This document summarizes key findings from a PwC report on global capital project and infrastructure spending outlooks. It discusses two scenarios - a Chinese hard landing and a global upturn scenario - and their potential impacts. Under a Chinese hard landing, global CP&I spending is projected to decline 4% between 2015-2020, with over 60% of the reduction occurring in Asia Pacific. Extraction, transport, and utilities would see the largest decreases. A global upturn could increase global CP&I expenditure by $600 billion over the same period, with the largest gains in Asia Pacific and utilities and transport sectors. The extraction sector faces challenges under both scenarios due to oil price volatility.
Las nuevas tecnologĆas digitales estĆ”n cambiando la propuesta de valor de los productos y servicios financieros existentes. Mientras los de siempre asimilan las ideas innovadoras, las start-ups irrumpen en el sector.
We are pleased to present Driving Value: 2015 Midyear Automotive M&A Insights, PwC's review of mergers and acquisitions (M&A) activity and key trends impacting the global automotive industry. In this edition, we look at:
The status of global automotive deal activity amongst vehicle manufacturers, suppliers, financiers, and other related sectors
Key trends that impacted the deal market
Transaction activity by sector and region
Our perspective on the journey to the future
This latest edition is meant to serve only as a preface to the insights and observations that we can provide to drive successful transactions. M&A leaders in the automotive and financial sectors frequently turn to us for advice on potential transactions and the strategies underpinning those deals. Your feedback is important to us, and we welcome the opportunity to provide you with a deeper look into any of these trends that may be of benefit to your organization.
Emerging Capital Markets: The Road to 2030Credit Suisse
Ā
1/2014
For the most part, emerging nation capital markets remain underdeveloped relative to the size of their economies, despite rapid growth in capital-raising over the past two decades. We believe this gap will close, driven by a disproportionately large contribution from emerging equity and corporate bond supply and demand, given relatively high savings ratios prevalent among emerging economies.
In this proprietary study, we extrapolate established historical patterns of growth in emerging and developed capital markets to assist in projecting their absolute and relative dimension and composition of market value by the year 2030.
Sample Report: 2021 Key Trends of the Payment Industry: Real-Time Payments in...yStats.com
Ā
- How did the payments via the Real-Time Gross Settlement system change amid the pandemic in Egypt?
- What was the increase of the transaction volume of Ghanaās real-time payments during the outbreak?
- How did the transaction value of real-time payments in South Africa change during the pandemic?
- How is NamPay in Namibia going to improve the payment industry of the country?
- What was the volume growth of the Kenyan real-time system amid the COVID-19 outbreak?
Full Report Link: https://bit.ly/3rW7A2j
Analytical paper on the economic scale and growth of the collaborative econom...PwC EspaƱa
Ā
Cinco negocios que prometen multiplicarse por 20 en Europa: Las finanzas colaborativas, el alojamiento compartido, el transporte compartido, los servicios profesionales bajo demanda y los servicios para el hogar bajo demanda. Estos cinco sectores, que se basan en plataformas online y que podrĆamos considerar son el nĆŗcleo duro de la economĆa colaborativa, generan actualmente unas transacciones por valor de 28.000 millones de euros anuales, pero segĆŗn el informe elaborado por PwC en 2025 alcanzarĆ”n los 570.000 millones de euros, es decir, veinte veces mĆ”s.
A report looking at comparative rankings of cities specifically
within APEC across multiple indicators; including housing, hard infrastructure, cultural vibrancy, tolerance and inclusion.
Las nuevas tecnologĆas digitales estĆ”n cambiando la propuesta de valor de los productos y servicios financieros existentes. Mientras los de siempre asimilan las ideas innovadoras, las start-ups irrumpen en el sector.
We are pleased to present Driving Value: 2015 Midyear Automotive M&A Insights, PwC's review of mergers and acquisitions (M&A) activity and key trends impacting the global automotive industry. In this edition, we look at:
The status of global automotive deal activity amongst vehicle manufacturers, suppliers, financiers, and other related sectors
Key trends that impacted the deal market
Transaction activity by sector and region
Our perspective on the journey to the future
This latest edition is meant to serve only as a preface to the insights and observations that we can provide to drive successful transactions. M&A leaders in the automotive and financial sectors frequently turn to us for advice on potential transactions and the strategies underpinning those deals. Your feedback is important to us, and we welcome the opportunity to provide you with a deeper look into any of these trends that may be of benefit to your organization.
Emerging Capital Markets: The Road to 2030Credit Suisse
Ā
1/2014
For the most part, emerging nation capital markets remain underdeveloped relative to the size of their economies, despite rapid growth in capital-raising over the past two decades. We believe this gap will close, driven by a disproportionately large contribution from emerging equity and corporate bond supply and demand, given relatively high savings ratios prevalent among emerging economies.
In this proprietary study, we extrapolate established historical patterns of growth in emerging and developed capital markets to assist in projecting their absolute and relative dimension and composition of market value by the year 2030.
Sample Report: 2021 Key Trends of the Payment Industry: Real-Time Payments in...yStats.com
Ā
- How did the payments via the Real-Time Gross Settlement system change amid the pandemic in Egypt?
- What was the increase of the transaction volume of Ghanaās real-time payments during the outbreak?
- How did the transaction value of real-time payments in South Africa change during the pandemic?
- How is NamPay in Namibia going to improve the payment industry of the country?
- What was the volume growth of the Kenyan real-time system amid the COVID-19 outbreak?
Full Report Link: https://bit.ly/3rW7A2j
Analytical paper on the economic scale and growth of the collaborative econom...PwC EspaƱa
Ā
Cinco negocios que prometen multiplicarse por 20 en Europa: Las finanzas colaborativas, el alojamiento compartido, el transporte compartido, los servicios profesionales bajo demanda y los servicios para el hogar bajo demanda. Estos cinco sectores, que se basan en plataformas online y que podrĆamos considerar son el nĆŗcleo duro de la economĆa colaborativa, generan actualmente unas transacciones por valor de 28.000 millones de euros anuales, pero segĆŗn el informe elaborado por PwC en 2025 alcanzarĆ”n los 570.000 millones de euros, es decir, veinte veces mĆ”s.
A report looking at comparative rankings of cities specifically
within APEC across multiple indicators; including housing, hard infrastructure, cultural vibrancy, tolerance and inclusion.
The U.S. Tech sectorās new record high has brought back memories of the dot-com bubble. But unlike then,
todayās Tech sector is not propped up by fanciful talk. Itās led by companies that are truly transforming the
economy and our lives.
Mercer Capital's Value Focus: Construction and Building Materials | Q2 2020 |...Mercer Capital
Ā
Mercer Capital's Construction Industry newsletter provides a broad range of specialized valuation and transaction advisory services to the construction industry, including residential, commercial, civil, paving, concrete, and more. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
Mercer Capital's Value Focus: Auto Dealer Industry | Year-End 2018Mercer Capital
Ā
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes macroeconomic trends, industry trends, and guideline public company metrics.
