The document provides a weekly summary of financial markets and economic news from the week of January 14th, 2013. Key points include:
1) Mario Draghi at the ECB meeting signaled rates may not be cut in the next few months, strengthening the euro. Spain successfully raised €5.8 billion in bonds.
2) Japan announced a JPY10 trillion fiscal stimulus package and plans for the BOJ and government to target a 2% inflation rate.
3) US companies American Express, Alcoa, JP Morgan, and others reported earnings this week while economic data showed a widening US trade deficit.
U.S. Distilled Liquor, Excluding Brandy Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Distilled Liquor, Excluding Brandy Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. distilled liquor, excluding brandy market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
Ulster Bank NI PMI Slidepack November 2015Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland PMI, November 2015, including sectoral analysis and analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
U.S. Distilled Liquor, Excluding Brandy Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Distilled Liquor, Excluding Brandy Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. distilled liquor, excluding brandy market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
Ulster Bank NI PMI Slidepack November 2015Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland PMI, November 2015, including sectoral analysis and analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
El Informe País sobre España muestra un crecimiento sólido, sostenible y más intenso que otros mercados periféricos de la Eurozona.
Tras dos años de contracción, los últimos indicadores de actividad señalan que la recuperación económica de España está tomando impulso. El informe país sobre España que hoy difundimos a nuestros asegurados en 50 países, muestra un rendimiento económico resistente y sostenible y una recuperación más intensa que la de otros mercados periféricos de la Eurozona.
La economía española lleva ya cuatro trimestres seguidos de crecimiento y en el segundo trimestre de 2014, el PIB registró el mayor incremento trimestral desde el primer trimestre de 2007. El aumento de la demanda externa y la mayor confianza empresarial han estimulado la inversión empresarial, mientras que la recuperación del mercado laboral y la demanda contenida de bienes de consumo duraderos han incrementado el consumo privado. Los componentes privados de la demanda interna, básicamente consumo e inversiones, han sido el pilar del crecimiento del PIB en lo que va de 2014 y se espera que se mantengan su solidez en la segunda mitad del año.
El crecimiento está teniendo un impacto positivo en el mercado laboral. El desempleo ha registrado su mayor descenso desde 2006. No obstante, aún existen algunos problemas importantes en el mercado laboral español: el 15% de la población activa ha permanecido desempleada durante más de un año y el desempleo juvenil sigue siendo alto, el 55%. Se espera que el desempleo no baje del 20% durante al menos otros cuatro años.
Actualmente, toda la Eurozona se enfrenta a una reducción de la inflación, lo que inquieta a algunos de sus Estados miembros como España, donde la inflación ha caído bajo cero en 2014. Las medidas anunciadas por el Banco Central Europeo y la creciente demanda interna deberían llevar al aumento de precios de consumo hasta el 0,9% en 2015.
La competitividad internacional de España está mejorando y el sector exportador es relativamente sólido y competitivo. 2007 ha sido el único año reciente en el que la contribución de las exportaciones netas al PIB fue negativa. La comparación basada en el tipo de cambio efectivo real, que mide la competitividad internacional de un país al modificarse costes y precios, muestra que todavía hay un margen considerable de mejora. En 2013, la balanza por cuenta corriente registró su primer superávit desde 1986 y en 2014 se espera otro superávit, reflejo de las mejoras estructurales en competitividad internacional. España registró un sólido rendimiento en exportaciones en 2013, ofreciendo una favorable mezcla de productos y diversificando los mercados de exportación. Aunque Francia y Alemania siguen siendo destinos clave de exportación, España ha aumentado los envíos a mercados emergentes en África, América Latina y Oriente Medio. Asimismo, la inversión extranjera directa ha mejorado y se encuentra a buen n
Slide pack Ulster Bank NI PMI January 2016Richard Ramsey
Slide pack for the January Ulster Bank NI PMI, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
U.S. Books Printing Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Books Printing Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. books printing market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
U.S. Folding Paperboard Box Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Folding Paperboard Box Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. folding paperboard box market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
U.S. Flavoring Syrup And Concentrate Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Flavoring Syrup And Concentrate Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. flavoring syrup and concentrate market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
U.S. Soap And Other Detergents Market. Analysis And Forecast to 2025IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Soap And Other Detergents Market. Analysis And Forecast to 2025”.
The report provides an in-depth analysis of the U.S. soap market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
U.S. Creamery Butter Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Creamery Butter Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. creamery butter market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
Ulster Bank NI PMI Slide Pack February 2017Richard Ramsey
Slide pack to accompany the Ulster Bank Northern Ireland Purchasing Managers Index (PMI), including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
U.S. Polish And Other Sanitation Goods Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Polish And Other Sanitation Goods Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. polish and other sanitation goods market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
Ulster Bank Northern Ireland Purchasing Managers Index (PMI) slidepack, March 2017, including analysis of global, Eurozone, UK, UK Regions, NI and Republic of Ireland economic performance by sector.
Slidepack for the Ulster Bank Northern Ireland PMI report, April 2017, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
According to CSC forecasts exports will be the most dynamic GDP component in 2017-2018, taking full advantage of the favourable global trade momentum. In 2018 exports will be 15,0% higher than pre-crisis levels and equal to 32,5% of GDP.
What structural factors sustained the Italian export performance?
IndexBox Marketing has just published its report: “U.S. Malt Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. malt market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
Het evangelie van de heilige twaalven, zestien citaten voor spirituele pasenAndré de Boer
Zestien korte citaten uit het Evangelie van de heilige twaalven van Gideon Jasper Ouseley voor het online-programma Spirituele Pasen van Pentagram boekwinkel in Haarlem.
Gezegend is het koninkrijk van onze voorvader David en gezegend hij die komt in de naam van de allerhoogste.
Het evangelie van de heilige twaalven 67:5
Zelfs onder de profeten en hen die ingewijd zijn in het wezen van de Christus is het woord van de dwaling aangetroffen. Er zijn echter heel veel dwalingen die door liefde bedekt worden.
Het evangelie van de heilige twaalven 69:6
Vernietig deze tempel en in drie dagen zal ik hem laten herrijzen.
Het evangelie van de heilige twaalven 71:5
Wandelt op de weg en u zult God vinden. Zoekt de waarheid en de waarheid zal u vrij maken. Leeft in het leven en u zult de dood niet zien.
Het evangelie van de heilige twaalven 75:12
Waakt en bidt opdat u niet in verzoeking komt; de geest is wel gewillig maar het vlees is zwak.
Het evangelie van de heilige twaalven 77:8
Mijn koninkrijk is niet van deze wereld.
Het evangelie van de heilige twaalven 81:8
Waarom zoekt u de levenden bij de doden? Hij is niet hier; hij is opgestaan!
Het evangelie van de heilige twaalven 84:8
Onderwijst de heilige wet van de liefde die ik u gegeven heb.
Het evangelie van de heilige twaalven 87:7
Voorwaar, dit zijn uw medeschepsels in de grote goddelijke huishouding; ja, zij zijn uw broeders en zusters die de levensadem van de eeuwige delen.
