KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Daneila Mitchella. Viac informácií na
www.konzervativizmus.sk.
1. Global slowdown underway
2. Impact of trade tensions greater and more prolonged than expected
3. Exports, manufacturing and investment worst hit
4. Central banks have responded with rate cuts and QE
5. Monetary easing has supported equities, recovering after a sell off in August
6. Consumers remain key driver of activity
7. Slow growth to continue, risks tilted to the downside
UK corporate environment - November 2019Deloitte UK
1. Macro environment - Global economy set to grow at slowest pace since 2010 this year, and remain below trend in 2020. UK growth to remain soft this year and next. Brexit and geopolitical uncertainty loom large.
2. Momentum – UK avoided recession in Q3, business investment declining, manufacturing activity soft, household spending holding up but slowing.
3. Operating costs – cost pressures due to tight labour market but may loosen as firms pull back on hiring. Commodity prices and rental values soft. Credit conditions expected to tighten.
4. Corporate stance – risk appetite near lowest level since 2008, focus on cost reduction, deleveraging and increasing cash flow.
5. Balance sheet – cash rich, credit still relatively cheap and easily available but signs of tightening, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
1. Global slowdown underway
2. Impact of trade tensions greater and more prolonged than expected
3. Exports, manufacturing and investment worst hit
4. Central banks have responded with rate cuts and QE
5. Monetary easing has supported equities, recovering after a sell off in August
6. Consumers remain key driver of activity
7. Slow growth to continue, risks tilted to the downside
UK corporate environment - November 2019Deloitte UK
1. Macro environment - Global economy set to grow at slowest pace since 2010 this year, and remain below trend in 2020. UK growth to remain soft this year and next. Brexit and geopolitical uncertainty loom large.
2. Momentum – UK avoided recession in Q3, business investment declining, manufacturing activity soft, household spending holding up but slowing.
3. Operating costs – cost pressures due to tight labour market but may loosen as firms pull back on hiring. Commodity prices and rental values soft. Credit conditions expected to tighten.
4. Corporate stance – risk appetite near lowest level since 2008, focus on cost reduction, deleveraging and increasing cash flow.
5. Balance sheet – cash rich, credit still relatively cheap and easily available but signs of tightening, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
1. Macro environment - Global growth slowing, particularly in Europe. UK growth expected to be 1.2% this year but Brexit risks loom large.
2. Momentum - business investment declining, household spending holding up on strong wage growth.
3. Operating costs – expected to rise due to tight labour market, wage growth close to a 11-year high. Commodity prices up 12.5% ytd.
4. Corporate stance – risk appetite lowest since 2008, focus on cost reduction and increasing cash flow.
5. Balance sheet – cash rich, credit cheap and easily available, pockets of debt risk in ‘cov-lite’ sectors, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
CRFB Webinar - Where Do We Stand on the National Debt - june 29 2020CRFBGraphics
On June 29th, Committee for a Responsible Federal Budget Policy Director Marc Goldwein gave a webinar detailing where the national debt and deficit stand in the post-COVID environment, featuring CRFB's updated 10-year budget projections. This slide deck accompanied that webinar.
2017 Global Economic Outlook by Dun & BradstreetDun & Bradstreet
Learn from Dun & Bradstreet’s economists as they share our 2017 global economic outlook. Discover the top five economic game changers, take a look at the short-term economic outlook and view deep-dive analyses on featured countries.
CRFB webinar - Where Does the Next Phase of COVID Relief Stand - July 31, 2020CRFBGraphics
Lawmakers on Capitol Hill have been negotiating over a new package of economic and public health support to combat COVID-19. Congress has already enacted $3.7 trillion of spending, tax cuts and deferrals, loans, and other fiscal aid, but some of this support is now expiring, particularly expanded unemployment benefits.
On July 31st, Committee for a Responsible Federal Budget senior vice president Marc Goldwein presented a webinar titled "Where Does the Next Phase of COVID Relief Stand?" This slide deck was made to accompany that webinar.
On 21 September 2018, Scope affirmed the US sovereign rating at AA/ Stable. What are the factors which contribute to the United States losing its AAA rating?
KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Juraja Karpiša. Viac informácií na
www.konzervativizmus.sk.
1. Macro environment - Global growth slowing, particularly in Europe. UK growth expected to be 1.2% this year but Brexit risks loom large.
2. Momentum - business investment declining, household spending holding up on strong wage growth.
3. Operating costs – expected to rise due to tight labour market, wage growth close to a 11-year high. Commodity prices up 12.5% ytd.
4. Corporate stance – risk appetite lowest since 2008, focus on cost reduction and increasing cash flow.
5. Balance sheet – cash rich, credit cheap and easily available, pockets of debt risk in ‘cov-lite’ sectors, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
CRFB Webinar - Where Do We Stand on the National Debt - june 29 2020CRFBGraphics
On June 29th, Committee for a Responsible Federal Budget Policy Director Marc Goldwein gave a webinar detailing where the national debt and deficit stand in the post-COVID environment, featuring CRFB's updated 10-year budget projections. This slide deck accompanied that webinar.
2017 Global Economic Outlook by Dun & BradstreetDun & Bradstreet
Learn from Dun & Bradstreet’s economists as they share our 2017 global economic outlook. Discover the top five economic game changers, take a look at the short-term economic outlook and view deep-dive analyses on featured countries.
CRFB webinar - Where Does the Next Phase of COVID Relief Stand - July 31, 2020CRFBGraphics
Lawmakers on Capitol Hill have been negotiating over a new package of economic and public health support to combat COVID-19. Congress has already enacted $3.7 trillion of spending, tax cuts and deferrals, loans, and other fiscal aid, but some of this support is now expiring, particularly expanded unemployment benefits.
On July 31st, Committee for a Responsible Federal Budget senior vice president Marc Goldwein presented a webinar titled "Where Does the Next Phase of COVID Relief Stand?" This slide deck was made to accompany that webinar.
On 21 September 2018, Scope affirmed the US sovereign rating at AA/ Stable. What are the factors which contribute to the United States losing its AAA rating?
KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Juraja Karpiša. Viac informácií na
www.konzervativizmus.sk.
Duurzaamheid in de Steigers is een initiatief van bijna dertig bedrijven uit de bouwkolom in de regio Twente en Zwolle-Vechtdal. Samen startten ze een workshoptraject over MVO in de bouwkolom. De PowerPoint geeft een impressie
Trebbe is een dienstverlenende, veelzijdige bouwer met een waardevolle geschiedenis. Van planontwikkeling tot en met oplevering en meerjarig onderhoud, van nieuwbouw tot renovatie in woning- en utiliteitsbouw.
Deze presentatie geeft u inzicht in de brede expertises binnen ons bedrijf. Voor meer informatie neemt u een kijkje op www.trebbe.nl
Zistené skutočnosti, ktoré predkladá táto správa naznačujú, že v rámci skúmaných projektov financovaných z fondov Európskej únie, pri verejnom obstarávaní služieb externého projektového manažmentu, mohlo vzhľadom na konflikt záujmov dochádzať k obmedzovaniu slobodnej súťaže, obchádzaniu zákona o verejnom obstarávaní, koordinovanému predkladaniu ponúk a tým k neprimeranému a neodôvodnenému zvyšovaniu cien, čím boli nielen poškodené záujmy Európskej únie ako inštitúcie, ale predovšetkým boli poškodení daňovníci - občania EÚ. Viac na www.konzervativizmus.sk alebo na www.monitoringfondov.eu
KI s podporou Penta Investments a Nadácie Tatra banky v spolupráci s ďalšími partnermi organizoval dňa 26. septembra 2011 v Bratislave a dňa 27. septembra 2011 v Banskej Bystrici ďalšiu z cyklu prednášok CEQLS. Tentoraz bol našim hosťom ekonóm Robert P. Murphy, ktorý spolupracuje s Ludwig von Mises Institute (USA). Viac informácií nájdete na www.konzervativizmus.sk.
