The document provides an economic assessment of the impact of Mongolia's proposed new mineral law. It discusses:
1. The role of mining in Mongolia's economy and its contributions to GDP, exports, investment, and government revenue.
2. The proposed new mineral law and the methodology used for the economic analysis.
3. The implications of the proposed law on Mongolia's economy based on modeling insights.
4. Conclusions from the analysis of the economic impact of the proposed new mineral law.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The document provides an overview of Enel SpA's 2011 results and 2012-2016 strategic plan. Key points include:
1) Enel reported a 1.4% increase in EBITDA for 2011 to €17.7 billion, though net income declined 5.5% to €4.1 billion due to higher taxes.
2) The strategic plan outlines macroeconomic assumptions for mature and growth markets and focuses on priorities like efficiencies in mature markets and growth in emerging markets.
3) The plan expects challenges in 2012 from declining demand in Italy, Spain, and mature markets as well as overcapacity issues, while forecasting organic growth to boost profitability in Latin America.
The document reports financial results for 3Q11, with net sales revenue down 9.9% to R$192.9 million due to a 7.5% decline in domestic market sales and gross margin declining to 46.5% from 49% in 3Q10. EBIT was down significantly to R$54 million from R$81 million in 3Q10 due to lower sales volumes and margins. The company cautions that actual results could differ from expectations due to economic conditions and uncertainties in its business.
Taiwan's economic situation and outlook , june 2012tuagu79
The document summarizes Taiwan's economic situation and outlook in June 2012. It finds that Taiwan's real GDP grew at an annualized rate of just 0.39% in Q1 2012 due to contracting exports and weak domestic demand. While the global economy is expected to modestly grow in 2012, Taiwan's export and GDP growth will likely be muted at around 3% due to uncertainties from Europe and China. Taiwan ran a trade surplus in April 2012 as exports declined 6.4% and imports rose 2.1% year-on-year. China remains Taiwan's largest export market while Japan is still its biggest import source.
This document discusses the benefits of global investing and how to invest globally. It outlines that global markets now account for 50% of total stock market capitalization, so ignoring foreign markets means ignoring half of investment opportunities. Investing globally provides exposure to industries and companies outside the US as well as access to the fastest growing economies. While global investing carries special risks like currency fluctuations and political instability, diversifying across world markets has historically improved risk-adjusted returns. The document recommends investing globally through mutual funds for professional management and simplified transactions, and considering both developed and emerging international markets for long-term growth potential.
Government revises its 2009 real GDP growth forecast. The Prime
Minister (PM) announced yesterday that the official real GDP growth
forecast for this year is now between -4% and -5% from +1% to -1%
announced by Bank Negara Malaysia (BNM) in Mar 09. This is due to
the impact of the global recession on external demand which also
weakened domestic demand, especially private investment (1Q09: -
26% YoY), including FDI (1Q09: -50% YoY). However, apart from
mentioning a 25% drop in exports, no detailed breakdown of the
revised forecast was provided.
The document summarizes key points from a lecture on sources of future economic growth in the UK:
1) The UK experienced a deep recession from 2008-2009 but recovery has been "V-shaped", similar to recessions in the early 1980s.
2) The government's austerity program aims to reduce the deficit significantly by 2015-2016 but front-loading cuts in 2011-2012 risks slowing the recovery.
3) The recession may have caused permanent loss of output and reduced the trend growth rate to about 2%, down from past averages, due to issues like long-term unemployment and reduced business investment.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The document provides an overview of Enel SpA's 2011 results and 2012-2016 strategic plan. Key points include:
1) Enel reported a 1.4% increase in EBITDA for 2011 to €17.7 billion, though net income declined 5.5% to €4.1 billion due to higher taxes.
2) The strategic plan outlines macroeconomic assumptions for mature and growth markets and focuses on priorities like efficiencies in mature markets and growth in emerging markets.
3) The plan expects challenges in 2012 from declining demand in Italy, Spain, and mature markets as well as overcapacity issues, while forecasting organic growth to boost profitability in Latin America.
The document reports financial results for 3Q11, with net sales revenue down 9.9% to R$192.9 million due to a 7.5% decline in domestic market sales and gross margin declining to 46.5% from 49% in 3Q10. EBIT was down significantly to R$54 million from R$81 million in 3Q10 due to lower sales volumes and margins. The company cautions that actual results could differ from expectations due to economic conditions and uncertainties in its business.
Taiwan's economic situation and outlook , june 2012tuagu79
The document summarizes Taiwan's economic situation and outlook in June 2012. It finds that Taiwan's real GDP grew at an annualized rate of just 0.39% in Q1 2012 due to contracting exports and weak domestic demand. While the global economy is expected to modestly grow in 2012, Taiwan's export and GDP growth will likely be muted at around 3% due to uncertainties from Europe and China. Taiwan ran a trade surplus in April 2012 as exports declined 6.4% and imports rose 2.1% year-on-year. China remains Taiwan's largest export market while Japan is still its biggest import source.
This document discusses the benefits of global investing and how to invest globally. It outlines that global markets now account for 50% of total stock market capitalization, so ignoring foreign markets means ignoring half of investment opportunities. Investing globally provides exposure to industries and companies outside the US as well as access to the fastest growing economies. While global investing carries special risks like currency fluctuations and political instability, diversifying across world markets has historically improved risk-adjusted returns. The document recommends investing globally through mutual funds for professional management and simplified transactions, and considering both developed and emerging international markets for long-term growth potential.
Government revises its 2009 real GDP growth forecast. The Prime
Minister (PM) announced yesterday that the official real GDP growth
forecast for this year is now between -4% and -5% from +1% to -1%
announced by Bank Negara Malaysia (BNM) in Mar 09. This is due to
the impact of the global recession on external demand which also
weakened domestic demand, especially private investment (1Q09: -
26% YoY), including FDI (1Q09: -50% YoY). However, apart from
mentioning a 25% drop in exports, no detailed breakdown of the
revised forecast was provided.
