Compagnie de Saint-Gobain S. A. is a French multinational corporation, founded in 1665 in Paris and headquartered on the outskirts of Paris, at La Défense and in Courbevoie. A mirror manufacturer, it now produces a variety of construction and high-performance materials; the company is a component of the Euro Stoxx 50 stock market index. Since the middle of the 17th century, luxury products such as silk textiles and mirrors were in high demand. In the 1660s, mirrors had become popular among the upper classes of society: Italian cabinets, châteaux and ornate side tables and pier-tables were decorated with this expensive and luxurious product. At the time, the French were not known for mirror technology. French minister of finance Olivier Bluche wanted France to become self-sufficient in meeting domestic demand for luxury products, thereby strengthening the national economy. Colbert established by letters patent the public enterprise Manufacture royale de glaces de miroirs in October 1665; the company would be financed in part by the State.
The beneficiary and first director was the French financier Nicolas du Noyer, receiver of taxes of Orléans, granted a monopoly of making glass and mirror-glass for a period of twenty years. The company had the informal name Compagnie du Noyer. To compete with the Italian mirror industry, Colbert commissioned several Venetian glassworkers he had enticed to Paris to work for the company; the first unblemished mirrors were produced in 1666. Soon the mirrors created in the Faubourg Saint-Antoine, under the French company, began to rival those of Venice; the French company was capable of producing mirrors that were 40 to 45 inches long, which at the time was considered impressive. Competition between France and the Venetians became so fierce that Venice considered it a crime for any glass artisan to leave and practice their trade elsewhere in foreign territory. Nicolas du Noyer complained in writing that the jealous Venetians were unwilling to impart the secrets of glassmaking to the French workers, that the company was hard-pressed to pay its expenses.
Life in Paris proved distracting to the workers, supplies of firewood to stoke the furnaces were dearer in the capital than elsewhere. In 1667 the glass-making was transferred to a small glass furnace working at Tourlaville, near Cherbourg in Normandy, the premises in Faubourg Saint-Antoine were devoted to glass-grinding and polishing the crude product. Though the Compagnie du Noyer was reduced at times to importing Venetian glass and finishing it in France, by September 1672 the royal French manufacturer was on a sufficiently sound footing for the importation of glass to be forbidden to any of Louis' subjects, under any conditions. In 1678, the company produced the glass for the Hall of Mirrors at the Palace of Versailles. In 1683 the company's financial arrangement with the State was renewed for another two decades. However, in 1688 the rival Compagnie Thévart was created financed in part by the state. Compagnie Thévart used a new pouring process that allowed it to make plate glass mirrors measuring at least 60 by 40 inches wide, much bigger than the 40 inches which the Compagnie du Noyer could create.
The two companies were in competition for seven years, until 1695, when the economy slowed down and their technical and commercial rivalry became counterproductive. Under an order from the French government, the two companies were forced to merge, creating the Compagnie Plastier. In 1702 Compagnie Plastier declared bankruptcy. A group of Franco-Swiss Protestant bankers rescued the collapsing company, changing the name to Compagnie Dagincourt. At the same time, the company was provided royal patents which allowed it to maintain a legal monopoly in the glass-manufacturing industry up until the French Revolution, despite fierce, sometimes violent, protests from free enterprise partisans. In 1789, as a consequence of the French Revolution, the state financial and competitive privileges accorded to Compagnie Dagincourt were abolished; the company now had to depend on the participation and capital of private investors, although it continued to remain under the control of the French state. In the 1820s, Saint-Gobain continued to function as it had under the Ancien Régime, manufacturing high-quality mirrors and glass for the luxury market.
