Spain Economic Policy. Presentation by the spanish secretary of state for the economy, José Manuel Campa, to the Financial Times (London, February the 8th 2010)
The document outlines Spain's economic policy and 2010 funding strategy. It highlights the long growth cycle prior to the international crisis and the important challenges of unemployment and deficit that resulted. The government is committed to fiscal consolidation through a 5.7% cut in the structural deficit by 2013 and structural reforms to boost potential GDP through a sustainable economy, bank reorganization, pensions, and labor market reforms. The funding strategy focuses on reducing spending and moderately increasing revenues to cut the structural deficit by 2.2% in 2010.
Leslie Appleton-Young, Chief Economist/California Association of Realtors presents his annual report to the California Desert Association of Realtors.
The Palm Springs desert area (Coachella Valley) housing market is on the upswing once again.
Leslie Appleton Young, CAR Chief Economist, spoke at the Real Living Lifestyles New Year, New You Real Estate Symposium on January 31, 2012. She shared her economic forecast for the coming year, and all of the latest charts and stats on the California economy.
Pine Technical report: CDI versus TJLP, volatility versus trendBanco Pine
This report compares the CDI (Certificado de Depósito Interbancário), an overnight interest rate in Brazil, to the TJLP (Taxa de Juros de Longo Prazo), a long-term interest rate. It finds that while the CDI has fluctuated more due to deviations in inflation from targets, the TJLP has remained stable between 5-5.5% to encourage long-term private investments. Lower interest rates through the Selic rate and CDI aim to stimulate Brazil's slowing GDP growth by expanding private investments and credit. The report provides graphs and analysis showing the relationship between these interest rates, inflation, and economic growth in Brazil.
Expected us gdp growth rate presentationVictoria Rock
GDP is the total value of goods and services produced in a country over a period of time. The document discusses GDP reporting, components, and measurement in the US. It provides data on US GDP from 1995-2010, showing steady growth except for declines in 1998 and 2008-2009. Sectors like consumption, government spending, investment, and net exports influence GDP. The income and expenditure approaches are used to calculate GDP.
The document examines expected U.S. GDP growth rates based on past trends and forecasts. It analyzes annual GDP growth from 1991 to 2010, which varied from periods of increase to decrease, with the highest growth in 2000 at 6.39%. Forecasts expect 2012 growth in the 3.3-3.7% range. GDP is determined either through the income approach (compensation + profits + taxes - subsidies) or expenditure approach (consumption + government spending + investments + exports - imports). A positive GDP reflects economic growth while negative GDP indicates a recession.
This document contains 3 summaries of house price data:
1) US house price indices like the S&P Case-Shiller Index and measures of unemployment from 2000-2015, showing house prices peaked in 2005-2006 and have yet to fully recover.
2) Plans to also include house price data from Eurozone countries like Germany at a later time.
3) House price data from a local market in eastern Germany from 1998-2015, which peaked in 2008 after incentives were removed and during the financial crisis, and has slowly increased since.
Semicon Greater China Presentation Complete Eng (2)MarcVanWonterghem
The semiconductor industry experienced record growth in 2010 and forecasts predict continued growth in 2011 and 2012. Global semiconductor revenue grew by 31% in 2010 to $319 billion after declines in 2008 and 2009. Forecasts estimate growth rates between 4.5-11% in 2011. Worldwide fab capacity is also expanding after declines in 2009, led by 300mm fab investments in South Korea, Taiwan, Japan and China.
The document outlines Spain's economic policy and 2010 funding strategy. It highlights the long growth cycle prior to the international crisis and the important challenges of unemployment and deficit that resulted. The government is committed to fiscal consolidation through a 5.7% cut in the structural deficit by 2013 and structural reforms to boost potential GDP through a sustainable economy, bank reorganization, pensions, and labor market reforms. The funding strategy focuses on reducing spending and moderately increasing revenues to cut the structural deficit by 2.2% in 2010.
Leslie Appleton-Young, Chief Economist/California Association of Realtors presents his annual report to the California Desert Association of Realtors.
The Palm Springs desert area (Coachella Valley) housing market is on the upswing once again.
Leslie Appleton Young, CAR Chief Economist, spoke at the Real Living Lifestyles New Year, New You Real Estate Symposium on January 31, 2012. She shared her economic forecast for the coming year, and all of the latest charts and stats on the California economy.
Pine Technical report: CDI versus TJLP, volatility versus trendBanco Pine
This report compares the CDI (Certificado de Depósito Interbancário), an overnight interest rate in Brazil, to the TJLP (Taxa de Juros de Longo Prazo), a long-term interest rate. It finds that while the CDI has fluctuated more due to deviations in inflation from targets, the TJLP has remained stable between 5-5.5% to encourage long-term private investments. Lower interest rates through the Selic rate and CDI aim to stimulate Brazil's slowing GDP growth by expanding private investments and credit. The report provides graphs and analysis showing the relationship between these interest rates, inflation, and economic growth in Brazil.
Expected us gdp growth rate presentationVictoria Rock
GDP is the total value of goods and services produced in a country over a period of time. The document discusses GDP reporting, components, and measurement in the US. It provides data on US GDP from 1995-2010, showing steady growth except for declines in 1998 and 2008-2009. Sectors like consumption, government spending, investment, and net exports influence GDP. The income and expenditure approaches are used to calculate GDP.
The document examines expected U.S. GDP growth rates based on past trends and forecasts. It analyzes annual GDP growth from 1991 to 2010, which varied from periods of increase to decrease, with the highest growth in 2000 at 6.39%. Forecasts expect 2012 growth in the 3.3-3.7% range. GDP is determined either through the income approach (compensation + profits + taxes - subsidies) or expenditure approach (consumption + government spending + investments + exports - imports). A positive GDP reflects economic growth while negative GDP indicates a recession.
This document contains 3 summaries of house price data:
1) US house price indices like the S&P Case-Shiller Index and measures of unemployment from 2000-2015, showing house prices peaked in 2005-2006 and have yet to fully recover.
2) Plans to also include house price data from Eurozone countries like Germany at a later time.
3) House price data from a local market in eastern Germany from 1998-2015, which peaked in 2008 after incentives were removed and during the financial crisis, and has slowly increased since.
Semicon Greater China Presentation Complete Eng (2)MarcVanWonterghem
The semiconductor industry experienced record growth in 2010 and forecasts predict continued growth in 2011 and 2012. Global semiconductor revenue grew by 31% in 2010 to $319 billion after declines in 2008 and 2009. Forecasts estimate growth rates between 4.5-11% in 2011. Worldwide fab capacity is also expanding after declines in 2009, led by 300mm fab investments in South Korea, Taiwan, Japan and China.
2007 - 7th Annual U.S. Analyst Airline Market Overview Commecial AviationEmbraer RI
The document provides an overview of the airline market from the perspective of aircraft in the 30-120 seat segment. It discusses trends in the industry including increased low-cost carrier competition, higher fuel prices, and efforts by airlines to reduce costs. Opportunities for regional jets include replacing aging fleets in China, Russia, and other growing markets. The E-Jets family from Embraer is positioned as helping airlines improve efficiency through right-sizing aircraft on routes.
