Industry Research Airline Industry

Size: px
Start display at page:

Download "Industry Research Airline Industry"

Transcription

1 Airline Industry Airline Industry Industry Outlook: Stable Executive Summary 3 December 214 Parat Mahuttano parat@trisrating.com Ruangwud Jarurungsipong ruangwud@trisrating.com The world economy is expected to grow by 3.3% in 214, the same growth rate as in 213. The International Air Transport Association (IATA) forecasts the number of air passengers will reach 3.3 billion in 214. Revenue passenger kilometers (RPK) will rise by 5.9% in 214, almost the same rate of increase as in 213. The IATA expects the volume of air shipments to reach 52 million tonnes in 214, as shown by its forecast of a 3.1% rise in freight tonne kilometers (FTK). In the first 1 months of 214, the number of air passengers in Thailand did not grow. The worldwide economy was weak and domestic political turmoil kept tourists away. The Thai economy grew slowly in the first three quarters of 214, rising by just.2% year-on-year (y-o-y). The political unrest in early 214 also cut the number of tourist arrivals by 8.7% y-o-y during January to October. However, history shows that the Thai tourism industry recovers quickly after a crisis. Competition in the airline industry in Thailand is intense. Thailand is a popular travel destination, serviced by more than 5 airlines. There are about 3 low-cost carriers (LCCs) serving in Thailand. About 39% of total air passengers in the first 1 months of 214 took LCCs. The main airlines serving in Thailand are Thai Airways, Thai Air Asia, and Nok Air, which are all Thai airlines. The number of passengers flying on LCCs is growing at a faster rate than the growth in the number of all air passengers. Passengers on LCCs grew by 29% in 213 and 23.5% y-o-y in the first 1 months of 214. Premium airlines face a significant challenge as they try to compete with the LCCs. Regulations in the airline industry are easing. ASEAN member nations are trying to impose the fifth freedom liberalization within 215. The liberalization will raise competition in the Thai airline industry. More competitors mean lower profitability in the industry. However, the Thai government actively promotes tourism, which is beneficial for the industry.

2 Passenger volumes rise worldwide Air passenger traffic is correlated with the worldwide economy and tourism. The airline industry is more volatile than the worldwide economy. The number of air passengers has risen nearly every year. Industry statistics compiled by the International Air Transport Association (IATA) show that scheduled passenger traffic worldwide grew by an average of nearly 5.5% annually during the last 1 years. Passenger traffic dropped only once during the past decade, in 29 during the economic crisis. Despite several recent heavily publicized aviation accidents, air travel is still the safest form of transportation. As of June 214, the IATA forecasted 3.3 billion passengers will take flights in 214. This represents a 5.7% growth. The IATA expects the growth rate in 214 will be a little higher than the historical average, as some regions show better economic performance. The International Monetary Fund (IMF) forecasts strong economic expansions in Germany (gross domestic product or GDP growth from -.4% in 213 to 1.4% in 214), Spain (-1.2% to 1.3%), the United Kingdom (UK) (1.7% to 3.2%), India (5% to 5.6%), and Mexico (1.1% to 2.4%). However, in October 214, the IMF cut its forecast of worldwide economic growth in 214. The forecast growth rate slipped from 3.4% to 3.3%. This sign of a weaker world economy may reduce the growth rate in the number of airline passengers. The IATA reported that RPK grew by 5.8% year-on-year (y-o-y) in the first 1 months of 214, with a forecast of a 5.9% growth for the whole year. RPK is calculated by multiplying the number of commercial airline passengers by the distances they travel. The growth in RPK in 214 is slightly higher than the 5.7% growth rate in 213 because of better economic outlooks in some countries. The RPK measure in the Middle East grew at the highest rate: a 12.7% y-o-y rise in the first 1 months of 214. The RPK in Europe significantly increased from 3.8% in 213 to 5.9% y-o-y for the first 1 months of 214. The RPK in Africa dropped from 5.1% in 213 to.7% y-o-y in the first 1 months in 214, largely because of the Ebola outbreak. TRIS Rating 2 3 December 214

3 Million Passengers Industry Research Chart 1: Global Air Passenger Traffic and Economic Growth 3,5 3, 2,5 2, 1,5 1, e 214f % Scheduled Passengers RPK Growth (Right-Axis) World GDP Growth (Right-Axis) World Tourist Growth (Right-Axis) Sources: 1) International Air Transport Association (IATA) 2) World Bank Table 1: Economic Growth by Region Unit: % f World Euro Area USA Japan China ASEAN Source: International Monetary Fund (IMF) Table 2: Growth in Revenue Passenger Kilometers by Region Region 213 YTD Oct 214 (Y-O-Y) Africa 5.1%.7% Asia/Pacific 7.1% 6.8% Europe 3.8% 5.9% Latin America 6.3% 6.4% Middle East 11.4% 12.6% North America 2.3% 2.7% Source: IATA TRIS Rating 3 3 December 214

4 % Industry Research Trade recovers worldwide The IATA predicted air trade volume will rise to 51.7 million tonnes in 214, growing by 4.4%. FTK in 214 is expected to grow by 3.1%. FTK is calculated by multiplying the tonnes of air freight cargo by the distance the load is carried. The expected FTK growth in 214 was lower than the 1-year average of 3.5%. However, the expected growth rate in 214 is the highest it has been in the past three years because fuel price are falling, the United States (US) economy is improving, and there is less concern over the Euro-zone financial crisis. FTK in most regions expanded in 214. However, Latin America and the Middle East showed lower growth rates in the first 1 months of 214. In Latin America, the weak economy in Brazil led to less trading activity, while geopolitical conflicts in the Middle East slightly lowered the FTK in this region. Chart 2: Global Air Freight Traffic and World Trade Volume f World Trade Volume Growth FTK Growth Sources: 1) IATA 2) IMF Table 3: Growth in Freight Tonne Kilometers by Region Region 213 YTD Oct 214 (Y-O-Y) Africa 1.% 5.6% Asia/Pacific -1.% 5.3% Europe 1.8% 2.1% Latin America 2.4% 1.3% Middle East 12.8% 1.5% North America -.4% 3.2% Source: IATA TRIS Rating 4 3 December 214

