This document provides an outlook on the global economy and financial markets for 2010, with a focus on opportunities and risks in equities, fixed income, currencies, real estate, and specific Harvest funds. Key points include expected continued recovery in the global economy and equities in 2010, with attractive valuations in European and UK stocks. Specific financial stock picks in Greece and Cyprus are highlighted, with expectations that market volatility will decline in the second half of the year. Restrictions and risks discussed include the potential for fiscal weakness in peripheral Eurozone countries.
1. Daiwa Securities has placed impact investment bonds totaling 697.2 billion yen from 2008 to 2013, with 65% of the total allocated to climate change projects.
2. The document provides details of impact investment bonds placed each year, including the name of the issuer, currency, coupon rate, maturity period, and amount placed. The bonds financed various social and environmental issues like vaccines, poverty reduction, education, and climate change.
3. As of 2013, Daiwa Microfinance Fund had lent 55 million USD to 20 microfinance institutions, potentially benefiting 59,032 borrowers and representing 1.8% of the total loan portfolio of those institutions.
Sep 2011 Quarterly Report - WIOF Global Utilities FundKen Teale
- Performance is calculated before management fees of between 1.50% and 2.25% per annum. The fund's inception date is July 31, 2009. The benchmark is the UBS Developed Infrastructure & Utilities Index, which is USD hedged and total return.
- The fund's share price decreased 0.3% in the quarter compared to a 6.0% decrease in the benchmark index, due to avoiding large Italian, Spanish and French utilities and geographic allocation.
- The portfolio holds positions in regulated utilities (41%), semi-regulated utilities (38%), generation (2%), communications infrastructure (7%), rail (3%) and airports (1%). The largest geographic exposures are the US (46%),
Policy responses to the global economic crisis: Too little, too late?Latvijas Banka
Presentation by Andrew Bosomworth, Managing Director, PIMCO, at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
This document summarizes a breakfast teach-in on the Eurozone sovereign debt crisis and its potential impacts on UK pension funds. It provides background on the crisis and analyzes two sample pension fund allocations (A and B) under three potential Eurozone scenarios: a Greek default, breakup of the Eurozone periphery, and a full breakup of the Euro currency. Allocation B is found to better manage risks through a reduced equity allocation and increased allocation to less volatile assets.
OECD’s recent analysis of the economic outlook in OECD and key emerging economies, as well as policy recommendations to spur growth, boost confidence and soften the impact of the jobs crisis. By Pier Carlo Padoan, Deputy Secretary-General and Chief Economist.
Peru has experienced strong GDP growth over the past decade, driven by rising investment and productivity. It has recorded the lowest inflation in Latin America and maintained prudent fiscal policies. The Central Bank has kept inflation low while supporting economic activity. Peru's economy remains attractive for investment due to its macroeconomic stability and growth potential, though it is sensitive to commodity price volatility.
The document provides an investment outlook from Fasanara Capital. It expects the ECB and Germany to find a short-term solution to avoid a disorderly Greek default, despite remaining bearish long-term. It anticipates using massive ECB liquidity to hedge against negative scenarios through selective shorts and hedging programs. Opportunities also exist in industries vulnerable to banking retrenchment and slowing Chinese imports.
1. The document discusses the French and Indian banking systems and their relationship. It describes several joint ventures between French bank BNP Paribas and major Indian banks like SBI.
2. BNP Paribas has established subsidiaries and joint ventures in India like BNP Paribas India Solutions, Sundaram BNP Paribas Mutual Fund, and Geojit BNP Paribas Financial Services.
3. These partnerships allow the French and Indian banking industries to expand their global reach and provide their customers with access to international banking services.
1. Daiwa Securities has placed impact investment bonds totaling 697.2 billion yen from 2008 to 2013, with 65% of the total allocated to climate change projects.
2. The document provides details of impact investment bonds placed each year, including the name of the issuer, currency, coupon rate, maturity period, and amount placed. The bonds financed various social and environmental issues like vaccines, poverty reduction, education, and climate change.
3. As of 2013, Daiwa Microfinance Fund had lent 55 million USD to 20 microfinance institutions, potentially benefiting 59,032 borrowers and representing 1.8% of the total loan portfolio of those institutions.
Sep 2011 Quarterly Report - WIOF Global Utilities FundKen Teale
- Performance is calculated before management fees of between 1.50% and 2.25% per annum. The fund's inception date is July 31, 2009. The benchmark is the UBS Developed Infrastructure & Utilities Index, which is USD hedged and total return.
- The fund's share price decreased 0.3% in the quarter compared to a 6.0% decrease in the benchmark index, due to avoiding large Italian, Spanish and French utilities and geographic allocation.
- The portfolio holds positions in regulated utilities (41%), semi-regulated utilities (38%), generation (2%), communications infrastructure (7%), rail (3%) and airports (1%). The largest geographic exposures are the US (46%),
Policy responses to the global economic crisis: Too little, too late?Latvijas Banka
Presentation by Andrew Bosomworth, Managing Director, PIMCO, at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
This document summarizes a breakfast teach-in on the Eurozone sovereign debt crisis and its potential impacts on UK pension funds. It provides background on the crisis and analyzes two sample pension fund allocations (A and B) under three potential Eurozone scenarios: a Greek default, breakup of the Eurozone periphery, and a full breakup of the Euro currency. Allocation B is found to better manage risks through a reduced equity allocation and increased allocation to less volatile assets.
OECD’s recent analysis of the economic outlook in OECD and key emerging economies, as well as policy recommendations to spur growth, boost confidence and soften the impact of the jobs crisis. By Pier Carlo Padoan, Deputy Secretary-General and Chief Economist.
Peru has experienced strong GDP growth over the past decade, driven by rising investment and productivity. It has recorded the lowest inflation in Latin America and maintained prudent fiscal policies. The Central Bank has kept inflation low while supporting economic activity. Peru's economy remains attractive for investment due to its macroeconomic stability and growth potential, though it is sensitive to commodity price volatility.
The document provides an investment outlook from Fasanara Capital. It expects the ECB and Germany to find a short-term solution to avoid a disorderly Greek default, despite remaining bearish long-term. It anticipates using massive ECB liquidity to hedge against negative scenarios through selective shorts and hedging programs. Opportunities also exist in industries vulnerable to banking retrenchment and slowing Chinese imports.
1. The document discusses the French and Indian banking systems and their relationship. It describes several joint ventures between French bank BNP Paribas and major Indian banks like SBI.
2. BNP Paribas has established subsidiaries and joint ventures in India like BNP Paribas India Solutions, Sundaram BNP Paribas Mutual Fund, and Geojit BNP Paribas Financial Services.
3. These partnerships allow the French and Indian banking industries to expand their global reach and provide their customers with access to international banking services.
Concepts that inform a market-based investment approach, grouped in four categories: Market Equilibrium, Diversification, Dimensions of Returns, and Investor Discipline.
This presentation provides key findings from the 2019 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more at http://www.oecd.org/finance/oecd-sovereign-borrowing-outlook-23060476.htm
The document summarizes a weekly commentary from Hyre Weekly dated April 23, 2012. It discusses how corporate earnings in the US have overtaken concerns about the European debt crisis as the focus of investors. While most US companies reported better than expected earnings, earnings growth was only 3.7% compared to a year ago. Interest rates increased again in troubled European countries like Spain and Italy, suggesting their debt problems remain. The commentary concludes by noting the interconnection of global markets and how European problems could eventually impact the US.
