The document provides a monthly market commentary and analysis for December 2009 from MacDougall, MacDougall & Mactier Inc. It summarizes the performance of major stock market indices in November 2009 and year-to-date. It also discusses the impact of the strong Canadian dollar on returns and the economy. Finally, it provides recommendations on several stocks and an outlook on currency movements based on economic fundamentals and commodity prices.
The document summarizes an economic analysis predicting a "W-shaped" recovery over the next few years for the US economy. It states that massive fiscal stimulus financed by monetary easing could lead to GDP growth resuming in late 2009, but this stimulus could also cause inflation and further monetary tightening, risking another recession in 2011-2012. Downside risks to the economy remain substantial in the near-term, with GDP forecast to contract sharply again in Q1 2009 and several indicators like housing remaining weak.
Commerce Real Estate Solutions 3rd Qtr 2010 Retail ReportJessica Parrish
Vacancy rates in the Las Vegas retail market fell slightly in the third quarter of 2010 to 12.99%, while average lease rates continued to decline to $1.63 per square foot. Unemployment in Las Vegas remains high at 14.7%, the highest in the nation, and is still impacting the local economy. While some indicators show signs of improvement, such as a rise in taxable sales, the outlook remains cautious as the full effects of high unemployment are still uncertain. The retail market recovery is expected to be slow as vacant space is absorbed and consumer confidence and spending increase.
This document provides an overview of the current real estate market from the perspective of both buyers and sellers. It discusses how even in a buyer's market, sellers can still achieve their goals. While prices have declined since the housing boom, sellers can benefit from buying a new home at today's lower prices. The document analyzes housing supply and demand data and provides tips for sellers, such as proper pricing, preparing their home for sale, and developing a marketing plan. It aims to convince hesitant sellers that now is a good time to sell and make a move.
The document summarizes Knoll's third quarter 2009 financial results. Key points include:
- Sales declined 36.1% year-over-year in 3Q09 due to decreases in corporate spending and employment.
- Gross margin dollars and percentage decreased due to lower sales volume and pricing pressures. Adjusted operating profit also declined due to lower sales.
- Adjusted EPS fell to $0.13 in 3Q09 compared to $0.52 in the prior year.
- Bank leverage, a measure of debt levels, increased to 2.59 times in 3Q09 from prior periods below 2 times, reflecting lower operating results.
Toronto Real Estate Statistics september 2011John Helfrich
The document summarizes real estate sales data for the Greater Toronto area in September 2011. It reports that home sales increased 25% compared to September 2010, with 7,658 transactions. For the first three quarters of 2011, sales increased 2.6% compared to the same period in 2010. The average selling price continued to grow by close to 10% year-over-year in September. Market conditions were tighter as annual growth in sales outpaced annual growth in new listings.
The document summarizes Knoll's 2009 second quarter financial results. It includes introductions by the CEO and CFO. Key highlights include:
- Sales declined 30.9% from the previous year's second quarter.
- Gross margin percentage increased to 35.2% compared to 34.6% last year even as gross margin dollars decreased.
- Adjusted operating profit declined by over 50% and the adjusted operating margin fell to 10.2% from 13.9% the previous year.
- Adjusted EPS declined to $0.21 from $0.52 in the second quarter of 2008.
- Home prices increased for the first time since 2007 and housing starts were up 23.4% from a year ago, showing signs the housing market is improving.
- Unemployment claims were down and the four-week moving average decreased, indicating strength in the labor market.
- Real estate professionals report an increase in home contract signings for the 13th consecutive month, with total sales expected to be up 9-10% for 2012.
There were more Manhattan co-op and condo sales in the first quarter of 2011 than in the same period the previous year. However, key housing market indicators declined from a year ago, reflecting the expiration of the federal homebuyer tax credit. The median sales price fell nearly 10% and average price per square foot dipped 1.3% from the first quarter of 2010. Listing inventory was also down slightly year-over-year, while days on the market increased and the discount between asking and sale prices declined. Co-op sales rose significantly but prices fell as the tax credit impact continued. Overall, the Manhattan housing market saw modest gains in activity but weaker conditions compared to a year ago.
The document summarizes an economic analysis predicting a "W-shaped" recovery over the next few years for the US economy. It states that massive fiscal stimulus financed by monetary easing could lead to GDP growth resuming in late 2009, but this stimulus could also cause inflation and further monetary tightening, risking another recession in 2011-2012. Downside risks to the economy remain substantial in the near-term, with GDP forecast to contract sharply again in Q1 2009 and several indicators like housing remaining weak.
Commerce Real Estate Solutions 3rd Qtr 2010 Retail ReportJessica Parrish
Vacancy rates in the Las Vegas retail market fell slightly in the third quarter of 2010 to 12.99%, while average lease rates continued to decline to $1.63 per square foot. Unemployment in Las Vegas remains high at 14.7%, the highest in the nation, and is still impacting the local economy. While some indicators show signs of improvement, such as a rise in taxable sales, the outlook remains cautious as the full effects of high unemployment are still uncertain. The retail market recovery is expected to be slow as vacant space is absorbed and consumer confidence and spending increase.
This document provides an overview of the current real estate market from the perspective of both buyers and sellers. It discusses how even in a buyer's market, sellers can still achieve their goals. While prices have declined since the housing boom, sellers can benefit from buying a new home at today's lower prices. The document analyzes housing supply and demand data and provides tips for sellers, such as proper pricing, preparing their home for sale, and developing a marketing plan. It aims to convince hesitant sellers that now is a good time to sell and make a move.
The document summarizes Knoll's third quarter 2009 financial results. Key points include:
- Sales declined 36.1% year-over-year in 3Q09 due to decreases in corporate spending and employment.
- Gross margin dollars and percentage decreased due to lower sales volume and pricing pressures. Adjusted operating profit also declined due to lower sales.
- Adjusted EPS fell to $0.13 in 3Q09 compared to $0.52 in the prior year.
- Bank leverage, a measure of debt levels, increased to 2.59 times in 3Q09 from prior periods below 2 times, reflecting lower operating results.
Toronto Real Estate Statistics september 2011John Helfrich
The document summarizes real estate sales data for the Greater Toronto area in September 2011. It reports that home sales increased 25% compared to September 2010, with 7,658 transactions. For the first three quarters of 2011, sales increased 2.6% compared to the same period in 2010. The average selling price continued to grow by close to 10% year-over-year in September. Market conditions were tighter as annual growth in sales outpaced annual growth in new listings.
The document summarizes Knoll's 2009 second quarter financial results. It includes introductions by the CEO and CFO. Key highlights include:
- Sales declined 30.9% from the previous year's second quarter.
- Gross margin percentage increased to 35.2% compared to 34.6% last year even as gross margin dollars decreased.
- Adjusted operating profit declined by over 50% and the adjusted operating margin fell to 10.2% from 13.9% the previous year.
- Adjusted EPS declined to $0.21 from $0.52 in the second quarter of 2008.
- Home prices increased for the first time since 2007 and housing starts were up 23.4% from a year ago, showing signs the housing market is improving.
- Unemployment claims were down and the four-week moving average decreased, indicating strength in the labor market.
