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.
01 04 2009 I Embraer Day Ny 2009 ApresentaçãO AviaçãO ExecutivaEmbraer RI
This document provides an overview of Embraer's executive aviation business from its 9th US Annual Analyst & Investor Meeting. It discusses Embraer's executive jet product portfolio including the Phenom 100 and 300, Legacy 450/500, and Lineage 1000. Performance data for these models is presented. It also summarizes Embraer's customer support solutions including its growing global service center network and training programs.
2007:Botswana – Recent Economic Developments and Prospectseconsultbw
- Botswana's GDP growth was -0.8% in 2005/06, mainly due to declines in the mining sector, though underlying non-mining growth has been picking up slowly.
- Inflation has declined steadily since early 2006 to 7.4% in January 2007 due to falling oil prices, faster than expected.
- Exchange rates have stabilized due to a slightly reduced crawling peg, restoring competitiveness, while foreign exchange reserves have more than doubled since 2003.
- Exports have become more diversified away from diamonds in recent years, though diamond exports still account for the majority, and exports are growing faster than imports.
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.
The lithium market: 2010 review and outlookrobertbaylis
The lithium market experienced a sharp drop in demand in 2009 due to the global economic downturn. Industrial production fell significantly between 2008 and 2009 in major economies like the US, Europe, and Japan, which account for 60% of lithium demand. Chinese industrial output, however, remained positive due to fiscal stimulus and GDP grew by 8.7%. Global lithium consumption decreased by around 15% in 2009 compared to average annual growth of 6% from 2000 to 2008, as the market is dominated by industrial applications sensitive to economic conditions. Demand is expected to recover as the global economy improves.
Presentation referenced by Richard Yamarone of the Bloomberg Economic BRIEF, at the 2012 Texas Financial Market Roundtable sponsored by Professor Lewis Spellman at the McCombs School of Business, The University of Texas at Austin. Mr. Yamarone is the author of "The Trader's Guide to Key Economic Indicators."
Eletropaulo reported a loss of R$ 324.1 million in 3Q05 compared to a net income of R$ 136.8 million in 2Q05. Key factors included a tariff adjustment of 2.12% effective July 4, 2005, the issuance of R$ 800 million in debentures in September, and a significant increase in operating expenses including a R$ 346.4 million provision for doubtful debts. While revenues declined, expenses rose due to higher personnel costs, increased tariff quotas, and the amortization of regulatory assets, leading to a large quarterly loss despite an adjusted EBITDA of R$ 400.3 million.
The document discusses opportunities in Mexico's aerospace industry for foreign investment. It notes that aerospace companies are increasingly locating operations in Mexico to take advantage of lower wages and an increasingly skilled workforce. Mexico's aerospace exports have more than tripled since 2004. Companies like Bombardier and Goodrich have established new factories in Mexico to manufacture aircraft parts at significantly lower costs. The electronics and automotive industries have also seen major investment and growth in Mexico due to competitive advantages like labor costs and geographic proximity to the US market.
01 04 2009 I Embraer Day Ny 2009 ApresentaçãO AviaçãO ExecutivaEmbraer RI
This document provides an overview of Embraer's executive aviation business from its 9th US Annual Analyst & Investor Meeting. It discusses Embraer's executive jet product portfolio including the Phenom 100 and 300, Legacy 450/500, and Lineage 1000. Performance data for these models is presented. It also summarizes Embraer's customer support solutions including its growing global service center network and training programs.
2007:Botswana – Recent Economic Developments and Prospectseconsultbw
- Botswana's GDP growth was -0.8% in 2005/06, mainly due to declines in the mining sector, though underlying non-mining growth has been picking up slowly.
- Inflation has declined steadily since early 2006 to 7.4% in January 2007 due to falling oil prices, faster than expected.
- Exchange rates have stabilized due to a slightly reduced crawling peg, restoring competitiveness, while foreign exchange reserves have more than doubled since 2003.
- Exports have become more diversified away from diamonds in recent years, though diamond exports still account for the majority, and exports are growing faster than imports.
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.
The lithium market: 2010 review and outlookrobertbaylis
The lithium market experienced a sharp drop in demand in 2009 due to the global economic downturn. Industrial production fell significantly between 2008 and 2009 in major economies like the US, Europe, and Japan, which account for 60% of lithium demand. Chinese industrial output, however, remained positive due to fiscal stimulus and GDP grew by 8.7%. Global lithium consumption decreased by around 15% in 2009 compared to average annual growth of 6% from 2000 to 2008, as the market is dominated by industrial applications sensitive to economic conditions. Demand is expected to recover as the global economy improves.
Presentation referenced by Richard Yamarone of the Bloomberg Economic BRIEF, at the 2012 Texas Financial Market Roundtable sponsored by Professor Lewis Spellman at the McCombs School of Business, The University of Texas at Austin. Mr. Yamarone is the author of "The Trader's Guide to Key Economic Indicators."
Eletropaulo reported a loss of R$ 324.1 million in 3Q05 compared to a net income of R$ 136.8 million in 2Q05. Key factors included a tariff adjustment of 2.12% effective July 4, 2005, the issuance of R$ 800 million in debentures in September, and a significant increase in operating expenses including a R$ 346.4 million provision for doubtful debts. While revenues declined, expenses rose due to higher personnel costs, increased tariff quotas, and the amortization of regulatory assets, leading to a large quarterly loss despite an adjusted EBITDA of R$ 400.3 million.