Local Dynamos ā emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
Global Alternative Lending Industry amid COVID-19Sam Ghosh
Ā
Alternative Lending emerged to provide credit access to individuals and businesses who lack credit history or in other words - the āthin fileā borrowers.
The primary segments of Alternative Lending are Consumer Finance and Small and Medium-Sized Business Finance.
The COVID-19 pandemic is causing most economies to shrink in 2020 causing enormous job losses, revenue losses for businesses, and in some cases business closures.
Consumer spending took a significant hit due to the pandemic. As per data from the National Bureau of Statistics of China, Retail Sales of Consumer Goods contracted by 20.5% in January-February 2020 compared to January-February 2019. The growth remained in the negative territory for the first two quarters of 2020.
Data from VISA and Mastercard show a drastic drop in credit-card debt use. Demand for household short-term credit is still subdued. As unemployment rates improve and retail sales pick up the pace, demand for consumer finance is expected to improve in the coming quarters.
Many SMBs are going through severe financial distress primarily due to lower demand and lack of access to credit. Many may not recover and close their businesses.
Lack of demand may hinder the SMBs from accessing and/or getting approval of business loans.
On the supply side, the alternative lending companies may struggle to access low-cost capital due to deteriorating balance sheets of the banks and NBFCs who likely to increase risk-premium and even avoid exposure to the high-yield segments.
Increasing bad loans may push policymakers to put safeguards in place which may lower profitability and limit access to capital for the alternative lenders. For example, China's Supreme Court slashed the legally protected ceiling of informal lending rate in August 2020. This is expected to unfavorably impact the profitability of alternative lenders.
Established fintech (Square, PayPal, etc.) are entering the lending business, and as credit demand improves we may see more of this trend.
Many large retailers such as Amazon, Macyās, etc. partnered with financial services companies to extend consumer credit to their customers. We may expect to see acquisitions of fintech lenders by the retailers.
Stressed balance sheet likely to increase M&A activities in the sector.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
As per the Credit Suisse Global Wealth Report 2020, global wealth stood at US$ 399 trillion as of the end of 2019. Most of the global wealth is primarily controlled by older men in North America and Europe.
As per BCG, the Asset Under Management (AuM) for the global asset management industry stood at US$88.7 trillion as of the end of 2019.
The pandemic found the wealth management industry dealing with margin pressure amid the popularity of passive products, on the verge of a great wealth transfer from the Baby Boomers to the younger generations, a rising share of womenās wealth, and increasing regulatory pressure. Revenue from beta is quickly diminishing due to the popularity of passive products. The focus is shifting from margin to increasing AUM.
As per Credit Suisse Global Wealth Report 2020, global wealth decreased by US$ 17 trillion between January and March of 2020. Recovery in the capital markets Q2 onwards led to the recovery of household wealth in Q2 to the levels of the end of 2019. Though the loss of growth represents a more than US$7 trillion loss from expected wealth levels by the end of the first half of 2020. Lower economic activity, lower consumption, and lower investments by both households and corporates likely to restrain household wealth growth for many coming years. The growth rate may not recover to pre-pandemic levels before the end of 2021. Global wealth per adult decreased by 0.4% in the first half of 2020. China is the biggest gainer and Latin America along with Africa are the greatest losers.
Though low-interest-rate environment, making time deposits less attractive, likely to boost funds flows to capital markets and demand for wealth management services.
At the same time, social distancing is forcing digital adoption in wealth management. Apart from that, the great wealth transfer will mean that the wealth management sector needs a paradigm shift in their client engagements. The expectations of tech-savvy millennials are very much different from the older generations. Instant gratification, higher involvement in the process, and constant monitoring are some of the features Millennials expect.
Micro-Investment platforms and Online Brokers are expected to be immensely beneficial as tech-savvy Millennials control more and more wealth. Self-service platforms that specialize in passive products (MF, ETF) are especially lucrative.
Hybrid services that combine human touch with tech efficiency will likely to become mainstream as wealth management firms push for cost-cutting and younger generations control more and more wealth.
As many traditional wealth management firms will look to increase their digital capabilities, WealthTech firms with proven business models are expected to be seen as attractive acquisition targets.
Los consumidores mundiales empujan los lĆmites de la compra tradicional. 2016 es decisivo para muchas de las tendencias de los Ćŗltimos aƱos: usan mĆ”s el mĆ³vil para comprar, y exigen un mejor servicio y mayor conocimiento de los empleados en tienda.
The U.S. Tech sectorās new record high has brought back memories of the dot-com bubble. But unlike then,
todayās Tech sector is not propped up by fanciful talk. Itās led by companies that are truly transforming the
economy and our lives.
Mercer Capital's Value Focus: Construction and Building Materials | Q2 2020 |...Mercer Capital
Ā
Mercer Capital's Construction Industry newsletter provides a broad range of specialized valuation and transaction advisory services to the construction industry, including residential, commercial, civil, paving, concrete, and more. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
Mercer Capital's Value Focus: Auto Dealer Industry | Year-End 2018Mercer Capital
Ā
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes macroeconomic trends, industry trends, and guideline public company metrics.
Local Dynamos ā emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
Global Alternative Lending Industry amid COVID-19Sam Ghosh
Ā
Alternative Lending emerged to provide credit access to individuals and businesses who lack credit history or in other words - the āthin fileā borrowers.
The primary segments of Alternative Lending are Consumer Finance and Small and Medium-Sized Business Finance.
The COVID-19 pandemic is causing most economies to shrink in 2020 causing enormous job losses, revenue losses for businesses, and in some cases business closures.
Consumer spending took a significant hit due to the pandemic. As per data from the National Bureau of Statistics of China, Retail Sales of Consumer Goods contracted by 20.5% in January-February 2020 compared to January-February 2019. The growth remained in the negative territory for the first two quarters of 2020.
Data from VISA and Mastercard show a drastic drop in credit-card debt use. Demand for household short-term credit is still subdued. As unemployment rates improve and retail sales pick up the pace, demand for consumer finance is expected to improve in the coming quarters.
Many SMBs are going through severe financial distress primarily due to lower demand and lack of access to credit. Many may not recover and close their businesses.
Lack of demand may hinder the SMBs from accessing and/or getting approval of business loans.
On the supply side, the alternative lending companies may struggle to access low-cost capital due to deteriorating balance sheets of the banks and NBFCs who likely to increase risk-premium and even avoid exposure to the high-yield segments.
Increasing bad loans may push policymakers to put safeguards in place which may lower profitability and limit access to capital for the alternative lenders. For example, China's Supreme Court slashed the legally protected ceiling of informal lending rate in August 2020. This is expected to unfavorably impact the profitability of alternative lenders.
Established fintech (Square, PayPal, etc.) are entering the lending business, and as credit demand improves we may see more of this trend.
Many large retailers such as Amazon, Macyās, etc. partnered with financial services companies to extend consumer credit to their customers. We may expect to see acquisitions of fintech lenders by the retailers.