Wonen zonder energierekening, met TrebbeTrebbe100jaar
Trebbe is finalist bij niaNesto: een initiatief van woningcorporatie Portaal waarin creatieve conceptaanbieders hun uiterste best doen om met één van de vijf winnende energieneutrale woningbouwontwerpen te komen. Op 1 november 2012 kiezen huurders, gemeentes en corporaties de winnaars. De conceptaanbieders realiseren vervolgens binnen een half jaar tijd hun woningen.
Bovenstaande PowerPoint werd vertoond op 7 september 2012 tijdens de niaNesto-markt aan corporaties, huurders en gemeenten. De PowerPoint geeft aan wat de belangrijkste kernwaarden zijn van ons concept. Tijdens de markt hebben we gemeenten, corporaties en vooral ook huurders gevraagd naar hun wensen. Wij denken zelf aardig te weten wat zij willen, maar kloppen onze veronderstellingen? Voor ons waren de gesprekken met de huurders erg plezierig en leerzaam. En de huurders? Zij bleken ons concept te waarderen met als resultaat dat we een gedeelde eerste plaats behaalden in de tussenpeilingen.
Trebbe is er klaar voor om een product te leveren dat voldoet aan de eisen van 2020!
Een efficiënt en duurzaam gebouw voor vmbo, mavo en praktijkonderwijs. Dat klinkt eenvoudiger dan het is. Hoe huisvest je verschillende afdelingen, praktijkruimten en leerateliers in één gebouw zonder de gewenste kleinschaligheid en persoonlijke aandacht uit het oog te verliezen?
Bijna honderd relaties grepen de kans dit persoonlijk te beleven en kwamen dinsdag 12 maart 2013 naar onze relatiedag bij CSG Het Streek in Ede. Een schoolgebouw dat is gerealiseerd in bouwteam plus: wij namen deel in het bouwteam vanaf het schetsontwerp en waren verantwoordelijk voor het taakstellend budget.
Trebbe organiseerde de relatiedag samen met projectmanager Kleissen en Partners, architect LIAG, installateur Kuijpers en CSG Het Streek. Was u niet aanwezig maar wilt u toch meer weten over dit bijzondere project? Bekijk dan de PowerPoint en/of neem contact op met Antje de Groot-Schuttert, directeur Trebbe Oost & Noord, via het telefoonnummer 088 259 03 03 of het e-mailadres degroot@trebbe.nl.
La semana próxima ingresará una nueva Rendición de Cuentas al Parlamento. En un contexto de mejora de los indicadores fiscales y de demandas por cambios en algunas asignaciones presupuestales, nos pareció oportuno analizar detalladamente el estado de las cuentas públicas. De esta forma, les ofrecemos una nueva edición de nuestra #RadiografíaDelSectorPúblico, con el objetivo de generar insumos para el debate ante la instancia de rendición de cuentas que se avecina.
Rarely has there been more uncertainty regarding the course of the public finances over the next five years. In this note we aim to answer some of the big questions for the economy in light of the 2021 budget.
Rarely has there been more uncertainty regarding the course of the public finances over the next five years. In this note we aim to answer some of the big questions for the economy in light of the 2021 budget.
Chris Edwards, CATO Institute - Speaker at the marcus evans Tax Officers Summit Fall 2012, held in Las Vegas, NV, delivered his presentation entitled How to Fix America’s Fiscal Crisis: Reform Lessons from Canada
"Show me the incentive and I'll show you the outcome" – Veripath Farmland Funds Q4 Investor Letter: Investing in a World of Financial Repression, Negative Real Rates, Valuation “Challenges” and Inflationary Forces.
Do G7 governments have an incentive to attempt to keep inflation higher for longer and real rates lower for longer? Negative real rates across a broad spectrum of credit assets are a graphic sign that we inhabit a world of financial repression orchestrated by central banks at the formal/informal behest of sovereign borrowers. In a normally functioning market, lenders do not provide capital to borrowers for negative yields – i.e., they do not pay for the privilege of lending. It goes without saying we are not in a normally functioning market.
