Deuss’ demise: an oil trader’s struggle to keep up with the market, 1970s-1990s

In contrast to many other commodities, crude oil trading is a relatively new phenomenon. The end of the concession system in the 1970s caused the oil value chain to disintegrate and a spot market for crude oil to emerge. Oil traders, in particularly the infamous US oil trader Marc Rich, have been credited with creating this spot market and its subsequent development into the global locus of oil price formation. As such traders can be viewed as the little known but vital agents of globalization. Although traders certainly did contribute in the first formative years of the spot market in the late 1970s and early 1980s, their business models were fundamentally challenged by the subsequent evolution of the market in the late 1980s and early 1990s. Whereas globalization is about market integration, traders were typically geared toward profiting from large market distortions and opaque prices. As the spot market matured and gained global acceptance for price formation, the original oil traders were either forced out of the market or fundamentally transformed their businesses. One particular example is Dutch oil trader John Deuss. During the 1980s among the top 3 global oil traders, Deuss’ company languished in the 1990s after a failed corner of the Brent market and competition from firms that were both more sophisticated and better financed. Using Deuss as an example, this paper raises two questions: On the one hand, how did independent oil trading firms contribute to the formation of the modern oil market since the 1970s? On the other hand, how did the subsequent evolution of the market affect the business model of independent oil trading firms from the mid-1980s onwards? The core aim of the paper is to question the relationship between the economics of the trading firm and the economics of the market. The paper combines quantitative data on the development of the spot market using a deals database compiled by Argus Media since 1975 with secondary material ranging from scholarly, trade and news publications

Oil Pipelines, Politics and International Business

The dissertation questions how and why the transition from coal to oil affected the economic relations between the Port of Rotterdam and its German hinterland between 1945 and 1975. From the 1880s onwards, Rotterdam had become the main seaport of the German industrial heartland in the Ruhr area. The transition from coal to oil in the 1950s and 1960s required a new infrastructure – pipelines – to supply the expanding West German market with crude oil. Despite its intimate transport relations to the German hinterland, Rotterdam faced competition from other ports. The West German federal government favoured a German port over Rotterdam, whereas multinational oil companies pursued an integrated Trans-European pipeline system starting in the French port of Marseille. However, the lack of European political and economic integration ultimately ended the Trans-European pipeline project. The Rotterdam port benefited from the outcome because a pipeline connection was established to the German hinterland as a result of the failure of the Trans-European pipeline plan. This gave Rotterdam a captive hinterland in West Germany, a position it still enjoys today. The thesis highlights how transnational economic relations are threatened by economic and technological change and are conditioned by the tensions between national politics and international business. The study uses a business historical approach and combines a transnational case study of Royal Dutch Shell with Dutch and German public archival material

Targeting macrophage Histone deacetylase 3 stabilizes atherosclerotic lesions

Macrophages are key immune cells found in atherosclerotic plaques and critically shape atherosclerotic disease development. Targeting the functional repertoire of macrophages may hold novel approaches for future atherosclerosis management. Here, we describe a previously unrecognized role of the epigenomic enzyme Histone deacetylase 3 (Hdac3) in regulating the atherosclerotic phenotype of macrophages. Using conditional knockout mice, we found that myeloid Hdac3 deficiency promotes collagen deposition in atherosclerotic lesions and thus induces a stable plaque phenotype. Also, macrophages presented a switch to anti-inflammatory wound healing characteristics and showed improved lipid handling. The pro-fibrotic phenotype was directly linked to epigenetic regulation of the Tgfb1 locus upon Hdac3 deletion, driving smooth muscle cells to increased collagen production. Moreover, in humans, HDAC3 was the sole Hdac upregulated in ruptured atherosclerotic lesions, Hdac3 associated with inflammatory macrophages, and HDAC3 expression inversely correlated with pro-fibrotic TGFB1 expression. Collectively, we show that targeting the macrophage epigenome can improve atherosclerosis outcome and we identify Hdac3 as a potential novel therapeutic target in cardiovascular disease

The influence of different culture microenvironments on the generation of dendritic cells from non-small-cell lung cancer patients

This study extends the model developed in Williams and Seaman’s [Williams, J. J. and Seaman, A. E. (2010). Corporate Governance and Mindfulness: The Impact of Management Accounting Systems Change, The Journal of Applied Business Research, Vol. 26, No. 5, pp. 1-17] exploratory paper examining the moderating effects of management accounting systems (MAS) change on the corporate governance/mindfulness relationship for a Canadian sample of 124 top-level accounting professionals. Canonical correlation analysis was applied to the linkage of multiple cognitive processes of mindfulness (Weick and Sutcliffe, 2001; 2007) and the governance dimensions of performance and conformance specified by the International Federation of Accountants (2009), underpinned by the moderating effects of five different components of MAS change, which yielded 13 significant relationships. The latter were subsequently analyzed for important gestalts (i.e., patterns) in the overall relationship, and assessed within the context of aligning professional accounting practices involving systems changes to the IFAC (2009) governance framework. These findings appear to have implications for improved governance structures in practice as well as offering a rich foundation for future research

Why Are Outcomes Different for Registry Patients Enrolled Prospectively and Retrospectively? Insights from the Global Anticoagulant Registry in the FIELD-Atrial Fibrillation (GARFIELD-AF).

