The document summarizes a seminar on financial innovation in Belgium. It provides an agenda for presentations on investing in the Belgian financial sector, unique tax incentives in Belgium, financial innovation in Europe, and US investment perspectives in Belgium. A presentation by Filip Dierckx discusses Belgium's open, international banking sector which is dominated by foreign banks yet still contributes strongly to the domestic and European economies. Albert Wolfs was scheduled to present on unique tax incentives available for foreign investments in Belgium.
Paul Tustain is the founder and CEO of BullionVault, which provides online access for retail investors to buy and sell gold and silver bullion. Headquartered in London, BullionVault also has offices in Zurich and New York. Major investors include the founder (43%), business angels (20%), the World Gold Council (11%), and Rothschilds (11%). BullionVault has over 40,000 customers from around the world, with average holdings of $50,000 each in stored gold and silver bullion.
Deutsche Bank is a leading global investment bank with operations in over 70 countries. It offers a full range of financial services to corporate and individual clients. Deutsche Bank aims to be a leading global provider of financial solutions and create lasting value for its stakeholders. It has strong regional diversification with substantial revenue from major world regions. Deutsche Bank continues to invest in talent, technology, and social responsibility to build on its long-term success.
Ομιλία - Παρουσίαση:
Belgian Pension Μarket
Philip Neyt, President, European Association of Paritarian Institutions (AEIP) and Chairman of PensioPlus, Belgium
The document discusses ambitions for Luxembourg's financial sector over the next 5 years. It outlines how Luxembourg has built a successful financial center since the 19th century by leveraging its multilingual workforce and responsiveness to clients. Key strengths that position Luxembourg for continued growth include its expertise, economic openness, and diversity. The vision is for sustainable growth building on strengths in private banking, funds, insurance, payments, and innovation.
The document discusses ways to attract more international investment to the EU to boost economic growth. It analyzes case studies of corporate, private, and institutional investors. A survey found that Swiss SMEs plan over 50% of foreign investments in the EU but are concerned about bureaucracy. Recommendations include reducing red tape, enhancing SME access to financing, and considering the international perspective in Capital Markets Union policies to remove obstacles preventing greater foreign investment.
Deutsche Bank was founded in 1870 in Germany and has expanded to have a presence in 72 countries across all continents. It has over 80,000 employees and its headquarters are in Frankfurt, Germany. The bank is led by CEO Josef Ackermann and is looking to further expand its markets in regions like the Middle East, Latin America, Central and Eastern Europe, and Asia Pacific. Deutsche Bank first started operations in India in 1980.
This document discusses an investment group that holds stakes in 8 global leaders across various sectors. Over the past 10 years, the group has realized capital gains in about 80% of divestments. It has a market capitalization of about 60% of its portfolio's value and regularly pays a 2.5% annual dividend. The group has invested over €1.1 billion in the past decade and has demonstrated an ability to raise large funds through club deals due to its strong track record of returns. It focuses on acquiring stakes in European mid-sized companies with leadership positions and growth potential.
DeA Capital is an alternative asset management company and private equity investor with two lines of business: private equity investments and alternative asset management. It has a diversified portfolio including investments in private healthcare, food retail, and consumer credit. Key financial information includes net asset value of 701 million euros and revenues of 71 million euros from asset management fees in 2011. The document provides an overview of DeA Capital, its investments and strategy, and its majority shareholder, De Agostini Group.
Paul Tustain is the founder and CEO of BullionVault, which provides online access for retail investors to buy and sell gold and silver bullion. Headquartered in London, BullionVault also has offices in Zurich and New York. Major investors include the founder (43%), business angels (20%), the World Gold Council (11%), and Rothschilds (11%). BullionVault has over 40,000 customers from around the world, with average holdings of $50,000 each in stored gold and silver bullion.
Deutsche Bank is a leading global investment bank with operations in over 70 countries. It offers a full range of financial services to corporate and individual clients. Deutsche Bank aims to be a leading global provider of financial solutions and create lasting value for its stakeholders. It has strong regional diversification with substantial revenue from major world regions. Deutsche Bank continues to invest in talent, technology, and social responsibility to build on its long-term success.
Ομιλία - Παρουσίαση:
Belgian Pension Μarket
Philip Neyt, President, European Association of Paritarian Institutions (AEIP) and Chairman of PensioPlus, Belgium
The document discusses ambitions for Luxembourg's financial sector over the next 5 years. It outlines how Luxembourg has built a successful financial center since the 19th century by leveraging its multilingual workforce and responsiveness to clients. Key strengths that position Luxembourg for continued growth include its expertise, economic openness, and diversity. The vision is for sustainable growth building on strengths in private banking, funds, insurance, payments, and innovation.
