The document summarizes the key economic challenges and opportunities facing the global economy in 2008. It identifies the credit crisis and rising inflation as the two main themes. The credit crisis stems from the bursting of the asset price bubble in the early 2000s, while rising inflation is due to strong global growth pushing up commodity demand. The implications are likely slower growth in developed economies, rising corporate insolvencies, and tighter monetary policy. Emerging markets will continue outperforming but face risks from high inflation.
This presentation provides and overview of the state of global financial markets as of October 2020 with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks
Recent Developments in Global Financial Markets: Impact on TurkeyEren Ocakverdi
A concise background regarding the recent financial and regulatory developments in Europe and Turkey were provided from a practitioner’s point of view.
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks.
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks. Find out more at www.oecd.org/finance
This presentation provides and overview of the state of global financial markets as of October 2020 with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks
Recent Developments in Global Financial Markets: Impact on TurkeyEren Ocakverdi
A concise background regarding the recent financial and regulatory developments in Europe and Turkey were provided from a practitioner’s point of view.
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks.
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks. Find out more at www.oecd.org/finance
This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
The OECD Investment Policy Review of Georgia takes stock of recent achievements in improving the investment climate and assesses areas for the government to consider in strengthening its reform efforts to attract FDI that can have a positive impact on inclusive, sustainable growth. Find out more at http://www.oecd.org/investment/oecd-investment-policy-reviews-georgia-0d33d7b7-en.htm
After a return to more expansionary monetary policies in early 2019, the world’s non-financial corporations borrowed an additional USD 2.1 trillion in the form of corporate bonds. In real terms, this is equivalent to the amount borrowed in the previous record year 2016 and represents a clear reversal of the decrease in corporate bond issuance during 2018. Adding the record borrowing during 2019 to the unprecedented build-up of corporate bond debt since 2008 means that the global outstanding stock of non-financial corporate bonds at the end of 2019 reached an all-time high of USD 13.5 trillion.
The new data in this OECD report, Corporate Bond Market Trends, Emerging Risks and Monetary Policy, shows that, in addition to its growing size, the quality and dynamics of the outstanding stock of corporate bonds have also changed. Compared with previous credit cycles, today’s stock of outstanding corporate bonds has lower overall credit quality, higher payback requirements, longer maturities and inferior covenant protection. These are features that may amplify the negative effects that an economic downturn would have on the non-financial corporate sector and the overall economy.
Find the full report at http://www.oecd.org/corporate/Corporate-Bond-Market-Trends-Emerging-Risks-and-Monetary-Policy.htm
June 2017 - The 2017 edition of the OECD Business and Finance Outlook focuses on ways to enhance “fairness”, in the sense of strengthening global governance, to ensure a level playing field in trade, investment and corporate behaviour, through the setting and better enforcement of global standards. This presentation by OECD's financial markets expert Adrian Blundell-Wignall shows key findings from the publication. Find out more here http://www.oecd.org/daf/oecd-business-and-finance-outlook-2017-9789264274891-en.htm
This presentation provides key findings from the 2017 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
The Deloitte CFO Survey 2014 Q2 results - Risk appetite at new highDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Risk appetite among the chief financial officers (CFOs) of the UK’s largest companies has reached a seven year high.
- CFO risk appetite hits a seven year high despite economic and financial uncertainties.
- CFOs more positive on government policies and give strong vote of confidence to Bank of England.
- Worries over UK political risks eclipse economic risks for CFOs.
- Credit cheaper and more available than any time in seven years.
This is the 29th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q3 2014 survey took place between 8th and 22nd September.
118 CFOs participated, including the CFOs of 28 FTSE 100 and 40 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 79 UK-listed companies surveyed is £462 billion, or approximately 20% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
Session by Rolf Alter, Director, OECD Public Governance and Territorial Development
Money plays a role both as a channel for citizens to support their candidates or political parties, and as a means for candidates and political parties to reach out to their constituencies. Access to resources for political parties and candidates also shapes political competition. Parliamentarians have an important stake in advancing the global debate on the role of money in politics. There are still many loopholes in political party funding regulations that are open to exploitation by powerful special interests. Loans, membership fees, and third party funding are all used to circumvent spending limits and other regulations. Many countries struggle to define and regulate third-party campaigning leaving them ill-equipped to prevent the channelling of election spending through supposedly independent committees and interest groups. Only a handful of countries have regulations in place for third-party campaigning and globalisation is complicating the regulation of private funding of political parties as foreign companies and wealthy individuals are often deeply integrated with domestic business interests. This OECD report finds that 29% of OECD countries have an independent electoral management body and there is no one-size-fits all model. But whatever the structure, the institutions responsible for enforcing political finance regulations should have a clear mandate, legal power and the capacity to deal with large volumes of work. While data clearly shows that sanctions are effective in improving compliance with the rules, many countries struggle to ensure sanctions that are both proportionate and dissuasive. One clear-cut lesson is that ensuring the effective implementation of political finance regulations still remains challenging in many countries. The Framework on Financing Democracy presented in this report shapes the global debate on risks and policy options, and provides tangible advice for the funding of political parties and electoral campaigns. The report also features detailed case studies of Canada, Chile, Estonia, France, Korea, Mexico, United Kingdom, Brazil and India.
