The document provides an overview of Kazakhstan's pension system and the State Accumulative Pension Fund (GNPF). In 3 sentences:
The document outlines Kazakhstan's transition in 1997 to a three-pillar pension system including a state PAYG system, mandatory individual savings accounts, and voluntary savings. It then profiles the GNPF as the largest pension fund, detailing its investment performance, portfolio allocations, operations and regulation. The GNPF is wholly owned by Kazakhstan's national bank and seeks a strategic investor to acquire a controlling stake and help improve governance.
The document provides an overview of Kazakhstan's pension system and the State Accumulative Pension Fund (GNPF), which is the largest pension fund in the country. In 3 sentences:
The document outlines Kazakhstan's transition in 1997 to a three-pillar pension system based on defined contributions to individual savings accounts. It summarizes the GNPF's financial performance and investment strategies, noting it manages over $3.9 billion in pension assets and ranks as the second largest pension fund in Kazakhstan. The National Bank of Kazakhstan owns 100% of the GNPF and intends to privatize it by selling its shares to a strategic investor who can help improve governance, risk management, and access to international capital markets.
Ecuador has strategically positioned itself as an attractive country for 21st century investment and development through ethical and sustainable policies. Key points include:
1. Ecuador has implemented regulations that encourage efficient business while ensuring respect for people, nature, workers and society.
2. Reforms to the legal system and tax code have created fiscal stability and fair labor relations to incentivize investment.
3. Ecuador offers strategic location, diverse natural and cultural attractions, human talent, and market access, protected by legal incentives for private investment.
Understanding the Federal Budget and Implications for Adult EducationMarcie Foster
This document summarizes the federal budget process and its implications for adult education funding. It explains that Congress has a multi-year budget process involving the President's budget, a budget resolution, and appropriations bills. It notes that sequestration cuts will reduce non-defense discretionary spending, including adult education, by 5% and have ongoing impacts. The document warns that more "deadlines" are approaching, including a continuing resolution for FY2013 that will implement the sequestration cuts, as well as future budget battles.
The document discusses financial and banking reforms in Myanmar. It provides an overview of the country's geography, demographics, and macroeconomic indicators. It outlines reforms that have been implemented, including liberalizing the banking sector, amending relevant laws, reducing interest rates, and unifying exchange rates. It notes threats such as special interest groups and calls for continued modernization of the financial system and ensuring stability and transparency.
Fifth Third Bancorp reported second quarter 2007 earnings of $0.69 per diluted share, up slightly from the previous quarter and flat compared to the second quarter of 2006. Net interest income increased 4% year-over-year due to balance sheet actions in late 2006. Loan balances grew 5% year-over-year while deposit balances were flat. Noninterest income increased 9% sequentially and 8% year-over-year due to growth across fee categories. Credit quality deteriorated with provision for loan losses increasing 70% from the second quarter of 2006, reflecting challenges in the current credit cycle.
Synergies Related To Consolidation of 27 Public SectorAakash Singh
The document discusses the Indian government's plan to consolidate 27 public sector banks into 6 larger banks. The government aims to make the public sector banks more competitive globally and reduce their burden of non-performing assets through mergers and acquisitions. Currently, public sector banks hold around 70% of India's banking assets but no Indian bank ranks among the top 70 globally. The consolidation plan seeks to create stronger, more efficient banks that can better support the needs of the Indian economy.
Fifth Third Bancorp reported first quarter 2007 earnings of $359 million, or $0.65 per diluted share, compared to $66 million in the previous quarter and $363 million in the first quarter of 2006. Net interest income was $742 million, flat compared to the previous quarter but up 3% year-over-year. Noninterest income was $648 million, significantly higher than the previous quarter due to securities losses in that quarter, and up 5% year-over-year. Average loans grew 1% sequentially and 6% year-over-year, while average deposits declined 2% sequentially but grew 1% year-over-year.
