The document summarizes a presentation given by Sasfin Wealth, a South African wealth management firm. It discusses Sasfin Wealth's history, investment process, competitive advantages, and awards. It also provides an overview of Sasfin Securities and outlines six traits of successful investing. The presentation concludes by discussing Sasfin's investment offerings and foundation portfolios.
Private equity fundraising reached new highs in the second quarter of 2006, with venture capital funds raising $11.2 billion and buyout/mezzanine funds raising $30.8 billion. Several large funds contributed significantly to these totals, including Oak Investment Partners XII raising $2.56 billion and TPG Partners V raising $14 billion. While largely driven by a few mega funds, the fundraising amounts represent substantial capital available to support companies through various stages of growth and exit.
The document summarizes key issues from Zimbabwe's 2013 budget discussion including:
- Absence of lines of credit, Western skepticism, poor engagement skills, and lack of national interest are hindering growth.
- Inadequate funding as interest rates and tenure from local financial institutions are unfavorable to industry. Medium to long term credit is not available.
- Zimbabwe's electricity capacity is over 600MW short of demand due to lack of investment in infrastructure like coal and diesel plants.
- Land issues remain unresolved since the controversial fast-track land reform program.
- Lifting of sanctions and debt relief would help unlock foreign funding and improve Zimbabwe's sovereign debt rating to attract outside investment.
1) Deloitte analyzes the global economic outlook and consumer trends, with a focus on the US, China, Europe, and other regions.
2) Under the Trump administration, the US economy may see increased spending on infrastructure and the military, less regulation, and trade restrictions, which could both boost and slow growth.
3) China is transitioning its economy from manufacturing and exports to services and domestic consumption, while facing challenges from declining working populations and debt levels.
4) Europe has mixed growth across countries, with strength in some like Germany and weakness in others like Italy, while the UK faces uncertainty from Brexit.
WHV Investment Management changed its name in 2012 to better describe the firm's activities in fixed income and equity asset classes. In 2011, the firm saw an increase in key financial metrics like EBITDA and net income despite a decline in assets under management due to market declines. Some accomplishments included establishing management by objectives between the board and top management and implementing several recommendations from a consulting firm. The outlook discusses economic growth trends and expectations for 2012.
Australia's trade patterns have shifted away from agricultural exports to the UK and Europe towards mining and resource exports to Asia. Financial flows into Australia, particularly foreign direct investment, have increased due to globalization. Australia runs a large current account deficit that is financed by a surplus in the capital and financial account. A persistent deficit raises issues such as growing foreign debt and increased economic volatility.
Renewing Greater Halifax's Economic Strategy for 2011-2016 in collaboration with all three levels of government, business and community.
Consultation Package - Challenges
Renewing Greater Halifax's Economic Strategy for 2011-2016 in collaboration with all three levels of government, business and community.
Consultation Package - Challenges
Venture capital fundraising was healthy in the second quarter of 2007, with $7.2 billion raised by 68 funds. While the number of funds declined, the amount of dollars raised increased. Expansion stage fundraising broke records this quarter, with 10 funds raising $2.8 billion to shatter the previous record. Early stage funds raised $2 billion, and balanced and later stage funds accounted for another $2.4 billion. Follow-on funds outnumbered new funds by around 5 to 1.
Private equity fundraising reached new highs in the second quarter of 2006, with venture capital funds raising $11.2 billion and buyout/mezzanine funds raising $30.8 billion. Several large funds contributed significantly to these totals, including Oak Investment Partners XII raising $2.56 billion and TPG Partners V raising $14 billion. While largely driven by a few mega funds, the fundraising amounts represent substantial capital available to support companies through various stages of growth and exit.
The document summarizes key issues from Zimbabwe's 2013 budget discussion including:
- Absence of lines of credit, Western skepticism, poor engagement skills, and lack of national interest are hindering growth.
- Inadequate funding as interest rates and tenure from local financial institutions are unfavorable to industry. Medium to long term credit is not available.
- Zimbabwe's electricity capacity is over 600MW short of demand due to lack of investment in infrastructure like coal and diesel plants.
- Land issues remain unresolved since the controversial fast-track land reform program.
- Lifting of sanctions and debt relief would help unlock foreign funding and improve Zimbabwe's sovereign debt rating to attract outside investment.
1) Deloitte analyzes the global economic outlook and consumer trends, with a focus on the US, China, Europe, and other regions.
2) Under the Trump administration, the US economy may see increased spending on infrastructure and the military, less regulation, and trade restrictions, which could both boost and slow growth.
3) China is transitioning its economy from manufacturing and exports to services and domestic consumption, while facing challenges from declining working populations and debt levels.
4) Europe has mixed growth across countries, with strength in some like Germany and weakness in others like Italy, while the UK faces uncertainty from Brexit.
WHV Investment Management changed its name in 2012 to better describe the firm's activities in fixed income and equity asset classes. In 2011, the firm saw an increase in key financial metrics like EBITDA and net income despite a decline in assets under management due to market declines. Some accomplishments included establishing management by objectives between the board and top management and implementing several recommendations from a consulting firm. The outlook discusses economic growth trends and expectations for 2012.
Australia's trade patterns have shifted away from agricultural exports to the UK and Europe towards mining and resource exports to Asia. Financial flows into Australia, particularly foreign direct investment, have increased due to globalization. Australia runs a large current account deficit that is financed by a surplus in the capital and financial account. A persistent deficit raises issues such as growing foreign debt and increased economic volatility.
Renewing Greater Halifax's Economic Strategy for 2011-2016 in collaboration with all three levels of government, business and community.
Consultation Package - Challenges
Renewing Greater Halifax's Economic Strategy for 2011-2016 in collaboration with all three levels of government, business and community.
Consultation Package - Challenges
Venture capital fundraising was healthy in the second quarter of 2007, with $7.2 billion raised by 68 funds. While the number of funds declined, the amount of dollars raised increased. Expansion stage fundraising broke records this quarter, with 10 funds raising $2.8 billion to shatter the previous record. Early stage funds raised $2 billion, and balanced and later stage funds accounted for another $2.4 billion. Follow-on funds outnumbered new funds by around 5 to 1.
presentation on Canada and business with IndiaRahil Shaikh
The document provides information about Canada, including its currency, major cities, areas of natural beauty, economic sectors, imports/exports, political system, relationships with India, and suggestions to promote economic prosperity. Some key points:
- The Canadian dollar is the 5th most traded reserve currency.
- Major cities include Ottawa, Toronto, Montreal, and Vancouver. Places of interest include Niagara Falls and Quebec City.