The Malaysian economy is stable despite domestic and external challenges. The authorities are making progress on their reform agenda including governance reforms and measures to improve the transparency and management of public finances. Policies should focus on medium-term fiscal consolidation, while safeguarding growth and financial stability. Structural reforms are needed to enshrine in law main governance measures, and to boost productivity to achieve high income status and inclusive growth.
Global growth is moderatng as the recovery in trade
and manufacturing actvity loses steam. Despite
ongoing negotatons, trade tensions among major
economies remain elevated. These tensions, combined
with concerns about sofening global growth prospects, have weighed on investor sentment and contributed to
declines in global equity prices. Borrowing costs for
emerging market and developing economies (EMDEs)
have increased, in part as major advanced-economy
central banks contnue to withdraw policy
accommodaton in varying degrees. A strengthening
U.S. dollar, heightened financial market volatlity, and
rising risk premiums have intensified capital outlow
and currency pressures in some large EMDEs, with
some vulnerable countries experiencing substantal
financial stress. Energy prices have fluctuated markedly,
mainly due to supply factors, with sharp falls toward
the end of 2018. Economic actvity in the Euro Area has
been somewhat weaker than previously expected,
owing to slowing net exports. EMDE growth edged
down to an estmated 4.2 percent in 2018 as a number
of countries with elevated current account deficits
experienced substantal financial market pressures and
appreciable slowdowns in actvity. In low-income
countries (LICs), growth is firming as infrastructure
investment contnues and easing drought conditons
support a rebound in agricultural output.
While the world’s economic problems continue, it is essential that we provide our customers with timely information about key markets with which they may be trading or considering future trade.
Our monthly Market Monitor can also help them to understand the risk management measures we are taking as a credit insurer.
The September edition of the Market Monitor is now available on the Atradius intranet and internet. This issue, available in English, Dutch, German, French and Italian - includes coverage of the current business and insolvency environment of the following countries:
Italy – spotlighting on the ICT and food sectors
Australia – spotlighting on the mining and construction sectors
France
Switzerland
Sweden
China
India
In July 2009, the median Expected Default Frequency (EDF) of nearly all major Western economies dropped again compared to the previous month. This may suggest that the perception of risk has declined. However, at best it can only be described as a gradual reversal of the spike that followed Lehman´s failure last year.
Frothy global assets are flashing warning signs despite the lack of an obvious catalyst to sell
Political action to redress rising inequality may provide the trigger
Avoiding major market corrections can have a huge impact on long term portfolio returns
The outlook for oil remains murky but expectations for a significant rally have receded
Macro-economic indicators suggest a subdued outlook for the GCC
Profits for listed regional companies are stable but the ‘subsidy arbitrage’ is over
Mercer Capital's Value Focus: Construction and Building Materials | Q2 2020 |...Mercer Capital
Mercer Capital's Construction Industry newsletter provides a broad range of specialized valuation and transaction advisory services to the construction industry, including residential, commercial, civil, paving, concrete, and more. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
The Curious Case of Savings-Investment Gap and its Implications for IndiaAshutosh Bhargava
Their has been a remarkable shift in the savings-investment gap at the global level as well as in India. While this has had a tangible impact on global potential growth, the recovery is likely to differ from one country to another. In the Indian context, the recovery in trend growth is likely to be much higher than what is generally peceived and thus requires a more proactive response from policy makers, especially the monetary authorities.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
This presentation explains how tightening financial conditions and high debt levels could test the financial sector resilience. Find out more at www.oecd.org/finance
This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
The OECD Investment Policy Review of Georgia takes stock of recent achievements in improving the investment climate and assesses areas for the government to consider in strengthening its reform efforts to attract FDI that can have a positive impact on inclusive, sustainable growth. Find out more at http://www.oecd.org/investment/oecd-investment-policy-reviews-georgia-0d33d7b7-en.htm
After a return to more expansionary monetary policies in early 2019, the world’s non-financial corporations borrowed an additional USD 2.1 trillion in the form of corporate bonds. In real terms, this is equivalent to the amount borrowed in the previous record year 2016 and represents a clear reversal of the decrease in corporate bond issuance during 2018. Adding the record borrowing during 2019 to the unprecedented build-up of corporate bond debt since 2008 means that the global outstanding stock of non-financial corporate bonds at the end of 2019 reached an all-time high of USD 13.5 trillion.
