Investment Opportunities in the Brazilian Economy. Singapore May, 2013

Size: px
Start display at page:

Download "Investment Opportunities in the Brazilian Economy. Singapore May, 2013"

Transcription

1 Investment Opportunities in the Brazilian Economy Singapore May,

2 Summary 1 Fundamentals of the Brazilian Economy 2 Investment Outlook & Infrastructure Perspectives 3 The Financing of Infrastructure 2

3 1 Fundamentals of the Brazilian Economy 3

4 Brazil has solid fundamentals for sustaining economic growth Stable legal and institutional framework; Social inclusion has spurred the domestic market; Healthy banking sector not exposed to troubled assets; Robustness of the external sector; Strengthening of long-term planning; Government has conditions to foster growth: Fiscal and monetary instruments; Improvement of regulatory framework; Partnership with private sector. 4

5 Expansion of investment is a major government priority , , , , , , , , ,4 17, , , , , ,5 3Q 2012* Gross Fixed Capital Formation (as % of GDP) PAC 1 PAC 2 Infrastructure programs Source: IBGE. 5

6 Increasing investments by the public sector Public Sector Investment (as % of GDP) Source: IPEA. 6

7 Sound macroeconomic fundamentals: Declining Net Public Debt/GDP Consolidated Public Sector Net Debt (as % of GDP) Source: Brazilian Central Bank. 7

8 Sound macroeconomic fundamentals: Inflation under control CPI Inflation (IPCA index, % YoY) Source: IBGE. 8

9 Yield (% p.a.) Real Interest Rates in Brazil Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 NTN-B 2024 NTN-B 2045 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr

10 Sound macroeconomic fundamentals: Strength of the external sector International Reserves (US$ billion) Source: Brazilian Central Bank 10

11 FDI at highest levels Foreign Direct Investment - FDI (US$ billion) Source: UNCTAD Fonte: UNCTAD Elaboração: Ministério da Fazenda 11

12 Brazil will be the fifth largest global market in 2020 Global Consumer Market in US$ trillion Source: based on McKinsey, prepared by Ministry of Finance 12

13 Ongoing economic inclusion fuels a dynamic market Population by income class strata (# of people)* * Source: IPEA, based on PNAD/IBGE data. Prepared by Ministry of Finance 13

14 New macroeconomic framework Lower interest rates Inflation under control Monetary Policy Tax Cuts (US$ 23 bn in 2012) Exchange Rate Policy Maintaining competitiveness Floating exchange rate with reduced volatility Payroll tax reduction (40 sectors) Reform of VAT (ICMS) Reduction of the Tax on Industrial Producs (IPI) Reform of Social Contributions (PIS/COFINS) 14

15 Expected growth in business Countries where companies expect to expand their business (% of total answers) Recent survey* (with more than 1,300 CEOs), indicated Brazil as the third most often mentioned country for expanding business over the next 12 months * Dealing with disruption, adapting to survive and thrive, PricewaterhouseCoopers, 16th Annual Global CEO Survey, January 2013, p

16 Increasing demand for infraestructure Sources: National Agency for Civil Aviation (ANAC), National Agency for Aquatic Transportation (ANTAQ), Brazilian Association of Highway Concessionaires (ABCR) and Brasilian Associationof Automative Vehicle Manufactures (ANFAVEA). 16

17 Increasing demand for infraestructure TOLL ROADS Vehicles (Per Million) Length (Per Thousand Km) ,0 1,044 1,363 1,526 5,0 1,632 4,0 0, Source: ABCR RAILWAY: freight transport growth Billion Ton per Km Source: ANTT Freight 4.6% p a 40,0 35, , ,0 20,0 15,0 10,0 5,0 0, ,0 2,0 1,0 PORTS: container handling Per Million containerfreight 18,0 16,0 5.6% p.a 14,0 12,0 10,0 4, , ,0 4,0 2,0 0, Source: Antaq AIRPORTS Freight Per Million Pax Growth Per Annum (2005/2012) 11.0% 7.7% 32.8 Source: Infraero % % 20.1% Guarulhos Brasília Viracopos Galeão Confins -50,0-150, -250, -350, -450, -550,

18 2 Investment Outlook and Infrastructure Perspectives 18

19 : BNDES Investment Survey at highest level Investment Outlook for 4 years ahead (Comparable Sectors - US$ billion ) Base year of BNDES Survey Source: BNDES Investment Survey

20 Investments will reach at least US$ 1.9 trillion in coming 4 years Investment Outlook for Brazil ( ) (U$ billion - Constant prices) Industry Infrastructure Housing Agriculture and Services Total 1, , Source: BNDES (*) Note : The BNDES research on the investment outlook for covers 66% of the total industrial investments, and 100% of investments in infrastructure, totalizing about 58% of the investments in the economy (excluding residential construction). Agriculture and Services investments are based on queries to Sectorial entities and/or econometric forecast. 20

21 Investments in logistics will increase 123% in coming 4 years (US$ Billion) Infrastructure Electricity* , Power Generation ,2 9.0 Transmission , Distribution ,5-10 Telecommunications Sanitation Highways Railways Ports Airports Logistics Source: BNDES Logística 80,4 179,2 123,0

