LBBW Mexico. March, 2013
|
|
- Horatio Lee
- 8 years ago
- Views:
Transcription
1 LBBW Mexico March, Monat 20XX, Titel der Präsentation, Referent, Seite 1 Presentation LBBW International Business,Page 1 Landesbank Baden-Württemberg
2 Mexico 00. Monat 20XX, Titel der Präsentation, Referent, Seite 2 Presentation LBBW International Business,Page 2 Landesbank Baden-Württemberg
3 Quick Facts Name: United Mexican States Population: million (2012) Capital: Mexico City Other major cities: Guadalajara, Monterrey, Puebla Area: 758,449 sq miles President: Enrique Peña Nieto Political Regime: Republic Language: Spanish Religion: Predominantly Roman Catholic Life expectancy: 74 years (men), 79 years (women) SOURCE: World Bank/INEGI 00. Monat 20XX, Titel der Präsentation, Referent, Seite 3 Presentation LBBW International Business,Page 3 Landesbank Baden-Württemberg
4 Political Overview In July 2012 with 38.15% of total votes, Mexicans elected Enrique Peña Nieto as new President of Mexico from Partido Revolucionario Institucional (PRI) for the period The election renewed both houses of Congress (128 Senators and 500 Congressmen). Mexico chaired the G20 in By assuming the annual Presidency of the G20 Mexico, the second emerging country and the first in Latin America to do so, Mexico confirms its role as a responsible and influential actor, both regionally and globally. Mexico s priorities for the G-20 agenda are: Economic stabilization and structural reforms; Strengthening the financial system and fostering financial inclusion; Improving the international financial architecture; Enhancing food security and addressing commodity price volatility; and Promoting sustainable development, green growth and the fight against climate change. 00. Monat 20XX, Titel der Präsentation, Referent, Seite 4 Presentation LBBW International Business,Page 4 Landesbank Baden-Württemberg
5 Economy at Glance Currency: Mexican Peso (MXN) GDP: US$1,231 billion (2012) GDP per capita: US$ 10,581 (2012) Extreme poverty rate (% of Population): 11.2% (2012) Total Debt: US$ billion (2012) Total Debt as % of GDP: 33.3% Main exports: Automobiles, auto parts, crude oil, meats, dairies, fruits, vegetables Main Commercial Partners: US, Canada, Germany SOURCE: World Bank/INEGI/SHCP 00. Monat 20XX, Titel der Präsentation, Referent, Seite 5 Presentation LBBW International Business,Page 5 Landesbank Baden-Württemberg
6 Mexico s trade agreements Free Trade Agreements Partial Preferential Agreements NAFTA (USA and Canada) MERCOSUR - Auto Sector (ACE 55) Central America (Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua) MERCOSUR (ACE 54) Peru Brazil (ACE 53) Bolivia Argentina Japan Ecuador Uruguay EFTA member states (Iceland, Liechtenstein, Norway and Switzerland) Northern Triangle (El Salvador, Honduras and Guatemala) Israel European Union (EU) Chile Nicaragua Costa Rica Colombia Panama 00. Monat 20XX, Titel der Präsentation, Referent, Seite 6 Presentation LBBW International Business,Page 6 Landesbank Baden-Württemberg
7 Economic Development Mexico, the second largest economy in Latin America, expanded at a strong pace for most of 2011 when the GDP grew 3.9%, in 2012 the GDP maintained its trend and grew 3.9% as well; although it is showing signs of slowly decelerating in 2013 as GDP forecasts made by the Mexican government are for the GDP to grow 3.5%. The economy is exposed to fluctuations in the US economy, global financial markets, and commodity prices. However, Mexico is well positioned to respond to a global slowdown, particularly on the external and monetary fronts.. Growth is driven by private consumption and investments (boosted by relatively stable inflation and credit growth). Oil prices could decline upon a weaker global economic growth, having an important impact on Mexico s public finances next year. Manufacturing exports continue to have a strong performance at annual growth rates of above 10%, led by the automotive sector which accounts for over a quarter of exports. 00. Monat 20XX, Titel der Präsentation, Referent, Seite 7 Presentation LBBW International Business,Page 7 Landesbank Baden-Württemberg
8 Economic Development The uncertainty in the U.S. and the global outlook represent the main risk factors. Mexico could be significantly affected by subdued economic activity in the U.S. due to the expected fiscal drag. External financing needs are manageable. This is due to a moderate current account deficit, healthy levels of international reserves, which are at record levels above US$ 160 Bn., a Flexible Credit Line with the IMF, and prudent public debt management. The flexible exchange rate is a first, strong shock-absorber. The flexibility of the exchange rate regime allows the currency to depreciate rapidly. This helps to absorb the impact of a reversal in net capital flows. The banking system is sound. Foreign banks subsidiaries enjoy strong capitalization and liquidity ratios. 00. Monat 20XX, Titel der Präsentation, Referent, Seite 8 Presentation LBBW International Business,Page 8 Landesbank Baden-Württemberg
