...emerging markets by Patrick Gillespie @CNNMoneyInvestApril 25, 2016: 4:38 PM ET Brazil lawmakers vote to impeach President Rousseff Investors are hungry for emerging markets again. Nearly $10 billion has rushed into emerging market debt in just the last two months. Experts say that's a significant turnaround -- a net $103 billion bolted out of emerging market debt between 2013 and 2015, according to Bank of America (BAC) Merrill Lynch research. Money is starting to flow into emerging market stocks too as recently as last week, though not as much yet. The timing is good. The broad MSCI emerging market stock index is up 5.5% this year, well above the gains -- or lack thereof -- in U.S. and European markets. Stock markets in Brazil, Argentina and Russia are up 10% or more so far this year. South Africa and Mexico's markets are up too. "We are in a sweet spot for emerging market assets," says Richard Turnill, BlackRock (BLK)'s Global Chief Investment Strategist. Interest in emerging market investments is being fueled by a few key changes, experts say. In short, many of last year's headwinds have become this year's tailwinds. 1. Commodity prices, which drive growth in emerging markets, have risen since February after plummeting the last two years. 2. The Federal Reserve now expects to raise U.S. rates fewer times this year than previously thought. Higher rates tends to attract more money. So investors are seeking higher returns in riskier markets. 3. The strong...
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...2010-11, the industry continued to lack the pricing power to drive out of its current stagnancy. Globally weak macroeconomic scenario, the European sovereign debt crisis, geo-political turmoil in the Arab countries, high interest rates, inflation and a muted domestic corporate performance during the current fiscal (year to March 31, 2012) have sapped the industry’s ability to sustain inflation adjusted Average Room Realizations (ARRs). Muted ARRs and high costs have led to one of the weakest nine month (9M) periods (April-December-11) in over five years. With uncertainty continuing to cloud the near term, wavering business/consumer confidence and a sluggish economy, there is no significant trigger for the industry during the next two-three quarters. While the start of the next season (in Q3, 2012-13) may bring some relief to the industry in some specific markets, we expect real traction to return to the industry only by 2013-14; overall, we expect this to be a slow and long slog to recovery. We expect ARR growth during the current fiscal to be limited to around 5%, followed by around 5-8% during 2012-13. In the current inflationary environment, RevPAR growth of around 6-7% is required to maintain profitability levels. All the same, we remain optimistic on the long term growth story for the Indian hospitality industry. The improving demographics, rising affluence and the current under penetration throw up significant growth opportunities for the hospitality sector...
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... This rise in value of the dollar consequently makes U.S. exports rather less appealing to foreigners and U.S. imports become relatively less expensive; thus, net exports go down. Since 2008, the global economy has gone through significant changes influencing crosscutting growth in all the regions. However, Africa has been resilient in the face adverse challenges such as domestic conflict, worldwide headwinds, and internal supply shocks. Thus, Africa has experienced robust economical growth over the past decade. Africa’s fiscal growth has drastically increased over the past decade. This robust economic growth has seen the continent become a hub of new commercial vibrancy. Figure 1.0 below illustrates Africa’s GDP trends between the years 2001 and 2012, with projections for 2013-2014. The figure illustrates an average growth of Africa’s economic performance since the year 2001, averaging above 5%. It also approximates the growth of North Africa and Sub-Saharan Africa averaging at 4.5% and 5.6% respectively. 1n 2011, Africa experienced a notable decrease in growth down to 3.4% from approximately 5% in the previous year; attributed to the Arab civil unrest in North Africa. However, the region recovered strongly in 2012, lifting the continent’s growth to roughly 7%. As Figure 1.0 shows, the economic growth rate...
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...failure in the US. Indeed, over the past decades, several major firms such as Sainsbury’s have been compelled to review their overseas ventures (Butler, 2012). These firms have incurred significant deficits in their quest for a new market. However, there seems to be evidence that some of these companies have been able to establish themselves in some foreign markets. For example, Tesco has failed in Japan but has proved to be a success in South Korea. Over this past century, there has been an evident emergence of multinational retail corporations. The general philosophy of these companies has been economically driven, that is, to prosper in terms of sales revenue and to expand globally while acquiring maximum market shares. The most dominant firm in this aspect is U.S. based Wal-Mart that leads with sales revenue exceeding $466.1 billion in 2012, followed by French based Carrefour with income of $112.6 billion (Forbes, 2013). They are trailed by U.K based Tesco at $96.8 billion and by Germany’s Metro in fourth place with sales of $90.5 billion (Forbes, 2013). The common strategy of these stated firms has been to target their marketing efforts towards rapidly emerging countries by investing in the establishment of foreign branches. An emerging market can be defined as an economy which is in the process of a shift into an open and global economy. There are numerous factors contributing to firms opting for ventures in these countries. According to Forbes (2013), emerging markets may...