The document provides an overview of Kazakhstan's pension system and the State Accumulative Pension Fund (GNPF), which is the largest pension fund in the country. In 3 sentences:
The document outlines Kazakhstan's transition in 1997 to a three-pillar pension system based on defined contributions to individual savings accounts. It summarizes the GNPF's financial performance and investment strategies, noting it manages over $3.9 billion in pension assets and ranks as the second largest pension fund in Kazakhstan. The National Bank of Kazakhstan owns 100% of the GNPF and intends to privatize it by selling its shares to a strategic investor who can help improve governance, risk management, and access to international capital markets.
Ecuador has strategically positioned itself as an attractive country for 21st century investment and development through ethical and sustainable policies. Key points include:
1. Ecuador has implemented regulations that encourage efficient business while ensuring respect for people, nature, workers and society.
2. Reforms to the legal system and tax code have created fiscal stability and fair labor relations to incentivize investment.
3. Ecuador offers strategic location, diverse natural and cultural attractions, human talent, and market access, protected by legal incentives for private investment.
Understanding the Federal Budget and Implications for Adult EducationMarcie Foster
This document summarizes the federal budget process and its implications for adult education funding. It explains that Congress has a multi-year budget process involving the President's budget, a budget resolution, and appropriations bills. It notes that sequestration cuts will reduce non-defense discretionary spending, including adult education, by 5% and have ongoing impacts. The document warns that more "deadlines" are approaching, including a continuing resolution for FY2013 that will implement the sequestration cuts, as well as future budget battles.
The document discusses financial and banking reforms in Myanmar. It provides an overview of the country's geography, demographics, and macroeconomic indicators. It outlines reforms that have been implemented, including liberalizing the banking sector, amending relevant laws, reducing interest rates, and unifying exchange rates. It notes threats such as special interest groups and calls for continued modernization of the financial system and ensuring stability and transparency.
Fifth Third Bancorp reported second quarter 2007 earnings of $0.69 per diluted share, up slightly from the previous quarter and flat compared to the second quarter of 2006. Net interest income increased 4% year-over-year due to balance sheet actions in late 2006. Loan balances grew 5% year-over-year while deposit balances were flat. Noninterest income increased 9% sequentially and 8% year-over-year due to growth across fee categories. Credit quality deteriorated with provision for loan losses increasing 70% from the second quarter of 2006, reflecting challenges in the current credit cycle.
Synergies Related To Consolidation of 27 Public SectorAakash Singh
The document discusses the Indian government's plan to consolidate 27 public sector banks into 6 larger banks. The government aims to make the public sector banks more competitive globally and reduce their burden of non-performing assets through mergers and acquisitions. Currently, public sector banks hold around 70% of India's banking assets but no Indian bank ranks among the top 70 globally. The consolidation plan seeks to create stronger, more efficient banks that can better support the needs of the Indian economy.
Fifth Third Bancorp reported first quarter 2007 earnings of $359 million, or $0.65 per diluted share, compared to $66 million in the previous quarter and $363 million in the first quarter of 2006. Net interest income was $742 million, flat compared to the previous quarter but up 3% year-over-year. Noninterest income was $648 million, significantly higher than the previous quarter due to securities losses in that quarter, and up 5% year-over-year. Average loans grew 1% sequentially and 6% year-over-year, while average deposits declined 2% sequentially but grew 1% year-over-year.
1. The document provides statistics on various indicators for Singapore such as population, labour force, national income, trade, and social factors for years 2010 and 2011.
2. Key economic indicators show GDP grew 4.9% in 2011 to $326.8 billion while GNI per capita was $61,692. Unemployment remained low at 3% and population grew to over 5 million.
3. Social indicators include median age of 38, literacy rate of 96%, and increasing home ownership. Health indicators like doctors per capita and crime rate also improved between 2010-2011.
xcel energy 8BFFinancial_Plan_Xcel_Energy_12052007finance26
This document provides a financial plan and capital expenditure forecast for Xcel Energy from 2007-2011. It summarizes Xcel's ability to address environmental issues through its operations and fuel efficiency. The capital expenditure forecast shows increasing investments in areas like wind generation, transmission projects, and nuclear capacity extensions. The plan also discusses Xcel's earnings guidance, dividend growth, regulatory proceedings, and opportunities for investment and earnings growth.