9 Economic Development GDP Annual Growth (Real) Source: INEGI Base Year: Monat 20XX, Titel der Präsentation, Referent, Seite 9 Presentation LBBW International Business,Page 9 Landesbank Baden-Württemberg
10 GDP Projections for 2050 Goldman and Sach s recently published their projections for GDP levels by nation 38 years into the future, in this projection Mexico is number 8 while Germany is Monat 20XX, Titel der Präsentation, Referent, Seite 10 Presentation LBBW International Business,Page 10 Landesbank Baden-Württemberg
11 Annual Inflation Source: INEGI 00. Monat 20XX, Titel der Präsentation, Referent, Seite 11 Presentation LBBW International Business,Page 11 Landesbank Baden-Württemberg
12 Interbank Interest Rate (TIIE) Source: BANXICO Monat 20XX, Titel der Präsentation, Referent, Seite 12 Presentation LBBW International Business,Page 12 Landesbank Baden-Württemberg
13 Foreign Exchange Rate (MXN/USD) Source: BANXICO 00. Monat 20XX, Titel der Präsentation, Referent, Seite 13 Presentation LBBW International Business,Page 13 Landesbank Baden-Württemberg
14 Mexican Stock Exchange (IPC) Source: INEGI 00. Monat 20XX, Titel der Präsentation, Referent, Seite 14 Presentation LBBW International Business,Page 14 Landesbank Baden-Württemberg
15 International Reserves USD Mio. Source: INEGI 00. Monat 20XX, Titel der Präsentation, Referent, Seite 15 Presentation LBBW International Business,Page 15 Landesbank Baden-Württemberg
16 Remittances USD Mio. Source: BANXICO 00. Monat 20XX, Titel der Präsentation, Referent, Seite 16 Presentation LBBW International Business,Page 16 Landesbank Baden-Württemberg
17 External Debt USD Mio. Source: BANXICO 00. Monat 20XX, Titel der Präsentation, Referent, Seite 17 Presentation LBBW International Business,Page 17 Landesbank Baden-Württemberg
18 External Debt as % of GDP Source: BANXICO 00. Monat 20XX, Titel der Präsentation, Referent, Seite 18 Presentation LBBW International Business,Page 18 Landesbank Baden-Württemberg
19 Mexican Banking System 00. Monat 20XX, Titel der Präsentation, Referent, Seite 19 Presentation LBBW International Business,Page 19 Landesbank Baden-Württemberg
20 The Mexican Banking System at glance Entity Type Number Financial Groups 22 Banks 47 Development Banks 6 Representative Offices 58 Stock Exchange Houses 34 Insurance Companies 79 Retirement Funds AFORES 13 Investment Funds Operators 33 Leasing Companies 2 Factoring Companies 1 Guarantees (Afianzadoras) 15 Deposit Warehouses 19 SOFOLES 18 SOFOMES 4,022 Banking Licenses Source: AMB 00. Monat 20XX, Titel der Präsentation, Referent, Seite 20 Presentation LBBW International Business,Page 20 Landesbank Baden-Württemberg
21 Average Interest Rate Charged Source: ABM 00. Monat 20XX, Titel der Präsentation, Referent, Seite 21 Presentation LBBW International Business,Page 21 Landesbank Baden-Württemberg
22 Past Due Ratio and Coverage Ratio Past due Ratio (%) Coverage Ratio (%) Source: CNBV 00. Monat 20XX, Titel der Präsentation, Referent, Seite 22 Presentation LBBW International Business,Page 22 Landesbank Baden-Württemberg
23 Capitalization Index (%) Min. Basel III CNVB Early Warning Source: ABM 00. Monat 20XX, Titel der Präsentation, Referent, Seite 23 Presentation LBBW International Business,Page 23 Landesbank Baden-Württemberg
24 Current Loan Portfolio USD Bn. Source: World Bank 00. Monat 20XX, Titel der Präsentation, Referent, Seite 24 Presentation LBBW International Business,Page 24 Landesbank Baden-Württemberg
25 Mexican Banks ROE Source: BANXICO, ABM, CNBV 00. Monat 20XX, Titel der Präsentation, Referent, Seite 25 Presentation LBBW International Business,Page 25 Landesbank Baden-Württemberg
26 Mexican Banks ROA Source: BANXICO, ABM, CNBV 00. Monat 20XX, Titel der Präsentation, Referent, Seite 26 Presentation LBBW International Business,Page 26 Landesbank Baden-Württemberg
27 00. Monat 20XX, Titel der Präsentation, Referent, Seite 27 Presentation LBBW International Business,Page 27 Landesbank Baden-Württemberg LBBW Mexico
28 LBBW Mexico In 2007 LBBW established a finance company in Mexico that is a non-bank financial institution. LBBW MEXICO, S.A. de C.V. SOFOM, E.N.R. provides loans for production facilities, equipment and working capital, as well as diverse portfolio of services to support the needs of LBBW Group s and Saving Banks clients in Mexico. Since 2011, LBBW Mexico is also supporting client s needs in Chile and Peru. To further support the needs of LBBW Group s and Saving Banks clients operating in Mexico, LBBW s Representative Office Mexico and its German Desk are located in the German Centre in Mexico City. The Representative Office is also responsible for Central America. 00. Monat 20XX, Titel der Präsentation, Referent, Seite 28 Presentation LBBW International Business,Page 28 Landesbank Baden-Württemberg
