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Impact of Popular Uprising on Multinational Companies - Essay Example

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This paper "Impact of Popular Uprising on Multinational Companies" describes the impact of a popular uprising on the business operation of three multinational companies namely BG Group, ConocoPhillips, and OMV. These are multinational companies belonging to the oil industry. …
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Impact of Popular Uprising on Multinational Companies
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?Management Table of Contents Management Table of Contents 2 Introduction 3 Impact of Popular Uprising on Multinational Companies 4 Example of BG Group 5 Example of ConocoPhillips 7 Example of OMV 12 Conclusion 15 Lessons Learnt 15 References 17 Introduction This paper describes the impact of popular uprising on the business operation of three multinational companies namely BG Group, ConocoPhillips and OMV. These are multinational companies belonging to the oil industry. The companies operate their business in the countries of MENA (Middle East and North African) region. The political unrest has had an effect upon the businesses of these companies. This paper illustrates the effects of political unrest on these three companies. The storm of uprising had comprehensive results across North Africa. The businesses of many multinational companies had been majorly affected. The political volatility and financial breakdown have affected the global supply chain. Many European agricultural and textile companies have been defenseless to counter the uprising in the Middle East and North African (MENA) countries. The political risk in these countries has led to deteriorating financial condition and unavailability of credit. This scenario has brought forward payment risks for multinational companies which are operating in Middle East and North African region. The instability in MENA has created disruption in the oil industry and boosted the prices of petrochemical products. The risk of disorder in those countries has harmfully affected the supply chain and energy production companies (Dun & Bradstreet Limited, 2011). The uprising in Tunisia has increased the business risks. During the protests many business enterprises had shut down their operations. The retailing businesses were affected by raiding and the tourism industry had faced huge losses as travelers escaped from the country. Due to the uprising, the standard capacity consumption in the manufacturing industry reduced to 52.9%. Many banks were demoted by rating agencies and the credit access became limited in the global market (Dun & Bradstreet Limited, 2011). Egypt has followed a path similar to Tunisia. In February 2011, a series of revolutions occurred in many countries of Middle East, and Libya was surrounded by aggressive spiral of protests and it led to civil war. Due to the instabilities in Libya, Egypt and Tunisia the prices of oil reacted quite rapidly. It has been observed that further uprising will increase the price of oil even more and it can affect the business and international economy (Dun & Bradstreet Limited, 2011). Impact of Popular Uprising on Multinational Companies The impact of popular uprising has affected the business and investment of many multinational companies. Libya embraces the most oil funds in Africa and it is the 15th biggest crude oil exporter throughout the world. The losses in Libya had quickly absorbed other countries. Due to the problems related to uprising many Western companies had suspended business operations in these countries. For example, BP vacated its employees and stopped the oil production in Libya. The Repsol–YPF of Spain suspended the oil production in the year 2011. OMV, which is an Austrian Oil related company, minimized their production due to the unrest. Further, the Royal Dutch Shell, Marathon Oil Co., and Wintershall also have started to evacuate their workers (Shanghai Daily Publishing House, 2011). Example of BG Group BG Group is one of the leading companies in international energy and power market. It is a UK based company and its operation is spread worldwide. In Tunisia, BG Group is the biggest producer of domestic gas which is accounted for almost 60% of total gas in Tunisia (BG Group plc, 2011). The uprising and civil unrest in MENA have affected the production of BG group. In the first quarter of 2011, the