Het evangelie van de heilige twaalven 34:9
Ik ben een wandelaar die plaats na plaats en huis na huis wisselt, totdat ik aankom in de stad en het huis, die eeuwig zijn.
Het evangelie van de heilige twaalven 37:8
Zoals allen in Adam sterven, zullen allen in Christus levend gemaakt worden.
Het evangelie van de heilige twaalven 46:25
Ik ben het Licht van de wereld; die mij volgt zal niet in de duisternis wandelen, maar het Licht van het leven bezitten.
Het evangelie van de heilige twaalven 50:1
Ik ben de weg, de waarheid en het leven, en wie leeft en gelooft in mij, zal nooit meer sterven.
Het evangelie van de heilige twaalven 56:10
Weest trouw aan het Licht dat u bezit, totdat u een hoger Licht gegeven wordt. Zoekt meer Licht en u zult het overvloedig verkrijgen; rust niet totdat u het gevonden hebt.
Het evangelie van de heilige twaalven 90:9
Dan zal het Licht schijnen en de duisternis voorbij gaan. Het ware koninkrijk zal dan gesticht worden dat in de wereld, maar niet ván de wereld zal zijn.
Het evangelie van de heilige twaalven 95:4
Zij werden allemaal met de heilige geest vervuld en begonnen in die talen te spreken die de geest hun doorgaf.
Het evangelie van de heilige twaalven 96:9
7 dominopuzzels met oplossingen voor kinderboekenweek 2013 over sport en spelAndré de Boer
In de kinderboekenweek 2013 over sport en spel is het leuk om te spelen met domino. Domino kan worden ingezet om de rekenvaardigheid te oefenen. Bijvoorbeeld aan de hand van de zeven dominopuzzels in deze presentatie.
blog-artikel. Natuurlijk is het ook leuk om te spelen met het domino-effect, zoals in … de onderstaande video. De tekst na de video komt uit het boek ‘Spelen met puzzels’ van Pieter van Delft en Jack Botermans.
Uit China stammen een aantal oude verhalen waarin al sprake is van het dominospel, maar waarheid en legende lopen daarin nogal door elkaar. Volgens een bron wordt de uitvinding van het spel toegeschreven aan een soldaat die omstreeks 200 na Chr. heeft geleefd. Andere geschriften schrijven de vondst toe aan een hoveling van keizer Hui Tsung uit de twwlfde eeuw. Dat er toen al met dominostenen werd gespeeld staat in ieder geval wel vast.
Het puzzelen met stenen zou echter nog zes eeuwen op zich laten wachten. In Italië dook het spel in de achttiende eeuw op. Vandaar drong het door tot Frankrijk, waar het snel inburgerde. Het werd een geliefde bezigheid in kroegen en koffiehuizen. De Franse krijgsgevangenen brachten het spel naar Engeland en vandaar ging het naar Amerika. dominotorenRuim twee eeuwen geleden werd het in Frankrijk een rage om met de dominostenen puzzels te bedenken en op te lossen. Uiteindelijk zijn er twee soorten puzzels ontstaan. In de ene soort moeten patronen worden gelegd waarbij steenhelften van gelijke waarde steeds tegen elkaar aan liggen, een werkje voor de zoekers. Bij het andere genre gaat het erom patronen te vormen, zo, dat bijvoorbeeld de vier zijden van een vierkant hetzelfde aantal ogen hebben. Dat is meer iets voor de echte cijferaars, evenals de dominopuzzels met optellingen en vermenigvuldigingen.
Bij de puzzels gebruiken we meestal niet alle stenen. de set stenen waarmee we dan werken wordt aangegeven met de hoogste waarde die daarin voorkomt. Het complete spel noemen we dus een dubbel-6 set. Een opgave kan zich bijvoorbeeld beperken tot de dubbel-2 set, waarbij dan alleen de stenen gebruikt worden die op elke helft een waarde van ten hoogste twee hebben.
El Informe País sobre España muestra un crecimiento sólido, sostenible y más intenso que otros mercados periféricos de la Eurozona.
Tras dos años de contracción, los últimos indicadores de actividad señalan que la recuperación económica de España está tomando impulso. El informe país sobre España que hoy difundimos a nuestros asegurados en 50 países, muestra un rendimiento económico resistente y sostenible y una recuperación más intensa que la de otros mercados periféricos de la Eurozona.
La economía española lleva ya cuatro trimestres seguidos de crecimiento y en el segundo trimestre de 2014, el PIB registró el mayor incremento trimestral desde el primer trimestre de 2007. El aumento de la demanda externa y la mayor confianza empresarial han estimulado la inversión empresarial, mientras que la recuperación del mercado laboral y la demanda contenida de bienes de consumo duraderos han incrementado el consumo privado. Los componentes privados de la demanda interna, básicamente consumo e inversiones, han sido el pilar del crecimiento del PIB en lo que va de 2014 y se espera que se mantengan su solidez en la segunda mitad del año.
El crecimiento está teniendo un impacto positivo en el mercado laboral. El desempleo ha registrado su mayor descenso desde 2006. No obstante, aún existen algunos problemas importantes en el mercado laboral español: el 15% de la población activa ha permanecido desempleada durante más de un año y el desempleo juvenil sigue siendo alto, el 55%. Se espera que el desempleo no baje del 20% durante al menos otros cuatro años.
Actualmente, toda la Eurozona se enfrenta a una reducción de la inflación, lo que inquieta a algunos de sus Estados miembros como España, donde la inflación ha caído bajo cero en 2014. Las medidas anunciadas por el Banco Central Europeo y la creciente demanda interna deberían llevar al aumento de precios de consumo hasta el 0,9% en 2015.
La competitividad internacional de España está mejorando y el sector exportador es relativamente sólido y competitivo. 2007 ha sido el único año reciente en el que la contribución de las exportaciones netas al PIB fue negativa. La comparación basada en el tipo de cambio efectivo real, que mide la competitividad internacional de un país al modificarse costes y precios, muestra que todavía hay un margen considerable de mejora. En 2013, la balanza por cuenta corriente registró su primer superávit desde 1986 y en 2014 se espera otro superávit, reflejo de las mejoras estructurales en competitividad internacional. España registró un sólido rendimiento en exportaciones en 2013, ofreciendo una favorable mezcla de productos y diversificando los mercados de exportación. Aunque Francia y Alemania siguen siendo destinos clave de exportación, España ha aumentado los envíos a mercados emergentes en África, América Latina y Oriente Medio. Asimismo, la inversión extranjera directa ha mejorado y se encuentra a buen n
Slide pack Ulster Bank NI PMI January 2016Richard Ramsey
Slide pack for the January Ulster Bank NI PMI, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
U.S. Books Printing Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Books Printing Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. books printing market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
U.S. Folding Paperboard Box Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Folding Paperboard Box Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. folding paperboard box market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
U.S. Flavoring Syrup And Concentrate Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Flavoring Syrup And Concentrate Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. flavoring syrup and concentrate market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
U.S. Soap And Other Detergents Market. Analysis And Forecast to 2025IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Soap And Other Detergents Market. Analysis And Forecast to 2025”.
