Marriott operates, franchises, and licenses hotels and resorts across 72 countries and territories under 30 brands. In 2013, Marriott had nearly 676,000 rooms across 3,916 properties. Marriott's portfolio includes brands across different market segments including luxury (Ritz-Carlton), full service (Marriott), select service (Courtyard), and all-suites (TownePlace Suites). While Marriott saw increases in revenue, operating costs, and profits from 2012 to 2013, its international segment results decreased due to factors such as higher expenses and lower management fees. Marriott manages foreign exchange risk through hedging strategies and translates foreign subsidiaries' financial statements to US dollars
This document discusses key catalysts for insurance M&A in Canada in 2014. Modest economic growth of around 2% is expected to continue, supporting increased insurance demand. Continued low interest rates are maintaining pressure on investment returns. Multiple regulatory changes around capital requirements and distribution are prompting strategic responses from insurers. Increased extreme weather events are driving property risk assessments. Consolidation in the insurance distribution sector is also accelerating as brokers seek to monetize investments and plan for succession. These factors are expected to sustain robust M&A activity in the Canadian insurance sector in 2014, particularly in property & casualty underwriting and distribution.
The document provides an overview of an investment bank's performance in 2011. It discusses near record financial results including revenue of $26.3 billion and earnings of $6.8 billion. It highlights the bank's leadership positions in various markets including #1 in global investment banking fees for the third consecutive year. The document also outlines strategic initiatives for 2011 including expanding the international footprint and completing an acquisition. It discusses positioning for regulatory changes and maintaining expense discipline to enable continued investment.
The Corporate & Investment Bank (CIB) at J.P. Morgan Chase is well positioned to maintain its leadership in wholesale banking due to its strong client franchise, economies of scale, fortress balance sheet, and stable earnings from its markets business. The CIB has over 7,600 clients globally, with 61% located internationally, and generates 48% of its revenue from outside the US. It holds leading market positions across banking and markets businesses. The CIB's scale allows it to invest for ongoing leadership while maintaining efficient overhead ratios. Its balance sheet is supported by stable wholesale deposits and capital markets secured financing.
This document provides an overview and outlook for TD Ameritrade Holding Corporation. It discusses 6 investment themes: 1) their unique business model, 2) market leadership in trading, 3) being a premier asset gatherer, 4) their relationship with TD Bank, 5) being well-positioned for rising interest rates, and 6) being good stewards of shareholder capital. The document also provides highlights and forecasts for key financial metrics for fiscal year 2013, with an earnings per share outlook range of $1.00-$1.20.
JPMorgan Chase announced a $2 billion loss from trading financial derivatives in its Chief Investment Office in London. The losses occurred when traders placed large bets on credit default swap indexes to hedge previous positions, but the new bets introduced unaccounted risks and backfired. Regulators are investigating the trades and their implications for financial reform regulations around banks' trading and hedging activities. The losses also renewed debates around how much risk big banks should take.
Credit risk arises from the possibility that a borrower or counterparty may default on their obligations or fail to perform as agreed. This chapter discusses credit risk and its management. It defines credit risk and outlines where it can arise. It then presents a model for understanding how corporate default affects debt and equity values. The model shows that equity is a call option on a firm's assets, while debt is a put option sold by the firm. It discusses how to implement the model using stock price data. Finally, it develops a portfolio model of credit risk to analyze the effects of default correlation across many firms.
In late 2011, JPMorgan Chase told its Chief Investment Office (CIO) to reduce risky assets. To offset this, the CIO started making large derivative trades that grew in complexity and size over time, dwarfing the original risk. By April 2012, losses had started to accumulate from these trades, reaching an estimated $2 billion by May. By July, JPMorgan announced the loss had grown to $5.8 billion from trades involving credit default swaps made by trader Bruno Iksil, nicknamed the "London Whale". While Iksil was primarily responsible, lack of oversight from CIO head Ina Drew and senior management allowed the risky trading strategy and positions to grow unchecked.
The document summarizes the case of JPMorgan's "London Whale" trading losses. It describes how JPMorgan's Synthetic Credit Portfolio (SCP) grew significantly from 2011-2012 as it invested in both high-yield and investment grade credit derivatives. Large losses occurred in early 2012 as investment grade positions performed poorly and could not be offset by gains in high-yield. In response, risk metrics were adjusted and limits increased to hide mounting problems. The SCP continued growing in a position it could not exit from. The summary warns that Citigroup must carefully monitor its growing credit derivatives portfolio and avoid conflicts of interest to prevent a similar catastrophe.
This document discusses key catalysts for insurance M&A in Canada in 2014. Modest economic growth of around 2% is expected to continue, supporting increased insurance demand. Continued low interest rates are maintaining pressure on investment returns. Multiple regulatory changes around capital requirements and distribution are prompting strategic responses from insurers. Increased extreme weather events are driving property risk assessments. Consolidation in the insurance distribution sector is also accelerating as brokers seek to monetize investments and plan for succession. These factors are expected to sustain robust M&A activity in the Canadian insurance sector in 2014, particularly in property & casualty underwriting and distribution.
The document provides an overview of an investment bank's performance in 2011. It discusses near record financial results including revenue of $26.3 billion and earnings of $6.8 billion. It highlights the bank's leadership positions in various markets including #1 in global investment banking fees for the third consecutive year. The document also outlines strategic initiatives for 2011 including expanding the international footprint and completing an acquisition. It discusses positioning for regulatory changes and maintaining expense discipline to enable continued investment.