The document discusses opportunities in Mexico's aerospace industry for foreign investment. It notes that aerospace companies are increasingly locating operations in Mexico to take advantage of lower wages and an increasingly skilled workforce. Mexico's aerospace exports have more than tripled since 2004. Companies like Bombardier and Goodrich have established new factories in Mexico to manufacture aircraft parts at significantly lower costs. The electronics and automotive industries have also seen major investment and growth in Mexico due to competitive advantages like labor costs and geographic proximity to the US market.
This document contains slides from Motorola's Q2 2003 earnings release conference call. It discusses Motorola's financial results for Q2 2003, including a 10% decline in sales compared to Q2 2002, largely due to competitive pressure and excess inventory in China. It also summarizes trends in gross margin, SG&A expenses, workforce reductions, R&D spending, and operating margin, showing declines in some areas but continued cost reductions and tight expense control. The slides provide an overview of Motorola's financial performance and key metrics in Q2 2003 relative to prior periods.
The document summarizes key points from a presentation given at a ULI Fall Meeting in Miami Beach, FL in October 2008 regarding the global credit crunch and its impacts. Some of the key points include: construction completions in the US are much lower now than in the 1980s and will not likely cause overbuilding; commercial mortgage debt outstanding in the US grew significantly as a percentage of GDP leading up to the credit crunch; global investment sales transaction volumes and property values have declined significantly due to the credit crunch; and the world's reliance on oil from the Persian Gulf region has significant geopolitical implications.
The “World Silver Survey” is the authoritative publication on the silver market. The 2012 edition reports on all aspects of the silver market, including key areas such as demand, supply, investment, and price. Thomson Reuters GFMS produced the “World Silver Survey 2012” on behalf of the Silver Institute, which has been publishing the “Survey” since 1990. Thomson Reuters GFMS is recognized as the world’s leading precious metals markets consultancy.
Peru offers attractive investment opportunities due to its strong economic growth, natural resources, and favorable climate for investment. The country has experienced GDP growth of nearly 10% annually in recent years and exports have tripled over 5 years. Peru also provides a stable macroeconomic environment with low inflation and a stable currency. The legal framework guarantees basic investor protections and tax stability. These factors make Peru a top destination for foreign direct investment in Latin America.
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.
H1 2009 IFRS Results
- Despite challenging economic conditions, the company reported sound operating results in the first half of 2009.
- Total deposits decreased 4.6% year-over-year while loans decreased 3.5%, with the loan-to-deposit ratio increasing 5.9 percentage points.
- Net profit decreased 58.8% year-over-year however total operating income increased 17.5% and operating costs decreased 13.1% leading to a 14.9 percentage point decrease in the cost to income ratio.
MMX reported strong financial results for the second quarter of 2010, with sales volumes up 22% quarter-over-quarter and 190% year-over-year. Gross revenues increased 69% sequentially and 324% from the prior year. Adjusted EBITDA saw significant gains of 506% from the previous quarter and 137% annually. Production volumes have also increased steadily since the economic downturn. MMX also reduced its short-term debt levels and average debt term while pursuing a deal that will add further production capacity through mid-2011.
Exports and imports in Thailand grew in December but at a slower pace than in previous months. Exports rose 18.8% year-over-year while imports grew 11.5%, both decelerating from growth rates in the fourth quarter. For the full year, exports increased 28.1% while imports rose 36.5%, reflecting recovery from declines in 2009. Going forward, exports and imports are expected to continue growing but at a slower pace, led by economic growth among trading partners and domestic demand.
This document discusses the economic recession and its various causes. It analyzes factors like the housing crisis leading the recession, overleveraged financial institutions, falling asset prices, and a weak household balance sheet both in the US and globally. It examines how productivity growth, central banks, and foreign purchases of treasuries contributed to rising debt levels and a consumer-driven economy in the US. It concludes that the current crisis is secular in nature rather than a normal cycle and will take time to recover from.
- NLMK's FY2010 financial performance was strong with sales volumes up 11% and revenue up 36% over 2009. EBITDA increased 63% and net income increased 484%.
- In Q4 2010, steel sales volumes were unchanged while average sales prices declined 2% from the previous quarter. Cash costs per tonne remained flat.
- For 2010, NLMK Group's crude steel production increased 9% to 11.5 million tonnes, driven by a 9% increase at the Lipetsk site. Production is expected to increase around 10% in 2011.
- Regional sales in 2010 saw 32% in Russia, 26% in Europe, and 12% in North America. High value
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.
Real Estate and Economic Outlook, by Dr. Lawrence YunNar Res
This document summarizes a presentation by Lawrence Yun, Chief Economist at the National Association of Realtors, on the real estate and economic outlook.
The key points are:
1. Existing home sales are recovering at the best pace in 5 years but are only up 8% year-to-date.
2. Factors slowing the housing recovery include the lingering effects of the credit bubble and declining mobility rates.
3. Inventory remains very low while investors and frustrated homebuyers remain active in the market.
4. Several local housing statistics for New Orleans are presented showing year-over-year improvements.
5. Various charts and data are presented on housing starts,
Update on the environment and trends being experienced by the property casualty insurance industry presented to a group of executives attending MapInfo's MapWorld conference.
