The document is a weekly market perspectives report from Fincor- Sociedade Corretora, S.A. dated September 10th, 2012. It provides a summary of recent economic events and data in Europe and the US, as well as previews of key events and data expected for the coming week. Specifically, it discusses the ECB's new bond-buying program, weak economic data from Europe and the US, expectations for further monetary easing from the Fed, and suggests buying shares of the Portuguese bank BES.
Principais destaques:
Semana Passada:
-“O Euro é Irreversível” – Nova política monetária do banco Central Europeu;
-Zona Euro vai continuar a contrair;
-“Grécia: Vais ser expulsa da Zona Euro?”;
-“Espanha: Não tens alternativas”;
Estimativa Europa, não apresentam melhorias;
Estimativa EUA, “Quantitative Easing 3 (QE3), cada vez mais perto”;
Perspectivas para esta semana:
Europa:
Tribunal Constitucional Alemão decide sobre ESM;
Eleições Legislativas Holanda;
Decisão da Troika sobre a Grécia;
Pedido de resgate (cada vez + próximo) por parte de Espanha?
EUA:
Reunião do FED (5ª feira);
Anúncio do “Quantitative Easing 3 (QE3);
Dados macroeconómicos (Inflação, Vendas a retalho, Produção Industrial e Confiança do consumidor);
China:
Dados macroeconómicos Import/Export (indicam abrandamento);
Principais destaques:
Semana Passada:
-“O Euro é Irreversível” – Nova política monetária do banco Central Europeu;
-Zona Euro vai continuar a contrair;
-“Grécia: Vais ser expulsa da Zona Euro?”;
-“Espanha: Não tens alternativas”;
Estimativa Europa, não apresentam melhorias;
Estimativa EUA, “Quantitative Easing 3 (QE3), cada vez mais perto”;
Perspectivas para esta semana:
Europa:
Tribunal Constitucional Alemão decide sobre ESM;
Eleições Legislativas Holanda;
Decisão da Troika sobre a Grécia;
Pedido de resgate (cada vez + próximo) por parte de Espanha?
EUA:
Reunião do FED (5ª feira);
Anúncio do “Quantitative Easing 3 (QE3);
Dados macroeconómicos (Inflação, Vendas a retalho, Produção Industrial e Confiança do consumidor);
China:
Dados macroeconómicos Import/Export (indicam abrandamento);
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
Santander Consumer Finance se mueve en niveles récord de beneficios en 2011 y continuará haciéndolo en 2012 y 2013. Presentación Magda Salarich. Santander Investor Day 2011
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
Santander Consumer Finance se mueve en niveles récord de beneficios en 2011 y continuará haciéndolo en 2012 y 2013. Presentación Magda Salarich. Santander Investor Day 2011
Whether the ongoing, acute Euro crisis results in a stabilized Euro, a contracted Euro or total disintegration, banking and financial services (BFS) companies must prepare their operational and IT systems to accommodate any resulting changes and limit revenue losses. We offer a remediation plan to prepare for these potentially disruptive changes that could affect systems and processes such as risk management, legal and compliance, cash and liquidity management, reporting, settlement and clearing, post-trade services, channel access, trade execution and management and many more.
SEB Research: IMF leads enlarged rescue package for GreeceSEBgroup
SEb's analysts see a large and credible IMF package as the most likely scenario to resolve the Greek debt issue. This is also what is needed to calm markets. Recent comments from EU officials also rules out debt restructuring for Greece. According to SEB's experts a proposal must be presented within coming days to calm financial and political nervousness.
Consequences of Abenomics on the Economy and Financial Markets, Ryutaro Kono,...Asia Matters
Ryutaro Kono, Chief Economist, BNP Paribas speaks at Asia Matters' Fifth EU Asia Top Economist Round Table in Japan, looking at the consequences of Abenomics:
Why is private consumption slow in recovering?
Is weak aggregate demand the reason economic growth does not accelerate?
Has the trend growth rate dropped into negative territory?
Why are exports still slow in reviving despite the yen’s weak tone?
Despite the advantages posed by the yen’s marked depreciation in real terms, why don’t manufacturers beef up domestic production capacity?
Will inflation accelerate?
Does Japan have any domestic savings left to finance its net domestic investment?
Can financial repression be avoided?
Can a hard landing be avoided?
Aranca views: Europe Debt - That Sinking Feeling AgainVikas Sharan
European debt has increased either absolutely or as a percentage of GDP over the years. Aranca’s article provides overview of european debt data, net debt, eurozone inflation data, gdp growth, unemployment rate and more.
Check out the published version here: http://www.aranca.com/knowledge-center/articles-and-publications/300-european-debt-that-sinking-feeling-again
European Debt: That sinking feeling…again? | Articles and PublicationsAranca
European debt has increased either absolutely or as a percentage of GDP over the years. Aranca’s article provides overview of European debt data, net debt, Eurozone inflation data, GDP growth, unemployment rate, etc.
The European Council summit brought a "surprisng" conclusion with the agreement on mutualizing EZ banks' rescue; however the roots of the EZ problems are not addressed: economic and competitiveness imbalances.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
2. Weekly Markets
Perspectives
September 10th, 2012
.
