Municipal bond prices moved lower during the second quarter, as fears about the Federal Reserve tapering its stimulus program rattled the financial markets. While a handful of states still face some budget pressure for the remainder of their 2013 fiscal year, 45 states reported that they are likely to meet or exceed their revenue projections for fiscal year 2013. Interest-rate volatility and the longer term prospect of higher rates have reinforced our bias toward a more limited duration stance. We continue to overweight essential-service revenue bonds, as well as the A-rated and BBB-rated segments of the market. Our outlook calls for defaults to remain low and continued gradual economic recovery.
The document provides an overview of recent US economic data and projections. It discusses improving indicators for GDP growth, unemployment claims, consumer spending and inflation expectations. Housing starts are gradually recovering but vehicle sales have far to go. The federal budget deficit was $1.3 trillion in 2010 and is projected to be $1.5 trillion in 2011, with the debt-to-GDP ratio expected to continue rising according to baseline forecasts.
The document provides an overview of recent US economic data and projections, including:
1) Several key economic indicators are showing continued recovery, such as GDP growth, unemployment claims, and consumer spending. However, unemployment remains elevated.
2) Inflation expectations remain low according to market indicators and Fed forecasts. The federal budget deficit is projected to remain high over the next decade, increasing the national debt burden.
3) Overall the recovery is expected to continue gradually, but significant downside risks remain, such as a double-dip recession or failure to reduce long-term budget imbalances.
Deloitte Report "Global Powers of Retail 2014"Oliver Grave
This document provides an overview and analysis of the global economic outlook and its implications for retailers. It discusses economic growth forecasts and challenges facing major economies like China, the United States, and Europe. For China, it notes a slowing economy and issues like debt from shadow banking that could impact sustained growth. The US is expected to see better growth in 2014 than 2013, assuming the Federal Reserve's tapering of monetary policy proceeds smoothly. Political uncertainties pose risks to predictions.
China's latest stimulus measures have helped the economy avoid a hard landing. Real GDP growth slowed to 7.3% in the third quarter of 2014, in line with projections and above the government's 7.5% target. Stimulus including tax breaks, infrastructure spending, and monetary easing boosted growth. However, overall lending growth declined as regulatory restrictions on shadow banking offset stimulus. While stimulus averted a sharp downturn, the economy is expected to continue gradually slowing in line with weaker global and domestic demand.
The brookings institution webinar covid 19 and the economyTatianaApostolovich
With more than 1,000 deaths, 3 million and counting unemployed, and no definite end in sight, the coronavirus has upended nearly every aspect of American life. In the last two weeks, the Federal Reserve and Congress scrambled to pass policies to mitigate what will be a very deep recession. Americans across the country are asking— what exactly is going on economically? Is the government responding effectively? How do we set ourselves up for economic recovery once the pandemic recedes? On Monday, March 30, Brookings hosted an online discussion on the current state of the economy, the federal response, and challenges for state and local governments. After the discussion, speakers answered questions from the audience. This was an exclusively virtual event that was streamed live on the Brookings website
The coronavirus pandemic continues to dominate headlines and in recent weeks has fanned fears of a global recession. With cases now rising across Latin America, and its economic impact on the region. Many regional central banks face complex and potentially unfavorable trade-offs when deciding how to properly calibrate their monetary policy responses
Municipal bond prices moved lower during the second quarter, as fears about the Federal Reserve tapering its stimulus program rattled the financial markets. While a handful of states still face some budget pressure for the remainder of their 2013 fiscal year, 45 states reported that they are likely to meet or exceed their revenue projections for fiscal year 2013. Interest-rate volatility and the longer term prospect of higher rates have reinforced our bias toward a more limited duration stance. We continue to overweight essential-service revenue bonds, as well as the A-rated and BBB-rated segments of the market. Our outlook calls for defaults to remain low and continued gradual economic recovery.
The document provides an overview of recent US economic data and projections. It discusses improving indicators for GDP growth, unemployment claims, consumer spending and inflation expectations. Housing starts are gradually recovering but vehicle sales have far to go. The federal budget deficit was $1.3 trillion in 2010 and is projected to be $1.5 trillion in 2011, with the debt-to-GDP ratio expected to continue rising according to baseline forecasts.
The document provides an overview of recent US economic data and projections, including:
1) Several key economic indicators are showing continued recovery, such as GDP growth, unemployment claims, and consumer spending. However, unemployment remains elevated.
2) Inflation expectations remain low according to market indicators and Fed forecasts. The federal budget deficit is projected to remain high over the next decade, increasing the national debt burden.
3) Overall the recovery is expected to continue gradually, but significant downside risks remain, such as a double-dip recession or failure to reduce long-term budget imbalances.
Deloitte Report "Global Powers of Retail 2014"Oliver Grave
This document provides an overview and analysis of the global economic outlook and its implications for retailers. It discusses economic growth forecasts and challenges facing major economies like China, the United States, and Europe. For China, it notes a slowing economy and issues like debt from shadow banking that could impact sustained growth. The US is expected to see better growth in 2014 than 2013, assuming the Federal Reserve's tapering of monetary policy proceeds smoothly. Political uncertainties pose risks to predictions.
China's latest stimulus measures have helped the economy avoid a hard landing. Real GDP growth slowed to 7.3% in the third quarter of 2014, in line with projections and above the government's 7.5% target. Stimulus including tax breaks, infrastructure spending, and monetary easing boosted growth. However, overall lending growth declined as regulatory restrictions on shadow banking offset stimulus. While stimulus averted a sharp downturn, the economy is expected to continue gradually slowing in line with weaker global and domestic demand.
The brookings institution webinar covid 19 and the economyTatianaApostolovich
With more than 1,000 deaths, 3 million and counting unemployed, and no definite end in sight, the coronavirus has upended nearly every aspect of American life. In the last two weeks, the Federal Reserve and Congress scrambled to pass policies to mitigate what will be a very deep recession. Americans across the country are asking— what exactly is going on economically? Is the government responding effectively? How do we set ourselves up for economic recovery once the pandemic recedes? On Monday, March 30, Brookings hosted an online discussion on the current state of the economy, the federal response, and challenges for state and local governments. After the discussion, speakers answered questions from the audience. This was an exclusively virtual event that was streamed live on the Brookings website
The coronavirus pandemic continues to dominate headlines and in recent weeks has fanned fears of a global recession. With cases now rising across Latin America, and its economic impact on the region. Many regional central banks face complex and potentially unfavorable trade-offs when deciding how to properly calibrate their monetary policy responses
Fred Dickson, Chief Investment Strategist for DA Davidson spoke at the Southern Oregon Business Conference on January 26, 2011. While our region has some specific challenges, it is good to hear that we are avoiding a double-dip recession and we can expect to continue a slow recovery.
