The document provides an economic update for the DC metro commercial real estate market. It notes that job growth has slowed significantly since early 2012. In the office market, vacancy is rising as demand for space has declined and rents are flat or falling. Confidence in the market is low due to uncertainty around fiscal policy issues like the upcoming "fiscal cliff." While federal spending is slowing, the DC metro remains an important economic center with strengths like highly educated workforce and population growth. The outlook calls for continued weak conditions over the next 18 months but a return to stronger growth starting in 2014 if fiscal issues are resolved.
Mārtiņš Bitāns. Lessons from the Latvian austerity programEesti Pank
The document examines Latvia's fiscal austerity program following the 2008 financial crisis which saw large cuts to government spending and wages that helped reduce high budget deficits and current account imbalances. Through internal devaluation, fiscal austerity restored Latvia's competitiveness and export-led growth, avoiding a deep and prolonged recession despite an initial sharp GDP decline. The success of Latvia's fiscal austerity program demonstrates that expansionary fiscal contraction can work under certain economic conditions.
Taiwan's economic situation and outlook , june 2012tuagu79
The document summarizes Taiwan's economic situation and outlook in June 2012. It finds that Taiwan's real GDP grew at an annualized rate of just 0.39% in Q1 2012 due to contracting exports and weak domestic demand. While the global economy is expected to modestly grow in 2012, Taiwan's export and GDP growth will likely be muted at around 3% due to uncertainties from Europe and China. Taiwan ran a trade surplus in April 2012 as exports declined 6.4% and imports rose 2.1% year-on-year. China remains Taiwan's largest export market while Japan is still its biggest import source.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
Mark Rajkowski, CFO of Credit Suisse, presented at the 2012 Global Paper & Packaging Conference. He outlined Credit Suisse's business model, which focuses on commercial excellence, innovation, and emerging markets to drive revenue growth of over 5% annually. This growth, combined with margin expansion through operational leverage and productivity, is expected to produce earnings growth of 7-10% and top quartile total shareholder returns.
Agnico-Eagle Mines Limited reported its third quarter 2012 results in October 2012. The company achieved record quarterly gold production of 286,971 ounces at total cash costs of $556 per ounce. Cash flow from operations was also a record at $199 million for the quarter. Agnico increased its 2012 gold production guidance to approximately 1,025,000 ounces and lowered its total cash cost guidance to approximately $660 per ounce. The company's portfolio of long-life mines continued to perform well, and it expects low political risk and meaningful production growth from existing assets.
The Indian stock markets extended their gains for a sixth straight week as the benchmark indices rose over 1%. Foreign investors have poured $3.6 billion into Indian equities so far this year, outperforming many global markets. The markets gained on positive US jobs data but slipped on India's lower-than-expected GDP growth of 6.9% for fiscal year 2012. Hopes of further aid to Greece helped the markets recover. Key factors to watch this week include India's January inflation data and various major company earnings announcements. The outlook is for a range-bound market between 5,200-5,480 points.
Fortuna Silver Mines Inc. is a silver mining company with operations in Peru and Mexico. The presentation provides an overview of Fortuna's two core operating assets: the San Jose Mine in Mexico and the Caylloma Mine in Peru. It also summarizes the company's financial performance, growth strategy, and extensive land holdings for exploration.
Agnico-Eagle Mines reported record annual gold production of 1,043,811 ounces in 2012 at a total cash cost of $640 per ounce. Cash flows from operations reached a record $696 million. Production is expected to increase to approximately 990,000 ounces in 2013 and reach over 1.2 million ounces by 2015 through contributions from new projects. Capital expenditures will be focused on expanding the Kittila mine and advancing new projects.
Mārtiņš Bitāns. Lessons from the Latvian austerity programEesti Pank
The document examines Latvia's fiscal austerity program following the 2008 financial crisis which saw large cuts to government spending and wages that helped reduce high budget deficits and current account imbalances. Through internal devaluation, fiscal austerity restored Latvia's competitiveness and export-led growth, avoiding a deep and prolonged recession despite an initial sharp GDP decline. The success of Latvia's fiscal austerity program demonstrates that expansionary fiscal contraction can work under certain economic conditions.
Taiwan's economic situation and outlook , june 2012tuagu79
The document summarizes Taiwan's economic situation and outlook in June 2012. It finds that Taiwan's real GDP grew at an annualized rate of just 0.39% in Q1 2012 due to contracting exports and weak domestic demand. While the global economy is expected to modestly grow in 2012, Taiwan's export and GDP growth will likely be muted at around 3% due to uncertainties from Europe and China. Taiwan ran a trade surplus in April 2012 as exports declined 6.4% and imports rose 2.1% year-on-year. China remains Taiwan's largest export market while Japan is still its biggest import source.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
Mark Rajkowski, CFO of Credit Suisse, presented at the 2012 Global Paper & Packaging Conference. He outlined Credit Suisse's business model, which focuses on commercial excellence, innovation, and emerging markets to drive revenue growth of over 5% annually. This growth, combined with margin expansion through operational leverage and productivity, is expected to produce earnings growth of 7-10% and top quartile total shareholder returns.
