2009 Global Outlook Fisher Center Real Estate Conference Haas School of Business. Jacques Gordon April 14 th, 2009
|
|
- Josephine Foster
- 7 years ago
- Views:
Transcription
1 2009 Global Outlook Fisher Center Real Estate Conference Haas School of Business Jacques Gordon April 14 th, 2009
2 Outline Global Credit Crisis Impact: Re-Pricing and Performance Opportunities and Challenges Implications for Global l Real Estate t Investors Investment Recommendations for
3 Financial Crisis Easing; Global Recession in Full Swing Emergency response from Governments and Central Banks to deal with the collapse of the Global Banking System. Inter-bank rates & equity pricing are lead indicators of recovery. Real Economy Recession underway across G-20. Process of de-leveraging, re-pricing and restructuring taking place at different speeds in different countries. Commercial real estate t fundamentals to deteriorate t sharply in Remain weak in Slow recovery in Asia ex-japan poised for stronger recovery after sharp correction. - North American recovery likely l to be stronger than Europe. - But, European occupancy rates will remain higher than US. 3
4 Virtuous Cycle: Capital Markets Credit Expansion Securitization Rising Stock Market Real Economy Job Growth Booming Housing Market Low Savings Rates Commercial Real Estate Rent Growth High Occupancy Falling Cap Rates 4
5 Vicious Cycle: Capital Markets Credit Contraction Crisis of Confidence Equity Market Volatility Real Economy Corporate Earnings Fall Household Spending Falls Housing Bubble Bursts Job Losses Commercial Real Estate Rent and Occupancy Fall Rising Cap Rates Values Fall 5
6 GDP growth across major regions of the world well below global capacity in % 5.0% DP Growth Real Annual G 4.0% 3.0% 2.0% 10% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% MENA Asia-Pacific Latin America World CEE* Western Europe North America Year World Historic Average Growth Source: Global Insight as of April 9, 2009 Note: *CEE includes Slovakia, Romania, Bulgaria, Poland, Czech Republic, Hungary, Russia, Turkey and Ukraine. 6
7 Emergency Room Economics Inflation moves to Deflation and back again. Monetary Stimulus: Falling Interest Rates have little power. Fiscal Stimulus: Needed to jump-start Demand. Risk Averse Credit Markets Shrinking Capital Base of banks, pension funds, SWFs 7
8 Global Diversificiation? Not in 2008! REITs Repriced in line with Broader Equity Market Annual Total Returns (in USD) 10 Year (as of All Property 1 Year* 10 Year* 3Q 2008) MSCI Global Stocks -41.9% 0.2% 4.8% EPRA/NAREIT Global -47.7% 6.6% 12.1% North America -40.6% 7.2% 12.5% Europe -51.1% 6.1% 10.7% Japan -33.4% 7.8% 12.9% *As of December 31, 2008 Source: Bloomberg, FTSE EPRA/NAREIT Note: Gross total returns were used; 10 year returns are annualized. 8
9 Global Real Estate Performance: Record Volatility Through April 9, 2009 UBS Investors Index Global Total Returns by Country YTD 2009 Peak to Trough Rebound Global 37.5% -16.9% -42.6% -12.2% -71.8% 35.2% US 36.2% -16.4% -38.8% -18.1% -74.3% 43.8% Continent 44.7% -21.6% -43.4% 2.0% -69.7% 32.3% Britain 48.0% -37.0% -47.0% -13.4% -81.3% 54.2% Australia 33.9% -7.5% -51.5% -19.4% -73.7% 28.6% Hong Kong 18.8% 19.1% -41.1% 7.2% -50.0% 21.4% Singapore 49.8% 0.9% -53.7% 3.9% -69.1% 25.4% Japan 26.6% 2.6% -43.6% -5.6% -67.3% 21.6% Source: UBS Global Investors Index. All data are in local currencies. 9
10 Repricing: magnitude and timing Value Decline e in Downturn n 50.0% 47.5% 45.0% 42.5% 40.0% 37.5% 35.0% 32.5% 30.0% 27.5% 25.0% 22.5% 20.0% 17.5% 15.0% 12.5% 10.0% 7.5% 5.0% 2.5% 0.0% High Low Me edium UK Japan Korea Australia Hong Kong Western Europe (ex UK) Canada Singapore Central and East Europe Mexico United States China 1st Tier Cities 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 Low: 5% to 20%, Moderate: 20% to 35%, High: 35% to 50% Peak to trough price declines (vertical axis) versus the quarter(s) when process of re-pricing should be complete. 10
