THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai

Size: px
Start display at page:

Download "THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai"

Transcription

1 THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai

2 Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic challenges Together with quantitative easing in the major financial markets

3 What happens to the promise that was made? Long-term promises made by insurers, in particular life insurers, could be difficult to achieve under such circumstances. Products with built in guarantees could be most problematic if they are promised over the long-term Could this cause solvency issues for life insurers?

4 18 Yields of 10-year government bonds in selected OECD countries, (per cent) France Japan Netherlands United Kingdom United States

5 AA corporate bond yields (10-yr) 7 Euro zone Japan United Kingdom United States

6 Real long-term interest rates 25 % Germany Greece Japan Mexico Spain United Kingdom United States

7 Annual variation of prices, CPI, France Japan United Kingdom United States

8 10 Real yields on 10-year government bonds, France Japan United Kingdom United States

9 Search for yield? Given this backdrop, there have been questions of whether life insurers (and DB pension funds) might resort to a search for yield Has this been realised?

10 Turkey Hungary Italy Israel Slovak Mexico Portugal France Spain United States Austria Australia Ireland Iceland Japan Czech Greece Chile Norway Belgium Poland Switzerland United Slovenia Korea Estonia Luxembourg Sweden Germany (1) Denmark Netherlands Finland Singapore Malaysia Latvia Indonesia South Africa Uruguay Colombia Puerto Rico Peru Costa Rica (2) Argentina El Salvador Panama Investment portfolio allocation: Life insurers (2013) Bonds Shares Real estate Other Selected OECD countries Selected African, Asian and European countries Selected Latin American countries

11 Variation in life insurers' asset allocation in selected OECD countries, Bonds Shares Real estate Other France (1) Germany (2) Ireland (1) Italy (1) Korea Switzerland (1) United Kingdom United States

12 How duration matching between assets and liabilities is impacted by the low interest rate Investments in long dated bonds with high yield, held to maturity: enable meeting promises on future liabilities However, lack of good quality, very longterm government bonds, which may only have a duration of 10 years. Generally, liabilities have a longer duration than assets

13 Duration gap On the liabilities side, life insurers will have long-dated interest rate sensitive liabilities, which, unless hedged, will result in a negative duration gap an increase in interest rates will have a positive effect, while a reduction in long-term interest rates will have a negative effect

14 Duration gap Current low-yielding assets may not be able to meet the return assumptions made in the past Coupon payments from fixed income instruments and principal from maturing debt must be rolled over into lower-yielding debt (reinvestment risk) Policyholders tend to remain with their generous contracts, unless they can be convinced to switch to new contracts

15 Hungary Turkey Italy Mexico United States Japan Slovak Republic Czech Republic Poland Israel Ireland Korea Spain Portugal Greece Luxembourg Netherlands Canada Switzerland Austria United Kingdom Estonia Norway Chile Latvia South Africa Uruguay Costa Rica Guatemala Colombia Argentina Honduras Peru El Salvador Nicaragua Puerto Rico Panama Paraguay Portfolio allocation to bonds, public and privatesector bonds (2013)(%ge of total investment) Public sector bonds Private sector bonds

16 Nature of insurance contract promise Generally, a fixed promise or guarantee related to interest rates. Life insurance products with a minimum interest rate guarantee promise an ex ante level of guarantee to the policyholder and in some cases an additional share in profits Germany: saving accumulation period of over 40 years US: some policies and guarantees can last for more than 50 years

17 The minimum guarantees for guaranteed saving products with guaranteed interest-rate returns of guaranteed minimum income (annuity) streams cannot be changed during the lifetime of the contract. In addition, the surrender option may be a major challenge for insurers in times of volatile financial markets, as policyholders may opt for more attractive investments

18 The proportion of contracts with high guarantees relative to the yield of investments will determine the capacity of insurers to keep the promise

19 German life insurance contracts Average duration of contract 28 years Minimum investment return guarantees and minimum profit participation ratios Regulators decide on maximum of allowed minimum return according to presently achievable interest rates Average weighted guaranteed return 3.12% in 2013

20 Stock of German life insurers contracts Relative weight of portfolio with respective rate (%) Relative weight of portfolio with the respective guaranteed rate Guaranteed rate of return Guaranteed rate of eturn (%)

