Discussion of the results of some recent spectrum auctions

Size: px
Start display at page:

Download "Discussion of the results of some recent spectrum auctions"

Transcription

1 Discussion of the results of some recent spectrum auctions Aetha Consulting Limited Coton Hall, 10 Brookfield Road Coton, Cambridge CB23 7PT United Kingdom Latin America Spectrum Conference, 2011 Mexico City, 7-8 September 2011

2 0 Background 1 Assessment of recent spectrum awards 2 Lessons and outlook 2

3 There s no one-size-fits-all solution for striking the balance between competition at auction, and competition afterwards Sub 1 GHz spectrum is very interesting for this region If the digital TV switch-off can be expedited, then MHz will be ideally suited to boosting broadband in areas of low population density Higher frequencies, despite their worse propagation properties, will also be of growing importance In August Colombia managed to generate interest in spectrum at 1.9GHz despite potentially unfavourable competitive conditions 3

4 A body of interesting empirical data points is building up outside the region As operators and regulators in Latin America design and refine award processes, best practice will be a moving target This presentation assesses the results of recent awards outside the region in analogous bands to those of most interested to mobile operators here Where possible, we will look to explain the main drivers causing differences in market prices, e.g. differences in market competitiveness institutional factors (auction format, spectrum caps, ) the intriguing possibility that bidders are more confident when they can forecast mobile broadband data with more certainty 4

5 and will continue to build up in the months ahead Approximate schedule for ongoing / upcoming European spectrum auctions Q Q Q Italy 800MHz 1800MHz 2.1GHz 2.6GHz Sweden 1800MHz Hungary 900MHz 1800MHz Denmark 800MHz France 2.6GHz Belgium 2.6GHz 5 Switzerland 800MHz 900MHz 1800MHz 2.1GHz 2.6GHz France 800MHz Ireland 800MHz 900MHz

6 0 Background 1 Assessment of recent spectrum awards 2 Lessons and outlook 6

7 Price (EUR/MHz/pop) Auction results for the 700/800MHz band Competitive auction, as O 2 bid aggressively to ensure that it gained access to two blocks of 800MHz Limited competition with only 3 national mobile operators taking part in the auction. This led to lower prices for the 800MHz spectrum. 0.0 United States Germany Spain Sweden In all European auctions, the winning bidders gained access to 2 lots of 2 5MHz each. There has not been an auction where 7 bidders only took away 2 5MHz.

8 Price (EUR/MHz/pop) Auction results for the 900MHz band The 900MHz band can be used for HSPA+ services. Also, low frequency spectrum is particularly valuable in Hong Kong to achieve superior in-building penetration in densely populated areas Of the 3 lots available, 2 lots were acquired at reserve price and 1 lot remained unsold. Likely reasons were sub-1ghz spectrum caps for operators of 2 20MHz Hong Kong Spain Poland Denmark Spectrum was earmarked for operators without holdings in the 900MHz band. This reduced the level of competition in the award processes. The auction result in Spain provides some indication that the second block of 800MHz might have been more valuable than a third block of 900MHz, for all operators. 8

9 Price (EUR/MHz/pop) Auction results for the 1800MHz band Lack of alternative bands? Own valuations high due to greater BP certainty on data? Confirms 1800MHz as key LTE band ? ~10x Limited competition as there was only 1 lot which was part of a beauty contest. Only operators without spectrum holdings in the band could apply for this lot Limited competition for this band in the German auction due to the availability of various substitute high-frequency bands Spectrum was sold at the reserve price to the only applicant S.Korea Spain Germany Denmark 9

10 Price (EUR/MHz/pop) Auction results for the 2.1GHz band Auction was conducted as a first-price sealed bid auction. This is likely to have led to an increase in bids as bidders trade-off bid discounts and the risk of not winning the auction. In addition, there was limited supply of spectrum as only 2 lots of 2 5MHZ were made available Regional licences and large number of operators (7 winning bidders + 2 public operators) led to strong competition in some (urban) areas which drove up prices France India Belgium Germany 10 Option to substitute for other high-frequency bands reduced competitive pressure. At the same time, prices fetched were about 4 times higher than for other high frequency spectrum (1800MHz and 2.6GHz)