The Corporate & Investment Bank (CIB) at J.P. Morgan Chase is well positioned to maintain its leadership in wholesale banking due to its strong client franchise, economies of scale, fortress balance sheet, and stable earnings from its markets business. The CIB has over 7,600 clients globally, with 61% located internationally, and generates 48% of its revenue from outside the US. It holds leading market positions across banking and markets businesses. The CIB's scale allows it to invest for ongoing leadership while maintaining efficient overhead ratios. Its balance sheet is supported by stable wholesale deposits and capital markets secured financing.
This document provides an overview and outlook for TD Ameritrade Holding Corporation. It discusses 6 investment themes: 1) their unique business model, 2) market leadership in trading, 3) being a premier asset gatherer, 4) their relationship with TD Bank, 5) being well-positioned for rising interest rates, and 6) being good stewards of shareholder capital. The document also provides highlights and forecasts for key financial metrics for fiscal year 2013, with an earnings per share outlook range of $1.00-$1.20.
JPMorgan Chase announced a $2 billion loss from trading financial derivatives in its Chief Investment Office in London. The losses occurred when traders placed large bets on credit default swap indexes to hedge previous positions, but the new bets introduced unaccounted risks and backfired. Regulators are investigating the trades and their implications for financial reform regulations around banks' trading and hedging activities. The losses also renewed debates around how much risk big banks should take.
Credit risk arises from the possibility that a borrower or counterparty may default on their obligations or fail to perform as agreed. This chapter discusses credit risk and its management. It defines credit risk and outlines where it can arise. It then presents a model for understanding how corporate default affects debt and equity values. The model shows that equity is a call option on a firm's assets, while debt is a put option sold by the firm. It discusses how to implement the model using stock price data. Finally, it develops a portfolio model of credit risk to analyze the effects of default correlation across many firms.
In late 2011, JPMorgan Chase told its Chief Investment Office (CIO) to reduce risky assets. To offset this, the CIO started making large derivative trades that grew in complexity and size over time, dwarfing the original risk. By April 2012, losses had started to accumulate from these trades, reaching an estimated $2 billion by May. By July, JPMorgan announced the loss had grown to $5.8 billion from trades involving credit default swaps made by trader Bruno Iksil, nicknamed the "London Whale". While Iksil was primarily responsible, lack of oversight from CIO head Ina Drew and senior management allowed the risky trading strategy and positions to grow unchecked.
The document summarizes the case of JPMorgan's "London Whale" trading losses. It describes how JPMorgan's Synthetic Credit Portfolio (SCP) grew significantly from 2011-2012 as it invested in both high-yield and investment grade credit derivatives. Large losses occurred in early 2012 as investment grade positions performed poorly and could not be offset by gains in high-yield. In response, risk metrics were adjusted and limits increased to hide mounting problems. The SCP continued growing in a position it could not exit from. The summary warns that Citigroup must carefully monitor its growing credit derivatives portfolio and avoid conflicts of interest to prevent a similar catastrophe.
Coface: Trade Credit Insurance, Receivables Management, Credit Information, R...Coface North America
This document provides an overview of Coface, a credit insurance company, and its operations in North America. It discusses Coface's history and presence globally and in North America, its credit insurance solutions that help companies manage risks, and complementary business information and collection services. The document is intended to introduce Coface's suite of products and services to support safer trade.
J.P. Morgan stock is recommended as a buy. The intrinsic value is estimated at $80 based on valuation models, which is above the current price of $68, representing an upside of over 17%. J.P. Morgan is one of the largest banks in the U.S. and globally with strong brand recognition and a diversified business across consumer banking, corporate and investment banking, asset management, and commercial banking. Financial ratios show good profitability and leverage. The recommendation is supported by multiple valuation approaches showing the stock is undervalued at the current price.
Credit insurance common misconceptions and can it be a useful tool finalIgor Zax (Zaks)
Igor Zax, Managing Director of Tenzor Ltd. presented 4-th of November 2014 a webcast “Credit Insurance: Common Misconceptions, and Can it Be a Useful Tool”, hosted by Commercial Finance Association (CFA), the international trade association dedicated to the asset-based lending and factoring industries.
The webcast was attended by major banks, asset based lenders, export credit agencies, insurance brokers and credit insurers
This document provides an introduction to credit risk factors and measures. It discusses key concepts like exposure at default, loss given default, probability of default, expected loss, and one-year expected loss. It also provides an example of calculating these measures for a simple loan with a principal of $10,000, loss given default of 90%, probability of default of 3%, and residual maturity of 3 years. The expected loss is calculated as $786 and one-year expected loss is $270 for this loan.
Euler Hermes ACI is the largest credit insurance provider globally with over 114 years of experience. They insure over 57,000 policyholders worldwide against risks such as bankruptcy and default. Bankruptcies are predicted to increase sharply in 2009, demonstrating the need for credit insurance. Credit insurance protects against unexpected bad debt losses, frees up working capital, and allows companies to expand sales into riskier markets or with key accounts.