- Top exports include vehicles, aircraft, coal, and wheat. Imports include vehicles, petroleum, and computers.
- The political system consists of a House of Commons with elected MPs and an appointed Senate. This system aims to balance representation while excluding fringe parties.
- Canada and India have growing
The presentation was done as a project for a MOOC progamme conducted by the World Bank on Coursera.
The programme "Financing for Development aimed at providing participant with the knowledge of finance and development, the Sustainable Development Goals (SDGs), the challenges of financing the SDGs and sources of financing SDGs
Doing a trade mission to Canada can help Scottish companies expand into the Canadian market. Global Quantum Group participated in an SDI trade mission to Canada in order to grow their existing construction and engineering business. They now have branch offices in Toronto and Calgary thanks to opportunities identified on the trade mission. SDI provides grants to help cover costs of trade missions and introduces Scottish companies to local contacts in Canada to facilitate market entry.
The Bridge Malaysia Canada Business Council - Dec 2014Ziaullah Mirza
This document summarizes cyber security issues relevant to businesses. It discusses how businesses can use cyber tools and intelligence gathering techniques, like competitive intelligence services and Google searches, to screen businesses and obtain information about customers, buyers and suppliers. However, these techniques must be used ethically. The document also discusses how social media, websites and apps can help businesses develop through cyber profiling. It recommends communicating through chambers of commerce and business councils as these provide valuable contacts and references. Maintaining cyber security is important to protect businesses from risks like data breaches and intellectual property theft.
Iceland Plan for Monetary Reform -- presentation at Turkish Central BankAsad Zaman
Talk at Turkish Central Bank regarding the Iceland Plan for Monetary Reform. Defects of Current Fractional Reserve Banking system and advantages of proposed 100% reserve banking plan
The document provides an analysis of economic conditions in the Arabian markets. It discusses how central banks have expanded monetary policies but face limits in stimulating economies. Governments are gaining traction with fiscal policies like infrastructure spending. The pandemic's economic impact remains unpredictable. GCC stock markets have rallied but continue to underperform peers. Banking sectors in the GCC remain profitable despite expected losses. Saudi Arabia is taking risks with contractionary fiscal policies to induce creative destruction and private sector restructuring. Support for small and medium enterprises has been lacking despite their importance. Sovereign wealth funds could provide more support through lending.
The document discusses investment, which is defined as committing money or capital to purchase financial instruments or other assets in order to earn a profitable return through interest, income, or asset appreciation. It then provides details on foreign direct investment (FDI) trends in Bangladesh over time, key sectors receiving FDI, major source countries, incentives offered to foreign investors, opportunities and challenges to FDI in Bangladesh.
Legacy Education Alliance is a leading international provider of personal finance and investing education. It operates globally with over 200 employees and has served over 2 million students from over 150 countries. Legacy's flagship brand is Rich Dad Education, based on the teachings of Robert Kiyosaki. Legacy provides practical training through workshops, seminars, conferences, and online/on-demand courses on topics such as real estate investing, entrepreneurship, and trading financial instruments. It has a diverse portfolio of 14 brands and generates the majority of its revenue from the U.S. and Rich Dad branded programs.
http://pwc.to/11CB1Xq
Dans son étude « Working Capital Survey 2013 », PwC montre que la performance BFR (Besoin en Fonds de Roulement, soit la trésorerie mobilisée par l’activité) des entreprises mondiales s'est dégradée de 2 % par rapport à l'année dernière. Seule exception, les sociétés européennes ont amélioré leur situation, démontrant une corrélation entre PIB et niveaux de BFR.
It has been ten years since the great financial crisis. In the US, the S&P 500 peaked on October 9, 2007. The Canadian market continued its upward trajectory into the following year peaking in June as energy stocks were buoyed by high oil prices. While the bull market leading up to 2008 had duration of about five years, the current bull market has gone on for ten years without any significant setback.
Over the last decades, Free Zones have taken on a wide variety of names, concepts and designs, ranging from the more “traditional” models of Export Processing Zones (EPZs) and Free Trade Zones (FTZs) to “new generation” models such as diversified Special Economic Zones (SEZs) and cluster-based Specialized Zones (SZs).
The common denominator among all of these Free Zone concepts, however, is that companies investing and locating
in Free Zones enjoy a privileged status in terms of customs practices and regulations. Zone-based companies are typically exempted from import and export duties, value-added tax (VAT) and other (local) taxes which, in combination with simplified and streamlined customs and administrative practices, considerably reduce their operating costs.
Since the inauguration on January 20, we have all been inundated by media reports on the first one hundred days of the Trump administration. While stock market participants entered the year with apparently high expectations, towards the end of this 90 day quarter there has been wavering of sentiment as the realization that not all of Trump’s campaign promises are likely to be delivered.
The GCC is in a fateful economic battle that has troubling cyclical, structural, and systemic components — driven by risks around oil and a disruptive post-pandemic digital world for which it is ill-prepared. Businesses are unravelling as entitlements are withdrawn and regulations rolled back. This paper proposes to reframe relationship between the public and private sectors, rewarding companies that transition from dependency and hopeless business models, while helping govts achieve fiscal sustainability.
Remittances - Economic Growth and Developmenttutor2u
Remittances are monies sent by people living and working overseas back to their country of origin – usually sent back to their families. To what extent are remittance inflows an important / significant contributor to economic growth and development in lower and middle income developing countries?
This document discusses factors that influence economic growth and productivity. It covers several topics:
1) A country's standard of living depends on its ability to produce goods and services through productivity, which is measured by the amount produced per hour worked.
2) Key factors that determine and increase productivity include investment, education, property rights, political stability, free trade, population control, and research/development.
3) Government policies like encouraging saving/investment, education, trade, R&D, and property rights can raise productivity and living standards over the long run. Compounding effects mean small growth rates can yield large increases over many years.
The document is the 2010 annual report for Wentworth, Hauser and Violich (WHV), an investment counseling firm founded in 1937. In 2010, WHV had a good year financially, with assets under management increasing 20% to $15.22 billion and earnings increasing 30-36%. WHV also implemented a strategic plan developed with an outside consulting firm to help the firm expand in future years. Looking forward, WHV is well-positioned for continued growth, supported by a strong management team and distribution roadmap.
This document is the 2020 Budget Speech given by South African Minister of Finance Tito Mboweni on February 26, 2020. In the speech, Mboweni outlines South Africa's economic context and forecasts modest GDP growth of 0.9% in 2020. He presents the national budget, including consolidated spending of R1.95 trillion, a budget deficit of R370.5 billion (6.8% of GDP), and gross national debt projected to reach 65.6% of GDP. Mboweni announces some personal income tax relief and adjustments to taxes and levies to support growth while aiming for fiscal sustainability.