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...US signals further expansion Economic activity is strengthening from very weak levels in Europe Inflation and unemployment trends are on divergent paths across major economies Net capital flows and net financial exposures (width of arrows proportional to amounts in billions of U.S. dollars) Developing country activity is strengthening but at a modest pace Manufacturing surveys are pointing to continued expansion in East Asia and South Asia Output gaps remain small in most developing regions Capital flows have recovered strongly after a steep fall in February Currency depreciations were more modest during the winter turmoil among countries that reduced external imbalances Distribution of changes in developing country bilateral exchange rates with the US$ Most developing country equity markets have fully recouped losses since mid-2013 Borrowing costs have fallen since the start of the year for developing countries Metal prices have extended their falls while food prices have turned up Commodity exporters have suffered significant terms of trade losses over the past year If 2014 is an El Niño year, global grain yields could suffer, pushing up prices The contribution of high income countries to global trade volumes will more than double China is a major export destination for many developing countries Growth in East Asia has remained robust despite a slowing in China, its main trading partner Default...
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...pwc.com Global Agribusiness Monthly commentary from our Agribusiness experts around the Globe. October 2014 Contents Regional views Did you know? Publications Calendar of events Prices Global Agribusiness contacts 2 8 11 13 14 21 Regional views Overview With teams around the Globe, this document sets out to give a flavour of what our local agribusiness experts are observing in their territories. This month we are reminded of the ever present impact of volatility on Global agriculture. We have seen significant falls in dairy commodities, grains and oils in 2014 with coffee soaring in the opposite direction on the back of a drought in Brazil. The moves have happened quickly (e.g dairy down over 50% in New Zealand since February 2014 and coffee spot prices up over 30% since August 2014) and this can be difficult for farm families or small holders to deal with. For example in the UK, dairy farmers have taken to public protests and blockades. At PwC we are bullish on the long term prospects for agriculture given Global population and wealth trends however we also recognise that this future optimism can be meaningless to a farmer when short term production costs exceed selling price. Agriculture is a volatile industry and participants have to put in place their own strategies to deal with this which are right for them, be it selling forward or hedging for budget certainty, insuring where possible against crop loss, keeping a buffer of cash or liquid assets which can...
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...Current Market Outlook 2013 –2032 Current Market Outlook 2013 –2032 Outlook on a Page World regions Market growth rates 2012 to 2032 World economy (GDP) World regions Market value: $4,840 billion Share of fleet Delivery units 9% 13% 2% 6% 3.2% 100% 75% Number of airline passengers 4.1% 50% 25% Airline traffic (RPK) 5.0% 70% 0% 2012 Airplanes 20,310 2032 Airplanes 41,240 2013 to 2032 New airplanes 35,280 Cargo traffic (RTK) 5.0% • Regional jets • Single aisle • Small widebody • Medium widebody • Large widebody World regions Key indicators and new airplane markets Growth measures Regions World economy (GDP) % Airline traffic (RPK) % Cargo traffic (RTK) % Airplane fleet % Market size Deliveries Market value ($B) Average value ($M) Unit share % Value share % New airplane deliveries Large widebody Medium widebody Small widebody Single aisle Regional jets Total Market value (2012 $B, catalog prices) Large widebody Medium widebody Small widebody Single aisle Regional jets Total 2012 fleet Large widebody Medium widebody Small widebody Single aisle Regional jets Total 2032 fleet Large widebody Medium widebody Small widebody Single aisle Regional jets Total Asia Pacific 4.5 6.3 5.8 5.5 12,820 1,890 150 36 39 260 1,470 1,860 8,810 420 12,820 90 490 460 840 10 1,890 330 500 660 3,470 130 5,090 350 1,550 2,080 10,350 420 14,750 North America 2.5 2.7 3.8 1.5 7,250 810 110 21 17 30 390 760 5,000 1,070 7,250 10 130 170 460...