The global financial crisis of 2007-2009 and subsequent Great Recession constituted the worst shocks to the United States economy in generations. Books have been and will be written about the housing bubble and bust, the financial panic that followed, the economic devastation that resulted, and the steps that various arms of the U.S. and foreign governments took to prevent the Great Depression 2.0. But the story can also be told graphically, as these charts aim to do.
What comes quickly into focus is that as the crisis intensified, so did the government’s response. Although the seeds of the harrowing events of 2007-2009 were sown over decades, and the U.S. government was initially slow to act, the combined efforts of the Federal Reserve, Treasury Department, and other agencies were ultimately forceful, flexible, and effective. Federal regulators greatly expanded their crisis management toolkit as the damage unfolded, moving from traditional and domestic measures to actions that were innovative and sometimes even international in reach. As panic spread, so too did their efforts broaden to quell it. In the end, the government was able to stabilize the system, re-start key financial markets, and limit the extent of the harm to the economy.
No collection of charts, even as extensive as this, can convey all the complexities and details of the crisis and the government’s interventions. But these figures capture the essential features of one of the worst episodes in American economic history and the ultimately successful, even if politically unpopular, government response.
- Interest rates rose in April for both taxable and tax-exempt bonds, with tax-exempt municipal bonds rising an average of 11 basis points compared to a 13 basis point rise for taxable U.S. Treasuries.
- While rates have increased this year, municipal bonds remain attractive compared to more volatile U.S. Treasuries and continue to offer yields above 85% of Treasuries on a 10, 20, and 30 year basis.
- Refundings have driven strong municipal bond issuance in 2015, with over $144 billion issued through April, a 58% increase over the same period last year, though bond fund outflows in mid-April weakened demand.
- Monetary financing or "helicopter money" involves central banks directly increasing money supply by crediting funds to government or individual accounts, bypassing traditional monetary policy tools. It is seen as a potential next step for central banks struggling with low growth and inflation.
- The document provides a checklist for considering helicopter money, examining factors like economic conditions, central bank credibility and independence, balance sheet constraints, and risks of losing control over inflation.
- While helicopter money could boost nominal growth and inflation, current economic data does not warrant it for major economies. More importantly, the approach risks undermining central bank credibility and ability to manage inflation expectations.
FRB-Richmond_ unsustainable fiscal policy_ implications for monetary policyFred Kautz
Economic research suggests that high debt levels ultimately could overwhelm a central bank’s efforts to keep prices stable. This essay will argue that these outcomes should be avoided in the United States by putting fiscal policy on a sustainable path.
Our October 2010 Newsletter is now available. The Newsletter Article, “Can The Fed Boost The Economy?” discusses the four things that Fed Chair Bernanke said that the Fed could do to boost the economy. The article explains how each of the 4 options he proposed would affect your company’s future. Our second article, “In Case You Didn’t Notice, The Recession Ended In June 2009?” addresses the real meaning of the recessionary slide ending before the stimulus had any impact and what it will take for the economy to have a strong recovery. Our final article, “Is The Real Employment Picture Still Deteriorating?” talks about the negative meaning of last Friday’s Labor Department unemployment report and its long term implications.
FNB_Property Insights_Retail Property's Consumer ChallengesBerty Van Staaden
- The key challenge currently facing the retail property sector is the financial condition of the consumer, as economic growth has slowed and put pressure on household income and spending.
- Over the past 20 years, strong consumer spending helped retail property outperform other sectors, but more recently the economic environment has weakened and consumers face higher taxes and financial pressures.
- Three potential sources of pressure on consumers and retail spending are stagnant economic growth reducing income growth, rising effective tax rates increasing costs for households, and consumers potentially increasing savings rates due to weak sentiment and net wealth growth.
The document is a January 2014 newsletter from Prism Capital Management that provides investment updates on several topics:
1) It summarizes the history of interest rates in the US, noting they are currently near historic lows but expected to rise in the future.
2) It outlines the economic outlook for 2014, expecting continued slow GDP growth around 2% with little change in employment, inflation expected to increase slightly but remain low.
3) It summarizes new research from Morningstar that challenges common assumptions around retirement costs, finding actual costs are often lower than estimated based on factors like taxes, spending patterns, and life expectancies.
This document analyzes Wells Fargo & Company and recommends buying its stock. It summarizes that Wells Fargo had a 16% increase in net income in 2013 and is expected to continue growing. It also discusses positive economic factors like increasing GDP and consumer confidence that will benefit Wells Fargo's loan business. The analysis concludes that Wells Fargo is well positioned for future growth with a diversified business model and a strong performance in the most recent bank stress tests.
FreeBalance Government Customers on the Road to Improved GovernanceFreeBalance
Study comparing national governments running FreeBalance Government Resource Planning (GRP) for Public Financial Management (PFM) for governance outcomes such as government effectiveness and country growth with peer countries that are not running FreeBalance software
The document summarizes information about the national debt of the United States from the organization Fix the Debt. It discusses that the national debt is over $18 trillion and growing due to spending exceeding revenue in recent decades. It also notes that the debt levels threaten economic growth and flexibility and will require action to reduce the debt through tax and spending reforms.
The document provides an economic update for Sri Lanka with the following key points:
- Commercial Bank was ranked the third most valuable brand in Sri Lanka and the highest ranked private sector brand, with a brand value of Rs 22.32 billion.
- Commercial Bank partnered with the European Investment Bank to provide financing under a SME Green Energy Credit Line for projects including SMEs, energy efficiency and renewable energy.
- The financial sector consolidation process in Sri Lanka is on track, with nine audit firms selected to evaluate banks and NBFIs and all institutions submitting merger and acquisition proposals by the March 31st deadline.
- Fitch affirmed Sri Lanka's long-term foreign currency issuer default rating at '
AXP Applied Equity Valuation new versionQiaochu Geng
This document provides a research report on American Express (AXP) stock from the Krause Fund. It recommends holding the stock based on an analysis of the economy, industry, and company. The economy is recovering and consumer confidence is rising, which will benefit credit card companies like AXP. AXP is the world's largest card issuer and continues expanding globally. The report provides forecasts for US GDP growth, unemployment, and consumer confidence to remain positive in the near future.
Colombia Banking System Update 2014 - 3rd quarterFerhat Guven
The Colombian banking system continues to see strong credit growth and profitability. Loan growth has slowed to a healthier pace of around 13% while mortgage growth remains strong at 28%. Mortgage penetration is still low but rising, supported by low interest rates. Inflation has risen above the central bank's 3% target, leading to interest rate hikes to cool the economy, which will boost bank profits going forward. The banking system remains well capitalized to finance further growth.
The document summarizes recent developments in India's monetary policy, financial sector, and insolvency reforms. Key points include:
- The Reserve Bank of India cut policy rates in 2019 to support economic growth amid a slowdown. Broad money growth improved marginally due to rising bank deposits.
- Non-performing assets declined for scheduled commercial banks and public sector banks from 2018 to 2019. Credit growth to non-financial corporations also improved.
