...3rd Quarter, FY 2013 Certain information contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, conditions affecting the acquisition, development, ownership or use of real estate, actions of vendors, rising costs associated with employees (including health care and workers’ compensation costs), rising costs associated with the acquisition of merchandise (including the direct and indirect effects of the rising cost of petroleum-based products and fuel and energy costs), geopolitical conditions and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. The statements and information in the presentation are current only as of its date, and we do not undertake to subsequently...
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...relationships with customers and brokers. We look forward to leveraging the strengths and expertise of both organizations to deliver an expanded range of products and an even higher level of service." About Travelers The Travelers Companies, Inc. TRV +0.11% is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $26 billion in 2012. For more information, visit www.travelers.com. Forward-Looking Statements The statements in this press release regarding the anticipated benefits from the transaction are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the factors that could cause actual results to differ include, but are not limited to: risks relating to pursuing new markets and opportunities, particularly in international markets; the risk that the acquisition and the integration of the acquired business may result in operating difficulties and other unintended consequences; and the risk that Travelers may not realize the anticipated benefits...
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...Indian Financial Sector Reforms: A Corporate Perspective Jayanth R. Varma Reproduced with the permission of Vikalpa, the journal of the Indian Institute of Management, Ahmedabad, in which the paper was first published (January-March 1998, 23(1), 27-38). Ó Vikalpa (http://www.iimahd.ernet.in/vikalpa). All rights reserved Until the early nineties, corporate financial management in India was a relatively drab and placid activity. There were not many important financial decisions to be made for the simple reason that firms were given very little freedom in the choice of key financial policies. The government regulated the price at which firms could issue equity, the rate of interest which they could offer on their bonds, and the debt equity ratio that was permissible in different industries. Moreover, most of the debt and a significant part of the equity was provided by public sector institutions. Working capital management was even more constrained with detailed regulations on how much inventory the firms could carry or how much credit they could give to their customers. Working capital was financed almost entirely by banks at interest rates laid down by the central bank. The idea that the interest rate should be related to the creditworthiness of the borrower was still heretical. Even the quantum of working capital finance was related more to the credit need of the borrower than to creditworthiness on the principle that bank credit should be used only for productive...
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...And it was compulsory for the Chinese government to introduce market-Oriented reforms to this sector. These reforms actually caused the central government to lose its control over them and making the SOEs subjected to greater market control, independent entities & more checks and balances on the performance. However the targeted goals of SOE reforms are still to be achieved to make these SOEs the “modern enterprises”; a goal set by the government in 1990’s reforms era. However with the passage of time, it is becoming a challenge for the Chinese government to undertake furthermore market-oriented reforms, since China is facing challenges such as structural slowdown linked to diminishing working age population due to birth control policies and fading advantages of previous reforms. Keeping the fact as a major concern and consideration, the new Chinese leadership has started thinking and has agreed to fact that improved resource allocation is the key to high productivity out. This article is an effort to argue the China’s approach to redefine its SOEs along with the effort to grow its economy globally. Unlike China’s Cultural Revolution these reforms has been evolutionary. The model where the non-state sector is growing faster than the state-sector will create difficulties for the Chinese economy in future as still State-owned Enterprises consists the major percentage of Chinese Enterprise sector. This article also highlights the issues faced...
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...independence. The country has grown economy-wise and population-wise since 1950 and the major contributors to Gross Domestic Product (GDP) has gradually shifted from agricultural sector to the services sector. Widespread globalization of industries and liberalization of trade along with technological advancements have played an important role in adding to its growth. In terms of Purchasing Power Parity India took position as the world’s third largest economy in April 2014 replacing Japan proving to be one of the fastest growing economies of the world (“India displaces Japan,” 2014). For the purpose of clearly understanding the major contributors and policies to the effect India’s growth and development, I have conducted my research under the primary, secondary and tertiary sectors using graphs and figures to explain whenever required. The primary sector being Agriculture, the secondary sector being Industry and the tertiary sector being Services have also been analyzed to indicate the major trading partners of India. A sufficient period of time has been considered for the purpose of this assessment to provide good insight on the topic. The paper will also further discuss some of the recent policy measures taken to further improve the growth of India. MAJOR POLICY REFORMS THAT INFLUECED TRADE AND GROWTH POST LIBRALIZATION Following independence India believed in being self-sufficient rather than depending on international trade as a source...
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...pace of which has not been experienced in other industrialized nations, the "Japanese system"--the engine of the country's astonishing high growth in the postwar era--has turned problematic with regard to economic growth. First, fears about employment prospects, future pension plans, and the sharp rise in government deficits are obviously restraining an economic turnaround. These fears are attributable to eroding sustainability in the Japanese-style wage and employment systems and the generous social security system. To cope with the situation, provisions of renewed safety nets are urgently needed. Furthermore, the rising fiscal deficits are restraining economic upturn by making people serious about future tax hikes and raising long-term interest rates. Measures to restore government fiscal balances in the medium and long term are also required. Second, the Japanese social system, which has looked highly on across-the-board equality, has generated a bloated public sector and inefficient resource allocation. Typical examples are excessive regulation, overprotection, lack of self-reliance, and the...