Unfortunately all too often companies default on their payments to vendors or file for bankruptcy protection. Various factors may be the cause: Management deficiencies, financial restructuring, regulatory changes, product liability exposure, legal maneuvering, political upheaval, or even, as recent history has proven, regional natural disasters. No matter how wonderful we feel our customer is, a creditor may never know what future circumstances will diminish the customer’s ability to pay. Accounts Receivables (Credit) Insurance can be an indispensable credit risk management product reducing risk in an unpredictable marketplace. This Webinar will be of value to credit, financial or sales professionals who want to learn the basics of credit insurance and how using credit insurance may help their company. Specifically the speaker will cover: • Protecting Accounts Receivable from bad debt loss • How credit insurance is priced • How claims are settled • How credit insurance can be used to expand sales • Enhancing financing options • Compliance with Sarbanes-Oxley
It is important to consider the emerging risks surrounding commercial lending and commercial real estate lending. What stage are we in of this current economic cycle? The answer is uncertain, but it is important to consider the emerging risks surrounding commercial lending and CRE lending.
Euler Hermes ACI is the largest credit insurance provider globally with over 114 years of experience. They insure over 57,000 policyholders worldwide against risks such as bankruptcy and default. Credit insurance can help businesses expand sales, gain access to financing, and protect against unexpected losses from bad debt. Euler Hermes monitors over 43 million companies and processes 25,000 credit limits daily to help clients evaluate customer credit risk.
Northwestern Mutual operates as a mutual company focused on policyholders' interests. It has a conservative investment strategy focused on fixed income and maintains a diversified portfolio and strong financial position despite market volatility in 2008. The document discusses Northwestern Mutual's investment objectives, strategies for managing risk, and performance over the past year.
The document provides an agenda for a presentation by Janelle Foy from Euler Hermes on accounts receivable management solutions and trade credit insurance. The agenda includes introducing the business, an overview of who Euler Hermes is, explaining why credit insurance is valuable, providing an overview of credit insurance, outlining the value proposition of credit insurance, and presenting case studies. It also includes sections for learning about the business's sales, margins, bad debt, credit terms, growth plans, and credit process and questions on concentration accounts, financing, and credit pains.
The document provides an overview of Northwestern Mutual's investment strategy and performance in 2008. It summarizes that Northwestern Mutual maintained its focus on traditional insurance products and conservative approach, which helped it withstand market declines better than competitors. While its portfolio experienced losses, its diversification, surplus levels, and avoidance of risky products allowed it to fulfill its commitments to policyholders. It adapted its strategy by increasing liquidity and reducing equity exposure for stability in volatile times.
The document discusses Bank of America Merrill Lynch, a leading global financial firm that delivers solutions to clients through insights, global reach, and long-term relationships. It brings enhanced services through its investment banking, securities, and wealth management affiliate DSP Merrill Lynch. The group shares over 100 years of combined India experience through its global and local expertise.
Mezzanine finance sits between senior debt and equity in a company's capital structure. It can take the form of subordinated debt or preferred equity. Subordinated debt typically has a yield of 12-17% consisting of a current coupon of 10-12% plus additional paid-in-kind interest or equity warrants. Preferred equity has an even higher risk but yield of 20-24% paid as PIK dividends plus warrants. Mezzanine financing allows companies to take on more leverage than with senior debt alone, with the mezzanine investor positioned ahead of common equity but below senior lenders in the capital structure.
This document provides information about credit ratings. It defines credit ratings as assessments of creditworthiness that can be assigned to entities seeking to borrow money. Credit rating agencies assign ratings based on financial statements and past lending history. Ratings have inverse relationships with default risk and use scales like AAA to CCR D. High ratings benefit companies through improved images, wider borrowing audiences, and easier growth financing. The document also discusses ICRA and CRISIL as the major Indian credit rating agencies, including their history, leadership, and the types of ratings they provide.
Credit rating agencies evaluate and assign ratings to debtors' ability to repay debts. The presentation discusses several major credit rating agencies in India like CRISIL, ICRA, CARE, and SMERA. It explains their history, objectives, rating processes, scales, and services provided to investors, companies and MSMEs. Credit ratings help investors make informed decisions, encourage financial discipline among companies, and facilitate foreign investment. However, ratings may also be subject to bias, improper disclosure or changes in the operating environment.
How has the risk manager evolved to meet the needs of the banking industry? This slide deck takes a look at how the position has evolved and what skills should you anticipate needing in the future to compose the skill profile of the next decade’s agile risk manager.
This document discusses risk management strategies for financial institutions. It examines how they manage credit risk from loans and interest rate risk from changes in market rates. For credit risk, the key strategies are screening borrowers, monitoring loans, using collateral, and credit rationing. For interest rate risk, tools like income gap analysis and duration gap analysis are used to measure risks and immunize the balance sheet from changes in rates. The chapter provides examples of calculating duration and gaps to illustrate how financial managers can assess and address risks.
This document contains slides summarizing key aspects of bank management and profitability from a textbook. It discusses how banks earn revenue from interest on loans and securities, and how expenses like interest on deposits affect profits. It also covers measuring bank performance, balancing profitability with safety, managing liquidity and credit risk, and hedging interest rate risk. The slides provide an overview of important topics relating to bank earnings, capital requirements, and risk management.
Safeguard your lending program by learning about the 8 steps of credit risk management. Learn about nonfinancial risks, structuring the loan, and more.
The document discusses how the media product uses conventions of real thriller films. It used a cliffhanger ending when the main character received a mysterious text message. It also used an enigma element, originally a bag of drugs but changed to a mysterious device to generate questions. Additionally, it opened with suspenseful music similar to films like Psycho to build tension at the end of the opening scene and start of the thriller.