04 01 2009 I Embraer Day 2009 Ny Executive Jets PresentationEmbraer RI
This document provides an overview of Embraer's executive aviation business from its 9th US Annual Analyst & Investor Meeting. It discusses Embraer's executive jet product portfolio including the Phenom 100 and 300, Legacy 450/500, and Lineage 1000. Performance data for these models is presented. It also summarizes Embraer's customer support solutions including its growing global service center network and training programs.
This document provides a strategic trade policy framework for Pakistan from 2009 to 2012. It outlines key challenges such as high costs of doing business and energy shortages. The framework aims to enhance competitiveness, reduce costs, and support focus sectors including textiles, pharmaceuticals, and agriculture. Specific initiatives are proposed to address supply constraints, promote financing at reasonable rates, and support export-oriented sectors through targeted policies and programs. The targets include increasing exports, improving competitiveness rankings, and expanding regional trade.
Sapa platts presentation innovation in the aluminum industry 2013emilygeesaman
Jeff Henderson is the Director of Marketing and Business Development at Sapa Extrusions North America. He previously served as General Manager of Sapa's extrusion facility in Delhi, LA. Henderson discussed how the aluminum extrusion industry is highly cyclical and correlated with GDP growth. While business is improving, the industry remains vulnerable. Opportunities exist in transportation, construction, and electrical applications. Automotive offers the greatest growth potential, though efforts are needed to promote aluminum usage and reduce commodity status.
Meeting the Needs of South Africa’s Ag-Chem Marketagbiz
Dr John Purchase presented at the AgChem Asia Summit on Meeting South Africa's Ag-Chem Market.
This presentation addresses:
Overview of South Africa’s agriculture landscape
Overview of its pesticide demand
Identifying opportunities for trade and future business development
Market analysis: Understanding what works and what doesn’t
Fortuna Silver Mines owns and operates the San Jose silver mine in Mexico and the Caylloma polymetallic mine in Peru. The company has a strong balance sheet with $60.65 million in cash and no debt. Fortuna is focused on growing its silver production and reserves through brownfields exploration and disciplined acquisitions to become a leading silver mining company in Latin America.
The tanker market has been in a downturn since 2009 with spot rates below long-term averages. While the summer of 2012 is expected to remain weak, stronger winter fundamentals may provide some improvement in the fourth quarter. The recovery is expected to be gradual, potentially starting in late 2013/2014 as fleet growth slows and the global economy improves. Within the tanker sectors, Aframax and LR2 vessels are best positioned due to virtually no fleet growth expected in 2012-2013 and an aging fleet. The LNG shipping market remains firm on short-term rates due to strong demand from Japan and new supply coming online from Australia and other regions from 2015 onwards.
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
This document contains slides from Motorola's Q2 2003 earnings release conference call. It discusses Motorola's financial results for Q2 2003, including a 10% decline in sales compared to Q2 2002, largely due to competitive pressure and excess inventory in China. It also summarizes trends in gross margin, SG&A expenses, workforce reductions, R&D spending, and operating margin, showing declines in some areas but continued cost reductions and tight expense control. The slides provide an overview of Motorola's financial performance and key metrics in Q2 2003 relative to prior periods.
The document summarizes key points from a presentation given at a ULI Fall Meeting in Miami Beach, FL in October 2008 regarding the global credit crunch and its impacts. Some of the key points include: construction completions in the US are much lower now than in the 1980s and will not likely cause overbuilding; commercial mortgage debt outstanding in the US grew significantly as a percentage of GDP leading up to the credit crunch; global investment sales transaction volumes and property values have declined significantly due to the credit crunch; and the world's reliance on oil from the Persian Gulf region has significant geopolitical implications.
The “World Silver Survey” is the authoritative publication on the silver market. The 2012 edition reports on all aspects of the silver market, including key areas such as demand, supply, investment, and price. Thomson Reuters GFMS produced the “World Silver Survey 2012” on behalf of the Silver Institute, which has been publishing the “Survey” since 1990. Thomson Reuters GFMS is recognized as the world’s leading precious metals markets consultancy.
Peru offers attractive investment opportunities due to its strong economic growth, natural resources, and favorable climate for investment. The country has experienced GDP growth of nearly 10% annually in recent years and exports have tripled over 5 years. Peru also provides a stable macroeconomic environment with low inflation and a stable currency. The legal framework guarantees basic investor protections and tax stability. These factors make Peru a top destination for foreign direct investment in Latin America.
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.
H1 2009 IFRS Results
- Despite challenging economic conditions, the company reported sound operating results in the first half of 2009.
- Total deposits decreased 4.6% year-over-year while loans decreased 3.5%, with the loan-to-deposit ratio increasing 5.9 percentage points.
- Net profit decreased 58.8% year-over-year however total operating income increased 17.5% and operating costs decreased 13.1% leading to a 14.9 percentage point decrease in the cost to income ratio.
MMX reported strong financial results for the second quarter of 2010, with sales volumes up 22% quarter-over-quarter and 190% year-over-year. Gross revenues increased 69% sequentially and 324% from the prior year. Adjusted EBITDA saw significant gains of 506% from the previous quarter and 137% annually. Production volumes have also increased steadily since the economic downturn. MMX also reduced its short-term debt levels and average debt term while pursuing a deal that will add further production capacity through mid-2011.