Agnico-Eagle Mines Limited reported its third quarter 2012 results in October 2012. The company achieved record quarterly gold production of 286,971 ounces at total cash costs of $556 per ounce. Cash flow from operations was also a record at $199 million for the quarter. Agnico increased its 2012 gold production guidance to approximately 1,025,000 ounces and lowered its total cash cost guidance to approximately $660 per ounce. The company's portfolio of long-life mines continued to perform well, and it expects low political risk and meaningful production growth from existing assets.
The Indian stock markets extended their gains for a sixth straight week as the benchmark indices rose over 1%. Foreign investors have poured $3.6 billion into Indian equities so far this year, outperforming many global markets. The markets gained on positive US jobs data but slipped on India's lower-than-expected GDP growth of 6.9% for fiscal year 2012. Hopes of further aid to Greece helped the markets recover. Key factors to watch this week include India's January inflation data and various major company earnings announcements. The outlook is for a range-bound market between 5,200-5,480 points.
Fortuna Silver Mines Inc. is a silver mining company with operations in Peru and Mexico. The presentation provides an overview of Fortuna's two core operating assets: the San Jose Mine in Mexico and the Caylloma Mine in Peru. It also summarizes the company's financial performance, growth strategy, and extensive land holdings for exploration.
Agnico-Eagle Mines reported record annual gold production of 1,043,811 ounces in 2012 at a total cash cost of $640 per ounce. Cash flows from operations reached a record $696 million. Production is expected to increase to approximately 990,000 ounces in 2013 and reach over 1.2 million ounces by 2015 through contributions from new projects. Capital expenditures will be focused on expanding the Kittila mine and advancing new projects.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The document analyzes 103 foreign direct investment projects in the food and tobacco sectors by companies from Latin America and the Caribbean between 2003 and 2012. It found that:
1) Projects peaked in 2011 with 18 projects announced that year creating nearly 4,000 jobs and investing $791 million.
2) The top 10 investors accounted for 40% of projects and almost half the total jobs and capital investment.
3) Manufacturing was the largest business activity with 65% of projects and accounting for over 16,000 jobs and $3.36 billion in investment.
Agnico Eagle Mines Limited provided a corporate update in January 2013. The update discussed Agnico Eagle's strong financial and operating performance in 2012, including record gold production and improved costs. Plans for growth in 2013 include commercial production at the La India and Goldex projects by mid-2014. Exploration success was noted at La India, Tarachi and Kittila, with drilling continuing to expand mineralized zones at these properties.
The Swedish economy continues to expand at a brisk pace according to recent data, with confidence increasing in many sectors. However, there are signs that the rate of expansion could slow, as confidence indicators level off and temporary factors like inventory build-up subside. Public finances are benefiting from the economic recovery and reforms, but fiscal policy will face challenges going forward as costs from demographics grow and subsidies are phased out. Exports and government revenues are growing, but inflation is rising and unemployment remains high, making economic policy tricky.
Agnico-Eagle Mines Limited reported strong second quarter 2012 results, with record quarterly gold production from currently operating mines of 265,350 ounces at total cash costs of $660 per ounce. Cash provided by operating activities was a record $194 million for the quarter. Production guidance for 2012 was increased to approximately 975,000 ounces of gold. The company has a portfolio of quality, long-life mines that continue to perform well and provide low-risk production growth from existing assets. Significant exploration upside and reserve growth have been demonstrated at the company's 100%-owned assets.
Metso Financial Statements Review 2012 presentation Metso Group
The document discusses Metso's financial results for Q4 and full year 2012. Key points include:
1) Orders grew 29% in Q4 and net sales reached an all-time high, though orders fell 14% for the full year due to a lack of exceptionally large projects.
2) EBITA improved 9% to EUR 684 million for 2012, with all segments growing except Pulp, Paper and Power.
3) Mining and Construction continued steady growth, with orders up 22% in Q4 and net sales up 18% for the full year.
Agnico-Eagle Mines reported record quarterly gold production from its currently operating mines of 254,955 ounces in Q1 2012, a 19% increase over Q1 2011. Total cash costs were $594 per ounce. Net income was $79 million, up 74% year-over-year. Cash provided by operating activities was $196 million. Production is expected to grow further from existing long-life assets through exploration and mine plan optimization. The company aims to continue generating strong cash flows to fund growth and maintain its dividend.
The document discusses how international investment income flows affect Australia's balance of payments. It notes that Australia now has a deficit on net income flows that is about twice the size of the trade deficit. Higher profits for Australian companies, particularly in the mining sector due to increased commodity demand from China, have contributed significantly to the widening deficit on net income as foreign investors own a large portion of these profitable companies and income accrues overseas. While only a minority of increased mining profits have so far been paid out as dividends to foreign shareholders, retained earnings have increased and continue to widen the net income deficit.