The report provides an in-depth analysis of the U.S. soap market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
U.S. Creamery Butter Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Creamery Butter Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. creamery butter market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
Ulster Bank NI PMI Slide Pack February 2017Richard Ramsey
Slide pack to accompany the Ulster Bank Northern Ireland Purchasing Managers Index (PMI), including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
U.S. Polish And Other Sanitation Goods Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Polish And Other Sanitation Goods Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. polish and other sanitation goods market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
Ulster Bank Northern Ireland Purchasing Managers Index (PMI) slidepack, March 2017, including analysis of global, Eurozone, UK, UK Regions, NI and Republic of Ireland economic performance by sector.
Slidepack for the Ulster Bank Northern Ireland PMI report, April 2017, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
According to CSC forecasts exports will be the most dynamic GDP component in 2017-2018, taking full advantage of the favourable global trade momentum. In 2018 exports will be 15,0% higher than pre-crisis levels and equal to 32,5% of GDP.
What structural factors sustained the Italian export performance?
IndexBox Marketing has just published its report: “U.S. Malt Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. malt market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
Het evangelie van de heilige twaalven, zestien citaten voor spirituele pasenAndré de Boer
Zestien korte citaten uit het Evangelie van de heilige twaalven van Gideon Jasper Ouseley voor het online-programma Spirituele Pasen van Pentagram boekwinkel in Haarlem.
Gezegend is het koninkrijk van onze voorvader David en gezegend hij die komt in de naam van de allerhoogste.
Het evangelie van de heilige twaalven 67:5
Zelfs onder de profeten en hen die ingewijd zijn in het wezen van de Christus is het woord van de dwaling aangetroffen. Er zijn echter heel veel dwalingen die door liefde bedekt worden.
Het evangelie van de heilige twaalven 69:6
Vernietig deze tempel en in drie dagen zal ik hem laten herrijzen.
Het evangelie van de heilige twaalven 71:5
Wandelt op de weg en u zult God vinden. Zoekt de waarheid en de waarheid zal u vrij maken. Leeft in het leven en u zult de dood niet zien.
Het evangelie van de heilige twaalven 75:12
Waakt en bidt opdat u niet in verzoeking komt; de geest is wel gewillig maar het vlees is zwak.
Het evangelie van de heilige twaalven 77:8
Mijn koninkrijk is niet van deze wereld.
Het evangelie van de heilige twaalven 81:8
Waarom zoekt u de levenden bij de doden? Hij is niet hier; hij is opgestaan!
Het evangelie van de heilige twaalven 84:8
Onderwijst de heilige wet van de liefde die ik u gegeven heb.
Het evangelie van de heilige twaalven 87:7
Voorwaar, dit zijn uw medeschepsels in de grote goddelijke huishouding; ja, zij zijn uw broeders en zusters die de levensadem van de eeuwige delen.
Het evangelie van de heilige twaalven 34:9
Ik ben een wandelaar die plaats na plaats en huis na huis wisselt, totdat ik aankom in de stad en het huis, die eeuwig zijn.
Het evangelie van de heilige twaalven 37:8
Zoals allen in Adam sterven, zullen allen in Christus levend gemaakt worden.
Het evangelie van de heilige twaalven 46:25
Ik ben het Licht van de wereld; die mij volgt zal niet in de duisternis wandelen, maar het Licht van het leven bezitten.
Het evangelie van de heilige twaalven 50:1
Ik ben de weg, de waarheid en het leven, en wie leeft en gelooft in mij, zal nooit meer sterven.
Het evangelie van de heilige twaalven 56:10
Weest trouw aan het Licht dat u bezit, totdat u een hoger Licht gegeven wordt. Zoekt meer Licht en u zult het overvloedig verkrijgen; rust niet totdat u het gevonden hebt.
Het evangelie van de heilige twaalven 90:9
Dan zal het Licht schijnen en de duisternis voorbij gaan. Het ware koninkrijk zal dan gesticht worden dat in de wereld, maar niet ván de wereld zal zijn.
Het evangelie van de heilige twaalven 95:4
Zij werden allemaal met de heilige geest vervuld en begonnen in die talen te spreken die de geest hun doorgaf.
Het evangelie van de heilige twaalven 96:9
7 dominopuzzels met oplossingen voor kinderboekenweek 2013 over sport en spelAndré de Boer
In de kinderboekenweek 2013 over sport en spel is het leuk om te spelen met domino. Domino kan worden ingezet om de rekenvaardigheid te oefenen. Bijvoorbeeld aan de hand van de zeven dominopuzzels in deze presentatie.
blog-artikel. Natuurlijk is het ook leuk om te spelen met het domino-effect, zoals in … de onderstaande video. De tekst na de video komt uit het boek ‘Spelen met puzzels’ van Pieter van Delft en Jack Botermans.
Uit China stammen een aantal oude verhalen waarin al sprake is van het dominospel, maar waarheid en legende lopen daarin nogal door elkaar. Volgens een bron wordt de uitvinding van het spel toegeschreven aan een soldaat die omstreeks 200 na Chr. heeft geleefd. Andere geschriften schrijven de vondst toe aan een hoveling van keizer Hui Tsung uit de twwlfde eeuw. Dat er toen al met dominostenen werd gespeeld staat in ieder geval wel vast.
Het puzzelen met stenen zou echter nog zes eeuwen op zich laten wachten. In Italië dook het spel in de achttiende eeuw op. Vandaar drong het door tot Frankrijk, waar het snel inburgerde. Het werd een geliefde bezigheid in kroegen en koffiehuizen. De Franse krijgsgevangenen brachten het spel naar Engeland en vandaar ging het naar Amerika. dominotorenRuim twee eeuwen geleden werd het in Frankrijk een rage om met de dominostenen puzzels te bedenken en op te lossen. Uiteindelijk zijn er twee soorten puzzels ontstaan. In de ene soort moeten patronen worden gelegd waarbij steenhelften van gelijke waarde steeds tegen elkaar aan liggen, een werkje voor de zoekers. Bij het andere genre gaat het erom patronen te vormen, zo, dat bijvoorbeeld de vier zijden van een vierkant hetzelfde aantal ogen hebben. Dat is meer iets voor de echte cijferaars, evenals de dominopuzzels met optellingen en vermenigvuldigingen.
Bij de puzzels gebruiken we meestal niet alle stenen. de set stenen waarmee we dan werken wordt aangegeven met de hoogste waarde die daarin voorkomt. Het complete spel noemen we dus een dubbel-6 set. Een opgave kan zich bijvoorbeeld beperken tot de dubbel-2 set, waarbij dan alleen de stenen gebruikt worden die op elke helft een waarde van ten hoogste twee hebben.