Exports and imports in Thailand grew in December but at a slower pace than in previous months. Exports rose 18.8% year-over-year while imports grew 11.5%, both decelerating from growth rates in the fourth quarter. For the full year, exports increased 28.1% while imports rose 36.5%, reflecting recovery from declines in 2009. Going forward, exports and imports are expected to continue growing but at a slower pace, led by economic growth among trading partners and domestic demand.
This document discusses the economic recession and its various causes. It analyzes factors like the housing crisis leading the recession, overleveraged financial institutions, falling asset prices, and a weak household balance sheet both in the US and globally. It examines how productivity growth, central banks, and foreign purchases of treasuries contributed to rising debt levels and a consumer-driven economy in the US. It concludes that the current crisis is secular in nature rather than a normal cycle and will take time to recover from.
- NLMK's FY2010 financial performance was strong with sales volumes up 11% and revenue up 36% over 2009. EBITDA increased 63% and net income increased 484%.
- In Q4 2010, steel sales volumes were unchanged while average sales prices declined 2% from the previous quarter. Cash costs per tonne remained flat.
- For 2010, NLMK Group's crude steel production increased 9% to 11.5 million tonnes, driven by a 9% increase at the Lipetsk site. Production is expected to increase around 10% in 2011.
- Regional sales in 2010 saw 32% in Russia, 26% in Europe, and 12% in North America. High value
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.
Real Estate and Economic Outlook, by Dr. Lawrence YunNar Res
This document summarizes a presentation by Lawrence Yun, Chief Economist at the National Association of Realtors, on the real estate and economic outlook.
The key points are:
1. Existing home sales are recovering at the best pace in 5 years but are only up 8% year-to-date.
2. Factors slowing the housing recovery include the lingering effects of the credit bubble and declining mobility rates.
3. Inventory remains very low while investors and frustrated homebuyers remain active in the market.
4. Several local housing statistics for New Orleans are presented showing year-over-year improvements.
5. Various charts and data are presented on housing starts,
Update on the environment and trends being experienced by the property casualty insurance industry presented to a group of executives attending MapInfo's MapWorld conference.
04 01 2009 I Embraer Day 2009 Ny Executive Jets PresentationEmbraer RI
This document provides an overview of Embraer's executive aviation business from its 9th US Annual Analyst & Investor Meeting. It discusses Embraer's executive jet product portfolio including the Phenom 100 and 300, Legacy 450/500, and Lineage 1000. Performance data for these models is presented. It also summarizes Embraer's customer support solutions including its growing global service center network and training programs.
This document provides a strategic trade policy framework for Pakistan from 2009 to 2012. It outlines key challenges such as high costs of doing business and energy shortages. The framework aims to enhance competitiveness, reduce costs, and support focus sectors including textiles, pharmaceuticals, and agriculture. Specific initiatives are proposed to address supply constraints, promote financing at reasonable rates, and support export-oriented sectors through targeted policies and programs. The targets include increasing exports, improving competitiveness rankings, and expanding regional trade.
Sapa platts presentation innovation in the aluminum industry 2013emilygeesaman
Jeff Henderson is the Director of Marketing and Business Development at Sapa Extrusions North America. He previously served as General Manager of Sapa's extrusion facility in Delhi, LA. Henderson discussed how the aluminum extrusion industry is highly cyclical and correlated with GDP growth. While business is improving, the industry remains vulnerable. Opportunities exist in transportation, construction, and electrical applications. Automotive offers the greatest growth potential, though efforts are needed to promote aluminum usage and reduce commodity status.
Meeting the Needs of South Africa’s Ag-Chem Marketagbiz
Dr John Purchase presented at the AgChem Asia Summit on Meeting South Africa's Ag-Chem Market.
This presentation addresses:
Overview of South Africa’s agriculture landscape
Overview of its pesticide demand
Identifying opportunities for trade and future business development
Market analysis: Understanding what works and what doesn’t
Fortuna Silver Mines owns and operates the San Jose silver mine in Mexico and the Caylloma polymetallic mine in Peru. The company has a strong balance sheet with $60.65 million in cash and no debt. Fortuna is focused on growing its silver production and reserves through brownfields exploration and disciplined acquisitions to become a leading silver mining company in Latin America.
The tanker market has been in a downturn since 2009 with spot rates below long-term averages. While the summer of 2012 is expected to remain weak, stronger winter fundamentals may provide some improvement in the fourth quarter. The recovery is expected to be gradual, potentially starting in late 2013/2014 as fleet growth slows and the global economy improves. Within the tanker sectors, Aframax and LR2 vessels are best positioned due to virtually no fleet growth expected in 2012-2013 and an aging fleet. The LNG shipping market remains firm on short-term rates due to strong demand from Japan and new supply coming online from Australia and other regions from 2015 onwards.
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
Lessons from Latvia’s internal adjustment strategyLatvijas Banka
Presentation by Ilmārs Rimšēvičs, Governor of the Bank of Latvia at International Conference: "Against the Odds: Lessons from the Recovery in the Baltics" organized by the International Monetary Fund and the Bank of Latvia.
Riga, June 5, 2012
Economic Trends, a copy of the presentation delivered by Andrew Johnson, Senior Economist at EEF from the CIM East of England Summer Marketing Conference held on 9 June 2011 at ARU, Chelmsford
Развитие финансового сектора Казахстана в посткризисный периодАО "Самрук-Казына"
Презентация к докладу заместителя председателя Национального банка Казахстана Данияра Акишева на казахстанско-американском инвестиционном форуме в Нью-Йорке 7 декаьря 2011 года.