The document discusses ways to attract more international investment to the EU to boost economic growth. It analyzes case studies of corporate, private, and institutional investors. A survey found that Swiss SMEs plan over 50% of foreign investments in the EU but are concerned about bureaucracy. Recommendations include reducing red tape, enhancing SME access to financing, and considering the international perspective in Capital Markets Union policies to remove obstacles preventing greater foreign investment.
Deutsche Bank was founded in 1870 in Germany and has expanded to have a presence in 72 countries across all continents. It has over 80,000 employees and its headquarters are in Frankfurt, Germany. The bank is led by CEO Josef Ackermann and is looking to further expand its markets in regions like the Middle East, Latin America, Central and Eastern Europe, and Asia Pacific. Deutsche Bank first started operations in India in 1980.
This document discusses an investment group that holds stakes in 8 global leaders across various sectors. Over the past 10 years, the group has realized capital gains in about 80% of divestments. It has a market capitalization of about 60% of its portfolio's value and regularly pays a 2.5% annual dividend. The group has invested over €1.1 billion in the past decade and has demonstrated an ability to raise large funds through club deals due to its strong track record of returns. It focuses on acquiring stakes in European mid-sized companies with leadership positions and growth potential.
DeA Capital is an alternative asset management company and private equity investor with two lines of business: private equity investments and alternative asset management. It has a diversified portfolio including investments in private healthcare, food retail, and consumer credit. Key financial information includes net asset value of 701 million euros and revenues of 71 million euros from asset management fees in 2011. The document provides an overview of DeA Capital, its investments and strategy, and its majority shareholder, De Agostini Group.
DeA Capital is an Italian alternative asset management firm with over €10 billion in assets under management. The presentation provides an overview and update of DeA Capital's business segments, including private equity investments in Generale de Santé and Migros, real estate funds, and alternative asset management. It outlines strategies to focus on alternative asset management and gradually exit private equity investments, with the goal of increasing distributions to shareholders.
For over 60 years Mediobanca has helped its client grow, with high-quality advisory services and a complete range of credit solutions, from the simplest and most traditional products to the most sophisticated solutions available on capital markets.
Today Mediobanca is a banking group which employs 3,800 people and is:
• leader in investment banking in Italy
• among the first-ranking consumer credit operators in Italy, with Compass Banca
• among the leading domestic online banks, with CheBanca
Deutsche Bank was founded in Berlin in 1870. It expanded globally in the late 19th century and became one of the largest banks in the world by the early 20th century. After World War II, it was broken up but then merged back together in the 1950s. Today it has over 100,000 employees worldwide and focuses on investment banking and asset management, with the goal of being a leading global provider of financial solutions.
Introduction Michel Vermaerke - Financial Forum 7 June 2011Febelfin
The document provides an introduction for Max Jadot's speech on "Banking in an uncertain environment: the challenges of the coming years". It summarizes the regulatory changes and challenges facing the banking industry, including increased capital requirements under Basel III, reforms to banking supervision structures, and debates around banking taxes and secrecy. It also introduces Max Jadot, the new CEO of BNP Paribas Fortis, highlighting his career in banking and qualifications to address the strategic challenges currently facing the sector.
FUNDS CAJA MADRID SELECCIÓN FINANCIERAdosmilesback
The document describes a capital-protected fund offered by Cajamadrid Seleccion Financiera that invests in a basket of stocks from the European financial sector. The fund contains stocks from banks in Ireland, France, Germany, Italy, Spain, and the Netherlands. It aims to benefit from consolidation and improving efficiency in the European banking industry. The fund offers a guarantee of 100% of capital invested plus potential upside returns of 110% of the basket's average performance capped at 20% per stock.
This document discusses business angels and their role in financing startups and early-stage companies. It provides definitions of business angels and outlines their typical investment amounts, preferences for involvement, and motivations. The document also summarizes the financing cycle of companies and shows where business angels fit relative to other sources of funding like friends/family, venture capital, and public markets. It provides tips for entrepreneurs on how to approach business angels for funding, including having a strong management team, developed product or sales, and being open to advice. Statistics are given on business angel activity in Europe.
Start-up Stage - Fintech & Payment - Presentation by Marcus Laube, CEO & Founder of Crossinx at the NOAH 2015 Conference in London, Old Billingsgate on the 13th of November 2015.
Presentation at Seminar
Doing Business: NL vs USA
(2012 April 19, Amsterdam)
Organised by:
- Leading Edge Alliance
- Bol International
- Van Oers International
Palestra: O Futuro dos Países Emergentes. Palestrante: Antoine van AgtmaelBienal da Energia 2009
Inserção desses países na dinâmica da economia mundial, comparando oportunidades, desafios e
riscos de cada um na economia local e global, assim como o potencial de crescimento associado ao comércio
internacional e ao mercado interno.
