Share buybacks

Share buy-backs, the top candidates. That was the title of the front page of Finance Week, April 2, 1999. One cannot tell on first sight whether this is meant to be good or bad news, or relevant news at all. But the title indicates an increasing interest among financial analysts, whether firms will be able to buyback their own shares or not. After reading the article one can be certain. Share buybacks are supposed to be exactly what the capital markets always wanted to have, but what was always denied to them. The article demonstrates one vital reason why share buybacks are advantageous for companies: The signalling effect for the market. Although buybacks in certain situations are hardly helpful for the companies, they are generally treated as a panacea. That creates a loophole. Once a company announces its intention to repurchase its own shares, the share market price increases. Because of that knowledge management is enticed into manipulating the market price. The situation is fairly exaggerated, but elucidates a common problem on stock markets. The market price is not only a reflection of the company's performance, but is also influenced by psychological factors which appear to be almost irrational. Bearing that in mind, a discussion of a legal framework for the repurchase of shares is somewhat difficult, and weighing the advantages and disadvantages is, to a large extent, a matter of personal taste. south Africa was in good company in prohibiting repurchases of shares in general. Almost every state all over the world restricted share buybacks to the extent that they hardly ever took place. Off course there was one major exception: the United States of America. After following the early English case of Trevor v Whitworth in prohibiting share buybacks, state legislation and early decisions in the United States abolished the prohibition. Instead they chose directly the opposite. Only a few restrictions were imposed, and management was, and is, vastly free in buying and selling the shares of their company. The world noticed what happened in the United States, but especially lawyers and politicians of other countries always emphasised the risks of share repurchases. They stuck to their prohibitions, and did not think about reformations until very recently. Nowadays it seems that changing the regulations about share buybacks is en vogue. One could describe it as a race. Countries which have not changed their legislation yet are very concerned not to fall behind the standards set by other countries. 'Global market' is no longer just some jargon used in newspapers; it has become reality. Since the economics of countries all over the world are dependent upon major companies, which cater for employment and taxes, nobody wants to loose these companies as a result of domestic legislation restricting financial management. The constant pressure from managers and economists surely played a major role in starting the 'revolution'. Most of the European Union states have already changed their legislation as well as Australia and New. Zealand. South Africa is on the verge of doing so. The Bill has already been passed parliament and is signed by the president. The new provisions will come into force on June 1, 1999. That is reason and incentive to have a closer look at share buybacks, especially at the various legislation surrounding it. A comparative analysis is supported by the Constitution of South Africa. When interpreting the bill of rights a court, tribunal or forum may consider foreign law (section 39 (1)(c)). Generally the standpoint in South Africa is, one should always consider the legal developments in foreign countries. It facilitates the discussion about any change in laws. As a native German, the author wishes that a similar approach would be considered in Germany

Intermediaçao de mao-de-obra no sistema público de emprego no Paraná : um estudo de caso

Orientadora: Benilde Maria Lenzi MotimInclui apendiceDissertaçao (mestrado) - Universidade Federal do Paraná, Setor de Ciencias Humanas, Letras e Artes, Programa de Pós-Graduaçao em Sociologia. Defesa: Curitiba, 2007Inclui bibliografiaÁrea de concentraçao: Trabalho e Ruralidade

A trajetória do plano territorial de qualificação no Paraná no contexto das políticas públicas de trabalho, emprego e renda

