Rail PPP s in the Middle East. MEED Presentation 27 September 2005

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Rail PPP s in the Middle East. MEED Presentation 27 September 2005"

Transcription

1 Rail PPP s in the Middle East MEED Presentation 27 September 2005

2 Focus of Presentation 1. ADCB Macquarie Corporate Finance a) Macquarie Bank b) Abu Dhabi Commercial Bank c) The Joint Venture 2. Rail Public Private Partnerships (PPP s) in the Middle East From the perspective of a financial investor Key Challenges / Risks 3. Other Factors for Success 2

3 Macquarie s global experience The Macquarie Group provides specialist investment, advisory and financial services in select markets around the world, with 6,670 employees in 23 countries Key statistics Market capitalisation 9bn Total assets 31bn Funds under management 55bn Managing 67 Assets across 14 countries History Founded in 1969 as the Australian subsidiary of UK merchant bank Hill Samuel Listed on the Australian Stock Exchange in 1996 Offices in all major financial centres and in London since 1989 Leading global specialist in infrastructure Offices in all major financial centres Dublin Vancouver Toronto London Frankfurt Munich Chicago Geneva Vienna San Francisco New York San Jose Madrid Tianjin Tokyo San Diego Seoul Florida Shanghai Hong Kong Annual net profit ( m) Note: Year-end 31 March 2005 Kuala Lumpur Singapore Jakarta Sao Paulo Brisbane Cape Town Johannesburg Perth Sydney Adelaide Auckland Melbourne Wellington 3

4 Macquarie Bank: Recognised Market Leader Australia s strongest locally-owned bank, Macquarie has continued to achieve... market leadership Euromoney we believe Macquarie will maintain if not extend its leadership position across the core businesses in which it competes Morgan Stanley Dean Witter In a class of its own...a unique investment bank with outstanding profit and growth record...and market leadership Salomon Smith Barney Macquarie Bank Awards in 2004 Investment Bank of the Year Insto Distinction Awards 2004 Debt House of the Year Insto Distinction Awards 2004 Hybrid House of the Year Insto Distinction Awards 2004 Mortgage Bank Securities House of the Year Insto Distinction Awards 2004 Financial Adviser of the Year Project Finance International 2004 Equities Analyst of the Year: Greg Dring CFO Magazine 2004 CFO of the Year: Greg Ward CFO Magazine 2004 Equity House of the Year FinanceAsia 2004 Best Brokerage FinanceAsia Awards 2004 Best Domestic Investment Bank Asset Asian Awards 2004 Best Domestic Bank Asset Asian Awards 2004 Innovative Deal of the Year: ConnectEast Insto Distinction Awards 2004 Project Finance Deal of the Year: ConnectEast Asiamoney Awards 2004 Best Project Finance Deal: ConnectEast FinanceAsia Awards 2004 Most Innovative Deal: ConnectEast FinanceAsia Awards 2004 Asia-Pacific Transport Deal of the Year: ConnectEast Project Finance 2004 IPO of the Year: Pacific Brands CFO Magazine 2004 IPO of the Year: Pacific Brands Asiamoney 2004 IPO of the Year: Pacific Brands FinanceAsia 2004 Structured Finance Transaction of the Year: ALE Property CFO Magazine 2004 Best Equity Linked Deal: TICkETS FinanceAsia 2004 North American Transport Deal of the Year: Chicago Skyway Project Finance 2004 Macquarie s record...makes it a standout performer in investment banking Business Review Weekly...investment banking strength, domestic dominance and global capacity... CS First Boston Macquarie Bank...continues to justify its reputation as the most dynamic and innovative Australian Bank Euromoney 4

5 Abu Dhabi Commercial Bank (ADCB) ADCB total assets and market capitalisation US$bn Total Assets Market Capitalisation Note: Values as at 30 June 2005 Abu Dhabi Commercial Bank ( ADCB ) was formed in 1985 as a public shareholding company with limited liability, upon the merger of Emirates Commercial Bank and Federal commercial Bank with Khaleej Commercial Bank The Government of Abu Dhabi, through ADIA, holds 65% of the ADCB, with the remaining 35% held by UAE institutions and nationals Strong track record in arranging debt and syndication for infrastructure projects ADCB is a leading bank in the UAE and is well established in the region The Bank employs 1,200 staff throughout its network of 38 branches, 36 in the UAE and two in India ADCB is listed on the UAE stock market and with a market capitalisation of approximately US$9.7bn, is one of the largest in the region Amongst UAE banks, ADCB has the second largest deposit base with total assets as at 30/06/2005 of AED 46.8 billion and FY05 first half net profit of AED 844million ADCB handles payment instructions, letters of credit and guarantees through a network of 36 branches in India (Mumbai and Bangalore). ADCB also offers credit card, investment, trade and project financing services ADCB is a leading investment bank in the UAE 5