29 LBBW Mexico Products & Services LBBW Mexico offers a complete set of financing options to its clients: - Investment financing, term-loans ranging from 1 to 5 years - Acquisition financing - Revolving facilities - Working capital loans, tenors from 1 to 12 months - Local currency financings - Hermes-covered import financing LBBW Mexico is authorized to utilize local collateral like mortgages, pledges of equipment, personal guarantees. Business that LBBW Mexico is not presently allowed to conduct, like foreign exchange transactions and derivatives, is being passed on to LBBW New York 00. Monat 20XX, Titel der Präsentation, Referent, Seite 29 Presentation LBBW International Business,Page 29 Landesbank Baden-Württemberg
30 Landesbank Baden-Württemberg Representative Office Mexico Since 2001, LBBW has been present in Mexico-City with the German Centre and a Representative Office located in the same building. Our main goal is to support the business customers of the LBBW Group and the Savings Banks which are active in Mexico and Central America or plan business activities there. Services range from questions about accounts and payments, over start-up support for newly established German midcap companies, to complex market entry studies. Support for German Savings Banks 00. Monat 20XX, Titel der Präsentation, Referent, Seite 30 Presentation LBBW International Business,Page 30 Landesbank Baden-Württemberg
31 Location LBBW Mexico is located in Mexico City in the German Centre building. 00. Monat 20XX, Titel der Präsentation, Referent, Seite 31 Presentation LBBW International Business,Page 31 Landesbank Baden-Württemberg
32 Lassen Sie uns ins Gespräch kommen... Volker Helms Leiter der Repräsentanz Mexico City Geschäftsführer der LBBW Mexico SoFOM Telefon: Telefax: Monat 20XX, Titel der Präsentation, Referent, Seite 32 Presentation LBBW International Business,Page 32 Landesbank Baden-Württemberg
Mexico Trade and Economic Overview (June 2015)
Mexico Trade and Economic Overview (June 2015) 1. Economic performance The Mexican economy is highly concentrated in services, accounting for 62% of GDP, then industry 34% and agriculture only 4%. Mexico
More informationHow To Understand The Relationship Between Free Trade And Meat Production In Mexico
FREE TRADE AND MEXICO S MEAT SECTOR September 27, 2012 Contents I. Trade Agreements signed by Mexico II. Benefits of Foreign Trade III. External Challenges of Foreign Trade IV. Foreign Trade and the Mexican
More informationLatin America s s Foreign Debt
Latin America s s Foreign Debt Causes and Effects Internal Causes of the Debt Overvalued currency associated with ISI Returns on projects in future, but payments now: Debt trap Populist economic policies:
More informationBTMU Focus Latin America Mexico: Export performance in 2014
BTMU Focus Latin America Mexico: Export performance in 2014 MUFG UNION BANK Economic Research (New York) Hongrui Zhang Latin America Economist hozhang@us.mufg.jp +1(212)782-5708 June 15, 2015 Contents
More informationColombia in the world
Colombia in the world Proexport around the world Process of attracting Foreign Direct Investment Proexport offers detailed and professional assistance for investors that find interesting business opportunities
More informationThe Economic Impact of a U.S. Slowdown on the Americas
Issue Brief March 2008 Center for Economic and Policy Research 1611 Connecticut Ave, NW Suite 400 Washington, DC 20009 tel: 202-293-5380 fax:: 202-588-1356 www.cepr.net The Economic Impact of a U.S. Slowdown
More informationECON 4311: The Economy of Latin America. Debt Relief. Part 1: Early Initiatives
ECON 4311: The Economy of Latin America Debt Relief Part 1: Early Initiatives The Debt Crisis of 1982 severely hit the Latin American economies for many years to come. Balance of payments deficits and
More informationDeutsche Bank Research. The Pacific Alliance. A bright spot in Latin America May 2014. Deutsche Bank Research
The Pacific Alliance A bright spot in Latin America May 2014 Agenda 1 2 3 What is it about? Combined strengths Challenges ahead 1 What is it about? A next generation free trade agreement Mexico Colombia
More informationRecent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016
Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the
More informationLandesbank Baden-Württemberg. 00. Monat 20XX, Titel der Präsentation, Referent, Seite 1
Landesbank Baden-Württemberg 00. Monat 20XX, Titel der Präsentation, Referent, Seite 1 LBBW a bank with a special feature. Universal bank Principalbankofthe State of Baden- Württemberg and of the City
More informationDealer. Línea Integral Autos Car Line Program. Autos (LIA): Línea Integral. The Wholesale Plan: The Retail Plan: Inventory 0 % Inventory Sales
Automotive Sector Introduction Grupo Bancolombia is the financial partner for the Automotive Sector in Colombia and has a comprehensive portfolio designed according to your needs and those of agents that
More informationThe Healthcare and Health Tourism. Sector
The Healthcare and Health Tourism Sector Introduction For Bancolombia being an ally of healthcare institutions means to accompany, advise, and offer alternatives to make your projects become a reality.