The document summarizes key points from a lecture on sources of future economic growth in the UK:
1) The UK experienced a deep recession from 2008-2009 but recovery has been "V-shaped", similar to recessions in the early 1980s.
2) The government's austerity program aims to reduce the deficit significantly by 2015-2016 but front-loading cuts in 2011-2012 risks slowing the recovery.
3) The recession may have caused permanent loss of output and reduced the trend growth rate to about 2%, down from past averages, due to issues like long-term unemployment and reduced business investment.
The document summarizes the 2009 financial results of an unnamed bank. Key points include:
1) Net income for 2009 was RUB 1.2 billion, down 61.2% from 2008, as the bank took conservative measures during the economic crisis to prepare for potential recovery.
2) The bank maintained strong capital and liquidity positions despite challenges like downward pressure on interest margins and subdued loan demand.
3) Efficiency improved over 2009, with cost to income ratio down 4 percentage points and personnel expenses down 17.2% from 2008.
The document outlines Monsanto's strategic growth objectives through 2010, with a focus on growing their seeds and traits portfolio. It discusses goals of expanding market share for corn franchises globally and penetrating new markets. Monsanto aims to lead the industry in innovation through research and development investments in breeding and biotechnology. The strategy is expected to translate to significant earnings growth and increasing free cash flow through 2007 as Monsanto establishes leadership in agricultural products.
- Operating revenue for the quarter ended March 31, 2006 was Rs. 278 crore, up 34% from the previous quarter and 26% from the same quarter last year. Total revenue was Rs. 279 crore, up 32% and 25% respectively.
- Operating profit for the quarter was Rs. 16.6 crore, up 37% from the previous quarter. Profit before tax was Rs. 14.3 crore, up 8% from last quarter. Profit after tax was Rs. 9.9 crore, down 18% from last quarter.
- Manpower productivity improved 18% from the previous quarter.
The EU-MS' Economies of central and east EuropeDirk Verbeken
CEE economies weathered challenges in 2011 such as reduced capital inflows and weak growth in the euro area. While CEE growth of 3.1% resumed convergence with the EU15, growth has weakened in each quarter of 2011 and 2012. Exports and imports continued contributing to growth, though export growth has decelerated, especially for intra-EU trade of intermediate goods. Despite the difficult external environment, bold fiscal measures have strengthened public finances in CEE, but further strengthening remains a priority.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
- Evraz reported its 2006 interim results, with revenue growing 5.3% to $3.825 billion due to a 23% increase in sales volumes. EBITDA remained flat at $1.096 billion.
- Steel segment sales volumes increased 23% to 8.3 million tonnes, driven by strong growth in the Russian construction market. Mining segment EBITDA declined 47.4% to $133 million.
- The company maintained a strong balance sheet with net debt to EBITDA of 1.0x and significant cash balances. Evraz is well positioned in the growing Russian and CIS steel markets.
Cipla reported subdued fourth quarter results due to lower-than-expected technical know-how fees, which decreased 86% year-over-year. Net sales were in-line at Rs. 1,318 crore, driven by domestic and export formulations. Operating margins declined to 15.2% due to higher employee expenses. For the full year, net sales grew 8% to Rs. 5,358 crore while operating margins expanded to 20.3%. Cipla expects 8-10% revenue growth in fiscal year 2011 and maintained operating margins of 20%, excluding technical fees. The company remains optimistic about contributions from its inhaled products in Europe and potential supply deals with global pharmaceutical companies.
- Operating revenue for Q3 FY 2007 was Rs. 298.62 crore, up 44% year-over-year and 24% quarter-over-quarter. Total revenue was Rs. 300.41 crore, up 42% year-over-year and 24% quarter-over-quarter.
- EBITDA for Q3 FY 2007 was Rs. 29.20 crore, up 142% year-over-year and 70% quarter-over-quarter. Profit before tax was Rs. 28.23 crore, up 114% year-over-year and 84% quarter-over-quarter. Profit after tax was Rs. 20.40 crore, up 69
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
WEG reported its Q2 2010 results with the following highlights:
- Gross operating revenue increased 8.5% year-over-year to R$1.227 billion. Domestic revenue grew 3.7% while external markets grew 20%.
- Net income decreased 2.5% to R$116.1 million and EBITDA declined 4.3% to R$174 million.
- The company expanded internationally through additional investments in Mexico and South Africa and acquiring a company in Brazil.
- Management believes growth opportunities remain in energy efficiency and renewable energy areas.
The document discusses Santander's 2010 results and 2011 outlook. In 2010, Santander achieved solid profit generation of EUR 8.18 billion despite challenges in mature markets. Credit quality showed improvement, with declining net non-performing loan entries and risk premiums across the group and in main business units. Diversification across geographies helped drive growth, with emerging markets increasing profits despite difficulties in Europe. Santander also strengthened its capital and liquidity positions in 2010.
This presentation summarizes Newmont Mining Corporation's Westcoast Winter Roadshow. It discusses Newmont's financial results and production guidance, the positive fundamentals for gold including declining mine supply. It also covers Newmont's efforts to manage increasing operating costs, diversify its political risk across multiple countries, and use its investment portfolio to generate additional value. Newmont is positioned as a leading gold company with a large reserve base and market capitalization.
Hindustan Zinc reported strong financial results for the fourth quarter of fiscal year 2010. Net revenues were ahead of estimates due to higher sales of silver and zinc/lead concentrates. Net profit grew 124.7% year-over-year to Rs1,239cr, in line with estimates, driven by rising metal prices and increased production volumes. The analyst maintains an "Accumulate" rating and target price of Rs1,399, believing the company is well-positioned to benefit from expanding capacity and higher silver output.
