The document discusses economic conditions and forecasts for Latin America. It notes that global recovery is continuing, led by growth in the US, Europe, and parts of Asia. In Latin America, economic activity is also rebounding from recession. However, the region faces challenges in 2010 from appreciating currencies due to a weaker dollar, rising commodity prices, and recovery in domestic activity levels. This could create difficulties for central banks trying to maintain monetary stimulus. The forecasts predict growth will continue in the region over the next few years, but inflation and current account deficits may increase as well.
This presentation provides an overview of Embraer's executive aviation business. It discusses Embraer's product portfolio including the Phenom 100, Phenom 300, Legacy 450/500, Legacy 600, Lineage 1000. It summarizes the certified performance of these aircraft models. The presentation also discusses Embraer's customer support solutions including its service center network and contact center. Finally, it provides Embraer's revenue share and guidance for 2009 and 2010.
2006:Botswana - Recent Economic Developments and Prospectseconsultbw
Recent economic developments in Botswana show signs of recovery in some areas but continued weakness in others. Mining sector growth remains strong while the non-mining sector shows only weak evidence of recovery. Inflation rose sharply but has been decreasing, though it remains above the central bank's target range. Exchange rate policies have helped restore competitiveness. Banking sector liquidity is high and may contribute to further credit growth above the central bank's target range.
1. Terry Crews is the Chief Financial Officer of Monsanto.
2. Monsanto's strategic and financial opportunity lies in seeds and traits, as seen by the growth in gross profit of the seeds and genomics segment compared to the agricultural productivity segment between 2003-2006.
3. Monsanto has opportunities to increase gross margin through 2010 by gaining market share in U.S. and international corn, expanding biotech traits globally, growing cotton, Seminis, and through new products in their research pipeline.
The document provides information on the Irongate Global Strategy Fund Limited, a fund of hedge funds. It seeks capital preservation, appreciation and superior risk-adjusted returns with low correlation to traditional markets. The fund invests with experienced managers employing strategies like macro, long/short equities, emerging markets, fixed income arbitrage, and more. Performance figures for 2004-2008 are provided showing the fund outperforming benchmarks like the MSCI World Index and HFRI Fund of Funds Composite Index over various periods.
- The Chester Global Strategy Fund is a fund of hedge funds that seeks capital preservation, appreciation, and superior risk-adjusted returns with low correlation to equity and fixed income markets.
- In July 2008, the fund was down 4.77% month-to-date and had a net asset value of 94.32. Its largest strategies by allocation were multi-strategy, credit and distressed, and event-driven.
- Over its lifetime, the fund has averaged annual returns of 9.72% with lower volatility than equity benchmarks, as measured by standard deviation.
The document provides an economic outlook for winter 2009, discussing the recession and expected recovery. It notes that 2009 will be extremely challenging for the US economy, while Canada's buffers against spillovers will diminish. While risks of deflation and disappointment remain high, the author is optimistic about 2010 and beyond. The document examines signs of recovery and remaining obstacles, and discusses easing financial market stress and credit markets. It also notes this is not a typical recession given the impact on housing and auto sales.
Eugenio Diaz Bonilla, Executive Director for Argentina and Haiti, Inter-American Development Bank
14th October 2008, International Food Policy Research Institute, Washington D.C.
Credit suisse mexico breakfast meeting march v22012Octavio Aguilar
1) The document provides an outlook and review of the European equities market in 2012 from the BlackRock European Equity Team.
2) It summarizes 2011 as a negative year for most major markets except the US, with defensives outperforming cyclicals. Financials suffered due to the Euro crisis.
3) Looking ahead to 2012, the team emphasizes quality companies with strong balance sheets, free cash flow, and international earnings to navigate the turbulent environment in Europe. Stock selection will be key.
This presentation provides an overview of Embraer's executive aviation business. It discusses Embraer's product portfolio including the Phenom 100, Phenom 300, Legacy 450/500, Legacy 600, Lineage 1000. It summarizes the certified performance of these aircraft models. The presentation also discusses Embraer's customer support solutions including its service center network and contact center. Finally, it provides Embraer's revenue share and guidance for 2009 and 2010.
2006:Botswana - Recent Economic Developments and Prospectseconsultbw
Recent economic developments in Botswana show signs of recovery in some areas but continued weakness in others. Mining sector growth remains strong while the non-mining sector shows only weak evidence of recovery. Inflation rose sharply but has been decreasing, though it remains above the central bank's target range. Exchange rate policies have helped restore competitiveness. Banking sector liquidity is high and may contribute to further credit growth above the central bank's target range.
1. Terry Crews is the Chief Financial Officer of Monsanto.
2. Monsanto's strategic and financial opportunity lies in seeds and traits, as seen by the growth in gross profit of the seeds and genomics segment compared to the agricultural productivity segment between 2003-2006.
3. Monsanto has opportunities to increase gross margin through 2010 by gaining market share in U.S. and international corn, expanding biotech traits globally, growing cotton, Seminis, and through new products in their research pipeline.
The document provides information on the Irongate Global Strategy Fund Limited, a fund of hedge funds. It seeks capital preservation, appreciation and superior risk-adjusted returns with low correlation to traditional markets. The fund invests with experienced managers employing strategies like macro, long/short equities, emerging markets, fixed income arbitrage, and more. Performance figures for 2004-2008 are provided showing the fund outperforming benchmarks like the MSCI World Index and HFRI Fund of Funds Composite Index over various periods.
- The Chester Global Strategy Fund is a fund of hedge funds that seeks capital preservation, appreciation, and superior risk-adjusted returns with low correlation to equity and fixed income markets.
- In July 2008, the fund was down 4.77% month-to-date and had a net asset value of 94.32. Its largest strategies by allocation were multi-strategy, credit and distressed, and event-driven.
