Summary of Monthly Briefing, No 37:
- EU leaders agree to scale up measures to solve the simmering debt crisis, but hurdles remain
- Unemployment in developed economies still high and lasting longer
- The G20 falling behind the curve?
- Developed country central banks continue monetary easing policies like quantitative easing to stimulate their economies
- China saw a significant trade deficit in January and February due to seasonal factors
- Hungary may become the first country to face financial sanctions from the EU for its budget deficits and rising debt levels
- Napier Ventures is an investor presentation for a mining company that produces palladium.
- The company's Lac des Iles mine in Ontario, Canada is a world class palladium asset that has been in production for 20 years and is undergoing an expansion.
- In the first half of 2012, the mine produced over 81,000 ounces of palladium at a cash cost of $404 per ounce as it works towards its 2012 guidance of 150,000 to 160,000 ounces.
This investor presentation provides an overview of North American Palladium as an investment opportunity in the palladium market. It highlights North American Palladium's production growth outlook through expansion of its Lac des Iles mine, a strong balance sheet to fund development programs, and an experienced management team. The presentation also notes positive supply and demand fundamentals for palladium and identifies Canada as an attractive jurisdiction for platinum group metal investments compared to South Africa.
Summary of JUNE 2010 Existing Home Sales StatisticsNAR Research
The document summarizes existing home sales statistics for June 2010. It finds that total existing home sales increased 9.8% year-over-year in June. The median home price also increased 1.0% compared to June 2009. Regionally, the Northeast saw the largest annual sales increase at 17.1%, while the West saw a more modest 0.9% rise. Housing inventory declined 5.3% nationally from the previous year.
- The presentation provides an overview of North American Palladium's Lac des Iles mine, a primary palladium producer located in Ontario, Canada.
- In the first half of 2012, the mine produced over 81,000 ounces of palladium at a cash cost of $404 per ounce, in line with guidance for the year of 150,000 to 160,000 ounces at a cash cost of $375 to $400 per ounce.
- The mine is undergoing an expansion to increase production and reduce costs through higher mining rates and mill throughput while maintaining grade and recovery.
The document analyzes trends in the Korea social game market in the second quarter of 2011. It finds that while Cyworld AppStore saw growth in the number of games launched in the first quarter, the second quarter saw a drop in new users and revenue. Total revenue was still the highest so far at $8 million USD. Demographics remained steady, with females making up the majority of users at 56% and most users being between 16-29 years old. Simulation games like farming and aquarium titles remained very popular and a major driver of revenue.
1) The European sovereign debt crisis remains uncontained, with fiscal burdens increasing across many eurozone countries and further sharp fiscal consolidation still required.
2) While the ECB has taken measures to improve bank lending and reduce bond yields, credit conditions are still tightening and bond yields remain elevated in troubled countries.
3) The eurozone faces the risk of a broader crisis scenario that could significantly slow growth across the region and leave Greece and Portugal stuck in deep recessions for years.
The document discusses the history of public debt credit default swap (CDS) points for several European countries from 2005 to 2012. It shows CDS point charts over time for Greece, Ireland, Portugal, Spain, and Italy that peaked during the European debt crisis period of 2008-2012. It also includes charts comparing 10-year bond interest rate spreads for various European countries to Germany as a benchmark. The text provides background on how CDS contracts and recovery rates are used to derive default probabilities from CDS point levels over 5-year periods.
- Developed country central banks continue monetary easing policies like quantitative easing to stimulate their economies
- China saw a significant trade deficit in January and February due to seasonal factors
- Hungary may become the first country to face financial sanctions from the EU for its budget deficits and rising debt levels
- Napier Ventures is an investor presentation for a mining company that produces palladium.
- The company's Lac des Iles mine in Ontario, Canada is a world class palladium asset that has been in production for 20 years and is undergoing an expansion.
- In the first half of 2012, the mine produced over 81,000 ounces of palladium at a cash cost of $404 per ounce as it works towards its 2012 guidance of 150,000 to 160,000 ounces.
This investor presentation provides an overview of North American Palladium as an investment opportunity in the palladium market. It highlights North American Palladium's production growth outlook through expansion of its Lac des Iles mine, a strong balance sheet to fund development programs, and an experienced management team. The presentation also notes positive supply and demand fundamentals for palladium and identifies Canada as an attractive jurisdiction for platinum group metal investments compared to South Africa.
Summary of JUNE 2010 Existing Home Sales StatisticsNAR Research
The document summarizes existing home sales statistics for June 2010. It finds that total existing home sales increased 9.8% year-over-year in June. The median home price also increased 1.0% compared to June 2009. Regionally, the Northeast saw the largest annual sales increase at 17.1%, while the West saw a more modest 0.9% rise. Housing inventory declined 5.3% nationally from the previous year.
- The presentation provides an overview of North American Palladium's Lac des Iles mine, a primary palladium producer located in Ontario, Canada.
- In the first half of 2012, the mine produced over 81,000 ounces of palladium at a cash cost of $404 per ounce, in line with guidance for the year of 150,000 to 160,000 ounces at a cash cost of $375 to $400 per ounce.
- The mine is undergoing an expansion to increase production and reduce costs through higher mining rates and mill throughput while maintaining grade and recovery.
The document analyzes trends in the Korea social game market in the second quarter of 2011. It finds that while Cyworld AppStore saw growth in the number of games launched in the first quarter, the second quarter saw a drop in new users and revenue. Total revenue was still the highest so far at $8 million USD. Demographics remained steady, with females making up the majority of users at 56% and most users being between 16-29 years old. Simulation games like farming and aquarium titles remained very popular and a major driver of revenue.
1) The European sovereign debt crisis remains uncontained, with fiscal burdens increasing across many eurozone countries and further sharp fiscal consolidation still required.
2) While the ECB has taken measures to improve bank lending and reduce bond yields, credit conditions are still tightening and bond yields remain elevated in troubled countries.
3) The eurozone faces the risk of a broader crisis scenario that could significantly slow growth across the region and leave Greece and Portugal stuck in deep recessions for years.
