...Baltic Energy Forum for Students 2012 Cooperation of the Baltic companies to get along with regulations of the EU [Sélectionnez la date] Prepared by Vytautas Magnus University students: Povilas Brilius Žygintas Dovydėnas Karolina Mališauskaitė Table of contents Introduction 3 Key aspects of the Baltic States’ energy companies 3 Common situation 5 Context of the European Union 7 Conclusions and recommendations 8 References 9 Introduction Recent events in global and local spheres are important to Baltic States’ energy economics. Among those are a) late collaboration initiatives between Baltic States’ governments to endorse regional projects in order to get connected into the EU energy network b) new EU regulatory frameworks, in particular applying to Baltic States energy markets situation c) the declining EU position in terms of energy sector competitiveness. These facts require deeper and more thorough investigation into Baltic energy market players and their abilities to meet demands of changing environment. Authors of this short paper seek to...
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...January 2013 INVESTOR PRESENTATION BMW Group Investor Presentation, January 2013 Page 1 NINE MONTH 2012 RESULTS. in euro million Revenues Profit / loss before financial result (EBIT) Automotive1) Motorcycles Financial Services2) Other entities Eliminations Profit before tax Net profit EPS in euro (common / preferred) Operating cash flow (Automotive) Free cash flow (Automotive)3) Net interest-bearing assets (Automotive) Equity (Group) *) Adjusted 1) 9M-2011 January – September 2012 56,312 6,406 5,548 82 1,291 44 January – September 2011* 50,472 6,358 5,935 62 1,506 -115 Change in % 11.6 0.8 -6.5 32.3 -14.3 - -559 6,040 3,915 5.94 /5.95 6,768 3,840 13,025 28,853 -1,030 6,044 4,028 6.12 / 6.13 6,787 4,055 13,016 26,018 45.7 -0.1 -2.8 -2.9 / -2.9 -0.3 -5.3 0.1 10.9 for effect of change in accounting policy for leased products as described in note 3 on pages 36ff. of the quarterly report to September 30, 2012. EBIT includes a positive effect of € 85 million from the adjustment of residual value risk provisions. 2) EBIT includes a positive effect of € 124 million from better than expected off-lease business (9M-2011 one-effects amounted to € 439 million). 3) Free cash flow includes net investments in marketable securities of € 134 million (€ 839 million in 9M-2011). BMW Group Investor Presentation, January 2013 Page 2 GUIDANCE 2012. BMW Group We aim to achieve a higher full-year Group profit before tax than in 2011. Automotive Segment ...
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...Independent Report on Clinical Laboratory Testing Services Market for an Initial Public Offering (IPO) in Egypt A Frost & Sullivan Report 2014 1|P age Disclaimer © November 2014 Frost & Sullivan The market research process for this study has been undertaken through detailed primary and secondary research, which involves discussing the status of the industry with leading industry participants and experts, and compiling inputs from publicly available sources, including official publications and research reports. The Expert Opinion Consensus Methodology has been used for the report. Quantitative market information is based primarily on such interviews and desk-based secondary research; therefore, making it subject to fluctuation. Frost & Sullivan has taken all reasonable care to insure that the information contained in this report is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. In making any decision regarding the transaction, the recipient should conduct its own investigation and analysis of all facts and information contained in the prospectus of which this report is a part and the recipient must rely on its own examination and the terms of the transaction, as and when discussed. The recipient should not construe any of the contents in this report as advice relating to business, financial, legal, taxation or investment matters and are advised to consult their own business, financial, legal, taxation...
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...The economic benefits of environmental policy A project under the Framework contract for economic analysis ENV.G.1/FRA/2006/0073 - 2nd FINAL REPORT November 2009 Matt Raymenta, Elke Pirgmaierb, Griet De Ceusterc, Friedrich Hinterbergerb, Onno Kuikd, Henry Leveson Gowera, Christine Polzinb, Adarsh Varmaa a b c d GHK Sustainable Europe Research Institute (SERI) Transport & Mobility Leuven VU University Amsterdam, Institute for Environmental Studies (IVM) Institute for Environmental Studies Vrije Universiteit De Boelelaan 1087 1081 HV AMSTERDAM The Netherlands Tel. ++31-20-5989 555 Fax. ++31-20-5989 553 E-mail: info@ivm.falw.vu.nl Internet: http://www.vu.nl/ivm vrije Universiteit amsterdam Contents Executive Summary 1. 2. 3. 3.1 3.2 3.3 3.4 3.5 3.6 4. 4.1 4.2 4.3 4.4 4.5 4.6 5. 5.1 5.2 5.3 5.4 5.5 5.6 6. 6.1 6.2 6.3 6.4 6.5 6.6 7. 7.1 7.2 7.3 7.4 7.5 8. 8.1 Introduction Environmental Policy and the Economy Environmental Policies and Productivity Description and background Policy instruments Review of evidence from the wider literature Evidence from examples and case studies Scale of economic benefits to date and assessment of the further potential Beneficiaries and timescale Environmental Policies and Innovation Description and background Policy instruments Review of evidence Examples and case studies Scale of economic benefits Beneficiaries and timescale Environmental Policies and Employment Description and background Policy instruments Review of evidence from...
