The Bank of Thailand raised its policy interest rate by 25 basis points to 3.50% based on a 5-2 vote, marking the sixth rate hike this year. While the MPC statement showed a less hawkish stance due to weaker global economic data, it did not strike as being dovish. The MPC judged that inflationary risks remained significant and that domestic demand could sustain price pressures. The BoT expects Asian economies to withstand global economic impacts better than expected. The decision was in line with keeping policy rates normalized to contain domestic inflationary pressures.
The RBI cut its repo rate by 25 basis points to 7.75% and lowered the reverse repo and MSF rates as well. It revised India's GDP growth forecast down to 5.5% for FY2013 due to weak external demand and investment. Headline inflation is projected at 6.8%. Treasury bond yields were volatile after the announcement while equity markets closed lower. The RBI aims to support growth while managing inflation expectations in an uncertain global environment.
The Bank of Thailand raised its policy rate by 25 basis points to 2.50% as expected. The document discusses that while the BoT set a clear direction of further rate hikes, it kept its options open. It forecasts three more 25 basis point hikes in the coming meetings to reach its year-end target of 3.25%. The BoT reiterated its approach of "preemptive", "steady" and "gradual" rate adjustments but said it will closely monitor inflationary pressures. The document also analyzes the Thai economy and financial market impacts of the rate hike.
China raised interest rates for the second time in 2021 to curb inflation pressures. The one-year deposit rate was increased to 3.25% and lending rate to 6.31%. This move was expected after China also recently raised bank reserve requirements. Inflation remains high in China, with consumer prices at 4.9% in February and producer prices accelerating. The interest rate hike aims to support a soft economic landing by slowing credit growth and cooling demand.
Top Debt fund schemes to participate in falling interest rates environmentDhuraivel Gunasekaran
1) The document discusses how different categories of debt mutual funds could be impacted as interest rates are expected to fall over the next 6-12 months.
2) It recommends short-term funds for the next 2-3 months and longer duration funds like gilt funds and income funds for investors with higher risk appetite who can stay invested for 9-15 months.
3) The top performing long duration debt funds that could benefit from falling rates are identified as Kotak Gilt - Invest, Birla Sunlife G Sec – LT, Kotak Bond - Plan A, and SBI Magnum Income.
Banking & Nbfc Q411 Earnings & Policy Impacts (23rd May11)abhiseksasmal
The document discusses the impact of the recent 50 basis point hike in savings bank deposit rates by the RBI on banks. It estimates that public sector banks with higher savings account proportions of total deposits will be more impacted in terms of lower net interest margins and profits for FY2012. Specifically, it provides estimates of the increase in interest expenses, reduction in net interest margins, net interest income and profit before tax for some major public sector banks due to the savings bank rate hike.
The Reserve Bank of India cut its repo rate by 50 basis points to 8% and announced other monetary measures to boost the economy. It forecasts GDP growth of 7.3% for fiscal year 2013 assuming normal monsoons, but expects inflation to remain in the 6.5% range. Equity markets rose in response to the rate cut and bond yields declined, while the banking sector did not see major gains due to some policy measures that may negatively impact margins. The central bank maintained a cautious stance and signaled low probability of further rate cuts in the near term.
Angel Ron: European Banks Conference. CrisisBanco Popular
Popular has been able to deleverage faster than peers by gathering deposits rather than shrinking its loan book. This has allowed Popular to maintain its leadership in recurrent profit while adjusting rapidly to changes in funding costs due to the short duration of its lending book. Even in a complex environment, Popular has managed to remain the most efficient bank in Spain. The acquisition of Pastor will improve Popular's efficiency further through annual synergies. Popular has reduced its wholesale dependence by €19 billion over 4 years while maintaining a robust second line of liquidity.
The document discusses non-performing loans (NPLs) in Europe. It finds that NPLs increased over 25% in most countries between 2008-2009, though transaction volumes remained low due to pricing issues. While investors claim to have funds, banks may be underestimating loan losses by using outdated collateral valuations. Overall asset quality is expected to improve in 2010 as new defaults decrease, but number of accounts in arrears may remain high for UK banks.
The RBI cut its repo rate by 25 basis points to 7.75% and lowered the reverse repo and MSF rates as well. It revised India's GDP growth forecast down to 5.5% for FY2013 due to weak external demand and investment. Headline inflation is projected at 6.8%. Treasury bond yields were volatile after the announcement while equity markets closed lower. The RBI aims to support growth while managing inflation expectations in an uncertain global environment.
The Bank of Thailand raised its policy rate by 25 basis points to 2.50% as expected. The document discusses that while the BoT set a clear direction of further rate hikes, it kept its options open. It forecasts three more 25 basis point hikes in the coming meetings to reach its year-end target of 3.25%. The BoT reiterated its approach of "preemptive", "steady" and "gradual" rate adjustments but said it will closely monitor inflationary pressures. The document also analyzes the Thai economy and financial market impacts of the rate hike.
China raised interest rates for the second time in 2021 to curb inflation pressures. The one-year deposit rate was increased to 3.25% and lending rate to 6.31%. This move was expected after China also recently raised bank reserve requirements. Inflation remains high in China, with consumer prices at 4.9% in February and producer prices accelerating. The interest rate hike aims to support a soft economic landing by slowing credit growth and cooling demand.
Top Debt fund schemes to participate in falling interest rates environmentDhuraivel Gunasekaran
1) The document discusses how different categories of debt mutual funds could be impacted as interest rates are expected to fall over the next 6-12 months.
2) It recommends short-term funds for the next 2-3 months and longer duration funds like gilt funds and income funds for investors with higher risk appetite who can stay invested for 9-15 months.
3) The top performing long duration debt funds that could benefit from falling rates are identified as Kotak Gilt - Invest, Birla Sunlife G Sec – LT, Kotak Bond - Plan A, and SBI Magnum Income.
Banking & Nbfc Q411 Earnings & Policy Impacts (23rd May11)abhiseksasmal
The document discusses the impact of the recent 50 basis point hike in savings bank deposit rates by the RBI on banks. It estimates that public sector banks with higher savings account proportions of total deposits will be more impacted in terms of lower net interest margins and profits for FY2012. Specifically, it provides estimates of the increase in interest expenses, reduction in net interest margins, net interest income and profit before tax for some major public sector banks due to the savings bank rate hike.
The Reserve Bank of India cut its repo rate by 50 basis points to 8% and announced other monetary measures to boost the economy. It forecasts GDP growth of 7.3% for fiscal year 2013 assuming normal monsoons, but expects inflation to remain in the 6.5% range. Equity markets rose in response to the rate cut and bond yields declined, while the banking sector did not see major gains due to some policy measures that may negatively impact margins. The central bank maintained a cautious stance and signaled low probability of further rate cuts in the near term.
Angel Ron: European Banks Conference. CrisisBanco Popular
Popular has been able to deleverage faster than peers by gathering deposits rather than shrinking its loan book. This has allowed Popular to maintain its leadership in recurrent profit while adjusting rapidly to changes in funding costs due to the short duration of its lending book. Even in a complex environment, Popular has managed to remain the most efficient bank in Spain. The acquisition of Pastor will improve Popular's efficiency further through annual synergies. Popular has reduced its wholesale dependence by €19 billion over 4 years while maintaining a robust second line of liquidity.