This document provides an overview of Xcel Energy's strategy to achieve financial success through environmental leadership. It summarizes the company's plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It also outlines Xcel's goals for annual earnings per share growth of 5-7% and dividend growth of 2-4% through 2020. The capital expenditure forecast estimates spending between $2.1-$2.2 billion annually through 2011 to fund these clean energy investments and system upgrades.
This document summarizes an academic research paper on determining future key items for trade agreements (FTAs) between Indonesia and partner countries. The research assesses Indonesia's priority economic sectors and foreign direct investment (FDI) impacts to identify opportunities. It reviews Indonesia's economic statistics and sectoral contributions to GDP. Interviews and previous FTA assessments inform the analysis to provide recommendations on negotiation items that support Indonesia's economic development goals through trade agreements.
Fifth Third Bancorp reported third quarter 2007 earnings of $376 million, or $0.71 per diluted share. Net interest income increased 2% sequentially and 6% year-over-year. Average loans grew 2% sequentially and 6% year-over-year. Noninterest income grew 2% sequentially and 9% year-over-year, driven by increases in electronic payment processing, service charges on deposits, and corporate banking revenue. Credit quality remained challenging with provision for loan and lease losses up 14% sequentially.
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and average loans. However, credit costs increased significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced the common dividend to strengthen its position during the economic downturn.
Fifth Third Bancorp reported a Q3 2008 net loss of $56 million, compared to a net loss of $202 million in Q2 2008 and net income of $325 million in Q3 2007. Higher credit costs drove the results, as non-performing assets and net charge-offs increased, particularly for commercial and residential real estate loans in Florida and Michigan. However, core earnings were positive, with revenue growth across most business lines and expense control. While facing disruptions in capital markets and a weakening economy, the company remains well-capitalized with a Tier 1 capital ratio of 8.53%.
The document summarizes Illinois' 2012 budget funding sources and spending. It states that the general revenue fund provides 50.3% of funding, other state funds provide 36%, and federal funds provide 13.7%. It also states that human services receives 45% of state spending, education receives 42%, public safety receives 5%, and other receives 8%. The document then shows trends of increasing spending on Medicaid and pensions squeezing spending on other programs like education and agriculture.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
Updated version of our popular PowerPoint presentation that clearly and succinctly lays out the fiscal challenge facing the United States. To see what can be done about it, visit http://crfb.org/go-big
Presentation (simon barry & brian harvey) slides Gert Ackermann
The document provides a post-budget analysis from a public finance perspective. It summarizes Ireland's fiscal correction over the past 5 years through 8 budgets and adjustment packages that totaled €27.5 billion in planned impacts. It notes that spending cuts have accounted for 65% of the adjustments to date. While the budgets from 2008-2012 have been progressively reducing incomes for higher earners the most, the 2013 PRSI change is regressive. The fiscal deficit remains above the 3% GDP target but revenues are improving and non-interest spending is down 15% from its 2008 peak. Further adjustments of €5 billion are planned for 2014-2015.
M And B Switchgears Ltd is issuing an IPO to raise funds to set up a 4MW solar power project. The IPO will be priced between Rs. 180-186 per share from Sept 28 - Oct 05, 2011. At the cap price, the company's post-issue market cap will be Rs. 372Cr. However, the issue is very expensive compared to its peers, trading at a PE of 277.6x versus the sector average of 10x. While the company has experience in transformer manufacturing, overreliance on government orders and a single facility pose risks.
Yli-Kaitala is a resort located in Iitti, Finland that offers 11 types of holiday cottages that can accommodate up to 14 people each. The resort has multiple sauna facilities including a moss sauna with color-changing lights and a jacuzzi that can hold 15-20 people. The resort also has a restaurant that seats 150 people and offers outdoor dining. Yli-Kaitala is available to host meetings, weddings, and other events and provides various activity packages.
