...Management Goldman, Sachs & Co. October 2008 Table of Contents Introduction to the FX Markets I Market Update II FX Hedging III Slide 2 Introduction the FX Markets Statistics FX is the largest / most liquid global market Daily Turnover Bid / Offer Number of securities FX Market 3.2 Trillion 4 bp (0.04%) 150 (40 actively traded) Bond Market 900 Billion 5 bp 2,000,000 Equity Market 400 Billion 15 bp 20,000+ Source: BIS (September, 2007) Slide 3 Market Dynamics Short Term Drivers of the Market Market sentiment Release of new data (economic and political) Equity and bond market performance Positions of market participants Central Bank intervention Options activity Hedging mechanism, and protection from a knockout level are reasons for heavy trading Technical analysis Slide 4 Market Dynamics Long Term Drivers of the Market Supply/demand Current account vs. capital account + reserves “Current account” associated with trade flows “Capital account” associated with investments and speculation “Reserves” associated with central bank activities FX and Interest Rate policies are closely linked Purchasing Power Parity (PPP), e.g. the Economist Magazine’s “Big Mac” index Central Banks Mission is to preserve economic stability, in particular to preserve price stability Interest rates can drive FX markets... “Interest Rate Defense”: Raising interest rates can attract foreign investment & support the...
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...India is World Bank’s shining star as it bucks the slowdown trend of emerging market economies By V.V.L.N. Sastry India is one of the few countries on which the World Bank has upgraded its forecast on 10 June 2015. India has benefited from both good policies and luck, as Narendra Modi’s government has taken advantage of cheap oil to phase out costly fuel subsidies and banked the proceeds; and its Central Bank has sought to establish a more credible inflation-fighting regime. The World Bank expects India to be the fastest-growing major economy in 2015, expanding by 7.5%, and to continue outpacing China in 2016 and 2017. As per World Bank, India is a shining star. Low oil prices have really benefited India. The World Bank has cut its forecasts for growth across emerging economies this year, warning that they face a double whammy from rising US interest rates from their record low of 0%-0.25%, and lower commodity prices. Growth in emerging economies is expected to be 4.4% in 2015, down from the 4.8% the World Bank was expecting in December. India is the only nation which is expected to grow by 7.5% while the world economy is expected to grow by 2.8% in 2015. Some of the largest downgrades are for oil-exporting countries, including Nigeria, Angola and Brazil, with South America’s largest economy expected to contract by 1.3% this year. The Bric countries that India normally competes with are struggling somewhat, which allows India to stand out a bit more. The drop in oil...
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...| | Grand Millenium | Upscale | Al Wahda Mall | 585 | 2009 | | Park Rotana | Upscale | Eastern Ring Road | 316 | 1997 | | Sheraton Khalidiya | Upscale | Khalidiya | 240 | 1993 | | Le Royal Meridien | Upscale | CBD | 275 | 1980 | | InterContinental | Upscale | Corniche | 390 | 1979 | | Beach Rotana | Upscale | CBD | 413 | 1979 | | Le Meridien | Upscale | CBD | 234 | 1979 | | Sheraton Hotel and Towers | Upscale | CBD | 272 | 1979 | | Hilton | Upscale | Corniche | 327 | 1976 | | St Regis | Luxury | Nation Towers—Corniche | 283 | - | 2012 | | Anantara | Luxury | Eastern Mangroves | 222 | - | 2012 | | Ritz Carlton Grand Canal | Luxury | Between the bridges | 447 | 85 | 2012 Q4 | | Rosewood | Luxury | Al Maryah Island | 189 | 137 | 2012 Q4 | | Regent Emirates Pearl | Upscale | Opp. Emirates Palace | 377 | 60 | 2014 | | Bab Al Qasr—Millennium | Upscale | Opp. Emirates Palace | 408 | 229 | 2013 Q1 | | Dusit Thani | Upscale | Eastern Mangroves | 402...