22 3 Financing of Infrastructure 22

23 BNDES Disbursements in Logistics Airports and Air Transportation Toll roads Railways Ports, Terminals and Warehouses 4,698 US$ Million 7, ,715 3, ,187 1,

24 BNDES Financing in Logistics Sector # Projects Amount Financed (US$ million) Total Investment Roadways 37 8,123 15,094 Ports, Terminals and Warehouses 44 6,425 12,406 Railways 16 3,899 6,655 Airports/ Air Transportation 9 3,678 5,253 Pipeline Transportation 1 2,051 4,345 Navigation 11 1,007 1,456 Others TOTAL ,215 45,245 Source: BNDES (projects approved or in the pipeline) 24

25 Main operators Logistics Source: Valor 1000,

26 Main financiers and equity investors Large Private Banks Infrastructure Funds Pension Funds Asset Managers 26

27 R$ billion Financing structure: Logistics (PIL) % 15% 65% 15% 5% 80% 20% 15% 20% Equity Debentures (Holding or SPC*) 20 20% 15% 15% 5% 60% 65% Credit** 10 65% 80% 20% 20% 60% Toll roads Railways Ports Airports 15% 15% 70% R$ billion US$ billion 23,5 56,0 54,2 11, * SPC leverage 80% ** Amount of loans should observe DSCR 1.2 Values in US$ billion Source: BNDES 27

28 Credit Lines for electricity and PIL government guidelines Sectors Amortization Schedule (up to in yrs) Grace Period (up to in yrs) BNDES Credit (% - up to) Financial Cost Spread (% p.y.) Railways Toll roads Airports % * Risk rate Ports Source: BNDES * TJLP - Long Term Interest Rate 28

29 Project Finance typical toll road model Timing of Events Auction Contracts Signed /Bridge Loan Approved LT Loan Approved Completion End of Concession 3 Months 6 Months 30 Months to 60 Months years total Strategic & Financial Investors, Local & Foreign Equity (20-35%) Banks & Bridge Loan Long Term Loan (65-80%) Financial Investors Local & Foreign Infrastructure Bonds (10-15%) Source: BNDES 29

30 Infrastructure Financing Holdings and SPC s Brazilian Infrastructure Bonds and infrastructure investment funds benefits for non-resident investors: (i) zero Income Tax rate (ii) zero IOF (Financial Operation Tax) Bond Equity Holding Bond Equity SPC 1 SPC 2 SPC N Government Banks/Funds may co-invest with strategic and financial investors, either directly in the SPC s or through the holding company s equity, taking minority equity stake Source: BNDES 30

31 The relevance of efficient eletricity, logistics and other infrastructures Induces economic integration of production clusters and increases efficiency of supply chains Increases competitiveness by reducing production costs... Therefore: generates systemic productivity gains and contributes to improve life standards Each 1% increase in supply of infrastructure can add up to 0.5 percentage points to Potential GDP 31

32 Concluding remarks Brazilian growth will be led mainly by infrastructure investments Infrastructure pipeline: many opportunities of low risk and attractive yields Government financial institutions, like BNDES, will retain a role in financing Brazilian development, but Investment financing in larger scale requires new private players and investors, making use of project finance and capital market instruments, led by private financial institutions 32

33 Investment Opportunities in the Brazilian Economy Singapore May,

The Brazilian Economy and Investment Opportunities

The Brazilian Economy and Investment Opportunities The Brazilian Economy and Investment Guido Mantega Minister of Finance Brazilian Infrastructure Concession Program US$ 235 billion in the coming years Largest concession program in recent decades Investment:

More information

Brazil Economic Overview

Brazil Economic Overview Brazil Economic Overview New York Alexandre Tombini Governor February 2013 1 Macroeconomic Policy and Social Development Macroeconomic fundamentals, combined with adequate prudential policies and strong

More information

AIRPORTS CONCESSIONS

AIRPORTS CONCESSIONS Brazil s Investment Plan in Logistics (PIL): 2nd Round AIRPORTS INVESTMENTS & BUSINESS OPORTUNITIES AIRPORTS CONCESSIONS São Paulo 28 August, 2015 BRAZILIAN CIVIL AVIATION INSTITUTIONAL FRAMEWORK PRESIDENCY

More information

Developing the Domestic Debt Market The South African Experience

Developing the Domestic Debt Market The South African Experience Commonwealth Secretariat Debt Management Forum Developing the Domestic Debt Market The South African Experience June 2008 Challenges for South African Debt Market 2 Challenges. Domestic debt management

More information

Post-Crisis Development Challenges: perspectives for Brazil and other BRICSs

Post-Crisis Development Challenges: perspectives for Brazil and other BRICSs Post-Crisis Development Challenges: perspectives for Brazil and other BRICSs Seminar Innovation, Development and the Global Crisis: BRICSs experience Rio de Janeiro, 16-17 November 2009 Luciano Coutinho

More information

Brazil Economic Overview

Brazil Economic Overview Brazil Economic Overview Brazilian American Chamber of Commerce of Florida Alexandre Tombini Governor March 26, 2012 1 Brazil Brazil is among the largest countries in terms of territory, population and