The document discusses the history of public debt credit default swap (CDS) points for several European countries from 2005 to 2012. It shows CDS point charts over time for Greece, Ireland, Portugal, Spain, and Italy that peaked during the European debt crisis period of 2008-2012. It also includes charts comparing 10-year bond interest rate spreads for various European countries to Germany as a benchmark. The text provides background on how CDS contracts and recovery rates are used to derive default probabilities from CDS point levels over 5-year periods.
THE MEDITERRANEAN LABORATORY FOR DEVELOPMENT PRACTICES AND COOPERATION. Building effective partnerships among
European and Mediterranean Municipalities
for local economic development and promotion
Summary of Existing Home Sales for July 2010NAR Research
- Total existing home sales in July 2010 decreased 25.5% from July 2009, while the median home price increased 0.7% year-over-year.
- Housing supply increased significantly compared to the previous year, with a 31.6% rise nationally and a 40% jump in single-family homes.
- All four major regions saw annual sales decreases ranging from 19.8% in the South to 33.3% in the Midwest.
Banco Santander (Brasil) reported its 2010 results. The Brazilian economy resumed growth in 2010 with GDP increasing 7.7% year-over-year after contracting 0.6% in 2009. Santander is the 3rd largest private bank in Brazil by total assets and had a market share of 11% in loans. In 2010, Santander's loan portfolio grew to R$160.6 billion while net profit increased to R$7.4 billion. The bank saw strong growth in its customer base, which expanded to over 24.8 million customers, an increase of 10.5% from the prior year.
This document appears to be a collection of random characters and symbols with no discernible meaning or content. As such, it is not possible to provide a meaningful 3 sentence summary as there is no essential information to extract from the given text.
9M 2011 Operational & Financial Results of JSC "Lenenergo"lenenergopr
JSC "Lenenergo" is a major electric grid company in St. Petersburg and Leningrad region that transmits and distributes electricity. In the first 9 months of 2011, the company saw a 16.1% increase in revenue but a 46.1% decrease in net profit compared to the same period in 2010. The company's assets grew by 7.8% while equity increased by 4.3%, but return on equity declined sharply. For the full year 2011, the company has adjusted its business plan downward in light of changes to tariffs and results in the first quarter.
1. The document summarizes Santander Brasil's 1H10 results, highlighting growth in net profits, loans, and fees.
2. Loan volumes increased across most segments, with notable growth in payroll, mortgage, and credit card loans.
3. Asset quality improved with a comfortable coverage ratio, while performance ratios like efficiency and ROAE also enhanced over the last 12 months.
1) This document is a magazine called EBook2 Weekly that analyzes the e-book market and reports news.
2) It discusses the growth of e-books and e-readers in 2010, with e-book sales reaching 10% of the consumer book market in the US.
3) It also reports on social networking sites for books like LibraryThing and Mendeley, and previews trends for e-books in 2011 such as the growth of self-publishing platforms and new e-book subscription services.
This document appears to be in an unknown or encrypted format as it only contains symbols and special characters that do not form words or sentences. It is not possible to determine the topic or meaning from the content provided.
ECG Lecture: Sinus arrest, sinoatrial exit block, AV block and escape rhythmsMichael-Joseph Agbayani
Simple ECG lecture about sinus arrest, sinoatrial exit block, AV block and escape rhythms. Slideshow was made with an audience of medical professionals in mind.
A C C O U N T I N G A D J U S T M E N T S F O R F I N A N C I A L A N A L...Dr. Trilok Kumar Jain
The document discusses accounting concepts related to partnerships. It defines what a partnership is and different types of partnerships. It covers capital accounts, rules of partnerships regarding profits/losses, interest on capital/drawings, and how to calculate sacrificing and gaining ratios when partners join or leave. Examples are provided to illustrate how to account for partnership transactions and adjust accounts when profit ratios change.
This document discusses thermochemistry and thermodynamics concepts. It defines energy and explains different types of energy like potential, kinetic, and chemical energy. It discusses endothermic and exothermic reactions, and how energy is transferred or transformed through work and heat. Key concepts covered include the first law of thermodynamics on conservation of energy, state functions, enthalpy, and using calorimetry to calculate enthalpy changes in chemical reactions.
The expression of possibility & certaintyDept. Inglés
This document discusses different words used to express possibility and certainty in English:
1) "May", "might", and "could" are used to express something is possible or quite likely in the present or future.
2) "Must" is used when the speaker is certain something is true based on available information.
3) "Can't" is used to express something is impossible or unable to be done given the circumstances.
This document outlines the learning objectives of an organizational and command training course based on the National Incident Management System (NIMS). The objectives cover topics such as NIMS functions and how they interrelate, command structures including unified and single command, incident management teams, and span of control. The document also discusses command post organization, staging, transfers of command, and the use of branches, divisions and groups in the NIMS structure.
This document summarizes trends in the baby diaper industry. Key points include:
1) Baby diaper manufacturers are focusing on features like fit, comfort, breathability, and convenience to meet consumer expectations. This includes more stretch materials and refastenable tapes.
2) The top priorities are still leakage protection and dryness. Extra features help products stand out but cannot replace basic functionality.
3) Manufacturers are designing diapers tailored to babies' developmental stages, not just size. This includes different absorbency levels and increased stretch.
4) Competition is fierce between leading brands like P&G and KC. Smaller companies focus on niches like premature baby diapers.
The document discusses hypertension, including definitions of systolic and diastolic blood pressure, factors that affect blood pressure such as cardiac output and vascular resistance, short and long-term regulation of blood pressure, classifications of hypertension, risk factors, signs and symptoms, diagnostic tests, treatment goals and lifestyle modifications to control hypertension such as weight loss, exercise, sodium restriction, and moderation of alcohol intake. It provides information on hypertension for healthcare professionals to educate patients.
Tracking Content Marketing ROI for DummiesUberflip
Content marketing is a discipline where art meets
science, and reporting is a lot like telling a story
about your success as a marketer. In order to make it
accurate, it’s imperative that you develop a solid
measurement strategy to identify which tactics are
working and demonstrate bottom-line results for
your brand. Here’s a short guide on how to prove
your content marketing ROI.
El documento expresa gratitud por las pequeñas cosas de la vida cotidiana que a menudo damos por sentado, como los hijos en casa y no en la calle, descuentos en la nómina que significan trabajo, y el desorden que significa estar rodeado de seres queridos. También agradece por señales de tener comida, casa, coche, salud y amigos que piensan en uno.