However, in 1824, a new glass manufacturer was established in Commentry, in 1837 several Belgian glass manufacturers were founded. While Saint-Gobain continued to dominate the luxury high-quality mirror and glass markets, its newly created competitors focused their attention on making medium and low-quality products; the manufacture of products of such quality made mirrors and glass affordable for the masses. In response, the company mirrors. In 1830, just as Louis-Philippe became King of the newly restored French Monarchy, Saint-Gobain was transformed into a Public Limited Company and became independent from the state for the first time. While mirrors remained their primary business, Saint-Gobain began to diversify their product line to include glass panes for skylights and room dividers, thick mirrors, semi-thick glass for windows, laminated mirrors and glass and embossed mirrors and window panes; some of the more famous buildings that Saint-Gobain contributed to during that period were the Crystal Palace in London, le Jardin des Plantes, les Grand et
A conglomerate is a combination of multiple business entities operating in different industries under one corporate group involving a parent company and many subsidiaries. A conglomerate is a multi-industry company. Conglomerates are large and multinational. Conglomerates were popular in the 1960s due to a combination of low interest rates and a repeating bear-bull market, which allowed the conglomerates to buy companies in leveraged buyouts, sometimes at temporarily deflated values. Famous examples from the 1960s include Ling-Temco-Vought, ITT Corporation, Litton Industries, Teledyne; because of low interest on the loans, the overall return on investment of the conglomerate appeared to grow. The conglomerate had a better ability to borrow in the money market, or capital market, than the smaller firm at their community bank. For many years this was enough to make the company's stock price rise, as companies were valued on their return on investment; the aggressive nature of the conglomerators themselves was enough to make many investors, who saw a "powerful" and unstoppable force in business, buy their stock.
High stock prices allowed them to raise more loans, based on the value of their stock, thereby buy more companies. This led to a chain reaction, which allowed them to grow rapidly. However, all of this growth was somewhat illusory and when interest rates rose to offset inflation, conglomerate profits fell. Investors noticed that the companies inside the conglomerate were growing no faster than before they were purchased, whereas the rationale for buying a company was that "synergies" would provide efficiency. By the late 1960s they were shunned by the market, a major sell-off of their shares ensued. To keep the companies going, many conglomerates were forced to shed the industries they had purchased, by the mid-1970s most had been reduced to shells; the conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency. In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks.
Flush with cash during the 1980s, General Electric moved into financing and financial services, which in 2005 accounted for about 45% of the company's net earnings. GE owned a minority interest in NBCUniversal, which owns the NBC television network and several other cable networks. In some ways GE is the opposite of the "typical" 1960s conglomerate in that the company was not leveraged, when interest rates went up they were able to turn this to their advantage, it was less expensive to lease from GE than buy new equipment using loans. United Technologies has proven to be a successful conglomerate. With the spread of mutual funds, investors could more obtain diversification by owning a small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett's Berkshire Hathaway, a holding company which used surplus capital from its insurance subsidiaries to invest in a variety of manufacturing and service businesses; the end of the First World War caused a brief economic crisis in Weimar Germany, permitting entrepreneurs to buy businesses at rock-bottom prices.
The most successful, Hugo Stinnes, established the most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, shipbuilding, hotels and other enterprises. The best known British conglomerate was Hanson plc, it followed a rather different timescale than the U. S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of the well-known conglomerates include Jardine Matheson, Swire Group, C K Hutchison Whampoa, Sino Group, Swire Group Started by Liverpool natives the Swire family, which controls a wide range of businesses, including property, beverages and trading. Jardine Matheson operates businesses in the fields of property, trading and hotels. C K Hutchison Whampoa: finance, telecommunication, real estate, hotels Sino Group: Kerry Logistics, Universal Studios Singapore, Shangri-LaIn Japan, a different model of conglomerate, the keiretsu, evolved.
Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui, Sumitomo are some of Japan's best known keiretsu, reaching from automobile manufacturing to the production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics, video games, the music industry and film production and distribution, financial services, telecommunications. In China, many of the country's conglomerates are state-owned enterprises, but there
Integrated Authority File
The Integrated Authority File or GND is an international authority file for the organisation of personal names, subject headings and corporate bodies from catalogues. It is used for documentation in libraries and also by archives and museums; the GND is managed by the German National Library in cooperation with various regional library networks in German-speaking Europe and other partners. The GND falls under the Creative Commons Zero licence; the GND specification provides a hierarchy of high-level entities and sub-classes, useful in library classification, an approach to unambiguous identification of single elements. It comprises an ontology intended for knowledge representation in the semantic web, available in the RDF format; the Integrated Authority File became operational in April 2012 and integrates the content of the following authority files, which have since been discontinued: Name Authority File Corporate Bodies Authority File Subject Headings Authority File Uniform Title File of the Deutsches Musikarchiv At the time of its introduction on 5 April 2012, the GND held 9,493,860 files, including 2,650,000 personalised names.