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...Banks 4. Concluding remarks © Oliver Wyman LON-FSP22401-197 1 1 AQR and stress test: setting a new standard for banking supervision Since the start of the Eurozone crisis a number of AQRs and stress tests have been carried out in Europe with relevant impact on the Banks Greece – ’11 Ireland – ‘10 Spain – ‘12 • Economy: ~2% GDP EU • Asset Quality Review • Credit Loss Projections • Loss Absorption Capacity • • • • Capital shortfall ~€24mld Economy: ~12% GDP EU Asset Quality Review Credit Loss Projections Loss Absorption Capacity • • • • Economy: ~2% GDP EU Asset Quality Review Credit Loss Projections Loss Absorption Capacity Capital shortfall ~€50mld Capital shortfall ~€60mld Cyprus – ’12 • • Portugal – ’11 • • • • • Economy: ~2% GDP EU Asset Quality Review Credit Loss Projections Loss Absorption Capacity Capital shortfall ~€7mld • Economy: ~0.2% GDP EU Asset Quality Review Credit Loss Projections Loss Absorption Capacity Capital shortfall ~€6mld Slovenia – ’13 • Economy: ~0.4 % GDP EU Capital shortfall ~€4.8mld © Oliver Wyman LON-FSP22401-197 3 A new, Eurozone-wide Asset Quality Review and stress test has recently been undertaken by ECB European Baking Union outlook Three Pillars of the European Banking Union and the Comprehensive Assessment • Pillar 1: ECB will keep direct responsibility for the largest...
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...ongoing crisis that has been affecting the countries of the Eurozone since late 2009. It is a combined sovereign debt crisis, a banking crisis and a growth and competitiveness crisis.[8] The crisis made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. Moreover, banks in the Eurozone are undercapitalized and have faced liquidity problems. Additionally, economic growth is slow in the whole of the Eurozone and is unequally distributed across the member states.[8] In 1992, members of the European Union signed the Maastricht Treaty, under which they pledged to limit their deficit spending and debt levels. However, in the early 2000s, a number of EU member states were failing to stay within the confines of the Maastricht criteria and turned to securitising future government revenues to reduce their debts and/or deficits. Sovereigns sold rights to receive future cash flows, allowing governments to raise funds without violating debt and deficit targets, but sidestepping best practice and ignoring internationally agreed standards.[9] This allowed the sovereigns to mask (or "Enronize") their deficit and debt levels through a combination of techniques, including inconsistent accounting, off-balance-sheet transactions as well as the use of complex currency and credit derivatives structures.[9] From late 2009, fears of a sovereign debt crisis developed among investors as a result of the rising...
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...NORGES HANDELSHØYSKOLE Bergen, June 2008 Business Analysis and Valuation of Vodafone Group Iryna Saplitsa Supervisor: Tore Leite NORGES HANDELSHØYSKOLE This thesis was written as a part of the Master of Science in Economics and Business Administration program ‐ Major in International Business. Neither the institution, nor the advisor is responsible for the theories and methods used, or the results and conclusions drawn, through the approval of this thesis. 2 Acknowledgments This thesis is written in conjunction with my final semester as a Master student at the Norwegian School of Economics and Business Administration. The process of completing this paper has been both rewarding as well as challenging. I would like to express my sincere gratitude towards a person that has been very helpful in finalizing this thesis. My academic advisor, Associate Professor Tore Leite, deserves special thanks for his support and guidance through the challenges of applying financial theory into practice. I am very grateful for his invaluable help, all constructive comments and timely recommendations. Iryna Saplitsa Bergen, June 2008 3 Executive Summary Every asset, both financial and real, has a value. The main factor of successful investments and management of these assets is in the understanding not only what the value is, but the source ...