THE MEDITERRANEAN LABORATORY FOR DEVELOPMENT PRACTICES AND COOPERATION. Building effective partnerships among
European and Mediterranean Municipalities
for local economic development and promotion
Summary of Existing Home Sales for July 2010NAR Research
- Total existing home sales in July 2010 decreased 25.5% from July 2009, while the median home price increased 0.7% year-over-year.
- Housing supply increased significantly compared to the previous year, with a 31.6% rise nationally and a 40% jump in single-family homes.
- All four major regions saw annual sales decreases ranging from 19.8% in the South to 33.3% in the Midwest.
Banco Santander (Brasil) reported its 2010 results. The Brazilian economy resumed growth in 2010 with GDP increasing 7.7% year-over-year after contracting 0.6% in 2009. Santander is the 3rd largest private bank in Brazil by total assets and had a market share of 11% in loans. In 2010, Santander's loan portfolio grew to R$160.6 billion while net profit increased to R$7.4 billion. The bank saw strong growth in its customer base, which expanded to over 24.8 million customers, an increase of 10.5% from the prior year.
This document appears to be a collection of random characters and symbols with no discernible meaning or content. As such, it is not possible to provide a meaningful 3 sentence summary as there is no essential information to extract from the given text.
9M 2011 Operational & Financial Results of JSC "Lenenergo"lenenergopr
JSC "Lenenergo" is a major electric grid company in St. Petersburg and Leningrad region that transmits and distributes electricity. In the first 9 months of 2011, the company saw a 16.1% increase in revenue but a 46.1% decrease in net profit compared to the same period in 2010. The company's assets grew by 7.8% while equity increased by 4.3%, but return on equity declined sharply. For the full year 2011, the company has adjusted its business plan downward in light of changes to tariffs and results in the first quarter.
1. The document summarizes Santander Brasil's 1H10 results, highlighting growth in net profits, loans, and fees.
2. Loan volumes increased across most segments, with notable growth in payroll, mortgage, and credit card loans.
3. Asset quality improved with a comfortable coverage ratio, while performance ratios like efficiency and ROAE also enhanced over the last 12 months.
1) This document is a magazine called EBook2 Weekly that analyzes the e-book market and reports news.
2) It discusses the growth of e-books and e-readers in 2010, with e-book sales reaching 10% of the consumer book market in the US.
3) It also reports on social networking sites for books like LibraryThing and Mendeley, and previews trends for e-books in 2011 such as the growth of self-publishing platforms and new e-book subscription services.
This document appears to be in an unknown or encrypted format as it only contains symbols and special characters that do not form words or sentences. It is not possible to determine the topic or meaning from the content provided.
ECG Lecture: Sinus arrest, sinoatrial exit block, AV block and escape rhythmsMichael-Joseph Agbayani
Simple ECG lecture about sinus arrest, sinoatrial exit block, AV block and escape rhythms. Slideshow was made with an audience of medical professionals in mind.
A C C O U N T I N G A D J U S T M E N T S F O R F I N A N C I A L A N A L...Dr. Trilok Kumar Jain
The document discusses accounting concepts related to partnerships. It defines what a partnership is and different types of partnerships. It covers capital accounts, rules of partnerships regarding profits/losses, interest on capital/drawings, and how to calculate sacrificing and gaining ratios when partners join or leave. Examples are provided to illustrate how to account for partnership transactions and adjust accounts when profit ratios change.
This document discusses thermochemistry and thermodynamics concepts. It defines energy and explains different types of energy like potential, kinetic, and chemical energy. It discusses endothermic and exothermic reactions, and how energy is transferred or transformed through work and heat. Key concepts covered include the first law of thermodynamics on conservation of energy, state functions, enthalpy, and using calorimetry to calculate enthalpy changes in chemical reactions.
The expression of possibility & certaintyDept. Inglés
This document discusses different words used to express possibility and certainty in English:
1) "May", "might", and "could" are used to express something is possible or quite likely in the present or future.
2) "Must" is used when the speaker is certain something is true based on available information.
3) "Can't" is used to express something is impossible or unable to be done given the circumstances.
This document outlines the learning objectives of an organizational and command training course based on the National Incident Management System (NIMS). The objectives cover topics such as NIMS functions and how they interrelate, command structures including unified and single command, incident management teams, and span of control. The document also discusses command post organization, staging, transfers of command, and the use of branches, divisions and groups in the NIMS structure.
This document summarizes trends in the baby diaper industry. Key points include:
1) Baby diaper manufacturers are focusing on features like fit, comfort, breathability, and convenience to meet consumer expectations. This includes more stretch materials and refastenable tapes.
2) The top priorities are still leakage protection and dryness. Extra features help products stand out but cannot replace basic functionality.
3) Manufacturers are designing diapers tailored to babies' developmental stages, not just size. This includes different absorbency levels and increased stretch.
4) Competition is fierce between leading brands like P&G and KC. Smaller companies focus on niches like premature baby diapers.
The document discusses hypertension, including definitions of systolic and diastolic blood pressure, factors that affect blood pressure such as cardiac output and vascular resistance, short and long-term regulation of blood pressure, classifications of hypertension, risk factors, signs and symptoms, diagnostic tests, treatment goals and lifestyle modifications to control hypertension such as weight loss, exercise, sodium restriction, and moderation of alcohol intake. It provides information on hypertension for healthcare professionals to educate patients.
Tracking Content Marketing ROI for DummiesUberflip
Content marketing is a discipline where art meets
science, and reporting is a lot like telling a story
about your success as a marketer. In order to make it
accurate, it’s imperative that you develop a solid
measurement strategy to identify which tactics are
working and demonstrate bottom-line results for
your brand. Here’s a short guide on how to prove
your content marketing ROI.
El documento expresa gratitud por las pequeñas cosas de la vida cotidiana que a menudo damos por sentado, como los hijos en casa y no en la calle, descuentos en la nómina que significan trabajo, y el desorden que significa estar rodeado de seres queridos. También agradece por señales de tener comida, casa, coche, salud y amigos que piensan en uno.
A pesar de que varios países de Latinoamérica se acercan al 100% de penetración móvil, los gobiernos aún no consideran esta tecnología en sus estrategias de inclusión social. El trabajo conjunto con las compañías operadoras y los agentes comunitarios debe ser el primer punto en la agenda, para la elaboración y manejo de proyectos eficaces.
