This document summarizes key points from a CEO conference on resources and the economy:
1) Australia's economy has outperformed other advanced economies since the global financial crisis, but domestic growth is running below trend.
2) The emergence of China and the resulting commodity boom have been the defining feature shaping the global and Australian economic landscape over the past decade. Higher commodity prices have provided a significant boost to national income.
3) While the commodity boom has benefited Australia's income, it has also led to a "patchwork" economy with booming mining sectors and sluggish non-mining growth, posing challenges.
4) A high Australian dollar related to the resources boom poses difficulties for other exporting
This document discusses the economic recession and its various causes. It analyzes factors like the housing crisis leading the recession, overleveraged financial institutions, falling asset prices, and a weak household balance sheet both in the US and globally. It examines how productivity growth, central banks, and foreign purchases of treasuries contributed to rising debt levels and a consumer-driven economy in the US. It concludes that the current crisis is secular in nature rather than a normal cycle and will take time to recover from.
This document discusses the economic crisis and recession. It analyzes multiple factors that contributed to the problems, including the housing crisis, overleveraged financial institutions, falling asset prices, and a weak household balance sheet both in the US and globally. It examines trends in areas like inflation, interest rates, home prices, mortgage originations, derivatives, and consumer spending to explain how imbalances developed over time. The document concludes that this crisis is more secular and global in nature rather than a "normal" crisis, and will take time to work through reduction of debt and risk.
1) In times of economic uncertainty, marketers feel pressure to focus on short-term sales over long-term strategy through increased promotions and advertising cuts.
2) However, brands that maintain marketing investment through recessions tend to emerge stronger as they hold brand equity while weaker brands decline.
3) The document recommends marketers review their plans, maintain consistent branding activities, and focus on long-term brand building even during economic downturns.
This document provides an overview of The Sherwin-Williams Company to investors. It discusses the coatings industry and Sherwin-Williams' position as a top manufacturer. It highlights Sherwin-Williams' diversified customer base in architectural, industrial, and OEM coatings. It also outlines the company's controlled distribution network, leading brands, investment in technology, acquisition strategy, and financial strength.
The document provides an investor briefing for Bemis Company. It summarizes Bemis' business profile including its global presence, vertical integration, and key financial metrics. The briefing also outlines Bemis' strategic priorities to optimize its scale, grow in target areas like medical packaging, and accelerate innovation in materials and packaging features. Guidance is given for 2013 with adjusted EPS expected between $2.30 to $2.45 and cash flow from operations above $430 million.
A Ringside View of the Pharma Industry by Ranjit ShahaniVALUExIndia
http://valuexindia.com - On day 2 of VALUEx India 2011, Ranjit Shahani addressed the group. Ranjit Shahani is Vice Chairman and MD of Novartis India.
He has made significant contributions in consolidating the Company’s pharmaceuticals business during the critical integration phase pre and post formation of Novartis India Limited.
As President of Organisation of Pharmaceutical Producers of India (OPPI), he has been in the forefront in creating awareness of the challenges facing the Pharmaceuticals industry and how patents serve as innovation growth drivers.
During his presentation, Ranjit Shahani shared his thoughts on the pharma opportunity in India. Specifically, he shared his views, based on his unique insight as a leader in the industry, issues such as how pharma companies can drive innovation, leverage the dynamics of emerging markets to becomes leaders in innovation, and provide affordable and profitable health care in low income countries
This document discusses the economic recession and its various causes. It analyzes factors like the housing crisis leading the recession, overleveraged financial institutions, falling asset prices, and a weak household balance sheet both in the US and globally. It examines how productivity growth, central banks, and foreign purchases of treasuries contributed to rising debt levels and a consumer-driven economy in the US. It concludes that the current crisis is secular in nature rather than a normal cycle and will take time to recover from.
This document discusses the economic crisis and recession. It analyzes multiple factors that contributed to the problems, including the housing crisis, overleveraged financial institutions, falling asset prices, and a weak household balance sheet both in the US and globally. It examines trends in areas like inflation, interest rates, home prices, mortgage originations, derivatives, and consumer spending to explain how imbalances developed over time. The document concludes that this crisis is more secular and global in nature rather than a "normal" crisis, and will take time to work through reduction of debt and risk.
1) In times of economic uncertainty, marketers feel pressure to focus on short-term sales over long-term strategy through increased promotions and advertising cuts.
2) However, brands that maintain marketing investment through recessions tend to emerge stronger as they hold brand equity while weaker brands decline.
3) The document recommends marketers review their plans, maintain consistent branding activities, and focus on long-term brand building even during economic downturns.
This document provides an overview of The Sherwin-Williams Company to investors. It discusses the coatings industry and Sherwin-Williams' position as a top manufacturer. It highlights Sherwin-Williams' diversified customer base in architectural, industrial, and OEM coatings. It also outlines the company's controlled distribution network, leading brands, investment in technology, acquisition strategy, and financial strength.
The document provides an investor briefing for Bemis Company. It summarizes Bemis' business profile including its global presence, vertical integration, and key financial metrics. The briefing also outlines Bemis' strategic priorities to optimize its scale, grow in target areas like medical packaging, and accelerate innovation in materials and packaging features. Guidance is given for 2013 with adjusted EPS expected between $2.30 to $2.45 and cash flow from operations above $430 million.
A Ringside View of the Pharma Industry by Ranjit ShahaniVALUExIndia
http://valuexindia.com - On day 2 of VALUEx India 2011, Ranjit Shahani addressed the group. Ranjit Shahani is Vice Chairman and MD of Novartis India.