- Over its lifetime, the fund has averaged annual returns of 9.72% with lower volatility than equity benchmarks, as measured by standard deviation.
The document provides an economic outlook for winter 2009, discussing the recession and expected recovery. It notes that 2009 will be extremely challenging for the US economy, while Canada's buffers against spillovers will diminish. While risks of deflation and disappointment remain high, the author is optimistic about 2010 and beyond. The document examines signs of recovery and remaining obstacles, and discusses easing financial market stress and credit markets. It also notes this is not a typical recession given the impact on housing and auto sales.
Eugenio Diaz Bonilla, Executive Director for Argentina and Haiti, Inter-American Development Bank
14th October 2008, International Food Policy Research Institute, Washington D.C.
Credit suisse mexico breakfast meeting march v22012Octavio Aguilar
1) The document provides an outlook and review of the European equities market in 2012 from the BlackRock European Equity Team.
2) It summarizes 2011 as a negative year for most major markets except the US, with defensives outperforming cyclicals. Financials suffered due to the Euro crisis.
3) Looking ahead to 2012, the team emphasizes quality companies with strong balance sheets, free cash flow, and international earnings to navigate the turbulent environment in Europe. Stock selection will be key.
Citi was founded in 1812 as City Bank of New York and is now a global financial institution providing banking, insurance, and investment products worldwide. It has the largest financial services network globally. Citi's vision is to be a leader in business process management and its mission is to be the most respected global financial services company by delivering profits and growth responsibly to shareholders. The bank has expanded significantly over the decades and now has operations across 23 countries outside the United States.
The document summarizes the history and evolution of Citibank:
- Founded in 1812 as City Bank of New York, it was initially led by Samuel Osgood and later owned by Moses Taylor in the 19th century.
- It joined the US national banking system in 1863 as National City Bank of New York and became the largest bank in the US by 1868.
- In 1897, it was the first major US bank to establish a foreign department and contributed to the Federal Reserve Bank of New York in 1896.
Citibank was founded in 1812 and is currently the largest bank in the US and one of the largest in the world. It is headquartered in New York City and has a presence in over 120 countries. Citibank has over 200 million customer accounts and provides various financial services including banking, credit cards, investment management, and wealth management. It aims to offer excellent customer service globally through strategic focus on productivity, efficient use of capital, technology, and client relationships.
Citibank was considering launching credit cards in Asia Pacific markets. They analyzed strengths, weaknesses, opportunities and threats in various countries. Their mission was to serve the growing middle class. They decided to enter markets like Taiwan, India, Indonesia and Malaysia by targeting different customer segments. They chose not to enter Korea due to regulations.
Citicorp is a diversified global financial institution that provides a broad range of financial products and services to consumers and corporate customers globally. It operates in over 100 countries with approximately 2,000 offices worldwide. Citicorp focuses on serving large corporates and multinationals, small and medium enterprises, and retail customers. It offers banking services, credit cards, loans, investments, insurance and other financial products. Citicorp follows a differentiation strategy with a focus on client service, global strength, and constant innovation. It has a long history dating back to 1812 and has expanded significantly over the decades through organic growth and acquisitions.
Thank you for sharing your positive experience with Citi customer service representative Manish. It is heartening to see employees go the extra mile to resolve customer issues courteously and efficiently. Excellent customer service is a key reason for Citi's leadership in the credit card industry. I will pass on your appreciation to the relevant teams.
This document provides an economic outlook for 2012. It includes sections on the public debt challenge in Europe, the European banking credit challenge, and an economic update on indicators in the US, EU, China, and other areas. It also discusses extreme central bank actions and financial market risks as factors that will influence 2012. The document aims to analyze political and economic factors that may impact the outlook for the coming year.
The BER's business tendency surveys in South Africa: method and resultsGeorge Kershoff
The document summarizes the business, consumer, and inflation expectation surveys conducted by the Bureau for Economic Research (BER) in South Africa. It provides a history of BER's tendency surveys since 1954 and describes how the surveys are conducted. It also compares survey results to official economic data and discusses how business confidence, purchasing managers indexes, and inflation expectations are calculated and analyzed. The surveys provide early indications of economic trends and complement official economic data.
Rethinking Poverty and Inequality Measurement in Arab CountriesUnicefMaroc
Présentation de Khalid Abu Ismail, Conseiller en pauvreté et macroéconomie, Bureau régional du PNUD Caire, Egypte, à la Conférence Internationale d'Experts sur la mesure et les approches politiques pour améliorer l'équité pour les nouvelles générations dans la région MENA à Rabat, Maroc du 22 au 23 mai 2012.
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
SERI 2011 Korea Economic Forum
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
Deutsche Bank reported first quarter 2009 results that showed signs of stabilization after the turmoil of 2008. Net income was €1.2 billion, an improvement from a loss in the previous quarter, driven by stronger revenues in Sales & Trading and lower credit losses. While capital ratios remained above target levels, total assets declined 5% from the prior quarter to €982 billion due to active balance sheet management. Looking ahead, Deutsche Bank expects funding costs to remain advantageous relative to peers due to its strong credit quality.
2007* Paris Air Show Mercado De AviaçãO ComercialEmbraer RI
Embraer held its annual investor day at the Paris Airshow in June 2007. Mauro Kern, Embraer's executive vice president of the airline market, presented an overview of the airline market focusing on the 30 to 120 seat segment. He noted that the regional jet 50 seat market has entered a mature phase in the US and Europe but sees new opportunities developing in China and Russia. Kern also discussed the E-Jets family, noting the E-Jets have advantages over comparable jets in terms of passenger comfort and lower trip costs. Embraer's order book for the E-Jets family stood at over 600 firm orders as of March 2007.