More informationTHE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic
More informationU.S. Trade Overview, 2013
U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the
More informationNICARAGUA. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 NICARAGUA 1. General trends In 2013 the Nicaraguan economy expanded by 4.6% after growth of 5.0% in 2012 driven by external demand, private investment
More informationManufacturing. Sector
Manufacturing Sector Introduction Taking into account its interest in and knowledge of your business, Grupo Bancolombia*, through its subsidiaries, offers different financial solutions to industry. We
More informationMexico in a Globalized World
Mexican Ministry of Finance and Public Credit Mexico in a Globalized World The University of Chicago May 27 1 Mexico in the Globalized Economy Globalization has changed the international landscape. Since
More information04 de diciembre de 2009 No. 121
WEEKLY EMANA NEWS QUE PASÓ MAY 2010 04 de diciembre de 2009 No. 121 Bolivia S&P Raises Bolivia s Rating to B with Positive Outlook 7/05/2010 The rating agency Standard & Poor s (S&P) raised Bolivia s foreign-currency
More informationMonetary Policy Outlook in a Negative Rates Environment Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar
Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar Washington, DC, 15 April 2016 Outline 1 External Conditions 2 Macroeconomic Policy in Mexico 3 Evolution and Outlook
More informationNaturally, these difficult external conditions have affected the Mexican economy. I would stress in particular three developments in this regard:
REMARKS BY MR. JAVIER GUZMÁN CALAFELL, DEPUTY GOVERNOR AT THE BANCO DE MÉXICO, ON THE MEXICAN ECONOMY IN AN ADVERSE EXTERNAL ENVIRONMENT: CHALLENGES AND POLICY RESPONSE, SANTANDER MEXICO DAY 2016, Mexico
More informationX. INTERNATIONAL ECONOMIC DEVELOPMENT 1/
1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably
More informationTHE LATIN AMERICAN INSURANCE MARKET 2013-2014. Insurance and Social Protection Area
THE LATIN AMERICAN INSURANCE MARKET 2013-2014 Insurance and Social Protection Area 2013 2014 The Latin American Insurance Market 2013-2014 FUNDACIÓN MAPFRE is not liable for the content of this work, and
More informationAppendix 1: Full Country Rankings
Appendix 1: Full Country Rankings Below please find the complete rankings of all 75 markets considered in the analysis. Rankings are broken into overall rankings and subsector rankings. Overall Renewable
More informationAgrimonitor: PSE Agricultural Policy Monitoring System in LAC INE/RND
Agrimonitor: PSE Agricultural Policy Monitoring System in LAC INE/RND WHAT POLICY MONITORING IS,WHY IS IMPORTANT AND WHAT HAS ALREADY BEEN DONE IN OUR COUNTRIES? Monitor and evaluate developments in agricultural
More informationThe Mexican Economy: Facts and Opportunities
Manuel Sánchez Santander Global Fixed Income Summit London, England, September 20, 2012 Contents 1 Structural features 2 Recent developments and outlook 3 Inflation and monetary policy 4 Economic challenges
More informationConsumer Credit Worldwide at year end 2012
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international
More informationForecasting Chinese Economy for the Years 2013-2014
Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn
More informationMexico in the face of slowing emerging economies. Manuel Sánchez
Manuel Sánchez Adam Smith Seminar Central Bank of Hungary, Budapest, November 10, 2015 Contents 1 Soft economic rebound 2 Coping with higher risk aversion 3 Tamed inflation 2 Since 2014, global growth
More informationAgricultural Reinsurance in Latin America Actual Situation & Outlook. 4 th Reinsurance Congress Rio de Janeiro (Brazil) April 2015
Agricultural Reinsurance in Latin America Actual Situation & Outlook 4 th Reinsurance Congress Rio de Janeiro (Brazil) April 2015 AGENDA Commodity Price & Food Consumption Context Worldwide Agriculture
More informationThe Macroeconomic Situation and Monetary Policy in Russia. Ladies and Gentlemen,
The Money and Banking Conference Monetary Policy under Uncertainty Dr. Sergey Ignatiev Chairman of the Bank of Russia (The 4 th of June 2007, Central Bank of Argentina, Buenos Aires) The Macroeconomic
More informationPerspectives on Venture Capital and Fixed Income Markets. ChileGlobal Seminar September 26, 2007
Perspectives on Venture Capital and Fixed Income Markets ChileGlobal Seminar September 26, 2007 Today s Discussion: Three Significant Forces for National Economic Growth Venture Capital Fixed Income Markets
More information2Q15 Consolidated Earnings Results
2Q15 Consolidated Earnings Results IFRS September 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States, registered with Colombia
More information2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013
2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%