protestors of Tunisia had cordoned the workers of BG Group and stopped the business operations of the company. The company faced uncertainty due to the long lasting crisis of Tunisia and the entire Arab World. The Tunisian branch of BG Group was warned to shut down their operations in the manufacturing plant. The people of Tunisia pushed the company to recruit workers from the local residents instead of outsourcing from other foreign countries. The main reason for the protest was the increasing frustration from unemployment as well as corruption in Tunisia (Bouazza, 2011). In the first three months of 2011, the establishment of ‘Hasdrubal Plant’ of BG had been delayed because of the crisis in Tunisia. In Egypt, BG faced significant interruption against fulfilling the gas demand. As a result of continuous turbulence, the ‘West Delta Deep Marine’ recognition project of BP in Egypt had delayed. The following table depicts the total capital investment of BG Group throughout the world in the year 2011. Capital investment of BG Group First Quarter Geographical Area 2011 (million USD) 2010 (million USD) Europe and Central Asia 356 278 America and Global LNG 875 1131 Africa and Middle east 296 250 Australia 769 242 Total 2296 1901 Source: (BG Group plc, 2011). LNG Capital Investment of BG Group 2011 2010 Liquefied Natural Gas Capital Investment (million USD) First Quarter First Quarter Europe and Central Asia - 5 America 33 685 Africa, Middle East and Asia - - Australia 366 114 Total 399 804 Source: (BG Group plc, 2011). 2011 2010 Production Volume (thousands BOED) 1st Quarter 1st Quarter Oil 73 88 Liquids 97 100 Gas 477 493 Total 647 681 Source: (BG Group plc, 2011). In the year 2011, BG Group has temporarily stopped their two petroleum platforms of North Sea because of unrest in Tunisia and Egypt and floods in Australia. BG Group acquired 265 million USD prerequisite to cover the scramble of North Sea platform taxes. The profit of BG Group in the first quarter has decreased by 8% i.e. 1.014 billion USD because of decline in production of gas by 5% in Egypt and Tunisia. The production was also hampered because of the closure of platforms of BG Group in North Sea. Due to high cost of gas and decline in production, BG failed to equalize the profit. Further, the increase in additional tax on the revenue of North Sea oil production has fuelled the problem of BG Group (Wachman, 2011). BG Group is a big company in Egypt as well as in Tunisia. Their production declined by 4m and 4.5m barrels in the rebellion phase in Egypt and Tunisia. The rebellion in these two nations had caused commotion in the company’s business and postponed the projects which were important for fulfilling the demand of the company. The LNG covers one third of BG Group’s business. Though there has been turmoil in the MENA region, the company has good opportunity to upgrade their business in Asia Pacific region and Australian region (Moulds, 2011). Example of ConocoPhillips ConocoPhillips is an US based company and operates their business worldwide. It is the third biggest energy and power Company in the US. It operates in over 30 countries internationally (ConocoPhillips Company, n.d.). ConocoPhillips produces oil and natural gas globally. It is the fourth biggest private refiner corporation globally. In African region, ConocoPhillips operates in Algeria, Libya and Nigeria. In the year 2009, the plant of ConocoPhillips in Libya had produced almost gross 350 Million barrel of oil (ConocoPhillips Company, 2009). ConocoPhillips operates the Waha Concession which is one of the biggest oil collections. It has a capacity to produce 300000 barrels of crude oil in a day. In the year 1960, ConocoPhillips became a member of Oasis Group which discovers the oil reserves in Libya. In the 2005, ConocoPhillips and another two members of Oasis Group had donated about 1.8 billion USD to operate the Waha Concession. The companies were allowed to get a lease of 25 years and 40% stake in Waha Concession to produce oil and also granted a scope of further improvement. In the year 2009, the decision of the president of Libya had affected the oil production in Waha Concession. The reason is that Libya wanted to have possession of their oil by national companies and public sector companies in order to reduce the rising prices of oil. This decision had declined the oil production in Libya to 1.4 million barrels per day. ConocoPhillips had declared 1400 employee layoffs and reduced the book