The day after a heavy rain, we took a walk in the woods near our milkweed field. There were many puddles on the trail, most of which had several frogs lounging around the perimeter or bathing in the tepid water. Kasha loves to chase the frogs, but luckily, they are too quick and adept at hiding to be in any real danger from a dog. We also saw monarch butterflies and a Great Black Wasp.
El documento describe la misión y visión del Servicio Nacional de Aprendizaje (SENA) de Colombia. Su misión es ofrecer formación profesional integral para incorporar a los trabajadores colombianos en actividades productivas que contribuyan al desarrollo del país. Su visión para el 2020 es ser una entidad líder mundial en formación profesional e innovación al servicio de personas y empresas. También explica el significado del escudo, bandera e himno del SENA, así como los roles del aprendiz y tutor en la modalidad de formación virtual.
The document discusses school-wide positive behavior support (SWPBS). It defines SWPBS as a systems approach for establishing a positive social culture and behavioral supports in a school. The core features of SWPBS include prevention, teaching expectations, acknowledging positive behavior, consistent consequences, and data-based decision making. Implementing SWPBS requires commitment, an implementation team, self-assessment, defining and teaching expectations, recognizing behavior, and using data for decisions.
The September issue of the Monthly Briefing on the World Economic Situation and Prospects highlights the recent sell-off in equity markets among heightened uncertainty for the world economy. Indeed, the sovereign debt crisis in the euro zone remains unabated while job creation is on hold in the United States and unemployment remains about three percentage points above its pre-crisis level in developed countries.
The document summarizes the political challenges around addressing the European debt crisis. It identifies 12 key players and maps out who each believes should bear the costs of past and future bailouts. The main factions are: 1) struggling peripheral countries who want more ECB support; 2) conservative German parties opposed to large transfers or Eurobonds; and 3) countries like Finland pushing for bailouts to reflect actual exposure levels rather than ECB capital weights. The endgame depends on Germany deciding how much cost it is willing to socialize through permanent fiscal transfers or Eurobonds.
The document discusses the ongoing European debt crisis and risks to the US economy. It analyzes the positions of various players in the European crisis including Germany, the ECB, and affected countries. There are disagreements around who should bear the costs of bailouts. The document also notes weakness in US data but argues against an imminent recession, though growth is expected to remain weak. More quantitative easing by the Fed is anticipated but benefits are uncertain. Low valuations reflect high recession probabilities priced into markets.
The document discusses financial and banking reforms in Myanmar. It provides an overview of the country's geography, demographics, and macroeconomic indicators. It outlines reforms that have been implemented, including liberalizing the banking sector, amending relevant laws, reducing interest rates, and unifying exchange rates. It notes threats such as special interest groups and calls for continued modernization of the financial system and ensuring stability and transparency.
1) Portugal's debt problems stem from rigid product and labor market regulations that have led to declining productivity and competitiveness.
2) While political risks are lower than other troubled European countries, more time is needed to restore Portugal's economy as significant reforms have been implemented.
3) The IMF assesses that existing financial assistance for Portugal is adequate, but risks remain and additional funds from Europe may be needed, though funds are available.
This document contains a list of numbers ranging from 0 to 10 recorded on various dates from February 2011 through April 2011. There are 46 rows of numbers with some dates containing multiple entries. The list also contains some notes saying "baja baja baja" on certain dates.
The document contains a list of numbers ranging from 0 to 10 on 33 rows over multiple dates from February 16, 2011 to March 29, 2011. Most numbers are 10 but some rows contain mostly 0s or mixtures of 0s, 5s, and 10s. The last three rows contain mostly 10s.
Breaking the common fate of banks and governments by Daniel Gros and Cinzia A...Círculo de Empresarios
The document discusses the eurozone debt crisis and proposals for addressing it. It argues that while policymakers have focused on fiscal discipline, the crisis has deeper roots in inconsistencies in the eurozone's financial market regulation. The fiscal compact will not solve the crisis on its own because it fails to address the tight linkage between governments and banks, which is at the core of their common fate. Breaking this linkage is key to overcoming the crisis.
CA Consumer Finance shares the findings of its survey of the consumer credit market in 27 European Union countries (EU-27) for the fourth year running. With a total of 1,105 billion euros in loans outstanding at end-2010, the EU accounts for nearly one quarter of the global credit market.
The Eurozone Takes A Final Step Toward a Banking UnionQNB Group
The Eurozone took steps to create a banking union by delegating bank supervision responsibilities to the European Central Bank starting in 2015 and establishing a unified bank resolution system. This aims to reduce the risk of another financial crisis and break the link between banking crises and rising sovereign debt levels. A Eurozone-wide regulatory environment and centralized bank oversight will help level the playing field for banks and prevent national political interference. The agreement also establishes a 55 billion euro bank resolution fund over 8 years to help intervene in struggling banks. Overall, the banking union is an important step towards strengthening the credibility and stability of the Euro currency.
The document discusses the Greek debt crisis that originated in 2007-2008 when it was revealed that Greece could not repay its external creditors. Greece had a budget deficit equivalent to 13.6% of its GDP and debt levels of 115% of GDP. The crisis worsened in 2010 when Greece received bailout packages from the EU and IMF totaling €115 billion to avoid defaulting on its loans. The crisis raised questions about the long-term viability of the shared Euro currency and exposed flaws in how some Eurozone nations managed their finances.
Political challenges in Spain and Italy threaten recent calm in Europe. Corruption allegations against the prime minister of Spain and the potential election of Italy's former prime minister, who faces criminal charges, undermine confidence as both countries will need to refinance debt. Meanwhile, Germany and other AAA-rated countries want to force losses on bondholders of failing banks to ensure bailout funds can continue, though this may hurt their own credit ratings. Despite a stabilization of bond yields since the ECB's promise to support the euro, Europe's debt and deficit problems remain unsolved.
The document discusses Europe's fragmented bond markets, which have become more divided during the euro crisis. Government bond yields have varied widely between member states, making fiscal adjustment difficult for countries with high borrowing costs and slowing economic growth. While market differentiation pressures fiscal discipline, the current level of variance is unsustainable. Integrating Europe's bond markets into a large, unified market could help overcome difficulties by creating more liquidity and lowering interest rates, but this cannot undermine budget constraints for highly indebted countries.