11 Price (EUR/MHz/pop) Auction results for the paired 2.6GHz band Unpaired spectrum auctioned at the same time went for a (much lower) minimum price As in Denmark, four MNO competitors, plus in this case Intel Capital Big bang multi-band auction, combined with SMRA auction, allowed MNOs to spread their demand for LTE spectrum over several bands. Unusually tight spectrum caps were set, favouring new entrants. This got the desired post-auction market structure: entrants with 2.6GHz spectrum Denmark Sweden Germany Netherlands 11

12 Price (EUR/MHz/pop) Auction results for the unpaired 2.6GHz band Spectrum was initially acquired by Intel in an attempt to stimulate WiMAX deployment. It has recently been sold to Hi3G. Unpaired spectrum was sold at a price significantly below the paired spectrum in the 2.6GHz band Sweden Norway Germany Poland 12 Spectrum was acquired by WiMAX operator at a price similar to paired spectrum. Lack of price differential is likely to be due to limited competition during the auction. Spectrum may have been used by bidders to park eligibility point cheaply during the auction. No significant competition and fragmented outcome (4 winning bidders)

13 0 Background 1 Assessment of recent spectrum awards 2 Lessons and outlook 13

14 A significant value difference between lowfrequency and high-frequency spectrum The auction results show that there remains a significant value difference between low-frequency and high-frequency spectrum prices for low frequency spectrum ranged from EUR0.35MHz/pop to EUR1.26MHz/pop* prices for high-frequency spectrum ranged from EUR0.02MHz/pop to EUR0.47MHz/pop* until last week s S. Korea result Low-frequencies have the fundamental technical advantage of better propagation so lower cost coverage networks However the emergence of 1800MHz as a generally accepted band for LTE will boost values above 1 GHz 14 * This excludes auctions where spectrum was sold at the reserve price or with favourable treatment to certain operators

15 Although not the only driver, competition during the auction is the key driver of prices The interplay between supply and demand seems to explain many of the differences observed this can be seen by the significant price gap between contested and uncontested auctions in the 800MHz band, the German and US auction raised about 50% - 100% more than the Spanish and Swedish auctions other bands have shown even more pronounced results (e.g. prices in the French 2.1GHz auction were nearly 5 times as high as in Germany) 15

16 Other drivers of auction prices are substitutability of lots, auction format, and bidder s valuation Substitutability of lots and the auction format play a key role in the German auction, prices for high frequency spectrum were lower as operators could switch their preferences for lots during the auction in France, the first-price sealed bid format did not leave significant room for bidders to discount their bids The S. Korea result emphasises the importance of how a business-planbased valuation of mobile broadband data looks, from the point of view of different kinds of investors in spectrum Despite TD-LTE gaining some traction in recent discussions, there has been limited evidence that there is significant interest for unpaired 2.6GHz spectrum auction prices did not increase about EUR0.04/MHz/pop In the recent auction in Spain, all unpaired spectrum remained unsold despite some competition In the for recent regional Spanish FDD blocks. auction, This all appears unpaired to indicate spectrum that remained few operators unsold do yet consider TD-LTE to be a viable alternative to FDD spectrum in the 2.6GHz band. 16

17 Lee Sanders Marc Eschenburg Amit Nagpal Graham Johnson

How much of a game-changer is LTE? Technology developments and regulatory implications

How much of a game-changer is LTE? Technology developments and regulatory implications How much of a game-changer is LTE? Technology developments and regulatory implications Presentation for the Latin America Spectrum Conference 2012 Amit Nagpal 25 October 2012 2 How do we resolve the capacity

More information

Application of the distance method when estimating a lump-sum value for 900MHz spectrum

