The PX index fell 0.6% over the week. Fortuna gained 3.8% ahead of its ex-dividend date while NWR dropped 12.3% as its majority owner announced plans to sell shares. CEZ's shares went ex-dividend and its managers sold shares. Pegas announced a €55-60m investment in a new Egyptian production facility. Penta and another group bid €3.5bn for lottery firm Sazka, currently in bankruptcy. Analysts expect the market to follow upcoming macro data from the US and Europe.
The document summarizes the economic and political factors that contributed to the 2008 conflict between Georgia and South Ossetia. It identifies the root causes as Georgian nationalist policies and the forced reunification of Georgia and South Ossetia. Key aggravating factors included South Ossetia's demand for autonomy, closure of border markets, and interference by outside actors. Various internal and external actors had interests in autonomy, security, economic issues, and political gains. The background notes the divide and rule policies of imperial powers and the independence of Soviet republics in 1991.
- Local equity markets ended lower due to increasing nuclear hazards from another explosion at the Fukushima nuclear plant in Japan, spreading risk aversion globally.
- The BSE Sensex fell 271 points (-1.47%) and the NSE Nifty fell 81 points (-1.48%) as Asian and European stocks also declined on concerns about the situation in Japan.
- Oil-related stocks rose as crude oil prices fell, while tyre stocks gained as rubber prices are expected to continue easing.
The SGMT trading system had a gross return of -1.54% in June 2016. June was a tumultuous month due to the Brexit vote, with markets highly underestimating the chance of a leave vote. On June 23rd, the UK voted to leave the EU, contrary to market expectations. This caused sharp reactions across markets. SGMT avoided further losses by exiting positions a day before the Brexit vote to control for potential downside risks from the political event.
This document provides supplemental information on bond portfolio performance and hedging strategies. It discusses year-to-date performance of various bond holdings in 2011 and identifies holdings with drawdowns greater than $20,000. It then analyzes these holdings and compares their performance to other assets like treasury bonds and volatility indexes to identify potential hedging candidates. It also examines direct exposure to the financial sector within the bond portfolio and identifies additional hedging candidates based on that exposure. Finally, it provides an example of a pattern analysis algorithm technique for evaluating trends in high yield bond ETFs compared to trends in oil prices.
The rupee strengthened to its highest level in over two months against the US dollar, breaching the key 54 level, supported by the government's partial deregulation of diesel prices. Traders said the diesel price hike would help reduce the large fiscal deficit. Regional currencies and stocks also gained, following strong economic data from the US and China. The daily forex report provided analysis and trading tips, including recommending selling USD/INR below 53.85 and EUR/INR below 72.64, based on the rupee strengthening and bearish trends in these currency pairs. Market statistics and charts were also included.
Overcoming Cost Intransparency of Cloud ComputingNane Kratzke
Presentation hold during Cloud Computing Conference 2011 in Noordwijkerhout, Netherlands 2011. This is presentation is about missing cost estimation models in cloud computing and presents firsts considerations how to overcome this.
The document summarizes the economic and political factors that contributed to the 2008 conflict between Georgia and South Ossetia. It identifies the root causes as Georgian nationalist policies and the forced reunification of Georgia and South Ossetia. Key aggravating factors included South Ossetia's demand for autonomy, closure of border markets, and interference by outside actors. Various internal and external actors had interests in autonomy, security, economic issues, and political gains. The background notes the divide and rule policies of imperial powers and the independence of Soviet republics in 1991.
- Local equity markets ended lower due to increasing nuclear hazards from another explosion at the Fukushima nuclear plant in Japan, spreading risk aversion globally.
- The BSE Sensex fell 271 points (-1.47%) and the NSE Nifty fell 81 points (-1.48%) as Asian and European stocks also declined on concerns about the situation in Japan.
- Oil-related stocks rose as crude oil prices fell, while tyre stocks gained as rubber prices are expected to continue easing.
The SGMT trading system had a gross return of -1.54% in June 2016. June was a tumultuous month due to the Brexit vote, with markets highly underestimating the chance of a leave vote. On June 23rd, the UK voted to leave the EU, contrary to market expectations. This caused sharp reactions across markets. SGMT avoided further losses by exiting positions a day before the Brexit vote to control for potential downside risks from the political event.
This document provides supplemental information on bond portfolio performance and hedging strategies. It discusses year-to-date performance of various bond holdings in 2011 and identifies holdings with drawdowns greater than $20,000. It then analyzes these holdings and compares their performance to other assets like treasury bonds and volatility indexes to identify potential hedging candidates. It also examines direct exposure to the financial sector within the bond portfolio and identifies additional hedging candidates based on that exposure. Finally, it provides an example of a pattern analysis algorithm technique for evaluating trends in high yield bond ETFs compared to trends in oil prices.
The rupee strengthened to its highest level in over two months against the US dollar, breaching the key 54 level, supported by the government's partial deregulation of diesel prices. Traders said the diesel price hike would help reduce the large fiscal deficit. Regional currencies and stocks also gained, following strong economic data from the US and China. The daily forex report provided analysis and trading tips, including recommending selling USD/INR below 53.85 and EUR/INR below 72.64, based on the rupee strengthening and bearish trends in these currency pairs. Market statistics and charts were also included.