value by 34 billion USD to survive the financial loss (Helman, 2009). Average daily Net Oil production of ConocoPhillips in Libya in 2009 Waha Concession Year Average Daily Net Production 2009 Crude Oil and Natural Gas Liquid (MBD) 45 Gas (MMCFD) 10 Total (MBOED) 47 Source: (ConocoPhillips Company, 2009). In the year 2011, the production segment of ConocoPhillips has decreased its oil production by 125,000 BOE in a day compared to the similar phase in 2010. The reason for decline in production is temporary closure of pipeline in Alaska in the year 2011 and the uprising in Libya which had negatively affected the production by almost 65,000 BOE per day (ConocoPhillips Company, 2011). Exploration and Production of ConocoPhillips in the 1st Quarter of 2010 and 2011 2010 2011 Exploration & Production (million USD) 1st Quarter 1st Quarter Crude Oil and Natural Gas Liquids (NGL) (Million of Barrels/Day) 901 800 Over/Under lifting of crude oil (Million of Barrels/Day) 19 12 Synthetic Oil (Million of Barrels/Day) 22 Natural Gas (Million of Cubic Feet/Day) 4635 4162 Geographical Exploration & Production Crude Oil and NGL (Million Barrels/Day) 2,010 2,011 Consolidated operations 1st Quarter 1st Quarter Canada 41 37 Norway 152 131 United Kingdom 83 65 Australia/Timor-Leste 34 32 China 71 77 Indonesia 17 11 Vietnam 22 22 Algeria 13 13 Libya 46 28 Nigeria 19 20 Total consolidated operations 498 436 Natural Gas (Million of Cubic Feet/Day) Consolidated operations Canada 1,021 944 Norway 249 208 United Kingdom 712 543 Australia/Timor-Leste 239 237 Indonesia 462 467 Vietnam 15 16 Libya 8 5 Nigeria 130 153 Total consolidated operations 2,836 2,573 Source: (ConocoPhillips Company, 2011). Due to the popular uprising in Libya, ConocoPhillips’s business functions have been affected and it experienced losses. The production target of ConocoPhillips was normally 1.7 Million BOE per day but because of the incidents of Libya the oil output of ConocoPhillips has reduced to 45,000–50,000 BOE per day. The decline in production has led ConocoPhillips to a loss of earning of around 25 million USD to 30 million USD in the year 2011. Due to the difficulties in Libya, ConocoPhillips searched other alternatives to reverse the seaway pipeline with a production capacity of 350000 barrels per day. The idea of reversing the pipeline may rebalance the market of oil and may prove beneficial for ConocoPhillips. Besides, the reversal of pipeline ConocoPhillips is searching other alternatives that will join western Canada to the main branch of Conoco in Houston. In the previous year, Conoco had performed well by producing 2.4 million ‘barrels per day’ and because of uprising in Libya their business have closed down causing loss of 300000 barrel oil production per day (Dow Jones Newswires, 2011). In March 2011, ConocoPhillips stated that it will stop exporting oil from Libya because of sanction forced by America against Libyan government. ConocoPhillips agreed to the American imposed sanctions and it has closed its all business operations in Libya. The company has discharged all workers from their offices of Libya (Dow Jones, 2011). Conoco faced plenty of problems because of uprising in Libya. The production of oil has decreased by 8% due to the sequence of sudden closures. On the whole, the spontaneous closures of ConocoPhillips caused reduction of profits by approximately 100 million USD. Conoco is at present focusing on producing oil in Canada and underground oil reserves in North American region. Regardless of the damages in production, ConocoPhillips made profits in exploration and production by 2.35 billion USD which is accounted as 28% more than 2010. Their oil refining and marketing business also experienced profit of about 482 million USD compared to the loss of 4 million USD in the year 2010. The reason for the increase in profit of ConocoPhillips is the rapid increase in oil prices, internationally. In April 2011, the earnings of ConocoPhillips increased by 43%. On the contrary, the business of ConocoPhillips has been affected due to a number of interruptions including the uprising related incident in Libya (Cleveland Live, 2011). ConocoPhillips decided to sell their assets in Libya, Nigeria and other countries in March 2011. ConocoPhillips’ selling of non-core based assets consists of those countries where it has no interest in doing business and had closed down their operations (Nwachuku, 2011). Example of OMV OMV is one of the top oil and gas companies in