- Real estate professionals report an increase in home contract signings for the 13th consecutive month, with total sales expected to be up 9-10% for 2012.
There were more Manhattan co-op and condo sales in the first quarter of 2011 than in the same period the previous year. However, key housing market indicators declined from a year ago, reflecting the expiration of the federal homebuyer tax credit. The median sales price fell nearly 10% and average price per square foot dipped 1.3% from the first quarter of 2010. Listing inventory was also down slightly year-over-year, while days on the market increased and the discount between asking and sale prices declined. Co-op sales rose significantly but prices fell as the tax credit impact continued. Overall, the Manhattan housing market saw modest gains in activity but weaker conditions compared to a year ago.
The document provides an overview of the Canadian housing market in October 2011. It includes the following:
1) Home sales ticked up slightly by 1.4% in October 2011 compared to the previous year, reaching the highest level since January 2011.
2) The average home price in October was $362,899, up 2.9% from September 2011 and up 5.5% from October 2010.
3) The national housing market remained balanced in October 2011, with the sales-to-new listings ratio between 52-53% for the sixth consecutive month.
Greater Princeton NJ Real Estate UpdateAnn Harwood
1) Housing market confidence is increasing as home sales, prices, and construction are up across most major cities in the US.
2) Inventory levels are decreasing, indicating a balanced market that favors both buyers and sellers.
3) Economic indicators point to an ongoing recovery in the housing market in 2012.
The annual meeting of Fifth Third shareholders took place on April 15, 2008. Kevin Kabat, the President and CEO, discussed the difficult economic environment characterized by a weak housing market, rising unemployment and declining consumer spending. Fifth Third has taken steps to mitigate credit risks, including tightening underwriting standards. Despite challenges, Fifth Third has comparatively outperformed peers in areas such as loan growth, fee income growth and efficiency. Kabat emphasized Fifth Third's operating strengths, including its integrated business model and focus on customer satisfaction, and outlined its commitment to building a better future.
Q3 2003 Motorola Inc. Earnings Conference Call Presentationfinance7
- Motorola reported Q3 2003 earnings with total sales of $6.8 billion, a 4.5% increase over Q3 2002. Earnings per share remained flat at $0.06 excluding special items.
- Gross margin declined due to increased handset competition and pricing pressures in Asia combined with sales of discontinued low-margin products. However, SG&A and R&D expenses as a percentage of sales improved.
- Operating margin remained flat at 4.4% compared to Q3 2002. Cash flow was strong with $1.1 billion in operating cash flow and $0.9 billion in free cash flow.
This document summarizes real estate market statistics for the Oklahoma City metro area in October 2012. It shows that closed home sales increased 19.39% compared to October 2011, with 3,663 homes sold. Pending home sales were up 23.77% and average home prices rose 8.91% to $152,288. However, the housing inventory decreased 12.44% to 30,516 homes, lowering the months of supply to 8.61 months.
Toronto real estate statistics may 2011John Helfrich
Toronto Real Estate Market Statistics for May 2011. Focus on East End Toronto Homes and East End Toronto Real Estate. The Beaches, Riverdale, Leslieville, Danforth Village, East Danforth, Danforth Mosaic
Chemical compounds, fusions-acquistions dans le secteur de la chimie T2 2012PwC France
L’enquête de PwC regroupe toutes les fusions et acquisitions en cours entre le 1er janvier 2008 et le 30 juin 2012. Les chiffres, les transactions et les données financières ont été prélevées sur Thomson Reuters.
Retrouvez nos publications : http://www.pwc.com/publications
Market conditions at the fourth quarter’s outset largely reflected expectations of continued (albeit modest) economic growth and accommodative monetary policy. At mid quarter, the presidential election portended a period of fiscal stimulus and tightening monetary policy. Overall, the quarter witnessed a sharp rally in equities, tightening credit spreads, a downturn in Treasury prices and a strengthening of the U.S. dollar.
Metro Boston Monthly Indicators Report, October 2012 Unit Realty Group
The document provides a monthly summary of housing market indicators for the Greater Boston region. It shows that in October 2012, new listings decreased while pending sales increased compared to the previous year. The median sales price rose for both single-family homes and condominiums year-over-year. Inventory levels decreased significantly while housing affordability remained relatively stable. The summary concludes that market fundamentals have strengthened with fewer foreclosures and strong buyer demand contributing to price increases.
The document provides an overview of key concepts in monetary economics from different schools of thought. It discusses the Keynesian, classical, and monetarist views. Specifically, it explains the three motives for holding money according to Keynes as transactions, precautionary, and speculative demand. It also describes the demand for money curve and how the equilibrium interest rate is determined by the intersection of money demand and supply. Changes in the money supply can then affect aggregate demand, output, prices, and employment under different economic models.
80
The document summarizes commercial real estate market conditions in Northern Nevada during the third quarter of 2008. It states that declining lending has negatively impacted business activity and the real estate market. Vacancy rates increased across office, retail, and industrial sectors, putting downward pressure on rents. Property sales occurred but with higher capitalization rates. The regional economy also weakened with rising unemployment.
The document summarizes Toronto real estate market statistics for May 2012. It reports that home sales increased 11% compared to May 2011, with 10,850 transactions. Average home prices rose 6.5% to $516,787. Price growth was strongest for low-rise homes, while new listings grew over 20% year-over-year, which may help moderate future price increases if the pace continues. Overall, the Toronto real estate market showed solid sales and price growth in May 2012 compared to the previous year.
The document summarizes real estate data for the Greater Toronto area in May 2012. It reports that home sales increased 11% compared to May 2011, with 10,850 transactions. Average home prices rose 6.5% to $516,787. While sales growth was strongest in areas surrounding Toronto, average price growth was driven by the low-rise market segment within the city. Strong competition between buyers for low-rise homes contributed to price increases, but annual price growth is expected to moderate as new listings rise substantially above year-ago levels.
The document provides a monthly summary of housing market indicators for the Greater Boston region. Key points include:
- Closed home sales increased 15.3% for single-family homes and 22.3% for condominiums compared to the previous January.
- The median sales price rose 6.0% for single-family homes to $430,000 and 3.5% for condominiums to $367,250.
- Inventory levels decreased substantially while months supply of inventory also declined, signaling a stronger seller's market.
BoyarMiller Breakfast Forum: The Houston Commercial Real Estate Markets – Wha...BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the look ahead for Houston’s Commercial Real Estate for 2016.
Speakers include: Jimmy Hinton with HFF; Jonathan Brinsden with Midway; and Trey Odom with Avera Companies.
Toronto real estate statistics October 2011John Helfrich
Toronto Real Estate Market Statistics for October 2011. Focus on East End Toronto Homes and East End Toronto Real Estate. The Beaches, Riverdale, Leslieville, Danforth Village, East Danforth, Danforth Mosaic
ABA Section of International Law Fall Conference 2015 (Montréal, Canada)ABA IHRC
The American Bar Association Section of International Law (the “Section”) 2015 Fall Meeting transpired October 20-24, 2015 at the Fairmont The Queen Elizabeth Hotel in Montréal, QC, Canada. The Fall Meeting featured more than 65 panels highlighting different aspects of the theme for the meeting – “Globalization and the Importance of Law, Language and Culture.”