Overcoming Cost Intransparency of Cloud ComputingNane Kratzke
Presentation hold during Cloud Computing Conference 2011 in Noordwijkerhout, Netherlands 2011. This is presentation is about missing cost estimation models in cloud computing and presents firsts considerations how to overcome this.
The document discusses how the concept of time has changed throughout history according to societal needs. In pre-industrial times, time was marked by natural rhythms like sunrise and sunset. During the Industrial Revolution, time became geared towards industry and the demands of factory production lines and streamlined work schedules. More recently, the nuclear family model and concepts of vacations and weekends have further shaped modern society's relationship with time.
There has been a lot of discussion in the media and in the
financial sector, about the state of struggling European
markets, and particularly about the Greek economy. More
broadly, people are concerned about what overall impact
the distressed Euro Zone could have on financial institutions
here in the United States if confidence in the Euro’s stability
continues to deteriorate.
As always, when talking about the future of the international
market, and more particularly about banks and Credit Unions
here in the United States, it’s difficult to say anything with
certainty. In this case, that difficulty is only increased by the
likelihood that banks and Credit Unions would be affected
differently. For more info: www.nafcu.org/bfb
Finance Center Federal Credit Union (Financial Center) originated in 1953 to serve
the military personnel and civilians assigned to Fort Benjamin Harrison on the east side
of Indianapolis, Indiana. Since then, it has doubled its operating footprint and is now
comprised of over 46,000 members worldwide, making it one of the largest charters
in the National Credit Union Administration (NCUA). For more info: www.nafcu.org/quantivate
Investment Insights from NIFCU$: Standard & Poor's Downgrades U.S. Government...NAFCU Services Corporation
Standard & Poor’s (S&P) has downgraded their U.S. Government long-term AAA debt rating to AA+ for the first time since granting it in 1917. While forewarned, it still seems to have taken investors by surprise. Fitch and Moody’s recently re-affirmed their top-tier rankings of U.S. long-term debt, however. We do not expect S&P’s downgrade will have much impact on interest rates or the sale of Treasuries to finance U.S. borrowing, particularly if both Moody’s and Fitch continue to maintain their current top-tier ratings. The consequences of S&P's U.S. Government downgrade will likely have a greater emotional impact on investor sentiment, exacerbated by the European chaos, than any longer term impact on the economy or fixed income liquidity.
Learn more from NIFCU$ at http://www.nafcu.org/nifcus
Pythagorean theorem and distance formulaseriongilmore
The document explains the Pythagorean theorem and the distance formula. The Pythagorean theorem states that in a right triangle, the sum of the squares of the two sides adjacent to the right angle equals the square of the hypotenuse. An example is provided. The distance formula is also explained as taking the square root of the sum of the squares of the differences between corresponding x and y coordinates of two points to calculate the distance between them. An example of applying the distance formula is given.
Bij vrijwel iedere organisatie komt het voor: er wordt een procesmatige werkwijze geïntroduceerd, maar het succes blijft uit. De medewerkers weten vaak niet wat er van hen verwacht wordt. Procesmatig werken blijkt meer te zijn dan alleen het schrijven van procedures en het aanwijzen van procesmanagers. In deze presentatie geeft Jordi Recasens vijf onmisbare adviezen voor het succesvol implementeren van een procesmatige werkwijze. (gepresenteerd door Jordi Recasens op Tooling Event 2009)
Zapytaj.com.pl - Wszystko co chcielibyście wiedzieć, ale boicie się zapytać.Artur Sławnikowski
Opowiedziałem o początkach największego polskiego serwisu Q&A, wyzwaniach zwiazanych z wydajnością infrastruktury, milionach użytkowników i przejęciu serwisu przez Onet.pl. Pokazałem też dlaczego zły użytkownik jest lepszy niż żaden użytkownik, oraz dlaczego nie trzeba bać się kopiowania istniejących pomysłów.
Three act structure - thinking of you draft 2hannahbutters
A young widow named Eliza awakens from a nightmare on the anniversary of her husband's death at sea. She dresses in black and takes her young child to the beach near the lifeboat house where her husband was last seen. While watching her child play, Eliza struggles with accepting that her husband is gone. A turning point comes when her child asks where his father is. Later, at the lifeboat house, Eliza leaves flowers and a note as a way to say goodbye and find closure, allowing herself to finally move on from her grief.
The document discusses several issues related to pensions in Ireland arising from the 2011 Finance Bill, including:
1) Key changes such as reduced earnings caps, lower tax-free lump sum limits, and changes to Approved Retirement Fund rules.
2) Implications of these changes for Pension Adjustment Orders (PAOs), such as more options for non-members of defined contribution schemes.
3) Risks defined benefit schemes pose for PAOs due to potential benefit reductions or inability to fulfill promises.