The new data in this OECD report, Corporate Bond Market Trends, Emerging Risks and Monetary Policy, shows that, in addition to its growing size, the quality and dynamics of the outstanding stock of corporate bonds have also changed. Compared with previous credit cycles, today’s stock of outstanding corporate bonds has lower overall credit quality, higher payback requirements, longer maturities and inferior covenant protection. These are features that may amplify the negative effects that an economic downturn would have on the non-financial corporate sector and the overall economy.
Find the full report at http://www.oecd.org/corporate/Corporate-Bond-Market-Trends-Emerging-Risks-and-Monetary-Policy.htm
June 2017 - The 2017 edition of the OECD Business and Finance Outlook focuses on ways to enhance “fairness”, in the sense of strengthening global governance, to ensure a level playing field in trade, investment and corporate behaviour, through the setting and better enforcement of global standards. This presentation by OECD's financial markets expert Adrian Blundell-Wignall shows key findings from the publication. Find out more here http://www.oecd.org/daf/oecd-business-and-finance-outlook-2017-9789264274891-en.htm
This presentation provides key findings from the 2017 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
The Deloitte CFO Survey 2014 Q2 results - Risk appetite at new highDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Risk appetite among the chief financial officers (CFOs) of the UK’s largest companies has reached a seven year high.
- CFO risk appetite hits a seven year high despite economic and financial uncertainties.
- CFOs more positive on government policies and give strong vote of confidence to Bank of England.
- Worries over UK political risks eclipse economic risks for CFOs.
- Credit cheaper and more available than any time in seven years.
This is the 29th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q3 2014 survey took place between 8th and 22nd September.
118 CFOs participated, including the CFOs of 28 FTSE 100 and 40 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 79 UK-listed companies surveyed is £462 billion, or approximately 20% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
Session by Rolf Alter, Director, OECD Public Governance and Territorial Development
Money plays a role both as a channel for citizens to support their candidates or political parties, and as a means for candidates and political parties to reach out to their constituencies. Access to resources for political parties and candidates also shapes political competition. Parliamentarians have an important stake in advancing the global debate on the role of money in politics. There are still many loopholes in political party funding regulations that are open to exploitation by powerful special interests. Loans, membership fees, and third party funding are all used to circumvent spending limits and other regulations. Many countries struggle to define and regulate third-party campaigning leaving them ill-equipped to prevent the channelling of election spending through supposedly independent committees and interest groups. Only a handful of countries have regulations in place for third-party campaigning and globalisation is complicating the regulation of private funding of political parties as foreign companies and wealthy individuals are often deeply integrated with domestic business interests. This OECD report finds that 29% of OECD countries have an independent electoral management body and there is no one-size-fits all model. But whatever the structure, the institutions responsible for enforcing political finance regulations should have a clear mandate, legal power and the capacity to deal with large volumes of work. While data clearly shows that sanctions are effective in improving compliance with the rules, many countries struggle to ensure sanctions that are both proportionate and dissuasive. One clear-cut lesson is that ensuring the effective implementation of political finance regulations still remains challenging in many countries. The Framework on Financing Democracy presented in this report shapes the global debate on risks and policy options, and provides tangible advice for the funding of political parties and electoral campaigns. The report also features detailed case studies of Canada, Chile, Estonia, France, Korea, Mexico, United Kingdom, Brazil and India.
The Malaysian economy is stable despite domestic and external challenges. The authorities are making progress on their reform agenda including governance reforms and measures to improve the transparency and management of public finances. Policies should focus on medium-term fiscal consolidation, while safeguarding growth and financial stability. Structural reforms are needed to enshrine in law main governance measures, and to boost productivity to achieve high income status and inclusive growth.
Global growth is moderatng as the recovery in trade
and manufacturing actvity loses steam. Despite
ongoing negotatons, trade tensions among major
economies remain elevated. These tensions, combined
with concerns about sofening global growth prospects, have weighed on investor sentment and contributed to
declines in global equity prices. Borrowing costs for
emerging market and developing economies (EMDEs)
have increased, in part as major advanced-economy
central banks contnue to withdraw policy
accommodaton in varying degrees. A strengthening
U.S. dollar, heightened financial market volatlity, and
rising risk premiums have intensified capital outlow
and currency pressures in some large EMDEs, with
some vulnerable countries experiencing substantal
financial stress. Energy prices have fluctuated markedly,
mainly due to supply factors, with sharp falls toward
the end of 2018. Economic actvity in the Euro Area has
been somewhat weaker than previously expected,
owing to slowing net exports. EMDE growth edged
down to an estmated 4.2 percent in 2018 as a number
of countries with elevated current account deficits
experienced substantal financial market pressures and
appreciable slowdowns in actvity. In low-income
countries (LICs), growth is firming as infrastructure
investment contnues and easing drought conditons
support a rebound in agricultural output.
While the world’s economic problems continue, it is essential that we provide our customers with timely information about key markets with which they may be trading or considering future trade.