21 Level of guarantees Netherlands: 60% of life insurers portfolio are individual life contracts with guarantees and group life with guarantees, with the risk-free interest rate lower than the average level of guarantees since 2009 Average guaranteed rate is a little below 4%, with conditional profit sharing France and UK: interest rate guarantees between 0 to 1%

22 Stock of Japanese life insurance contracts Group annuities: new business Group life insurance: new business Individual annuities: new business Individual life insurance New business Group annuities: business in force Group life insurance: business in force Individual annuities: business in force Individual life insurance Business in Force 2,500 Gross premiums (Yen trillion) 2,000 1,500 1,

23 UK stock of life insurance contracts Premium income (GBP billion) Income protection & other business: premium income Individual pensions: premium income Life & annuities: premium income

24 Guarantees being maintained because Competitive pressure Premium income for guaranteed products being used to cover fixed cost base Possibly at the detriment of capital base

25 Performance of life insurers remain relatively stable Annual net investment return has not experienced a general downturn Return on equity appear volatile, but without a clear trend

26 Average real net investment return (%, ) Selected OECD countries Australia Belgium Chile Czech Republic Estonia Germany Hungary Iceland Ireland Israel Italy Japan Korea Luxembourg Netherlands Norway Poland Portugal Spain Switzerland Turkey Selected African, Asian and European countries Indonesia Latvia Malaysia Singapore Selected Latin American countries Argentina Colombia Costa Rica El Salvador Peru Puerto Rico (1) Uruguay -10.0

27 100.0 ROE (%) Selected OECD countries Australia Belgium Canada Chile Czech Republic Denmark Estonia Finland France Germany Greece Hungary Iceland Ireland Italy Japan Korea Luxembourg Mexico Netherlands New Zealand Norway Poland Portugal Slovak Republic Spain Switzerland Turkey United Kingdom United States Selected African, Asian and European countries Indonesia Latvia Malaysia Singapore South Africa Thailand Selected Latin American countries Argentina Colombia Costa Rica El Salvador Peru Puerto Rico Uruguay

28 The case of Japanese life insurers Japanese life insurers faced with low domestic fixed income yields Failure of small- and medium-sized insurers during the 1990s and early 2000s with unfavourable equity and real estate developments Reliance on high premium income and cost cutting cross subsidisation between products

29 Negative spread turning positive in recent years through allocation to foreign securities (bonds) Currently 18% of asset allocation Subject to forex risk, although being hedged Japanese insurers have remained relatively profitable High mortality risk assumption appear to be offsetting low investment returns

30 "Negative spread" for selected Japanese life insurance companies JPY billions Insurer A Insurer B Insurer C Insurer D Insurer E Insurer F Insurer G Insurer H Insurer I March -06 March-07 March-08 March-09 March-10 March-11 March-12 March-13 March-14

31 Breakdown of profit margin of Japanese life insurers 2000 Negative/Positive spread Expense profit Mortality profit Base Profit (with amounts) Billion JPY FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013

32 Action by life insurers to offset low interest rates Capital gains from equity and bonds Increased holding of corporate bonds and reinvestment in SMEs (US, France) ILSs being purchased by life insurers Lengthen duration of investments (8-9 years) by investing in infrastructure Shift of products being offered (guaranteed saving products to protection policies) Renegotiating policies (in particular group contracts) or offering better profit sharing in exchange for new policy Insurer failure allow renegotiation of policy

33 Regulatory action Risk-based capital regime: look through valuation Possibility of discouraging investment in certain asset classes Solvency II: interest rate guarantees to not exceed 60% of rate of return on government debt Allowing deviation from valuation of liabilities for periods of low interest rate (Switzerland) Additional reserves for high guarantee products (Germany, Japan) Limiting sharing of valuation reserves with policyholders upon expiry of contract

34 Conclusion A search for yield has not been realised A number of countries have taken action to address low interest rates and their fixed promise However, some countries continue to provide high guaranteed products A correction from low interest rates may also pose issues

Global Insurance Market Trends 2014

Global 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 information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

Appendix 1: Full Country Rankings

Appendix 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 information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

Insurance corporations and pension funds in OECD countries

Insurance corporations and pension funds in OECD countries Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance

More information

Overview menu: ArminLabs - DHL Medical Express Online-Pickup: Access to the Online System

Overview 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 information

Global Insurance Market Trends 2013

Global Insurance Market Trends 2013 Global Insurance Market Trends 2013 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 information

Know the Facts. Aon Hewitt Country Profiles can help: Support a decision to establish or not establish operations in a specific country.