5 Jan-6 Jun-6 Nov-6 Apr-7 Sep-7 Feb-8 Jul-8 Dec-8 May-9 Oct-9 Mar-1 Aug-1 Jan-11 Jun-11 Nov-11 Apr-12 Sep-12 Feb-13 Jul-13 Dec-13 May-14 Oct-14 US$/Barrel Industry Research Rising supply of crude oil cuts price of jet fuel Fuel cost typically accounts for around 4% of an airline s total costs. In the past, rapid rises in the price of jet fuel had a huge effect on the profits of the airline industry. For example, more than 1 airlines in the US were forced to close down during the 28 oil spike, according to the US Air Transport Association. In 213, the Singapore price for jet fuel averaged US$122.8 per barrel, 3.1% lower than the price in 212. Fuel prices were volatile from 28 through 211, but became more stable recently. However, crude oil prices started falling sharply in September 214, and dropped to a five-year low. Dubai crude oil prices sank to US$61 per barrel in December 214, dropping the jet fuel price to US$79 per barrel. Oil prices fell because the Organization of the Petroleum Exporting Countries (OPEC) pumped more oil, production of shale oil increased, the US dollar appreciated, and worldwide economic growth was not as robust as initially forecast. OPEC maintains a level of production designed to protect their market share. Falling fuel prices boost airlines profit margins, allowing carriers to cut ticket prices. Ticket prices will fall by an average of 5.1% across the industry in 215, according to the IATA. Demand for air travel is expected to rise in 215. Carriers are certainly aware of the uncertainty of fuel prices. For example, the prolonged geopolitical events in the Middle East may spike fuel prices if the political situation gets worse. Chart 3: Singapore Jet Fuel Price Singapore Jet Fuel Dubai Crude Oil Sources: 1) EIA 2) Thai Oil TRIS Rating 5 3 December 214

6 Million Passengers % y-o-y Industry Research Thai airline industry slows down Thailand is known as one of the world s top travel destinations, whether for business or leisure. According to Airport of Thailand (AOT), air passenger movement in Thailand peaked in 213. The number of air passenger in 213 was 88 million persons, rising by 16%. In 214, the Thai economy was weaker than expected. The Bank of Thailand (BOT) expects the economy will grow by only.8%. The current slowdown was caused by several negative factors, such as lower growth in the worldwide economy and domestic political uncertainty. The number of air passenger in Thailand did not grow in the first 1 months of 214. The slowdown occurred especially in Bangkok, the center of the political protests. The number of passengers at Suvanabhumi airport fell by 12% y-o-y in the first 1 months of 214. However, the Thai tourism industry has recovered quickly in the past after political turmoil or a natural disaster. A calmer political situation and a new government brought tourists back to Thailand in October 214. Chart 4: Passengers in AOT International Airports International Passenger Growth (Right-Axis) Domestic Thai GDP Growth (Right-Axis) Sources: 1) Airports of Thailand (AOT) 2) National Economic and Social Development Board (NESDB) (17 Nov 214) The tourism industry in Thailand boomed in 213, growing by 18.8% to 26.5 million tourists. Tourists from Asian nations comprised the largest part of the rise, followed by European tourists. Tourist receipts exceeded Bt1 trillion in 213. However, the political unrest from the last quarter of 213 to the middle of the second quarter of 214 weighed on the confidence of visitors. In the first 1 months of 214, 19.7 million tourists visited, a drop of 2 million visitors or an 8.7% y-o-y fall. However, October was the first month of 214 in which the number of tourist arrivals grew, climbing by 6% y-o-y. In the first 1 months of 214, most tourists were from China (18.2% of all tourist arrivals), Malaysia (1.3%), Russia (6.5%), and Japan (5.2%). TRIS Rating 6 3 December 214

7 Q1/28 Q2/28 Q3/28 Q4/28 Q1/29 Q2/29 Q3/29 Q4/29 Q1/21 Q2/21 Q3/21 Q4/21 Q1/211 Q2/211 Q3/211 Q4/211 Q1/212 Q2/212 Q3/212 Q4/212 Q1/213 Q2/213 Q3/213 Q4/213 Q1/214 Q2/214 Q3/214 Million Tourists Q1/212 Q2/212 Q3/212 Q4/212 Q1/213 Q2/213 Q3/213 Q4/213 Q1/214 Q2/214 Q3/214 Million Tourists % y-o-y Industry Research Chart 5: Tourist Arrivals Tourist Arrivals Tourist Arrivals Growth Source: Department of Tourism The first and the last quarters are tourist high season. Arrivals in these two quarters comprise around 55% of annual tourist arrivals. December is the most popular months of the year because of nice weather, and the Christmas and New Year holidays. Nevertheless, some recent, unfavorable events had affected peak season tourist arrivals. For example, flooding in the fourth quarter of 211 and political uncertainty in the first quarter of 214 caused tourist arrivals to drop. Chart 6: Quarterly Tourist Arrivals 7 Political unrest 6 Flood Low seasons High seasons Source: Department of Tourism TRIS Rating 7 3 December 214