- The Insolvency and Bankruptcy Code led to faster resolution of stressed assets and higher recoveries compared to previous regimes. Several reforms are planned to further strengthen insolvency proceedings.
- Other sections cover developments in capital markets, banking, non-
The non-partisan Committee for a Responsible Federal Budget (CRFB) has compiled a brief background on the scope of our nation's fiscal challenges and the drivers of our debt and deficits, while outlining some of the types of solutions available to address the problems. This Powerpoint is meant to offer an objective, easily-accessible view of our country's fiscal situation as an educational tool meant to help foster open and honest discussion about these issues.
CCSA 2015 225. Increasing the Teacher's Effectiveness Toolboxjoniallison23
This document discusses using action research to empower North Carolina educators. It defines action research as systematic inquiry conducted by teachers to find solutions to critical issues in their classrooms. The goals of action research include positively impacting student outcomes and identifying effective practices. Teachers engage in a systematic research process that involves identifying an area of focus, developing a research plan, implementing it, analyzing data, and sharing findings. The document provides an example of an action research plan focusing on benchmark assessments and data literacy. It discusses developing teacher self-efficacy and data-driven decision making skills.
Este documento describe un proyecto educativo cuyo objetivo es desarrollar buenos comportamientos y habilidades en el uso de equipos tecnológicos entre estudiantes de varios grados. El proyecto utilizará estrategias pedagógicas como canciones, dibujos y juegos para enseñar las normas de la sala de informática. Beneficiará a 102 estudiantes y 4 docentes. Se espera lograr una mejor convivencia, alfabetización tecnológica y uso de recursos educativos digitales.
Indian venture capital / private equity investors reported 57 transactions in Mar’15. Aggregate value of reported investments for Mar’15 was USD 735m, as against USD 589m in Mar’14, a jump of 25%. The total deal amount comes from 43 deals, as transaction amount was not disclosed for 14 transactions.
Clearly, deal momentum seems to have picked up. Over Jan-Mar’15, USD 2.9B of investment has been reported, as against USD 1.1B in the same period in 2014. Total reported deals in calendar 2015 hit 166 by 31 Mar’15, a 28% jump over the period Jan’March 2014.
Sectoral composition continued to be dominated by Internet related businesses, which accounted for a quarter of the total number of deals. Over Jan-Mar’15, 50 transactions have been reported where business models are driven by Internet.
In terms of value of investments, this month saw Real Estate sector emerge as the leading sector, cornering around 30% of total investment amount. This was largely due to a USD190m investment announced by Piramal Fund Management in an SPV of Omkar Realty. This SPV is building a premium project in South Mumbai called Omkar 1973 Worli.
Mar’15 saw 6 new fund announcements with targeted investment amount of USD735m.
This document provides a summary of Abigail J. Dougherty's credentials and experience as a registered dietitian. It outlines her mission to inspire clients to achieve nutrition goals through healthy lifestyles. She has founded her own nutrition consulting business and collaborated with various organizations, such as minor league baseball teams and media outlets, to provide nutrition education and counseling. Her experience also includes clinical dietitian roles at a rehabilitation facility and cancer center where she developed individualized nutrition plans and improved patient outcomes.
Fred Dickson, Chief Investment Strategist for DA Davidson spoke at the Southern Oregon Business Conference on January 26, 2011. While our region has some specific challenges, it is good to hear that we are avoiding a double-dip recession and we can expect to continue a slow recovery.
The global financial crisis of 2007-2009 and subsequent Great Recession constituted the worst shocks to the United States economy in generations. Books have been and will be written about the housing bubble and bust, the financial panic that followed, the economic devastation that resulted, and the steps that various arms of the U.S. and foreign governments took to prevent the Great Depression 2.0. But the story can also be told graphically, as these charts aim to do.
What comes quickly into focus is that as the crisis intensified, so did the government’s response. Although the seeds of the harrowing events of 2007-2009 were sown over decades, and the U.S. government was initially slow to act, the combined efforts of the Federal Reserve, Treasury Department, and other agencies were ultimately forceful, flexible, and effective. Federal regulators greatly expanded their crisis management toolkit as the damage unfolded, moving from traditional and domestic measures to actions that were innovative and sometimes even international in reach. As panic spread, so too did their efforts broaden to quell it. In the end, the government was able to stabilize the system, re-start key financial markets, and limit the extent of the harm to the economy.
No collection of charts, even as extensive as this, can convey all the complexities and details of the crisis and the government’s interventions. But these figures capture the essential features of one of the worst episodes in American economic history and the ultimately successful, even if politically unpopular, government response.
- Interest rates rose in April for both taxable and tax-exempt bonds, with tax-exempt municipal bonds rising an average of 11 basis points compared to a 13 basis point rise for taxable U.S. Treasuries.
- While rates have increased this year, municipal bonds remain attractive compared to more volatile U.S. Treasuries and continue to offer yields above 85% of Treasuries on a 10, 20, and 30 year basis.
- Refundings have driven strong municipal bond issuance in 2015, with over $144 billion issued through April, a 58% increase over the same period last year, though bond fund outflows in mid-April weakened demand.
- Monetary financing or "helicopter money" involves central banks directly increasing money supply by crediting funds to government or individual accounts, bypassing traditional monetary policy tools. It is seen as a potential next step for central banks struggling with low growth and inflation.
- The document provides a checklist for considering helicopter money, examining factors like economic conditions, central bank credibility and independence, balance sheet constraints, and risks of losing control over inflation.
- While helicopter money could boost nominal growth and inflation, current economic data does not warrant it for major economies. More importantly, the approach risks undermining central bank credibility and ability to manage inflation expectations.
FRB-Richmond_ unsustainable fiscal policy_ implications for monetary policyFred Kautz
Economic research suggests that high debt levels ultimately could overwhelm a central bank’s efforts to keep prices stable. This essay will argue that these outcomes should be avoided in the United States by putting fiscal policy on a sustainable path.
Our October 2010 Newsletter is now available. The Newsletter Article, “Can The Fed Boost The Economy?” discusses the four things that Fed Chair Bernanke said that the Fed could do to boost the economy. The article explains how each of the 4 options he proposed would affect your company’s future. Our second article, “In Case You Didn’t Notice, The Recession Ended In June 2009?” addresses the real meaning of the recessionary slide ending before the stimulus had any impact and what it will take for the economy to have a strong recovery. Our final article, “Is The Real Employment Picture Still Deteriorating?” talks about the negative meaning of last Friday’s Labor Department unemployment report and its long term implications.
FNB_Property Insights_Retail Property's Consumer ChallengesBerty Van Staaden
- The key challenge currently facing the retail property sector is the financial condition of the consumer, as economic growth has slowed and put pressure on household income and spending.
- Over the past 20 years, strong consumer spending helped retail property outperform other sectors, but more recently the economic environment has weakened and consumers face higher taxes and financial pressures.
- Three potential sources of pressure on consumers and retail spending are stagnant economic growth reducing income growth, rising effective tax rates increasing costs for households, and consumers potentially increasing savings rates due to weak sentiment and net wealth growth.