Central Europe. It is an Austrian based company and has international presence (OMV Aktiengesellschaft, 2011). The business of OMV is situated in Europe, Australia, Middle East and New Zealand (OMV Aktiengesellschaft, 2011). In January 2011, OMV made a deal of buying “Pioneer Tunisia”. It enlarged the production and exploration of the organization by making huge investment in Tunisia. In February 2011, OMV temporarily decreased their oil production in Libya due to popular uprising. The production & exploration activities in Libya were at satisfactory level until the sudden arrival of uprising in February 2011. In Yemen, OMV faced problems due to attack on export pipeline in March 2011. This was the biggest uncertainty of OMV when the output in both the countries Libya as well as Yemen had stopped temporarily. Business Performance of OMV in the 1st quarter of 2010 and 2011 Business Performance 2011 2010 Exploration & Production 1st Quarter 1st Quarter Hydrocarbon (million BOE) 27.4 28.5 Hydrocarbon (BOE/day) 304000 317000 Crude oil and NGL (million BBL) 14.4 15.8 Source: (OMV Aktiengesellschaft, 2011). The total output of oil, NGL and gas was calculated as 4% less in the first three months of 2011 because of bad political condition in Libya (OMV Aktiengesellschaft, 2011). Libya covers almost 10 pct of supply of OMV. In the first quarter of 2010, OMV had experienced increase in earnings by €365 million which was 5% more compared to €346 in the first quarter of 2011. The earning of OMV was boosted because of increase in oil price due to uprising in MENA region. The political turmoil had affected the business output of OMV and the operation of Libya was stopped in February 2011. Besides, the assault on export oil pipeline at Yemen had also affected the production of OMV. On the whole, OMV’s production in the first three months of 2011 had declined by 4% which is accounted at 27.4 million barrel of oil compared to 28.5 million barrel in the same period on 2010. According to the chief executive of OMV, Gerhard Roiss, the strong business performance of OMV was eclipsed by uprising of MENA and it had harmed the production of oil. The first three months of 2011 was the difficult part of OMV. Besides, the expensive price of oil had resulted in increasing the operating income of OMV as compared to the previous year (Lewis, 2011). The crisis in Libya had caused negative effects on OMV’s revenue. The poor production in Libya had escorted to a significant decrease of general tax in 2011. The uprising in Libya had forced OMV to find alternative ways to produce crude oil from other regions. To compensate the loss of production in Libya, OMV had purchased oil from Kazakhstan, Black Sea and Saudi Arabian region which was accounted as 20% of total production of oil (Schneeweiss, 2011). In February 2011, the shares of OMV had declined by almost 7% because of decline of production in Libya which was important production base of the company. Libya contributes almost 10% of production of OMV and the crisis in North Africa had possessed threat for OMV to shorten oil generation in Libya completely. In Libya, OMV has 12 exploration and production licenses i.e. it has the permission to produce 33000 barrels of oil in a day. The important affect on OMV was the closure of ‘Shahara Oilfield’ production (Hansen, 2011). In February 2011, OMV had closed down their business operation in Shateria area in Libya (Jukwey, 2011). The loss in business operation had also caused evacuation of employees. In February 2011, OMV had made a decision to reduce 11 employees and their families and discharged them from Libya (Lesova, 2011). The Libyan uprising also caused advantages for OMV by making oil prices higher and increased the financial output of OMV (Hansen, 2011). In the first three months of 2011, OMV had experienced an increase in profit because of high oil prices caused by uprising in MENA region. The total net profit had increased to €365 million compared to €346 million in 2010. Despite the decrease in production, OMV had generated profit. In Libya, OMV produces 33000 barrels of oil which is accounted as 10% of total production of oil. The failure in production in Libya had caused 4% decrease in oil production in the first three months of 2011 which is almost 304000 BOE/day. To counter the losses of Libya, OMV focused their oil production in Kazakhstan and Tunisia. The loss of production can take many months to improve unless the political condition of