Sprookjesboek voor kinderboekenweek 2014 over feest van schoolgoochelaar Aarn...André de Boer
Mijn eerste kennismaking met sprookjes was het Papita Sprookjeskwartet uit 1965. Toen ik
het kreeg kon ik niet lezen, maar de plaatjes en de verhalen die erbij werden verteld zijn
me altijd bijgebleven. Later liet ik me graag voorlezen uit een sprookjesboek en luisterde ik
graag naar een langspeelplaat waarop sprookjes werden verteld. Als zesjarige had ik een
abonnement op een kindertijdschrift met de naam Sprookjesland. Bezoeken aan het
Sprookjespark in Hellendoorn, De Efteling in Kaatsheuvel en Disneyworld Magic Kingdom
in Orlando (in 2009) maakten een diepe indruk op mij.
Dit Sprookjeboek heb ik samengesteld aan de hand van het genoemde Papita
Sprookjeskwartet en zes sprookjesvan dat kwartet uit de Volksverhalen almanak. In de
loop van dit jaar zal ik een Sprookjes-werkboek uitbrengen. Mijn Sprookjesfeest
Goochelshow voor de kinderboekenweek 2014 over feest kan nu al worden geboekt.
Virtual Events: Better Than Being ThereDeb Kennedy
In 2009, The Event Marketing Institute cited 300% growth in this sector and, according to a survey by the Center for Exhibition Research and George P. Johnson, 40% of corporate brand marketers and 31% of exhibition management executives reported using virtual media; 71% of respondents used virtual media to accommodate geographically widespread workforces and customers.
After-sales service: why do Capital goods and heavy equipment companies leave...Browne & Mohan
In industrial verticals like capital goods and heavy equipment, post sales service and parts sales contributions are significant. However, many companies do not seem to make enough investment to encash the revenues from offering better dealer integration and parts and service management. In this presentation, we share the reasons for loss of revenue, areas that needs improvement and what strategies must be adopted to gain revenue from after sales.
Vanguard’s 2015 economic and investment outlookJoão Pinto
To treat the future with the deference it deserves, Vanguard believes that market forecasts are best viewed in a probabilistic framework.
This publication’s primary objectives are to describe the projected long-term return distributions that contribute to strategic asset allocation decisions and to present the rationale for the ranges and probabilities of potential outcomes.
Dealing With Divergences - Blackrock 2015 OutlookJoão Pinto
2015 Investment Outlook
Economic growth and monetary policies are diverging across the world. Get ready for volatility spikes in 2015—and new opportunities.
We debated this at our 2015 Outlook Forum in mid-November in London. The semi-annual event, the seventh of its kind, was marked by intense investment debates in small and large groups.
The 20-page piece includes: our 2015 base case (see chart below); top investment ideas; in-depth sections on valuations, volatility and currencies; five interactive graphics; and spotlights on key regional investment trends.
Relatorio Portugal 2013 by Credito Y CaucionJoão Pinto
Crédito y Caución prevé em 2013 menos crescimentos e mais exportações em Portugal
Os sectores particularmente expostos à crise são os da madeira, construção e móveis e utensílios e acessórios, ferro e aço, retalho, electrónica e electrodomésticos.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
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.
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@Pi_vendor_247
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdf
Fincor Market Perspectives Semanal (14 Dezembro 2013)
1. 2013
Weekly Markets
14th,
n Perspectives
January
For important disclosures, refer to the Disclosure Section, located at the end of this report.
2. Weekly Summary
At the ECB meeting’s press conference, Mario Draghi In the US, American Express surprised the market
seemed more hawkish. Now, the market believe that a with an earlier that expected profit release. Alcoa
rate cut is less likely in the next few months. EURUSD announced a relatively upbeat 2013 guidance.
has rallied strongly on the news.
In Japan, Mr. Abe announced a JPY10tr fiscal
Meanwhile, Spain held last week its first bond stimulus package. According to the local press, the
auction of 2013. The country raised €5.8bn vs. €5bn BoJ and the government will establish cooperation
targeted. The 10yr Spanish bond finished the week in order to set a 2% inflation target.
below 5%. Given current market momentum,
investors seem to believe that Spain no longer will In Portugal, the domestic banking sector finished
need to trigger OMT in Q1 2013. The Spanish Treasury the week with impressive gains. An IMF report
said that it plans to issue a total of €215bn to €230bn was released pointing to various areas of reform
worth of bonds in 2013. for the Portuguese public sector and presented
several proposals for the government to cut €4bn
Last week was a positive one for the European (2% of GDP) in public spending. Jerónimo Martins
Banking sector. Sentiment in the sector was helped by released in-line Q4 2012 sales. Its stock price
the headlines suggesting that the Basel Committe had surged 6.1%, its biggest daily gain in five months.
relaxed bank liquidity coverage rules and pushed out
the timetable for its implementation. Moreover, BES JP Morgan, Morgan Stanley, Goldman Sachs, Bank
and Banco Popular tapped the bond market. Both of America, Citigroup, Intel and GE will release
issues suggest a progressive reopening of the results this week. In Europe, Carrefour will
wholesale funding market for Iberian banks. announce Q4 2012 sales.
3. Euro-zone: Unemployment rate German industrial production
at a new record high rises in November
• The euro area unemployment rate increased • German industrial output increased 0.2% m/m,
0.1pp to a new all-time high in November 2012 after shrinking for three consecutive months,
at 11.8%; significantly below consensus (1.0% m/m);
• The number of unemployed in Germany is at its • The figures were depressed by a significant drop in
low since October 1991. The unemployment energy output. Industrial production in Germany’s
rate was unchanged at 5.4%; construction sector went up 1.0% m/m, but the
• In Spain, the unemployment rate rose 0.4pp to manufacturing component only rose 0.4% m/m.
an all-time high at 26.6%. The youth Consumer durables slumped 2.2%, suggesting
unemployment rate increased from 55.8% in weakness in the consumer activity.
October to 56.5% in November.
Euro-zone Unemployment rate (%) German Industrial Production and
12
11.8 Manufacturing PMI
65 20
11
Industrial Production
60 15
10
10 55
5
50 0
9
45 -5
-10
8 40
-15
35 -20
7
30 -25
2005 2006 2007 2008 2009 2010 2011 2012 2013
6 Manufacturing PMI (LHS) Industrial Production (y/y, %, RHS)
2008 2009 2010 2011 2012 2013
Source: Eurostat Source: Bundesbank, Bloomberg
4. Banque de France business Spain: Exports continue to
climate rises in December 2012 perform well
• In December 2012, the Banque de France • November 2012 data on sales for large firms (2/3
industrial sentiment indicator rose to 95 from of total Spanish firm sales) were released. Sales
91 a month earlier. This index reached its were down 6.4% y/y, with the sharpest fall being
highest level since March 2012. It suggests that registered in the construction sector;
the recovery in industrial activity might be • Domestic sales continue to contract, while exports
gathering pace; by large firms are growing at a healthy pace;
• Activity in the service sector remained • Nominal wages fell for the third consecutive
unchanged at 91 in December 2012; month (-0.1% y/y in November 2012);
• The Banque de France expects Q4 2012 GDP to • Domestic demand seems to continue experiencing
contract by 0.1% q/q. a contraction.