This document summarizes Colin I. Welsh's presentation on the global energy outlook. It finds that (1) global oil demand is outstripping supply due to reservoir depletion and underinvestment, leaving little spare production capacity. (2) Unconventional resources and offshore fields will make up an increasing share of global supply. (3) $550 billion or more in annual E&P spending is needed to meet rising demand, but spending trends have lagged. Aberdeen is well-positioned to benefit from opportunities in the global energy industry.
The document summarizes Korea's economic performance and policies during the global financial crisis. It shows that Korea experienced a V-shaped recession and recovery, with GDP falling then rapidly rebounding. Exports declined sharply but have since recovered. The stock market dropped but has also bounced back, while inflation remains low and the currency stable. Going forward, Korea will focus on sustainable growth through strengthening domestic demand and the social safety net.
Presentation by Meyer Shields, Managing Director Stifel, Nicolaus & Company, Inc. to the 66th Annual Fowler Seminar on Oct 12 2012 titled Equity Analyst’s View on Insurance
This document discusses building a tier 1 mineral sands company. It describes World Titanium Resources' plans to list on the ASX and develop a tier 1 heavy mineral sands project in Australia. The project is expected to have low capital and operating costs, produce ilmenite and zircon/rutile concentrates, and generate robust financial returns. The company aims to begin production in 2014. There is potential for the company's market capitalization and valuation to significantly increase as it advances the project, expands resources, achieves permitting and production.
The document provides an economic forecast for 2013. It finds that:
1) The global economy is recovering but growth will be slow, especially in Europe, due to the eurozone crisis and moderating growth in Asia.
2) The US economy is building momentum slowly, with moderate domestic growth expected in 2013 despite a slow global environment.
3) The forecast predicts GDP growth of 1.8% for the US in 2013, picking up to 2.4% in 2014, but global and European growth will remain limited by structural issues.
The bank reported good operating performance in the challenging first quarter of 2009. While net profit decreased 43% due to higher loan loss provisions, operating income grew 39% and operating expenses fell 13% due to cost control efforts. The bank maintained a strong capital position with an 18.5% capital adequacy ratio and liquidity ratios remained healthy despite a contracting loan portfolio and rising unemployment and inflation in Russia during the quarter.
Similar to 2006:Botswana - Recent Economic Developments and Prospects (20)
This document lists 8 presentations given by two individuals, JEFFERIS.K. and KENEWENDO.B., between 2009 and 2011 on various economic topics including privatization, the global financial crisis, bank credit, immigration, economic recovery, unemployment, and government budgets. The presentations were delivered at conferences, forums, and universities in Botswana and the Southern African Development Community region.
2007:Enhancing Access to Financial Services in Botswanaeconsultbw
Botswana faces challenges in enhancing access to banking and financial services for its population. Over half of adults in Botswana do not use banking services. While Botswana has a sound banking system, there are issues with geographical access in rural areas and a general lack of penetration among lower-income groups. Expanding the use of new technologies, reforming regulations to promote competition and broadening the range of financial institutions and services can help improve access to finance in Botswana.
2005:The Changing Efficiency of African Stock Marketseconsultbw
This document discusses a study that analyzes the changing efficiency of seven African stock markets over time. It uses a test that can detect gradual changes in weak form market efficiency. The study finds that the Johannesburg stock market was weak form efficient throughout the period studied. Egypt, Morocco, and Nigeria showed tendencies toward weak form efficiency later in the period. In contrast, the Kenya and Zimbabwe markets showed no tendency toward efficiency, while Mauritius displayed a slow tendency to eliminate inefficiency.
2002:Laws Institutions and Capital Market Integrationeconsultbw
This document provides an overview of stock exchanges in Africa, including their establishment, growth, and efforts toward regional integration. It discusses the development of individual stock markets in countries such as South Africa, Egypt, Nigeria, Zimbabwe, Kenya, Mauritius, Botswana, Cote D'Ivoire, and Tunisia. It notes that while most African stock markets remain small and illiquid, many have grown rapidly in recent decades due to economic reforms, privatization programs, and relaxed restrictions on foreign investors. However, the markets still face limitations that regional integration efforts seek to overcome through initiatives like the establishment of a West African regional stock exchange.
This document presents the findings of a study on the economic impact of HIV/AIDS in Botswana. It discusses recent developments in HIV prevalence trends and policy responses. It then models the potential macroeconomic and demographic impacts of HIV/AIDS through to 2021 using an aggregate growth model and computable general equilibrium (CGE) model. The results suggest that HIV/AIDS will significantly reduce Botswana's economic growth rate and increase poverty levels without treatment. Expanding access to antiretroviral therapy could help mitigate these negative impacts. The study also examines the impact of HIV/AIDS at the firm, household and government budget levels. It concludes by recommending policies around social safety nets and basic services to address the economic and social effects of the
This document summarizes a study on the economic impact of HIV/AIDS in Botswana. It finds that HIV/AIDS has had a substantial negative impact on Botswana's economy, reducing average real GDP growth by 1.5-2% per year without widespread ART provision. ART provision offsets some negative impacts, but HIV/AIDS still reduces growth by around 1.2% per year and lowers the economy by 23% compared to a scenario without HIV/AIDS. The study updates previous analyses and models the economic effects through 2021 under different scenarios.