6 ADCB / Macquarie ADCB and Macquarie have the same vision Development of regional infrastructure Combination of international infrastructure expertise & experience with local knowledge and presence Diversified provider of specialised infrastructure services Project structuring and delivery services Seeking to acquire suitable infrastructure assets Advisory services for Brownfield and Greenfield projects Arrangers of debt and equity for infrastructure projects The joint venture is already engaged on infrastructure projects in the region Team on the ground experienced in transport including rail eg Seoul Subway No 9 and Yongin LRT in S Korea, London Underground PPP in the UK 6

7 Rail PPP s in the Middle East Can rail projects succeed as public private partnership transactions in the Middle East from the perspective of a financial sponsor? Yes, but it depends on the risks to be taken by the financial sponsor 7

8 Key Challenges / Risks for Rail PPP s Rail is a complex risk proposition. Key challenges include: High Upfront Capital Cost Integration Risk Complex Contractual Structures Patronage risk 8

9 High Upfront Capital Cost Significant amount of upfront capital required Particularly for new networks Is there sufficient liquidity to finance all projects competitively? Yes, if structured well We believe there is appetite for well structured rail projects in the Middle East ADCB Macquarie has appetite for well-structured rail projects in the Middle East 9

10 Integration Risk Integration of systems, rolling stock, signals, civil works, etc Who takes integration risk? 2 potential solutions: Separate project manager asked to take risk Often uneconomical Strong lead contractor wraps entire project Preferred solution 10

11 Complex Contractual Structures Numerous different entities involved Complex contractual arrangements Use of International standards where appropriate Head contractor structure reduces complexities 11

12 Patronage Risk Revenue estimates based on passenger forecasts If wrong, represents very large risk to financial investors Revenue guarantee from government desirable Particularly for new networks where it is harder to forecast usage 12

13 Other Factors for Success Partnership between foreign and local entities Foreign expertise, proven delivery Local knowledge Rail Projects should be part of a Systematic Plan Part of a bigger picture, for example: Freight rail: should be underpinned by a sound business proposition eg consideration of ports, industrial areas Passenger rail: Innovation may help make a project profitable eg real-estate cross-investment (Hong Kong MTR) Early involvement of financial investors Ensures well structured project for maximum risk transfer and competitive financing terms 13

An introduction to the Rothschild businesses

An introduction to the Rothschild businesses An introduction to the Rothschild businesses Introducing the Group The Rothschild Group is one of the world s largest independent financial advisory groups, employing approximately 2,800 people in 40 countries

More information

CRITICAL THINKING AT THE CRITICAL TIME CONSTRUCTION SOLUTIONS

CRITICAL THINKING AT THE CRITICAL TIME CONSTRUCTION SOLUTIONS CRITICAL THINKING AT THE CRITICAL TIME CONSTRUCTION SOLUTIONS Table of Contents 1 ABOUT FTI CONSULTING 2 CHALLENGES OVERCOME 3 OUR EXPERTISE 4 PROJECT TYPES 5 OUR TEAM ii FTI Consulting, Inc. CONSTRUCTION

More information

What Makes Cities Successful Randstad on the World Stage

What Makes Cities Successful Randstad on the World Stage What Makes Cities Successful Randstad on the World Stage 1966 7 World Cities London Moscow New York Paris Randstad Rhein-Ruhr Tokyo Today: JLL City Commercial Attraction Index Top 20 Population Economic

More information

The leading adviser in the global education sector

The leading adviser in the global education sector The leading adviser in the global education sector 3 Global Financial Advisory Rothschild stands apart from the competition. What makes Rothschild special as an adviser is that we are: Focused on clients

More information

INDEX METHODOLOGY MSCI REIT PREFERRED. Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index.

INDEX METHODOLOGY MSCI REIT PREFERRED. Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index. INDEX METHODOLOGY MSCI REIT PREFERRED INDEX METHODOLOGY Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index December 2014 DECEMBER 2014 CONTENTS 1 Introduction... 3 2 Defining

More information

Opportunities for Action in Financial Services. Growing Profits Under Pressure: Integrating Corporate and Investment Banking

Opportunities for Action in Financial Services. Growing Profits Under Pressure: Integrating Corporate and Investment Banking Opportunities for Action in Financial Services Growing Profits Under Pressure: Integrating Corporate and Investment Banking Growing Profits Under Pressure: Integrating Corporate and Investment Banking

More information

T&E. Where Business Travelers Spend Money

T&E. Where Business Travelers Spend Money T&E Where Business Travelers Spend Money Contents Introduction 3 Key Findings 4 Top Expensive Cities for Business Travel 5 International 5 U.S. 5 Top 10 Spend Categories 6 International 6 U.S. 7 Most Visited

More information

Indian E-Retail Congress 2013

Indian E-Retail Congress 2013 The Retail Track The Omni Channel Retail Supply Chain Indian E-Retail Congress 2013 Subhendu Roy Principal Consumer Industries and Retail Practice 15 February, 2013 Disclaimer This document is exclusively

More information

Australia Hong Kong Japan Mainland Singapore United Kingdom London Stock Exchange. Shenzhen and Shanghai Stock Exchanges