8 Low-cost airlines increase competition The airline industry in Thailand is intensely competitive. In 214, there are over than 5 airlines traveling to Thailand; around 3 are LCCs. More than 88 million passengers, including transit passengers, passed through Thailand s six international airports in fiscal year 213. In October 212, AOT moved most of the LCCs from Suvarnabhumi airport to Don Muang airport, in order to decrease the passenger volume at Suvarnabhumi airport. The move to Don Muang also enhanced the facilities used by LCCs and increased the capacity of the carriers. Since the move, Don Muang airport has become the hub of low-cost airlines in Thailand, serving 14.8 million passengers in fiscal year 213. The major airlines in Thailand are Thai airways, Thai Air Asia, Nok Air, and Bangkok Airways, according to the share of passengers through Suvarnabhumi and Don Muang airports. In the LCC segment, Thai Air Asia is the biggest airline, followed by Nok Air. The number of passengers transported by LCCs grew by 29% in 213, compared with a 16% growth in the total number of passengers transported by all airlines in Thailand in 213. The number of LCC passengers has grown more slowly since the fourth quarter of 213, but the growth rate was still in the double digits. For the first 1 months of 214, the total number of LCC passengers, including transit passengers, from the six international airports in Thailand reached 28.3 million passengers, a 23.5% y-o-y rise. Passenger on LCCs increased from 25% of all passengers in 21 to 39% in the first 1 months of 214. The number of LCCs flying in short- to medium-length routes has increased rapidly over time. Competition has intensified. Carriers have been fighting on many fronts: in terms of price level, services offered, and flight schedules. Carriers have a limited ability to pass on higher fuel costs to customers. To compete effectively with the LCCs, premium carriers focus on minimizing their costs, maintain the levels of services, and expanding their networks. Several premium airlines have launched lower price services for their short- and medium-haul routes. The premium airline can offer a variety of choices for their customers. For instance, Thai Airways offers services on board for premium segment passengers, services on Thai Smile for hybrid segment passengers, and on Nok Air for the low-cost segment. Not every LCC can cover the long-haul routes like the premium carriers do, because long-haul flights would increase the costs for an LCC. An LCC would need different types of aircraft, hire more employees, and use more fuel, if it flies long-haul routes. A limited route network makes some LCCs more sensitive to event risks. For example, a disease outbreak, an economic slump or even a terrorist threat would affect the LCCs more severely than the premium airlines. TRIS Rating 8 3 December 214

9 Table 4: Airline Market Shares by Passenger Volume (Fiscal Year 213) Suvarnabhumi Airport and Don Muang Airport Airlines Passengers Share (%) 1. Thai Airways 17,641, Thai Air Asia 9,56, Nok Air 6,351, Bangkok Airways 4,54, Emirates Airlines 1,72, Cathay Pacific 1,367, Thai Lion Air 1,14, Qatar Airways 836, Thai Smile Airways 76, Etihad Airways 72, Total passenger (person) 65,187,888 Source: AOT Table 5: LCC Market Shares by Passenger Volume (Fiscal Year 213) Don Muang Airport Airlines Passengers Share (%) 1. Thai Air Asia 9,56, Nok Air 6,351, Thai Lion Air 1,14, Air Asia Berhad 573, Orient Thai Airlines 371, Total passenger (person) 18,69,631 Source: AOT TRIS Rating 9 3 December 214

10 Million Passengers % y-o-y Industry Research Chart 7: LCC Passengers in AOT s International Airports International Domestic Passenger Growth Source: AOT Table 6: LCC Passenger Contribution Total Passengers LCC Passengers Contribution (%) 21 58,239,591 14,674, ,367,593 18,17, ,132,59 21,889, ,291,33 28,25, m214 72,788,668 28,33, Source: AOT Regulation of the airline industry The airline industry is controlled by the government s regulations and policies. The Thai government restricts the domestic airline business to Thai nationality-owned airlines. Thai Airways is the national flag airline. The Thai government also supports domestic airlines through traffic rights negotiations with other countries, in an effort to open new routes. Since 21, the Thai government has launched a domestic open skies policy to encourage industry competition. This policy allowed commercial airlines to operate domestic routes that compete with Thai Airways. TRIS Rating 1 3 December 214

11 Since 21, ASEAN member countries have followed the ASEAN Multilateral Agreement on the Full Liberalization of Passenger Air Services (MAFLPAS), the fifth freedom traffic rights. The liberalization effort for the fifth freedom is planned to begin in 215. The fifth freedom will lower barriers in airline industry among ASEAN countries, increasing the operation frequency for each aircraft. However, Mr. Lui Tuck Yew, Singapore s Transport Minister, expects a delay in the liberalization of the fifth freedom. Furthermore, ASEAN nations are striving to extend the agreement to other countries such as China, Japan, Korea, India, and the European Union (EU). Table 7: Liberalization of Air Traffic Freedom First freedom Second freedom Third freedom Fourth freedom Right The right to fly over ASEAN airspace without landing. The right to land on ASEAN countries but only for refueling and maintenance. The right to fly from the home country to another ASEAN country without prior inter-governmental approval. The right to fly from another ASEAN country to the home country without prior inter-governmental approval. Fifth freedom The right to fly between two non-host ASEAN countries, but only for fights that originate or end in its home country. Source: International Civil Aviation Organization (ICAO) Currently, citizens of some nations do not need a visa when traveling to Thailand. The Thai government established two categories of nations: citizens that receive a 3-day visa and citizens who receive a 9-day visa. As shown in Table 8, tourists from these nations comprise more than 2% of total tourist arrivals in 213. The majority are Russian (7% of total tourist arrivals in 213), Korean (5%), and Laos (4%). Table 9 shows the countries that Thai citizens are able to visit without a visa. The maximum allowance varies from 14 days to 18 days, but most of the stays are 3 days. According to the Department of Tourism, 2.7 million Thai passengers departed from Suvarnabhumi airport in the first 1 months of 214. The growth rate in the number of passengers was quite volatile over the past seven years, but the average growth rate during was 5.4% per year. TRIS Rating 11 3 December 214