The document discusses non-performing loans (NPLs) in Europe. It finds that NPLs increased over 25% in most countries between 2008-2009, though transaction volumes remained low due to pricing issues. While investors claim to have funds, banks may be underestimating loan losses by using outdated collateral valuations. Overall asset quality is expected to improve in 2010 as new defaults decrease, but number of accounts in arrears may remain high for UK banks.
KBank fx & rates strategies the shortest distance between two points is a s...KBank Fx Dealing Room
or so they say. Low USD dollar liquidity is a cue for the rise in USD/THB volatility
„ As we are in the year of the Rabbit, the markets will tend to be jumpy…with events in Tunisia and Egypt again highlighting USD perceived safe haven stature
„ Resumption of political activities following end of emergency decree is giving a good excuse for foreign investors to take some money off the table
„ …and reintroduces more uncertainty in the USD/THB picture
„ Our main theme for USD/THB downside remains unchanged…but our 4Q11 USD/THB target is scaled back to 29.00 from 28.00
„ Indications from the central bank along with its perceived preference for a less stronger baht coupled with rising commodity prices prompts us to revise up our 4Q11 BOT repo target to 3.25% from 2.75%
The document summarizes recent economic data and trends in Thailand that suggest modest but continued economic growth. It notes private consumption and investment remained robust in February, while exports also grew strongly. The large current account surplus means the Thai baht is likely to appreciate further against the US dollar. Given the healthy economic outlook, the Bank of Thailand is expected to raise interest rates by 25 basis points at its next meeting on April 20th to gradually normalize monetary policy.
This document summarizes a report from the Cologne Institute for Economic Research on monetary policy outlooks for the ECB and Fed in December 2015. It finds that:
1) Credit growth is weak in the Eurozone, hindering the ECB from reaching its inflation target, due to impaired bank lending channels. In contrast, money and credit growth are both increasing in the US.
2) The ECB is expected to further intensify its accommodative monetary policy by cutting rates into negative territory and expanding its asset purchase program, while the Fed will likely begin gradually raising rates.
3) Weak credit growth in the Eurozone is partly due to low investment demand but also restrictive bank lending policies as banks reduce
The global economic recovery has been underway for months, but an expansion starts when the level of GDP exceeds its prior peak. In our view, the global economic expansion will commence during the second half of 2010. That is why we have selected 10 financial and economic indicators to act as mile markers on the road to global economic expansion. Since expansion is already underway in Asia, these indicators are focused more on the US. We believe that a sustainable global expansion is not possible without the participation of the US.
FMP Market Themes and Outlook October 2012kmyoung1
The document provides an investment outlook and discusses key themes for October 2012. It addresses current investment themes, market conditions, equity valuations, risks in fixed income, bond yields, and where the markets may be headed. Themes discussed include uncertain global fiscal concerns, divergent economic growth, historically low interest rates, and inflation and interest rates. Current economic conditions, investment outlooks from BlackRock and Goldman Sachs are also reviewed. Equity market valuations and the search for yield in fixed income are also summarized.
This document provides an overview of Banco Santander's 1Q10 results in Brazil. It discusses the improving Brazilian macroeconomic environment in 2010-2011, Santander's strategy to integrate its acquisitions and become the third largest private bank in Brazil, and highlights synergies realized from the integration. Key metrics on loans, deposits, profits, and branch network are also presented.
Troika Dialog Russia Forum February 2011MRSK Centre
The document provides preliminary results for 2010 and forecasts for 2011 for IDGC of Center. Key points include:
- IDGC of Center switched all its branches to RAB regulation and has a high level of regulated asset base.
- The company has shown strong financial performance with positive dynamics on key indicators over the last 4 years.
- Analysts expect the company's capitalization and growth prospects to increase further as the sector remains undervalued compared to foreign peers.
Global equity markets declined this week due to concerns about the European debt crisis and slowing growth in China. Bond yields eased globally as economic data pointed to continued monetary policy support. Commodity prices also fell. In Europe, bank stocks declined sharply and Spanish and Italian borrowing costs rose. US markets closed lower as well. In India, weak earnings from Infosys dragged the market lower, while industrial production growth was revised down. Bond yields fell but pared gains on profit taking, amid hopes of an interest rate cut by the central bank.
- Bank Vozrozhdenie is a Russian bank that has been in operation since 1991 and has grown to have over 1,700,000 retail clients and 63,400 corporate/SME clients.
- The presentation provides an overview of the bank's business model, which focuses on core banking products and building strong relationships with SME and individual customers.
- Recent financial results show continued growth in both loans and customer deposits, with a conservative risk profile primarily focused on lending to SMEs in the Moscow region.
Global markets declined last week due to concerns over slowing manufacturing growth and uncertainty around the US Federal Reserve's monetary policy. In Asia, Chinese and Hong Kong markets fell on measures to tighten liquidity, while Japan saw rising trade deficits. European markets were mixed with declining PMIs but positive business surveys in Germany. In India, markets declined ahead of the upcoming Union Budget amid expectations of efforts to balance populist measures with fiscal discipline. Bond yields eased but rates remained high due to liquidity issues.
- Major global equity indices gained, led by the US and Japan, while most emerging markets underperformed. Bond yields rose as investors focused on riskier assets.
- In India, equity markets declined as lower-than-expected earnings from Infosys weighed on the tech sector. However, banking, auto and real estate indices rose. Inflation eased slightly in February.
- Treasury bond markets in India gained amid sluggish growth and easing inflation. Yields fell across the yield curve, with sharper drops at the longer end. The rupee strengthened against the dollar.
Talent Development in the Islamic Finance Industry--Is It Really Necessary? (...Joy Abdullah
More and more educational institutions, around the world, are offering degree programs and diplomas in Islamic Finance and banking. This is a good sign as it indicates that the growing global Islamic finance industry has a rising demand for competent and trained talent. Why, therefore, are graduates struggling to find jobs after qualifying?
Is Talent Development needed or not?
The document discusses the impact of India's demonetization policy on the banking sector. It notes that banks have seen a substantial increase in deposits, which will have several positive impacts:
1) Increase in low-cost CASA deposits that will lower banks' average cost of funds and allow for expansion of lending.
2) Lower yields on banks' bond holdings as liquidity increases and interest rates fall across maturities.
3) Improvement in banks' operating margins as costs of deposits decline faster than lending rates, increasing net interest margins.
Overall, the large increase in deposits is expected to benefit banks by lowering funding costs, increasing lending ability, and boosting profitability through improved margins.
The document discusses recent inflation trends and projections in Brazil. December's IPCA-15 inflation figure is projected to rise to 5.7% year-over-year, its highest level since last February. Inflation has been surprising to the upside recently and is predicted to remain above 6.0% in early 2013 before slowing later in the year. The monetary policy stance is expected to keep interest rates at 7.25% through the end of 2013 to accommodate growth while managing inflation risks.