Stressed balance sheet likely to increase M&A activities in the sector.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
As per the Credit Suisse Global Wealth Report 2020, global wealth stood at US$ 399 trillion as of the end of 2019. Most of the global wealth is primarily controlled by older men in North America and Europe.
As per BCG, the Asset Under Management (AuM) for the global asset management industry stood at US$88.7 trillion as of the end of 2019.
The pandemic found the wealth management industry dealing with margin pressure amid the popularity of passive products, on the verge of a great wealth transfer from the Baby Boomers to the younger generations, a rising share of womenās wealth, and increasing regulatory pressure. Revenue from beta is quickly diminishing due to the popularity of passive products. The focus is shifting from margin to increasing AUM.
As per Credit Suisse Global Wealth Report 2020, global wealth decreased by US$ 17 trillion between January and March of 2020. Recovery in the capital markets Q2 onwards led to the recovery of household wealth in Q2 to the levels of the end of 2019. Though the loss of growth represents a more than US$7 trillion loss from expected wealth levels by the end of the first half of 2020. Lower economic activity, lower consumption, and lower investments by both households and corporates likely to restrain household wealth growth for many coming years. The growth rate may not recover to pre-pandemic levels before the end of 2021. Global wealth per adult decreased by 0.4% in the first half of 2020. China is the biggest gainer and Latin America along with Africa are the greatest losers.
Though low-interest-rate environment, making time deposits less attractive, likely to boost funds flows to capital markets and demand for wealth management services.
At the same time, social distancing is forcing digital adoption in wealth management. Apart from that, the great wealth transfer will mean that the wealth management sector needs a paradigm shift in their client engagements. The expectations of tech-savvy millennials are very much different from the older generations. Instant gratification, higher involvement in the process, and constant monitoring are some of the features Millennials expect.
Micro-Investment platforms and Online Brokers are expected to be immensely beneficial as tech-savvy Millennials control more and more wealth. Self-service platforms that specialize in passive products (MF, ETF) are especially lucrative.
Hybrid services that combine human touch with tech efficiency will likely to become mainstream as wealth management firms push for cost-cutting and younger generations control more and more wealth.
As many traditional wealth management firms will look to increase their digital capabilities, WealthTech firms with proven business models are expected to be seen as attractive acquisition targets.
Los consumidores mundiales empujan los lĆmites de la compra tradicional. 2016 es decisivo para muchas de las tendencias de los Ćŗltimos aƱos: usan mĆ”s el mĆ³vil para comprar, y exigen un mejor servicio y mayor conocimiento de los empleados en tienda.
Durante los nueve primeros meses de 2015, se publicaron 3.488 concursos de empresas, un 27% menos que en el mismo periodo de 2014. Se trata del octavo trimestre consecutivo en el que desciende el nĆŗmero de insolvencias empresariales en EspaƱa
Casi 80% de los expertos del sector afirma que la promociĆ³n y el desarrollo es la mejor alternativa ante la escasez de activos de calidad. Sectores como el sanitario y de salud, el hotelero, los alojamientos para estudiantes, los data centers o el logĆstico, en el punto de mira de los inversores.
Madrid y Barcelona āen 4ĀŖ y 12ĀŖ posiciĆ³n- continĆŗan entre las capitales europeas mĆ”s atractivas para la inversiĆ³n.
Si tu empresa opera en diversos Estados europeos esta circunstancia abre la posibilidad de recuperar importes asociados a los impuestos indebidamente aplicados.El equipo PwC de especialistas en Fiscalidad Internacional y Procedimientos Tributarios ha desarrollado una exclusiva soluciĆ³n que permite a tu empresa a recuperar tu dinero y/o reducir tu factura fiscal
El "incipiente" mercado relacionado con el uso de drones estĆ” capacitado para generar oportunidades de negocio por un valor total de 127.300 millones de dĆ³lares (111.846 millones de euros), donde las infraestructuras, la agricultura y el transporte serĆan los sectores mĆ”s beneficiados.
Global Top 100 - Ranking de empresas mƔs cotizadas 2013PwC EspaƱa
Ā
Informe de PwC (2013) sobre el top 100 de las empresas mƔs cotizadas durante la crisis.
Nota de prensa:
http://www.pwc.es/es/publicaciones/auditoria/global-top-100.jhtml
Los CEOs espaƱoles aseguran que la tecnologĆa es el factor disruptivo principal que impulsarĆ” la transformaciĆ³n de sus empresas en los prĆ³ximos cinco aƱos. AsĆ lo afirma el 85% de los primeros ejecutivos espaƱoles āy el 77% de los globales- en la XIX Encuesta Mundial de CEOs, elaborada por PwC y que se ha presentado en el Foro EconĆ³mico Mundial de Davos.
Modern mobility: Moving women with purposePwC EspaƱa
Ā
Para crear un flujo de talento sostenible, los empresarios deben centrarse activamente en atraer y retener el talento femenino. Las compaƱĆas deben poner en prĆ”ctica estrategias de talento inclusivas que apoyen el avance profesional de las mujeres.
El estudio analiza treinta grandes urbes de todo el mundo -a partir de 67 variables agrupadas en diez grandes indicadores-, consideradas buenos ejemplos de cĆ³mo debe ser una ciudad moderna y atractiva. Londres vuelve a ocupar la primera posiciĆ³n por delante de Singapur y Toronto. Madrid se sitĆŗa en el lugar nĆŗmero 16 y destaca por su capacidad e influencia econĆ³mica.
https://www.cbhs.com.au/health-well-being-blog/blog-article/2015/08/04/cyber-bullying-how-to-identify-it-and-how-you-can-help
https://bullyingnoway.gov.au/WhatIsBullying/FactsAndFigures
https://www.opencolleges.edu.au/informed/features/15-strategies-educators-can-use-to-stop-cyberbullying/
https://www.stopbullying.gov/at-risk/effects/index.html
http://www.bullyingstatistics.org/content/cyber-bullying-statistics.html
https://drugfree.org/learn/drug-and-alcohol-news/teen-victims-of-cyberbullying-more-likely-to-abuse-drugs-and-alcohol-study/
http://resources.uknowkids.com/blog/bid/302867/the-educational-impact-of-bullying-and-cyberbullying
https://www.cnn.com/2013/02/27/health/cyberbullying-online-bully-victims/index.html
1
COMEX copper futures made headlines in early January by
falling below $2/lb for the first time since 2009. The metal
recently traded as much as 57% off its peak levels from 2011.
This paper explores why copper prices have collapsed, and
what might be in store for the metal in 2016 and beyond.
Generally, when people discuss copper, most of the focus
is on the demand side. Indeed, the slowdown in China, a
major consumer of the metal, is a key reason why copper is
under pressure. But, one must not overlook the supply side.
Copper-mining supply doubled between 1994 and 2014,
and probably held steady or continued to grow in 2015.
Whatās even more notable is that copper supplies might keep
growing despite the collapse in prices, as they did in 2008-
2010 when production rose about 3% despite the price
plunge during the financial crisis (Figure 1).
Figure 1: Mining supply has doubled since 1994.