The establishment of an entirely new industrial value chain, or the radical reconfiguration of an existing one, driven by a disruptive idea (or convergence of ideas), leading to turning these ideas/opportunities into new products/services with higher added value
Presentation and outlook of the Transportation Businessve-finance
Veolia Environnement held an investor day in October 2008 to provide information on its transportation division, Veolia Transport. Veolia Transport operates public transit systems across 30 countries, including buses, trains, metros, and taxis. In 2007, Veolia Transport generated €5.6 billion in revenue with over 80,000 employees. Veolia Transport aims to strengthen its leadership positions in key markets like France, Germany, the US, Australia, and Sweden. It also seeks to improve profitability through turning around loss-making contracts and withdrawing from unprofitable activities and countries. Veolia Transport's strategic vision is to become the long-term partner for sustainable mobility solutions that help clients reduce costs and environmental impact.
This document provides an overview of Deutsche Bank, including:
- It is a global financial company founded in 1870 and headquartered in Germany.
- It has over 100,000 employees with a presence in 75+ countries.
- The company offers corporate and retail banking services through divisions like corporate and investment banking, private banking, and asset management.
- In 2010, Deutsche Bank reported revenues of €28.6 billion and net income of €2.3 billion.
- The company aims to improve its retail operations, focus on client-driven businesses, and expand in developing markets going forward.
South attractiveness economic departement general consulateFSJU AUJF
This document summarizes the activities of the Economic Department of the General Consulate of Israel in Marseille. It outlines the consulate's mission to promote economic and technological cooperation between Israeli and French companies, particularly small and medium enterprises. It describes the key industries and clusters in southern French regions like Aquitaine, Languedoc-Roussillon, Midi-Pyrénées and Provence-Alpes-Côte d'Azur. It provides statistics on trade between France and Israel and identifies potential areas for partnership in fields like life sciences, ICT, telecoms and more. The consulate aims to facilitate connections and synergies between Israeli and French businesses.
DeA Capital is an Italian private equity and alternative asset management firm. In 2011, DeA Capital merged FARE SGR into FIMIT SGR to create IDeA FIMIT SGR, which became the leading real estate fund management company in Italy with €9.8 billion in assets under management. DeA Capital also obtained a 100% stake in IDeA Alternative Investments after reorganizing its private equity and total return fund management businesses. DeA Capital's net asset value per share was €2.38 based on the fair value of its main investments in healthcare company Generale de Santé and supermarket chain Migros. DeA Capital's strategy going forward is to focus on alternative asset management and consider dividend
E-Commerce - Presentation by Thierry Petit, Founder & CEO of Showroomprive at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
DeA Capital is an Italian private equity and alternative asset management firm. In 2012:
- It acquired additional stakes in its private equity portfolio companies Generale de Santé and Migros.
- Its alternative asset management business IDeA FIMIT performed well despite difficult markets, reaching €10 billion in assets under management.
- DeA Capital's net asset value per share was €2.63 at the end of 2012, but its stock price underperformed and traded at a large discount to NAV, reflecting lack of visibility into future performance and exit timing from private equity investments.
The document summarizes AkzoNobel's Q4 and full year 2010 results. Key highlights include 12% revenue growth in 2010 to €14.6 billion, with EBITDA up 16% to €1.96 billion. Revenue growth was driven by 6% volume increase and 6% price increases. Decorative Paints revenue grew 9% in 2010 and Performance Coatings revenue increased 16%. The CEO outlined medium-term strategic goals including growing revenue to €20 billion and maintaining a 13-15% EBITDA margin.
Febelfin is a multi-sector federation representing around 250 financial institutions in Belgium, comprising 75% of the country's entire financial sector. It has five member associations and ten members with special status. Febelfin's main roles are advocating on behalf of members in Belgium and Europe, providing services like information and training, and engaging in communication and debates. It has a governance structure with boards, committees, working groups, and task forces focused on key areas like savings and investments, financing the economy, innovative financial services, and social responsibility.
Febelfin is the Belgian financial sector federation representing 250 financial institutions in Belgium. It has 5 constituent associations and 10 adhering members with special status. Febelfin's missions include establishing positions on behalf of members, advocating for members' interests in Belgium and Europe, providing services like information and training, and participating in communication and debates. It has a Board of Directors and governance structure with various committees and working groups focused on issues like savings, financing, innovation, sustainability, and regulation. The constituent associations each have their own governance bodies and committees/working groups focused on areas within the financial sector.
DeA Capital is an Italian alternative asset management firm with over €10 billion in assets under management. The presentation provides an overview and update of DeA Capital's business segments, including private equity investments in Generale de Santé and Migros, real estate funds, and alternative asset management. It outlines strategies to focus on alternative asset management and gradually exit private equity investments, with the goal of increasing distributions to shareholders.