The Indian rupee strengthened for the seventh consecutive session against the US dollar, closing at a one-month high. The RBI kept interest rates unchanged, surprising economists who expected a rate cut. The rupee closed at 67.64 against the dollar. Most Asian currencies weakened against a stronger dollar, while European shares rose on expectations that the ECB will continue its bond-buying program. The ECB is expected to announce a six-month extension to its quantitative easing program on Thursday.
- Global equity markets declined for the week as investors focused on the upcoming US fiscal cliff and weak Eurozone economic data. Safe haven assets like gold and US Treasuries rose.
- In Asia, regional markets fared better than global peers helped by gains in Taiwan and Australia. Chinese economic data showed signs of recovery. Japanese machinery orders declined again.
- In Europe, equity markets fell on weak economic reports from Germany. The ECB and BoE kept rates unchanged. The Greek parliament approved austerity measures. The EC cut its growth forecast for Germany.
9M 2011 Operational & Financial Results of JSC "Lenenergo"lenenergopr
JSC "Lenenergo" is a major electric grid company in St. Petersburg and Leningrad region that transmits and distributes electricity. In the first 9 months of 2011, the company saw a 16.1% increase in revenue but a 46.1% decrease in net profit compared to the same period in 2010. The company's assets grew by 7.8% while equity increased by 4.3%, but return on equity declined sharply. For the full year 2011, the company has adjusted its business plan downward in light of changes to tariffs and results in the first quarter.
The document provides an overview of the global and Indian economic and market conditions for the week of April 11-15, 2016. Some of the key points covered include:
- The Indian equity markets continued their positive momentum in the previous week and month of April, outperforming most global markets.
- India's industrial growth turned positive in February and retail inflation declined, providing room for further interest rate cuts.
- Large IT and private banks reported positive quarterly earnings, and the overall Q4 earnings season is expected to be good.
- The IMF projected India's growth at 7.5% for this year and next, and a forecast of normal monsoon rains is positive for the economy.
The document provides a market movement update for February 2012, summarizing trends in currency exchange rates and commodity prices over various time periods. It notes that the USD/THB spot rate has fallen over 22% since 2007 but only 7% since 2011. Other currency pairs and commodity prices such as oil, gold, and copper are also discussed. The document concludes by highlighting opportunities for cheap baht funding through currency swaps and recommending options hedging strategies.
This document discusses the importance of storytelling for marketing and connecting with customers. It argues that people do not always listen or behave as expected because marketers do not understand their customers' perspectives. It then provides examples of using small, simple stories as well as metaphors, archetypes, and story arcs to help make brands more meaningful and relevant to customers. The document advocates employing both left and right brain tactics to tap into well-known story structures that audiences can relate to as part of an effective brand storytelling strategy.
KBank fx & rates strategies the shortest distance between two points is a s...KBank Fx Dealing Room
or so they say. Low USD dollar liquidity is a cue for the rise in USD/THB volatility
„ As we are in the year of the Rabbit, the markets will tend to be jumpy…with events in Tunisia and Egypt again highlighting USD perceived safe haven stature
„ Resumption of political activities following end of emergency decree is giving a good excuse for foreign investors to take some money off the table
„ …and reintroduces more uncertainty in the USD/THB picture
„ Our main theme for USD/THB downside remains unchanged…but our 4Q11 USD/THB target is scaled back to 29.00 from 28.00
„ Indications from the central bank along with its perceived preference for a less stronger baht coupled with rising commodity prices prompts us to revise up our 4Q11 BOT repo target to 3.25% from 2.75%
The document summarizes recent economic data and trends in Thailand that suggest modest but continued economic growth. It notes private consumption and investment remained robust in February, while exports also grew strongly. The large current account surplus means the Thai baht is likely to appreciate further against the US dollar. Given the healthy economic outlook, the Bank of Thailand is expected to raise interest rates by 25 basis points at its next meeting on April 20th to gradually normalize monetary policy.
This document summarizes a report from the Cologne Institute for Economic Research on monetary policy outlooks for the ECB and Fed in December 2015. It finds that:
1) Credit growth is weak in the Eurozone, hindering the ECB from reaching its inflation target, due to impaired bank lending channels. In contrast, money and credit growth are both increasing in the US.
2) The ECB is expected to further intensify its accommodative monetary policy by cutting rates into negative territory and expanding its asset purchase program, while the Fed will likely begin gradually raising rates.
3) Weak credit growth in the Eurozone is partly due to low investment demand but also restrictive bank lending policies as banks reduce
The global economic recovery has been underway for months, but an expansion starts when the level of GDP exceeds its prior peak. In our view, the global economic expansion will commence during the second half of 2010. That is why we have selected 10 financial and economic indicators to act as mile markers on the road to global economic expansion. Since expansion is already underway in Asia, these indicators are focused more on the US. We believe that a sustainable global expansion is not possible without the participation of the US.
FMP Market Themes and Outlook October 2012kmyoung1
The document provides an investment outlook and discusses key themes for October 2012. It addresses current investment themes, market conditions, equity valuations, risks in fixed income, bond yields, and where the markets may be headed. Themes discussed include uncertain global fiscal concerns, divergent economic growth, historically low interest rates, and inflation and interest rates. Current economic conditions, investment outlooks from BlackRock and Goldman Sachs are also reviewed. Equity market valuations and the search for yield in fixed income are also summarized.
This document provides an overview of Banco Santander's 1Q10 results in Brazil. It discusses the improving Brazilian macroeconomic environment in 2010-2011, Santander's strategy to integrate its acquisitions and become the third largest private bank in Brazil, and highlights synergies realized from the integration. Key metrics on loans, deposits, profits, and branch network are also presented.
Troika Dialog Russia Forum February 2011MRSK Centre
The document provides preliminary results for 2010 and forecasts for 2011 for IDGC of Center. Key points include:
- IDGC of Center switched all its branches to RAB regulation and has a high level of regulated asset base.
- The company has shown strong financial performance with positive dynamics on key indicators over the last 4 years.
- Analysts expect the company's capitalization and growth prospects to increase further as the sector remains undervalued compared to foreign peers.
Global equity markets declined this week due to concerns about the European debt crisis and slowing growth in China. Bond yields eased globally as economic data pointed to continued monetary policy support. Commodity prices also fell. In Europe, bank stocks declined sharply and Spanish and Italian borrowing costs rose. US markets closed lower as well. In India, weak earnings from Infosys dragged the market lower, while industrial production growth was revised down. Bond yields fell but pared gains on profit taking, amid hopes of an interest rate cut by the central bank.
- Bank Vozrozhdenie is a Russian bank that has been in operation since 1991 and has grown to have over 1,700,000 retail clients and 63,400 corporate/SME clients.
- The presentation provides an overview of the bank's business model, which focuses on core banking products and building strong relationships with SME and individual customers.
- Recent financial results show continued growth in both loans and customer deposits, with a conservative risk profile primarily focused on lending to SMEs in the Moscow region.
Global markets declined last week due to concerns over slowing manufacturing growth and uncertainty around the US Federal Reserve's monetary policy. In Asia, Chinese and Hong Kong markets fell on measures to tighten liquidity, while Japan saw rising trade deficits. European markets were mixed with declining PMIs but positive business surveys in Germany. In India, markets declined ahead of the upcoming Union Budget amid expectations of efforts to balance populist measures with fiscal discipline. Bond yields eased but rates remained high due to liquidity issues.
