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.
Pension fund gnpf 2012 09-01-для инвестора_engJCSAPFGNPF
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.
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.
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.
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 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.
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.
Pension fund gnpf 2012 09-01-для инвестора_engJCSAPFGNPF
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.
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.
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.
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 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.
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 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 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
Congressman Patrick McHenry (NC-10) shared this presentation with constituents at town hall meetings across North Carolina's 10th District in August, 2011.
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.
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%.
Boyuan Construction Investor PresentationTMX Equicom
The document provides an overview of Boyuan Construction Group, a construction company listed on the TSX Venture Exchange. It discusses Boyuan's markets in the Yangtze River Delta region and Sanya city of China, as well as its expansion to Shandong province. The presentation outlines Boyuan's financial performance, competitive advantages, growth strategies, management team, and sample projects. It also provides industry data on the growth and size of the Chinese construction market.
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.
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.
Yoni Assia presented on the disruption of traditional banking by social finance and networks. He argued that banks have focused on cost reductions after the financial crisis but have overlooked how to adapt to the new information economy and age of networks. Social financial services are emerging that incorporate trends like consumerization, gamification, and open data networks. Companies like eToro are examples of this disruption by allowing users to socially invest and copy trades in a transparent community.
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
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.
This document analyzes and compares three sustainable banks and global systemically important financial institutions (GSIFIs). It finds that the sustainable banks have higher loan-to-asset and loan-to-deposit ratios, indicating they contribute more to the real economy. The sustainable banks also have higher return on assets and faster asset and loan growth rates over 5 years. However, the GSIFIs operate more cost-efficiently with lower overhead and compensation ratios. In conclusion, while the sustainable banks and GSIFIs differ in their markets and performance, the sustainable banks generally show better support for communities and stronger financial growth.
This document promotes investing in a pension fund for retirement. It summarizes the pension fund's performance, investment portfolio, benefits for contributors, and examples of potential pension accumulations. The pension fund is stable with experienced leadership and has achieved strong investment returns. Contributors can earn substantial pensions through long-term savings and investment growth. Additional services are also available for contributors through partnerships.
This document provides information about the GNPF pension fund in Kazakhstan. It discusses that GNPF is fully owned by the National Bank of Kazakhstan. It has over 2 million contributors and a growing portfolio value, reaching 161.1 billion tenge as of April 2013. The portfolio has a diversified structure, including government bonds, corporate bonds, bank deposits, and other assets. GNPF aims to provide stable returns through a weighted investment approach and high quality service across its many regional offices.
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 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
Congressman Patrick McHenry (NC-10) shared this presentation with constituents at town hall meetings across North Carolina's 10th District in August, 2011.
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.
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%.
Boyuan Construction Investor PresentationTMX Equicom
The document provides an overview of Boyuan Construction Group, a construction company listed on the TSX Venture Exchange. It discusses Boyuan's markets in the Yangtze River Delta region and Sanya city of China, as well as its expansion to Shandong province. The presentation outlines Boyuan's financial performance, competitive advantages, growth strategies, management team, and sample projects. It also provides industry data on the growth and size of the Chinese construction market.
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.
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.
Yoni Assia presented on the disruption of traditional banking by social finance and networks. He argued that banks have focused on cost reductions after the financial crisis but have overlooked how to adapt to the new information economy and age of networks. Social financial services are emerging that incorporate trends like consumerization, gamification, and open data networks. Companies like eToro are examples of this disruption by allowing users to socially invest and copy trades in a transparent community.
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
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.
This document analyzes and compares three sustainable banks and global systemically important financial institutions (GSIFIs). It finds that the sustainable banks have higher loan-to-asset and loan-to-deposit ratios, indicating they contribute more to the real economy. The sustainable banks also have higher return on assets and faster asset and loan growth rates over 5 years. However, the GSIFIs operate more cost-efficiently with lower overhead and compensation ratios. In conclusion, while the sustainable banks and GSIFIs differ in their markets and performance, the sustainable banks generally show better support for communities and stronger financial growth.
This document promotes investing in a pension fund for retirement. It summarizes the pension fund's performance, investment portfolio, benefits for contributors, and examples of potential pension accumulations. The pension fund is stable with experienced leadership and has achieved strong investment returns. Contributors can earn substantial pensions through long-term savings and investment growth. Additional services are also available for contributors through partnerships.
This document provides information about the GNPF pension fund in Kazakhstan. It discusses that GNPF is fully owned by the National Bank of Kazakhstan. It has over 2 million contributors and a growing portfolio value, reaching 161.1 billion tenge as of April 2013. The portfolio has a diversified structure, including government bonds, corporate bonds, bank deposits, and other assets. GNPF aims to provide stable returns through a weighted investment approach and high quality service across its many regional offices.
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 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 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.
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 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 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%.
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.
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.
- 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.
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 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.
- Bank of America reported third quarter 2007 results with net income of $3.7 billion, down 32% from the third quarter of 2006. Earnings per share were $0.82.
- Revenues declined 12% due to a 24% drop in noninterest income driven by losses in Global Corporate and Investment Banking from market turbulence.
- The provision for credit losses increased 74% to $2.03 billion reflecting increased consumer loan loss rates and impacts from the weakened housing market.
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.
Venture Capital Fundraising Activity - Q1 2008 mensa25
Venture capital fundraising activity slowed in the first quarter of 2008, with 57 funds raising $6.3 billion, a 31% decrease in the number of funds raised compared to the first quarter of 2007. Follow-on funds dominated fundraising, with 52 follow-on funds raised compared to just 5 new funds. The ratio of follow-on to new funds was approximately 10-to-1 for the quarter, compared to less than 3-to-1 in the first quarter of 2007. The largest funds raised focused on balanced stage investments in life sciences and clean technologies.
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.
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.
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.
Similar to Pension fund gnpf 2012 11-01 invest-eng (20)
This document promotes investing in a pension fund for a secure retirement future. It summarizes the pension fund's shareholder as the National Bank of Kazakhstan, lists the board of directors and independent directors, and notes branch offices across the country. Charts show growing investment returns over time, the conservative investment portfolio composition of mostly government bonds and deposits, and the pension fund's large market share and number of contributors. Benefits for contributors include discounts from partners and high-quality services nationwide.
The document discusses the L/O/G/O pension fund in Kazakhstan, known as GNPF. It highlights that GNPF is the largest pension fund in Kazakhstan, managing over 624 billion tenge in assets as of January 2013, or 19.62% of total pension assets in the country. The document also outlines GNPF's growth in net investment income, geographic reach across Kazakhstan, investment portfolio structure, benefits for contributors, and advantages like financial stability and professional management.
The document promotes investing in a pension fund for retirement. It highlights the fund's safety, growth over time, and benefits for contributors such as discounts from partners. Calculations show how contributions can accumulate into sizable monthly pension payouts. The fund is described as financially stable with an experienced board and weighted investment approach.
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 Oct 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