Secutor Capital Management Corporation Update on Commerce Resources Corp. (De...Rare Earths / Rare Metals
Secutor Capital Management Corporation provides an update on rare earth element explorer Commerce Resources Corp. The update was released December 22, 2014.
Intelligent Network Services through Active Flow ManipulationTal Lavian Ph.D.
A significant challenge in today’s Internet is the ability to efficiently incorporate networking programmability in commercial high performance network devices. The fundamental element of the Internet infrastructure is the network node, e.g., a router or switch. The trend in commercial-grade routers and switches is to accelerate all performance critical functionality by particular silicon-based technologies such as ASIC (Application-Specific Integrated Circuit). As a result they are very inflexible and provide little programmability. In order to enable new intelligent services, network nodes must possess not only high performance, but also a high degree of programmability. To tackle the challenges discussed above, this paper introduces the Active Flow Manipulation (AFM) mechanism, which can be used to alter the behavior of data traffic in real networks. The AFM proposition is that the characteristics of a flow can be identified and its behavior can be altered in real-time through control-plane services. Such customized services can be dynamically deployed on a network device using the open programmable networking architecture, Openet. Openet is a platform-neutral, service-based internetworking infrastructure developed by the Nortel Networks Technology Center, aiming to deliver networking programmability to network devices. Although commercial network devices such as the Nortel Networks multi-gigabit routing switch Passport, possess the ability to alter traffic flow behaviors in the silicon based forwarding plane, their control planes often lack the ability to exercise it effectively. Openet enables users with programmable control of the forwarding hardware. This programmability is manifested as the ability to alter the behavior of flows in real-time, i.e. AFM. The ability to manipulate individual packets within a network node can lead to new intelligent services. However, performance requirements for such ability within network nodes can be extremely high. The technology required to operate on every single packet within a network node at high line rates e.g. OC-192 is beyond the reach of existing products. Therefore, we shift our emphasis to providing intelligent services through manipulation of flows. Operations that can be used to manipulate flows within a network device are explored. Such operations are used to create new services that can be dynamically deployed on network nodes without negatively impacting forwarding performance. The effectiveness of our approach is demonstrated by several applications on a commercial high performance network node.
A customs house agent (CHA) handles import and export procedures on behalf of companies to relieve them of dealing with complicated customs laws. The CHA is authorized to make legal decisions regarding a company's goods and helps navigate the customs process. Services provided by the CHA include clearing goods, transportation, payments, inspections, and obtaining necessary certificates. As they represent companies before government bodies, CHAs must undergo due diligence screening and training on anti-corruption policies. Companies contract with multiple CHAs and select among them competitively based on cost and expertise for different situations.
The document provides an overview of the Canadian housing market in October 2011. It includes the following:
1) Home sales ticked up slightly by 1.4% in October 2011 compared to the previous year, reaching the highest level since January 2011.
2) The average home price in October was $362,899, up 2.9% from September 2011 and up 5.5% from October 2010.
3) The national housing market remained balanced in October 2011, with the sales-to-new listings ratio between 52-53% for the sixth consecutive month.
Greater Princeton NJ Real Estate UpdateAnn Harwood
1) Housing market confidence is increasing as home sales, prices, and construction are up across most major cities in the US.
2) Inventory levels are decreasing, indicating a balanced market that favors both buyers and sellers.
3) Economic indicators point to an ongoing recovery in the housing market in 2012.
The annual meeting of Fifth Third shareholders took place on April 15, 2008. Kevin Kabat, the President and CEO, discussed the difficult economic environment characterized by a weak housing market, rising unemployment and declining consumer spending. Fifth Third has taken steps to mitigate credit risks, including tightening underwriting standards. Despite challenges, Fifth Third has comparatively outperformed peers in areas such as loan growth, fee income growth and efficiency. Kabat emphasized Fifth Third's operating strengths, including its integrated business model and focus on customer satisfaction, and outlined its commitment to building a better future.
Q3 2003 Motorola Inc. Earnings Conference Call Presentationfinance7
- Motorola reported Q3 2003 earnings with total sales of $6.8 billion, a 4.5% increase over Q3 2002. Earnings per share remained flat at $0.06 excluding special items.
- Gross margin declined due to increased handset competition and pricing pressures in Asia combined with sales of discontinued low-margin products. However, SG&A and R&D expenses as a percentage of sales improved.
- Operating margin remained flat at 4.4% compared to Q3 2002. Cash flow was strong with $1.1 billion in operating cash flow and $0.9 billion in free cash flow.
This document summarizes real estate market statistics for the Oklahoma City metro area in October 2012. It shows that closed home sales increased 19.39% compared to October 2011, with 3,663 homes sold. Pending home sales were up 23.77% and average home prices rose 8.91% to $152,288. However, the housing inventory decreased 12.44% to 30,516 homes, lowering the months of supply to 8.61 months.
Toronto real estate statistics may 2011John Helfrich
Toronto Real Estate Market Statistics for May 2011. Focus on East End Toronto Homes and East End Toronto Real Estate. The Beaches, Riverdale, Leslieville, Danforth Village, East Danforth, Danforth Mosaic
Chemical compounds, fusions-acquistions dans le secteur de la chimie T2 2012PwC France
L’enquête de PwC regroupe toutes les fusions et acquisitions en cours entre le 1er janvier 2008 et le 30 juin 2012. Les chiffres, les transactions et les données financières ont été prélevées sur Thomson Reuters.
Retrouvez nos publications : http://www.pwc.com/publications
Market conditions at the fourth quarter’s outset largely reflected expectations of continued (albeit modest) economic growth and accommodative monetary policy. At mid quarter, the presidential election portended a period of fiscal stimulus and tightening monetary policy. Overall, the quarter witnessed a sharp rally in equities, tightening credit spreads, a downturn in Treasury prices and a strengthening of the U.S. dollar.
Metro Boston Monthly Indicators Report, October 2012 Unit Realty Group
The document provides a monthly summary of housing market indicators for the Greater Boston region. It shows that in October 2012, new listings decreased while pending sales increased compared to the previous year. The median sales price rose for both single-family homes and condominiums year-over-year. Inventory levels decreased significantly while housing affordability remained relatively stable. The summary concludes that market fundamentals have strengthened with fewer foreclosures and strong buyer demand contributing to price increases.
The document provides an overview of key concepts in monetary economics from different schools of thought. It discusses the Keynesian, classical, and monetarist views. Specifically, it explains the three motives for holding money according to Keynes as transactions, precautionary, and speculative demand. It also describes the demand for money curve and how the equilibrium interest rate is determined by the intersection of money demand and supply. Changes in the money supply can then affect aggregate demand, output, prices, and employment under different economic models.
80
The document summarizes commercial real estate market conditions in Northern Nevada during the third quarter of 2008. It states that declining lending has negatively impacted business activity and the real estate market. Vacancy rates increased across office, retail, and industrial sectors, putting downward pressure on rents. Property sales occurred but with higher capitalization rates. The regional economy also weakened with rising unemployment.