This presentation provides key findings from the 2018 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
This document provides information on the Luxury Consumer Fund, including performance data, top holdings, geographic and sector distributions, and fund details. Over the past 5 years, the Euro share class has significantly outperformed, returning 102.95%. The fund has 37 positions across apparel, accessories, cosmetics, food/beverage, and other luxury goods companies. Nearly half of the portfolio is invested in European and American companies.
The current account deficit that cried "wolf!"RBS Economics
The UK current account deficit hit a record 5.2% of GDP in 2015. Senior Economists Rupert Seggins and Marcus Wright take a look at what the current account deficit is, what has happened to it, why and what it does and does not tell us about the economy.
Italian banking-foundations-2014-02-05-1Lavoce.info
Poche settimane fa, quando Alessandro Profumo ebbe a dire che l’opposizione della fondazione capeggiata dalla Mansi all’aumento immediato di capitale del Monte dei Paschi di Siena poteva avere conseguenze sulla stabilità di Mps e di riflesso su quella del sistema bancario italiano, andò incontro alla censura di Giuseppe Guzzetti, presidente del cartello delle fondazioni italiane. Definì l’affermazione di Profumo “avventata e destituita di ogni fondamento” . Ma da che pulpito veniva la predica? Guzzetti ha sempre sostenuto di essere un esperto di fondazioni e non di banche. Che cosa ci capisce allora di stabilità finanziaria e di corsa agli sportelli? O forse pensava che bastasse la sua parola per infondere fiducia nei correntisti del Monte dei Paschi? Non gli ha sfiorato la mente il pensiero che, proprio perché non è un esperto, potesse invece finire per spaventare i suoi interlocutori con rassicurazioni di facciata, per intenderci alla Schettino sulla plancia della Concordia?
http://www.lavoce.info/guzzetti-profumo-banche
PER SAPERNE DI PIU'
Il caso Monte dei Paschi chiama in causa, ancora una volta, il ruolo delle fondazioni, istituzioni non profit grandi azioniste degli istituti di credito. Farebbero meglio il loro mestiere se non si occupassero di banche. Qui sono raccolti i nostri recenti interventi sul tema.
http://www.lavoce.info/fondazioni-bancarie/
Risk Management - The Role of Financial Institutions in the Current Economic ...FERMA
The panel discussed the role of financial institutions in the current economic climate. They addressed:
1) How new regulations like Solvency II and Basel III will impact institutions by increasing capital requirements and costs, but potentially help reduce systemic risk. Regulations could also inadvertently reduce long-term investing and cause pro-cyclical impacts.
2) Insurers have an opportunity to finance the real economy as banks reduce lending. Solvency II may encourage long-term investing in infrastructure and SMEs if capital rules are appropriately refined. Partnering with banks also provides investment opportunities for insurers.
This is the week of predictions, whether it’s the year of the Tiger or the year of Tax the first week of January is awash with crystal balls and hopes of joy and worries of doom.
The euro debt crisis continues over a year later, with more economies receiving support to meet debt obligations. Concerns over Greece's ability to repay its substantial debt have increased following recent political turmoil. Large household and corporate debt in Ireland and Portugal pose risks to financial stability. The necessary adjustments to reduce imbalances will weaken export prospects in vulnerable countries. Contagion risks remain concerning, particularly regarding financial stability and growth. Vigilance is recommended, especially regarding payment and exchange rate risks.
WHV Investment Management changed its name in 2012 to better describe the firm's activities in fixed income and equity asset classes. In 2011, the firm saw an increase in key financial metrics like EBITDA and net income despite a decline in assets under management due to market declines. Some accomplishments included establishing management by objectives between the board and top management and implementing several recommendations from a consulting firm. The outlook discusses economic growth trends and expectations for 2012.
Quarterly reports - WIOF Global Listed Utilities FundKen Teale
1. Performance is calculated on I class shares of the WIOF Global Listed Utilities Fund, with management fees between 1.50% and 2.25% per annum. The fund's performance inception date is 31 July 2009 and it is benchmarked against the UBS Developed Infrastructure & Utilities Index, which is USD hedged and total return.
2. Over the quarter, the fund's share price increased by 3.6% compared to a 4.7% increase in the benchmark index. The underperformance was due to not holding positions in certain North American gas companies.
3. The outlook expects US economic growth to continue outperforming Europe in 2012 and the fund to maintain an overweight position in
Tricumen / Capital Markets: Results Review 2Q14 / 6m14Tricumen Ltd
Capital Markets: Results Review 2Q14 / 6m14
The capital markets 6m14 revenue for the Top 13 investment banks totalled $101bn, 3% below the prior year period. FICC weakened 9% during this period to $46bn, and equities revenue declined slightly too; but this was partially offset by strong issuance and advisory fees, and a modest advance in proprietary trading & principal revenues.
Banks continued trimming their headcounts but – contrary to expectations of many - there were no wide-ranging layoffs in 2Q14. Revenue/head productivity rose in all areas of issuance & advisory, and particularly ECM; but declined in FX, rates, commodities and equity derivatives.
The cost structure is shifting away from comp & benefits and towards non-comp, and IT in particular: several banks in this report have announced major investment programmes in specific areas of business (see Company section).
Barclays and RBS have published interim results in a new format. This report contains our initial analysis of their new 2013 and year-to-date 2014 revenues, and we will also review prior years in due course.
The document provides an overview of recent economic developments and investment sentiment from various regions. It notes that while the US and China continue to debate currency policies, a G20 meeting did not provide clarity on the issue. Germany is outperforming other European countries as indicators show growth, while problems are mounting in Ireland. In the US, government programs spent only half their funds and losses are expected to be small, while housing markets are stabilizing. China is investing in Europe and emerging markets are growing quickly, raising interest rates to cool their economies. The author's investment sentiment remains neutral but slightly positive.
- Stocks took a hit last week due to ongoing concerns about the European debt crisis, a potential economic slowdown in China, and JPMorgan's $2 billion trading loss.
- Investors are frustrated that after two years and 17 eurozone summits, the European debt issue is still not resolved and may be worse as options are running out.
- The US faces potential economic challenges including a presidential election and fiscal deadlines by the end of the year.
1. Performance is calculated on I class shares, post management fees of between 1.50% and 2.25% per annum.
2. The fund underperformed its benchmark over the last quarter primarily due to poor performance of its largest holding, Sempra Energy.
3. The fund adjusted its portfolio during the quarter by reducing exposure to countries with greater sovereign risk issues like Portugal, Spain, and Italy, while increasing positions in Canada and the Netherlands.
This document outlines issues related to sovereign debt restructuring and re-profiling. It discusses historical sovereign debt crises, factors that make debt fragile, challenges of debt restructuring, and examples of Argentine and Greek debt restructurings. It proposes using scenario analysis and conditional value at risk to evaluate optimal debt restructuring plans over multiple periods. Charting potential debt profiles can help identify restructuring plans that establish long-term debt sustainability at least cost while considering risk. European stability bonds are also discussed as a way to ease sovereign debt pressures.
The Greek Hospitality newsletter of GBR Consulting provides a snapshot of the performance of Greek hotels based on a sample of more than 180 hotels & resorts in Greece. This hotel data is complemented by data from other sources so as to place the Greek hospitality industry in the perspective of Greek tourism and of the International Hospitality Industry.