Know 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 information

relating to household s disposable income. A Gini Coefficient of zero indicates

relating to household s disposable income. A Gini Coefficient of zero indicates Gini Coefficient The Gini Coefficient is a measure of income inequality which is based on data relating to household s disposable income. A Gini Coefficient of zero indicates perfect income equality, whereas

More information

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50. Overall Results Climate Change Performance Index 2012 Table 1 Rank Country Score** Partial Score Tendency Trend Level Policy 1* Rank Country Score** Partial Score Tendency Trend Level Policy 21 - Egypt***

More information

U.S. Trade Overview, 2013

U.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 information

SunGard Best Practice Guide

SunGard Best Practice Guide SunGard Best Practice Guide What Number Should I Use? www.intercalleurope.com Information Hotline 0871 7000 170 +44 (0)1452 546742 conferencing@intercalleurope.com Reservations 0870 043 4167 +44 (0)1452

More information

How many students study abroad and where do they go?

How many students study abroad and where do they go? From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter

More information

Region Country AT&T Direct Access Code(s) HelpLine Number. Telstra: 1 800 881 011 Optus: 1 800 551 155

Region Country AT&T Direct Access Code(s) HelpLine Number. Telstra: 1 800 881 011 Optus: 1 800 551 155 Mondelēz International HelpLine Numbers March 22, 2013 There are many ways to report a concern or suspected misconduct, including discussing it with your supervisor, your supervisor s supervisor, another

More information

Senate Committee: Education and Employment. QUESTION ON NOTICE Budget Estimates 2015-2016

Senate Committee: Education and Employment. QUESTION ON NOTICE Budget Estimates 2015-2016 Senate Committee: Education and Employment QUESTION ON NOTICE Budget Estimates 2015-2016 Outcome: Higher Education Research and International Department of Education and Training Question No. SQ15-000549

More information

World Consumer Income and Expenditure Patterns

World Consumer Income and Expenditure Patterns World Consumer Income and Expenditure Patterns 2014 14th edi tion Euromonitor International Ltd. 60-61 Britton Street, EC1M 5UX TableTypeID: 30010; ITtableID: 22914 Income Algeria Income Algeria Income

More information

Consolidated International Banking Statistics in Japan

Consolidated International Banking Statistics in Japan Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public Sector

More information

Supported Payment Methods

Supported Payment Methods Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not only the major credit

More information

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 Global salary rises up compared to last year But workers in key emerging markets will experience real wage cuts Increase in

More information

Supported Payment Methods

Supported Payment Methods Sell Globally in a Snap Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not

More information

Digital TV Research. http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample

Digital TV Research. http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Digital TV Research http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Phone: 800.298.5699 (US) or +1.240.747.3093 or +1.240.747.3093 (Int'l) Hours: Monday - Thursday: 5:30am -

More information

Pension Markets in Focus

Pension Markets in Focus Pension Markets in Focus 2014 1 This annual report reviews trends in the financial performance of pension funds, including investment returns and asset allocation. The underlying data for the tables and

More information

Global Effective Tax Rates

Global Effective Tax Rates www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes

More information

Global Network Access International Access Rates

Global Network Access International Access Rates Global Network Access International Access Rates We know that you need to communicate with your partners, colleagues and customers around the world. We make every effort to understand the difficulties

More information

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure

More information

Expenditure and Outputs in the Irish Health System: A Cross Country Comparison

Expenditure and Outputs in the Irish Health System: A Cross Country Comparison Expenditure and Outputs in the Irish Health System: A Cross Country Comparison Paul Redmond Overview This document analyzes expenditure and outputs in the Irish health system and compares Ireland to other

More information

Clinical Trials. Local Trial Requirements

Clinical Trials. Local Trial Requirements Clinical Trials Clinical trials insurance covers the legal liabilities of the insured in respect of clinical trials for bodily injury arising from the trial. The coverage provided by Newline is on the

