...QUESTION 1 Using the Solow Growth Model to explain the growth miracle in China since 1980: 1. What were the main engines of growth for China for the period 1980–2013? 2. Do you expect China's exceptional growth record to continue in the near future? Why or why not? 3. Can the Chinese experience be replicated in other less developed countries? 1. Introduction China has been the subject of economic and social experimentation since the establishment of the People’s Republic of China in 1949 (Assbring 2012, 4). Still, up until the late 1970’s, China was one of the poorest performing economies in the world, impaired by social unrest and economic inefficiencies (Fan, Zhang and Zhang 2000, 8). After a change in leadership in 1978 and while witnessing the success of other East Asian economies in particular, Emperor Deng Xiaoping initiated economic transformation through the implementation of policies embracing the open market. As a result, China has been able to maintain an impressive growth rate averaging 10% over more than three decades; an achievement unsurpassed by any other economy (Ding & Knight 2008, 2). This unprecedented sustained growth begs the question of what is driving this growth and whether this growth can continue to be maintained in the future. Furthermore, is it possible for the Chinese growth “phenomenon” to be replicated by other countries? This paper intends to address these issues by employing the Solow Growth Model (SGM) as a means of...
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...the currency in the Easy-forex, the trader should focus on the spot market (daily trading). The price of currency in spot market can change over time. This market has a lot of currencies which can trade but it is difficult to trade all currencies. So we focus to trade on some pair currencies such as USD/GBP, EUR/AUD, JPY/USD, AUD/USD and USD/EUR In our position of trading currency in Easy forex, we have to use financial instruments to analysis and identify which currency that we will get the profit. Furthermore it will have management tools to help us to manage the risk such as stop loss, take profit and limit order which we can set the limit of lost and profit that we can accept. We 30 completed transactions and the total balance in our account is AUD 46,097.96 Overall Strategy In general, the overall strategy is the news that will be announced every day. In our opinion the economic news from many the foreign exchange rate websites are the main drivers of market developments such as interest rate, Consumer Price Index, unemployment rate and inflation etc.Those factors will be the big impact to the foreign exchange market in the world economy. The technical analysis is another strategy that we usually use to predict the trend of currency from the historical statistic information in trading process. They are including the chart and technical indicators which can help the investors to identify the future trend of those currencies. It is easy to indentify because it focus on...
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...Final market report- Foreign exchange rate Group 4- Team 5 Bui Ai Phuong- s3445871 Nguyen Ha Phuong- s3445955 Nguyen Thi Minh Tam- s3360710 Bui Khac Xuan- s3342375 Table of contents Introduction 3 Market past performance 3 USD/VND exchange rate 3 AUD/USD exchange rate 4 Analysis of historical macro factors 4 GDP 4 Interest rate 6 Inflation rate 7 Government Intervention 8 Commodity Price 9 Market view and forecasting 10 GDP 10 Interest Rate 10 Inflation Rate 11 Commodity Price 12 Trading strategy 12 Risk anticipation 13 Conclusion 13 References 13 Introduction Vietnam bank for industry and trade- Vietinbank was established in 1988, after the separate from the State Bank of Vietnam. Over more than 20 years of development and growth, Vietinbank is one of the largest commercial bank, holding key role in the current market in Vietnam. As a foreign exchange dealing team working for Vietinbank, in this report, we will first explain the behavior of two currency pair: AUD/USD and USD/VND from 2013 to 2014 by analyzing some historical macro factors that affect the foreign exchange rate during the period. And then we will explain the behavior of these exchange rates over the next six months, after that undertake foreign exchange trading strategies to achieve maximum profit for Vietinbank. Market past performance USD/VND exchange rate According to the graph, in the first three quarter of the year 2013, USD/VND rate flutuated...
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...ain't gonna take 80 days. If you're fast enough to keep up, we can probably get around in just 80 seconds! ...Not! In any case, we'll make sure you learn about the nitty-gritty of each major economy and what makes its engine go. For each country that we will be touring, we'll start off with a quick peek at the important facts and figures, followed by an overview of its economy. Once that's out of the way, we'll visit the country's central bank to find out some of their secrets. In this section, we will explore the powerful monetary policy tools central banks employ to control the country's economy. Hopefully, we'll stumble into the room where they keep their printing plates and we can sneak out the back door and sell it on the black market. We're kidding - we're here to teach you how to trade forex the legal way. After that, we'll discuss the important characteristics that differentiate that country's local currency from all the rest, as well as hard-hitting economic indicators for that country. To keep the trip interesting, we'll be dishing some trivia every now and trading tactics that will prove useful later on when you go off on your pip-catching adventure! And as we promised, this very exclusive field trip is covered by your scholarship. No need for travel visas and no need to buy a travel fanny. Although if you're paranoid like Huck, then go right ahead. Pack light, cause all you'll need is your hunger for more learning. If you need a change of clothes, don't...