He has made significant contributions in consolidating the Company’s pharmaceuticals business during the critical integration phase pre and post formation of Novartis India Limited.
As President of Organisation of Pharmaceutical Producers of India (OPPI), he has been in the forefront in creating awareness of the challenges facing the Pharmaceuticals industry and how patents serve as innovation growth drivers.
During his presentation, Ranjit Shahani shared his thoughts on the pharma opportunity in India. Specifically, he shared his views, based on his unique insight as a leader in the industry, issues such as how pharma companies can drive innovation, leverage the dynamics of emerging markets to becomes leaders in innovation, and provide affordable and profitable health care in low income countries
The presentation discusses Sherwin-Williams, a global coatings manufacturer. It provides an overview of the company, the coatings industry, and Sherwin-Williams' competitive advantages. These include a diversified customer base, controlled distribution network, leading brands, investment in technology, and a strategy of growth through acquisitions. Financial highlights show Sherwin-Williams has maintained profitability and strong cash flows despite challenges in its end markets.
The document summarizes key points from a presentation given at a ULI Fall Meeting in Miami Beach, FL in October 2008 regarding the global credit crunch and its impacts. Some of the key points include: construction completions in the US are much lower now than in the 1980s and will not likely cause overbuilding; commercial mortgage debt outstanding in the US grew significantly as a percentage of GDP leading up to the credit crunch; global investment sales transaction volumes and property values have declined significantly due to the credit crunch; and the world's reliance on oil from the Persian Gulf region has significant geopolitical implications.
The document provides an overview of Minnetrista Corporation's portfolio as of July 16, 2005. It includes the current and target allocations across different asset classes, the investment performance of various asset classes and benchmarks over the last 12 months and since inception, a projection of portfolio growth versus actual returns, an analysis of the benefits of diversification, portfolio returns and payments, and an outlook on the federal reserve, consumer posture, and interest rates.
Moneyweb Investment Seminars - David Shapiromoneyweb
The document discusses the current state of the global economy and financial markets. It notes that while the light can be seen at the end of the tunnel, the global economy is still within it due to uncertainties persisting in developed economies like high unemployment and weak housing markets in the US. Emerging markets are forecasted to grow faster than advanced economies. The document also provides investment ideas and stock picks that may perform well in the difficult market environment.
- U.S. petroleum refining company presenting at an energy conference
- Facing challenges from weak refining market conditions and falling gasoline demand
- Taking steps to improve operating flexibility and maximize contributions from non-refining businesses like logistics and coke to maintain financial performance
The document summarizes Brazil's strong macroeconomic fundamentals and growing banking sector opportunities. Brazil achieved low inflation, declining interest rates, strong GDP growth, and falling unemployment. This stable environment and growing middle class have increased access to banking and credit. While credit penetration remains low, the banking system is well-capitalized and profitable with sound underwriting. The unique Brazilian context presents banks opportunities to profit from continued differential growth, bancarization, and a stable financial system.
1) The document discusses Monsanto's seeds and traits business, which focuses on corn and soybeans.
2) Monsanto has seen strong growth in its seeds and traits segment, with gross profits in this segment growing at a 32% CAGR from 2003-2006.
3) Monsanto believes it can increase its overall gross margin to 51-53% by 2010 by expanding its corn business in the U.S. and internationally, growing other crops like cotton, and developing new traits through its research pipeline.
The document summarizes MMX's 3Q12 results. It reports that production increased 7% quarter-over-quarter and 13% year-over-year. Sales increased 12% QoQ but decreased 10% YoY. Net revenues grew 21% QoQ but fell 10% YoY. The net loss narrowed significantly from the previous quarter though it was still lower than the previous year. EBITDA improved dramatically QoQ but was down slightly YoY. It also provides updates on various projects including the completion of mergers and financing arrangements as well as continued construction progress.
Cipher Pharmaceuticals is a specialty pharmaceutical company focused on improving existing drugs. It has generated revenue from its first drug, Lipofen, and expects a second revenue stream from CIP-Tramadol ER. Its pipeline includes CIP-Isotretinoin for severe acne, which if approved, could generate substantial revenue given the large market. Cipher has a strong financial position with no debt and cash reserves to fund its operations and ongoing clinical trials.
The Future of Pharma: A U.S. Sector ReviewCognizant
The future of U.S. pharma will depend on companies diversifying products and services to address global demand, as well as adopting new operating models that boost R&D productivity.
Rethink The Way You Invest Wealth Smart Versionvetter
This document discusses 10 key principles for a better investment experience. It begins by outlining principles related to understanding markets and knowing yourself as an investor. It emphasizes letting markets work for you through diversification and long-term investing. The document then discusses principles around harnessing the power of markets, such as holding multiple asset classes and keeping costs low. Overall, the principles promote passive, diversified, low-cost investing aligned with one's goals and risk tolerance.
Palestra: O Futuro dos Países Emergentes. Palestrante: Antoine van AgtmaelBienal da Energia 2009
Inserção desses países na dinâmica da economia mundial, comparando oportunidades, desafios e
riscos de cada um na economia local e global, assim como o potencial de crescimento associado ao comércio
internacional e ao mercado interno.
Financial analysis cresud sacif y a is an argentine agricultural company, w...BCV
Cresud SACIF y A is an Argentine agricultural company engaged in crop production, cattle raising, and milk production in Argentina, Brazil, Bolivia, and Paraguay. It focuses on acquiring, developing, and exploiting agricultural properties. The company has a growing presence in Latin America and generates revenue primarily from its real estate segment. Analyst ratings on the company are mixed, with some analysts recommending a buy and others recommending a hold or underperform. The company has no debt and is majority owned by institutional investors based in the United States and Australia.