The document is a January 2014 newsletter from Prism Capital Management that provides investment updates on several topics:
1) It summarizes the history of interest rates in the US, noting they are currently near historic lows but expected to rise in the future.
2) It outlines the economic outlook for 2014, expecting continued slow GDP growth around 2% with little change in employment, inflation expected to increase slightly but remain low.
3) It summarizes new research from Morningstar that challenges common assumptions around retirement costs, finding actual costs are often lower than estimated based on factors like taxes, spending patterns, and life expectancies.
This document analyzes Wells Fargo & Company and recommends buying its stock. It summarizes that Wells Fargo had a 16% increase in net income in 2013 and is expected to continue growing. It also discusses positive economic factors like increasing GDP and consumer confidence that will benefit Wells Fargo's loan business. The analysis concludes that Wells Fargo is well positioned for future growth with a diversified business model and a strong performance in the most recent bank stress tests.
FreeBalance Government Customers on the Road to Improved GovernanceFreeBalance
Study comparing national governments running FreeBalance Government Resource Planning (GRP) for Public Financial Management (PFM) for governance outcomes such as government effectiveness and country growth with peer countries that are not running FreeBalance software
The document summarizes information about the national debt of the United States from the organization Fix the Debt. It discusses that the national debt is over $18 trillion and growing due to spending exceeding revenue in recent decades. It also notes that the debt levels threaten economic growth and flexibility and will require action to reduce the debt through tax and spending reforms.
The document provides an economic update for Sri Lanka with the following key points:
- Commercial Bank was ranked the third most valuable brand in Sri Lanka and the highest ranked private sector brand, with a brand value of Rs 22.32 billion.
- Commercial Bank partnered with the European Investment Bank to provide financing under a SME Green Energy Credit Line for projects including SMEs, energy efficiency and renewable energy.
- The financial sector consolidation process in Sri Lanka is on track, with nine audit firms selected to evaluate banks and NBFIs and all institutions submitting merger and acquisition proposals by the March 31st deadline.
- Fitch affirmed Sri Lanka's long-term foreign currency issuer default rating at '
AXP Applied Equity Valuation new versionQiaochu Geng
This document provides a research report on American Express (AXP) stock from the Krause Fund. It recommends holding the stock based on an analysis of the economy, industry, and company. The economy is recovering and consumer confidence is rising, which will benefit credit card companies like AXP. AXP is the world's largest card issuer and continues expanding globally. The report provides forecasts for US GDP growth, unemployment, and consumer confidence to remain positive in the near future.
Colombia Banking System Update 2014 - 3rd quarterFerhat Guven
The Colombian banking system continues to see strong credit growth and profitability. Loan growth has slowed to a healthier pace of around 13% while mortgage growth remains strong at 28%. Mortgage penetration is still low but rising, supported by low interest rates. Inflation has risen above the central bank's 3% target, leading to interest rate hikes to cool the economy, which will boost bank profits going forward. The banking system remains well capitalized to finance further growth.
The document summarizes recent developments in India's monetary policy, financial sector, and insolvency reforms. Key points include:
- The Reserve Bank of India cut policy rates in 2019 to support economic growth amid a slowdown. Broad money growth improved marginally due to rising bank deposits.
- Non-performing assets declined for scheduled commercial banks and public sector banks from 2018 to 2019. Credit growth to non-financial corporations also improved.
- The Insolvency and Bankruptcy Code led to faster resolution of stressed assets and higher recoveries compared to previous regimes. Several reforms are planned to further strengthen insolvency proceedings.
- Other sections cover developments in capital markets, banking, non-
The non-partisan Committee for a Responsible Federal Budget (CRFB) has compiled a brief background on the scope of our nation's fiscal challenges and the drivers of our debt and deficits, while outlining some of the types of solutions available to address the problems. This Powerpoint is meant to offer an objective, easily-accessible view of our country's fiscal situation as an educational tool meant to help foster open and honest discussion about these issues.
CCSA 2015 225. Increasing the Teacher's Effectiveness Toolboxjoniallison23
This document discusses using action research to empower North Carolina educators. It defines action research as systematic inquiry conducted by teachers to find solutions to critical issues in their classrooms. The goals of action research include positively impacting student outcomes and identifying effective practices. Teachers engage in a systematic research process that involves identifying an area of focus, developing a research plan, implementing it, analyzing data, and sharing findings. The document provides an example of an action research plan focusing on benchmark assessments and data literacy. It discusses developing teacher self-efficacy and data-driven decision making skills.
Este documento describe un proyecto educativo cuyo objetivo es desarrollar buenos comportamientos y habilidades en el uso de equipos tecnológicos entre estudiantes de varios grados. El proyecto utilizará estrategias pedagógicas como canciones, dibujos y juegos para enseñar las normas de la sala de informática. Beneficiará a 102 estudiantes y 4 docentes. Se espera lograr una mejor convivencia, alfabetización tecnológica y uso de recursos educativos digitales.
Indian venture capital / private equity investors reported 57 transactions in Mar’15. Aggregate value of reported investments for Mar’15 was USD 735m, as against USD 589m in Mar’14, a jump of 25%. The total deal amount comes from 43 deals, as transaction amount was not disclosed for 14 transactions.
Clearly, deal momentum seems to have picked up. Over Jan-Mar’15, USD 2.9B of investment has been reported, as against USD 1.1B in the same period in 2014. Total reported deals in calendar 2015 hit 166 by 31 Mar’15, a 28% jump over the period Jan’March 2014.
Sectoral composition continued to be dominated by Internet related businesses, which accounted for a quarter of the total number of deals. Over Jan-Mar’15, 50 transactions have been reported where business models are driven by Internet.
In terms of value of investments, this month saw Real Estate sector emerge as the leading sector, cornering around 30% of total investment amount. This was largely due to a USD190m investment announced by Piramal Fund Management in an SPV of Omkar Realty. This SPV is building a premium project in South Mumbai called Omkar 1973 Worli.
Mar’15 saw 6 new fund announcements with targeted investment amount of USD735m.
This document provides a summary of Abigail J. Dougherty's credentials and experience as a registered dietitian. It outlines her mission to inspire clients to achieve nutrition goals through healthy lifestyles. She has founded her own nutrition consulting business and collaborated with various organizations, such as minor league baseball teams and media outlets, to provide nutrition education and counseling. Her experience also includes clinical dietitian roles at a rehabilitation facility and cancer center where she developed individualized nutrition plans and improved patient outcomes.
Juan Carlos Antury Torres submitted a blog post about various English vocabulary words and their definitions to his instructor Royer Darío Ramos Gómez. The blog defines words related to waking up, saving money, moving homes, exercising, preparing, being silent, working quickly, feeling discouraged, ending a relationship, and eating outside the home.
