...* Stock Market In Germany operate 8 different types of markets. The most important one is the Frankfort one which represents half of the total volume of market operations in Germany. It is defined as secondary official market , with the aim of the negotiation in exclusivity of convertible stock shares. Its index reference is DAX. The German Stock Market System is called XETRA. It is characterized for its transparency, flexibility and liquidity. More than 16000 securities are dealt through this sock market. The German Stock Market is made up of 8 different markets which are as follow the most important ones; Frankfurt, Berlin, Hamburg, Hannover, Dusseldorf, Munich, Bremen and Stuttgart. There are two additional markets, the telephone market and the extra stock, compound of mainly bonds. Besides the official market, another specialized in trading shares of foreign companies. In Frankfurt operates approximately half of the total volume, although its percentages are lower in the case of securities traded in outside markets. There is no difference between the commercial banking and investment banking, and because of it, entities such as Deutsche Bank perform both functions (taking deposits, made loans and operating in the stock market). * Financial Intermediaries Deutsche Bank. It is a global investment bank the perfect home financial services not only in Germany but worldwide. It is the largest financial institution in Germany, and one of the largest investment...
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...| POLAND Economy | Macro-Economic Report | Economics and Decision ModellingProfessor Dr. Steven GoldBy | AISHWARYA INUKULA | 11/26/2013 | Contents History 1 Economy: 1 Currency 2 Banking: 3 Currency Moment vs. USD: 3 1) GDP GROWTH: 4 2) INFLATION: 6 3) FOREIGN DIRECT INVESTMENT 7 4) UNEMPLOYMENT 7 5) INTREST RATE 8 6) FOREIGN TRADE 9 7) INDUSTRIAL PRODUCTION 10 8) ECONOMIC FREEDOM INDEX 11 9) POLITICAL STABILITY: 11 10) Stock Market Performance 12 Major Trade Partners 12 Weaknesses 13 Conclusion 13 Appendix 14 History: Between 1772 and 1795, Russia, Prussia, and Austria partitioned Poland among themselves. Poland regained its independence in 1918 only to be overrun by Germany and the Soviet Union in World War II. It became a Soviet satellite state following the war, but its government was comparatively tolerant and progressive. Labour turmoil in 1980 led to the formation of the independent trade union "Solidarity" that over time became a political force with over ten million members. Free elections in 1989 and 1990 won Solidarity control of the parliament and the presidency, bringing the Communist era to a close. Poland joined NATO in 1999 and the European Union in 2004. Economy: Poland made a remarkable progress in its economy post liberalization. It makes an interesting case study as one of Europe’s champions of good economic management. It is a decentralized country with solid institutions, and its economy is diversified and deeply...
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...Investment Funds in Poland The Polish experience – Regulatory, Political ans Economic Aspects Brussels, 8th November 2012 Leszek Jedlecki, Chairman of the Board of Chamber IZFiA President of the ING TFI 1. Development of the Polish market • Saving structure • Market leaders • Home bias • Asset structure evolution • AuM GDP Ratio ING Investment Management 2 Savings structure in Poland Households’ savings structure as of June 2012 Investment funds’ share modest but AuM raising Equities ( 4%) Unit-linked funds (3.8%) Domestic mutual funds (6.5%) Foreign mutual funds (0.4%) Open pension funds (24%) Bonds and bills (0.9%) Cash in circulation outside banking system (10.8%) Bank deposits (49.6%) 140000 Mutual funds and unit-linked funds account to 10,3% of households savings Total industry assets are rebounding and approaching the previous peak AuM in mio PLN 120000 100000 80000 60000 40000 20000 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q3 2012 Source: Analizy Online ING Investment Management 3 Industry AuM – end of September 2012 (m PLN) Open-ended funds Nonpublic Close-ended funds Source: Analizy Online ING IM 4 Funds asset structure evolution since WIG highest level Fixed income funds’ share… Rose by +23 pp Aggressive funds’ share… Dropped by -46,6 pp Others Nonpublic assets Money market Mixed Source: Analizy Online, 4th July 2012 Absolute return ...
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...Problem Statement: By 1996, KONE’s financial condition in Germany had deteriorated compared to previous years. Forecasts were bleak indicating little to no improvement for the near future. KONE business director, Raimo Hatala anticipated the launch of KONE’s latest offering, MonoSpace to improve the company’s financial position. Conversely, as initial test markets began, fears about the product’s ability to master the German market were raised. Hatala contemplated a successful entry strategy that would position the product appropriately and permit the company to leave a durable impression on the German market. Before the launch of MonoSpace in Germany, it was test marketed in select countries. Merely 40 units were sold in France although 300 were expected, even worse, no units were sold in the United Kingdom. The market became saturated; the construction boom terminated abruptly and demand for elevator gear was projected to fall by 15 percent. Competition for new installations was intense, large companies sold their equipment at or below cost to customers. Service contracts were commonly closed with companies that originally installed the equipment. Six major companies dominated the German market in 1995: Schindler, Otis and Thyssen, with KONE placing fourth. 150 small local companies, as well 30 mid-size players comprised the total market share. This resulted in a fragmented market. The largest construction companies controlled 20 percent of the market, while...