Hogue Solutions provides interactive marketing solutions for casinos using digital game cards. The game cards can be used to bring back inactive players, attract new players, and celebrate milestones. Casinos set prize levels for the game cards, which are customized with casino colors and logos. Players play the game cards and redeem prizes at the casino. The solutions help build traffic and are easy for casinos to track return on investment through barcodes.
El documento discute las cuestiones epistemológicas de la didáctica desde una perspectiva histórica. Examina la evolución de la didáctica y su relación con la pedagogía a través de los siglos. También analiza cómo se ha entendido la didáctica como disciplina y su posicionamiento en relación con otras ciencias de la educación. Finalmente, explora qué se entiende por ciencia y cómo esto afecta la comprensión de la didáctica como disciplina científica.
4600 Kansas Ave,Kansas City, KS Industrial Space for LeasePaige Salveter
4600 Kansas Ave. is located in Kansas City, KS. This is a 120,000 SF distribution building divisible at 90K and 30K SF.
• It has a 21-25' clear (Avg. 23')
• 26 dock-high doors
• 4-drive-in doors - all 14' tall
• 5,600 SF office in west end, (90,000 SF section) and 3,000 SF at east end - (30,000 SF section)
• 40 +/- trailer parking spots on site
Excellent visibility and Interstate access!
Artículo aparecido en el periódico EL MUNDO (octubre de 2014). Se entrevista al investigador de AIDIMA Miguel Ángel Abián sobre la evaluación no destructiva o mínimamente invasiva de árboles y los avances que se están produciendo en ese campo.
The document details the author's journey over 30 years that has involved Cambodia. It began when they read the book "Anointed For Burial" in 1981, which penetrated their hearts and called them to the nations. Since then, they have felt called specifically to Cambodia and have visited 16 times. They believe God has more for them to do there, including writing a sequel book about the spiritual revival currently happening through the organization FCOPI.
The presentation discusses Sherwin-Williams, a global coatings manufacturer. It provides an overview of the company, the coatings industry, and Sherwin-Williams' competitive advantages. These include a diversified customer base, controlled distribution network, leading brands, investment in technology, and a strategy of growth through acquisitions. Financial highlights show Sherwin-Williams has maintained profitability and strong cash flows despite challenges in its end markets.
The document summarizes key points from a presentation given at a ULI Fall Meeting in Miami Beach, FL in October 2008 regarding the global credit crunch and its impacts. Some of the key points include: construction completions in the US are much lower now than in the 1980s and will not likely cause overbuilding; commercial mortgage debt outstanding in the US grew significantly as a percentage of GDP leading up to the credit crunch; global investment sales transaction volumes and property values have declined significantly due to the credit crunch; and the world's reliance on oil from the Persian Gulf region has significant geopolitical implications.
The document provides an overview of Minnetrista Corporation's portfolio as of July 16, 2005. It includes the current and target allocations across different asset classes, the investment performance of various asset classes and benchmarks over the last 12 months and since inception, a projection of portfolio growth versus actual returns, an analysis of the benefits of diversification, portfolio returns and payments, and an outlook on the federal reserve, consumer posture, and interest rates.
Moneyweb Investment Seminars - David Shapiromoneyweb
The document discusses the current state of the global economy and financial markets. It notes that while the light can be seen at the end of the tunnel, the global economy is still within it due to uncertainties persisting in developed economies like high unemployment and weak housing markets in the US. Emerging markets are forecasted to grow faster than advanced economies. The document also provides investment ideas and stock picks that may perform well in the difficult market environment.
- U.S. petroleum refining company presenting at an energy conference
- Facing challenges from weak refining market conditions and falling gasoline demand
- Taking steps to improve operating flexibility and maximize contributions from non-refining businesses like logistics and coke to maintain financial performance
The document summarizes Brazil's strong macroeconomic fundamentals and growing banking sector opportunities. Brazil achieved low inflation, declining interest rates, strong GDP growth, and falling unemployment. This stable environment and growing middle class have increased access to banking and credit. While credit penetration remains low, the banking system is well-capitalized and profitable with sound underwriting. The unique Brazilian context presents banks opportunities to profit from continued differential growth, bancarization, and a stable financial system.
1) The document discusses Monsanto's seeds and traits business, which focuses on corn and soybeans.
2) Monsanto has seen strong growth in its seeds and traits segment, with gross profits in this segment growing at a 32% CAGR from 2003-2006.
3) Monsanto believes it can increase its overall gross margin to 51-53% by 2010 by expanding its corn business in the U.S. and internationally, growing other crops like cotton, and developing new traits through its research pipeline.
The document summarizes MMX's 3Q12 results. It reports that production increased 7% quarter-over-quarter and 13% year-over-year. Sales increased 12% QoQ but decreased 10% YoY. Net revenues grew 21% QoQ but fell 10% YoY. The net loss narrowed significantly from the previous quarter though it was still lower than the previous year. EBITDA improved dramatically QoQ but was down slightly YoY. It also provides updates on various projects including the completion of mergers and financing arrangements as well as continued construction progress.
Cipher Pharmaceuticals is a specialty pharmaceutical company focused on improving existing drugs. It has generated revenue from its first drug, Lipofen, and expects a second revenue stream from CIP-Tramadol ER. Its pipeline includes CIP-Isotretinoin for severe acne, which if approved, could generate substantial revenue given the large market. Cipher has a strong financial position with no debt and cash reserves to fund its operations and ongoing clinical trials.