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...Gold Fundamental Report February 2012 Disclaimer This report has been prepared by the Knowledge Management Department of NCDEX Limited for the purpose of information dissemination. The facts are reported from publications and have not been checked for authenticity. NCDEX and its employees will not be responsible for any decision taken by the reader based on this report and are adv advised to take independent advise on the commodity(is) dealt in this report . For more information contact Ashwin Dilip Vidhate Knowledge Management Group NCDEX Ltd. ashwin.vidhate@ncdex.com +91 022 6640 6836 2 Table of Contents 1. Introduction ....................................................................................................................................................................................... 4 2. Gold supply ........................................................................................................................................................................................ 5 Gold supply: Indian scenario............................................................................................................................................................ 14 3. Gold demand ..................................................................................................................................................................................... 15 Gold demand: Indian scenario ..................................................
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...and relate to our issue or project subject. * Focus on answering project issue / aims of project; * 15 references in own words; paragraph; * how to reflect to own project, what issues; 1 Article one * The warning by Reserve Bank governor Graeme Wheeler in February that the nation's housing market -- particularly in Auckland -- was at risk of a "sharp correction, leading to financial instability" (a polite way of saying banks might get into trouble) didn't appear to alarm many. * As Charles P. Kindle-berger says in his seminal Manias, Panics and Crashes: A History of Financial Crises: "Speculative manias gather speed through expansion of money and credit or perhaps, in some cases, get started because of an initial expansion of money and credit. Easy credit. Q1 * Risk-weightings at the "standardised banks" such as Kiwibank, TSB, SBS and the Co-operative Bank start from 35 per cent, but a Reserve Bank spokesman told North & South that risk weights for the Big Four's housing loans "are generally between 26 and 31 per cent". Consequently, a $100,000 mortgage maybe counted as only a $26,000 loan on their ledgers -- meaning banks can hose the housing market with money since they have to hold less cash in their reserves. Q1 * "I believe this is finally when the migration numbers are becoming a reality. This surge in population growth is beginning to add to demand and the earliest indications are in surging asking rents for homes in Auckland," he told North...
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...V. FINANCIAL MARKETS Monetary transmission strengthened during Q4 of 2010-11 with interest rates firming up gradually across the spectrum as liquidity remained in deficit mode. The policy transmission to deposit and lending rates is visible in the current base rate regime. Asset prices, including property prices, generally remained range bound. Equity markets experienced orderly correction in Q4 of 2010-11. The rupee exhibited two-way movements against the US dollar without any intervention or active capital account management. Going forward, the financial markets need to brace up to the geopolitical risks in MENA, default risks in the Euro zone and movements in cross-border capital flows. Global portfolio rebalancing to impact domestic financial markets V.1 The year 2010-11 was marked by periods of volatility and tranquility in the Indian financial markets. With global uncertainties rising, volatility may aggravate further, partly from building up of speculative positions in global commodity markets. Portfolio choices are also governed by the geopolitical developments in the MENA region and availability of easy liquidity in certain advanced economies. An additional source of uncertainty for the global financial markets is the sovereign and banking sector default risks in parts of Europe (Chart V.1a) There could, however, be a rebalancing of investors’ portfolio if economic recovery in major advanced economies gains traction and causes a quicker-than-anticipated withdrawal...
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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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...Preliminary draft: please do not quote or cite India’s Trilemma: Financial Liberalization, Exchange Rates and Monetary Policy∗ August 22, 2010 Michael M. Hutchison Department of Economics University of California Santa Cruz, CA 95064 USA Rajeswari Sengupta Department of Economics University of California Santa Cruz, CA 95064 USA Nirvikar Singh Department of Economics University of California Santa Cruz, CA 95064 Abstract A key challenge for macroeconomic policy in open economies is how to simultaneously manage exchange rates, interest rates and capital account openness—the trilemma. This paper calculates a trilemma index for India and investigates its evolution over time. We find that financial integration has increased markedly after the mid-2000s, with corresponding limitations on monetary independence and exchange rate stability. This tradeoff has been mitigated, however, with the rise of international reserves as a partially independent instrument of macroeconomic policy. In addition, we confirm that the weighted sum of the three indexes adds up to a constant, validating the notion that a rise in one trilemma variable should be traded-off with a drop of the weighted sum of the other two. Finally, we consider the implications of changes in the trilemma index for macroeconomic outcomes. We find some evidence that greater financial integration and corresponding loss of monetary autonomy and exchange rate stability has influenced inflation and inflation volatility...