The street marketing campaign will sell fake boyfriends to catch people's attention and demonstrate that anything can be bought on rainforest.com, though this exaggerates the site's offerings. A follow-up video will advertise the campaign and show that rainforest.com allows purchasing unimaginable things to drive traffic to the website and social media pages.
Coface: Trade Credit Insurance, Receivables Management, Credit Information, R...Coface North America
This document provides an overview of Coface, a credit insurance company, and its operations in North America. It discusses Coface's history and presence globally and in North America, its credit insurance solutions that help companies manage risks, and complementary business information and collection services. The document is intended to introduce Coface's suite of products and services to support safer trade.
J.P. Morgan stock is recommended as a buy. The intrinsic value is estimated at $80 based on valuation models, which is above the current price of $68, representing an upside of over 17%. J.P. Morgan is one of the largest banks in the U.S. and globally with strong brand recognition and a diversified business across consumer banking, corporate and investment banking, asset management, and commercial banking. Financial ratios show good profitability and leverage. The recommendation is supported by multiple valuation approaches showing the stock is undervalued at the current price.
Credit insurance common misconceptions and can it be a useful tool finalIgor Zax (Zaks)
Igor Zax, Managing Director of Tenzor Ltd. presented 4-th of November 2014 a webcast “Credit Insurance: Common Misconceptions, and Can it Be a Useful Tool”, hosted by Commercial Finance Association (CFA), the international trade association dedicated to the asset-based lending and factoring industries.
The webcast was attended by major banks, asset based lenders, export credit agencies, insurance brokers and credit insurers
This document provides an introduction to credit risk factors and measures. It discusses key concepts like exposure at default, loss given default, probability of default, expected loss, and one-year expected loss. It also provides an example of calculating these measures for a simple loan with a principal of $10,000, loss given default of 90%, probability of default of 3%, and residual maturity of 3 years. The expected loss is calculated as $786 and one-year expected loss is $270 for this loan.
Euler Hermes ACI is the largest credit insurance provider globally with over 114 years of experience. They insure over 57,000 policyholders worldwide against risks such as bankruptcy and default. Bankruptcies are predicted to increase sharply in 2009, demonstrating the need for credit insurance. Credit insurance protects against unexpected bad debt losses, frees up working capital, and allows companies to expand sales into riskier markets or with key accounts.
Unfortunately all too often companies default on their payments to vendors or file for bankruptcy protection. Various factors may be the cause: Management deficiencies, financial restructuring, regulatory changes, product liability exposure, legal maneuvering, political upheaval, or even, as recent history has proven, regional natural disasters. No matter how wonderful we feel our customer is, a creditor may never know what future circumstances will diminish the customer’s ability to pay. Accounts Receivables (Credit) Insurance can be an indispensable credit risk management product reducing risk in an unpredictable marketplace. This Webinar will be of value to credit, financial or sales professionals who want to learn the basics of credit insurance and how using credit insurance may help their company. Specifically the speaker will cover: • Protecting Accounts Receivable from bad debt loss • How credit insurance is priced • How claims are settled • How credit insurance can be used to expand sales • Enhancing financing options • Compliance with Sarbanes-Oxley
It is important to consider the emerging risks surrounding commercial lending and commercial real estate lending. What stage are we in of this current economic cycle? The answer is uncertain, but it is important to consider the emerging risks surrounding commercial lending and CRE lending.
Euler Hermes ACI is the largest credit insurance provider globally with over 114 years of experience. They insure over 57,000 policyholders worldwide against risks such as bankruptcy and default. Credit insurance can help businesses expand sales, gain access to financing, and protect against unexpected losses from bad debt. Euler Hermes monitors over 43 million companies and processes 25,000 credit limits daily to help clients evaluate customer credit risk.
Northwestern Mutual operates as a mutual company focused on policyholders' interests. It has a conservative investment strategy focused on fixed income and maintains a diversified portfolio and strong financial position despite market volatility in 2008. The document discusses Northwestern Mutual's investment objectives, strategies for managing risk, and performance over the past year.
The document provides an agenda for a presentation by Janelle Foy from Euler Hermes on accounts receivable management solutions and trade credit insurance. The agenda includes introducing the business, an overview of who Euler Hermes is, explaining why credit insurance is valuable, providing an overview of credit insurance, outlining the value proposition of credit insurance, and presenting case studies. It also includes sections for learning about the business's sales, margins, bad debt, credit terms, growth plans, and credit process and questions on concentration accounts, financing, and credit pains.
The document provides an overview of Northwestern Mutual's investment strategy and performance in 2008. It summarizes that Northwestern Mutual maintained its focus on traditional insurance products and conservative approach, which helped it withstand market declines better than competitors. While its portfolio experienced losses, its diversification, surplus levels, and avoidance of risky products allowed it to fulfill its commitments to policyholders. It adapted its strategy by increasing liquidity and reducing equity exposure for stability in volatile times.
The document discusses Bank of America Merrill Lynch, a leading global financial firm that delivers solutions to clients through insights, global reach, and long-term relationships. It brings enhanced services through its investment banking, securities, and wealth management affiliate DSP Merrill Lynch. The group shares over 100 years of combined India experience through its global and local expertise.
Mezzanine finance sits between senior debt and equity in a company's capital structure. It can take the form of subordinated debt or preferred equity. Subordinated debt typically has a yield of 12-17% consisting of a current coupon of 10-12% plus additional paid-in-kind interest or equity warrants. Preferred equity has an even higher risk but yield of 20-24% paid as PIK dividends plus warrants. Mezzanine financing allows companies to take on more leverage than with senior debt alone, with the mezzanine investor positioned ahead of common equity but below senior lenders in the capital structure.