The Future of Pharma: A U.S. Sector ReviewCognizant
The future of U.S. pharma will depend on companies diversifying products and services to address global demand, as well as adopting new operating models that boost R&D productivity.
Rethink The Way You Invest Wealth Smart Versionvetter
This document discusses 10 key principles for a better investment experience. It begins by outlining principles related to understanding markets and knowing yourself as an investor. It emphasizes letting markets work for you through diversification and long-term investing. The document then discusses principles around harnessing the power of markets, such as holding multiple asset classes and keeping costs low. Overall, the principles promote passive, diversified, low-cost investing aligned with one's goals and risk tolerance.
Palestra: O Futuro dos Países Emergentes. Palestrante: Antoine van AgtmaelBienal da Energia 2009
Inserção desses países na dinâmica da economia mundial, comparando oportunidades, desafios e
riscos de cada um na economia local e global, assim como o potencial de crescimento associado ao comércio
internacional e ao mercado interno.
Financial analysis cresud sacif y a is an argentine agricultural company, w...BCV
Cresud SACIF y A is an Argentine agricultural company engaged in crop production, cattle raising, and milk production in Argentina, Brazil, Bolivia, and Paraguay. It focuses on acquiring, developing, and exploiting agricultural properties. The company has a growing presence in Latin America and generates revenue primarily from its real estate segment. Analyst ratings on the company are mixed, with some analysts recommending a buy and others recommending a hold or underperform. The company has no debt and is majority owned by institutional investors based in the United States and Australia.
Hogue Solutions provides interactive marketing solutions for casinos using digital game cards. The game cards can be used to bring back inactive players, attract new players, and celebrate milestones. Casinos set prize levels for the game cards, which are customized with casino colors and logos. Players play the game cards and redeem prizes at the casino. The solutions help build traffic and are easy for casinos to track return on investment through barcodes.
El documento discute las cuestiones epistemológicas de la didáctica desde una perspectiva histórica. Examina la evolución de la didáctica y su relación con la pedagogía a través de los siglos. También analiza cómo se ha entendido la didáctica como disciplina y su posicionamiento en relación con otras ciencias de la educación. Finalmente, explora qué se entiende por ciencia y cómo esto afecta la comprensión de la didáctica como disciplina científica.
4600 Kansas Ave,Kansas City, KS Industrial Space for LeasePaige Salveter
4600 Kansas Ave. is located in Kansas City, KS. This is a 120,000 SF distribution building divisible at 90K and 30K SF.
• It has a 21-25' clear (Avg. 23')
• 26 dock-high doors
• 4-drive-in doors - all 14' tall
• 5,600 SF office in west end, (90,000 SF section) and 3,000 SF at east end - (30,000 SF section)
• 40 +/- trailer parking spots on site
Excellent visibility and Interstate access!
Artículo aparecido en el periódico EL MUNDO (octubre de 2014). Se entrevista al investigador de AIDIMA Miguel Ángel Abián sobre la evaluación no destructiva o mínimamente invasiva de árboles y los avances que se están produciendo en ese campo.
The document details the author's journey over 30 years that has involved Cambodia. It began when they read the book "Anointed For Burial" in 1981, which penetrated their hearts and called them to the nations. Since then, they have felt called specifically to Cambodia and have visited 16 times. They believe God has more for them to do there, including writing a sequel book about the spiritual revival currently happening through the organization FCOPI.
The document discusses the economic downturn and its causes, including the housing crisis and overleveraged financial system. It notes that problems were compounded by structured products, regulatory changes, and derivative growth. The downturn has impacted consumers through falling home prices, tight credit, job losses, and declining earnings. Technology spending is also slowing as the economy weakens. The challenges suggest a slow, non-V shaped recovery.
The document discusses the economic crisis and its causes, including the housing market collapse, overleveraged financial institutions, and falling asset prices. It analyzes factors like declining inflation, growing household debt levels, and foreign investment in U.S. treasuries. Key themes discussed are that the crisis is global in scale, secular in nature, and will take time to resolve given its credit-driven nature and risk to GDP growth. The U.S. economy's past reliance on consumption and how this has impacted consumers and businesses is also examined.
This document discusses the economic recession and its various causes. It analyzes factors like the housing crisis leading the recession, overleveraged financial institutions, falling asset prices, and a weak household balance sheet both in the US and globally. It examines how productivity growth, central banks, and foreign purchases of treasuries contributed to rising debt levels and a consumer-driven economy in the US. It concludes that the current crisis is secular in nature rather than a normal cycle and will take time to recover from.
The document discusses the economic crisis and its causes, including the housing crisis and overleveraged financial system. It notes that problems were compounded by structured products, regulatory changes, and derivative growth. The US economy had become dependent on consumers and foreign investment in treasuries. Several charts show trends like rising household debt, falling wages and savings, and declining consumer confidence. The outlook suggests a long recovery rather than a quick V-shaped bounce back. Key sectors like technology will likely see slowing growth as the economy contracts.
The document summarizes Ireland's economic recovery and outlook. It notes that Ireland's recovery plan relies on a recovery in the world economy and resolving the banking crisis (Plan A), with no clear Plan B. Several indicators suggest the recovery may not be sustainable, and domestic demand is expected to remain weak with unemployment rising. Addressing large budget deficits and high debt costs remain significant challenges.