Embraer presented an overview of the commercial airline industry and regional jet market at an investor day event. The presentation noted that the industry is seeing positive financial results projected for 2007-2008, with increased competition and new passenger demands driving changes. It also reviewed Embraer's regional jet product lines like the ERJ145 and E-Jet families, noting strong order books and opportunities for the E-Jets in replacing aging fleets and expanding regional routes.
Paris Air Show - Mercado de Aviação ComercialEmbraer RI
Embraer held its annual investor day at the Paris Airshow in June 2007. Mauro Kern, Executive Vice President of Embraer's airline market division, presented an overview of the regional airline industry and the 30-120 seat jet market. He noted that the industry is seeing positive financial results projected for 2007-2008, with opportunities for regional jets due to an aging fleet, demand for new aircraft features, and regulatory changes allowing more competition. Kern also provided order and delivery details for Embraer's ERJ 145 family and E-Jets family of 70-120 seat aircraft, noting they were experiencing growing demand especially to replace aging fleets.
Embraer presented an overview of the commercial airline industry and regional jet market. Positive financial results are projected for the industry in 2007-2008, led by growth in Asia-Pacific and Latin America. The 50-seat regional jet market remains stable but opportunities exist in China, Russia, and other developing markets undergoing fleet modernization. Embraer's E-Jet family provides solutions for right-sizing routes and replacing aging fleets, as demonstrated by major orders from carriers like Air Canada and Delta seeking more efficient operations.
1) The Norwegian economy has stabilized after experiencing a downturn due to the global financial crisis. Inflation remains low and within the central bank's target range.
2) The central bank implemented extraordinary monetary policy measures including low interest rates and liquidity measures to support the economy during the crisis. It is now unwinding these measures as conditions normalize.
3) Looking forward, the central bank projects continued moderate economic growth in Norway, supported by a recovery in trading partners and domestic demand. Inflation is expected to remain low and stable.
1) The Norwegian economy has stabilized after experiencing a downturn due to the global financial crisis. Inflation remains low and within the central bank's target range.
2) The central bank implemented extraordinary monetary policy measures including low interest rates and liquidity measures to support the economy during the crisis. It is now unwinding these measures as conditions normalize.
3) Looking forward, the central bank projects continued moderate economic growth in Norway, supported by a recovery in trading partners and domestic demand. Inflation is expected to remain low and stable.
The Age Of Balance Sheet Recessions What Post 2008 U.S., Europe And China Can...merzak emerzak
The document discusses balance sheet recessions and lessons that can be learned from Japan's experience in the 1990s-2000s. It provides exhibits showing how in a balance sheet recession, private sector prioritizes debt repayment over spending even at low interest rates, causing a deflationary gap. It discusses how Japan addressed this by borrowing and spending the private sector's excess savings, sustaining GDP growth despite large deficits that did not raise rates. However, premature fiscal reforms weakened the economy and increased deficits. The key lesson is that fiscal stimulus is needed until private sector balance sheets are repaired in a balance sheet recession.
Exposición de Guido Vildozo Méndez, con con motivo de la Reunión Nacional de Concesionarios de ACARA, viernes 17 de Junio, Salón Ceibo del Predio Ferial “La Rural”.
Exposición Ventas globales y tendencia (con impacto al evento en Japón)
Ventas regionales (flujo de vehículos entre Brasil, Argentina y México)
Tendencias de los mercados (Brasil - Argentina) para los próximos 10 años
The document summarizes mortgage delinquency and foreclosure statistics from the 4th quarter of 2010. Key points include:
- Mortgage delinquency and foreclosure rates decreased from the prior quarter and year.
- Serious delinquency (90+ days past due or in foreclosure) fell to 8.57% nationally.
- Foreclosure starts and inventory declined across the US from the prior year's high levels.
Regional associations play an important role in fostering quality in higher education through collaboration and cooperation. CONAHEC is a trinational consortium that advances collaboration among over 140 higher education institutions in North America. It aims to promote mutual understanding through information sharing, research, and collaborative programs. While countries approach quality assurance differently according to their context, international cooperation and student mobility are important as they enhance student learning and prepare graduates for an increasingly globalized world. Regional associations can help higher education institutions form partnerships, exchange best practices, and address common challenges through open dialogue.
Citi was founded in 1812 as City Bank of New York and is now a global financial institution providing banking, insurance, and investment products worldwide. It has the largest financial services network globally. Citi's vision is to be a leader in business process management and its mission is to be the most respected global financial services company by delivering profits and growth responsibly to shareholders. The bank has expanded significantly over the decades and now has operations across 23 countries outside the United States.
The document summarizes the history and evolution of Citibank:
- Founded in 1812 as City Bank of New York, it was initially led by Samuel Osgood and later owned by Moses Taylor in the 19th century.
- It joined the US national banking system in 1863 as National City Bank of New York and became the largest bank in the US by 1868.
- In 1897, it was the first major US bank to establish a foreign department and contributed to the Federal Reserve Bank of New York in 1896.
Citibank was founded in 1812 and is currently the largest bank in the US and one of the largest in the world. It is headquartered in New York City and has a presence in over 120 countries. Citibank has over 200 million customer accounts and provides various financial services including banking, credit cards, investment management, and wealth management. It aims to offer excellent customer service globally through strategic focus on productivity, efficient use of capital, technology, and client relationships.
Citibank was considering launching credit cards in Asia Pacific markets. They analyzed strengths, weaknesses, opportunities and threats in various countries. Their mission was to serve the growing middle class. They decided to enter markets like Taiwan, India, Indonesia and Malaysia by targeting different customer segments. They chose not to enter Korea due to regulations.