Copper Mining Supply
Source: U.S. Geological Survey
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Supply Side Coppernomics: Increasing Supplies Cause
Prices to Slide
Itās no secret why mining supply has increased so dramatically
since 1994: mining copper is, or at least was, highly profitable.
From 2011 to 2014, the total cost of producing one pound of
copper hovered around $2. By comparison, prices averaged
above $4 per lb in 2011, and over $3 per lb from 2012 to 2014.
Even in 2015, copper prices averaged close to $2.50 per lb,
roughly 25% above the cost of production. Only now, at the
beginning of 2016, have prices come down to what had been
the all-in cost of production back in the 2011-2014 period
(Figure 2).
Figure 2: Production costs and selling prices in USD
(cents) / lb.
Copper Production Costs and Selling Prices
Source: GFMS Copper Survey 2013 and 2015, Bloomberg Professional (HG1),
CME Group Economic Research Calculations
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Average Sell ...
Automotive industry - Covid19 : How to face the crisis and build the new normalFabrizio Arena
Ā
Automotive industry is in the middle of a perfect storm.
We analyzed the current situation and provided useful insight on future scenario, in order to better understand how to face the crisis and build the āNew normalā.
Feel free to contact us for any further info.
The business cycle, the global financial crisis and the future of oil markets are currently the three most popular topics of discussion. Since the start of the recession, the international media has been quick to bring many new theories and revelations, brilliant in their simplicity, to light. Hope is the mother of invention, and amidst the crisis they cannot be disproved. However, in two or three years time, 99% of this verbal chaff will have been blown away and only serious analytical work will remain.
Authored by: Leonid Grigoriev
Published in 2010
Unlike the runways of the world, the growth trend line in the aviation sector has never been straight. Long-term growth has been punctuated by demand shocks that rein in investment and impact traffic. With investors in mind, this series of articles looks at the factors that impact aviation growth, transactions, infrastructure needs, and ultimately drive air connectivity. More: http://pwc.to/1uEPT4e
Similar to Capital-Infraestructure-spending-outlook-2016 (20)
Encuesta Mundial de Ciberseguridad de la InformaciĆ³n 2017PwC EspaƱa
Ā
Desde 2012, el presupuesto medio que las empresas dedican a ciberseguridad en el mundo casi se ha duplicado, pasando de 2,8 a 5,1 millones de dĆ³lares. En EspaƱa, la inversiĆ³n de las compaƱĆas en seguridad de la informaciĆ³n ha seguido una evoluciĆ³n parecida āha pasado de 3,1 a 3,9 millones de dĆ³lares de media- aunque algo mĆ”s moderada. Todos los detalles en: http://www.pwc.es/es/digital/encuesta-mundial-estado-seguridad-informacion-2017.html.html
El Consenso Fiscal, elaborado por PwC Tax & Legal Services, es un informe semestral que recoge el resultado de una encuesta enviada a mĆ”s de 400 personas, seleccionadas en funciĆ³n de su conocimiento y de su trabajo en materia tributaria. La encuesta analiza las principales tendencias en materia tributaria y su efecto sobre la economĆa espaƱola.
El informe analiza cĆ³mo evolucionarĆ” la legislaciĆ³n fiscal en todo el mundo, el impacto de la nueva regulaciĆ³n en cĆ³mo las empresas gestionan sus riesgos y en cĆ³mo, ambos factores, estĆ”n transformando la funciĆ³n fiscal dentro de las compaƱĆas.
Las expectativas del Ćndice macroeconĆ³mico continĆŗan siendo positivas a pesar de un ligero decrecimiento del 3,86% con respecto a 2014. Las expectativas del Ćndice Hotelero presentan valores positivos y crecen un 35,43% respecto a invierno de 2014.
El Consenso EconĆ³mico es el informe trimestral de coyuntura que realiza, desde 1999, PwC a partir de la opiniĆ³n de un panel de expertos y empresarios. El Consenso EconĆ³mico
es el resultado de una encuesta enviada a un colectivo de 530 personas seleccionadas por su solvencia a la hora de dar una opiniĆ³n acerca de la situaciĆ³n econĆ³mica espaƱola. La
encuesta se ha elaborado exclusivamente con las 112 contestaciones realizadas en plazo, correspondientes a los siguientes sectores: sistema financiero, empresas no financieras, universidades y centros de investigaciĆ³n econĆ³mica, asociaciones empresariales y profesionales.
El Consenso Fiscal, una iniciativa del Crecimiento Inteligente de PwC, es un informe semestral que muestra el resultado de una encuesta enviada a mĆ”s de 400 personas, seleccionadas en funciĆ³n de su conocimiento y de su trabajo en materia tributaria. La encuesta analiza las principales tendencias en materia tributaria y su efecto sobre la economĆa espaƱola.
El informe Insurance Banana Skins 2015, elaborado por The Centre for the Study of Financial Innovation (CSFI) conjuntamente con PwC, analiza los principales riesgos a los que se enfrentan las empresas aseguradoras a partir de entrevistas a 806 directivos del sector- seguros de vida y no vida, brĆ³keres, reguladores, etc.- de 54 paĆses, entre los que se encuentra EspaƱa.
Ranking M&A Thomson Reuters. Primer semestre de 2015 PwC EspaƱa
Ā
PwC continĆŗa como lĆder en el mercado de asesoramiento en fusiones y adquisiciones en EspaƱa (M&A) durante los primeros seis meses del aƱo. SegĆŗn uno de los principales informes del mercado (ver pĆ”g.12), elaborado por Thomson Reuters y que se acaban de publicar, la firma encabeza la lista por nĆŗmero de operaciones cerradas entre enero y junio de este aƱo.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
Ā
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new productāit signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Ā
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
Ā
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
Ā
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a āRoaring Twentiesā? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. governmentās aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
āIn order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,ā says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to swap pi coins to foreign currency withdrawable.DOT TECH
Ā
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
Ā
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ ā 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
Ā
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins at high rate quickly.DOT TECH
Ā
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Ā
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
what is the future of Pi Network currency.DOT TECH
Ā
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
What website can I sell pi coins securely.DOT TECH
Ā
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
Ā
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
2. 2 | Capital project and infrastructure spending outlook: Agile strategies for changing markets
Itās going to be a bumpy ride for capital project and infrastructure (CP&I)
spending, especially in the near term. Volatile economic forces are making
decisions about capital spending difficult and inhibiting strategic planning.
A combination of unanticipated concerns ā including the decline in oil
and commodity prices, a slowdown in Chinaās growth rate, sluggish gains
in the developed world, the strong US dollar and uncertain forecasts for
multinationals ā have for many companies and governments inevitably put
CP&I expendituresĀ on the back burner1
.
The UK's recent decision to exit the European Union came after the research for
this report was finalised. It is too early to comment on the specific UK and global
impact of Brexit in 2020, however, in the short-term the additional uncertainty
and volatility is likely to directly impact the UK CP&I market and indirectly
impact the global CP&I market, although the latter is unlikely to be severe.