Orientador: Prof. Dr. Benilde Maria Lenzi MotimTese (doutorado) - Universidade Federal do Parana, Setor de Ciências Humanas, Letras e Artes, Programa de Pós-Graduação em Sociologia. Defesa: Curitiba,29/04/2013Bibliografia: fls. 210-218Resumo: Esta pesquisa teve como foco de análise o Plano Territorial de Qualificação no Sistema Público de Emprego no contexto brasileiro e, especificamente, no Estado do Paraná, no período de 2003 a 2010. O Ministério do Trabalho e Emprego mediante o CODEFAT instituiu o Plano Nacional de Qualificação, descentralizando as ações de qualificação profissional, integrando-as a outros programas sociais e as políticas de governo. Os Estados, em parceria com seus municípios, arrolaram ações de qualificação profissional e intermediação de mão de obra de boa parte dos trabalhadores cadastrados no Sistema Público de Emprego, buscando reinseri-los no mercado de trabalho. A baixa alocação desses trabalhadores não invalida as ações do Estado devido terem contemplado diferentes interesses e perspectivas dos atores envolvidos, que se sobrepõe à questão da mera qualificação profissional. Nesse sentido, os resultados das ações do PlanTeQ/PR no período de 2003 a 2010, se diferem dos objetivos propostos. A análise do público alvo destas políticas revela o perfil dos trabalhadores participantes dos cursos de qualificação profissional, o perfil das executoras atuantes, os investimentos realizados pelo Fundo de Amparo ao Trabalhador e Tesouro Estadual. Compreende-se que a qualificação via Sistema Público de Emprego se constitui num sistema destinado às classes menos favorecidas na sociedade, aos trabalhadores excluídos ou em vias de exclusão social. As ações de qualificação profissional e intermediação de mão de obra desenvolvidas no período do governo Lula, foram marcadas por um processo de reavaliação e reformulação das Políticas Públicas de Emprego e Renda, reconfigurações políticas, rupturas e continuidades, mudanças conceituais e ideológicas, inovações organizacionais e diferentes estratégias de atuação dos atores sociais. Mediante o desenvolvimento de vários programas sociais, houve um enfraquecimento das políticas neoliberais, o que repercutiu na redução dos índices de desemprego e no crescimento do emprego formal. Consequentemente, houve redução da informalidade e maior regulamentação das relações Capital Trabalho no Brasil. Esta tese procura analisar estas políticas a partir das ações desenvolvidas no Paraná, sob a perspectiva da Sociologia do Trabalho.Abstract: This research had as focus of analysis the Territorial Qualification Plan in the Public Job System, in the brazilian context, specifically, in the State of Paraná, during 2003 up to 2010. The Labor and Employment Ministry through CODEFAT stablished the National Qualification Plan, decentralizing the professional qualification actions, integrating them with different social programs and to government policies. The States, along with cities, enlisted professional qualification actions and intermediations of a big part of the labor force registered to the Public Job System, aiming for their reinsertion to the job market. These workers low allocation does not invalidate the State actions because they have contemplated different interests and perspectives to the subjects involved. Accordingly to this, the results of the PlanTeQ/PR actions during 2003 up to 2010 are different from the aimed objectives. The analysis of the target audience for theses policies reveals the workers profiles who participate in the professional qualification courses, the active executing profiles, the investments made by the Worker Assistant Fund and State Treasury. It is understood that the qualification via Public Job System is constituted in a system destined to the less favored classes in the society, to the excluded workers or near the social exclusion. The professional qualification and labor force intermediation actions developed during Lula's government were marked by a process of reevaluation and reformulation of the Public Policies for Employment and Income, political reconfigurations, disruption and continuum, conceptual and ideological changes, organizational innovations and different strategic action to the social actors. By the development of many social programs, there were an impairment of the neoliberal policies, which means the reduction of the unemployment and in the growth of the formal job. Consequently, there were a reduction of the informality and a bigger regulation of the Capital Work relations in Brazil. This theses aim is to analyze these policies from the actions developed in Paraná, under the Work Sociology perspective

Mixoma Mandibular. Revisión Bibliográfica. A propósito de 2 casos clínicos

Artículo originalEl mixoma mandibular odontogénico, es un tumor de origen mesénquima y representa del 0.5 al 17.7 % de los tumores odontogénicos. Se ubica en el tercer lugar de acuerdo a la frecuencia de presentación. Es un tumor benigno, localmente agresivo y con tendencia a la recidiva, lo que condiciona su tratamiento. En el presente trabajo se describen dos casos clínicos con diagnóstico de mixoma mandibular: un paciente de 33 años y otro de 60. Los dos casos fueron tratados mediante la técnica de mandibulectomía segmentaria sin desarticulación, con margen de seguridad, según el protocolo del Prof. Dr. A. Pogrel, con placa de reconstrucción mandibular, por abordaje extra e intraoral y sin interposición de injerto en el primer tiempo quirúrgico. Se discuten las características del tumor mixoma mandibular y sus opciones terapéuticas en los dos casos clínico