Our monthly Market Monitor can also help them to understand the risk management measures we are taking as a credit insurer.
The September edition of the Market Monitor is now available on the Atradius intranet and internet. This issue, available in English, Dutch, German, French and Italian - includes coverage of the current business and insolvency environment of the following countries:
Italy – spotlighting on the ICT and food sectors
Australia – spotlighting on the mining and construction sectors
France
Switzerland
Sweden
China
India
In July 2009, the median Expected Default Frequency (EDF) of nearly all major Western economies dropped again compared to the previous month. This may suggest that the perception of risk has declined. However, at best it can only be described as a gradual reversal of the spike that followed Lehman´s failure last year.
Frothy global assets are flashing warning signs despite the lack of an obvious catalyst to sell
Political action to redress rising inequality may provide the trigger
Avoiding major market corrections can have a huge impact on long term portfolio returns
The outlook for oil remains murky but expectations for a significant rally have receded
Macro-economic indicators suggest a subdued outlook for the GCC
Profits for listed regional companies are stable but the ‘subsidy arbitrage’ is over
Mercer Capital's Value Focus: Construction and Building Materials | Q2 2020 |...Mercer Capital
Mercer Capital's Construction Industry newsletter provides a broad range of specialized valuation and transaction advisory services to the construction industry, including residential, commercial, civil, paving, concrete, and more. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
The Curious Case of Savings-Investment Gap and its Implications for IndiaAshutosh Bhargava
Their has been a remarkable shift in the savings-investment gap at the global level as well as in India. While this has had a tangible impact on global potential growth, the recovery is likely to differ from one country to another. In the Indian context, the recovery in trend growth is likely to be much higher than what is generally peceived and thus requires a more proactive response from policy makers, especially the monetary authorities.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
This presentation explains how tightening financial conditions and high debt levels could test the financial sector resilience. Find out more at www.oecd.org/finance
After the storm- Global Financial Crisis 27 aug 2010Gaurav Sharma
Global Financial Order - Reasons for Crisis, Current Status, The BIG Shifts- Public Debt, Global De-leverage, Wealth Concetration & Creation.
Talk Delivered at Fore School Of Management, new Delhi
• Over the past year global assets have shed trillions in value and recoveries have been narrowly focused and tepid.
• Fortunately, investors are being rewarded handsomely not to gamble unnecessarily with attractive risk free rates — the most important single factor to determine asset prices — also providing optionality.
• Lots of stocks appear on sale but credit spreads remain tight and earnings have yet to decline significantly, leaving scope for further deterioration in valuations if economies slip into recession.
• US inflation has peaked but getting to 2% on a sustainable basis will be neither quick nor straightforward. Bond investors may enjoy a euphoric summer but could be underestimating reversals in structural factors.
• GCC stock markets have given back some of the relative gains achieved during the pandemic but continue to comfortably outperform their peers across the emerging markets. Most EM funds have been underweight Saudi Arabia and the GCC.
• It is now widely accepted that Saudi Arabia is implementing the necessary economic reforms. The debate is less about the direction and more over the speed and the timeframe.
• The PIF is nurturing programs for which the Saudi private sector has insufficient skills and low risk appetite but has limits on how much J-curve deficits it can sustain until these greenfield ventures turn a profit.
• The good news is that the private sector is beginning to jump on board the Vision train by participating in selective projects without insisting on SIDF sponsored loans, PIF capital and guaranteed off-takes.
• One problem is that many companies remain focused on managing existing operations, often hanging on to archaic business models instead of adapting, investing in new technologies or in research and development.
• Perspective is important and claims that the regional economy is well on its way to being independent of oil revenues is bold but disingenuous. Oil accounts for the overwhelming bulk of exports, state revenues and lubricates the non-oil economy.
• Lost in the recent focus on Saudi Arabia is the continued and remarkable evolution of other economies such as Qatar and the UAE.
• Notwithstanding the multitude of remaining challenges, it’s important to recognize that this is a Golden Era for the gulf region.
• The GCC economies have never been bigger, stronger, more diversified or more integrated into the global economy.
• These are the good old days.
No bubble trouble; stocks are still reasonably priced. This credit cycle has unique characteristics that continue to make high-yield bonds attractive. Interest-rate volatility poses greater risk than higher rates themselves.
Economist Intelligence Unit (EIU) white paper produced at the height of the financial crisis in January 2009 outlining the opportunities to learn from the downturn and best practice to success in a changing environment.
The global economy is improving overall, with the U.S. and U.K. leading the way. We expect higher GDP growth from the U.S. to support risk assets in the third quarter. We continue to expect a rise in U.S. interest rates in 2014, though eurozone policy may help slow a near-term increase. We favor credit, prepayment, and liquidity risks, which we express in allocations to mezzanine CMBS, peripheral European sovereigns, select EM sovereigns, and interest-only (IO) CMOs.