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...Coca-Cola photo credit Nasa / Goddard Space Flight Center / Reto Stöckli PRESENTATION OUTLINE COCA-COLA HERITAGE TIMELINE 1886 -2013 How might Coca-Cola have responded differently when this situation first occured, specially in terms of responsibility to negative perceptions among Indians of Coke and other MNCs? If Coca-Cola wants to obtain more of India's soft drink market, what change does it need to take? Companies like Coca-Cola and PepsiCo in demonstrating their commitment to working with different countries and r especting the cultural and natural environments of those societies. WONG KIM MAY ESHA CHOWDHURY KHO XIAN WEI 3.1% of all beverages consumed around the world are Coca-Cola products. DO YOU KNOW? Coke make so many different beverages that if you drank one per day, it would take up 9 years to try them all. Coca-cola's $35.1 billion in revenue makes it the 84th largest economy in the world, just ahead of Costa Rica. The Coca-cola brand is worth an estimated $74 billion : more than Budweiser, Pepsi, Starbucks and Redbull combined. If every drop of Coke ever produced were put in 8-ounce bottles and laid end-to-end, they would reach the moon and back over 2000 times. DO YOU KNOW The red & white Coca-cola logo is recognized by 94% of the World's population. There are 33 non-alcoholic brands that generate over $1 billion in revenue. Coca-cola owns a whopping 15 of them. Around the world, the average person consumes a Coke product...
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...Secular Stagnation: Facts, Causes and Cures Edited by Coen Teulings and Richard Baldwin CEPR Press a A VoxEU.org Book Secular Stagnation: Facts, Causes, and Cures A VoxEU.org eBook Centre for Economic Policy Research (CEPR) Centre for Economic Policy Research 3rd Floor 77 Bastwick Street London, EC1V 3PZ UK Tel: +44 (0)20 7183 8801 Email: cepr@cepr.org Web: www.cepr.org ISBN: 978-1-907142-77-2 © CEPR Press, 2014 Secular Stagnation: Facts, Causes, and Cures A VoxEU.org eBook edited by Coen Teulings and Richard Baldwin CEPR Press abcde Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research (CEPR) is a network of almost 900 research economists based mostly in European universities. The Centre’s goal is twofold: to promote world-class research, and to get the policy-relevant results into the hands of key decision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’. A registered charity since it was founded in 1983, CEPR is independent of all public and private interest groups. It takes no institutional stand on economic policy matters and its core funding comes from its Institutional Members and sales of publications. Because it draws on such a large network of researchers, its output reflects a broad spectrum of individual viewpoints as well as perspectives drawn from civil society. CEPR research may include views on policy, but the Executive Committee of the Centre does not give prior...
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...Cisco Systems Inc. INDIVIDUAL PROJECT REPORT Date Submitted November, 20, 2013 Table of Contents SUMMARY DESCRIPTION OF BUSINESS 0 Products and Services Offeered 0 Global Markets Currently Served 0 Corporate Structure and Leadership Resources and Competitive Position 0 COMPANY'S EXTERNAL ENVIRONMENT 0 Competitors in Top Five Countries Served 0 Marktst For Company and Rivals 0 Key Success Factors for Their Market 0 COMPANY'S COMPETITIVE POSITION 0 Competitive Position in Top Fice Countries 0 Basis for Current Competitive Position 0 Potential for Growth and Expansion 0 EXHIBITS 0 Information Sources Additional information Other Summary Description of Business Products and Services Offered Cisco offers a wide range of products and networking solutions designed for enterprises and small businesses across a variety of industries. Cisco services provide intelligent network technologies. Their products and services are made for small business, mid-size businesses, homes, and enterprises or large corporations. Cisco Systems is a leader in manufacturing network hardware used in computer networks. The company's specialty is making network connectors-routers, bridges and switches. They also design technologies and services for Internet communication. Cisco is known for network products that support more than one protocol. Protocols are standards or sets of instructions that regulate or enable a communication, data transfer or connection...
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...roll-forward valuation for GM and Ford, finding +50% upside in the case of General Motors and +32% in the case of Ford. Our established 2015 price targets increase on newly considered 2016 earnings rather than 2015 in our valuation analysis and on capital structure roll-forward as the firms generate sizable cash flow. 2016 earnings are expected to rise relative to 2015, on industry tailwinds (continued trend toward more normal volumes in Europe, cycling past a period of atypically strong macro headwinds in South America, robust growth in China, and continued cyclical increase in North America even if at a lesser rate) as well as various different self-help initiatives (e.g., as restructurings in Europe, Australia, and elsewhere take further hold, and on cost control efforts in North America). We reiterate our Overweight ratings on both GM and Ford, seeing more value in automaker stocks than in supplier stocks generally, on earnings that are growing almost as quickly as the average supplier over our newly extended forecast window (and at least as structurally improved relative to history) but valuation which is only in line with historical average (Ford) or even significantly below (GM). We are more cautious on Tesla, however, with our Neutral rating balancing incremental news flow likely to track positive with valuation that appears stretched and execution and competitive risk that seems underappreciated. We prefer automakers to parts suppliers: they are growing earnings as quickly...