11 The 12-Step Recovery Program Likely Sequence of Economic-Financial Recovery: 1. Monetary easing, bank bailouts and central bank intervention 2. Bank lending to large businesses/banks resume cautiously 3. Listed equity markets show signs of recovery 4. Private equity market log-jam breaks (forced sales) 5. Real economy bottoms out 6. House prices bottom out 7. Stimulus packages get traction 8. Employment stabilizes 9. Credit availability (for consumers and small businesses) improves 10. Job growth resumes 11. Commercial leasing picks up 12. And eventually private, commercial real estate pricing stabilizes Steps 1-6 occur in 2009 (across most countries). Steps 7-12 occur in 2010 (or longer in some countries). 11
12 Private Equity Cap Rate Expansion: Still in Process All Property Long Term Yield* Risk Averse Yield** Australia % % Canada % % France % % Japan % % Germany % % UK % % US % % * Based on 15 year average real estate income premium (10 years for France). **Based on Baa Corporate Bond spreads, CMBS spreads, mortgage spreads and REIT yields. Source: NCREIF, IPD, LaSalle Investment Management Jan 7th,
13 Asia: A Delayed Reaction; Now Falling Rapidly Asia Pacific Office Rents 500 Forecast Indexed January 2005= Singapore Tokyo Sydney Hong Kong Shanghai Melbourne Sources: Jones Lang LaSalle, LaSalle Investment Management 13
14 Melbourne Beijing Office Markets Supply Problems Office supply from 2009 to 2011 As a percentage of current stock 100% 80% 60% 40% 20% % of Current Stock 0% Tokyo Hong Kong Shanghai Seoul Singapore Sydney Source: JLL REIS 14
15 Asia Re-pricing Underway 20% 18% Oct 1997 Office NOI Yields 16% Jan % 12% 10% 8% Jul % Jul 2002 Jul 2007 Jan 1999 Jan Apr 2002 Jan Jan 2002 Jul % 2% 0% Tokyo Seoul Beijng Shanghai Hong Kong Singapore Mumbai Melbourne Sydney Perth Adelaide Forecast NOI Yields Year Average NOI Yields Last Peak NOI Yields * 7 Year Hold 15
16 UK: The Most Rapid Re-Pricing 9 Returns % p.a a Equivalent Yield ds % Depreciation Est. Yield Impact Rental Growth Income Return 5 Equivalent Yields (RHS) Total Returns Source: IPD, LaSalle Investment Management 16
17 Yield Levels - Anatomy of Boom, Bust & Recovery I Index of Effec ct of Yield Mo ovements on Value B oom B ust Re ecovery Bo oom Bu ust Re ecovery Boom Bust Recovery Forecast History shows that pricing recovery has been rapid: buy in 2009 for 2010/11 recovery as equity in the wings re-entersenters market Sources: IPD, LaSalle Investment Management 17
18 Retailer Failures in 2008 in the UK, Germany and France UK has the highest number of retailers filing for insolvency but some of the major German retailers were also forced to do the same in H Source: PMA 18
19 EU Enlargement: Challenges and Opportunities Lisbon Madrid Stockholm Helsinki Tallinn Riga Øresund Manchester Region Hamburg Gdansk London Amsterdam Berlin Antwerp Warsaw Wroclaw Frankfurt Paris Prague Krakow Munich Bratislava Barcelona Lyon Marseille Milan Trieste Budapest Zagreb St.Petersburg Bucharest Sofia Kiev Moscow Odessa Istanbul Established logistics hubs Emerging markets with development opportunities Athens 19
20 Weights by Region: Early % 30% 30% 35% Asia Pacific Europe Americas Allocatio on 50% 40% 30% 20% 30% 35% 0% Core / Debt Value-Add / Blend Opportunistic / Total Return Market neutral weights: Americas 41%, Asia Pacific 19%, EMEA 40% Source: LaSalle Investment Management 20
21 International Recommendations for Strong defense. Manage liquidity. Anticipate weak fundamentals. Legacy debt at steep discounts REIT shares at steep discounts to written-down NAVs Secondary market in fund units Be Patient on Offense: Invest where re-pricing is advanced - UK - Japan - Australia - Korea 21
22 Contact Information: Jacques Gordon LaSalle Investment Management Copyright LaSalle Investment Management All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior permission of LaSalle Investment Management. 22
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 informationOffice Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success.