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...state and Washington DC, June 2011 trends of the 2011 state and trends of the 2011 Environment Department This report was prepared by a World Bank team comprising of Nicholas Linacre, Alexandre Kossoy and Philippe Ambrosi, with important contributions from Manelle Aït Sahlia, Veronique Bishop, Benoît Bosquet, Christophe de Gouvello, Taisei Matsuki and Monali Ranade. 2 | State and Trends of the Carbon Market 2010 New Approach for the 2011 Report With the goal of providing a comprehensive discussion of the issues that most affected the carbon market in 2010, the authors of last year’s report have restructured State and Trends of the Carbon Market for 2011. The report still provides an overview of the size and reach of the carbon markets, as well as the evolution of the Kyoto flexibility mechanisms, and offers potential supply/demand scenarios for coming years. However, it no longer includes a detailed breakdown of carbon transactions, as in previous years. Instead, the report provides a more in-depth analytical discussion of the regulation and policy issues that will guide future carbon market development. The findings and opinions expressed in this report are the sole responsibility of the authors and should not be cited without permission. They do not necessarily reflect the views of the World Bank Group, its Executive Directors, the countries they represent or of any of the participants in the carbon funds or facilities managed by the World Bank. The World Bank does...
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...INSTRUCTIONS FOR COMPLETING THE 2011 ERASMUS MUNDUS ACTION 1 APPLICATION FORM (EFORM) ERASMUS MUNDUS PROGRAMME CALL 2011 (EACEA 41/10) Contents Chapter 1: Introduction ...........................................................................................................................................................3 1.1 Presentation and organisation of these instruction notes ....................................................................3 1.2 Definitions .........................................................................................................................................3 1.3 Contents of the Application Package .................................................................................................4 1.4 Application deadline and submission procedure ................................................................................4 1.5 Key reference documents...................................................................................................................6 1.6 The Award Criteria, Experts Assessment and Scoring Mechanism ..................................................7 1.7. Frequently Asked Questions (FAQs) .................................................................................................8 Chapter 2: The Application Package .....................................................................................................................................9 2.1. Document 1 - The Application Form ...
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...Corporate Social Responsibility and Accounting - A Literature Review Master thesis in Financial Accounting Fall semester 2012 Supervisor: Kristina Jonäll Author: Ulla-Christel Götherström Abstract Master Thesis in Financial Accounting, School of Business, Economics and Law, University of Gothenburg, fall semester 2012 Author: Ulla-Christel Götherström Supervisor: Kristina Jonäll Title: Corporate Social Responsibility and Accounting - A literature review. Background and problem: Corporate Social Responsibility (CSR) is an area which has gained much attention the last 10-15 years. To satisfy various stakeholders, corporate social responsibility has increased its importance and often constitutes a substantial part of the firms´ financial reports, in spite of the fact that there are no legal requirements. However, to perform strategic CSR-reporting has become more or less compulsory for firms. The research question is: What research has been performed in the area of corporate social responsibility and accounting? Aim: The aim is to provide a structured overview of the literature in the area of corporate social responsibility and accounting regarding the years 2002-2012. The overview will provide a basis for future research and constitute a framework for focused research question. Delimitation: The focus of this study is on research published in scientific journals from 2002 until 2012. Method: A literature review was performed including peer-reviewed papers...
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...Athens Information Technology Master in Management of Business, Innovation & Technology (MBIT) Management Information Systems E-Health in Greece compared to EU/US and the impact of Big Data in healthcare Prepared by: Athina Klaoudatou Christos Panagiotou Abstract The aim of this report is to describe the eHealth market. The focus is the Greek business landscape, current trends in the market, industry growth, drivers, and restraints, the technologies and the players in various aspects of the field. Data are presented about the evolution of the market and there are descriptions of what Greek companies offer. Moreover implementation measures are presented, along with progress achieved with respect to national and regional eHealth solutions in EU and EEA Member States. Table of Contents 1. The National Health System 1 1.1. Organizational structure 1 1.2. Some facts & figures 1 2. What is eHealth, definitions, areas of application, benefits 5 2.1. What is eHealth 5 2.2. Forms of eHealth 5 2.3. Benefits of eHealth 6 3. eHealth framework in European Union countries 7 3.1. eHealth Action Plan 2012 - 2020 7 3.2. eHealth in the European Countries 8 4. Application of eHealth practices 10 4.1. Electronic Health records (EHR) 10 4.1.1. Examples of current EHR use 10 4.1.2. Electronic Health Record in Greece 12 4.1.3. Summing up 14 4.2. Interoperability 15 4.2.1. Defining Interoperability in Healthcare Systems 15 4.2...