More information

Global Dialing Comment. Telephone Type. AT&T Direct Number. Access Type. Dial-In Number. Country. Albania Toll-Free 00-800-0010 888-426-6840

Global Dialing Comment. Telephone Type. AT&T Direct Number. Access Type. Dial-In Number. Country. Albania Toll-Free 00-800-0010 888-426-6840 Below is a list of Global Access Numbers, in order by country. If a Country has an AT&T Direct Number, the audio conference requires two-stage dialing. First, dial the AT&T Direct Number. Second, dial

More information

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD

More information

BT Premium Event Call and Web Rate Card

BT Premium Event Call and Web Rate Card BT Managed Event and BT Self-Managed Event (also referred to as Express, Plus and Premium) Conference Bridge and Call for Booked Audio Conferencing Services will comprise the following for each phone-conference:

More information

Review of R&D Tax Credit. Invitation for Submissions

Review of R&D Tax Credit. Invitation for Submissions Review of R&D Credit invitation for submissions Review of R&D Credit Invitation for Submissions February 2013 Economic and Fiscal Divisions Department of Finance Government Buildings, Upper Merrion Street,

More information

On What Resources and Services Is Education Funding Spent?

On What Resources and Services Is Education Funding Spent? Indicator On What Resources and Services Is Education Funding Spent? In primary, secondary and post-secondary non-tertiary education combined, current accounts for an average of 92% of total spending in

More information

Trends in Digitally-Enabled Trade in Services. by Maria Borga and Jennifer Koncz-Bruner

Trends in Digitally-Enabled Trade in Services. by Maria Borga and Jennifer Koncz-Bruner Trends in Digitally-Enabled Trade in Services by Maria Borga and Jennifer Koncz-Bruner Digitally-enabled are those for which digital information and communications technologies (ICT) play an important

More information

Cisco Phone Systems Telemarketing Script Cold Call

Cisco Phone Systems Telemarketing Script Cold Call Cisco Phone Systems Telemarketing Script Cold Call 1. Locate Contact: Name listed Owner General Manager / Office Manager Chief BDM (Business Decision Maker) Note: Avoid talking to IT since this is not

More information

International Call Services

International Call Services International Call Services Affordable rates for business calls. Wherever you are in the world. We ve got plenty to say when it comes to staying in touch when you re overseas. We have agreements with 443

More information

Business Phone. Product solutions. Key features

Business Phone. Product solutions. Key features Product solutions Enjoy free calls and significant savings on your business landline bills with from International. Set-up is simple and you don t need to change your existing telephone numbers, plus there

More information

DEMOGRAPHICS AND MACROECONOMICS

DEMOGRAPHICS AND MACROECONOMICS 1 UNITED KINGDOM DEMOGRAPHICS AND MACROECONOMICS Data from 2008 or latest available year. 1. Ratio of over 65-year-olds the labour force. Source: OECD, various sources. COUNTRY PENSION DESIGN STRUCTURE

More information

Tourism Statistical Yearly Report 2012

Tourism Statistical Yearly Report 2012 Tourism Statistical Yearly Report 2012 The Costa Rica Tourism Board is pleased to present the Tourism Statistical Yearly Report 2012. The information has been collected and organized by officers of Subproceso

More information

Energy Briefing: Global Crude Oil Demand & Supply

Energy 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 information

TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS. Paulo Magina Public Sector Integrity Division

TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS. Paulo Magina Public Sector Integrity Division TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS Paulo Magina Public Sector Integrity Division 10 th Public Procurement Knowledge Exchange Platform Istanbul, May 2014 The Organization for Economic

More information

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS

More information

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology OCTOBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology SEPTEMBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol) Indexes Construction

More information

PISA FOR SCHOOLS. How is my school comparing internationally? Andreas Schleicher Director for Education and Skills OECD. Madrid, September 22 nd

PISA FOR SCHOOLS. How is my school comparing internationally? Andreas Schleicher Director for Education and Skills OECD. Madrid, September 22 nd PISA FOR SCHOOLS How is my school comparing internationally? Andreas Schleicher Director for Education and Skills OECD Madrid, September 22 nd PISA in brief Over half a million students representing 28