The document summarizes Toronto real estate market statistics for May 2012. It reports that home sales increased 11% compared to May 2011, with 10,850 transactions. Average home prices rose 6.5% to $516,787. Price growth was strongest for low-rise homes, while new listings grew over 20% year-over-year, which may help moderate future price increases if the pace continues. Overall, the Toronto real estate market showed solid sales and price growth in May 2012 compared to the previous year.
The document summarizes real estate data for the Greater Toronto area in May 2012. It reports that home sales increased 11% compared to May 2011, with 10,850 transactions. Average home prices rose 6.5% to $516,787. While sales growth was strongest in areas surrounding Toronto, average price growth was driven by the low-rise market segment within the city. Strong competition between buyers for low-rise homes contributed to price increases, but annual price growth is expected to moderate as new listings rise substantially above year-ago levels.
The document provides a monthly summary of housing market indicators for the Greater Boston region. Key points include:
- Closed home sales increased 15.3% for single-family homes and 22.3% for condominiums compared to the previous January.
- The median sales price rose 6.0% for single-family homes to $430,000 and 3.5% for condominiums to $367,250.
- Inventory levels decreased substantially while months supply of inventory also declined, signaling a stronger seller's market.
BoyarMiller Breakfast Forum: The Houston Commercial Real Estate Markets – Wha...BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the look ahead for Houston’s Commercial Real Estate for 2016.
Speakers include: Jimmy Hinton with HFF; Jonathan Brinsden with Midway; and Trey Odom with Avera Companies.
Toronto real estate statistics October 2011John Helfrich
Toronto Real Estate Market Statistics for October 2011. Focus on East End Toronto Homes and East End Toronto Real Estate. The Beaches, Riverdale, Leslieville, Danforth Village, East Danforth, Danforth Mosaic
ABA Section of International Law Fall Conference 2015 (Montréal, Canada)ABA IHRC
The American Bar Association Section of International Law (the “Section”) 2015 Fall Meeting transpired October 20-24, 2015 at the Fairmont The Queen Elizabeth Hotel in Montréal, QC, Canada. The Fall Meeting featured more than 65 panels highlighting different aspects of the theme for the meeting – “Globalization and the Importance of Law, Language and Culture.”
Secutor Capital Management Corporation Update on Commerce Resources Corp. (De...Rare Earths / Rare Metals
Secutor Capital Management Corporation provides an update on rare earth element explorer Commerce Resources Corp. The update was released December 22, 2014.
Intelligent Network Services through Active Flow ManipulationTal Lavian Ph.D.
A significant challenge in today’s Internet is the ability to efficiently incorporate networking programmability in commercial high performance network devices. The fundamental element of the Internet infrastructure is the network node, e.g., a router or switch. The trend in commercial-grade routers and switches is to accelerate all performance critical functionality by particular silicon-based technologies such as ASIC (Application-Specific Integrated Circuit). As a result they are very inflexible and provide little programmability. In order to enable new intelligent services, network nodes must possess not only high performance, but also a high degree of programmability. To tackle the challenges discussed above, this paper introduces the Active Flow Manipulation (AFM) mechanism, which can be used to alter the behavior of data traffic in real networks. The AFM proposition is that the characteristics of a flow can be identified and its behavior can be altered in real-time through control-plane services. Such customized services can be dynamically deployed on a network device using the open programmable networking architecture, Openet. Openet is a platform-neutral, service-based internetworking infrastructure developed by the Nortel Networks Technology Center, aiming to deliver networking programmability to network devices. Although commercial network devices such as the Nortel Networks multi-gigabit routing switch Passport, possess the ability to alter traffic flow behaviors in the silicon based forwarding plane, their control planes often lack the ability to exercise it effectively. Openet enables users with programmable control of the forwarding hardware. This programmability is manifested as the ability to alter the behavior of flows in real-time, i.e. AFM. The ability to manipulate individual packets within a network node can lead to new intelligent services. However, performance requirements for such ability within network nodes can be extremely high. The technology required to operate on every single packet within a network node at high line rates e.g. OC-192 is beyond the reach of existing products. Therefore, we shift our emphasis to providing intelligent services through manipulation of flows. Operations that can be used to manipulate flows within a network device are explored. Such operations are used to create new services that can be dynamically deployed on network nodes without negatively impacting forwarding performance. The effectiveness of our approach is demonstrated by several applications on a commercial high performance network node.
A customs house agent (CHA) handles import and export procedures on behalf of companies to relieve them of dealing with complicated customs laws. The CHA is authorized to make legal decisions regarding a company's goods and helps navigate the customs process. Services provided by the CHA include clearing goods, transportation, payments, inspections, and obtaining necessary certificates. As they represent companies before government bodies, CHAs must undergo due diligence screening and training on anti-corruption policies. Companies contract with multiple CHAs and select among them competitively based on cost and expertise for different situations.
DC Labour Solutions & Recruitment provides human resources and recruitment services to simplify and address all labor needs of businesses. Services include HR management, industrial relations assistance, talent acquisition, and consulting. Teresa, with over 20 years of HR experience, leads the company and will ensure businesses are compliant with labor legislation. DC Labour Solutions offers hourly, retainer, and specialized recruitment rate options to suit various business needs.
Lorelie Evangeline de las Alas is a 28-year-old Systems Operations Senior Specialist at IBM Global Business Services in the Philippines. She has a bachelor's degree in Software Engineering from the University of San Carlos. In her current role, she manages IT compliance with WPP/Kantar policies, handles audits, and supervises pre-audit requirements and post-audit remediation plans for several companies. She also has experience administering Active Directory, managing inventory, and basic troubleshooting of software applications, networks, and backup systems.
Month-to-date financings in May totalled $106.6 million; led by the $20
million One Net financing. So far, there have been 18 financings in May,
with 10 deals greater than $5 million and only five less than $5 million.
There have been two financings greater than $10 million (Cyberplex and One
Net), with the capital raises by Imeem and EveryZing close behind at $8.8
million and $8.3 million, respectively. The average value thus far in May is
$5.9 million, slightly below the average value for April of $6.5 million on
21 financings. The March average was $6.6 million on 24 financings. Except
for two deals (Kaixin001.com and Collective Media), all were below $20
million for the last three months and a total of four deals were greater
than or equal to $15 million.
*One Net’s $20 million financing is largest deal in May: *One Net announced
a $20 million financing last week, the largest deal so far in May. Ten of
the 18 deals in the month are equal to or greater than $5 million. For
additional details, see Figures 23 and 24 (at end of note). Also note that
the spin-off of StumbleUpon from E-bay on a $29 million valuation occurred
in May. E-bay had bought StumbleUpon for $75 million.
*A strong price performance week: *The companies in our universe had
relatively strong stock price performances over the past week (for stocks
with prices greater than $1) (Figure 6), with 31 companies showing positive
returns on the week. OpenWave Systems (NASDQ:OPWV) led the group with a
49.2% return, while DigitalTown (OTCBB:DGTW) had the worst return, dropping
35.0% in the week.
- US economic growth is expected to remain sub-trend at around 1.2-2.2% in Q3 2012 due to ongoing household deleveraging and fiscal drag. Unemployment is expected to remain elevated.
- Risks include a slowdown in the Eurozone and potential policy mistakes around fiscal tightening.