Períodos de interferência de plantas daninhas na cultura do alho

TCC (graduação)- Universidade Federal de Santa Catarina. Campus Curitibanos. Agronomia.O desenvolvimento de plantas daninhas na cultura do alho decorre do fato da cultura possuir uma arquitetura de planta diferenciada, com crescimento ereto, folhas estreitas e alongadas proporcionando maior incidência solar sobre o solo, acarretando em maior desenvolvimento de plantas indesejáveis e posteriormente perda de produtividade. Entretanto, no cenário mundial o Brasil destaca-se como um dos maiores consumidores de alho per-capita e o estado de Santa Catarina como um dos maiores produtores. A presente pesquisa teve como objetivo avaliar os períodos de interferência de plantas daninhas na cultura do alho. O experimento foi conduzido a campo em área comercial no município de Curitibanos, SC, nos anos de 2019 e 2020 entre os meses de julho a dezembro, em delineamento de blocos casualizados, com 16 tratamentos e 4 repetições. Os tratamentos foram dispostos em esquema fatorial 2x8, onde primeiro fator refere se aos períodos de controle (PTPI) e períodos de convivência (PAI) e o segundo aos oito períodos de tempo entre controle e convivência das plantas daninhas com a cultura (0, 15, 30, 45, 60, 90, 120 dias após a emergência – DAE e ciclo todo). A cultivar utilizada na safra de 2019 foi a Chonan, e no ano seguinte (2020) a cultivar Ito. No alho foi avaliado o número e diâmetro de bulbos e a produtividade de bulbos total e comerciais. Já para as plantas daninhas avaliou-se a densidade e acúmulo de massa seca. Poa annua, Lolium multiflorum, Soliva pterosperma, Sisyrinchium sp., Senecio brasiliensis, Ipomoea spp. e Euphorbia heterophylla foram algumas das plantas daninhas que mais infestaram a cultura. As perdas médias de produtividade total e de bulbos comerciais quando não ocorre o controle de plantas daninhas ao longo de todo o ciclo do alho nos anos de 2019 e 2020 são de 24,3% e 28,9%, respectivamente. O período crítico de prevenção a interferência para produtividade total foi de 6 a 126 DAE no ano de 2019 e de 5 a 126 DAE em 2020, de bulbos comerciais foi de 3 a 126 DAE e 5 a 126 DAE, respectivamente. Assim conclui-se, com base nos dois anos de experimento, que a cultura deve permanecer livre da presença de plantas daninhas por praticamente todo o seu ciclo.The development of weeds in garlic is due to the fact that the culture has a different plant architecture, with erect growth, narrow and elongated leaves providing greater sunlight on the soil, resulting in greater development of undesirable plants and later loss of productivity. However, on the world stage, Brazil stands out as one of the largest consumers of garlic per capita and the state of Santa Catarina as one of the largest producers. The present research aimed to evaluate the periods of weed interference in the garlic crop. The experiment was carried out in the field in a commercial area in the municipality of Curitibanos/SC, in the years 2019 and 2020 between the months of July and December, in a randomized block design, with 16 treatments and 4 replications. The treatments were arranged in a 2x8 factorial scheme, where the first factor refers to the control periods (PTPI) and coexistence periods (PAI) and the second to the eight periods of time between weed control and coexistence with the crop (0, 15, 30, 45, 60, 90, 120 days after emergence – AED and entire cycle). The cultivar used in the 2019 crop was Chonan, and in the following year (2020) the cultivar Ito. In garlic, the number and diameter of bulbs and the productivity of total and commercial bulbs were evaluated. As for the weeds, the density and accumulation of dry mass were evaluated. Poa annua, Lolium multiflorum, Soliva pterosperma, Sisyrinchium sp., Senecio brasiliensis, Ipomoea spp. and Euphorbia heterophylla were some of the weeds that most infested the crop. The average losses of total productivity and commercial bulbs when there is no weed control throughout the garlic cycle in the years 2019 and 2020 are 24.3% and 28.9%, respectively. The critical period of interference prevention for total productivity was from 6 to 126 DAE in the year 2019 and from 5 to 126 DAE in 2020, for commercial bulbs it was from 3 to 126 DAE and 5 to 126 DAE, respectively. Thus, based on the two years of experiment, it is concluded that the culture must remain free from the presence of weeds for practically its entire cycle