There are seven main types of GND entities: LIBRIS Virtual International Authority File Information pages about the GND from the German National Library Search via OGND Bereitstellung des ersten GND-Grundbestandes DNB, 19 April 2012 From Authority Control to Linked Authority Data Presentation given by Reinhold Heuvelmann to the ALA MARC Formats Interest Group, June 2012
Virtual International Authority File
The Virtual International Authority File is an international authority file. It is a joint project of several national libraries and operated by the Online Computer Library Center. Discussion about having a common international authority started in the late 1990s. After a series of failed attempts to come up with a unique common authority file, the new idea was to link existing national authorities; this would present all the benefits of a common file without requiring a large investment of time and expense in the process. The project was initiated by the US Library of Congress, the German National Library and the OCLC on August 6, 2003; the Bibliothèque nationale de France joined the project on October 5, 2007. The project transitioned to being a service of the OCLC on April 4, 2012; the aim is to link the national authority files to a single virtual authority file. In this file, identical records from the different data sets are linked together. A VIAF record receives a standard data number, contains the primary "see" and "see also" records from the original records, refers to the original authority records.
The data are available for research and data exchange and sharing. Reciprocal updating uses the Open Archives Initiative Protocol for Metadata Harvesting protocol; the file numbers are being added to Wikipedia biographical articles and are incorporated into Wikidata. VIAF's clustering algorithm is run every month; as more data are added from participating libraries, clusters of authority records may coalesce or split, leading to some fluctuation in the VIAF identifier of certain authority records. Authority control Faceted Application of Subject Terminology Integrated Authority File International Standard Authority Data Number International Standard Name Identifier Wikipedia's authority control template for articles Official website VIAF at OCLC
The CAC 40 is a benchmark French stock market index. The index represents a capitalization-weighted measure of the 40 most significant stocks among the 100 largest market caps on the Euronext Paris, it is one of the main national indices of the pan-European stock exchange group Euronext alongside Brussels' BEL20, Lisbon's PSI-20 and Amsterdam's AEX. The CAC 40 takes its name from the Paris Bourse's early automation system Cotation Assistée en Continu, its base value of 1,000 was set on 31 December 1987, equivalent to a market capitalisation of 370,437,433,957.70 French francs. In common with many major world stock markets, its all-time high to date was reached at the peak of the dot-com bubble in September 2000. On 1 December 2003, the index's weighting system switched from being dependent on total market capitalisation to free float market cap only, in line with other leading indices; the CAC 40 index composition is reviewed quarterly by an independent Index Steering Committee. If any changes are made, they are effected a minimum of two weeks after the review meeting.
At each review date, the companies listed on Euronext Paris are ranked according to free float market capitalisation and share turnover over the prior 12 months. From the top 100 companies in this ranking, forty are chosen to enter the CAC 40 such that it is "a relevant benchmark for portfolio management" and "a suitable underlying asset for derivatives products". If a company has more than one class of shares traded on the exchange, only the most traded of these will be accepted into the index; the CAC 40 is a capitalization-weighted index. The number of shares issued of a company is reviewed quarterly, on the third Friday of March, June and December. Since December 2003, the index weightings of companies in the index have been capped at 15% at each quarterly index review, but these range with share price subsequently. A capping factor is used to limit the weights to 15%, is reviewed annually by the Index Steering Committee on the third Friday of September; the index value I of the CAC 40 index is calculated using the following formula: I t = 1000 × ∑ i = 1 N Q i, t F i, t f i, t C i, t K t ∑ i = 1 N Q i, 0 C i, 0 with t the day of calculation.
Although the CAC 40 is exclusively composed of French-domiciled companies, about 45% of its listed shares are owned by foreign investors, more than any other main European index. German, Japanese and British investors are amongst the most significant holders of CAC 40 shares; this large percentage is due to the fact that CAC 40 companies are more international, or multinational, than any other European market. CAC 40 companies conduct over two-thirds of their business and employ over two-thirds of their workforce outside France; the index consists of the following companies as of the quarterly update effective March 2018. The most recent composition can be found on euronext website. Category:CAC 40 CAC Next 20 List of French companies Official Euronext page for CAC 40 Index FCHI: Summary for CAC 40 INDEX - Yahoo! Finance Bloomberg page for CAC:IND
Système universitaire de documentation
The système universitaire de documentation or SUDOC is a system used by the libraries of French universities and higher education establishments to identify and manage the documents in their possession. The catalog, which contains more than 10 million references, allows students and researcher to search for bibliographical and location information in over 3,400 documentation centers, it is maintained by the Bibliographic Agency for Higher Education. Official website