- Global manufacturing is slowing due to weak demand in Europe, the US, and a growth moderation in China.
- The document provides a monthly market commentary and analysis from MacDougall, MacDougall & Mactier Inc. for November 2009.
- It summarizes recent global economic data and outlooks from organizations like the Bank of Canada, noting signs of recovery but remaining skepticism.
- It reviews stock market and economic performance in Canada and other regions over the past month and year.
- The analysis expresses a cautiously optimistic outlook on the potential for further economic and market gains going forward based on factors like low interest rates and improving consumer sentiment.
The document appears to be a presentation for investors and lenders given by FedEx Freight. It includes graphs showing increases in revenue and average daily shipments for FedEx Freight from fiscal years 2005 to 2010. It also shows improvements in transit time for lanes since 2003 and compares current transit times to competitors. The presentation discusses expanding FedEx Freight's short-haul and long-haul networks and introducing priority and economy shipping options. It provides examples of shipping routes and transit times for priority vs economy services. Overall, the presentation aims to showcase FedEx Freight's growth and performance to investors and lenders.
- Dell was able to generate over $3 million in sales over the last two years from exclusive promotions and coupons tweeted from its @DellOutlet Twitter account. It gained 620,000 followers and over $1 million in sales in the last six months alone.
- While the $3 million is small compared to Dell's annual revenue of $61 billion, Twitter provides another channel for Dell to quickly sell returned inventory.
- There is discussion of whether Twitter may generate revenue through premium corporate accounts that use Twitter for direct sales, as Dell has demonstrated.
The document discusses how the COVID-19 pandemic has increased complexity for transfer pricing compliance. Multinational enterprises may be incentivized to change internal pricing between affiliates in different countries due to tax rate differences. However, economic substance rather than tax avoidance should be the key consideration. The pandemic presents an opportunity to quantify and adjust for its extraordinary impacts, reconsider business strategies and risks, and ensure optimal customs practices. It also introduces Bannockburn Global Forex, which provides foreign exchange hedging services and helped one client save $375k annually by analyzing historical exchange rates.
PRAA is a debt collection company that has seen strong revenue and earnings growth in recent years. It expects revenue to increase 22% to $574M in 2012 with EPS growing 33% to $7.96. The company has an integrated business model that allows it to profit at each stage of the collection process. While downside risks include a double-dip recession or regulatory changes, PRAA is well positioned for continued growth given its conservative operations and compliance practices. The analyst estimates the stock is undervalued at the current price based on a DCF valuation of $96 per share.
Government intervention hurts investors. As the government focuses on slowing credit growth, it is making it tougher for certain types of investors and borrowers to qualify for financing. Changes to insured mortgage rules have lowered amortization periods, reduced refinancing limits, and tightened debt servicing ratios. Regulators have also imposed new rules that reduce HELOC amounts and require reasonable income verification for stated income borrowers. These changes are restricting the money supply and access to credit for rental portfolios, self-employed individuals, and higher-ratio mortgages.
Financing activity continued to ramp up in April after a slow start to the month. Total financings (month-to-date) jumped to $92.2 million (this week) from $66.3 million (last week) – a significant +40%. As of last week, a total of 12 deals closed, with a $16 million raise by GOOM Radio being a major contributor. A total of four deals greater than $10 million each helped the overall statistics. Social Networking company DigitalTown Inc. (DGTW-OTCBB) was the top price performer for the week, returning 20%, closely followed by Kingsoft Co. Ltd. (3888-EHK) at 17.6%. The9 Ltd. (NCTY-NasdaqGS) had the worst return, dropping 27.6% in the week after news of its losing the license to operate World of Warcraft in China. Of the 34 companies (with stock price greater than $1), 10 companies on our list had price performances greater than +10%. Only one company returned more than
20%.
Claude Resources Inc. Q4 2012 Conference Call and Webcast PresentationClaude Resources Inc.
Neil McMillan, President and CEO of Claude Resources Inc., presented the company's 2012 financial and operating results on March 28, 2013. Key highlights included net profit of $5.6 million, cash flow from operations of $25.8 million, gold sales increasing 16% to 48,672 ounces, and production reaching a record 49,570 ounces. The presentation also provided details on the company's financial position, debt facilities, operations at Seabee Gold Operation and exploration projects, and production and cost guidance for 2013.
Ted Simpson presented on the state of commercial real estate markets in Los Angeles County. Key points included:
1) The industrial market has seen a big bounce back in 2010 with rising profits and job growth, though vacancies remain elevated.
2) The retail market saw rental rates stabilize in 2010 but vacancies remained high. Sales prices per square foot have fallen since their 2007 peak.
3) The office market saw record high vacancies in 2009 and negative absorption for nine consecutive quarters, though construction completions halted which will help limit further rising vacancies.
4) Overall the commercial real estate markets are recovering but vacancies remain well above historic averages and sustained job growth is needed for a full recovery.
Series of lectures from Brian Butler, given during fall 2008 session at Thunderbird Global MBA, Miami campus:
This lecture 02: learn to use International Fisher effect (IFE), and PPP, Law of one Price, Big Mac index to estimate long term currency (FX) trends
Presentation by Christine M. Todd, CEO of NVAR, at the 5th Annual Appraisal Summit on June 16, 2010. This event took place at the NVAR Herndon Service Center
This document summarizes International Minerals' business as a silver and gold mining company with the following key points:
1) It has a large resource base of over 12.8 million ounces of gold equivalent and produces over 10 million ounces of silver equivalent annually from its Pallancata mine in Peru.
2) It will begin production at its Inmaculada gold-silver project in Peru in late 2013, producing over 200,000 ounces of gold equivalent annually.
3) It is advancing feasibility studies for undeveloped projects in Nevada and evaluating options for its resources in Ecuador.
4) The company has no debt and over $84 million in cash as of August 2012.
The document discusses a conference call to review the company's fiscal 2006 third quarter financial results. It provides details on the company's net income, earnings per share, capital expenditures, and performance by business segment for the quarter. The company reported a net loss for the quarter, driven by unrealized mark-to-market losses in natural gas marketing and warmer than normal weather across many utility divisions.
1) The document discusses Rohm and Haas' third quarter 2008 earnings results. Sales were up 12% to $2,471 million due to pricing actions, currency effects, acquisitions, and growth in rapidly developing economies, despite decreased demand in North America and Western Europe.
2) Adjusted earnings per share were up 3% to $0.90 due to cost controls and pricing actions offsetting deteriorating business conditions.
3) The Dow Chemical Company announced a definitive agreement to acquire Rohm and Haas for $78 per share in cash on July 10, 2008.
Brian Moynihan, president of Bank of America's Global Corporate and Investment Banking division, presented at the Lehman Brothers Financial Services Conference on September 10, 2008. He summarized the bank's second quarter results, noting solid performance across business segments but challenges from illiquid capital market positions and a softening economic environment. He also discussed ongoing restructuring efforts, trends in commercial and real estate asset quality, and strategies to invest in growth areas while managing expenses.
The public relations budget template shows annual budgets and spending for various categories. The largest budget is for PR agency fees at $60,000, followed by analyst firms and sponsored reports at $20,000. As of now, 101,570 has been spent out of the total $126,400 budget, leaving $24,830 remaining. Spending has been uneven across categories and months.