Application of the distance method when estimating a lump-sum value for 900MHz spectrum Application of the distance method when estimating a lump-sum value for 900MHz spectrum 13 June 2014 1 Introduction In January 2014, Analysys Mason Ltd (Analysys Mason) and Aetha Consulting Ltd (Aetha)

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

THE ETHICS HELPLINE Worldwide Dialing Instructions April 2012

THE ETHICS HELPLINE Worldwide Dialing Instructions April 2012 COUNTRY DIALING INSTRUCTIONS US, Canada and Virgin Islands The Ethics Helpline is always available, 24/7/365 888 478 6858 (Dialing instructions for other jurisdictions follow) Coming soon internet reporting

More information

Business Plan Calls Tariff The Choice for Business Telecoms

Business Plan Calls Tariff The Choice for Business Telecoms Business Plan Calls Tariff The Choice for Business Telecoms broadband / calls / data / / lines / mobile / numbers / voip A w a r d W i n n i n g B u s i n e s s Te l e c o m s FS32851 Quality Management

More information

Study on comparability of frequency bands in different business models

Study on comparability of frequency bands in different business models Study on comparability of frequency bands in different business models Conducted for Ministerie van Economische Zaken 17th September 2010 Communications, media and entertainment DISCLAIMER: This report

More information

Regulations for award of the 790-862MHz band. Report for BIPT

Regulations for award of the 790-862MHz band. Report for BIPT Regulations for award of the 790-862MHz band Report for BIPT 31 October 2012 Regulations for award of the 790-862MHz band Page 2 Copyright 2012. All Rights Reserved. No part of this document may be used

More information

Trade of frequencies in the 1452-1492 MHz band from Qualcomm UK Spectrum Ltd to Vodafone Limited and Hutchison 3G UK Limited

Trade of frequencies in the 1452-1492 MHz band from Qualcomm UK Spectrum Ltd to Vodafone Limited and Hutchison 3G UK Limited Trade of frequencies in the 1452-1492 MHz band from Qualcomm UK Spectrum Ltd to Vodafone Limited and Hutchison 3G UK Limited Statement 22 September 2015 1 About this document This Statement sets out our

More information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

2.3 and 3.4 GHz spectrum award

2.3 and 3.4 GHz spectrum award BT s response to: 2.3 and 3.4 GHz spectrum award Consultation on a 3.4 GHz band plan, varying UK Broadband Limited s licence and a call for inputs on other aspects of the award Issued by Ofcom on 16 October

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

World Leasing Yearbook 2016

World Leasing Yearbook 2016 Brochure More information from http://www.researchandmarkets.com/reports/3687603/ World Leasing Yearbook 2016 Description: The 2016 edition provides valuable reference data for all players in the field,

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

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

INTEL s GENERAL POSITION AND COMMENTS

INTEL s GENERAL POSITION AND COMMENTS INTEL s GENERAL POSITION AND COMMENTS Intel fully supports the NTRA studies related with WiMAX and Intel believes there is a big opportunity for offering true personal broadband wireless technology in

More information

RF Spectrum Management Policy. KISDI Consulting Group Nov. 2013

RF Spectrum Management Policy. KISDI Consulting Group Nov. 2013 Consultation on RF Spectrum Management Policy in Mongolia KISDI Consulting Group Nov. 2013 Classification 1 st (April) 2 nd (May) 3 rd (Jul) 4 th (Nov) I. Korean Spectrum industry O II. Korean Radio Waves

More information

DSL White Paper. A new Nexans DSL Application Centre to help Telecom operators deploy Triple Play. March 2006 PRESS CONTACTS

DSL White Paper. A new Nexans DSL Application Centre to help Telecom operators deploy Triple Play. March 2006 PRESS CONTACTS DSL White Paper A new Nexans DSL Application Centre to help Telecom operators deploy Triple Play March 2006 PRESS CONTACTS Céline Révillon celine.revillon@nexans.com Tel. : + 33 1 56 69 84 12 Pascale Strubel