The document discusses the sovereign debt crisis in Europe and makes the case that markets in Portugal, Italy, Ireland, Greece and Spain (PIIGS) present investment opportunities. It argues that bond yields have fallen significantly due to actions by European leaders, hedge funds have reduced short positions, and economic growth is projected to resume soon. The author believes the worst case scenarios are already priced in, and sees the recent downturn as a buying opportunity for long term investors in PIIGS markets.
After reporting very high growth rates as well as being seen as examples of successful economic transition, the “Baltic tigers” (Lithuania, Latvia and Estonia) are now among the worst victims of the global economic crisis. All three have reported large declines in GDP, income and employment, which threaten the significant development progress made since the mid‐1990s.
Authored by: Michaela Pospisilova, Ben Slay
Published in 2009
Watertown, MA FY 2012 preliminary budget overviewneocMatt
The document provides an overview of the preliminary budget for fiscal year 2012 for the Town of Watertown. It includes details on estimated revenues, expenditures, fund balances, debt levels, and comparisons to the fiscal year 2011 budget. The overview contains information on sources of revenue, expenditures by department, reserve fund balances, current and projected debt levels, and enterprise funds for water and sewer. It also outlines the budget development process and guidelines set by the Town Council.
INTERNATIONAL BUSINESS REPORT 2012 Future Of EuropeGrant Thornton
The document summarizes the key findings of the Grant Thornton International Business Report for 2012 regarding the future of Europe. It finds that:
1) 2011 was an extremely difficult year for the European Union as the sovereign debt crisis escalated, with several countries needing bailouts and implementing austerity measures.
2) Business confidence across the EU plummeted in 2011, with optimism for revenue, profits and employment all declining sharply.
3) The economic outlook for Europe in 2012 is gloomy, with stagnation or mild contraction expected due to continued austerity and falling business confidence. There is a risk of a break-up of the eurozone which could plunge the global economy back into recession.
4) While the
1) Political uncertainty in Italy is rising as Prime Minister Renzi faces challenges negotiating an EU financial rescue package for Italian banks and a crucial referendum in October that could lead to a change in government if he loses.
2) Italian banks have a large stock of non-performing loans and high government debt, putting stress on the banking system and making Italian assets volatile. Renzi is seeking funds from the EU to inject capital into banks to resolve issues but the EU has concerns this could undermine their rules.
3) Renzi has tied his future as Prime Minister to the outcome of a referendum on constitutional reforms in October, but his popularity has fallen, risking defeat in the referendum that he said would trigger his resignation.
It was a good start to the year for the European Leveraged finance market, though investor cash still greatly outweighed syndicated loan and high yield bond deal flow. In the analysis: loan returns, loan/high yield bond prices, new-issue volume, default rates, more.
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Similar to World Economic Situation and Prospects: Monthly Briefing, No. 37 (20)
Today, 54 per cent of the world’s population lives in urban areas, a proportion that is expected to increase to 66 per cent by 2050. Projections show that urbanization combined with the overall growth of the world’s population could add another 2.5 billion people to urban populations by 2050, with close to 90 percent of the increase concentrated in Asia and Africa, according to a new United Nations report launched on 10 July 2014.
Millions of people’s lives have improved due to concerted global, regional, national and local efforts to achieve the Millennium Development Goals (MDGs), which serve as the foundation for the next global development agenda, according to the report launched by the Secretary-General on 7 July 2014.
For more information:
http://www.un.org/en/development/desa/publications/mdg-report-2014.html#more-873
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/08.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/07.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/06.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/05.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/04.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/03.html
E-government—digital interactions between governments and people—varies greatly among and within regions, but most countries are making progress on providing greater access, according to the 2014 UN E-Government Survey launched today. The findings show that the Republic of Korea tops the global e-government ranking, and that Europe remains first among regions.
The report also shows that many countries are expanding electronic participation, utilizing more mobile and social media tools, expanding usage and making more government data available online. However, challenges remain, such as lack of resources, digital inequalities and a lack of leadership for e-government.
“E-government holds tremendous potential to improve the way that governments deliver public services and enhance broad stakeholder involvement in public service,” said Wu Hongbo, Under-Secretary-General for Economic and Social Affairs and Secretary-General for the International Conference on Small Island Developing States.
For more information: http://unpan3.un.org/egovkb#.U7HG_PldVlq
This monthly briefing highlights that financing conditions improve in euro area peripheral countries and in emerging economies, that the US economy bounces back after a difficult first quarter and that China’s first-quarter GDP growth is the slowest in two years.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
The World Youth Report 2013—Youth Migration and Development is the product of the efforts, contributions and support of many people and organizations. From the outset, the process of developing the Report involved a range of participatory
consultations designed to draw on the perspectives of youth on how migration affects them. These consultative sessions
included a five-week e-consultation process, a survey on youth migration and development, a call for visual art
illustrating the daily life experiences of young migrants as well as youth initiatives on migration and development,
and a Google+ Hangout held on 6 March 2013 to identify sustainable solutions for addressing youth migration challenges.
For more information: http://www.unworldyouthreport.org/
The global economy is expected to strengthen over the next two years, despite a downgrade of growth prospects for some developing economies and economies in transition, according to the UN World Economic Situation and Prospects (WESP) 2014 mid-year update, launched on 21 May, 2014. Global growth has been revised slightly lower from the forecasts presented in the WESP 2014. Growth of world gross product (WGP) is now projected at 2.8 per cent in 2014 and 3.2 per cent in 2015, up from 2.2 per cent in 2013. However, this pace of expansion is still low compared to the growth path before the 2008 global financial crisis.
For more information: http://www.un.org/en/development/desa/policy/wesp/index.shtml
The slides contain the detailed maps and graphs of World Fertility Patterns 2013 wall chart which presents the latest data available on indicators of fertility patterns at the national, regional and world levels.
For more information:
http://www.un.org/en/development/desa/population/publications/fertility/fertility-patterns-2013.shtml
The slides contain the detailed maps and graphs of World Contraceptive Patterns 2013 wall chart which presents the latest data available on two of the indicators under Millennium Development Goal 5 to improve maternal health: contraceptive prevalence and unmet need for family planning. Estimates of specific contraceptive methods used in major areas and sub-regions of the world are also presented.