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...Coins: $2 $1 50¢ 25¢ 10¢ 5¢ http://www.kwintessential.co.uk/resources/guides/guide-to-canada-etiquette-customs-culture-business/ CAD - Canadian Dollar Country: Canada Region: North America Sub-Unit: 1 Dollar = 100 cents Symbol: C$ The dollar has been the currency of Canada since 1858. Many central banks keep Canadian dollars as a reserve currency. It's known locally as a buck or a loonie, with the two-dollar coin known as a toonie. USD - US Dollar Country: United States of America Region: North America Sub-Unit: 1 Dollar = 100 cents Symbol: $, US$ The U.S. dollar is the currency most used in international transactions. Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. It's known locally as a buck or greenback. https://themoneyconverter.com/CAD/USD.aspx 1 Canadian Dollar equals 0.75 US Dollar Canadian Dollar Forecast 2016-2020 The Canadian Dollar is expected to trade at 1.35 by the end of this quarter, according to Trading Economics global macro models...
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...ेस काशनी PRESS RELEASE भारतीय रज़व बक संचार वभाग, क य कायालय, एस.बी.एस.माग, मुंबई-400001 _____________________________________________________________________________________________________________________ RESERVE BANK OF INDIA DEPARTMENT OF COMMUNICATION, Central Office, S.B.S.Marg, Mumbai-400001 फोन/Phone: 91 22 2266 0502 फ स/Fax: 91 22 22660358 ै : www.rbi.org.in/hindi Website : www.rbi.org.in इ-मेल email: helpdoc@rbi.org.in वेबसाइट May 2, 2013 Macroeconomic and Monetary Developments in 2012-13 The Reserve Bank of India today released the Macroeconomic and Monetary Developments in 2012-13. The document serves as a backdrop to the Monetary Policy Statement 2013-14 to be announced on May 3, 2013. Highlights: Overall Outlook Macro-financial risks require cautious monetary policy stance ahead • In view of macro-financial risks that stay significant, headline inflation remaining above the threshold and consumer price inflation remaining high, the space for action for 2013-14 remains very limited. If some of the risks come to fore, policy re-calibration may become necessary in either direction. • Slow-paced recovery is likely later in 2013-14, contingent on improved governance and concerted action to resolve structural bottlenecks, especially in infrastructure sector. Output gap is likely to reduce, but remain negative. • Headline inflation is likely to remain range-bound in 2013-14, with some further moderation in H1 due to subdued producers' pricing power and...
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...Report: Week 4 * Fixed Income * Japan’s Central Bank has instituted negative interest rates. It’s now the fifth major central bank to do so. * The Fed met after Japan’s decision and released a more conservative statement compared to their earlier actions of this year so far. * Treasury yields were down especially for the 5 and 10 year treasuries. * Last week the fed committee had a meeting and one of the biggest things that was observed from the meeting was that the committee will monitor global and economic development due to the recent uncertainty of potential global growth. * The fed had a general outlook for increasing interest rates, but for now they will be looking at income as a performance driver in the market. * Puerto Rico came up with a plan on Monday to reduce its debt by approximately 46%. Not many details about the plan were released, but from what we have found its obvious and of great importance to have great and high level of participation for all involved. Puerto Rico has by May first to pay the a large debt service payment. * FX * Preliminary Q4 earnings of Great Britain’s GDP indicated a .5% growth, totalling to 2.2% growth for the full year. * British exit from the European Union more likely as British voters fear immigration and instability of the EU. * The European Central Bank remains under pressure from financial markets to provide even more monetary stimulus. The preliminary...
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...INTRODUCTION * Economics is divided into two branches: Microeconomics and macroeconomics. 1. Microeconomics is the study of how individual Households and firms make decisions and how they interact with one Another in markets. 2. Macroeconomics is the study of the economy as a whole. The Goal of macroeconomics is to explain the economic changes that affect many Households, firms, and markets at once. * Macroeconomists address diverse questions: * Why is average income high in some countries while it is low in others? * Why do prices rise rapidly in some periods of time while they are more stable in other Periods? * Why do production and employment expand in some years and contract In others? * What, if anything, can the government do to promote rapid growth in Incomes, low inflation, and stable employment? * These questions are all macroeconomic in nature because they concern the workings of the entire economy. * Because the condition of the overall economy profoundly affects all of us, changes in economic conditions are widely reported by the media. Indeed, it is hard to pick up a newspaper without seeing some newly reported statistic about the economy. The statistic might measure the total income of everyone in the economy (GDP), the rate at which average prices are rising (inflation), the percentage of the labor force that is out of work (unemployment), total spending at stores (retailsales), or the imbalance of trade between...