Spain: Monthy sales by large firms (y/y, %)
120 Banque de France Business Sentiment
Total Sales Domestic Sales Total Exports Total Imports
Jan-12 -3.9 -5.1 1.7 -0.7
110
Fev-12 -5.2 -6.0 -1.9 -10.2
100
Mar-12 -6.9 -8.1 -1.9 -13.0
Abr-12 -7.3 -9.0 0.3 -8.3
90 Mai-12 -5.9 -7.3 0.1 -13.5
Jun-12 -2.1 -2.7 0.8 -8.3
80 Jul-12 -6.5 -8.8 4.3 -3.1
Ago-12 -1.5 -2.3 2.0 -5.6
70 Industries Services Set-12 -10.2 -11.8 -3.0 -10.6
Out-12 -7.7 -9.9 2.5 -4.5
60
Nov-12 -6.4 -8.5 2.6 -8.5
2008 2009 2010 2011 2012
Source: Spanish Tax Agency
Source: Banque de France
5. ECB: More upbeat than expected Spain: Q3 2012 national accounts
• The ECB left its interest rates unchanged last were released
week, including the main refinancing rate at • The savings rate for households reached 7.0% of
0.75% and the deposit rate at 0.0%; disposable income (9.1% in Q3 2011) and
• According to Mario Draghi, no Council disposable income fell by -2.1% y/y, reflecting
members requested a rate cut at the meeting. falling wages and higher taxes;
In December, some Governing Council • In Q3 2012, the general government deficit/GDP
members had voted for a cut in interest rates; ratio excluding net capital transfers was -8.6%
• The ECB expects the economy to stay weak at (-8.7% in Q2 and -8.8% in Q1). The 2012 year-end
the beginning of 2013 with a gradual recovery target is 6.3% of GDP;
later in the year; • Non-financial corporations have seen 11.8%
• President Draghi’s comments in the Q&A growth in disposable income, suggesting that NFCs
session were more upbeat than what was are cutting costs rapidly.
expected by the market. He listed a number of Spain Monthly Current Account (€bn)
2
positive developments, including the
0
stabilization of some leading indicators, the -2
improvement in financial market confidence, a -4
fall in current account imbalances, and a fall in -6
TARGET2 balances; -8
-10
• The press statement asked for “further progress
-12
in fiscal consolidation” and for “further -14
structural reforms…”. 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: Bloomberg
6. Portugal: Unemployment rate Portugal: Government is
remained stable at 16.3% expected to focus on expenditure
• In November, the unemployment rate in
Portugal remained stable at 16.3%;
cuts
• The unemployment rate for youths (under 25) • The legality of the 2013 Budget is being
declined from 39.0% in October to 38.7% in challenged with several requests sent to the
November; Constitutional Court to judge whether they are
• GDP contraction and ongoing fiscal against the Constitution;
consolidation continue to weigh on labor • In a comment to the Jan-Nov 2012 fiscal data, the
market conditions. independent parliamentary fiscal watchdog said
that the 2012 government budget deficit target
(5% of GDP) would only be possible via one-off
Portugal Unemployment Rate
40 18 measures. Tax revenues continue lagging behind
17 government estimates;
35 16
15 • An IMF report released last week suggested
30 14 various areas of reform for the Portuguese public
13
25 12
sector and presented several proposals for the
11 government to cut €4bn (2% of GDP) in public
20 10 spending. The report said that the wage bill and
9
15 8 pension spending would need to be reduced in
2008 2009 2010 2011 2012 2013 order to generate the government’s spending
Unemployment Rate for youths (under 25) (%, LHS)
Total Unemployment Rate (%, RHS)
reduction goals.
Source: Eurostat
7. Portugal: Construction sector Portugal: Domestic demand
remains depressed remains weak
• The industrial new orders index fell by -5.0% y/y in
• The index of production in construction fell by
November 2012, following a reduction of -5.2% in
-19.3% y/y in the quarter ending in November
October 2012. The domestic index decreased by
2012, down from -18.0% in October 2012.
-15.0% y/y (-16.3% y/y in October 2012), while
Employment and wages in the sector registered
new orders from the external market rose 2.2%
y/y change rates of -19.0% and -20.3% in
y/y (3.0% y/y in the previous month);
November, respectively;
• Portuguese banks’ NPL ratio rose from 9.97% to
• Exports and imports of goods decreased by
10.2% in November 2012 (the highest level since
-0.1% y/y and -3.6% y/y, respectively, in the
1997), in the corporate segment, while credit
quarter ended in November 2012. The deficit in
granted to companies fell by -8% y/y. In the
the trade balance fell by €511mn;
household segment, the NPL ratio rose to 3.8%,
while credit granted fell by -4% y/y.
Domestic Industrial New Orders (y/y)
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
2006 2007 2008 2009 2010 2011 2012 2013
Source: Statistical Office of Portugal Source: Statistical Office of Portugal
8. Sharp widening in US trade US budget deficit narrows by
deficit in November $86bn relative to year-ago levels
• The trade deficit increased to a seven-month • The NFIB index of small business optimism rose
high of $48.7bn in November (above de to 88.0 from 87.5 in December, only a small
consensus forecast at $43.1bn), from $42.1bn rebound after the decline from 93.1 in October,
in the previous month; probably reflecting concerns about the
• In real terms, the deficit jumped to a four-year economic outlook due to the “fiscal cliff”;
high of $51.9bn, from $46bn in October; • The US federal budget deficit was $0.3bn in
• Nominal exports rose by 1.0% m/m and non-oil December 2012, $86bn less than the December
imports increased by 4.4% m/m; 2011 print. This brings the deficit to $292bn for
• The bilateral deficit with China decreased Q1 of FY2013, a 9.1% decrease relative to the
slightly in November, but it increased sharply same period in FY2012, largely driven by higher
with the Euro-zone, particularly Germany. revenues.
Monthly International Trade Balance ($bn) US Monthly Treasury Federal Budget ($bn)
0 200
-10 Nominal 150
-20 Real 100
50
-30
0
-40
-50
-50
-100
-60 -150
-70 -200
-80 -250
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2006 2007 2008 2009 2010 2011 2012 2013
Source: US Dept. of Commerce Source: US Treasury
9. Japan: Abe administration China: December money and
announces a JPY10tr emergency credit supply below expectations
• CPI rose to 2.5% y/y (consensus: 2.3%), following
economic stimulus package 2.0% y/y in November, reflecting higher food
• During the recent election, the LDP promised to inflation;
implement a first emergency economic stimulus • December money and credit supply was below
package right away and implement new market expectations. New CNY loans were
economic policies; Rmb454.3bn in December 2012 (consensus:
• Since taking office on December 26th, the Abe Rmb550bn);
administration has been aggressively moving • The December trade data was encouraging.
with fiscal and monetary policy initiatives with Exports up 14.1% y/y (consensus: 5.0%). Imports
the goal of winning a majority in the July 2013 rose 6.0% y/y (consensus: 3.5%)
upper house elections.