Citicorp is a diversified global financial institution that provides a broad range of financial products and services to consumers and corporate customers globally. It operates in over 100 countries with approximately 2,000 offices worldwide. Citicorp focuses on serving large corporates and multinationals, small and medium enterprises, and retail customers. It offers banking services, credit cards, loans, investments, insurance and other financial products. Citicorp follows a differentiation strategy with a focus on client service, global strength, and constant innovation. It has a long history dating back to 1812 and has expanded significantly over the decades through organic growth and acquisitions.
Thank you for sharing your positive experience with Citi customer service representative Manish. It is heartening to see employees go the extra mile to resolve customer issues courteously and efficiently. Excellent customer service is a key reason for Citi's leadership in the credit card industry. I will pass on your appreciation to the relevant teams.
This document provides an economic outlook for 2012. It includes sections on the public debt challenge in Europe, the European banking credit challenge, and an economic update on indicators in the US, EU, China, and other areas. It also discusses extreme central bank actions and financial market risks as factors that will influence 2012. The document aims to analyze political and economic factors that may impact the outlook for the coming year.
The BER's business tendency surveys in South Africa: method and resultsGeorge Kershoff
The document summarizes the business, consumer, and inflation expectation surveys conducted by the Bureau for Economic Research (BER) in South Africa. It provides a history of BER's tendency surveys since 1954 and describes how the surveys are conducted. It also compares survey results to official economic data and discusses how business confidence, purchasing managers indexes, and inflation expectations are calculated and analyzed. The surveys provide early indications of economic trends and complement official economic data.
Rethinking Poverty and Inequality Measurement in Arab CountriesUnicefMaroc
Présentation de Khalid Abu Ismail, Conseiller en pauvreté et macroéconomie, Bureau régional du PNUD Caire, Egypte, à la Conférence Internationale d'Experts sur la mesure et les approches politiques pour améliorer l'équité pour les nouvelles générations dans la région MENA à Rabat, Maroc du 22 au 23 mai 2012.
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
SERI 2011 Korea Economic Forum
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
Deutsche Bank reported first quarter 2009 results that showed signs of stabilization after the turmoil of 2008. Net income was €1.2 billion, an improvement from a loss in the previous quarter, driven by stronger revenues in Sales & Trading and lower credit losses. While capital ratios remained above target levels, total assets declined 5% from the prior quarter to €982 billion due to active balance sheet management. Looking ahead, Deutsche Bank expects funding costs to remain advantageous relative to peers due to its strong credit quality.
2007* Paris Air Show Mercado De AviaçãO ComercialEmbraer RI
Embraer held its annual investor day at the Paris Airshow in June 2007. Mauro Kern, Embraer's executive vice president of the airline market, presented an overview of the airline market focusing on the 30 to 120 seat segment. He noted that the regional jet 50 seat market has entered a mature phase in the US and Europe but sees new opportunities developing in China and Russia. Kern also discussed the E-Jets family, noting the E-Jets have advantages over comparable jets in terms of passenger comfort and lower trip costs. Embraer's order book for the E-Jets family stood at over 600 firm orders as of March 2007.
Embraer presented an overview of the commercial airline industry and regional jet market at an investor day event. The presentation noted that the industry is seeing positive financial results projected for 2007-2008, with increased competition and new passenger demands driving changes. It also reviewed Embraer's regional jet product lines like the ERJ145 and E-Jet families, noting strong order books and opportunities for the E-Jets in replacing aging fleets and expanding regional routes.
Paris Air Show - Mercado de Aviação ComercialEmbraer RI
Embraer held its annual investor day at the Paris Airshow in June 2007. Mauro Kern, Executive Vice President of Embraer's airline market division, presented an overview of the regional airline industry and the 30-120 seat jet market. He noted that the industry is seeing positive financial results projected for 2007-2008, with opportunities for regional jets due to an aging fleet, demand for new aircraft features, and regulatory changes allowing more competition. Kern also provided order and delivery details for Embraer's ERJ 145 family and E-Jets family of 70-120 seat aircraft, noting they were experiencing growing demand especially to replace aging fleets.
Embraer presented an overview of the commercial airline industry and regional jet market. Positive financial results are projected for the industry in 2007-2008, led by growth in Asia-Pacific and Latin America. The 50-seat regional jet market remains stable but opportunities exist in China, Russia, and other developing markets undergoing fleet modernization. Embraer's E-Jet family provides solutions for right-sizing routes and replacing aging fleets, as demonstrated by major orders from carriers like Air Canada and Delta seeking more efficient operations.
1) The Norwegian economy has stabilized after experiencing a downturn due to the global financial crisis. Inflation remains low and within the central bank's target range.
2) The central bank implemented extraordinary monetary policy measures including low interest rates and liquidity measures to support the economy during the crisis. It is now unwinding these measures as conditions normalize.
3) Looking forward, the central bank projects continued moderate economic growth in Norway, supported by a recovery in trading partners and domestic demand. Inflation is expected to remain low and stable.
1) The Norwegian economy has stabilized after experiencing a downturn due to the global financial crisis. Inflation remains low and within the central bank's target range.
2) The central bank implemented extraordinary monetary policy measures including low interest rates and liquidity measures to support the economy during the crisis. It is now unwinding these measures as conditions normalize.
3) Looking forward, the central bank projects continued moderate economic growth in Norway, supported by a recovery in trading partners and domestic demand. Inflation is expected to remain low and stable.
The Age Of Balance Sheet Recessions What Post 2008 U.S., Europe And China Can...merzak emerzak
The document discusses balance sheet recessions and lessons that can be learned from Japan's experience in the 1990s-2000s. It provides exhibits showing how in a balance sheet recession, private sector prioritizes debt repayment over spending even at low interest rates, causing a deflationary gap. It discusses how Japan addressed this by borrowing and spending the private sector's excess savings, sustaining GDP growth despite large deficits that did not raise rates. However, premature fiscal reforms weakened the economy and increased deficits. The key lesson is that fiscal stimulus is needed until private sector balance sheets are repaired in a balance sheet recession.