4) The role of specialist pensions input in divorce cases to alleviate risks and focus on legal outcomes.
La casa de la cascada diseñada por Frank Lloyd Wright es conocida por su arquitectura orgánica que se integra perfectamente con el entorno natural. El exterior de la casa se funde con el paisaje circundante gracias a sus amplias ventanas y terrazas que ofrecen vistas panorámicas de la cascada. En el interior, los espacios abiertos y la iluminación natural crean una sensación de comunión con la naturaleza.
Týdenní přehled J&T Banky (16. - 20. května 2011)jtbanka
The weekly market summary reported the following:
1) The Prague Stock Exchange index (PX) fell 0.8% for the week, while bond yields were mixed and the Czech koruna was slightly stronger against the euro but flat versus the US dollar.
2) NWR reported disappointing 1Q11 earnings that fell short of expectations on all levels despite rising coal prices. EBITDA grew 42.3% but missed estimates.
3) Pegas Nonwovens' 1Q11 results are expected to show sales growth of 19.2% but a 5.3% decline in EBITDA due to higher polymer costs, while net income is forecast to fall 12% year-over-year.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of November '18Giuseppe Piazzolla
This document summarizes a European equity long-short strategy. It provides performance metrics for the strategy gross of fees from November 2014 to November 2018. The strategy aims to generate long-term capital appreciation with lower volatility than the market by taking long positions in stocks scoring high on its methodology and shorting equity indices. Recently, positions in materials and consumer discretionary stocks negatively impacted performance.
- Godrej Consumer Products (GCPL) has agreed to acquire the remaining 51% stake in its joint venture Godrej Sara Lee (GSL) for Rs1,050 crore. This values GSL at Rs2,065 crore.
- The acquisition will help GCPL become one of the strongest players in the home and personal care sector in India. Along with a previous acquisition in Indonesia, it will make GCPL the second largest household insecticide player in Asia outside Japan.
- The deal is priced attractively at 15 times GSL's FY2010 earnings and 2.1 times its sales. Factoring in a potential equity dilution of 10.2% to fund the deal, the analysts believe the acquisition
1) Finolex Cables reported a 50.4% year-over-year increase in net sales to Rs. 493.1 crore for the first quarter of FY2011, driven by strong growth in the electrical cables segment.
2) Operating margins declined to 8% from 15.2% in the prior year quarter due to higher raw material costs, though margins improved sequentially.
3) Net profit increased 4.5% year-over-year to Rs. 23 crore for the quarter despite margin pressure, with sales growth offsetting higher costs.
The document discusses how the concept of time has changed throughout history according to societal needs. In pre-industrial times, time was marked by natural rhythms like sunrise and sunset. During the Industrial Revolution, time became geared towards industry and the demands of factory production lines and streamlined work schedules. More recently, the nuclear family model and concepts of vacations and weekends have further shaped modern society's relationship with time.
There has been a lot of discussion in the media and in the
financial sector, about the state of struggling European
markets, and particularly about the Greek economy. More
broadly, people are concerned about what overall impact
the distressed Euro Zone could have on financial institutions
here in the United States if confidence in the Euro’s stability
continues to deteriorate.
As always, when talking about the future of the international
market, and more particularly about banks and Credit Unions
here in the United States, it’s difficult to say anything with
certainty. In this case, that difficulty is only increased by the
likelihood that banks and Credit Unions would be affected
differently. For more info: www.nafcu.org/bfb
Finance Center Federal Credit Union (Financial Center) originated in 1953 to serve
the military personnel and civilians assigned to Fort Benjamin Harrison on the east side
of Indianapolis, Indiana. Since then, it has doubled its operating footprint and is now
comprised of over 46,000 members worldwide, making it one of the largest charters
in the National Credit Union Administration (NCUA). For more info: www.nafcu.org/quantivate
Investment Insights from NIFCU$: Standard & Poor's Downgrades U.S. Government...NAFCU Services Corporation
Standard & Poor’s (S&P) has downgraded their U.S. Government long-term AAA debt rating to AA+ for the first time since granting it in 1917. While forewarned, it still seems to have taken investors by surprise. Fitch and Moody’s recently re-affirmed their top-tier rankings of U.S. long-term debt, however. We do not expect S&P’s downgrade will have much impact on interest rates or the sale of Treasuries to finance U.S. borrowing, particularly if both Moody’s and Fitch continue to maintain their current top-tier ratings. The consequences of S&P's U.S. Government downgrade will likely have a greater emotional impact on investor sentiment, exacerbated by the European chaos, than any longer term impact on the economy or fixed income liquidity.
Learn more from NIFCU$ at http://www.nafcu.org/nifcus
Pythagorean theorem and distance formulaseriongilmore
The document explains the Pythagorean theorem and the distance formula. The Pythagorean theorem states that in a right triangle, the sum of the squares of the two sides adjacent to the right angle equals the square of the hypotenuse. An example is provided. The distance formula is also explained as taking the square root of the sum of the squares of the differences between corresponding x and y coordinates of two points to calculate the distance between them. An example of applying the distance formula is given.