More information

Mexico: The challenges of capital inflows. Manuel Sánchez, Deputy Governor

Mexico: The challenges of capital inflows. Manuel Sánchez, Deputy Governor Manuel Sánchez, Deputy Governor Adam Smith Seminar, Schloss Spiez, Switzerland, June 26, 2013 Contents 1 Taxonomy of capital inflows 2 Risks and the prevention of problems 3 Economic outlook 2 Like other

More information

Brazil Economic Outlook

Brazil Economic Outlook Brazil Economic Outlook London School of Economics Alexandre Tombini Governor January 2014 1 Brazil overview Brazil is among the largest countries in terms of territory, population and GDP Brazil has vast

More information

Macroeconomic Volatility and Policy Response: the case of Brazil. Viviane Luporini Universidade Federal do Rio de Janeiro

Macroeconomic Volatility and Policy Response: the case of Brazil. Viviane Luporini Universidade Federal do Rio de Janeiro Macroeconomic Volatility and Policy Response: the case of Brazil Viviane Luporini Universidade Federal do Rio de Janeiro Context Fiscal volatility is higher for LA than for industrialized countries: average

More information

MACQUARIE GLOBAL INVESTMENTS INVESTING IN THEIR FUTURE: EMERGING MARKETS INFRASTRUCTURE

MACQUARIE GLOBAL INVESTMENTS INVESTING IN THEIR FUTURE: EMERGING MARKETS INFRASTRUCTURE MACQUARIE GLOBAL INVESTMENTS INVESTING IN THEIR FUTURE: EMERGING MARKETS INFRASTRUCTURE Emerging opportunities The Sao Paolo Metro serves the 11 million residents of Brazil s largest city. The transit

More information

Conference Call. 2Q10 Earnings Results. Aug 13 th, 2010

Conference Call. 2Q10 Earnings Results. Aug 13 th, 2010 Conference Call 2Q10 Earnings Results 1 Aug 13 th, 2010 Notice This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results,

More information

NEW INVESTMENT OPPORTUNITIES IN INFRASTRUCTURE

NEW INVESTMENT OPPORTUNITIES IN INFRASTRUCTURE Associação Brasileira da Infra-estrutura e Indústrias de Base (Brazilian Association of Infrastructure and Basic Industries) NEW INVESTMENT OPPORTUNITIES IN INFRASTRUCTURE Paulo Godoy President XII Joint

More information

FISCAL POLICY: HAS BRAZIL GRADUATED FROM PRO- CYCLICAL POLICIES? Marcio Holland Secretary of Economic Policy Ministry of Finance, Brazil

FISCAL POLICY: HAS BRAZIL GRADUATED FROM PRO- CYCLICAL POLICIES? Marcio Holland Secretary of Economic Policy Ministry of Finance, Brazil FISCAL POLICY: HAS BRAZIL GRADUATED FROM PRO- CYCLICAL POLICIES? Marcio Holland Secretary of Economic Policy Ministry of Finance, Brazil XXXIX Meeting of the Network of Central Banks and Finance Ministries

More information

Retail Debt Program Tesouro Direto. David Athayde Investor Relations Office Brasília June-2013

Retail Debt Program Tesouro Direto. David Athayde Investor Relations Office Brasília June-2013 Retail Debt Program Tesouro Direto David Athayde Investor Relations Office Brasília June-2013 Main Features Guidelines» Launched in 2002, as a partnership between the Treasury and BM&FBovespa (stock exchange)»

More information

The Mexican Economy in the Global Economic Juncture

The Mexican Economy in the Global Economic Juncture Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México Santander EM Day, Macro & Corporates Conference London, 7 June 2016 Outline 1 2 3 4 5 External Conditions Evolution of the Mexican Economy Inflation

More information

Treasury Presentation to TBAC

Treasury Presentation to TBAC Treasury Presentation to TBAC Office of Debt Management Fiscal Year 2015 Q1 Report Table of Contents I. Fiscal II. A. Quarterly Tax Receipts p. 4 B. Monthly Receipt Levels p. 5 C. Eleven Largest Outlays

More information

3 rd Brazil - China Capital Markets Forum

3 rd Brazil - China Capital Markets Forum 3 rd Brazil - China Capital Markets Forum Ilan Goldfajn Chief Economist, Itaú Unibanco Partner, Itaú BBA August 30 th, 2012 In Brief World: consolidating a scenario of low growth. Slow recovery in the

More information

Advanced economies driving global growth. Monetary policy still expansionary but tapering

Advanced economies driving global growth. Monetary policy still expansionary but tapering April 22, 2014 Advanced economies driving global growth Monetary policy still expansionary but tapering Interest rates remain favorable Investors recalibrating their portfolios More certainty in fiscal

More information

Infrastructure Development Funding and Financing

Infrastructure Development Funding and Financing Infrastructure Development Funding and Financing 09 December 2013 2 Presentation outline 1. Role of infrastructure development 2. Public sector infrastructure investment 3. Funding options i. Recent airport

More information

Santander Asset Management Focus on LATAM. Sao Paulo, May 2011

Santander Asset Management Focus on LATAM. Sao Paulo, May 2011 Santander Asset Management Focus on LATAM Sao Paulo, May 2011 2 Santander Asset Management advise that this presentation contains representations regarding forecasts and estimates. Said forecasts and estimates