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...B: Han Yang 25023772 Part C: Kangtai Li 25843001 Prepared by: Part A: Pricillia Indah Soesanto 23270683 Part B: Han Yang 25023772 Part C: Kangtai Li 25843001 CALTEX Australia Ltd: BUSINESS VALUATION GROUP PROJECT CALTEX Australia Ltd: BUSINESS VALUATION GROUP PROJECT Table of Contents Executive Summary 3 1. Introduction 4 1.1 Purpose 4 1.2 Scope 4 1.3 Sources 4 2. Company Background 4 3. Benchmark 5 4. Capital Market Analysis 6 4.1 Share Ownership 6 4.2 Share Trading and Liquidity 9 4.2.1 Stock Liquidity 9 4.2.2 Bid-Ask Spread 10 4.3 52 Weeks High and Low 12 4.4 News and Disclosure Analysis 14 4.5 Analyst Coverage 17 5. Business Analysis 26 5.1 Macroeconomic Analysis 26 5.1.1 Economic Factors 26 5.1.1.1 GDP Growth 26 5.1.1.2 Exchange Rate 27 5.1.1.3 Interest Rate 28 5.1.2 Legal Factors 28 5.1.2 Market Factors 29 5.2 Industry Analysis 29 5.2.1 Rivalry Among Existing Companies 29 5.2.2 Threat of Substitutes or Services 30 5.2.2.1 Shale Gas 31 5.2.2.2 Biofuels and Renewable Resource 31 5.2.3 Threat of New Entrants 31 5.2.4 Bargaining Power of Buyers 32 5.2.5 Bargaining Power of Suppliers 33 5.3 Business Strategy Analysis 33 5.3.1 Cooperating With Woolworth 33 5.3.2 Domestic Market 34 5.3.3 Packaging Changing Plan 34 6. Management Quality and Corporate Governance Analysis 35 6.1 Management Quality 35 6.2 Internal Corporate Governance 37 6.3 External Governance 40...
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... PAGE 3 2 External Stability 5 3 Unemployment 7 4 Labour Markets 9 5 Financial Markets 11 6 Economic Growth 13 7 Ecologically Sustainable Development 15 8 Globalisation 17 9 Income Distribution 19 10 Developing Economies 21 Produced by “Plain English Economics Pty Ltd” PO Box 522 Jannali NSW 2226 Email: plain.english@bigpond.com Disclaimer: While every attempt is made to ensure the accuracy of information contained in this publication, no liability is held by the producers as a result of any use of the contents of this document. Topic one: Inflation Inflation (%pa) 5% Inflation remains within target 4% There has been some volatility in the actual official or “headline rate” of inflation over the past 3 years. There was a spike in inflation in mid 2011, when the CPI hit 3.5%.This primarily reflected higher food prices as floods around the country and the North Queensland cyclone in early 2011 caused supply shortages of several fruits and vegetables. Over the course of 2012 there was a reversal of this effect, as food supply levels normalised and prices fell as a result. The CPI hit a low of 1.2% in mid 2012. Since then, the headline CPI growth rate has generally been on an upward trend. At 2.9%, the March 2014 CPI is at the upper end of the Reserve Bank target range. Growth Rate % Consumer Price Index March 2014 Quarter Year to March 2014 Year...
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...payments, etc). This shift is considered almost irreversible as consumers appreciate more and more the convenience, practicality and security of the electronic money. Similarly for corporations the use of paper-less money brings uncontestable benefits in terms of management, efficiency and security of money flows. The global volume of non-cash transactions is approximately 260 billion (2009 data) and is growing globally at an average rate of around 7%, with Asia-Pacific and Emerging Markets growing a higher rate than USA and Europe. USA represents without any doubt the largest non-cash payments market in the world (40%) followed by the Europe (21%) and mature Asia-Pacific (all together 83%). In terms of future trends, non-cash payments are expected to grow at a very high rate in (37%) in CEMEA (Central Europe, Middle East, Africa) followed by Asia (23%, excluding China and India), BRICs and other mature economies in Asia-Pacific (14%), while Europe and North America will progress with much lower rates. For what concerns cards sub sector, we assist at a global level to a substantial growth in the use of credit and debit cards (9.7%) as they remain the preferred non-cash payment instrument globally (avg. 40%). More in general we notice that the average value per card transaction is decreasing in most markets as cards are becoming more and more popular for daily expenses. E-payments and m-payments account for less than 10% of...