Bij vrijwel iedere organisatie komt het voor: er wordt een procesmatige werkwijze geïntroduceerd, maar het succes blijft uit. De medewerkers weten vaak niet wat er van hen verwacht wordt. Procesmatig werken blijkt meer te zijn dan alleen het schrijven van procedures en het aanwijzen van procesmanagers. In deze presentatie geeft Jordi Recasens vijf onmisbare adviezen voor het succesvol implementeren van een procesmatige werkwijze. (gepresenteerd door Jordi Recasens op Tooling Event 2009)
Zapytaj.com.pl - Wszystko co chcielibyście wiedzieć, ale boicie się zapytać.Artur Sławnikowski
Opowiedziałem o początkach największego polskiego serwisu Q&A, wyzwaniach zwiazanych z wydajnością infrastruktury, milionach użytkowników i przejęciu serwisu przez Onet.pl. Pokazałem też dlaczego zły użytkownik jest lepszy niż żaden użytkownik, oraz dlaczego nie trzeba bać się kopiowania istniejących pomysłów.
Three act structure - thinking of you draft 2hannahbutters
A young widow named Eliza awakens from a nightmare on the anniversary of her husband's death at sea. She dresses in black and takes her young child to the beach near the lifeboat house where her husband was last seen. While watching her child play, Eliza struggles with accepting that her husband is gone. A turning point comes when her child asks where his father is. Later, at the lifeboat house, Eliza leaves flowers and a note as a way to say goodbye and find closure, allowing herself to finally move on from her grief.
The document discusses several issues related to pensions in Ireland arising from the 2011 Finance Bill, including:
1) Key changes such as reduced earnings caps, lower tax-free lump sum limits, and changes to Approved Retirement Fund rules.
2) Implications of these changes for Pension Adjustment Orders (PAOs), such as more options for non-members of defined contribution schemes.
3) Risks defined benefit schemes pose for PAOs due to potential benefit reductions or inability to fulfill promises.
4) The role of specialist pensions input in divorce cases to alleviate risks and focus on legal outcomes.
La casa de la cascada diseñada por Frank Lloyd Wright es conocida por su arquitectura orgánica que se integra perfectamente con el entorno natural. El exterior de la casa se funde con el paisaje circundante gracias a sus amplias ventanas y terrazas que ofrecen vistas panorámicas de la cascada. En el interior, los espacios abiertos y la iluminación natural crean una sensación de comunión con la naturaleza.
Týdenní přehled J&T Banky (16. - 20. května 2011)jtbanka
The weekly market summary reported the following:
1) The Prague Stock Exchange index (PX) fell 0.8% for the week, while bond yields were mixed and the Czech koruna was slightly stronger against the euro but flat versus the US dollar.
2) NWR reported disappointing 1Q11 earnings that fell short of expectations on all levels despite rising coal prices. EBITDA grew 42.3% but missed estimates.
3) Pegas Nonwovens' 1Q11 results are expected to show sales growth of 19.2% but a 5.3% decline in EBITDA due to higher polymer costs, while net income is forecast to fall 12% year-over-year.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of November '18Giuseppe Piazzolla
This document summarizes a European equity long-short strategy. It provides performance metrics for the strategy gross of fees from November 2014 to November 2018. The strategy aims to generate long-term capital appreciation with lower volatility than the market by taking long positions in stocks scoring high on its methodology and shorting equity indices. Recently, positions in materials and consumer discretionary stocks negatively impacted performance.
- Godrej Consumer Products (GCPL) has agreed to acquire the remaining 51% stake in its joint venture Godrej Sara Lee (GSL) for Rs1,050 crore. This values GSL at Rs2,065 crore.
- The acquisition will help GCPL become one of the strongest players in the home and personal care sector in India. Along with a previous acquisition in Indonesia, it will make GCPL the second largest household insecticide player in Asia outside Japan.
- The deal is priced attractively at 15 times GSL's FY2010 earnings and 2.1 times its sales. Factoring in a potential equity dilution of 10.2% to fund the deal, the analysts believe the acquisition
1) Finolex Cables reported a 50.4% year-over-year increase in net sales to Rs. 493.1 crore for the first quarter of FY2011, driven by strong growth in the electrical cables segment.
2) Operating margins declined to 8% from 15.2% in the prior year quarter due to higher raw material costs, though margins improved sequentially.
3) Net profit increased 4.5% year-over-year to Rs. 23 crore for the quarter despite margin pressure, with sales growth offsetting higher costs.
- Last week saw $220.2 million in net outflows from STOXX Europe 600 sector exchange-traded funds (ETFs), with the largest outflows from utilities and insurance ETFs.
- Year-to-date, STOXX Europe 600 sector ETFs have seen $557.3 million in net inflows, led by oil and gas and banks ETFs.