Background: Retrospective and prospective observational studies are designed to reflect real-world evidence on clinical practice, but can yield conflicting results. The GARFIELD-AF Registry includes both methods of enrolment and allows analysis of differences in patient characteristics and outcomes that may result. Methods and Results: Patients with atrial fibrillation (AF) and ≥1 risk factor for stroke at diagnosis of AF were recruited either retrospectively (n = 5069) or prospectively (n = 5501) from 19 countries and then followed prospectively. The retrospectively enrolled cohort comprised patients with established AF (for a least 6, and up to 24 months before enrolment), who were identified retrospectively (and baseline and partial follow-up data were collected from the emedical records) and then followed prospectively between 0-18 months (such that the total time of follow-up was 24 months; data collection Dec-2009 and Oct-2010). In the prospectively enrolled cohort, patients with newly diagnosed AF (≤6 weeks after diagnosis) were recruited between Mar-2010 and Oct-2011 and were followed for 24 months after enrolment. Differences between the cohorts were observed in clinical characteristics, including type of AF, stroke prevention strategies, and event rates. More patients in the retrospectively identified cohort received vitamin K antagonists (62.1% vs. 53.2%) and fewer received non-vitamin K oral anticoagulants (1.8% vs . 4.2%). All-cause mortality rates per 100 person-years during the prospective follow-up (starting the first study visit up to 1 year) were significantly lower in the retrospective than prospectively identified cohort (3.04 [95% CI 2.51 to 3.67] vs . 4.05 [95% CI 3.53 to 4.63]; p = 0.016). Conclusions: Interpretations of data from registries that aim to evaluate the characteristics and outcomes of patients with AF must take account of differences in registry design and the impact of recall bias and survivorship bias that is incurred with retrospective enrolment. Clinical Trial Registration: - URL: http://www.clinicaltrials.gov . Unique identifier for GARFIELD-AF (NCT01090362)

Risk profiles and one-year outcomes of patients with newly diagnosed atrial fibrillation in India: Insights from the GARFIELD-AF Registry.

BACKGROUND: The Global Anticoagulant Registry in the FIELD-Atrial Fibrillation (GARFIELD-AF) is an ongoing prospective noninterventional registry, which is providing important information on the baseline characteristics, treatment patterns, and 1-year outcomes in patients with newly diagnosed non-valvular atrial fibrillation (NVAF). This report describes data from Indian patients recruited in this registry. METHODS AND RESULTS: A total of 52,014 patients with newly diagnosed AF were enrolled globally; of these, 1388 patients were recruited from 26 sites within India (2012-2016). In India, the mean age was 65.8 years at diagnosis of NVAF. Hypertension was the most prevalent risk factor for AF, present in 68.5% of patients from India and in 76.3% of patients globally (P < 0.001). Diabetes and coronary artery disease (CAD) were prevalent in 36.2% and 28.1% of patients as compared with global prevalence of 22.2% and 21.6%, respectively (P < 0.001 for both). Antiplatelet therapy was the most common antithrombotic treatment in India. With increasing stroke risk, however, patients were more likely to receive oral anticoagulant therapy [mainly vitamin K antagonist (VKA)], but average international normalized ratio (INR) was lower among Indian patients [median INR value 1.6 (interquartile range {IQR}: 1.3-2.3) versus 2.3 (IQR 1.8-2.8) (P < 0.001)]. Compared with other countries, patients from India had markedly higher rates of all-cause mortality [7.68 per 100 person-years (95% confidence interval 6.32-9.35) vs 4.34 (4.16-4.53), P < 0.0001], while rates of stroke/systemic embolism and major bleeding were lower after 1 year of follow-up. CONCLUSION: Compared to previously published registries from India, the GARFIELD-AF registry describes clinical profiles and outcomes in Indian patients with AF of a different etiology. The registry data show that compared to the rest of the world, Indian AF patients are younger in age and have more diabetes and CAD. Patients with a higher stroke risk are more likely to receive anticoagulation therapy with VKA but are underdosed compared with the global average in the GARFIELD-AF. CLINICAL TRIAL REGISTRATION-URL: http://www.clinicaltrials.gov. Unique identifier: NCT01090362

Business Enterprise and Globalization: Towards a Transnational Business History

Transnational history emerged strongly as globalization intensified in the 1990s, questioning national historiographies and creating new research agendas. Business history has not been part of this, but recent calls within the field to engage more visibly and authoritatively with debates on the history of globalization warrant a closer inspection of transnational history. The article draws on key concepts from transnational history and discusses their application in the work of, among others, Sven Beckert, Jessica Lepler, Stephanie Decker, Ray Stokes, and Michael Miller. The article argues that transnational history provides opportunities to increase business history's engagement with the history of globalization