Credit Suisse Chemical and Ag Science Conferencefinance5
The document summarizes Dow's financial performance in the first half of 2008, its transformational strategy, and actions taken to implement that strategy. It discusses the formation of K-Dow Petrochemicals, a joint venture with Kuwait Petroleum that will create a major petrochemicals company. It also covers Dow's acquisition of Rohm and Haas, a leading specialty chemicals company, which will accelerate Dow's growth and increase its percentage of revenues from higher-margin specialty businesses.
The document discusses the global economic outlook for Q1 2011. It notes that advanced economies are experiencing slowing GDP growth rates, some nearing recession levels again, while Singapore continues growing steadily at around 4%. It also shows charts depicting declines in investment spending, industrial production, and exports in advanced economies as signs their recoveries are weakening, making these countries like "canaries in the coal mine" warning of broader global economic troubles.
The document contains a chart showing the results of a survey with 36% of respondents selecting soccer as their favorite sport and a table listing the number of votes for each sport, with soccer receiving the most votes at 9. It also includes a bar chart displaying median income by education level with graduate or professional degrees having the highest median income and some tables with additional data on various topics like grain sales, Red Cross expenses, and city populations.
This document summarizes key supply and demand factors affecting agricultural commodity markets. It discusses current world stock levels for corn, wheat, and soybeans being at extremely low levels compared to 10-year averages. Recent events impacting prices of these commodities are outlined. The weak U.S. dollar is identified as a major driver of increasing commodity prices. Analysis of index fund and non-commercial trader positions in these markets finds little evidence their participation is adversely affecting prices. Margin levels have risen along with increased volatility in these markets.
2007* Airline Marketing Embraer Day 2007Embraer RI
This document summarizes an Embraer Day 2007 presentation on the airline market and Embraer programs for aircraft in the 30-120 seat segment. It includes the following key points:
1) The air transport industry has seen strong demand growth in recent years and is projected to continue growing. However, airlines have had to work hard to reduce costs to offset rising fuel prices.
2) The regional jet market served by Embraer's ERJ145 family and the 70-120 seat market served by Embraer's E-Jets have both evolved in recent years.
3) Projections show the airline industry as a whole and most regions are expected to have positive net results in 2007 and 2008
Prof. dr Goran Pitić je 10. maja 2010.g. održao predavanje na italijanskom univerzitetu Bocconi na temu Mogućnosti i izazovi nakon krize za makroekonomiju i razvoj bankarskog sektora u Srbiji
April 2009 Philadelphia Housing MarketRajeev Sajja
Philadelphia Housing Market - Should I Buy?
By Kevin C Gillen Ph.D
Kevin Gillen is a respected source of real estate information for the Philadelphia area, was asked to prepare a report on the Philadelphia housing market for Mayor Nutter. It will be used at a city-wide housing fair. His report was made available to Prudential Fox & Roach, Realtors
There is a growing sense of urgency for bipartisan commitment to restoring America's competitive edge through innovation. How can we find the right mix of private sector dynamism and government support, as well as the political consensus required, to stay ahead of global competition and boost long-term prosperity?
Jones Lang LaSalle EMEA Corporate Occupier Conditions Industrial December 2011hoet
This document summarizes industrial occupier market conditions in EMEA in December 2011. It notes that while take-up has been ahead of last year so far, signs of slowing activity are emerging due to renewed economic uncertainty in the Eurozone. Limited development has led to tighter supply, and reduced developer confidence and financing constraints will further limit new speculative developments. Prime rents have increased in many markets but the rate of growth is starting to slow down.
Lawrence Casalino: what GP consortia might learn from the USNuffield Trust
This document discusses lessons that can be learned from the development of physician groups in the US over the last 20 years that could help avoid failures in GP commissioning consortia in the UK. It outlines two frameworks for thinking about GP consortia - focusing on either individual physicians or organized processes. It also discusses the US experience with "consortia" and commissioning, identifying seven theses on GP commissioning and suggestions from an outside perspective.
BLOCK (C.M.U.) EMBEDMENT PLATE PLACEMENT - WATER TREATMENT PLANTJames Halun
CONCRETE MASONRY UNITS - EMBEDMENTS
NEW STRUCTURAL STEELWORKS MEMBERS
TREATMENT BUILDING
GENERAL ARRANGEMENTS & PLACEMENTS
ASSEMBLIES & SCHEMES
ELEVATIONS
SECTIONS
DETAILS
MEMBER DIAGRAMS
PARTS
MATERIAL LISTS
ADVANCED DATA REQUIREMENTS
- The Economic Sentiment Indicator declined sharply in both the EU and euro area in October, falling 7.4 points in the EU and 7.1 points in the euro area, hitting the lowest levels since 1993.
- Confidence fell considerably across all sectors, with consumer confidence reaching its lowest level in close to fifteen years.
- Employment expectations continued to worsen in industry and services, while consumers expected further unemployment increases.
1 armstrong presentation on price and tariff setting v2Oliver O'Connor
Presentation at a forum I organised on Money Follows the Patient hospital payment systems 4 September 2012
John Armstrong is actuary with Aviva in Ireland
The Economic Outlook for Distribution: Preparing for RecoveryAdam Fein
The document summarizes the current economic outlook for distribution and provides guidance for preparing for the economic recovery. Key points include:
- The recession may be near its bottom, but significant economic volatility is expected during the coming recovery. Some distributors will not survive while stronger ones will be more productive.
- Core wholesale distribution sectors face a poor 2009 outlook but are on track to recover in 2010. Customers will increasingly adopt supply chain programs.
- While job losses have been severe, initial unemployment claims and consumer confidence are stabilizing after hitting historic lows, suggesting the worst is past. However, volatility remains.
This document lists popular luxury brands for glasses including Emporio Armani, Gucci, Versace, Prada, Cartier, Ray Ban, Ed Hardy and Dior. It directs the reader to images of glasses from these brands on Google images and their respective websites to visualize different styles.
The document discusses languages, festivals, dishes, and government in Spain. It notes that while Castilian Spanish is the official language, other languages like Catalan, Basque, and Galician have status in certain regions. It lists some of Spain's most famous festivals and dishes that vary by region, such as Paella in Valencia and Gazpacho in Andalusia. The document also outlines Spain's system of autonomous communities, provinces, and how autonomous governments are elected and their responsibilities.
Presentation from the Spanish partners about “Migration Movements in Spain”. OLEtark
Spain's geographic location in southwestern Europe on the Iberian Peninsula has influenced migration patterns throughout its history. In the 1960s, Spain experienced large-scale emigration to countries like Germany, Switzerland, and France, but by the 1990s it had become a destination for immigrants due primarily to economic development, EU integration, and democratic consolidation. Immigrants come mainly from Africa because of Spain's proximity across the Strait of Gibraltar, Eastern Europe because of its Mediterranean location, and Latin America because of historical ties. The number of foreign residents in Spain increased nearly fivefold between 2000 and 2007.