- The document provides data on net flows, returns, and assets for 21 sector ETFs tracking the STOXX Europe 600 index for the past week and year.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Feb. '18Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
The document provides an analysis of recent economic events and their impact on currency markets. It discusses the US Federal Reserve's decision to increase quantitative easing to $600 billion, which weakened the US dollar. It also notes that the Canadian dollar has appreciated modestly despite efforts by the Bank of Canada to intervene, and that further gains by the euro, yen, and Canadian dollar may be limited by economic challenges in those regions.
The document introduces an ARMA-GARCH time series model to explain and predict the behavior of stock return in the financial industry. It analyzes weekly stock price data of 5 major banks from 2005 to 2014. Summary statistics show the portfolio return has higher kurtosis and negative skewness than a normal distribution. The volatility cluster graph indicates that volatility is time-varying rather than constant. Autocorrelation functions imply the return series is stationary. Model selection based on AIC and BIC criteria finds that ARMA(1,1)-GARCH(2,2) fits the data best.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of May '18Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
This document provides an analysis of stagflation scenarios across several Asian countries and regions. It describes stagflation as significantly slowing growth and rising inflation affecting every Asian country. The document identifies sectors, industries, and companies that may perform well or poorly in a stagflationary environment. It also analyzes potential stagflation impacts on countries including Australia, China, Hong Kong, India, Korea, and Taiwan, and recommends policies to reduce economic instability.
The document provides investment write-ups and recommendations from Alex Mineev between May 2011 and February 2012. It summarizes several short and long investment calls on various companies, including short positions in Suntech Power Holdings and Chesapeake Energy that realized downside targets. It also recommends long positions in MEMC Electronic Materials and First Solar that saw share price increases, as well as a buy in R.R. Donnelley & Son that lost value. The write-up analyzes factors for each recommendation and investment thesis.
Gujarat Gas reported a 2.1% quarter-on-quarter increase in net operating income to Rs419 crore for 2QCY2010, with net profit increasing 21.5% year-over-year to Rs58 crore. EBITDA margin declined 270 basis points sequentially to 22.3% due to a decrease in the gross gas spread. Average gas sales volumes grew 2.1% quarter-on-quarter and 19.3% year-over-year. While top-line growth met expectations, bottom-line was marginally below estimates due to lower-than-expected EBITDA. Supply constraints are receding with improving domestic gas availability and subdued RLNG prices, supporting future volume
The weekly market summary reported on the performance of the Prague Stock Exchange and other European markets for the week of May 30 to June 3, 2011. The PX index fell 0.6% as investors reacted to weaker than expected US unemployment data and comments from Moody's. Fortuna was the top gainer, up 3.8% ahead of its dividend payment. NWR fell 12.3% after its majority owner offered additional shares for sale. CEZ's shares traded ex-dividend and its managers sold shares. Pegas announced a EUR 55-60 million investment in a new Egyptian production facility to enter North African and Middle Eastern markets.
The PX index fell 0.6% over the week. Macroeconomic data from the US weighed on sentiment. Fortuna gained 3.8% ahead of its dividend payment and news that its majority owner joined a bid for lottery firm Sazka. NWR fell 12.3% as its majority owner plans to sell shares. CEZ fell 3.2% after extending a reactor shutdown and managers sold shares. The coming week may see subdued trading pending central bank meetings and economic reports.
The PX index fell 0.6% over the week. Fortuna gained 3.8% ahead of its ex-dividend date while NWR dropped 12.3% as its majority owner announced plans to sell shares. CEZ extended a reactor shutdown and its managers sold shares. Pegas announced a €55-60m investment in Egypt. The upcoming week may see negative sentiment continue given weak prior US jobs data and upcoming central bank meetings.
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
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Top mailing list providers in the USA.pptxJeremyPeirce1
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Easily Verify Compliance and Security with Binance KYCAny kyc Account
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Structural Design Process: Step-by-Step Guide for BuildingsChandresh Chudasama
The structural design process is explained: Follow our step-by-step guide to understand building design intricacies and ensure structural integrity. Learn how to build wonderful buildings with the help of our detailed information. Learn how to create structures with durability and reliability and also gain insights on ways of managing structures.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
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Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
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- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
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IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
1. WEEKLY SUMMARY
May 30 - June 3, 2011
Close w/w (%) 3M (%) YTD (%) y/y (%) 52W Low 52W High
PX 1,232 -0.6 0.1 0.6 #N/A 1,100 1,276
CZK/EUR 24.33 0.8 0.2 3.3 6.4 23.99 26.02
CZK/USD 16.63 3.0 6.5 13.8 28.1 16.27 21.81
PRIBOR 6M 1.56% 0bp -1bp 0bp 3bps 1.47% 1.58%
10Y GB 3.75/20 3.64% -11bps -33bps -27bps -66bps 3.23% 4.35%
Prague Stock Exchange Close w/w (%)
AAA Auto 25.0 -2.4
CME 348 -6.3 CZK m PX Index
CEZ 900 -3.2 4,000 1,300
ECM 33 -4.9
Erste 843 0.9
Fortuna 134 3.8 3,000 1,250
KB 4,100 1.1
KITD 199 -5.2
NWR 240 -12.3 2,000 1,200
Orco 218 -4.6
Pegas 446 1.1
PMCR 9,460 2.3 1,000 1,150
TEF 417 1.3
Unipetrol 181 0.2
VIG 958 -0.4
0 1,100
Equity Bonds 6/05 13/05 20/05 27/05 3/06
CZK m 9,168 9,087
EUR m 374.4 371.6
Source: Bloomberg, PSE, ATLANTIK FT
HEADLINES ONE-WEEK OUTLOOK
CEZ Given the unfavourable macroeconomic data released last
- Shutdown at Temelin extended week (especially US monthly unemployment report) and the
- Ex-dividend day absence of new events, we still expect to see negative
- Managers sell company shares sentiment and potential profit-taking this week.