For over 60 years Mediobanca has helped its client grow, with high-quality advisory services and a complete range of credit solutions, from the simplest and most traditional products to the most sophisticated solutions available on capital markets.
Today Mediobanca is a banking group which employs 3,800 people and is:
• leader in investment banking in Italy
• among the first-ranking consumer credit operators in Italy, with Compass Banca
• among the leading domestic online banks, with CheBanca
Deutsche Bank was founded in Berlin in 1870. It expanded globally in the late 19th century and became one of the largest banks in the world by the early 20th century. After World War II, it was broken up but then merged back together in the 1950s. Today it has over 100,000 employees worldwide and focuses on investment banking and asset management, with the goal of being a leading global provider of financial solutions.
Introduction Michel Vermaerke - Financial Forum 7 June 2011Febelfin
The document provides an introduction for Max Jadot's speech on "Banking in an uncertain environment: the challenges of the coming years". It summarizes the regulatory changes and challenges facing the banking industry, including increased capital requirements under Basel III, reforms to banking supervision structures, and debates around banking taxes and secrecy. It also introduces Max Jadot, the new CEO of BNP Paribas Fortis, highlighting his career in banking and qualifications to address the strategic challenges currently facing the sector.
FUNDS CAJA MADRID SELECCIÓN FINANCIERAdosmilesback
The document describes a capital-protected fund offered by Cajamadrid Seleccion Financiera that invests in a basket of stocks from the European financial sector. The fund contains stocks from banks in Ireland, France, Germany, Italy, Spain, and the Netherlands. It aims to benefit from consolidation and improving efficiency in the European banking industry. The fund offers a guarantee of 100% of capital invested plus potential upside returns of 110% of the basket's average performance capped at 20% per stock.
This document discusses business angels and their role in financing startups and early-stage companies. It provides definitions of business angels and outlines their typical investment amounts, preferences for involvement, and motivations. The document also summarizes the financing cycle of companies and shows where business angels fit relative to other sources of funding like friends/family, venture capital, and public markets. It provides tips for entrepreneurs on how to approach business angels for funding, including having a strong management team, developed product or sales, and being open to advice. Statistics are given on business angel activity in Europe.
Start-up Stage - Fintech & Payment - Presentation by Marcus Laube, CEO & Founder of Crossinx at the NOAH 2015 Conference in London, Old Billingsgate on the 13th of November 2015.
Presentation at Seminar
Doing Business: NL vs USA
(2012 April 19, Amsterdam)
Organised by:
- Leading Edge Alliance
- Bol International
- Van Oers International
Palestra: O Futuro dos Países Emergentes. Palestrante: Antoine van AgtmaelBienal da Energia 2009
Inserção desses países na dinâmica da economia mundial, comparando oportunidades, desafios e
riscos de cada um na economia local e global, assim como o potencial de crescimento associado ao comércio
internacional e ao mercado interno.
The establishment of an entirely new industrial value chain, or the radical reconfiguration of an existing one, driven by a disruptive idea (or convergence of ideas), leading to turning these ideas/opportunities into new products/services with higher added value
Presentation and outlook of the Transportation Businessve-finance
Veolia Environnement held an investor day in October 2008 to provide information on its transportation division, Veolia Transport. Veolia Transport operates public transit systems across 30 countries, including buses, trains, metros, and taxis. In 2007, Veolia Transport generated €5.6 billion in revenue with over 80,000 employees. Veolia Transport aims to strengthen its leadership positions in key markets like France, Germany, the US, Australia, and Sweden. It also seeks to improve profitability through turning around loss-making contracts and withdrawing from unprofitable activities and countries. Veolia Transport's strategic vision is to become the long-term partner for sustainable mobility solutions that help clients reduce costs and environmental impact.
This document provides an overview of Deutsche Bank, including:
- It is a global financial company founded in 1870 and headquartered in Germany.
- It has over 100,000 employees with a presence in 75+ countries.
- The company offers corporate and retail banking services through divisions like corporate and investment banking, private banking, and asset management.
- In 2010, Deutsche Bank reported revenues of €28.6 billion and net income of €2.3 billion.
- The company aims to improve its retail operations, focus on client-driven businesses, and expand in developing markets going forward.
South attractiveness economic departement general consulateFSJU AUJF
This document summarizes the activities of the Economic Department of the General Consulate of Israel in Marseille. It outlines the consulate's mission to promote economic and technological cooperation between Israeli and French companies, particularly small and medium enterprises. It describes the key industries and clusters in southern French regions like Aquitaine, Languedoc-Roussillon, Midi-Pyrénées and Provence-Alpes-Côte d'Azur. It provides statistics on trade between France and Israel and identifies potential areas for partnership in fields like life sciences, ICT, telecoms and more. The consulate aims to facilitate connections and synergies between Israeli and French businesses.