More information

Raveh Ravid & Co. CPA. November 2015

Raveh Ravid & Co. CPA. November 2015 Raveh Ravid & Co. CPA November 2015 About Us Established in 1986 by Abir Raveh, CPA & Itzhak Ravid, CPA 6 Partners, 80 employees Located in Tel Aviv, Israel wide range of professional services highly experienced

More information

FDI IN FIGURES. April 2013

FDI IN FIGURES. April 2013 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 p p FDI IN FIGURES April 213 According to preliminary estimates, global FDI flows have declined in 212 by 14% from 211 to USD 1.4 trillion

More information

Consumer Credit Worldwide at year end 2012

Consumer 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 information

Foreign A id and Foreign Investment

Foreign A id and Foreign Investment 13 Foreign A id and Foreign Investment Financial flows to developing countries take two main forms aid that comes from foreign governments, often called official development assistance, and investment

More information

Korn Ferry Hay Group 2016 Salary Forecast: Wages Expected to Rise Globally, With a Modest Outlook for the Middle East

Korn Ferry Hay Group 2016 Salary Forecast: Wages Expected to Rise Globally, With a Modest Outlook for the Middle East MEDIA CONTACT Megan Willis +971(0)563 694 003 Under embargo until Tuesday 08 December 2015 Korn Ferry Hay Group 2016 : Wages Expected to Rise Globally, With a Modest Outlook for the Middle East Global

More information

The face of consistent global performance

The face of consistent global performance Building safety & security global simplified accounts The face of consistent global performance Delivering enterprise-wide safety and security solutions. With more than 500 offices worldwide Johnson Controls

More information

Introducing GlobalStar Travel Management

Introducing GlobalStar Travel Management Introducing GlobalStar Travel Management GlobalStar is a worldwide travel management company owned and managed by local entrepreneurs. In total over 80 market leading enterprises, representing over US$13

More information

Cisco Global Cloud Index Supplement: Cloud Readiness Regional Details

Cisco Global Cloud Index Supplement: Cloud Readiness Regional Details White Paper Cisco Global Cloud Index Supplement: Cloud Readiness Regional Details What You Will Learn The Cisco Global Cloud Index is an ongoing effort to forecast the growth of global data center and

More information

Axioma Risk Monitor Global Developed Markets 29 June 2016

Axioma Risk Monitor Global Developed Markets 29 June 2016 Axioma Risk Monitor Global Developed Markets 29 June 2016 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last

More information

Passport for Financial Lines

Passport for Financial Lines Passport for Financial Lines Established markets already have layers of constantly-shifting regulations, emerging economies are introducing new risks and challenges. Multinationals must be well equipped

More information

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries The spillover effects of unconventional monetary policy measures in major developed countries on developing countries Tatiana Fic National Institute of Economic and Social Research Objective The objective

More information

DIRECT MARKETING STRATEGY. Web & Software Development Services

DIRECT MARKETING STRATEGY. Web & Software Development Services DIRECT MARKETING STRATEGY Web & Software Development Services Document created by : Rakesh Negi Business Development & Market Research Consultant New Delhi, India Skype: rakesh_negi1 MSN: rakesh_negi1@hotmail.com

More information

Corporate Office 19200 Von Karman Ave Suite 150 Irvine, California 92612-8501. Toll Free: 888-643-3133 Fax: 949-502-0048 www.ifa.

Corporate Office 19200 Von Karman Ave Suite 150 Irvine, California 92612-8501. Toll Free: 888-643-3133 Fax: 949-502-0048 www.ifa. Corporate Office 19200 Von Karman Ave Suite 150 Irvine, California 92612-8501 Toll Free: 888-643-3133 Fax: 949-502-0048 www.ifa.com All Dimensional portfolio returns are net of all fees unless otherwise

More information

GfK PURCHASING POWER INTERNATIONAL

GfK PURCHASING POWER INTERNATIONAL GfK PURCHASING POWER INTERNATIONAL 1 Agenda 1. Europe 3 2. Americas 45 3. Asia & Near East 54 4. Afrika 66 5. Australia 68 6. Overview of countries and available levels 70 2 2 EUROPE 4 GfK

More information

Competition in the financial sector and its impact on financial intermediation. Dr Mamiko Yokoi-Arai

Competition in the financial sector and its impact on financial intermediation. Dr Mamiko Yokoi-Arai International Conference on Asian Market Integration and Financial Innovation February 10, 2012 Competition in the financial sector and its impact on financial intermediation Dr Mamiko Yokoi-Arai Evolution

More information

July 2015. Figure 1. 1 The index is set to 100 in 2000. House prices are deflated by country CPIs in most cases.