- Major global equity indices gained, led by the US and Japan, while most emerging markets underperformed. Bond yields rose as investors focused on riskier assets.
- In India, equity markets declined as lower-than-expected earnings from Infosys weighed on the tech sector. However, banking, auto and real estate indices rose. Inflation eased slightly in February.
- Treasury bond markets in India gained amid sluggish growth and easing inflation. Yields fell across the yield curve, with sharper drops at the longer end. The rupee strengthened against the dollar.
Talent Development in the Islamic Finance Industry--Is It Really Necessary? (...Joy Abdullah
More and more educational institutions, around the world, are offering degree programs and diplomas in Islamic Finance and banking. This is a good sign as it indicates that the growing global Islamic finance industry has a rising demand for competent and trained talent. Why, therefore, are graduates struggling to find jobs after qualifying?
Is Talent Development needed or not?
The document discusses the impact of India's demonetization policy on the banking sector. It notes that banks have seen a substantial increase in deposits, which will have several positive impacts:
1) Increase in low-cost CASA deposits that will lower banks' average cost of funds and allow for expansion of lending.
2) Lower yields on banks' bond holdings as liquidity increases and interest rates fall across maturities.
3) Improvement in banks' operating margins as costs of deposits decline faster than lending rates, increasing net interest margins.
Overall, the large increase in deposits is expected to benefit banks by lowering funding costs, increasing lending ability, and boosting profitability through improved margins.
The document discusses recent inflation trends and projections in Brazil. December's IPCA-15 inflation figure is projected to rise to 5.7% year-over-year, its highest level since last February. Inflation has been surprising to the upside recently and is predicted to remain above 6.0% in early 2013 before slowing later in the year. The monetary policy stance is expected to keep interest rates at 7.25% through the end of 2013 to accommodate growth while managing inflation risks.
The Indian rupee strengthened for the seventh consecutive session against the US dollar, closing at a one-month high. The RBI kept interest rates unchanged, surprising economists who expected a rate cut. The rupee closed at 67.64 against the dollar. Most Asian currencies weakened against a stronger dollar, while European shares rose on expectations that the ECB will continue its bond-buying program. The ECB is expected to announce a six-month extension to its quantitative easing program on Thursday.
- Global equity markets declined for the week as investors focused on the upcoming US fiscal cliff and weak Eurozone economic data. Safe haven assets like gold and US Treasuries rose.
- In Asia, regional markets fared better than global peers helped by gains in Taiwan and Australia. Chinese economic data showed signs of recovery. Japanese machinery orders declined again.
- In Europe, equity markets fell on weak economic reports from Germany. The ECB and BoE kept rates unchanged. The Greek parliament approved austerity measures. The EC cut its growth forecast for Germany.
9M 2011 Operational & Financial Results of JSC "Lenenergo"lenenergopr
JSC "Lenenergo" is a major electric grid company in St. Petersburg and Leningrad region that transmits and distributes electricity. In the first 9 months of 2011, the company saw a 16.1% increase in revenue but a 46.1% decrease in net profit compared to the same period in 2010. The company's assets grew by 7.8% while equity increased by 4.3%, but return on equity declined sharply. For the full year 2011, the company has adjusted its business plan downward in light of changes to tariffs and results in the first quarter.
The document provides an overview of the global and Indian economic and market conditions for the week of April 11-15, 2016. Some of the key points covered include:
- The Indian equity markets continued their positive momentum in the previous week and month of April, outperforming most global markets.
- India's industrial growth turned positive in February and retail inflation declined, providing room for further interest rate cuts.
- Large IT and private banks reported positive quarterly earnings, and the overall Q4 earnings season is expected to be good.
- The IMF projected India's growth at 7.5% for this year and next, and a forecast of normal monsoon rains is positive for the economy.
The document provides a market movement update for February 2012, summarizing trends in currency exchange rates and commodity prices over various time periods. It notes that the USD/THB spot rate has fallen over 22% since 2007 but only 7% since 2011. Other currency pairs and commodity prices such as oil, gold, and copper are also discussed. The document concludes by highlighting opportunities for cheap baht funding through currency swaps and recommending options hedging strategies.
This document discusses the importance of storytelling for marketing and connecting with customers. It argues that people do not always listen or behave as expected because marketers do not understand their customers' perspectives. It then provides examples of using small, simple stories as well as metaphors, archetypes, and story arcs to help make brands more meaningful and relevant to customers. The document advocates employing both left and right brain tactics to tap into well-known story structures that audiences can relate to as part of an effective brand storytelling strategy.
O documento discute os tipos de discriminação, incluindo discriminação racial, social e religiosa. A discriminação ocorre quando há um tratamento adverso baseado em características como raça, gênero, orientação sexual ou religião. Isso viola os direitos humanos e prejudica as pessoas social, cultural ou economicamente. A discriminação é proibida na maioria dos países e pode levar a problemas legais.
K bank capital market perspectives jun 22 opportunities to hedge borrowing costsKBank Fx Dealing Room
This document summarizes an opportunity for banks to hedge their borrowing costs due to falling interest rate swap rates. It discusses factors contributing to the decline in swap rates, including concerns over USD liquidity from the Greek debt crisis and weaker Thai baht intervention. The document also compares borrowing costs for government bonds, banks, and corporate bonds. It provides background on how swap rates affect the Thai baht fixing rate and commercial bank trading activities.
This document discusses how storytelling can be used for marketing and connecting with customers. It recommends using small, simple stories that customers can relate to. It also suggests employing techniques like metaphors, archetypes, and story arcs that tap into common narratives. The goal is to create meaningful and relevant stories that spread through word-of-mouth and engage customers at a deep level.
The document summarizes recent economic data and indicators from Thailand in November and December. Key points include:
- Economic indicators in November showed signs of continued growth compared to October, with increases in private consumption and investment. Exports and tourism also grew despite a stronger baht.
- Manufacturing production growth slowed slightly but business confidence rose.
- Inflation rates picked up in line with economic growth, with headline inflation rising to 3.0% and core inflation higher than expected at 1.4%.
- Private investment remained strong while the business sector was slightly more optimistic about the economic outlook.
The document provides a summary and analysis of economic conditions in Thailand and other regions. It discusses:
1) Continued concerns about the eurozone debt crisis fueling demand for safe-haven currencies like the US dollar and depressing risk assets.
2) While US money supply growth looks better than the EU or Japan, high unemployment will likely lead the Fed to resume quantitative easing in mid-2012.
3) Local authorities in Thailand face challenges from losses at the Fiscal Debt Fund and risks of bond yield curve steepening given planned large bond issuances.
4) The analysis predicts the Bank of Thailand will cut its policy rate again in January and forecasts Thailand's economy could experience a V-shaped
- Germany and France are likely to keep Greece inside the eurozone to reduce financial volatility for their own economies, as they have significant exposure to Greek debt through their banks and private sectors.
- While an exit from the eurozone could allow Greece to devalue its currency and boost exports, it would also be extremely costly and risky due to technical difficulties in converting debts to a new currency and risk of capital flight and banking collapse.