The document summarizes NLMK's Q2 2012 financial results, including a 5% increase in revenue to $3.257 billion and a 38% increase in EBITDA to $596 million. Steel output increased 6% to 3.843 million tons due to higher production at NLMK's main facilities. While demand grew in Russia, global steel markets remained weak during the quarter. NLMK expects to maintain flat steel output of around 3.8 million tons in Q3 2012.
WEG reported financial results for the third quarter of 2012 with increases in key metrics compared to the same period in 2011. Net operating revenue grew 22.4% to R$1.61 billion with domestic market revenue up 8.3% and external markets revenue increasing 40.4%. Gross operating profit rose 19.2% to R$498.6 million and net income increased 19.5% to R$184.8 million. EBITDA grew 16.6% to R$284.3 million. The results demonstrated continued strong growth in both domestic and external markets. Management also provided details on capital expenditures and cash flow.
Country A wants a depreciation to λ1. With sticky prices, country B faces inflationary excess demand. No „one size fits all‟ monetary policy response. The inability to adjust exchange rates independently in response to asymmetric shocks is a cost of a common currency area.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
- Eni reported financial results for the first quarter of 2009, with operating profit down 36.3% and net profit down 42.2% compared to Q1 2008 due to weaker oil prices and lower sales volumes.
- E&P operating profit declined 49.3% due to lower Brent crude prices and higher depreciation, depletion and amortization costs.
- G&P saw a 6.2% increase in natural gas sales volumes but operating profit fell 18.2% as Italian volumes declined and inventory losses increased.
- Refining & Marketing swung to a profit versus a loss in Q1 2008 due to lower costs and inventory gains, despite lower throughput.
The document summarizes Israel's economic highlights for the second quarter of 2011. It provides key economic indicators such as GDP, exports, imports, unemployment rates, inflation rates, and compares Israel's economic growth to other advanced economies. GDP grew by 4.7% in the first quarter of 2011, exports made up 44.6% of GDP, and unemployment was at 6%.
01 04 2009 I Embraer Day Ny 2009 ApresentaçãO AviaçãO ExecutivaEmbraer RI
This document provides an overview of Embraer's executive aviation business from its 9th US Annual Analyst & Investor Meeting. It discusses Embraer's executive jet product portfolio including the Phenom 100 and 300, Legacy 450/500, and Lineage 1000. Performance data for these models is presented. It also summarizes Embraer's customer support solutions including its growing global service center network and training programs.
The document provides an introduction to Groovy, including:
- The presenter's background in programming languages including Java since 1996 and using Groovy since 2009.
- The presentation objectives are to recognize Groovy code, get interested in Groovy coding, and introduce some key Groovy concepts without focusing on Grails, Geb, or Spock yet.
- Groovy is a dynamic language that extends Java with features like closures, GStrings, and optional semicolons to enable less code and more clarity while compiling to Java classes for seamless integration.
Game analysis darksiders_gda1_manas_murali - copyManas Murali
This document provides an analysis of the game Darksiders. It describes the formal elements of the game such as the single player role of War, the primary objective to restore balance, and secondary objectives like collecting hearts. It also outlines the dramatic elements, including the challenges players face from enemies and obstacles. The analysis covers resources, conflicts, and concludes that the game has a predefined outcome.
The document summarizes the 2009 financial results of an unnamed bank. Key points include:
1) Net income for 2009 was RUB 1.2 billion, down 61.2% from 2008, as the bank took conservative measures during the economic crisis to prepare for potential recovery.
2) The bank maintained strong capital and liquidity positions despite challenges like downward pressure on interest margins and subdued loan demand.
3) Efficiency improved over 2009, with cost to income ratio down 4 percentage points and personnel expenses down 17.2% from 2008.
The document outlines Monsanto's strategic growth objectives through 2010, with a focus on growing their seeds and traits portfolio. It discusses goals of expanding market share for corn franchises globally and penetrating new markets. Monsanto aims to lead the industry in innovation through research and development investments in breeding and biotechnology. The strategy is expected to translate to significant earnings growth and increasing free cash flow through 2007 as Monsanto establishes leadership in agricultural products.
- Operating revenue for the quarter ended March 31, 2006 was Rs. 278 crore, up 34% from the previous quarter and 26% from the same quarter last year. Total revenue was Rs. 279 crore, up 32% and 25% respectively.
- Operating profit for the quarter was Rs. 16.6 crore, up 37% from the previous quarter. Profit before tax was Rs. 14.3 crore, up 8% from last quarter. Profit after tax was Rs. 9.9 crore, down 18% from last quarter.
- Manpower productivity improved 18% from the previous quarter.
The EU-MS' Economies of central and east EuropeDirk Verbeken
CEE economies weathered challenges in 2011 such as reduced capital inflows and weak growth in the euro area. While CEE growth of 3.1% resumed convergence with the EU15, growth has weakened in each quarter of 2011 and 2012. Exports and imports continued contributing to growth, though export growth has decelerated, especially for intra-EU trade of intermediate goods. Despite the difficult external environment, bold fiscal measures have strengthened public finances in CEE, but further strengthening remains a priority.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
- Evraz reported its 2006 interim results, with revenue growing 5.3% to $3.825 billion due to a 23% increase in sales volumes. EBITDA remained flat at $1.096 billion.
- Steel segment sales volumes increased 23% to 8.3 million tonnes, driven by strong growth in the Russian construction market. Mining segment EBITDA declined 47.4% to $133 million.
- The company maintained a strong balance sheet with net debt to EBITDA of 1.0x and significant cash balances. Evraz is well positioned in the growing Russian and CIS steel markets.