Australia Hong Kong Japan Mainland Singapore United Kingdom London Stock Exchange. Shenzhen and Shanghai Stock Exchanges COMPARISON OF THE QUANTITATIVE IPO REQUIREMENTS OF THE MAIN BOARDS OF MAJOR FINANCIAL MARKETS - A57 - Net asset/capital requirement Stock Tokyo Stock London Stock of Hong Kong Australian Stock Domestic

More information

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI)

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) France 20 A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) 20 A.T. Kearney FDI Confidence Index 20 2 6 4 0 20 Rankings 20 2 4 0 6 20 24 20 2 4 6 0 20 24 2 US China Canada Germany UK Japan

More information

Freight Forwarders: Thinking Outside the Box

Freight Forwarders: Thinking Outside the Box Freight Forwarders: Thinking Outside the Box Given its size, profitability, and expected growth rates, freight forwarding is among the most attractive segments in the North American transportation services

More information

Denied Boarding Eligibility

Denied Boarding Eligibility Option 1 Denied Boarding Compensation voucher may be used for a single Emirates operated two sector return journey between Dubai and the adjoining list of cities. (OR) Between Australia & New Zealand or

More information

MSCI Core Infrastructure Indexes Methodology

MSCI Core Infrastructure Indexes Methodology Index Methodology MSCI Core Infrastructure Indexes Methodology January 2015 msci.com Contents 1 Introduction... 3 2 Constructing MSCI Core Infrastructure Indexes... 3 2.1 Country and Constituent Selection...

More information

A Global Rating Agency >

A Global Rating Agency > A Global Rating Agency > Who We Are > Fitch Ratings is committed to providing the world s credit markets with reliable, timely and prospective credit opinions. Built on a foundation of organic growth and

More information

Supplemental Information First-Quarter 2014 Earnings Call

Supplemental Information First-Quarter 2014 Earnings Call Supplemental Information First-Quarter 2014 Earnings Call Market & Financial Overview Q1 & FY Capital Markets & Leasing Markets Volumes Investment Volume Strength Varies HISTORICAL FORECAST Capital Markets

More information

MSCI AUSTRALIA SELECT HIGH DIVIDEND YIELD INDEX

MSCI AUSTRALIA SELECT HIGH DIVIDEND YIELD INDEX INDEX METHODOLOGY MSCI AUSTRALIA SELECT HIGH DIVIDEND YIELD INDEX March 2014 MARCH 2014 CONTENTS 1 Introduction... 3 2 Constructing the MSCI Australia Select High Dividend Yield Index... 4 3 Maintaining

More information

NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS

NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS Safeguarding financial wealth From natural resource to financial

More information

CERTAINTY INGENUITY ADVANTAGE. Computershare Offshore Local experience with global reach

CERTAINTY INGENUITY ADVANTAGE. Computershare Offshore Local experience with global reach CERTAINTY INGENUITY ADVANTAGE Computershare Offshore Local experience with global reach Local experience with global reach With over 20 years local experience, Computershare s offshore clients benefit

More information

Steinbach & Partner Executive Consultants

Steinbach & Partner Executive Consultants Steinbach & Partner Executive Consultants Driven by Vision www.steinbach-partner.com Steinbach & Partner The wider view We...... are working in Executive Search and Management Consulting since 1984...

More information

01/ 02/ 03/ 04/ 05/ Beyond borders Deloitte Discovery April 23 rd 2015 Cyprus 1 Going beyond borders to move our clients ahead Deloitte Discovery Services - Deloitte Legal 2 The Deloitte

More information

Aberdeen University: Back on campus event

Aberdeen University: Back on campus event Asset Management: a rewarding and exciting career choice 5 November 2014 Alex Barr (MA, Economics and Accountancy, 1992) For investment professional use only Not for public distribution Agenda Asset Management

More information

2015 City RepTrak The World s Most Reputable Cities

2015 City RepTrak The World s Most Reputable Cities REPUTATION LEADERS NETWORK 2015 City RepTrak The World s Most Reputable Cities The World s View on Cities: An Online Study of the Reputation of 100 Cities RepTrak is a registered trademark of Reputation

More information

The World s Most Competitive Cities. A Global Investor s Perspective on True City Competitiveness

The World s Most Competitive Cities. A Global Investor s Perspective on True City Competitiveness The World s Most Competitive Cities A Global Investor s Perspective on True City Competitiveness A report by Site Selection magazine in cooperation with IBM Global Business Services The World s Most Competitive

More information

MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX

MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX INDEX METHODOLOGY MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX September 2014 SEPTEMBER 2014 CONTENTS 1 Introduction... 3 2 Constructing the MSCI China and USA Internet Top 50 Equal Weighted

More information

of business Leadership development at the pace The Leadership Express Series Calgary, AB

of business Leadership development at the pace The Leadership Express Series Calgary, AB at the pace Leadership development of business The Leadership Express Series Calgary, AB Join other successful and like-minded leaders committed to becoming their absolute best. Learn powerful ways to

More information

MULBERRY INSURANCE, MUNICH RE AND ERGO STRATEGIC PARTNERSHIP. Authorised and regulated by the Financial Conduct Authority