El documento describe las tasas e infecciones comunes en receptores de trasplantes de órganos sólidos. Los receptores renales tienen las tasas más bajas de infección y mortalidad, mientras que los receptores de corazón-pulmón tienen más del triple de infecciones que los renales y la tasa de mortalidad más alta asociada a infecciones (45%). Los receptores hepáticos tienen cinco veces más probabilidades de bacteriemia que otros grupos.
Sandeep presented a seminar on 4G wireless technology. 4G will provide comprehensive IP solutions allowing voice, data, and multimedia on an anytime, anywhere basis using broadband cellular and other wireless systems. It is required due to subscriber and service growth. 4G features include support for multimedia, high bandwidth, packet switching, global mobility, and high internet speeds. Technologies powering 4G include OFDM, UWB, smart antennas, and IPv6.
1. The document provides statistics on various indicators for Singapore such as population, labour force, national income, trade, and social factors for years 2010 and 2011.
2. Key economic indicators show GDP grew 4.9% in 2011 to $326.8 billion while GNI per capita was $61,692. Unemployment remained low at 3% and population grew to over 5 million.
3. Social indicators include median age of 38, literacy rate of 96%, and increasing home ownership. Health indicators like doctors per capita and crime rate also improved between 2010-2011.
xcel energy 8BFFinancial_Plan_Xcel_Energy_12052007finance26
This document provides a financial plan and capital expenditure forecast for Xcel Energy from 2007-2011. It summarizes Xcel's ability to address environmental issues through its operations and fuel efficiency. The capital expenditure forecast shows increasing investments in areas like wind generation, transmission projects, and nuclear capacity extensions. The plan also discusses Xcel's earnings guidance, dividend growth, regulatory proceedings, and opportunities for investment and earnings growth.
This document provides an overview of Xcel Energy's strategy to achieve financial success through environmental leadership. It summarizes the company's plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It also outlines Xcel's goals for annual earnings per share growth of 5-7% and dividend growth of 2-4% through 2020. The capital expenditure forecast estimates spending between $2.1-$2.2 billion annually through 2011 to fund these clean energy investments and system upgrades.
This document summarizes an academic research paper on determining future key items for trade agreements (FTAs) between Indonesia and partner countries. The research assesses Indonesia's priority economic sectors and foreign direct investment (FDI) impacts to identify opportunities. It reviews Indonesia's economic statistics and sectoral contributions to GDP. Interviews and previous FTA assessments inform the analysis to provide recommendations on negotiation items that support Indonesia's economic development goals through trade agreements.
Fifth Third Bancorp reported third quarter 2007 earnings of $376 million, or $0.71 per diluted share. Net interest income increased 2% sequentially and 6% year-over-year. Average loans grew 2% sequentially and 6% year-over-year. Noninterest income grew 2% sequentially and 9% year-over-year, driven by increases in electronic payment processing, service charges on deposits, and corporate banking revenue. Credit quality remained challenging with provision for loan and lease losses up 14% sequentially.
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and average loans. However, credit costs increased significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced the common dividend to strengthen its position during the economic downturn.
Fifth Third Bancorp reported a Q3 2008 net loss of $56 million, compared to a net loss of $202 million in Q2 2008 and net income of $325 million in Q3 2007. Higher credit costs drove the results, as non-performing assets and net charge-offs increased, particularly for commercial and residential real estate loans in Florida and Michigan. However, core earnings were positive, with revenue growth across most business lines and expense control. While facing disruptions in capital markets and a weakening economy, the company remains well-capitalized with a Tier 1 capital ratio of 8.53%.