Similar to Monthly Market Commentary December 2009 (20)
- The document summarizes key internet trends from a 2013 conference on internet trends.
- Mobile internet access and usage is growing rapidly, surpassing desktop internet access in some countries like China. Mobile transactions and searches now exceed desktop in places.
- Sharing of photos, videos, fitness data and other content on mobile and social platforms is exploding. Hundreds of millions of photos are now uploaded daily.
- Facebook has seen strong revenue growth driven by rising mobile users and usage, though desktop ARPU is declining. Mobile now accounts for over two-thirds of Facebook users and 30% of ad revenue.
The document contains 3D views and maps of the Keymet Mine shaft and ore body located in New Brunswick, Canada. The maps were produced in 2011 by Atlantic Geomatics Services and show the main vein that was largely unmined as well as projections of additional veins. Notes indicate that mine levels are in feet and that the model was digitized from level plans and produced using 3D modeling software.
GreenLight Resources Rare Earth Property is the Porcupine Property located in Central New Brunswick. Recently is was announced that EX.p has entered into an a JV agreement with GR.v
Graphite-is-black-gold-of-the-21st-century-industrial-alliance-securitiesChristopher R Anderson
GreenLight Resources has two Graphite projects one a past producer, both are located in Atlantic Canada. Both projects have potential for large flake graphite, and the company is advancing its workprograms on these properties.
The document discusses a gathering of expensive European supercars driving recklessly in rainy conditions in Japan, resulting in a major pileup that damaged many of the cars. It then discusses the recent EU summit, noting the ECB took meaningful steps to provide liquidity to banks by loosening collateral requirements and extending loan durations, which will allow banks to purchase more sovereign debt. However, the summit itself did little and hard fiscal reforms are still needed. Rating agencies also placed 15 Eurozone countries on credit watch for potential downgrades.
GreenLight Resources Inc. has completed a National Instrument 43-101 technical report on its 100% owned Porcupine property in New Brunswick, Canada. The report found rare earth element and base metal anomalies in soil samples that indicate the potential for economic mineralization. It recommends a two-phase $230,000 exploration program to further investigate REE and base metal sources through mapping, sampling, surveying, and trenching followed by diamond drilling. The property has potential for a Bathurst-type massive volcanic hosted sulphide deposit based on the styles of mineralization found. The report provides support to attract a joint venture partner to help fund further exploration aimed at enhancing shareholder value.
GreenLight exploration in Bathurst camp results in new Gold Targets and confirms high-grade silver and base metal assays. Assays include > 3g/t Au, 549 gpt Ag, 2.35%Cu, 33.90% Pb and 22.90% Zn. Two new gold discoveries were made, including a 2m quartz-arsenopyrite shear zone assaying 3.4gpt Au and arsenopyrite-bearing boulders assaying 1.7-3gpt Au. Grab samples from the Keymet mine dump contained high grades of silver, copper, lead and zinc. Future exploration plans include expanding gold showings, trenching gold targets, and drilling untested
The document is a risk list published by the British Geological Survey that ranks 52 chemical elements based on their relative supply risk. It considers factors like abundance, production concentration, reserve distribution, and political stability of leading producer countries. Many elements are highly dependent on production from China, including rare earth elements, tungsten, and antimony, which face very high supply risks. The methodology has limitations and does not consider other factors that could impact supply risk over time, like demand changes, substitution potential, and increased recycling.
Graphite is one of two naturally occurring minerals comprised solely of carbon, the other being diamond. Although graphite and diamond share the same chemical composition, differences in how their carbon atoms are arranged gives them very different properties. Graphite has a layered structure that allows for flexibility and lubrication, while diamond has a very strong tetrahedral structure that makes it exceptionally hard. In New Brunswick, past graphite mining ventures produced small amounts of graphite near Saint John in the 19th century. The largest known deposit is the Golden Grove graphite prospect near Saint John, which was explored in the 1980s but deemed uneconomic at the time. Other minor graphite occurrences in the province are typically associated with carbonaceous sedimentary
This document discusses discovering, developing, and producing precious metals in North and South America. It describes a company that is exploring a potential gold discovery in Argentina called the Cerro Delta Project. The project shows promising signs like being located near other large deposits, having coinciding areas of gold mineralization and geophysical anomalies, and potential for further discoveries on the property. The company plans drilling at Cerro Delta in the fall to test their theory that it could be a multi-million ounce deposit similar to nearby major gold projects. The document outlines the project's geology and exploration history to date, and potential upside for investors if resources are identified.
There are several key differences between obtaining a mortgage in Canada versus Arizona to finance the purchase of real estate:
- In the US we use title companies and escrow agents to close properties, not attorneys like in Canada.
- Loans are typically amortized over 30 years in the US, rather than the usual 25 years in Canada.
- You can fix your interest rate for 15 or 30 years in the US, unlike the typical 10-year fix in Canada.
- US lenders compound interest annually rather than semi-annually, so you don't pay interest on interest.
- You can usually prepay as much as you like in the US, but make sure to get a
- The document describes a mining property with a 10,500 foot long major quartz vein structure averaging 4-8 feet wide that has potential to host a multi-million ounce gold equivalent resource. Similar nearby veins have been mined to depths of 2,000-4,000 feet.
- Sampling of mine workings on the property averaged 0.51 oz of gold per ton and a previous operator estimated 20,000 ounces of gold near the surface. A planned 60 hole drill program is scheduled to begin in December 2010.
- The property indicates potential for a large gold/silver and copper porphyry deposit and borders a multi-billion dollar copper porphyry deposit. It will be drilled to further
Ventana Gold announced a prefeasibility study for its La Bodega gold project in Colombia, estimating average annual production of 347,000 gold equivalent ounces over the first six years at cash costs of $322/oz. The study estimated a pre-tax IRR of 34% and NPV of $807 million for the 14-year mine life project.
Hana Mining announced positive results from metallurgical tests on sulphide material from the Banana zone at its Ghanzi copper project in Botswana. The tests achieved 92.75% copper and 80.58% silver recovery at a concentrate grade of 43.55% copper and 853.57 g/t silver. Molyb
This document outlines 7 ways to use social media to build business and personal brands. It discusses using social media for reputation management, customer service, public relations, customer acquisition, customer loyalty, thought leadership, and networking. Some key points include using social media to engage with customers, monitor conversations, respond to issues, provide excellent customer service, distribute content as a thought leader, and connect with relevant groups and individuals. The overall message is that social media can be effectively used in many aspects of business if done strategically and with a focus on customers.
This document provides an overview and analysis of copper mining companies by Resource Capital Research. It includes commentary on the copper price outlook, performance of copper equities, and featured company summaries. 10 Australian copper exploration, development and production companies are reviewed, with details on their share price, market capitalization, cash/debt positions, and project status. The copper price is at a 27-month high and demand is expected to remain strong due to growth in China and a tight supply outlook. [END SUMMARY]
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
1. Monthly Market Commentary December 7, 2009
MACDOUGALL, MACDOUGALL & MACTIER INC.