Exposición de Guido Vildozo Méndez, con con motivo de la Reunión Nacional de Concesionarios de ACARA, viernes 17 de Junio, Salón Ceibo del Predio Ferial “La Rural”.
Exposición Ventas globales y tendencia (con impacto al evento en Japón)
Ventas regionales (flujo de vehículos entre Brasil, Argentina y México)
Tendencias de los mercados (Brasil - Argentina) para los próximos 10 años
The document summarizes mortgage delinquency and foreclosure statistics from the 4th quarter of 2010. Key points include:
- Mortgage delinquency and foreclosure rates decreased from the prior quarter and year.
- Serious delinquency (90+ days past due or in foreclosure) fell to 8.57% nationally.
- Foreclosure starts and inventory declined across the US from the prior year's high levels.
Regional associations play an important role in fostering quality in higher education through collaboration and cooperation. CONAHEC is a trinational consortium that advances collaboration among over 140 higher education institutions in North America. It aims to promote mutual understanding through information sharing, research, and collaborative programs. While countries approach quality assurance differently according to their context, international cooperation and student mobility are important as they enhance student learning and prepare graduates for an increasingly globalized world. Regional associations can help higher education institutions form partnerships, exchange best practices, and address common challenges through open dialogue.
Are you feeling repressed september 2012 eJared Buckley
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Are you feeling repressed 2 september 2012 eJared Buckley
The document discusses several economic indicators in South Africa:
1. South Africa's government debt as a percentage of GDP has been steadily increasing since the 1980s and reached over 50% of GDP by 2012.
2. South Africa experienced high inflation in the 1970s-1980s but inflation has declined significantly since the 1990s.
3. South Africa saw strong private investment and economic growth from the mid-1990s to mid-2000s, supported by improving terms of trade and record mining profits.
4. South Africa's current account deficit widened in 2011 as the savings ratio declined, though investment levels remained high. Household wealth and debt are also discussed.
Monsanto's biotech pipeline is accelerating, with 10 projects either advancing phases or being added in the past year. Key advancements include two generations of drought-tolerant corn families moving forward simultaneously, as well as 4 projects transitioning from Phase 2 to Phase 3. Progress is focusing on the most impactful technologies like drought tolerance and nitrogen utilization in corn. SmartStax was also added to the pipeline as the new corn trait platform to complement Roundup Ready 2 Yield soybeans. Overall the updates show a strengthened pipeline with increased progress across important programs.
Monsanto's biotech pipeline is accelerating, with 10 projects either advancing phases or being added in the past year. Key advancements include two generations of drought-tolerant corn families moving forward simultaneously, as well as 4 projects transitioning from Phase 2 to Phase 3. Progress is focusing on the most impactful technologies like drought tolerance and nitrogen utilization in corn. SmartStax was also added to the pipeline as the new corn trait platform to complement Roundup Ready 2 Yield soybeans. Overall the updates show a strengthened pipeline with increased progress across important programs.
La producción industrial en Argentina creció un 9.5% en el primer trimestre de 2010 en comparación con el mismo período del año anterior. Todos los sectores industriales mostraron aumentos interanuales, excepto los sectores de alimentos y bebidas y cigarrillos. El sector automotor tuvo el mayor crecimiento de 49.6%. La producción industrial continuó creciendo a un ritmo sólido en el tercer trimestre de 2010.
La industria argentina ha crecido un 8.7% en los primeros ocho meses de 2010 en comparación con el mismo período del año anterior. El sector automotriz ha tenido el mayor aumento, con un crecimiento del 51.6%, mientras que los sectores de alimentos y bebidas han disminuido un 3%. El índice de producción industrial de agosto de 2010 superó en un 5.9% al de agosto de 2009.
La relación de Argentina y Brasil a dias de las elecciones presidenciales Cityblog
Las próximas elecciones presidenciales de Brasil se llevarán a cabo en octubre, y las encuestas indican que la candidata oficialista Dilma Rousef, apoyada por el presidente Lula da Silva, es la favorita para ganar e incluso podría ganar en la primera vuelta. Los brasileños apoyan al presidente Lula y su candidata debido a la mejora económica y reducción de la pobreza durante su mandato, sacando a casi 20 millones de personas de la pobreza e incluyéndolas como nuevos consumidores
La relación de Argentina y Brasil a dias de las elecciones presidencialesCityblog
Las próximas elecciones presidenciales de Brasil se llevarán a cabo en octubre, y las encuestas indican que la candidata oficialista Dilma Rousef, apoyada por el presidente Lula da Silva, es la favorita para ganar e incluso podría ganar en la primera vuelta. Los brasileños apoyan al presidente Lula y su candidata debido a la mejora económica y reducción de la pobreza durante su mandato, sacando a casi 20 millones de personas de la pobreza e incluyéndolas como nuevos consumidores
Novedades de la camara de inversores caso alpargatasCityblog
La Cámara de Inversores informa sobre dos medidas judiciales relacionadas con la venta de la marca "Pampero" por parte de Alpargatas. Un grupo de accionistas minoritarios presentó una demanda para suspender la venta de la marca a bajo precio y en un proceso no transparente. También iniciaron una demanda para anular la votación de varios puntos del orden del día de la asamblea, incluida la aprobación de la venta de la marca "Pampero".