John Sulzbach has worked as the plant manager of Astroseal Products for 10 years and oversees the production of lightning protection products for aircraft. In his free time, he enjoys garden tractor pulling, a hobby where modified tractors drag a sled along a track, with the winner pulling it the farthest. Garden tractor pulling works on a smaller scale than full-sized tractor pulling, using shorter tracks between 150-250 feet long and sleds weighing at least 6,000 pounds.
Un reactor de una fábrica de cristales de cuarzo en Illinois, Estados Unidos, explotó en 2009 debido a la corrosión de sus paredes, que no habían sido inspeccionadas periódicamente como recomendaban los diseñadores. La explosión lanzó pedazos de metal pesados que mataron a una persona e hirieron a otra. Investigaciones posteriores encontraron que la empresa ignoró las recomendaciones de inspección y mantenimiento y que sus afirmaciones sobre una capa protectora en las paredes eran falsas.
This document advertises an image journaling retreat led by instructor Constance Pierce. The retreat will explore various art mediums like watercolor, monoprinting, and collage to visually express memories, imagination, and one's interior mythology in a personal journal. Prior participants have found the process therapeutic for navigating life transitions or trauma through igniting creativity and self-expression. The instructor has exhibited her own journals and taught similar workshops at various academic institutions.
Membentuk Komunitas Pembelajaran Profesional melalui Lesson studyEmmi Yusnidar Harahap
Dokumen tersebut membahas upaya peningkatan mutu sekolah menengah dengan membentuk komunitas pembelajaran profesional melalui lesson study. Lesson study adalah kegiatan kolaboratif antar guru untuk merencanakan, mengamati, dan merefleksi proses pembelajaran guna meningkatkan mutu pembelajaran dan sekolah.
Global and china automotive seating industry report, 2014 2015ResearchInChina
The seemingly simple automotive seating actually reflects a country's machining ability. In the world, at most 20 companies are capable of producing automotive seating whose frames are made of precision metals via stamping, while nearly a thousand companies have the capability to produce automotive engines.
Susquehanna Bancshares provides an investor presentation for the 3rd quarter of 2013. The presentation includes forward-looking statements and cautions investors that actual results may differ due to risks and uncertainties. It provides an overview of Susquehanna, including its market presence, financial information, and strategies to drive organic loan growth, defend its net interest margin, grow fee revenue, maintain efficiency, and accelerate capital generation and returns. Highlights from the 2nd quarter of 2013 include steady loan growth, continued focus on core deposit growth, strong profitability, and solid credit quality.
Pathway Women's Business Center: The outlook for the economy and the state of...infopathway
This document summarizes a training organization for women business owners called Pathway WBC. It provides the following key details in 3 sentences:
Pathway WBC was launched in 2015 in Nashville, Tennessee to provide business counseling, training, and peer learning to support women entrepreneurs. It is funded in part by the US Small Business Administration and offers in-depth services to help women start, expand, and manage their businesses successfully. The document provides information on connecting with and supporting Pathway WBC online or through other contributions and lists some founding supporters of the organization.
Consumer FinTech deck from Charles Moldow at FinTEx foundationcap
This document summarizes the growth of the financial technology (fintech) sector and marketplace lending. It notes that marketplace lending has grown exponentially in recent years, with Lending Club originating over $5 billion in loans in 2014. Marketplace lending offers consumers a simpler, more transparent process and uses alternative data and analytics to improve underwriting. This new model provides a better customer experience and potentially lower costs compared to traditional banks. The document argues this represents a major opportunity for continued growth and disruption of the large traditional banking industry.
The document provides an overview of the political and economic situations in 5 South American countries based on Atradius' STAR political risk ratings. It finds that Argentina poses the highest risk at 8/10, while Chile, Colombia and Peru are rated moderate-low risk at 4/10. Brazil is rated moderate risk at 5/10. The document then analyzes the economies of Argentina, Brazil, Chile and Peru in more detail, discussing factors like GDP growth rates, inflation, fiscal balances, debt levels, exports and political dynamics in each country.
The U.S. economy is improving at a modest but positive pace, and business experts expect that trend to continue into next year and beyond. This was a theme echoed by several speakers Oct. 3 at a McCombs event called “The Economy in 2014: The Year of the Rebound?”
See the summary and video: The U.S. economy is improving at a modest but positive pace, and business experts expect that trend to continue into next year and beyond. This was a theme echoed by several speakers Oct. 3 at a McCombs event called “The Economy in 2014: The Year of the Rebound?” - See the summary and video: http://www.texasenterprise.utexas.edu/2013/10/17/finance/2014-year-rebound
Highlights
Jay Hartzell, professor of finance, University of Texas at Austin McCombs School of Business
“There are roughly three ways to get out of the debt problem: You grow your way out, you tax your way out, or you print money,” Hartzell said. “The growth forecast is not very strong for the next few years. It’s not clear we have the political will to tax our way out of it. So that leaves inflation, which many people have concerns about.”
Tyson Tuttle, CEO of Silicon Labs
Tuttle said a surge in investment in connected smart devices is driving a transformation of the tech industry. He expects low-cost, low-power devices to enable home and industrial automation, development of efficient smart grid and mobile technologies, and the advent of “big data.” “All of this is going to be enabled by new types of devices, chips and applications that people haven’t even thought of before."“This is going to create a lot of opportunities for startups, software creators, infrastructure providers, and certainly in our world.”
Daniel Nelson, CEO and founder of Datical
“By the end of 2014, there will be a glut of failed startups — and this is a really good thing, because they’re supposed to fail. The real question is, after those startups fail, what do those founders do?” Nelson said. “The virtuous cycle of entrepreneurism starts with failure. It starts with failing, learning, and trying again — and then failing, learning, and trying again.
Dennis McWilliams, CEO and founder of Apollo Endosurgery
“No other state, even California and New York, can compare to the resources we have in Texas for early-stage investment in new technologies,” McWilliams said. “We really are becoming a global economy of healthcare, and innovation that’s happening here in Texas is moving around the world.”
This document provides a summary of Susquehanna Bancshares' 2nd quarter 2013 investor presentation. It includes forward-looking statements and cautions investors that actual results may differ. Susquehanna is a super-community bank headquartered in Pennsylvania with over 260 branches in central PA, western MD, and the Philadelphia and Baltimore areas. The presentation discusses Susquehanna's strong positioning in these markets, focus on organic loan and deposit growth, defending its net interest margin, and growing noninterest income. Highlights of 1Q2013 results including loan, deposit, and earnings growth are also summarized.
Presentation: Video killed the Radio Star. Will Mobile Kill the Desktop?MediaPost
Mobile has fundamentally changed how people interact with the Internet and influenced media companies and advertisers to shift their business models to leverage the mobile-first approaches of Google, Facebook and Twitter. The proliferation of mobile advertising and commerce will continue in 2014, but will it come at the expense of desktop search engine marketing? Join CRT Capital Analyst Neil Doshi in a look at a proprietary survey of 1,700 Twitter users. He will share recent insights gleaned from the survey that can help brands capture the attention of Twitter's mostly mobile users.