The document summarizes migration trends in and out of Spain from the 19th century to present day. It notes that millions of Spaniards emigrated to places like Latin America and Northern Africa between 1850-1950, and between the 1950s-1970s many moved to Northern Europe. More recently, Spain changed from a country of emigration to one of immigration, receiving foreign workers from Africa and South America. Catalonia similarly saw many emigrants leave for other countries or other parts of Spain after the Spanish Civil War, but now about half its population originates elsewhere in Spain.
Spain is divided into 17 autonomous communities, each with their own regional government. The main languages spoken are Spanish, Basque, Catalan and Galician. Catalonia is an autonomous community in northeastern Spain, with Barcelona as its capital city. Barcelona has a Mediterranean climate and is a popular tourist destination, known for sites like the Sagrada Familia church, Magic Fountain, Ramblas boulevard, Gothic Quarter, Park Güell, Casa Batlló, and Casa Milà.
Spain occupies 85% of the Iberian Peninsula in southwest Europe, which it shares with Portugal. Spain has a mixed economy, relying on exports, trade, agriculture, currency, and a large labor force. It has the 8th largest economy in the world and the 5th largest in Europe. Major exports include machinery, vehicles, foodstuffs, and pharmaceuticals to countries like France, Germany, Portugal, and Italy. The property and construction boom led to a recession when the bubble burst. Bilateral trade between India and Spain was over $5 billion in recent years.
Spain is a sovereign state located on the Iberian Peninsula in southwestern Europe. It includes two archipelagos - the Balearic Islands in the Mediterranean Sea and the Canary Islands in the Atlantic Ocean off the African coast. Some of Spain's most famous historic places include the Royal Palace of Madrid, the Aqueduct of Segovia, the hanging houses of Cuenca, the unfinished Sagrada Familia basilica in Barcelona, and the Alhambra palace complex in Granada. Spain also has a rich cultural tradition of festivals, including Semana Santa, the Running of the Bulls in Pamplona, the Tomatina tomato fight, and Las Fallas bonfires. Spanish
2007 - 7th Annual U.S. Analyst Airline Market Overview Commecial AviationEmbraer RI
The document provides an overview of the airline market from the perspective of aircraft in the 30-120 seat segment. It discusses trends in the industry including increased low-cost carrier competition, higher fuel prices, and efforts by airlines to reduce costs. Opportunities for regional jets include replacing aging fleets in China, Russia, and other growing markets. The E-Jets family from Embraer is positioned as helping airlines improve efficiency through right-sizing aircraft on routes.
Credit Suisse Chemical and Ag Science Conferencefinance5
The document summarizes Dow's financial performance in the first half of 2008, its transformational strategy, and actions taken to implement that strategy. It discusses the formation of K-Dow Petrochemicals, a joint venture with Kuwait Petroleum that will create a major petrochemicals company. It also covers Dow's acquisition of Rohm and Haas, a leading specialty chemicals company, which will accelerate Dow's growth and increase its percentage of revenues from higher-margin specialty businesses.
The document discusses the global economic outlook for Q1 2011. It notes that advanced economies are experiencing slowing GDP growth rates, some nearing recession levels again, while Singapore continues growing steadily at around 4%. It also shows charts depicting declines in investment spending, industrial production, and exports in advanced economies as signs their recoveries are weakening, making these countries like "canaries in the coal mine" warning of broader global economic troubles.
The document contains a chart showing the results of a survey with 36% of respondents selecting soccer as their favorite sport and a table listing the number of votes for each sport, with soccer receiving the most votes at 9. It also includes a bar chart displaying median income by education level with graduate or professional degrees having the highest median income and some tables with additional data on various topics like grain sales, Red Cross expenses, and city populations.
This document summarizes key supply and demand factors affecting agricultural commodity markets. It discusses current world stock levels for corn, wheat, and soybeans being at extremely low levels compared to 10-year averages. Recent events impacting prices of these commodities are outlined. The weak U.S. dollar is identified as a major driver of increasing commodity prices. Analysis of index fund and non-commercial trader positions in these markets finds little evidence their participation is adversely affecting prices. Margin levels have risen along with increased volatility in these markets.
2007* Airline Marketing Embraer Day 2007Embraer RI
This document summarizes an Embraer Day 2007 presentation on the airline market and Embraer programs for aircraft in the 30-120 seat segment. It includes the following key points:
1) The air transport industry has seen strong demand growth in recent years and is projected to continue growing. However, airlines have had to work hard to reduce costs to offset rising fuel prices.
2) The regional jet market served by Embraer's ERJ145 family and the 70-120 seat market served by Embraer's E-Jets have both evolved in recent years.
3) Projections show the airline industry as a whole and most regions are expected to have positive net results in 2007 and 2008
Prof. dr Goran Pitić je 10. maja 2010.g. održao predavanje na italijanskom univerzitetu Bocconi na temu Mogućnosti i izazovi nakon krize za makroekonomiju i razvoj bankarskog sektora u Srbiji
April 2009 Philadelphia Housing MarketRajeev Sajja
Philadelphia Housing Market - Should I Buy?
By Kevin C Gillen Ph.D
Kevin Gillen is a respected source of real estate information for the Philadelphia area, was asked to prepare a report on the Philadelphia housing market for Mayor Nutter. It will be used at a city-wide housing fair. His report was made available to Prudential Fox & Roach, Realtors
There is a growing sense of urgency for bipartisan commitment to restoring America's competitive edge through innovation. How can we find the right mix of private sector dynamism and government support, as well as the political consensus required, to stay ahead of global competition and boost long-term prosperity?
Jones Lang LaSalle EMEA Corporate Occupier Conditions Industrial December 2011hoet
This document summarizes industrial occupier market conditions in EMEA in December 2011. It notes that while take-up has been ahead of last year so far, signs of slowing activity are emerging due to renewed economic uncertainty in the Eurozone. Limited development has led to tighter supply, and reduced developer confidence and financing constraints will further limit new speculative developments. Prime rents have increased in many markets but the rate of growth is starting to slow down.
Lawrence Casalino: what GP consortia might learn from the USNuffield Trust
This document discusses lessons that can be learned from the development of physician groups in the US over the last 20 years that could help avoid failures in GP commissioning consortia in the UK. It outlines two frameworks for thinking about GP consortia - focusing on either individual physicians or organized processes. It also discusses the US experience with "consortia" and commissioning, identifying seven theses on GP commissioning and suggestions from an outside perspective.
BLOCK (C.M.U.) EMBEDMENT PLATE PLACEMENT - WATER TREATMENT PLANTJames Halun
CONCRETE MASONRY UNITS - EMBEDMENTS
NEW STRUCTURAL STEELWORKS MEMBERS
TREATMENT BUILDING
GENERAL ARRANGEMENTS & PLACEMENTS
ASSEMBLIES & SCHEMES
ELEVATIONS
SECTIONS
DETAILS
MEMBER DIAGRAMS
PARTS
MATERIAL LISTS
ADVANCED DATA REQUIREMENTS
- The Economic Sentiment Indicator declined sharply in both the EU and euro area in October, falling 7.4 points in the EU and 7.1 points in the euro area, hitting the lowest levels since 1993.
- Confidence fell considerably across all sectors, with consumer confidence reaching its lowest level in close to fifteen years.
- Employment expectations continued to worsen in industry and services, while consumers expected further unemployment increases.