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...An NBDA Publication July 1, 2008 Vol. 17, Number 11 Gas Price Hikes Fuel Sales of Commuter Accessories Retailers React To Changing Mindset BY NICOLE FORMOSA BURBANK, CA—When Rob Stotts moved his H&S Bicycles to a new location in Burbank, California, this spring, he stepped up his stock of commuter-related accessories like panniers to hold laptops, slick tires and racks. He also reorganized his shop’s layout to emphasize commuter bikes from Kona, Jamis, Giant and Electra. Stotts hasn’t changed his business model—he still sells high-end bikes and has a VIP room for custom fits—but he says if his customers aren’t already clamoring for commuter-oriented products, which many are, they soon will. “I have a lot of friends who own bike shops and we all agree: Once gas hits $5 a gallon, we’re going to see a huge influx of bicycle sales,” Stotts said. Some economists say the nation’s pumps could reach that benchmark by the July 4 holiday. Americans already appear to be driving less. The Bikestation will add three new commuter facilities, like this Continued on page 26 Photo courtesy of Bikestation Distributors Stock For Rise in Repairs BY MARC SANI BLOOMINGTON, MN—When Steve Flagg reviewed his inventory reports recently, one item jumped off the page—27-inch tires. “We were totally unprepared for the demand in 27inch tires,” said Flagg, president of Quality Bicycle Products. Wayne D. Gray, vice-president of KHS/FreeAgent Bicycles, noticed the same trend. “We’re seeing a lot...
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...new lands to expand into – some nations didn’t have many colonies (Germany, Italy) ii) Rivalries as nations competed for colonies iii) Sometimes armed conflict in colonial lands for control over resources b) Nationalism i) Pride in one’s nation, want one’s nation to be the best and most powerful ii) Fostered conflict as nations competed to be the best iii) Justified imperialism, militarism iv) Caused disruptions in multi-ethnic nations (Austria-Hungary, Ottoman Empire); rebellions, revolts against foreign rule c) Militarism i) Build up of a country’s military; keeping a large standing army ii) Nations expanded their militaries as a show of power iii) Arms race: each nation needed to have a standing army because their neighbors had standing armies d) Alliances i) Bismarck: German chancellor behind alliance system in Europe ii) Germany, Austria-Hungary, Italy allied; France, Great Britain, Russia allied 2) Events a) Assassination of Archduke Frantz Ferdinand: Serbian terrorists kill the Austrian duke and his wife as they honeymooned in Sarajevo i) Austria demands Serbian submission ii) Russia offers to back Serbians in defying Austrians iii) Austria and Germany declare war on Serbia and Russia (along with Russia’s allies) b) Schlieffen Plan i) Germany knows Russia will take longer to mobilize, so plans to attack France first and then loop back through Germany to meet Russian troops ii) Germany begins invasion by first cutting through Netherlands and Belgium ...
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...CS’s DMA (Direct Market Access) service provides clients with the ability to electronically execute market or limit orders directly on the exchange. CS’s DMA service is fast and provides complete anonymity. In the US and Europe where there are multiple execution venues and ECN’s for most stocks CS’s DMA service uses “Pathfinder” . Pathfinder is proprietary smart routeing logic designed to ensure orders are sent to the venue with the best price, liquidity and speed of execution. The Pathfinder logic makes a quantifiable difference to the quality of execution for US DMA flow. List of markets COUNTRY Africa /Middle East Egypt Israel South Africa Turkey Americas Argentina Brasil Canadá Chile México Perú United States Venezuela Asia/Pacific Australia Hong Kong India Indonesia Japan Korea Malaysia New Zealand Philippines Singapore Taiwan2 Thailand 2 Europe Austria Belgium Czech Republic Denmark Finland France Germany Greece Holland Hungary Ireland Italy Luxembourg Norway Poland Portugal Russia Spain Sweden Switzerland United Kingdom MARKET DMA ELECTRONIC ROUTING THROUGH THE LOCAL DESK1 Bolsa de Comercio de Buenos Aires Bovespa TSX ; Venture Bolsa de Comercio de Santiago Bolsa de Valores Mexicana Bolsa de Lima NYSE; NASDAQ; AMEX Bolsa de Valores de Caracas ASX HKSE JSE TSE; OSE KSE; KOSDAQ; KOFEX KLSE NZSE PHSE SGX-ST; SGX-DT TSE SET SWX; Virt-x Contact details: Antero Touchard, +44 207 888 0046, e-mail: antero.touchard@credit-suisse.com 1 Routing via trading desk: orders...