Neither bulls nor bears in 2011, LPL Financial Research expects the economy and the markets will be range-bound in 2011. Bound by economic and fiscal forces that will restrain and not reverse growth, we believe the markets will provide modest single-digit rates of return.
In 2011, business leaders, policymakers, and investors will play important roles in shaping the investing environment.
This document summarizes the key financial information and highlights from PINE's 3Q11 earnings conference call. It discusses improvements in net income, returns on equity, and credit portfolio growth. The credit portfolio grew 4.5% in the quarter and diversified across sectors and products. Credit quality was maintained with non-performing loans at 1.7% and total credit coverage at 2.9%. PINE's capital adequacy ratio increased 300 basis points to 19.6% in 3Q11. The balance sheet remains strong with liquidity, capital, and credit coverage buffers. Guidance for 2011 was reaffirmed.
Sujuva maksuliikenne takaa onnistuneen illan - Night People Group - Sonera as...Sonera
Night People Group uudisti ravintoloidensa maksupäätteet internetpohjaisella ratkaisulla, joka priorisoi maksuliikenteen. Asiointi sujuu nyt vaivatta ja helpottaa sekä työntekijöiden että asiakkaiden iltaa.
Tutustu muihin asiakastarinoihin Soneran sivuilla: http://bit.ly/1qYh3j5
Ketterää kehitystä asiakastarpeista lähtien - Tarutours - Sonera asiakascaseSonera
Matkailualalla toimiva TaruTours haluaa tarjoata matkailijoille unohtumattomia elämyksiä ja erinomaisen palvelukokemuksen. Palvelunumeron ansiosta toimiston puhelin ei ruuhkaudu ja työntekijöiden työ helpottuu. Palveluiden eskittäminen helpottaa asioiden hoitoa.
Tutustu muihin asiakastarinoihin Soneran sivuilla: http://bit.ly/1qYh3j5
Concepts that inform a market-based investment approach, grouped in four categories: Market Equilibrium, Diversification, Dimensions of Returns, and Investor Discipline.
This presentation provides key findings from the 2019 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more at http://www.oecd.org/finance/oecd-sovereign-borrowing-outlook-23060476.htm
The document summarizes a weekly commentary from Hyre Weekly dated April 23, 2012. It discusses how corporate earnings in the US have overtaken concerns about the European debt crisis as the focus of investors. While most US companies reported better than expected earnings, earnings growth was only 3.7% compared to a year ago. Interest rates increased again in troubled European countries like Spain and Italy, suggesting their debt problems remain. The commentary concludes by noting the interconnection of global markets and how European problems could eventually impact the US.
This presentation provides key findings from the 2018 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
This document provides information on the Luxury Consumer Fund, including performance data, top holdings, geographic and sector distributions, and fund details. Over the past 5 years, the Euro share class has significantly outperformed, returning 102.95%. The fund has 37 positions across apparel, accessories, cosmetics, food/beverage, and other luxury goods companies. Nearly half of the portfolio is invested in European and American companies.
The current account deficit that cried "wolf!"RBS Economics
The UK current account deficit hit a record 5.2% of GDP in 2015. Senior Economists Rupert Seggins and Marcus Wright take a look at what the current account deficit is, what has happened to it, why and what it does and does not tell us about the economy.
Italian banking-foundations-2014-02-05-1Lavoce.info
Poche settimane fa, quando Alessandro Profumo ebbe a dire che l’opposizione della fondazione capeggiata dalla Mansi all’aumento immediato di capitale del Monte dei Paschi di Siena poteva avere conseguenze sulla stabilità di Mps e di riflesso su quella del sistema bancario italiano, andò incontro alla censura di Giuseppe Guzzetti, presidente del cartello delle fondazioni italiane. Definì l’affermazione di Profumo “avventata e destituita di ogni fondamento” . Ma da che pulpito veniva la predica? Guzzetti ha sempre sostenuto di essere un esperto di fondazioni e non di banche. Che cosa ci capisce allora di stabilità finanziaria e di corsa agli sportelli? O forse pensava che bastasse la sua parola per infondere fiducia nei correntisti del Monte dei Paschi? Non gli ha sfiorato la mente il pensiero che, proprio perché non è un esperto, potesse invece finire per spaventare i suoi interlocutori con rassicurazioni di facciata, per intenderci alla Schettino sulla plancia della Concordia?
http://www.lavoce.info/guzzetti-profumo-banche
PER SAPERNE DI PIU'
Il caso Monte dei Paschi chiama in causa, ancora una volta, il ruolo delle fondazioni, istituzioni non profit grandi azioniste degli istituti di credito. Farebbero meglio il loro mestiere se non si occupassero di banche. Qui sono raccolti i nostri recenti interventi sul tema.
http://www.lavoce.info/fondazioni-bancarie/
Risk Management - The Role of Financial Institutions in the Current Economic ...FERMA
The panel discussed the role of financial institutions in the current economic climate. They addressed:
1) How new regulations like Solvency II and Basel III will impact institutions by increasing capital requirements and costs, but potentially help reduce systemic risk. Regulations could also inadvertently reduce long-term investing and cause pro-cyclical impacts.
2) Insurers have an opportunity to finance the real economy as banks reduce lending. Solvency II may encourage long-term investing in infrastructure and SMEs if capital rules are appropriately refined. Partnering with banks also provides investment opportunities for insurers.
This is the week of predictions, whether it’s the year of the Tiger or the year of Tax the first week of January is awash with crystal balls and hopes of joy and worries of doom.
The euro debt crisis continues over a year later, with more economies receiving support to meet debt obligations. Concerns over Greece's ability to repay its substantial debt have increased following recent political turmoil. Large household and corporate debt in Ireland and Portugal pose risks to financial stability. The necessary adjustments to reduce imbalances will weaken export prospects in vulnerable countries. Contagion risks remain concerning, particularly regarding financial stability and growth. Vigilance is recommended, especially regarding payment and exchange rate risks.
WHV Investment Management changed its name in 2012 to better describe the firm's activities in fixed income and equity asset classes. In 2011, the firm saw an increase in key financial metrics like EBITDA and net income despite a decline in assets under management due to market declines. Some accomplishments included establishing management by objectives between the board and top management and implementing several recommendations from a consulting firm. The outlook discusses economic growth trends and expectations for 2012.
Quarterly reports - WIOF Global Listed Utilities FundKen Teale
1. Performance is calculated on I class shares of the WIOF Global Listed Utilities Fund, with management fees between 1.50% and 2.25% per annum. The fund's performance inception date is 31 July 2009 and it is benchmarked against the UBS Developed Infrastructure & Utilities Index, which is USD hedged and total return.
2. Over the quarter, the fund's share price increased by 3.6% compared to a 4.7% increase in the benchmark index. The underperformance was due to not holding positions in certain North American gas companies.
3. The outlook expects US economic growth to continue outperforming Europe in 2012 and the fund to maintain an overweight position in
Tricumen / Capital Markets: Results Review 2Q14 / 6m14Tricumen Ltd
Capital Markets: Results Review 2Q14 / 6m14
The capital markets 6m14 revenue for the Top 13 investment banks totalled $101bn, 3% below the prior year period. FICC weakened 9% during this period to $46bn, and equities revenue declined slightly too; but this was partially offset by strong issuance and advisory fees, and a modest advance in proprietary trading & principal revenues.
Banks continued trimming their headcounts but – contrary to expectations of many - there were no wide-ranging layoffs in 2Q14. Revenue/head productivity rose in all areas of issuance & advisory, and particularly ECM; but declined in FX, rates, commodities and equity derivatives.