Office Rents map EUROPE, MIDDLE EAST AND AFRICA Accelerating success. FINLAND EMEA Office Rents H2 212 NORWAY Oslo 38.3 5.4% 7.% 295, SWEDEN Stockholm 44.7 4.5% 3.% 5, Tallinn 13.4 44,2 21. 5.25% 1.% 12,
More informationTHINK Global: Risk and return
Changing context of real estate returns in a globalised world Data generating art This document is solely for the use of professionals and is not for general public distribution. Using data from Fig.1
More informationOutlook for European Real Estate in 2013. Mark Charlton, Head of Research & Forecasting
Outlook for European Real Estate in 2013 Mark Charlton, Head of Research & Forecasting Tuesday 20 th November 2012 Europe - uncertainty continues to buffet sentiment Oct 06 Oct 07 Oct 08 Oct 09 Oct 10
More informationEuropean office market recovery continues but at varying speeds
The Jones Lang LaSalle Office Property Clock Q2 2013 European office market recovery continues but at varying speeds European Prime Office Rental Index continues upward trend Aggregate European leasing
More informationEuropean office rental struggle amidst subdued demand
The Jones Lang LaSalle Office Property Clock - Q2 2012 European office rental struggle amidst subdued demand The European rental index records a second successive modest fall (-0.2%) The European vacancy
More informationCBRE CLARION SECURITIES LISTED REAL ESTATE: AN EFFECTIVE PROXY FOR PRIVATE REAL ESTATE
CBRE CLARION SECURITIES LISTED REAL ESTATE: AN EFFECTIVE PROXY FOR PRIVATE REAL ESTATE This paper examines the relationship between listed and private real estate and considers how an allocation to listed
More informationFact 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 informationGuide. Axis Webinar. User guide
Guide Axis Webinar User guide Table of contents 1. Introduction 3 2. Preparations 3 2.1 Joining the visual part 3 2.2 Joining the conference call 3 2.3 Providing feedback and asking questions during a
More informationEuropean office sector recovery continuing Divergence in speed and strength remains
The Jones Lang LaSalle Office Property Clock Q3 2013 European office sector recovery continuing Divergence in speed and strength remains European Office Rental Index decreases q-o-q Aggregate European
More informationDTZ Foresight European Fair Value Q3 2010 Non-core markets drive temperature rise
DTZ Foresight European Fair Value Q3 Non-core markets drive temperature rise 18 November Contents Overview 1 Fair Value Index 2 Fair Value Classifications 3 European Market Classifications 4 European versus
More informationGuide. Axis Webinar User Guide
Guide Axis Webinar User Guide Introduction Joining an Axis Webinar is a quick and easy way to gain additional knowledge about more than just new products, and technology. These webinars allow attendees
More informationDTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm
Germany and UK holding firm 29 May 2012 Contents Fair value highlights 2 Economic context 3 Market classifications 4 Office market forecasts 5 Retail market forecasts 6 Industrial market forecasts 7 Authors
More informationCorporate funding monitor 2015
Corporate funding monitor 2015 The changing face of finance February 2015 2 Corporate funding monitor 2015 A global reaction to a global crisis Global corporate funding by source (USDtn) USD4tn USD3tn
More informationThe 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 informationAn 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 informationEMEA Office MarketView
EMEA Office MarketView 2014 CBRE Global Research and Consulting EMEA PRIME YIELD 7.9 BPS EU-28 VACANCY RATE 0.02 PP EMEA PRIME RENT 0.3% EMEA CAPITAL VALUE 1.8% TAKE-UP 17% TAKE-UP STILL SUBDUED BUT SOME
More informationIndian 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 informationNORGES 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 informationGlobal. 2011 Outlook for Office Real Estate 1. Figure 1: Regional Growth is Disparite. Figure 2: Global Office Rents Stabilizing
cb richard ellis Global Research and Consulting Global www.cbre.com/research December 21 211 Outlook for Office Real Estate 1 By Nick Axford, Peter Damesick, Richard Holberton, Andrew Ness, Kevin Stanley,
More informationGOING FOR GOLD IN THE GLOBAL OFFICE MARKET
GOING FOR GOLD AUGUST 2012 A COMPARISON OF GLOBAL OFFICE PROPERTY MARKET PERFORMANCE London on the rise but Beijing takes the Gold With the eyes of the world focused on sporting and cultural achievement
More informationCorporate funding monitor: The changing face of fi nance. January 2014. www.allenovery.com
Corporate funding monitor: The changing face of fi nance January 214 www.allenovery.com 2 The Allen & Overy Corporate Funding Monitor looks at loan, bond and equity issues to non-financial corporates over