MULBERRY INSURANCE, MUNICH RE AND ERGO STRATEGIC PARTNERSHIP. Authorised and regulated by the Financial Conduct Authority MULBERRY INSURANCE, MUNICH RE AND ERGO STRATEGIC PARTNERSHIP Authorised and regulated by the Financial Conduct Authority MULBERRY INSURANCE - OVERVIEW MULBERRY INSURANCE OUR PHILOSOPHY We promise to bring

More information

Norton Rose Group expands across Canada, Latin America and Kazakhstan. Creating one of the world s leading energy and mining practices

Norton Rose Group expands across Canada, Latin America and Kazakhstan. Creating one of the world s leading energy and mining practices Norton Rose Group expands across Canada, Latin America and Kazakhstan Creating one of the world s leading energy and mining practices Norton Rose Group expands across Canada, Latin America and Kazakhstan

More information

Denied Boarding Eligibility

Denied Boarding Eligibility Option 1 Denied Boarding Compensation voucher may be used for a single Emirates operated two sector return journey between Dubai and the adjoining list of cities. (OR) Between Australia & New Zealand or

More information

The Data Center of the Future: Creating New Jobs in Europe

The Data Center of the Future: Creating New Jobs in Europe The Data Center of the Future: Creating New Jobs in Europe New data centers will create hundreds of thousands of new jobs for Europe by 2020. But there is work to be done to capture this opportunity fully.

More information

Health Care Viewpoint

Health Care Viewpoint Using Mergers and Acquisitions to Secure Strategic Position and Profitable Growth Health Care Viewpoint Number 11 Bain health care expertise As the year 2000 approaches, the health care industry is still

More information

Real Estate. Expertise of a boutique. Reach of a global firm.

Real Estate. Expertise of a boutique. Reach of a global firm. Real Estate Expertise of a boutique. Reach of a global firm. Inside Expertise of a boutique, reach of a global firm 1 Broad global coverage 2 Industry coverage 3 Our search process 4 Proprietary assessment

More information

Our Financial Services Regulatory practice

Our Financial Services Regulatory practice Our Financial Services Regulatory practice 2015 2 Our Financial Services Regulatory practice 2015 Allen & Overy LLP 2015 3 How we can assist you Ranked Tier 1 for Financial Services Regulatory: Non-contentious

More information

India. Doorway to opportunities

India. Doorway to opportunities India Doorway to opportunities We have the key India s development plays an increasingly active role in the global economy and presents significant business opportunities. As clients manage and explore

More information

Ken Favaro Ashish Jain Samuel Bloustein. Small Business Banking Customers An Attractive Segment for Organic Growth

Ken Favaro Ashish Jain Samuel Bloustein. Small Business Banking Customers An Attractive Segment for Organic Growth Leading Research Paul Hyde Ken Favaro Ashish Jain Samuel Bloustein Small Business Banking Customers An Attractive Segment for Organic Growth Small Business Customers Are Among the Most Profitable Segments

More information

KDDI Corporation. A Fortune Global 500 Company Ranked 13th in the telecommunications industry in 20 09 $38.5B $29.4B $4.7B 12.7% $4.8B 12.

KDDI Corporation. A Fortune Global 500 Company Ranked 13th in the telecommunications industry in 20 09 $38.5B $29.4B $4.7B 12.7% $4.8B 12. KDDI Corporation A Fortune Global 500 Company Ranked 13th in the telecommunications industry in 20 09 CONSTITUENT RATIO OF 2010 KDDI OPERATING REVENUE (%) KDDI OPERATING REVENUE (Billions of Dollars) Consolidated

More information

ADVANCED ACCOUNTING. Floyd A. Beams. /Virginia Polytechnic Institute and State University. Joseph H. Anthony. Michigan State University

ADVANCED ACCOUNTING. Floyd A. Beams. /Virginia Polytechnic Institute and State University. Joseph H. Anthony. Michigan State University A INTERNATIONAL EDITION ADVANCED ACCOUNTING Floyd A. Beams /Virginia Polytechnic Institute and State University Joseph H. Anthony Michigan State University Bruce Bettinghaus Grand Valley State University

More information

at the pace of business Leadership development In-house programs available! The Leadership Express Series Ottawa, ON

at the pace of business Leadership development In-house programs available! The Leadership Express Series Ottawa, ON Africa Cape Town Johannesburg Pretoria Asia Bangkok Beijing Ho Chi Minh City Hong Kong Jakarta Kuala Lumpur Mumbai New Delhi Seoul Shanghai Shenzhen Singapore Tokyo Europe Amsterdam Athens Barcelona Berlin

More information

WHITEPAPER Workforce Planning Pitfalls

WHITEPAPER Workforce Planning Pitfalls WHITEPAPER Workforce Planning Pitfalls Six tips for delivering the workforce of the future for consistent business success Executing talent management activities before they re needed is an earmark of

More information

board solutions litigation support services Executive compensation

board solutions litigation support services Executive compensation board solutions litigation support services Executive compensation i Deep experience, strong partnerships Hay Group s Board Solutions business assists attorneys in various types of engagements that involve