DeA Capital is an Italian private equity and alternative asset management firm. In 2011, DeA Capital merged FARE SGR into FIMIT SGR to create IDeA FIMIT SGR, which became the leading real estate fund management company in Italy with €9.8 billion in assets under management. DeA Capital also obtained a 100% stake in IDeA Alternative Investments after reorganizing its private equity and total return fund management businesses. DeA Capital's net asset value per share was €2.38 based on the fair value of its main investments in healthcare company Generale de Santé and supermarket chain Migros. DeA Capital's strategy going forward is to focus on alternative asset management and consider dividend
E-Commerce - Presentation by Thierry Petit, Founder & CEO of Showroomprive at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
DeA Capital is an Italian private equity and alternative asset management firm. In 2012:
- It acquired additional stakes in its private equity portfolio companies Generale de Santé and Migros.
- Its alternative asset management business IDeA FIMIT performed well despite difficult markets, reaching €10 billion in assets under management.
- DeA Capital's net asset value per share was €2.63 at the end of 2012, but its stock price underperformed and traded at a large discount to NAV, reflecting lack of visibility into future performance and exit timing from private equity investments.
The document summarizes AkzoNobel's Q4 and full year 2010 results. Key highlights include 12% revenue growth in 2010 to €14.6 billion, with EBITDA up 16% to €1.96 billion. Revenue growth was driven by 6% volume increase and 6% price increases. Decorative Paints revenue grew 9% in 2010 and Performance Coatings revenue increased 16%. The CEO outlined medium-term strategic goals including growing revenue to €20 billion and maintaining a 13-15% EBITDA margin.
Similar to Financialinnovationseminarny2011[1] (20)
Febelfin is a multi-sector federation representing around 250 financial institutions in Belgium, comprising 75% of the country's entire financial sector. It has five member associations and ten members with special status. Febelfin's main roles are advocating on behalf of members in Belgium and Europe, providing services like information and training, and engaging in communication and debates. It has a governance structure with boards, committees, working groups, and task forces focused on key areas like savings and investments, financing the economy, innovative financial services, and social responsibility.
Febelfin is the Belgian financial sector federation representing 250 financial institutions in Belgium. It has 5 constituent associations and 10 adhering members with special status. Febelfin's missions include establishing positions on behalf of members, advocating for members' interests in Belgium and Europe, providing services like information and training, and participating in communication and debates. It has a Board of Directors and governance structure with various committees and working groups focused on issues like savings, financing, innovation, sustainability, and regulation. The constituent associations each have their own governance bodies and committees/working groups focused on areas within the financial sector.
Febelfin is the Belgian federation representing the financial sector. It represents over 250 financial institutions in Belgium, accounting for 75% of the financial sector. Febelfin consists of 5 constituent associations that represent different segments of the financial industry such as banks, asset managers, stockbrokers, and leasing companies. Febelfin advocates for the interests of its members in Belgium and Europe and provides services to members such as information, counseling, and training. It has a board of directors and several subcommittees and working groups that focus on issues like regulation, taxation, and sustainable finance.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
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STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
3. Overview Programme “Financial Innovation,
A Belgian Approach in the Heart of Europe”
Welcome speech A relevant practical case
Steven Vanackere, Belgian Deputy Prime Minister André Claes, Partner at Deloitte
and Federal Minister of Foreign Affairs and
Institutional Reforms Financial innovation in Europe
Eileen Dignen, Managing Director, Banking Accounts
Investing in the Belgian Financial Sector and Initiatives, SWIFT Americas
Filip Dierckx, Vice-Chairman of the Executive Board
BNP Paribas Fortis Bank SA/NV, Vice-Chairman Febelfin US investment in Belgium,
The Amcham perspective
Unique tax incentives in Belgium Marcel Claes, Chief Executive Officer at Amcham
Albert Wolfs, Head of the Fiscal Department for
Foreign Investments (Belgian Ministry of Finance)
Moderated by Robert
Tortoriello, Partner at Cleary, Gottlieb,Steen
and Hamilton
3
4. “Investing in the Belgian financial sector”
Filip Dierckx, Vice-Chairman of the Executive Board BNP Paribas Fortis Bank SA/NV,
Vice-Chairman Febelfin
Febelfin
June 23, 2011
4