This document summarizes a literature review on assessing the macroeconomic impact of HIV/AIDS in Uganda. It provides background on Uganda's response to the HIV/AIDS epidemic, including national policies, interventions, and financing of HIV/AIDS activities. It then reviews literature on the economic impact of HIV/AIDS at various levels and in various sectors. The document also examines country studies that have modeled the macroeconomic impact of HIV/AIDS using different approaches. It concludes with recommendations for assessing the macroeconomic impact of HIV/AIDS in Uganda in Phase II of the project.
This report summarizes findings from 5 mini-studies on the macroeconomic impact of HIV/AIDS in Uganda:
1. Modelling the impact of HIV/AIDS on household poverty levels, finding both short-term health costs and long-term effects can increase poverty.
2. Assessing sectoral vulnerability based on HIV prevalence and occupations, finding health/education sectors most at-risk.
3. Analyzing HIV-related costs, financing, and expenditures in Uganda.
4. Projecting the demographic effects of HIV/AIDS and anti-retroviral therapy scenarios on population size and structure.
5. Studying econometric relationships between HIV/AIDS, aid, exchange rates, inflation
Phase III – Analysis of Macroeconomic impacteconsultbw
This document provides an overview of the macroeconomic impact of HIV/AIDS in Uganda. It discusses the challenges posed by HIV/AIDS to Uganda's economy, including the magnitude of spending on HIV/AIDS programs and the effects on domestic budgets, monetary policy, and exchange rates. It also analyzes the policy choices around absorption and spending as well as scaling up treatment. Two macroeconomic models are used to quantify the impact of HIV/AIDS on economic growth, factoring in variables like labor supply, productivity, and household costs. The results suggest that expanding antiretroviral therapy could help mitigate the negative effects of HIV/AIDS and support continued economic growth in Uganda.
This document summarizes a study assessing the macroeconomic impact of HIV/AIDS in Uganda. It conducted a literature review, mini-studies on poverty impact, sectoral impact, costing and demographics, and aggregate macroeconomic modeling. Key findings include: HIV/AIDS reduces economic growth by 0.5-4.5% annually; impacts labor supply, productivity and household incomes; increases health and funeral costs; and requires additional government spending, potentially affecting fiscal balances. Treatment can help offset some impacts but is expensive. The study provides evidence to guide Uganda's response to HIV/AIDS.
The 2009 budget faced challenging economic circumstances due to the global recession negatively impacting Botswana's diamond and mineral revenues. While Botswana entered the crisis in a strong fiscal position, the budget aimed to stimulate the economy through increased spending, leading to a large projected deficit of 14% of GDP. However, longer term fiscal prospects are less positive as diamond revenues are forecast to remain weak for several years, and the budget is not projected to return to surplus over the medium term. This raises concerns about budget sustainability and Botswana's ability to finance large projected deficits.
The document summarizes Botswana's economic conditions in the second quarter of 2010. GDP grew 7.5% in the first quarter, the first positive growth since late 2008, led by a 10.1% increase in mining output. Non-mining private sector growth was lower at 5.5%. Business confidence improved but remains below pre-crisis levels, and businesses expect slower growth than official forecasts. While conditions are improving, Botswana still faces fiscal challenges from adverse medium-term trends exacerbated by the global crisis.
2010 Q1: Feature on the 2010 Monetary Policy Statement and Budgeteconsultbw
The document summarizes the Bifm Economic Review for the 1st quarter of 2010. It finds that the global economic recovery is underway after one year since the depths of recession, with growth strongest in emerging markets like China that were less impacted by the financial crisis. While emerging markets are benefiting from higher commodity prices and trade, developed economies are expected to have slower growth in 2010-2011. The review also examines how global and domestic factors are impacting Botswana's economy.
2010 Q1: Feature on the 2010 Monetary Policy Statement and Budgeteconsultbw
The document summarizes the Bifm Economic Review for the first quarter of 2010. It discusses the global economic recovery underway in early 2010, led by growth in emerging markets. While recovery is occurring, threats of a double-dip recession remain if fiscal stimulus is withdrawn too early. The document also summarizes Botswana's economic performance in 2009, with GDP contracting 6% due to declines in mining and exports. Inflation declined substantially in 2009 in Botswana but was expected to rise in early 2010. The Bank of Botswana maintained an accommodative monetary policy stance in 2009 while pursuing lower inflation targets in the future. Credit growth in Botswana turned positive in late 2009 while arrears remained elevated.
This document provides an overview of Botswana's financial sector as of 2009/2010. It discusses the evolution and structure of the banking sector, which has grown significantly over the past few decades to become an important part of the economy. The regulatory framework and key institutions governing the financial sector are also outlined. The report examines trends in the banking industry as well as the development of Botswana's non-bank financial sector, including capital markets, pensions, insurance, and other lenders. It concludes by identifying several important issues facing the future of Botswana's financial system.
The document provides an overview of Botswana's financial sector as of 2010/2011. It discusses the evolution and structure of the banking sector, which has grown increasingly important to Botswana's economy. The regulatory framework for banks and other non-bank financial institutions is also examined. Several issues facing the financial sector are analyzed, including the impact of the global crisis, competition and profitability trends in the banking industry, and potential future sources of growth.