Cipla reported subdued fourth quarter results due to lower-than-expected technical know-how fees, which decreased 86% year-over-year. Net sales were in-line at Rs. 1,318 crore, driven by domestic and export formulations. Operating margins declined to 15.2% due to higher employee expenses. For the full year, net sales grew 8% to Rs. 5,358 crore while operating margins expanded to 20.3%. Cipla expects 8-10% revenue growth in fiscal year 2011 and maintained operating margins of 20%, excluding technical fees. The company remains optimistic about contributions from its inhaled products in Europe and potential supply deals with global pharmaceutical companies.
- Operating revenue for Q3 FY 2007 was Rs. 298.62 crore, up 44% year-over-year and 24% quarter-over-quarter. Total revenue was Rs. 300.41 crore, up 42% year-over-year and 24% quarter-over-quarter.
- EBITDA for Q3 FY 2007 was Rs. 29.20 crore, up 142% year-over-year and 70% quarter-over-quarter. Profit before tax was Rs. 28.23 crore, up 114% year-over-year and 84% quarter-over-quarter. Profit after tax was Rs. 20.40 crore, up 69
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
WEG reported its Q2 2010 results with the following highlights:
- Gross operating revenue increased 8.5% year-over-year to R$1.227 billion. Domestic revenue grew 3.7% while external markets grew 20%.
- Net income decreased 2.5% to R$116.1 million and EBITDA declined 4.3% to R$174 million.
- The company expanded internationally through additional investments in Mexico and South Africa and acquiring a company in Brazil.
- Management believes growth opportunities remain in energy efficiency and renewable energy areas.
The document discusses Santander's 2010 results and 2011 outlook. In 2010, Santander achieved solid profit generation of EUR 8.18 billion despite challenges in mature markets. Credit quality showed improvement, with declining net non-performing loan entries and risk premiums across the group and in main business units. Diversification across geographies helped drive growth, with emerging markets increasing profits despite difficulties in Europe. Santander also strengthened its capital and liquidity positions in 2010.
This presentation summarizes Newmont Mining Corporation's Westcoast Winter Roadshow. It discusses Newmont's financial results and production guidance, the positive fundamentals for gold including declining mine supply. It also covers Newmont's efforts to manage increasing operating costs, diversify its political risk across multiple countries, and use its investment portfolio to generate additional value. Newmont is positioned as a leading gold company with a large reserve base and market capitalization.
Hindustan Zinc reported strong financial results for the fourth quarter of fiscal year 2010. Net revenues were ahead of estimates due to higher sales of silver and zinc/lead concentrates. Net profit grew 124.7% year-over-year to Rs1,239cr, in line with estimates, driven by rising metal prices and increased production volumes. The analyst maintains an "Accumulate" rating and target price of Rs1,399, believing the company is well-positioned to benefit from expanding capacity and higher silver output.
The document summarizes NLMK's Q2 2012 financial results, including a 5% increase in revenue to $3.257 billion and a 38% increase in EBITDA to $596 million. Steel output increased 6% to 3.843 million tons due to higher production at NLMK's main facilities. While demand grew in Russia, global steel markets remained weak during the quarter. NLMK expects to maintain flat steel output of around 3.8 million tons in Q3 2012.
WEG reported financial results for the third quarter of 2012 with increases in key metrics compared to the same period in 2011. Net operating revenue grew 22.4% to R$1.61 billion with domestic market revenue up 8.3% and external markets revenue increasing 40.4%. Gross operating profit rose 19.2% to R$498.6 million and net income increased 19.5% to R$184.8 million. EBITDA grew 16.6% to R$284.3 million. The results demonstrated continued strong growth in both domestic and external markets. Management also provided details on capital expenditures and cash flow.
Country A wants a depreciation to λ1. With sticky prices, country B faces inflationary excess demand. No „one size fits all‟ monetary policy response. The inability to adjust exchange rates independently in response to asymmetric shocks is a cost of a common currency area.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
- Eni reported financial results for the first quarter of 2009, with operating profit down 36.3% and net profit down 42.2% compared to Q1 2008 due to weaker oil prices and lower sales volumes.
- E&P operating profit declined 49.3% due to lower Brent crude prices and higher depreciation, depletion and amortization costs.
- G&P saw a 6.2% increase in natural gas sales volumes but operating profit fell 18.2% as Italian volumes declined and inventory losses increased.
- Refining & Marketing swung to a profit versus a loss in Q1 2008 due to lower costs and inventory gains, despite lower throughput.
The document summarizes Israel's economic highlights for the second quarter of 2011. It provides key economic indicators such as GDP, exports, imports, unemployment rates, inflation rates, and compares Israel's economic growth to other advanced economies. GDP grew by 4.7% in the first quarter of 2011, exports made up 44.6% of GDP, and unemployment was at 6%.
01 04 2009 I Embraer Day Ny 2009 ApresentaçãO AviaçãO ExecutivaEmbraer RI
This document provides an overview of Embraer's executive aviation business from its 9th US Annual Analyst & Investor Meeting. It discusses Embraer's executive jet product portfolio including the Phenom 100 and 300, Legacy 450/500, and Lineage 1000. Performance data for these models is presented. It also summarizes Embraer's customer support solutions including its growing global service center network and training programs.
The document provides an introduction to Groovy, including:
- The presenter's background in programming languages including Java since 1996 and using Groovy since 2009.
- The presentation objectives are to recognize Groovy code, get interested in Groovy coding, and introduce some key Groovy concepts without focusing on Grails, Geb, or Spock yet.
- Groovy is a dynamic language that extends Java with features like closures, GStrings, and optional semicolons to enable less code and more clarity while compiling to Java classes for seamless integration.
Game analysis darksiders_gda1_manas_murali - copyManas Murali
This document provides an analysis of the game Darksiders. It describes the formal elements of the game such as the single player role of War, the primary objective to restore balance, and secondary objectives like collecting hearts. It also outlines the dramatic elements, including the challenges players face from enemies and obstacles. The analysis covers resources, conflicts, and concludes that the game has a predefined outcome.
