...commercial banks operating under the Romanian banking system, all supervised by the National Bank of Romania, out of which: - 2 banks are state-owned (8,2% market share) - 5 banks are privately held with domestic shareholders (8,8% market share) - 26 are private banks with foreign capital - 8 are branches of foreign banks Banking industry is dominated by foreign-capital banks, which count for 34 out of the 41 banking institutions and have net assets representing 83% of total assets in the banking system (National Bank of Romania, 2012). Banks with Austrian capital still hold the first position with a market share of 38%, while Greek capital banks dropped to a market share of 13% as of March 2012, mainly due to customers’ deposits withdrawal. Romanian capital banks hold 17,5% and French capital banks hold 13,1% as of March 2012. (Romanian Banking Association, 2012). The top 5 banks hold 54,6% of total assets in the banking system. Banking penetration is relatively stable as far as deposits are concerned, deposits gathered in Romania represent 34% of GDP, while in Central and Eastern Europe they were 55%. (2010) The Romanian banking sector has total banking assets below the EU average, but lending was down while saving went up. Bank customers show an increasing inclination to save rather than spend, and the nominal value of deposits increased to some EUR 40,5 billion by Dec 2011, up with EUR 740 million net increase. (National Bank of Romania, 2012) GREEK BANKS IN ROMANIA...
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...SERVICII BANCARE ELECTRONICE-INTERNET BANKING STUDIU DE CAZ LA BCR Indrumator stiintific: Absolvent:Calistica Andreea-Roxana Conf.univ.dr. MARIANA TRANDAFIR 2012 SERVICII BANCARE ELECTRONICE-INTERNET BANKING STUDIU DE CAZ LA BCR Introducere CAP 1.Particularităţi ale serviciilor electronice bancare pe piaţa românească 1.1 Sistemul electronic de plăţi in România 1.2 Instrumente de plată electronice 1.3 Prezentarea serviciilor bancare electronice 1.4 Analiza serviciului de internet banking în România CAP 2.Prezentarea serviciului de internet banking al BCR 2.1 Prezentarea generală BCR 2.2 Analiza componentelor serviciului de internet banking al BCR CAP 3.Studiu de caz.CLICK 24 BANKING BCR ŞI BT24 BANCA TRANSILVANIA CAP 4.Concluzii Bibliografie Introducere Serviciile bancare la distanţa,denumite generic “remote banking” sunt considerate reprezantative pentru noua economie,deoarece constituie unul dintre produsele tipice ale acesteia.La început ,infrastructura informaţională a fost considerată de bancile dezvoltate din lume ca o simplă posibilitate de creare a unor noi canale electronice de distribuţie a produselor existente.Din acest motiv,serviciile bancare la distanţa au primit denumirea de servicii electronice sau e-banking. Cu timpul,investitiile în tehnologie au fost tot mai mari,concomitent cu procesul de invoare a produselor bancare,ceea ce a generat un fenomen de randament crescator:băncile şi producatorii de tehnologii...
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...Memoria Anual 2013 Memoria Anual 2013 Versión Preliminar para aprobación de la Junta Obligatoria Anual de Accionistas 1 Memoria Anual 2013 Declaración de Responsabilidad El presente documento contiene información veraz y suficiente respecto al desarrollo del negocio de Unión de Cervecerías Peruanas Backus y Johnston S.A.A. durante el año 2013. Sin perjuicio de la responsabilidad que le compete al emisor, los firmantes se hacen responsables por su contenido conforme a los dispositivos legales aplicables. Versión Preliminar para aprobación de la Junta Obligatoria Anual de Accionistas 2 Memoria Anual 2013 Índice Carta del Gerente General Carta del Presidente del Directorio Modelo de liderazgo y organización Nuestras cifras Nuestro negocio Nuestras operaciones Nuestra gente Nuestro gobierno corporativo Nuestro compromiso Información general y de operaciones Estados Financieros Principios de Buen Gobierno Corporativo Versión Preliminar para aprobación de la Junta Obligatoria Anual de Accionistas 3 Memoria Anual 2013 Carta del Gerente General Señores accionistas: En el 2013 logramos una participación récord en el mercado de cervezas, 95.8% en volumen y 96.5% en valor, a pesar de haber sido un año lleno de retos y de cambios que afectaron la industria. Factores externos como un menor crecimiento de la economía, el alza del dólar, así como el incremento en el impuesto selectivo al consumo de cerveza hicieron que la industria cervecera decreciera...