12 Table 8: Nations Exempt from Thai Visa Requirements Ordinary Passports 3 Days Hong Kong SAR Macau SAR Laos Mongolia Russia Vietnam 9 Days Argentina Brazil Chile Peru Republic of Korea Source: Thaivisa Table 9: Countries Exempting Thai Citizens from Visa Requirements Ordinary Passports (Days) 3 Days and Below Cambodia (14) Bahrain (14) Brunei (14) Japan (15) The Philippine (21) Laos (3) Hong Kong SAR(3) Indonesia (3) Macau SAR (3) Malaysia (3) Maldives (3) Mongolia (3) Russia (3) Seychelles (3) Singapore (3) South Africa (3) Turkey (3) 9 Days and Over Argentina (9) Brazil (9) Chile (9) Ecuador (9) Peru (9) Republic of Korea (9) Panama (18) Source: Department of Consular Affairs TRIS Rating 12 3 December 214

13 Recent tourism promotions Tourism is a major industry in Thailand. Tourism receipts in 213 totaled Bt1.36 trillion or more than 1% of Thai GDP. The Thai government has promoted the tourism industry by implementing policies to attract tourists. Political unrest in the first half of 214 hurt tourism. As a result, the new government implemented two policies: waiving visa fees for Chinese and Taiwanese visitors, and allowing tax deductions for domestic travel by Thai citizens. The government implemented the visa waiver as a way to celebrate the 4 th anniversary of Thai Chinese diplomatic relations, and to promote the tourism industry. The policy waives the visa fees for Chinese and Taiwanese citizens from 9 August 214 to 8 November 214. This policy boosted the number of Chinese and Taiwanese tourists from under 4, persons per month in the first seven months of 214 to nearly 5, persons per month in August and September. Furthermore, the Tourism Authority of Thailand (TAT) expects 2, more Chinese and Taiwanese tourists as a result of this scheme. A total of 1.5 million Chinese and Taiwanese tourists will visit Thailand in the last quarter of 214. The Thai government also promotes the domestic tourism industry by offering tax deductions for domestic travel made or seminars arranged from 16 December 214 till the end of 215. Individuals can use their bills for accommodation or touring package to reduce their taxable income by a maximum of Bt15,. For companies and other organizations, the Thai government allows the entity to reduce its taxes by an amount up to double the amount spent on seminars. Airline operator rated by TRIS Rating (as of December 214) Company Rating Outlook Thai Airways International A+ Negative TRIS Rating Co., Ltd., Tel: ext 5 Silom Complex Building, 24th Floor, 191 Silom Road, Bangkok 15, Thailand, Copyright 214, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information. All methodologies used can be found at TRIS Rating 13 3 December 214

Container Shipping Industry: Facing Another Difficult Year

Container Shipping Industry: Facing Another Difficult Year Container Shipping Container Shipping Industry: Facing Another Difficult Year Industry Outlook: Negative Executive Summary 15 June 2012 Ruangwud Jarurungsipong ruangwud@trisrating.com Nopalak Rakthum nopalak@trisrating.com

More information

Industry Research Alcoholic Beverage Producers

Industry Research Alcoholic Beverage Producers Alcoholic Beverage Producers Industry Outlook: Stable Tax Hike and Weaker Economy Reduce Consumption of Alcoholic Beverages Executive Summary 19 September 2013 Ruangwud Jarurungsipong ruangwud@trisrating.com

More information

Finnair Q3 Result 2012. 26 October 2012

Finnair Q3 Result 2012. 26 October 2012 Finnair Q3 Result 2012 26 October 2012 1 Content Market environment in Q3 Business performance and strategy execution Outlook Financials 2 Finnair Q3 Result, 26 October 2012 Market Environment The global

More information

The Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific

The Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific The Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific A Report by Research For Travel Ltd July 2012 Research For Travel Ltd The Impact of The European Crisis on Travel

More information

Economic and Market Report. EU Automotive Industry Quarter 4 2015

Economic and Market Report. EU Automotive Industry Quarter 4 2015 Economic and Market Report EU Automotive Industry Quarter 4 2015 March 2016 CONTENTS Passenger cars... 2 Registrations... 2 World... 2 The European Union... 5 Production... 7 World... 7 The European Union...

More information

The Future Growth of Stocks and Investments in Thailand

The Future Growth of Stocks and Investments in Thailand 35 th Bangkok International Motor Show 2014 The Future Growth of Stocks and Investments in Thailand Mr. Charamporn Jotikasthira President The Stock Exchange of Thailand March 2014 I. SET: Overview The

More information

Renminbi Depreciation and the Hong Kong Economy

Renminbi Depreciation and the Hong Kong Economy Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact

More information

Suggested presentation outline

Suggested presentation outline 1. Brief history of Cyprus airports - Nicosia - Larnaca - Paphos - Airports in the occupied areas 2. Traffic Statistics 3. The importance of airports in Cyprus (Island, Tourist Destination etc) Suggested

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

www.pwc.co.uk/economics Global wage projections to 2030 September 2013

www.pwc.co.uk/economics Global wage projections to 2030 September 2013 www.pwc.co.uk/economics Global wage projections to 2030 Summary: Wage gap between emerging and advanced economies will shrink significantly by 2030 By 2030, our projections in this report suggest that

More information

An Analysis of Global Trade in Terephthalic Acid and its Salts

An Analysis of Global Trade in Terephthalic Acid and its Salts Page 1 12/22/2014 An Analysis of Global Trade in Terephthalic Acid and its Salts The paper summarises the results of an analysis of global trade in Terephthalic Acid. Global trade is obtained by collating

More information

Key Findings (preliminary): Asia Pacific Visitor Forecasts 2014-2018 Report

Key Findings (preliminary): Asia Pacific Visitor Forecasts 2014-2018 Report Key Findings (preliminary): Asia Pacific Visitor Forecasts 2014-2018 Report Please Note The findings presented here are preliminary and as delivered at the ASEAN Tourism Forum, January 2014. Final checks

More information

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Oil & Gas Market Outlook 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Challenging Market Environment Concerns that global economic growth will slow and reduce global oil and natural

More information

Market Briefing: S&P 500 Revenues & the Economy

Market Briefing: S&P 500 Revenues & the Economy Market Briefing: S&P Revenues & the Economy December 14, 2 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.