For more information: http://www.un.org/en/development/desa/population/publications/family/contraceptive-wallchart-2013.shtml
This monthly briefing highlights that global employment remains a challenge; the United States Federal Reserve faces challenges in adjusting its monetary policy and that financial markets in emerging economies attempted to stabilize.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
The Economic and Social Council will hold its Special high-level meeting with the World Bank, International Monetary Fund, the World Trade Organization and the United Nations Conference on Trade and Development on 14 and 15 April at the United Nations Headquarters, New York. The overall theme of the meeting will be “Coherence, coordination and cooperation in the context of financing for sustainable development and the post-2015 development agenda”.
For more information:
http://www.un.org/esa/ffd/ecosoc/springmeetings/2014/index.htm
This monthly briefing highlights how the world economy is struggling to gain momentum, emerging economies facing policy dilemma in trying to stabilize currencies and the G20 meeting making a call for new measures to lift growth and create jobs.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
- Emerging economies face renewed financial turbulence as their currencies have depreciated sharply against the U.S. dollar in January 2014.
- The U.S. economy registered robust GDP growth in the fourth quarter of 2013, growing at an annualized rate of 3.2%.
- The economic performance of developing countries in the last quarter of 2013 was heterogeneous, with some facing currency pressures and others seeing stronger than expected growth.
Published by the Division for Social Policy and Development (DSPD) of UN DESA, the report places special focus on policy and disadvantaged social groups, in addition to examining the consequences of high inequality. “Much can be learnt from those countries that managed to reduce inequality even under an uncertain and volatile global environment,” said Mr. Wu Hongbo, UN DESA’s Under–Secretary-General. “The international community can play a role in providing support to policies that help reduce inequality.”
A unique contribution of the report is that it brings special attention to the disparities that are experienced by five specific social and population groups – youth, indigenous peoples, older persons, persons with disabilities and migrants – and also illustrates how such disparities intersect with and reinforce one another.
The report illustrates that growing inequalities can be brought to a stop by integrated policies that are universal in principle while paying particular attention to the needs of disadvantaged and marginalized populations. It reminds world leaders that, in addressing inequalities, policy matters.
For more information:
http://undesadspd.org/ReportontheWorldSocialSituation/2013.aspx
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/02.html
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World Economic Situation and Prospects: Monthly Briefing, No. 37
1. Monthly Briefing
World Economic Situation and Prospects
No. 37 UN/DESA 17 November 2011
Summary
EU leaders agree to scale up measures to solve the simmering debt crisis, but hurdles remain
Unemployment in developed economies still high and lasting longer
The G20 falling behind the curve?
Global issues
Euro area debt crisis: a brief review of the main measures taken so far
In late October, European leaders held a marathon negotiating session and finally agreed on a set of measures intended to solve the
ever-simmering debt crisis. The measures include a 50 per cent write-down of Greek debt held by the private sector, based on a volun-
tary arrangement between the Greek Government and concerned parties. With this in place and, given the envisaged public sector
reforms, the Greek debt-to-GDP ratio is targeted to reach 120 per cent by 2020. European leaders also agreed to recapitalize banks
in the region to the tune of €106 billion. Finally, two options to leverage the resources of the European Financial Stability Facility
(EFSF) were announced: provide credit insurance for new debt issued by EU member States; and enlarge the funding arrangements
of the EFSF by combining resources from public and private financial institutions, as well as investors.
However, uncertainties remain on a number of issues, particularly the funding for enhancing the resources of the EFSF, which
would be required if either Spain or Italy were to face acute financing difficulties. These issues are crucial to effectively arresting the
contagion from the Greek crisis. Immediately after the agreement, turmoil returned as the Greek Prime Minister announced that
there would be a referendum on the measures. Italian bond yields rose to a euro-era high over German bonds. Markets hardly calmed
even after the idea for a referendum was abandoned. Confidence in the outcome of the debt resolution remains weak and both the
Greek and Italian prime ministers had to resign amidst continued economic uncertainty.
Greece has been receiving emergency financing since May 2010, and so has Ireland since November 2010 and Portugal since May
2011. Both Portugal and Ireland are currently on track to meet their commitments as part of the rescue financing. In contrast, Greece
has been less successful in meeting its target; hence,
so in July 2011, a second Greek debt bailout was put Figure 1: Yields on 2-year sovereign bonds for selected euro area countries
Percentage points
together. 45 90
The major challenge in finding a solution to the sov- Germany (LHS)
80
40
ereign debt crisis of the euro area is to prevent fiscal Ireland (LHS)
35 Italy (LHS) 70
problems from causing a major banking crisis. Sover- Portugal (LHS)
30 Spain (LHS) 60
eign and bank risks have become closely intertwined Greece (RHS)
as European banks own vast amounts of government 25 50
bonds. Rising sovereign debt risk is thus threatening 20 40
the liquidity and solvency of the banking system. The 15 30
European Central Bank (ECB) has continued to pro- 10 20
vide liquidity to the banking system through refinanc- 10
5
ing operations. Since May 2010, the ECB has also been
0 0
buying sovereign securities in the secondary market, via
03/05/2010
15/06/2010
28/07/2010
09/09/2010
22/10/2010
04/12/2010
16/01/2011
28/02/2011
12/04/2011
25/05/2011
07/07/2011
19/08/2011
01/10/2011
13/11/2011
a Securities Markets Programme (SMP), to limit insta-
bility in sovereign debt markets. As the yields of the
sovereign debts of Italy and Spain rose in August 2011, Source: JPMorgan.
Note to the Secretary-General prepared by the Global Economic Monitoring Unit
Development Policy and Analysis Division, Department of Economic and Social Affairs 1
Contact: Rob Vos, Director, e-mail: vos@un.org • http://www.un.org/en/development/desa/policy/index.shtml
2. the ECB enlarged the SMP. The measures taken so far have not been enough to calm financial markets and stop the upward trend
in yields (and hence the risk premium) for larger euro area economies in debt distress.
Is the G20 falling behind the curve?