More informationGovernor's Statement No. 34 October 9, 2015. Statement by the Hon. BARRY WHITESIDE, Governor of the Bank and the Fund for the REPUBLIC OF FIJI
Governor's Statement No. 34 October 9, 2015 Statement by the Hon. BARRY WHITESIDE, Governor of the Bank and the Fund for the REPUBLIC OF FIJI Statement by the Hon. Mr. Barry Whiteside, Governor of the
More informationEconomic Watch Mexico
Economic Watch Mexico Economic Analysis Mexico Arnulfo Rodríguez arnulfo.rodriguez@bbva.com Alma Martínez ag.martinez2@bbva.com Mexican manufacturing exports gained competitiveness in - * During the -
More informationAgribusiness. Sector
Agribusiness Sector Introduction Specialized interest and knowledge of your business is the best guarantee of a broad array of financial solutions that Grupo Bancolombia* places at your disposal. The backing
More informationINTERNATIONAL FACTORING
INTERNATIONAL FACTORING November 3, 2011 1 L. Gabriel Segura President and founding officer of CVCredit Inc, a Miami-based company which focuses in USA-domestic and international factoring services. Nine
More informationEvolution of EU exports and imports of goods with CELAC, 2004-2014 (in billion)
100/2015-9 June 2015 EU Community of Latin American and Caribbean States (CELAC) summit CELAC represents the fifth most important trading partner of the EU More than 200 bn total trade The 28 Member States
More informationMonetary policy assessment of 13 September 2007 SNB aiming to calm the money market
Communications P.O. Box, CH-8022 Zurich Telephone +41 44 631 31 11 Fax +41 44 631 39 10 Zurich, 13 September 2007 Monetary policy assessment of 13 September 2007 SNB aiming to calm the money market The
More informationHow To Understand Current Account Balance In Armenia
CURRENT ACCOUNT: THE REGIONAL DEVELOPMENTS AND TRENDS Prepared by Armenuhi Burnazyan and Arevik Aleksanyan In our project we tried to analyze Current Account (CA) balance trends for Armenia, Georgia and
More informationSection 4 Automotive policies in Mexico, Thailand and India
Section 4 Automotive policies in Mexico, Thailand and India World automobile sales volume of declined in 2008 and 2009 due to sales drops in advanced economies but resumed growing in 2010. Since then,
More informationObtaining Finance in Latin America and the Caribbean 1
Obtaining Finance in Latin America and the Caribbean 1 World Bank Group latin America and the Caribbean Series Note No. REV. 8/14 Basic Definitions Countries surveyed in and how they are grouped for analysis:
More informationBALANCE SHEET AND INCOME STATEMENT
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and
More informationChile. First Half 2015. July 30, 2015
1 Chile First Half 2015 July 30, 2015 Disclaimer 2 Banco Santander Chile caution that this presentation contains forward looking statements within the meaning of the US Private Securities Litigation Reform
More informationAccounting Education in Latin America and the Caribbean
REPARIS A REGIONAL PROGRAM Accounting Education in Latin America and the Caribbean Henri Fortin, Program Manager, CFRR THE ROAD TO EUROPE: PROGRAM OF ACCOUNTING REFORM AND INSTITUTIONAL STRENGTHENING (REPARIS)
More informationEsteban Pérez Caldentey Development Studies Section Economic Commission for Latin America and the Caribbean (ECLAC)
The Challenge of Financing Business in Latin America and the Caribbean The Future of the Financial Services Industry after the Crisis 14th Caribbean Business Executive Seminar Port-of of-spain, Trinidad
More informationOverview menu: ArminLabs - DHL Medical Express Online-Pickup: Access to the Online System
Access to the Online System Overview menu: Create shipment: Preselected - Here you can order your shipment including the Pickup 0049 821 78093150 ArminLabs DHL Medical Express Online-Pickup-Manual DHL
More informationMACROECONOMIC OVERVIEW
MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial
More informationJuan José Echavarría Co-Director, Central Bank of Colombia October, 2008
Colombian Economic Prospects Juan José Echavarría Co-Director, Central Bank of Colombia October, 2008 Topics Growth Inflation Exports, Foreign Direct Investment and Remittances The Financial Sector Central
More informationTHE DEVELOPING INSURANCE MARKET IN BRAZIL
THE DEVELOPING INSURANCE MARKET IN BRAZIL Risk Management and Transfer for South American Risks Commercial Risk Europe in association with IGREA and APOGERIS Bruno Laval Regional Manager Iberia & Latin
More information352 UNHCR Global Report 2010
352 UNHCR Global Report 2010 Argentina Bolivia (Plurinational State of) Brazil Chile Colombia Costa Rica Cuba Ecuador El Salvador Guatemala Honduras Mexico Nicaragua Panama Paraguay Peru Uruguay Venezuela
More informationHow To Tax A Holding Company
Investing in Latin America through Spain: Planning Opportunities 11th Annual Latin American Tax Conference Miami, Florida 10-11 March 2010 Luis Carbajo, Isabel Otaola, Joaquin Kersman, Clarissa Machado,
More informationCommerzbank: Strategy successful net profit of over 1 billion euros and dividend