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...young nation, surely its laws are pretty old. Specially in a sector like Finance, where the last few decades has seen umpteen changes, Reserve Bank of India Act, Insurance Act etc dates back to the 1930s. Though there has been moderations of the laws over the years, Indian Financial Sector and its underlying foundation is in need of holistic restructuring. Keeping this in mind, in March 2011, the Government of India, Ministry of Finance established the Financial Sector Legislative Reform Commission or FSLRC to mend the legal and institutional structure of the Indian Financial Market. The Commission was chaired by B. N. Srikrishna, former judge of the Supreme Court and the other board members consisted of virtuoso of various fields like Finance, Economics, Laws and Public Administration. The Commission took up a intense two year process starting from April, 2011 and submitted its “text of the findings and recommendations” in March,2013. For better and effective functionality in finance sector and avoid conflicts of interest among different regulatory, the Financial Sector Legislative Reforms Commission (FSLRC) recommended to have well structured Government agencies. The Commission has pitched for specialized and consolidated set of provisions on regulatory governance by bringing a bill, called Indian Financial Code Bill. Government agencies are required to perform complicated functions in eight major areas of finance sector: consumer protection, micro-prudential regulation, resolution...
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...INTRODUCTION Kenya vision 2030 aims to create a cohesive, equitable and just society based on democratic principles grounded in the existing, rich and diverse cultures in Kenya. The vision 2030 is based on three pillars namely Economic, Social and Political. The economic pillar seeks to ensure prosperity for all Kenyans through economic development programs in key sectors aimed at achieving an average gross domestic product (GDP) of 10% per annum up to 2030. The social pillar aims at building a just and cohesive society with social equity in a clean and secure environment. The political pillar aims at the realization of a democratic political system founded on issue based politics that respects the rule of law and protects rights and freedoms of every individual in the Kenyan society. Kenya envisages the achievement on vision 2030 through a series of successive five year medium term plans covering the span of the Kenya vision 2030 and the first having been implemented from 2008 up to this year 2012. Before the end of this year another 5 year Medium Term Plans will be produced covering the period 2013-2017 while subsequent Medium Term Pans will cover there are periods 2018-2022, 2023-2027 up to 2030. The MediumTermPlans are designed to fast track the flagship projects identified under vision 2030 various programmers and key policies. The medium term plans calls for increased levels of savings and investments to facilitate the economic growth and development envisaged...
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...Topic: Agriculture Personal notes Outline: * Land Reform & Econ Dev * Explaining the poor performance of African Agric * Assessing the Impact of Agric Policy Reforms * Exploiting the synergy between price and non-price factors 1. Land Reform * Means alot: redistribution/reclamation/reforestation & policies affecting land * For us – narrow focus. SO: redistrib of prop /land rights for benefit of landless / tenants and farm labourers * Agrarian refors – embraces improvement in tenure and agric organisation Property rights: * Establishment or PR system is nb public good * Large info on benefits from public invest in securing and maintaining prop rights to land: in Afr is one of most nb assets Land Tenure: * Must change if agric g and improvement is to happen * Set of rights to det who owns land and who has rights to use and how it be used * Issues: marriage, inheritance, sale, mortgage, size of farming, operation, water, pasture, and tenancy * Types: Communal, Pvt/Freehold, State * Communal most popular Issues in communal land system: * Use and conservation given degradation, agroforestry, cultivation * Security of tenure & investment – what you control determines level of your investment into land * Exclusivity of tenure – if not exclusive use, and you cant control mgt of – not invest * Land as asset for credit – if not own/control, not get finance * Fragmentation/Subdivision...
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...cannot be over-emphasized since it forms the backbone of the country’s economy. Agriculture contributes directly 26 per cent of the Gross Domestic Product (GDP) and another 25 per cent indirectly. It supplies the manufacturing sector with raw materials, generates tax revenue that helps to support the rest of the economy and accounts for 65 per cent of Kenya’s total exports. It also employs over 40 per cent of the total population, and, over 70 per cent of the rural population depends on agriculture for their livelihood. The agriculture sector plays an important role in Kenya’s economy (Government of Kenya, 2009), and has been identified as a key driver to achieve the...
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...externalities, decreasing cost industries, and equity considerations for maximising social welfare. In Pakistan, where the private sector has played a dominant role, except probably for the 1970s,1 private sector activities have all along been regulated through various types of controls and regulations on entry and exit, prices, credit, foreign exchange, imports, investments, etc. These regulations were imposed with a view to ensuring that private sector allocations were in accordance with the national priorities [see Pakistan (1983-84)]. However, the objectives were rarely realised and, in fact, these regulations have been responsible for red-tapism and corruption. On the grounds of government failure, privatisation and deregulation policies are being practised almost everywhere in the hope that they would help in efficient allocation of resources and higher levels of productivity. Considerable regulatory reforms have also been effected in Pakistan over the last two decades. Investment and import licensing have been withdrawn, most of the foreign exchange restrictions have been removed, capital market regulations have been simplified, price controls have been lifted, and interest rates have been deregulated. However, there is considerable room for further regulatory reforms. Similarly, various public enterprises in the manufacturing and financial sectors have been privatised, telecommunication, airlines, and energy firms have been partially divested, and the government has an ambitious...