The document summarizes housing opportunities and challenges in Saudi Arabia. It notes a growing population, especially among youth, is increasing demand for housing. However, most residential supply comes from small, unorganized developers, and constraints like land and permit issues hamper affordable housing development. To address the major shortfall, more professional housing delivery through public-private partnerships and innovative solutions are needed, along with policies to facilitate land access, financing, and density increases.
Jimmy E Dadrewalla, European Finance Director at United Phosphorus - Corporat...Global Business Events
This presentation discusses corporate acquisitions in developing countries and managing associated risks and cultural issues. It notes that foreign direct investment has increasingly focused on developing markets in recent decades as opportunities for growth. When acquiring companies in new markets like Ukraine and Brazil, chief financial officers must focus on risk mitigation strategies, such as ensuring credible local partners and structuring deals to allow resolution of disputes in international courts. The presentation also emphasizes the importance of understanding cultural differences between countries and integrating acquired company employees and leadership to avoid potential clashes. It provides a case study on the challenges of establishing a joint venture in Brazil, including differing growth aspirations of partners and approaches to debt levels.
A bank for digital startups - Deutsche Handelsbank - NOAH19 LondonNOAH Advisors
FinTech & InsurTech: Company presentation by Jens Munk, co-CEO of Deutsche Handelsbank at the NOAH Conference London 2019, 30-31 October, Old Billingsgate.
Deutsche Handelsbank is a specialized bank for digital startups and growth companies that accompanies digital startups and growth companies from various industries along their way with growth financing, working capital, banking-as-a-service, and factoring solutions.
presentation on Canada and business with IndiaRahil Shaikh
The document provides information about Canada, including its currency, major cities, areas of natural beauty, economic sectors, imports/exports, political system, relationships with India, and suggestions to promote economic prosperity. Some key points:
- The Canadian dollar is the 5th most traded reserve currency.
- Major cities include Ottawa, Toronto, Montreal, and Vancouver. Places of interest include Niagara Falls and Quebec City.
- Top exports include vehicles, aircraft, coal, and wheat. Imports include vehicles, petroleum, and computers.
- The political system consists of a House of Commons with elected MPs and an appointed Senate. This system aims to balance representation while excluding fringe parties.
- Canada and India have growing
The presentation was done as a project for a MOOC progamme conducted by the World Bank on Coursera.
The programme "Financing for Development aimed at providing participant with the knowledge of finance and development, the Sustainable Development Goals (SDGs), the challenges of financing the SDGs and sources of financing SDGs
Doing a trade mission to Canada can help Scottish companies expand into the Canadian market. Global Quantum Group participated in an SDI trade mission to Canada in order to grow their existing construction and engineering business. They now have branch offices in Toronto and Calgary thanks to opportunities identified on the trade mission. SDI provides grants to help cover costs of trade missions and introduces Scottish companies to local contacts in Canada to facilitate market entry.
The Bridge Malaysia Canada Business Council - Dec 2014Ziaullah Mirza
This document summarizes cyber security issues relevant to businesses. It discusses how businesses can use cyber tools and intelligence gathering techniques, like competitive intelligence services and Google searches, to screen businesses and obtain information about customers, buyers and suppliers. However, these techniques must be used ethically. The document also discusses how social media, websites and apps can help businesses develop through cyber profiling. It recommends communicating through chambers of commerce and business councils as these provide valuable contacts and references. Maintaining cyber security is important to protect businesses from risks like data breaches and intellectual property theft.
Iceland Plan for Monetary Reform -- presentation at Turkish Central BankAsad Zaman
Talk at Turkish Central Bank regarding the Iceland Plan for Monetary Reform. Defects of Current Fractional Reserve Banking system and advantages of proposed 100% reserve banking plan
The document provides an analysis of economic conditions in the Arabian markets. It discusses how central banks have expanded monetary policies but face limits in stimulating economies. Governments are gaining traction with fiscal policies like infrastructure spending. The pandemic's economic impact remains unpredictable. GCC stock markets have rallied but continue to underperform peers. Banking sectors in the GCC remain profitable despite expected losses. Saudi Arabia is taking risks with contractionary fiscal policies to induce creative destruction and private sector restructuring. Support for small and medium enterprises has been lacking despite their importance. Sovereign wealth funds could provide more support through lending.
The document discusses investment, which is defined as committing money or capital to purchase financial instruments or other assets in order to earn a profitable return through interest, income, or asset appreciation. It then provides details on foreign direct investment (FDI) trends in Bangladesh over time, key sectors receiving FDI, major source countries, incentives offered to foreign investors, opportunities and challenges to FDI in Bangladesh.
Legacy Education Alliance is a leading international provider of personal finance and investing education. It operates globally with over 200 employees and has served over 2 million students from over 150 countries. Legacy's flagship brand is Rich Dad Education, based on the teachings of Robert Kiyosaki. Legacy provides practical training through workshops, seminars, conferences, and online/on-demand courses on topics such as real estate investing, entrepreneurship, and trading financial instruments. It has a diverse portfolio of 14 brands and generates the majority of its revenue from the U.S. and Rich Dad branded programs.
http://pwc.to/11CB1Xq
Dans son étude « Working Capital Survey 2013 », PwC montre que la performance BFR (Besoin en Fonds de Roulement, soit la trésorerie mobilisée par l’activité) des entreprises mondiales s'est dégradée de 2 % par rapport à l'année dernière. Seule exception, les sociétés européennes ont amélioré leur situation, démontrant une corrélation entre PIB et niveaux de BFR.
It has been ten years since the great financial crisis. In the US, the S&P 500 peaked on October 9, 2007. The Canadian market continued its upward trajectory into the following year peaking in June as energy stocks were buoyed by high oil prices. While the bull market leading up to 2008 had duration of about five years, the current bull market has gone on for ten years without any significant setback.
Over the last decades, Free Zones have taken on a wide variety of names, concepts and designs, ranging from the more “traditional” models of Export Processing Zones (EPZs) and Free Trade Zones (FTZs) to “new generation” models such as diversified Special Economic Zones (SEZs) and cluster-based Specialized Zones (SZs).
The common denominator among all of these Free Zone concepts, however, is that companies investing and locating
in Free Zones enjoy a privileged status in terms of customs practices and regulations. Zone-based companies are typically exempted from import and export duties, value-added tax (VAT) and other (local) taxes which, in combination with simplified and streamlined customs and administrative practices, considerably reduce their operating costs.