July 2015. Figure 1. 1 The index is set to 100 in 2000. House prices are deflated by country CPIs in most cases. July 2015 Globally, house prices continue a slow recovery. The Global House Price Index, an equally weighted average of real house prices in nearly 60 countries, inched up slowly during the past two years

More information

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis

More information

Enterprise Mobility Suite (EMS) Overview

Enterprise Mobility Suite (EMS) Overview Enterprise Mobility Suite (EMS) Overview Industry trends driving IT pressures Devices Apps Big data Cloud 52% of information workers across 17 countries report using 3+ devices for work Enable my employees

More information

FY2011 RESULTS. 1 February 2011 to 31 January INDITEX continues its global, multi-concept, multi-channel growth.

FY2011 RESULTS. 1 February 2011 to 31 January INDITEX continues its global, multi-concept, multi-channel growth. FY RESULTS 1 February to 31 January 2012 INDITEX continues its global, multi-concept, multi-channel growth. Net sales for FY reached 13.8 billion, 10% higher. Net sales in local currencies increased by

More information

VISA AND RESIDENCE PERMIT FOR GERMANY FOR INTERNATIONAL STUDENTS AND Ph.D. STUDENTS

VISA AND RESIDENCE PERMIT FOR GERMANY FOR INTERNATIONAL STUDENTS AND Ph.D. STUDENTS VISA AND RESIDENCE PERMIT FOR GERMANY FOR INTERNATIONAL STUDENTS AND Ph.D. STUDENTS Entry and visa obligation The entry regulations for the Federal Republic of Germany differ depending on the country of

More information

Tax Concessions for Older People in OECD Countries, 2010

Tax Concessions for Older People in OECD Countries, 2010 Austria Belgium Czech Republic Tax credit of EUR 400 for low pension income up to EUR 17,000; the tax credit is fully phased out once pension income equals EUR 25,000. pension income of maximum EUR 1,901.19.

More information

How Many Students Finish Tertiary Education?

How Many Students Finish Tertiary Education? Indicator How Many Students Finish Tertiary Education? Based on current patterns of graduation, it is estimated that an average of 46% of today s women and 31% of today s men in OECD countries will complete

More information

CMMI for SCAMPI SM Class A Appraisal Results 2011 End-Year Update

CMMI for SCAMPI SM Class A Appraisal Results 2011 End-Year Update CMMI for SCAMPI SM Class A 2011 End-Year Update Software Engineering Institute Carnegie Mellon University Pittsburgh, PA 15213 1 Outline Introduction Current Status Community Trends Organizational Trends

More information

The investment fund statistics

The investment fund statistics The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal

More information

Guide to Treatment of Withholding Tax Rates

Guide to Treatment of Withholding Tax Rates Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

A BETTER RETIREMENT PORTFOLIO FOR MEMBERS IN DC INVESTMENT DEFAULTS

A BETTER RETIREMENT PORTFOLIO FOR MEMBERS IN DC INVESTMENT DEFAULTS A BETTER RETIREMENT PORTFOLIO FOR MEMBERS IN DC INVESTMENT DEFAULTS JUNE 2014 TALENT HEALTH RETIREMENT INVESTMENTS EXECUTIVE SUMMARY The majority of defined contribution (DC) plan members typically end

More information

Tble Home Team Visiting Team Home Team Visiting Team Home Team Visiting Team. Open Qualification Group A. 1st Round 2nd Round 3rd Round

Tble Home Team Visiting Team Home Team Visiting Team Home Team Visiting Team. Open Qualification Group A. 1st Round 2nd Round 3rd Round Open Qualification Group A 14th WORLD BRIDGE GAMES OPEN SERIES Group A 1 Netherlands Mexico Chile Netherlands Netherlands Denmark 2 Saudi Arabia Bosnia & Hrzna Switzerland Jordan Spain Germany 3 Korea

