...bank with competent and committed professionals of high ethical standards, conduct monetary management and financial sector supervision to maintain price stability and financial system robustness, support rapid broad based inclusive economic growth, employment generation and poverty eradication in Bangladesh. The mission is to formulate monetary and credit policies, manage currency issue and regulate payment system, manage foreign exchange reserves and regulate the foreign exchange market, regulate and supervise banks and financial institutions and advise the government on interactions and impacts of fiscal, monetary and other economic policies. Bangladesh Bank maintains an interest rate structure that provides fair return on financial assets, supports growth in the real sector and promotes development of markets in bond and securities. The central bank provides precise prudential regulatory, risk management and disclosure framework to protect solvency and liquidity of individual institutions and stability of the overall financial system, acting as lender of last resort if and when needed. The central bank maintains liquidity conditions and credit policies ensuring adequate credit flows at market driven flexible interest rates for all productive economic activities, including in sectors like agriculture, SME, and where markets have not been very responsive. Bangladesh Bank fosters macroeconomic stability through monetary and external sector management. The bank promotes...
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...A Fundamental Valuation of the BMW Group Authors: Jalpesh Madlani – MSc Applied Economics and Finance Jens Chr. Ulvestad – MSc Applied Economics and Finance Supervisor: Jeppe Schoenfeld, Deloitte Number of Pages and Total Characters: 120 pages, 254.877 characters Submission Date: October 22nd 2012 Master Thesis – Copenhagen Business School 2012 Resumé This thesis conducts an in-depth analysis of the BMW Group in order to determine the fair value of the Group’s share price and to conclude whether it is over- or undervalued. The BMW Group is one of the largest automotive manufacturers that focus on the premium segment, producing both automobiles and motorcycles. The Group is headquartered in Munich, Germany and its business operations are divided into three segments: Automotive, Motorcycle and Financial Services, where the Automotive segment provide by far the largest source of revenue. The BMW Group is analyzed by conducting a strategic and financial analysis, where several models are applied and financial drivers thoroughly analyzed from a historical perspective. The findings from these analyses act as a foundation for forecasting the future performance of the Group. The share value is estimated by utilizing the discounted cash flow (DCF) valuation model on the forecasted figures. A multiple valuation model (EV/EBITDA) is also conducted in order to triangulate the value derived from the DCF valuation with a relative valuation based on market multiples...
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...OF UGANDA QUARTERLY ECONOMIC REPORT December 2012 1 | BANK OF UGANDA TABLE OF CONTENTS 1 OVERVIEW............................................................................................................................ 3 2 OUTPUT ................................................................................................................................ 5 3 AGGREGATE DEMAND ..................................................................................................... 9 4 MONEY AND ASSET PRICES ............................................................................................ 9 5 DOMESTIC FINANCIAL SECTOR .................................................................................. 17 6 THE EXTERNAL SECTOR ............................................................................................... 17 7 COSTS AND PRICES .......................................................................................................... 22 8 CONCLUSION ..................................................................................................................... 34 2 OVERVIEW | BANK OF UGANDA 1 i OVERVIEW trade deficit, which improved over the quarter as export growth exceeded that in imports. iv With a much faster decline in than earlier projected and This report reviews the monetary policy actions and the domestic and global economic developments in the quarter ending June 2012. The report also provides an economic outlook in...