2009 Product Innovation and Access to Finance (USAID)econsultbw
This technical report discusses product innovation and access to finance in Africa. It finds that the majority of the population in sub-Saharan Africa does not have access to formal financial services like banks, inhibiting economic growth. However, innovations in mobile money transfer, e-money and mobile banking are transforming access. These innovations reduce costs and allow new distribution models. Mobile network operators are well-positioned to provide low-cost transactions through non-traditional retail points. The report argues regulators need to support innovation without inhibiting it, and ensure risks from different financial products are appropriately managed.
The banking sector in Botswana has evolved significantly over time. Historically, it was dominated by Barclays and Standard Chartered banks. In the 1980s, reforms aimed to encourage competition by liberalizing bank licensing and introducing market-based monetary policy. This led to the entry of several new banks in the early 1990s, doubling the number of commercial banks. Meanwhile, several government-owned financial institutions played an important role in development lending. Overall, reforms have increased competition and efficiency in the banking sector.
2009 Bond Markets in SADC-COMESA Mapping Study (African Financial Markets I...econsultbw
This report provides an overview of bond market development initiatives in Southern African Development Community (SADC) and Common Market for Eastern and Southern Africa (COMESA) countries. It analyzes bond market issues and constraints, regulatory frameworks, and ongoing initiatives to develop bond markets. Key findings include:
1) Bond markets in most SADC and COMESA countries remain underdeveloped, with low liquidity, narrow investor bases, short maturities, and high borrowing costs. This impacts financial sector competitiveness.
2) Developing bond markets could allow governments to borrow more in domestic currencies and lower dependency on foreign debt, increase corporate financing options, and catalyze financial market development and regional integration.
3) The
The document provides an overview of the global and Botswana economies in the 4th quarter of 2009. Key points include:
- The global economy is recovering from recession but growth is uneven, with emerging markets growing faster than developed countries. Risks remain such as high government debt levels.
- In Botswana, diamond production and exports recovered partially in 2009 but remain below previous levels. Inflation fell sharply while interest rates were cut. The non-mining economy showed resilience.
- Going forward, risks include rising oil prices driving inflation up. Fiscal sustainability concerns will constrain government spending support for the economy in 2010. The recovery is expected to be stronger in mining than non-mining sectors.
7. Growth Developments
Good conditions in mining sector
world commodity markets very tight;
copper & nickel prices at very high
levels;
widespread prospecting (copper, nickel,
zinc, diamonds, gold, PGMs, coal, gas)
Good long-term prospects
Possible temporary weakness ahead
market for diamonds weakening (US)
metals prices expected to fall
8. Copper & Nickel Prices
35000 Ni prices more than doubled during 10500
2006; Cu up 70%
30000 9000
Copper, US$/t
Nickel, US$/t
25000 7500
20000 6000
15000 4500
10000 3000
r
ar
l
n
g
ay
n
b
Ju
Ap
Ja
Ju
Au
Fe
M
M
Nickel Copper
10. Growth Developments
Weak conditions in non-mining
sector
Recession in manufacturing, trade;
Impact of:
declining real incomes in public sector
slow public spending growth
credit squeeze
devaluation
HIV/AIDS
11. Is There a Recovery?
No new GDP data (only to June 05)
BoB Business Expectations survey
less pessimistic in 2006H1 compared to
2005H2;
contrast between domestic and
exporting sectors
overall confidence below 50%, but
improving
12. BoB Business Confidence Survey
80%
70%
60%
50%
40%
30%
20%
10%
0%
2005H1 2005H2 2006H1
Exporters Non-exporters All
13. Growth Indicators – Private
Business Credit
40%
35%
Strong signs
30% of business
Business credit
25% recovery
growth
20%
15%
10%
5%
0%
-5%
2000 2001 2002 2003 2004 2005 2006
14. Growth Indicators – Non-Mining
Elec. Consumption
18%
Non-mining electricitygrowth
16%
14%
12%
10%
8%
6%
4%
Only weak evidence of
2% recovery, and later
0%
2000 2001 2002 2003 2004 2005 2006
21. Export growth (US$), 2003-05
341%
100% Export growth very buoyant across
a range of commodities
Increase in US$ terms
69%
80%
57%
60% 54%
28% 39%
40%
11% 13%
20%
0%
i
es
er
s
h
l
.
ds
-N
ta
c
ile
As
et
th
cl
on
To
Cu
xt
hi
O
da
t
m
ea
Te
Ve
So
ia
M
D
22. Major Exports (>P2m)
June 2006
1 Diamonds 11 Plastics
2 Copper-nickel 12 Meat
3 Apparel/clothing 13 Paper products
4 Stamps, banknotes 14 Hides & skins
5 Sugar confect. 15 Pers. effects
6 Vehicles & parts 16 Optical equip.
7 Machinery 17 Salt
8 Pasta & biscuits 18 Fuels & oils
9 Iron & steel 19 Meat products
10 Electrical mach. 20 Pharmaceut. prods.
23. Foreign Exchange Reserves (Pula)
45000
40000
35000
30000
Pula mn
25000
20000
15000 Good exports resulting in reserves
10000 surpassing 2001 peak in Pula terms
Import cover approx. 24 months
5000
0
1
02
03
04
05
06
200
20
20
20
20
20
24. Foreign Exchange Reserves
(SDR, USD)
8000
7000
6000
SDR, USD mn
5000
4000
3000
2000 Also recovery in SDR & USD terms - reserves at
1000 highest ever USD level
0
012
03
04
05
06
20 0
20
20
20
20
20
US dollar SDR
25. Botswana’s International Assets
Official reserves now complemented by substantial
60,000 privately held foreign assets (e.g. pension funds)
50,000
40,000
P mn
30,000
20,000
10,000
0
2001 2002 2003 2004 2005
Official reserves Direct inv. Portfolio inv. Oth. inv.