1 armstrong presentation on price and tariff setting v2Oliver O'Connor
Presentation at a forum I organised on Money Follows the Patient hospital payment systems 4 September 2012
John Armstrong is actuary with Aviva in Ireland
The Economic Outlook for Distribution: Preparing for RecoveryAdam Fein
The document summarizes the current economic outlook for distribution and provides guidance for preparing for the economic recovery. Key points include:
- The recession may be near its bottom, but significant economic volatility is expected during the coming recovery. Some distributors will not survive while stronger ones will be more productive.
- Core wholesale distribution sectors face a poor 2009 outlook but are on track to recover in 2010. Customers will increasingly adopt supply chain programs.
- While job losses have been severe, initial unemployment claims and consumer confidence are stabilizing after hitting historic lows, suggesting the worst is past. However, volatility remains.
This document lists popular luxury brands for glasses including Emporio Armani, Gucci, Versace, Prada, Cartier, Ray Ban, Ed Hardy and Dior. It directs the reader to images of glasses from these brands on Google images and their respective websites to visualize different styles.
The document discusses languages, festivals, dishes, and government in Spain. It notes that while Castilian Spanish is the official language, other languages like Catalan, Basque, and Galician have status in certain regions. It lists some of Spain's most famous festivals and dishes that vary by region, such as Paella in Valencia and Gazpacho in Andalusia. The document also outlines Spain's system of autonomous communities, provinces, and how autonomous governments are elected and their responsibilities.
Presentation from the Spanish partners about “Migration Movements in Spain”. OLEtark
Spain's geographic location in southwestern Europe on the Iberian Peninsula has influenced migration patterns throughout its history. In the 1960s, Spain experienced large-scale emigration to countries like Germany, Switzerland, and France, but by the 1990s it had become a destination for immigrants due primarily to economic development, EU integration, and democratic consolidation. Immigrants come mainly from Africa because of Spain's proximity across the Strait of Gibraltar, Eastern Europe because of its Mediterranean location, and Latin America because of historical ties. The number of foreign residents in Spain increased nearly fivefold between 2000 and 2007.
The document summarizes migration trends in and out of Spain from the 19th century to present day. It notes that millions of Spaniards emigrated to places like Latin America and Northern Africa between 1850-1950, and between the 1950s-1970s many moved to Northern Europe. More recently, Spain changed from a country of emigration to one of immigration, receiving foreign workers from Africa and South America. Catalonia similarly saw many emigrants leave for other countries or other parts of Spain after the Spanish Civil War, but now about half its population originates elsewhere in Spain.
Spain is divided into 17 autonomous communities, each with their own regional government. The main languages spoken are Spanish, Basque, Catalan and Galician. Catalonia is an autonomous community in northeastern Spain, with Barcelona as its capital city. Barcelona has a Mediterranean climate and is a popular tourist destination, known for sites like the Sagrada Familia church, Magic Fountain, Ramblas boulevard, Gothic Quarter, Park Güell, Casa Batlló, and Casa Milà.
Spain occupies 85% of the Iberian Peninsula in southwest Europe, which it shares with Portugal. Spain has a mixed economy, relying on exports, trade, agriculture, currency, and a large labor force. It has the 8th largest economy in the world and the 5th largest in Europe. Major exports include machinery, vehicles, foodstuffs, and pharmaceuticals to countries like France, Germany, Portugal, and Italy. The property and construction boom led to a recession when the bubble burst. Bilateral trade between India and Spain was over $5 billion in recent years.
Spain is a sovereign state located on the Iberian Peninsula in southwestern Europe. It includes two archipelagos - the Balearic Islands in the Mediterranean Sea and the Canary Islands in the Atlantic Ocean off the African coast. Some of Spain's most famous historic places include the Royal Palace of Madrid, the Aqueduct of Segovia, the hanging houses of Cuenca, the unfinished Sagrada Familia basilica in Barcelona, and the Alhambra palace complex in Granada. Spain also has a rich cultural tradition of festivals, including Semana Santa, the Running of the Bulls in Pamplona, the Tomatina tomato fight, and Las Fallas bonfires. Spanish
Spain's population has grown to over 47 million people due to positive natural growth and immigration. The population is unevenly distributed, with denser populations in large cities like Madrid and Barcelona, and sparser rural areas. The economy has developed and nutrition and medicine have improved, slowing the death rate and increasing the population. International immigration from South America, Eastern Europe, and Africa also contributes to population growth in Spain.
Successful Strategies for IP Due Diligencejrstorella
The document discusses strategies for preparing for intellectual property (IP) due diligence by potential investors. It recommends resolving freedom to operate issues, building a strong IP portfolio, cleaning up title to IP, negotiating solid license agreements, and organizing the IP portfolio. Conducting thorough freedom to operate analyses and having explanations prepared for any problematic patents is key. The document emphasizes excluding competitors through broad patent claims and focusing on enforceability. It also stresses having clean and complete title to all IP.
This presentation is made by Palm & Latex Technology & Value Addition degree programme students in Uva Wellassa University of Sri Lanka as to fulfill a requirment for their course of Trade & Finance. In this presentation is generally related to Sri Lanka.
7. Trade Laws, Bilateral and Multilateral Trade Agreements, World Trade Organ...Charu Rastogi
This document discusses various topics related to international business management and trade agreements:
- It describes different types of bilateral and multilateral trade agreements such as GATT, WTO, TRIPS, TRIMS, and GATS.
- It provides an overview of the General Agreement on Tariffs and Trade (GATT) and its replacement by the World Trade Organization (WTO).
- It also briefly discusses India's bilateral trade agreements with different countries and regions, as well as the South Asian Association for Regional Cooperation (SAARC).
The IMF is an organization of 186 countries that works to foster global monetary cooperation and secure financial stability. It provides policy advice and financing to help countries achieve macroeconomic stability. The IMF tracks global economic trends, warns of potential problems, and shares expertise to help countries address economic difficulties. It supports members through policy advice, research, loans, and technical assistance. The IMF aims to ensure the stability of the international monetary system and help members promote growth and alleviate poverty.
Cushman & Wakefield's Annual London Markets Conference 2013
Occupier dynamics are shifting, the demand from new sectors, such as Media & Technology is outpacing demand from London’s traditionally dominant Financial sector. How will London’s commercial real estate industry adapt? What can developers and landlords do to stay ahead of the competition?
As global economic uncertainty continues, London remains a safe haven for investors as equity continues to pour in from overseas. Will this trend continue and will the new investment hotspots bring real returns to investors?
Presentations:
London: City Of Reinvention?
Professor Neil Gibson
Special Advisor To Oxford Economics
London: A Melting Pot For Global Capital
Andrew Thomas
Partner, London Investment
Cushman & Wakefield
The document discusses using paleolimnological techniques to reconstruct ecosystem responses in three peri-alpine lakes - Lake Annecy, Lake Bourget, and Lake Geneva - over the past 150 years to hierarchical effects of climate change and local human pressures. Generalized additive models are used to infer the temporal contributions of climate, nutrient inputs, and fish stocking/predation on diatom communities and other biological proxies. Results suggest climate was relatively more important than local factors in earlier periods, while local pressures like nutrients and fish stocking have dominated more recently, varying between the individual lakes. Comparing the relative impacts of different forcings over time aims to improve understanding of lake sensitivity to multiple environmental drivers.