More information

U.S. Salary Increase Survey Highlights

U.S. Salary Increase Survey Highlights Consulting Performance, Reward & Talent 2012 2013 U.S. Salary Increase Survey Highlights We ask each participating company to treat these survey findings with the greatest confidence. The findings are

More information

Composition of Premium in Life and Non-life Insurance Segments

Composition of Premium in Life and Non-life Insurance Segments 2012 2nd International Conference on Computer and Software Modeling (ICCSM 2012) IPCSIT vol. 54 (2012) (2012) IACSIT Press, Singapore DOI: 10.7763/IPCSIT.2012.V54.16 Composition of Premium in Life and

More information

Audio Conferencing Service Comprehensive Telecommunications Services Group Number 77017 Award Number 20268 Contract Number PS63110

Audio Conferencing Service Comprehensive Telecommunications Services Group Number 77017 Award Number 20268 Contract Number PS63110 Audio Conferencing Comprehensive Telecommunications s Number PS63110 Audio Conferencing, Function or Device Reservationless Conferencing Solution Setup Meeting Center Multimedia Minute - Self-, Automated

More information

Puerto Rico 2016 SERVICES AND RATES

Puerto Rico 2016 SERVICES AND RATES SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation

More information

Logix5000 Clock Update Tool V2.00.36. 12/13/2005 Copyright 2005 Rockwell Automation Inc., All Rights Reserved. 1

Logix5000 Clock Update Tool V2.00.36. 12/13/2005 Copyright 2005 Rockwell Automation Inc., All Rights Reserved. 1 Logix5000 Clock Update Tool V2.00.36. 1 Overview Logix5000 Clock Update Tool 1. 1. What is is it? it? 2. 2. How will it it help me? 3. 3. How do do I I use it? it? 4. 4. When can I I get get it? it? 2

More information

List of tables. I. World Trade Developments

List of tables. I. World Trade Developments List of tables I. World Trade Developments 1. Overview Table I.1 Growth in the volume of world merchandise exports and production, 2010-2014 39 Table I.2 Growth in the volume of world merchandise trade

More information

Pension Markets in Focus

Pension Markets in Focus Pension Markets in Focus 2015 1 This annual report reviews trends in the financial performance of pension funds, including investment returns and asset allocation. The underlying data for the tables and

More information

HP Priority Services - Overview

HP Priority Services - Overview HP Priority Services - Overview Premium enterprise-level global support for your entire Install base. May 2016 1 Overview Priority Services: Premium enterprise-level global support for your entire Install

More information

Brochure More information from http://www.researchandmarkets.com/reports/1339929/

Brochure More information from http://www.researchandmarkets.com/reports/1339929/ Brochure More information from http://www.researchandmarkets.com/reports/1339929/ The 2011 World Forecasts of Machine Tools That Remove Material by Laser or Light, Photon, Ultrasonic, Electro-Discharge,

More information

Doing Business in Australia and Hong Kong SAR, China

Doing Business in Australia and Hong Kong SAR, China Doing Business in Australia and Hong Kong SAR, China Mikiko Imai Ollison Private Sector Development Specialist Nan Jiang Private Sector Development Specialist Washington, DC October 29, 2013 What does

More information

Triple-play subscriptions to rocket to 400 mil.

Triple-play subscriptions to rocket to 400 mil. Triple-play criptions to rocket to 400 mil. Global triple-play criptions will reach 400 million by 2017; up by nearly 300 million on the end-2011 total and up by 380 million on the 2007 total, according

More information

Fall 2015 International Student Enrollment

Fall 2015 International Student Enrollment Fall 2015 International Student Enrollment Prepared by The Office of International Affairs Nova Southeastern University Nova Southeastern University International Student Statistics Fall 2015 International

More information

Higher education institutions as places to integrate individual lifelong learning strategies

Higher education institutions as places to integrate individual lifelong learning strategies Higher education institutions as places to integrate individual lifelong learning strategies Andrzej Krasniewski Warsaw University of Technology Bologna Expert QUALIFICATIONS FRAMEWORKS AS INSTRUMENTS