The cost structure is shifting away from comp & benefits and towards non-comp, and IT in particular: several banks in this report have announced major investment programmes in specific areas of business (see Company section).
Barclays and RBS have published interim results in a new format. This report contains our initial analysis of their new 2013 and year-to-date 2014 revenues, and we will also review prior years in due course.
The document provides an overview of recent economic developments and investment sentiment from various regions. It notes that while the US and China continue to debate currency policies, a G20 meeting did not provide clarity on the issue. Germany is outperforming other European countries as indicators show growth, while problems are mounting in Ireland. In the US, government programs spent only half their funds and losses are expected to be small, while housing markets are stabilizing. China is investing in Europe and emerging markets are growing quickly, raising interest rates to cool their economies. The author's investment sentiment remains neutral but slightly positive.
- Stocks took a hit last week due to ongoing concerns about the European debt crisis, a potential economic slowdown in China, and JPMorgan's $2 billion trading loss.
- Investors are frustrated that after two years and 17 eurozone summits, the European debt issue is still not resolved and may be worse as options are running out.
- The US faces potential economic challenges including a presidential election and fiscal deadlines by the end of the year.
1. Performance is calculated on I class shares, post management fees of between 1.50% and 2.25% per annum.
2. The fund underperformed its benchmark over the last quarter primarily due to poor performance of its largest holding, Sempra Energy.
3. The fund adjusted its portfolio during the quarter by reducing exposure to countries with greater sovereign risk issues like Portugal, Spain, and Italy, while increasing positions in Canada and the Netherlands.
This document outlines issues related to sovereign debt restructuring and re-profiling. It discusses historical sovereign debt crises, factors that make debt fragile, challenges of debt restructuring, and examples of Argentine and Greek debt restructurings. It proposes using scenario analysis and conditional value at risk to evaluate optimal debt restructuring plans over multiple periods. Charting potential debt profiles can help identify restructuring plans that establish long-term debt sustainability at least cost while considering risk. European stability bonds are also discussed as a way to ease sovereign debt pressures.
The Greek Hospitality newsletter of GBR Consulting provides a snapshot of the performance of Greek hotels based on a sample of more than 180 hotels & resorts in Greece. This hotel data is complemented by data from other sources so as to place the Greek hospitality industry in the perspective of Greek tourism and of the International Hospitality Industry.
Neither bulls nor bears in 2011, LPL Financial Research expects the economy and the markets will be range-bound in 2011. Bound by economic and fiscal forces that will restrain and not reverse growth, we believe the markets will provide modest single-digit rates of return.
In 2011, business leaders, policymakers, and investors will play important roles in shaping the investing environment.
This document summarizes the key financial information and highlights from PINE's 3Q11 earnings conference call. It discusses improvements in net income, returns on equity, and credit portfolio growth. The credit portfolio grew 4.5% in the quarter and diversified across sectors and products. Credit quality was maintained with non-performing loans at 1.7% and total credit coverage at 2.9%. PINE's capital adequacy ratio increased 300 basis points to 19.6% in 3Q11. The balance sheet remains strong with liquidity, capital, and credit coverage buffers. Guidance for 2011 was reaffirmed.
Sujuva maksuliikenne takaa onnistuneen illan - Night People Group - Sonera as...Sonera
Night People Group uudisti ravintoloidensa maksupäätteet internetpohjaisella ratkaisulla, joka priorisoi maksuliikenteen. Asiointi sujuu nyt vaivatta ja helpottaa sekä työntekijöiden että asiakkaiden iltaa.
Tutustu muihin asiakastarinoihin Soneran sivuilla: http://bit.ly/1qYh3j5
Ketterää kehitystä asiakastarpeista lähtien - Tarutours - Sonera asiakascaseSonera
Matkailualalla toimiva TaruTours haluaa tarjoata matkailijoille unohtumattomia elämyksiä ja erinomaisen palvelukokemuksen. Palvelunumeron ansiosta toimiston puhelin ei ruuhkaudu ja työntekijöiden työ helpottuu. Palveluiden eskittäminen helpottaa asioiden hoitoa.
Tutustu muihin asiakastarinoihin Soneran sivuilla: http://bit.ly/1qYh3j5
Talonrakentajat ja tablettitietokoneet sopivat yhteen - Kuninkaankylän puurak...Sonera
Kuninkaankylän Puurakentajat käyttävät rakennustyömailla tablettitietokoneita, joiden avulla katsotaan mallipiirrustuksia,
soitetaan videopuheluita ja etsitään tietoa. Työnteko sujuu entistä nopeammin ja helpommin.
Tutustu muihin asiakastarinoihin Soneran sivuilla: http://bit.ly/1qYh3j5
Netti liikkuu läppärin mukana - Fleetlogis - Sonera asiakascaseSonera
Fleetlogis Oy tarjoaa logistiikan ja telematiikan tietojärjestelmiä, joita valvotaan tehokkaasti läppärien ja mobiilisovellusten avulla. Vikatilanteet korjataan ennen kuin asiakas edes huomaa niitä.
Tutustu muihin asiakastarinoihin Soneran sivuilla: http://bit.ly/1qYh3j5
Yrityksen kasvu eikä puhelimen käyttö lopu rajalle - Saneco - Sonera asiakascaseSonera
Saneco myy ekologisia saniteettipalveluita Suomen lisäksi muihin pohjoismaihin ja Baltiaan. Yrityksen tarpeisii sopii Sonera Sopiva Pro -liittymät, joiden pakettihintaan kuuluu puhelut, tekstiviestit ja netinkäyttö seitsemässä maassa.
Tutustu muihin asiakastarinoihin Soneran sivuilla: http://bit.ly/1qYh3j5
Tutustu tarkemmin siihen, miten kesärekrytointiprosessimme etenee. Saat vinkkejä kesätöiden hakemiseen ja lisätietoa siitä, miksi Soneran kesätöissä viihdytään. #sonerakesä #VKD16 #koskamävoin
Soneran asiantuntijat Juuso Ihalainen ja Heikki Hautala esittelevät webinaarissa ketteriä tapoja kohtaamisiin ja vaikuttamiseen etäältä sekä uutta digitaalista oppimisympäristöä.
Asukkaiden aktiivisuudesta lähtenyt valokuituverkkoprojekti toteutettiin yhdessä Soneran kanssa. Valokuituverkko nähtiin ennen
kaikkea tulevaisuuden verkkoratkaisuna, jonka avulla Tuulos säilyttää elinvoimaisuutensa vastaisuudessakin.
Tutustu operaattoripalveluihin Soneran nettisivuilla: http://bit.ly/1IgMhx5
Eroon jonoista CallGuide -ohjelmalla - Kouvola - Sonera - asiakascaseSonera
Soneran CallGuide -asiakaspalveluohjelma helpottaa Kouvolan terveysasemien arkea monella tapaa. Henkilökunnan mukaan ratkaisu tuo ennen kaikkea selkeyttä ja joustavuutta työntekoon.
Lue lisää asiakaspalveluratkaisuista Soneran nettisivuilta: http://bit.ly/1HP89Kg
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The document discusses the PADI Master Scuba Diver program, the highest certification level for recreational divers. It requires a minimum of 50 logged dives, 5 specialty certifications including Rescue Diver and Advanced Open Water Diver. Specialty courses covered include Altitude Diver, Deep Diver, Wreck Diver, Enriched Air Diver and more. Completing the program can take several months to years depending on the pace and involves expanding skills and knowledge through additional training.