Capital Markets Insights – Late Fall 2018Duff & Phelps
What’s been an increase in growth and acquisition-related financings and recapitalization transactions? Read the fall edition of Duff&Phelps’ Capital Markets Insights.
Similar to Economic Prospects Challenges And Opportunities Lloyds Tsb Trevor Williams (20)
Social Media Tools - la mia cassetta degli attrezziRoberto Grossi
Una breve rassegna degli strumenti che ci possono aiutare a creare, gestire, promuovere e misurare gli sforzi sui social media.
13 novembre 2014 SMX Milano, sessione 25 c
-------
As your social media campaigns scale, it’s essential to equip yourself with the right tools to help automate your social sharing. Fortunately, there are now dozens of tools that help you create, manage, promote and measure social efforts. In this session, our experts discuss their favorite social tools and show how they free them to focus on the higher-value aspects of running their social campaigns.
Programma del corso Introduzione al web marketingRoberto Grossi
Il Marketing digitale, in tutte le sue connotazioni (Web Marketing, Search Engine Marketing, Blog aziendale, Social Media, micro-Blogging, etc) è diventato un potentissimo strumento di relazione con clienti e fornitori, in diversi casi complementare ai tradizionali canali pubblicitari, in molti casi ad essi alternativo.
Programma del corso Introduzione al social media marketingRoberto Grossi
L’obiettivo di questo intervento formativo è quello di fornire un panorama sul cambiamento apportato dai Social Media alle strategie marketing e descrivere le diverse opportunità che si presentano alle aziende in un contesto in continua evoluzione tecnologica e di rottura con i modelli organizzativi tradizionali.
Instant Messaging e nuovi social media - CMI settembre 2014Roberto Grossi
Ogni giorno emerge un nuovo strumento che va ad aggiungersi alle numerose applicazioni che consentono di mettersi in contatto e comunicare con varie tipologie di contatti. Un fenomeno da conoscere e analizzare
anche per l’impatto sulla comunicazione con i clienti.
Raccolta referenze pubblicate sul profilo di Roberto Grossi, per le attività di docente corsi di formazione social media marketing. Linkedin recommendations.
I campi di applicazione di Twitter sono molteplici e anche le tecniche da
adottare vanno scelte a seconda degli obiettivi che si vogliono raggiungere.
Ecco un piano di esplorazione e di utilizzo del social network.
Social privacy: Come tutelarsi nell’era dei social networksRoberto Grossi
Ragazzi che espongono i loro segreti più intimi e le proprio fotografie per gioco o per amore, genitori inesperti della Rete, utenti che installano l'app sbagliata allettati dalla parola "gratis", professionisti che mettono a rischio i loro contatti di lavoro, molestatori e cyberbulli che pensando di essere protetti dall'anonimato colpiscono le persone più deboli.
Sono solo alcune delle tematiche che il Garante per la protezione dei dati personali affronta nella guida "Social Privacy - Come tutelarsi nell'era dei social network" [doc. web. n. 3140059]. L'Autorità analizza i principali fenomeni, problemi e opportunità legate all'uso dei social network, e propone consigli e soluzioni che possano aiutare la "generazione 2.0", utenti alle prime armi, insegnanti e famiglie, esperti e manager.
Quando si avvia una comunità on line, occorre individuare una persona che con il suo lavoro giornaliero ne garantisca lo sviluppo e l’aderenza agli obiettivi dell’azienda. Vediamo attività, qualità e caratteristiche di questa figura.
Dalla chiocciola al cancelletto: un nuovo modo di fare
marketing sul web. Il mondo del web 2.0 si caratterizza infatti per la natura sociale della classificazione dei contenuti su Internet. In che modo gli hashtag possono
essere utilizzati dagli operatori del marketing e della comunicazione?
Prima di tutto per ricerche e analisi, e poi proattivamente perché un hastag indovinato può creare una positiva interazione con il proprio pubblico.
La banca italiana diventa sempre più social - CMI settembre 2013Roberto Grossi
Molte banche italiane si stanno dedicando allo sviluppo della propria presenza sui social media, lo evidenzia un recente studio di KPMG. Molte banche attribuiscono una valenza strategica ai social media e sposano le dinamiche e le modalità di interazione. Ma è ancora elevato il potenziale inespresso nell’utilizzo di questi nuovi canali.
Digital Reputation e Social Recruiting - Indagine Adecco 2013Roberto Grossi
“Il lavoro ai tempi del #socialrecruiting e della #digitalreputation” indagine condotta da Adecco Italia, in collaborazione con l’Università Cattolica del Sacro Cuore. Giunta alla terza edizione, la ricerca rivela oggi le ultime tendenze sulle dinamiche dell’incontro tra domanda e offerta di lavoro nell’era del web 2.0, prima tra tutte il ruolo che i legami personali e le modalità con cui vengono utilizzati giocano nella ricerca del lavoro.