IR release 12 February 2016 Commerzbank: Strategy successful net profit of over 1 billion euros and dividend Operating profit in 2015 more than doubled to EUR 1,909 m (2014: EUR 689 m) Operating profit
More information1Q15 Consolidated Earnings Results
1Q15 Consolidated Earnings Results Colombian Banking GAAP and IFRS June 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States,
More informationPrepanet Monterrey Tech Community High School
Prepanet Monterrey Tech Community High School Monterrey Tech Private institution founded in 1943. Non-profit Non-government operational support 27 non-profit sponsoring organizations 565 members on the
More informationURUGUAY. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 URUGUAY 1. General trends In 2013, Uruguay s level of economic activity increased by 4.4% compared with 2012, according to the country s physical
More informationBANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the
BANK OF ISRAEL Office of the Spokesperson and Economic Information September 7, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on the General interest rate for September
More informationGlobal Insurance Market Trends 2014
Global Insurance Market Trends 2014 OECD Insurance and Private Pensions Committee The importance of insurance as a foundation for economic activity was acknowledged at the inception of the OECD with the
More informationAnnual Report 2004 Corporación Andina de Fomento
Annual Report 2004 Corporación Andina de Fomento ANNUAL REPORT 2004 Content Financial highlights in 2004 p. 5 Letter from the Executive President p. 7 The economic environment and regional integration
More informationSBERBANK GROUP S IFRS RESULTS. March 2015
SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB
More informationInvestors Day. 14th September 2010 Roger Alm - President. AB Volvo Volvo do Brasil, Investor s Day September, 2010 1
Investors Day 14th September 2010 Roger Alm - President September, 2010 1 ROGER ALM President / Trucks ROSANA POLLIS Legal YOSHIO KAWAKAMI Construction Equipment MONICA BECKERT CFO CARLOS MORASSUTTI Human
More informationThe global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist
The global economy Banco de Portugal Lisbon, 24 September 213 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist Summary of presentation Global economy slowly exiting recession but
More informationDirectors Review. Domestic Economy
Directors Review On behalf of the Board of Directors, I am pleased to present the condensed interim unconsolidated financial statements for the half year ended June 30, 2015. Domestic Economy Pakistan
More informationCaucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook
Caucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook Economic activity in the Caucasus and Central Asia (CCA) will continue to decelerate in 215 mainly as a consequence
More informationManpower Employment Outlook Survey Singapore Q3 2014. A Manpower Research Report
Manpower Employment Outlook Survey Singapore Q3 14 A Manpower Research Report Contents Q3/14 Singapore Employment Outlook 2 Sector Comparisons Global Employment Outlook 6 International Comparisons - Asia
More informationTHE ROLE OF TVET PROVIDERS IN TRAINING CHILEAN VISION AND EXPERIENCE OVTA SEMINAR CHIBA, JAPAN
THE ROLE OF TVET PROVIDERS IN TRAINING CHILEAN VISION AND EXPERIENCE OVTA SEMINAR CHIBA, JAPAN Pablo Lazo General Directorate of Economic International Relations Ministry of Foreign Affairs CHILEAN MAIN
More informationOutlook for the 2013 U.S. Farm Economy
Outlook for the 213 U.S. Farm Economy Kevin Patrick Farm and Rural Business Branch Resource and Rural Economics Division Highlights Net farm income in 213 forecast: $128.2 billion Net cash income in 213
More informationBrazil Economic Overview
Brazil Economic Overview Brazilian American Chamber of Commerce of Florida Alexandre Tombini Governor March 26, 2012 1 Brazil Brazil is among the largest countries in terms of territory, population and
More informationOpen access policies: What can we learn from Latin America? Roxana Barrantes Instituto de Estudios Peruanos
Open access policies: What can we learn from Latin America? Roxana Barrantes Instituto de Estudios Peruanos 8.00 GDP growth 1999 2009 (percetual variation) 6.00 4.00 2.00 0.00-2.00-4.00-6.00 1999 2000
More informationPerspectives on Venture Capital and Fixed Income Markets
Perspectives on Venture Capital and Fixed Income Markets Parag Saxena International Business Forum on Financing for Development Doha, Qatar, November 2008 Today s Discussion: Three Significant Forces for
More informationMGE#12 The Balance of Payments
MGE#12 The Balance of Payments The Current Account, the Capital Account and the Balance of Payments Introduction to the Foreign Exchange Market Savings, Investment and the Current Account 1 From last session
More informationINDEX. No. I. GENERAL ASPECTS 1 D.