More information

Tarsim Agricultural Insurance Pool Achievements and future goals. Ankara, 10.4.2013 Brigitte Engelhard

Tarsim Agricultural Insurance Pool Achievements and future goals. Ankara, 10.4.2013 Brigitte Engelhard Tarsim Agricultural Insurance Pool Achievements and future goals Ankara, 10.4.2013 Brigitte Engelhard Agenda 1. Munich Re and the Divisional Unit Agro 2. Tarsim Agricultural Insurance Pool Achievements

More information

Business Finance. Theory and Practica. Eddie McLaney PEARSON

Business Finance. Theory and Practica. Eddie McLaney PEARSON Business Finance Theory and Practica Eddie McLaney PEARSON Harlow, England London New York Boston San Francisco Toronto Sydney Auckland Singapore Hong Kong Tokyo Seoul Taipei New Delhi Cape Town Säo Paulo

More information

ROLE SPECIFICATION INTERNATIONAL FINANCE CORPORATION

ROLE SPECIFICATION INTERNATIONAL FINANCE CORPORATION ROLE SPECIFICATION for the position of with GENERAL COUNSEL INTERNATIONAL FINANCE CORPORATION AMSTERDAM ATHENS ATLANTA BARCELONA BEIJING BERLIN BOGOTÁ BOSTON BRUSSELS BUDAPEST BUENOS AIRES CALGARY CHICAGO

More information

Define your goals, we ll do the rest

Define your goals, we ll do the rest SUB-FUNDS OF GOLDMAN SACHS FUNDS, SICAV Define your goals, we ll do the rest The GS Wealthbuilder Multi-Asset Portfolios can help you achieve your goals, whether you are looking to preserve, enhance or

More information

Aiming for Outsourcing Excellence

Aiming for Outsourcing Excellence by Mike Connolly mike.connolly@booz.com Vinay Couto vinay.couto@booz.com Gil Irwin gil.irwin@booz.com Karl Kellner karl.kellner@booz.com Aiming for Outsourcing Excellence The New Knowledge-Based Outsourcing

More information

Joint General Assembly APLAC-PAC 2014 June 21-28, Guadalaja, Mexico

Joint General Assembly APLAC-PAC 2014 June 21-28, Guadalaja, Mexico Joint General Assembly APLAC-PAC 2014 June 21-28, Guadalaja, Mexico Suggestions air transportation to Guadalajara, Mexico Below are some suggested connections that can be taken from different countries

More information

10Steps to Optimize Retail Operations. A guide to enable, deliver and drive store value

10Steps to Optimize Retail Operations. A guide to enable, deliver and drive store value 10Steps to Optimize Retail Operations A guide to enable, deliver and drive store value Achieving Excellence in Retail Operations (AERO TM ) Enable store value Use customer and market insights to set strategic

More information

DHL Global Energy Conference 2015 Outsourcing logistics Enhancing innovation or increasing risk?

DHL Global Energy Conference 2015 Outsourcing logistics Enhancing innovation or increasing risk? DHL Global Energy Conference 2015 Outsourcing logistics Enhancing innovation or increasing risk? Introduction to panel discussion Houston, October 13 th What has happened since the last DHL conference?

More information

Global Investing: The Importance of Currency Returns and Currency Hedging

Global Investing: The Importance of Currency Returns and Currency Hedging Global Investing: The Importance of Currency Returns and Currency Hedging There is a continuing trend for investors to reduce their home bias in equity allocation and increase the allocation to international

More information

Opportunities for Action in Financial Services. Untapped Riches: The Myths and Realities of Wealth Management

Opportunities for Action in Financial Services. Untapped Riches: The Myths and Realities of Wealth Management wealth management FS 09/01 9/13/01 1:41 PM Page 1 Opportunities for Action in Financial Services Untapped Riches: The Myths and Realities of Wealth Management Untapped Riches: The Myths and Realities of

More information

Fact sheet DTZ Fair Value Index TM methodology

Fact sheet DTZ Fair Value Index TM methodology Fact sheet DTZ Fair Value Index TM methodology DTZ Fair Value Index TM launched to measure investor opportunity in world s commercial property markets First ever forward-looking commercial property value

More information

Connect the Leading Global Financial Centres by Ultra Low Latency Network

Connect the Leading Global Financial Centres by Ultra Low Latency Network Connect the Leading Global Financial Centres by Ultra Low Latency Network China Telecom Global Ltd. 21 March 2013 Every millisecond counts Time is money & every millisecond counts! Network latency demands

More information

Rents continue to recover. Global Office Index Q2 2014

Rents continue to recover. Global Office Index Q2 2014 Rents continue to recover Global Office Index Q2 2014 2 Global Office Index, Q2 2014 JLL Global Office Index Q2 2014 Rents continue to recover Steady improvement in both leasing activity and corporate

More information

The new Athens Airport

The new Athens Airport Athens International Airport S.A. The new Athens Airport Presentation to Hochtief Analysts Dr Yiannis Paraschis Athens, 28/6/02 The Agenda The Airport Project The Business Approach Cost and Traffic The