- In the short term, bailouts may continue to be necessary, but Greece will struggle to generate enough revenue to pay back debts due to economic troubles. Long term solutions may require increased fiscal integration across eurozone countries or managed exit strategies.
The Thai economy grew more slowly than expected in the third quarter of 2011, expanding just 0.5% quarter-over-quarter and 3.5% year-over-year. Private investment and exports continued to drive growth, but agricultural output declined due to floods. Household consumption growth also slowed as consumers became more cautious due to flooding. The economy is expected to grow only 1.5% for the full year due to flooding impacts. The Bank of Thailand is expected to cut interest rates by 50 basis points to boost the economy and restore confidence.
This document summarizes an FX seminar held by Kasikornbank in August 2011. It discusses the use of K-Right Zero options, which allow exporters to guarantee a minimum exchange rate while retaining upside potential if the rate strengthens. Specifically, it provides an example of how a K-Right Zero option could protect an exporter receiving Thai Baht against the USD falling below 29.60. If the spot rate is between 28.50-29.60, the exporter receives 29.60. Between 30.50-30.80, the rate is 30.25 or below. The document compares this option strategy to an unhedged forward contract.
El documento presenta un resumen del Centro Cristiano Internacional U.S.A, el cual ofrece programas de crecimiento integral y sostenible a través de conexiones extremas, desafíos urbanos, escuelas de formación, grupos homogéneos y liderazgo para diferentes grupos como niños, jóvenes, hombres, mujeres y profesionales a lo largo del año.
The document provides a summary of movements in various financial markets and commodities over the past quarter. It notes that the USD/THB remained in a sideways channel tracking EUR and gold. The EUR/USD was rangebound between 1.3000-1.3400 with focus on Spain. The USDJPY strengthened from 84 to 81 after the BoJ signaled no further easing but the market expects more bond purchases. The THB interest rate swap rose in Q1 on improved sentiment in Europe. NYMEX crude oil remained in an uptrend channel between $100-110. Coal prices continued to drop due to oversupply of the cheaper substitute, natural gas. Rubber rebounded in Q1 but
- S&P downgraded the US credit rating from AAA to AA+ in August 2011, citing large budget deficits and rising debt burden. This is the first downgrade of US debt.
- The downgrade suggests the US fiscal position has weakened and raises uncertainty about long-term growth and fiscal stability. It may increase US borrowing costs and hurt investor confidence.
- However, the impact may be limited as the US dollar and Treasury bonds remain safe-haven assets. The US economy also has strengths like innovation, demographics and resourcefulness that support long-term growth.
The document provides a summary of movements in various financial markets and commodities over the past quarter. It notes that the USD/THB remained in a sideways trend influenced by EUR and gold movements. The EUR/USD traded in a narrow range of 1.3000-1.3400 with focus on Spain. The USDJPY strengthened from 84 to 81 after the BoJ signaled no further easing but the market expects more bond purchases. THB interest rate swaps rose in Q1 on improved sentiment in Europe and comments from Thailand's central bank. NYMEX crude oil remained in an uptrend channel between $100-110. Coal prices continued to drop due to oversupply of the cheaper substitute,
The Bank of Thailand held its policy rate unchanged at 3.50% due to the impacts of flooding in Thailand and global economic uncertainties. While inflation remains a concern, reconstruction efforts are expected to boost domestic demand and the flooding will negatively impact production capabilities and consumer spending. One MPC member voted for a rate cut but the committee decided to keep the rate on hold until at least the end of 2012 given weak global economic growth prospects.
The Bank of Thailand held its policy rate unchanged at 3.50% due to the impacts of flooding in Thailand and global economic uncertainties. While inflation remains a concern, reconstruction efforts are expected to boost domestic demand and the flooding will negatively impact production capabilities and consumer spending. One MPC member voted for a rate cut but the committee decided to keep the rate on hold until at least the end of 2012 given weak global economic growth prospects.
Long Term M&A Cycle Creates Opportunity In Banking Industry..andrewjose
This white paper discusses trends in the U.S. banking M&A market in 2011 and provides an outlook for continued consolidation. Key points:
- 159 bank M&A deals in 2011 with average premium of 69%, though volume declined from 2010. Deals continue to generate strong returns for buyers.
- Conditions that drove the 1990s M&A boom, like depressed valuations and a challenging operating environment, remain in place and will likely lead to increased dealmaking in the coming years.
- Impediments like high seller expectations and regulatory uncertainty have slowed the pace of deals but these challenges will eventually push more banks to sell as conditions become more difficult.
- Fundamentally strong small banks
The Reserve Bank of India raised key policy rates more than expected to contain high inflation. The RBI raised the repo rate by 25 basis points to 6% and the reverse repo rate by 50 basis points to 5%. Wholesale price inflation remains high at 8.5-9.5%, above the RBI's target range of 5-5.5%. While banks may raise deposit rates, lending rates are not expected to increase immediately, which should not disrupt the ongoing economic recovery and growth in sectors such as banking, auto and capital goods.
The Bank of Thailand's January Inflation Report showed that while economic growth forecasts for 2010 and 2011 remained unchanged, assumptions had changed. While impacts of floods and slow trading partners had lifted, rising domestic demand and commodity prices would remain an inflation concern. The central bank expected to front-load policy rate hikes in the first half of 2011, bringing rates to 2.75% by mid-year to control inflation, holding or continuing gradual hikes depending on inflation trends.
- US economic growth is expected to remain sub-trend at around 1.2-2.2% in Q3 2012 due to ongoing household deleveraging and fiscal drag. Unemployment is expected to remain elevated.
- Risks include a slowdown in the Eurozone and potential policy mistakes around fiscal tightening.
- Global manufacturing is slowing due to weak demand in Europe, the US, and a growth moderation in China.
The survey shows a decline in business sentiment over the past month. While conditions modestly improved in the past 30 days, the outlook for the next 60 days saw a significant drop. As a result, the index measuring business conditions fell sharply to its lowest level since July. The data indicate the perceived momentum of the recovery may be slowing.
capital one Capital One Acquisition of Chevy Chase Bankfinance13
Capital One announced the acquisition of Chevy Chase Bank for $520 million. Chevy Chase has $11.6 billion in deposits and is the #1 bank in the Washington D.C. market. The acquisition enhances Capital One's local banking business and deposit funding. It is expected to be financially attractive with an estimated 13% internal rate of return and accretion to earnings per share in 2009 and 2010. Capital One took a $1.75 billion net credit mark on Chevy Chase's loans to mitigate credit risks.
This document is a leveraged finance analysis from February 2011 by Steve Miller. It summarizes the US leveraged loan market in January 2011, noting that technical factors pushed loan prices higher and yields lower due to massive inflows into loan mutual funds. However, LBO activity remained scarce. It predicts that technical factors will continue to dominate the market until more LBO deals emerge or an external event occurs, allowing issuers to maintain favorable terms and lower spreads. Default rates are also expected to continue easing in 2011.
K bank fx & rates strategies views on thailand’s bond market in q3KBank Fx Dealing Room
- The document summarizes views on Thailand's bond market in Q3, expecting about THB100 billion in government bond issuance, excluding THB40 billion in inflation-linked bonds. Fiscal conditions remain strong with revenue exceeding forecasts.