North African region improves, and OMV is looking forward to reengage their operation in Libya, and Middle East region (Lundeen, 2011). Conclusion Lessons Learnt The uprising of North Africa had provided certain lessons to the management. Experiences from uprising of Africa shows that global support to society can be useful in neutralizing strong country and supporting weak ones. A political evolution needs to change legitimate rules and should work towards holding elections. An one-time election cannot make a democracy rather it is a long time procedure which involves the establishment of broad range of political association to make certain that people hold politicians responsible and citizens have power over the military (Bratton, 2011). From the uprising it has been proved that civilians possess power to elect as well as make a move against a leader. Thus, a leader must be cautious against the unpopular activities. Genuine autonomy can only be achieved by real rebellion rather than outside forces (Agendia, 2011). It has been observed that power can control small and medium companies. The oil companies have learned various lessons from the uprising of North Africa. The management must not depend heavily on a particular region for business activities. It has been seen that BG, ConocoPhillips and OMV, all the three companies have faced losses of production due to stoppage of operation in MENA region. To counter the losses, OMV have focused on their oil production in Kazakhstan and Tunisia; ConocoPhillips had focused on producing oil in Canada and underground oil reserves in North American region. The management of these companies had faced supply chain problems because of crisis in North Africa. The crisis has led to increase in the risk premium which has directly increased the operating cost of production. Therefore, management must find alternative ways to deal with the problem of any particular country where it operates. There is a need to maintain good relation and good performance in a foreign country. Besides, an organization must diversify their business, which can help to make profit when other business segments are facing losses. It has been observed that growing unemployment was a major problem in uprising of North Africa. From this factor management can learn lesson towards providing training to local people and employing them in the business operations of the company. It can minimize the threat of such a scenario of uprising from taking place to a large extent. The rising corruption was another reason for uprising and thus management must ensure that their business operations must not harm the society and should be transparent. References Agendia, A., (2011). Lessons from North Africa: Rising Up For Ourselves and Counting On Ourselves. Entries. Retrieved Online on May 17, 2011 from http://agendia.jigsy.com/entries/africa/lessons-from-north-africa-rising-up-for-ourselves-and-counting-on-ourselves BG Group plc, (2011). Tunisia. A World Leader in Natural Gas. Retrieved Online on May 17, 2011 from http://www.bg-group.com/OurBusiness/WhereWeOperate/Pages/pgTunisia.aspx Bouazza, B. B., (2011). Protests block British gas activities in Tunisia. Financial News. Retrieved Online on May 17, 2011 from http://www.businessweek.com/ap/financialnews/D9N79QLG0.htm BG Group plc, (2011). First Quarter Results. Investor Relations. Retrieved Online on May 17, 2011 from http://www.bg-group.com/InvestorRelations/Results/Documents/2011/BG_Q1-2011_Results.pdf Bratton, M., (2011). Arab Uprisings: Lessons from Africa. United States Institute of Peace. Retrieved Online on May 17, 2011 from http://www.usip.org/publications/arab-uprisings-lessons-africa ConocoPhillips Company, (No Date). Who We Are. About ConocoPhilips. Retrieved Online on May 17, 2011 from http://www.conocophillips.com/EN/about/who_we_are/Pages/index.aspx ConocoPhillips Company, (2009). Africa. Company Reports. Retrieved Online on May 17, 2011 from http://www.conocophillips.com/en/about/company_reports/fact_book/documents/Africa.pdf ConocoPhillips Company, (2011). ConocoPhillips Reports First-Quarter Earnings. News Releases. Retrieved Online on May 17, 2011 from http://www.conocophillips.com/EN/newsroom/news_releases/2011news/Pages/04-27-2011.aspx ConocoPhillips Company, (2011). Consolidated Income Statement. Financial Reports. Retrieved Online on May 17, 2011 from http://www.conocophillips.com/EN/investor/financial_reports/earnings_reports/Documents/1Q11%20Supplemental%20Information%20Web%20Version.xls