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

THE USE OF BAND III IN EUROPE

THE USE OF BAND III IN EUROPE THE USE OF BAND III IN EUROPE The pressure on spectrum in the UHF band, where DTT is mainly implemented, has given rise to the idea that Band III could be used to replace the frequencies which may no longer

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

SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS IN CANADA

SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS IN CANADA HEALTH WEALTH CAREER SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS IN CANADA KEY FINDINGS FROM THE MERCER SERP DATABASE (2014 UPDATE) APRIL 2015 b CONTENTS 1. Introduction...2 2. Highlights of the Mercer SERP

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

Digital Dividend Making the broadband business successful

Digital Dividend Making the broadband business successful Digital Dividend Making the broadband business successful Achieving the highly desired ubiquitous broadband coverage is firmly on the agendas of governments and their subordinate agencies, telecommunication

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

Testing WiMAX receiver performance in a multipath propagation environment using Agilent s E6651A with an EB Propsim C8 radio channel emulator

Testing WiMAX receiver performance in a multipath propagation environment using Agilent s E6651A with an EB Propsim C8 radio channel emulator Testing WiMAX receiver performance in a multipath propagation environment using Agilent s E6651A with an EB Propsim C8 radio channel emulator Application Note 1 Summary Introduction As a part of the certification

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

Intraday Pricing Service. Time your snapshot.

Intraday Pricing Service. Time your snapshot. Intraday Pricing Service Time your snapshot. The Intraday Pricing Service combines a world class securities database with a flexible delivery system for superior asset servicing and portfolio valuation.

More information

Comparing WiMAX and HSPA+ White Paper

Comparing WiMAX and HSPA+ White Paper Comparing WiMAX and HSPA+ White Paper Introduction HSPA+ or HSPA Evolved is the next step in the 3GPP evolution. With 3GPP Rel-7 and Rel-8, several new features are added to this 3G WCDMA technology,

More information

Hong Kong s Health Spending 1989 to 2033

Hong Kong s Health Spending 1989 to 2033 Hong Kong s Health Spending 1989 to 2033 Gabriel M Leung School of Public Health The University of Hong Kong What are Domestic Health Accounts? Methodology used to determine a territory s health expenditure

More information

NLOS Wireless Backhaul for Small Cell Base Stations

NLOS Wireless Backhaul for Small Cell Base Stations NLOS Wireless Backhaul for Small Cell Base Stations Total Cost of Ownership Comparison with Optical Fiber By Frank Rayal VP, Product Management BLiNQ Networks Inc. WHITEPAPER October 22, 2010 Table of

More information

The Determinants of Global Factoring By Leora Klapper

The Determinants of Global Factoring By Leora Klapper The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as

More information

CNE Progress Chart (CNE Certification Requirements and Test Numbers) (updated 18 October 2000)

CNE Progress Chart (CNE Certification Requirements and Test Numbers) (updated 18 October 2000) Novell Education CNE Progress Chart (CNE Certification Requirements and Test Numbers) (updated 18 October 2000) Prerequisite for all certifications In order to receive a Novell certification the candidate

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

- WIMAX WIRELESS SPECTRUM - CORE NETWORK

- WIMAX WIRELESS SPECTRUM - CORE NETWORK BAY OF PLENTY COUNCILS BROADBAND BUSINESS CASE STUDY FUNDING MODELS - WIMAX WIRELESS SPECTRUM - CORE NETWORK March 2007 GDI Ground Floor, 201 Wickham Terrace PO Box 782 Spring Hill, Qld 4004. Telephone:

More information

LTE - Learnings from first movers

LTE - Learnings from first movers LTE - Learnings from first movers Dominic Arena Partner Cheryl Lim Senior Manager Since the first LTE commercial deployment two years ago, more than 50 operators have launched LTE networks. As initial

More information

A Nielsen Report Global Trust in Advertising and Brand Messages. April 2012

A Nielsen Report Global Trust in Advertising and Brand Messages. April 2012 A Nielsen Report Global Trust in Advertising and Brand Messages April 2012 CONSUMER TRUST IN EARNED ADVERTISING GROWS IN IMPORTANCE Earned media sources remain most credible Trust in traditional paid advertising

More information

Market Data Feed. Go with the flow.