Higher Ed National Fundriasing Index 2011 TrendsJeffTe
This document discusses fundraising trends in higher education based on an index of 111 public and private institutions. Some key findings from 2011 include: overall revenue declined 2.1% while donor numbers also dropped 2.1%; acquisition of new donors declined more sharply at 3.5%; and retention rates remained relatively stable but below pre-recession levels. Benchmarking is presented as a way for institutions to identify strengths/weaknesses and improve fundraising performance.
California Association of Realtors presentation by Oscar Wei, senior researcher at the CA Community College Real Estate Educators' Conference - Hilton, Oakland Airport. Friday, April 20, 2012
Navigating the Storm: The Impact of the Economic Crisis and Strategic Respons...Ga S
- The global economic crisis has severely impacted GDP growth rates and consumer spending worldwide. The telecom industry is seeing declining revenues across content, media, devices and services.
- Countries in the Middle East region are being unevenly impacted based on their economic diversification and dependence on oil exports. Consumer and business confidence has sharply fallen across the region.
- Telecom operators face declining revenues and will need balanced strategies including cost optimization, pricing changes, focusing on in-demand services, and M&A to navigate the crisis and pursue growth opportunities.
This document discusses progress and perspectives in upland rice breeding in Brazil over 25 years. Upland rice production has increased significantly, with yields improving by 50% through recurrent selection breeding. New drought tolerant varieties like BRS Sertaneja have been developed using improved phenotyping for drought tolerance. The breeding program utilizes recurrent selection to accumulate favorable alleles for yield and abiotic/biotic stress resistance. Looking forward, further improving drought tolerance through root systems and adapting varieties for no-till systems will help upland rice become more sustainable.
This document discusses progress and perspectives in upland rice breeding in Brazil over 25 years. Upland rice production has increased significantly, accounting for 55% of total rice production in Brazil in 2009. Through recurrent selection, upland rice lines have been developed with improved yield, drought tolerance, and blast resistance. Future efforts will focus on further improving drought tolerance, adapting varieties to no-till systems, exploring genetic diversity, and incorporating new technologies like marker-assisted selection and transgenic traits. The Brazilian rice breeding program involves collaboration between Embrapa, state institutions, and universities.
Social-ecological dynamics and the effects of bonding social capital on local...Kemraj Parsram
Grenville, the second largest fishing centre in Grenada, share characteristics typical of small scale fisheries across the eastern Caribbean and further afield. A major fishery involves small tunas and tuna-like fishes. Approximately 50 boats, typically with a crew of 2, troll daily inside and along the edge of the island’s extensive shelf, landing on average nearly 400 metric tonnes of fish annually. Sixty percent of these landings are usually blackfin tuna (locally known as ‘bonita’ or ‘common tur’) and skip jack tuna. Over the last seven years, this fishery and particularly its marketing system have been plagued with perturbations, both idiosyncratic and covariate. In this paper, I explore some critical social-ecological factors that cause or contribute to these perturbations. I highlight how bonding social capital between fishers and unemployed youths (two key categories of stakeholders in the fishery) helps them to cope with some of these perturbations, as well as adding fire to the flame. This paper is part of larger doctoral research on the governance of small-scale fisheries in the eastern Caribbean. The findings here are based upon information collected through key informant interviews, participant observations, and informal interviews during a one year period of residence (July 2010 - June 2011) in the fishing community of Grenville.
Energy costs are projected to rise dramatically in the coming decades. Many companies have already implemented energy management initiatives that are integrated with their business and production processes. While most monitor their energy costs, few do so in real-time. Companies tend to rely on internally developed energy management applications rather than third party solutions. Common energy management systems that have been deployed include energy accounting software, energy analytics and reporting tools, and building energy management systems.
Medicon Valley and Life science cluster in DenmarkPramila Das
- Denmark has a strong life sciences cluster centered around the Medicon Valley region spanning Denmark and Sweden, with over 160 biotech companies, 75 hospitals, and 8 universities.
- Key areas of focus and strength include diabetes/obesity, CNS/neuroscience, infectious diseases, and emerging fields like personalized medicine.
- Major companies in the region include Novo Nordisk, Lundbeck, and emerging stars like Zealand Pharma, Genmab, and Symphogen.
- The region provides attractive business conditions like a flexible workforce, low corporate tax rates, and support from investment agencies to help companies establish operations.
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Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Dr. Alyce Su Cover Story - China's Investment Leader
Spain Economic Policy and 2010 Funding Strategy
1. Kingdom of Spain
Economic Policy and 2010 Funding
Strategy
Secretary of State for the Economy
February 2010
y
2. • Highlights
• The long growth cycle and the crisis
• Fi
Fiscal consolidation and structural reform
l lid ti d t t l f
• Funding Strategy of the Kingdom of Spain
g gy g p
~2009~
1
3. Highlights
• Long growth cycle previous to the international crisis
• Important challenges ahead: Unemployment and deficit,
consequence of the crisis but also symptoms of underlying
structural shortcomings
• The Spanish Government is determined to act:
p
• Fiscal consolidation: A cut of 5.7% of GDP in structural
primary deficit in 2010-2013
•SStructural reforms to boost potential GDP: Sustainable
l f b i l GDP S i bl
Economy, Bank Reorganisation, Pensions, Labour Market
• Strengths: Sound financial system, low Debt/GDP,
institutional ability for reform
2
4. • Highlights
• The long growth cycle and the crisis
• Fiscal consolidation and structural reform
• Funding Strategy of the Kingdom of Spain
3
5. 1994-2008: Convergence and Debt reduction
• GDP per capita has leapt forward, exceeding the average of EU-25
• Fiscal rigour during the good times allowed debt to GDP to be more
than halved
GDP Debt to GDP
(Year on year real growth rates) (% nominal GDP)
80%
6% Euro-area
Spain
4% 70%
2% 60%
Euro-area
0%
50%
-2% Spain
40%
-4%
-6% 30%
2000
0
2001
2002
2
2003
3
2004
4
2005
5
2006
6
2007
7
2008
8
2009
9
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Source: Eurostat. Source: Eurostat.
4
6. Investment binge: housing and beyond
• What has fuelled domestic demand is a soaring investment rate,
with the national savings rate staying close to Eurozone average
• The housing boom is part of the story, but not the whole story
Savings rate Investment rate vs. Savings rate
(
(% nominal GDP)
) (% nominal GDP)
o a G )
34
30
25
30
20
26
15 22
10 18
99
00
01
02
03
04
05
06
07
08
09
199
200
200
200
200
200
200
200
200
200
200
Belgium Germany Spain France Italy
2000 2005 2009* Savings rate Investment rate
Source: Eurostat.
Source: Eurostat.
* 2009Q3 5
7. Investment binge: housing and beyond
• The residential real estate sector grabbed a non-sustainable share
of GDP and employment…
Construction Sector: Gross Value Added and Employment
(% Total Value Added and of Total Employment)
14
13
12
11
10
9
8
7
6
995
996
997
998
999
000
001
002
003
004
005
006
007
008
009
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
Full-time equivalent employees Gross Value Added
Source: National Statistics Institute, Spain.