The document summarizes Illinois' 2012 budget funding sources and spending. It states that the general revenue fund provides 50.3% of funding, other state funds provide 36%, and federal funds provide 13.7%. It also states that human services receives 45% of state spending, education receives 42%, public safety receives 5%, and other receives 8%. The document then shows trends of increasing spending on Medicaid and pensions squeezing spending on other programs like education and agriculture.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
Updated version of our popular PowerPoint presentation that clearly and succinctly lays out the fiscal challenge facing the United States. To see what can be done about it, visit http://crfb.org/go-big
Presentation (simon barry & brian harvey) slides Gert Ackermann
The document provides a post-budget analysis from a public finance perspective. It summarizes Ireland's fiscal correction over the past 5 years through 8 budgets and adjustment packages that totaled €27.5 billion in planned impacts. It notes that spending cuts have accounted for 65% of the adjustments to date. While the budgets from 2008-2012 have been progressively reducing incomes for higher earners the most, the 2013 PRSI change is regressive. The fiscal deficit remains above the 3% GDP target but revenues are improving and non-interest spending is down 15% from its 2008 peak. Further adjustments of €5 billion are planned for 2014-2015.
M And B Switchgears Ltd is issuing an IPO to raise funds to set up a 4MW solar power project. The IPO will be priced between Rs. 180-186 per share from Sept 28 - Oct 05, 2011. At the cap price, the company's post-issue market cap will be Rs. 372Cr. However, the issue is very expensive compared to its peers, trading at a PE of 277.6x versus the sector average of 10x. While the company has experience in transformer manufacturing, overreliance on government orders and a single facility pose risks.
Yli-Kaitala is a resort located in Iitti, Finland that offers 11 types of holiday cottages that can accommodate up to 14 people each. The resort has multiple sauna facilities including a moss sauna with color-changing lights and a jacuzzi that can hold 15-20 people. The resort also has a restaurant that seats 150 people and offers outdoor dining. Yli-Kaitala is available to host meetings, weddings, and other events and provides various activity packages.
El documento describe las tasas e infecciones comunes en receptores de trasplantes de órganos sólidos. Los receptores renales tienen las tasas más bajas de infección y mortalidad, mientras que los receptores de corazón-pulmón tienen más del triple de infecciones que los renales y la tasa de mortalidad más alta asociada a infecciones (45%). Los receptores hepáticos tienen cinco veces más probabilidades de bacteriemia que otros grupos.
Sandeep presented a seminar on 4G wireless technology. 4G will provide comprehensive IP solutions allowing voice, data, and multimedia on an anytime, anywhere basis using broadband cellular and other wireless systems. It is required due to subscriber and service growth. 4G features include support for multimedia, high bandwidth, packet switching, global mobility, and high internet speeds. Technologies powering 4G include OFDM, UWB, smart antennas, and IPv6.
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and loans. However, credit costs rose significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced dividends to strengthen its position for potential future losses.
Fifth Third Bancorp reported first quarter 2007 earnings of $359 million, or $0.65 per diluted share, compared to $66 million in the previous quarter and $363 million in the first quarter of 2006. Net interest income was $742 million, flat compared to the previous quarter but up 3% year-over-year. Noninterest income was $648 million, significantly higher than the previous quarter due to securities losses in that quarter, and up 5% year-over-year. Average loans grew 1% sequentially and 6% year-over-year, while average deposits declined 2% sequentially but grew 1% year-over-year.
Fifth Third Bancorp reported second quarter 2007 earnings of $0.69 per diluted share, up slightly from the previous quarter and flat compared to the second quarter of 2006. Net interest income increased 4% year-over-year due to balance sheet actions taken in the fourth quarter of 2006. Noninterest income grew 8% year-over-year due to increases across all fee categories. Credit quality deteriorated compared to the previous year, with the provision for loan and lease losses increasing 70% year-over-year, reflecting expected continued weakening in credit trends in the near future. Overall, results were strong across most areas of the Company, though challenges remain in managing credit quality in the current economic environment.