This document provides information about credit ratings. It defines credit ratings as assessments of creditworthiness that can be assigned to entities seeking to borrow money. Credit rating agencies assign ratings based on financial statements and past lending history. Ratings have inverse relationships with default risk and use scales like AAA to CCR D. High ratings benefit companies through improved images, wider borrowing audiences, and easier growth financing. The document also discusses ICRA and CRISIL as the major Indian credit rating agencies, including their history, leadership, and the types of ratings they provide.
Credit rating agencies evaluate and assign ratings to debtors' ability to repay debts. The presentation discusses several major credit rating agencies in India like CRISIL, ICRA, CARE, and SMERA. It explains their history, objectives, rating processes, scales, and services provided to investors, companies and MSMEs. Credit ratings help investors make informed decisions, encourage financial discipline among companies, and facilitate foreign investment. However, ratings may also be subject to bias, improper disclosure or changes in the operating environment.
How has the risk manager evolved to meet the needs of the banking industry? This slide deck takes a look at how the position has evolved and what skills should you anticipate needing in the future to compose the skill profile of the next decade’s agile risk manager.
This document discusses risk management strategies for financial institutions. It examines how they manage credit risk from loans and interest rate risk from changes in market rates. For credit risk, the key strategies are screening borrowers, monitoring loans, using collateral, and credit rationing. For interest rate risk, tools like income gap analysis and duration gap analysis are used to measure risks and immunize the balance sheet from changes in rates. The chapter provides examples of calculating duration and gaps to illustrate how financial managers can assess and address risks.
This document contains slides summarizing key aspects of bank management and profitability from a textbook. It discusses how banks earn revenue from interest on loans and securities, and how expenses like interest on deposits affect profits. It also covers measuring bank performance, balancing profitability with safety, managing liquidity and credit risk, and hedging interest rate risk. The slides provide an overview of important topics relating to bank earnings, capital requirements, and risk management.
Safeguard your lending program by learning about the 8 steps of credit risk management. Learn about nonfinancial risks, structuring the loan, and more.
The document discusses how the media product uses conventions of real thriller films. It used a cliffhanger ending when the main character received a mysterious text message. It also used an enigma element, originally a bag of drugs but changed to a mysterious device to generate questions. Additionally, it opened with suspenseful music similar to films like Psycho to build tension at the end of the opening scene and start of the thriller.
The street marketing campaign will sell fake boyfriends to catch people's attention and demonstrate that anything can be bought on rainforest.com, though this exaggerates the site's offerings. A follow-up video will advertise the campaign and show that rainforest.com allows purchasing unimaginable things to drive traffic to the website and social media pages.
T. Maridass has over 6 years of experience as an engineer in operations and maintenance, MEDAM projects, and materials management. He has worked on projects involving SAP implementation for materials master creation, cataloging, bill of materials preparation, and maintenance planning. He is skilled in SAP MM/PM, E-SPIR, RCM Turbo, and MS Office.
Ajinkya Hemant Isankar is seeking an opportunity that provides a supportive learning environment. He has technical skills in HTML, CSS, SQL, Oracle11gXE, manual testing, automation testing, QTP, Selenium IDE, Multisim, Keil, Xilinx, and Windows operating systems. He has a BE in electronics and telecommunication from Shivaji University and has completed projects in image compression techniques using Matlab and a bipolar triangular and square wave generator. He is also trained in software testing and has experience with manual testing and defect reporting on an in-flow inventory management system.
The document discusses new formats for comprehensive plans that have emerged alongside increasing internet access and shrinking attention spans. It outlines various digital plan format options including flat PDFs, flipbooks, interactive PDFs, dynamic webpages using content management systems (CMS), and mobile-friendly designs. It also discusses organizing plans using traditional structures, systems frameworks, webmapping, toolkits, and other approaches. While new formats require as much or more work than conventional documents, they allow for more flexibility, engagement, and reach if the goals, audience, resources, and legal adoption process are considered.
ACUITY THEORY AND FAKING RESISTENCE(4)Phillip Hash
This study examines two new non-cognitive measures called "acuity theory" that aim to measure constructs like customer service orientation (CSO) and extroversion without relying on self-reports. The measures present pairs of statements differing in how strongly they represent each construct, and assess sensitivity to these differences. Two samples of Spanish sales employees completed the measures with and without incentives. Results found the new measures correlated with supervisor ratings of CSO and extroversion only when incentives were provided, supporting their resistance to faking and improved validity under motivation. Regression analyses also supported an inverted-U relationship between extroversion scores and ratings, as hypothesized.
This document proposes a selection battery for hiring a Program Associate II. It recommends using the Employee Aptitude Survey (EAS) and the PSI Basic Skills Test (BST) to assess applicants on six subtests: Verbal Reasoning, Visual Speed and Accuracy, Numerical Ability, Following Oral Directions, Following Written Directions, and Forms Checking. Previous research found these subtests to be valid predictors of job performance for clerical positions. The top three scoring applicants would be interviewed, and the highest scoring candidate offered the position. Supervisors would then provide performance evaluations to assess how well new hires meet designated job outcomes.
Este documento proporciona instrucciones para preparar un shampoo casero con huevos, aguacate, miel y limón para combatir la caída del cabello. Se debe batir los ingredientes hasta que queden como una crema y luego aplicarlo en el cabello diariamente para fortalecerlo y detener su caída. También recomienda visitar un blog para obtener más información sobre cómo eliminar definitivamente la calvicie.