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The document summarizes economic concerns from a single day in May 2012. It discusses Greece potentially leaving the eurozone and going into economic collapse. It also mentions the weakening European economy, troubles in the European commercial real estate market, and issues with J.P. Morgan that were hurting market sentiment. However, the document expresses that diversification may help investors weather volatility and that the outlook is better than 2008-2009 despite some challenges still existing.
All Eyes on Asset Quality Microfinance Global Valuation Survey 2010Dr Lendy Spires
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This document summarizes key findings from a report on microfinance equity valuations in 2010. It finds that while microfinance institutions experienced rising delinquencies and falling profits during the economic downturn, most remained stable with solid reserve and capital levels. Despite challenges, microfinance equity valuations globally continued to rise in 2009, with the median private transaction valuation at 2.1x book value. The outlook for 2010 is assessed as generally positive, with continued client reach expansion and interest from public and commercial investors, though at a slower pace with improved risk management.
All Eyes on Asset Quality: Microfinance Global Valuation Survey 2010Dr Lendy Spires
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The document summarizes several shocks that occurred on a single day in May 2012, including Greece potentially leaving the Eurozone, the eurozone nearing recession, troubles in the European commercial real estate market, losses for J.P. Morgan from speculative bets, an upcoming debt ceiling showdown in the U.S., and heightened currency market volatility. In response, the author's firm has positioned its portfolios to have little exposure to Greece, be underweight Europe and the euro, and underweight U.S. Treasuries. While continued challenges exist, the author believes diversification may benefit investors and that progress is being made in addressing issues plaguing the global banking sector and European economies.
The document provides an economic summary for Q2 2010. Key points include:
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Canada Life is a leading provider of life, pensions and investments in Ireland with over 100 years of experience. The Equity Dividend Fund is an actively managed equity portfolio that aims to hold about 40 stocks paying above average dividends, applying criteria like dividend yield, payout history, market cap and debt levels. Top holdings include BP, CRH and Sanofi-Aventis. The fund outperformed peer high yield equity funds in Q4 2010.
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This document is a student project analyzing the impacts of the Eurozone debt crisis on developing countries. It discusses the evolution of the crisis, global forces behind it, and potential short-term and long-term impacts on developing economies through falling market capitalization, commodity exports, remittances, and long-term manufacturing declines. The conclusion calls for stronger financial cooperation between developing countries to help them weather global financial crises stemming from issues in wealthy nations.
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Canada Life is a leading provider of life, pensions and investments in Ireland with over 100 years of experience. It receives high financial ratings and partners with top investment managers to offer a broad range of investment choices to Irish investors. The Canada Life/Setanta Dividend Fund follows a value investing strategy focused on companies that pay above average dividends. Research shows dividends provide a major contribution to long-term stock returns, with high dividend paying stocks outperforming lower dividend stocks. The fund takes a diversified, value-based approach to investing in high quality dividend paying companies.
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Similar to Harvest Market Insight 2010 Presentation (20)
The document discusses plans to create artificial reefs off the coast of Cyprus through sinking ships. It describes surveys that will be conducted of proposed sink sites and consultation with stakeholders. The objective is to create habitat and restore biodiversity through this process, not for harvesting purposes. Several artificial reef projects have already been completed off the coasts of Limassol and Protaras, including sinking the Liberty, a Russian cargo vessel, to create Cyprus' first artificial reef.
The document provides an overview of medium-term oil markets from the International Energy Agency. It finds that high oil prices and robust economic growth can coexist in the short term due to time lags in oil market responses. While demand growth has been resilient, supply flexibility has diminished as spare capacity and inventories have decreased. The IEA's base case scenario shows a tighter oil market from 2010-2012 than previously expected, with market conditions potentially easing slightly from 2013-2016, though spare capacity is projected to remain thin. Demand projections have increased while supply projections have been adjusted downwards slightly since the IEA's previous outlook.
This document provides an overview of the Harvest Stargate Fund Ltd, a multi-asset fund that invests in natural gas companies, hedge funds, and real estate funds. The fund aims to deliver returns in excess of traditional funds through active allocation across asset classes and selection of top-performing underlying managers. It allocates 1/3 of assets to capital protected investments in high yield bonds and structured funds to provide stability. The primary strategy focuses on undervalued natural gas equities in areas like the East Mediterranean that are expected to experience significant industry growth.
The document summarizes the Harvest Stargate Fund Ltd investment fund. It offers investors exposure to multiple asset classes through investment managers Harvest Financial Services Ltd. 1/3 of the fund's assets are allocated to capital protected assets and real estate properties. The fund aims to deliver annual returns above 8-12% with lower volatility through diversification across managers and strategies.
This document provides information about yacht insurance from Cosmos Insurance in Cyprus. It lists the company address and contact information, including the street address, postal code, telephone and fax numbers, email address, and website. The document appears to be an advertisement or informational flyer for yacht insurance services available from Cosmos Insurance.
The document discusses the following key points:
1) Recent economic data from the Eurozone indicates growing recession risks as growth slows, with the flash PMI showing continued weakness and the IFO index suffering its largest monthly decline since 2008.
2) Concerns around Greece have increased due to weaker-than-expected growth and challenges securing approval for its new bailout loan, including resolving Finland's collateral demands.
3) While eurobonds are ruled out, the EU is working on reforms to the EFSF and there are some additional steps it could take to boost market confidence, such as increasing transparency around the EFSF approval timeline.
Green and loggerhead turtles nest on beaches in Cyprus. They face threats including disorientation from artificial lights and predation of eggs and hatchlings by foxes. The Cyprus Turtle Conservation Project aims to protect nesting beaches and relocate eggs to hatcheries to improve survival rates. Over 8,000 turtle hatchlings are released each year thanks to these conservation efforts. Laws protect turtles and their habitat in Cyprus to help threatened populations.
The document summarizes the sinking of the Turkish destroyer TCG Kocatepe on July 21, 1974 during the Turkish invasion of Cyprus. The Kocatepe was mistakenly bombed and sunk by Turkish air forces who misidentified it as a Greek ship. A total of 54 Turkish crew members were killed when the ship sank near Akrotiri, Cyprus. Survivors were rescued by Turkish, Israeli, British and other navies and naval forces. The mistaken bombing and sinking of the friendly Turkish destroyer was a tragic result of tensions and miscommunication during the ongoing military operations in Cyprus.
This certificate attests that PADI's scuba diving training programs, including Open Water Diver, Divemaster, and Assistant Instructor, conform to applicable European and International standards. It was issued by Austrian Standards plus Inc. and is valid until 2014. The certificate allows PADI to use a conformity mark and entitles them to provide certified training globally.
This certificate from Trace Analytics certifies that I-Dive's compressed breathing air from compressor L&W 450ES, serial number 21/1741, was sampled on June 14, 2010 and found to be in compliance with CGA G-7.1-2004 Grade E(2) specifications for compressed breathing air. The air was last sampled on May 31, 2010 and is scheduled to be sampled again by December 1, 2010.