Pegas Fortuna is going ex-dividend today, 6 June (EUR 0.3 per
- Investment in Egypt worth EUR 55-60m share; 5.7% gross. div. yield). The situation around Sazka
will be still monitored, with a potential impact on Fortuna;
NWR
however, that should be already priced in.
- Majority owner to sell up to 16m shares
In case of CEZ, there will be on external factor – German
- Third closing date of share-for-share offer
parliament is to decide today on the future of the nuclear
Fortuna energy programme.
- Last cum-dividend day
NWR should know the outcome of the FTSE
- Offer for lottery activities of Sazka committee's review of the index on Wednesday (8
Economy June). The effect of potential inclusion of NWR in the index
- Weaker industrial output in April should be seen on 17 June. Due to an additional supply
- Trade balance surplus offset by high crude oil of shares by majority owner BXR of up to 16m pieces
prices (6.1% of the company's value), we consider this factor
neutral without an impact on the stock price.
Concerning macroeconomic events, the upcoming week will
be just the opposite of the previous week as regards the
number and the importance of macroeconomic releases.
Markets will probably follow FED's Beige Book
(Wednesday), which assesses the US economy and
provides an economic outlook. In Europe, the ECB meets
on Thursday. The interest rates are expected to be left
unchanged at 1.25%. The central bank's commentary will
be followed. For the time being, market expects interest
rates to be raised at the next meeting in July.
2. EQUITY MARKET – PRAGUE STOCK EXCHANGE
MARKET NEWS
The first week of June was marked by weak macroeconomic data, which triggered profit-taking. The domestic market was
no exception. The PX Index closed the week at 1,232 points, down 0.6% w/w. Investors followed US macroeconomic
data and rating agencies' announcements. For example, Moody´s mentioned a potential US rating downgrade if no
agreement is reached on budgetary needs and gradual budget deficit cuts. The anticipated US monthly unemployment
report came in below expectations (54 thousand jobs vs. exp. +162 thousand).
The local market monitored events around Sazka, which showed up in the stock price of Fortuna. The stock almost reached
CZK 150 during the week, finishing at CZK 134 (+3.8% w/w) as the biggest gainer of the week. NWR, by contrast, was
the most declining stock (-12.3% to CZK 240.3) after BXR (majority owner of NWR) offered up to 16m shares for sale to
meet investors' demand in anticipation of potential inclusion of the stock in the FTSE 250 index. As a result, the positive
effect of higher demand upon the potential inclusion was counterbalanced. In addition, the upcoming IPO of Polish peer
JSW (end of June) could be a potentially negative factor.
Index Close w/w (%) 3M (%) YTD (%) y/y (%) 52W Low 52W High
PX 1,232 -0.6 0.1 0.6 8.5 1,100 1,276
Wien (ATX) 2,764 0.6 -4.3 -4.8 21.9 2,217 3,001
Warsaw (WIG 20) 2,884 0.6 7.1 4.6 22.5 2,271 2,933
Budapest (BUX) 23,076 0.1 1.5 8.4 8.4 20,221 24,451
Euro Stoxx50 2,789 -1.1 -6.5 -0.6 9.2 2,508 3,068
Dow Jones 12,151 -2.3 0.8 5.0 22.3 9,686 12,811
S&P500 1,300 -2.3 -0.5 3.4 22.1 1,023 1,364
Nasdaq 2,733 -2.3 -0.2 2.6 23.1 2,092 2,874
COMPANY NEWS
CEZ
nd
The ongoing shut-down of the 2 unit of Temelin will be extended by two weeks vs. the original plan. The delay is
due to technical problems. We had already informed about this last week and consider the news neutral.
CEZ's shares went ex-dividend on 3 June. The dividend approved by the general meeting from 2010 profit is CZK
50/share (5.30% gross div. yield). The dividend record day is on 7 June and the payment day falls on 1 August.
According to the Czech National Bank, CEZ's managers sold in aggregate 450,000 shares of the company from 27
May to 1 June 2011. CEO Martin Roman was one of the sellers. Sale of shares by members of management could be
perceived negatively by the market but we believe that given the significant stock price growth in the past few months
such sale could be expected.
Pegas Nonwovens
Pegas Nonwovens announced an investment in a new production facility in Egypt. Initial costs are estimated to
reach EUR 55-60m. The investment depends on an agreement with a major customer, which is interested in the
company's production in the Middle East. The contract should be signed within the next few months. According to a press
release, in the first phase, Pegas plans to build a production line with an annual capacity of 20kt, which should be
launched in 2H 2013. If markets conditions are favourable, a second line could be added (2015-2016).
