2009-2011 Industrial Plan: Strategic Guidelines and Targets.
Pirelli Group has and will continue to develop measures to increase its competitiveness and enhance its efficiency.
More on: http://industrial-plan.pirelli.com/idayPost/jsp/downloadArea.jsp
Reorganization, Business rationalization as well as the development of "green" technologies and products will be the levers supporting Pirelli in this process.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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
how can I sell my pi coins for cash in a pi APPDOT TECH
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
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
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 “Roaring Twenties”? 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. government’s 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?
“In 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,” 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.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
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 product—it 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 swap pi coins to foreign currency withdrawable.DOT TECH
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
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What price will pi network be listed on exchangesDOT TECH
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$ — 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
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
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.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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what is the best method to sell pi coins in 2024DOT TECH
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
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
2. Forward-looking Statements
This presentation contains forward-looking statements. These statements are not
historical facts and are based on management’s objectives and estimates. The words
"anticipate", "believe", "expect", "estimate", "intend", "plan", "project", "aim" and similar
words indicate forward-looking statements. Although we believe they are based on
reasonable assumptions, these statements are based on the information currently
available to management and are subject to a number of risks and uncertainties.
The forward-looking statements in this presentation are valid only on the date they are
made (December 31, 2010) and the Company does not assume any obligation to update
them in light of new information or future developments.
Braskem is not responsible for any transaction or investment decision taken based on the
information in this presentation.
2
3. Highlights
EBITDA (R$ million) EBITDA (US$ million)
Braskem’s EBITDA was R$ 1.1 billion in 4Q10 with a 14.9 % +27%
+41%
EBITDA margin 4,055 2,308
2010 EBITDA reached R$ 4.1 billion, a 27% growth over 3,181
1,638
2009
Quattor EBITDA increased 78% reaching R$1 billion
Braskem’s domestic resin sales rose 11%
2010 Net Income was R$ 1,9 billion 2009 2010 2009 2010
Braskem is committed to its financial solidity:
Debt prepayment and long term bonds issue, lengthened the average debt term to 12.5 years
Net Debt/EBITDA* ratio fell from 3.59x (Dec/09 pro forma) to 2.43x in Dec/10
The Administrative Council of Economic Defense (CADE), approved without restrictions the acquisition of Quattor
Synergies from the acquisition are expected to R$377 million in annual EBITDA for 2011
Ethylene XXI Project – Mexico
Letters of interest for the finance of the project surpassed its financing needs
Strategic partnership with Lyondell Basell for the use of the technology at the polyethylene plants
*Last 12 Months EBITDA (LTM) 3
4. Domestic market performance
Domestic Resins Performance – 4Q10 Vs. 3Q10 Origin of Imports in 2010
(PE, PP and PVC)
-5% Brazilian market
-6% Braskem’s Sales
Others
14%
Europe
Braskem’s Sales Profile – 2010 10% North America
29%
Asia
OTHERS 10%
AGRIBUSINESS
10% Mexico Colombia Argentina
INDUSTRIAL 4% FOOD 1% 15%
29%
21%
4% PACKAGING
AUTOMOTIVE 6%
RETAIL 7%
9%
Americas account for 67% of imports
HYGIENE AND 18%
CLEANING 13% CONSTRUCTION Imports continued to represent 26%
of the domestic market
CONSUMER
GOODS
Source: Tendências Consultoria, Abiquim, Braskem 4
5. EBITDA performance: 4Q10 vs. 3Q10
R$ million
Although sales volume was impacted by lower seasonal FX impact
on costs 127
demand, contribution margin was offset by the higher
prices in Brazilian real. FX impacted by the appreciation in
Brazilian real. (191)
FX impact on
revenues
345
( 64) 1,074
1,033
( 75 ) ( 32)
( 134 )
EBITDA Volume Contribution FX Fixed Costs Others EBITDA
3Q10 Margin SG&A 4Q10
Source: Braskem *SG&A: R$29 million of non-recurring expenses in 4Q10 5
6. EBITDA performance: 2010 vs. 2009
R$ million
Contribution margin was positive impacted by the
higher sales volume and the improvement in resin-
naphtha spread. FX impacted by the appreciation in
Brazilian real. FX impact
on costs 2,089
FX impact
1,979 (3,140) on revenues
( 1,051 )
4,055
523 ( 441) (135)
3,181
EBITDA Volume Contribution FX Fixed Costs Non recurring EBITDA
2009 Margin SG&A effect 2009 2010
Source: Braskem *SG&A: R$244 million of non-recurring expenses in 2010 6
7. Strong cash generation and competitive margins
EBITDA (R$ million) and
EBITDA Margin (%)
14.0% 14.6%
12.1% 14.1% 14.9% 40.0%
20.0% 4,055
0.0% 3,181
1,036 1,074 -20.0%
-40.0%
786
-60.0%
-80.0%
-100.0%
-120.0%
-140.0%
3Q09 3Q10 4Q10 2009 2010
4Q10 3Q10 4Q09 Chg. Chg. 2010 2009 Chg.