More information

ADVOC. the international network of independent law firms

ADVOC. the international network of independent law firms ADVOC the international network of independent law firms About ADVOC ADVOC is an international network of independent law firms, sharing international expertise in jurisdictions across the globe Our member

More information

Preventing fraud and corruption in public procurement

Preventing fraud and corruption in public procurement Preventing fraud and corruption in public procurement CRIM, European Parliament 24 September 2012 Brussels János Bertók Head of division Public Sector Integrity OECD Data on trends in procurement Size

More information

Waiting times and other barriers to health care access

Waiting times and other barriers to health care access Dr. Frank Niehaus Wissenschaftliches Institut der PKV (Scientific Research Institute of the Association of German Private Health Insurers) Waiting times and other barriers to health care access 31.8 %

More information

What Proportion of National Wealth Is Spent on Education?

What Proportion of National Wealth Is Spent on Education? Indicator What Proportion of National Wealth Is Spent on Education? In 2008, OECD countries spent 6.1% of their collective GDP on al institutions and this proportion exceeds 7.0% in Chile, Denmark, Iceland,

More information

Mind!the!$2!trillion!Gap"

Mind!the!$2!trillion!Gap Mindthe$2trillionGap $2trillionofmissingtradeintheworldcannotbeignored EquantAnalytics2016 Keymessages Wehavefound$2.1trillionmoretradeintheworldthanofficialreportedstatisticssuggest. This comes about

More information

Dial 00-800-0010, when prompted to enter calling number, enter 800-544-6666 American Samoa 1-800-544-6666 Number can be dialed directly Angola 0199

Dial 00-800-0010, when prompted to enter calling number, enter 800-544-6666 American Samoa 1-800-544-6666 Number can be dialed directly Angola 0199 National Financial Services International Calling Instructions Albania 00-800-0010 Dial 00-800-0010, when prompted to enter American Samoa 1-800-544-6666 Number can be dialed directly Angola 0199 Dial

More information

What Is the Total Public Spending on Education?

What Is the Total Public Spending on Education? What Is the Total Public Spending on Education? Indicator On average, OECD countries devote 12.9% of total public expenditure to, but values for individual countries range from less than 10% in the Czech

More information

DIR Contract #DIR-TSO-2610 Amendment #1 Appendix C Price Index

DIR Contract #DIR-TSO-2610 Amendment #1 Appendix C Price Index CONFERENCING SERVICES Customer Price Price per minute/hour/mont h etc. Comment Audio Conferencing Operator Assisted Dial-Out $0.1530 Per Minute OADI Toll-Free Dial-In (Operator Assisted) $0.0816 Per Minute

More information

BIS 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 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 information

Global payments trends: Challenges amid rebounding revenues

Global 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 information

Credit & Debit Card Payments. Factsheet

Credit & Debit Card Payments. Factsheet Credit & Debit Card Payments Factsheet Contents 1. Card Types... 2 2. Supported countries... 2 3. First Funding via Credit / Debit Card... 3 4. Transaction Currencies... 4 5. Currency Conversion... 4 6.

More information

FedEx International Priority. FedEx International Economy 3

FedEx International Priority. FedEx International Economy 3 SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation

More information

STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE

STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE Möbel Zahlen Daten STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE 01/36 Economical growth in the regions of the world-economy Changes of the gross domestic

More information

International Mains Voltages Edition 01/97

International Mains Voltages Edition 01/97 International Mains Voltages Edition 01/97 0921 271X / 0197 The international low voltages used in industry, business and domestically. Listed in continents and countries. Status April 1996 The following

More information

Delegation in human resource management

Delegation in human resource management From: Government at a Glance 2009 Access the complete publication at: http://dx.doi.org/10.1787/9789264075061-en Delegation in human resource management Please cite this chapter as: OECD (2009), Delegation

More information

Monthly Gas Statistics

Monthly Gas Statistics 42491 With data up to: May 2016 Monthly Gas Statistics Next Release: 13 September 2016 Next Release: 13 September 2016 Date of publication: 11 August 2016 TABLE OF CONTENTS Charts 1 Gross consumption of

More information