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...IJRFM Volume 2, Issue 2 (February 2012) ISSN: 2231 -5985 FIIS: FUEL OF INDIA’S GROWTH ENGINE Dr. Ankeshwar Prakash * Dr. Dharamveer ** ABSTRACT A f avorable business environment fostered Indian economy after 1991 -92, when t he government of India opened the door for foreign capital in the way of direct investm ent and t hrough foreign institutional investors. Consequently, the international capital inflows have been increased tremendously during last two decades. The capital is being invested by f oreign investor through mutual funs, investment trusts, banks, port folio mangers, charitable t rusts etc. and it has been boosting the growth of Indian economy since then. Moreover, t he growth rates in GDP i.e. around 7 to 8 percent per year as compared to 2 to 4 percent in most of the developed economies and higher interest rate attracted the foreign capital the most. This paper is an attempt to analyze t he relationship of FII investment with economic growth of India, in addition to comparative analysis of preferred investment stock of FII. * Assistant professor, Department of Commerce, D.A.V. College, Sadhoura , YNR, Haryana. **Assistant professor, Department of Management, Haryana Engineering College, Jagadhri, Haryana. International Journal of Research in F inance & Marketing http://www.mairec.org 611 IJRFM Volume 2, Issue 2 (February 2012) ISSN: 2231 -5985 FII is defined as an institution organized outside India for the purpose...
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...India’s growth rate since 2004 is the highest in the world. This is often referred to as India’s growth miracle. Before Eighties of the last century India’s average growth rate stuck around 3.6 per cent per annum which Late Prof. Raj Krishna called Hindu rate of growth. In the eighties India’s average rate of economic growth rose to 5.6 per cent per annum and further in the nineteenth and up till 2002-03 (i.e. in 12 years period). India’s average growth rate went up to 6.2% per annum under liberalisation and globalisation of the Indian economy. But since 2004 to FY 2007-08 India’s average annual growth rate of GDP rose above 9 per cent per annum. In 2008-09 while the advanced developed countries were experiencing recession (i.e. negative growth), India succeeded in achieving 6.7 per cent growth in 2008-09 which further rose to 8.4 per cent in 2009-10 and 2010-11. However, for the reasons explained later, estimated rate of growth of GDP in 2011-12 fell to 6.5 per cent and for 2012-13 also India’s growth rate is again estimated by Reserve Bank of India to be 6.5 per cent.Rate of Domestic Saving and Fixed Capital FormationNow the question is how do we account for such a high growth in GDP from 2004-05 to 2010-11. Growth depends mainly on rate of saving and investment (or, in other words, on rate of capital formation), and improvement in technology or capital output ratio. In India such as other emerging economies, China, Indonesia and South Korea, it is increase in rate of saving...
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...Monetary Policy Statement (July‐December 2012: H1FY13) Executive Summary This issue of the Bangladesh Bank (BB) half yearly Monetary Policy Statement (MPS) outlines the monetary policy stance that BB will pursue in H1 FY13 (July‐December 2012), based on an assessment of global and domestic macro‐economic conditions and outlook. BB’s monetary policy has two major objectives: (i) maintaining inflation at moderate levels and (ii) supporting inclusive growth objectives of the Government. This MPS was preceded by productive consultations with a range of key stakeholders and web‐based comments were also received. In FY10 and FY11 the global economy continued languishing in the aftermath of the 2009 global financial crisis and BB eased monetary policy in order to limit the impact on the Bangladesh economy. Due to this and other pro‐active measures, the Bangladesh economy emerged largely unscathed from this global crisis, averaging over 6% growth between FY09 and FY11. In FY12 the economy faced a different set of challenges related to rising inflation and balance of payments pressures. In order to address these challenges BB’s monetary stance was more restrained than earlier years and yet able to accommodate a private sector credit growth rate which was more than sufficient to meet the initial GDP growth target. The monetary growth targets set in January 2012 were met and the key outcomes – falling inflation and con...