6
8. Investment binge: housing and beyond
• …but Spain has also invested heavily in equipment, infrastructure
and Research and Development
Investment in equipment
(average growth, 1995-2008 in percent) Public Investment
5.0 (% of GDP)
10
8 4.0
40
6 3.0
4 2.0
2 1.0
0 0.0
UK
UK
UK
E U -15
E U -15
E U -15
Italy
G erm any
G erm any
G erm any
N etherlan
N etherlan
N etherlan
D enm ark
D enm ark
D enm ark
S pain
S pain
S pain
A ustria
Finland
France
France
France
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
k
k
k
y
y
y
EU-27
EU 27 GERMANY FRANCE ITALY UK SPAIN
nds
nds
nds
Source: Eurostat.
7
9. Intensive in employment
• Residential construction attracted low skilled labour, dragging
productivity lower
• Labour supply matched this demand with the help of immigration
flows
Active population Labor productivity
(Growth rates from 2005Q1 to 2009Q3)
( e at e
(Relative to EU-27, PPP)
U , )
12% 107
10% 106
8% 105
104
6%
103
4%
102
2% 101
0% 100
Germany
y
Italy
y
Spain
n
France
e
Belgium
m
m
Kingdom
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
United
Source: Eurostat. Labor Force Survey.
Source: Eurostat. Labor Force Survey. 8
10. Cost competitiveness
• Loss of competitiveness has been moderate in the tradable sector
• Nominal divergence stems from non-tradables (where the bulk of
the adjustment is taking place)
Unit labour cost index Manufacturing ULC index
(Relative to eurozone 1999=100) (Relative to eurozone 1999=100)
125 140
120 130
115 120
110 110
105 100
100 90
95 80 999
000
001
002
003
004
005
006
007
008
009
999
000
001
002
003
004
005
006
007
008
009
19
20
20
20
20
20
20
20
20
20
20
19
20
20
20
20
20
20
20
20
20
20
Spain Italy Germany France Spain Italy Germany France
Source: Eurostat.
Source: Eurostat 9
11. Exports show underlying improvement in supply
• In spite of brisk domestic demand and waning price
competitiveness…
• …Spain's market shares have outperformed most of peers
Share in world merchandise exports Share in world exports of services*
(Index 2000=100) 150 (Index 2000=100)
120
110
125
100
90 100
80
75
70
60 50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2000 2001 2002 2003 2004 2005 2006 2007 2008
Spain Germany France United States Spain Germany France United States
Source: International Monetary Fund. Source: World Trade Organisation.
* Services other than transportation and travel.
10
12. Services Exports’ market share has increased
significantly
• Among others, services related to architecture, construction and
engineering have more than doubled market share
Share of service exports in the OCDE, by service
10
2000
2007
8
6
4
2
0
otal
rism
ment
tion
Entertainm ent
Insurance
cial
Transportation
and
Professional
ons
services to
and engineering
al,
es
n,
To
Financ
Communicatio
construction
service
Otherr
Architectura
Royalties a
patentss
Governm
Tour
Informat
services
Source: OECD. 11
13. FDI flows have increased significantly
• Outward FDI stock per capita has grown faster in Spain than in
the Eurozone
• Remains a major destination of international investment
Outward FDI stock per capita Top receivers of FDI in 2008
relative to Eurozone (Stock in millions of US $)
2500000
0.90
2000000
0.85
0.80 1500000
0.75 1000000
0.70 500000
0.65 0
Germany
UK
US
China
Canada
Belgium
Hong Kong
France
Italy
herlands
Spain
tzerland
0.60
2002 2003 2004 2005 2006 2007 2008
Neth
G
Swit
Source: World Investment Report 2009
Source: World Investment Report 2009
12
14. The crisis prompts an abrupt adjustment
• Rapid downsizing of residential sector: output, L (mainly in
temporary contracts)
• Ripple effects on employment in other sectors
Unemployment rate
20 (In percent)
Sectoral employment
16 (total number)
july 2008 sept 2009 dif %
Total 19.382.121 17.935.095 -1.447.026 (100)
12
Construction 2.361.177 1.752.157 -609.021 (42,1)
Industry 2.731.068 2.377.211 -353.857
353.857 (24,5)
8 Services 13.150.027 12.599.061 -550.966 (38,1)
Sources: Eurostat. Labor Force Survey.
4
2005 2006 2007 2008 2009
Spain Euro area (16 countries)
Sources: Eurostat. Labor Force Survey.
13
15. Changes in sectoral and external balances
• Large swing in private sector balance: plummeting Investment and
soaring Savings
• Government Deficit jumps, but 2.5 points of GDP are one-off
• Current Account deficit has halved in 2009
Sectoral balances
(% of GDP)
Public Sector Balance
8 6,5
6 Private Sector
4 1,9
2
% 0
-2
-4
-6 -4,1
-5,0
-8
-10
-12 -11,0 -11,4
-14
2007 2008 2009
Source: National Statistics Institute, Spain. 14
16. • Hi hli ht
Highlights
• The long growth cycle and the crisis
• Fiscal consolidation and structural reform
• Funding Strategy of the Kingdom of Spain
15
17. Policy Strategy for Sustainable Growth
• Prudent Macroeconomic Scenario 2010-2013
• Agreement on Fiscal Consolidation to bring the deficit
g g
back to 3% in 2013
• Structural Reforms:
• Structural Reforms in the goods markets
• Public Pensions System
• Labour Market
• Banking sector Restructuring
16
18. The Government’s Macroeconomic scenario
• The output gap will be closed by 2013, after peaking in 2010
• External demand contribution to GDP will gradually wane as
do est c de a d gat e s stea
domestic demand gathers steam
• Potential growth will recover from a trough of 0.6% in 2010 to
1.6% in 2013
Macroeconomic scenario 2009-2013 2009 2010 2011 2012 2013
(Growth rate in percent)
GDP -3.6 -0.3 1.8 2.9 3.1
Final Consumption Expenditure -2.4 0.3 1.7 2.2 2.1
Gross Fixed Capital Formation -15.7
15 7 -6.5
65 0.3
03 4.2
42 5.9
59
National Demand (contribution to GDP growth) -6.4 -1.4 1.4 2.6 3.0
Exports of Goods and Services -12.4 2.8 5.2 6.9 7.4
Imports of Goods and Services -18.7 -1.3 3.7 5.8 6.8
External demand (contribution to GDP growth) 2.8 1.1 0.4 0.3 0.1
Source: Annual update of the Stability Programme.
17
19. Fiscal consolidation strategy
• Substantial reduction in Spending and moderate increase
in Revenues
• Already in 2010 a 2.2% cut in structural deficit
Fiscal Adjustment Path 2009-2013 2009 2010 2011 2012 2013
(Growth rate in percent)
GDP -3.6 -0.3 1.8 2.9 3.1
General G
G l Government Budget Balance (% of GDP)
tB d tB l f -11.4
11 4 -9.8
98 -7.5
75 -5.3
53 -3.0
30
General Government Gross Debt (% of GDP) 55.2 65.9 71.9 74.3 74.1
Source: Annual update of the Stability Programme.