Digital Reputation e Social Recruiting - Indagine Adecco 2012Roberto Grossi
Qual è il punto d’incontro sul web tra chi cerca lavoro e chi lo offre? Quali sono i canali online più utilizzati dai candidati e dai selezionatori, in che modo e per quali finalità in particolare? Quali sono gli elementi che possono influire positivamente su un processo di selezione o sulla ricerca di opportunità professionali?
Per rispondere a queste domande Adecco presenta attraverso un'infografica dedicata gli ultimi dati e tendenze in tema di reputazione digitale e social recruiting in Italia, definendo il punto d'incontro sul web 2.0 tra domanda e offerta nel mondo del lavoro
L'infografica sintetizza le informazioni raccolte attraverso l'indagine condotta online da Adecco Italia in collaborazione con Reputation Manager tra i mesi di novembre 2011 e gennaio 2012.
Are you looking for a Google Reader replacement? Or do you simply hunger for the best desktop and mobile RSS reader ever made? For both the hungry and the hopeful, Feedly satisfies, and you can learn all about it in the latest MakeUseOf manual: The Unofficial Guide To Feedly.
Sometimes the death of one thing can give birth to others. Like the phoenix, Google Reader’s death brought about a resurrection in the quality and quantity of other RSS feed readers. Feedly seized the throne, adding features even Google’s product lacked.
MakeUseOf’s Kannon Yamada guides us through everything you need to know about Feedly, from signing up and exploring new feeds, to using mobile apps and advanced tools such as IFTTT recipes. Your RSS experience is in for an overhaul!
la scarna interfaccia che vediamo navigando sul web o collegandoci dal nostro smartphone è infatti solo la porta di ingresso in un mondo più vasto, un vero e proprio universo.
Ed è questo universo che vogliamo esplorare con voi in questo libro, affiancandovi in un viaggio che vi porterà ad apprendere il gergo dei comandi di Twitter, scoprire come utilizzarlo al meglio e conoscere nuovi modi comunicare.
La prima parte del libro (capitoli 2-4) è rivolta a tutti coloro che si avvicinano a Twitter per la prima volta o che hanno trovato abbastanza ostico comprendere le sue modalità di funzionamento. Anche gli utenti più esperti saranno comunque chiamati in questa parte a riflettere sulla efficacia dei metodi e delle strategie sinora adottate. Nella seconda parte ci dedicheremo invece ad approfondire alcune tecniche e strumenti, per soddisfare le esigenze degli utilizzatori più navigati o che vogliano fare un uso professionale dello strumento. Puoi acquistarlo qui: http://bit.ly/1h0mFqM
Misurare il social media ROI CMI luglio 2013Roberto Grossi
Esprimere il ROI di Social Media in termini di follower, fan o altri grandezze numeriche può essere poco significativo, meglio utilizzare metriche di business e quelle specifiche delle piattaforme social.
Chiunque può essere un Social Media Manager? - CMI giugno 2013Roberto Grossi
Quali sono le competenze di chi gestisce i social network? Quale profilo cercare per un ruolo da molte sfaccettature? Le competenze e le caratteristiche sono molto articolate e non è sufficiente avere dimestichezza
con i social media.
Crisi sui Social Media: prevenire è meglio che curare - CMI settembre 2012Roberto Grossi
Tutta colpa del microblogging? Sì, e anche no. Tutti - utenti agguerriti, opinion leader che “twittano” il loro pensiero, le aziende stesse che commettono errori di valutazione - sono responsabili delle crisi sui nuovi canali social. Per non trovarsi a gestire situazioni incontrollabili, meglio muoversi in anticipo.
Social Media: da passatempo a strumenti per il business - CMI luglio 2012Roberto Grossi
Una indagine commissionata da Google evidenzia come sta cambiando la percezione dei social media nel management.
E non è da sottovalutare il loro impatto sulle opportunità di crescita professionale.
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
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
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 pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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
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
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
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
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.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Latino Buying Power - May 2024 Presentation for Latino Caucus
Economic Prospects Challenges And Opportunities Lloyds Tsb Trevor Williams
1. Economic prospects: the
challenges & opportunities
July 2008
BUSINESS UNIT IN HERE
Trevor Williams, Chief Economist
Lloyds TSB Corporate Markets
2. Page | 2
There are two overriding global economic themes at
present in my view, one is the credit crisis, the second
is the return of price inflation. The key risk is the latter.
• The first stems from a bursting of the first asset price bubble of the
new century. It was caused by too low interest rates from 2001
onwards, high liquidity and hence a ‘search for yield’, aided by
complacency about risk
• The second stems from fast growth in the world economy, that is
now pushing up demand for commodities to fuel that faster pace of
growth and, as a result of rising living standards, greater demand
for better food and more goods. This is showing up in higher oil
prices and in rising prices for manufactured goods exports.