PRESENTER
Neil Doshi, Managing Director and Senior Equity, CRT
Brazil Digital Report: a first-edition dossier on the Brazilian digital economy. A comprehensive report on trends and facts for investors, public and private institutions, entrepreneurs, executives, students, and for digital savvy people who are curious about Brazil.
https://www.brazilatsiliconvalley.com/
Brazil Digital Report - 1st Edition By McKinsey & Company and Brazil at Silic...Ana Lucia Amaral
This report provides an overview of Brazil's economy, innovation landscape, and opportunities for growth. While Brazil's GDP is growing again after a slowdown, productivity has increased little. The economy relies heavily on private consumption and the services sector. Macroeconomic indicators like inflation, interest rates, and Brazil's risk rating have improved in recent years. However, Brazil needs to address low productivity, lack of innovation, and the absence of large technology companies in order to transition to sustainable long-term growth as workforce growth declines.
Brazilian Scenario - Trends and Challenges to keep IT investmentsCisco do Brasil
The document discusses trends and challenges facing IT investments in Brazil. It notes Brazil experienced a "macroeconomic rollercoaster" in the past 7 years, with high expectations giving way to weak economic growth. Key issues include falling commodity prices, a weakening currency, high inflation and interest rates, and reduced consumption and investments. Digital transformation opportunities exist but the economic outlook remains challenging without policy and economic reforms.
The document summarizes the findings of the Pepperdine Private Capital Markets Project survey of privately held businesses in spring 2011. It finds that while business owners are enthusiastic about growth, many lack the financial resources to execute their strategies. Access to capital remains a challenge, especially for smaller companies. Deal activity and valuations are improving for larger companies but still difficult for smaller firms. Overall conditions are improving from six months ago but challenges around access to capital remain, particularly for securing senior debt.
Grupo Supervielle is a leading universal financial services provider in Argentina. It operates a nationwide distribution network of over 300 access points. In the second quarter of 2016, Supervielle began delivering on its growth strategy, though its consumer portfolio was impacted by high inflation and lower short-term economic expectations. Supervielle aims to utilize its new capital to further grow its business, focusing on consumer finance, retirees, small- and medium-sized enterprises, and middle market clients. The company sees potential for continued strong growth in its core business areas.
The Truth About Lying: An Economic AnalysisJoe Morgan
The document provides misleading statistics and information about various economic indicators such as housing, employment, and financial markets. It includes graphs and charts with made-up or manipulated data designed to portray a rosier picture than the actual economic situation. The document is critiquing the practice of using false or misleading statistics to claim the economy is improving more than it really is.
The document summarizes an economic outlook webinar presented by McCombs faculty. It discusses current economic forecasts which predict a modest recovery with slow employment growth and fading recession risks. It outlines McCombs strategic initiatives in energy management, business and government, and venture innovation. The webinar analyzes why recovery is expected to be slow, due to household debt, reduced consumption, and challenges in deleveraging after financial crises.
Dr. David Altig - 2013 National Economic Forecastkellygg
The document summarizes the national economic outlook presented at the 2013 Arkansas Economic Forecast Conference. It includes the following key points:
1) The Federal Reserve will continue its quantitative easing program of $40 billion in mortgage backed securities and $45 billion in Treasury securities per month.
2) Recent economic data has fallen short of projections of increasing growth, ongoing job gains, and inflation moving back to 2%. Unemployment has declined faster than expected but labor force participation continues to drop.
3) While consumer spending growth has remained around 2%, government spending cuts have subtracted from GDP growth. Estimates of GDP growth have been revised downward and forecasts have historically been too optimistic. Inflation remains below the Fed
Did you know total nonfarm payroll employment fell by 701,000 in March 2020, measuring the effects of COVID-19 and efforts to contain it? Employment in leisure and hospitality fell by 459,000, mainly in food services and drinking places. Notable declines also occurred in health care and social assistance, professional and business services, retail trade, and construction.
An overview of the economic, media and advertising landscape in China today with ad spends, trends, case studies and viewpoints across all key media channels.
Joel Sutherland from the Center for Value Chain Research, Lehigh University &...eyefortransport
The document summarizes the agenda and content of the 8th Annual 3PL Summit held from June 21-23, 2010. The summit focused on developing flexible relationships between 3PLs and their customers to respond to the economic rebound. Topics included economic indicators, shipper feedback, and how 3PLs can support changing customer requirements by containing costs, increasing visibility, preparing for disruptions, improving customer service, and expanding globally. An interactive discussion considered specific actions 3PLs and shippers were taking in these areas.
Fall 2015 AREIT Board Meeting Presentation FINALZi Chong
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This document contains a presentation by TIM Brasil from November 2014. It includes an agenda covering topics such as the macroeconomic and industry overview, recent results, network evolution, regulatory updates, and business outlook. Some key points include that the macroeconomic scenario is expected to deteriorate, mobile service revenues grew 5% year-over-year despite challenges from MTR cuts and SMS declines, and data usage continues increasing as an important driver of future growth.
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1. Dial-in Info:
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Media’s Rapidly Evolving Competitive Landscape
Wednesday, March 12, at 2:00 PM EDT
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Intended use for participants on Webinar
3
4. Ben Abramovitz
CFA
Senior Research Analyst
GE Capital, Americas
Today’s Speaker
Rob Podorefsky
Managing Director &
Interest Rate Strategist
GE Capital, Americas
4
5. Today’s Discussion
- Achieving faster growth
- The Fed’s policy dilemma
- Fiscal situation improves
- Media landscape over time
- How consumers spend their media time
- A closer look at digital, TV and radio
Intended use for participants on Webinar 5
7. Annual Growth - Nominal US GDP
-1%
3%
7%
11%
15%
Dec-65 Dec-77 Dec-89 Dec-01 Dec-13
Data sources: FRB,BEA & GE IRM
(*) '14 GDP projection from Dec 18 FOMC forecast plus Price Deflator of 2.0%
6.8% = 50-year average
(*) '14
4.7% = 25-year average
Is moderate growth behind us?