The document provides Frontline's Q4 2012 results and outlook. It discusses several transactions in Q4 including terminating some vessels and early termination of TC contracts on two OBO carriers. It reported a net loss of $16.9 million for Q4 2012 and $82.8 million for full year 2012. Frontline also provides an overview of its fleet size and average time charter rates and coverage for 2013-2014. The company estimates its cash cost breakeven rates for VLCCs and Suezmax tankers for the remainder of 2013.
The document provides an overview of Q3 2012 financial and operating results for Claude Resources Inc. Key highlights include:
- Net profit of $3.0 million and cash flow from operations of $8.6 million.
- Gold production of 15,073 ounces at a total cash cost of $920 per ounce.
- Continued exploration success extending resources at Santoy Gap and confirming continuity.
- Capital projects on track to increase production including shaft extension and mill expansion.
- Management additions bringing significant operating experience to optimize operations.
- Outlook focuses on increasing production and reserves while advancing projects like Amisk.
Enel reported its financial results for the first quarter of 2012. Revenues increased 8.5% to €21.2 billion compared to the first quarter of 2011, while EBITDA declined slightly by 2.2% to €4.3 billion due to lower generation margins in Italy and Spain. Net income was also down slightly at €1.2 billion. Electricity demand was lower than budgeted in Italy and Spain but higher than expected in Russia and Latin America. Overall, the results showed stable financial performance despite challenging market conditions in southern Europe.
- Teranga produced 214,310 ounces of gold in 2012 at a cash cost of $627 per ounce and expects to produce 190,000-210,000 ounces in 2013 at a cash cost of $650-700 per ounce.
- Mill expansion was completed in 2012, increasing capacity. Production is expected to reach 250,000-350,000 ounces annually through developing the Gora deposit.
- Proven and probable reserves remain similar to 2011 at 1 million ounces despite 2012 production, and measured and indicated resources increased 34% to 2.9 million ounces through exploration.
Cabo Drilling Corp is a drilling services company that provides drilling rigs and services to mining companies. It acquired five drilling companies between 2004-2005. The presentation provides an overview of Cabo's business including its revenues from 2008-2012, fleet size, international operations, financial position, and goals to improve profitability through cost controls and expanding capacity. Cabo aims to take advantage of strong demand in the mining industry and growing metals prices.
Expeditors International of Washington, 4th03qerfinance39
Expeditors International of Washington, Inc. announced their quarterly and annual earnings for 2003. For the 4th quarter of 2003, net earnings increased 1% to $36.4 million compared to the same quarter of 2002. For the full year of 2003, net earnings rose 8% to $122 million compared to 2002. The company saw increases in revenues, operating income, and earnings per share for both the quarter and full year. The results were positively impacted by improvements in technology and tax changes, but the quarter faced difficult year-over-year comparisons due to disruptions in 2002. The company was satisfied with the results and had opened a new office in Costa Rica during the quarter.
Fortuna Silver Mines owns and operates the San Jose silver mine in Mexico and the Caylloma polymetallic mine in Peru. The company has a strong balance sheet with $60.65 million in cash and no debt. Fortuna is focused on growing its silver production and reserves through brownfields exploration and disciplined acquisitions to become a leading silver mining company in Latin America.
The document provides an economic capsule with the following key points:
1) It summarizes Sri Lanka's external sector performance from January to May 2012, noting declines in exports and a widening trade deficit.
2) It reports on selected economic indicators for Sri Lanka from 2010 to 2013 projected by the IMF, including GDP growth, inflation, and the fiscal deficit.
3) It outlines Fitch's affirmation of Sri Lanka's credit rating at BB- with a stable outlook, citing policy steps to address macroeconomic imbalances.
This document provides a corporate update from Agnico-Eagle Mines Limited for February 2009. It summarizes the company's operating and financial results for Q4 and full year 2008, highlights its strong gold reserves which are larger than its peers, and outlines its global growth strategy with three operating mines and three new mines under construction. It also previews upcoming news in 2009 regarding expansion studies at several of its projects which could further increase production.
SEB Resultatpresentation Januari Mars 2008 Annika Falkengren, CeoSEBgroup
SEB reported lower profits in Q1 2008 compared to the previous year due to challenging market conditions and losses on its bond portfolio. Operating profit fell 42% to SEK 2.4 billion as net interest income rose but fees declined. Credit losses increased in Estonia and Latvia as those economies slowed. SEB maintained a strong capital position and is focused on cost control, operational excellence, and long-term investments to create sustainable profit growth through changing economic cycles.
The Swedish Economy No.8 - November 30, 2011 Swedbank
The Swedish economy experienced strong GDP growth in the third quarter but indicators show weakening underlying growth dynamics. Exports continue to grow but are reliant on slowing global demand while domestic demand is cautious. The labor market is cooling with rising unemployment and layoffs as collective bargaining negotiations face challenges of weak wage growth and a slowing economy. Overall the Swedish economy remains stable for now but faces risks from a weakening global economy and declining confidence.
e-Business policy and practice in the Southeast Europedsimic
The document discusses e-business policy and practice in Southeast Europe. It provides an overview of the eSEE Initiative, which aims to promote regional cooperation and integration in the areas of electronic business, e-government, and the information society. The eSEE Initiative has an institutional framework supported by various organizations and an agenda that focuses on creating a single information space, promoting innovation and ICT education, and developing an inclusive information society. It also references metrics from the World Economic Forum that measure countries' network readiness and progress on business, infrastructure, and skills.