This document summarizes Colin I. Welsh's presentation on the global energy outlook. It finds that (1) global oil demand is outstripping supply due to reservoir depletion and underinvestment, leaving little spare production capacity. (2) Unconventional resources and offshore fields will make up an increasing share of global supply. (3) $550 billion or more in annual E&P spending is needed to meet rising demand, but spending trends have lagged. Aberdeen is well-positioned to benefit from opportunities in the global energy industry.
The document analyzes key economic indicators in the U.S. both before and after the enactment of an economic stimulus package. It shows graphs of various indicators such as GDP, unemployment, housing starts, stock prices, consumer confidence and retail sales declining sharply before the stimulus and then beginning to improve afterwards. The analysis suggests that the stimulus enacted helped arrest the declines across economic indicators and led to stabilization and some recovery in the U.S. economy.
The document discusses how financial turmoil following the Arab Spring uprisings is influencing economic freedom in the region. It presents empirical evidence showing relationships between changes in economic freedom and stock market returns, currency exchange rates, and government debt yields. Recent declines in foreign investment, private equity funding, and public stock markets in Arab countries indicate decreased economic freedom. Policy decisions going forward will impact areas like subsidies, capital controls, privatization, and transparency. Delays in political transitions threaten further credit downgrades and reserve declines in Egypt.
Icgfm Budgeting In Times Of Crisis A Canadian Perspectiveicgfmconference
“Budgeting in Times of Crisis: A Canadian Perspective
on Stimulus Packages”
Kevin Page, Parliamentary Budget Officer, Parliament of Canada
Mr. Page’s role as Budget Officer is to strengthen the capacity of Parliament to better hold government to account. This is accomplished by increasing transparency in the Government’s fiscal planning framework and improving scrutiny of budgetary estimates. Mr. Page will
cover the Canadian budget process, including the role of the Parliamentary Budget Officer, and address the issues and challenges around the Canadian Stimulus Package.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2011BoyarMiller
This document summarizes the presentations from the 5th Annual Current State of the Capital Markets Breakfast Forum on September 8, 2011. It includes sections on market performance, credit market stress, the European sovereign debt crisis, US manufacturing and employment data, and investment strategy recommendations to focus on capital preservation given significant downside risks in the markets. It also summarizes private equity and M&A activity trends, noting increased deal volume and values in the energy sector.
This document discusses forward-looking statements and contains three key points:
1) It cautions readers that certain information in the presentation constitutes "forward-looking statements" which are inherently uncertain and subject to significant risks and uncertainties.
2) It notes that the forward-looking statements are based on a number of assumptions that may prove to be incorrect, including assumptions about metal prices, exchange rates, production levels, costs, and timelines.
3) It disclaims any obligation to update forward-looking statements except as required by law, and warns readers not to put undue reliance on such statements due to their inherent uncertainty.
This document discusses forward-looking statements and contains projections for a mining company's future performance. It notes that metal prices, exchange rates, costs, and other factors could differ from management's expectations and impact results. The document also provides an investment case for the company, highlighting its transition to being a long-life, low-cost palladium producer with growth potential. Tables show the company's market statistics and cash position. Additional sections analyze the palladium market, noting constrained supply and increasing fabrication demand driven by automotive production growth.
This document discusses forward-looking statements and contains three key points:
1) It cautions readers that certain information in the presentation constitutes "forward-looking statements" which are inherently uncertain and subject to significant risks and uncertainties.
2) It notes that the forward-looking statements are based on a number of assumptions that may prove to be incorrect.
3) It disclaims any obligation to update the forward-looking statements except as required by law.
Chris Caton, Chief Economist at BT Financial Group, presented his economic preview for AIM NSW & ACT this week. "Share markets are still slightly cheap" is just one of the key findings. Read more in the attached slide show.
This presentation provides an investment case for North American Palladium. It notes that NAP is transitioning into a long-life, low-cost palladium producer with steady production growth. It highlights NAP's leverage to rising palladium prices and attractive jurisdiction compared to South African peers. The presentation also outlines NAP's development and exploration upside, experienced management team, and strong balance sheet to fund growth.
The document provides an economic analysis and outlook from the Chief Economist of a bank. It summarizes data on GDP growth in Canada and the US, food and commodity price inflation, the economic outlook and recession risks for European economies, challenges for the banking sector in Europe, fiscal policy debates in the US, US consumer behavior, monetary policy outlook from the Fed, and the US housing market. The analysis covers economic indicators and policy issues across multiple countries and regions.
Energy Industry Report: Energy Perspectives - January 2015Duff & Phelps
This edition of Energy Perspectives provides a recap of industry activity in 2014. Despite fairly consistent falling crude oil prices over the past six months, the industry experienced a record number of oilfield (OFS) M&A transactions for the fourth year in a row, achieving 329 announced transactions in 2014. For more detail on recent OFS trends, public comps and deal activity, read the report.
Similar to Michael Blythe- Resources & Energy Symposium 2012 (20)
Symposium Investor Roadshow November 2015 - WPG ResourcesSymposium
The document discusses WPG's plans to build South Australia's first regional gold play by re-opening the existing Challenger gold mine in Q2 2016 and commencing production at the Tarcoola gold mine in Q3 2016. It has secured an exclusive option to acquire the Challenger gold mine from Kingsgate Consolidated Limited. If the option is exercised, WPG will acquire the mine in a 50/50 joint venture with Diversified Minerals Pty Ltd. The acquisition includes all assets, infrastructure and bonds. The goal is to extend the mine life by improving economics through reducing mining dilution and increasing ore grades.