Yet, unlike cost cutting or an M&A deal, increasing or trimming CP&I spending is
not a quick fix. Because it involves long-term considerations ā do you need a new
factory in Asia; is that highway upgrade necessary; will the electric grid provide
sufficient energy for demand in ten years? ā and long-term projects, enterprises
shouldnāt make capital project decisions based on immediate macro- and micro-
economic conditions.
There is no simple way to do this. But to provide analytical insight that could
help shape CP&I decisions, PwC asked Oxford Economics to examine the capital
projects and infrastructure environment for the next five years through the lens
of two opposite scenarios: a hard landing in China and a global upturn. We
assessed the prospects for CP&I spending across seven regions (see Figure 1) and
six key infrastructure sectors (see Figure 2) under both of these scenarios. And
we offer a series of strategic and tactical recommendations for stakeholders to
prepare for an unsettled landscape.
Our goal is to provide CP&I stakeholders with options for making the right decisions
about capital expenditures. In our view, it is more important than ever for companies
affected by CP&I volatility to understand the potential range of possibilities they
could face and be sufficiently agile to respond to conditions as they change. Says
Peter Raymond, PwC US and global and Americas and Asia CP&IĀ leader, ā... the
challenge is how to manage through the short term so you can be positioned to grow
effectively over the long term ā after the uncertainty subsidesā.
How can stakeholders manage
capital project investments in a
challenging environment?
3. PwC | 3
Western Europe, North America, Latin America, Asia Pacific, Middle East, Africa, Former Soviet Union/Central and
Eastern Europe
Figure 1. Seven regional groupings
Figure 2. Six key infrastructure sectors
1. Extraction
ā¢ Oil and gas
ā¢ Other extraction
(coal, metals,
minerals)
2. Utilities
ā¢ Power generation
ā¢ Electricity
transmission and
distribution
ā¢ Gas distribution
ā¢ Water
3. Manufacturing
ā¢ Petroleum refining
ā¢ Chemical
ā¢ Heavy metals
4. Transport
ā¢ Rail
ā¢ Roads
ā¢ Airports
ā¢ Ports
5. Telecommuni-
cations
ā¢ Physical
infrastructure
and hardware
6. Social
ā¢ Education
ā¢ Health
4. 4 | Capital project and infrastructure spending outlook: Agile strategies for changing markets
Oxford Economics estimates that if
conditions stay as they are ā what we
are calling the baseline projection
ā capital project and infrastructure
spending growth will likely remain
low, hovering at about 2%, over the
coming year, before inching up in
2017 and reaching about 5% in 2020.
The improvement would be driven
mainly by higher oil. However, even
at 5% growth, infrastructure spending
growth would be well below its double-
digit levels before the global financial
crisis. Different pictures emerge,
however, under the two opposing
scenarios that we examined (see
Figure 3):
The downside
Overview
The downside scenario would be
a Chinese hard landing, a real
possibility considering the recent
serious slowdown in Chinese GDP
growth, from 14% in 2007 to half that
now. To explore this and its impact on
capital investments in infrastructure,
Oxford Economics assumed a Chinese
economic environment in which the
yuan would depreciate by as much
as 10%, housing sales would slump
sharply, consumers would postpone
new purchases and wage growth
would decline. Moreover, the pressure
on developersā cash flow, under this
scenario, would trigger a renewed
decline in Chinese house prices and
a sharp fall in housing construction.
Domestic and external confidence
would abate, resulting in a scaling back
of private investment.
Under the China hard landing scenario,
CP&I spending between 2015 and
2020 would fall by 4%, and CP&I
spending growth would likely hit
almost zero in 2016 and pick up only
slightly in 2017. In dollar terms, a
China hard landing would reduce
CP&I expenditures by US$1.1 trillion
between 2015 and 2020 (compared to
the baseline) ā from US$28.2 trillion
to US$27.1 trillion.
Source: Oxford Economics
Figure 3. Global infrastructure spending growth 2014ā2020
Global infrastructure spending growth 2014 ā 2020
Global upturn
0%
1%
2%
3%
4%
5%
6%
2020201920182017201620152014
China hard landing 2016 baseline
Two scenarios
ļUS$1.1trn
In dollar terms, a China hard landing would
reduce CP&I expenditures by $1.1 trillion
between 2015 and 2020 (compared to the
baseline).
vs.
ļUS$600bn
In dollar terms, a global upturn would increase
CP&I expenditure by US$600bn between 2015
and 2020 (compared to the baseline).
5. PwC | 5
Regional view
Over 60% of the decline in
infrastructure spending would
occur in Asia Pacific, by far the most
affected region (see Figure 4). In
large part this is because of Chinaās
economic dominance in Asia Pacific.
Any slowdown in China would have
palpable ripple effects among its
neighbors, who rely on Chinese
demand for their goods and services
toĀ stimulate their economies.
Source: Oxford Economics
Figure 4. Cumulative infrastructure spending 2015ā2020,
percentage difference between 2016 baseline and China hard landing scenario by region
Cumulative infrastructure spending 2015 ā 2020 percentage
difference between 2016 baseline and China hard landing scenario by region
Western Europe
Africa
FSU/CEE
US and Canada
Middle East
Latin America
World
Asia Pacific
-5% -4% -3% -2% -1% 0%
On the other hand, Asia Pacific
countries would not be greatly affected
by lower demand for commodities and
extracted materials, at least relative
to other areas of the world. So, in that
regard, Chinaās hard landing would
most impact regions like Latin America
and the Middle East and countries like
Russia, whose economies are heavily
invested in exports of oil and other
extracted products. Without those
revenue streams, investments in public
or private development projects would
sharply decline.
In fact, in Latin America, the recent
steep drop in commodity prices,
mainly a result of current Chinese
economic slowdown, has already
weighed upon infrastructure spending
in the region. And there is not much
optimism that this will change.
6. 6 | Capital project and infrastructure spending outlook: Agile strategies for changing markets
Sector view
The impact of a China hard landing
would widely spread out among the
key sectors (see Figure 5). Extraction
would take the worst hit because
weakness in Chinese infrastructure
and manufacturing development
would significantly slash demand for
oil, steel and other commodities. Even
without further economic instability in
China, capital investment in extraction
efforts would be diminished, a victim
of depressed prices, especially in the
oil patch, given that energy majors
suspended some hundreds of billions of
dollars of investment on new projects
over the past year. This is because
many upstream Independents and
National Oil Companies (NOCās) have
slashed capital budgets, by more than
50% from their already reduced 2015
capital budgets, and Independents are
selling non-core assets to raise cash
and managing capital spending within
their cash flows in this leaner for longer
macro-economic environment.
The forecast for the extraction sector
would also likely weaken, particularly
in regions such as the Middle East
and Former Soviet Union/Central and
Eastern Europe (FSU/CEE), which rely
heavily on the extraction sector. āOil
and gas companies are rebalancing or
restacking their portfolios and have
cut investments,ā says Neil Broadhead,
PwC UK and Europe and Middle East
CPI leader. āTheyāre looking to cut
costs in their supply chains as well,
and they are reprioritising projects
based on expectations of oil and gas
prices as well as progress along the
projectĀ continuumā.