- It discusses details of the bond issuance schedule, and notes the introduction of Thailand's first inflation-linked bonds in July. Savings bonds will be issued in September.
- Monetary Policy Committee minutes reaffirmed inflation as a near-term concern over slowing global growth, though risks remain including energy prices and interest rate normalization. The policy rate forecast of 3.50% by year-end remains intact.
ATA INVEST- TR BANKS- UPDATE March 2015Derya Guzel
Turkish bank valuations currently appear attractive relative to peers and fundamentals remain healthy. The Turkish banking index is down 10% YTD in Turkish lira and 19% in US dollars. Turkish banks trade at price-to-book ratios of 0.96x and price-earnings ratios of 7.7x based on 2015 estimates, representing discounts of 11-26% compared to peers. The document recommends some Turkish banks as outperform based on valuation and catalysts but removes others from the top pick list due to risks. It also revises 2015-2016 earnings estimates slightly downward and expects average bank earnings growth of 13%.
The RBI's annual monetary policy review raised key policy rates like the repo rate and reverse repo rate by 25 basis points each, in line with expectations. The review projected GDP growth of 8% for FY2011 and placed the baseline inflation projection at 5.5% for the same period. While current inflation drivers are supply-side factors like food and fuel, inflation is becoming more broad-based. Money supply growth is expected to increase, putting upward pressure on interest rates. The summary argues that monetary tightening may need to be front-ended in FY2011 to anchor inflation expectations given reviving consumption and lagged capital expenditure.
In November, European leverage loan issuance was up, high yield was down, while secondary markets for both loans and bonds went up
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First Bank Group reported results for the 9 months ended December 31, 2009 and quarter ended March 31, 2010. For the 9 months ended December 31, 2009, gross earnings increased 28.8% to N196.4 billion compared to the same period in 2008. However, profit before tax declined 72.6% to N11.6 billion. In the quarter ended March 31, 2010, gross earnings declined 10.65% to N62.4 billion compared to the same quarter in 2009, while profit before tax increased significantly to N15.4 billion. First Bank remains well capitalized with a capital adequacy ratio of 17.67% as of March 31, 2010 and continues its strategy of growing earnings while improving asset
- First Bank Group reported a 28.8% increase in gross earnings for the 9 months ended December 2009 compared to the same period in 2008. However, gross earnings declined 10.65% for the quarter ended March 2010 compared to the prior year quarter.
- Profit before tax declined sharply for the 9 months ended December 2009 at -72.6% but increased for the quarter ended March 2010 compared to the previous quarter.
- Capital adequacy and liquidity ratios remained strong but the loan to deposit ratio increased from 81.3% to 89.7%, indicating higher lending activity.
Bladex's presentation outlines its positioning for growth opportunities in a post-Covid environment. Key points include:
1) Bladex has a differentiated balance sheet structure and the Latin American region is showing recovery, uniquely positioning Bladex to leverage new business opportunities.
2) Global and Latin American economic indicators show an optimistic outlook for 2021, with commodity prices and trade expected to support regional growth.
3) Bladex has enhanced its product offerings to address specific client needs through longer tenors, guarantee structures, and supply chain financing partnerships.
4) Internally, Bladex has undertaken strategic planning coordination to effectively align the bank for future opportunities in trade finance and corporate banking.
The document provides an economic and market update for August 2012, analyzing factors such as global economic conditions, domestic economic growth and inflation trends, performance of key equity and debt markets, and providing an outlook on various sectors and the overall market. It notes recent monetary policy actions by central banks and analyzes their likely impact, while also offering recommendations to investors on portfolio rebalancing and positioning across different asset classes.
1) The document discusses macroeconomic and market forecasts for Thailand for 2011. It predicts Thailand's GDP growth will be 4.5% in 2011, with consumption growth at 3.7%, investment growth at 8.8%, and exports and imports both growing 10%.
2) Inflation is forecast to be 3.3% in 2011, and the Thai baht is predicted to weaken against the US dollar to 29 THB/USD by the end of 2011. Interest rates are also expected to rise in Thailand.
3) The document recommends a sector reallocation in Thai stocks towards services, commodities, energy, agriculture, media, hotels, hospitals, commerce, contractors, and industrial estates.
1) The document discusses macroeconomic and market forecasts for Thailand, including GDP growth, inflation, currency exchange rates, interest rates, and stock market performance.
2) It recommends a sector reallocation towards services and commodities given the divergence between economic cycles in emerging and developed markets.
3) Key forecasts include 2011 Thai GDP growth of 4.5%, inflation of 3.3%, and the USD/THB exchange rate reaching 29.00 by the end of 2011. The BOT repo rate is forecast to increase to 3.25%.
Pakistan's economy faces challenges from recent floods and inflation. Growth was only 2.4% in FY2011 due to energy shortages and security issues. The services sector contributed most to growth while manufacturing declined. Investment has fallen significantly as a percentage of GDP in recent years. The fiscal deficit widened to 6.3% of GDP in FY2010 due to higher spending and weaker revenues. Inflation averaged 14.1% in FY2011 while the current account deficit improved due to higher exports and remittances. Foreign direct investment continues to decline.
Similar to KBank Capital Markets perspectives aug 24 mpc (20)
KBank Capital Market perspectives May 18 markets wrap up - positioning for ...KBank Fx Dealing Room
Global markets are experiencing renewed volatility due to concerns about the future of the eurozone and slowing economic growth. Investors have sold risky assets like stocks and bought safe-haven assets such as the U.S. dollar, Japanese yen, U.S. treasuries and German bunds. The U.S. dollar has strengthened about 8% against other major currencies over the past year. Asian currencies have also weakened against the dollar, with the Thai baht declining about 2%.
1) A parliamentary election in Greece failed to form a new government, increasing the risk of Greece defaulting on its debt obligations or leaving the eurozone.
2) If Greece stops implementing austerity measures required for its bailouts, it will have no choice but to default, as it will have no incoming or outgoing funds. This will be a showdown between Greece's new leader and European creditors.
3) During the period of uncertainty until the next election, volatility in currency markets like the USD/THB will likely rise. However, the eurozone will ultimately take steps to keep Greece in the eurozone and inject more liquidity, reducing volatility once a solution is reached.
1) Portugal's debt problems stem from rigid product and labor market regulations that have led to declining productivity and competitiveness.
2) While political risks are lower than other troubled European countries, more time is needed to restore Portugal's economy as significant reforms have been implemented.
3) The IMF assesses that existing financial assistance for Portugal is adequate, but risks remain and additional funds from Europe may be needed, though funds are available.
- The Federal Reserve decided to keep the target range for the Federal Funds rate at 0-0.25%, as it has since December 2008, and expects to maintain this accommodative stance through late 2014.
- While the economy has been expanding moderately and unemployment has declined, the Fed judges that conditions still warrant exceptionally low interest rates.
- Inflation has picked up due to higher oil and gas prices but core inflation remains stable, and the Fed expects inflation to remain at or below its target in the medium term.
- The Fed will continue its program to extend the average maturity of its securities holdings and is prepared to adjust the size and composition of holdings as needed.