Japan Monthly Non-adjusted Current Account Balance China CPI Inflation (%)
3,500
(JPYbn) 10
3,000 8
2,500
6
2,000
1,500 4
1,000 2
500
0
0
-500 -2
-1,000 -4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: MoF Source: NBS
10. PSI20 weekly review
• BPI (BPI PL), BCP (BCP PL) and BES (BES PL) were the main
winners last week in the PSI20 Portuguese stock benchmark
index. BES has announced it has issued €500mn 5-year bonds
with a 4.75% coupon at mid swap + 400bps. This is another
signal of progressive reopening of wholesale funding markets to
Portuguese banks. Moreover, Portuguese banks funding from
the ECB stood at €52.78bn at the end December 2012. This
represents a decline of €1.82bn from the €54.61bn registered in
the previous month;
• Mota-Engil (EGL PL), the Portuguese construction company, rose
more than 9% over last week. Mr. Jorge Coelho resigned as
Chairman of the Executive Committee and Vice Chairman of the
company. The new CEO, Mr. Gonçalo Martins (former CFO), gave
an interview to the local press saying that the company will
continue following the strategic plan already announced. The
group’s growth remains focused in Africa and Latam;
• Portugal Telecom (PTC PL)’s shares increased 8.9%. The Brazilian
Development Bank has approved a loan of BRL5.4bn to Oi to
support the company’s investment plans for the 2012-14 period.
The project includes investments in expanding and improving the
capacity of the broadband network, fixed and mobile, cable TV
infrastructure, and investments in information technology. Source: Bloomberg
11. Last week’s market highlights
Ford (F US) Share Price ($)
20
• Ford (F US)’s stock price increased 3.2% over last week. 18
The automaker announced that it will double its 16
shareholder dividend. Ford raised its quarterly dividend to 14
$14.00
$0.10 per share from $0.05 per share, which raises the 12
annual payout to $1.5bn from $762mn; 10
• American Express (AXP US) rose 2.73%. The company pre- 8
6
announced in-line Q4 2012 earnings and a restructuring 2010 2011 2012
American Express (AXP US) Stock Price ($)
plan including a $400mn restructuring charge given 60 $61.24
changing industry dynamics, a $342mn rewards related 56
liability adjustment and a $153mn charge for 52
reimbursements. Full earnings will be released after the 48
close on January 17th; 44
• Nokia (NOK1V FH) pre-announced positively on Thursday. 40
The company indicated that faster than expected cost cuts 2011 2012
Nokia (NOK1V FH) Daily Stock Price Changes (%)
2013
allowed a material beat in Networks. Nokia expects 13- 12 10.8
10
15% operating margins vs. Consensus 8%. Devices showed 8
6
a narrower loss, driven by higher Asha volumes and lower 4
2.2
1.7
opex. Nokia sees Q4 operating margin of 0-2% vs. 2
0
Consensus -6%. Q4 2012 Devices & Services sales were -2
-4 -2.5
€3.9bn, vs. Consensus €3.8bn. Total devices volume -6
-6.2
-8
reached 86.3mn units vs. Consensus 89mn. 7-Jan
Source: Bloomberg
8-Jan 9-Jan 10-Jan 11-Jan
12. What we are watching this week:
Event Date Hour (GMT) Survey Prior
• Euro-zone industrial production for November is due Public Holiday, Japan 14-Jan
Fed Chairman Bernanke speaks on US Economy in Atlanta 14-Jan 21:00
Monday and is expected to improve to -3.1% y/y Industrial Production nsa y/y, Italy 14-Jan 09:00 -0.3%
Euro-Zone Ind. Prod. wda y/y, Euro-Zone 14-Jan 10:00 -3.1% -3.6%
(from -3.6% in the previous month). German GDP Machine Tool Orders y/y, Japan 15-Jan 06:00 -21.3%
CPI y/y, Germany 15-Jan 07:00 2.1% 2.1%
annual data for 2012 will be release on Tuesday; GDP y/y NSA, Germany 15-Jan 08:00 0.8% 3.0%
• Final December inflation data for Germany, Italy and Consumer Price Index y/y, Spain
CPI - EU Harmonized y/y, Italy
15-Jan
15-Jan
08:00
09:00
2.9%
2.6%
2.9%
2.6%
Spain is due Tuesday and is likely to be unchanged CPI y/y, UK
Euro-Zone Trade Balance, Euro-Zone
15-Jan
15-Jan
09:30
10:00
2.7%
10.0B
2.7%
10.2B
from its flash estimates. Final December inflation Retail Sales y/y, Brazil
Empire Manufacturing, US
15-Jan
15-Jan
11:00
13:30
8.10%
0.0
9.10%
-8.1
data for the Euro-zone should be released Advance Retail Sales, US 15-Jan 13:30 0.2% 0.3%
Retail Sales Ex Auto & Gas, US 15-Jan 13:30 0.4% 0.7%
Wednesday. It is expected to remain unchanged Producer Price Index y/y, US 15-Jan 13:30 1.4% 1.5%
Business Inventories, US 15-Jan 15:00 0.3% 0.4%
from its earlier estimate of 2.2% y/y; EU27 New Car Registrations, Euro-Zone 16-Jan 07:00 -10.3%
Trade Balance (Total) (Euros), Italy 16-Jan 09:00 2660M 2452M
• In the UK, the CPI, RPI, and PPI should be disclosed Euro-Zone CPI y/y, Euro-Zone 16-Jan 10:00 2.2% 2.2%
Consumer Price Index y/y, US 16-Jan 13:30 1.8% 1.8%
Tuesday. December retail sales data is due Friday Industrial Production, US 16-Jan 14:15 0.3% 1.1%
Capacity Utilization, US 16-Jan 14:15 78.5% 78.4%
and retail sales ex auto and fuel are expected to NAHB Housing Market Index, US 16-Jan 15:00 48.0 47.0
increase by 2.0% y/y; U.S. Federal Reserve Releases Beige Book
ECB Publishes Monthly Report, Euro-Zone
16-Jan
17-Jan
19:00
09:00
• In the US, retail sales ex autos and fuel (due Housing Starts, US
Building Permits, US
17-Jan
17-Jan
13:30
13:30
890K
905K
861K
899K
Tuesday) are expected to increase by 0.4% m/m, Initial Jobless Claims, US
Philadelphia Fed., US
17-Jan