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...Company Analysis The Walt Disney Company has been in the entertainment business for more than 80 years and is well recognized around the world as one that delivers an exceptional entertainment experience. Walt Disney Company strengths can be grouped in three main categories: 1) diversified distribution channels, 2) strong brand portfolio, and 3) financial strength. Despite Walt Disney’s success, the company has some declining segments in their domestic business. In addition, Disney’s biggest challenge in creating theme parks and resorts abroad is their inability to tailor the attractions to the local market while maintaining Disney’s brand image. In the past, international theme park implementations, Disney had failed to adapt their strategies to the local market. Therefore, Disney’s weaknesses can also be also grouped in three categories: 1) declining segments, 2) difficulty adapting to other cultures, and 3) weak managerial skills in terms of international operations. Diversified Distribution Channels Disney has a strong diversified distribution channel. The company operates by four strategic business units (SBU): 1) Media Networks and Broadcasting, 2) Parks and Resorts, 3) Studio Entertainment, and 4) Disney Consumer Products (Banton, 2007, p.31). The Media Network segment comprises of all broadcast television network, television production and distribution operations, television stations, cable networks, broadcast radio, publishing and digital operations (“Fiscal Year...
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...Gordon Orr What might happen in China in 2016? Strategy January 2016 Millions of people being relocated from cities, fewer jobs, greater centralization, and more movie blockbusters are just some of the author’s predictions for the year. In debates about whether growth is a percentage point up or down, we too often lose sight of the absolute scale of China’s economy. No matter what rate the country grows at in 2016, its share of the global economy, and of many specific sectors, will be larger than ever. My snapshot of China in 2016? An increasingly diverse, volatile, $11 trillion economy whose performance is becoming more and more difficult to describe as one dimensional. The reality is that China’s economy is today made up of multiple subeconomies, each more than a trillion dollars in size. Some are booming, some declining. Some are globally competitive, others fit for the scrap heap. How you feel about China depends more than ever on the parts of the economy where you compete. In 2015, selling kit to movie theaters has been great business, selling kit to steel mills less so. In your China, are you dealing with a tiger or a tortoise? Your performance in 2016 will depend on knowing the answer to this question and shaping your plans accordingly. Many well-established secular trends in China will continue in 2016. The service economy’s expansion is perhaps most prominent among them. In this piece, as usual, I won’t spend much time on the most familiar things...
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...2011 Company Valuation Report 1|Page Table of Contents 1. EXECUTIVE SUMMARY ........................................................................................................ 5 2. INTRODUCTION TO TRANSURBAN GROUP ................................................................... 9 2.1 Overview ................................................................................................................................ 9 2.2 History .................................................................................................................................. 10 2.3 Share Price Performance ...................................................................................................... 12 2.4 Products and Services ........................................................................................................... 14 2.5 Toll Roads ............................................................................................................................ 15 2.5.1 CityLink ......................................................................................................................... 15 2.5.2 M2 Hills ......................................................................................................................... 15 2.5.3 Lane Cove Tunnel .......................................................................................................... 15 2.5.4 M1 Eastern Distributor ...........................................................
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...| GDP | 2.30% | 1.20% | 2.30% | 4.00% | 6.20% | Inflation Rate | 1.60% | 2.00% | 2.40% | 2.50% | 2.60% | Unemployment Rate | 4.10% | 3.60% | 4.50% | 4.50% | 4.10% | Table 01: Economic performance of Luxembourg (Sources from: Index Mundi) Chart 01: Economic performance of Luxembourg (Sources from: Index Mundi) The graphs above have shown that the GDP, inflation rate and unemployment rate of Luxembourg. In year 2003 its show the GDP is 2.30%. In 2004, the graph was decrease by 1.10% which is 1.20%. Then, start in year 2005 the GDP was increase from 2.30%, 4.00% in year 2006 and 6.20% in year 2007. That graph has shown that the year 2007 have the higher GDP. For the inflation rate, in year 2003 is the lowest rate that is 1.60%. In 2004 the inflation rate was increase by 0.40% which is 2.00%. In 2005, 2006, and 2007 the inflation rate also increase every year by 0.10% which is 2.40%, 2.50% and 2.60% in 2005, 2006 and 2007. It show that the country give a good performance of inflation rate every year because the rate is increase slowly. There also approve that the country show the increases of money supply and the decline in the real value of money. For the unemployment rate in 2003 is 4.10%. Then the unemployment rate was slightly decline by 0.50% which is 3.60% in year 2004. The unemployment rate was increase again in year 2005 and 2006 is same rate which is 4.50%. However, the unemployment rate was slightly decline to 4.10%. This country show that they can...