More informationSpain s Real Estate and Construction Markets. Think Tank of Deutsche Bank Group
Spain s Real Estate and Construction Markets Think Tank of Deutsche Bank Group 1 2 3 4 Overall Macroeconomic Environment Real Estate Markets Construction Activity Concluding Remarks 1 Overall Macroeconomic
More informationStock Exchanges Holiday Schedule. Availability for Single Stock Futures Contracts for the remainder of 2014
Stock Exchanges Holiday Schedule Availability for Single Stock Futures Contracts for the remainder of 2014 Single Stock Futures Contracts will not be available for trading on those days where the stock
More information96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment
Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit
More informationQ1 14 Global IPO update. January March 2014
Q1 14 Global IPO update January March 214 Table of contents Section Content Slides 1 214 January March* highlights 4 7 2 Global IPO activity trends Global analysis Regional analysis Industry analysis Stock
More informationEMEA Office MarketView
EMEA Office MarketView 20 CBRE Global Research and Consulting EMEA PRIME YIELD 7.6 BPS EU-27 VACANCY RATE 0.11 PP EMEA PRIME RENT 0.5% EMEA CAPITAL VALUE 1.9% TAKE-UP 9.6% EMEA OFFICE MARKETS SET FOR IMPROVEMENT
More informationLARGE OFFICE SPACE Where to find 5,000 sq m in Europe
EMEA Office July 2015 LARGE OFFICE SPACE Where to find 5,000 sq m in Europe HIGHLIGHTS The availability of large office premises has reduced by 12% year-on-year Choice is limited - only 19% of options
More informationP R E S S R E L E A S E
P R E S S R E L E A S E Contact: Robert McGrath 212.984.8267 robert.mcgrath@cbre.com Corey Mirman 212.984.6542 corey.mirman@cbre.com LONDON IS WORLD S MOST EXPENSIVE OFFICE MARKET FOR SECOND STRAIGHT YEAR
More informationFirst half results presentation. October 2006
First half results presentation October 2006 CONTENTS - Mines de la Lucette Group - First step of the strategy - Assets at 30 June 2006 - Consolidated financial statements at 30 June 2006 - Second step
More informationDTZ Research. Property Times Europe Office Q4 2012 Rebound in take-up and new supply. 21 February 2013. Summary. Authors. Contact
Property Times Europe Office Q4 2012 Rebound in take-up and new supply 21 February 2013 Summary Take-up 2 Vacancy ratio 4 New office supply 6 Office prime rents 7 Outlook 9 Definitions 10 Authors Magali
More informationRebound after a slow start
DTZ Research PROPERTY TIMES Rebound after a slow start Europe Office Q2 2015 28 August 2015 Contents Take-up 2 New office supply 3 Vacancy ratio 4 Prime office rents 5 Outlook 6 Definitions 7 3 million
More informationRecovery in UK property to gain momentum. Recovery in UK property market to gain momentum. Research & Strategy. June 2013. Economic growth recovering
Research & Strategy Recovery in UK property to gain momentum June 13 Recovery in UK property market to gain momentum This hasn t been a typical recession and it won t be a typical recovery. Nevertheless
More informationKey contacts. EMEA Investor Intentions Survey 2015. www.cbre.eu. CBRE Research
Key contacts For more information about this regional special report, please contact: Michael Haddock Senior Director, EMEA Research t: +44 7 182 3274 e: michael.haddock@cbre.com For more information regarding
More informationEMEA Investor Intentions Survey 2015
EMEA Investor Intentions Survey 1 CBRE Research B INVESTOR INTENTIONS SURVEY 1 EMEA INVESTOR INTENTIONS SURVEY 1 EMEA 1 Executive summary Real Estate investors intentions in 1 Western Europe is the region
More informationInsurance Market Outlook
Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance
More informationYIELDS AND CAPITAL GAINS TAX
EASTERN EUROPE RESEARCH YIELDS AND CAPITAL GAINS TAX TACTICAL REPORT In association with Accelerating success. TABLE OF CONTENTS Executive Summary 3 What s in a Yield: Introduction 4 Factors Impacting
More informationMAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE
2013 MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE Our profile We, Societe Generale Equipment Finance, are part of the French banking group Societe Generale and are a leading
More informationPrivate Equity: A Practitioner s Perspective. Edward J. Mathias
Private Equity: A Practitioner s Perspective Edward J. Mathias Private Equity A Practitioner s Perspective The Carlyle Group Overview The Fundamental Case Investor Activity Private Equity Investment Criteria
More informationBEST EXECUTION POLICY
BEST EXECUTION POLICY In Prague on 9 th December 2015 TABLE OF CONTENT 1. Introductory provisions 2. Markets where the Company executes customer's instructions 3. Instructions 4. Strategy for executing
More informationEurope s Most Dynamic Cities. City Momentum Index March 2015