Copywriting 101 - How to write social-friendly contentAhmed Ezat
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document contains information about Majdi Soliman, including his contact information, education background, work experience, websites developed, logos designed, and references. Majdi has over 6 years of experience in web and graphic design, specializing in Adobe After Effects. He has developed over 100 websites using technologies like Joomla, WordPress, PHP, and MySQL. Majdi has also designed over 100 company identities and logos. References are provided that can provide more information about Majdi's skills and experience.
We take the complexity out of your IT infrastructure. Daymark architects, sells and implements data center infrastructure, data protection, virtualization, managed services and cloud services for businesses throughout New England.
We provide deep technical knowledge, extensive experience and proven methodologies that help our clients make strategic decisions, streamline the acquisition process and successfully implement cost-effective data management infrastructure solutions.
This study investigated the language learning strategies used by Cambodian EFL students. It surveyed 159 students using a questionnaire based on Oxford's Strategy Inventory for Language Learning. The findings were:
1) Students reported a high overall use of language learning strategies, with the most frequently used being metacognitive strategies.
2) There was no significant difference between male and female students in their overall use of language learning strategies. Some individual strategies showed differences but not the overall use.
3) Indirect strategies like metacognitive, affective and social strategies were used more frequently than direct strategies like memory, cognitive and compensation strategies.
1) The document is Argo Group's 1Q 2015 investor presentation which provides an overview of the company, its business segments, financial results, and growth strategy.
2) Argo Group is a leading specialty insurer with $1.9 billion in annual gross written premiums and an "A" rating from A.M. Best. Its business is diversified across multiple segments including excess and surplus lines, commercial specialty, Syndicate 1200, and international specialty.
3) Over the past decade, Argo Group has grown its gross written premiums and book value per share substantially through both organic growth and acquisitions. It aims to continue maximizing shareholder value through profitable growth and active capital management.
The document is a team agenda for analyzing Starwood Hotels & Resorts. It includes an executive summary on Starwood provided by Ivy, a company analysis by Shinichi, an industry analysis also by Shinichi, an analysis of customers and competition by Pramod, a marketing plan by Pramod, details on the management team by Greg, and the financial plan and conclusion also by Greg. The team members will present on their assigned sections to complete the analysis of Starwood.
"Argo Group’s second quarter results demonstrate continued momentum in the first half of 2015," said CEO Mark E. Watson III. "The improvement in our underwriting income is a direct result of the ongoing focus on underwriting as well as a disciplined approach to profitable growth in our niche markets.”
Host Hotels and Resorts operates primarily in the hotel and lodging segment. It owns luxury and upper upscale hotels across the United States as well as in other countries. However, it is highly dependent on the US market, which accounts for over 90% of its revenue. To address this over-reliance and capitalize on global opportunities, Host Hotels should diversify its business strategy through joint ventures in other segments like food and beverage, reduce its dependency on any single market by expanding into new international markets, and address factors like safety perceptions that negatively impact travel.
This document brings together a set of latest data points and publicly available information relevant for Hospitality. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
"Argo Group posted improved underwriting margins for the year, despite ever-increasing competitive pressures," said CEO Mark E. Watson III. “We reported record underwriting income in 2014 and a return on average shareholders’ equity of 11.4%.”
The document provides profiles for Tovah M. Thompson of The Wolf Group, a presentation design and visual support firm, and their client portfolio which includes major financial institutions like Citigroup, Franklin Templeton Investments, Goldman Sachs, Mastercard, and Morgan Stanley. It also includes profiles for Citigroup and its diverse markets and services, Mastercard and its role in changing how the world does business, and Warburg Pincus, a leading global private equity firm. Finally, it outlines the portfolio and services of William B. Tabler Architects, an architectural firm specialized in hotel design, including projects like the Le Meridian Hotel in Cairo and The Brooklyn Renaissance Plaza in New York.
The document summarizes LinkedIn's Q1 2013 financial results. It reported revenue of $335 million, an increase of 59% year-over-year. Adjusted EBITDA was $83 million, well above guidance. Key metrics like members, unique visitors, and engagement also increased substantially year-over-year. For Q2, LinkedIn expects revenue between $342-347 million and adjusted EBITDA between $77-79 million. For the full year, it expects revenue of $1.43-1.46 billion and adjusted EBITDA of $330-345 million.
The document introduces Wealth Guidance Group and Raymond James, outlining their commitment to clients, team, process, and capabilities. It discusses planning for retirement and wealth protection, and highlights Raymond James' resources and advantages, including their focus on individual investors, size and stability, and account protection. The presentation aims to determine if a relationship would be mutually beneficial.
The document introduces Wealth Guidance Group and Raymond James, outlining their commitment to clients, team, process, and capabilities. They aim to determine if a relationship would be mutually beneficial by understanding the client's needs and designing customized solutions using Raymond James' extensive resources and independent platform. Raymond James focuses on individual investors, has full resources as a large firm, and maintains a culture of independence to serve clients' best interests.
1. The presentation provides an overview of Argo Group, an international specialty insurer focused on niche property/casualty markets.
2. Argo has pursued a strategy of developing leadership positions in attractive niche markets and expanding through organic growth and selective acquisitions, producing strong growth and profits.
3. Financial highlights show that Argo has increased premiums, earnings, and book value per share significantly in recent years through its specialty business model.