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...document does not constitute an offer or invitation to purchase any shares in the Company and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company is the sole responsibility of the investor who shall be responsible for his own due diligence. This document may contain forward looking statements that constitutes Raya’s beliefs and expectations about future performance. Except for historical information, any forward looking statement based on current expectations, assumptions, projections about future events are subject to certain economic and market risks and uncertainties that could turn out actual results to differ materially or may not occur. Agenda 1 Company & Business Overview 2 3 4 Market Highlights YE 2010 Operations Financial Overview YE 2010 Consolidated Results 5 Raya Investments 1 Company & Business Overview Our Vision Our People A total of 2717 employees that has grown at a CAGR of 37.84% since...
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...Slovakia: Life business after Crisis Central European L&H Leadership Forum, Radisson BLU Palais, Vienna Torsten Leue May 11, 2010 New reality crashed into the old plans Slovakia: GDP development old plan +15% +10% past development +5% W -NE OLD LITY R EA GAP +0% -5% new reality 2004 2005 2006 2007 2008 2009 2010 2011 2012 2 Data source: Slovak Statistics Office, Allianz – Slovenská poisťovňa Torsten Leue ● Slovakia: Life Business after Crisis May 11, 2010 Q4-2007 Q1-2009 Regular Life business a bit below 2006 Slovakia: New Business (mn €) New Business: Single vs. Regular 500 NB mn € 400 300 200 100 0 44% 56% 38% 62% 45% 55% 58% 42% Q4-2006 Q4-2007 Regular Q4-2008 Single Q4-2009 Share of Single gets higher consequence Life duration gets shorter Data source: Slovak Insurance Association Torsten Leue ● Slovakia: Life Business after Crisis May 11, 2010 3 Share of Traditional business grows Slovakia: Premiums of UL, Traditional and Riders (mn €) 1 200 1 000 GWP mn € 800 600 400 200 0 53% 36% 11% Premiums of UL, TR and RI 10% 33% 12% 30% 57% 58% 2 007 Traditional 2 008 Unit-linked Riders 2 009 Value creation mainly out of riders Data source: Slovak Insurance Association Torsten Leue ● Slovakia: Life Business after Crisis May 11, 2010 4 Insurance business under high pressure Capital Markets Low interest rates Pressure Clients & Sales Force Low prices, High commissions...
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...CHINA February 2012 EDC ECONOMICS MARKET SPOTLIGHT: Real GDP grew 9.2% in 2011, a marked slowdown from the 10.4% pace of 2010. A sharp slowdown in real estate construction activity, as a result of past excesses, and weak demand from Europe will result in growth slowing to 8.0% in 2012, with the slowdown occurring in the first half. However, inflationary pressures are abating rapidly, giving room to ease if necessary. The key downside risk to the outlook is the impact of the real estate slowdown on the financial sector and local authorities’ fiscal position, both of which should be contained. Economic Credit Agencies Moody’s: Aa3 S&P: AAFitch: A+ Nominal GDP (2010) USD 5,878 bn Population (2010) 1,341.4 millions Total Trade / GDP (2010) 50.6% Currency Yuan (Renminbi) Exchange regime Crawling peg Merchandise imports from Canada (2010) CAD 12,880 million Main sources of Foreign Exchange (excl. FDI) Manufactured exports Main Merchandise Export Destination European Union (20%) Main imports E&E equipment (24%) Industrial M&E (21%) Risks to the Outlook Second stimulus package; Monetary and credit loosening Real estate bubble burst; Debt crisis in Europe Recent performance: Official real GDP growth slowed again in Q4, rising 8.9% y/y from 9.1% y/y in Q3. However, EDC Economics’ estimate of seasonally adjusted real GDP growth shows that growth accelerated for a second consecutive quarter, to 9.1% q/q (annualized) from 8.1% in Q3. Strong US holiday shopping and some inventory rebuilding...
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