Transport and utilities account for
about half of CPI infrastructure
spending in Asia Pacific, and these
sectors would also fare poorly if
conditions in China worsen. In fact, in
absolute terms, transport, extraction
and utilities would account for almost
three-quarters of the reduction
in global infrastructure spending
between 2015 and 2020 under the
China hard landing scenario.
Source: Oxford Economics
Figure 5. Cumulative infrastructure spending 2015ā2020,
percentage difference between 2016 baseline and China hard landing scenario by sectorCumulative infrastructure spending 2015 ā 2020 percentage difference
between 2016 baseline and China hard landing scenario by sector
Telecommunications
Social
Manufacturing
Total
Transport
Utilities
Extraction
-8% -7% -6% -5% -4% -3% -2% -1% 0%
7. PwC | 7
16% of manufacturing infrastructure
spending. Equally problematic, though,
would be the outlook for investments
in chemicals and heavy metals, which
also face price constraints.
The upside
Overview
The global upturn scenario analysed by
Oxford Economics assumes that recent
market gloom would fade, confidence
would increase, and growth would
pick up in a number of economies. US
investment would rise, amid renewed
expansion in lending to business. And
investment in Western Europe also
would strengthen, supported by robust
business sentiment, rising profits and
increased capacity utilisation.
Under this plot line, in some parts
of the world, governments would
pursue more expansionary fiscal
policies. With greater confidence
that bond markets will remain
accommodative, countries with fiscal
flexibility would increase public
investment in infrastructure projects.
And there would be one surprise in
this scenario: with renewed economic
optimism, oil production would rise
more than expected under normal
conditions. With more supply on hand
Even without Chinese shortfalls,
utilities have been under some
pressure globally, buffeted by a
combination of subsidy cuts in
Europe for renewable energy projects;
sluggish global economic and trade
growth, which reduces demand for
electricity; and diminished private
sector thirst for capital projects in
the face of a negative commodities
priceĀ environment.
Similarly, investment in transport
projects will likely have a rocky few
years ahead no matter how global
conditions turn out. Although many
governments are not as wedded to
austerity budgets as they were a short
time ago, few are willing to open wide
the coffers to fund major infrastructure
projects. And in the Middle East,
where transport infrastructure
development has had a lot of attention
and funding for the past few decades,
the fall in oil prices is dampening
enthusiasm for these big efforts.
And while investment in
manufacturing might not take
too big a hit under the downside
scenario, this sector, too, may not
be on firm ground. The potential
scaling back of petroleum refining
plants may be one problem; however,
refining only accounts for around
āThe challenge is how to manage through the short term so you can be positioned to
grow effectively over the long term ā after the uncertainty subsidesā.
āPeter Raymond, PwC US and global and Americas and Asia Pacific CPI leader
than the baseline forecast anticipated,
the global upturn scenario predicts
slightly slower increases in oil prices.
In this analysis, global infrastructure
investment between 2015 and 2020
would hit US$28.8 trillion, about
US$1.7 trillion more than the outcome
of a Chinese hard landing and US$600
billion more than the baseline.
8. 8 | Capital project and infrastructure spending outlook: Agile strategies for changing markets
Figure 6. Cumulative infrastructure spending 2015ā2020,
percentage difference between 2016 baseline and global upturn scenario by region
Source: Oxford Economics
Cumulative infrastructure spending 2015ā2020
percentage difference between 2016 baseline and global upturn scenario by region
0.0% 0.5% 1.0% 1.5% 2.0% 2.5%
Middle East
US and Canada
Africa
FSU/CEE
Latin America
Western Europe
Asia Pacific
Regional view
Under the global upturn scenario, the strongest beneficiary would be Asia Pacific, which
could enjoy enhanced demand for the regionās exports from Western economies and greater
capital influx as the appetite for investing in emerging markets grows (see Figure 6). More
than half of CPI spending gains ā about US$350 billion ā would come from Asia Pacific.
Western Europe would also see gains. The weakest improvement in infrastructure spending
would occur in the Middle East, where the slower rate of recovery in oil prices would dilute
the possible benefits that the region could expect from improved globalĀ economies.
9. PwC | 9
Sector view
Looking at the impact on sectors of a global upturn, Increased spending by both the private
and public sectors would engineer broad-based improvements in CPI expenditures.
Utilities and transport would lead the way, reflecting greater economic activity and higher
levels of business investment throughout the economy.
Similarly, and driven by stronger levels of global demand and improved economic
sentiment, global CPI expenditure in the manufacturing sector would increase to US$1.1
trillion each year by 2020, which is around US$40 billion above baseline projections. Public
sector capital spending capacity would also be boosted in this upside macroeconomic
scenario through higher government revenues, meaning that CPI spending in the social
infrastructure sectors, including healthcare and education, would rise to US$4.5 trillion
between 2015 and 2020 (cumulatively), which is US$100 billion above the baseline
expectation.
But the extraction sector would still be in for a difficult time under either the upside or
downside forecasts. In the global upturn story line, the slower rate of increase in oil prices
would hold back infrastructure investment (see Figure 7).
Figure 7. Cumulative infrastructure spending 2015ā2020,
percentage difference between 2016 baseline and global upturn scenario by sector
Cumulative infrastructure spending 2015 ā 2020 percentage difference
between 2016 baseline and global upturn scenario by sector
-1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0%
Extraction
Telecommunications
Total
Manufacturing
Social
Transport
Utilities
Source: Oxford Economics
10. 10 | Capital project and infrastructure spending outlook: Agile strategies for changing markets
However, there is a wild card in the
deck ā and that is, the concept of
Capital Efficiency. Capital efficiency
starts with corporate strategy and
requires agility and foresight to
pursue, abandon, or defer capital
projects. This is critical to companies,
especially those in the energy sector,
who are chasing margin over revenue
in todayās market. With this market
volatility comes the demand for
energy companies to adhere to stricter
policies toward capital allocation and
more frequent capital reprioritization
decisions2
.
On the natural gas front, after years of
expansion and significant investment,
pipeline spending in the US and
Canada will probably stall under
a scenario in which energy prices
weaken. The market is already awash
in natural gas and it would take a
substantial economic upturn to cut
into this oversupply.
Also, advancements in drilling
technology have already resulted
in significant capital productivity
increases in the past 12 to 18 months.
Which means that companies can pull
out of the ground the same amount
of oil with half of the rigs and half of
the costs. More than likely this will
stoke some infrastructure spending
in emerging nations with oil like
Mexico and, to a smaller degree,
the Middle East.
11. PwC | 11
Considering the range of possibilities
that could impact capital project and
infrastructure spending in the near
term, stakeholders of all types ā project
owners, investors, governments,
engineering and construction firms
and multinational corporations ā have
tough decisions to make. They must
think about which projects to shutter,
which to continue, how to reduce costs,
how to attract continued investment
and how to raise funds to pay for the
current and new investment. They
must also select which regions to do
business in and which to avoid. In this
section, we offer some possible options
to consider for each type of stakeholder
to help your organisation stay agile
as you navigate an ever-changing
businessĀ environment.