Konzervatívny inštitút M. R. Štefánika organizoval ďalšiu z cyklu prednášok CEQLS. Naším hosťom bol Daniel Klein, profesor ekonómie na George Mason University (USA), ktorý pri príležitosti 300-tého výročia narodenia Adama Smitha prednášal o jeho odkaze pre súčasnosť.
Kniha Konzervatívneho inštitútu M. R. Štefánika a Liberálního institutu Na obranu slobodného trhu (2007) pozostáva z trinástich prednášok renomovaných a vo svete uznávaných osobností, ktoré odzneli na pozvanie Konzervatívneho inštitútu v Bratislave a na pozvanie Liberálního institutu v Prahe. V knihe si možno prečítať napríklad príspevky nositeľa Nobelovej ceny za ekonómiu v roku 1986 Jamesa M. Buchanana, prezidenta ČR Václava Klausa a prezidenta Cato Institute Williama A. Niskanena.
Na pozvanie Konzervatívneho inštitútu M. R. Štefánika (KI) a Slovak Students for Liberty (SSFL) prišiel na Slovensko výnimočný hosť: renomovaný americký ekonóm a právny teoretik David Friedman a v Bratislave dňa 26. apríla 2022 prednášal v rámci cyklu CEQLS na tému Ekonómia, právo a sloboda. Viac na www.konzervativizmus.sk
Konzervatívny inštitút M. R. Štefánika organizoval v Bratislave dňa 20. apríla 2022 ďalšiu z cyklu prednášok Conservative Economic Quarterly Lecture Series /CEQLS/. Viac na www.konzervativizmus.sk
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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El Puerto de Algeciras continúa un año más como el más eficiente del continente europeo y vuelve a situarse en el “top ten” mundial, según el informe The Container Port Performance Index 2023 (CPPI), elaborado por el Banco Mundial y la consultora S&P Global.
El informe CPPI utiliza dos enfoques metodológicos diferentes para calcular la clasificación del índice: uno administrativo o técnico y otro estadístico, basado en análisis factorial (FA). Según los autores, esta dualidad pretende asegurar una clasificación que refleje con precisión el rendimiento real del puerto, a la vez que sea estadísticamente sólida. En esta edición del informe CPPI 2023, se han empleado los mismos enfoques metodológicos y se ha aplicado un método de agregación de clasificaciones para combinar los resultados de ambos enfoques y obtener una clasificación agregada.
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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An astonishing, first-of-its-kind, report by the NYT assessing damage in Ukraine. Even if the war ends tomorrow, in many places there will be nothing to go back to.
Here is Gabe Whitley's response to my defamation lawsuit for him calling me a rapist and perjurer in court documents.
You have to read it to believe it, but after you read it, you won't believe it. And I included eight examples of defamatory statements/
04062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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2. Defining the Problem
There is no “European” problem.
There is no “Eurozone” problem.
There is no “Euro” problem.
There is a problem of many nations taxing
too much and spending too much.
This is leading to anemic economic
performance.
International investors don’t trust some
nations to pay thir bills.
3. Making Bad Policy Even Worse
Proposals for tax harmonization and/or a
fiscal union will exacerbate the problems in
Europe.
No economic rationale for identical/similar tax
rates.
No economic rationale for fiscal transfers.
Look at the U.S., particularly in the past.
Look at Switzerland today.
5. Definition of Good Fiscal Policy
Government spending should grow slower
than nominal GDP.
Over time, this reduces burden of public
sector.
Eliminates risk of higher taxes.
Deficits eventually disappear.
Debt shrinks as share of GDP.
Politicians don’t like this approach since they
can’t buy votes with other people’s money.
6. Size of Government Matters…a Lot
There is a “Rahn
Curve” relationship
between
government
spending and
economic growth
similar to the “Laffer
Curve” relationship
between tax rates
and tax revenue.
9. Demographics Is Fiscal Destiny
Ageing populations and welfare states are an
unstable combination.
Pay-as-you-go systems are Ponzi schemes.
Not enough future workers to support
redistribution programs.
Without reform, massive debt or massive tax
increases.
Probably both
12. The Sovereign Debt Crisis
Greece was the tip of the iceberg
Ireland was phase two.
