Steel's second meltdown
Article Abstract:
Overcapacity and weak demand brought about by a sharp economic downturn have combined to force the European steel industry into crisis once more. Rigorous restructuring in the 1980s had led many to believe that the European steel industry had finally become competitive with its Japanese and US rivals. This notion was badly shattered in 1990 and 1991, when virtually all the major European producers suffered massive losses and large-scale layoffs becoming the norm once more. The precarious plight of the European steel industry first became apparent in 1989 after Chinese demand for steel dropped sharply after the Tiananmen Massacre. Overproduction by Asian producers led to overcapacity and a price war that would last till the end of 1991. The price war led to severe losses for European steelmakers, principally because they refused to cut back production in a misguided attempt to retain market share.
Publication Name: International Management
Subject: Business, international
ISSN: 0020-7888
Year: 1992
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Europe's pension deficit
Article Abstract:
Demographic trends, increased investment needs and occupational issues have sparked a pension debate in Europe. Declining birth rates and rising life expectancies have resulted in a low proportion of laborers relative to retirees, placing a heavy financial burden on the former in support of the latter. Most European countries have state pensions that are funded on a pay-as-you-go basis, increasing the risk of pension funds running out when needed. Most governments are looking towards private occupational pensions for an answer, as these are financed through contributions that earn revenue. The European Commission had also issued the First Pension Funds Directive, aiming to free cross-border membership in and investment and management of pension funds. The European Court decision equalizing the retirement age of men and women will help in increasing pension fund contributions.
Publication Name: International Management
Subject: Business, international
ISSN: 0020-7888
Year: 1992
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Accounting for Europe's differences
Article Abstract:
The European Community (EC) has been attempting to develop a standard accounting system since 1978, but it has not yet achieved a uniform accounting system. Europe has two regions in terms of accounting. One region, consisting of the UK, Ireland, and the Netherlands, has accounting practices similar to those of the US. The accounting practices of the other region, consisting of the rest of the EC, is influenced by tax assessment, in that tax assessment is based on reported accounts. The establishment of a common accounting system in the EC has been made more difficult by the UK's proposals to improve its own accounting standards without considering the standards of the rest of the EC. One area in which the EC is ahead of the UK is in its separation of auditing and other accounting work.
Publication Name: International Management
Subject: Business, international
ISSN: 0020-7888
Year: 1991
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