Questions to consider
As capital project and infrastructure
investors, builders, owners and
developers deal with uncertainty over
the short term, here are some key
questions to consider:
ā¢ Which projects should we
continue? Which ones should we
shutterĀ or delay?
ā¢ How can we reduce CAPEX and
OPEX costs?
ā¢ What sources of potential growth
can we identify, both new and
existing?
ā¢ What is the optimal
balance between high- and
low-riskĀ investments?
ā¢ Where can we build in more
flexibility to allow agile course
correction as needed?
ā¢ How can we extract optimal value
from existing projects?
ā¢ Which contracts should we
consider renegotiating?
ā¢ Is our current portfolio of
projects optimal in the current
economicĀ climate?
ā¢ What is the optimal model
for public- and private-sector
collaboration on a particular
project?
ā¢ What are the economic and
geopolitical factors that will affect
this particular project in this
particular country or region?
ā¢ How do we need to adapt our
business model to address the
effect of new technologies and the
drive towards sustainability?
continue investing in much needed
infrastructure to support economic
growth, job creation and provide
public services.
At the same time, developing a
prioritised set of projects for continued
or future investment is essential in
order to avoid a waste of scarce public
monies. Accelerate project delivery
to achieve key public policy goals
such as improving employment and
reducing transportation costs, which in
turn makes exports more competitive
and import and domestic items less
expensive. And take advantage of the
lower costs of labour and materials
to minimize the costs for existing and
planned projects. This may mean
renegotiating contracts with suppliers
and builders, but in difficult times all
Governments: Prioritise,
streamline, renegotiate,
invest, leverage
While governments face many of
the same challenges as businesses
in this CPI environment, their
public policy and social objectives
require different responses to current
economic conditions. Governments
must embrace the idea of prioritising,
streamlining and renegotiating but,
unlike the private sector, governments
often must invest when economic
conditions deteriorate to boost
growth and avoid recession. For
example, Saudi, Kazakh and Nigerian
governments, whose economies
are heavily reliant on oil and gas
or commodities, are considering
how to balance their books and yet
What stakeholders should be
thinking about
13. PwC | 13
investors with confidence about
long-term returns and government
commitments. Development agencies
can assist with project preparation,
risk mitigation and even some
capital investment. And with over
US$100 billion in dry powder8
and
increasing interest on the part of
institutional investors, infrastructure
is becoming a recognised investment
asset class globally. This means
that well-structured projects are
attracting substantial interest and high
valuations. It is an opportune time to
bring good projects to market even in
economies challenged by the recent
global turmoil.
Furthermore, we have also observed
that over time the mixed economy,
including part public/part private
ownership is becoming increasingly
common as a stable, longer term
arrangement. Indeed, there are many
example of joint ventures where
the private sector is introducing its
commercial skills and making use of
an asset which is under-utilised in the
public sector9
. (See p. 12 for more
details on public private partnerships).
Project owners: Prioritise,
streamline,Ā renegotiate
Because capital projects once
thought essential may no longer be
viable, owners should re-evaluate
their portfolio of ongoing and
planned projects with the objective
of prioritising activities essential to
business operations and exiting or
delaying projects that arenāt. Portfolio
optimisation tools can help with
thatĀ process.
Owners also should aim to streamline
current operations, reducing costs
where possible and shifting resources
to the highest value and most essential
operations. While doing so, pay close
attention to customer credit risks
and optimise cash resources. At the
same time, try to renegotiate current
contracts with suppliers, builders, and
supply chain participants ā particularly
since all of them have a vested interest
in seeing project activity continue even
with tighter margins.
In some cases, project owners may
need to use this slow infrastructure
development period to realign and
reposition the business in a more
coherent way that is more suitable
for the current and anticipated
CPIĀ landscape.
Engineering and construction
firms: Improve efficiencies,
renegotiate,Ā consolidate
Engineering and construction (EC)
firms are often the hardest hit when
economic conditions change. During
times of strong growth, they may set
aside efficient practices in the scurry
to get resources and material delivered
to projects. That has a harmful effect
on the organisation and its ability to
deal with difficult conditions. In fact,
the first thing EC firms should do
in the current CPI environment is
to improve project delivery efficiency.
Control schedules, deadlines and costs
to remove excess expenses.
āIn a downturn, this is how you create jobs and economic
activity ā with construction of infrastructure projects
and improvement of transport networks and building
of utilitiesā.
ā Mark Rathbone, PwC Singapore and Asia Pacific CPI leader
14. 14 | Capital project and infrastructure spending outlook: Agile strategies for changing markets
15. PwC | 15
Also prepare to face renegotiation of
contract terms and pricing from major
clients ā and then be ready to turn
around and renegotiate those terms
with subcontractors and suppliers.
During challenging economic times,
some EC firms will be overextended
and unable to maneuver quickly
enough to avoid bankruptcy. This
provides a buying opportunity for
well-capitalised and well-managed
EC firms, which can use an MA
strategy to consolidate their position
in the market or increase market
share. In some economies, where
market structures and policies largely
favour local firms, this strategy offers
additional opportunities for EC firms
seeking to bolster their local presence.
Investors: Rationalise, reposition
For infrastructure project investors,
dramatic economic changes offer ā
or sometimes compel ā a re-evaluation
and repositioning of the investment
portfolio. Projects with significant
demand risk ā such as airports, toll roads
and extraction related investments ā are
likely to be the ones most exposed in
difficult economicĀ conditions.
A risk review is often needed ā and
relatively quickly ā to assess potential
exposures and risk mitigation
options. This review may result in a
rationalisation of positions, in which
the investor seeks to reposition some
existing projects through sales or other
mechanisms, improve efficiencies on
others, and possibly increase exposure
where other investors are anxious
to exit. Also, consider acquiring
new positions in projects as pricing
becomes more attractive.
Investors still face longstanding
endemic risk problems in some
emerging markets, notably
bureaucracy, lack of transparency,
legal and regulatory issues, and
political influence peddling. An
institutional investor survey by
Probitas Partners found that 58% of
respondents indicated less interest in
emerging markets because of political,
economic or currency risk10
.
Aside from global economic worries,
systemic problems at the country
level are also slowing momentum.
To determine the best opportunities,
investors are best advised to do a
thorough, country-specific analysis.
Multilaterals: Expand, support
Multilateral development banks
(MDBs) and bilateral donors ā
such as the World Bank, African
Development Bank, European Bank
for Reconstruction and Development,
Asian Development Bank and Asian
Infrastructure Investment Bank ā play
an important role during volatile
economic periods, especially in
emerging markets.
In addition to providing financial and
technical assistance, development
banks also bring expertise and
insurance against political and other
risks, so their financial involvement
in emerging market projects is often
necessary to attract private investors.
