
		The top five conglomerates also reflect booming commodity markets, including oil and gas, the expansion of the world economy, particularly manufacturing in Asia, and the strength of defense spending in the US.
	www.rediff.com /money/2006/may/27forbes.htm?q=tp (451 words)

	Sandstones and Conglomerates
		Note that diagenesis is not restricted to sandstones and conglomerates, but occurs in carbonates and mudrocks as well.
		Conglomerate and Breccia are the more widely used terms.
		In a conglomerate the large clasts are rounded, whereas in a breccia the clasts are angular.
	www.tulane.edu /~sanelson/geol212/sandst&cong.htm (3122 words)

	Conglomerates: Cash Cows Or Corporate Chaos?
		Conglomerates are companies that either partially or fully own a number of other companies which may be in the same or in different industries.
		For investors, conglomerates can be awfully hard to understand, and it can be a challenge to pigeonhole these companies into one category or investment theme.
		If you choose to invest in conglomerates, look for ones with financial discipline, rigorous analysis and valuation, a refusal to overpay for acquisitions and a willingness to sell off existing businesses.
	www.investopedia.com /articles/basics/06/conglomerates.asp (1244 words)

	ISGS - Conglomerates
		These conglomerates were derived from the Canadian Shield rocks (Precambrian Lorrain Formation) that crop out north and northwest of Bruce Mines, which is located in Ontario along the north shore of Lake Huron.
		The Lorrain Formation contains rocks associated with Precambrian glaciation, and the jasper conglomerates are attributed to sand and pebbles derived by erosion from older rocks and redeposited as gravity flows in water.
		Later these materials were lithified to form conglomerates and transformed by heat and pressure of later volcanic activity to form quartzite conglomerates.
	www.isgs.uiuc.edu /quaternary/conglomerates.htm (150 words)

	CONGLOMERATE
		Field relations Conglomerates are consolidated pebble, gravel or boulder beds which accumulate along sea and lake shores and in rivers.
		Marine transgressions (rise of sea-level with consequent flooding of the land) are frequently marked by conglomerates which, therefore, are often found immediately above unconformities.
		Conglomerates are usually associated with sandstone and arkose." (Hamilton et al 1976, 192)
	www.hf.uio.no /iakh/forskning/sarc/iakh/lithic/conglomerate.html (152 words)

	GemRocks: Conglomerate
		Three examples are the Fincastle Conglomerate of central western Virginia, the Kanayut Conglomerate in the Brooks Range of Alaska and the well known Shinarump Conglomerate of Arizona.
		The conglomerates -- at least the ones I have seen -- that may warrant the name puddingstones differ from so-to-speak normal conglomerates in two ways: they have fewer pebbles per unit volume of the total rock, and the color(s) of their pebbles differ markedly from the color of the surrounding matrix.
		Entitled "Edible conglomerates," it is attributed to Luann Byerly as part of a Teacher's guide for a grades 4-9 science project in Iowa: "Conglomerates contain pebbles of different types of rocks in a variety of shapes and sizes.
	www.cst.cmich.edu /users/dietr1rv/conglomerate.htm (1476 words)

	Sector Preview: Conglomerates - Boston.com
		Fourth-quarter results from diversified conglomerates, which start Friday with a report from bellwether General Electric Co., are not expected to hold many surprises for investors.
		NEW YORK --Fourth-quarter results from diversified conglomerates, which start Friday with a report from bellwether General Electric Co., are not expected to hold many surprises for investors.
		Many conglomerates have already issued 2007 outlooks, taking away some of the mystery.
	www.boston.com /business/articles/2007/01/17/sector_preview_conglomerates (389 words)

	SCADPlus: Financial conglomerates
		To ensure minimum alignment of the prudential legislation applicable to homogeneous financial groups active in a single sector (banking, insurance, investment) on that applicable to financial conglomerates, both in order to protect consumers, depositors and investors and in order to boost the dynamism of the European financial market.
		The birth of such conglomerates can exacerbate both the risks inherent in the business undertaken by each of the regulated entities belonging to the financial conglomerate and the systemic risk on financial markets.
		The proposal accordingly provides for supervision of the conglomerate and promotes closer coordination between the supervisory authorities for the individual sectors and the exchange of information between them.
	europa.eu /scadplus/leg/en/lvb/l24038c.htm (499 words)

	China Bans Foreign Investors From Setting Up Steel Conglomerates - Science - RedOrbit (Site not responding. Last check: 2007-11-02)
		Actually, no more conglomerates, no matter if they are funded by domestic capital or foreign capital, will be approved in principle, said Liu.
		Conglomerates will assume a bigger role amidst a new round of industrial restructuring.
		The aggregated steel output of China's ten biggest players is expected to make up 50 per cent of the country's total by 2010, and over 70 per cent by 2020, said the new policy.
	www.redorbit.com /news/display?id=180944&source=r_science (430 words)

	SSRN-Market Valuation of Conglomerates and Corporate Restructuring Decisions by An Yan, Gayane Hovakimian
		This paper studies two factors affecting a firm's diversification and focusing decisions: valuation of the conglomerate form of organization relative to the focused form at the aggregate level, and the firm's value relative to its peers.
		We find that conglomerates are more likely to diversify or focus when the market values the conglomerate structure less favorably compared to focused firms.
		We also show that the decrease in the value of the conglomerate structure is to a large extent driven by the decrease in their comparative advantage in coping with financial constraints due to the economy-wide relaxation of credit constraint.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=677084 (257 words)

	Conglomerates and Breccias
		A clastic rock made of particles larger than 2 mm in diameter is either a conglomerate or a breccia.
		While both can be deposited by water currents or rock falls, breccias also can form as the result of grinding along faults or the collapse of caves in limestone.
		Rounded gravel and cobbles clearly identify this as a conglomerate.
	www.pitt.edu /AFShome/c/e/cejones/public/html/GeoImages/5SedimentaryRocks/ClasticSedRocks/ConglomeratesBreccias.html (240 words)

	frontline: merchants of cool: media giants \| PBS (Site not responding. Last check: 2007-11-02)
		It is the second largest global media conglomerate, after AOL Time Warner.
		Rupert Murdoch's News Corporation Ltd. has media holdings in the U.S., Canada, Europe, Australia, Latin America and Asia.
		This privately-owned German media conglomerate has interests in 600 companies in 53 countries.
	www.pbs.org /wgbh/pages/frontline/shows/cool/giants (262 words)

	Sector Wrap: Conglomerates - Boston.com
		India, China, and other developing economies need power generation turbines, infrastructure to distribute electricity, and other products made by industrial conglomerates to support their growth, analysts say.
		As some experts say that a stalling domestic housing industry and downturns in consumer spending are signs of a cooling U.S. economy, diversified manufacturers could enjoy growing overseas demand from emerging economies.
		Enter diversified manufacturing conglomerates, like General Electric Co. and 3M Co., which make electricity infrastructure, power generation products, health care supplies, transportation equipment and more.
	www.boston.com /business/articles/2006/10/13/sector_wrap_conglomerates (409 words)

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