- Thai economic indicators showed broad-based improvement in January from the impacts of flooding in 2011, but growth remains below pre-flood levels. Private consumption and investments increased.
- Manufacturing production continued rising as supply chain issues ease, though export-dependent sectors saw slower growth. Inflation declined further.
- The document discusses risks from higher oil prices and the ongoing European debt crisis, as well as positive factors like the risky asset rally and additional European funding measures.
Thailand has been placed on FATF's watch list due to a lack of progress in fighting money laundering and terrorism financing. FATF noted that Thailand has not fully implemented its action plan to address deficiencies, including adequately criminalizing terrorist financing and strengthening anti-money laundering supervision. Being placed on the watch list means fund transfers involving Thailand will face higher scrutiny and could lead to economic sanctions if issues are not addressed. As FATF members account for 83% of the global economy, sanctions would significantly impact Thailand. Thai authorities must now comply with FATF's recommendations to avoid further consequences.
§ Thai GDP dropped 9.0% year-over-year in the fourth quarter of 2011 due to declines in domestic and external demand from severe flooding, much less than forecasts.
§ The floods resulted in decreases in private consumption, government spending, investment and exports while imports also dropped.
§ For 2011, Thai GDP growth was only 0.1%, far below previous forecasts, due to the flooding impact.
§ NESDB expects Thai GDP growth to recover to 5.5-6.5% in 2012 as investment increases, though exports growth was forecast lower, and inflation is projected at 3.5-4.0%.
The document provides a summary and analysis of economic conditions in Thailand and other regions. It discusses:
1) Continued concerns about the eurozone debt crisis fueling demand for safe-haven currencies like the US dollar and depressing risk assets.
2) While US money supply growth looks better than the EU or Japan, high unemployment will likely lead the Fed to resume quantitative easing in mid-2012.
3) Local authorities in Thailand face challenges from losses at the Fiscal Debt Fund and risks of bond yield curve steepening given planned large bond issuances.
4) The analysis predicts the Bank of Thailand will cut its policy rate again in January and forecasts Thailand's economy could experience a V-shaped
This document provides an economic update on Thailand with data from November and December 2011. It discusses declines in the SET index, farm income, manufacturing production, private consumption, investment, exports and imports due to the European debt crisis and flooding in Thailand. Headline inflation declined to 3.53% in December as food and transportation prices fell with improved flooding conditions. Government bond yields rebounded at the end of December on news of large planned bond issuances in the coming quarters.
KBank Capital Market perspectives Dec 30 flooding and economic slowdown in n...KBank Fx Dealing Room
The Thai economy contracted sharply in November 2011 due to the severe flooding which impacted all economic sectors. Key economic indicators such as manufacturing production, exports, private consumption, and investment all declined significantly from the prior month and year. The Thai baht also weakened substantially against the US dollar in November amid the slowing global economy and flooding impacts on Thailand.
- Exports and imports in Thailand fell in November, with exports down 12.4% year-over-year and imports down 2.4%, leading to a larger trade deficit of $1.373 billion.
- The declines were due to ongoing effects of severe flooding during the quarter, which disrupted manufacturing production and supply chains. Exports of industrial goods and vehicles fell sharply.
- Weak exports will likely warrant a more dismal economic outlook, leading the Bank of Thailand to consider further interest rate cuts to support recovery. The document forecasts USD/THB volatility in the first half of 2012, with a target rate of 29.50 by year-end.
The document provides a monthly economic and foreign exchange outlook report. It discusses several topics:
1) Concerns over the Mayan calendar prophecy and global economic outlook in 2012.
2) Expectations that the US dollar will weaken and Thai baht will strengthen against the dollar in 2012.
3) Analysis showing high global debt levels could continue weighing on economic growth.
4) Charts tracking economic indicators and currency movements.
The report concludes by examining relationships between the euro/US dollar exchange rate and the US dollar/Thai baht rate. It finds the baht tends to strengthen as the euro strengthens against the dollar.
The document provides market updates on currency movements and interest rates from December 2011. It summarizes data on the EURUSD, USDTHB, crude oil, gold prices, and Thai and US interest rates. The USDTHB movement shows a narrow trading range in 2011. The document suggests the THB may weaken against the USD initially in 2012 before strengthening. It also notes the USDTHB is correlated with the SET index and EURUSD. Crude oil is forecast to trade between $75-110 per barrel in 2012. Gold support is seen at $1,500 per ounce. Soft interest rate environments are expected in Thailand and the US in the first half of 2012.
- The Thai stock market fell, with the SET Index down 19.09 points, while foreign investment in Thai stocks increased.
- The Thai baht strengthened against the US dollar and Japanese yen. Gold prices declined sharply, prompting investors to sell gold and cover stock losses.
- The Thai economy grew 3.5% year-over-year in Q3, below forecasts, as industry faced shortages from the Japanese tsunami.
- US and European stock markets declined sharply, pressuring global markets, as the US debt super committee failed to reach an agreement.
The document provides a daily market update and analysis for Thailand and other global markets. It discusses the slight rise in gold prices and decline in stock markets due to ongoing concerns about the European debt crisis. Thai bond yields fell slightly and the Bank of Thailand governor signaled readiness to cut rates further if needed to support the economy after recent floods. The US dollar rose against other currencies as investors sought safe havens.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
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Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. KBank Capital Market Perspectives Market Updates
Macro / FX / Rates
Less hawkish, but not dovish
24 August 2011
Overview:
Nalin Chutchotitham - Kasikornbank
- The Bank of Thailand (BOT) raised its policy rate by another 25bp today to 3.50%. nalin.c@kasikornbank.com
This was an expected outcome by the market today as indicated by the short-dated
swap rates that picked up to above 3.25%. Nevertheless, the decision was based
on a 5-2 vote. This is the 6th time the MPC had raised policy rate this year and
today’s decision was in line with the July policy statement which stated that
inflationary risk remained significant in the near-term.
- Overall, the MPC statement showed a less hawkish stance on the back of weaker-
than-expected data from the major economies but it did not struck us as being
dovish at all. In particular, MPC stated that “Thai economy retained its growth
momentum but with heightened risks to inflation, together with a sub-normal policy
rate. The MPC deemed it appropriate to continue policy rate normalization to
contain inflationary pressure.” Hence, we still see a higher probability of the year-
end policy rate being 3.75% - 4.00%. In any case, our current forecast remained at
4.00% but we would be assessing our target against new data that comes in.
- The BoT retained a relatively positive view about Asian economies compared to
several research houses that are revising their forecasts of Asian growth down due
to concerns of negative impact on the region’s exports. Hence, it seems to us that
the BoT remained focused on near-term inflation pressure and is adopting a wait-
and-see stance on the development of global economic trend. Below is our
interpretation of the MPC statement:
Global economy – There is significant slowdown in the major economies
but MPC expects that Asian economies are in good position to withstand
the negative impacts.
Thai economy – risks to growth had increased but that domestic demand
indicators continued to show that the Thai economy would remain resilient
while the exporting sector had proven to be flexible in the past few
quarters. At the same time, the fiscal position and the financial sector are
in good health to promote and sustain growth going forward.