This investor presentation discusses DMC's financial highlights and global business operations. It provides cautionary statements about forward-looking projections and explains how non-GAAP financial measures are used. DMC has three business segments and a diversified customer base. It is the dominant provider of explosion-welded clad metal plates and has a global network of production and sales facilities.
This document provides an overview of key topics in financial management, including definitions of financial management, capital structure, capitalization, sources of finance, financial statements, financial ratios, and types of leverage. It also describes the role of the financial manager and use of financial reporting and accounting in management. The document uses examples to illustrate concepts like capital structure determination, types of long-term and short-term sources of financing, and components of important financial statements. It outlines the objectives and functions of financial planning and management.
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Welltower reported strong results in the second quarter of 2018, including delivering $89 million of development projects, completing $251 million of investments, and disposing of $67 million of assets. The company also improved its portfolio, increasing the percentage of private pay revenue from 69% to 95% over the past decade. Welltower maintained prudent capital strategy and strong debt covenant compliance during the quarter.
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Similar to International Financial Management-Presentation (1)-1 (20)
2. Established in 1993
Marriott operates, franchise and license 3,916
properties worldwide with 675,623 rooms as of end of
year 2013.
72 countries & territories total.
3. Portfolio of Brands
Signature Brand
Marriott Hotels & Resorts ®
Luxury
The Ritz-Carlton ®
Bulgari Hotels & Resorts
JW Marriott Hotels &
Resorts®
Lifestyle/Collections
Renaissance ® Hotels
Autograph Collection ®
Hotels & Resorts
AC Hotels by Marriott SM
EDITION ® Hotels
Moxy Hotels SM
4. Portfolio of Brands
Destination Entertainment
Gaylord Hotels ®
Marriott Vacation Club ®
Extended Stay Lodging
Residence Inn by Marriott ®
(“Residence Inn ® ”)
TownePlace Suites by Marriott
® (“TownePlace Suites ® ”)
Marriott Executive Apartments
®
Selective Service Lodging
Courtyard by Marriott
® (“Courtyard ® ”)
Fairfield Inn & Suites by
Marriott ® (“Fairfield Inn &
Suites ® ”)
SpringHill Suites by Marriott ®
(“SpringHill Suites ® ”)
Conference Centers
Marriott Conference Centers
®
6. Business in America
Country Properties
Rooms
Aruba 5
1,955
Bahamas 1 17
Barbados 1
118
Brazil 5
1,243
British Virgin Islands 1 58
Canada 80
15,749
Cayman Islands 5
772
7. Continued Business in America
Country Properties
Rooms
Costa Rica 7
1,222
Curacao 2
484
Dominican Republic 2
445
Ecuador 2
401
El Salvador 1
133
Honduras 1
153
8. Continued Business in America
Country Properties
Rooms
Puerto Rico 9
2,226
Saint Kitts and Nevis 2 541
Suriname 1
140
Trinidad and Tobago 1 119
United States 3,255
522,298
U.S. Virgin Islands 5
1,095
Venezuela 3
688
9. Business in United Kingdom and Ireland
Country Properties
Rooms
United Kingdom (England, 64 12,191
Scotland, and Wales)
Ireland 2 454
Total United Kingdom
& Ireland 66
12,645
10. Business in Continental Europe
Country Properties
Rooms
Azerbaijan 1 243
Armenia 2 326
Austria 8
1,922
Belgium 5
881
Czech Republic 6
1,088
Denmark 1
402
France 21
4,266
11. Business in Continental Europe
Country Properties
Rooms
Greece 1
314
Hungary 4 891
Israel 3
539
Italy 23
3,677
Kazakhstan 5
634
Netherlands 3
946
Poland 2
12. Business in Continental Europe
Country Properties
Rooms
Russia 13
3,013
Spain 75
9,590
Sweden 2
406
Switzerland 6
1,181
Turkey 10
2,560
13. Business in Middle East and Africa
Country Properties
Rooms
Algeria 1 204
Bahrain 3 537
Egypt 8
3,763
Jordan 3
644
Kuwait 2 577
Oman 2
495
Pakistan 2
508
Qatar 6
1,509
Saudi Arabia 7
14. Business in Asia
Country Properties
Rooms
China 67 (9 in Hong Kong) 25,140
Guam 1 436
India 23 5,752
Indonesia 10 2,261
Japan 12 3,684
Malaysia 7 3,070
Philippines 2 657
Singapore 3 1,059
South Korea 5 1,751
Thailand 18 3,815
Vietnam 2 786
Total Asia 150 48,411
Australia 5 1,527
15. Risk Factors of International Operations
Political Risk: Corruption, Unstable Government, currency control.
Financial Risk: Economic Conditions
16. Management’s Discussion and
Analysis
A worldwide operator, franchisor, and licensor of hotels and timeshare
properties in 72 countries and territories under numerous brand names
(The Ritz-Carlton, Renaissance Hotels and JW Marriott)
- Four business segments: North American Full-Service, North American
Limited-Service, International, and Luxury.
Operated 42 percent under management agreements,; franchisees
operated 55 percent under franchise agreements and only 2 percent from
them owning and leasing.
Long-term management contracts and franchising provide more stable
earnings in periods of economic softness. It helps to minimize financial
leverage and risk in a cyclical industry.
17. Management’s Discussion and
Analysis
Business continued to improve in 2013. With low supply growth in the U.S., improved pricing
in most markets around the world and increased in the number of properties in their system.