R$ Million
(A) (B) ( C) (A)/(B) (A)/( C) (D) (E) (D)/(E)
Net Financial Result (541) 183 (981) - -45% (1,618) 266 -
Foreign Exchange Variation (FX) 106 638 166 -83% -36% 405 2,782 -85%
Monetary Variation (MV) (65) (40) (140) 63% -54% (355) (511) -31%
Net Financial Result (583) (416) (1,006) 40% -42% (1,668) (2,005) -17%
Source: Braskem Non-recurring Financial Expenses: approx. R$250 million in 4Q10 and R$464 million in 2010 7
8. Leverage decrease and longer average debt term
Net Debt/EBITDA
(R$)
Amortization Schedule(1) Dec-09 3.59x
(million of R$)
12/31/2010
-32%
Sep-10 2.64x
-8%
583*
20% Dec-10 2.43x
393
13% 14%
13%
10% 11% Net Debt/EBITDA
10% 2,594
2,889 1,733 1,820 8% (US$)
2,496 1,694 1,360
1,245 1,073 1,244
Dec-09 4.00x
12/31/10 2011 2012 2013 2014 2015 2016/ 2018/ 2020 -36%
2017 2019 onwards
Sep-10 2.76x
Cash
(1) Does not
include transaction costs
Invested in R$ -7%
Invested in US$ *US$350 million of Stand by
Dec-10 2.56x
Issue of US$450 million in perpetual bonds, project finance
prepayment and others financing operations lengthened the
average debt term to 12.5 years
8
9. Synergies from Quattor acquisition totaling
R$377 million in EBITDA for 2011
2011 EBITDA*: R$377 million 2012 EBITDA*: R$495 million
R$ milhões
R$ million R$ million
59
87
61
82
495
377
350
234
Industrial Logística
Logistics Suprimentos
Supply EBITDA Synergies
EBITDA Sinergias Industrial Logistics Supply EBITDA Synergies
Identification of new opportunities, efficient and rapid implementation of initiatives to
capture synergies
Integrated planning for industrial units
Centralized maintenance plan assets strategy
Optimization of freight and gains in distribution and storage
Joint purchase of materials for industrial operations
Source: Braskem * Annual and Recurring 9
10. 2011 Capex and Projects
Ethylene XXI (JV Braskem and IDESA) – Mexico
Startup: January 2015
PEMEX guarantees the supply of ethane
Integrated project: 1 Mton/year ethylene and 1Mton/year PEs
Investments
Investment: US$ 2.5 billion (project finance) (R$ million)
Mexico imports 68% of its total PE demand (1.8 Mton/year)
Financial advisor: Sumitomo 1,644
Strategic partnership with Ineos and Lyondell Basell for the use of the technology
at the PE plants 391
Maintenance Shutdown
More than US$5 billion in letters of interest for the project finance
HSE
142
2011 Focus
94
Cracker technology definition Productivity
Structuring of the Project Finance 407
Capacity Increase / PVC Alagoas
Conclusion of the engineering and construction agreement
243 Equipment Replacement
PVC Alagoas - Brazil 89
Mexico
Characteristics: 278
Others
Startup: May 2012
Expansion of 200 kton/y in PVC capacity 2011e
Investments of US$470 million and expected NPV ~US$450 million
Approval of a financing line of up to R$525 million from BNDES and R$200
million from BNB
10
11. Outlook and Priorities
Petrochemical Market
Political instability in Arab countries and oil price volatility
Global petrochemical scenario continues to be marked by recovery, but oversupply is still
expected for 2011. Mitigating factors:
Operational instability, delays on the startup of new plants and trade sanctions imposed on Iran
Strong demand from emerging countries like China, India and Brazil
Braskem priorities
Strengthening of the Brazilian petrochemical and plastics production chain
To follow the domestic resins’ market growth: 9-10% in 2011
Ensure capture of the identified synergies
Adding value through the acquired assets
Quattor: continue improvement in its operational efficiency
Braskem America: return above capital employed
Maintaining liquidity and financial discipline
Growth Projects
PVC Alagoas
Implementing project in Mexico, which is based on competitive raw materials
To define Comperj’s configuration with Petrobras
Expand the use of renewable feedstock
11