More information

Global business needs a global partner

Global business needs a global partner Global business needs a global partner Bespoke business banking on an international scale Corporate Banking The global business experts Riga Saint Petersburg Moscow London Amsterdam Minsk Warsaw Brussels

More information

MSCI Dividend Masters Indexes Methodology

MSCI Dividend Masters Indexes Methodology Index Methodology MSCI es Methodology July 2014 msci.com Contents 1 Introduction... 3 2 Index Construction Methodology... 3 Section 2.1: Applicable Universe... 3 Section 2.2: Security Selection... 3 Section

More information

Global Office Thermometer

Global Office Thermometer Global Office Thermometer Lower costs driven by appreciating US dollar, weaker economic growth in Europe and increased supply in emerging markets May 2015 This is the 18th edition of our annual report

More information

Your vision. Let s make it happen.

Your vision. Let s make it happen. Your vision. Let s make it happen. CORPORATE AND INVESTMENT BANKING CAPITAL MARKETS COMMERCIAL BANKING TRANSACTION BANKING TRADE FINANCE Creating opportunities Strength and stability, far and wide Scotiabank

More information

Global Real Estate Outlook

Global Real Estate Outlook Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South

More information

Opportunities for Action in Health Care. Unleashing Managerial Advantage In Pharma R&D

Opportunities for Action in Health Care. Unleashing Managerial Advantage In Pharma R&D Opportunities for Action in Health Care Unleashing Managerial Advantage In Pharma R&D Unleashing Managerial Advantage In Pharma R&D Over the past 15 years, R&D productivity has fallen and the number of

More information

EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA. October 2015. eastspring.co.id

EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA. October 2015. eastspring.co.id EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA October 2015 eastspring.co.id 2 Asia Investor Behaviour Study 2015 - Indonesia Asia Investor Behaviour Study 2015 - Indonesia CONTENTS

More information

seeing the whole picture HAY GROUP JOB EVALUATION MANAGER

seeing the whole picture HAY GROUP JOB EVALUATION MANAGER seeing the whole picture SM HAY GROUP JOB EVALUATION MANAGER for organizations of any size, job evaluation can be a complex task. hay group job evaluation manager sm (jem) builds hay group s class-leading

More information

Building a Customer-Centric Operating Model Aligning Segments, Products, and Channels

Building a Customer-Centric Operating Model Aligning Segments, Products, and Channels Leading Research Paul Hyde Frank Ribeiro Ashish Jain Kumar Kanagasabai Building a Customer-Centric Operating Model Aligning Segments, Products, and Channels Financial Institutions can expect to compete

More information

NORWAY S SOVEREIGN WEALTH FUND

NORWAY S SOVEREIGN WEALTH FUND GOVERNMENT PENSION FUND GLOBAL NORWAY S SOVEREIGN WEALTH FUND AGE BAKKER, CHIEF OPERATING OFFICER REGIONAL NETWORK NORTH TROMSØ, 26.05.2014 OUR MISSION IS TO SAFEGUARD AND BUILD FINANCIAL WEALTH FOR FUTURE

More information

How CPG manufacturers and retailers can collaborate to create offers that will make a difference. Implications of the Winning with Digital Study

How CPG manufacturers and retailers can collaborate to create offers that will make a difference. Implications of the Winning with Digital Study Implications of the Winning with Digital Study How CPG manufacturers and retailers can collaborate to create offers that will make a difference 1 To shed light on retailers shift from traditional to digital

More information

MSCI Quality Indices Methodology

MSCI Quality Indices Methodology Methodology Contents Contents... 2 Section 1: Introduction... 3 Section 2: Index Construction Methodology... 4 Section 2.1: Applicable Universe... 4 Section 2.2: Determination of Quality Score... 4 Section

More information

Human Resources Specialty Practice. www.stantonchase.com

Human Resources Specialty Practice. www.stantonchase.com Human Resources Specialty Practice www.stantonchase.com Established in 1990, Stanton Chase has grown to be ranked among the leading global executive search firms as rated by all major industry market research

More information

Supplemental Information Fourth-Quarter 2013 Earnings Call

Supplemental Information Fourth-Quarter 2013 Earnings Call Supplemental Information Fourth-Quarter 2013 Earnings Call Market & Financial Overview 2013 Q4 and FY Capital Markets & Leasing Markets Volumes 2013 Investment Volume Strength Continued Q4 2013 v. Q4 2012

More information

FDP IV Growth 24% 8% 8% 8% 14% 7% 10%

FDP IV Growth 24% 8% 8% 8% 14% 7% 10% FUNDS DIVERSIFIED PORTFOLIOS A Disciplined Approach to Asset Allocation, Diversification and Rebalancing Funds Diversified Portfolios (FDP ) is a nondiscretionary brokerage service from Merrill Lynch that