Market Data Feed. Go with the flow. Market Data Feed Go with the flow. The Market Data Feed (MDF) is a high performance, real-time market data service with customizable data selection. This competitive solution is a key source of financial

More information

THE CISCO CRM COMMUNICATIONS CONNECTOR GIVES EMPLOYEES SECURE, RELIABLE, AND CONVENIENT ACCESS TO CUSTOMER INFORMATION

THE CISCO CRM COMMUNICATIONS CONNECTOR GIVES EMPLOYEES SECURE, RELIABLE, AND CONVENIENT ACCESS TO CUSTOMER INFORMATION CUSTOMER SUCCESS STORY THE CISCO CRM COMMUNICATIONS CONNECTOR GIVES EMPLOYEES SECURE, RELIABLE, AND CONVENIENT ACCESS TO CUSTOMER INFORMATION EXECUTIVE SUMMARY CUSTOMER NAME Coleman Technologies INDUSTRY

More information

LTE Technology and Rural Broadband DiploFoundation Webinar. Milan Vuckovic Analyst, Wireless Policy Development Verizon Communications

LTE Technology and Rural Broadband DiploFoundation Webinar. Milan Vuckovic Analyst, Wireless Policy Development Verizon Communications LTE Technology and Rural Broadband DiploFoundation Webinar Milan Vuckovic Analyst, Wireless Policy Development Verizon Communications August 28, 2012 Presentation Outline Snapshot of Verizon & US Mobile

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

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

Configuring DHCP for ShoreTel IP Phones

Configuring DHCP for ShoreTel IP Phones Configuring DHCP for ShoreTel IP Phones Network Requirements and Preparation 3 Configuring DHCP for ShoreTel IP Phones The ShoreTel server provides the latest application software and configuration information

More information

Global Media Report. Global Industry Overview

Global Media Report. Global Industry Overview Global Media Report 203 Global Industry Overview McKinsey & Company Global Media Report 203 McKinsey & Company s Global Media and Entertainment Practice Never before has an integrated view across the media

More information

Broadband Coverage in Europe Final Report 2009 Survey Data as of 31 December 2008. DG INFSO 80106 December 2009 IDATE 1

Broadband Coverage in Europe Final Report 2009 Survey Data as of 31 December 2008. DG INFSO 80106 December 2009 IDATE 1 Broadband Coverage in Europe Final Report 2009 Survey Data as of 31 December 2008 DG INFSO 80106 December 2009 IDATE 1 Table of contents 1. Methodological notes...5 2. Executive summary...7 3. European

More information

Computer Specifications

Computer Specifications Computer Specifications Specifications Imaging Systems Bulletin 6126 These tables list current specifications for Bio-Rad imaging systems. Refer to the following pages for information about each imaging

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

Wireless network traffic worldwide: forecasts and analysis 2014 2019

Wireless network traffic worldwide: forecasts and analysis 2014 2019 Research Forecast Report Wireless network traffic worldwide: forecasts and analysis 2014 2019 October 2014 Rupert Wood 2 About this report This report presents 5-year forecasts of wireless data traffic

More information

Appendix C. National Subscription Television Regulations

Appendix C. National Subscription Television Regulations Appendix C National Subscription Television Regulations Australia At least 10% of annual programme expenditure on pay TV drama services must be on new eligible (Australian) Same requirements as cable television

More information

Mobile Broadband in the 1800MHz Band

Mobile Broadband in the 1800MHz Band Meeting the rising demand for Mobile Broadband services Executive Summary 1800MHz today n Approaching half of the world s mobile operators already have 1800MHz spectrum: 351 mobile operators in 148 countries

More information

TekConnect Adapters. TCA75 TCA-BNC TCA-SMA TCA-N TCA-292MM Data Sheet. Applications. Features & Benefits