• The solution is tighter policy in the developed & developing
economies and more open markets, like in agricultural goods. But will
this be the outcome?
Setting the scene
6. Page | 6
….concern about liquidity has widened borrowing spreads…
Source: Bloomberg
UK corporate spreads over benchmark bond yields
0
200
400
600
800
1000
1200
1400
1600
1800
2000
01/01/07
01/02/07
01/03/07
01/04/07
01/05/07
01/06/07
01/07/07
01/08/07
01/09/07
01/10/07
01/11/07
01/12/07
01/01/08
01/02/08
01/03/08
01/04/08
01/05/08
01/06/08
AAA AA A BBB
BB B C
Spread, Bps
7. Page | 7
…raising the cost of funds
Source: DataStream & LTSB Corporate Markets
So mortgage spreads have risen for most borrowers
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
2yr - 95% LTV Tracker
2yr - 75% LTV
%
bps spread, 3mth libor - base rates
J F M A M J J A S O N D J F M A M J
-60
-40
-20
0
20
40
60
80
100
120
£
$
€
2007 2008
8. Page | 8
Financial markets remain volatile – the dollar continues to slide
and equity markets are uncertain…
Source: DataStream & LTSB Corporate Markets
Index Jan 07 = 100
J F M A M J J A S O N D J F M A M J
75
80
85
90
95
100
105
Yen
Euro
UK£
Brazilianreal
Canadian$
Australian $
2007 2008
Index Jan 07 = 100
J F M A M J J A S O N D J F M A M J
65
70
75
80
85
90
95
100
105
110
115
DJStoxx
FTSE100
DowJones
Nikkei
2007 2008
9. Page | 9
…fixed term rates are rising, short term interbank rates are up
Source: DataStream & LTSB Corporate Markets
%, 10yr gov't bond yields
J F M A M J J A S O N D J F M A M J
3.0
3.5
4.0
4.5
5.0
5.5
6.0
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2.0
UK, lhs
US, lhs
EU, lhs
Japan, rhs
%, 10yr gov't bond yields
2007 2008
%, 3mth interbank rate
J F M A M J J A S O N D J F M A M J
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
0.5
0.6
0.7
0.8
0.9
1.0
1.1
UK, lhs
US, lhs
EU, lhs
Japan, rhs
%, 3mth interbank rate
2007 2008
10. Page | 10
What are some of the medium term implications of the
crisis – for regulation?
11. Page | 11
Lessons from the recent financial turmoil
Area of weakness Specific issues raised
Liquidity management • Underinsurance against closures of key funding markets.
• Inadequate recognition of contingent liquidity obligations to off balance sheet entities.
• Scenarios used in the stress testing of funding insufficiently severe.
Valuation of complex
structured products
• High dependency on models in valuation.
• Extent of investors’ reliance on a narrow ratings metric.
• Insufficient clarity in the composition and construction of instruments.
Opacity of structured
credit exposures
• Inadequate disclosure of exposures and losses.
• Lack of transparency in off balance sheet exposures.
Crisis management
arrangements
• Insolvency arrangements for banks.
• Deposit insurance regime.
• Improvements in tripartite arrangements.
• Underdeveloped practical arrangements for managing stress at an international institution.
12. Page | 12
What are the likely results?
Change in legislation as regulators try and catch up with the markets.
Greater transparency, for issuers, insurers, ratings, credit scoring methodologies,
disclosure of who has debt, implications for balance sheets of exposure (confidential to
regulator).
Understanding and reporting of total leverage and so exposure of whole of firm risk is
required in future, not just on balance sheet, but all products. Only then can proper analysis
be taken of risk of defaults.
Models have only be taking account of risk on balance sheet (i.e. regulated capital), totally
missing overall risk. This is gross failure on an epic scale.
Scenarios / stress testing must be more varied and ‘blue sky’.
13. Page | 13
What are the implications?
Global economic growth is likely to slow to around 4.3%, but should still
remain relatively robust, led by continuing solid economic performance
from emerging markets.
Financial strains are likely to remain until the fundamental questions of
valuation and exposure are addressed – how much liabilities have to be
brought on to balance sheets?
Corporate and individual insolvencies forecast to rise, reflecting weaker
economic growth, tighter credit conditions and high leverage.
Risk of recession (receding fast) in those countries most affected by the
ongoing turmoil in credit markets, notably the US.
14. Page | 14
What are some of the medium term implications of the
crisis – for the financial players in the market place?
15. Page | 15
What are the implications for financial firms?
Those reliant on wholesale markets will see a sharp rise in the cost of
capital, lowering profits and leverage
The higher the credit rating, the lower the cost of finance so higher rated
will gain relative to lower rated companies
There will be a return to relationship banking and deposit taking
institutions will gain relative to wholesale borrowers. That may make retail
banks more competitive versus investment banks.