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...12 5.3.2 Actual product 13 5.3.3 Augmented product 13 5.4 Branding and strategies 14 5.4.1 Brand positioning 14 5.4.2 Brand name selection 14 5.4.3 Brand sponsorship 14 5.4.4 Brand development 14 5.5 Packaging 15 5.6 Labelling 15 6.0 Target Market Analysis 15 6.1 Market segmentations 15 6.1.1 Psychographic segmentation 15 6.1.2Demographic segmentation 16 6.1.3 Geographic segmentation 16 6.2 Characteristics 17 6.3 Specific target segment 18 6.3.1 Motivation 18 6.3.2 Needs & wants 18 6.3.3 Relationship level 18 7.0 Analysis of current product 19 8.0 Conclusion 20 9.0 RECOMMENDATION 21 9.1 Quantity improvement & Type adjustment 21 9.2 Promotion Strategies Development 21 9.3 Service development 21 Reference list 22 List of figure Figure 1 8 Figure 2 9 Figure 3 10 Figure 4 11 Figure 5 11 Figure 6 11 Figure 7 12 Figure 8 13 Figure 9 14 Figure 10 14 Figure 11 16 Figure 12 19 List of table Table 1 17 Executive summary This report mainly focus on the current market situation of Shangri-la Hotel Company, providing evaluations and recommendations for marketers of the company to get more involved in the hotels in the Chinese market. A brief introduction of the...
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...type of organization is Schultz Wines Limited? Schultz Wines is a listed Australia company. It was established in 1840s by one of the founding winemaking families of Barossa Valley in South Australia who had immigrated from Germany. It has been run by the fifth generation, Frederich Schultz, since 1983 when his father retired. The company was listed on the Australia Stock Exchange in 1996. b. What industry, product segments/markets does Schultz Wines operate in? Schultz Wines ranked 7th among the Australian wine producing companies. Core activities cover harvesting, crushing, fermentation, bottling and distributing. It produces a diverse range of high quality premium varietal wines including red and white table wines, sparkling wines and fortified wines which are sold in both domestic and export markets. (Schultz Wines are distributed in Australia by a well respected, family owned wine merchant, and export wine sales are distributed through well established wine merchants in UK, Continental Europe, as well as North American, New Zealand, Asia and the Pacific region.) Schultz also achieves its sales through the cellar door sales and The Schultz Cellar Club mail order. c. What is the current life-cycle position of the industry? The Australian winemaking industry is at the mature stage of its life cycle. This is demonstrated by the low and medium average growth rate of sales in the industry as shown in Table 2, 5, 6, and low consumption growth as...
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...purpose of this report is to provide a fundamental analysis of Flight Centre Limited (Ltd) and provide recommendation for investors wishing to invest in this company. The recommendation was made based on a number of critical assumptions hence it should be evaluated very carefully as results can significantly differ depending on the assumptions provided. The four main sections discussed in this report include: * Business Strategic Analysis - this opening section provides a brief overview of Flight Centre’s business activity and analyses the travel and leisure industry. It also provides an insight into FLT’s corporate strategy and more importantly it discusses the impact of these external and internal factors on FLT’s profitability in the future. * Accounting Analysis - Includes an analysis of the key accounting policies of FLT and explains these policies are critical to FLT’s success. It also compares the policies applied by Flight Centre with its main competitor Jetset travel. * Financial Analysis - Provides an overview of Flight Centre’s financial performance over the past three years by presenting relevant ratios and also compares these ratios with Jetset Travel. It then offers an interpretation of these ratios and evaluate the company’s cash flow position. * Prospective Analysis - Forecasts on balance sheets, income statements and free...
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...banks have primarily financial assets; non-financial firms have primarily real assets 2) Because of the above, commercial banks are exposed to different types of risk than non-financials (some of which are related to banks’ financial assets, like interest rate risk and default risk.) 3) Commercial banks market products from BOTH sides of the balance sheet making it more difficult to balance their sources of funds (i.e., deposits) and uses of funds (new loans). Non-financials determine how much capital is necessary to purchase new assets and then (assuming the project is +NPV) determine how to fund the purchase. Big picture: How to non-financial firms earn profits? How to commercial banks earn profits? Commercial banks earn profits from generating higher levels of interest income and fee income than they incur in interest expense (paid on deposits and other liabilities) and operating costs. Non-financials earn net revenues generated from positive NPV investments, primarily in real assets Current Topics in the News… Bank Regulation and the Presidential Candidates: Sanders vs. Clinton vs. Republicans Note that one reason banks are regulated is because government deposit insurance eliminates some of the market discipline (in higher cost liabilities) associated with high risk asset investment strategies. That is, if non-financial firms take...
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