18
20. Starting and final points of fiscal consolidation
• Temporary measures (changes in tax collection, one off
investment funds) account for 2.4% points of GDP in 2009’s total
deficit
• Total size of fiscal policy adjustment (structural terms): 5.7% of
GDP
Fiscal position 2009 2013
General Government Balance (1) -11,4 -3
Cyclical component (2) -1,4 0
Interest payments (3) -1 9
1,9 -3 1
3,1
Temporary measures (4) -2,5 0
Structural Primary Balance (1)-(2)-(3)-(4) -5,6 0,1
Source: Annual update of the Stability Programme.
19
21. Fiscal restraint measures
Measures adopted and announced (% of GDP)
Revenues Expenditures
VAT 0.7
Excise Taxes 0.3
400€ Tax Rebate Reform 0.4
2010 Budget
Savings Tax Reform 0.1
SME Corporate Tax Reform -0.1
Government Expenditure -0.8
Additional cut in 2010 Expenditure -0.5
New Measures* Central Government Austerity Plan 2011-2013 -2.6
Regional and local government Spending cuts
R i l dl l tS di t -0.5
05
Source: Annual update of the Stability Programme.
• Restraint in wage outlays for all public administrations through:
• 10% replacement rate
• No new temporary hiring
• Strong moderation in wages
• Sizable cuts in investment, transfers and subsidies
20
22. Can we implement this?
• We have done it in the past which proves our compromise the
past, compromise,
quality of our public finances, and the success of our fiscal
discipline.
• Shared commitment to fiscal discipline and margin to secure
further reductions in the deficit
Net Lending (+)/Borrowing (-) of General Government
4.0 (% nominal GDP EDP)
GDP,
2.0
0.0
-2.0
40
-4.0
-6.0
-8.0
-10.0
-12.0
-14.0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010*
2011*
2012*
2013*
* Annual update of the Stability Programme. 21
23. Debt dynamics
• Even after the impact of strong stabilisation policies, Spain's Debt
to GDP is significantly lower that the Eurozone average
Gross Debt-to-GDP (%) Gross Debt-to-GDP (%)
2000-2010 2010F
90 125.0
France
80 Germany
112.5
Eurozone
Spain 100.0
Average: 84.0%
70 87.5
75.0
60 65 9
65.9
62.5
62 5
50.0
50 55.2
37.5
40 25.0
39.7
12.5
30 0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Spain Ireland France Germany Italy UK USA
Sources: European Commission, Annual update of the Stability Programme and International Monetary Fund.
22
24. Lowest interest burden within affordable limits
Ratio of interests to GDP of General Government
(% nominal GDP, EDP)
13
11
9
7
5
3
1
*
*
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
20
Spain Germany France Belgium Italy UK
Source: European Commission.
* European Economic Forecast Autumn 2009, European Commission.
23
25. Structural Reforms in product markets
• Improving the institutional environment for business: by
modernizing and simplifying government activities as well as
increasing general government discipline
• Fostering competitiveness: by reducing the administrative
burden of creating companies and reducing red tape
• Fostering modernization: promoting sectors that are at the base
of economic activity (R&D, innovation and training), improving
support f for their integration into the overall value chain, and
h h ll l h d
facilitating the internationalization of businesses
Estimated impact on GDP + 0.32% in Potential GDP
24
26. Residential Real Estate Sector
• Phasing out fiscal incentives for housing ownership from
2011 (deduction of mortgage payments)
• Removing barriers to the development of the rental market:
• Same fiscal treatment than ownership
• C
Creation of REITS
ti f
• Legal changes to strengthen certainty for landlords
• Tax Incentives for refurbishment provide some support
p pp
25
27. 26
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enhancement
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and
stimulus
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28. The financial system remains resilient
• Main source of perceived vulnerability regards losses
stemming from lending to real estate developers
i f l di l d l
• Bank of Spain stress test: Operating income over 3
years is able to absorb losses of 40% of the portfolio
of lending to real estate developers.
• Extreme assumptions of stress test: PD of 40%(3
times th peak of 1993) and LGD of 100 % (hi hl
ti the k f d f (highly
implausible)
27
29. FROB: a tool for restructuring the banking sector
Rationale for the initiative Governance
- Overcoming fragmentation in the - Independent management.
savings and banks sector.
- Strong accountability to Parliament
Parliament.
- Achievement of economies of scale to
digest low interest margins and real - Authorized by DG Competition.
estate impact.
Asset Operations Funding
- Support to integration processes subject - Public-private mix of capital (9 bn€).
to conditions set by the banking
supervisor. - Agency-like funding programme
coordinated with the sovereign
- Instrumented through convertible programme.
preference shares with market-oriented
remuneration.
28
30. Pension System Reform
Proposed Measures:
• A progressive increase in the retirement age (to 67
years)
• Strengthening relationship between contributions and benefits
• A more flexible relationship between complementary social
p p y
security and the public system
• Possible adjustment of other parameters of the current system
Expected Results: Sustainability of the pension system
29
31. Labour Market Reform
• Five main guidelines:
• St bilit in employment, by reducing market segmentation
Stability i l t b d i k t t ti
• Reform of Collective Bargaining system
• Incentives for young workers’ employment and education
workers
• Promotion of the integration of women in the labour market
• Worker intermediation and greater control of temporary
occupational disability claims
30
32. • Highlights
• The long growth cycle and the crisis
• Fiscal consolidation and structural reform
• Funding Strategy of the Kingdom of Spain
31
33. Highlights of Funding Strategy
• Significant reduction in net funding requirements and
persistence of sound risk metrics
• Liquidity transparency and predictability will continue
Liquidity,
as guiding principles for the execution of our auction program
• As for syndications, timing is dictated by the limit size of the
line to be replaced (16.5 bn for longer tenors) and market
conditions.
• Innovations for 2010: 18 month T bills reappear Euro
18-month T-bills reappear,
inflation linker still a project
• Maintain our stable and diversified investor base
32
34. The funding strategy
Tesoro Funding in 2010
(Billion euro)
1: Funding requirement = Net Issuance 76.8
2: Redemptions bonds 2010 35.4
3: Net issuance medium long term 61.6
4 = 2 + 3 Gross Issuance Medium-Long Term 97,0
5: Net Increase T-Bills 15.2
6: Assumption of RTVE debt 1.5
7 = 3 + 5 + 6: Net change outstanding debt 78.3
8: Forecast Outstanding Central Government Debt at end 2010 553.5
Source: General State Budgets Bill 2010
33
35. Funding programme in perspective
• Cut in Net Issuance: lower cash deficit and no exceptional
increase in net financial assets
Funding Programme. 2010 vs. 2009
140 (Net issuance in billion Euro)
120 116.7
2009 2010
100
82.3
76.8
80
61.6
60
40 34.4
34 4
20 15.2
0
Total N t I
T t l Net Issuance Letras del Tesoro net M di
L t d lT t Medium & long term
l t
issues net issues*
(*) Includes foreign currency issues.
