Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
The phenomena of globalization
Introduction to globalization
Introduction to globalization
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: The phenomena of globalization
Thursday, May 2, 2011, Calisto Tanzi was jailed on a conviction of market rigging related to the collapse of ‘the dairy giant empire’ Parmalat more than seven years ago. Italy’s highest court upheld Tanzi’s conviction. The Rome court reduced the sentence from ten years to eight years and one month in prison. Tanzi, along with former executives were ordered to pay the company $2.9 billion and compensate defrauded investors in an amount estimated at about $44 million. (“Ex-Parmalat Chief,” 2011). Parmalat’s bankruptcy was the largest bankruptcy in Europe and has been dubbed “Europe’s Enron”.
Calisto Tanzi started from scratch. After the passing of his father in 1961, Tanzi dropped out of college with a diploma in accountancy, to concentrate on helping his family turn-around their small sausage and cheese shop in Collecchio, Italy. When he was twenty-three he opened a small pasteurization plant near the railway station in Parma, Italy. The company was named after the town of Parma and concentrated on long-life milk. Long-life milk became the company’s trademark product. (Arie, 2004). The company diversified and grew into a global food giant, producing yoghurt, ice cream, milk, water, juice, pasta sauce and biscuits in thirty-one countries across six continents. In 1990 the company began floating shares on the Milan stock exchange. By 2003, Parmalat was active in thirty countries, employed over 30,000 employees with revenues more than $7 billion, and was ranked 369 among Forbes’ top 500 international companies. They were also ranked within the top ten in the food products industry. (Segato, 2006). Parmalat was the eighth largest company in Italy, with 5,000 dairy farms depending on the company for the bulk of their bus...
... middle of paper ...
...What you need
to know? Retrieved from www.italiansrus.com/articles/ourpaesani/parmalat.htm
Evidence of destroyed documents at dairy giant. (2004).
Information Management Journal, 38(no2).
O’Rourke, M. (2004). Parmalat scandal highlights fraud concerns.
Risk Management, 51(no3).
Parma Scam. Retrieved from
http://www.suerussellwrites.com/ParmaScam.pdf
Parmalat founder given 18-year jail term over fraud. (2010).
Retrieved from http://www.bbc.co.uk/news/business-11958133
Parmalat in bankruptcy protection. BBC News. (2003) Retrieved
From http://news.bbc.co.uk/2/hi/business/3345735.stm
Segato, L. (2006). A comparative analysis of shareholder
protections in Italy and the United States. Northwester
Journal of International Law & Business.
Timeline: Parmalat fraud case. (2005). Retrieved from
http://www.cnn.com/2005/BUSINESS/09/28/parmalat.timeline/
When I arrived in Italy in May 1998, my first order of business was to sample some Italian coffee. Being an avid coffee drinker, and having heard that Italians brew the best in the world, I was quite eager to find a little bar that would cheerfully quench my craving. I was not disappointed. The cappuccino that I sipped that day was a two-layer affair, a mountain of rich foamy milk atop a modest amount of strong, hot espresso.
Jordan Belfort is famous for his crooked way of earning his millions as a stockbroker on Wall Street. Even Belfort started at the bottom, on his first day in Wall Street he was told he was “lower than pond scum”(Belfort 1). After writing a book about his happenings on Wall Street, we’ve seen the
The advent of new technology such as the automobile, refrigerator, food processing and preservation provided a way for business entrepreneurs to start new businesses that allowed for large scale production, distribution and centralized retailing of both meat and plant foods. The result being CAFO’s.
Jordan Belfort is the notorious 1990’s stockbroker who saw himself earning fifty million dollars a year operating a penny stock boiler room from his Stratton Oakmont, Inc. brokerage firm. Corrupted by drugs, money, and sex he went from being an innocent twenty – two year old on the fringe of a new life to manipulating the system in his infamous “pump and dump” scheme. As a stock swindler, he would motivate his young brokers through insane presentations to rile them up as they defrauded investors with duplicitous stock sales. Toward the end of this debauchery tale he was convicted for securities fraud and money laundering for which he was sentenced to twenty – two months in prison as well as recompensing two – hundred million in restitution to any swindled stock buyers of his brokerage firm (A&E Networks Television). Though his lavish spending and berserk party lifestyle was consumed by excessive greed, he displayed both positive and negative aspects of business communications.