IT and the Federal Government - Doing More with Lesskottmeier
The federal government spends around $78.9 billion annually on information technology (IT), accounting for over 6% of discretionary spending. However, the IT budget has remained flat in recent years due to budget cuts and efforts to optimize spending through data center consolidation and increased adoption of cloud computing. Nearly half of all federal IT spending goes to the Department of Defense. Cybersecurity is also a priority and the Department of Homeland Security's cybersecurity budget is increasing. The shift to more mobile and virtual work environments could decrease demand for physical office space.
Mid Term Elections & Commercial Real Estatekottmeier
The 2010 mid-term elections resulted in Republican control of the House while Democrats retained the presidency, dividing government. This document discusses several implications for commercial real estate, including that a divided government may delay decisions around fiscal stimulus and employment, prolonging recovery in real estate markets. Additionally, debates around tax cuts, federal spending, healthcare reform, and financial reform could impact demand for office and medical space. While employment is slowly improving, decisions made by Congress will influence future projections and commercial real estate demand over the next 5 years is estimated at 550-925 million square feet of office space.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The document analyzes 103 foreign direct investment projects in the food and tobacco sectors by companies from Latin America and the Caribbean between 2003 and 2012. It found that:
1) Projects peaked in 2011 with 18 projects announced that year creating nearly 4,000 jobs and investing $791 million.
2) The top 10 investors accounted for 40% of projects and almost half the total jobs and capital investment.
3) Manufacturing was the largest business activity with 65% of projects and accounting for over 16,000 jobs and $3.36 billion in investment.
Agnico Eagle Mines Limited provided a corporate update in January 2013. The update discussed Agnico Eagle's strong financial and operating performance in 2012, including record gold production and improved costs. Plans for growth in 2013 include commercial production at the La India and Goldex projects by mid-2014. Exploration success was noted at La India, Tarachi and Kittila, with drilling continuing to expand mineralized zones at these properties.
The Swedish economy continues to expand at a brisk pace according to recent data, with confidence increasing in many sectors. However, there are signs that the rate of expansion could slow, as confidence indicators level off and temporary factors like inventory build-up subside. Public finances are benefiting from the economic recovery and reforms, but fiscal policy will face challenges going forward as costs from demographics grow and subsidies are phased out. Exports and government revenues are growing, but inflation is rising and unemployment remains high, making economic policy tricky.
Agnico-Eagle Mines Limited reported strong second quarter 2012 results, with record quarterly gold production from currently operating mines of 265,350 ounces at total cash costs of $660 per ounce. Cash provided by operating activities was a record $194 million for the quarter. Production guidance for 2012 was increased to approximately 975,000 ounces of gold. The company has a portfolio of quality, long-life mines that continue to perform well and provide low-risk production growth from existing assets. Significant exploration upside and reserve growth have been demonstrated at the company's 100%-owned assets.
Metso Financial Statements Review 2012 presentation Metso Group
The document discusses Metso's financial results for Q4 and full year 2012. Key points include:
1) Orders grew 29% in Q4 and net sales reached an all-time high, though orders fell 14% for the full year due to a lack of exceptionally large projects.
2) EBITA improved 9% to EUR 684 million for 2012, with all segments growing except Pulp, Paper and Power.
3) Mining and Construction continued steady growth, with orders up 22% in Q4 and net sales up 18% for the full year.
Agnico-Eagle Mines reported record quarterly gold production from its currently operating mines of 254,955 ounces in Q1 2012, a 19% increase over Q1 2011. Total cash costs were $594 per ounce. Net income was $79 million, up 74% year-over-year. Cash provided by operating activities was $196 million. Production is expected to grow further from existing long-life assets through exploration and mine plan optimization. The company aims to continue generating strong cash flows to fund growth and maintain its dividend.
The document discusses how international investment income flows affect Australia's balance of payments. It notes that Australia now has a deficit on net income flows that is about twice the size of the trade deficit. Higher profits for Australian companies, particularly in the mining sector due to increased commodity demand from China, have contributed significantly to the widening deficit on net income as foreign investors own a large portion of these profitable companies and income accrues overseas. While only a minority of increased mining profits have so far been paid out as dividends to foreign shareholders, retained earnings have increased and continue to widen the net income deficit.
The document provides Frontline's Q4 2012 results and outlook. It discusses several transactions in Q4 including terminating some vessels and early termination of TC contracts on two OBO carriers. It reported a net loss of $16.9 million for Q4 2012 and $82.8 million for full year 2012. Frontline also provides an overview of its fleet size and average time charter rates and coverage for 2013-2014. The company estimates its cash cost breakeven rates for VLCCs and Suezmax tankers for the remainder of 2013.