Source: Dirección General del Tesoro y Política Financiera. 34
36. Short-term funding
• Net issuance in 2009 in line with initial announcement: 34.4 bn€.
Gross issuance breakdown:
• 3-month Letras: 19.7 bn€
• 6-month Letras: 31.6 bn€
• 12-month Letras: 58.0 bn€
12 month
• Innovations in 2010:
• Calendar change: 3- and 6-month Letras auction 4th Tuesday
• 18-month T-bills relaunched: auction 3rd Tuesday
35
37. Medium- and long-term funding
• Gross issuance: 2009 overshooting (ca. 25 bn €) due to higher than
expected impact of the crisis
• Auction procedures unchanged: Quarterly calendar + potential off-
the-run lines announced Friday prior to the auction
• Limit size per line: increased to 16.5 bn € for longer lines
• Bonos del Estado:
• New 5-year benchmark in March
• Current 3-year benchmark B 2.30% 04/2013 issued until 15 bn €
• Obli
Obligaciones d l E t d
i del Estado:
• New 10 year O 4.00% 04/2020 (5 bn €) successfully syndicated in
January
• Next syndication a 15 year line, to replace the matured O 4.80% Jan-
2024), expected for February depending on market conditions
36
38. Diversification of funding sources
• Recent foreign currency issuance:
• Eurobond 2.75% March 2012 ($ 1.0 billion)
• Eurobond 2 00% October 2012 ($ 2 5 billion)
2.00% 2.5
• Tesoro Público is open to additional foreign currency issuance
• Floating Rate Note 3-Month EURIBOR-10 bps, October 2012
3 Month EURIBOR 10
(€ 3.0 billion). Possible retapping in 2010
• Projects:
• European inflation-linked issues (HICP-ex tobacco)
• Schuldschein loans
37
39. Main features of Treasury funding strategy
600 Spanish debt portfolio 554
(€ billion)
500 475
400 358
319 312 307
300
229
200
100
0
995
996
997
998
999
000
001
002
003
004
005
006
007
008
009
2010 (f)
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
0
Foreign Currency Other Letras Bonos y Obligaciones
Source: Dirección General del Tesoro y Política Financiera. 38
40. -75
-50
-25
25
0
25
50
75
100
125
150
Sep-0
07
Oct-0
07
Nov-0
07
Dec-0
07
Jan-0
08
Source: Bloomberg.
Feb-0
08
Mar-0
08
Apr-08
Germany
08
May-0
Jun-008
Jul-0
08
Italy
Aug-08
Sep-008
Oct-008
Nov-0
08
France
Dec-0
08
(in bps)
Jan-0
09
Feb-0
09
Mar-0
09
Apr-09
Belgium
May-009
Jun-009
Jul-0
09
Aug-09
09
Sep-0
Netherlands
Oct-0
09
Nov-0
09
Dec-0
09
Jan-10
Spread of the Spanish 10-year bond vs. main European peers
Recent widening might be an opportunity
Feb-10
39
41. -75
-50
-25
25
0
25
50
75
100
125
150
S
Sep-0
07
Oct-0
07
Nov-0
07
Dec-0
07
Jan-008
Source: Bloomberg.
Feb-008
Mar-008
Spread of th S
Apr-008
Germany
May-008
Jun-008
Jul-0
08
d f the Spanish 5
Italy
Aug-0
08
Sep-0
08
Oct-0
08
Nov-0
08
Dec-0
08
France
(in bps)
b d
Jan-0
09
Feb-0
09
Mar-0
09
Apr-0
09
Belgium
May-0
09
Jun-009
i E
Jul-0
09
Aug-0
09
Sep-0
09
Netherlands
Oct-0
09
Nov-0
09
Dec-0
09
Jan-1
10
i h 5-year bond vs. main European peers
Cheapening concentrated in the front end
Feb-1
10
40
42. An atractive market to invest in
Attractive prices Liquid instruments
Solid and efficient Diversified investor
infrastructure base
41
43. Increase in market liquidity
Average outstanding size: 13 5 b €
A t t di i 13.5 bn
Target for average outstanding <10 years: 15 bn €
20
Target for average outstanding >10 years: 15 bn €
18 On-the-run bonds 4.10%
6.00%
3.25% 5.40% 4.40%
16 4.10%
4 10% 3.90%
3 90% 4.20%
4 20% 3.30% 3.15%
3 15% 5.50%
5 50% 4.30%
4 30% 4.20%
5.35% 6.15% 4.75% 4.60% 4.80%
14 5.00% 3.80% 5.75%
4.25% 4.90%
2.75%
12 2.30%
10
8
6 4.00% 4.70%
4
2
0
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-17
Jul-18
Jul-19
Jul-32
Jul-40
Jul-41
-13
-14
-15
-16
-17
-24
-29
-37
-11
-11
-12
-12
-13
-14
-19
-20
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Apr-
Oct-
Apr-
Oct-
Apr-
Oct-
Oct-
Apr-
Source: Dirección General del Tesoro y Política Financiera.
42
45. Low Debt Refinancing Risk…
Central Government Debt refinancing risk
(in % of the total portfolio)
50
42
40
30
(%)
24
20 21 22 21
20 18 18
10 7
0
1 year or less 1 to 3 years 3 to 5 years
31.12.1995 31.12.1999 31.01.2010
Source: Dirección General del Tesoro y Política Financiera.
44
46. …Thanks to relatively high duration and average life
to maturity…
Duration & Average Life to Maturity of the Portfolio
(Letras, Bonos and Obligaciones)
8.0
(in years)
6.69
6 69 6.78
6 78
5.52
6.0
4.79
4.77
4.0
4.16
Average life
France 6,24
2.0 Netherlands 6,88
Belgium 5,94
Italy 7,07
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Duration Average life
Source: Dirección General del Tesoro y Política Financiera. 45
47. …while achieving lower Funding Costs
Average Funding Costs
(in percent)
6.0
5.5
5.0
4.5 4.32
4.0
3.5 3.81 3.49
3.0
2.5
2.27
2.0
1.5
1.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Average cost of Debt outstanding Average cost at issuance
Source: Dirección General del Tesoro y Política Financiera.
46
48. Reliance on foreign funding relatively moderate
External public sector debt in 2009
100 (% of GDP)
90
80
70
60
50
40
30
20
10
0
Italy
Argentina
Germany
Greece
Austria
France
Ireland
Finland
Spain
United
Belgium
Kingdom
States
herlands
United
G
K
Neth
A
Source: OECD.
47
49. Banks financing of government debt in line with
Eurozone average
Holdings of government debt November 2009
(% of bank assets)
25
20
15
10
5
0
ermany
ortugal
Belgium
lovakia
Greece
France
Eur area
Ireland
Finland
Italy
erlands
Spain
Austria
ro
Po
F
F
G
A
Nethe
Ge
B
Sl
Source: Citi.
48
50. Spanish Banks’ funding from ECB around
Eurozone average
Recourse to ECB funding
(% of total bank assets)
10%
8%
6%
4%
2%
0%
IRL
IT
FI
NL
GR
AU
FR
PO
GE
ESP
BE
jul-08
jul 08 oct-09
oct 09
Source: Deutsche Bank.
49