More information

Global Summit of Women 2015 Doing Business With Brazil. A New Road Ahead

Global Summit of Women 2015 Doing Business With Brazil. A New Road Ahead Global Summit of Women 215 Doing Business With Brazil A New Road Ahead May 215 Denise Pavarina Managing Director of Bradesco Anbima s Chair Brazil: A market friendly place for your business. Financial

More information

Monetary Policy Outlook in a Negative Rates Environment Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar

Monetary Policy Outlook in a Negative Rates Environment Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar Washington, DC, 15 April 2016 Outline 1 External Conditions 2 Macroeconomic Policy in Mexico 3 Evolution and Outlook

More information

LEBANON'S DEBT MANAGEMENT FRAMEWORK

LEBANON'S DEBT MANAGEMENT FRAMEWORK LEBANON'S DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 MARCH 2010 For further information, please contact: 1 DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 CONTENTS I. Purpose of the report... 5 II. Regulatory framework...

More information

Brazilian Aviation Agenda 2020

Brazilian Aviation Agenda 2020 Brazilian Aviation Agenda 2020 1 Mission To encourage the habit of flying in Brazil by planning, implementing, and supporting actions and programs to promote the growth of civil aviation in a consistent

More information

Thailand Update. Yield Movements. Size and Composition

Thailand Update. Yield Movements. Size and Composition Thailand Update Yield Movements Thai government bond yields fell for most maturities between end-december 2009 and end-october 2010 (Figure 1). Yields for 1- and 2-year maturities rose 46 and 25 basis

More information

Ultrapar Participações S.A. Earnings conference call Comments on the company s 2Q15 performance and outlook 08.07.15

Ultrapar Participações S.A. Earnings conference call Comments on the company s 2Q15 performance and outlook 08.07.15 Ultrapar Participações S.A. Earnings conference call Comments on the company s performance and outlook 08.07.15 Disclaimer Forward-looking statements This document may include forward-looking statements

More information

Título da apresentação. Earnings Results 2 nd Quarter 2013

Título da apresentação. Earnings Results 2 nd Quarter 2013 Título da apresentação Earnings Results 2 nd Quarter 2013 Disclaimer This presentation may include statements representing expectations about future events or results of Banco Pan. These statements are

More information

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan Stronger Data Lead to Upward Revisions in Purchase Originations Forecast for 2015 and 2016 MBA Economic and Mortgage Finance Commentary: July

More information

Postbank Group Interim Management Statement as of September 30, 2013

Postbank Group Interim Management Statement as of September 30, 2013 Postbank Group Interim Management Statement as of September 30, 2013 Preliminary Remarks Macroeconomic Development Business Performance Preliminary Remarks This document is an interim management statement

More information

5th Brazil Infrastructure Investments Forum Cesar Cunha Campos

5th Brazil Infrastructure Investments Forum Cesar Cunha Campos 5th Brazil Infrastructure Investments Forum Cesar Cunha Campos Director, FGV Projetos diretoria.fgvprojetos@fgv.br New York, November 2014 Ports - Railways - Airports - Public-Private Partnerships (PPP/P3):

More information

The Mexican Economy: Facts and Opportunities

The Mexican Economy: Facts and Opportunities Manuel Sánchez Santander Global Fixed Income Summit London, England, September 20, 2012 Contents 1 Structural features 2 Recent developments and outlook 3 Inflation and monetary policy 4 Economic challenges

More information

Brazil. PAC s Investment Opportunities ROBERTO GARIBE. Special Advisor

Brazil. PAC s Investment Opportunities ROBERTO GARIBE. Special Advisor Brazil PAC s Investment Opportunities ROBERTO GARIBE Special Advisor Staff House of the Presidency of the Republic PAC S INVESTMENTS PAC Growth Acceleration Program In 2007 PAC 1 To accelerate the pace

More information

Regulatory Role of ANTAQ. Transportation) and Brazilian foreign trade. Tiago Lima Director of ANTAQ

Regulatory Role of ANTAQ. Transportation) and Brazilian foreign trade. Tiago Lima Director of ANTAQ Regulatory Role of ANTAQ (National i lagency for Waterway Transportation) and Brazilian foreign trade MEDLOG Conférence Mediterranéenne de la Logistique Les perspective des échanges internationaux de l

More information

Banco Santander Chile: Solid results in 2Q14. Sound outlook for 2015

Banco Santander Chile: Solid results in 2Q14. Sound outlook for 2015 0 Banco Santander : Solid results in 2Q14. Sound outlook for 2015 August 2014 Important information 1 Banco Santander caution that this presentation contains forward looking statements within the meaning

More information

Infraestrutura no Brasil: Projetos, Financiamentos e Oportunidades

Infraestrutura no Brasil: Projetos, Financiamentos e Oportunidades INVESTMENTS IN THE ELECTRICITY SECTOR Mauricio Tolmasquim President of the Energy Research Office (EPE) ELECTRICITY GENERATION Power Auctions Modalities New Energy Auctions A-3 and A-5 (three-year and

More information

Macroeconomic Management With Open Capital Accounts

Macroeconomic Management With Open Capital Accounts Macroeconomic Management With Open Capital Accounts György Szapáry Central Bank of Hungary IMF-Singapore Regional Training Institute Seminar, Crisis Prevention in Emerging kets, Singapore, y 1-11, Introduction

More information

INDIA CONSTRUCTION INTRODUCTION IMPORTANCE OF INFRASTRUCTURE CONSTRUCTION IN INDIA

INDIA CONSTRUCTION INTRODUCTION IMPORTANCE OF INFRASTRUCTURE CONSTRUCTION IN INDIA IMPORTANCE OF INFRASTRUCTURE CONSTRUCTION IN INDIA INTRODUCTION 1 5 M A R C H 2 0 0 9 Infrastructure development and maintenance is a major input to economic development and sustained growth in an economy.