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...provides a holistic view of any country from historical current and future. This analysis on critical, current and future is presented through detail is called SCPT. That means (strengths, challenges, prospects, and threats). Analysis of each segments the PESTLE country analysis provides an in depth analysis of 50 major countries This classification is distinguishes between PESTEL mainly contains following points : Political factors Economic factors Social factors Technological factors Environmental factors Legal factors FEATURES OF PESTEL ANALYSIS OF MALAYSIA Get trend and forecast of real GDP growth rate of Malaysia. Get trend of consumption expenditure in percentage of GDP in Malaysia. Research and development factors of Malaysia. Technological factors of Malaysia. Get trend of growth of population rate in Malaysia. Get trend of unemployment rate in Malaysia. Get trend of savings and consumption as well as investment and expenditure in percentage in GDP of Malaysia. BENEFITS OF PESTEL ANALYSIS IN MALAYSIA Political section on Malaysia provides get the information about the whole political system governors indicators and all key figures in the country. From economic section we get all outlines of the economics stories of the country and is provides balanced between assessments on core macro economical issues. In social section of Malaysia country it enables understanding of consumer demographics by the income distribution, rural market and...
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...:-Done by Sunil Kumar and Ajeet verma Indian economy before us recession India had been growing robustly at an annual average rate of 8.8 per cent for the past five years (2003-04 to 2007-08). This was higher than the potential growth rate of output as estimated by the IMF. The strong Indian growth story, based on its structural strengths of a young population, skilled manpower, rising savings and investment rates, large unfulfilled domestic demand and globally competitive firms attracted significant investor attention in recent years. Recent high rates of economic growth have been the result of high levels of investment, rise in productivity supported by technological up-gradation and greater integration with global flows of trade, finance and technology. The challenge is to sustain these high growth rates while also preventing an unacceptable rise in income and spatial inequities and also eliminating absolute poverty in a given time frame. The answer to this challenge is in raising India’s potential rate of output growth by removing the binding constraints. We have also estimated the potential growth rate for India during the last decade based on HP filter technique (Hodrick and Prescott, 1997) and found that in the last three years, India had been growing above its potential growth rate. Figure 6: Potential GDP Growth and Output Gap (1997-08 to 2007-08) Note: Based on HP filter technique as proposed by Hodrick and Prescott (1997). Fears of over-heating...
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...FIN 382 COMPANY ANALYSIS GROUP ASSIGNMENT PREPARED FOR : PUAN NORSALIZA BINTI ABU BAKAR PREPARED BY : KHAIRIL AZMAN BIN RADZALI 2010459076 DHARWIS BIN HASNIM 2010699142 MUHAMMAD FAIDI BIN SAFARRUDIN 2010408132 ELMIRUSHUDA BINTI AMERUDIN 2010248112 FAZLIAH NOOR BINTI MOHD FOUZI 2010834506 GROUP : JBM114 6A DUE DATE : 21st DECEMBER 2012 ECONOMY ANALYSIS 1.0 WORLD ECONOMY The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways. It is inseparable from the geography and ecology of Earth, and is therefore somewhat of a misnomer, since, while definitions and representations of the "world economy" vary widely, they must at a minimum exclude any consideration of resources or value based outside of the Earth. For example, while attempts could be made to calculate the value of currently unexploited mining opportunities in unclaimed territory in Antarctica, the same opportunities on Mars would not be considered a part of the world economy – even if currently exploited in some way – and could be considered of latent value only in the same way as uncreated intellectual property, such as a previously unconceived invention. It is common to limit questions of the world economy exclusively to human economic activity, and the world economy is typically judged in monetary terms, even in cases in which there is no efficient market to help valuate certain goods or services,...
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...Monetary Policy Statement (July-December 2012: H1FY13) Executive Summary This issue of the Bangladesh Bank (BB) half yearly Monetary Policy Statement (MPS) outlines the monetary policy stance that BB will pursue in H1 FY13 (July-December 2012), based on an assessment of global and domestic macro-economic conditions and outlook. BB’s monetary policy has two major objectives: (i) maintaining inflation at moderate levels and (ii) supporting inclusive growth objectives of the Government. This MPS was preceded by productive consultations with a range of key stakeholders and web-based comments were also received. In FY10 and FY11 the global economy continued languishing in the aftermath of the 2009 global financial crisis and BB eased monetary policy in order to limit the impact on the Bangladesh economy. Due to this and other pro-active measures, the Bangladesh economy emerged largely unscathed from this global crisis, averaging over 6% growth between FY09 and FY11. In FY12 the economy faced a different set of challenges related to rising inflation and balance of payments pressures. In order to address these challenges BB’s monetary stance was more restrained than earlier years and yet able to accommodate a private sector credit growth rate which was more than sufficient to meet the initial GDP growth target. The monetary growth targets set in January 2012 were met and the key outcomes – falling inflation and containment of external sector pressures – were achieved...