The Creation Of A Historic Monument Artificial Reef In ProtarasAndy Varoshiotis
The proposal suggests sinking a Cyprus Airways Hawker Siddeley HS-121 Trident aircraft offshore of Protaras, Cyprus to create an artificial reef and dive site. The Trident was a British-built trijet airliner that was designed to improve safety. This particular aircraft was destroyed in 1974 during the Turkish invasion of Cyprus. Sinking it would promote dive tourism in the area and benefit the local economy while commemorating Cyprus' history. It could attract over 8,000 scuba divers annually like other artificial reefs in Cyprus. Sinking the intact aircraft would provide novelty for recreational divers and receive international media attention, providing an estimated $2 million in advertising value to promote Cyprus' artificial reef program.
This 3 sentence summary provides the key details about the document:
The document announces the 2010 World Tourism Day online photo competition organized by the United Nations World Tourism Organization (UNWTO) under the theme "Tourism & Biodiversity", seeking photos that illustrate the relationship between biodiversity and tourism for a chance to win prizes including a trip to China. Participants must register by August 31, 2010 to submit up to 3 photos electronically with a short description for consideration.
1. HARVEST MARKET INSIGHT 2010
“ Serving the International Investor”
Harvest Financial Services Ltd
Regulated by the Cyprus Securities and Exchange Commission,
License Number 021/03 – Member of the Investor Protection Fund (TAE)
CONTACT: Telephone + 357 22 552800 info@harvestgroup.com.cy
This document is for informational purposes only. This document does not constitute an offer, an invitation to offer, or a recommendation to enter into any transaction, nor does it
constitute investment advice. This material does not constitute a solicitation to buy or sell securities in any jurisdiction in which such a solicitation is not authorized or to any person
to whom it is unlawful to make such a solicitation.
2. Table of Contents
I. Economic Outlook
I. Economic Outlook
II. Equities
II. Equities
III. Fixed Income
III. Fixed Income
IV. Currencies
IV. Currencies
V. Real Estate
V. Real Estate
VI. Harvest Funds
VI. Harvest Funds
2
3. Market Outlook 2010
The recovery that was expected after the devastating crisis is expected to be
underway and extending into 2010
Expectations 1H 2010:
• Uncertainties to continue
• Government support reduced
• Volatilities to slowly decline
Expectations 2H 2010:
• Deflationary pressures to end
• Rising commodities = higher inflation levels
• Huge stimulus packages to result in better consumption and labor market
recovery
All these given the timing economies plan their monetary and fiscal exit
strategies
3
6. Equities Outlook
Global economic and corporate recovery is likely to continue well into 2010
Equities remain attractively valued and globally trading at a P/E multiple of 14
Top Equity Picks = Europe and UK
→ P/E 12
→ High dividend yields
→ Forecasted market return 11%
Disadvantages:
→ High risk
→ High Volatility
→ Fear of sovereign default of the PIGS: Portugal, Ireland, Greece & Spain
→ USD 13bln taken out of EU markets since Q3 2009
Forecast CITI Bank, UBS
Source (Bloomberg)
6
7. Focus on Greece
Current Situation
→ Undergone major downgrades
→ Fiscal deficit 12.7% of GDP
→ Fear of sovereign default
→ Uncertainty whether EU or IMF will help
→ Investors’ sentiment bottomed
Our View
→ Panic state (short term unattractiveness)
→ Market nearing a bottom
→ Strong demand for the new government bond issued surpassing supply by 4 times
→ ECB & IMF showed strong confidence in the government measures
→ EU preparing a draft bill to protect fiscally weak nations against derivative attacks
which would minimize the pressure in few months
→ A sign of confidence needed from the Greek government to prove credibility of the
stability program and restore confidence in the market
7
9. Focus on Cyprus
Current Situation
→ Crisis effects being felt across the whole economy
→ The economy is under pressure (unemployment and government spending)
→ Developments in Greece are negatively affecting the market outlook
→ Market is gloomy due to uncertainties within EU and the Euro
→ Investors’ sentiment is low and very cautious
Our View
→ Panic due to developments in Greece
→ Market is bottoming out after mass sales in January
→ Better position and sounder fundamentals than Greece
→ Gradual recovery expected in 2010-2011 as confirmed by EIU (Economist
Intelligence Unit)
→ Strong earning signs from local listings could trigger a boost to the market
→ Good signals from Greece could spark an upside reversal of the market
9
11. Current Situation: Cyprus & Greece
• The stock markets in Cyprus and Greece are trading at near bottom levels
• Correction was expected after the strong rally of March to December 2009
• Volatility is expected to remain high throughout 2010 given the current situation
• Constant derivative attacks have weakened the Greek market
• More than $439bln has been wiped from stocks worldwide since Jan 14 since
Greek deficit news became widespread
• Greek five year bond yields have surged to their highest point in a decade
• The decline of the Euro has worsened the situation
• Credit default swaps on Spain and Portugal have risen to a record rate
→ Consistent negative news are pricing in the market
→ Markets are at a crucial point where they signal short term negative outlook
→ The market is in a panic state which is undermining fundamentals
11
12. Our View: The Market
• EU, G7, IMF, ECB and other institutions have shown their support and
confidence in Greek market signaling better days ahead
• Greek tax revenues in January have exceeded forecasts showing early
signs of success towards cutting budget deficit
• Credible researchers and economists have already confirmed the scenario
that Greece is the victim of speculative attacks and does not need bailout
Source: (Wall Street Journal)
→ Opportunity to use the emotional market environment and build positions
→ Good time to start entering the equity market at near bottom attractive rates
→ Invest within February and March prior to corporate announcements’ season
→ Investing with a short term mindset (less than 6 months) is not an attractive
option as small margins can only be obtained within this timeframe
→ Invest with a long term mindset and hold at least 12 months and wait for
cyclical recovery to have a winning portfolio
→ Fundamentally sound listings (mainly financials) seem attractively priced
12
13. Restrictions to our expectations
• If the Greek government does not show any signs of confidence within the year
• If the Greek stability program does not show any results by mid year
• If the state puts pressure on Greek banks to buy its government bonds
• If Moody’s downgrades Greece below its A2 rating leaving its debt ineligible as
collateral at the ECB and disqualify from ECB repo funding