Since the inauguration on January 20, we have all been inundated by media reports on the first one hundred days of the Trump administration. While stock market participants entered the year with apparently high expectations, towards the end of this 90 day quarter there has been wavering of sentiment as the realization that not all of Trump’s campaign promises are likely to be delivered.
The GCC is in a fateful economic battle that has troubling cyclical, structural, and systemic components — driven by risks around oil and a disruptive post-pandemic digital world for which it is ill-prepared. Businesses are unravelling as entitlements are withdrawn and regulations rolled back. This paper proposes to reframe relationship between the public and private sectors, rewarding companies that transition from dependency and hopeless business models, while helping govts achieve fiscal sustainability.
Remittances - Economic Growth and Developmenttutor2u
Remittances are monies sent by people living and working overseas back to their country of origin – usually sent back to their families. To what extent are remittance inflows an important / significant contributor to economic growth and development in lower and middle income developing countries?
This document discusses factors that influence economic growth and productivity. It covers several topics:
1) A country's standard of living depends on its ability to produce goods and services through productivity, which is measured by the amount produced per hour worked.
2) Key factors that determine and increase productivity include investment, education, property rights, political stability, free trade, population control, and research/development.
3) Government policies like encouraging saving/investment, education, trade, R&D, and property rights can raise productivity and living standards over the long run. Compounding effects mean small growth rates can yield large increases over many years.
The document is the 2010 annual report for Wentworth, Hauser and Violich (WHV), an investment counseling firm founded in 1937. In 2010, WHV had a good year financially, with assets under management increasing 20% to $15.22 billion and earnings increasing 30-36%. WHV also implemented a strategic plan developed with an outside consulting firm to help the firm expand in future years. Looking forward, WHV is well-positioned for continued growth, supported by a strong management team and distribution roadmap.
This document is the 2020 Budget Speech given by South African Minister of Finance Tito Mboweni on February 26, 2020. In the speech, Mboweni outlines South Africa's economic context and forecasts modest GDP growth of 0.9% in 2020. He presents the national budget, including consolidated spending of R1.95 trillion, a budget deficit of R370.5 billion (6.8% of GDP), and gross national debt projected to reach 65.6% of GDP. Mboweni announces some personal income tax relief and adjustments to taxes and levies to support growth while aiming for fiscal sustainability.
The document summarizes housing opportunities and challenges in Saudi Arabia. It notes a growing population, especially among youth, is increasing demand for housing. However, most residential supply comes from small, unorganized developers, and constraints like land and permit issues hamper affordable housing development. To address the major shortfall, more professional housing delivery through public-private partnerships and innovative solutions are needed, along with policies to facilitate land access, financing, and density increases.
Jimmy E Dadrewalla, European Finance Director at United Phosphorus - Corporat...Global Business Events
This presentation discusses corporate acquisitions in developing countries and managing associated risks and cultural issues. It notes that foreign direct investment has increasingly focused on developing markets in recent decades as opportunities for growth. When acquiring companies in new markets like Ukraine and Brazil, chief financial officers must focus on risk mitigation strategies, such as ensuring credible local partners and structuring deals to allow resolution of disputes in international courts. The presentation also emphasizes the importance of understanding cultural differences between countries and integrating acquired company employees and leadership to avoid potential clashes. It provides a case study on the challenges of establishing a joint venture in Brazil, including differing growth aspirations of partners and approaches to debt levels.
A bank for digital startups - Deutsche Handelsbank - NOAH19 LondonNOAH Advisors
FinTech & InsurTech: Company presentation by Jens Munk, co-CEO of Deutsche Handelsbank at the NOAH Conference London 2019, 30-31 October, Old Billingsgate.
Deutsche Handelsbank is a specialized bank for digital startups and growth companies that accompanies digital startups and growth companies from various industries along their way with growth financing, working capital, banking-as-a-service, and factoring solutions.
Social Studies Chapter 9 How do We Respond to Tensions Arising from some Econ...Goh Bang Rui
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bit.ly/gohbangrui
These slides introduce Chapter 9: How do We Respond to Tensions Arising from some Economic Impacts under Issue 3: Being Part of A Globalised World to the Secondary 3 and 4 students who are studying Social Studies for the Singapore current syllabus 2016.
These slides are divided into 3 areas.
1. Economic Impact on Country [Slide 3]
2. Economic Impact on Companies [Slide 29]
3. Economic Impact on Individuals [Slide 50]
Video
TBC
Any feedback is welcome.
This offers leaders whose businesses have shut down as a result of the lock-down some intelligence and projections of how the wider business scene and global economy may develop. #LeadershipPreparedness
The Next Recession is Coming... This is Your Survival GuidePhil Argue
This presentation was presented as a webinar in July 2018 with Early Growth Financial Services and Prepared Capital. The link to the webinar (with audio) is available here: https://preparedcapital.com/blog/the-next-recession-is-coming-survival-guide/
The Lloyd's market had a profitable year in 2012, despite losses from Superstorm Sandy. It reported a profit before tax of £2,771m and a combined ratio of 91.1%. Gross written premium increased 9% to £25.5bn. Central assets reached a record high of £2.485bn. The Corporation reduced costs by 8% while making progress on strategic objectives. Looking ahead, Lloyd's aims to attract new capital and expand its global license network to access growth opportunities in developing economies.
Takaful Summit - London 2014 Partnership for GrowthShabbir Razvi
This document provides information about Shabbir Razvi, an expert on Takaful insurance. It then discusses the challenges and opportunities for introducing Takaful insurance in the UK market, including the need to market it to non-Muslims as an ethical product and focus on large corporations rather than individual policies due to price competition in the UK insurance market.
Over the last year or so, there has been much talk about another impending recession and how it could impact channel management. The recession theory is based upon historical trends, which suggest business cycles tend to last around five to seven years each. That means every five to seven years we experience some sort of a recession.
Presentation from NRF 2023: Retail's Big Show
Ira Kalish, Deloitte Touche Tohmatsu Ltd.
In 2022, the world has faced significant challenges that have continued to disrupt the retail industry. We have seen inflation, war, the pandemic, climate change, supply chain challenges, changing government policies, and even increased talk about deglobalization. In this presentation, Dr. Ira Kalish, Deloitte’s Chief Global Economist, will discuss these issues as he offers his view on continued evolution and what retailers can expect in 2023 and beyond.
Trevor Manuel is not worried about union opposition to the National Development Plan because:
1) The plan was developed through extensive research to identify South Africa's challenges and propose evidence-based solutions, setting it apart from previous policy approaches.
2) An evidence-based approach prioritizes monitoring and evaluating policies over time to test what interventions are working and what could work better, rather than relying on ideology.