BCBA - Actualidad y Mercado, la quincena desde la Bolsa - Agosto de 2010Cityblog
El índice Merval cayó un 1,09% en la primera quincena de agosto respecto al mes anterior aunque registró un aumento del 34,42% interanual. La mayoría de las acciones tuvieron rendimientos negativos en la quincena. El volumen de negocios en la bolsa aumentó un 14,8% respecto a julio, impulsado principalmente por los títulos públicos. El envejecimiento de la población mundial se espera que presione a la baja los precios de viviendas y activos financieros en las pró
El documento presenta una oferta de valores de deuda de corto plazo clase II (VCP) de la empresa Tarshop por un valor nominal de $25.000.000 expandible a $35.000.000, con vencimiento a los 270 días y tasa variable igual a la tasa Badlar más un margen. El período de colocación es del 9 al 18 de agosto de 2010 y la liquidación el 20 de agosto.
La industria argentina creció un 10.8% en el primer semestre de 2010 en comparación con el mismo período del año anterior. El crecimiento fue liderado por el sector automotor, que aumentó un 58.2%. A nivel de bienes, los bienes de capital crecieron un 38.8%. Sin embargo, la producción industrial aún no ha alcanzado los niveles récord de 2008.
La industria argentina creció un 10% en los primeros cinco meses de 2010 en comparación con el mismo período del año anterior. El sector automotor lideró el crecimiento con un aumento del 61.1%, seguido por la siderurgia con 35.6% de aumento. La mayor parte del crecimiento se debió a los bienes de uso intermedio e intermedios y bienes de consumo duraderos.
Este documento describe un curso de 7 clases sobre análisis técnico aplicado a la toma de decisiones de inversión. El objetivo es que los participantes comprendan las herramientas matemáticas y estadísticas del análisis técnico para pronosticar cambios en el mercado. El curso analizará casos prácticos usando software y cubrirá temas como tendencias, figuras, medias móviles, osciladores y Elliott Waves. Las últimas 2 clases serán de práctica intensiva analizando activos locales e intern
La producción industrial en Argentina creció un 10.2% en el primer trimestre de 2010 en comparación con el mismo período del año anterior. Los sectores que más crecieron fueron automotores (75.2%) y siderurgia (31.6%), mientras que los únicos sectores con caídas fueron cigarrillos (-0.8%) y alimentos y bebidas (-4.1%). En general, la producción industrial ha experimentado un crecimiento constante durante los últimos cuatro trimestres, lo que indica una recuperación de la actividad industrial luego de varios trime
La industria argentina creció un 10.2% en el primer trimestre de 2010 en comparación con el mismo período del año anterior, marcando el segundo crecimiento consecutivo luego de cuatro trimestres de caídas. Los sectores que más crecieron fueron automotores (+75.2%) y siderurgia (+31.6%), mientras que los únicos sectores con caídas fueron cigarrillos (-0.8%) y alimentos y bebidas (-4.1%). La producción industrial de marzo aumentó un 7.6% en comparación con marzo
El resumen analiza las señales económicas actuales como el gasto agregado, el empleo, la inversión y los precios. Indica que el gobierno busca expandir el gasto público para impulsar la demanda, mientras que la oposición intenta debilitar este enfoque. Todo apunta a un mayor gasto gubernamental e inflación en el futuro.
La producción industrial en Argentina creció un 10.2% en el primer trimestre de 2010 en comparación con el mismo período del año anterior. Los sectores que más crecieron fueron automotores (75.2%) y siderurgia (31.6%), mientras que los únicos sectores con caídas fueron cigarrillos (-0.8%) y alimentos y bebidas (-4.1%). En general, la producción industrial ha experimentado un crecimiento constante durante los últimos cuatro trimestres, lo que indica una recuperación de la actividad industrial luego de varios trime
FIEL - INDICE DE PRODUCCION INDUSTRIAL 04/10 - 21.04.10Cityblog
El documento resume los datos del Índice de Producción Industrial (IPI) en Argentina para marzo de 2010. El IPI aumentó un 7,6% interanual en marzo, estableciendo un récord. En los primeros tres meses de 2010, el IPI creció un 10,2% en comparación con el mismo período del año anterior y un 2,6% respecto a 2007, aunque disminuyó un 3,5% frente a 2008. Los bienes de capital lideraron el crecimiento en los primeros tres meses de 2010.
Este documento presenta los valores de la Canasta Básica Alimentaria (CBA) y la Canasta Básica Total (CBT) para marzo de 2010 en la Ciudad de Buenos Aires. El costo de la CBA por adulto fue de $315 y el de la CBT fue de $594. Para un hogar tipo de 4 miembros, el costo de la CBA fue de $973.4 y el de la CBT fue de $1835.5. La CBA marca la línea de indigencia y la CBT marca la línea de pobreza.
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1. Vientos de Cola Generan Desafíos y Oportunidades
Alberto Ades
Head of Latin America
Economics and Market Analysis
alberto.ades@citi.com
+1 212 816 2735
Noviembre 2009
2. Global
La recuperación global continúa consolidándose. Recientes datos confirman que los EEUU,
Europa, y Canadá están retornando a crecimiento positivo en el tercer trimestre. Esto marcaría
el fin “técnico” de las recesiones en esos países o regiones. Asia está en franca recupreación.
Manufacturing Purchasing Manager Indices ISM New Export Orders and Exports to
Developing Asia (Year-to-Year Percent Change)
65 65
50
50% 65
60 60 40
60
30
55 55
20 55
50 50 10
50
0
45 45
-10 US Expors t Asi ( t
t o a Lef) 45
United States -20 New Expor Or s ( ght
t der Ri )
40 40 40
Euro Area -30
Japan
35 35 -40 35
China
00 01 02 03 04 05 06 07 08 09
30 30
2
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
3. Global
Luego de una recuperación inicial impulsada por la recomposición de inventarios, el
crecimiento será desigual por regiones.