TekConnect Adapters. TCA75 TCA-BNC TCA-SMA TCA-N TCA-292MM Data Sheet. Applications. Features & Benefits TekConnect Adapters TCA75 TCA-BNC TCA-SMA TCA-N TCA-292MM Data Sheet TCA-N TekConnect-to-N DC to 11 GHz (Instrument Dependent) 50 Ω Input (Only) TCA-SMA TekConnect-to-SMA DC to 18 GHz (Instrument Dependent)

More information

THE 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 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 information

AVOIDING BUSINESS RISK: THE HIDDEN BENEFIT OF SOFTWARE AS A SERVICE

AVOIDING BUSINESS RISK: THE HIDDEN BENEFIT OF SOFTWARE AS A SERVICE AVOIDING BUSINESS RISK: THE HIDDEN BENEFIT OF SOFTWARE AS A SERVICE AVOIDING BUSINESS RISK: THE HIDDEN BENEFIT OF SOFTWARE AS A SERVICE Software as a Service (SaaS) is now the predominant architecture

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

Electricity, Gas and Water: The European Market Report 2014

Electricity, Gas and Water: The European Market Report 2014 Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,

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

CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES

CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES THE APERIO DIFFERENCE. Authors Michael Branch, CFA Ran Leshem CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES U.S. investors can capture international equity exposure

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

Report on Government Information Requests

Report on Government Information Requests Report on Government Information Requests January - June, Apple takes our commitment to protecting your data very seriously and we work incredibly hard to deliver the most secure hardware, software and

More information

Office 365. Service Overview with a focus on Identity Federation and Directory Synchronization. Jono Luk, Program Manager jluk@microsoft.

Office 365. Service Overview with a focus on Identity Federation and Directory Synchronization. Jono Luk, Program Manager jluk@microsoft. Office 365 Service Overview with a focus on Identity Federation and Directory Synchronization Jono Luk, Program Manager jluk@microsoft.com Presented on July 6, 2011 at Seattle Windows Networking User Group

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

4G Operator Strategies & the Key Lessons Learned

4G Operator Strategies & the Key Lessons Learned 4G Operator Strategies & the Key Lessons Learned Omar Janabi Head of Customer Marketing & Communications Cambridge Wireless, Mobile Broadband SIG, 8th of May 2013 1 Nokia Siemens Networks 2013 - Cambridge

More information

Report on Government Information Requests

Report on Government Information Requests Report on Government Information July 1 - December 31, 2014 apple Apple takes our commitment to protecting your data very seriously and we work incredibly hard to deliver the most secure hardware, software

More information

Global Economic Briefing: Global Inflation

Global Economic Briefing: Global Inflation Global Economic Briefing: Global Inflation August 7, Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the

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

Cisco Smart Care Service

Cisco Smart Care Service Q. What is Cisco Smart Care Service? A. Cisco Smart Care Service is a collaborative, comprehensive network wide service that enables your partner to deliver proactive network monitoring, health checkups,

More information

Manpower Employment Outlook Survey Singapore Q3 2014. A Manpower Research Report

Manpower 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 information

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around

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

Lawson Talent Management

Lawson Talent Management Lawson Talent Imagine Knowing: Which employees have the highest potential how to recruit more talent like them. Imagine Understanding: Which employees are a flight risk how your compensation plans could

More information

Broadband markets Digital Agenda Scoreboard 1 2014

Broadband markets Digital Agenda Scoreboard 1 2014 Broadband markets Digital Agenda Scoreboard 2014 1 Broadband coverage: Basic broadband is available to everyone in the EU, while fixed technologies cover 97% leaving 6 million homes unconnected. Next Generation

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

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

Bringing Mobile Broadband to Rural Areas. Ulrich Rehfuess Head of Spectrum Policy and Regulation Nokia Siemens Networks

Bringing Mobile Broadband to Rural Areas. Ulrich Rehfuess Head of Spectrum Policy and Regulation Nokia Siemens Networks Bringing Mobile Broadband to Rural Areas Ulrich Rehfuess Head of Spectrum Policy and Regulation Nokia Siemens Networks Agenda Drivers in Mobile Broadband Why LTE? Market Status, Networks and Devices Implementation

More information

Great East Japan Earthquake Earthquake risk insurance in Japan

Great East Japan Earthquake Earthquake risk insurance in Japan Great East Japan Earthquake Earthquake risk insurance in Japan Emily White & Olivier Mahul The World Bank Disaster Risk Financing and Insurance Program, GFDRR & FCMNB GFDRR is able to help developing countries

More information

How does a venture capitalist appraise investment opportunities?