Private equity to gain too, as those seeking higher returns turn from credit
instruments to old fashioned value investments.
Sovereign wealth funds to remain a key feature of the future financial
landscape
Developing markets gain at expense of the developed markets, as crisis
was in developed markets and made their assets cheaper
Mortgage banks to lose out compared to older retail institutions, as they
have moved into these new markets with weaker balance sheets and less
experience
Firms with global presence in emerging markets to gain relative to others
16. Page | 16
So what’s in store for the world economy?
17. Page | 17
Global growth 2008; fast in emerging markets, slow in developed markets
Real GDP
North America 2007 2008 2009 2010 2011 2012
United States 2.2 1.7 2.6 3.4 3.2 3.0
Canada 2.6 1.4 2.4 3.1 2.8 3.0
Europe
Eurozone 2.6 1.7 2.0 2.0 1.9 1.9
Germany 2.6 1.8 2.0 1.5 1.5 1.5
France 1.9 1.7 2.0 2.1 2.0 2.0
Italy 1.7 0.7 1.5 1.4 1.3 1.3
UK 3.1 1.8 2.0 2.9 2.6 2.8
EU27 2.9 1.7 2.2 2.3 2.3 2.3
Asia
Japan 2.1 1.5 1.9 2.1 2.1 2.1
Emerging Asia 9.2 8.6 7.5 7.3 7.2 7.2
China 11.4 10.8 9.1 8.7 9.2 9.2
India 8.9 7.9 7.6 7.6 7.6 7.6
World 2000 PPPs 4.8 4.2 4.1 4.3 4.3 4.3
Despite the credit crisis, growth to
remain positive – no recession
20. Page | 20
…especially in the emerging markets
% increase in year, inflation
2005 2006 2007 2008
0
2
4
6
8
10
12
14
China
Russia
Brazil
India
% increase in year, inflation
2005 2006 2007 2008
-2
0
2
4
6
8
10
12
14
16
18
20
Singapore
Philippines
Argentina
Indonesia
21. Page | 21
We project a weaker £, rate rise in the UK (2009), higher
EU (2008) & hikes in US rates (2009)
So what does this all mean for the $, £,
euro and their interest rates?
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2.0
2.1
12.03 6.04 12.04 6.05 12.05 6.06 12.06 6.07 12.07 6.08 12.08 6.09 12.09
EndquarterexchangeratesvUK £
Forecasts
£ buysUS$
£ buyseuro
0.0
1.0
2.0
3.0
4.0
5.0
6.0
12.03 6.04 12.04 6.05 12.05 6.06 12.06 6.07 12.07 6.08 12.08 6.09 12.09
Shortterminterestrates,%
Forecasts
UK
US
Euro
22. Page | 22
Possible triggers for a global economic crisis
• Asian/World inflation builds up unexpectedly
• Diversification away from US assets/fall in USD, due to housing market
collapse, fiscal and external deficits
• A further leg to the credit crisis could exacerbate economic slowdown, i.e.
another credit crisis
• Oil prices – have been rising to record highs recently. Iran a wildcard?
• EU risk from over tightening and strong currency?
• UK fiscal policy too loose, currency at risk of even sharper fall?
• Commodity prices are rising, oil, metals, food, does this pose a bigger threat?
• China slows sharply, derailing global economy
23. Page | 23
Disclaimer
Any documentation, reports, correspondence or other material or Information in whatever form be it electronic, textual or otherwise is
based on sources believed to be reliable, however neither the Bank nor its directors, officers or employees warrant accuracy,
completeness or otherwise, or accept responsibility for any error, omission or other inaccuracy, or for any consequences arising from any
reliance upon such information. The facts and data contained are not, and should under no circumstances be treated as an offer or
solicitation to offer, to buy or sell any product, nor are they intended to be a substitute for commercial judgement or professional or legal
advice, and you should not act in reliance upon any of the facts and data contained, without first obtaining professional advice relevant to
your circumstances. Expressions of opinion may be subject to change without notice. Although warrants and/or derivative instruments can
be utilised for the management of investment risk, some of these products are unsuitable for many investors. The facts and data
contained are therefore not intended for the use of private customers (as defined by the FSA Handbook) of Lloyds TSB Bank plc. Lloyds
TSB Bank plc is authorised and regulated by the Financial Services Authorities and a signatory to the Banking Codes, and represents only
the Scottish Widows and Lloyds TSB Marketing Group for life assurance, pension and investment business. Please further note that this
document does not constitute an accounting opinion. Its purpose is to provide guidance in finding the appropriate products to comply with
your risk management policies and strategies, to identify the important aspects relating to the processes to be followed under US
GAAP/IFRS and as a pointer for discussion and clarification of the position of your auditors. It should not be used for any other purpose.
Lloyds TSB does not accept any liability from the use of this document.