INDEX No. I. GENERAL ASPECTS 1 D. A. INTERNATIONAL ECONOMIC SCENARIO 1 1. Advanced economies 2 2. Other emerging market economies and developing countries 3 B. THE NATIONAL ECONOMY 4 1. The real sector
More informationTrends, News and Events that are Shaping the AML Arena in Latin America
Trends, News and Events that are Shaping the AML Arena in Latin America Presented by: Octavio Betancourt- Managing Director 1 MoneyLaundering.com 15 th Annual International Anti-MoneyLaundering Conference
More informationLatin America Trade Trends May 2006
1 Global Transaction Services Latin America Trade Trends May 2006 2 Agenda I. Latin America: Background Economic Background The Stealth Revolution II. Latin America s International Trade III. Trends in
More informationWorld Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics. Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine
World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine Disclaimer text This document is protected by copyright. Distribution
More informationMexico Watch Reform course on the right track
Mexico Watch Reform course on the right track Group Economics Emerging Market Research Malte Kalsbach Tel: +31 2 638 518 8 August 213 In December 212, the Institutional Revolutionary Party of the new president
More informationANNOTATED PROVISIONAL AGENDA
Distr. LIMITED LC/L.3796(MDM.50/2) 13 May 2014 ENGLISH ORIGINAL: SPANISH Fiftieth meeting of the Presiding Officers of the Regional Conference on Women in Latin America and the Caribbean Santiago, 19-20
More informationBanco Santander Chile: Solid results in 2Q14. Sound outlook for 2015
0 Banco Santander : Solid results in 2Q14. Sound outlook for 2015 August 2014 Important information 1 Banco Santander caution that this presentation contains forward looking statements within the meaning
More information"Dollarisation in Emerging Market Economies" Part 2: IMPLICATIONS
Part 2: IMPLICATIONS FISCAL IMPLICATIONS OF CURRENCY SUBSTITUTION DOLLARISATION AND FINANCIAL DEEPENING DOLLARISATION AND FINANCIAL FRAGILITY Solvency risk Liquidity risk Liquidity risk and solvency risk
More informationEconomic Crisis in Latin America: Recent Events and Outlook
Abril 1, 9 Economic Crisis in Latin America: Recent Events and Outlook Based on the Latin American Economic Outlook 9 Sebastián Nieto Parra Research Associate OECD Development Centre Centro de la OCDE
More informationGlobal payments trends: Challenges amid rebounding revenues
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.
More informationKnow the Facts. Aon Hewitt Country Profiles can help: Support a decision to establish or not establish operations in a specific country.
Aon Hewitt Country Profiles Your eguide to employment requirements and practices Profiles for nearly 90 countries worldwide Risk. Reinsurance. Human Resources. Know the Facts Whether you are a newcomer
More informationHuman Resources Development and Training in Comprehensive Evaluation
Human Resources Development and Training in Comprehensive Evaluation Cuarto Foro Global de los Centros para el Aprendizaje en Evaluación y Resultados (CLEAR) November 19, 2013 Conduct evaluations Train
More informationLatin America/Caribbean. Andrews Kurth in Latin America and the Caribbean. Legal Services in Latin America and the Caribbean
Andrews Kurth in Latin America and the Caribbean With experience in leading projects and counseling clients in virtually every Latin American country and the Caribbean region, Andrews Kurth lawyers are
More informationGFNORTE 3Q14 Results. Conference Call October 24, 2014.