Service to Investors since 1849
MONTHLY MARKET COMMENTARY
INVESTMENT RESEARCH DECEMBER 2009
November 2009 Review
November 30, 2009 December 31, 2008 % Change
TSX 11,447.2 8,987.7 27.4 %
S&P 500 1,096.6 903.4 21.4%
DJII 10,344.8 8,776.4 17.9%
NASDAQ 2,144.6 1,577.0 36.0%
10 Yr. Cda Bonds 3.23% 2.69% 54 bp
10 Yr. US Bonds 3.20% 2.21% 99bp
90 Day Cda T-Bills 0.21 % 0.91% -70bp
90 Day US T-Bills 0.05% 0.08% -3bp
US$ vs. Can$ $0.9470 $0.8200 15.5%
A Twelve Month High
The TSX hit a 52 week high in the month of November. The gain for the month more than offset October’s
loss. The month recorded a gain of 4.92% and brought year-to-date performance to over 27%. This
achievement was not without its “bumps”, as near the end of the month we were reminded the financial
system is far from being cleansed of bad loans and is still fragile as a major real estate company in Dubai was
close to declaring bankruptcy. The shock from Dubai currently appears to be contained but we are reminded
(stock markets have risen significantly from their March lows) equity markets are vulnerable to corrections.
We maintain the view that we are in a cyclical bull market. Our belief is low interest rates act as an incentive
for investors to look elsewhere to invest instead of holding low yielding bonds or other fixed income
instruments. We feel some of this “parked” money will be invested in the stock market. The word parked is
used because we feel investors have either set aside money that would have normally been invested in the
stock market or sold equities over concerns on the economy and/or stock markets. We do not believe
investors actively sought to invest in low yields of 0.21% in 91 day Canadian Treasury Bills (see above) or
3.23% in Canadian Ten-Year Bonds. Given the prevailing view that the economy is on a slow mend, low
interest rates are likely to remain for a considerable period of time. We note Canadian housing re-sales are
close to record highs (in a recessionary environment), again reminding us of the power (incentive) of interest
(mortgage) rates on the economy and asset (housing, equity markets) prices.
Page 1 of 7
2. Monthly Market Commentary December 7, 2009
Currency Confusion:
Exchange rate movements are having dramatic effects on investor returns and economic prospects. For
example, the Dow Jones Industrial Index (U.S. equity index) has enjoyed a return of 18% for the 11 months
ended in November but the Canadian dollar has risen by over 15%, leaving a Canadian investor with a much
lower return for the year. The high Canadian dollar has also dampened the economic recovery in Canada.
We note in the latest economic release in Canada the third quarter gross domestic economy rose 0.4% for
the quarter, but a major drag on growth was from the trade sector. This is illustrated below in the graph on
the left side. All components contributed to the growth in Canada with the exception of imports. The high
Canadian dollar has encouraged the importation of various goods and services and lessened the appeal of
Canadian made goods, though exports did grow. The importation of goods has the effect of raising the Gross
Domestic Product of the country from which we import from while exports raise our Gross Domestic Product.
For the third quarter, Canadians imported goods worth $94.2 billion, while only exporting $90.3 billion.
Source: Statistics Canada
The effect of the high Canadian dollar can also be seen on the current account balance Canada runs with the
rest of the world. The current account is the difference in net exports (exports less imports) and net cash
receipts (cash payments to the rest of the world less cash payments from the rest of the world). From a cash
flow point of view the current account shows more money is leaving the country than coming in. The third
quarter continued the trend from the previous three quarters. As the above right graph illustrates, Canada
has, in recent years, run a surplus with the rest of the world. Starting in the fourth quarter of 2008 this surplus
became a deficit and for the nine months of 2009 the deficit was at a record level of $13.1 billion
predominately due to net exports turning negative.
Predicting Currency Movements: We reviewed the literature on currency movements to see if there are
critical variables one can use to predict where currencies trade versus each other. Economic differences
(such as inflation, trade balance, budget surplus/deficits) between countries have long been considered
critical determinants of a currency’s value. This complex issue has been extensively studied in economic
literature. Still, there are no definitive answers. No single approach provides a satisfactory explanation of
exchange rate movements, particularly short and medium term. Nevertheless, we feature two approaches to
predicting currency movements which are used for forecasting purposes. The first approach has been broadly
used and normally taught in economics 101 classes, while the latter one is a relatively new concept.
Page 2 of 7
3. Monthly Market Commentary December 7, 2009
1) The Purchasing Power Parity (PPP) approach. This concept follows from the law of one price. This
thesis holds that in a competitive market, exchange rates will adjust to equalize the relative purchasing
power of currencies. Identical goods should sell for the same price once adjusted for currency. For
example, an identical car should sell for the same price regardless of the country in which it is sold
adjusted for a country’s currency. In theory if a car is sold for $25,000 in one country the identical car
should sell for the same amount in another country. In the case of the U.S., if a car was priced at
US$25,000 then in Canada it should be priced at $26,250 (the month end exchange rate between
Canada and the U.S. is $1.05 Canadian per U.S.). In theory, should these prices not equilibrate,
entrepreneurs would have the incentive to buy autos in the cheaper location and sell them into the higher
price location until the prices match adjusted for currency. In a more light-hearted approach, the
magazine The Economist publishes the local prices of McDonald’s (MCD-NYSE) restaurant item the Big
Mac around the world and computes the Big Mac PPP. The magazine then publishes the “fair value” of
the currency to equalize the price paid by a U.S. consumer. Below we illustrate the Big Mac PPP using
the price of Big Macs around the world as at July 2009 and using November 2009 month-end exchange
rates.
The Hamburger Standard The Hamburger Standard
$6.00 45.0% $4.00 0.0%
40.0% $3.50 -10.0%
$5.00 $3.00
35.0% Big Mac at Current
$2.50 -20.0%
$4.00 30.0% Big Mac at Current Exchange Rate
Exchange Rate $2.00 -30.0%
25.0% Under-Valuation
$3.00 $1.50 -40.0%
20.0% Over-Valuation
$1.00
$2.00 15.0% $0.50 -50.0%
10.0% $0.00 -60.0%
$1.00
5.0%
ina
A
Ru d
ia
ala a
T h ia
$0.00 0.0%
an
US
si
ss
ys
Ch
ne
ail
do
USA Canada U.K. Euro Japan
M
In
The Hamburger Standard
$8.00 120.0%
$7.00 100.0%
$6.00 Big Mac at Current
$5.00 80.0%
Exchange Rate
$4.00 60.0%
$3.00 Over-Valuation
40.0%
$2.00
$1.00 20.0%
$0.00 0.0%
nd
ay
k
en
A
ar
la
S
w
ed
m
U
or
er
en
w
itz
N
S
D
w
S
We use the price of a Big Mac in the U.S. and Europe. In Europe, the Big Mac sells for 3.31 Euros. Using
the November month-end closing price of the U.S. dollar and Euro of US$1.51 per Euro the Big Mac
should sell for $5.00 ($3.31 multiplied by 1.51). The price in the U.S. is $3.57. This implies an
overvaluation of the Euro of some 40%.