This document provides a game analysis of the puzzle platformer game Braid. It examines the formal and dramatic elements of the game. The player controls Tim and must solve puzzles across six worlds to rescue the princess from an evil monster. The puzzles get more challenging in each world. How the story ends depends on whether the player finds all the hidden stars. The game challenges players to use time manipulation and physics-based puzzles to progress.
This document provides an overview and details of the game "Pondy's Adventure". It describes the game concept, storyline, characters, levels, maps, gameplay, controls, environments, plots, interfaces, character models, unique selling points, system requirements, and survey results. The game is an adventure genre game where the player controls the main protagonist Pondy the photographer to explore an ancient village, help NPCs, solve puzzles to find a hidden chest.
Strategic analysis through general electricHenok Fasil
This document summarizes a research study that applies the General Electric/McKinsey matrix to analyze the competitive positions of four major Italian fashion companies (Valentino, Armani, Moschino, and Benetton). The GE/McKinsey matrix evaluates businesses based on their industry attractiveness and competitive strengths. The study describes how to construct the matrix and presents the results for each company over five years. While based on a limited sample, the study provides an example of how to use the matrix methodology to compare fashion brands and highlights differences between higher-end "couture" brands and mid-range "ready-to-wear" brands.
The document is a follow-up evaluation form for participants of a Total Quality Management training program in Egypt implemented by the Egypt Government and Japan International Cooperation Agency (JICA). The 3 sentence summary is:
The evaluation form asks participants questions about whether the knowledge and skills acquired in the training were useful and applied in their regular work, whether they disseminated what they learned, and the impact of the training on themselves, their organization, and other organizations. Participants are also asked to provide recommendations to JICA about the training course and any other issues they want to share.
Electrolux Presentation SEB Enskilda Capital Goods Seminar 2011Electrolux Group
This document discusses Electrolux's priorities for creating shareholder value. It outlines Electrolux's historical performance on metrics like return on invested capital, capital turnover, return on net assets, and sales growth. It then discusses strategies for accelerating growth, including expanding in emerging markets through acquisitions like CTI in Chile and Argentina and the Olympic Group in Egypt and the Middle East. Both acquisitions provide access to high-growth markets and strengthen Electrolux's positions in Latin America and the MENA region.
The budget focuses on fiscal consolidation and boosting growth. It marginally increases tax deductions but also raises some taxes. Funding is enhanced for infrastructure through tax-free bonds and ECB changes. The power sector may benefit from coal duty exemptions and FSA commitments. However, the auto sector faces higher excise duties that could impact large carmakers. Key assumptions around GDP and oil prices make deficit targets optimistic. Overall policy measures only partially address issues around land, environment and state electricity boards.
In the last ten years, the technology and business services sector has had an unparalleled impact on the Indian economy , through a multiplier effect on job creation, expansion in tertiary education, foreign exchange reserve creation, sustainable exports and incremental GDP growth. Driven by the phenomenon of globalization of services, organizations have leveraged India’s value proposition to enhance their competitiveness, blurring the boundaries of offshoring, outsourcing towards global sourcing.
The global economic crisis has led to a slowdown in growth in the Indian technology and business services sector. While strategies to manage the downturn are critical, it is equally important to look ahead and plan for the future. Industry leaders recognize that the next ten years will be fundamentally different from the past and require all stakeholders to develop strategies and insights to identify new opportunities and mitigate the risks.
There are several global megatrends which offer new opportunities and new challenges which need to be thought of now. Macroeconomic , demographic, social, business and technological trends are likely to alter the landscape of global business and society . Demographics shifts will fuel the growth of new sectors, markets and enable process transformation. At the same time, technology automation may pose a risk to some of the core markets being addressed today.
To understand the implications of these megatrends and the changing global technology and business services landscape, NASSCOM collaborated with McKinsey & Co to develop an extensive research report `Perspective 2020: Transform Business, Transform India’. The objective of this report is to identify opportunities that the industry can penetrate and provide strategic insights for the industry to reinvent business models and offerings that can transform global businesses through a well defined customer value proposition. The report also articulates a vision for the sector to transform India through economic development and ICT enabled solutions in healthcare, education, financial services and public services, which can drive socio-economic inclusion of 30 million citizens each year.
Modern Times Group (MTG) reported its financial results for the second quarter of 2012. Revenue was stable year-over-year at both constant and reported exchange rates. Operating expenses grew 1% year-over-year at constant exchange rates. Net income for the quarter was SEK 454 million, down compared to SEK 479 million in the second quarter of 2011. For the first half of the year, revenue increased 2% at constant exchange rates while operating expenses grew 4% due to investments in programming. Net income for the first six months of 2012 was SEK 908 million.
The document summarizes Korea's economic performance and policies during the global financial crisis. It shows that Korea experienced a V-shaped recession and recovery, with GDP falling then rapidly rebounding. Exports declined sharply but have since recovered. The stock market dropped but has also bounced back, while inflation remains low and the currency stable. Going forward, Korea will focus on sustainable growth through strengthening domestic demand and the social safety net.
The document discusses Perspective 2020 and outlines key messages:
1) The Indian IT/business services industry has had an unparalleled impact on the Indian economy over the last decade but a large unfinished agenda remains.
2) By 2020, global megatrends will create new opportunities and risks as the addressable market triples in size. The Indian industry's exports are expected to expand three-fold to $175 billion while domestic revenues could reach $50 billion.