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...USD: 3 1) GDP GROWTH: 4 2) INFLATION: 6 3) FOREIGN DIRECT INVESTMENT 7 4) UNEMPLOYMENT 7 5) INTREST RATE 8 6) FOREIGN TRADE 9 7) INDUSTRIAL PRODUCTION 10 8) ECONOMIC FREEDOM INDEX 11 9) POLITICAL STABILITY: 11 10) Stock Market Performance 12 Major Trade Partners 12 Weaknesses 13 Conclusion 13 Appendix 14 History: Between 1772 and 1795, Russia, Prussia, and Austria partitioned Poland among themselves. Poland regained its independence in 1918 only to be overrun by Germany and the Soviet Union in World War II. It became a Soviet satellite state following the war, but its government was comparatively tolerant and progressive. Labour turmoil in 1980 led to the formation of the independent trade union "Solidarity" that over time became a political force with over ten million members. Free elections in 1989 and 1990 won Solidarity control of the parliament and the presidency, bringing the Communist era to a close. Poland joined NATO in 1999 and the European Union in 2004. Economy: Poland made a remarkable progress in its economy post liberalization. It makes an interesting case study as one of Europe’s champions of good economic management. It is a decentralized country with solid institutions, and its economy is diversified and deeply integrated within the European Union (EU) The country has population of about 38.2 million, and a per capita income of $12,660 With annual GDP of $489.8 billion and an average growth rate of around 4% (in 2012, now decelerated...
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...Industrial Marketing Management 41 (2012) 1142–1151 Contents lists available at SciVerse ScienceDirect Industrial Marketing Management A holistic approach to market assessment for a manufacturing company in an emerging economy Malini Natarajarathinam ⁎, Bimal Nepal 1 Department of Engineering Technology & Industrial Distribution, Texas A&M University, 3367 TAMU College Station, TX 77843, United States a r t i c l e i n f o Article history: Received 26 May 2011 Received in revised form 18 March 2012 Accepted 29 April 2012 Available online 1 June 2012 Keywords: Market assessment Sales potential Market potential Emerging market Mexico a b s t r a c t Assessing the potential for a new market is challenging both for new businesses and for already existing businesses that are trying to expand. The primary challenge is the difficulty in identifying the important factors that influence market potential. The other challenge is that once the influencing factors are identified, there are very few structured mechanisms available to show how these factors affect the bottom line of the business. In this paper, the authors present a three step market assessment methodology and illustrate it with an example of a manufacturing company. The proposed methodology is applicable especially to the case of an already existing company trying to expand its operations and sales to a new country or emerging market. The first step assesses the broad market potential of...
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...FT161094 | ABHISHEK MAHESHWARI | FT164005 | DARSHAN CHANDRASHEKAR | FT164023 | 1) Rate of growth in the country India recorded a strong first quarter GDP of 7.5 % in 2015. One of the biggest contributors to this is the strong expansion in manufacturing segment which grew by 8.4% and services sectors which grew at an avg of 12%. This is mainly supported by the revival of investments. 2. Rate of growth of the States: For year 2014-15, Maharashtra has the highest GDP and contributes to about the 14.1% of the total GDP .Tamil Nadu is at 2nd place ahead of Uttar Pradesh. It is expected that apart from these 3 states Gujarat , West Bengal and Andhra Pradesh are amongst the most economically developed state and contributed to the GDP. 3) State of Financial Market The development of the financial market smoothens the progress of financial intermediation and improves lending to economy, in turn improving the country’s economic and social welfare. The Indian financial market has been experiencing incredible progress during the last 15 years. BSE Sensex from 2000 till present. 2000 January – Value at 5375 2015 June – Value at 27800 4) Fiscal deficit: In year 2014-2015 , The fiscal deficit target was set at 4.1 per cent. However India reached 98% of it i.e. 4.0%, which it itself is good for the economy. The lower fiscal deficit reduces the government's expenditure on interest payment and unlocks funds for investments in social welfare programmes as well as infrastructure...