Inflation pressure – global commodity and energy prices had declined
but the MPC still see volatility going forward. Inflation expectation at home
remained a concern while domestic demand may sustain price pressure
even under global economic slowdown. Local interest rates are deemed
too low for current economic conditions.
MPC had raised policy rate by 1.50% this year alone The market priced in policy rate hike today
% % THB fixing rates and IRS
5.0 4.00
4.0 3.75
3.0 3.50
2.0 3.25
1.0 3.00
0.0 2.75
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 1Wk 1M 2M 3M 6M 9M 1Y IRS 1Y IRS 2Y
Repo rate 12m deposit rate MLR - 4% 24-Aug 5-day ago 1-m ago
Source: Bloomberg, KBank Source: Bloomberg, KBank
11
1
2. GDP Growth %YoY and %QoQ Thailand’s policy rate is catching up with the regional’s
% %
15 9 8.00
12.0 current
8
9.2 6.56 6.75
7 end 2011 (consensus)
10
5.9 6.6 6 end 2012 (consensus)
4.50 4.75
5 3.7 3.8 3.2 5
2.7 2.1 2.9 2.6 3.50
1.3 2.0 4 3.25
0.2 3.00
3 1.88
0
-0.4 -0.2 2
-2.4 -2.8 1
-5
-5.2 0
GDP yoy GDPsa qoq
Australia
Philippines
Taiwan
South
Korea
Thailand
China
Indonesia
India
Malaysia
-7.0
-10
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
Source: NESDB, KBank Source: Bloomberg, KBank
Commodity prices had declined but food prices stayed
Thailand’s headline and core inflation rates
elevated
500 260
10%
240
8% 450
220
6% 400
200
4%
350 180
2%
160
0% 300
140
-2% 250
120
-4%
200 100
-6%
05 06 07 08 09 10 11
01 02 03 04 05 06 07 08 09 10 11
CPI yoy Core CPI yoy Reuters/Jefferies Comdty index (LHS) UN FAO Food price index (RHS)
Source: Bloomberg, KBank Source: Bloomberg, KBank
OECD leading indicator showed a decelerating trend, U.S. activity indicators point towards contraction in U.S.
boding poorly for Thai exports production and overall slowdown in the economy
1.0 = Jan 2005
15% 15%
6
10% 10% 4
5% 2
5% 0
0%
0% -2
-5% -4
-10% -5% -6
-8 Dallas Fed Empire State
-15% -10%
00 01 02 03 04 05 06 07 08 09 10 11 -10 Richmond Fed Chicago Fed
-12
OECD lead indicator, % YoY, left axis TH GDP, % YoY, right axis Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11
Source: Bloomberg, KBank Source: Bloomberg, KBank
22
2
3. Bond yields collapsed on inflows and weaker growth
2-10 spread and foreign holding of Thai debt securities
outlook
% Government bond yield change bp Bt bn Foreign holding in Thai GBs & fixed income Jan 2010 = 0 bps
4.00 10 450 0
400
3.90 0
350 50
3.80 -10
300
3.70 -20 250 100
3.60 -30 200
3.50 -40 150 150
3.40 -50 100
3.30 -60 50 200
3.20 -70 0
-50 250
3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 12Y 14Y 15Y 16Y 20Y
Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11
Yield Change from 1m ago (right axis) 24-Aug-11
Holding (bn baht, left axis) 2-10 spread (inverted, right-axis)
Source: Bloomberg, KBank Source: ThaiBMA, KBank
MPC Decision on 13th July 2011 MPC Decision on 24th August 2011
Mr. Paiboon Kittisrikangwan, Assistant Governor, Bank of
Thailand, announces the outcome of the Monetary Policy Committee Mr. Paiboon Kittisrikangwan, Assistant Governor, Bank of
(MPC) meeting today, as follows. Thailand, announces the outcome of the Monetary Policy Committee (MPC)
meeting today, as follows.
In the first half of the year, advanced economies expanded
more slowly than expected. The US economy was particularly affected by The MPC assessed that the risks to economic growth of the
the surge in oil prices and supply disruption in the automobile sector advanced economies had increased as the US economic growth continued to
stemming from the Japan crisis which should abate in the latter half of the slow to a rate lower than expected. Core member economies in the euro area
year. The Japanese economy has been recovering faster than expected. began to slow somewhat. Meanwhile, Asia is expected to be able to
The euro area continued to expand from growth in the core member withstand some of the impact from the global economic slowdown due to
countries while sovereign debt problems remained a key risk to the the resiliency of its domestic demand and exports as well as remaining
economy. Meanwhile, the Asian economy continued to grow from both monetary and fiscal policy space to stimulate the economies.
internal demand and exports. However, going forward, growth may slow
slightly due to tightened monetary policy to contain inflation in many The MPC agreed that the slowdown in advanced economies
countries. would partially weigh on Thai exports. However, expanding intra-
regional trade in tandem with the continued growth of domestic demand
The Thai economy continued to expand in the second quarter in Asian economies as well as export diversification to new markets will
primarily from internal and external demand as well as continued fiscal help mitigate the impact. Domestic consumption and investment are
stimulus. The supply disruption in the automobile sector was resolved expected to expand due to favorable employment conditions, improved
sooner than expected, paving the way to a manufacturing recovery in the confidence, robust growth in credit demand, and fiscal stimulus going
second half of the year. Going forward, consumption and investment will forward.
continue to be supported by favorable employment and credit conditions as
well as increased fiscal spending. Despite the slowdown in global oil and commodity prices,
inflationary pressure remained as domestic demand continued to expand amid
Inflationary pressure remained high due to elevated energy fiscal stimulus. As a result, inflation expectations have risen.
prices and continued upward adjustments in the prices of prepared foods.
The extension of price administration and cost-of-living alleviation The MPC judged that, despite increased risk on growth emanating
measures may slow the rise in measured inflation figures, but other from risks on global growth compared to the previous meeting, the Thai
measures such as the prospective increases in the minimum and fiscal economy retained its growth momentum but with heightened risks to
spending amid continued economic growth will likely add to inflationary inflation, together with a sub-normal policy rate. The MPC deemed it
pressure and may result in heightened inflation expectations. appropriate to continue policy rate normalization to contain inflationary
pressure. The MPC therefore decided with a 5-2 vote to raise the policy
In light of the continued risks to inflation amid robust domestic demand, the interest rate by 0.25 per cent, from 3.25 to 3.50 per cent, effective
MPC deemed it necessary to continue increasing the policy rate to immediately. The MPC will closely monitor global economic developments and
maintain economic stability and anchor inflation expectations. The inflationary pressure and stands ready to take necessary action to ensure
MPC therefore decided unanimously to raise the policy interest rate by 0.25 sustainable growth for the Thai economy.
per cent, from 3.0 to 3.25 per cent, effective immediately.
Source: Bank of Thailand Source: Bank of Thailand
Thai version - http://www.bot.or.th/Thai/MonetaryPolicy/Documents/MPC_62554.pdf
English version - http://www.bot.or.th/Thai/MonetaryPolicy/Documents/MPC_62011.pdf
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5. Disclaimer
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or
sell, or a solicitation of an offer to buy or sell any security. Although the information herein was obtained from sources we
believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained
herein. Further information on the securities referred to herein may be obtained upon request.
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