Intended use for participants on Webinar 7
8. Quarterly Change
in US Residential Mortgages Outstanding
Bn's of $
-175
-50
75
200
325
Sep-02 Jun-06 Mar-10 Dec-13
Data source: Federal Reserve
Peak, Q1 '06: + 311 Bn
Latest, Q4 '13: - 23 Bn
GDP’s grown despite dramatic change
Intended use for participants on Webinar 8
9. Data source: BEA
Personal
consumption
67.9% vs
67.2% Q4 '07
Private
investment,
16.7% vs
17.4% Q4 '07
Net exports,
-2.4% vs -
4.1% Q4 '07
Gov't
spending,
18.0% vs
19.6% Q4 '07
U.S. RealGDP
$16 Tn
Q4 2013
GDP mix, mild differences 6 yrs later
Intended use for participants on Webinar 9
10. Q4 2013 vs 2006 average
Non Durables: 21.9% (22%)
Food & beverage: 8%
Clothing & footware: 3%
Gasoline/other energy: 3%
Other: 8%
Services: 65.7% (67%)
Housing & utilities: 18%
Health care: 16.6% (15.5%)
Financial & insurance: 7%
Restaurant & hotel: 6%
Recreation: 4%
Transportation: 3%
Other: 11% (12%)
Durable Goods: 12.6% (11%)
Recreational goods: 4.3% (2.7%)
Vehicles & parts: 4%
Furnishings/household equip: 3%
Other: 2%
Personal spending … how $10.8 Tn gets spent
Intended use for participants on Webinar 10
11. in millions
110
114
118
122
Oct-03 May-06 Dec-08 Jul-11 Feb-14
Data source: Bureau of Labor Statistics - Household Data
24
26
27
29
Full-time workers (left axis)
Part-time workers (right axis)
Labor markets slowly improve
Intended use for participants on Webinar 11
12. -3.0%
0.0%
3.0%
6.0%
Sep-00 Jan-04 May-07 Sep-10 Jan-14
Data source: Bureau of Economic Analysis
Real Disposable Personal Income (YOY)
2000 to 2007 average of 3.1%
2013 avg: 0.8%
2012 avg: 2.0%
2011 avg: 2.4%
Amid lackluster income growth
Intended use for participants on Webinar 12
13. US GDP - Real Personal Consumption
-4.6%
-2.3%
0.0%
2.3%
4.6%
Dec-07 Jun-09 Dec-10 Jun-12 Dec-13
Data source: Bureau of Economic Analysis
Total: $10.8 Tn Spent on services: $7.1 Tn
2.6%
2.2%
Upside potential … consumer spending
Intended use for participants on Webinar 13
14. -2%
0%
2%
4%
6%
'89 '93 '97 '01 '05 '09 '13
Data source: Bureau of Economic Analysis
2.0%
2.5%
3.0%
3.5%
4.0%
Realpersonalspending growth - left axis
Spending on gasoline as a % of personal spending
Steadier gasoline prices should help
Intended use for participants on Webinar 14
15. US Public Equity Market Capitalization
Wilshire 5000 Full Cap Index
in trillions of dollars
$16
$9
$12
$13 $13
$15
$19.7 $20.1
Oct-07 2008 2009 2010 2011 2012 2013 '14 so
far
Data source :Federal Reserve Bank of St. Louis
Pre-crisis
high
Wealth is being restored
Intended use for participants on Webinar 15
16. Data sources: Federal Reserve Bank of St. Louis & The Conference Board
9
11
13
15
17
Feb-07 Nov-08 Aug-10 May-12 Feb-14
20
43
66
89
112
US auto sales, annual pace in mn's - left axis
US consumer confidence index - right axis
Intended use for participants on Webinar
Sentiment’s choppy climb to continue
16
17. Change in Real Private Business Investment
-30%
-20%
-10%
0%
10%
20%
Dec-07 Jun-09 Dec-10 Jun-12 Dec-13
Data source: Bureau of Economic Analysis
Quarterly outcome - annualized
Half-year outcome - annualized
Year over year outcome 7%
6%
3%
Since recession officially ended:
18 qtrs: Real Bus. Investment + 24%
Upside potential … business investment
Intended use for participants on Webinar 17
18. US Monetary Policy
Paring back asset purchases, even a little,
was a big deal … complex issues ahead
19. Per FOMC's December Forecast
Appropriate Timing of Policy
Firming per FOMC members
3
2
12
2014 2015 2016
number of FOMC participants
New leadership matters
-Janet Yellen faces a delicate balancing act
-Several new voting members this year
Intended use for participants on Webinar 19
20. US Fiscal Realities
YOY growth in the public debt has slowed
Washington must limit fiscal
uncertainties
21. US Budget Deficit as % of GDP
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Data sources: BEA, US Treasury & CBO
2014 - 2023 CBO
Estimate Feb '14
Making progress, will it continue?
Intended use for participants on Webinar 21
23. Source: Veronis Suhler Stevenson, Economy.com, US Bureau of Economic Analysis and GE Capital
Ad Landscape
Post dot.com bubble
correlation has
diminished likely due to
shift toward Internet ad
spending
Ad spend historically
trended around 2% of
GDP, likely due to high
proportion of GDP
derived from consumer
spending/private
investments and as
company ad budgets
are derived as a % of
sales
-15%
-5%
5%
15%
1976
1980
1984
1988
1992
1996
2000
2004
2008
2012
YoYGrowth
High Correlation Between Growth of Advertising &
Economy
Advertising GDP
Economy & advertising spending is highly
correlated
Intended use for participants on Webinar
23
24. 0%
2%
4%
6%
8%
10%
12%
$0
$50
$100
$150
$200
$250
$300
$350
$400
1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Media&EntertainmentSpend(Bn.)
Media & Ent Dollars Spent Media & Ent Spend Growth
Source: Bureau of Economic Analysis & GE Capital Analysis
Ad Landscape
Consumers spent nearly $392 billion on media
& entertainment in 2013
Intended use for participants on Webinar
24
27. -50% 0% 50% 100%
Internet
Cable TV
Direct Mail
Newspapers
Broadcast TV
Radio
Mobile
Yellow Pages
Magazines
Outdoor
Business Publications
Satellite Radio
5-Year Revenue CAGR by Segment
13-'18 08-'13
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
Revenues(Bn.)
2011 2012 2013E
Source: SNL Kagan, December 2013
Ad Landscape
Internet, cable and now mobile are taking Ad
share & should continue growing
27
28. 0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2010 2011 2012 2013
% of Time Spent per Day by Adults
with Major Media
Digital TV Radio Print Other
* Digital primarily represents online & mobile with the growth
driver 2010-2013 entirely contributed by non-voice mobile
Source: eMarketer, July 2013
Source: Nielsen, Cross Platform Report, December 2013
% of Time Spent by Platform
by Hour
Ad Landscape
Because spending is shifting as time spent with
each medium is shifting
Intended use for participants on Webinar
28
29. 0%
20%
40%
60%
80%
100%
120%
TV Radio News/Info Scl Media Tot Intrnt
Users
Percentage of Time Spent Online
Using Media by Platform
PC Smartphone Tablet
0%
10%
20%
30%
40%
50%
60%
2010 2011 2012 2013
Percentage of Time Spent on
Each Mobile Device
Smartphone Tablet Feature Phone
Source: eMarketer, September 2013Source: eMarketer, July 2013
Ad Landscape
Tablets and smartphones are altering our
method of media consumption
Intended use for participants on Webinar
29
30. Ad Landscape
The 3 Largest Sub-Segments
Internet Mobile Television Radio
Digital
Intended use for participants on Webinar
30
31. • 2013 Estimated Ad Dollars Spent:
• $42.7 Billion
• Percentage of Ad Dollars Spent in
2013:
• Internet: 16%
• Mobile: 3%
• Time Spent Digital Viewing per Day:
• 5 Hours 16 Minutes
• Percentage Digital Time vs All
Major Media: 44%
Digital
Quick look at digital stats
Intended use for participants on Webinar
31
32. Source: Yankee Group Global Mobile Forecast, December 2013; Tablet Projections - SNL Kagan, July 2013
Digital
0
50
100
150
200
250
300
350
400
2003 2006 2009 2012 2015
ConsumerHandsetsInUse(Mn.)
