Giants ride out the crisis
Article Abstract:
The latest survey of the EC's top 500 companies shows that even large organizations have been adversely affected by the recession. The number one company, Royal Dutch/Shell, reported a mere 1% increase in sales and a 34% decline in profits. British Petroleum retained its number two position, but its sales dropped by 1% and its profits by 53%. Several companies, however, have managed to grow despite the poor economic climate. Among of these resilient organizations is UK retailer J Sainsbury, which reported a 12.6% increase in turnover in the first six months of 1992-93. Bouygues, a French construction company, likewise saw its profits grow to 1.6 billion French franc (Ffr) and its turnover rise to Fr64.3 billion in 1991. German companies BASF and Volkswagen, France's Alcatel Alsthom and BSN, Stet of Italy, and Dutch firm Nederlandse Gasunie also performed strongly even during the recession.
Publication Name: International Management
Subject: Business, international
ISSN: 0020-7888
Year: 1993
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Europe's pocket fortresses
Article Abstract:
Andorra, Monaco, Gibraltar, Liechtenstein, San Marino, Vatican City, the Channel Islands and the Isle of Man have earned a reputation as fiscal havens. These 'pocket fortresses' of Europe are holding on to their independence despite the current wave of federalization and harmonization sweeping across the continent. They are, however, compelled to make separate accommodation to reconcile their economies with the realities of the modern-day European economy. Andorra, for instance, had to negotiate a customs union with the EC when Spain joined the Community and landlocked the tiny principality. Liechtenstein, for its part, strengthened its ties with its neighbors when it voted to join the new European Economic Area. UK Crown colony Gibraltar claims to be a de facto member of the EC, independent of the UK's membership in the Community.
Publication Name: International Management
Subject: Business, international
ISSN: 0020-7888
Year: 1993
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