• If EU members and ECB change their stance and show no support to Greece
• If signs of fiscal weakness from Portugal, Ireland and Spain persists
• If the spreads of Greek government bonds do not tighten within the year
• If banks in Cyprus and Greece do not reveal good results by March
• If strikes persist in Greece on a constant basis bringing the economy to a halt
13
15. Picks for 2010 (Financials)
CITI Bank JP Morgan & HSBC
(10 Feb 2010) (15 Jan 2010)
National Bank of Greece National Bank of Greece
Marfin Popular Bank Alpha Bank
Bank of Cyprus Bank of Cyprus
Our Picks For 2010
National Bank of Greece
Alpha Bank
Bank of Cyprus
Hellenic Bank
Marfin Investment Group
Merrill Lynch Marfin Analysis
(2 Feb 2010) (5 Jan 2010)
National Bank of Greece National Bank of Greece
Piraeus Bank Alpha Bank
Alpha Bank Bank of Cyprus
15
16. Our Picks for 2010
ETE Alpha BOCY HB MIG Industry Sector S&P 500
Capital Base 11.10% 9.10% 11.10% 13.00% 9.10%
Dividend Yield 3.23% 2.13% 3.60% 1.80% 1.10% 14.00% 5.00% 1.69%
Dividend Payout 14.00% 43.00% 29.00% 33.00% 5.43% 16.18% 4.63% 24.37%
EPS 2.120 0.790 0.449 0.066 0.070 12.49% 9.53% 5.95%
ROE 16.59% 8.34% 19.22% 7.04% -1.39% 7.81% 3.12% 9.99%
P/E 6.79 4.98 6.18 17.30 4.50 11.00 25.58 14.31
ROA 1.30 0.43 1.10 0.24 -0.65 0.21 1.27 4.20
Price/cash 7.02 8.37 5.21 11.08 25.49 2.60 0.89 7.13
Source (Reuters Analysis, Financial Times, Athex)
Remarks:
ETE: Strong capital base and 50% of income from non Greek sources (e.g. Turkey)
ALPHA: Conservative asset mix and most loans from non Greek/Cypriot mortgages
BOCY: Strong exposure to Russia
HB: P/B 0.78 times making it undervalued by almost 25%, possible merger talks
MIG: Conservative asset mix and over 25% of revenues is outside Greece
16
17. Fixed Income
• Large investment institutions (UBS, HSBC, CITI) are neutral for bonds in 2010
• Spreads declined substantially in 2009
• 2010 valuations expected to be better after the second half of the year
• Corporate fundamentals expected to improve over the next few quarters
• Improvements are usually followed by improved credit rating trends
• Inflation rates and Interest rates are expected to soar in 2010 to catch up with
expected economic recovery
• Corporate bonds preferred over government bonds in 2010 (higher yields)
→ Given the expected economic cycle, it favors equities
17
18. Fixed Income Greece & Cyprus
The new 5 year bonds issued by the Greek government
Demand €20bln = 4 x €5bln Supply
→ Greek fiscal debt worries forced the bond to carry record high interest rate
spreads
→ The premium demanded to hold 10Y Greek government bonds is over 400
basis points over the German Bunds (Euro zone benchmark bonds)
→ Speculators can borrow at 1% from ECB and lend to Greece for 7% (sovereign
bonds)
→ Greek government has to refinance €54bln in 2010
→ If it fails, Moody’s would downgrade Greek Debt below A grade
→ Greek banks could not benefit from ECB refinancing schemes
→ Chain reaction that could crash the market further
A move within the fixed income markets of Cyprus or Greece would be advised
only after better answers are available regarding convincing solutions to the
Greek sovereign debt within the next few months
18
19. Bonds List: Cyprus & Greek Financials
Bonds List Cyprus & Greece
Annual Fixed /
Issuer ISIN Cur Start Payday Floating CPN Maturity Call. Offer YTM Dur Denom Market S&P Moody's
GREECE
ALPHA CREDIT GROUP BV XS0288206153 EUR 23/02/2007 23-Feb Floating 0.92 23/02/2010 N 99.85 2.67 0.09 50,000 Germany BBB A2
ALPHA CREDIT GROUP BV XS0222205600 EUR 21/06/2005 21-Mar Floating 0.96 21/06/2010 N 99.29 2.68 0.42 50,000 Germany BBB A2
ALPHA CREDIT GROUP BV XS0229291603 EUR 20/09/2005 20-Mar Floating 0.96 20/09/2010 N 98.85 2.68 0.67 50,000 Germany BBB A2
ALPHA CREDIT GROUP BV XS0290074466 EUR 07/03/2007 7-Mar Floating 0.94 03/07/2011 N 97.47 3.18 1.12 50,000 Germany BBB A2
ALPHA CREDIT GROUP BV XS0432214343 EUR 09/06/2009 9-Jun 4.63 06/09/2011 N 100.49 4.24 1.34 50,000 Germany BBB A2
ALPHA CREDIT GROUP BV XS0269115910 EUR 27/09/2006 all term Floating 0.96 27/09/2011 N 96.29 3.18 50,000 Germany BBB A2
ALPHA CREDIT GROUP BV XS0282533206 EUR 17/01/2007 17-Jan Floating 0.93 17/01/2012 N 94.66 3.68 1.98 50,000 Germany BBB A2
ALPHA CREDIT GROUP BV XS0451674617 EUR 17/09/2009 17-Sep 3.88 17/09/2012 N 96.00 5.52 2.54 50,000 Germany BBB A2
COCA COLA HBC FINANCE BV XS0405567883 EUR 17/12/2008 15-Jan 7.88 15/01/2014 N 117.65 3.10 3.60 50,000 Germany A A3
EFG HELLAS PLC XS0294698492 EUR 12/04/2007 all term Floating 0.80 12/04/2010 N 99.58 2.68 50,000 Germany BBB A2
EFG HELLAS PLC XS0451430150 EUR 14/09/2009 14-Mar Floating 1.96 15/03/2011 N 98.60 3.18 1.14 50,000 Germany BBB A2
EFG HELLAS PLC XS0429895500 EUR 26/05/2009 26-May 4.25 26/05/2011 N 100.06 4.19 1.31 50,000 Germany BBB A2
EFG HELLAS PLC XS0443680052 EUR 11/08/2009 11-Feb 4.38 11/02/2013 N 97.23 5.38 2.87 50,000 Germany BBB A2
EFG HELLAS PLC XS0284635702 EUR 05/02/2007 7-Feb Floating 0.92 05/02/2014 N 89.39 3.68 3.96 50,000 Germany BBB A2
FAGE DAIRY INDUSTRIES SA XS0210695150 EUR 21/01/2005 15-Jan 7.50 15/01/2015 N 94.00 9.02 4.23 5,000 Germany B- B3
PIRAEUS GROUP FINANCE XS0293447792 EUR 29/03/2007 29-Mar Floating 0.91 29/03/2010 N 100.40 3.44 0.19 50,000 Germany BBB A2
PIRAEUS GROUP FINANCE XS0433067666 EUR 15/06/2009 15-Jun 4.50 15/06/2011 N 100.78 5.27 1.36 50,000 Germany BBB A2
HELLENIC REPUBLIC GR0110019214 EUR 01/02/2008 20-Mar 3.80 20/03/2011 N 99.67 6.03 1.13 1,000 Germany BBB+ A2
HELLENIC REPUBLIC GR0114022479 EUR 28/01/2009 20-Aug 5.50 20/08/2014 N 88.87 6.43 4.00 1,000 Germany BBB+ A2
HELLENIC REPUBLIC GR0124031650 EUR 11/03/2009 19-Jul 6.00 19/07/2019 N 76.11 6.39 7.19 1,000 Germany BBB+ A2
HELLENIC REPUBLIC GR0133004177 EUR 10/11/2009 20-Mar 5.30 20/03/2026 N 99.68 2.68 10.86 1,000 Germany BBB+ A2
HELLENIC REPUBLIC GR0138002689 EUR 06/02/2007 20-Sep 4.60 20/09/2040 N 100.21 4.32 14.91 1,000 Germany BBB+ A2
GREECE VARIABLE NOTES
ALPHA GROUP JERSEY LTD DE000A0DX3M2 EUR 18/02/2005 Feb Fixed 6.00 VAR 18/02/2015 54.00 1,000 Lux B+ Baa1
EFG HELLAS FUNDING LTD XS0232848399 EUR all term 4.57 VAR 50.00 7.55 B+ A3
EFG HELLAS FUNDING LTD XS0234821345 EUR 09/11/2005 Nov Fixed 6.00 VAR 71.00 8.57 1,000 B+ A3
NBOG FUNDING LTD XS0272106351 GBP 08/11/2006 Nov Fixed 6.29 VAR 72.00 5.64 1,000 Lux BB- A2
CYPRUS
BANK OF CYPRUS LTD XS0307782945 EUR 28/06/2007 all term Floating 0.91 28/06/2010 99.77 1.46 50,000 Lux A- A2
BANK OF CYPRUS LTD XS0251356282 EUR 04/05/2006 all term Floating 1.32 04/05/2016 90.00 3.01 50,000 Lux A3
CYPRUS GOVERNMENT BOND XS0432083227 EUR 3.75 03/06/2013 101.75 3.19 A+ Aa3
MARFIN POPULAR BANK PLC XS0453035229 EUR 4.38 21/09/2012 99.00 4.77 A3
REPUBLIC OF CYPRUS XS0143546207 EUR 5.50 27/02/2012 106.38 2.36 A+ Aa3
REPUBLIC OF CYPRUS XS0196506694 EUR Jul 4.38 15/07/2014 104.50 3.28 3.12 1,000 Germany A+
Hellenic Bank Ltd - Capital Securities HBCS EUR 6.450% 18/04/2018
Hellenic Bank Ltd - Bonds 2011 HBDE EUR 6.000% 28/04/2011
Hellenic Bank Ltd - Bonds 2016 HBDF EUR 1.550% 01/07/2016
Hellenic Bank Ltd - 2019 EUR Variable 7.500% 11/03/2019