The document provides an overview of Q3 2012 financial and operating results for Claude Resources Inc. Key highlights include:
- Net profit of $3.0 million and cash flow from operations of $8.6 million.
- Gold production of 15,073 ounces at a total cash cost of $920 per ounce.
- Continued exploration success extending resources at Santoy Gap and confirming continuity.
- Capital projects on track to increase production including shaft extension and mill expansion.
- Management additions bringing significant operating experience to optimize operations.
- Outlook focuses on increasing production and reserves while advancing projects like Amisk.
Enel reported its financial results for the first quarter of 2012. Revenues increased 8.5% to €21.2 billion compared to the first quarter of 2011, while EBITDA declined slightly by 2.2% to €4.3 billion due to lower generation margins in Italy and Spain. Net income was also down slightly at €1.2 billion. Electricity demand was lower than budgeted in Italy and Spain but higher than expected in Russia and Latin America. Overall, the results showed stable financial performance despite challenging market conditions in southern Europe.
- Teranga produced 214,310 ounces of gold in 2012 at a cash cost of $627 per ounce and expects to produce 190,000-210,000 ounces in 2013 at a cash cost of $650-700 per ounce.
- Mill expansion was completed in 2012, increasing capacity. Production is expected to reach 250,000-350,000 ounces annually through developing the Gora deposit.
- Proven and probable reserves remain similar to 2011 at 1 million ounces despite 2012 production, and measured and indicated resources increased 34% to 2.9 million ounces through exploration.
Cabo Drilling Corp is a drilling services company that provides drilling rigs and services to mining companies. It acquired five drilling companies between 2004-2005. The presentation provides an overview of Cabo's business including its revenues from 2008-2012, fleet size, international operations, financial position, and goals to improve profitability through cost controls and expanding capacity. Cabo aims to take advantage of strong demand in the mining industry and growing metals prices.
Expeditors International of Washington, 4th03qerfinance39
Expeditors International of Washington, Inc. announced their quarterly and annual earnings for 2003. For the 4th quarter of 2003, net earnings increased 1% to $36.4 million compared to the same quarter of 2002. For the full year of 2003, net earnings rose 8% to $122 million compared to 2002. The company saw increases in revenues, operating income, and earnings per share for both the quarter and full year. The results were positively impacted by improvements in technology and tax changes, but the quarter faced difficult year-over-year comparisons due to disruptions in 2002. The company was satisfied with the results and had opened a new office in Costa Rica during the quarter.
Fortuna Silver Mines owns and operates the San Jose silver mine in Mexico and the Caylloma polymetallic mine in Peru. The company has a strong balance sheet with $60.65 million in cash and no debt. Fortuna is focused on growing its silver production and reserves through brownfields exploration and disciplined acquisitions to become a leading silver mining company in Latin America.
The document provides an economic capsule with the following key points:
1) It summarizes Sri Lanka's external sector performance from January to May 2012, noting declines in exports and a widening trade deficit.
2) It reports on selected economic indicators for Sri Lanka from 2010 to 2013 projected by the IMF, including GDP growth, inflation, and the fiscal deficit.
3) It outlines Fitch's affirmation of Sri Lanka's credit rating at BB- with a stable outlook, citing policy steps to address macroeconomic imbalances.
This document provides a corporate update from Agnico-Eagle Mines Limited for February 2009. It summarizes the company's operating and financial results for Q4 and full year 2008, highlights its strong gold reserves which are larger than its peers, and outlines its global growth strategy with three operating mines and three new mines under construction. It also previews upcoming news in 2009 regarding expansion studies at several of its projects which could further increase production.
SEB Resultatpresentation Januari Mars 2008 Annika Falkengren, CeoSEBgroup
SEB reported lower profits in Q1 2008 compared to the previous year due to challenging market conditions and losses on its bond portfolio. Operating profit fell 42% to SEK 2.4 billion as net interest income rose but fees declined. Credit losses increased in Estonia and Latvia as those economies slowed. SEB maintained a strong capital position and is focused on cost control, operational excellence, and long-term investments to create sustainable profit growth through changing economic cycles.
The Swedish Economy No.8 - November 30, 2011 Swedbank
The Swedish economy experienced strong GDP growth in the third quarter but indicators show weakening underlying growth dynamics. Exports continue to grow but are reliant on slowing global demand while domestic demand is cautious. The labor market is cooling with rising unemployment and layoffs as collective bargaining negotiations face challenges of weak wage growth and a slowing economy. Overall the Swedish economy remains stable for now but faces risks from a weakening global economy and declining confidence.
e-Business policy and practice in the Southeast Europedsimic
The document discusses e-business policy and practice in Southeast Europe. It provides an overview of the eSEE Initiative, which aims to promote regional cooperation and integration in the areas of electronic business, e-government, and the information society. The eSEE Initiative has an institutional framework supported by various organizations and an agenda that focuses on creating a single information space, promoting innovation and ICT education, and developing an inclusive information society. It also references metrics from the World Economic Forum that measure countries' network readiness and progress on business, infrastructure, and skills.