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...Sector Report No. 8 / 2006 ICT and e-Business in the Tourism Industry ICT adoption and e-business activity in 2006 European Commission Tourism About e-Business W@tch and this report The European Commission, Enterprise & Industry Directorate General, launched the e-Business W@tch to monitor the growing maturity of electronic business across different sectors of the economy in the enlarged European Union, EEA and Accession countries. Since January 2002, the e-Business W@tch has analysed e-business developments and impacts in manufacturing, construction, financial and service sectors. All results are available on the internet and can be accessed or ordered via the Europa server or directly at the e-Business W@tch website (http://ec.europa.eu/comm/enterprise/ict/policy/watch/index.htm, www.ebusiness-watch.org). This document is a sector study by e-Business W@tch, focusing on the tourism industry. Its objective is to describe how companies in this industry use ICT for conducting business, to assess the impact of this development for firms and for the industry as a whole, and to indicate possible implications for policy. Analysis is based on literature, interviews, case studies and a survey among decision-makers in European enterprises from the tourism industry about the ICT use of their company. Disclaimer Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use which might be made of the following information...
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...Tax Update & Tax and Legal Alerts • Romanian, EUEU and Intl taxation regulatory section Romanian, and Intl taxation - - regulatory section Read only access to the TaxOnline Forum • Read only access to the TaxOnline Forum PREMIUM subscription Access to analysis and opinions of of our consultants on hot taxissues Access to analysis and opinions our consultants on hot tax issues Ability to a question online and receive a a response from our PwC consultants Ability to askask a question online and receive response from our PwC tax consultants FullFull participation our TaxOnline Forum participation in in our TaxOnline Forum Daily Tax Update & Tax and Legal Alerts Daily Tax Update & Tax and Legal Alerts Romanian, EU and Intl taxation – regulatory and analyses sections Romanian, EU and Intl taxation – regulatory and analyses sections PREMIUM subscription • • • • • Our PREMIUM subscription is available EUR 500 per year for a company subscription, plus an additional plus OurPREMIUM subscription is available for only for only EUR 500 per year for a company...
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...India and the Global Economy 14 CHAPTER The big story of the last decade for India has been its arrival on the global scene. The Indian economy had broken free of the low-growth trap from the early 1980s. By the mid-1990s, following the economic reforms of 1991-3, India began to appear as a player of some significance in the global economy. Then, following the East Asian crisis of the late 1990s, and from the first years of the first decade of the 21st century there was no looking back. India’s exports began to climb, its foreign exchange reserves, which for decades had hovered around 5 billion dollars, rose exponentially after the economic reforms and in little more than a decade had risen to 300 billion dollars. Indian corporations that rarely ventured out of India were suddenly investing all over the world and even in some industrialized countries. When, in 2009, the Group of 20 (G-20) was raised to the level of a forum for leaders, India was a significant member of this global policy group. 14.2 The globalization of India has given rise to new opportunities but it has also brought with it new challenges and responsibilities. It means that the global economy can no longer be viewed from a spectator’s standpoint. What happens there has large implications for India. Every time there is a major financial crisis anywhere in the world, there is need to take brace position. And, in turn, the rise and fall of India’s growth rate has an impact on global growth and there...
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...MBA LEARN MORE, DO MORE, BECOME MORE 90 exceptional people who will shape the future of business The IMD MBA Class of 2011 Developing your future global leaders The IMD difference Why recruit at IMD? Find truly global experienced leaders able to address your company’s challenges in today’s complex environment 90 talented pre-screened participants Besides strong academic ability, we assess the leadership potential with a focus on real management capacity in a multi-cultural and complex environment. In total we spend at least 10 manhours per candidate to make sure each one is right for the program. The admission process consists of: - an online application with 12 essays - letters of recommendations - a full day assessment center Once accepted, each candidate goes through a full background check conducted by an independent agency. International and experienced In a class of 90, you will find 40+ different nationalities and 90% of the participants will have spent at least 6 months outside their home country. With a minimum of 3 years of work experience, our participants have on average 7 years of experience prior to IMD. Trained to become truly global hand-on leaders Besides strong academic business fundamentals, our intensive one-year program is designed to constantly push our MBAs beyond their comfort zone. A diversity of hands-on projects takes them through various settings: - a 6-week startup project - a 9-week international consulting project with medium to...
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