EPF DECLARES 6.15 PER CENT DIVIDEND FOR 2012corpcomm_epf
The Employees Provident Fund (EPF) declared a dividend rate of 6.15% for 2012, up from 6% in 2011. This translates to a record RM27.45 billion total payout, up 12.2% from 2011. EPF achieved its highest ever gross investment income and total assets exceeding RM526.75 billion despite complex investment conditions.
The document summarizes the current early retirement plan and costs for MCC, including an incentive payment, insurance benefits for retirees, and premium pay for reemployed retirees. It shows the annual costs total around $4.9 million. It then presents an option to implement a "Rule of 80" retirement plan on July 1, 2013 that would provide a reduced incentive payment but discontinue retiree insurance benefits. This option shows the annual costs decreasing over time as current retirees are no longer receiving insurance benefits.
The document summarizes the current early retirement plan and costs for MCC, including:
- Special incentive payments that are a percentage of salary based on age and years of service, averaging $700,000 annually.
- Insurance benefits for retirees that cost $2.6 million annually.
- Premium pay for 69 early retirees who are reemployed, costing $1.6 million annually.
The total annual cost of the current early retirement plan is $4.9 million. The document also outlines an option to implement a "Rule of 80" retirement eligibility with incentive payments only and discontinue insurance benefits after July 1, 2013 to reduce costs.
Fifth Third Bancorp reported 2007 earnings of $1.1 billion, or $2.03 per diluted share, compared to $1.2 billion, or $2.13 per diluted share in 2006. Fourth quarter 2007 earnings were $38 million, or $0.07 per diluted share, compared to $325 million, or $0.61 per diluted share in the third quarter of 2007. Results were impacted by non-cash charges including lowering the value of a Bank-Owned Life Insurance policy and reserves related to potential Visa litigation settlements. Excluding these items, operating earnings were lower due to deterioration in credit performance and increased loan loss reserves in response to challenging credit conditions expected to continue in the near
Fifth Third Bancorp reported earnings for full year 2007 of $1.1 billion, down slightly from 2006. Earnings for Q4 2007 were $38 million, down significantly from previous quarters due to charges including a $155 million non-cash charge related to a decline in the value of a BOLI policy and $94 million in litigation reserves. Excluding these charges, operating earnings were relatively stable. Credit quality deteriorated during the quarter as loan loss provisions increased 105% from the previous quarter. Management expects further deterioration in credit conditions in the near term.
The document discusses the issues with global tax havens and their costs. It notes that the global tax haven industry is huge and hurts economic growth and development. Trillions of dollars are missing from countries' tax bases and held in havens, growing transnational corporate abuses. Solutions require transparency, ending tax and rule competition between countries, and addressing the roles of professionals and institutions that enable tax haven abuse.
DKI Jakarta has been the center of government, economy, and business in Indonesia for 60 years, attracting significant investment and population growth. However, statistics show rising poverty, unemployment, and crime in DKI Jakarta compared to other regions. Other capital cities like Washington D.C., Kuala Lumpur, and Nur-Sultan face similar socioeconomic challenges from decades of development as the primary economic hub.
The document is the 2011 budget speech delivered by the Governor of Ekiti State, Nigeria, Dr. John Olukayode Fayemi, to the State House of Assembly. It summarizes the performance of the 2010 budget, outlines the strategic priorities of the 8-point agenda for 2011 which include improving infrastructure, education, health, industry and gender equality. It notes revenue challenges in 2010 including low internally generated revenue and high debt levels inherited from the previous government. The governor calls for a review of revenue allocation from the federal government to enable priority projects that will reduce poverty in the state.
The Egyptian economy maintained strong GDP growth over the past few years, however it faces challenges from high inflation. The banking sector has ample liquidity and low loan to deposit ratios, leaving room for further lending. Exposure to the global credit crisis is minimal, but exports and Suez Canal revenues may decline. However, lower global commodity prices could help reduce inflation and subsidies. Overall, Egypt's economy is still forecast to grow at about 6% in 2009, double the world rate, benefiting from domestic demand and investment opportunities.