6. • Febelfin represents 236 financial institutions of which 105 banks including 6 US banks
• Consists out of 5 constituent associations
• Members are Banks, Asset Managers, Financial Niche players, Lease companies and
Stock Brokers
• 9 members with special status
6
8. Belgium
In the heart of Europe
Home to European Institutions and NATO HQ
Open and well diversified economy
• GDP (PPP): $399 billion (30th worldwide)
• GDP - real growth rate: 2.1% (2010)
• GDP - per capita: $36,100 (18th worldwide)
• Harmonized unemployment rate: 8.4%
• Inflation rate (consumer prices): 2.3% (HICP)
8
9. Belgium
Export and imports account for more than 70% of GDP
• 8th largest exporter of goods worldwide
• 13th largest exporter of services in the world
100.0
80.0
60.0
Exports and imports of
goods and services 40.0
(% of GDP)
20.0
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Exports Euro Area Imports Euro Area
Exports Belgium Imports Belgium
9
10. Belgium
Highly educated, multilangual and productive workforce
• Active population of 4.5 mio out of 10.8 mio total population
• Belgian workforce has one of the highest productivity rates in the EU
Luxembourg
Belgium
France
Overall productivity
(GDP in PPS per person Netherlands
employed relative to United Kingdom
EU27, EU27=100)
EU15
Germany
Denmark
0 20 40 60 80 100 120 140 160 180
10
11. The Banking Sector Number of banks established in Belgium
(End of December 2010)
Open, international and diversified landscape 59
• 80% Foreign Banks of which majority 26
20
branches, 20% Domestic Banks
Domestic Banks Branches Subsidiaries
Foreign Banks (85)
11
12. The Banking Sector
Share of foreign banks in
the banking sector’s activities volume
Open, international and diversified landscape (share in total bank assets, as a %, 2009)
• 80% Foreign Banks of which majority
branches, 20% Domestic Banks
• Large Market Share of Foreign Banks
12
13. The Banking Sector
Open, international and diversified landscape
• 80% Foreign Banks of which majority
branches, 20% Domestic Banks
• Large Market Share of Foreign Banks
• Regional Decision Centres
13
14. The Banking Sector Total bank credits as compared to total bank deposits (as
a %, 2009)
Open, international and diversified landscape
• 80% Foreign Banks of which majority
branches, 20% Domestic Banks
• Large Market Share of Foreign Banks
• Regional Decision Centres
• High Credit to Deposit ratio
14
15. The Banking Sector European comparison of the sector’s contribution to the
economy – Total assets of the whole of credit institutions as
compared to the GDP (as a %, 2009)
Open, international and diversified landscape
• 80% Foreign Banks of which majority
branches, 20% Domestic Banks
• Large Market Share of Foreign Banks
• Regional Decision Centres
• High Deposit to Loan ratio
• Bank Assets to GDP ratio in line with
Eurozone average
15
16. Financial Crisis of 2008 and 2009 Economic Recession
International activities & exposure
of Belgian financial sector
Financial Market Funding
Domestic Funding (Savings)
Domestic Lending (mortgages & corporate)
16
17. World Class Centres of Excellence
Euroclear number of transactions after netting
• World player for settlement services (in millions, period figures)
• Annual transactions worth more than
€500 trillion
• +2000 financial institutions as client
• Active in around 90 countries worldwide
17
18. World Class Centres of Excellence Average daily traffic
Messages (millions)
• Worldwide Interbank Telecom services
• Serving +9000 banking
organizations, securities insitutions and
corporate clients
• Active in +200 countries
18
19. Inexpensive and Safe Payment Services
• Cost of retail bank amongst lowest in Europe
• Belgian payment landscape aligned to Single Euro Payment Area (SEPA)
7 out of 10 Belgians use Internet Banking
New Innovative payment applications
• Joint venture Banking and Telecom sector in progress
• Offering payment solutions for small amounts with near field technology
19
20. New Belgian financial architecture and EU supervision are being aligned
• Based on European model
• NBB &
Financial Services and Markets Authority
20
22. “Unique tax incentives in Belgium”
Albert Wolfs, Head of the Fiscal Department for Foreign Investments
(Belgian Ministry of Finance)
Foreign Investments
June 23, 2011
22
23. Federal Public Service Finance
UNIQUE TAX INCENTIVES
in BELGIUM
2011
Fiscal Department for Foreign Investments
Albert WOLFS
23
24. 24
Effective (Average) Corporate Tax Rate (ECTR) 2009*
*(based on asset and source of finance)
Especially in Belgium, the ECTR is considerably below statutory tax rates (-9,3%)
Sources : Report 2009, made by ZEW (Centre for European Economic Research) for the EU Commission
Project : Taxud/2008/CC/099, Mannheim and Oxford, October 2009 24
25. 25
Effective (Average) Corporate Tax Rate (ECTR) 2009*
*(based on asset and source of finance)
Especially in Belgium, the ECTR is considerably below statutory tax rates (-9,3%)
Netherlan
Germany
Belgium
USA
Italy
ds
UK
France
Japan
Sources : Report 2009, made by ZEW (Centre for European Economic Research) for the EU Commission
Project : Taxud/2008/CC/099), Mannheim and Oxford, October 2009 25
27. 1. Notional Interest Deduction
What is it?