Symposium Investor Roadshow November 2015 - MGC PharmaceuticalsSymposium
MGC Pharmaceuticals (MGC) is a medical and cosmetic cannabis company with licenses to grow, extract and sell Cannabis Sativa in Slovenia within the EU. MGC holds unique genetics with very low THC levels and high CBD content, allowing it to produce higher amounts of CBD. MGC is currently developing its own line of cosmetic and over-the-counter medical products and has partnerships to sell CBD extracts. The company sees opportunities in the Australian market following regulatory changes.
Stonehenge/ Protean Wave Energy - Symposium Investor Roadshow November 2015Symposium
This investor presentation provides an overview of Stonehenge Metals Ltd, which is transitioning to focus on renewable energy and plans to change its name to Protean Wave Energy Limited. It is raising up to $5 million to commercialize the Protean wave energy conversion technology. The presentation discusses the renewable energy opportunity and challenges with wind and solar. It then describes the Protean technology, which uses all six degrees of wave movement to generate compressed air. The company's strategy is to initially target remote islands and ports that currently rely on diesel generation. It outlines partnerships in Australia and the US, and plans to deploy a demonstration wave farm in Australia and potentially a commercial pilot project in the Maldives. The board and
Altech Chemicals Investor Roadshow Presentation September 2015Symposium
This presentation by Iggy Tan, Managing Director of Altech Chemicals Limited, provides an overview of the company's plans to become a leading producer of high purity alumina (HPA). Altech aims to utilize a low-cost process to produce HPA from aluminous clay deposits in Western Australia for applications in LED lighting and electronics. Key points include:
- HPA demand is growing rapidly due to increasing use in LEDs and sapphire glass for smartphones. Altech's proposed plant in Malaysia is well-positioned to serve Asian markets.
- Altech's process involves leaching aluminous clay with hydrochloric acid to extract high purity alumina in a single step at a lower cost than other producers
- MRL Corporation holds mining and exploration licenses covering 6,300 hectares of high-grade vein graphite deposits in Sri Lanka.
- Drilling has returned graphite grades as high as 99.3% total carbon.
- Rehabilitation of existing mine shafts is underway to commence small-scale production in 2015, with minimal infrastructure required.
- Testing at the University of Adelaide found the graphite suitable for high-quality, scalable graphene production.
Antisense Therapeutics is a biotech company developing antisense drugs to treat diseases. It has two drugs that showed positive results in Phase 2 clinical trials. ATL1103 for acromegaly was partnered with Strongbridge Biopharma who will fund further development and commercialization in exchange for milestone payments up to $124 million plus royalties. ATL1102 showed positive results for multiple sclerosis in a Phase 2 trial. The company is working to establish an early access program for ATL1102 in Europe to potentially generate near-term revenue while seeking a partner for a Phase 2b trial. Antisense Therapeutics believes its antisense technology platform has potential applications for cancer and diabetic complications as
Antilles Oil and Gas (ASX: AVD) Investor Roadshow presentation September 2015Symposium
Antilles Oil & Gas is an Australian listed company focused on oil and gas exploration and production. It has acquired a 100% interest in an onshore block in Peru covering over 1 million acres with existing seismic data and nearby hydrocarbon fields. The company's management team has extensive experience operating in similar geological settings in the Atlantic Margin. Antilles plans to reprocess existing 2D seismic over the block to identify low-risk drilling targets near the Pirin oil field with production of over 300,000 barrels historically. The company represents an opportunity for investors to gain exposure to high-potential exploration in Peru and the wider Caribbean region.
UIL Energy (ASX:UIL) Investor Roadshow Sept 2015Symposium
UIL Energy is an oil and gas company focused on exploration and development in the Perth Basin in Western Australia. The company holds a significant land position of around 500,000 acres in the basin. The managing director argues that UIL Energy is significantly undervalued compared to its peers in the Perth Basin, and is well positioned to benefit from increasing drilling and development activity in the region as major gas producers' offshore reserves decline. He outlines UIL Energy's assets and prospects in the northern, central, and southern parts of the Perth Basin, as well as projections for increasing domestic gas prices in Western Australia over the coming decades.
Central petroleum investor presentation July 2015Symposium
Central Petroleum holds over 56 million acres of exploration tenements in Australia, including operating stakes in several joint ventures. It will take over operation of the Mereenie oil and gas field through a joint venture with Santos. Central expects the Northern Gas Pipeline (NEGI) to be approved, which would deliver $75 million per year in additional revenues for Central beginning in 2019. Over half the gas transported through NEGI is expected to come from fields operated by Central. The presentation outlines Central's assets and operations and argues that approval of NEGI is crucial to unlocking new gas markets and revenues.
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[4:55 p.m.] Bryan Oates
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Michael Blythe- Resources & Energy Symposium 2012
1. CEO Conference
A Macro Look at Resources
Resources & Energy Symposium
Michael Blythe
Chief Economist
(612) 9118 1101
michael.blythe@cba.com.au
May 2012
2. Important Information
This advice has been prepared without considering your objectives, financial situation or needs, and
before acting on the advice, you should consider its appropriateness to your circumstances.
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p p
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, US , y
Please see further disclaimers at the back of this document. Please also view our website at
www.research.commbank.com.au for a more detailed disclaimer.
2
3. The Big Picture
Outperforming & underachieving!
REAL GDP REAL GDP
Index ( p
(Sep'08= 100)
) Index % (annual % change) %
110 110 6 6
Lehman Australia
collapse
105 105
Trend
4 4
US
100 100
NZ
UK
2 2
95 95
Europe
Japan
90 90 0 0
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Sep-98 Sep-01 Sep-04 Sep-07 Sep-10
The Australian economy continues to outperform other advanced economies.