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...INFORME TÉCNICO N° 02 - Febrero 2012 Producción Nacional: 2011 El INEI informa que la producción nacional durante el año 2011 logró un crecimiento de 6,92%, explicado por el comportamiento favorable de casi todos los sectores, con excepción del sector minería, contabilizando 13 años de crecimiento sostenido. El comportamiento positivo de la actividad económica del país se sustentó en el desempeño favorable de la demanda interna que se refleja en el aumento de las ventas al por menor a los hogares en 10,34% y la mayor importación de bienes de consumo en 14,52%, la venta de autos ligeros 26,00% y el consumo del gobierno en 7,66%. Asimismo, creció la importación de bienes de capital y materiales para la construcción en 24,87%, y la inversión en construcción en 3,43%. Igualmente, por la demanda externa, reflejada en las mayores exportaciones, que lograron un nivel récord histórico de US$ 46 268 millones, que en términos reales se traducen en un crecimiento de 13,15%, tanto de productos tradicionales (9,49%), como no tradicionales (18,55%). Entre los productos tradicionales destacan los mayores envíos al exterior de productos mineros (plomo, oro, hierro y cobre), pesqueros (harina y aceite de pescado), agrícolas (algodón y café) y petróleo y gas natural. De modo similar, entre las ventas externas de productos no tradicionales figuran los agrícolas, textiles, pesqueros, químicos, de metal mecánica, sidero-metalúrgicos y mineros no metálicos Cuadro Nº1 Evolución del Índice...
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...INTERNATIONAL FOREIGN EXCHANGE RESERVES BULGARIAN NATIONAL BANK Celebrating the BNB 130th Anniversary INTERNATIONAL FOREIGN EXCHANGE RESERVES Edited by Tsvetan Manchev, Doctor in Economics BULGARIAN NATIONAL BANK 2009 International Foreign Exchange Reserves Abbreviations BNB GDP BIS b.p. EIB EC EU ESCB ECB LBNB М1 М2 М3 IMF ERMII Fed − the Bulgarian National Bank − gross domestic product − the Bank for International Settlements − basis points − the European Investment Bank − the European Commission − the European Union − the European System of Central Banks − the European Central Bank − the Law on the Bulgarian National Bank − narrow money − М1 plus quasi money − broad money − the International Monetary Fund − Exchange Rate Mechanism II − the Federal Reserve System © The Bulgarian National Bank, 2009 © 2009 by Tsvetan Manchev et al. ISBN 978-954-8579-30-8 Published by the Bulgarian National Bank 1, Knyaz Alexander I Square 1000 Sofia telephone +359 2 9145-750 facsimile +359 2 980 2425, 980 6493 www.bnb.bg 2 International Foreign Exchange Reserves Contents Introduction ......................................................... 11 PART ONE. Chapter 1. 1. 2. 3. 4. 5. THE THEORETICAL FOUNDATIONS Nature and Function .......................................... 19 Definition ............................................................. 19 Gold as a Foreign Reserve Assets ...................... 20 Reasons to Own and Use Foreign Reserves ...... 23 The...
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...RAPORT ASUPRA PIEŢEI DE ASIGURĂRI ȘI A ACTIVITĂŢII DESFĂȘURATE ÎN ANUL 2009 Publicaţia Raport anual al Comisiei de Supraveghere a Asigurărilor este înregistrată în Catalogul Internaţional al Publicaţiilor Periodice prin cod: ISSN 1841 – 7256 Raport CSA 2009 mpso.indd 1 07.07.2010 14:49:31 CUPRINS Partea I. PIAȚA DE ASIGURĂRI ÎN ANUL 2009 Precizări metodologice 8 9 11 13 15 17 17 19 21 21 22 23 23 23 24 27 29 31 31 31 33 34 36 38 38 38 40 41 42 42 42 42 43 43 1. CAPITALUL SOCIAL AL SOCIETĂŢILOR DE ASIGURARE 2. PRIME BRUTE SUBSCRISE 2.1. Prime brute subscrise pentru asigurări generale 2.2. Prime brute subscrise pentru asigurări de viaţă 3. INDEMNIZAŢII BRUTE PLĂTITE 3.1. Indemnizaţii brute plătite pentru asigurări generale 3.2. Indemnizaţii brute plătite pentru asigurări de viaţă 4. REZERVE TEHNICE 4.1. Rezerve tehnice constituite pentru asigurări generale 4.2. Rezerve tehnice constituite pentru asigurări de viaţă 5. ACTIVELE SOCIETĂŢILOR DE ASIGURARE 5.1. Active totale 5.2. Active care acoperă rezervele tehnice brute pentru asigurări generale 5.3. Active care acoperă rezervele tehnice brute pentru asigurări de viaţă 6. ACTIVITATEA DE REASIGURARE 7. CHELTUIELI DE ACHIZIŢIE ŞI ADMINISTRARE 8. SOLVABILITATEA SOCIETĂŢILOR DE ASIGURARE 8.1. Gradul de solvabilitate al societăţilor de asigurare autorizate în România 8.2. Perspective privind regimul de solvabilitate 8.3. Registrul Actuarilor 9. REZULTATE FINANCIARE ŞI REZULTATE TEHNICE ALE SOCIETĂŢILOR...