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1. Economic assessment of the impact of
Mongolia’s foreign investment environment
and the proposed new mineral law
Dr Brian Fisher
Presentation to the Business Council of Mongolia,
18 March, Kempinski Hotel, Ulaanbaatar
2. Economic assessment of the impact of Mongolia’s
proposed new mineral law
Purpose and contents of the analysis
Purpose of the analysis: The analysis seeks to estimate the total impact (direct and indirect) of proposed new mineral
law implementation on the Mongolian economy (domestic and external sectors, households and government)
Contents:
• Role of the mining sector in the Mongolian economy
1
• Proposed new mineral law
2
• Methodology and assumptions used in the analysis
3
• Implications of the proposed new mineral law on the economy (model insights)
4
• Conclusions
5
4. The mining sector became Mongolia’s export engine of
growth after the GFC
Mining sector impact on GDP and exports
Nominal GDP Exports
16 6
MNT t Mining sector Non-mining sector Mining Exports Other exports
US$ b
14
5
12
4
10
8 3
6
2
4
1
2
0 0
2009 2010 2011 2012 2009 2010 2011 2012
On average, the mining sector contributed around a quarter of national GDP over the past four years. After OT and TT reach
full capacity, the mining sector will make further significant contributions to the domestic economy. The GDP share has not
fully reflected the importance of the mining sector in recent years. From 2011, the mining sector has contributed more than
90% of total exports. Coal, copper and gold make up about 80% of mineral exports.
5. The growing demand for mining commodities and a
favourable business environment in the past have
attracted foreign direct investment into Mongolia
Mining sector impact on investment
Foreign direct investment Major foreign investment in the mining sector
5.0 4
US$ b Mining FDI Non-mining FDI US$ b MMC's IPO and Bond OT CAPEX
4.5 MAK loan from EBRD
3
4.0
3.5 3
3.0
2
2.5
2
2.0
1.5 1
1.0
1
0.5
0.0 0
2009 2010 2011 2012 2010 2011 2012
Of the total FDI inflow, US$8.6 billion or approximately 81 per cent has been injected into the mining sector in Mongolia in
the past four years. Of this percentage, OT alone has invested US$6.2 billion of CAPEX in its first phase. In 2012 the
Mongolian Mining Corporation (MMC), which owns one of the largest coking coal mines, Ukhaa Khudag, planned for its
capital expenditure on infrastructure to rise by approximately US$1.3 billion.
6. Income from the growing mining sector is a vital source
of finance for the Mongolian government
Mining sector impact on government revenue
Key taxes that apply to mining in Mongolia Budget revenue (MNT trillion)
6
Income Tax Revenue from sources other than mining
(10%-25%)
Export Revenue from mining (including prepayment)
Duties VAT 5
(none)
Import Withholdin 4
Duties g Tax
(5%) (20%*)
Mining
Tax 3
System
Tax Holiday Depreciation
(none) (Mainly 10 years) 2
Progressive
Royalties 1
Royalty
(5%) 37%
Loss Carry (0%-15%)
Forward 31% 23%
35% 27%
(4-8 years) 25%
0
*Subject to double taxation treaties 2007 2008 2009 2010 2011 2012
The government’s reliance on mining sector income has grown higher in recent years via both tax and non-tax income
collection. In the past four years the government earned MNT 4.2 trillion in tax income and MNT 0.75 trillion of prepayment
from the mining sector. Not only is direct tax income from the mining sector important, tax income from mining service
companies is also growing significantly. For example, a total of MNT 283.9 billion has been paid to local suppliers from Oyu
Tolgoi LLC in the past three years.
7. If the business environment is favourable a number of
mining companies are expected to commission
operations in the near future
Strategic Resource Classification
Number of projects
40 9 NEW
PROJECTS
35
30
25
20
15
10
5
0
2000 2008 2010 2011 2012 2013 2014 2015
copper coal gold iron ore
In the coming three years mining companies may implement nine new projects if business conditions are favourable. Coal
projects are likely to constitute the majority of new projects. It is estimated that the total investment in these new mining
projects could be US$6.3 billion by 2015.
9. The Mineral law is the main regulation affecting the mining
sector but there are many other laws that have an impact on
mining
Legislation relevant to mining projects
General Law
on Law on Land
Environment Subsoil
Protection
Law on Public Admin
Land Law
Explosives Law
Mining
Law on
Nuclear Health and
Protected Mineral Law
Energy Law Equipment
Areas
Certification
Competition Corporate
Labour Law
Law Law
Foreign
Law on Law on Land
Investment
Taxation Fees
Law
Foreign Long Named
Water Law Labour Force Environment
Laws^ Law*
^Sending Labor Force Abroad and Receiving Labor Force and Specialists from Abroad
*Law to Prohibit Mineral Exploration and Mining Operations at the Headwaters of Rivers, Protected Zones of Water Reservoirs and Forested Areas
10. Foreign investment environment needs to be stable in order
to continue to attract foreign capital
• The attractiveness of a country to foreign direct
investors is dependent on the domestic investment
environment, the stability of the policy regimes in
place and the effective tax rates imposed compared
with alternative investment destinations.
• An uncertain environment where tax rates and other
policies are unpredictable and where there is pressure
to re-negotiate established investment agreements will
be less attractive to investors than locations where
policies are stable and predictable and where
investment agreements, once established, are
honoured in full.