A notional interest calculated and deducted
yearly from the taxable basis
used to off-set operational or financial income
(thus lowering effective tax rate)
27
29. 1. Notional Interest Deduction
How does it work ?
Annual Tax Deduction
=
EQUITY X RATE (OLO 10 years)
29
30. 1. Notional Interest Deduction
EXAMPLE 1:
Assets Liabilities
(Return on Equity: 4%) Group Financing Share Capital
10,000 10.000
P&L Account Before N.I.D. After N.I.D
Profit before tax 400 400
N.I.D. (3,425%) / - 342,5
Taxable 400 57,5
Corporate Tax (33,99 %) 135,96 19,5
Effective Tax Rate 33,99 % 4,89%
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31. 1. Notional Interest Deduction
EXAMPLE 2: Assets Liabilities
Business Assets Share Capital
10,000 10.000
Net Result
Effective Tax Rate
(Return on Equity)
≤ 3,425 % 0%
4 % (Previous slide) 4,89 %
5% 10,71 %
8% 19,44 %
31
32. 1. Notional Interest Deduction
« Qualifying » equity
Equity = total equity as defined under Belgian GAAP
(includes retained earnings)
in the opening balance sheet of the taxable period
“adjusted” to avoid double use and abuse.
32
33. 1. Notional Interest Deduction
Interest Rate
RATE = annual average of the monthly published rates
of the long term Belgian Government Bonds (10-year OLO)
Fixed yearly
for 2011 (Tax Year 2012) :
3,425 %
33
34. 1. Notional Interest Deduction
Other particularities
Permanent measure
+ 0,5% for SME’s
Carry forward of 7 years
No ruling nor agreement is needed
Suppression of the 0,5% capital duty as of 1/1/2006
EU compliant
34
35. 1. Notional Interest Deduction
OPPORTUNITIES
It’s a valuable tool for further development of Coordination Centre
activities
Opens possibilities for international groups of allocating new
activities to a Belgian entity such as intra-group financing, central
procurement or factoring
THUS: increases attractiveness of Belgium for capital intensive
companies, equity funded headquarters and treasury centers.
35
36. 2. Tax Ruling
Advanced decisions or ruling is about creating
CONFIDENCE to invest in Belgium;
The investor describes the facts, allowing the tax
administration to determine, in advance, how the tax laws
are to be applied on a CASE BY CASE BASIS
It ensures a LEGALLY BINDING ACCURATE FORECAST
of all the tax implications of your investment project
36
37. 2. Tax Ruling
Unlimited application field for ruling:
Transfer pricing
Business Restructuring
Deductible expenses
Financing
Branches
Bonded warehouses, etc.
37
38. 3. Dividend withholding tax exemption
Parent company
(treaty partner of Belgium)
• No WHT • 10% shareholding
• No LOB • 12 months
Belgian Subsidiary
38
39. 4. Holding regime
Participation exemption
dividends received : deduction of 95%
Deductibility of interest paid to acquire shares
No capital duty
Exemption of realized capital gains on shares
39
40. 5. Other incentives
Tax treaty network (new favorable US-Belgium
tax treaty)
Expat regime
R&D incentives
Bonded warehouses and VAT deferal
European pension funds
Tax shelter for audiovisual sector
Etc.,…
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41. INVEST IN BELGIUM – increase your profits
Need to know more ?
Federal Public Service Finance
Fiscal Department for Foreign Investments
Rue de la Loi, 24 (Parliament Corner)
1000 Brussels - BELGIUM
Albert WOLFS
Email: albert.wolfs@minfin.fed.be
Tel.: +32 257 938 67
Fax: +32 257 951 12
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42. “A relevant practical case”
André Claes, Partner at Deloitte
Deloitte
June 23, 2011
42
52. • Launch of Innotribe:
Sibos 2009 Hong Kong
• Open innovation
• Network of innovators
from across industries to
explore the future of the
financial industry and to
co-create
• Community dialogue:
52 www.swiftcommunity.net
54. SWIFT and Innovation
Critical
Mission Deliverables success
factors
Facilitation & training Senior management
Build the Proof of Concept commitment to support and
Enhance E2E development facilitate roll out
Skills process
Tools KPI / Monitoring Adequate budget
Processes Co-investment
Metrics Events Clear priorities translated in
Value detailed project plans
Network Frame of responsibilities
changes over time Delivery tracked and impact
required to support
Involvement
measured
collaborative innovation
and transform SWIFT in Solid programme
an agile company, management
able to succeed in a
t1= now t2 time
changing environment. Mandate for continuous
Adopt Demo ransfer
Adapt T communication on progress
54
56. “US investment in Belgium,
the Amcham perspective”
Marcel Claes, Chief Executive Officer at Amcham
Amcham
June 23, 2011
56
57. The American Chamber of
Commerce in Belgium
Why US Investment in Belgium is
important and attractive?