More information

EUROPEAN AIRPORTS AND TOURISM ORGANISATIONS TOGETHER ON OPEN SKIES

EUROPEAN AIRPORTS AND TOURISM ORGANISATIONS TOGETHER ON OPEN SKIES EUROPEAN AIRPORTS AND TOURISM ORGANISATIONS TOGETHER ON OPEN SKIES 1 Over the past months, the expansion of Gulf airlines in particular Emirates, Etihad Airways and Qatar Airways into the North American

More information

Insurance Market Outlook

Insurance 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 information

I. World trade developments

I. World trade developments I. World trade developments World merchandise exports grew by 2 per cent in value terms in 2013 while exports of commercial services increased by per cent. Key developments in 2013: a snapshot Trade data

More information

ASEAN Capital Market Integration and Lessons from the European Union

ASEAN Capital Market Integration and Lessons from the European Union ASEAN Capital Market Integration and Lessons from the European Union 44 th IAFEI World Congress: Global Recovery Amidst Reforms Makati Shangri-la 16 October 2014 Thiam Hee Ng, Senior Economist Asian Development

More information

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

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

More information

WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH 2019

WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH 2019 WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH 2019 Worldwide retail sales including in-store and internet purchases will surpass $22 trillion in 2015, up 5.6% from

More information

Economic Conditions Snapshot, December 2013

Economic Conditions Snapshot, December 2013 McKinsey Global Survey results Economic Conditions Snapshot, December 03 Executives economic expectations have reached a high for the year, though they expect only mild improvements in 04 and anticipate

More information

World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics. Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine

World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics. Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine Disclaimer text This document is protected by copyright. Distribution

More information

The global economy in 2007

The global economy in 2007 Introduction The global economy in 27 Global output grew 3.8 percent in 27, receding slightly from 4 percent in 26. The downturn was greatest in high-income economies, where growth fell from 3 percent

More information

India s Services Exports

India s Services Exports Markus Hyvonen and Hao Wang* Exports of services are an important source of demand for the Indian economy and account for a larger share of output than in most major economies. The importance of India

More information

How To Know What Is Happening In European Air Transport

How To Know What Is Happening In European Air Transport Issue N 136. 22/12/11 Industry Monitor The EUROCONTROL bulletin on air transport trends European flights down 1% in November, significantly lower than forecasted. The low-cost segment was down 3.8% on

More information

Working Holiday Maker visa programme report

Working Holiday Maker visa programme report Working Holiday Maker visa programme report 30 June 2015 This page is left blank intentionally. Table of Contents About this report 1 Enquiries 1 Definition of terms 2 Background to the Working Holiday

More information

Oil Price and Korean Economy

Oil Price and Korean Economy Oil Price and Korean Economy April 17, 2015 Jaerang Lee - Contents - I. Oil Price Outlook II. Effects on Korean Economy III. Conclusion I. Oil Price Outlook Oil prices have lowered to around mid 50 dollars

More information

International Education in the Comox Valley: Current and Potential Economic Impacts

International Education in the Comox Valley: Current and Potential Economic Impacts International Education in the Comox Valley: Current and Potential Economic Impacts FINAL REPORT March 2012 Prepared by: Vann Struth Consulting Group Inc. Vancouver, BC www.vannstruth.com Prepared for:

More information

Economic and Market Report. EU Automotive Industry Quarter 3 2015

Economic and Market Report. EU Automotive Industry Quarter 3 2015 Economic and Market Report EU Automotive Industry Quarter 3 2015 December 2015 CONTENTS EU Economic Outlook... 2 Passenger cars... 4 Registrations... 4 World... 4 The European Union... 7 Production...

More information

GLOBAL TOURISM - Geography Explained Fact Sheet

GLOBAL TOURISM - Geography Explained Fact Sheet Billion (US$) GLOBAL TOURISM - Geography Explained Fact Sheet Introduction With almost all the leading tourist destination countries having reported their international tourism receipts for 2006, the WTO

More information

Singapore Airlines Group Analyst/Media Briefing FY2012-13 13 RESULTS 17 MAY 2013 THE PARENT AIRLINE FY2012/13 RESULTS

Singapore Airlines Group Analyst/Media Briefing FY2012-13 13 RESULTS 17 MAY 2013 THE PARENT AIRLINE FY2012/13 RESULTS Singapore Airlines Group Analyst/Media Briefing FY2012-13 13 RESULTS 17 MAY 2013 THE PARENT AIRLINE FY2012/13 RESULTS THE PARENT AIRLINE COMPANY RESULTS FY2012/13 4Q/12 $million Better/ (Worse) $million

More information

Financial Results 3 rd Quarter MAR/2016 (FY2015)

Financial Results 3 rd Quarter MAR/2016 (FY2015) Financial Results MAR/2016 (FY2015) January 29 th, 2016 CONTENTS P.1 P.2 P.3 P.4~ Overview of FY MAR/16 Results Operating Revenue Operating Profit (JPY Bn) 1,030 1,020 1,010 +1.0Bn 1,022.3 1,023.4 (+0.1%)

More information

Commercial Update. John Leahy Chief Operating Officer Customers Airbus. Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009

Commercial Update. John Leahy Chief Operating Officer Customers Airbus. Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009 Commercial Update John Leahy Chief Operating Officer Customers Airbus Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009 1 1 Safe Harbour Statement Disclaimer This presentation includes forward-looking

More information

The Irish Short-stay Visa Waiver Programme

The Irish Short-stay Visa Waiver Programme The Irish Short-stay Visa Waiver Programme Information Note October 2014 The Irish Short-stay Visa Waiver Programme was announced by the Government as part of its Jobs Initiative with a view to promoting

More information

Global Exhibition on Services

Global Exhibition on Services Ministry of Commerce & Industry Global Exhibition on Services Concept Note 1 GES Concept Note Global Exhibition on Services (GES) - Concept Note The Government of India, Ministry of Commerce and Industry