3) This focus on empirical evidence and results is meant to build consensus across different stakeholders in South Africa, including unions, by focusing on what improves lives rather than political positions.
The document provides an overview of Baillieu Holst, an Australian financial advisory and wealth management firm. It discusses Baillieu Holst's history, services, locations, staff size and assets under advice. It also includes brief sections on the current global economic environment, key countries and their economic outlooks, US and Chinese economies, and the Australian economic outlook.
- The document discusses several topics related to investments and the London property market from the Summer 2016 issue of a magazine called Avantis Wealth.
- The first article analyzes whether the London property market is set to crash, noting that prices in London have skyrocketed since 2008 while remaining below peak levels in other parts of the UK. It argues oversupply of high-end properties in London combined with policies discouraging foreign buyers means a correction may be coming.
- The second piece discusses investment opportunities that are not correlated to the London property market, such as investments in care homes, German residential developments, and international resort properties, that typically offer fixed annual returns between 6-12%.
- The third section
The document discusses providing financial support to businesses dealing with Brexit uncertainty. It notes that UK banks are well-capitalized and want to lend to support viable firms. A campaign called "Let's Talk Business" aims to highlight financial support available and encourage businesses to discuss changing needs early with lenders. The finance industry is ready to help businesses through Brexit over coming months and longer term opportunities.
This document summarizes an agenda for a private debt conference organized by Deloitte. The agenda includes:
1. An introduction by Alexandre Prost-Gargoz of Deloitte.
2. A presentation by Alexandre Prost-Gargoz on the evolution of the private debt industry in Luxembourg.
3. A fireside chat between Chris Connelly of ICG and Nick Tabone of Deloitte on the perspective of a general partner.
4. A presentation by Dr. Sebastian Bos of Deloitte on Luxembourg securitization companies and loan portfolio restructuring and refinancing.
5. Discussions on private debt tax considerations and
The Global Brands Equity Fund will invest primarily in companies that own strong global brands. It believes such companies have potential to outperform broader equity markets over the long term due to factors like emerging middle classes fueling demand. The fund will actively manage a portfolio of 50-100 companies that own powerful brands, derive earnings from emerging markets, are profitable with strong balance sheets, and have reasonable valuations. It may also invest in bonds and commercial paper of these companies. The fund will offer accumulating and distributing share classes and charges fees including a 2% subscription fee and annual management fees between 0.675-1.35%.
This document provides a summary of Richard H. Martin Jr.'s experience and qualifications. It outlines his extensive experience in senior finance roles, including leading capital markets activities, mergers and acquisitions, operational finance, and risk assurance. It details his work securing financing and refinancing for large corporations. His experience spans over 30 years working in industries such as energy, media, and shipping.
This document provides an overview of HollyFrontier Corporation and Holly Energy Partners. Key points include:
- HollyFrontier is a pure play inland refining company with 443,000 barrels per day of crude capacity located near North American crude production.
- Its collaboration with Holly Energy Partners provides strategic growth opportunities in logistics and marketing operations.
- Both companies maintain investment grade credit ratings and have access to sizable credit facilities.
- HollyFrontier focuses on refining while Holly Energy Partners focuses on logistics and transportation. Their collaboration allows them to leverage complementary assets and operations.
The document is the transcript of an earnings conference call for a financial services company. In the call:
- The CEO discusses challenging market conditions and reports a Q3 net loss of $0.32 per share due to credit market impacts. However, core operating earnings were $1.04 per share.
- The CFO provides more details on financial results, balance sheet strength with over $4B in cash, and capital levels. Expenses were also down 6% year-over-year.
- While markets continue to impact business, the company remains financially strong with liquidity, capital reserves, and a diversified revenue model to weather the difficult environment.
The document provides instructions for registering for and using the Old Mutual Rewards program. It describes the registration process for first time users, which involves opening the Old Mutual Rewards homepage in a browser, clicking "Join Now", and following the registration steps. For existing users, the instructions note to open the homepage and click "Login". The document also covers terms and conditions, troubleshooting, and resetting usernames and passwords.
This document summarizes key trends and statistics for an insurance provider over multiple years:
- Claims payout ratios have remained consistently high between 95-97% every year from 2013-2018. Total claims paid in 2018 were R5.08 billion.
- Average ages for disability, death, and illness claims are provided. Cancer/tumors account for the highest percentages of illness claims.
- Metrics on points redeemed and members in the company's rewards program are presented, as well as the top redemption partners.
- Meeting more financial needs with the company results in higher tiers and more points earned in the rewards program.
This document provides a summary of Myriad life insurance products and claims statistics. It discusses:
- Over R1.3 trillion in total sum assured on Myriad policies and billions paid out in claims and benefits.
- Claim statistics showing 95.4% of claims were paid and reasons for the small percentage of repudiated claims.
- Examples of largest individual claims paid in 2018.
- Observations about trends in critical illnesses, disabilities, and deaths claimed by gender and age.
- Longevity protection benefits that have been triggered.
- The role of underwriting in assessing risk factors to determine premiums.
- Premium guarantees and pricing approaches to ensure sustainability.
- Living benefit enhancements recently
This document provides an overview of the Investec Diversified Income Fund, including its performance, investment framework, and views on the current economic environment. Some key points:
- The fund has outperformed its benchmark over various time periods since inception, with an annualized return of 8% vs the benchmark's 7.3%. It aims to participate in rallies and protect in sell-offs.
- The investment framework focuses on balancing income, capital preservation, and diversification across different asset classes. In recent years it has benefited from exposures to bonds, credit, and selectively to property.
- Local economic growth is lagging while inflation is improving, which could allow interest rate cuts. However, external factors
This document provides an overview of the Investec Diversified Income Fund, including its performance, investment framework, process and current views. Some key points:
- The fund has outperformed its benchmark over various periods since inception in 2009, with an annualized return of 8% vs the benchmark's 7.3%.
- The investment framework aims to participate in bond market rallies while protecting against downturns by maintaining a capital preservation bias.
- The process involves developing strategic and tactical views through proprietary analysis and debate, then implementing these views through active management within the framework.
- Currently, improving local politics are being swamped by a hostile external environment, making valuations on local bonds compelling.
1) The document provides biographies and experience summaries for Andrew Bishop and Shamier Khan, portfolio managers at Element Investment Managers.
2) It discusses Element's investment philosophy and process, including a focus on long-term fundamentals, ESG factors, and capitalizing on market cycles.
3) The performance summaries show that Element's equity and balanced funds have outperformed peers and indices over multiple time periods, often placing in the top quartile for returns and risk.