Details about how the acquisition will be funded were not released but the funding should be done through own sources
or bank loans. We do not expect a share issue. The investment should not jeopardize the progressive dividend policy of
the company, as confirmed in the 1Q11 conference call.
A new production facility will be an entry point for the company to North Africa, Middle East and Asia markets. We regard
the deal as the right investment decision.
NWR
NWR announced that as at 1 June (4 p.m. CET), the third closing date of the share offer, it received acceptances in
respect of 2,174,475 shares. Total acceptances represent almost 99% of the issued shares. Trading in the new shares
started on 2 June in London and Prague and on 3 June 2011 in Warsaw. As a reminder, the offer is related to NWR's
reincorporation to the UK and subsequent inclusion into the FTSE index. The news is neutral.
NWR has announced that its majority owner BXR Mining will sell up to 16m shares of NWR (about 6.1% stake),
reducing its stake (64.3% in NWR) in order to enhance liquidity in connection with the inclusion of NWR in the FTSE
index. The offer will be non-public and is subject to the price offered.
3. EQUITY MARKET – PRAGUE STOCK EXCHANGE
The announced transaction is neutralizing the positive effect (in terms of higher demand) related to potential
inclusion of the stock in the FTSE index. Please note that NWR expects to be included in the FTSE 250 index during
the next quarterly review (scheduled for 8 June 2011), effective from 17 June. The inclusion is subject to approval by the
FTSE committee.
In addition, the stock could potentially face certain pressure in connection with investors' freeing funds for the IPO
of Polish miner JSW (book-building period: 13-28 June; trading on the WSE will commence on 6 July).
The announced sale does not change our fundamental view of the stock and we therefore maintain our target price.
However, the higher supply is of course felt on the market.
Nevertheless, increasing the free float could lead to potentially higher weighting of NWR in the FTSE 250 index. Having
said that, the potential positive effect (higher demand) of inclusion in the index will be muted at least in the short term and,
moreover, the stock could potentially remain under pressure due to the anticipated IPO of JSW.
Fortuna
Fortuna's shares are going ex-dividend today, 6 June (EUR 0.3 per share). At the present currency rate, this means
about 5.7% gross dividend yield. The dividend payment day is on 24 June.
Penta (majority owner of Fortuna) and E-invest submitted a joint offer for lottery activities of Sazka, which was
officially declared bankrupt last Monday. The offer price is CZK 3.5bn and the companies also offer to pay CZK 300m
annually from lottery earnings to sports clubs. Penta intends to take advantage of the synergy of Sazka and Fortuna to
create a dominant player on the Czech lottery market. There are more companies interested in acquiring Sazka
(Fortuna itself had earlier submitted an independent offer worth CZK 2 – 2.5bn) and negotiations may be expected to be
lengthy. This is positive for Fortuna even if the acquisition fails. In the second half of July, Fortuna is launching its own
lottery and the unresolved problems regarding Sazka would make it much easier for Fortuna to start the lottery and
acquire a market share faster. Penta's strategy will be to seek Sazka's acquisition or at least try to delay the final
resolution of Sazka's situation.
5. EQUITY MARKET – BRATISLAVA STOCK EXCHANGE
Weekly volume
Close w/w (%) 3M (%) y/y(%) 52W Low 52W High
(EUR ths)
VUB 81.0 -0.6 -11.2 15.7 67.0 95.0 7
SES Tlmače 7.0 -50.0 -50.0 -58.8 7.0 17.0 0
OTP 4.00 0.0 81.0 33.3 2.01 4.10 0
Biotika 21.0 0.0 -2.3 130.6 9.1 23.2 5
Slovnaft 50.0 0.0 0.0 -7.5 40.0 58.3 0
BHP 11.2 0.1 1.0 8.2 10.3 11.2 334
TMR 42.0 -0.2 1.4 5.5 39.7 42.5 416
SAX Index 230.34 -2.5 0.8 11.2 204 248.53 762
MARKET COMMENT
After a previous long pause following the 2010 results, SES Tlmače traded at EUR 7, down 50% last week. VÚB's
shares stayed at EUR 81.50 almost all week, eventually
falling to EUR 81 and closing down 0.6%. TMR traded SAX Index
within a narrow range of EUR 42 – 42.28 and closed 255
down about 0.2% at EUR 42. Slovnaft first fell to EUR 250
47.50 before rebounding to EUR 50, i.e. flat w/w. Biotika
closed also flat at EUR 21.01. The only growing stock in 245
the SAX Index was BHP, which finished up 0.1% at EUR
240
11.20.
235
The SAX Index posted a loss of 2.5% to 230.34 points.