Marginalized Masculinity: The Aging Actor�s Search for Relevancy Through Intertextuality

Throughout recent cinema, the masculine male identity has been showcased on-screen by various film stars both within the action genre and outside it. Specifically, Arnold Schwarzenegger, Sylvester Stallone, Jean-Claude Van Damme, and numerous others were products of the 1980s masculinity that stressed immense displays of exaggerated violence and hyperbolic musculature on-screen. The 1990s, however, ushered in a new type of masculinity � the emotionally responsive male figure. With this new type of masculinity came a transformation in the male�s former masculine character. This newly emerging masculine figure was marked not only by his newfound demonstration of emotion, but also by his social marginalization. Falling Down (1993), First Blood (1982), and many other films have focused their narratives on society�s relegation of the male lead to a reduced status in society. This study examines how two former popular figures in the cinema � Jean-Claude Van Damme and Michael Keaton in JCVD (2008) and Birdman (2014), respectively � were both narratively marginalized by a profession whose emphasis has heavily transformed since the 1980s. Each film presents the masculine male figure at a point in his profession where he is attempting to revitalize his career after spending years outside of Hollywood�s A-list. Through a visual rhetorical lens, this study assesses how JCVD (2008) and Birdman (2014) are prime vehicles for the actors to intertextually comment on their present, diminished positions in cinema. The intertextual commentary within each film draws on the former cinematic identities of these two male stars (Keaton as Batman and Van Damme as the quintessential action hero) and establishes a means through which the audience may understand how each star is commenting upon his former masculine male identity within each film. This essay also discusses how the study of rhetoric and intertextuality should be expanded to include such visual rhetorical realms as film. Through such scholars as Kenneth Burke and David Blakesley, this essay considers how the visual actions and verbal dialogue displayed on-screen advance a certain rhetorical �way of seeing� the masculine character or identity.Englis

The thermal degradation behaviour of a series of siloxane copolymers - a study by thermal volatilisation analysis

The thermal degradation behaviour of novel high number average molecular mass polysilalkylenesiloxanes is reported. These have been synthesised using anionic ring-opening polymerisation of 1,1,3,3,14,14,16,16-octamethyl-2,15-dioxa-1,3,14,16-tetrasilacyclohexacosane and octamethylcyclotetrasiloxane (D4) mixtures. The thermal degradation behaviour of these materials was evaluated by a combination of thermogravimetric analysis (TGA) and thermal volatilisation analysis (TVA) and compared with a commercial sample of PDMS. The results demonstrated that the thermal degradation of the polysilalkylenesiloxanes is more complex than the PDMS, with the polysilalkylenesiloxanes exhibiting a lower degradation peak maximum temperature. The major volatile degradation products evolved from the PDMS were identified as D3 to D6 cyclic siloxane oligomers, in addition to higher molecular mass cyclic siloxane oligomers. The polysilalkylenesiloxanes, on the other hand, evolved short chain aliphatic hydrocarbons, cyclic and linear siloxane oligomers and silanes. The TVA results indicate that the polysilalkylenesiloxanes degrade mostly by random chain scission of the polymer backbone, whereas the commercial PDMS degrades by the accepted depolymerisation reaction which involves “back-biting” reactions