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...Finland 13 Poland 14 Czech Republic/Slovakia 15 Hungary 16 Netherlands 17 Slovenia, Croatia, Bosnia-Herzegovina, Serbia 18 UK 19 China 20 Expectations 21 Comments 23 Social responsibility 25 Profit and loss account 28 Balance sheet 29 Cover photo: Jennie, Store Manager at JYSK Finland 2 Foreword This is the 2010/11 annual report for the part of the JYSK Group known as JYSK Nordic. This th 2010/11 th JYSK report covers those companies with stores in the Nordic countries, central Europe, the Netherlands, the UK and China. The report thus covers 15 of the countries in which JYSK now has stores. The report does not cover the stores in Germany, Austria, Switzerland, France, Spain or Italy, which are run by JYSK Nordic's sister company Dänisches Bettenlager, which has its headquarters in Flensburg, Germany. JYSK Franchise and other companies in JYSK Holding A/S have not been included either. Our financial year finished at the end of August. The financial crisis continues to set the agenda for the world economy, so JYSK has focused on cost management and continued expansion during the financial year, as we believe that growth during the crisis will strengthen JYSK. JYSK has opened stores in a new country this year – Serbia, where the customers have welcomed our concept. Last year, the construction of the largest distribution centre in northern Europe, at Uldum in Denmark, was completed – and this year an even larger distribution centre in Radomsko, Poland, has been...
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...United States of America 1. US population hit 100 million in 1915, 200 million in 1967, and 300 million in 2006. 2. The United States of America is one of the largest countries in the world based on both population and land area. 3. Even though English is the most commonly spoken language used in the United States and is the language used in government, the country does not have an official language. Mexico 1. Mexico City is the oldest capital city in the Americas 2. Mexico City has the highest elevation and is the oldest city located in North America. It is also one of the largest cities in the entire world. 3. Spanish is the national language of Mexico. Mexico is the most populated Spanish-speaking country in the world. Canada 1. Canada is the world's second largest country area wise. 2. Half of Canada is covered with forests, considering one-tenth of the world's forests are there. 3. Canada has two official languages: English and French. 59% of Canadians use English as their official language. Only 23% use French as their official language and 18% have more than one official language. Colombia 1. Colombia is the third-most populous country in Latin America. 2. Colombia is a free market economy with major commercial and investment ties to the United States of America. 3. Colombia has four major industrial centers--Bogota, Medellin, Cali and Barranquilla. Brazil 1. Brazil is the largest country located in South America...
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...Marking Systems AB welcome to partex In 2009 we at Partex chose to put together our first ever Annual Report. The initiative was well received and we have therefore decided to continue the concept and this is the result; Partex Annual Report for 2010. For those of you who are not familiar with Partex, we are a family company in the third generation. Our headquarters are in Gullspång, Sweden, in the same location as where it all started over 60 years ago. We at Partex are specialists in industrial marking systems. We produce products for the identification of cables, wires, pipes and components. The Partex Group comprises the Swedish parent company and five, wholly owned, subsidiaries. These are located in Germany, the UK, France, USA and Poland. In addition to the Partex Group, Partex is also represented all over the world through our distributors. The Group itself has 130 employees and in 2010 we had a turnover of 155 million SEK....
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...The Stock Market Crash of 1929 After World War 1, the 1920’s was the time of great prosperity in the United States. Due to the new technology the economy benefited greatly. In the years leading up to the stock market crash of 1929, the stock market had gained much popularity as a way of making money. Since stocks prices had been on the rise, they gained the reputation of being a safe way to invest. For instance, from 1921-1929, the Dow Jones went from 60 to 400. Investors were becoming millionaires in an instant due to the increase in the stock market. Some investors were borrowing a lot of money from banks. Many other investors made a big mistake, mortgaged their homes and invested their life savings in stocks. After the stock market quadrupled in value, the bubble burst and stock started to go down. The depression originated in the United States, initiating with the stock market crash of October 29, 1929 (known as Black Tuesday and the red October). It quickly spread to almost every country in the world. What happen is that investment companies were deeply in debt with banks, they sold large amounts of their stock holdings in order to raise cash. Most of them went bankrupt, worsening the banks situation, which led the banks to bankrupt as well. The banks froze credit to companies, and then withdrew their investments from Europe, especially from Germany. The crisis started with the stock market, spread to the banks and then to production. According to economist...