More information

Directors Review. Domestic Economy

Directors Review. Domestic Economy Directors Review On behalf of the Board of Directors, I am pleased to present the condensed interim unconsolidated financial statements for the half year ended June 30, 2015. Domestic Economy Pakistan

More information

BRAZIL MEANS BUSINESS. In spite of the world financial crisis, Brazil remains an appealing business destination.

BRAZIL MEANS BUSINESS. In spite of the world financial crisis, Brazil remains an appealing business destination. BRAZIL MEANS BUSINESS In spite of the world financial crisis, Brazil remains an appealing business destination. GDP compared Latin America (in trillions of US$) REGIONAL DISPARITIES % of total GDP (2008)

More information

2013 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 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 information

Meeting with Analysts

Meeting with Analysts CNB s New Forecast (Inflation Report II/2015) Meeting with Analysts Petr Král Prague, 11 May, 2015 1 Outline Assumptions of the forecast The new macroeconomic forecast Comparison with the previous forecast

More information

MACROECONOMIC AND FISCAL ASSESSMENT

MACROECONOMIC AND FISCAL ASSESSMENT Public Sector Financial Management Program (RRP SAM 46384) A. BACKGROUND MACROECONOMIC AND FISCAL ASSESSMENT 1. Samoa is composed of about 10 islands, 4 inhabited, and several uninhabited islets situated

More information

Monthly Update. January 2014

Monthly Update. January 2014 Monthly Update Politics On the 29 th of January, the President of the Republic of Serbia Mr. Tomislav Nikolic called for earlier Parliamentary elections for the 16 th of March 2014, in order to speed up

More information

2008/09 Financial Management Strategy

2008/09 Financial Management Strategy 2008/09 Financial Management Strategy Report on outcomes For more information visit www.manitoba.ca R e p o r t o n O u t c o m e s / 1 Report on Outcomes Budget 2008 set out the second Financial Management

More information

Good morning, this is Jose Velez, CEO of Cementos Argos. I am joined by Mr. Ricardo Sierra, CFO and Maria Clara Aristizabal, Assistant to the CEO.

Good morning, this is Jose Velez, CEO of Cementos Argos. I am joined by Mr. Ricardo Sierra, CFO and Maria Clara Aristizabal, Assistant to the CEO. CONFERENCE CALL SCRIPT CEMENTOS ARGOS FIRST QUARTER RESULTS 2009 Good morning, this is Jose Velez, CEO of Cementos Argos. I am joined by Mr. Ricardo Sierra, CFO and Maria Clara Aristizabal, Assistant to

More information

SIERRA LEONE UPDATES FROM THE INSTANBUL PRIORITY AREAS OF ACTION

SIERRA LEONE UPDATES FROM THE INSTANBUL PRIORITY AREAS OF ACTION SIERRA LEONE UPDATES FROM THE INSTANBUL PRIORITY AREAS OF ACTION 1 OUTLINE OF PRESENTATION Recent Developments Istanbul Priority Areas of Action Poverty Levels Agenda for Prosperity Challenges Conclusion

More information

The Global Banking Crisis: an African banker's response

The Global Banking Crisis: an African banker's response Sir Patrick Gillam Lecture The Global Banking Crisis: an African banker's response Mallam Sanusi Lamido Sanusi Governor, Central Bank of Nigeria Professor Judith Rees Chair, LSE Suggested hashtag for Twitter

More information

Projects for High-speed Trains in Brazil BRAZILIAN HIGH SPEED LINE (RIO DE JANEIRO SÃO PAULO CAMPINAS)

Projects for High-speed Trains in Brazil BRAZILIAN HIGH SPEED LINE (RIO DE JANEIRO SÃO PAULO CAMPINAS) Projects for High-speed Trains in Brazil BRAZILIAN HIGH SPEED LINE (RIO DE JANEIRO SÃO PAULO CAMPINAS) Hélio Mauro França Executive Superintendent - ANTT Berlim, September 22 2010 RIO SÃO PAULO HIGH SPEED

More information

Development of the government bond market and public debt management in Singapore

Development of the government bond market and public debt management in Singapore Development of the government bond market and public debt management in Singapore Monetary Authority of Singapore Abstract This paper describes the growth of the Singapore Government Securities (SGS) market.