More information

NOMURA SINGAPORE LIMITED

NOMURA SINGAPORE LIMITED NOMURA SINGAPORE LIMITED Key Events in Nomura's History 1925 Nomura Holdings, Inc. (formerly known as The Nomura Securities Co., Ltd.) founded in Osaka by Tokushichi Nomura II 1927 Nomura opens an office

More information

Coaching Executives: Building Emotional Intelligence

Coaching Executives: Building Emotional Intelligence IMPACT STORY Coaching Executives: Building Emotional Intelligence How a Global Airline Developed Emotionally Intelligent Leaders via an Integrated Coaching Solution The Challenge The Columbia Leadership

More information

MSCI Global Minimum Volatility Indices Methodology

MSCI Global Minimum Volatility Indices Methodology MSCI Global Minimum Volatility Indices Methodology Table of Contents Section 1: Introduction... 3 Section 2: Characteristics of MSCI Minimum Volatility Indices... 3 Section 3: Constructing the MSCI Minimum

More information

The Global Financial Centres Index 16

The Global Financial Centres Index 16 Featuring a supplement on Maritime Financial Centres sponsored by Busan Metropolitan City The Global Financial Centres Index 16 SEPTEMBER 2014 1 New York 2 London 3 Hong Kong 5 San Francisco 6 Tokyo 7

More information

Bring a Big World Closer

Bring a Big World Closer Bring a Big World Closer Global Telecommunications Solutions for Business KDDI Corporation > > A Fortune Global 500 Company > > Ranked 13th in the telecommunications industry in 2011 KDDI America Total

More information

ASX Announcement. 20 November 2015. AGM Presentations

ASX Announcement. 20 November 2015. AGM Presentations ASX Announcement 20 November 2015 AGM Presentations In accordance with the ASX Listing Rules and the Corporations Act 2001, attached are the presentations to be given at today s Annual General Meeting.

More information

The Rise of Luxury Goods in Emerging Cities

The Rise of Luxury Goods in Emerging Cities The Rise of Luxury Goods in Emerging Cities September, 2015 Beijing Buenos Aires Frankfurt Hong Kong Hyderabad London Madrid Mexico City New York San Francisco Seoul Shanghai Singapore Sydney About WealthInsight

More information

Digital Infrastructure and Economic Development. An Impact Assessment of Facebook s Data Center in Northern Sweden executive summary

Digital Infrastructure and Economic Development. An Impact Assessment of Facebook s Data Center in Northern Sweden executive summary Digital Infrastructure and Economic Development An Impact Assessment of Facebook s Data Center in Northern Sweden executive summary The Boston Consulting Group (BCG) is a global management consulting firm

More information

Opportunities for Action. Achieving Success in Business Process Outsourcing and Offshoring

Opportunities for Action. Achieving Success in Business Process Outsourcing and Offshoring Opportunities for Action Achieving Success in Business Process Outsourcing and Offshoring Achieving Success in Business Process Outsourcing and Offshoring The list of companies that have launched efforts

More information

The Global Financial Centres Index 11

The Global Financial Centres Index 11 The Global Financial Centres Index 11 MARCH 2012 Financial Centre Futures 1 2012 The Qatar Financial Centre Authority sponsors Long Finance s Financial Centre Futures programme. Qatar Financial Centre

More information

2014 Analyst and Investor Survey:

2014 Analyst and Investor Survey: 2014 Analyst and Investor Survey: Trends in the Use of Digital & Social Media by the Investment Community Abu Dhabi Beijing Berlin Brussels Dallas Dubai Frankfurt Hong Kong Johannesburg London Milan Munich

More information

MSCI PRIVATE ASSET INVESTMENT CONFERENCE

MSCI PRIVATE ASSET INVESTMENT CONFERENCE MSCI PRIVATE ASSET INVESTMENT CONFERENCE Jun 30, 2015 Tokyo MSCI is pleased to invite you to the MSCI Private Asset Investment Conference which is widely reputed as the prime real estate investment event

More information

Delivering sustainable global growth

Delivering sustainable global growth Delivering sustainable global growth Driving profits by growing third party assets Keith Skeoch CEO, Standard Life Investments This presentation may contain certain forward-looking statements with respect

More information

/ / WORLDWIDE HEADQUARTERS NORTH AMERICA W. R. Grace & Co. Conn. 62 Whittemore Avenue Cambridge, MA 02140-1692 USA Tel. 617-876-1400 Fax 617-498-2643 Grace supplies products to more than 120 countries

More information

Seamus McMahon Ashish Jain Kumar Kanagasabai. Redefining the Mission for Banks Call Centers Cut Costs, Grow Sales, or Both

Seamus McMahon Ashish Jain Kumar Kanagasabai. Redefining the Mission for Banks Call Centers Cut Costs, Grow Sales, or Both Perspective Amit Gupta Seamus McMahon Ashish Jain Kumar Kanagasabai Redefining the Mission for Banks Call Centers Cut Costs, Grow Sales, or Both Contact Information Chicago Ashish Jain Principal 312-578-4753

More information

Establishing a business

Establishing a business Establishing a business in Singapore legal guide Published November 2012 HERBERT SMITH FREEHILLS Establishing a business in Singapore 03 Introduction This guide provides an overview of common issues encountered