The document discusses Absa Stockbrokers & Portfolio Management's investment offerings. It provides details on the portfolio management team and investment committee. It then summarizes Absa's investment philosophy which uses a top-down macroeconomic analysis combined with bottom-up fundamental research. The document proceeds to outline Absa's product offerings, including their personal portfolio range, equity portfolio, and fee structures.
The document discusses two investment products - the Absa Yield Enhancer and the Twin Fixed Return & Growth Protector.
The Absa Yield Enhancer is a 5-year investment linked to the performance of the S&P 500, Hang Seng China Enterprise, and Nikkei 225 indices. It offers the potential for an enhanced annual return and full capital protection if the indices do not fall by more than 40%.
The Twin Fixed Return & Growth Protector is also a 5-year investment with fixed returns of 25% of capital after 1 year and 25% of half the capital after 3 years. The remaining capital is linked to the Credit Suisse GEM 10% Risk Control Index, which balances
Lifestyle financial planning aims to achieve clients' lifetime goals through financial independence by focusing on lifestyle goals and using a team of strategists to provide comprehensive services like tax planning, retirement planning, cash flow planning, etc. The financial planner acts as a partner and buffer between the client and portfolio managers, with the goal of an ongoing relationship and annual meetings to review the clients' strategy and ensure it can achieve their goals. Asset allocation is key, determining most of returns and risk, while stock picking and market timing have less impact.
This document contains slides from a presentation given by Miranda van Rensburg, Regional Sales Manager at Prudential Investment Managers, in November 2018. The presentation discusses challenges in financial planning given volatility in asset class returns, impact of client behavior on investment performance, and strategies for mitigating sequence of returns risk in retirement. It provides analysis showing the benefits of active management, global diversification, and maintaining growth assets in retirement to maximize long-term returns. The final slides introduce Miranda and include the standard disclosure statement.
This document summarizes a meeting between Meyer Coetzee, Head of Retail, and Henk Kotze, PM Income Provider, on November 9, 2018. The agenda included a business update, discussion of the Prescient Income Provider fund, and the Prescient Balanced Fund. Key points included Prescient scaling up operations by focusing on people, operations, and strategy. An overview of Prescient's ownership structure post-BEE deal and staff share scheme was provided. The Prescient investment team and their experience was outlined. The Prescient philosophy of valuation-driven, risk-focused investing to maximize upside and minimize downside was discussed. Performance of the Income Provider fund since 2006, beating inflation and various market indices, was
This document discusses trends in the financial advice industry and how advisers can add value. It notes that client loyalty is driven by company/brand, product/service delivery, and advice experience. Good client experiences are defined by service, tailoring advice to individual needs through teaching, and investment returns. The document shows that advisers can help boost returns by 1.4-4.8% through managing expectations and providing advice. It emphasizes that technology, tailoring advice, and teaching clients are important for client engagement and loyalty, especially among younger clients. The key is focusing on what clients value, demonstrating the value of advice, and using technology and goals-based planning.
The document outlines an Estate Preservation Plan which provides clients with a professionally drawn up will and life insurance to ensure their estate has sufficient liquidity to cover costs associated with estate administration and dependents' needs, as over 30% of estates currently lack adequate funds. The plan offers both underwritten and non-underwritten options to clients with estates of varying sizes to structure life insurance benefits that flexibly address executor fees, maintenance expenses, and potential shortfalls.
The Senate Group is an alliance of independent financial advisors who meet three times a year to share experiences and expertise. Membership requires at least 15 years of experience and compliance with financial advisory standards. The group aims to enrich the practices of members and their clients through knowledge sharing. Modern investment platforms need to offer tailored solutions, integration support, portfolio structuring capabilities, and affordable products including unit trusts, discretionary fund management, and alternative investments. They also need continual innovation in areas like technology, online access, and value-added services to properly serve advisors' needs and support business growth.
The document discusses severe illness insurance and promotes Greenlight's products. It notes that only 12% of Old Mutual customers are covered for severe illness by Greenlight, and that 1 in 3 males and 1 in 4 females are at risk of cardiovascular disease before age 60. It then summarizes Greenlight's Elite, Premium, and Essential severe illness insurance products and highlights that 99% of Greenlight's 2017 severe illness claims were for 100% payout events.
The document provides step-by-step instructions for registering for the Old Mutual Rewards program. It details logging in to secure services, clicking register, completing the registration form, upgrading the profile, linking a cellphone number, updating login details, submitting the request, receiving a confirmation email, and accepting the terms and conditions. Once registered, the user can login to access the Rewards homepage.
Old Mutual is a licensed financial services provider that offers unique definitions for assessing claims. Their Greenlight product allows for a 100% payout for severe illness if symptoms last 24 hours, even with full recovery, requiring only raised cardiac markers or changes in ECG or symptoms. In comparison, other insurers require specific levels of all cardiac markers and only assess claims after 3 months, requiring permanent neurological impairment. Greenlight also offers a 30% payout for minor strokes lasting 1-24 hours with full recovery.
The document provides information on the GREENLIGHT CARE 4U support programme available to Old Mutual customers. It offers a wide range of services for members' financial, emotional and physical wellbeing including emergency support, health screenings, family support services, safety services, and discounts on healthcare and fitness related items. Members can access these services and discounts by calling the GREENLIGHT CARE 4U call center.
The document provides guidelines on the death, disability, and illness benefits provided by Old Mutual Greenlight at different ages. It lists the benefit amounts for death, accidental death, final expenses, earning ability cover, severe illness, and physical impairment at ages 1 to 66+. It also provides multiples of gross annual earnings that can be used as limits for personal lump sum cover amounts. For individuals like home executives, students, and unemployed, it provides tiered guidelines for illness income benefits with maximum amounts ranging from R650,000 to R2,500,000.
Incompass has been providing financial solutions since 2003 and is one of South Africa's foremost experts in foreign exchange. They offer money transfers into and out of South Africa according to regulations. They provide a private banking experience with no fees for transfers over R50,000 ZAR and better exchange rates than retail banks through bulk buying. Your funds are kept safely in your own bank account and the process involves registration, exchange control clearance if needed, trading at your selected rate, and funds being received within 3 days.
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Tired of chasing down expiring contracts and drowning in paperwork? Mastering contract management can significantly enhance your business efficiency and productivity. This guide unveils expert secrets to streamline your contract management process. Learn how to save time, minimize risk, and achieve effortless contract management.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
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AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
Prescriptive analytics BA4206 Anna University PPTFreelance
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The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
2. SASFIN WEALTH
• As a division of the Sasfin Group,
Sasfin Wealth has for over 120
years been providing trusted
advice and wealth management
solutions.