But domestic growth is running below trend (3¼% per annum).
annum)
3
4. Resources & The Big Picture
Bigger than Ben Hur
USD COMMODITY PRICES USD MINING INVESTMENT
% %
index (log scale, 1860=100)
scale index (% of GDP)
5000 5000 10 10
Source: The Economist Source: RBA/CBA
"China" 8 CBA 8
(f)
OPEC
II 6 6
500 American
A i 500
Civil War Korean Previous
War 4 booms 4
OPEC
WWI I
2 2
WWII
50 50 0 0
1860 1880 1900 1920 1940 1960 1980 2000 1861 1881 1901 1921 1941 1961 1981 2001
The emergence of China and the commodity boom is the key defining feature of
p
the economic landscape.
4
5. Resources & The Economy
The good – income
The commodity story is an income
COMMODITY INCOME BOOST* story.
% (% of GDP) %
4 4 The numbers:
– the income injection fro higher
commodity prices has been worth
2 2 1-2%
1 2% of GDP pa over the past
eight years;
– incomes are $7,100 per person
0 0 per annum higher than otherwise;
2011/12
to – a ship load of iron ore “bought”
*Source: CBA calculations 2012/13
2,200
2 200 flat screen TV’s in 2005 –
TV s
-2 -2
1994/95 1998/99 2002/03 2006/07 2010/11
now buys 22,000!.
Source: RBA Governor Glenn Stevens Nov’10
5
6. Resources & The Economy
The bad – a “patchwork” economy
ECONOMIC ACTIVITY
Consensus has trend GDP growth
Index (2010/11 = 100) Index over next few years and resources
145 145
Source: RBA , CBA accounting for ½-⅔ of that growth.
Implications:
Mining – mining-related economy to expand at
130 GDP 130
≈9-16%pa over next two years;
– non-mining economy to grow at just
1½-2%pa if overall economy to be
115 Non-mining 115 kept within the “speed limits”.
p p
GDP
GDP
100 100
2010/11 2011/12 2012/13
6
7. Resources & The Economy
The ugly – a high AUD
AUD EXPECTATIONS ESTABLISH FOREIGN OPERATIONS?
(average for the next 10 years) (% of respondents)
95
US
cents Source: CBA AUD Barometer Total
90 Financials
Average of
past ten years
Other
85
Consumer
80
Industrials
75 Materials
M t i l
Resources
70 *Source: CBA AUD Barometer
Importer Exporter Both imp. &
export 0 15 % 30 45
Most businesses now believe the Aussie will be permanently higher
High
Hi h AUD i h i an i
is having impact on capex and labour hiring plans.
t dl b hi i l
7
8. Maximise The Benefits
Minimising domestic constraints - exports
CAPEX & PROJECT STATUS COAL EXPORT CAPACITY
% of Index Mtpa Mtpa
24
GDP 400
Under
consideration* Committed
450 capacity 450
(adv 2-years, rhs)
20 300
Business 350 350
capex
16 200
(lhs) Capacity
Exports
12 100 250 250
*Source: ACCESS Economics Source: RBA/BREE
8 0 150 150
Mar-02 Mar-05 Mar-08 Mar-11 2005 2007 2009 2011 2013 2015
The peak impact of the mining construction boom is still some way off.
A new growth d i
th driver will be needed eventually – resource exports need to rise.
ill b d d t ll t dt i
8
9. Maximise The Benefits
Minimising domestic constraints - costs
Heavy construction focus raises cost
y
$/wk CONSTRUCTION WAGES $/wk
risks in an environment of skill
1300 1300
QIV - 2011
shortages and pressures on
materials.
1200 1200
1100 1100 A theme in recent RBA commentary
is the need to contain nominal labour
1000 1000
cost growth and boost productivity
growth.
900 900
Real wages
800 800
6 7 8 9 10
Share of labour market
9
10. Maximise The Benefits
Getting policy right – Pt I
The non-mining economy and the
HOUSEHOLD SPENDING
% (% of GDP) %
household component of it are bearing
66 66 the brunt of structural adjustment.
Policy
P li makers have a role to play:
k h l t l
63 63 – lower interest rates will help;
– targeting low-middle i
t ti l iddl incomes and small
d ll
6%
of GDP
business for support will help;
60 60 – need to get tax p
g policy right – scrapping
y g pp g
company tax cut and 50% discount on
interest earnings is disappointing;
57 57
– changing superannuation rules (again)
Sep-59 Sep-68 Sep-77 Sep-86 Sep-95 Sep-04 is disappointing;
10
11. Maximise The Benefits
Getting policy right – Pt II
RANKING OF COUNTRIES FOR MINING INVESTMENT BY KEY DECISION CRITERIA: 2011
(highest ranking for each category is 10 so maximum score is 70) Source: Behre Dolbear Mining Survey
RANK COUNTRY ECONOMIC POLITICAL SOCIAL PERMITTING CORRUPTION CURRENCY TAX TOTAL
SYSTEM SYSTEM ISSUES DELAYS STABILITY REGIME POINTS
1
Table on9
Australia
A t li 8 8 8 10 9 5 57
2 location 9drivers
Canada 9 4 4 10 9 7 52
3 Chile 9 9 7 6 8 8 4 51
4 Brazil 7 8 5 5 5 9 6 45
5 Mexico 8 8 2 7 6 6 7 44
6 USA 8 9 3 1 10 7 3 41
7 Colombia 6 7 6 6 5 5 4 39
8 Tie Botswana 6 5 5 5 5 5 6 37
8 Tie Peru 6 6 4 4 5 7 5 37
↕
25 Russia 1 1 3 3 1 2 5 16
Global investment decisions depend on more than tax regimes.