Demand was strong at luxury properties then full-service properties and limited-service
properties.
Strong demand in North America, Eastern Europe, Russia, and Norther United Kingdom.
Western Europe with moderate RevPAR growth.
London and France RevPar growth declined.
Strong demand in the United Arab Emirates but weak in Egypt, Jordan, and Qatar.
Demand in the Asai Pacific region continued to grow. Especially in Thailand and
Indonesia with higher demand and strong RevPar grwoth.
18. Revenue, Assets, and Financial
Data
2013 2012 Change
Revenue 12,784 11,814 8.2%
Operating Cost 11,796 10,874 8.5%
EBT 988 940 5.1%
EBIT 897 849 5.7%
NET Income 620 571 8.6%
• Marriott’s financial statements include properties, brands, and markets of the North
American and International locations.
• Between the years of 2012-2013 Marriott:
- International Properties increased by 2.7%
• The $32 million decrease in segment results in 2013, compared to 2012, reflected $18
million of higher general, administrative, and other expenses, $11 million of lower owned,
leased, and other revenue net of direct expenses, $7 million of lower incentive management
fees, and $4 million of decreased joint venture equity earnings, partially offset by $11
million of higher base management and franchise fees.
19. Revenue Assets and Financial Data
2013 2012 Change
Assets 6,794 6342 7.1%
Liabilities 8,209 7,627 7.6%
Stockholder Equity 1415 1285 10.1%
• For the twelve months ended December 31, 2013 , compared to the twelve months
ended December 31, 2012, luxury properties increased by 7.7 percent.
• The increase in general, administrative, and other expenses reflected an unfavorable
variance from $8 million in reversals of guarantee accruals in 2012
for three properties and the following 2013 items: (1) a $3 million impairment of
deferred contract acquisition costs for a property that left our system; (2) a $2
million impairment of deferred contract acquisition costs for a property with cash
flow shortfalls; (3) $4 million of higher expenses to support our growth; and (4) $2
million of other net miscellaneous cost increases.
20. Foreign Exchange Risk/Hedging
• We are exposed to market risk from changes in interest rates, stock
prices, currency exchange rates, and debt prices. We manage our
exposure to these risks by monitoring available financing alternatives,
through development and application of credit granting policies and by
entering into derivative arrangements.
• Marriott uses the “fair value of financial instruments” to measure
reoccurring and nonrecurring assets and liabilities.
• Fair value is defined as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
21. Foreign Exchange
Risk/Hedging
Uses derivatives to hedge and has quarterly reviews to the review the
effectiveness of the hedging decisions
We manage our exposure to these risks by monitoring available financing
alternatives, as well as through development and application of credit granting
policies.
We also use derivative instruments, including cash flow hedges, net
investment in non-U.S. operations hedges, fair value hedges, and other
derivative instruments, as part of our overall strategy to manage our exposure
to market risks.
As a matter of policy, we only enter into transactions that we believe will be
highly effective at offsetting the underlying risk, and we do not use derivatives
for trading or speculative purposes
22. • The functional currency used for both consolidated and
unconsolidated entities within the United States is the US
Dollar
• The functional Currency used for entities in foreign
countries is generally the primary currency of that
economic environment.
• Financial Statements whose functional currency is not in
the US dollars are translated into US dollars.
Assets and Liabilities are translated at the exchange
rate in effect of the financial statement date.
Income statement accounts are translated using the
weighted average exchange rate for the period.
Functional Currency and the
Translation of Financial Statements
23. Functional Currency and
the Translation of Financial Statements
Translated Items Include
Gains and losses from currency exchange rate changes for
intercompany receivables and payables (not of a long-term
investment nature) and gains and losses from non-U.S. currency
transactions.
These amounted to losses of $5 million in 2013 , $3 million in
2012 , and $7 million in 2011 and are reported as operating
costs and expenses
Translation adjustments from currency exchange and the effect of
exchange rate changes on intercompany transactions of a long-term
investments are recorded as a separate component of shareholders’
equity.
Gains and other income attributable to currency translation
adjustments from the sale or complete or substantially complete
liquidation of investments.
• In 2013 these items did not have any effect on financial
statement. In 2012 it amounted to $1 million and $2 million for
2011.
24. Other Relevant Information
Marriott has franchising, licensing, and joint venture programs
that permit other hotel owners and operators and Marriott
Vacations Worldwide Corporation to use many of Marriott’s
lodging brand names and systems.
This greatly reduces the capital investment needed to expand
operation.
Generally receives an initial application fee and continuing royalty fees,
which typically range from four percent to six percent of room revenues
for all brands, plus two percent to three percent of food and beverage
revenues for certain full-service hotels.
The global economic climate is improving in many
markets around the world
Average Daily Rates for rooms has increased 4.3% and Revenue Per
Room has increased 4.6%.
Has led to an increase in the number of foreign properties.
25. Other Relevant Information
Additional Challenges in doing business in foreign
Countries.
Compliance with complex and changing laws, regulations
and policies of governments that may impact operations
Compliance with U.S. and foreign laws that affect the
activities of companies abroad, such as anti-corruption laws,
competition laws, currency regulations, and laws affecting
dealings with certain nations
The difficulties involved in managing an organization doing
business in many different countries
Limitations on the ability to repatriate non-U.S. earnings in a
tax effective manner
Uncertainties as to the enforceability of contract and
intellectual property rights under various local laws .