Bank of Cyprus Conv. Bonds 2013/18 BCCB EUR 2.322% 30/06/2018
Source (Athex, Intellistock, Credit Suisse, Rotschild)
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20. Currencies (FX)
• Global economy recovering at a faster pace than anticipated
• U.S. growth is expected to outperform other major economies, especially EU
• In case of a rebound failure due to fiscal issues in EU risk aversion will prevail
• Continuous low interest rates to push commodity prices even higher
• Commodities (e.g. Gold) have positive correlation to the peaks and troughs of USD
→ USD tends to rally when risk aversion rises
→ US has low interest rates = carry trade currency of choice
→ USD is expected to perform positively in 2010 either way
Recommended Strategy:
Long USD/EUR 1.24 - 1.28 (1st of Feb = 1.3884)
Short EUR/USD
Source: Morgan Stanley, CITI, UBS, HSBC, RBS
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22. Real Estate - Cyprus
Real Estate in Cyprus - Statistical Data
Sales Documents (12month)
Number of foreign buyers & sellers
2008 2009 Change%
Nicosia 3,256 2,235 -31 Date Buyers Sellers
Limassol 3,240 2,007 -38 Jan.08 98 103
Larnaca 2,887 1,469 -49 Feb 126 116
Famagusta 1,995 881 -56 Mar 122 97
Paphos 3,289 1,578 -52 Apr 143 135
Total 14,667 8,170 -44 May 142 171
Jun 117 188
Number of properties sold to Non-Cypriots Jul 118 202
2008 2009 Change% Aug 72 104
Nicosia 283 219 -22.6 Sep 89 134
Limassol 730 415 -43.2 Oct 76 149
Larnaca 1,122 314 -72 Nov 54 111
Famagusta 919 249 -72.9 Dec 57 113
Paphos 1,498 379 -74.7 Jan.09 22 55
Total Saless 4,552 1,765 -61.2 Feb 53 77
Mar 34 102
Total Volume of Property Sales (€ bn) Apr 42 71
2002 1.2 May 145 77
2003 1.6 Jun 87 131
2004 1.9 Jul 45 121
2005 1.9 Aug 25 67
2006 3 Sep 42 98
2007 5.2 Oct 48 98
2008 3.5 Nov N/A 47
2009 1.7 Total 1,757 2,567
Source: CySTAT, Stockwatch
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23. Real Estate – Eastern Europe
SWOT ANALYSIS BULGARIA ROMANIA
Strenghts Currency Pegged to EURO Size, Natural Resources
Weaknesses Corruption Weak Currency
Opportunities Industry: Logistics and Tourism Industry: Agriculture
Prolonged recession and IMF
Threats Prolonged recession funding that slows the economic
growth
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24. Real Estate – Eastern Europe
Current Situation:
Bulgaria:
• Heavy reliance on real estate and tourism has created a gap in the market
between supply of real estate and occupancy rates
Romania:
• Overall market of real estate has experienced a substantial fall except in
premium real estate areas where the market is recuperating
Real Estate Opportunities:
Bulgaria:
• Fundamental need for developing and enhancing tourist products and
infrastructure
Romania:
• Need for the development of industrial buildings
• Need for residential developments to cater low to middle income earning
population
Source: Colliers International, Balkan Insight, Eurostat
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25. Harvest Stargate Fund
Investment Policy Statement Summary
Investment Goal:
• Above average returns
Return Objective:
• Absolute returns of 8% - 10% annually
• Capital appreciation
Risk Objective:
• Low volatility
• Diversify across asset classes and geographically
Asset Allocation:
30% Real Estate
30% Equities
30% Structured Products – Bonds
10% Cash and Cash Equivalents
Current State: Maximum prudency and retain as much as possible in cash and its equivalents
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26. Harvest One Percent Fund
Investment Policy Statement Summary
Investment Goal:
• Above average returns
Return Objective:
• Absolute returns of 1% per month
• Outperform selected benchmarks
Risk Objective:
• Lower volatility than selected indices (benchmarks)
• Diversify across asset classes
• Careful stock picking
Asset Allocation:
70% FTSEB Index components and Equities
15% Bonds and Alternative Investments
10% Cash and Cash Equivalents
Current State: Maximum prudency and retain as much as possible in cash and its equivalents
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28. Disclaimer
• This report has been prepared by the asset management team of Harvest Financial Services Ltd (Investment Firm License No. 021/03),
regulated by Cyprus Securities and Exchange Commission and a member of the Cyprus Stock Exchange and the Athens Stock Exchange.
• The information in this report is given in good faith and it has been obtained from published information and other sources believed to be
credible and reliable at the time of preparation. However, Harvest Financial Services Ltd does not guarantee its accuracy as it may be
condensed, summarized or incomplete. The information mentioned herein are subject to change without notice as market conditions change
consistently. Securities mentioned in this publication are subject to investment risks, including the possibility of losses.
• The material provided herein is for informational and analysis purposes only. It has been prepared solely with the intention that it will be for
the use of selected recipients only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of
the products referenced herein, notwithstanding that any such securities may be currently being offered to others.
• None of the authors, associates or any person involved in the preparation of this publication is under any obligation if any of them become
aware of a change or inaccuracy. Also neither of them accepts any liability or responsibility whatsoever for the accuracy or completeness of
this publication and none of them makes representation or warranty in relation thereto. Moreover, the authors, associates and every person
involved in the preparation of this publication expressly disclaim all liability from any loss or damage of whatsoever kind which may arise
from any persons acting on any statements contained in this publication.
• This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not
authorized or to any person to whom it would be unlawful to make such offer or solicitation. It is the responsibility of any person or persons
in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction.
Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable
taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the
subscription, purchase, holding, exchange, redemption or disposal of any investments.
• Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go
down as well as up. Future returns are not guaranteed and a loss of principal may occur. Harvest Financial Services Ltd makes no warranty
or representation that the security and or recommendation made are appropriate for all recipients and investors.
• Opinions expressed are current opinions as of the date appearing in this material only. No part of this material may be i) copied, photocopied
or duplicated in any form, by any means; or ii) redistributed without the prior written consent of Harvest Financial Services Ltd.
2010 Harvest Financial Services Ltd
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