More information

Hotel, Tourism and Leisure. The global leader in hospitality consulting. United States and Canada

Hotel, Tourism and Leisure. The global leader in hospitality consulting. United States and Canada TM Hotel, Tourism and Leisure The global leader in hospitality consulting United States and Canada A world leader in one of the world s largest business sectors Hospitality: one of the world s largest

More information

World City Millionaire Rankings. May 2013

World City Millionaire Rankings. May 2013 World City Millionaire Rankings May 2013 WealthInsight Publication date: May, 2013 About WealthInsight The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource

More information

THE MAINLAND 21.9 % +45.7 % BUSINESS ON

THE MAINLAND 21.9 % +45.7 % BUSINESS ON DIRECTION EXPANDING HORIZONS 58 HANG SENG BANK ANNUAL REPORT 2011 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS ON THE MAINLAND Our mainland China business recorded encouraging growth in 2011 as we successfully

More information

Fully invested in your future. Graduate Opportunities at LaSalle

Fully invested in your future. Graduate Opportunities at LaSalle Fully invested in your future Graduate Opportunities at LaSalle 2016 At LaSalle, we believe our people are our biggest asset. The continued development and career progression of our employees is of the

More information

WHAT MAKES A SUSTAINABLE CITY? CITIES OF THE FUTURE CONFERENCE, DRAMMEN, 2 NOVEMBER 2010

WHAT MAKES A SUSTAINABLE CITY? CITIES OF THE FUTURE CONFERENCE, DRAMMEN, 2 NOVEMBER 2010 WHAT MAKES A SUSTAINABLE CITY? CITIES OF THE FUTURE CONFERENCE, DRAMMEN, 2 NOVEMBER 2010 Mark Watts, Director, Arup mark.watts@arup.com OVE ARUP & PARTNERS LTD THE C40 Chicago Toronto New York Los Angeles

More information

EXPERTISE NEEDED EXPERTISE FOUND

EXPERTISE NEEDED EXPERTISE FOUND Our global capabilities EXPERTISE NEEDED EXPERTISE FOUND www.nesglobaltalent.com Our global capabilities ManagedServices We offer a range of bespoke managed services, which enable you to outsource part

More information

Goodbye Spokesperson, Hello Steward

Goodbye Spokesperson, Hello Steward Goodbye Spokesperson, Hello Steward The Transformation of Corporate Communications Once heralded as the seat held by the best storyteller in the company, corporate communications is no longer about amplifying

More information

Opportunities for Action in Financial Services. The Business-to-Business Race Is On

Opportunities for Action in Financial Services. The Business-to-Business Race Is On Opportunities for Action in Financial Services The Business-to-Business Race Is On The Business-to-Business Race Is On Financial institutions have the chance to play leading and profitable roles in shaping

More information

michael page international Asia Pacifi c Global strength. regional expertise. local partnerships.

michael page international Asia Pacifi c Global strength. regional expertise. local partnerships. michael page international Asia Pacifi c Global strength. regional expertise. local partnerships. Your regional recruitment partner Michael Page International has been bringing the world s best employers

More information

Jump-Starting the Command Center Centralizing Communication for High-Risk Information Technology Events

Jump-Starting the Command Center Centralizing Communication for High-Risk Information Technology Events Jump-Starting the Centralizing Communication for High-Risk Information Technology Events Introduction Communication among key internal teams and quick, organized incident resolution for customers are essential

More information

Reinsurance in the civil aviation sector EALA - 9 th Munich Liability Seminar. 19 th May 2014 Roland Kuesters

Reinsurance in the civil aviation sector EALA - 9 th Munich Liability Seminar. 19 th May 2014 Roland Kuesters Reinsurance in the civil aviation sector EALA - 9 th Munich Liability Seminar 19 th May 2014 Roland Kuesters Agenda 1. Introduction to Reinsurance - Munich Re 2. Aviation reinsurance principles and functions

More information

Equity Capital Markets Team Germany

Equity Capital Markets Team Germany Equity Capital Markets Team Germany 2 Equity Capital Markets Team Germany Our strength is our experience with complex assignments Capital markets are difficult to predict and present serious challenges

More information

Supplemental Information Fourth Quarter 2010 Earnings Call

Supplemental Information Fourth Quarter 2010 Earnings Call Supplemental Information Fourth Quarter 2010 Earnings Call Market & Financial Overview Capital Values Q4 2009 Q4 2010 London Shanghai Beijing, Hong Kong Moscow Washington DC New York, Paris, San Francisco

More information

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER Review of TD s businesses REVIEW OF TD S BUSINESSES PROFILES OF TD S BUSINESSES TODAY IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER BASES RETAIL AND WHOLESALE TO SHOW

More information

Summary. Research Paper No. 27

Summary. Research Paper No. 27 Alternative Measures of the Size of the Stock Market Joseph Lee and Joanna Poon, Research Department of the Supervision of Markets Division 1 November 2005 Summary The Hong Kong stock market was the 8

More information