Even if Australia dropped to “1” for tax regime would still rank No. 2 globally
1 regime, No globally.
11
12. Maximise The Benefits
Selling the story – the unhappy consumer
Households are unhappy.
PERSONAL CIRCUMSTANCES
% (net % of respondents) %
40 40 General feeling that the “benefits” of
the resources boom are not being
shared around while the “costs” are:
h d d hil th “ t ”
20 20
Better in six – no tax cuts - carbon tax and flood
months time
levy instead;
y ;
Better
0
than six
0 – high Aussie dollar hurting some
months key sectors;
ago
-20 -20 – household budgets under pressure
(utilities, health etc);
Source: CBA Viewpoint – retirement savings struggling;
-40 -40
Apr 09 Jan 10 Oct 10 Jul 11 Apr 12
– job security fears.
12
13. Maximise The Benefits
Selling the story – sharing the spoils
SHARING THE COMMODITY BOOM SALARIES: WHERE SPENT
(
(cents per $ of revenue)
p ) (% of total earned in region)
%
Leakage offshore 100
Payment to
domestic
shareholders 75
Payment of royalties
& taxes Stays in
y
50-60c of 50 region
every $ of
Buying domestic income Leaves
services & imports remains in region
into resources sector Australia 25
Paying domestic
labour
0
0 15 30 45 Northern WA Central Qld
Source: RBA Source: CBA Viewpoint
RBA calculations are that 50-60¢ of each $ of resources revenue remains in Aust.
The benefits of the boom do spread through the broader economy.
economy
13
14. Global Issues
Demand matters
CHINA: GDP & POLICY CHINA: CONSTRUCTION & POLICY CHINA: STEEL & POLICY
%pa (annual % change) %pts %pa (change) (change)
%pts %pa %pts
6.0 -3.5 40 -3.5 60 -3.5
Ch in reserves Crude steel
GDP requirement ratio production
(ch in annual (6 mnth change
change, (ann ch in g
( growth, lhs)
, )
3.0 growth rate, lhs) -1.4 20 adv 12 months, rhs) -1.4 30 -1.4
0.0
00 0.8
08 0 0.8
08 0 0.8
08
Ch in reserves
requirement ratio
-3.0 (6 mnth change, 2.9 -20 2.9 -30 2.9
adv 14 months, rhs)
d th h ) QI Ch iin reserves
Floor space requirement ratio
under construction
(6 mnth change,
(ann ch in growth, lhs)
adv 8 months, rhs)
-6.0 5.0 -40 5.0 -60 5.0
Jan-02 Jan-05 Jan-08 Jan-11 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12
Even if domestic settings are right, our ability to maximise the benefits will depend
on offshore events beyond our control.
14
15. Global Issues
So does the composition of growth
TRADE & PRODUCTION CHINA & EXPORTS
(
(Jan'08=100)
)
Index
I150
d Index
150 (% of a country's exports that remain in China)
country s
90
%
Emerging Asia Source: HKMA
industrial
production
130 130
60
110 Advanced 110
economy
imports
30
90 90
Source: BEPA
0
70 70
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Phil. Thai. Mal. Sing. Kor. Jap. NZ Indo. Aus.
Asian growth is increasingly domestically driven.
Australia is more exposed to the Asian domestic story
story.
15
16. The Long Run
Middle income consumers
CONSUMPTION SHARE & INCOME
The Chinese consumer is set to
Consumption
100
(% of GDP) become an important economic
driver.
Incomes at the point where the
75
consumption share typically lifts.
USA
Expanding global middle class to
Japan
underwrite consumer demand for:
50
South – larger and better quality housing;
Korea
– more and better quality food;
China Source: IMF – more consumer durables;
25
0 20 40 60
– more education services;
GDP/capita (PPP)
– more holidays.
16
17. A Look into the Abyss
More volatility?
GENERAL GOVERNMENT DEBT IMF defines stabilisation as achieved
Title (advanced economies) when advanced economy gross debt at
120 of
% % 120
of
GDP GDP 60% of GDP (pre-crisis median).
Adjustment is a lengthy process – IMF
scenarios stretch out to 2030
80 80
You
Extended timeframe indicates financial
are market volatility will be an enduring
here
feature.
40 40
“Asia” determines Australian growth
and incomes. “North Atlantic”
Source: IMF
economies drive sentiment and
0 0
financial markets.
2007 2012 2017 2022 2027
17
18. CBA Economic Forecasts
2009/10 2010/11 2011/12 2012/13
Economy (a) (a) (f) (f)
GDP (% ch) 2.3 2.0 2.8 3.3
Of which: Consumer spending (% ch) 2.5 3.1 3.3 2.9
Business Investment (% ch) -5.2 6.4 20.1 12.3
Unemployment (%) 5.5 5.1 5.3 5.5
CPI (% ch) 2.3 3.1 2.3 2.6
Wage Price Index (% ch) 3.1 3.8 3.7 3.9
Terms-of-Trade
T fT d -4.1
41 20.8
20 8 4.5
4 1.5
1
Current account balance (% of GDP) -4.3 -2.4 -2.4 -2.8
Underlying Budget balance (% of GDP) -4.2
42 -3.7
37 -2.8
28 0.2
02
18
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dit d Investor.
t
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