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...Lindt & SprüngLi AnnUAL REPORT 2011 For the past 165 years, premium chocolate manufacturer Lindt & Sprüngli has been committed to render top quality. With six production sites in Europe and two in the USA, 18 subsidiaries as well as numerous independent distribution partners, LINDT products are in the meantime available nearly all around the globe. To ensure an impressive presentation of the LINDT product variety and to grant our loyal chocolate lovers an extraordinary shopping experience, increased investments have been made in the past years for the expansion of the LINDT retail department. For this reason, we will take you in this annual report on a journey, starting in New York, with stopovers in Zurich, Tokyo, Sydney and San Francisco where we will show you some impressions of selected worldwide LINDT Boutiques, Shops and Chocolate Cafés. We look forward to welcoming you during your next trip in one of our stores. K e y F i n a n c i a l data A n n uA L r e p o rt 2011 InCOME STATEMEnT 2011 2010 Change in % Sales EBITDA in % of sales EBIT in % of sales net income in % of sales Operating cash flow in % of sales CHF million CHF million % CHF million % CHF million % CHF million % 2,488.6 421.9 17.0 328.7 13.2 246.5 9.9 345.4 13.9 2,579.3 423.3 16.4 325.3 12.6 241.9 9.4 363.7 14.1 – 3.5 – 0.3 1.0 1.9 – 5.0 BALAnCE SHEET 2011 2010 Change in % Total assets Current assets in % of total assets non-current assets in % of total...
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...QUEIROZ RIO DE JANEIRO AGOSTO 2011 UNIVERSIDADE FEDERAL DO RIO DE JANEIRO INSTITUTO DE ECONOMIA DISSERTAÇÃO DE MESTRADO DETERMINANTES DA INOVAÇÃO AMBIENTAL: UMA ANÁLISE DAS ESTRATÉGIAS DAS FIRMAS DA INDÚSTRIA DE TRANSFORMAÇÃO BRASILEIRA JULIA MELLO DE QUEIROZ ORIENTADOR: PROF. CARLOS EDUARDO FRICKMANN YOUNG RIO DE JANEIRO AGOSTO 2011 2 JULIA MELLO DE QUEIROZ DETERMINANTES DA INOVAÇÃO AMBIENTAL: UMA ANÁLISE DAS ESTRATÉGIAS DAS FIRMAS DA INDÚSTRIA DE TRANSFORMAÇÃO BRASILEIRA Dissertação de Mestrado apresentada ao Programa de PósGraduação em Economia, Instituto de Economia da Universidade Federal do Rio de Janeiro como parte dos requisitos necessários à obtenção do titulo de MESTRE em Ciências Econômicas. BANCA EXAMINADORA: ________________________________________________________ Professor Dr. Carlos Eduardo Frickman Young – Orientador ________________________________________________________ Professor Dr. José Eduardo Cassiolato ________________________________________________________ Professora Dra. Maria Cecília J. Lustosa RIO DE JANEIRO AGOSTO 2011 3 DETERMINANTES DA INOVAÇÃO AMBIENTAL: UMA ANÁLISE DAS ESTRATÉGIAS DAS FIRMAS DA INDÚSTRIA DE TRANSFORMAÇÃO BRASILEIRA RESUMO: Diante da natureza dinâmica do papel da tecnologia sobre o meio ambiente, a dissertação analisa os determinantes das inovações que reduziram os impactos ambientais para as firmas da indústria de transformação brasileira com base nos dados da PINTEC 2008...
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...SU S AIN T ABI LI I M PA C T E EC ON OMIC S O CI A L & EN D R . R E D D Y ’ S L A B O R AT O R I E S L I M I T E D | A N N U A L R E P O R T | 2 0 0 9 – 1 0 RO VI V NM EN TA L • T Y • TI SI PO C R E AT I N G A C ONTENTS 24 MANAGEMENT DISCUSSION AND ANALYSIS 42 BOARD OF DIRECTORS 45 MANAGEMENT COUNCIL 72 DIRECTORS’ REPORT 2 CHAIRMAN’S LETTER 46 CORPORATE GOVERNANCE 89 IGAAP STANDALONE FINANCIALS 4 KEY HIGHLIGHTS 60 ADDITIONAL SHAREHOLDERS’ INFORMATION 70 FIVE YEARS AT A GLANCE 141 IGAAP CONSOLIDATED FINANCIALS 6 THE DNA OF SUSTAINABILITY 187 EXTRACT OF IFRS CONSOLIDATED FINANCIALS 190 STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956 191 INFORMATION ON THE FINANCIALS OF SUBSIDIARY COMPANIES 192 NOTICE OF ANNUAL GENERAL MEETING 14 HUMAN RESOURCES 71 RATIO ANALYSIS 16 SAFETY, HEALTH AND ENVIRONMENT 18 CORPORATE SOCIAL RESPONSIBILITY 2 | S U S TA I N A B I L I T Y — C R E AT I N G A P O S I T I V E E C O N O M I C , S O C I A L A N D E N V I R O N M E N TA L I M PA C T CHAIRMAN’S LETTER 2009-10 has been a satisfactory year for your Company. Let me start with the financial results. Consolidated revenues for 2009-10 was Rs. 70,277 million. Excluding revenues from sumatriptan — your Company’s Authorized Generic version of Imitrex® which was launched in 2008-09 — revenue grew by 9%. In US dollar terms, 2009-10 revenue was US$ 1.56 billion. I am...