Cleveland Live, (2011). ConocoPhillips First-Quarter Earnings Up 43%. Business. Retrieved Online on May 17, 2011 from http://www.cleveland.com/business/index.ssf/2011/04/conocophillips_first-quarter_e.html Dun & Bradstreet Limited, (2011). The Global Fallout from the Middle East Crisis. Decide With Confidence. Retrieved Online on May 17, 2011 from http://www.dnbgov.com/pdf/DNB_Middle_East_Crisis.pdf Dow Jones Newswires, (2011). Conoco: 2011 Production Target Cut to Due to Libya. News. Retrieved Online on May 17, 2011 from http://www.epcengineer.com/news/post/4761/conoco-2011-production-target-cut-to-due-to-libya Dow Jones, (2011). ConocoPhillips: Not Exporting Any Oil from Libya. Hellenic Shipping News Worldwide. Retrieved Online on May 17, 2011 from http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=10820:conocophillips-not-exporting-any-oil-from-libya&catid=44:latest-news&Itemid=64 Helman, C., (2009). Is Libya Going To Boot U.S. Oil Companies? Business. Retrieved Online on May 17, 2011 from http://www.forbes.com/2009/01/22/libya-gaddafi-oil-biz-energy-cx_ch_0122libya.html Hansen, F. E., (2011). OMV Shares Tumble on Libya Exposure, Earnings Miss. Markets. Retrieved Online on May 17, 2011 from http://www.foxbusiness.com/markets/2011/02/23/omv-shares-tumble-libya-exposure-earnings-miss/ Jukwey, J., (2011). Austria's OMV Says Still Getting Oil From Libya. Article. Retrieved Online on May 17, 2011 from http://www.reuters.com/article/2011/03/07/libya-omv-idUSLDE7260UL20110307 Lewis, J., (2011). Oil Prices Lift OMV's Profits. Live. Retrieved Online on May 17, 2011 from http://www.upstreamonline.com/live/article255894.ece?WT.mc_id=rechargenews_rss Lesova, P., (2011). OMV: No Impact on Operations from Libya Situation. Story. Retrieved Online on May 17, 2011 from http://www.marketwatch.com/story/omv-no-impact-on-operations-from-libya-situation-2011-02-21 Lundeen, N., (2011). OMV Output Hampered By Unrest, But Oil Price Boosts Profit. Oil Field Magazine. Retrieved Online on May 17, 2011 from http://www.oilfieldmagazine.net/index.php?option=com_content&view=article&id=2383:omv-output-hampered-by-unrest-but-oil-price-boosts-profit&catid=75:north-africa&Itemid=111 Moulds, J., (2011). Hold on to BG Group as The World Switches on to Gas. Finance. Retrieved Online on May 17, 2011 from http://www.telegraph.co.uk/finance/markets/questor/8505434/Questor-share-tip-Hold-on-to-BG-Group-as-the-world-switches-on-to-gas.html Nwachuku, C. A., (2011). Conoco Considers Exit from Nigeria, Libya, Three Others. Articles. Retrieved Online on May 17, 2011 from http://www.thisdaylive.com/articles/conoco-considers-exit-from-nigeria-libya-three-others/88637/ OMV Aktiengesellschaft, (2011). Milestones of the OMV Success Story. OMV Group. Retrieved Online on May 17, 2011 from http://www.omv.com/portal/01/com/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3gDf1OLQC9HZyNXA3dPD18PI09DAwgAykdiypsaG8Dk8esOTs3T9_PIz03VL8iNKAcAt0TIfA!!/dl3/d3/L2dJQSEvUUt3QS9ZQnZ3LzZfTTA5SEZJVTJVQTRJMEJSNVQ5NTAwMDAwMDA!/ OMV Aktiengesellschaft, (2011). Sustainability World. Portal. Retrieved Online on May 17, 2011 from http://www.omv.com/portal/01/com/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3hfA0sPN89Qo1BHE08DpyBTE0MzAwgAykeaxRv4m1oEejk6G7kauHt6-HqYGhvA5PHrDk7N0_fzyM9N1S_IjSgHAIsZRUQ!/dl3/d3/L0lJSklrQSEhL3dMTUFCa0FFak1nIS80Qm40UklBd1FBISEvNl83MDk0MjMwMjk4RU82MElRTFY4SDhJMTJINC83X00wOUhGSVUyVUE0STBCUjVSMTgwMDAwMDAwL0hvbWU!/ OMV Aktiengesellschaft, (2011). Report January – March 2011. Strong Oil Price Compensates Impact of Political Instability. Retrieved Online on May 17, 2011 from http://www.omv.com/SecurityServlet/secure?cid=1255734251715&lang=en&swa_id=304583525689.7149&swa_site=wps.vp.com Schneeweiss, Z., (2011). OMV First-Quarter Production Declines 5% on Standstills in Libya, Yemen. News. Retrieved Online on May 17, 2011 from http://www.bloomberg.com/news/2011-04-28/omv-quarterly-production-declines-5-on-libya-standstill-1-.html Shanghai Daily Publishing House, (2011). Oil Prices Surge 6 Percent as Libya Protests Mount. Shanghai Daily. Retrieved Online on May 17, 2011 from http://www.shanghaidaily.com/sp/article/2011/201102/20110223/article_464528.htm Wachman, R., (2011). BG Group Warns of Oil and Gas Disruption Over Windfall Tax. Business. Retrieved Online on May 17, 2011 from http://www.guardian.co.uk/business/2011/may/10/bg-group-warns-oil-gas-windfall-tax Read More
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