IT and the Federal Government - Doing More with Lesskottmeier
The federal government spends around $78.9 billion annually on information technology (IT), accounting for over 6% of discretionary spending. However, the IT budget has remained flat in recent years due to budget cuts and efforts to optimize spending through data center consolidation and increased adoption of cloud computing. Nearly half of all federal IT spending goes to the Department of Defense. Cybersecurity is also a priority and the Department of Homeland Security's cybersecurity budget is increasing. The shift to more mobile and virtual work environments could decrease demand for physical office space.
Mid Term Elections & Commercial Real Estatekottmeier
The 2010 mid-term elections resulted in Republican control of the House while Democrats retained the presidency, dividing government. This document discusses several implications for commercial real estate, including that a divided government may delay decisions around fiscal stimulus and employment, prolonging recovery in real estate markets. Additionally, debates around tax cuts, federal spending, healthcare reform, and financial reform could impact demand for office and medical space. While employment is slowly improving, decisions made by Congress will influence future projections and commercial real estate demand over the next 5 years is estimated at 550-925 million square feet of office space.
The Washington DC office market saw limited growth in the third quarter of 2012, with net absorption of only 12,000 square feet. Vacancy rates fell slightly to 10.3% despite uncertainty around elections and government spending keeping demand cautious. Average asking rents rose modestly by 1.2% over the quarter. Small to mid-size private sector tenants such as law firms and non-profits drove the limited demand while the public sector remained stalled awaiting policy decisions. No new supply was delivered in the quarter and vacancy is expected to remain flat with modest rental growth over the next 18 months due to a lack of significant demand drivers.
The suburban Maryland office market saw continued negative absorption during the third quarter of 2012, with net demand registering at -39,000 square feet. The vacancy rate remained at 15.5% despite the negative absorption. Notable lease renewals by the GSA helped boost Montgomery County absorption numbers. While overall market conditions were sluggish, some areas like Bethesda saw continued leasing activity and positive absorption. Landlords have increased concessions to attract tenants in a slow leasing environment.
We’re all trying to find that idea or spark that will turn a good project into a great project. Creativity plays a huge role in the outcome of our work. Harnessing the power of collaboration and open source, we can make great strides towards excellence. Not just for designers, this talk can be applicable to many different roles – even development. In this talk, Seasoned Creative Director Sara Cannon is going to share some secrets about creative methodology, collaboration, and the strong role that open source can play in our work.
The impact of innovation on travel and tourism industries (World Travel Marke...Brian Solis
From the impact of Pokemon Go on Silicon Valley to artificial intelligence, futurist Brian Solis talks to Mathew Parsons of World Travel Market about the future of travel, tourism and hospitality.
Goldman Sachs issues various short and long-term securities to finance its businesses, including $168 billion in unsecured borrowings in the fourth quarter of 2008. Over half were current long-term debt, while the largest individual categories were global bonds at 32% and hybrid financial instruments at 23%. The firm's unsecured long-term borrowings mature through 2014, with over $11 billion maturing in the first quarter of 2010.
To finance our businesses, we issue various types of short- and long-term sec...finance2
Goldman Sachs issues various short and long-term securities to finance its businesses, including $168 billion in unsecured borrowings in the fourth quarter of 2008. Over half were current long-term debt and a quarter were hybrid financial instruments. The borrowings had maturities through the fourth quarter of 2014, with over $11 billion maturing in each of the last five quarters shown.
SEB's third quarter 2012 results presentationSEBgroup
The document summarizes SEB's financial results for the third quarter of 2012. It highlights a robust result in a defensive market environment, more customers and higher customer satisfaction, and resilience in capital, liquidity and costs. Key figures presented include operating income of SEK 9.7 billion, pre-provision operating profit of SEK 4.1 billion, and net interest income growth. SEB is focusing investments on strengthening its corporate franchise in the Nordics and Germany, expanding its SME platform in Sweden, and developing long-term savings offerings.
The document summarizes Pakistan's economic challenges over the past decade, including slow GDP growth, high inflation, rising debt levels, and large fiscal deficits. Per capita debt doubled from 2002-2011. GDP growth was the slowest in Pakistan's history and slower than Sub-Saharan countries. Interest payments are consuming over half of federal revenues, squeezing development expenditures. Budget targets are routinely missed, with cumulative deficits 61% greater than budgeted over the past 4 years. The large fiscal deficits are financed through borrowing from the central bank, commercial banks, the national savings scheme, and external sources.
SEB reported strong results in the second quarter of 2012, with continued growth in income and efficiency. Net interest income grew due to increased lending and deposit volumes. Fees also increased due to growth in advisory and fund management services. Cost control led to improved operating leverage. Asset quality remained high, with low credit losses. The balance sheet was further strengthened in the quarter through capital generation and liquidity management. Going forward, SEB expects the economic recovery to proceed slowly, but aims to benefit from its strong franchise and customer-centric strategy.