June 2011
58. Introduction
American Chamber or Commerce in Belgium
• Founded in 1948 by IBM, JP Morgan, Kodak, GM
• 500+ company members: 1/2 US, 1/3 Belgian
• Membership led/funded non-profit organization
• Independent, i.e. no US or Belgian government subsidies
• Networking and knowledge sharing focused
• Issue driven: representing US business interests
…the undisputed leader to improve business and
investment opportunities for the US-Belgian
business community
58
59. Belgium remains important destination for
US Investment
• More than 900 different US companies with approx. 1800 affiliates in Belgium,
• Many US companies with a large presence, also in financial services: BNY
Mellon, Citibank, State Street, MasterCard, NYSE Euronext, JP Morgan, but also
SWIFT, Euroclear, etc.
• Significant investments by many well known names:
Ford, Exxon, P&G, Pfizer, J&J, Baxter, DuPont, Google,
• Approximately 400 Headquarters of US companies
Belgium is an anchor point in the important
Transatlantic relations
60. US Investment in Belgium is important and
recovered from crisis
• 75 billion Euros US Direct Investment-stock in Belgium
• After fast growth from 2004 to 2007, USDI inflows were lower in 2008
and 2009
• US investment has recovered significantly since 2009, expect to be in
record territory in 2010 and positive for 2011
• Direct employment of 130.000 people (2009),
• Approx. 300.000 employed including indirect jobs or over 10% of all
private sector employment in Belgium
61. US presence is still Manufacturing focused but
growing services investments
• 70.000 US jobs in Belgium in wholly-owned affiliates of manufacturing
based companies or over 50% of all US jobs
• Very strong US presence in certain sectors, e.g. over 50% of all pharma
jobs in Belgium
• Manufacturing: over 1/3 of total US investments (in 2009)
- down from 52% in 1990, mainly because of rapid increase of
financial services/investments
Growing services activity offers a lot of growth
potential
62. Belgium’s 3 regions have their own strengths
• Flanders: has about 60% of the US investments
– Heavy concentration of manufacturing companies
(automotive, chemical, pharma)
– Main logistic access: airport, harbors
• Brussels, as Belgian, Flemish and EU Capital and separate region attracts
25% of US investments
– Mostly Services and Headquarter operations
• Wallonia: about 15 % of US investment
– Now starting to play its’ strengths: available, cheap and accessible
infrastructure (logistics), available high quality resources
– Attracting some good new investments: Google (greenfield datacenter
€250 mio), Baxter, J&J, GSK …
62
63. Top 10 reasons to invest in Belgium:
• Central location in heart of Europe
• Cross and multi-cultural, multilingual
• Highly educated, skilled an productive workforce
• Capital of Europe, proximity to EU and Nato HQ
• Attractive corporate tax regime with NID, very relevant for Financial Institutions and
company headquarters
• Attractive regime to support Innovation and R&D
• Competitive “effective” labor and other business conditions in spite of high nominal
charges and rates- many deductions
• Top quality of life at reasonable cost
• Attractive real estate
• Specific cluster benefits in areas such as financial transaction processing:
SWIFT, Euroclear, Mastercard, BNY Mellon, etc
Belgium is Europe’s “best kept secret”
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64. Contact Information
www.amcham.be
Marcel Claes
Chief Executive
American Chamber of Commerce in Belgium
Handelsstraat 41 rue du Commerce
1050 Brussels
Tel +32/(0)2/289.10.81 Email: mclaes@amcham.be
Description of this presentation : Company profile of Febelfin Overview of the main characteristics and assets of the Belgian financial sector, more particularly its openness, diversity and international character thanks to the presence of national as well as international players.- Facts and figures as for the Belgian financial market will be commented upon- Several challenges and commitments the sector has to deal with at present (innovative payment solutions ; new financial architecture)
Febelfinrepresents 236financialinstitutions of which 105 banksincluding 6 US banks,Febelfin covers 75% of the Belgianfinancial sectorNext to banksFebelfinconsists out of 5 constituent associationsrepresentingalsoasset managers, credit instiutions, stock brokers and leasing companies9 members have a special status : Euroclear, Swift, AtosWorldline, NYSE-Euronext, the Belgian Private Equity & Venture CapitalAssociation (BVA), de Belgische vereniging der factormaatschappijen (APBF/BBF), the CouncilforStrockbrokers’ accreditation, Isabel, LCH Clearnet en NYSE Euronext
A sample of the bankswhich are representedbyFebelfin (Atos, Swift,Euroclear, NYSE-Euronext are on the slide as well)