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...TB EXAM QUESTIONS Chapter 1 True False 1.Napoleon found the Italian system of accounting to be inefficient. 2.Venice’s commerce was driven by sea traffic. 3.The Genoese system was the first to imply that unlike items could be compared in terms of a common monetary unit. 4.Double entry bookkeeping quickly had world-wide acceptance, as the British accepted it in the 1400s. 5.When hyperinflation exists, alternative systems to historical cost become necessary. 6. The International Accounting Standards Board, an international organization dedicated to the diversity of accounting standards worldwide. 7. One trend in European securities markets is consolidation. 8. The continental accounting system is closely linked to the tax collection system. 9. The first step into international business is usually the creation of a foreign subsidiary. 10. If a firm is not involved in international commercial transactions, knowledge of international business is unnecessary. Multiple Choice Learning Objective #1.1: Identify the key trends in the development of accounting through history 1. The Crusades were important in the development of accounting, because __a. the Arabs first developed double entry accounting, which was then adopted by the Italians. __b. the Christians needed double entry accounting to keep track of the relative profitability of the different Crusades. __c. the trade routes shifted the commercial center from Italy to Constantinople ...
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...Country Report on International Trade and Finance: Germany Introduction Germany is located in the central portion of Europe where it shares a board with eight other nations; the Netherlands, Belgium, Luxembourg, and France to the west, Switzerland and Austria to the south, Poland and the Czech Republic to the east, and with the North Sea and the Baltic Sea forming the northern border. The climate in this region varies based on elevation and proximity to the coastal areas. Along the coast temperatures are controlled by a maritime climate, while inland and to the southern regions the climate ranges from continental to mountain where more extreme seasonal changes occur. According to the Library of Congresses Federal Research Division’s County Profile (2007), Germany devotes 53.0 percent of its land use to agriculture while 12.8 percent is to settlement and transportation infrastructure. Forest covers 29.8 percent of Germany’s territory with water covering only 2.3 percent. Germany has few natural resources, with the only exception being coal which happens to be the largest reserve in the European Union, and therefore relies on imports to meet the counties demands. In 2007 Germany was home to approximately 82.4 million, and since then the population has actually decreased by nearly 1 million. Currently, Germany has a negative population growth rate; - 0.19 percent. A majority of the population, 61 percent, live in towns with populations ranging between 2,000-100,000 inhabitants...
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...orkMultinational Corporations 1. Multinational Corporations http://www2.econ.iastate.edu/classes/econ355/choi/mul.htm Definition of MNC | Multinational firms arise because capital is much more mobile than labor. Since cheap labor and raw material inputs are located in other countries, multinational firms establish subsidiaries there. They are often criticized as being runaway corporations.Economists are not in agreement as to how multinational or transnational corporations should be defined. Multinational corporations have many dimensions and can be viewed from several perspectives (ownership, management, strategy and structural, etc.) The following is an excerpt from Franklin Root, International Trade and Investment | Ownership criterion | Some argue that ownership is a key criterion. A firm becomes multinational only when the headquarter or parent company is effectively owned by nationals of two or more countries. For example, Shell and Unilever, controlled by British and Dutch interests, are good examples. However, by ownership test, very few multinationals are multinational. The ownership of most MNCs are uninational. (e.g., the Smith-Corona versus Brothers case) Depending on the case, each is considered an American multinational company in one case, and each is considered a foreign multinational in another case. Thus, ownership does not really matter. | Nationality mix of headquarter managers | An international company is multinational if the managers of the...
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...diversification and effective capital allocation. The greater the financial development, the higher would be the mobilization of savings and its allocation to high return projects. Financial development can be measured by a number of factors including the depth, size, access, and soundness of financial system. It can be measured by examining the performance and activities of the financial markets, banks, bond markets and financial institutions. It is observed that higher the degree of financial development in a country, the wider will be the availability of financial services. A developed financial system offers higher returns with less risk. In this paper it is attempted to collect main components of financial development including Banks, Stock markets, insurance companies and bond markets for 41 economies during the period of 1988 to 2009. The method of principal component is utilized to extract a single financial development index out of them. Principal component analysis is a modern tool of data analysis. The main aim to apply principal component to achieve a meaningful index out of complex and multidimensional elements of financial development and to re-express the data with minimum noise and maximum extract, so that a single measure of financial development can be achieved. This index can be used to assess the financial strength of an economy and can be related to growth further. Key Words: Financial Development Index, Principal Component Analysis 1. Introduction Financial...
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