• We have a national presence and
consult to and manage in excess
of R70 billion.
7. Awards
2012: Raging Bull
broad-based Domestic Equity Fund on a straight performance basis, being the
• Best with the highest Profile Data total investment return ranking over three years in
fund
the ASISA Domestic Equity General, Value and Growth sectors
2012: Raging Bull
• Best Domestic Equity Value Fund
8.
9.
10.
11.
12. Sasfin Securities
• Our heritage dates back to 1890 when Otto Pollock became a
member of the JSE.
• Today we have in excess of R60 billion of assets under
administration which makes us one of the largest and most
experienced private client stockbroking businesses in South
Africa.
• We pride ourselves on our ability to offer truly bespoke
investment solutions both locally and internationally, coupled
with uncompromising levels of client support.
13. We identified 6 traits which are non-negotiable when it comes
to successful investment management.
•
•
•
•
•
•
Relationship: The successful investor interacts and builds a sound relationship with
an investment professional that truly understand their needs and carefully
manages the emotional aspects of investing.
Independence: The successful investor chooses an advisor whose independence is
unconstrained by investment bias.
Trust: The successful investor invests with a wealth management company who
they can trust – an entity that has a solid reputation and extensive history of
successful wealth management.
Expertise: The successful investor entrusts their wealth to capable and astute
professionals who have the ability to navigate through difficult market cycles.
Simplicity: The successful investor has a clear understanding of their portfolio and
related fees. They steer clearfrom opaque investment products that aren’t fully
understood.
Global: The successful investor requires a globally diversified portfolio which is
managed locally.
14. Offering
•
•
•
•
•
Full Discretion: Sasfin assumes full responsibility for the management of the
underlying portfolio.
Referral managed: Sasfin advises on the underlying securities while the client is
ultimately the decision maker.
Deal & Execution: Our clients will be required to formulate and implement their
own investment strategy.
Offshore: Our global trading platforms and international research allow us to think
globally while executing locally.
Personalised share portfolio: We manage your client’s compulsory and voluntary
money in a tax effective manner.
18. DISCLAIMER
•
•
•
This presentation has been compiled by Sasfin Financial Advisory Services (Pty) Ltd - Co. No.1997/010819/07; a
licensed Financial Services Provider - FSP No. 5711 (use the one or other as appropriate)
Sasfin Asset Managers (Pty) Ltd - Co. No. 2007/018275/07; a licensed Financial Services Provider - FSP No. 21664
in the context of the services it provides. The contents are proprietary and may not be copied or disclosed
without consent. Information and opinions are general and subjective in nature and do not constitute
advice. Any references to historical data, assumptions, targets, benchmarks or examples are as indicators /
illustrations only and are not fixed or guaranteed. Past investment performance is not necessarily indicative of
future performance. While care is taken to provide current and accurate information, no liability is accepted for
errors, omissions or subsequent changes and this presentation remains subject to revision, verification and
amendment without notice and without liability to compensate or reimburse any party. Anyone acting on this
presentation before taking appropriate advice does so at their own risk
20. Shut happens!
Past few weeks underscored by the debt ceiling debate,
improving economic numbers and talk of tapering
Tea Party echoing same thinking Republican moderates have
expressed for years, except at higher volume
Abhorrence of ObamaCare, loathing of government, faith in tax cuts and
free market etc.
Tactics nearly forced US default
Caused grievous harm to Republican brand – 53% of
Americans blamed Republicans versus 29% Obama
Damaged Republicans’ business leaning image
Sequester lowered growth – Grand Bargain on spending
cuts sought
Shutdown and debt ceiling protests hurt business
confidence – cost of shutdown estimated at $24bn
Tapering delay until there is clear evidence that the economic
recovery is on a sustainable path
20
21. US economy – chugging along
Employment rising
24 months of successive job increases
Oct job numbers well ahead of consensus
Housing recovering
New houses sold double 2011 lows
Retail spending improving
Above pre-crash levels
Trade balance shrinking
Half ‘08 highs of -$70bn
Budget deficit falling
An increased level of tax receipts and lower government spending
Oil & gas production exploding
US fastest growing producer in 2012 lifting output by 1m barrels per day to 8.9m
Lower birth rate projections, aging work force and slowing productivity
Gains likely to reduce GDP to 1.9% between 2012 and 2032 from post-war average of 3.5%
21
22. S&P500
1990 - 2000
Tech revolution
Globalisation
Cell phone
Internet
2000 - 2010
GFC (Collapse of Lehman)
China emerges
9/11 crisis
2010 - 2020
End of commodity super cycle
Shale, oil, gas revolution
IT & communication transformation
3D printing, big data
Aging demographics: US, Japan, China, Europe
22
25. The Natural Gas Revolution
Fracking has allowed energy companies to dig deeper than
before unlocking unconventional oil deposits
Crude Oil net Imports
North America has largest stores of unconventional oil
50% more than total conventional crude in the Middle East
US could overtake Saudi Arabia as the world’s largest oil
producer by 2020
Crude Oil net Exports
Making it less dependent on oil from foreign nations whose
interests conflict with theirs
Imports are down to 40% from 60% in 2005
25
26. The Natural Gas Revolution
Fracking has produced an abundance of inexpensive natural gas
Natural gas used to power ships, trains, heavy goods vehicles and
power stations
Natural gas power stations have half the emissions of conventional BNSF carry 650k barrels
coal plants
a day, soon to increase to
Emissions fallen 12% since 2007 on conversions
750k barrels a day, will
Boom in oil and gas drilling creating jobs in states hard hit by
recession
eventually reach over 1m
barrels a day
Cheaper energy input costs attracting manufacturing back to the US
1m manufacturing jobs could be added by 2025
Plentiful oil will diminish incentives to reduce reliance on fossil fuels
26
27. Global Economy
Size of economy
US
21.6%
China
10.4%
EU
26%
Japan
8.4%
Brazil
3.6%
UK
3.5%
Russia
2.6%
Est. growth 2014
China
8.2%
India
6.2%
Russia
3.8%
Brazil
4%
US
3%
Australia
3%
UK
1.5%
Europe
1.1%
World
4.00%
Emerging Regions
5.70%
Advanced Economies
2.20%
29. Europe: signs of economic recovery are visible
Recovery still fragile – deflation becoming the biggest danger
Euro zone expected to
expand by 1.2%
Forecast growth for 2014 at 0.5%
Short of the pace needed to head off deflation & address the on-going debt crisis
Germany and France slowing but Italy and Spain performing better
Spain, Italy & Portugal also showing economic gains
Spain out of recession, growing at 0.1% in Q3
EU needs to increase growth potential, enhance job creation &
boost European competitiveness
The origins of the disaster lies with excessive private borrowing
Euro zone blighted
Greece got into trouble because its government spent too much anddebt even more thanby private
Govt debt
collected too little in taxes
The bust followed a private sector binge: mortgage debt in Ireland
and Spain, corporate borrowing in Portugal and Spain
Without growth, zombie firms are unable to invest or grow
Much like those wafting through Japan in the 1990s
29
30. UK: economy accelerates to fastest growth since 2010
UK economy growing at its fastest rate in 6 years
Unemployment at 3 year low
Recovery beginning to take hold
2013 growth upgraded to 1.6% from 1.4%
Forecast growth 2.8% for 2014
Interest rates could begin rising sometime in 2015, once
employment falls to 7%
“The economy is growing
robustly as lifting uncertainty &
thawing credit conditions start
to unlock pent up demand”
Mark Carney
Governor BOE / Chairman MPC
Unlikely that the recovery will fade significantly:
- Revival of the British housing market
- Youth unemployment falling
- Confidence returning
- Obstacles home and abroad remain
30
31. Japan: “Abenomics” a mix designed to jolt the economy
CPI
Japan’s economy will remain on track as the
government prepares a 5 trillion yen ($50.6bn)
stimulus package to offset the drag from a sales
tax increase scheduled for next April.