More information

Japan Export Air. International Air Freight Fuel Surcharge. All Destinations

Japan Export Air. International Air Freight Fuel Surcharge. All Destinations Japan Export Air July 28, 2016 International Air Freight Fuel Surcharge Carrier 3K Jet Star Asia Airways 66 1-Jan-15 Taiwan, Philippines 48 1-Jan-15 5C C.A.L. Cargo 130 1-Oct-12 China, Hong Kong, Korea,

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

Air connectivity opportunities in 2016 and beyond 38 th Annual Hotel Conference

Air connectivity opportunities in 2016 and beyond 38 th Annual Hotel Conference REPUBLIC OF CYPRUS Ministry of Transport, Communications and Works. 2 nd of February 2016 Air connectivity opportunities in 2016 and beyond 38 th Annual Hotel Conference Airport traffic in 2015 at record

More information

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China

Global 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 information

Prospects for the container shipping industry

Prospects for the container shipping industry Prospects for the container shipping industry IQPC Container Terminal Business 2009 Hamburg, December 8, 2008 Eric Heymann Sector Research Think Tank of Deutsche Bank Group Agenda 1 Weak economic environment

More information

Consumer Credit Worldwide at year end 2012

Consumer Credit Worldwide at year end 2012 Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international

More information

TIGER AIRWAYS HOLDINGS LIMITED (Incorporated in the Republic of Singapore) Company Registration Number: 200701866W

TIGER AIRWAYS HOLDINGS LIMITED (Incorporated in the Republic of Singapore) Company Registration Number: 200701866W TIGER AIRWAYS HOLDINGS LIMITED (Incorporated in the Republic of Singapore) Company Registration Number: 200701866W TIGER AIRWAYS ALMOST TRIPLES PROFIT BEFORE TAX TO $57.0 MILLION FOR THE FINANCIAL YEAR

More information

International tourism shows continued strength. Sustained growth amidst challenges

International tourism shows continued strength. Sustained growth amidst challenges Volume 1 October 01 Contents Inbound tourism: short-term trends 01 International tourism receipts 8 International tourism expenditure 9 Regional results 10 UNWTO s Panel of Tourism Experts 11 Air transport

More information

Oil Markets Update- October 2015

Oil Markets Update- October 2015 SICO Research November 23, - October Crude prices remain low in October led by oversupply and weak economic indicators October has been a volatile month for crude prices; Brent reached USD 53.05/bbl in

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

List of tables. I. World Trade Developments

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

More information

Australia s inbound tourism statistics

Australia s inbound tourism statistics What is inbound tourism? Scope of inbound tourism: Short-term visitor arrivals are defined as overseas visitors who intend to stay in Australia for less than 12 months Statistics relate to the number of

More information

The International Business Etiquette Internet Sourcebook

The International Business Etiquette Internet Sourcebook The International Business Etiquette Internet Sourcebook Agriculture and Agri-Food Canada B.C. Regional Office 420 4321 Still Creek Drive Burnaby, B.C. V5C 6S7 Telephone: 604-666-6344 Fax: 604-666-7235

More information

Analysts and Investors conference call Q2 2014 results 21 August 2014

Analysts and Investors conference call Q2 2014 results 21 August 2014 Analysts and Investors conference call Q2 2014 results 21 August 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is

More information

December 2010 2008 Interim Results 6 August 2008

December 2010 2008 Interim Results 6 August 2008 Cathay Pacific Airways 2010 Analyst & Investor Briefing Cathay Pacific Airways December 2010 2008 Interim Results 6 August 2008 1 Airline Strategy Grow our international network, expand frequencies and

More information

Group sales 10% Weak SEA currencies accounted for ~3% decrease Global brand sales 4% from improvements in China franchisee performance

Group sales 10% Weak SEA currencies accounted for ~3% decrease Global brand sales 4% from improvements in China franchisee performance 2016 First Quarter Update 4 May 2016 Overview Group sales 1 Weak SEA currencies accounted for ~3% decrease Global brand sales 4% from improvements in China franchisee performance Gross margin 2.5pp; gross

More information

II. Merchandise trade

II. Merchandise trade II. Merchandise trade Merchandise trade increased by 5 per cent in volume in 211. The strongest momentum was achieved by trade in manufactured goods, which grew by.5 per cent. Key developments in 211:

More information

Working Holiday Maker visa programme report. 31 December 2014

Working Holiday Maker visa programme report. 31 December 2014 Working Holiday Maker visa programme report 31 December 2014 Contents Page About this report 1 Enquiries 1 Definition of terms 2 Background to the Working Holiday Maker programme 3 Recent developments

More information

Information meeting. Cheuvreux Conference September 2010. Philippe Calavia CFO, Air France-KLM

Information meeting. Cheuvreux Conference September 2010. Philippe Calavia CFO, Air France-KLM Information meeting Cheuvreux Conference September 2010 Philippe Calavia CFO, Air France-KLM Air transportation: a growth industry CAGR 2001-11 GDP: +2.7% World Passenger traffic: +5.0% World cargo traffic:

More information

P R E S S R E L E A S E

P R E S S R E L E A S E Hong Kong, May 22, 2013 Survey reveals corporate overdue payment in Asia Pacific region deteriorated in 2012 - Companies are less optimistic about recovery of global economy in 2013 A survey of corporate

More information

Summary. Economic Update 1 / 7 May 2016

Summary. Economic Update 1 / 7 May 2016 Economic Update Economic Update 1 / 7 Summary 2 Global World GDP is forecast to grow only 2.4% in 2016, weighed down by emerging market weakness and increasing uncertainty. 3 Eurozone The modest eurozone

More information

THE UPDATE OF THE EURO EFFECTIVE EXCHANGE RATE INDICES

THE UPDATE OF THE EURO EFFECTIVE EXCHANGE RATE INDICES September 2004 THE UPDATE OF THE EURO EFFECTIVE EXCHANGE RATE INDICES Executive summary In September 2004, the European Central Bank (ECB) has updated the overall trade weights underlying the ECB nominal