The agenda of the G20 summit held in Cannes on 3-4 November was dominated by the political turmoil in Greece and the euro
area sovereign debt crisis. The Action Plan for Growth and Jobs that was adopted puts high priority to employment generation but
does not include any new commitment beyond existing government plans, mostly characterized by the phasing out of fiscal stimulus
and phasing in of fiscal austerity. Meanwhile, the level of euro area unemployment increased to 16.2 million workers in September,
the highest since the creation of the euro. In the United States, the unemployment rate remained at 9 per cent and currently, almost
one third of the unemployed have been without a job for more than a year.
Developed economies
United States: some positive signs despite continued weak business and consumer confidence
Several monthly indicators released in September and October 2011 suggest some improvement in economic conditions in the
United States. Private consumption expenditures, industrial production and orders for capital goods maintained the upward trends
visible in preceding months. Business and consumer confidence indices, like the Philadelphia Federal index and University of
Michigan Consumer Sentiment index, improved slightly from the bottom lows that were reached in August. No improvement was
recorded for the housing sector.
During the third quarter of 2011, the United States GDP expanded at the annualized rate of 2.5 per cent from the previous quarter
which is stronger than the 0.4 per cent and 1.3 per cent observed during the first two quarters. Private consumption, investments in
equipment and software as well as exports were the main drivers of growth.
The number of payroll employees increased by 80,000 in October and the number of jobs created in September has been revised
upwards from 103,000 to 158,000. The level of employment, however, remains at 4.7 per cent below its 2008 peak level and, at the
present pace of recovery, may take another 4 or 5 years before rates return to pre-crisis levels.
Developed Asia and the Pacific: yen reaches record high before falling again
The Japanese yen reached record highs against the dollar by the end of October 2011, peaking at 75.03 yen per dollar. In response,
Japanese authorities unilaterally decided to intervene in foreign-exchange markets. Massive currency sales led to a sharp intra-day
depreciation of the yen against all currencies and a drop of more than 4 per cent against the dollar.
Recent macroeconomic indicators sent mixed signals about the state of the Japanese economy. The unemployment rate fell by
0.2 per cent in September after having declined by 0.4 per cent in the previous month. Currently, unemployment is down to 4.1 per
cent of the labour force, the lowest level since the beginning of 2009. Real household spending increased by 2.1 per cent in Septem-
ber. Industrial production, in contrast, declined by 4 per cent (month on month, seasonally adjusted) and the index is still several
percentage points below the level reached before the earthquake in March. Amidst heightened global economic uncertainty, the Bank
of Japan expanded its Asset Purchase Programme by another 5 trillion yen.
Western Europe: mixed signals amidst deepening gloom
A wide range of leading indicators of sentiment portend a very sharp economic slowdown in Europe, perhaps even a recession, go-
ing forward. The European Commission’s Economic Sentiment Indicator, for example, has moved down sharply from its peak in
February and is now well below its long term average. By contrast, measures of current activity, available through August, have yet
to show signs of significant downturn, but do show gradual deceleration of activity. Industrial production increased by 1.2 per cent
after a similar increase in July. Construction increased as well and may have reached a weak turning point from its long downward
trend. On the other hand, retail trade fell slightly and appears to be on a gentle downward trend. More ominously, the average
unemployment rate increased to 10.2 per cent, 0.3 percentage points higher than the post-recession low of 9.9 per cent registered in
April. Most economies saw a minor increase, but the rise was bigger in Spain and Italy. After having increased continuously since
hitting bottom in mid 2009, capacity utilization rates declined again in the third quarter and the beginning of the last quarter of
2011. These factors point to further slowing economic activity towards the end of the year and into 2012.
2 Monthly Briefing on the World Economic Situation and Prospects
3. The new EU members: strong third quarter in the Baltic States, but moderation ahead
The strong recovery of the economies of the Baltic States continued during the third quarter. In Lithuania, GDP growth accelerated
to 6.6 per cent (year on year). The recovery was initially export led, but is now increasingly relying on domestic demand growth.
However, higher electricity prices, weakening business and consumer sentiments, slow corporate credit growth and suspended in-
vestment plans prefigure a likely moderation ahead. In Latvia, third quarter GDP increased by 5.7 per cent (year on year), but the
country may also see some slowdown in the near outlook, as weakening exports are expected to offset positive domestic demand
impulses.
Draft 2012 budgets being prepared by Governments in several of the new EU member states envisage enhancing revenues to meet
tighter deficit targets. The Hungarian Government, for instance, is planning to increase the top VAT rate to 27 per cent, the highest
in the EU. This could push up inflation in the short-run.
Inflation trends diverge. In Estonia inflation accelerated to 5.1 per cent in September, the highest in the EU. Romania, by contrast,
saw inflation drop to a record low in September and expectations of continuing disinflation created room for the Central Bank to cut
interest rates by 25 basis points to 6 per cent in early November, aiming to revitalize the economy.
Economies in Transition
CIS: strong harvests boost agriculture
Industrial production in the region slowed in the third quarter, mainly due to weaker demand. In Ukraine and Kazakhstan, in-
dustrial output expanded by 8.6 per cent (year-on-year) and 4.3 per cent, respectively, in the first three quarters of 2011. Growth
in industrial output slumped in September in the Russian Federation, reaching the lowest year-on-year growth rate recorded since
October 2009. Seasonally adjusted, the sector has almost stagnated since June.
Agriculture production benefited from favourable weather and several countries registered exceptional harvests. With a record-break-
ing harvest, Kazakhstan’s wheat exports could reach 15 million tons this year, the largest amount since independence. At more than
50 million metric tons by the end of October, Ukraine’s grain harvest was up by more than a quarter from last year’s. Meanwhile,
in the Russian Federation, grain output doubled with respect to that of 2010, when farmers were hit by the worst drought in half a
century. Large crops have exerted downward pressure on prices, contributing to declining inflation in the region. In September, infla-
tion rates fell to 7.2 per cent in the Russian Federation and 10.9 per cent in Georgia. Also in Kazakhstan, inflation reversed its upward
trend, decelerating to 8 per cent.