McDonald's Corporation is the world's largest chain of hamburger fast food restaurants, serving over 64 million customers daily across 119 countries. The company owns and operates over 15% of its 33,000 total locations worldwide, while the rest are franchised. McDonald's stock price has increased 22% in the past year to around $93 currently, outperforming the broader market during the economic downturn. Financial analysis of McDonald's balance sheets and income statements from 2008-2010 show increasing total assets, retained earnings, and revenues, indicating the company's continued growth and financial strength.
- Fifth Third Bancorp reported first quarter 2008 earnings of $292 million, or $0.55 per diluted share, compared to $16 million in Q4 2007 and $359 million in Q1 2007.
- Net interest income increased 11% year-over-year to $826 million due to loan and deposit growth as well as lower funding costs, while the net interest margin declined slightly.
- Loans grew 9% year-over-year led by commercial and industrial loans, while deposits increased 5% with growth in transaction and core deposits.
- Credit costs increased significantly due to deterioration in residential real estate, homebuilder, and development loans, particularly in Florida and Michigan.
Fifth Third Bancorp reported first quarter 2008 earnings of $292 million, or $0.55 per diluted share, compared to $16 million in the previous quarter and $359 million in the first quarter of 2007. Net interest income increased 11% year-over-year to $826 million due to loan and deposit growth as well as lower funding costs, while the net interest margin declined slightly. Loan balances grew 9% year-over-year led by increases in commercial and residential mortgage loans. Credit costs increased substantially due to deterioration in residential real estate, homebuilder, and development loans.
Participation Banks Association - figures as per 06-2010isfinturk
Although participation banks saw around 50% of their funds withdrawn after the economic crises in 2000-2001, they were able to survive and succeed due to their internal dynamics. Their use of profit and loss sharing on the liabilities side and project-based lending paid directly to vendors rather than customers helped strengthen their balance sheets and asset quality during the crises. Participation banks have played an important role in the Turkish banking sector by bringing idle funds into the system and providing alternative financing opportunities to businesses.
The document provides a disclaimer and forward-looking statements regarding a presentation by Banco Santander Totta, S.A. and Banco Santander, S.A. It cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. It also states that the information in the presentation should be read in conjunction with other public disclosures and does not constitute an offer to buy or sell securities.
This document summarizes the budget information for Park City School District's General Fund for fiscal years 2010 through 2013. It shows that expenditures are expected to exceed revenues, resulting in a depletion of the fund balance. Expenditures are projected to increase by $1.3 million from FY2010 to FY2011, while revenues are estimated to remain flat. The fund balance is projected to decrease from $9.5 million in FY2011 to $443,606 in FY2013 as the deficit grows each year without revenue increases.
Similar to Pension fund gnpf 2012 09-01-для инвестора_eng (20)
2. Country Overview
The Republic of Kazakhstan is a transcontinental country in Central Asia and Eastern
Europe, the vast majority of its territory being located in Central Asia. With its territory of
2,727,300 sq km (1,053,000 sq mi) ranked as the 9th largest country in the world, it is also the
world's largest landlocked country. Kazakhstan is a member of the CIS.
Capital city – Astana; largest city – Almaty (former capital). National currency – Tenge (KZT).
3. Country Overview (continued)
Politics and Economy Population
Population: 16.8 mln. people
Age 0-15 – 10%
The Republic of Kazakhstan Structure 16-62(57) – 64%
is a unitary state with (2012) 63(58) & older – 26%
presidential regime
Working population (APFs’ members)
(Feb. 2012): 8.5 mln. People
Main industry: Oil & Gas Average monthly income (Jul. 2012):
(9th place in the world) USD 712
Retirement age:
men – 63 women – 58
GDP: Longevity (2011):
(Jan-Jun) 2012 – 105.6%
2011 – 107.5%, or $186.2 bn average – 69.01 years
2010 – 107.0%, or $148.05 bn men – 64.23 women – 73.79
2009 – 101.2%, or $115.31 bn Natural population growth rate
2008 – 103.3%, or $133.44 bn
2007 – 108.9%, or $104.85 bn
increased from 6.22% (2003)
to 13.79% (2011)
4. Pension System in Kazakhstan
1997 - reform of the pension system in Kazakhstan and establishment of the first “State
Accumulative Pension Fund” (Gosudarstvenny Nakopitelny Pensionny Fond) which then
became the APF “GNPF”, JSC
New pension system is based on the three pillars:
PAYG pillar, the former Soviet Union heritage based upon the “solidarity of generations” where the
pillar
State budget is a source of pension distributions by means of taxes and other budgetary receipts.