Governments and private investors
should seek out representatives from
these institutions to determine what
kinds of aid they can provide, while
the institutions themselves can be
pro-active in helping decide which
infrastructure investments represent
the highest economic and social
returns to the country and should be
prioritised and further supported.
Development banks can also
encourage more private financing by
taking on the role of intermediary
for private investors, sources of
capital and individual governments
in emerging countries. The new
Asian Infrastructure Investment
Bank, for example, while in its early
days of establishment, is not only
focused on infrastructure investment
but is promising more expedited
processing of projects and a substantial
commitment of new capital.
In describing the work of MDBs,
Laurence Carter, Senior Director of the
Public Private Partnerships Group of
the World Bank Group, told PwC, āWe
help structure projects and mitigate
risk and manage market expectations.
And we work with governments to
make the right decisions to protect the
rights of investors. Thereās a very strong
correlation between protecting foreign
investors and lenders and getting a
positive response on infrastructure
investment. Infrastructure is a top
priority for MDBs.ā
āThe challenge of reconciling short-term affordability
constraints with the long-term planning and delivery
horizon requires vision, innovation and commitment
from everyone involved.ā
ā Richard Abadie, PwC UK and global CPI leader
16. 16 | Capital project and infrastructure spending outlook: Agile strategies for changing markets
[Excerpted from PwCās Global Economy
Watch, May 2016]
In the short-term, building or
upgrading transport or energy
networks can boost aggregate demand
through increased construction activity
and employment. In the long-term,
infrastructure investment can jolt
economic growth by increasing
the potential supply capacity ofĀ
an economy.
For example, improving transport
facilities could make workers more
mobile, thus making labor markets
more efficient and increasing
productivity. While a number of other
factors influence labor productivity,
including skills and technology, the
chart below illustrates a strong positive
correlation between the quality of
physical infrastructure and labor
productivity in the G7 andĀ the Ā E7.
One academic paper found that
a single extra dollar spent on
infrastructure in Canada could
increase GDP by between US$2.46
and US$3.83 in the long term,
discounted to present value terms*.
But this money does need to be spent
effectively to realise these gains.
*Source: Centre for Spatial Economics, The
Economic Benefits of Public Infrastructure
Spending in Canada, 2015.
Sources: PwC analysis, OECD, WEF Global Competitiveness Report 2014ā15
Quality of overall infrastructure
GDPperpersonemployedin2014($000)
Canada
France
Germany
Italy
Japan
UK
US
Brazil
China
India
Indonesia
MexicoRussia
Turkey
0
20
40
60
80
100
120
3 4 5 6 7
line of best fit
Higher quality infrastructure
Quality of overall infrastructure in 2013-14 (1-7 score)
The correlation coefficient between labour productivity and overall
infrastructure quality is 0.81
Infrastructure investment boosts short-term
demand and long-term supply
18. 18 | Capital project and infrastructure spending outlook: Agile strategies for changing markets
Regardless of which of the two
scenarios ā upside or downside ā pans
out, the overall need for infrastructure
will not diminish. Certain megatrends
will continue to drive growth in
infrastructure spend over the medium
term. These include continuing global
urbanisation, the growth of emerging
economies and the attendant growing
middle class, technology innovation
and resource scarcity.
Mark Rathbone, PwC Singapore
and global partner, advises investors,
builders, owners and project
developers to continue to assess
projects and invest because projects
continue to come to market. āThere
is a pipelineā, says Rathbone, while
cautioning that a project has to have
the appropriate risk allocations and
optimal levels of return.
Indeed, even in these volatile times,
there are still opportunities for
well-prepared project sponsors and
investors.
āWhile levels of investment in
infrastructure will always be sensitive
to factors such as macro-economic
conditions, commodity prices, and the
cost of finance, the need for essential
services are constantā, says Richard
Abadie, PwC UK and global CPI leader.
āServices crucial for basic social uplift
such as housing, clean drinking water,
heating, light, transport and moreā.
āOf course, spending on infrastructure
will fluctuate over timeā, he added.
āThis is a simple economic reality. Over
the long term, the trend of increasing
levels of investment in infrastructure
will continue. The alternative is
unthinkable and is the equivalent of
entering the dark ages. The challenge
of reconciling short-term affordability
constraints with the long-term
planning and delivery horizon requires
vision, innovation, and commitment
from everyone involvedā.
The need for infrastructure remains
19. PwC | 19
1. Capital project and infrastructure (CPI) expenditure refers to investments in and construction of plants, equipment and infrastructure ā i.e., physical capital
expenditures ā in sectors from manufacturing to oil and gas to transportation and telecoms.
2. PwC, Driving capital efficiency to fuel oil and gas projects, 2016.
3. BMI Research, Global Industry Overview ā Five Key Themes for 2016: Infrastructure December 10, 2015.
4. āChina invites private investors to help build $318 billion of projects,ā Reuters, May 25, 2015.
5. āInfrastructure the Japanese way: Abe focuses on āqualityā investment for Asiaā, Nikkei report, May 22, 2015.
6. Laurence Carter interview with PwC, October 13, 2015.
7. Peter Troilo, āMDB chief economists weigh in on Chinaās slowdown and the poor,ā Devex, Oct. 12, 2015.
8. Prequin, 2015 Prequin Global Infrastructure Report, 2015.
9. PwC, To own or not to own: Realising the value of public sector assets, 2015.
10. Probitas Partners, Infrastructure Institutional Investor Trends for 2014 Survey, 2014
Endnotes
About this report
This PwC report Capital project and infrastructure spending outlook: Agile strategies for changing markets ā for which
Oxford Economics provided research support and model analysis ā looks at two macroeconomic scenarios: a potential
China hard landing and a global economic upturn ā and how they would affect the mid-term outlook for capital projects
and infrastructure spending to 2020. The data set for this study cover 88% of global GDP and 87% of total world fixed
investment spending. Infrastructure spending forecasts are broken down for seven regions and six sectors, including
extraction, manufacturing, utilities, telecommunications, transportation and social projects.
Methodology: In developing this analysis, Oxford Economics used data sets to provide consistent, reliable, and repeatable measures of projected capital project
and infrastructure spending globally. Historical spending data is drawn from government and multinational organisation statistical sources. Projections are based
on proprietary economic models developed by Oxford Economics at the region and sector levels. The analysis was originally completed over the first half of 2015
incorporating all infrastructure spending and macroeconomic data available at that time, then partially updated in Q1 2016 to reflect the latest macroeconomic
data and outlooks of the seven regions covered in the research (but no new actual infrastructure spending data was collected and incorporated), and to provide
upside and downside scenarios for the infrastructure spending outlook based on Oxford Economicsā Q1 2016 Global Scenario Service. The results for this
report have been estimated using the following underlying data sources: World Health Organisation, UNESCO, World Bank, Annual Capital Expenditures Survey,
Association of American Ports, Edison Electrical Institute, Office of Highway Policy Information, Federal Highways Authority, Department of Transportation,
National Clearinghouse of Educational Facilities, Department of Education, Oxford Economics.