How does a venture capitalist appraise investment opportunities? 1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:

More information

Microsoft Dynamics CRM Online. Pricing & Licensing. Frequently Asked Questions

Microsoft Dynamics CRM Online. Pricing & Licensing. Frequently Asked Questions Microsoft Dynamics CRM Online Pricing & Licensing Frequently Asked Questions A frequently asked questions (FAQ) document on pricing & licensing for Microsoft Dynamics CRM Online. The document provides

More information

Brochure More information from http://www.researchandmarkets.com/reports/3278449/

Brochure More information from http://www.researchandmarkets.com/reports/3278449/ Brochure More information from http://www.researchandmarkets.com/reports/3278449/ The 2016 World Forecasts of Hand-Operated Date, Sealing, or Numbering Stamps; Devices for Printing or Embossing Labels;

More information

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO MAUVE GROUP GLOBAL SOLUTIONS PORTFOLIO At Mauve Group, we offer a variety of complete employee management services such as Global Employment Solutions (GES), Professional Employment Outsourcing (PEO),

More information

The Case for International Fixed Income

The Case for International Fixed Income The Case for International Fixed Income June 215 Introduction Investing in fixed-income securities outside of the United States is often perceived as a riskier strategy than deploying those assets domestically,

More information

Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings

Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Report Prospectus March 2013 Finaccord, 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1

More information

Mobile Infrastructure Sharing:

Mobile Infrastructure Sharing: Mobile Infrastructure Sharing: Trends in Latin America ITU Regional Economic and Financial Forum of Telecommunications/ICTs for Latin America and the Caribbean San Jose, Costa Rica 12 March 2014 Daniel

More information

E-Seminar. Financial Management Internet Business Solution Seminar

E-Seminar. Financial Management Internet Business Solution Seminar E-Seminar Financial Management Internet Business Solution Seminar Financial Management Internet Business Solution Seminar 3 Welcome 4 Objectives 5 Financial Management 6 Financial Management Defined 7

More information

The Hart report: The Economics of aeuropean Hydrogen Infrastructure for Automotive

The Hart report: The Economics of aeuropean Hydrogen Infrastructure for Automotive MEDIA BACKGROUNDER The Hart report: The Economics of aeuropean Hydrogen Infrastructure for Automotive Introduction In 24, Linde commissioned David Hart, of e4tech, Switzerland to assess the costs of a

More information

Schedule R Teleconferencing Service

Schedule R Teleconferencing Service Schedule R Teleconferencing Service 11-X-21415 Telecommunication Equipment & Services Hosted Telecommunications Services/Applications Teleconferencing Service Section 3.4.4 AT&T Audio Teleconferencing

More information

Access the world. with Schwab Global Investing Services

Access the world. with Schwab Global Investing Services Access the world with Schwab Global Investing Services 78% of developed country equity market growth between 2000 and 2012 came from outside the U.S. 1 60% of developed country stock market capitalization

More information

- 2 - Chart 2. Annual percent change in hourly compensation costs in manufacturing and exchange rates, 2010-2011

- 2 - Chart 2. Annual percent change in hourly compensation costs in manufacturing and exchange rates, 2010-2011 For release 10:00 a.m. (EST) Wednesday, December 19, 2012 USDL-12-2460 Technical Information: (202) 691-5654 ilchelp@bls.gov www.bls.gov/ilc Media Contact: (202) 691-5902 PressOffice@bls.gov INTERNATIONAL

More information

The Lawson Customer Relationship Management Solution

The Lawson Customer Relationship Management Solution The Lawson Customer Relationship Management Solution Provides improved return on trade promotions and maximizes the efficacy of your sales organization Are you making the most of your customer relationships?