More information

Coffee prices fall but Brazilian production estimated lower

Coffee prices fall but Brazilian production estimated lower Coffee prices fall but production estimated lower Coffee prices continued their decline as speculation over the current 2015/16 crop suggests that the market has no immediate supply concerns. Indeed, one

More information

ACCESS INNOVATION GROWTH Recent trends in spending by visitors to Thailand An analysis of Visa card spending in Thailand by international cardholders ACCESS INNOVATION GROWTH Welcome On behalf of Visa

More information

Current Market. Predicting the future is a risky business. Meet your new

Current Market. Predicting the future is a risky business. Meet your new By Dawsalee Griffin Meet your new Current Market Outlook What s in store for the next 20 years of the global jetliner market? The just-released version of this annual Boeing report offers the company s

More information

I. World trade developments

I. World trade developments I. World trade developments The value of world merchandise exports increased by 20 per cent in 2011 while exports of commercial services grew by 11 per cent. Key developments in 2011: a snapshot Trade

More information

Fifty years of Australia s trade

Fifty years of Australia s trade Fifty years of Australia s trade Introduction This edition of Australia s Composition of Trade marks the publication s 50th anniversary. In recognition of this milestone, this article analyses changes

More information

A Bird s Eye View of Global Real Estate Markets: 2012 Update

A Bird s Eye View of Global Real Estate Markets: 2012 Update A Bird s Eye View of Global Real Estate Markets: 2012 Update FEBRUARY 2012 US Research Paul Fiorilla Vice President paul.fiorilla@prudential.com Manidipa Kapas, CFA Director manidipa.kapas@prudential.com

More information

MORE UPSIDE FOR THE AUSTRALIAN DOLLAR

MORE UPSIDE FOR THE AUSTRALIAN DOLLAR Dec. 23 Jan. 2 ECONOMY AND STRATEGY 51.879.2529 Clément Gignac Strategist and Chief Economist Stéfane Marion Assistant Chief Economist Paul-André Pinsonnault Senior Fixed Income Economist Marc Pinsonneault

More information

Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit.

Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit. PMI Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit. They provide an advance signal of what is really happening in the private sector

More information

Australia s position in global and bilateral foreign direct investment

Australia s position in global and bilateral foreign direct investment Australia s position in global and bilateral foreign direct investment At the end of 213, Australia was the destination for US$592 billion of global inwards foreign direct investment (FDI), representing

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

Air China Limited Announces 2014 Annual Results

Air China Limited Announces 2014 Annual Results Air China Limited Announces 2014 Annual Results Hong Kong March 26, 2015 Air China Limited ( Air China or the Company, together with its subsidiaries, collectively the Group ) (HKEX: 00753; LSE: AIRC;

More information

October 2013 - Bottled Water Exports and Imports continue to grow!

October 2013 - Bottled Water Exports and Imports continue to grow! October 13 - Bottled Water Exports and Imports continue to grow! Annualised exports for the year to October 13 continue an upwards climb following their break through NZD1m last month. Leading markets

More information

Aegean Airlines 2007 Review & Business Outlook. Analysts Conference Call February 20, 2008

Aegean Airlines 2007 Review & Business Outlook. Analysts Conference Call February 20, 2008 Aegean Airlines 2007 Review & Business Outlook Analysts Conference Call February 20, 2008 Agenda 2007 Review Business Outlook Key highlights Domestic network International network Activity Our fleet Financials

More information

Joseph E. Zveglich, Jr.

Joseph E. Zveglich, Jr. Joseph E. Zveglich, Jr. Assistant Chief Economist, Asian Development Bank 1 Overseas Development Institute London, 12 April 2012 Key messages Developing Asia to maintain growth momentum despite weak global

More information

ANALYSIS OF NZ MERCHANDISE TRADE DATA YEAR ENDED JUNE 2013

ANALYSIS OF NZ MERCHANDISE TRADE DATA YEAR ENDED JUNE 2013 Page 1 of 14 ANALYSIS OF NZ MERCHANDISE TRADE DATA YEAR ENDED JUNE 2013 SUMMARY Provisional merchandise trade data for the June 2013 month was released in July. The June 2013 data provides us with our

More information

ASEAN Weekly Wrap. Indonesia fiscal deficit revised higher to 2.35% of GDP. Economic Update

ASEAN Weekly Wrap. Indonesia fiscal deficit revised higher to 2.35% of GDP. Economic Update Indonesia fiscal deficit revised higher to 2.35% of GDP Thailand s imports unexpectedly rise, but exports declined Indonesia s revised budget has been approved by the Parliament, where the country s GDP

More information

The Global Economic Impacts of Oil Price Shocks

The Global Economic Impacts of Oil Price Shocks The Global Economic Impacts of Oil Price Shocks Presented to: Project LINK, United Nations New York, NY November 22, 2004 Presented by: Sara Johnson Managing Director, Global Macroeconomics Group 781-301-9115

More information

Deutsche Global Infrastructure Fund (TOLLX)

Deutsche Global Infrastructure Fund (TOLLX) Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests

More information

II. Merchandise trade

II. Merchandise trade II. Merchandise trade World merchandise trade grew by 2 per cent in volume terms in 2012 against a backdrop of weak global demand and declining prices. This is significantly less than the 5 per cent increase

More information

Recession and Employment in the Gulf

Recession and Employment in the Gulf Recession and Employment in the Gulf Saudi Arabia Kuwait Qatar Oman Bahrain UAE RESEARCH 2009 Introduction This research study is intended to provide an overview of key employment and recruitment trends

More information

Global outlook: Healthcare

Global outlook: Healthcare Global outlook: Healthcare March 2014 healthcare 1 Today s presenters Ana Nicholls Managing Editor, Industry Briefing Economist Intelligence Unit Lauren Brayshaw Marketing executive Economist Intelligence