Europe s Most Dynamic Cities City Momentum Index March 2015 Europe s most dynamic cities The combined forces of urbanisation, globalisation and technology are recasting the commercial geography of real
More informationProperty Times Europe Q3 2010 Short supply improves rental outlook
1999 2000 2001 2002 2003 2004 2005 2006 2007 2011 2012 2013 2014 Property Times Europe Short supply improves rental outlook 19 October Contents Overview 1 Market Statistics 2 Office Market Overview 3 Outlook
More informationProperty investment in an international perspective
Property investment in an international perspective Presentation to Asset Allocation Netværket, Den Danske Finansanalytikerforening 10 June 2013 Tonny Nielsen, Head of Investment Management Nordic & Eastern
More informationEuropean office sector recovery gains momentum
The Jones Lang LaSalle Office Property Clock Q4 2013 European office sector recovery gains momentum European Office Rental Index increases q-o-q Aggregate European leasing volume up 18% on Q3 Completions
More informationReal Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate?
Real Estate as a Strategic Asset Class The Benefits of Illiquid Investments Real estate, a key asset class in a portfolio, can offer stable income returns, partial protection against inflation, and good
More informationWest End of London Office Property Market Outlook
September 2011 West End of London Office Property Market Outlook Mark Callender, Head of Property Research, Schroders By contrast with the pedestrian recovery of the overall UK economy, the West End of
More informationat 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 information2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013
2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%
More informationExecution Venues Traiding places provided by UBS Switzerland AG
a b Execution Venues Traiding places provided by UBS AG Note that this list of Execution Venues is not exhaustive. This list will be kept under review and updated in accordance with UBS s Order execution
More informationWHY RISING INTEREST RATES ARE ACTUALLY GOOD FOR GLOBAL REAL ESTATE STOCKS
WHY RISING INTEREST RATES ARE ACTUALLY GOOD FOR GLOBAL REAL ESTATE STOCKS AUGUST 2015 Prepared by: W. Stevens Carroll, CPA Senior Global Portfolio Manager Jonathan Miniman, CFA Portfolio Manager According
More informationGlobal property update
Standard Life Investments Global property update Q2 2010 This information is for institutional investors only and must not be relied on by anyone else. Anne Breen Head of Property Research, Standard Life
More informationSunGard 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 informationFTSE Global Small Cap Index
FTSE FACTSHEET FTSE Global Small Cap Index bmktitle1 The FTSE Global Small Cap Index is derived from FTSE's flagship Global Equity Series universe, which comprises around 7,000 securities worldwide, giving
More informationWE LIVE IN UNUSUAL TIMES
WE LIVE IN UNUSUAL TIMES The 1997 Asian Financial Crisis was a very difficult period for many countries including Singapore, Malaysia and South Korea, however, the lessons learned and the resulting reforms
More informationNorton 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 informationSecurities services fees and commissions
Securities services fees and commissions EQUITIES TRADING LITHUANIA, LATVIA, ESTONIA, trading shares on-line AB Nasdaq OMX Vilnius, AB Nasdaq OMX Riga, AB Nasdaq OMX Tallinn stock exchanges http://www.omxgroup.com
More informationGlobal 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 informationMAY 2012. A Global Perspective on Retail Revival
marketview A GLOBAL PERSPECTIVE ON RETAIL REVIVAL MAY 2012 Introduction A Global Perspective on Retail Revival The world is becoming a borderless global marketplace. Mature retail and gateway cities of
More informationOpportunities 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 informationPlease join us on the next INCOSE Webinar. When. Topic. Speaker
Please join us on the next INCOSE Webinar When June 15th from 11am-12pm EDT Topic Transforming to System Management for Non-deterministic Situations Speaker Jack Ring Abstract Let s transform the panoply
More informationEvaluating the Australian Outlook through a Global Lens
Evaluating the Australian Outlook through a Global Lens Chris Siniakov Managing Director, Fixed Income International Bond Yields 4.00% 2-Year Government Yields as at 15 January 2015 3.00% 2.00% 1.00% 0.00%
More informationGroup 1 Group 2 Group 3 Group 4
Open Cities Lesson 1: Different kinds of cities Worksheet Task 1 Find the countries on the map Group 1 Group 2 Group 3 Group 4 1 Austria 2 Belgium 3 Bulgaria 4 Cyprus 5 Czech Republic 6 Denmark 7 Estonia
More informationWe estimate that the value of all world real estate totals around US$180 trillion.