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...Global Employment Trends 2012 Preventing a deeper jobs crisis INTERNATIONAL LABOUR OFFICE • GENEVA Copyright © International Labour Organization 2012 First published 2012 Publications of the International Labour Office enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated. For rights of reproduction or translation, application should be made to ILO Publications (Rights and Permissions), International Labour Office, CH-1211 Geneva 22, Switzerland, or by email: pubdroit@ilo.org. The International Labour Office welcomes such applications. Libraries, institutions and other users registered with reproduction rights organizations may make copies in accordance with the licences issued to them for this purpose. Visit www.ifrro.org to find the reproduction rights organization in your country. Global Employment Trends 2012 / International Labour Office – Geneva: ILO, 2012 1 v. ISBN 978-92-2-124924-5 (print) ISBN 978-92-2-124925-2 (web pdf) International Labour Office employment / unemployment / labour force participation / economic recession / developed countries / developing countries 13.01.3 Also available in French, Tendances mondiales de l’emploi 2012 (978-92-2-224924-4), Geneva, 2012, and Spanish, Tendencias Mundiales del Empleo 2012 (978-92-2-324924-3), Geneva, 2012. ILO Cataloguing in Publication Data The designations employed...
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...McDonald’s Corporation Analyst Maria Jose Abuawad April 23, 2013 Pros: Cons: Figure 1 1 Year Performance MCD vs. S&P 500 Ticker Exchange Industry Sector Classification Market Cap. 52 Week Price range Recent Price Current P/E Projected 2015 P/E Projected 2015 EPS Dividend Yield Debt Rating Beta MCD NYSE Restaurants Consumer Staples Income and Capital Appreciation US $99.3 Billion $83.31 - $99.78 $99.05 18.48 17.5x $7.24 3.10% A 0.34 Recommendation: HOLD Strong brand Economies of scale Cohesive franchisee system International growth opportunities High profit margins Pays a dividend Market share leader Vulnerable to currency exchange Highly competitive industry Obesity propensity Porter’s Five Forces: Threat of Competition: HIGH Threat of New Entrants: LOW Threat of Substitutes: HIGH Power of Suppliers: MODERATE Power of Buyers: MODERATE Brief Overview McDonald’s is the leading global foodservice retailer with more than 34,000 local restaurants serving nearly 69 million people in 119 countries. The company operates in the United States, Europe, the Asia/Pacific, the Middle East, Africa, Canada, and Latin America. The restaurants offer various food items, soft drinks, coffee, and other beverages, as well as breakfast menus. McDonald’s employs 1.8 million people. It also franchises 80% of its restaurants. The company was founded in 1940 and is based in...
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...behind a billion 1, smiles... DABUR INDIA LIMITED ANNUAL REPORT 2011-12 behind a billion 1, , Dabur - a name, a brand, a way of life for billions of people across the globe. From its humble beginnings in the bylanes of Kolkata way back in 1884, Dabur has today emerged as a true Indian Transnational with a portfolio of products that has not just won the trust of consumers in over 60 countries but has become an inseparable part of their daily routine. Dabur has been in the business for over 127 years, yet it behaves as a young company that appeals and remains relevant to the youth, not just in India but in every part of the world. And it’s their support and trust that has helped Dabur surpass the Rs 50 billion ($1 billion) turnover mark in 2011-12. Over the years, we have learnt that to cross such far-reaching milestones, one needs not just great products, but excellence, nimble-footedness and committed channel support. But most importantly, one must establish a deep connect with both mature and young consumers - by understanding them first and then by delivering them world-class products that they can appreciate. INDEED, WE BELIEVE THAT OUR $1-BN MILESTONE IS THE RESULT OF THE BILLION PLUS SMILES OUR PRODUCTS HAVE BROUGHT TO THE FACES OF OUR CUSTOMERS. As the leading Ayurveda and Nature-based Consumer Products Company in the world, we continue to be resolved in the pursuit of excellence for delivering sustained success and continuing leadership...
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................................................................................ 6 New Interest in Location-based Learning: Mapping Companies Attract Unprecedented Funding........ 7 Cognitive Learning in the Spotlight: Spike in Investments in Behavior Modification Companies ........ 9 Sources of Investment Activity Information .............................................. 11 Investment Patterns in Context: The Longitudinal Perspective ......... 11 Blowing Past the $3 Billion Threshold ....................................................... 12 The China-India-Brazil Juggernaut ............................................................ 12 Opening the Floodgates: Unprecedented Deal Flows in 2015 ............ 13 Funding Amounts Over $50 million in First Three Quarters of 2015 .. 16 Retail Education: Consumer-facing Companies Still Attracting Investments ...................................................................................... 18 Which Consumer-facing Suppliers Attract Investment? ............................ 19 Corporate-facing Suppliers Make a Comeback ................................... 21 Spike in Investments for Three Learning Technology Products ......... 22 All Eyes on China, India, and Brazil...
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