17-Jan
13:30
15:00
370K
6.0
371K
8.1
following 0.7% m/m in the previous month. Housing Real GDP y/y, China 18-Jan 02:00 7.8% 7.4%
Industrial Production y/y, China 18-Jan 02:00 10.2% 10.1%
starts, housing permits and the housing market Retail Sales y/y, China 18-Jan 02:00 15.0% 14.9%
Industrial Production y/y, Japan 18-Jan 04:30 -5.8%
index are expected to increase. The December CPI Capacity Utilization m/m, Japan 18-Jan 04:30 1.6%
Industrial Orders n.s.a. y/y, Italy 18-Jan 09:00 -0.1%
will be released Wednesday. It should remain Industrial Sales n.s.a. y/y, Italy 18-Jan 09:00 -4.7%
Retail Sales Ex Auto Fuel y/y, UK 18-Jan 09:30 2.0% 2.0%
unchanged (1.8% y/y) from the previous month. U. of Michigan Confidence, US 18-Jan 14:55 75.0 72.9
Source: Bloomberg, Fincor
13. Next Week Preview: Economics
US Adjusted Retail Sales "Control Group" (m/m)
• The provisional estimate for the headline of the 1.0%
0.9%
0.8%
January’s University of Michigan Consumer Confidence 0.6%
0.5%
is expected to be released on Friday (14:55 GMT). The 0.3%
last minute “fiscal cliff” deal could have had an impact 0.1%
on sentiment. Moreover, gas prices have decreased 0.0%
-0.1% -0.1%
and equity prices rose. Nevertheless, the expiration of -0.4%
-0.3%
the payroll tax cut is going to hit all working individuals Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12
and could penalize consumer confidence; Source: US Census Bureau
US Consumer Confidence Indices
• The Empire State Index is due Tuesday (13:30 GMT), 120 100
100 90
while the Philly Fed Index should be released Thursday
80 80
(15:00 GMT). Both survey could reflect the deal to
60 70
avert the “fiscal cliff”. However, business confidence in
40 60
early January will probably also take into account that 20 50
the debt ceiling stand-off is continuing; 2007 2008 2009
Conference Board (RHS)
2010 2011 2012
University of Michigan (LH S)
• US Retail Sales will be announced on Tuesday (13:30 Source: Conference Board; U. of Michigan Survey Research Center
Germany: Annual Real GDP Growth
GMT). The ICSC chain stores sales suggest that 6%
3.7%
spending rose in December; 4% 3.0%
2%
• The focus for the weak in the Euro-zone could be the 0%
release of German GDP annual data for 2012. -2%
Consensus expect it to print at 0.8% y/y, down from -4%
3.0% in 2011. -6%
1991 1995 1999 2003 2007
-5.1%
2011
Source: German Federal Statistical Office
14. Next Week Preview: Earnings season in Portugal and Government
Debt Issuance Calendar
Jerónimo Martins announced Q4 France and Spain will be the
2012 Trading Statement highlights of the week
• The company reported Q4 2012 sales in line • Portugal will redeem €1.3bn of BT on Friday.
with consensus. Polish LfL sales grew 6.4%. The
Next week's Selected Bonds and T-Bills Supply
group opened 120 Biendronka stores in Q4 Issue Country Date Amount Hour (GMT)
BTF Apr 2013 France 14-Jan €3.2-3.6bn
taking the total to 2125; BTF Jun 2013 France 14-Jan €1.2-1.6bn
• The Portuguese earnings season will continue T-Bills Apr 2013
BTF Jan 2014 France
US
14-Jan
14-Jan
€1.6-2bn
$32bn
with Galp’s trading update on January 21st. T-Bills Jul 2013 (new) US 14-Jan $28bn
Letras Jan 2014 Spain 15-Jan
Company Event Date Letras Jun 2014 Spain 15-Jan
Galp Trading Update 21-Jan
T-Bills Feb 2013 US 15-Jan
Sonae Trading Update 23-Jan
Portucel FY12 Results 29-Jan
Bund 15 Feb 2023 (new) Germany 16-Jan €5bn 10:30
BPI FY12 Results 30-Jan Bonos 3.75% 31 Oct 2015 Spain 17-Jan 09:30
BES FY12 Results 5-Fev Bonos 4.50% 31 Jan 2018 Spain 17-Jan 09:30
Semapa FY12 Results 7-Fev Obligaciones 4.70% 30 Jul 2041 Spain 17-Jan 09:30
BCP FY12 Results 8-Fev After-Market BTAN 2.50% 15 Jan 2015 France 17-Jan 09:50
Galp FY12 Results 11-Fev Before-Market OAT 3.75%25 Apr 2017 France 17-Jan €7-8bn 09:50
Jerónimo Martins FY12 Results 27-Fev OAT 1.00% 25 May 2018 (new) France 17-Jan 09:50
Zon FY12 Results 27-Fev
OATei 0.25% 25 Jul 2018 France 17-Jan 10:50
Sonae Indústria FY12 Results 27-Fev
OATi 1.30% 25 Jul 2019 France 17-Jan €1.3-1.7bn 10:50
EDP Renováveis FY12 Results 28-Fev
Sonaecom FY12 Results 7-Mar OATei 1.85% 25 Jul 2027 France 17-Jan 10:50
REN FY12 Results 7-Mar Next week's Selected Bonds and T-Bills redemptions
Altri FY12 Results 8-Mar Issues Country Date Amount Hour (GMT)
Cofina FY12 Results 8-Mar BTAN 3.75% France 12-Jan €17.7bn
Sonae FY12 Results 13-Mar After-Market BOT (3m) Italy 14-Jan €3bn
Mota Engil FY12 Results 14-Mar BOT (12m) Italy 14-Jan €8.5bn
EDP FY12 Results 15-Mar After-Market BTF France 17-Jan €8bn
ESFG FY12 Results 15-Mar
Letras Spain 18-Jan €5.6bn
Portugal Telecom FY12 Results 28-Mar
BT Portugal 18-Jan €1.3bn
Banif FY12 Results n.a.
Source: Bloomberg, Companies information Source: Fincor
15. Next Week Preview: European and US Corporate Calendar
Carrefour is expected to release US: The Financial sector will
Q4 2012 sales on Thursday probably be the highlight
• Carrefour’s LfL sales growth (ex-fuel and calendar) • JPMorgan, Morgan Stanley, Goldman Sachs,
is expected to be negative for hypermarkets in Bank of America and Citigroup will release
France. Will the Detroit Auto Show (January, 15th- results this week;
16th) be a catalyst for the european sector? • Intel and GE will also be closely followed by
Country Company Event Time (GMT) Ticker (Bloomberg) investors.