We estimate that the value of all world real estate totals around US$180 trillion. Most of this is directly owned residential property and most of that (72%) is owner occupied. About 17% of it is commercial
More informationPrivate Banking Global Wrap Up Bank of Ireland Private Banking
Private Banking Global Wrap Up Bank of Ireland Private Banking 2 nd Quarter 2015 Investor Overview Developed Economies improve but markets ease back in Q2 Last quarter we highlighted a number of factors
More informationConsumer Credit Worldwide at year end 2012
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international
More informationDemand for RMB and Financial Services through Hong Kong by German Businesses
Demand for RMB and Financial Services through Hong Kong by German Businesses Think Asia, Think Hong Kong Munich, 11 September 2014 Think Asia, Think Hong Kong Munich, 11 September 2014 Page 1 Asia: Key
More information2015Q1 INVESTMENT OUTLOOK
TTG WEALTH MANAGEMENT 2015Q1 INVESTMENT OUTLOOK TABLE OF CONTENTS Contents 2015Q1 Core Asset Allocation Summary 1 2015Q1 Satellite Asset Allocation Summary 2 2014 Year-End Review 3 Investment Outlook for
More informationFreight 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 informationAsian Stock Markets in 2015:
Asian Stock Markets in 2015: Expected trends and the role of Asian Funds Passports Dr. Andrew Freris CEO, Ecognosis Advisory Ltd March 2015 1 Summary, Part I The Asian markets which outperformed in 2014,
More informationHow To Be Cheerful About 2012
2012: Deeper into crisis or the long road to recovery? Bart Van Craeynest Hoofdeconoom Petercam Bart.vancraeynest@petercam.be 1 2012: crises looking for answers Global slowdown No 2008-0909 rerun Crises
More informationGlobal Real Estate Securities Performance Review and Market Outlook
By Corrado Russo, Managing Director, Investments & Global Head of Securities, Timbercreek Asset Management EXECUTIVE SUMMARY Global economic conditions continued to improve throughout 2013 culminating
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE FACTSHEET FTSE All-World ex Fossil Fuels Index Series Data as at: 31 August 2015 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce write-off
More informationThe 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 informationMERCER PORTFOLIO SERVICE MONTHLY REPORT
MERCER PORTFOLIO SERVICE MONTHLY REPORT MAY 206 Mercer Superannuation (Australia) Limited ABN 79 004 77 533 Australian Financial Services Licence # 235906 is the trustee of the Mercer Portfolio Service
More informationEMEA Rents map RETAIL 2012. Accelerating success.