The document discusses the state of the US economy and the role of monetary policy. It provides an analysis of key economic indicators and headwinds facing recovery. GDP growth in 2012 was supported by consumption, investment and government spending. Housing prices and production are improving but wages remain low. The document evaluates current monetary policy tools and makes recommendations, suggesting policy should remain accommodative given unemployment and deflation risks outweigh inflation concerns. It recommends the Federal Reserve continue its current policy path.
The budget document discusses the Union Budget 2013-14 which aims to return the Indian economy to high growth while maintaining fiscal discipline. Key points include containing the fiscal deficit to 5.2% of GDP for the current year and pegging it at 4.8% for 2013-14. The FM has taken a balanced approach through various initiatives to promote manufacturing, infrastructure, and capital markets while also introducing innovative revenue measures and keeping expenditure in check. However, uncertainty around GAAR could negatively impact foreign investment inflows which are important to bridge the current account deficit.
Alison Felix, PhD and Senior Economist at the Federal Reserve Bank of Kansas City shares trends and projections for recession and recovery in Missouri and the U.S.
The document summarizes a report on the business outlook in New Zealand. It finds that while New Zealand's economy grew unexpectedly in Q1 2012, businesses are slightly less optimistic about the economy in Q2 than in Q1. Expectations for employment and revenue growth are marginally lower. However, the availability of skilled workers is seen as less of a constraint than in 2011. Overall the economy is forecast to grow around 2.4% in 2012 and 2.8% annually through 2016, supported by trading partners and reconstruction from earthquakes.
Manpower Employment Outlook Survey Q2 2012rtchapman
The document provides information on employment outlook surveys conducted in the United States and globally for Q2 2012. Specifically:
1) US employment outlook surveys of over 18,000 employers found 18% expect to add workers and 6% expect declines, resulting in a net employment outlook of +12% for Q2 2012. The hiring pace is expected to remain stable compared to Q1 2012 and increase slightly compared to a year ago.
2) All four US regions report positive net outlooks, with the Midwest strongest at +12%. Quarter-over-quarter, hiring plans improved slightly in the Midwest and West and were stable in the Northeast and South. Year-over-year outlooks increased slightly in the Midwest, South
Q2 2012 Manpower Employment Outlook SurveyKristi Cox
The document provides information on employment outlook surveys conducted by Manpower in Q2 2012 in the United States and globally. Specifically:
1) Manpower surveyed over 18,000 employers in the US and found that 18% expect to add staff in Q2 2012 while 6% expect declines, resulting in a net employment outlook of +12%.
2) All four US regions surveyed reported positive net employment outlooks for Q2 2012, with the Midwest region reporting the strongest at +12%.
3) Employers in 13 industry sectors reported positive hiring intentions for Q2 2012, led by Leisure & Hospitality (+26%) and Mining (+20%).
The document provides information on employment outlook surveys conducted in the United States and globally for Q2 2012. Specifically:
1) US employment outlook surveys of over 18,000 employers found 18% expect to add workers and 6% expect declines, resulting in a net employment outlook of +12% for Q2 2012. The hiring pace is expected to remain stable compared to Q1 2012 and increase slightly compared to a year ago.
2) All four US regions report positive net outlooks, with the Midwest strongest at +12%. Quarter-over-quarter, hiring plans improved slightly in the Midwest and West and remained consistent in the Northeast and South.
3) Employers in 13 industry sectors reported positive outlooks
The Manpower Employment Outlook Survey is conducted quarterly to measure employers’ intentions to increase or decrease the number of employees in their workforces during the next quarter. The survey has been running for 50 years and is one of the most trusted surveys of employment activity in the world.
The budget focuses on fiscal consolidation and boosting growth. It marginally increases tax deductions but also raises some taxes. Funding is enhanced for infrastructure through tax-free bonds and ECB changes. The power sector may benefit from coal duty exemptions and FSA commitments. However, the auto sector faces higher excise duties that could impact large carmakers. Key assumptions around GDP and oil prices make deficit targets optimistic. Overall policy measures only partially address issues around land, environment and state electricity boards.
This document summarizes the state of the Indian economy in 2012. It notes that global growth estimates have been revised downward. While the US and European economies have not fully recovered from recession, India's growth is projected to slow as well, impacted by weakness abroad. Exports from India are declining, particularly to Europe, ASEAN and Northeast Asia. Capital inflows to India have also been volatile, with FDI steadier than portfolio flows. The rupee has begun depreciating against the dollar after gaining strength earlier in 2012.
The document discusses choices for federal spending and taxes in the United States. It summarizes that under current policies, deficits are projected to rise significantly as a percentage of GDP due to increased spending on programs like Social Security and healthcare. To achieve sustainable budgets, policies will need to deviate from the past by raising taxes, changing benefits for older Americans, or reducing other federal activities. Specifically, to stabilize debt, the 2022 deficit would need to be 3.5% of GDP smaller, equivalent to $900 billion, requiring major policy changes.