Fincor- Sociedade Corretora, S.A. provides services of reception, execution, and transmission of orders. The contents mentioned in this document do not
constitute (nor should they be interpreted as to form) any kind of counseling, or investment recommendation, or a record of our trading prices, or an
offer or solicitation to trade in any financial instrument. Fincor- Sociedade Corretora, S.A. will not accept any responsibility resulting from any use referring to
said content or about any resulting effect that could have occurred.
3. ECB – “The Euro is Irreversible”
-Draghi announced the Outright Monetary -Draghi told that in case a country starts deviating
Transactions Program (OMT). Within it, the ECB will from the Program signed with the Rescue Funds,
define a target to Yields and if that value is exceed the ECB might start selling bonds, increasing the
they will intervene buying bonds on secondary costs of funding of the country.
market. To apply to the program, each country
needs to implement reforms ands define financial
targets.
-Bonds will have a maturity between 1 and 3 years,
to guarantee that the ECB isn’t financing a State as it
goes against its mandate.
-The purchases will be revealed on a weekly basis,
to maintain transparency.
-The ECB won’t have seniority against other
investors on these bonds.
4. The Eurozone will continue Greece: Are you going to get
contracting kicked from Eurozone?
-The ECB revised its growth forecasts for the
Eurozone from -0,1% to -0,4% in 2012, and from 1% -Schäuble told in a Press Conference after a meeting
to 0,5% in 2013. with the Greek Finance Minister that the country
will only receive the next tranche if Troika’s report
reveals that Greece has been implementing the
Eurozone: GDP Growth austerity measures designed.
3,20%
2,90%
2,00%
1,70%
1,40%
0,30% 0,50%
-0,40%
-4,40%
2005 2006 2007 2008 2009 2010 2011 2012 2013
5. Spain – You don’t have any alternatives
-Andalusia asked for a bailout of €1B from the
Government. It was the 4th region after Valencia,
Murcia and Catalonia. Over 60% from the €18B
capacity of the Regional Rescue Fund was already
spent with just these 4 regions.
-After the announcement of the OMT Program,
Spain’s Prime Minister told that his government will
study if a bailout will be advantageous for Spain. Olli
Rehn thinks that Spain shouldn’t wait any longer,
and should apply for a bailout.
-So, how long will Spain wait until asks for a bailout?
6. Europe – The Outlook isn’t getting any better
PMI Manufacturing PMI Services
70 70
60 60
50 50
Germany Germany
40 40
France France
30 30
Italy Italy
20 Eurozone 20 Eurozone
10 UK 10 UK
0 0
7. US – The QE3 is getting closer after this week data
-Manufacturing Data got its worst value since 2009. -Non-Farm Payrolls provided another sign that the
economy isn’t boosting.
ISM Manufacturing Change in Non-Farm Payrolls
63 275
259
60 223
202
57 157
143 141
112
54 87 96
68
51 45
49,6
48
8. Weekly Preview
Europe The most important events should be the Germany’s Constitutional Court decision over ESM,
Parliamentary Elections in Holland, a decision over Greece by Troika and any new details about
the start of the OMT Program by the ECB. We should follow closely Spain, as the country might
be close of asking for a bailout and qualifying for the Program.
US The FOMC Meeting might be crucial for the Markets Performance over the next weeks. The
announcement of a QE3 is expected. It will be published economic data on the country, where
we should focus on inflation, retail sales, industrial production and consumer confidence.
Rest of All eyes are above China after economic data that continues to point to a slowdown of the
the economy.
World
9. Weekly Preview
Market Indicators
We remain positive for the markets, but there are some risks that can prompt them to fall.
Vicious Cycle of Europe. We are currently on level 2. 2Y Bond Yields: Spread VS
Germany
7,00
6,00
5,00
4,00 Spa in
Ita ly
3,00
2,70
2,00 2,21
1,00
Ma r-12 Apr-12 Ma y-12 Jun-12 Jul-12 Aug-12 Sep-12
CBOE PutCall Ratio
1,2
1
0,8
0,6
0,59
0,4
0,2
0
10. Weekly Preview
Ideas for the week: Portugal
BES: Buy at the market, stop-loss at 0,65€. Reasons to buy:
- The markets are rallying, due to the OMT from the ECB. As this Program will prompt to fall the Yields of
Government Bonds from countries that asked for assistance, the price of these securities will rise. As we
know, Portuguese Banks as BES are largely exposed to Portuguese Government Bonds.
- The markets risks are falling, and with it the costs of financing of these companies. For a Bank from a
peripheral country as BES, these are really good news.
- From the major Banks in Portugal, this was the only who didn’t require any assistance from the Portuguese
State for its recapitalization.
11. Disclaimer
Disclaimer
A Fincor—Sociedade Corretora, S.A. fornece somente serviços de recepção,
transmissão e execução de ordens. Os conteúdos mencionados não constitui (e
não será concebido de forma a constituir) qualquer espécie de aconselhamento,
ou recomendação de investimento, ou um registo dos nossos preços de
negociação, ou uma oferta ou solicitação para a transacção de qualquer
instrumento financeiro. A Fincor—Sociedade Corretora, S.A. não aceitará
qualquer responsabilidade em consequência de qualquer uso que possa ser dado
ao referido conteúdo ou sobre qualquer efeito que daí advenha.