More information

Economic indicators dashboard

Economic indicators dashboard CURRENT AS OF APRIL 30, 2014 Economic indicators dashboard Vist www.blog.helpingadvisors.com for the full commentary of the Economic Indicators Dashboard. MOST RECENT 3-MO. trend TYPICAL range EXTREME

More information

The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent

The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent FDI limitations, there is no distinction between established

More information

The Impact of the Financial Crisis on South Africa

The Impact of the Financial Crisis on South Africa Africa Economists Retreat, December 5, 2008 The Impact of the Financial Crisis on South Africa Phindile Ngwenya and Michele Zini PREM Pretoria Country Office Outline The Economic Background Recent Developments

More information

State budget borrowing requirements financing plan and its background

State budget borrowing requirements financing plan and its background Public Debt Department State budget borrowing requirements financing plan and its background September 2014 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 MoF comment... 8 Rating agencies

More information

ARTERIS CONFERENCE CALL TRANSCRIPTION 2Q15 RESULTS

ARTERIS CONFERENCE CALL TRANSCRIPTION 2Q15 RESULTS ARTERIS CONFERENCE CALL TRANSCRIPTION 2Q15 RESULTS Operator: Good morning ladies and gentlemen. At this time we would like to welcome everyone to Arteris s conference call to discuss its 2Q15 earnings

More information

Recent U.S. Economic Growth In Charts MAY 2012

Recent U.S. Economic Growth In Charts MAY 2012 Recent U.S. Economic Growth In Charts MAY 212 GROWTH SINCE 29 The Growth Story Since 29 Despite the worst financial crisis since the Great Depression and a series of shocks in its aftermath, the economy

More information

Foreign currency lending: the flow and the stock problem

Foreign currency lending: the flow and the stock problem Foreign currency lending: the flow and the stock problem Júlia Király Ádám Banai 2nd NBRM Research Conference "Policy Nexus and the Global Environment: a New Consensus Emerging from the Crisis?" 26 April

More information

Ultrapar Participações S.A. Earnings conference call Comments on the company s 4Q15 / 2015 performance and outlook 02.19.16

Ultrapar Participações S.A. Earnings conference call Comments on the company s 4Q15 / 2015 performance and outlook 02.19.16 Ultrapar Participações S.A. Earnings conference call Comments on the company s / 2015 performance and outlook 02.19.16 Considerations Forward-looking statements This document may include forward-looking

More information

Institutional Presentation & Results (July)

Institutional Presentation & Results (July) Institutional Presentation & Results 2011 (July) 1 Economic Data RS and Brazil Rio Grande do Sul Brasil Demographic Data Population (In million inhabitants) 10.7 190.7 5.6% of population Area (In million

More information

2Q15 Consolidated Earnings Results

2Q15 Consolidated Earnings Results 2Q15 Consolidated Earnings Results IFRS September 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States, registered with Colombia

More information

São Paulo: multiple opportunities to foster your business

São Paulo: multiple opportunities to foster your business São Paulo: multiple opportunities to foster your business The economic importance of São Paulo transcends the Brazilian frontiers. The State is one of the most developed regions all over Latin America,

More information

Trends in Foreign Direct Investment Inflows

Trends in Foreign Direct Investment Inflows Trends in Foreign Direct Investment Inflows This article briefly examines recent trends in foreign direct investment in Australia, both in the context of the longer-term perspective and relative to the

More information

Session 4 - The Brazilian Maritime Cluster. Imperatives for an entrepreneurial environment The cabotage: taxes, the legal environment.

Session 4 - The Brazilian Maritime Cluster. Imperatives for an entrepreneurial environment The cabotage: taxes, the legal environment. Session 4 - The Brazilian Maritime Cluster Imperatives for an entrepreneurial environment The cabotage: taxes, the legal environment. Developed by Eduardo Simeone Breno Gomes RJ, September 13, 2011 WHY

More information

Australia-Mexico Infrastructure Finance Forum 2016

Australia-Mexico Infrastructure Finance Forum 2016 RECENT REFORMS GOVERNING AFORES INVESTMENTS Australia-Mexico Infrastructure Finance Forum 2016 Carlos Ramírez Fuentes TW: @CarlosRamirezF contents I. Introduction II. Why should pension funds invest in

More information

Portugal s Adjustment Program: Where are We?

Portugal s Adjustment Program: Where are We? Portugal s Adjustment Program: Where are We? Albert Jaeger International Monetary Fund Presentation: Austrian Business Circle Lisbon, January 24, 2014 Overview Looking back: Four questions Growth and unemployment:

More information

Group Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014

Group Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014 Investor Day 2014 Group Financial Outlook and Strategy Mark Langer, CFO Paris, November 19, 2014 HUGO BOSS 19-Nov-14 2 Agenda Review of past financial performance Current trading update Financial implications

More information

P A R A G O N CAPITAL MANAGEMENT

P A R A G O N CAPITAL MANAGEMENT Bond Market Overview July 2013 Bonds declined in value last quarter as interest rates rose by the most in over two years. The increase was a function of economic surprises, Federal Reserve policy confusion,

More information

ISBANK EARNINGS PRESENTATION 2016 Q1

ISBANK EARNINGS PRESENTATION 2016 Q1 ISBANK EARNINGS PRESENTATION 2016 Q1 2016 Q1 Recent Developments in the Economy Binler Global Outlook Main Indicators of Turkey US EA Moderate expansion in the US economy Solid labor market data Still