Swedbank reported 2011 results including a net profit of SEK 11.7 billion and a core Tier 1 capital ratio of 15.7%. Looking forward, Swedbank expects challenges from the new regulatory environment, lower economic growth in Europe, and decreased ability to reach return targets. Priorities include improving operational efficiency through cost reductions and focusing on risk management, particularly reviewing risk weights on mortgage and corporate loans.
- US economic growth is expected to remain sub-trend at around 1.2-2.2% in Q3 2012 due to ongoing household deleveraging and fiscal drag. Unemployment is expected to remain elevated.
- Risks include a slowdown in the Eurozone and potential policy mistakes around fiscal tightening.
- Global manufacturing is slowing due to weak demand in Europe, the US, and a growth moderation in China.
Manpower Employment Outlook Survey Q4 2012Kristi Cox
The document provides information on employment outlook surveys conducted in the United States for Q4 2012. Key points:
- 17% of US employers expect to add workers in Q4 2012 while 9% expect declines, resulting in a net employment outlook of 8%. The seasonally adjusted outlook is 11%.
- All four US regions report positive outlooks, with the South strongest at 12%.
- 13 industry sectors report positive outlooks, led by wholesale/retail trade at 16%. Hiring plans are expected to remain relatively stable compared to Q3 2012.
The document provides information on employment outlook surveys conducted in the United States for Q4 2012. Key findings include:
- 17% of US employers expect to add workers in Q4 2012 while 9% expect declines, resulting in a net employment outlook of 8%. The seasonally adjusted outlook is 11%.
- All four US regions report positive net employment outlooks, with the South region strongest at 12%.
- 13 industry sectors report positive outlooks, led by wholesale/retail trade at 16%. The services, professional/business services, and mining sectors also expect hiring increases.
Similar to National Press Club: DCBIA DC Office Leasing Outlook (20)
The U.S. economy created 227,000 seasonally adjusted, non-farm jobs in February, according to the latest employment report from the BLS. This is the third consecutive month of net job gains over 200,000. After flirting with a retrenchment in payroll growth this past summer, the U.S. economy has added 201,000 monthly payrolls, on average, since September. The latest metropolitan area employment figures show that the DC region added 13,400 office-using jobs on an annual basis in 2011.
2012 State Of The Capital Markets: DC Metrokottmeier
The document discusses the state of the capital markets in Washington DC in 2011 and 2012. It notes that while 2011 saw job growth and economic recovery, political uncertainty led to average or guarded levels of real estate activity. The DC metro remained one of the top performing markets, adding jobs and seeing high office investment sales volumes and prices, though federal spending growth is expected to slow in the coming years.
Why has multifamily investment been so hot, especially in D.C.? What are some of the underlying economic and demographic fundamentals driving the multifamily market?
Impacts of Federal Spending Changes on DC Commercial Real Estatekottmeier
Federal spending impacts the DC region's economy and commercial real estate market. While cuts are proposed for FY2011 and FY2012, key agencies for the region like HHS saw increases in 2011. Long term trends still point to overall growth in federal budgets. The region has historically fared well even when federal spending slows as the private sector picks up. Defense remains important for Northern Virginia but the region has diversified. Federal employment declines may slow absorption temporarily but the office market typically performs well as private sector demand recovers.
Implications of Tax Cuts on Commercial Real Estatekottmeier
The document discusses the implications of various tax cut scenarios on the commercial real estate industry. Extending current income tax cuts for two years is the most likely outcome and would cost between $200-500 billion. This could shift some commercial real estate transactions to 2010 due to potentially higher capital gains taxes in 2011. Limiting itemized deductions and changes to estate tax laws could also impact commercial real estate markets and property values. Both short-term and long-term tax cuts carry economic and public debt implications.
The document discusses the impacts of the 2005 Base Realignment and Closure (BRAC) Commission recommendations. Key points:
- BRAC will result in the relocation of tens of thousands of jobs and federal agencies from the Washington D.C. area to military bases in Virginia and Maryland.
- Arlington County, Virginia will be most significantly affected, with over 5 million square feet of office space and 17% of its total office inventory impacted.
- Fort Belvoir in Fairfax County, Virginia will gain nearly 20,000 new jobs and 6 million square feet of new office space from relocated agencies like the National Geospatial Intelligence Agency.
- Other areas that will see impacts are Alexandria, Virginia
This report examines the market for energy efficient products and services in the residential sector. It analyzes demand drivers like green certification programs, legislation, incentives and financing programs. It also assesses new home/remodeling industries, products/appliances, energy audits and utility services. Key topics covered include the American Recovery Act, ENERGY STAR appliances, green building techniques, tax credits and auditing/verification. Market forecasts are provided for areas like home improvement spending and smart meter installations through 2014. The report concludes the market is still developing but will grow as homes age, utility prices rise and smart grid builds out, creating opportunities for energy efficiency.