Pension distributions amount depends on the employment duration. Currently, this pillar covers
those who had been employed for at least six months prior to January 1, 1998.
Compulsory defined contributions accumulative pension plan (99.81% of all accumulated
pension assets as of 1 Sept 2012). Pension contributions fixed at 10% of the gross monthly
income are paid by all employed citizens of Kazakhstan and foreign stateless individuals who
established permanent residence in Kazakhstan, to their individual accounts in one of the APFs
selected in contributors’ discretion. Contributors have the right to transfer their savings from one
APF to another twice a year, but all savings of each member must be kept in one APF at a time.
Voluntary accumulative pension plan embracing voluntary and voluntary-occupational pension
contributions. This pillar is less developed.
5. Pension System in Kazakhstan (continued)
Currently there are 11 Accumulative Pension Funds (APF) operating
in Kazakhstan. The APFs in Kazakhstan are licensed to act also as
Accumulation of
the Asset Management Companies (AMC). They manage pension
Pension Assets &
assets of their members (contributors), and also have their own
Asset Management
assets and capital that are accounted for separately (Chilean
Chilean
model).
model
Pension assets are accumulated and accounted for based on the
Unit-Linked Plan Unit-Linked Plan i.e. the cash value of pension contributions
Unit- Plan,
varies according to the current net asset value of the underlying
investment assets. It allows protection and flexibility in investment.
The APFs have three income sources
sources:
Income Structure 1. Monthly commission fee on accumulated pension assets
(≤0.05%, GNPF’s current fee is 0.0375%)
2. Monthly commission fee on investments return (≤15%, GNPF’s
current fee is 12%)
3. Return from investments of own assets
7. GNPF Shareholder
The National Bank of the
Republic of Kazakhstan
100%
100%
GNPF is the only APF with direct GRK
participation through the National Bank’s share
NBRK intends to privatize GNPF and, therefore, is looking for a
strategic investor that will acquire the control stock and help to
further improve the Fund’s already strong position by:
improving the Fund’s corporate governance;
refining the existing risk management system;
bringing in know-how in investing pension assets; and
providing access to international capital markets
14. Regulation
The APFs’ activity is licensed and regulated by the Committee
of the National Bank of the Republic of Kazakhstan for
Control and Supervision of the Financial Markets and
Firms
There are three main prudential regulations established and controlled by the
Committee:
K1 - minimum capital requirement
K2 - annual average weighted investment return
benchmark for the last 60 months
Limits on pension assets investments
15. Foreign Investor: Legal Issues
Per the Law of the Republic of Kazakhstan On the
Pension Provisions in the Republic of Kazakhstan (The
Law), Article 36:
A non-resident investor shall:
non- shall
be a legal entity
have a minimum rating as set below:
Rating and
Moody's Dominion Japan Credit
Standard and Investment Capital
Investors Fitch Bond Rating Rating Agency
Poors Information Intelligence
Service Service (DBRS) (JCR)
(R&І)
ВВ- Ва3 ВВ- BBL BB- BB- BB-
Legal entity registered in an off-shore zone* or the one having affiliates registered in off-
shore zones shall not act as a shareholder of any pension fund in Kazakhstan
*All restricted off-shore zones are listed in the Appendix A
16. Call us at +7.727.259.7524, or +7.800.080.1177