EMEA Rents map RETAIL 2012 Accelerating success. EMEA Retail Rents Q1 2012 NORWAY Oslo 154 q 110 q SWEDEN Stockholm 151 tu 146 tu 170 N/A 5.40% tu 140 N/A Helsinki Tallinn 29 p 44 tu FINLAND ESTONIA Saint
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 November 4, 214 Key Developments in BIS Banks External Positions and Domestic Credit In 214:Q2, BIS reporting banks reduced their external positions to CESEE countries
More informationDelaware Investments Global Real Estate Securities. Citywire Wealth Management Forum. Presented by:
Delaware Investments Global Real Estate Securities Citywire Wealth Management Forum Presented by: Bob Zenouzi Senior Vice President Senior Portfolio Manager July 1, 2009 Delaware Investments is the marketing
More informationPERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT
PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank
More informationOur 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 informationINTERNATIONAL INDUSTRIAL PARKS
INTERNATIONAL INDUSTRIAL PARKS AND SUPPLY CHAIN MANAGEMENT with Asia-Pacific Region Taking Center Stage... trend toward fewer but extremely efficient retailers... by Angus McIntosh Partner & Head of Research
More informationHuman 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 informationThe 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 informationAnalyzing Market Response Using the Barra US Equity Model. Jyh Huei Lee, Jose Menchero, Frank Vallario. msci.com
US Market Report The on the US Equity Market Analyzing Market Response Using the Barra US Equity Model Jyh Huei Lee, Jose Menchero, Frank Vallario Introduction On May 1, 2013, the Federal Reserve announced
More informationVerdict Financial: Wealth Management. Data Collection and Forecasting Methodologies
Verdict Financial: Wealth Management Data Collection and Forecasting Methodologies April 2014 Contents Global Wealth Markets Methodology Methodology Methodology 2 Global Wealth Markets Section 1: Global
More informationThe Intesa Sanpaolo Group s International Business. Vienna, 14 January 2008
The Intesa Sanpaolo Group s International Business Vienna, 4 January 2008 The history of Intesa Sanpaolo 998 2000 200 2002 2007 2 The Group at a glance Total Assets euro 576 bn Loans to Customers euro
More informationCargo Sales & Service Presentation
Cargo Sales & Service Presentation Who is Air Logistics Group? Established in 1994 One of the world s leading cargo sales and service companies 55 offices spanning 32 countries and over 200 employees worldwide
More informationCEE Insurance Services
CMS_LawTax_CMYK_28-100.eps CEE Insurance Services Supporting your business in Central and Eastern Europe 2010 Focus on the Insurance sector The insurance market across CEE is ever-evolving, which means
More informationThe Credit Crisis: A Monetary Explanation
M O R G A N S T A N L E Y R E S E A R C H Global Economics The Credit Crisis: A Monetary Explanation Joachim Fels Chief Global Fixed Income Economist & Co-Head of Global Economics 33 rd Annual IOSCO Conference
More informationUK/Europe Global Fares Guide
UK/Europe Global Fares Guide Australian Edition Effective March 2003 European Explorer Want to get to London, Frankfurt or Rome at the best price? Explore UK/Europe with the airlines that know it best
More informationTurkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance
Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON
More informationRents 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 informationDTZ Insight German Open Ended Funds - March 2013 More sales in 2013 in Germany and Netherlands hh
DTZ Insight German Open Ended Funds - March 2013 More sales in 2013 in and Netherlands hh 11 March 2013 Contents Current status of GOE funds 2 GOE funds buy-side activity 3 Next steps of liquidation process
More informationBond markets vote for global recovery
Bond markets vote for global recovery Weekly Market View 11 May 2015 1 % Euro area recovery, oil rebound lead to bond sell-off German bund yields recovered from record low levels, leading a surge in global
More informationDeutsche Bank Research. The Pacific Alliance. A bright spot in Latin America May 2014. Deutsche Bank Research
The Pacific Alliance A bright spot in Latin America May 2014 Agenda 1 2 3 What is it about? Combined strengths Challenges ahead 1 What is it about? A next generation free trade agreement Mexico Colombia
More informationGlobal Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China
Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise 166% in H1 215 vs H2 214 The
More informationWhat 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 informationCommercial Property and Financial Stability An International Perspective
Commercial Property and Financial Stability An International Perspective Luci Ellis and Chris Naughtin* Commercial property and property development have historically posed a greater direct risk to financial
More informationReal estate market outlook Asia Pacific
July 1 Real estate market outlook Asia Pacific Part of the M&G Group Executive summary Economic recovery continues to strengthen across the region, with export-led economies set to benefit the most Office
More informationVontobel Trading Venues
Bank Vontobel AG Vontobel Trading Venues The enclosed list shows the most important trading venues that are taken into consideration in order to achieve the best possible execution for the client. The
More informationRecent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013
Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for
More information