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...stand to defend Let all with one accord In common bond united Build this our nation together And the glory of Kenya The fruit of our labour Fill every heart with thanksgiving FOREWORD The unveiling of Kenya Vision 2030 marks an important milestone in our country’s development as it comes soon after the successful implementation of the “Economic Recovery Strategy for Wealth and Employment Creation” (ERS) over the period 2003 to-date. The Kenya economy has now recovered from the slow growth rate of 0.6 percent in 2002 to a projected growth of over 7 percent in 2007. Indeed, the last five years represent the best phase of sustained economic growth in our country in all sectors of our economy notably; agriculture, tourism, manufacturing, wholesale and retail trade and telecommunications as well as the social Sectors. The vision will be implemented through five year medium-term rolling plans, starting with the first one which will cover the period 2008-2012. Thus, the performance of the government should in future be gauged on the basis of these medium term benchmarks. The Vision also aims at...
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...growth and development of any country depends upon a well-knit financial system. Financial system comprises, a set of sub-systems of financial institutions financial markets, financial instruments and services which help in the formation of capital. Thus a financial system provides a mechanism by which savings are transformed into investments and it can be said that financial system play an significant role in economic growth of the country by mobilizing surplus funds and utilizing them effectively for productive purpose. The financial system is characterized by the presence of integrated, organized and regulated financial markets, and institutions that meet the short term and long term financial needs of both the household and corporate sector. Both financial markets and financial institutions play an important role in the financial system by rendering various financial services to the community. They operate in close combination with each other. Financial System; |[pic] | The word "system", in the term "financial system", implies a set of complex and closely connected or interlined institutions, agents, practices, markets, transactions, claims, and liabilities in the economy. The financial system is concerned about money, credit and finance-the three terms are intimately related yet are somewhat different from each other. Indian financial system consists of financial market, financial instruments and financial...
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...| Rate this page:12345 | | The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalization, Privatization and Globalization model. The primary objective of this model was to make the economy of the seventh largest country in the world the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world. The chain of reforms that took place with regards to business, manufacturing, and financial industries targeted at lifting the economy of the country to a more proficient level. These economic reforms had influenced the overall economic growth of the country in a significant manner. Liberalization Liberalization refers to the slackening of government regulations. The economic liberalization in India denotes the continuing financial reforms which began since July 24, 1991. Privatization and Globalization Privatization refers to the participation of private entities in businesses and services and transfer of ownership from the public sector (or government) to the private sector as well. Globalization stands for the consolidation of the various economies of the world. ------------------------------------------------- LPG and the Economic Reform Policy of India Following its freedom on August 15, 1947, the Republic of India stuck to socialistic economic strategies. In the 1980s, Rajiv Gandhi, the...
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...THE IMPACT OF PENSION SECTOR REFORMS ON THE FINANCIAL VIABILITY OF PENSION PLANS IN KENYA By Akwimbi Ambaka William March 12, 2011 Department of Business Administration, School of Business, University of Nairobi, Kenya Electronic copy available at: http://ssrn.com/abstract=1784297 TABLE OF CONTENTS Declaration List of Tables List of Figures Appendices Abbreviation CHAPTER ONE: INTRODUCTION 1.0. 1.1. 1.2. 1.3. 1.4. 1.5. 1.6. Background of the Study The Conceptual Basis of Social Security Schemes The Kenyan Contextual Basis of Social Security Problem Statement Research Questions and Objectives Research Hypotheses Importance of the study 1 3 10 19 22 22 23 CHAPTER TWO: LITERATURE REVIEW 2.0. Introduction 2.1. Review of Theoretical Literature on Financial Viability of Pension Schemes 2.2. Review of Empirical Literature of Studies on the Solvency of Pension Schemes 2.3. Models for Evaluating the Financial Viability of Pension Schemes 2.4. A Summary of the Knowledge and Research Gaps 25 25 46 60 68 REFERENCES APPENDICES i Electronic copy available at: http://ssrn.com/abstract=1784297 GLOSSARY CAC CALPERS CAPSA CBS C-D CEO CGE CSR DB DC E.T.I EME ERISA FMA GASB GDP GSP INPFRS INSS IPD IRA IRBS KNAO KNBS LUPFUND NSE NSSF NYSCRF OECD OSFI PBGC PLC PPF PPR PROST PRPOPS PSPS PSSS RBA SAM SIPO SOX SSNIT SSS Commonwealth Authorities and Companies Act CEO California Public Employees Retirement System The Canadian Association of Pension Supervisory Authorities Central Bureau...
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