Esperamos un mayor rebote en Asia (ex-Japón), y en EEUU un crecimiento más fuerte que
en el resto de los países desarrollados.
Economic Forecast Overview
GDP Growth CPI Inflation CA Balance Fiscal Balance
(%) (%) (% of GDP) (% of GDP)
2009F 2010F 2009F 2010F 2009F 2010F 2009F 2010F
United States -2.5 2.6 -0.4 1.8 -3.2 -4.0 -12.0 -9.0
Japan -5.7 1.0 -1.2 -1.5 2.9 3.4 -11.3 -8.6
Euro Area -3.7 1.6 0.2 1.1 -0.7 0.4 -6.0 -6.5
United Kingdom -4.4 1.3 2.1 3.4 -2.7 -2.1 -12.6 -14.0
Brazil 0.2 5.0 4.9 4.0 -1.1 -2.2 -3.0 -1.8
Russia -7.5 3.0 12.0 8.6 4.0 3.4 -6.5 -4.2
India 5.8 7.8 2.0 5.0 -0.9 0.1 -10.5 -8.5
China 8.7 9.8 -0.6 3.0 6.7 6.2 -3.0 -2.4
Source: Citi Investment Research and Analysis
3
4. Global
Los flujos de capitales a países emergentes han aumentado sustancialmente desde marzo.
Esto crea nuevos “problemas” para los banqueros centrales de la región, que deben enfrentar
presiones a la apreciación de sus monedas.
Emerging Market Fund Flows (Weekly By Region)
8 3%
6
2%
W eekl Fl ( S$ bn)
4
2 1%
y ows U
s
% ofasset
- 0%
(
2)
(
4) -1%
(
6) -2%
(
8)
-3%
(
10)
(
12) -4%
J 08 Apr08
an- - J -
ul08 Oc -
t08 De -
c 08 Mar09 J 09 Se 09
- un- p-
G EM S Lat
am EM EA Asi ex
a Tot ( H S)
al R
4
5. Global
Un dólar débil ayudaría a mantener los precios de los commodities elevados, reforzando la
apreciación de los tipos de cambio regionales.
Selected Commodity Prices
475
425
God
l
375 Oil
325 L I x
ME nde
CRB F o I x
o d nde
275
225
175
125
75
25
ul04
ul05
ul06
ul07
ul08
ul09
J 04
J 05
J 06
J 07
J 08
J 09
J-
J-
J-
J-
J-
J-
an-
an-
an-
an-
an-
an-
5
6. Estados Unidos
Las condiciones financieras continúan mejorando y varios indicadores sugieren que la
economía está creciendo nuevamente (el PBI creció 3.5% en 3Q09 y estimamos un 2.0%
de crecimiento para 4Q09).
Monthly GDP (Six-Mos. Smoothed Pct Chg) and Citi
Financial Conditions Index (Standard Deviations)
8%
8 3
3
6 2
1
4
0
2
-1
0
-2
-2
-3
-4
-4
-6 -5
-8 -6
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
RealGDP ( t
Lef) FCI( ght
Ri ) 6
7. Estados Unidos
También hay signos alentadores de recuperación en el mercado inmobiliario y el consumo.
Selected House Price Indexes (Three- Essential and Discretionary Spending
Month Annualized Percent Change) Ex-Autos in PCE (Six-Month Smoothed
Annualized Percent Change)
25
25% 40
25%
15%
15 15
15%
20
30
15 12 12
20
10
9 9
10
5
6 6
0 0
-5
-10 3 3
-10
-20 0 0
-15
-30
-20 -3 -3
-25 -40
99 00 01 02 03 04 05 06 07 08 09 -6 -6
99 00 01 02 03 04 05 06 07 08 09
FHFA Case-Shiller Loan Performance
Essential Discretionary
7
8. Estados Unidos
El empleo temporario ha aumentado significativamente en los últimos tres meses y ha caído
el número de industrias con pérdida neta de empleo.
Three-Month Employment Diffusion and Three-Month Change in
200
200K
Temporary Help Employment (Thousands) 90
150 80
100 70
50 60
0 50
-50 40
-100 30
-150 20
-200 10
-250 0
90 92 94 96 98 00 02 04 06 08
T mpo ar Hep ( e t
e r y l L f) Dif in I x( ght
fuso nde Ri ) 8
9. Estados Unidos
Costos laborales + Productividad = Ganancias Corporativas
Estos factores deberían conducir a crecimiento del empleo (esperamos que la Fed
suba tasas para el verano del norte).
Unit Labor Cost (1992=100), Output Per Hour/Nonfarm Business Sector (1992=100)
and Corporate Profits (SAAR, $bn)
160 1,700
150 1,600
1,500
140
Base 1992=100
SAAR, $ bn
1,400
130
1,300
120
1,200
Unit Labor Cost
110 Output Per Hour - Nonfarm Business Sector 1,100
Corporate Profits (right)
100 1,000
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
9
10. América Latina
La actividad se encuentra repuntando también en la región.
120
Regional GDP Indices (Base Jan 2006 = 100)
115
110
105
100
95
90
85
Jul-06
Oct-06
Jul-07
Oct-07
Jul-08
Oct-08
Jul-09
Jan-06
Jan-07
Jan-08
Jan-09
Apr-06
Apr-07
Apr-08
Apr-09
Latam GDP Weighted USA
Europe Latam Equally Weighted
Evolution of Consolidated Economic Indicators for 2009 – Latin America
Oct-09 Sep-09 Jul-09 Jun-09 May-09 Apr-09 Mar-09 Feb-09
Real GDP Growth (%, yoy) -2.2 -2.2 -3.0 -2.6 -2.5 -0.8 -0.8 0.2
Inflation (% yoy, eop) 5.9 7.9 8.0 8.1 8.7 9.1 8.9 8.6
Inflation IT-5 (% yoy, eop) 3.0 3.0 3.2 3.2 3.1 3.2 3.1 3.3
Current Account (% of GDP) -0.7 -0.7 -1.0 -1.3 -1.5 -1.6 -1.8 -1.8
Fiscal Balance (% of GDP) -2.8 -3.0 -2.7 -2.7 -2.7 -2.6 -2.6 -2.5
Source: Citi Investment Research and Analysis
10
11. América Latina
Inflación en baja permite mantener los estímulos monetarios por el momento.