GFNORTE 3Q14 Results Conference Call October 24, 2014. Material Events Shareholders' Assembly GFNorte held an Ordinary General Shareholders' Meeting on October 22 nd. The company s capital that was represented
More informationUruguayan Electoral Process 2014-2015
Uruguayan Electoral Process 2014-2015 Rafael Piñeiro Departamento de Ciencias Sociales y Políticas Universidad Católica del Uruguay Elections in Latin America Woodrow Willson Center Washington, January
More informationMexico: The challenges of capital inflows. Manuel Sánchez, Deputy Governor
Manuel Sánchez, Deputy Governor Adam Smith Seminar, Schloss Spiez, Switzerland, June 26, 2013 Contents 1 Taxonomy of capital inflows 2 Risks and the prevention of problems 3 Economic outlook 2 Like other
More informationHaiti s Economic Development since 2004/05 and Macroeconomic Outlook
Haiti s Economic Development since 2004/05 and Macroeconomic Outlook By Ugo Fasano Former IMF Resident Representative in Haiti the American-Haitian Chamber of Commerce Port-au-Prince, July 1, 2009 Plan
More informationINTEGRATION AND TRADE CAPACITY BUILDING PROGRAM. Joaquim Tres and Alvaro Garcia Integration and Trade Sector Vice President of Sectors and Knowledge
INTEGRATION AND TRADE CAPACITY BUILDING PROGRAM Joaquim Tres and Alvaro Garcia Integration and Trade Sector Vice President of Sectors and Knowledge INDEX 1# 2# 3# 4# 5# 6# 7# 8# 9# What is the Origin?
More informationGlobal outlook: Healthcare
Global outlook: Healthcare March 2014 healthcare 1 Today s presenters Ana Nicholls Managing Editor, Industry Briefing Economist Intelligence Unit Lauren Brayshaw Marketing executive Economist Intelligence
More informationEnergy Briefing: Global Crude Oil Demand & Supply
Energy Briefing: Global Crude Oil Demand & Supply November 6, 215 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Please visit our sites at www. blog. thinking outside the
More informationExcerpt Sudan Fixed Telecommunications: Low Penetration Rates Get a Boost from Broadband Internet and VoIP Services
Excerpt Sudan Fixed Telecommunications: Low Penetration Rates Get a Boost from Broadband Internet and VoIP Services This report is part of Pyramid Research s series of Africa & Middle East Country Intelligence
More informationReport to the public on the Bank of Israel s discussions prior to deciding on. the interest rate for January 2015
BANK OF ISRAEL Office of the Spokesperson and Economic Information January 12, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on General the interest rate for January 2015
More informationGrupo PRISA Overview An integrated media and education company
October, 2013 Disclaimer In addition to figures prepared in accordance with IFRS, PRISA presents non-gaap financial performance measures, e.g., EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin,
More informationREPORT OF THE KNOWLEDGE TRANSFER NETWORK*
Distr. LIMITED LC/L.3379(CEA.6/7) 19 October 2011 ENGLISH ORIGINAL: SPANISH Sixth meeting of the Statistical Conference of the Americas of the Economic Commission for Latin America and the Caribbean Bávaro,
More informationHealth Care Expenditure and Financing in Latin America and the Caribbean [Fact sheet]
Health Care Expenditure and Financing in Latin America and the Caribbean [Fact sheet] December 2012 Overview of Health Expenditure and Financing Current Situation and Trends In 2011, the national or total
More informationAN ENABLING ENVIRONMENT FOR MICROBUSINESS AND THE RULE OF LAW Mike Dennis Department of State
AN ENABLING ENVIRONMENT FOR MICROBUSINESS AND THE RULE OF LAW Mike Dennis Department of State UNCITRAL Colloquium on Microfinance Vienna, January 16-18, 2013 1 An Enabling Environment for Microbusiness
More informationThe Effects of Scottish Independence on Northern Ireland: Fiscal Issues
The Effects of Scottish Independence on Northern Ireland: Fiscal Issues David Bell Stirling Management School University of Stirling Scotland @DavidNFBell @ESRCScotecon @UKScotland esrcscotecon.com OUTLINE
More informationBIS CEMLA Roundtable on Fiscal Policy, public debt management and government bond markets: issues for central banks
BIS CEMLA Roundtable on Fiscal Policy, public debt management and government bond markets: issues for central banks Is monetary policy constrained by fiscal policy? by Carlos Montoro 26-27 November 212
More informationBBVA Asset Management Why Mexico
BBVA Asset Management Why Mexico 1 1 Contents 1 BBVA Global Asset Management 2 Why Mexico i. Strong Fundamentals ii. iii. Structural Reforms Local Markets 2 BBVA Global Asset Management 3 BBVA Asset Management
More information