More information

Min. Guido Mantega. November 2009

Min. Guido Mantega. November 2009 New Cycle of Brazilian Economic Growth Financial i Times Min. Guido Mantega November 2009 Reasons to begin a new growth cycle Brazil faced the crisis with a strong economy; Emerged from it stronger than

More information

Loi M Bakani: Commodity and food prices, inflation and monetary policy in Papua New Guinea

Loi M Bakani: Commodity and food prices, inflation and monetary policy in Papua New Guinea Loi M Bakani: Commodity and food prices, inflation and monetary policy in Papua New Guinea Presentation by Mr Loi M Bakani, Governor of the Bank of Papua New Guinea, to the National Research Institute

More information

Economic indicators dashboard

Economic indicators dashboard AS OF NOVEMBER 17, 2015 Economic indicators dashboard Vist www.blog.helpingadvisors.com for the full commentary of the Economic Indicators Dashboard. MOST RECENT 3-MO. trend TYPICAL range EXTREME range

More information

Bhutan: Promising sectors for Public Private Partnership (PPP) Projects and Key Challenges

Bhutan: Promising sectors for Public Private Partnership (PPP) Projects and Key Challenges Bhutan: Promising sectors for Public Private Partnership (PPP) Projects and Key Challenges PPP National Workshop in Bhutan Organized by UN ESCAP 19-20 August 2014 Agenda 1 2 3 4 Critical Success Factors

More information

2Q11 Results. August - 2011

2Q11 Results. August - 2011 Results August - 2011 Macroeconomic growth LICENSING OF NEW VEHICLES IN BRAZIL - ANFAVEA Light vehicles (In units) Trucks (In units) 1.780.717 1.925.967 98.500 85.669 7M10 7M11 7M10 7M11 SOURCE: Letter

More information

Newsletter. Portuguese Economy and Energy Sector

Newsletter. Portuguese Economy and Energy Sector Newsletter Portuguese Economy and Energy Sector Q2, 2012 Economic News on Portugal The country has become a diversified and increasingly service-based economy since joining the European Community (EU).

More information

Sub-national Debt Management

Sub-national Debt Management Sub-national Debt Management Indian Experience Alok Chandra Director, Ministry of Finance, India 27 June 2008 Structure Part A: Institutional Approaches to regulations of Sub-national Borrowings Part B:

More information

ECONOMIC PERFORMANCE OF THE AIRLINE INDUSTRY

ECONOMIC PERFORMANCE OF THE AIRLINE INDUSTRY Net balance responses. =no change ECONOMIC PERFORMANCE OF THE AIRLINE INDUSTRY This new semi-annual report replaces the quarterly Airlines Financial Forecast, and takes a broader look at how the industry

More information

POSTBANK GROUP INTERIM MANAGEMENT STATEMENT AS OF MARCH 31, 2015

POSTBANK GROUP INTERIM MANAGEMENT STATEMENT AS OF MARCH 31, 2015 POSTBANK GROUP INTERIM MANAGEMENT STATEMENT AS OF MARCH 31, 2015 PRELIMINARY REMARKS MACROECONOMIC DEVELOPMENT BUSINESS PERFORMANCE PRELIMINARY REMARKS This document is an interim management statement

More information

Tipco Asphalt Public Company Limited

Tipco Asphalt Public Company Limited Q1/2015 Analysts Meeting 26 th May 2015 1 Agenda 1 Q1/2015 Highlight 2 Performance Highlights 3 Q2/2015 Outlook 2 Q1/2015 Highlights: Total sales volumes Sales volumes by quarters Unit: Mil tons Sales

More information

THE COUNTRY STRATEGY OF THE INTERNATIONAL INVESTMENT BANK for the Russian Federation

THE COUNTRY STRATEGY OF THE INTERNATIONAL INVESTMENT BANK for the Russian Federation THE COUNTRY STRATEGY OF THE INTERNATIONAL INVESTMENT BANK for the Russian Federation (Main provisions) This country strategy for 2013-2015 has been drawn up as an elaboration of the Development Strategy

More information

Brazilian Federal Public Debt Annual Debt Report - 2013 Annual Borrowing Plan - 2014

Brazilian Federal Public Debt Annual Debt Report - 2013 Annual Borrowing Plan - 2014 Brazilian Federal Public Debt Annual Debt Report - 2013 Annual Borrowing Plan - 2014 BRASÍLIA DF JANUARY 2014 Federal Public Debt Annual Public Debt Report ADR 2013 Annual Borrowing Plan ABP 2014 Annual

More information

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics

More information

II. Measuring and Analyzing GDP

II. Measuring and Analyzing GDP A Macroeconomic Perspective on the Real Sector: Growth, Economic Fluctuations and Inflation Workshop for Staff of Ministry of National Planning and Economic Development Nay Pyi Taw, Myanmar June 2 3, 2014

More information

CAPITAL MARKET. Opportunities and challenges. Dr Nalaka Godahewa ( Chairman SEC) February 2013