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...Linguistics Introduction the scientific study of language. The word was first used in the middle of the 19th century to emphasize the difference between a newer approach to the study of language that was then developing and the more traditional approach of philology. The differences were and are largely matters of attitude, emphasis, and purpose. The philologist is concerned primarily with the historical development of languages as it is manifest in written texts and in the context of the associated literature and culture. The linguist, though he may be interested in written texts and in the development of languages through time, tends to give priority to spoken languages and to the problems of analyzing them as they operate at a given point in time. The field of linguistics may be divided in terms of three dichotomies: synchronic versus diachronic, theoretical versus applied, microlinguistics versus macrolinguistics. A synchronic description of a language describes the language as it is at a given time; a diachronic description is concerned with the historical development of the language and the structural changes that have taken place in it. The goal of theoretical linguistics is the construction of a general theory of the structure of language or of a general theoretical framework for the description of languages; the aim of applied linguistics is the application of the findings and techniques of the scientific study of language to practical tasks, especially to the elaboration...
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...12:06 Page 1 WOMEN, GENDER AND WORK People are not defined solely by their work, nor is it possible to ignore the effects of factors outside the workplace on a person's status at work. To seek equality at work without seeking equality in the larger society – and at home – is illusory.Thus an examination of the issues surrounding women, gender and work must be holistic. That means considering the role of productive work in life as a whole and the distribution of unpaid work as well as the myriad questions relating to employment. This important anthology brings together the thinking of leading philosophers, economists and lawyers on this complex subject. Selected recent articles from the multidisciplinary International Labour Review are assembled for the first time to illuminate questions such as how we should define equality, what equal opportunity means and what statistics tell us about differences between men and women at work, how the family confronts globalization and what is the role of law in achieving equality. There is an examination of policy – to deal with sexual harassment and wage inequality, for example, as well as part-time work, the glass ceiling, social security, and much more. A major reference on the best of current research and analysis on gender roles and work. Martha Fetherolf Loutfi has been Editor-in-Chief of the International Labour Review, a Senior Economist for the Brandt Commission and in the ILO’s Employment and Development...
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...THE FIRST FILIPINO Republie of the Philippines Department of Education & Culture NATIONAL HISTORICAL COMMISSION Manila FERDINAND E. MARCOS President Republic of the Philippines JUAN L. MANUEL Secretary of Education & Culture ESTEBAN A. DE OCAMPO Chairman DOMINGO ABELLA Member HORACIO DE LA COSTA, S. J. Member GODOFREDO L. ALCASID Ex-Oficio Member TEODORO A. AGONCILLO Member EMILIO AGUILAR CRUZ Member SERAFIN D. QUIASON Ex-Oficio Member FLORDELIZA K. MILITANTE Exccutive Director RAMON G. CONCEPCION Chief, Administrative Division BELEN V. FORTU Chief, Budget & Fiscal Division JOSE C. DAYRIT Chief, Research & Publications Division AVELINA M. CASTAÑEDA Chief, Special & Commemorative Events Division ROSAURO G. UNTIVERO Historical Researcher & Editor EULOGIO M. LEAÑO Chief Historical Writer-Translator & Publications Officer GENEROSO M. ILANO Auditor JOSE RIZAL (1861-1896) THE FIRST FILIPINO A Biography of José Rizal by LEÓN Ma. GUERRERO with an introduction by CARLOS QUI R INO ( Awarded First Prize in the Rizal Biography Contest held under the auspices of the José Rizal National Centennial Commission in 1961) NATIONAL HISTORICAL COMMISSION Manila 1974 First Printing 1963 Second Printing 1965 Third Printing 1969 Fourth Printing 1971 Fifth Printing 1974 This Book is dedicated by the Author to the other Filipinos Speak of me as I am; nothing extenuate, Nor set down aught in malice, Shakespeare: °the/Lo. Paint my picture truly like me, and not flatter me at all ; but...
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