11. Impact of proposed new mineral law on exploration
companies is very negative
Relevant law article to the mining projects
Types of mining companies Summary of law implication
• Higher ownership requirement (up to 75% vs up to 50%)
• Impractical requirement for local involvement (at 60%
Big mining projects: OT, procurement, mandatory cooperation agreement with the
community in prospecting and exploration)
TT, EMC
• Prohibition of high grading (required to extract entire ore
without regard to the commercial value)
• Reduced financial incentive for investment (stabilization
Medium and small agreement is only available to strategic deposits, upfront closure
cost payment tying up the capital investment)
projects • Reduced security of tenure (if the stabilization agreement ceases
to comply with the interest of Mongolia, reopens the agreement
and the equity is transferred to Mongolia free of charge)
• Prohibitive minimum exploration expenditure requirements
Exploration companies (US$100k)
• Lack of transparency in the licensing process (Where a tender is
rejected or blocked, it locks up potentially prospective ground for
up to 4 years)
12. Despite potential future mining growth implementation of
the proposed mineral law and any failure to honour
existing investment agreements would restrict investment
Likely implication of the draft mineral law on mining companies
Impact Implication
1 • Decreased FDI (no investment on
Large mining • Higher ownership requirement underground at OT and West Tsankhi
projects (OT, TT, • Impractical requirement for local at TT)
EMC) involvement • More bureaucracy
• Costly operation
2 • Sharp decrease in FDI in domestic
• Prohibition on high grading companies listed abroad (no growth in
Medium and
• Reduced financial incentive for investment production)
small projects
• Reduced security of tenure • No additional investment in domestic
companies (no growth in production)
• New projects will not be launched
3
Exploration • Prohibitive minimum exploration expenditure • No additional exploration
companies requirements • Potential expropriation of a number
• Lack of transparency in the license process of existing small to medium size
companies
14. MINCGEMv2: A dynamic general equilibrium model with
detailed sectoral, national and government accounts
Methodology of the economic analysis of proposed new mineral law
Database: GTAP8 database Methodology: Dynamic CGE
Highest Impact:2020 XXX: 2025
(MINCGEMv2) (Computable General Key features
Equilibrium)
1 GTAP v8 database with a base 1 Dynamic multi-region, multi- CGE models ensure that the most
year of 2007 and covers 129 sector CGE model developed by
BAEconomics important economic identities
countries/regions across the and constraints (extremely
world and 57 commodity groups 2 Capable of simulating economic important for simulating long-
term scenarios):
scenarios over a long time
2 The MINCGEMv2 expands the horizon. Each time step is one • GDP measured by the
GTAP commodity groups to 71 year expenditure approach and the
and was aggregated into 10 income approach;
economies (Mongolia, China, 3 Demand for commodities in the
• Supply of capital, labour and
Russia, India and others*) and 20 model is determined by the natural resources;
commodities social accounting matrices of the • Market clearance of individual
Mining (thermal coal, met coal, modeling regions, the prevailing markets;
copper, gold, oil, gas, coke, economic conditions and policy
CGE models are structured on • The relationship between the
petroleum and other minerals) settings
the basics of supply and demand. current account and the
Agriculture (crops, livestock, Each sector of the economy is capital account;
4 linked by supply structured on
CGE models are and use of • The relationship between
fishing and forestry)
factors and intermediatedemand.
the basics of supply and inputs. government expenditure and
Manufacture (Processed Food, Each sector of the economy is taxes;
Copper refining and linked by supply and use of are respected during each
manufacturing, other CGE models account for the
factors and intermediate inputs.
manufacturing) simulation time step.
industrial flow-on effects
5 CGE models account for the CGE models contain detailed
Electricity triggered by shocks in other
parts of the flow-on and the
industrial economy effects industry cost structure and
Transport bilateral trade information in their
economic feedback effectsother
triggered by shocks in that
databases such that substitution
Construction
are of the economy and the
parts neglected in many between commodities and
Public Administration, Defense, government policy analyses that
economic feedback effects competition between economies
Health and Education are neglected in many can be modelled explicitly
Other services government policy analyses
CGE models have several features making them the most appropriate tool for policy and scenario analysis
*see detail in appendix
16. Two scenarios were developed under the MINCGEM framework
to assess the macroeconomic implications of the new mining
law and instability in the investment environment
Assumptions in the alternative scenarios
New mineral law and
Existing mineral policy uncertainty
law scenario scenario
1
• All the existing mining projects will be • The current mining projects will be
Mining operated including the projects of operated* but new exploration projects will
production exploration companies be severely affected
2
• Commodity prices are based on • Commodity prices are based on
Mining consensus prices and discounted to consensus prices and discounted to
prices Mongolian border price Mongolian border price
• Additional FDI investment in the mining sector • Determined endogenously by an
3
• Thermal coal - US$1.4 billion alternative sectoral growth pathway
Mining FDI
(exploration
• Metallurgical coal - US$1.2 billion with lower FDI investment in the
& expansion) • Copper - US$8.7 billion mining sector
4 • Endogenously determined with the inclusions of • Determined endogenously by an
additional infrastructure projects alternative sectoral growth pathway
Infrastructure • Coal washing plant: with lower FDI investment in and lower
projects
• ETT and MMC demand for infrastructure projects
• Power plant:
• Tavan Tolgoi and Chandgana
* - Oyu tolgoi will only operate open-pit mining
** - Tavan tolgoi will only operate East Tsankhii
17. Production from the mining sector is projected to be
severely affected under the new mineral law and policy
uncertainty
Assumptions : Mining production volume (coal and copper as main commodities)
New mineral law and policy
Existing mineral law scenario uncertainty scenario
Coal* Coal*
200 200
Mt Mt
150 150
100 100
50 50
0 0
2005 2010 2015 2020 2025 2030 2005 2010 2015 2020 2025 2030
Paid Copper Paid Copper
1.2 1.2
Mt Mt
1.0 1.0
0.8 0.8
0.6 0.6
0.4 0.4
0.2 0.2
*included HCC,
0.0 0.0
SSCC, thermal
coal and washed 2005 2010 2015 2020 2025 2030 2005 2010 2015 2020 2025 2030
coking coal, Bef0re 2011 Mongolia’s thermal coal was mainly used in domestic consumption (power and heating).
Thermal coal exports began at the end of 2012 (November).