CAPITAL MARKET. Opportunities and challenges. Dr Nalaka Godahewa ( Chairman SEC) February 2013 CAPITAL MARKET of sri lanka Opportunities and challenges Dr Nalaka Godahewa ( Chairman SEC) February 2013 Colombo Stock Market ( End 2012) Market Size Market Capitalization of Rs 2.2 Trillion 287 Listed

More information

BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES)

BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES) BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES) 1 The Agenda Why long term financing? The current status and existing alternatives Challenges of raising long term capital in Tanzania Capital

More information

Conference Call Q3-2015/2016 GEROLD LINZBACH, CEO I DIRK KALIEBE, CFO. February 10, 2016 ON THE RIGHT TRACK

Conference Call Q3-2015/2016 GEROLD LINZBACH, CEO I DIRK KALIEBE, CFO. February 10, 2016 ON THE RIGHT TRACK Conference Call Q3-2015/2016 GEROLD LINZBACH, CEO I DIRK KALIEBE, CFO February 10, 2016 ON THE RIGHT TRACK On the right track Heidelberg is on track - the improvement in results due to the strategic realignment

More information

I. COUNTRY CONTEXT. A. Political and Social Context

I. COUNTRY CONTEXT. A. Political and Social Context A. Political and Social Context I. COUNTRY CONTEXT 1. Turkey s economic development has global significance, given its size, role as a regional power, and strategic location, bridging East and West. Turkey

More information

AES CORPORATION. City or location Month XX, 20XX. AES Brazil Business Review. Eduardo Bernini Britaldo Soares

AES CORPORATION. City or location Month XX, 20XX. AES Brazil Business Review. Eduardo Bernini Britaldo Soares AES CORPORATION AES CORPORATION AES Brazil Business Review Eduardo Bernini Britaldo Soares CEO CFO City or location Month XX, 20XX June 28, 2006 Safe Harbor Disclosure Certain statements in the following

More information

HOUSING FINANCE IN TRANSITION ECONOMIES

HOUSING FINANCE IN TRANSITION ECONOMIES HOUSING FINANCE IN TRANSITION ECONOMIES OECD Workshop Warsaw, Poland December 5-6, 5 2002 Loïc Chiquier The World Bank 1 Challenge in Transition Economies! Key for growth, poverty, wealth (75 wealth),

More information

Ghana s Economic and Political Environment and the Implications for Doing Business

Ghana s Economic and Political Environment and the Implications for Doing Business Ghana s Economic and Political Environment and the Implications for Doing Business Dr. Joe Amoako-Tuffour Director of Research The African Center for Economic Transformation Accra November 5, 2015 NORWAY-GHANA

More information

Japan s Economic Challenges

Japan s Economic Challenges Japan s Economic Challenges LUC EVERAERT ASIA PACIFIC DEPARTMENT INTERNATIONAL MONETARY FUND UNIVERSITY OF TOKYO JANUARY 18, 216 1 Global Overview I. Global outlook and risks II. Prospects for Japan III.

More information

THE ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN 20 AUGUST 2014

THE ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN 20 AUGUST 2014 THE ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN AUGUST 1 Global growth GDP growth in different regions for 1. Percent. IMF projections Sources: IMF and Norges Bank Russia: Lower growth prospects and sanctions

More information

CRE Finance Council: 2016 Market Outlook Survey

CRE Finance Council: 2016 Market Outlook Survey CRE Finance Council: 2016 Market Outlook Survey Introduction The Commercial Real Estate Finance Council (CREFC) is pleased to present the. Sponsored and conducted by CREFC, this survey is designed to gauge

More information

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016 Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the

More information

Presentation of Grupo ACS. September 2009

Presentation of Grupo ACS. September 2009 Presentation of Grupo ACS September 2009 Strategic vision A global leader in infrastructure development In the fields of civil and industrial engineering activities With sustainable and profitable growing

More information

UNITED KINGDOM. United Kingdom

UNITED KINGDOM. United Kingdom UNITED KINGDOM Growth has slowed, and is projected to be 1¾ per cent in 216. Uncertainty about the outcome of the end-june 216 referendum, which could lead to an exit of the United Kingdom from the European

More information

SREI Infrastructure Ltd.

SREI Infrastructure Ltd. Report Date 22nd Oct, 2010 Company Name SREI Infrastructure Ltd. Price / Recommendation CMP: - `121 Buy (Medium Risk Medium Return) Company Background SREI Infrastructure Finance Ltd started its operations

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

Certification Program on Corporate Treasury Management

Certification Program on Corporate Treasury Management Certification Program on Corporate Treasury Management Introduction to corporate treasury management Introduction to corporate treasury management: relevance, scope, approach and issues Understanding treasury

More information

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes) NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics

More information

Bertelsmann Annual Results 2015

Bertelsmann Annual Results 2015 Bertelsmann Annual Results Investor Conference Call March 22, 2016 Thomas Rabe Chairman and CEO of Bertelsmann Summary and highlights Financial year Group key figures Revenues up 2.8 percent, highest level

More information

BRAZIL MEANS BUSINESS

BRAZIL MEANS BUSINESS BRAZIL MEANS BUSINESS Export Green Trade Mission II: Energy & Environment April 23, 2012 Miguel Hernández Commercial Officer, CS Brazil U.S. Foreign Commercial Service Market Intelligence to help U.S.

More information