More information

General Certificate of Education Advanced Level Examination January 2010

General Certificate of Education Advanced Level Examination January 2010 General Certificate of Education Advanced Level Examination January 2010 Economics ECON4 Unit 4 The National and International Economy Tuesday 2 February 2010 1.30 pm to 3.30 pm For this paper you must

More information

Asian Stock Markets in 2015:

Asian 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 information

ICAO Strategic Objective: Economic Development of Air Transport Electronic Tools for Dissemination of Air Transport Data

ICAO Strategic Objective: Economic Development of Air Transport Electronic Tools for Dissemination of Air Transport Data ICAO Strategic Objective: Economic Development of Air Transport Electronic Tools for Dissemination of Air Transport Data Jérôme SIMON Infrastructure Manager Economic Policy and Analysis (EAP) Section,

More information

OCR Macau Gaming Monthly

OCR Macau Gaming Monthly Orient Capital Research April 13, 2015 Orient Capital Research Andrew Collier, Managing Director 852-9530-4348 andrew@collierchina.com Shiyi Zhou, Analyst, Shanghai Lei Chon Pang, Analyst, Macau OCR Macau

More information

2010 AIRLINE HULL & LIABILITY INSURANCE MARKET REVIEW MARCH 2011

2010 AIRLINE HULL & LIABILITY INSURANCE MARKET REVIEW MARCH 2011 2010 AIRLINE HULL & LIABILITY INSURANCE MARKET REVIEW MARCH 2011 Algeria - Brazil - Colombia - Dubai - Germany - India - Japan - Korea - Malaysia - Mexico - Romania - Singapore - Sweden - Switzerland -

More information

EMERGING MARKET CURRENCY PAIRS CURRENCY GUIDE

EMERGING MARKET CURRENCY PAIRS CURRENCY GUIDE EMERGING MARKET CURRENCY PAIRS CURRENCY GUIDE /MXN /Mexico 14.597/12.548 168.8 14.5500 14.2500 13.9500 13.7000 13.4000 13.1000 12.7767 JAN 9 FEB 28 APR 21 JUN 11 JUL 30 SEP 18 NOV 7 12.5500 The /MXN is

More information

German Business in Hong Kong. Business Confidence Survey

German Business in Hong Kong. Business Confidence Survey German Business in Hong Kong Business Confidence Survey 2015 HONG KONG German Business in Hong Kong Key Developments Hong Kong is an established business hub for internationally operating German companies.

More information

World Economic Outlook

World Economic Outlook World Economic Outlook Transitions and Tensions Rupa Duttagupta Deputy Division Chief Research Department, IMF United Nations, Project LINK Meetings, October 21, 213 1 Global growth dynamics are in transition

More information

Emerging Markets Weekly Economic Briefing

Emerging Markets Weekly Economic Briefing 214 Emerging Markets Emerging Markets Weekly Economic Briefing Why rapid debt growth in China might be a risk Is China facing an imminent financial crisis? The rapid expansion of credit in China since

More information

An Overview of Offshore RMB Market. Nov 2013

An Overview of Offshore RMB Market. Nov 2013 An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international

More information

THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT

THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT 2 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT LEGAL NOTICE CPA Australia Ltd ( CPA Australia )

More information

Meat and Meat products: price and trade update Issue 1 May 2014. Meat and Meat products. Price and Trade Update: April 2014 1

Meat and Meat products: price and trade update Issue 1 May 2014. Meat and Meat products. Price and Trade Update: April 2014 1 Issue 1 May 2014 Weekly Newsletter Meat and Meat products Price and Trade Update April export prices stable Meat and Meat products Price and Trade Update: April 2014 1 The FAO Meat Price Index averaged

More information

The Emerging Markets The Evolving View From a Developed Perspective

The Emerging Markets The Evolving View From a Developed Perspective The Emerging Markets The Evolving View From a Developed Perspective CFA Society Pittsburgh May 22, 2014 John Parsons Partner & Manager, Institutional Marketing MSCI Classification of Global Equity Markets

More information

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario Medium and Long Term Natural Gas Outlook CEDIGAZ February 215 Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario 4 3 %/year 199-213 213-235 6 Main consuming markets - %/year (213-235)

More information

SCOTCH WHISKY EXPORTS REVIEW 2015

SCOTCH WHISKY EXPORTS REVIEW 2015 SCOTCH WHISKY EXPORTS REVIEW 2015 FOREWORD The following commentary and analysis is based on publicly available data published by HMRC via the HMRC Overseas Trade Statistics database. The review provides

More information

Strawberry Industry Overview and Outlook. Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl.

Strawberry Industry Overview and Outlook. Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl. Strawberry Industry Overview and Outlook Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl.edu Zhengfei Guan Assistant Professor Gulf Coast Research and

More information

B312 Hospitality and Tourism Management. Module Synopsis

B312 Hospitality and Tourism Management. Module Synopsis B312 Hospitality and Tourism Management Module Synopsis According to United Nation World Tourism Organization (UNWTO) report, Tourism Highlights (2008), tourism has been experiencing positive growth over

More information

Strong peak season anticipated for international tourism

Strong peak season anticipated for international tourism Volume 12 June 201 Contents Inbound tourism: short-term trends 201 Regional results 7 UNWTO s Panel of Tourism Experts 11 Air transport booking trends Forwardkeys 13 Statistical Annex Annex-1 to Annex-3

More information

PREPARING FOR TAKEOFF: AIR TRAVEL OUTLOOK FOR 2016 Mining 2015 data to understand when to buy, expected ticket prices, and fare differentials

PREPARING FOR TAKEOFF: AIR TRAVEL OUTLOOK FOR 2016 Mining 2015 data to understand when to buy, expected ticket prices, and fare differentials PREPARING FOR TAKEOFF: AIR TRAVEL OUTLOOK FOR 2016 Mining 2015 data to understand when to buy, expected ticket prices, and fare differentials It s a good time to explore the world by plane. Across the

More information