South-Eastern Europe: economic activity slows in Serbia
In Serbia, third quarter flash estimates suggest GDP growth may slow down to 0.7 per cent year on year, along with the observed
contraction of industrial output. Domestic demand remains weak and, in September, retail trade turnover was 18 per cent lower
than a year ago. As inflation continued to decelerate, the National Bank of Serbia further cut its policy rate in early October. In
the FYR of Macedonia, second quarter GDP increased by 5.3 per cent year on year, bringing growth in the fi rst half of 2011 to 5.2
per cent. This expansion was broad-based, driven by construction, retail, industry and mining sectors. Growth of industrial output,
however, decelerated notably in the third quarter and turned negative (year on year) in September.
Developing economies
Africa: rising fiscal pressures
Signs of increasing pressure on fiscal budgets have emerged in a number of countries. In South Africa, for example, the Treasury now
expects a budget deficit of 5.5 per cent in the fiscal year ending March 2012, up from the previous forecast of 5.3 per cent. Lower
revenues are underpinning this revision, coupled with the impact of fiscal spending aimed at supporting the economy throughout
the global financial crisis. Meanwhile, Egypt announced budgetary support from Qatar in the form of a grant of $500 million.
Egypt is further negotiating financial support from Saudi Arabia and the United Arab Emirates and is considering assistance from
the IMF. The political unrest in the country led to a withdrawal of foreign investors as well as a sharp slowdown in core sectors such
as tourism, implying lower tax revenues and a greater need for social spending measures. Consequently, the government is forecast-
ing a budget deficit of 8.6 per cent for the fiscal year ending in June 2012. Two rating agencies downgraded the credit rating of Egypt
by one notch, citing as reasons economic weakness and financial strains.
Monthly Briefing on the World Economic Situation and Prospects 3
4. East Asia: regional growth moderates, Thailand’s economy hit by major floods
Economic growth in East Asia slowed in the third quarter of 2011 mainly as a result of weak external demand. In the Republic of
Korea, real GDP expanded by 0.7 per cent compared to the previous three months, following growth of 1.3 per cent in the first and
0.9 per cent in the second quarter. In Taiwan Province of China, quarter-on-quarter GDP declined by 0.3 per cent as investment fell
sharply amid slower export growth. China’s economy grew by a robust 2.3 per cent in the third quarter, but sluggish global demand
points to a slowdown in the coming quarters.
Thailand experienced the worst floods in half a century which have caused major damage to agriculture and manufacturing, with
severe disruptions to global supply chains. The hardest-hit sectors are the automotive and consumer electronics industry as Thailand
is the world’s second largest exporter of hard drives. Gross domestic product is expected to contract in the fourth quarter of 2011 and
full-year growth may reach only 2.5 per cent, about 1.5 percentage points lower than previously expected.
The Philippine Government announced new fiscal stimulus measures to strengthen domestic demand in the wake of weakening
exports. The $1.7 billion package focuses on low-cost housing construction and infrastructure projects. Export revenues declined by
15.1 per cent (year-on-year) in September as demand for electronics goods, which account for about 60 per cent of total exports,
weakened significantly.
South Asia: inflation accelerates, posing challenges for monetary policy
Inflation continues to be stubbornly high in most South Asian countries, with both food and non-food prices increasing rapidly in
recent months. In Bangladesh, year-on-year inflation accelerated to 12 per cent in September 2011, the fastest pace in more than a
decade. Strong increases in the prices of clothing and footwear, transport and household equipment drove non-food inflation up to
8.8 per cent, more than twice the rate recorded at the beginning of the year. In response, the Bangladesh Bank aims to constrain
growth of private sector credit, which reached 26 per cent during the past fiscal year.
In India, food inflation accelerated further in October on the back of higher prices of vegetables and milk. The Reserve Bank of
India hiked its key policy rates for the 13th time since early 2010, but signalled an end to the current tightening cycle, pointing to the
slowdown in domestic growth and increased risks to the near-term outlook.
In Pakistan, consumer price inflation edged up in October after declining steadily in the previous three months. The slowdown in
inflation during the third quarter led the State Bank of Pakistan to cut its main policy rate by 150 basis points to 12 per cent.
Western Asia: monetary policy in Turkey is facing trade-offs
In Turkey, annual inflation rose sharply from 6.2 per cent in September to 7.7 per cent in October as the country’s currency depreci-
ated, which pushed up imported inflation. The effective nominal exchange rate depreciated by almost 20 per cent after the central
bank surprised capital markets by keeping its policy rate constant and capital moved out of the country. Although this improved the
competitiveness of Turkish goods, external demand declined in an increasingly depressed international environment, while import
demand remained high given still strong domestic demand growth and typically slow responsiveness of imports to exchange rate
changes. As a consequence, the already large current account deficit continued to widen and may reach 12 per cent of GDP in 2011.
Although the central bank forecasts inflation of 8.3 per cent this year, 2.8 percentage points above the target, it has kept the policy
interest rate unchanged in a bid to sustain economic growth. Monetary tightening nevertheless occurred through the rise of the
overnight rate from 5.75 to 12.5 per cent, thus increasing the effective rate to commercial banks. The lira appreciated by 5 per cent
as bond yields also increased by about one percentage point.
Latin America and the Caribbean: investments grow but short-term capital movements threaten currency stability
Retail data for Brazil, Colombia, Chile and Peru indicate consumption growth is still strong in these countries. In Brazil, domestic
demand and credit continued to expand in September, but industrial production contracted by 2 per cent month on month, with
investment goods and consumer durables declining by 5.5 and 9 per cent, respectively. As part of the worldwide financial turmoil,
several countries in the region saw sudden reversals in portfolio capital inflows. As a result, the Brazilian real depreciated by about
10 per cent. The increased volatility gave monetary authorities the more reason to keep controls on short-term capital flows in place.
In Argentina, a rapidly shrinking external surplus and capital outflows associated with fears of devaluation put the exchange rate
under pressure. The central bank enhanced its capital account regulations by requiring tax authority approval of purchases of dollars.
Argentina’s international reserves fell from $52.6 billion in January to $47.5 billion by the end of 31 October.
The increased volatility is mainly visible in portfolio capital flows. Total foreign direct investment in the region continued its up-
ward trend, with recent data pointing to a 30 per cent growth in 2011 year on year. By May 2011, foreign investments in the region
originating from China had quadrupled from a year ago.
4 To subscribe to an electronic copy,Situatione-mail: wesp@un.org
Monthly Briefing on the World Economic please and Prospects