Adoption of Advanced Mobile Handsets
2G 3G 3.5G 4G Tablets
Faster mobile internet access in the US should
help drive higher advertising revenue
Intended use for participants on Webinar
32
33. -5%
5%
15%
25%
35%
45%
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Y-O-YChange
Spending(Bn.)
Internet Advertising
Total U.S. Online Advertising Revenues Y-O-Y Change
Digital
Source: SNL Kagan, September 2013
Internet Ad revenues have outpaced other
segments in recent years
Intended use for participants on Webinar
33
34. Digital
Source: SNL Kagan, September 2013
46% 48% 49% 49% 49% 49% 48%
3%
3% 3% 3% 3% 3% 3%
6% 6% 7% 9% 11% 12% 14%
0%
20%
40%
60%
80%
100%
2010 2011 2012 2013 2014 2015 2016
Internet Advertising Revenue Breakdown
Search Sponsorship Banner
Classified Online Video Lead Generation
Other Rich Media
Online video ads driven
by increased premium
video viewing
Traditional search
advertising to lose
market share to mobile
search
Shifts in spending to online video & mobile
Intended use for participants on Webinar
34
35. • 2013 Ad Dollars Spent: $75.5 Billion
• Percentage of Ad Dollars Spent in 2013:
• Broadcast TV: 18%
• Cable TV: 16%
• Time Spent Television Viewing per Day:
• 4 Hours 31 Minutes
• Percentage TV Time vs All Major Media: 37%
• Authenticated Viewing Rising Rapidly
• Ad Rolls per Minute of Content Viewing Continues to
Rise
• Dynamic Ad Insertion (DAI) Improves the Advertising
Economics for VOD
• Time Shift Viewing Continues Rising as E-M-P
Improves
• 50% DVR Penetration of Households by 2017,
including Cloud-based DVR
TV
Look at television stats & changing landscape
Intended use for participants on Webinar
35
36. Source: Freewheel-Video Monetization Report Q3 2013
• Short-form (0-5 minutes) – video clips, music videos, made for web content
• Mid-form (5-20 minutes) – web series, extended clips, interviews
• Long-form (20+ minutes) – linear TV shows, movies, sporting events
5.00%
7.10%
8.30%
14.20%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Q4 2012 Q1 2013 Q2 2013 Q3 2013
%ofTotalVideoAdViews
TV
Authenticated viewing is rising rapidly, comprising
14% of Ad views on long form (20 min+) content
Intended use for participants on Webinar
36
37. The rapid growth in ad views per minute of content risks alienating users
0
10
20
30
40
50
60
70
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Avg. Desktop Content Minutes Viewed Per
Ad Minute
Source: comScore; SNL Kagan, January 2014
TV
Online Ad minutes to content minutes approaches
TV parity
Intended use for participants on Webinar
37
38. 0
10
20
30
40
50
60
0
10
20
30
40
50
60
70
2012 2013 2014 2015 2016 2017
OccupiedHHswithDVR
TotalDVRHouseholds(Mn.)
DVR Penetration
Total DVR Households Occupied HHs with DVR
Broader introduction of network or cloud-
based storage expected to largely
supplement rather than replace set-top
DVRs
Time shift viewing more broadly accepted
as ability to EMP increases
VOD users watch more of a 30-minute
program
TV
Source: SNL Kagan, October 2013
20
23
28
0
5
10
15
20
25
30
Live DVR VOD
Minutes
On-demand viewers indexed highest on
commercial viewing (likely attributable to the
fact that fast-forwarding is often disabled).
Source: Nielson, December 2013 Study
50% of households in the U.S. expected to have
DVRs by 2017
Intended use for participants on Webinar
38
39. Radio
• 2013 Estimated Ad Dollars Spent: $15.5 Billion
• Percentage of Ad Dollars Spent in 2013: 7%
• Time Spent Radio Listening per Day:
• 1 Hour 26 Minutes
• Percentage Radio Time vs All Major Media: 12%
• Radio Reaches over 90% of the Population
Quick look at Radio stats
Intended use for participants on Webinar
39
40. Source: Revenue Advertising Bureau
Streaming Services Examples
Pandora
Spotify
Clear Channel’s iHeart Radio
Rdio
Daisy/MOG
Apple
Google
Amazon
Caveats for Streaming Radio Providers
• Overcoming the benefits to advertisers
from the “local” effect of broadcast
radio
• Royalty payment pressure to providers
as streaming has impacted artist
revenue from digital downloads
• Considering significant use on mobile,
carrier data plans could play a role in
future adoption
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
$0
$40
$80
$120
$160
$200
$240
$280
3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13
%ofTerrestrialRadioRevenues
QuarterlyRevenues(Mn.)
Digital Revenues % of Terrestrial Radio Revenues
Radio
Streaming freemium a threat to broadcast radio?
Intended use for participants on Webinar
40
41. eMarketer estimates that digital radio listeners represents just more than half
of the population and nearly two-thirds of internet users
Radio
Source: eMarketer, February 2014
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
0.02
0.04
0.06
0.08
0.1
0.12
0.14
0.16
0.18
0.2
2012 2013 2014 2015 2016 2017 2018
Y-O-YChange
Monthlydigitalradiolisteners(Mn.)
Monthly digital radio listeners (Mn.)
Monthly digital radio listeners (Mn.) % of internet users % of population
Digital Radio - a rapidly growing space
Intended use for participants on Webinar
41
42. - Advertising Spending -----> Growing faster than GDP
- Digital Evolution -----> Mobile drives growth
- TV everywhere & VOD -----> Dynamic ad insertion alters landscape
- Radio evolves -----> Authenticated radio improves EMP
- Mortgage debt increase -----> More spending potential
- Gov’t spending/investment -----> Less fiscal drag
- Full-time job gains -----> Likelihood for higher pay
- Spending on services -----> Discretionary spending sign
- Business investment -----> Uneven, pent-up demand
Summary – what to watch for
Intended use for participants on Webinar
42
43. Questions?
Intended use for participants on Webinar
If you would like to receive our GE Capital Telecom or Media Quarterly, send your request to:
Ben.abramovitz@ge.com OR call 646-428-7129
Ben Abramovitz
CFA
Senior Research Analyst
GE Capital, Americas
Rob Podorefsky
Managing Director &
Interest Rate Strategist
GE Capital, Americas