18. Price assumptions are based on latest consensus
prices from economists around the world
Assumptions : consensus prices (2013 real prices)
Thermal coal Coking coal
120
80 US$/t
US$/t
70 100
60
80
50
40 60
30 40
20
20
10
0 0
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Copper Gold
400 1,800
USc/lb US$/oz 1,600
350
300 1,400
1,200
250
1,000
200
800
150 600
100 400
50 200
0 0
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Coal price is discounted to Mongolian border price in the model
31. Although the mining sector is the main contributor to export revenue,
import purchases by this sector are high due to the lack of domestic
companies that produce final goods such as fuel, electricity and other
machinery and equipment
External Sectors
Mining sector impact on external sector
Exports (US$ billion) Imports (US$ billion)
6 8
Copper Met coal Auto vehicles and their spare parts
Gold Crude oil Machinery and equipments
China 7 Diesel and petroluem
Other mining Non mining exports
5 downturn
Other imports
impact***
6
4 Coal
growth** 5
3 4
GFC*
3
2
2
1
1
0 0
2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012
The mining sector contributes the dominant share of total exports. About 80 per cent of mineral exports is made up of coal,
copper and gold. Mining related imports (mostly trucks, mining equipment, electricity, fuel) have increased significantly in
the past few years as the number of new mining projects grew quickly.
*Copper price declined by 70% after reaching a peak in July 2008 at the height of the global commodity boom
**New big coal mining projects and coal price structural change in 2011 (Before structural change (2010) Border average price is US$50/t , After it US$100/t)
***Coal border price declined by 15%, Copper border price declined by 13% relative to 2011
32. Although the mining sector is not a labour intensive
sector, impact on average wages is high
Households
Mining sector impact on households
Number of employees (million persons) Monthly average wage (MNT million)
1.0
Agriculture Mining Manufacturing Agriculture Mining Manufacturing
1.4
Construction Trade Transport 0.9 Construction Transport Service*
Otherservice
1.2 0.8
0.7
1.0
0.6
0.8
0.5
0.6 0.4
0.3
0.4
0.2
0.2
0.1
0.0 0.0
2007 2008 2009 2010 2011 2012* 2007 2008 2009 2010 2011 2012
Average salary in the public service increased by ~60% compared to 2011 (highest growth in education and health sector).
Average salary in the mining sector fell in 2012 due to the China downturn impact on coal prices.
**Electricity, whole sale and retail trade, hotels and restaurant, financial and insurance, public administration, education, health , community and personal service and other services
33. Only mining projects already operating will continue to
operate and all exploration projects will be closed given the
new mineral law and policy uncertainty’s impact on FDI
Assumptions : Mining production value (US$ billion, 2007 prices), by commodity and project type
New mineral law and policy
1 Existing mineral law scenario uncertainty scenario
Mining By commodity type By commodities
production 20 Other 20 Other
18 Copper 18 Copper
16 16
Met coal Met coal
2 14 14
12 Thermal coal 12 Thermal coal
Mining 10 10
prices 8 8
6 6
4 4
2 2
0 0
2005 2010 2015 2020 2025 2030 2005 2010 2015 2020 2025 2030
By project type By project type
20 20
Explorations and other Started other projects
18 18
Not started big projects**
16 16 Started big projects*
14 Started other projects 14
12 Started big projects* 12
10 10
8 8
6 6
4 4
2 2
*EMC, OT open pit, TT East Tsankhi 0 0
**OT underground, TT West Tsankhi
2005 2010 2015 2020 2025 2030 2005 2010 2015 2020 2025 2030
Mongolia’s thermal coal was used in domestic consumption (power and heating) only before 2012. Exports of this
product commenced in November 2012
35. The world is divided into 10 economies in MINCGEM
Mongolia v2
1. Mongolia 6. Russia
7. Rest of Europe
2. China
8. North America
3. Japan, Korea and Taiwan
9. South America
4. India
10. Middle East and Africa
5. Rest of Asia and Oceania
36. Each economy is divided into 20 production sectors in
MINCGEM Mongolia v2
1. Thermal Coal 11. Livestock
2. Coking Coal 12. Fishing and Forestry
3. Oil 13. Processed Food
4. Gas 14. Copper refining and manufacturing
5. Copper concentrate 15. Other Manufacturing
6. Gold 16. Electricity
7. Other minerals 17. Transport
8. Coke 18. Construction
19. Public Administration, Defense, Health and
9. Nuclear & petroleum fuel
Education
10. Crops 20. Services
37. Summary description of new mining law implications
• HIGHER OWNERSHIP REQUIREMENT_ (1) 75%, 51% or 34% of the shared capital of the company holding a Mining
Licence, must be a Mongolian Citizen
• IMPRACTICAL REQUIREMENT FOR LOCAL INVOLVEMENT_ (1) 60% local procurement required – unable to be
supported by existing market; (2)Community cooperation agreements required for prospecting and exploration
tenements
• PROHIBITION OF HIGH GRADE MINING _(1) If companies are required to mine the entire reserve without regard to the
commercial value of the extracted mineral it will act as a deterrent to investment in the industry. The definition should include
an economic/commercial cutoff.
• REDUCED FINANCIAL INCENTIVE FOR INVESTMENT_ (1) The new legislation provides for DDAs to be negotiated for
strategic deposits only; (2) Upfront payment of closure costs - requires a deposit of a huge sum of the money tying up capital
for the life of the project; (3) Royalty structure (separate piece of legislature)
• REDUCED SECURITY OF TENURE_ (1)Minerals of strategic importance/percentage of state equity/equity obtained free of
charge (An investor may incur significant costs in exploration and appraisal risk that the GOM will take an unspecified interest
in the project)
• PROHIBITIVE MINIMUM EXPLORATION EXPENDITURE REQUIREMENTS _ (1) prohibitive min expenditure
(US$ 100K) for all but the most successful projects. Mongolian and international juniors not likely to be able to meet min
spend requirements.
• LACK OF TRANSPARENCY IN THE LICENSE PROCESS_ (1) tender process – prone to corruption. Ability to increase
royalties; may be tendency to place this above other criteria such as capacity and experience. Where a tender is rejected
or blocked, it locks up potentially prospective ground for up to 4 years.