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...BUSINESS CYCLES Final Group Project Dossier ANALYSIS OF FRENCH ECONOMIC 2011-2012 THE OUTLOOK FOR REAL GDP GROWTH THE OUTLOOK FOR REAL GDP GROWTH GROUP MEMBERS CHEN KEHAN TEREZIA MRAZOVA WANG XINRUI WU JIE YANG ZIJIANG CONTENT CHAPTER I National and International Environment1 1.1The International Environment2 1.2 The Domestic Environment5 CHAPTER II The Real Economy7 2.1 Contributions to Real GDP Growth7 2.2 Unemployment Rates and Capacity Utilization8 2.3 Percent Growth In wages, in Prices, Level of Interest Rates8 2.4 Investment10 2.5 Consumption16 CHAPTER III The Foreign Trade(Imports, Exports)22 CHAPTER IV Government’s Fiscal and Monetary Policies23 CHAPTER V Summary of Macroeconomics Analysis France27 CHAPTER 1 International and National Context 1.1 International Environment Table 1.1.1 The International Environment | | average | 2010 | 2011 | 2012(BNP) | 2012(MF) | Real GDP | USA(GOV) | | 3.0 | 1.6 | 0.9 | 2.0 | | JAPAN | | 4.0 | -0.7 | 1.3 | | | EUROZONE(GOV) | | 1.8 | 1.6 | 0.7 | 1.4 | | ASIA(BNP) | | 9.2 | 7.7 | 7.6(CA) | | WORLD | | | 5.1 | 3.8 | 3.4 | | Price of crude oil (Brent) | 112.5 (8, Nov. 2011) | | 80 | 111 | 109 | 110 | Exchange Rate(USD/EUR) | 1.38 (8, Nov. 2011) | | 1.33 | 1.40 | 1.38 | 1.43 | Special Factors | 1 Japanese earthquake2 Sovereign debt crisis in Europe | Analysis of International Economic Environment a) World demand Table 1.1.2 GDP, Real Percent Change of Previous Year ...
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...PESTEL ANANLYSIS OF FRANCE INTRODUCTION France, officially the French Republic, is a sovereign country in Western Europe that includes overseas regions and territories. Metropolitan France extends from the Mediterranean Sea to the English Channel and the North Sea, and from the Rhine to the Atlantic Ocean. France is a developed country and has the world's fifth-largest economy by nominal GDP and seventh-largest by purchasing power parity. French citizens enjoy a high standard of living, with the country performing well in international rankings of education, health care, life expectancy, civil liberties, and human development. According to OECD, about 73% of the top 20% of the adult population in France rated their health as good or very good, compared to about 60% for the bottom 20%, and the top 20% of the population earn $45,292/ year,and the bottom 20% live on $23,069/ year. It is one of only three countries- besides Morocco and Spain, to have both Atlantic and Mediterranean coastlines. France remains a great power with significant cultural, economic, military, and political influence in Europe and around the world. It has the world's sixth-largest military budget, and third-largest stockpile of nuclear weapons, along with second-largest diplomatic corps, after the US. France is one of the largest economies in the EU, with GDP of $2.26 trillion in 2013 (constant 2005 prices). The country's well-developed infrastructure and strong services sector support the economy. But although...
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