Economists expect the majority of the stimulus
package to be spent on infrastructure and tax
breaks for the corporate sector.
Reuters
31
32. Electrifying a nation that had lost faith in its political class
Nikkei
Japan’s economy recovering at moderate pace
despite slowing exports
Imports likely to remain strong due to solid
domestic demand, while business sentiment is
improving
33. Emerging Markets continue to disappoint
China grows at the slowest pace in 13 years
Indian Rupee falls to record lows – rates rising to stem outflows
Brazil’s fundamentals deteriorate on incoherent economic policy
Russia down on falling energy prices and tight corporate credit
Investors continue to withdraw from emerging markets even in the
face of Fed tapering talk
33
34. S&P500 vs MSCI Emerging Markets Index
Emerging Markets
Developed Markets
“Investors looking for
emerging market-like growth
rates should look to the US”
Meredith Whitney
35. China’s tectonic shift – the dawn of a new era
New regime acting more carefully, balancing growth, shifting
from a production oriented economy to one centred around
household consumption
Third Plenum:
Supported land reform, fiscal reform and judicial system
Disappointed on financial liberalisation, one-child policy & residency reform
Demand slowly recovering, expect growth around 7.5%
Structural reforms designed to improve the supply side of the •
economy
Reforms would help sustain the growth of productive capacity, •
improving the allocation of capital and labour
Cutting red tape and other regulatory barriers to entry would
help private firms invest in industries now dominated by state- •
owned enterprises
Consumption expected to overtake investment as the largest contributor to GDP
Investment
42% (2010 – 2020)
34% (2020 – 2030)
41% (2010 – 2020)
51% (2020 – 2030)
+ 24%
Household consumption
accounts for 38% of GDP
(US ~70%)
World’s largest car market,
19.3m cars sold in 2012
•
Largest internet market in
the world
•
Reduced the per-watt cost of
solar power from over $3
(2008) to under $1 (2011)
Consumption
- 23%
Home to 20% of the world’s
population
36. China’s growing middle class is demanding more
Western brands sell a lifestyle / image aiming
to attract the aspirant Chinese consumer
McDonalds
Haagan-Dazs
Nike
Adidas
Starbucks
Paul Frank
37. South Africa
Widespread labour unrest disrupting mining and manufacturing output
Falling commodity prices putting pressure on mine earnings
Rising input costs, electricity constraints, squeezing manufacturing
margins
Slowdown in household spending
Continued shift in fiscal policy to social spending from infrastructure
Corruption, poor skills, inefficiency
WEC ranks SA’s education system 146 out of 148 countries and last in Maths & Science
Hesitant domestic and foreign investor confidence
Pessimism about the long term outlook for the economy
Debt downgrade possible if deficits continue to deteriorate
37
39. Breakdown of the JSE: +23% from 1st Nov 2012
The top 15 companies make up over 70% of the JSE (12 month return)
Market cap (ZAR)
1.1 tr
British Am Tobacco
25%
SABMiller
859 bn
Billiton
655 bn
Richemont
536 bn
Naspers
385 bn
69%
MTN
368 bn
29%
Anglo American
335 bn
-11%
Sasol
328 bn
37%
Standard Bank
203 bn
19%
Firstrand
202 bn
29%
41%
12%
85%
Vodacom
172 bn
158 bn
137 bn
129 bn
Pick ‘n Pay
23bn
Telkom
14bn
Adcock
12bn
JD Group
-21%
Barclarys
Market Cap
36%
Kumba Iron Ore
Market cap: R714bn
9%
Old Mutual
Xstrata/Glencore
7bn
9%
124 bn 75%
Aspen
0
200000
400000
600000
800000
1000000
1200000
40. Local Investment Ideas: Stick with the winners
Companies expanding offshore into high growth regions
Naspers, Aspen, Bidvest, BHP Billiton, Sasol, Glencore
Emerging market consumption growth
SABMiller, British American Tobacco, Richemont
Superior retail business models continue to hold
Famous Brands, Woolworths, Mr Price
Expansion into Africa
Imperial, MTN, Omnia, Shoprite
Expanding middle class exploring medicare options
Life Healthcare, Mediclinic, Discovery
40
41. JSE is more of a convenience store than a supermarket
JSE
Global Markets
41
43. A guideline to our team’s offshore investment ideas
Escalating prosperity in developing nations
LVMH, Daimler, Prada, BMW
Increasing urbanisation
L’Oreal, Altria, Anheuser-Busch InBev
Competitive companies focusing on the consumer
Nestle, Unilever, Adidas, J&J
High yield in a low yielding environment
Royal Dutch Shell, AstraZeneca, Sanofi, Allianz, Vodafone
America: The next emerging market
General Electric, Wells Fargo, JPMorgan, Berkshire Hathaway
IT: Tech players transforming our lives
Google, Amazon, Microsoft
43
44. Thank You
David Shapiro
Kavita Patel
Craig Diesel
Carmen Solomons
Deputy Chairman / Director
david.shapiro@sasfin.com
Portfolio Manager
kavita.patel@sasfin.com
Portfolio Manager
craig.diesel@sasfin.com
Portfolio Assistant
44
carmen.solomons@sasfin.com