Spain and Portugal phase three.
Italy and Belgium phase four.
Japan in a special category.
Almost all other industrialized nations are on
this path.
Rare exceptions such as Australia, perhaps
Switzerland and even Sweden.
13. Where Is the Debt Tipping Point?
Rogoff and Reinhart say 90 percent of GDP is
the danger zone.
Depends on the nation.
Industrialized world has breathing room.
Greece got in trouble over 100 percent.
Japan still doing fine at 200 percent.
Spain and Portugal in trouble at less than 90
percent.
25. Implications for Tax Policy
Burden of government spending will increase
by at least 10 percentage points of GDP.
BIS model shows worse results, driven by
interest assumptions.
That won’t happen because it means an end
to Western civilization.
But what will happen?
In Europe, some nations will default and
leave the euro (so they can inflate).
26. Can Europe Tax to Prosperity?
Taxes on personal income averaged 9 percent
of GDP as of 2008.
VAT rates already average more than 20
percent.
Payroll tax rates also very high in most
European nations.
A reverse of trend of lower corporate rates is
almost certain.
But…
27. Revenge of the Laffer Curve?
Politicians can increase tax rates, but that
does not necessarily mean they collect more
tax revenue.
If economic growth slows, taxable income
also slows.
If incentives to avoid and evade rise, taxable
income slows even more.
America conducted a Laffer Curve experiment
in the 1980s.
28. Tax Rates, the Rich, and Revenue
In 1980, there were
116,800 rich people.
Those rich people
reported $36.2
billion of income to
the IRS.
They paid $19.0
billion of income tax
to the federal
government.
29. Tax Rates, the Rich, and Revenue
In 1980, there were By 1988, there were
116,800 rich people. 723,700 rich people.
Those rich people Those rich people
reported $36.2 reported $353.0
billion of income to billion of income to
the IRS. the IRS.
They paid $19.0 They paid $99.7
billion of income tax billion of income tax
to the federal to the federal
government. government.
30. What Should Be Done?
The answer is simple – just restrain the
growth of spending, as U.S. example shows.
If nominal revenue is projected to grow 7
percent each year, as CBO projects, red ink
can be reduced if spending grows by a lesser
amount.
A freeze balances the budget by 2017.
Letting spending grow by 2 percent each year
means fiscal balance in 2022.
32. Other Nations Have Reformed
Good fiscal policy does not require miracles,
just spending restraint.
If spending grows slower than nominal GDP,
good things happen.
Greater levels of fiscal restraint mean quicker
progress.
If spending grows faster than nominal GDP,
sooner or later a nation becomes Greece.
But sometimes nations do the right thing.
34. ...Burden of Government and Deficit Both Shrink
14 80
Budget Deficit
12
70
Government Spending as Share of GDP
10
60
Deficit as Share of GDP
8
50
Government Spending
6
40
4
30
2
0 20
1985 1986 1987 1988 1989
Source: Economist Intelligence Unit
35. New Zealand Restrains Growth of Spending and...
50
45
40
Billions
35
30
25
1990 1991 1992 1993 1994 1995
Source: Economist Intelligence Unit
36. ...Burden of Government and Deficit Both Shrink
5 55
4
Government Spending 50
Government Spending as Share of GDP
3
Budget Deficit as Share of GDP
2
Budget Deficit 45
1
0
40
1990 1991 1992 1993 1994 1995
-1
-2 35
Budget Surplus
-3
-4 30
Source: Economist Intelligence Unit
38. ...Burden of Government and Deficit Both Shrink
10 65
Budget Deficit
8
Government Spending as Share of GDP
Budget Deficit as Share of GDP
6 55
4
Government Spending
2 45
0
1992 1993 1994 1995 1996 1997
-2 35
Source: Economist Intelligence Unit
39. Conclusion
Three challenges for Europe
Correctly identifying the problem – big
government is the disease. Deficits and
debt are symptoms.
Figuring out ways to “bend the cost curve”
of government spending.
Convincing voters that liberty is better than
dependency – particularly when
dependency means fiscal disaster.