8.
0 %
7.
0
6.
0
5.
0
4.
0
3.
0
2.
0
1.
0
0.
0
Se 04
p- Se 05
p- Se 06
p- Se 07
p- Se 08
p- Se 09
p-
Annualnfato ( weght d)
I l in GDP- i e Annual e I l in ( weght d)
i d nfato GDP- i e
z
11
12. América Latina
Consolidated Macro Forecasts, 2009-2011
2009F 2010F 2011F
ECONOMIC ACTIVITY
Real GDP growth (yoy) -2.2 3.7 3.7
Real Investment Growth (yoy) -12.8 7.4 8.3
Real Consumption Growth (yoy) 0.2 3.9 4.0
Unemployment Rate (%) 8.4 8.5 8.1
PRICES
Consumer Price Inflation (yoy, eop) 5.9 6.7 6.5
Bilateral Real Exchange Rate (% change yoy, + dep.) -19.1 3.3 -2.1
EXTERNAL SECTOR
Current Account Balance (% of GDP) -0.7 -1.2 -1.8
Current Account Balance (in US$ bn) -25.3 -45.9 -75.4
Trade Balance (in US$ bn) 49.1 42.8 49.2
Foreign Direct Investment (in US$ bn) 60.8 71.0 88.2
Terms of Trade (% change yoy, + improvement) -10.1 4.4 3.4
DEBT INDICATORS
Gross External Debt (% of GDP) 21.6 18.3 18.1
Public (% of GDP) 11.4 9.9 9.9
Private (% of GDP) 10.2 8.4 8.2
Source: Citi.
12
13. América Latina
En el 2010, las economías latinoamericanas van a enfrentar los siguientes desafíos:
Desafío 1: Presiones a la apreciación de los tipos de cambio reales debido a US
dólar más débil, suba de precios de commodities y recuperación del nivel de
actividad.
Foreign Exchange Forecasts vs. Fair Value and Forwards
2009 2010
Fair Value
Spot Rate Year-end Fair Value Year-end Fair Value
- Today Forward Forward
Forecast Year-end Forecast Year-end
USD/ARS 3.82 3.88 3.90 4.09 3.83 4.55 4.28 4.26
USD/BRL 1.72 1.65 1.65 1.65 1.73 1.80 1.56 1.85
USD/CLP 524 532 540 536 523 550 540 519
USD/COP 1,978 2,190 1,850 2,180 1,984 1,900 2,189 2,063
USD/MXN 13.37 13.29 12.80 13.60 13.43 13.10 14.09 14.08
USD/PEN 2.90 2.97 2.85 2.99 2.90 2.70 2.68 2.90
13
14. América Latina
Desafío 2: Inflación en alza.
En algunos países, vemos niveles de inflación cercanos convergiendo hacia las
metas anuales ya para el 2Q o 3Q, posiblemente forzando suba temprana de
tasas (antes que la Fed).
Citi’s Interest Rate Calendar: Who’s Tightening, When?
Current Cumulative
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Rate (%) Rise
Chile 0.5 0 +50 +75 +100 +75 +300
Peru 1.3 0 0 +75 +75 +75 +225
Brazil 8.8 0 0 +100 +100 0 +200
Colombia 4.0 0 +25 +75 +75 +25 +200
Mexico 4.5 0 0 0 +50 +50 +100
14
15. América Latina
Desafío 3: Deterioro en cuentas fiscales y cuenta corriente.
En Brasil, Argentina y Venezuela, gran parte del estímulo consistió en incremento
del gasto corriente (salarios y empleo) que es inflexible a la baja y que va a
demandar suba de impuestos en el mediano plazo.
Deterioro en la cuenta corriente regional por: dólar débil, mayor demanda interna y
desequilibrios fiscales.
3.0 Current Account (% of GDP)
Fiscal Balance (% of GDP)
2.0 1.7 1.8
1.2
1.0
0.7
0.0
-0.6 -0.7
-0.4 -0.5 -0.5 -0.4
-1.0 -0.5
-1.2
-2.0 -2.1
-3.0
-2.8
-4.0 15
2004 2005 2006 2007 2008F 2009F 2010F
16. América Latina
Riesgos a Monitorear en 2010
Suba temprana (?) de la tasa de Fed funds
Unemployment Rate in Months Surrounding Beginning of Fed Tightening
11%
11 11%
11
10 10
2010F
9 9
8 8
1983
1994
7 7
6 6
2004
5 5
-20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0 +2 +4 +6 +8 +10 +12
16
17. América Latina
Freno a la expansión económica china
GFCF/GDP of Various Countries Credit and GDP in China (CNY, bn)
45% 50,000
China
40% Japan GDP
40,000
Germany
35% South Korea
Domestic Credit
30,000
30%
20,000
25%
10,000
20%
15% 0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
17
18. América Latina
Cuellos de botella por desinversión en el sector energético durante la
recesión:
Cuellos de botella ponen freno a la recuperación
Venezuela, Ecuador, República Dominicana y Perú en riesgo
Incertidumbre política en Brasil
Corriente de El Niño
18