Page 3 of 7
4. Monthly Market Commentary December 7, 2009
We find it difficult to believe some of the currencies are so over/undervalued using this approach. Is the Euro,
Norway and Switzerland that much over-valued? One can see the limitation of this approach as it assumes
goods are freely tradable; there are no transportation charges or cultural differences.
2) Fundamental Equilibrium Exchange Rates (FEER): This concept has been recently advocated by an
organization called The Peterson Institute of International Economics (www.petersoninstitute.org). The
basic premise to arrive at the fair value of a currency is the exchange rate at which a country would not
increase its foreign indebtedness as a percentage of its Gross Domestic Product. We illustrate their
estimate of the fair value (FEER) of various currencies relative to the U.S. dollar in the table below. We
show the exchange rate at the end of March 2009, this month’s closing exchange rate and the necessary
currency adjustment from November’s close to reach their calculated fair value.
Using the two measures (PPP and FEER) shows that many of the Asian countries (China, Malaysia and
Thailand) have undervalued currencies. We also note the large currency adjustment made since March.
The Canadian dollar is but one currency whose adjustment has been rapid and appears slightly over-
valued in both approaches.
3) There is an argument each country has its particular nuances and that a generalized model is not
applicable. The graph on the following page highlights the relationship between the Canadian/U.S. dollar
and commodity prices. The three commodities used in this forecast are gold, natural gas and oil. As
these three commodities have moved up in price, the Canadian dollar has also moved up. We note the
forecast ($0.956) is above the current spot price ($0.9406) of the Canadian dollar.
Page 4 of 7
5. Monthly Market Commentary December 7, 2009
Source: Dundee Wealth Economics.
Ian Nakamoto
Director of Research
Recommended Stocks:
Agrium Inc.(AGU-TSX)
Telus Corporation (T-TSX)
iShares MSCI All Country Asia ex-Japan (AAXJ-NASDAQ)
Absolute Software Corporation (ABT-TSX)
The Royal Bank of Canada (RY-TSX)
Bombardier Inc. (BBD.B-TSX)
Metro Inc.
Page 5 of 7
6. Monthly Market Commentary December 7, 2009
Important Disclosures
Company Ticker Disclosures
McDonalds Corporation MCD-NYSE -
Agrium Inc. AGU-TSX 1
Telus Corporation T-TSX -
iShares MSCI All Country Asia ex-Japan AAXJ-NASDAQ -
Absolute Software Corporation ABT-TSX -
The Royal Bank of Canada RY-TSX -
Bombardier Inc. BBD.B-TSX -
The research analyst (s) who authored this report certify that the views expressed therein accurately reflect their personal views and that no part of the analyst’s compensation will be related to those
views.
Conflict of Interest Policy for Analysts
1. Refers to share ownership of the company in question by the Analyst. In the disclaimer section of a report, the number 1 will indicate that the analyst or a member of the analyst’s family has
any position (equity, derivative or other) in the shares in question.
2. Refers to share ownership of the company in question by the Director of Research or Supervisory Analyst. In the disclaimer section of a report, the number 2 will appear if the Director of
Research or Supervisory Analyst has a position (equity, derivative or other) in the shares in question.
3. Refers to any relationship the Analyst, a member of the family thereof, or firm has with the company in question. A relationship includes anything except the simple trading of stock for the
company. In the disclaimer section of a report, the number 3 will appear if the analyst, a family member thereof or the firm has a relationship with the company in question.
4. Refers to whether Analysts have visited facilities and/or key operations of the company.
5. Refers to whether the company in question defrayed any of the costs of traveling to see the company in question’s facilities. In the disclaimer section of the report, the number 5 will appear if
the company has paid any portion of the analyst’s travel expenses related to viewing facilities.
6. Refers to MacDougall, MacDougall & MacTier Inc. having undertaken any underwriting business from the company in question. If, in the previous 18 months, MacDougall, MacDougall &
MacTier Inc. has acted as an underwriter to the company in question, it will be included in the disclaimer section of a report with footnote number 6.
7. Collective ownership by 3Macs and its affiliates of 1% or more of any class of the issuer’s equity shares for a period of 60 days preceding the issuance of the report.
Definition of Equity Research Ratings & Risk Ratings
Equity Research Ratings
The rating system for recommendations on research reports published by MacDougall, MacDougall & MacTier Inc. will be as follows:
BUY - will represent opportunities that potentially offer in excess of a 20% return on investment within a 12-18 month period.
HOLD - will represent opportunities that offer between 5% and 20% potential return on investment within a 12-18 month period.
SELL- will represent opportunities that offer less than 5% return on investment within a 12-18 month period.
Risk Ratings
MacDougall, MacDougall & MacTier Inc. employs two risk ratings with its research reports; Above Market Risk and Market Risk.
Above Market Risk denotes a company, which operates in an inherently speculative industry, or one that is more volatile than the market as measured by its beta. Above Market Risk may also
indicate weakness in the company’s balance sheet, low debt ratings, and the lack of a dividend, low liquidity or other deficiencies.
Market Risk denotes a company, which is expected to present, on average, the volatility present with the overall market, measured by its beta. Market Risk companies will generally have sound
balance sheets, will be established, large cap companies in industries generally regarded as stable and for the most part will pay a dividend.
MacDougall, MacDougall & MacTier Inc. Equity Research Ratings Distribution
100
90
80
70
60
50
40
30
20
10
0
BUY HOLD SELL
■ Percentage of companies covered by MacDougall, MacDougall & MacTier Inc. Equity Research within each rating category.
Page 6 of 7
7. Monthly Market Commentary December 7, 2009
Glossary of Terms:
EPS Earnings per Share
P/E Price to Earnings Ratio
EBITDA Earnings before Interest, Taxes, Depreciation and Amortization
Market Cap Total Shares Outstanding multiplied by Shares Price
Enterprise Value Fully Diluted Shares Outstanding
PEG P/E Multiple Divided by Growth Rate
ADR American Depository Receipt
WACC Weighted Average Cost of Capital
Risk Free Rate 10 Year Treasury bond
Yield Dividend divided by Share Price
ASP Average Price
DSOs Days Sales Outstanding
Capex Capital Expenditures
CPU Cost per Unit
EVA Economic value Added
EV / EBITDA Enterprise Value / Earnings before Interest, Taxes, Depreciation and Amortization
DCF Discounted Cash Flow
Holts DCF Holts Discounted Cash Flow
DYT Dividend Yield Target
Yield Yield
BSOPM Black Scholes Options Pricing Model
BETA Quantitative measure of the volatility of a stock, mutual fund, or portfolio, relative to the overall market
MF Mutual Fund
This research report has been prepared and circulated for general information only. It does not account for the specific investment objectives and financial situation of any person receiving this
report. Investors should seek professional advice regarding the appropriateness of investing in any securities discussed or recommended in this report and should recognize that statements
regarding future prospects may not be realized. This report is not to be construed as an offer to sell or as a solicitation for an offer to buy any securities.
The information presented in this report has been compiled from sources believed to be reliable but no guarantee is made as to its accuracy, completeness, or correctness. All opinions and estimates
contained in this report are provided in good faith and are subject to change without notice.
Montreal 514-394-3000 Quebec 418-656-1212 Toronto 416-597-7900 London 519-645-1110
Page 7 of 7