Traded volumes reached about EUR 750 thousand, with 230
half of the volumes traded in TMR. Of stocks not included
in the SAX Index, Zentiva is worth mentioning. The shares 225
were traded within EUR 131.03 – 131.27 and they gained
220
about 64% YTD. 6/05 13/05 20/05 27/05 3/06
EUR TMR - Tatry Mountain Resorts EUR BHP - Best Hotel Properties
11.24
42.4
42.2
11.20
42.0
41.8 11.16
41.6
11.12
41.4
41.2 11.08
6/05 13/05 20/05 27/05 3/06 6/05 13/05 20/05 27/05 3/06
6. ECONOMY
Industrial output – April
Growth in industrial output slowed down to 4.7% y/y (vs. 12.9% on average in 1Q), falling short of expectations
(8.0%). Seasonally adjusted production increased by 0.3% m/m. Although the year-on-year comparison was negatively
impacted by a calendar effect (-1 working day), the adjusted result (7.7%) is still worse than expected and indicates an
ongoing slow-down, which started in February. The data fit into the weaker results of the German industry (in particular a
decline in orders). Apart from the overall result, detailed figures do not reveal any major surprises.
Exports remain the decisive factor; total sales grew by 6.5% y/y, of which export sales grew by 13% y/y and domestic
sales by less than 1%. Industrial production growth could continue, albeit at a slower pace, which is indicated by a solid
increase in new orders (9%, of which new orders from abroad: 9%). Main growth drivers include car manufacturing (17%),
machinery (10%) and metallurgy (7%). This year we expect an increase of 7%.
Trade balance – April
Trade balance in April ended with a surplus of CZK 12.6bn (CZK 14.1bn in April 2010), in line with our expectations
(CZK 12bn) but slightly below market consensus (CZK 15bn). Exports continued to grow at a strong pace (15% y/y) in
traditional categories. Car and machinery exports rose by 20%. Imports continued to grow too (17%), supported by a
recovery in investment demand along with growing prices of commodities, crude oil in particular. The value of imported
crude oil, gas and fuels rose by 25% but the volume of crude oil and gas fell by 13% and 2%, respectively. The trade
deficit in energies increased by CZK 3.2bn, erasing a part of the 6.5bn higher surplus from trade in machinery and cars.
According to the national methodology of balance of payments, foreign trade posted a surplus of CZK 0.9bn.
The results passed without any reaction on the part of the FX market and the koruna stayed at 24.32 per euro.
Indicators Last Figure Period 2009 2010 2011e
GDP (real) %, y/y (real) 2.9 '4Q/10 -4.0 2.2 2.0
Industrial output %, y/y (real) 16.9 '02/11 -13.4 10.5 7.5
CPI %, y/y 1.8 '02/11 1.0 1.5 2.2
Trade balance bn CZK 1.0 '12/10 151.7 124.5 105.2
Current account % of GDP -1.0 '2009 -1.0 -3.3 -1.8
Unemployment % 9.7 '01/11 8.1 9.0 8.1
7. FOREX
CZK/EUR USD Koruna EUR
16.0 23.0
The koruna stagnated against the euro all week around
24.50 but firmed to 24.33 at the end of the week. The
firming was triggered by the weakening of the dollar against 16.4
23.5
the euro, which was subsequently reflected in other regional
currencies. 24.0
We still expect rather calm and stable trading, and the koruna 16.8
could firm further in the short term (24.2). By the end of the
24.5
summer the koruna could get stabilized around 24.2-24.6. The 17.2
long-term outlook remains unchanged and we expect to see
USD
the Czech currency firm to 23.8. EUR
25.0
17.6
6/05 13/05 20/05 27/05 3/06
CZK/USD
The koruna was firming against the dollar all week,
moving from 17.20 to a month high of CZK 16.60/USD. The firming accelerated toward the end of the week, when the
dollar weakened against the euro and the koruna firmed against the euro.
Higher volatility will probably continue and the dollar could continue weakening (16.50?) in the short term. In the long
term (months) rather than a clear trend we expect to see higher volatility within CZK 16-20 per USD.
USD/EUR
The euro was steadily firming against the dollar. After moving from USD 1.43/EUR to 1.45/EUR, it jumped to a month
high of 1.463, as another loan by the EU to Greece is becoming a possibility. Moreover, US macroeconomic data,
especially the unemployment report, were weak.
The dollar got under a strong selling pressure and besides a technical correction there are not many events that would
support the dollar in the short term. The ECB meets on Thursday. Interest rates are expected to be kept unchanged but
at the same time the central bank is expected to indicate their raise in July. If expectations are not met, the euro could
significantly weaken.
Exchange Rates Close w/w 3M YTD y/y 52W Forward Forward
(%) (%) (%) (%) Low High 1M 6M
CZK/EUR 24.33 0.8 0.2 3.3 6.4 24.0 26.0 24.3 24.3
CZK/USD 16.63 3.0 6.5 13.8 28.1 16.3 21.8 16.6 16.7
CZK/GBP 27.30 3.6 5.4 6.9 14.0 26.9 31.9 27.3 27.3
USD/EUR 1.464 -2.2 -5.9 -9.2 -16.9 1.19 1.48 1.46 1.46