27. Inflation
Inflation rose sharply to 14.2% in
April 2006, above expectations
Main cause was 2005 devaluation,
compounded by:
world fuel prices
regional food prices
telecomms tariffs rebalancing
school fees
28. Inflation
Steady decrease since April, down to
11.9% in July
Decline should continue; inflation to end
year below 10%;
Should fall to 7%-8% by Q1 2007
Main risks:
world fuel prices
further telecomms rebalancing
rising world and SA inflation
New CPI index before end of year will
help more accurate measurement of
inflation
30. Inflation – Quarterly annualised
18%
Devaluations
16%
14%
12%
10%
8%
Inflation has fallen more
6%
slowly after second
4% devaluation – due to
2% crawl, oil prices
0%
Mar
Mar
Mar
Jul
Jul
2004
2005
2006
Sep
Sep
Nov
Nov
May
May
May
July
31. Monetary Policy
Revision to inflation data in April has avoided
need for further interest rate increases (since Feb
2006)
Declining inflation favours rate reduction, but:
inflation way above BoB target range, and unlikely
to fall within it
BoB inflation range too low, given crawling peg
may see small reduction in rates in late 2006/early
2007
Mid-Year Review of 2006 Monetary Policy
Statement – no change to inflation objective
32. Prime Lending Rate and Inflation
BoB has traditionally been reluctant to cut rates much
even when inflation falls sharply
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
1998 1999 2000 2001 2002 2003 2004 2005 2006
Prime Inflation
33. Banking System Developments
Banking system going through
period of change
Regulatory changes
BoBCs
Reserve requirements
FX dealing
Rapid expansion of deposit base,
banks very liquid, additional profits
May conflict with objectives of
restraining credit growth
34. BoBC Holdings
Change in BoB regulations has altered composition
of BoBC holdings, but total is up
Feb
May
0 2000 4000 6000 8000 10000 12000 14000
P mn
Banks - own Banks - cust Other FIs Other private
35. Banking Assets
30000
25000 Effect has been to push funds into the
banks – assets up nearly 50% in 3 months
Assets, Pmn
20000
15000
10000
5000
0
3
4
5
6
'0
'0
'0
'0
Loans BoBCs Other
36. BoB Liabilities
BoB cannot force reduction in BoBCs while reserves
(=assets) are driving increase in liquidity
50,000
BoBC change will not save interest costs for BoB
45,000
40,000
35,000
30,000
Pmn
25,000
20,000
15,000
10,000
5,000
0
2003 2004 2005 2006
BoBC's Govt Cap & res Oth
37. Credit Growth
30%
25%
20%
15%
10% Banking sector liquidity may
contribute to further credit growth
– perhaps above BoB range
5%
0%
2000 2001 2002 2003 2004 2005 2006
38. Credit Growth
50% Much stronger resurgence in business
credit growth than household
40%
30%
20%
10%
0%
-10%
2000 2001 2002 2003 2004 2005 2006
Business (priv) H'holds
39. Rising Indebtedness
Ratio of Credit to Non-mining GDP
18%
Credit to Non-mining GDP
16%
14%
12%
10%
8%
6%
4% HH credit may be saturated, private
2% business sector under-borrowed
0%
93 94 95 96 97 98 99 '00 '01 '02 '03 '04 '05 '06
H'hold Pvt Business
40. Banking – Loans in Arrears
But concern about rising arrears rates will constrain lending out
of new funds
8%
% of credit in category
7%
6%
5%
4%
3%
2%
1%
0%
03
06
01
02
04
05
20
20
20
20
20
20
Households Business
45. Government Budget
Immediate problems averted
2006/07 budget combined fiscal
restraint with expansion of
development budget
Concern that authorised funds not
being spent, delaying domestic
economic recovery
Fiscal balance still a challenge in
future years
47. Botswana Economic Prospects
2006
2006H2 - 2007: slow resumption of growth
declining inflation, and eventually lower
interest rates;
positive impact of salary and govt. spending
increases (eventually);
improved international competitiveness;
positive devaluation impact feeding through
impact of telecomms liberalisation
impact of ART rollout
48. Botswana Economic Prospects
2006
But overall growth rate likely to stay low
– long-standing constraints remain:
Land cost and availability
Skilled labour – same
Slow privatisation
And some new ones
Anti-foreigner/FDI perceptions
Increasing crime
Competition from opportunities elsewhere in
the region
What will BEAC deliver?
49. Economic Prospects
Growth Forecasts
MFDP: 4.3% avg. to end NDP9
IMF: 2005 3.8%;
2006 3.5%;
2007 3.5%
S&P: short-medium term 3.5% - 4%
50. %
Zi
m
-10
-5
0
5
10
Sw 'bw 15
az e
Le 'lnd
B o so t
ts h o
M wa
au n a
rit
Na i u
m s
IMF Forecasts
S. ibi
A a
fri
Z a ca
m
M bi
growing economies in SADC
d' a
Botswana amongst the slowest
gs
cr
T a DR
nz C
SADC GDP Growth 2006
M an
oz i
'b a
qu
M e
al
a
An w i
go
la
27%