More information

Premium Data Centre Europe - 2012 Pricing, Business Model & Services

Premium Data Centre Europe - 2012 Pricing, Business Model & Services Premium Data Centre Europe - 2012 Pricing, Business Models & Services Premium Data Centre Europe - 2012 Pricing, Business Model & Services Table of Contents A list of figures used in this report 5 Methodology

More information

Connected Life. Connected Life TNS

Connected Life. Connected Life TNS 2016 Exploring how connectivity is changing the lives of consumers across the planet; representing 90% of the online population 50 markets 60,500 consumers 2 The sample profile of regular weekly internet

More information

Huawei Answer to ARCEP s public consultation on the challenges tied to new frequency bands for electronic communication services access networks

Huawei Answer to ARCEP s public consultation on the challenges tied to new frequency bands for electronic communication services access networks Huawei Answer to ARCEP s public consultation on the challenges tied to new frequency bands for electronic communication services access networks July 2007-26 September 2007 Question no. 1: What is your

More information

Broadband Mapping 2013

Broadband Mapping 2013 Broadband Mapping 2013 Broadband Mapping 2013 Summary Publisher: The Danish Business Authority A full Danish edition can be downloaded from the website of the Danish Business Authority: www.erst.dk BROADBAND

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

Mobile 2015: new spectrum, different business models, more competition?

Mobile 2015: new spectrum, different business models, more competition? Mobile 2015: new spectrum, different business models, more competition? Henry Alty Manager Since the turn of the millennium, incumbent mobile network operators (MNOs) across Europe have been encouraging

More information

Microsoft Dynamics CRM Online. Pricing & Licensing. Frequently Asked Questions

Microsoft Dynamics CRM Online. Pricing & Licensing. Frequently Asked Questions Microsoft Dynamics CRM Online Pricing & Licensing Frequently Asked Questions A frequently asked questions (FAQ) document on pricing & licensing for Microsoft Dynamics CRM Online. The document provides

More information

Mario Torres Jarrín Director European Institute of International Studies Associate Lecturer Department of Romance Studies and Classics and Associate

Mario Torres Jarrín Director European Institute of International Studies Associate Lecturer Department of Romance Studies and Classics and Associate Mario Torres Jarrín Director European Institute of International Studies Associate Lecturer Department of Romance Studies and Classics and Associate Researcher, Institute of Latin American Studies Stockholm

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

Vodafone Traveller and Vodafone World

Vodafone Traveller and Vodafone World Vodafone Traveller and Vodafone World A. What Terms and Conditions Apply to my Vodafone Traveller and Vodafone World Product? (a) The terms and conditions that will apply to your Product or Products are:

More information

Agilent MATLAB Data Analysis Software Packages for Agilent Oscilloscopes

Agilent MATLAB Data Analysis Software Packages for Agilent Oscilloscopes Agilent MATLAB Data Analysis Software Packages for Agilent Oscilloscopes Data Sheet Enhance your InfiniiVision or Infiniium oscilloscope with the analysis power of MATLAB software Develop custom analysis

More information

Microsoft Voucher Ordering Processes

Microsoft Voucher Ordering Processes Microsoft Voucher Ordering Processes *For purposes of this document, the term Member applies to all Microsoft Members, Academic, ITA and Learning partners. Pearson VUE Voucher Store The Pearson VUE Voucher

More information

A new ranking of the world s most innovative countries: Notes on methodology. An Economist Intelligence Unit report Sponsored by Cisco

A new ranking of the world s most innovative countries: Notes on methodology. An Economist Intelligence Unit report Sponsored by Cisco A new ranking of the world s An Economist Intelligence Unit report Sponsored by Cisco Economist Intelligence Unit Limited 2009 A new ranking of the world s Preface In April 2009, the Economist Intelligence

More information