Monday, 14 January
UK Taylor Wimpey PLC Q4 2012 Trading Update 07:00 TW/ LN Company Event Time (GMT) Ticker (Bloomberg)
Tuesday, 15 January Monday, 14 January
Switzerland Geberit AG Q4 2012 Trading Update 06:00 GEBN VX PPG Industries Inc Q4 2012 Earnings Release PPG US
UK Burberry Group PLC Q3 2013 Trading Update 07:00 BRBY LN Tuesday, 15 January
UK Ashmore Group PLC Q2 2013 Trading Update 12:00 ASHM LN
Lennar Corp Q4 2012 Earnings Release Before Market Opening LEN US
Austria Telecom Austria Capital Markets Day TKA AV
Forest Laboratories Inc Q3 2013 Earnings Release Before Market Opening FRX US
France Casino Guichard Perrachon SA Q4 2012 Trading Update 17:15 CO FP
Switzerland Lindt & Sprungli FY Trading Statement LISN SW Linear Technology Corp Q2 2013 Earnings Release LLTC US
UK Michael Page International Q4 Trading Statement MPI LN Wednesday, 16 January
Sweden Hennes & Mauritz AB December 2012 Trading Update HMB SS Charles Schwab Corp/The Q4 2012 Earnings Release Before Market Opening SCHW US
UK Rio Tinto PLC Q4 2012 Trading Update RIO LN US Bancorp Q4 2012 Earnings Release Before Market Opening USB US
France Aeroports de Paris December 2012 Trading Update ADP FP Bank of New York Mellon Corp/The Q4 2012 Earnings Release 11:30 BK US
Germany Fraport AG December 2012 Trading Update FRA GR
JPMorgan Chase & Co Q4 2012 Earnings Release 12:00 JPM US
Wednesday, 16 January
Goldman Sachs Group Inc/The Q4 2012 Earnings Release 12:30 GS US
UK Experian PLC Q3 2013 Trading Update 07:00 EXPN LN
Germany Metro AG Q4 2012 Trading Update 07:00 MEO GR eBay Inc Q4 2012 Earnings Release After Market Close EBAY US
Denmark Chr Hansen Holding A/S Q1 2013 Earnings Release 07:00 CHR DC Thursday, 17 January
UK Barratt Developments PLC Q2 2013 Trading Update 08:00 BDEV LN BlackRock Inc Q4 2012 Earnings Release Before Market Opening BLK US
Thursday, 17 January UnitedHealth Group Inc Q4 2012 Earnings Release Before Market Opening UNH US
Netherlands Koninklijke Ahold NV Q4 2012 Trading Update 05:45 AH NA Fifth Third Bancorp Q4 2012 Earnings Release 11:30 FITB US
France EADS 2012 year-end Airbus press conference EAD FP
Bank of America Corp Q4 2012 Earnings Release 12:00 BAC US
Belgium Delhaize Group SA Q4 2012 Trading Update 06:00 DELB BB
Citigroup Inc Q4 2012 Earnings Release 13:00 C US
Netherlands ASML Holding NV Y2012 Earnings Release 06:00 ASML NA
Switzerland SGS FY Results SGSN VX Capital One Financial Corp Q4 2012 Earnings Release 21:05 COF US
France Carrefour SA Q4 2012 Trading Update 06:30 CA FP Intel Corp Q4 2012 Earnings Release After Market Close INTC US
UK African Barrick Gold PLC Q4 2012 Trading Update 07:00 ABG LN Friday, 18 January
UK Mothercare Q3 Sales MTC LN General Electric Co Q4 2012 Earnings Release Before Market Opening GE US
UK Aberdeen Asset Management PLC Q1 2013 Trading Update 08:00 ADN LN Johnson Controls Inc Q1 2013 Earnings Release 12:00 JCI US
France Remy Cointreau SA Q3 2013 Trading Update 08:30 RCO FP
Morgan Stanley Q4 2012 Earnings Release 12:15 MS US
France Accor SA Q4 2012 Trading Update 16:45 AC FP
Schlumberger Ltd Q4 2012 Earnings Release SLB US
UK Booker Group PLC Q3 2013 Trading Update BOK LN
UK Premier Oil PLC Q4 2012 Trading Update PMO LN Consolidated Edison Inc Q4 2012 Earnings Release ED US
UK Associated British Foods PLC Q1 2013 Trading Update ABF LN State Street Corp Q4 2012 Earnings Release STT US
Source: Bloomberg Source: Bloomberg
16. Next Week Preview: Lower Saxony Elections and Idea of the week
Lower Saxony to hold elections Idea of the Week: Acerinox
• The acquisition of ThyssenKrupp’s stainless steel
on January 20th unit by Outokumpu shows that the
• The week will end with the state parliamentary consolidation in the European sector is moving
election in Lower Saxony, Germany’s fourth biggest forward;
federal state, on Sunday, January 20th; • Acerinox (ACX SM) continues trying to reduce its
• It should be the last German state to go to the gearing;
polls ahead of the General Election at the end of • Capacity expansion in Malaysia will allow the
September; company to target new customers in the region;
• The state is governed by a CDU/FDP coalition since • H2 2012 showed weaker than expected
2008, a replica of the current coalition at national conditions in both the US and European
level; Markets. A moderate restocking could support
• Chancellor Angela Merkel’s position at the national the stock in Q1 2013.
level is still very strong, in contrast to her SPD rival. 120
Acerinox vs. IBEX35 Index
110
100
90
80
70
60 1 Ja n 2012 = 100
50
Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13
Source: Infratest dimap Source: Bloomberg Acerinox IBEX35 Index
17. Charts we are watching
• The ECB statement was more hawkish that expected.
Now, the market seems to believe that, unless there’s a
significant fall in sentiment, the ECB is unlikely to cut the
refi rate in the near-term. Moreover, 10-year sovereign
bond yields on the Euro periphery continue to fall. Both
factors have supported the Euro/USD exchange rate that
reached 1.3343 at the end of last week. But, with the
euro area economy expected to remain weak at the
beginning of 2013, a higher Euro/USD will not provide
much help to the gradual recovery that is expected later
in the year. Source: Bloomberg
140
BES and Banco Popular Relative Performance
• Last week, BES has announced that it issued €500mn 5-
120
year bonds with a 4.75% coupon at mid swap +400bps.
Moreover, the bank is planning to issue further bonds 100
BES
this year in order to reduce its reliance on ECB funding.
80 Banco Popular
Banco Popular announced that it has issued €750mn 2.5-
year bonds with a 4.125% coupon at mid swap +362bps. 60
Both issues suggest the progressive reopening of 40
wholesale funding markets for Portuguese and Spanish 1 Ja n 2010 = 100
20
banks with a clear positive impact on both stock prices. 2010 2011 2012
Source: Bloomberg
18. Disclosure Section
This research report is based on information obtained from sources which we believe to be credible and reliable, but is
not guaranteed as to accuracy or completeness. All the information contained herein is based upon information
available to the public.
The recipient of this report must make its own independent assessment and decisions regarding any securities or
financial instruments mentioned herein.
This report is not, and should not be construed as an offer or a solicitation to buy or sell any securities or related
financial instruments. The investment discussed or recommended in this report may be unsuitable for investors
depending on their specific investment objectives and financial position.
The material in this research report is general information intended for recipients who understand the risks associated
with investment. It does not take account of whether an investment, course of action, or associated risks are suitable
for the recipient.
Investors should seek financial advice regarding the appropriateness of investing in any securities or investment
strategies discussed or recommended in this research report and should understand that the statements regarding
future prospects may not be realized. Investors may receive back less than initially invested. Past performance is not a
guarantee for future performance.
Fincor – Sociedade Corretora, S.A. accepts no liability of any type for any indirect or direct loss arising from the use of
this research report.
Recommendations and opinions expressed are our current opinions as of the date referred on this research report.
Current recommendations or opinions are subject to change as they depend on the evolution of the company or may
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