The major groups that were directly affected are investors, employees, and suppliers. Here we should make the distinction between different types of investors. There are two major types of investors: insiders and outside investors. Insiders are the investors who know the information that is not known publicly and may benefit them in some way. Outside investors are the investors who only know publicly known information. In our case, outside investors was the group that lost the most. On the other hand, insiders, notably Mickey Monus and David Shapiro, were the one that gains millions on IPO. The group who suffered was employees of Phar-Mor. After the scandal was revealed, most of the stores were closed to cover up losses. As a result, thousands of employees got fired. Another party that was damaged by the scandal was Coopers&Lybrant, the firm that did the audit for Phar-Mor, lost its reputation as a firm who does an audit with integrity. The secondary effect of the scandal was the overall mistrust among investors. They thought that if a giant retailer can forge its accounting books, why smaller companies wouldn’t do the same. As a result, investors became reluctant in investing into businesses that caused harm to the economy as a whole. The last but not least group that was affected by the scandal is Phar-Mor’s suppliers. Mickey Monus was fiercely fighting with them to make the chipset deals to cover up his losses, sometimes using inappropriate pressure and causing suppliers making unprofitable deals. In additions, Monus forced them to pay fees and sponsor his basketball League using buyer power of his company. In addition, a lot of bills for supplies were unpaid for months by Phar-Mor. Some suppliers said that they hated doing business with Phar-Mor, but had no choice since it had an access to vast amount of customers.
TP has grown from a single store in 1988 to the largest pizza chain in Spain. At the end of 1997 they had 399 stores and an estimated market share of 62% in Spain. But what made it so successful? There are several reasons for that in the TP concept:
The forced liquidation of some $3 trillion in private label structured assets has been deprived from the financial markets and the U.S. economy has obtained a vast amount of liquidity that the banking system simply cannot restore. It is not as easy to just assign blame within these case however it is noted that the credit rating agencies unethical decisions practices helped add onto the financial crisis of 2008 and took into account the company’s well-being before any other stakeholders.
The purpose of this project is to show how financially stable the Kraft Foods Group is and demonstrates what its strengths and weaknesses are. The reader can expect to find out what Kraft Food Group is and about their financial history for the last five years. This business participates in the consumer packaged food and beverage industry. The markets that Kraft Food Group sell to are the United States and Canada. Some brands that are included in this company are Kraft, Maxwell House, Oscar Mayer, Planers, Kool-Aid, Velveeta, Capri Sun, and Philadelphia to name just a few. This company was started in 1903 by James Lewis Kraft. Mr. Kraft used a wagon and horse and started selling cheese to businesses in Chicago, Illinois. In 1909,
Have a very long history over 140 years Operated factories in 77 countries in all six continents, a truly global company Considered the innovation leader in the global food and nutrition sector with 3500scientists in company R&D network Offering thousands of local products, research and development capabilities.
The most controversial case of fraud in history left more questions than answers. Bernard Madoff, with his company "Investment Securities LLC", chose the easy way to give him greater gains scamming people. Using the prestige he had and giant Ponzi scheme. That was how he was creating his fraud. Madoff did not steal the money immediately but was paid the promised returns with money paid by the entry of new customers paying its customers their profits and not realize and would not take legal action, this intelligent man or charlatan achievement out this scam film for over 20 years. Madoff achieving the greatest fraud in history with losses of more than 50,000 million alone was compared with the Enron case. In June 29, 2009, he was sentenced to 150 years in prison.
The case of Bernie Madoff has been chosen as my case study since it is one of the biggest investment fraud occurred in history in the US and internationally. The scandal had a major impact affecting more than 15,000 investors and over 147 private foundations with an estimated losses of $50 billion.
As we all should know, PepsiCo is one of the world’s leader in convenient food and beverages. PepsiCo shares are traded worldwide and particularly in NYSE (United States). PepsiCo is in the same line with Coca cola and Cadbury Schweppes as the dominating beverage companies. PepsiCo has successfully built a great brand name rivaling with coca cola, probably because PepsiCo unlike coca cola has its own bottling companies. With a competitive strategy based on differentiation rather than cost leadership like its fellow competitors PepsiCo invests highly in new packaging, flavors, formulas to outsmart their competition. Founded in 1919, producing a variety of sweet and grain-based snacks, carbonated and non-carbonated
“The rise of America, and the globalization of war, politics, trade, and communication during the twentieth century, are mirrored by the rise of Coca-Cola, the world’s most valuable and widely recognized brand, which is universally regarded as the embodiment of America and its values.” This quote in A History of World in 6 Glasses means that the rise of America and Coca-Cola at the same time, allowed Coca-Cola to become a recognized image for everyone across the world of America. People around the world, associated Coca-Cola with the U.S.A. as it became a grand image of freedom, equality, and democracy.
Frito-Lay controlled 40% of the USA-market assuring high volume production by increasing internal coordination with PepsiCo developing the Power of One strategy consisting in mixing snacks with beverages and sauces produced by Peps...
Globalization is the dominant force by which the world has become interconnected significantly as a result of extremely increased trade and decreased cultural differences. Globalization has made crucial changes in the production and trade of goods and services. The giant companies are now multinational corporations with subsidiaries in many countries. They are no longer national firms with their operations limited to the boundary of just one country. Such companies’ growth and operations are not constrained by any geographical, economical or cultural boundary. One of these multinational corporations is “Nestle”; that has gained world-class recognition in recent times. Nestle has made significant use of globalization in the last decade in the following manner-